Current Affairs Quiz - August, 2024

Notes:
The Union Minister of Port Shipping and Waterways launched the Green Tug Transition Program (GTTP). The program aims to replace diesel-powered harbour tugs with zero-emission green tugs at Indian Major Ports. Objectives of GTTP include reducing carbon emissions and promoting the use of sustainable fuels in maritime operations. It is a key step toward decarbonizing the operations of Indian ports by phasing out conventional fuel-based tugs.

Notes:
MUDA is being investigated for possible unfair practices in compensating for acquired private land. Allegations surfaced that Karnataka CM Siddaramaiah’s wife, Parvathi, received 14 plots in a prime area, raising legal and fairness concerns.
MUDA, established in 1904, manages urban planning in Mysuru and has faced legal issues due to incomplete land acquisitions. Financial problems and lawsuits have made it difficult for MUDA to compensate landowners properly. In 2020, MUDA introduced a 50:50 ratio scheme, giving half the developed land back to original owners to address compensation challenges.

Notes:
Catastrophe bonds (CAT bonds) are facing scrutiny over their risk-reward balance, especially in the Caribbean. These bonds offer high returns to investors who take on the risk of major disasters like hurricanes or earthquakes. Issuers, such as insurers or governments, use these bonds to fund coverage for catastrophic events. Investors earn periodic interest but risk losing the principal if a disaster meets predefined triggers in the bond contract. In Jamaica, CAT bonds have delivered around 15% returns, but issuers are facing high costs. There are concerns about the fairness of bond terms, especially after Hurricane Beryl, leading Caribbean leaders to call for a review.

Notes:
Croatia will reintroduce compulsory military service starting January 1, 2025, due to rising European tensions and increased Balkan military activity. The aim is to strengthen national defence and align with NATO goals. Conscription was suspended in Croatia in 2008. This move reflects a broader European trend, with countries like Latvia also enhancing military capabilities amid regional instability and geopolitical threats.

Notes:
The Prime Minister will meet staff representatives in the national-level Joint Consultative Mechanism (JCM) for the first time in 10 years. The JCM is a platform for dialogue between government employees and officials to peacefully resolve disputes. Introduced in 1966, the JCM aims to promote harmonious relations and cooperation between the Central Government and its employees. The JCM is a non-statutory scheme based on mutual agreement between staff and officials.

Notes:
ICGS Sujay, an Offshore Patrol Vessel (OPV) of the Indian Coast Guard, recently visited Jakarta, Indonesia. It is stationed in Paradip, Odisha, under the Coast Guard Region (North-East) command and frequently deployed for various missions. The 105-meter vessel is equipped with a 30mm CRN 91 gun, advanced navigation, communication systems, and sensors. The ship is designed for extended deployment in maritime zones, conducting missions like surveillance, search and rescue, and law enforcement.

Notes:
The Union Ministry of Education released the first edition of the e-magazine Sapno ki Udaan. The release coincided with National Space Day, celebrating the Chandrayaan-3 mission’s Vikram lander soft landing on the Moon’s south pole on August 23, 2023. The e-magazine, available online on the NCERT portal, was launched virtually by the Union Minister for Education, with participation from other education officials. The inaugural edition focuses on Space and Chandrayaan missions, featuring articles, poems, and more. Sapno ki Udaan is produced by NCERT and the Department of School Education & Literacy.

Notes:
The Insurance Regulatory and Development Authority of India (IRDAI) has set up a task force to tackle issues and promote the growth of surety bond insurance. A surety bond is a risk transfer mechanism where an insurer guarantees that a contractor or principal will fulfill their contractual duties. The three parties involved are: Principal: The contractor or owner, Obligee: The party requiring the bond, often a government entity and Surety: The insurer providing the financial guarantee. Surety bonds offer a more comprehensive solution compared to traditional bank guarantees, especially useful in sectors like construction.

Notes:
Odisha CM Mohan Majhi launched the Subhadra scheme, promising ₹50,000 to one crore women aged 21 to 60. The scheme has a total budget of ₹55,825 crore and will run from 2024-25 to 2028-29. Funds will be disbursed in five annual installments of ₹10,000, with two payments of ₹5,000 each. Payments will be made directly to beneficiaries’ Aadhaar-linked bank accounts. A Subhadra debit card will be issued, and incentives of ₹500 will be given to top digital transaction users in each gram panchayat and urban local body.

Notes:
Israel and Egypt are making progress in resolving their differences over the Philadelphi Corridor and the Rafah crossing point. The Philadelphi Corridor is a narrow strip along the Gaza-Egypt border, established as a demilitarized buffer zone by the 1979 peace treaty between Israel and Egypt. This area is crucial for controlling movement and preventing smuggling between Gaza and Egypt. It has been central in ceasefire talks and conflicts involving Israel, Hamas, and Egypt.