Daily Current Affairs Capsules 31st January 2024

1. IMF raises India’s GDP growth projection for FY25 by 20 bps to 6.5%

In the news:

• The International Monetary Fund (IMF) raised the growth projection of India for 2024-25 (FY25) by 20 basis points (bps) to 6.5% in its World Economic Outlook (WEO).
• Reason: Buoyant domestic spending and improved global growth prospects.
• However, the IMF estimates fall below the 7% growth projection by the Ministry of Finance.
• For FY24, the IMF raised India’s growth estimate by 40 bps to 6.7%, which is still lower than the 7.3% growth projected by the National Statistical Office (NSO).
• For China, the IMF increased its growth forecast for 2024 by 40 bps to 4.6%.
• The IMF raised its global growth projection for 2024 by 20 bps to 3.1%.

2. Burkina, Mali, Niger quit West African bloc ECOWAS

In the news:

• The military regimes in Burkina Faso, Mali, and Niger announced their immediate withdrawal from the West African bloc ECOWAS.
• ECOWAS refers to the Economic Community of West African States.
• It was established in 1975 through the Lagos Treaty.
• Members: Benin, Cape Verde, Côte d’ Ivoire, The Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Nigeria, Sierra Leone, Senegal, and Togo.
• ECOWAS’ larger aims are to have a single common currency and create a single, large trading bloc in areas of industry.
• Headquarters: Abuja, Nigeria

3. India ranks at 93 on Corruption Index 2023

In the news:

• Transparency International released the Corruption Index 2023, in which India ranked 93 out of 180.
• In 2022, India was ranked at 85, sharing this spot with five other countries, including the Maldives.
• Denmark, with a score of 90, topped the index for the sixth consecutive year.
• Finland and New Zealand occupied second and third rank with scores of 87 and 85 respectively.
• Somalia was ranked last.

4. Bhupender Yadav releases the Status Report of Snow Leopards in India

In the news:

• Union Minister of Environment, Forest, and Climate Change, Bhupender Yadav released the report on the Status of Snow leopards in India.
• It was launched during the National Board for Wildlife meeting held in New Delhi.
• The Snow Leopard Population Assessment in India (SPAI) Program is the first-ever scientific exercise that reports the Snow leopard population of 718 individuals in India.
• Based on data analysis, the estimated population in different states are as follows: Ladakh (477), Uttarakhand (124), Himachal Pradesh (51), Arunachal Pradesh (36), Sikkim (21), and Jammu and Kashmir (9).

5. THDCIL inaugurates India’s Largest Green Hydrogen Pilot Project

In the news:

• THDC India Limited (THDCIL) has unveiled India’s Largest Electrolyser End Fuel Cell-based Green Hydrogen Pilot Project.
• Location: Rishikesh
• The initiative aligns with the country’s National Green Hydrogen Mission, which showcases THDCIL’s commitment to sustainable energy practices.
• Inaugurated by: R. K. Vishnoi, CMD, THDCIL
• Green Hydrogen Production:
• Under the pilot project, 50KG of Green Hydrogen will be produced daily, by utilizing a 1MW Rooftop Solar Plant.
• The hydrogen will be stored in two tanks and used during night hours to illuminate the THDCIL office complex through a 70 Kw PEM Fuel Cell.

6. Odisha launches LABHA, 100% State-funded MSP Scheme for Tribal Empowerment

In the news:

• Odisha government, led by Chief Minister Naveen Patnaik, has approved the launch of the ‘LABHA’ scheme.
• LABHA refers to Laghu Bana Jatya Drabya Kraya
• It is a 100% state-funded Minimum Support Price (MSP) for Minor Forest Produce (MFP).
• The state government will annually determine the Minimum Support Price for the minor forest produce.
• Aim: To eradicate distress sales by empowering tribals and reducing dependency on middlemen.
• Tribal primary collectors will sell minor forest produce at MSP through procurement centers managed by Tribal Development Cooperative Corporation of Odisha Limited (TDCCOL).
• This scheme will collaborate with Mission Shakti’s Women Self-Help Groups (SHGs), benefiting the majority of tribal women who constitute 99% of primary collectors.
• Amounts collected will be transferred through Direct Benefit Transfer (DBT) to the beneficiary’s account, with SHGs or designated agencies receiving a 2% commission.
• The state government plans to establish a 25-crore tamarind processing plant in Rayagada, utilizing MFP from LABHA Yojana for value addition.

7. Indian Navy helps in rescue of hijacked Sri Lankan vessel

In the news:

• In a coordinated multilateral response to the hijacking of a Sri Lankan fishing vessel, the Indian Navy in collaboration with Seychelles Defence Forces and Sri Lanka Navy successfully intercepted and rescued the hijacked vessel.
• The Indian Navy deployed INS Sharada and also tasked the Sea Guardian long-range drones to locate the hijacked fishing vessel.
• The Indian Navy established the IFC-IOR (Information Fusion Centre-Indian Ocean Region) in 2018 to effectively keep track of the shipping traffic as well as other critical developments in the region under a collaborative framework with like-minded countries.
• INS Sumitra, deployed for anti-piracy and maritime security operations in the east of Somalia and the Gulf of Aden, rescued two hijacked fishing vessels along with 36 crew (17 Iranian and 19 Pakistani) in the Southern Arabian Sea within a span of 36 hours.

8. NGEL signs MoU with Government of Maharashtra for development of Green Hydrogen Projects

In the news:

• NTPC Green Energy Limited (NGEL) has signed an MoU with the Government of Maharashtra for the development of Green Hydrogen and derivatives (Green Ammonia, Green Methanol) of up to 1 million Ton capacity per annum.
• It includes Pumped Storage Projects of 2 GW and development of renewable energy projects with or without storage of up to 5 GW in the state.
• The MoU has been signed as a part of Government of Maharashtra’s Green Investment Plan for the next five years.
• The agreement envisages a potential investment of approximately ₹80,000 crores.

9. AU Small Finance Bank names HR Khan as Chairman

In the news:

• AU Small Finance Bank (SFB) has appointed Reserve Bank of India’s former Deputy Governor HR Khan as part-time chairman.
• Raj Vikash Verma completed his tenure as part-time chairman and independent director of the bank on January 29, 2024.
• He will cease to be part-time chairman and independent director of the bank.
• HR Khan is a former Deputy Governor and the Executive Director at the RBI and has over four decades of experience in Banking & Finance, Payment and Settlement systems, Economics, and Financial Markets.

10. President nominated Satnam Singh Sandhu to the Rajya Sabha

In the news:

• President of India, Droupadi Murmu has nominated the founder of Chandigarh University, Satnam Singh Sandhu to the Rajya Sabha.
• The President has exercised the powers, conferred by sub-clause (a) of clause (1) of Article 80 of the Constitution of India, read with clause (3) of that Article.
• Who is Satnam Singh Sandhu?
  • He is the son of a farmer and one of the country’s leading educationists.
  • He was instrumental in the establishing Chandigarh Group of Colleges (CGC) at Landran in Mohali in 2001.
  • He also founded the Chandigarh University in 2012.
• About Rajya Sabha:
  • The Council of States is the Upper House of the Indian Parliament, which is also known as the Rajya Sabha.
  • Chairman: The ex-officio Chairman of Rajya Sabha is the Vice-President of India.
  • Members: The Rajya Sabha comprises 250 members in total, out of which 238 members represent the States and Union Territories, while the remaining 12 members are nominated by the President.
  • Tenure: Every second year, one-third of the members retire and are replaced by newly elected members.