27th July, 2024 Current Affairs

NATIONAL
India’s First Integrated Agri-Export Facility at Jawaharlal Nehru Port

• The Jawaharlal Nehru Port Authority (JNPA) is set to develop India’s first integrated agricultural export facility at Jawaharlal Nehru Port in Mumbai. The project, approved by the Union Minister for Ports, Shipping, and Waterways, Shri Sarbananda Sonowal, is valued at Rs. 284.19 crore and will cover an area of 67,422 square meters. This state-of-the-art facility aims to streamline logistics, reduce multiple handling, and extend the shelf life of agricultural products, thus enhancing the export capacity of Indian agricultural commodities.
• Maharashtra has completed 16 projects worth Rs. 790 crore with assistance from the Sagarmala scheme. Currently, 14 additional projects worth Rs. 1,115 crore are underway, receiving Rs. 561 crore from the same scheme. The integrated agri-export facility at JNPA is a significant step towards enhancing India’s agricultural export capabilities, supporting farmers, and fostering rural development.

INTERNATIONAL
India and United States of America sign the first ever 'Cultural Property Agreement'

• The Government of India and the Government of the United States of America signed the first ever 'Cultural Property Agreement' to prevent and curb the illicit trafficking of antiquities from India to the USA.
• The Cultural Property Agreement (CPA) is aligned with the 1970 UNESCO Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, to which both countries are States party. The Illicit trafficking of cultural property is a longstanding issue that has affected many cultures and countries throughout history. A large number of antiquities have been smuggled out of Bharat before the ratification of 1970 UNESCO Convention, and which are now housed in various museums, institutions and private collections across the world.
• India has repatriated 358 antiquities since 1976, out of these 345 have been retrieved since 2014

ECONOMY
RBI Introduces PCA Framework To Improve Financial Health Of UCBs

• The Reserve Bank of India (RBI) on July 26 prescribed a Prompt Corrective Action (PCA) framework for relatively weak urban co-operative banks (UCBs), with deposits above ₹100 crore (upper tier category), to nurse them back to health. As per the framework, a financially unsound and ill-managed UCB can be brought under PCA if it breaches the risk thresholds of identified indicators pertaining to capital and profitability (net profit).
• The objective of the PCA Framework is to enable supervisory intervention at an appropriate time and require the UCBs to initiate and implement remedial measures in a timely manner, to restore their financial health.
• RBI has prescribed three risk thresholds for invoking PCA for breach of CRAR (10 per cent as of March-end 2024, 11 per cent as of March-end 2025 and 12 per cent as of March-end 2026) below the regulatory minimum – up to 250 basis points (bps); more than 250 bps but not exceeding 400 bps; and more than 400 bps.

All-India Consumer Price Index Numbers for Agricultural and Rural Labourers

• The All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) (Base: 1986-87=100) saw an increase of 11 points each in June 2024, reaching 1280 and 1292, respectively. The year-on-year inflation rates based on CPI-AL and CPI-RL were 7.02% and 7.04%, respectively, compared to 6.31% and 6.16% in June 2023. For May 2024, these rates were 7.00% for CPI-AL and 7.02% for CPI-RL.
• The indices for CPI-AL and CPI-RL increased by 1 point each in January 2024, standing at 1258 and 1268, respectively.
• The point-to-point rate of inflation based on CPI-AL and CPI-RL was 7.52% and 7.37% in January 2024, compared to 7.71% and 7.46% in December 2023, and 6.85% and 6.88% in January 2023. Food inflation stood at 9.67% and 9.43% in January 2024, compared to 9.95% and 9.80% in December 2023, and 6.61% and 6.47% in January 2023.

SCIENCE AND TECHNOLOGY
OpenAI Launches SearchGPT, A New Era in AI-Powered Search

• OpenAI, the company behind the revolutionary ChatGPT, has announced the development of an AI-powered search engine called SearchGPT. This initiative represents a significant challenge to Google’s dominance in the $200 billion search market and marks a new chapter in the ongoing AI revolution.
• The introduction of SearchGPT represents a significant leap forward in search technology. Users can expect to receive fast and efficient answers to their internet queries without the need to sift through multiple links.

CULTURE
Moidams – The Mound-Burial System of Ahom Dynasty Inscribed in the UNESCO World Heritage List as India’s 43rd Entry

• In an important cultural achievement for India “Moidams – the Mound-Burial System of the Ahom Dynasty” from Assam has been officially inscribed on the UNESCO World Heritage List. The announcement was made today, on 26th July, 2024, during the ongoing 46th session of the World Heritage Committee at New Delhi. This makes it the 43rd property from India to be included here.
• This is the third World Heritage Property from Assam, following Kaziranga National Park and Manas Wildlife Sanctuary, both inscribed under the Natural category in 1985. The Moidams of Choraideo, which celebrate and preserve royal lineage through colossal architecture, are comparable to the pyramids of Egyptian pharaohs and royal graves in ancient China.
• The purpose of including these heritage sites in UNESCO’s list is to preserve and promote shared heritage based on OUVs (Outstanding Universal Values) found in cultural, natural as well as mixed properties across 195 countries. On its part, India became a member of the World Heritage Committee from 2021-25 and is currently hosting its first ever session since joining UNESCO’s World Heritage Convention of 1972.

Published date : 29 Jul 2024 10:14AM