5th July, 2024 Current Affairs

NATIONAL
Smart Cities Mission in India Extended to 2025

• The Government of India announced a significant extension to one of its flagship urban development initiatives. The Smart Cities Mission, originally set to conclude on June 30, 2024, will now continue until March 31, 2025. This extension marks a crucial phase in India’s journey towards creating technologically advanced and livable urban spaces.
• The Smart Cities Mission was inaugurated by Prime Minister Narendra Modi on June 25, 2015. This visionary project aims to revolutionize urban living in India by focusing on three key areas:
• Providing core infrastructure
• Creating a clean and sustainable environment
• Ensuring a decent quality of life for citizens
• The mission’s unique approach involves applying ‘smart solutions’ to urban challenges, leveraging technology to improve city services and citizen experiences.

Centre issues Scheme Guidelines for funding of testing facilities, infrastructure, and institutional support under the National Green Hydrogen Mission

• The Government of India has come out with guidelines for funding of testing facilities, infrastructure, and institutional support for development of Standards and Regulatory framework under the National Green Hydrogen Mission. The Scheme Guidelines have been issued by the Ministry of New & Renewable Energy (MNRE) on July 04, 2024.
• The scheme will support identification of the gaps in the existing testing facilities for components, technologies, and processes in the value chain of Green Hydrogen & its derivatives. The Scheme will support creation of new testing facilities and upgradation of existing Testing Facilities to ensure safe and secure operations.
• The Scheme will be implemented with a total budgetary outlay of Rs. 200 Crores till the financial year 2025-26.
• The National Institute of Solar Energy (NISE) will be the Scheme Implementation agency (SIA).
• The scheme encompasses the development of robust quality and performance testing facilities to ensure quality, sustainability, and safety in GH2 production and trade.
• The Scheme Guidelines may be accessed here.
• The National Green Hydrogen Mission was launched on 4th January 2023, with an outlay of Rs. 19,744 crores up to FY 2029-30. It will contribute to India’s goal to become Aatma Nirbhar (self-reliant) through clean energy and serve as an inspiration for the global Clean Energy Transition. The Mission will lead to significant decarbonization of the economy, reduced dependence on fossil fuel imports, and enable India to assume technology and market leadership in Green Hydrogen.

Check Three New Laws That Were Revamped!!
On July 1st, 2024, India ushered in a significant change by replacing three of its cornerstone criminal law statutes with a comprehensive set of new laws. This overhaul aims to modernize the justice system, prioritize reformative approaches, and improve efficiency.
Laws Replaced:

• The Bharatiya Nyaya Sanhita (BNS): This law supersedes the Indian Penal Code (IPC) of 1860. The IPC, established during British rule, was deemed outdated and unable to address contemporary criminal activities.
• The Bharatiya Nagrik Suraksha Sanhita (BNSS): This law replaces the Code of Criminal Procedure (CrPC) of 1898. The BNSS aims to streamline investigative and judicial processes, fostering better collaboration between authorities.
• The Bharatiya Sakshya Adhiniyam (BSA): This law takes the place of the Indian Evidence Act of 1872. The BSA focuses on ensuring the seamless flow of information and the admissibility of evidence in the digital age.

The Significance of the New Laws:

• Reformative Justice: The new laws emphasize rehabilitation and restorative justice measures like community service as alternatives to lengthy prison sentences.
• Modernized Framework: These laws address contemporary crimes and incorporate advancements in forensic science and technology.
• Enhanced Efficiency: The streamlined procedures outlined in the new laws aim to reduce delays and expedite the judicial process.
• While some states raised concerns, the implementation of these new criminal laws marks a pivotal moment for India's justice system. The success of this reform will depend on effective implementation, training of legal professionals, and public awareness campaigns

Also Read: May 7th Current Affairs: Top 11 Current Affairs Quiz Questions on Rabindranath Tagore

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INTERNATIONAL
India Chairs ‘Colombo Process’ Meeting at Permanent Representative Level in Geneva

• India chaired its first meeting as Chair of the ‘Colombo Process’ at the Permanent Representative Level Meeting in Geneva, marking a significant moment in regional migration cooperation.
• The Colombo Process, comprising 12 Asian member states, focuses on enhancing governance and opportunities for overseas employment. Under India’s leadership, priorities include financial sustainability, membership expansion, and collaboration with regional bodies like the Abu Dhabi Dialogue.
• At the International Organisation for Migration (IOM) Headquarters, India led discussions on future strategies and outlined a comprehensive two-year action plan.
• Established in 2003, the Colombo Process fosters dialogue among countries of origin in Asia to improve migration management. India’s chairmanship aims to strengthen cooperation for safe and orderly migration, benefiting both migrant workers and regional stability.

ECONOMY
Coal Sector Achieves Remarkable Growth of 10.2 % among Eight Core Industries in May, 2024

• The coal sector has demonstrated highest growth of 10.2 % (provisional), following the electricity industry among the eight core industries for the month of May, 2024 as per the Index of Eight Core Industries (ICI)) (Base Year 2011-12) released by Ministry of Commerce & Industries. The index of coal industry has reached 184.7 points during May, 2024 as compared to 167.6 points during the same period of last year and its cumulative index has increased by 8.9% during April to May, 2024-25 over corresponding period of the previous year.
• The ICI measures the combined and individual production performance of eight core industries, viz. cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel.
• The Combined Index of Eight Core Industries experienced a notable 6.3% increase in May 2024, compared to the same period of previous year, underscoring the coal sector's substantial contribution to overall industrial expansion. The coal industry has consistently outperformed its counterparts, demonstrating higher growth than the overall growth of eight core industries in last two financial years.
• The driving force behind this remarkable growth can be attributed to a significant surge in coal production during May 2024, with output reaching an impressive 83.91 million tonnes, marking a remarkable increase of 10.15% compared to the same period in the previous year. This surge in production underscores the sector's capacity to meet growing demand of energy and manufacturing industries.
• The exceptional expansion of the coal sector, coupled with its substantial role in propelling the overall growth of the eight core industries, stands as evidence of the Ministry of Coal's persistent endeavours and proactive initiatives. These efforts align with the vision of "Atmanirbhar Bharat" and contribute to the nation's progress towards self-sufficiency and energy security.

RBI’s 29th Financial Stability Report (FSR) July 2024: An Overview

• The Financial Stability Report (FSR) is a comprehensive, half-yearly publication that involves contributions from all financial sector regulators in India. It reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council on current and emerging risks to the stability of the Indian financial system.
• The July 2024 edition of the FSR highlights various aspects of global and domestic macro financial risks, the soundness and resilience of financial institutions, regulatory initiatives, and an assessment of systemic risk.
• The global economy and financial system demonstrate resilience amidst significant risks and uncertainties. Despite the improvement in near-term prospects, several factors pose downside risks:
• Disinflation Pitstops: Challenges in achieving the last mile of disinflation.
• High Public Debt: The rising levels of public debt across nations.
• Stretched Asset Valuations: Overvaluation of assets in financial markets.
• Economic Fragmentation: Growing economic divisions among countries.
• Geopolitical Tensions: Persistent geopolitical conflicts and their economic impacts.
• Climate Disasters: Increasing frequency and severity of climate-related disasters.
• Cyber Threats: Rising threats from cyber-attacks and security breaches.

SCIENCE AND TECHNOLOGY
Russia Approves 2033 Completion Plan for New Orbital Station

• Russia has approved the schedule for the creation of a Russian orbital station by 2033. The schedule includes the design and construction of the space modules, flight tests of a new-generation manned spaceship, the creation of launch vehicles and space infrastructure on Earth, and a timetable for the work of scientific institutes supporting the project.
• Russia has approved the schedule for the creation of a Russian orbital station by 2033. The schedule includes the design and construction of the space modules, flight tests of a new-generation manned spaceship, the creation of launch vehicles and space infrastructure on Earth, and a timetable for the work of scientific institutes supporting the project.
• The agency confirmed plans to launch an initial scientific and energy module in 2027. It said three more modules would be added by 2030 and a further two between 2031 and 2033. Russia has until now partnered with the United States and other countries on the International Space Station, one of the few areas where it still collaborates closely with the US given the dire state of relations since its invasion of Ukraine.

Published date : 05 Jul 2024 04:44PM