Current Affairs - August 3, 2024 Current Affairs

The G20 endorsed Brazil's proposal to levy a 2% wealth tax on fortunes exceeding $1 billion, which inspired their agreement on taxing the ultra-rich. This initiative seeks to address wealth inequality and is projected to generate up to $250 billion annually from approximately 3,000 individuals. The G20's declaration supports cooperation on tax sovereignty, best practices, and anti-avoidance measures, reflecting a global commitment to more equitable taxation policies.

India has announced the selection of Group Captain Shubhanshu Shukla and Group Captain Prasanth Balakrishnan Nair for the Axiom-4 mission to the International Space Station (ISS). Group Captain Shubhanshu Shukla will serve as the primary mission pilot, while Group Captain Prasanth Balakrishnan Nair will act as the backup. This mission marks a significant step in strengthening human spaceflight cooperation between ISRO and NASA and advancing India’s human space program. The experience from this mission will enhance India's human spaceflight capabilities and contribute to the Gaganyaan mission.

Rapido, a ride-hailing startup, raised $120 million in fresh funding led by WestBridge Capital in 2023, reaching a $1 billion valuation and achieving unicorn status. This milestone makes Rapido the third startup to join the unicorn club in 2023, following Krutrim and Perfios. The significant investment highlights the renewed activity and growth in the Indian startup ecosystem, particularly after a period of funding slowdown.

Dr. Grinson George has been appointed as the Director of the ICAR-Central Marine Fisheries Research Institute (CMFRI). With over 20 years of experience in fishery research, Dr. George previously led CMFRI's Marine Biodiversity and Environment Management Division and served as a Senior Programme Specialist at SAARC in Dhaka. His extensive background in fishery resource management, marine biodiversity, environment management, and climate change has equipped him to lead high-impact research projects funded by prominent national and international agencies.

Lieutenant Colonel Kabilan Sai Ashok, a serving Indian Army Officer, achieved the distinction of becoming the youngest Olympic referee from India in boxing at the Paris Olympics 2024. His role as a referee highlights his commitment to the principles of fair play, integrity, and sportsmanship. This accomplishment not only underscores his personal dedication but also brings pride to the Indian Army and the nation, showcasing the expertise of Indian officials in the international sports arena.

The National Institute of Technology that recently launched the 'Nivahika' web portal for data management is located in Calicut. This web portal represents a significant advancement in how the institute handles and reports data, ensuring accuracy and consistency in various institutional processes. The launch of 'Nivahika' is expected to set a benchmark for data management across other National Institutes of Technology (NITs) and enhance the efficiency of data handling within the educational sector.

India Ratings & Research (Ind-Ra) has increased its GDP growth forecast for FY25 to 7.5%, up from the previous forecast of 7.1%. This adjustment reflects stronger consumption demand and is supported by various factors such as government capital expenditure, improved corporate and bank balance sheets, private sector investment, and measures outlined in the union budget. Additionally, Private Final Consumption Expenditure is expected to rise to 7.4% due to favorable budget measures and a potentially above-normal monsoon, contributing to the overall growth projection.

Kotak Mahindra Bank Ltd has partnered with tech firm GOQii to launch the Kotak – GOQii Smart Vital Plus smartwatch. This innovative device, priced at INR 3499, combines contactless payments with health monitoring features, enabling seamless transactions up to INR 5000 without requiring a PIN. The smartwatch also allows users to track vital health metrics and provides a user-friendly interface for easy access to payments, promoting a cashless, secure, and efficient lifestyle.

Gujarat has recently established the GRIT think-tank, modeled after NITI Aayog, to advance its development objectives with a focus on 'Earning Well' and 'Living Well.' The think-tank is part of the state's broader strategy, which includes the 'Gujarat@2047 Roadmap' aimed at achieving a USD 3.5 trillion economy by 2047. The initiative reflects Gujarat's commitment to contributing significantly to India's GDP and advancing various sectors such as PM Gati Shakti, health, women's empowerment, and MSME development.

The Insurance Regulatory and Development Authority of India (IRDAI) fined HDFC Life Insurance Rs 2 crore for breaching regulatory norms. The penalty addressed violations related to policyholders' interests and outsourcing irregularities, each accounting for Rs 1 crore. The violations were found during an inspection covering the financial years 2017-18 to 2019-20. IRDAI has also issued directives to ensure compliance, requiring HDFC Life to submit an action plan and review outsourcing contracts.

According to the Travel and Tourism Development Index (TTDI) for 2024 released by the World Economic Forum, India secured the 39th position. This ranking reflects India's performance in enhancing the competitiveness and sustainability of its tourism sector. Despite a methodological adjustment by the WEF, which revised India's 2021 rank to 38th, the 2024 ranking indicates a slight decrease, demonstrating India’s consistent efforts in maintaining a robust tourism ecosystem.