24th August, 2024 Current Affairs

NATIONAL
GAIL and Petron to Establish 500 KTA Bio-Ethylene Plant in India

• GAIL (India) Limited and US-based Petron Scientech Inc signed a Memorandum of Understanding (MoU) to explore the development of a 500 Kilo Tonne per Annum (KTA) bio-ethylene plant in India. This initiative will involve a 50:50 joint venture, where both companies will conduct feasibility studies to evaluate the technical and financial viability of the project before seeking investment approval.
• The proposed bio-ethylene plant will utilize bio-ethanol and is a significant step towards enhancing sustainable practices and advancing the bio-economy in India. The feasibility studies will assess the project’s technical capabilities and financial prospects, paving the way for future investment.

Also Read: Union Budget 2024-25: Practice Top Quiz Questions Here!

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ECONOMY
Goldman Sachs Lowers India’s 2024 and 2025 GDP Growth Forecasts

• Goldman Sachs has revised India’s GDP growth forecasts for 2024 and 2025, anticipating slower expansion due to reduced government expenditure and other economic factors. The bank now projects a growth rate of 6.7% for 2024 and 6.4% for 2025, down by 20 basis points each from previous estimates. This adjustment follows a significant 35% contraction in government spending during the April-June quarter, which coincided with the general elections.
• Goldman Sachs projects India’s GDP growth at 6.7% for 2024 and 6.4% for 2025.
• A significant 35% contraction in government expenditure during the April-June quarter influenced the revision.

Mumbai Ranks 2nd, New Delhi 3rd In Global Property Price Index

• Mumbai and Delhi are at the second and third positions, respectively, among 44 cities globally in annual price rise of prime residential properties during the June quarter, Knight Frank said in a report. The annual price growth across the 44 cities globally slowed to 2.6 per cent in the second quarter of the 2024 calendar year, from 4.1 per cent in the preceding quarter, real estate consultant Knight Frank.
• Mumbai, with an annual price rise of 13 per cent in prime residences, ranked second, up from its 6th rank in the year-ago period.
• Among other global cities, Los Angeles was at the 4th position with an 8.9 per cent growth in prices,followed by Miami (7.1 per cent), Nairobi (6.6 per cent), Madrid (6.4 per cent), Lisbon (4.7 per cent),Seoul (4.6 per cent), and San Francisco (4.5 per cent). Dubai, after a 124 per cent increase since 2020, saw slight moderation, declining by 0.3 per cent annually.

RBI Adds FASTag, NCMC Auto-Replenishment to E-Mandate Framework

• The Reserve Bank of India (RBI) has updated its e-mandate framework to include the auto-replenishment of balances in FASTag and the National Common Mobility Card (NCMC). Under the new rules, these auto-replenishment transactions, which occur when balances fall below a customer-defined threshold, will no longer require a pre-debit notification. This change aims to streamline recurring transactions that are irregular and lack fixed periodicity.
• The e-mandate framework was initially introduced in 2019 to enhance customer protection by requiring advance notifications of debits. However, with the need to accommodate flexible and essential services like toll payments and mobility card top-ups, the RBI has updated the regulations. These services, while recurring, do not follow a fixed schedule, justifying the removal of pre-debit notifications.

Published date : 24 Aug 2024 05:12PM