Daily Current Affairs Capsules 23rd February 2024

1. PhonePe Launches Indus Appstore to Challenge Google and Apple

In the news:

• Application Name: Indus Appstore
• Launched by: PhonePe
• It is a made-in-India Android app marketplace
• Aim: To rival Google Play Store and Apple App Store
• The platform hosts over 2 Lakh apps across 45 categories, offering a diverse range of applications to users.
• The marketplace is accessible in English and 12 Indian languages, ensuring inclusivity and catering to a broader user base.
• Until March 2025, developers are exempt from app listing fees, fostering an environment conducive to app development and innovation.
• It is also challenging the monopolistic practices of Google and Apple.

2. Govt extends the interest equalization scheme until June 30, 2024

In the news:

• The Government has announced an extension of the Interest Equalization Scheme for pre and post-shipment rupee export credit until June 30, 2024.
• Under this extension, Manufacturers and Merchant Exporters dealing with specified 410 HS lines will benefit from a 2% interest equalization rate
• While MSME manufacturers exporting under any HS line will receive a higher rate of 3%.
• The scheme was inaugurated on April 1, 2015.
• It was originally slated for a five-year duration until March 31, 2020.

3. RBI to conduct 13-day VRR auction to infuse Rs 1 trillion

In the news:

• The Reserve Bank of India (RBI) will conduct a 13-day Variable Rate Repo (VRR) auction 23rd February 2024 to infuse Rs 1 trillion into the banking system.
• The liquidity deficit in the system widened to Rs 2.51 trillion on Wednesday, according to the latest data by the central bank.
• Despite the slew of VRR auctions being conducted by the RBI since February 8, the persistent liquidity deficit in the banking system has been largely around Rs 2 trillion in the period.
• Earlier in February, when the liquidity deficit eased to Rs 1 trillion, overnight money market rates had dipped below the repo rate.
• In response, the central bank initiated a series of variable rate reverse repo auctions to realign the rates with the repo rate.

4. ADB approves $23 mn loan to boost fintech education, research in Gujarat

In the news:

• The Asian Development Bank (ADB) has approved a USD 23 million loan to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India.
• GIFT is a state-owned enterprise established to promote and cultivate fintech ecosystems and financial services in India.
• It is the country’s first international financial services centre and has become a fast-growing area for helping and developing local startups.

5. India’s GDP growth likely to moderate to 6.5% in FY25: India Ratings

In the news:

• India’s growth is expected to moderate to 6.5% in the financial year 2024-25 from 7.3% estimated by the first advance estimates.
• The forecast is a notch below the Reserve Bank of India’s estimate of 7% GDP growth in FY25.
• Despite the base effect, the sequential GDP growth indicates that the economic recovery is on track due to the sustained government capital expenditure, healthy corporate performance, deleveraged corporate sector balance sheet, continued softness in global commodity prices, and the prospect of a new private corporate capex cycle.
• In terms of inflation, India Ratings’ forecast pegged headline retail inflation at 4.8 per cent, 30 basis points higher than the Reserve Bank of India’s (RBI) projection of 4.5 per cent.

6. RBI Grants Payment Aggregator License to Mswipe Technologies

In the news:

• New Payment Aggregator License: Mswipe Technologies
• Approved by: Reserve Bank of India (RBI)
• Aim: To leverage this license to bolster its range of offerings, providing comprehensive payment technology solutions across various channels
• Mswipe Technologies operates as an omni-channel digital payments platform catering to merchants across various sectors and regions.
• Established in 2011
• Headquartered in Mumbai

7. Govt Launches Rs 100 Cr Projects For People With Disabilities

In the news:

• Dr. Virendra Kumar, the Union Minister of Social Justice and Empowerment, virtually launched several projects valued at over Rs 100 crore.
• Focus: Improving rehabilitation facilities and promoting inclusivity, highlight the government’s dedication to citizen welfare
• Vocational Training Centre at SVNIRTAR, Cuttack
• This facility will offer comprehensive vocational training to disabled individuals, including courses in LED repair, beauty therapy, mobile hardware repair, and soft skills.
• Accessible Hostels
• Hostels at CRC Patna & Guwahati were virtually inaugurated, ensuring accommodation and support for disabled students pursuing education and training.
• Newly Constructed Buildings
• Composite regional centers in Rajnandgaon, Davanagere, and Gorakhpur welcomed their newly constructed buildings, enhancing the infrastructure for rehabilitation and support services.
• Foundation stone laid for Hydrotherapy Unit
• In collaboration with The Hans Foundation, NIEPID, Secunderabad, laid the foundation stone for a Hydrotherapy Unit.
• This initiative aims to revolutionize therapeutic interventions for persons with disabilities, setting a precedent for quality care across the nation.

8. Turkey’s First Fifth-Generation Aircraft, KAAN, Completes Maiden Flight

In the news:

• Turkey celebrates a milestone achievement as its first fifth-generation aircraft, KAAN, successfully completes its inaugural flight, marking a significant advancement in the country’s military capabilities.
• On February 21, KAAN embarked on its first flight, soaring through the skies for 13 minutes and reaching an altitude of 8,000 feet, highlighting Turkish engineering and aviation expertise.
• Produced by Turkish Aerospace Industries with collaboration from BAE Systems
• Initially powered by General Electric F-110 engines
• Turkey’s TF-X project, initiated in 2016, underscores the nation’s commitment to developing indigenous combat aircraft, reducing reliance on foreign acquisitions, and bolstering its defense industrial base.

9. DRDO To Test Indigenous Laser Weapon DURGA-2

In the news:

• The Defence Research and Development Organisation (DRDO) is reportedly gearing up to test a real prototype of its indigenous laser weapon system, DURGA-2.
• The project was designed in secrecy by the Indian defense establishment.
• It has garnered attention in global strategic circles due to its potential to transform warfare dynamics by neutralizing ballistic missiles.
• While major military powers, including the United States, China, Turkey, Iran, and Pakistan, are actively involved in the development of laser weapon systems, DRDO’s Laser Laboratory has been silently working on this highly complex project for nearly two decades.
• The laboratory is now said to be in an advanced stage of testing the DURGA-2 prototype, with expectations that the test could take place in the first half of this year.
• Directed energy weapons, commonly known as laser weapons, operate by focusing energy through laser, microwave, or particle beams.

10. Arunachal Pradesh And NTCA Partners To Form STPF

In the news:

• The Arunachal Pradesh government recently signed a Memorandum of Understanding (MoU) with the National Tiger Conservation Authority (NTCA).
• Aim: To establish the state’s first Special Tiger Protection Force (STPF).
• This move aims to bolster conservation efforts and protect the tiger population within the state.
• Arunachal Pradesh, known for its biodiversity, is home to three tiger reserves: Namdapha, Kamlang, and Pakke
• This funding will be split with 90% provided by the central government and 10% by the state government.
• Each tiger reserve will host 112 personnel, ensuring comprehensive coverage and protection.