2nd February, 2024 Current Affairs

NATIONAL
PM GatiShakti utilized for three new major railway corridors announced under Interim Budget 2024-25

• The Interim Budget for 2024-25 announcement for implementation of three Economic Railway Corridor identified under the PM GatiShakti for enabling multi-modal connectivity, including (i) energy, mineral, and cement corridors, (ii) port connectivity corridors, and (iii) high traffic density corridors, is a big push towards logistics efficiency and reduction of logistics cost related to rail movement. It will decongest high density rail routes and facilitate modal shift from road to rail and to coastal shipping, thereby reducing carbon footprint in logistics.
• Strong opportunities for continued usage of PM GatiShakti NMP for planning multimodal connectivity emerge under many of the Budget 2024 announcements, such as the following:
• Expansion of existing airports, and development of new airports;
• India-Middle East-Europe Economic Corridor, a strategic and economic game changer for India;
• Comprehensive development of iconic tourist centers by enhancing port connectivity, tourism infrastructure, and amenities on Indian Islands;
• Expansion of Metro Rail and NaMo Bharat in large cities focusing on transit-oriented development and promoting ease of living;
• Expediting the setting up of more medical colleges by utilizing the existing hospital infrastructure under various departments and upgradation of Anganwadi centres under “Saksham Anganwadi and Poshan 2.0” for improved nutrition delivery, and early childhood care.
• Development of world-class modern infrastructure is paramount as it is a critical growth engine of India, and a primary requirement to become a part of the global supply chains. In this regard, the use of new age technologies and data-based mechanisms including (i) PM GatiShakti (PMGS) National Master Plan (GIS-data-based planning platform, use of AI, advanced tools, etc.), (ii) Unified Logistics Interface Platform (ULIP) offering ease of logistics, and (iii) RFID-technology, Big Data Analytics, and IOT based Logistics Data Bank (LDB), will continue to enable predictive planning and objective, data-based decision-making for efficient logistics and integrated infrastructure development.

Rs 6.21 lakh crore allocation to Ministry of Defence in Interim Union Budget 2024-25

• In the current geopolitical scenario and with the twin objective of promoting self reliance and exports, the Defence Budget has touched Rs 6,21,540.85 crore in the Financial Year 2024-25.
• This comes out to be 13.04% of total Union Budget, which was presented by Finance Minister Smt Nirmala Sitharaman in Parliament on February 01, 2024.
• The Ministry of Defence (MoD) continues to receive the highest allocation among the Ministries. The budgetary allocation to Defence for FY 24-25 is higher by approx.  one lakh crore (18.35%)  over  the  allocation for the FY 2022-23 and 4.72% more than allocation of FY 23-24.
• Of this, a major share of 27.67% goes to capital, 14.82% for revenue expenditure on sustenance and operational preparedness, 30.68% for Pay and allowances, 22.72% for defence pensions and 4.11% for civil organisations under MoD.
• Budgetary allocation for capital expenditure in Defence for FY 24-25 is Rs 1.72 lakh crore which is 20.33% higher than the actual expenditure of FY 22-23 and 9.40 % more than the Revised Allocation  of FY 23-24. The allocation is in line with the Long Term Integrated Perspective Plan (LTIPP) of the three Services aimed to fill the critical capability gaps through modernisation of the Armed Forces by materialising some  big ticket acquisitions in FY 2024-25. The enhanced budgetary allocation will facilitate in equipping the  Armed Forces with state-of-the-art, niche technology lethal weapons, Fighter Aircraft, Ships, Platforms, Unmanned Aerial Vehicles, Drones, Specialist Vehicles etc.

Five Integrated Aquaparks to be setup

• In a bid to boost Fisheries sector, Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman has said that five integrated aquaparks will be setup. While presenting the Interim Budget 2024-25 in Parliament.
• The implementation of Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be stepped up to: (i) enhance aquaculture productivity from existing 3 to5 tons per hectare; (ii) double exports to ` 1 lakh crore; (iii) generate 55 lakh employment opportunities in the near future.

 Blue Economy 2.0

The Minister announced that for promoting climate resilient activities for blue economy 2.0, a scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with integrated and multi-sectoral approach will be launched.

Dairy Development

• India is the world’s largest milk producer but with low productivity of milch-animals.
• The programme will be built on the success of existing schemes such as Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure Development Funds for dairy processing and animal husbandry.

INTERNATIONAL
BRICS Welcomes New Members: Saudi Arabia, Egypt, UAE, Iran, and Ethiopia

• In a significant development on January 1, Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia officially joined the BRICS group, expanding its membership to ten nations. The expansion, initially set to occur during the 15th BRICS summit in August 2023 in Johannesburg, South Africa, aims to enhance the group’s influence on the global stage. Argentina, initially invited, opted out in December.
• The newly enlarged BRICS now boasts a combined population of 3.5 billion and an economy exceeding $28.5tn, constituting around 28% of the global economy. While this growth signals a potential geopolitical shift, analysts express uncertainty over its impact on decision-making and overall group dynamics.

EU approves additional 54 billion US Dollars aid package for Ukraine

• All 27 European Union countries have reached a consensus on an additional 54 billion US Dollars aid package for Ukraine, overcoming potential vetoes, notably from Hungary. European Council (EC) President Charles Michel announced the breakthrough after a special summit of EU leaders in Brussels. The approved aid package is seen as a commitment to providing long-term funding for Ukraine. EC President Michel emphasized that this decision reflects the EU's leadership and responsibility in supporting Ukraine. This will ensure funding for the next four years. The first tranche of  4.9 billion US Dollars from the EU facility is expected to reach Ukraine in March.
• Ukraine's President, Volodymyr Zelenskyy expressed gratitude for the unanimous approval, emphasising the strengthened long-term economic and financial stability for Ukraine as it deals with the ongoing conflict with Russia. He said that it is very important that the decision was made by all 27 leaders, which once again proves strong EU unity.
• The urgency for financial support from Western countries has intensified for Ukraine, given recent political delays in both US and EU aid, bolstering Russian confidence amidst the prolonged conflict, as Ukraine's war with Russia approaches its third year. The EU's united front in approving this aid package aims to send a message of solidarity, especially considering the challenges posed by the upcoming US elections and the ongoing uncertainty in the geopolitical landscape.

Also Read: Awards: Weekly Current Affairs Bitbank (January 8 to 14, 2024): Which cities shared the cleanest city title at the Swachh Survekshan Awards 2023?

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ECONOMY
Two New Coal Mines Start Production in January 2024

• Two new coal  mines with a cumulative PRC of 7.5  million tonne (MT)have started  production in January 2024 thereby increasing the tally from 51 producing coal mines to 53. The total number of producing captive/commercial mines as on 31st March 2023 was 47 and during the year six coal mines have started production. Out of 53 mines, 33 mines are for captive power consumption, 12 mines for captive consumption for the Non-Regulated Sector and eight  mines for commercial sale of coal.
• The total coal production from captive and commercial coal mines in January 2024 is around 14.30 MT, indicating a year-on-year growth of 29% from 11.06 MT in the same month of the previous year and the total coal dispatch was 12.86 MT, up 27% from 10.12 MT in January 2023.
• Coal production and dispatch from captive and commercial coal blocks has grown remarkably during ten  months of current FY from 1st April to 31st January 2024 to around 112 MT and 116 MT respectively indicating a year-on-year growth of around 26% and 31% respectively from the same period of FY 2022-2. Total production from Captive/commercial coal mines in FY2022-23 was 116.55 MT.  Coal production will be exceeded in the first two weeks of February 2024, and is on track to become the highest of its kind ever.
• The Ministry of Coal is taking all  necessary steps to operationalize coal blocks within timelines to further increase  production and dispatch and to achieve the goal of AtmaNirbhar Bharat and to meet the increasing energy demand of the country.

SPORTS

Divyansh Singh Panwar Clinches ISSF World Cup Gold In 10m Air Rifle Event

• Divyansh Singh Panwar continues to carve his name in the annals of shooting history, securing his fourth World Cup gold in the 10m air rifle event. This latest triumph adds to his impressive collection, which includes victories in Munich, Beijing, and Delhi since 2019.
• The former world number one and Olympian, Divyansh Singh Panwar, showcased his exceptional skill and composure by topping the qualification round with a stellar score of 632.4. In the final showdown, he maintained his poise to edge out Danilo Sollazzo of Italy by a mere 1.9 points, securing the coveted gold medal.

Published date : 09 Feb 2024 04:17PM