Current Affairs Quiz - July, 2024

Notes:
Azerbaijan has launched the Climate Finance Action Fund (CFAF) as part of its initiatives for the UN Climate Change Conference COP29. Headquartered in Baku, the CFAF aims to support climate projects in developing countries, advance Nationally Determined Contributions (NDCs), and address natural disaster impacts. The fund will be capitalized by fossil fuel-producing countries and companies involved in oil, gas, and coal. It will become operational after raising $1 billion in its initial fundraising round and securing commitments from 10 contributing countries.

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India’s first Integrated Agri-Export Facility will be established at Jawaharlal Nehru Port in Mumbai, enhancing agricultural export and import capabilities. Ports Minister Sarbananda Sonowal approved the project, worth over 284 crore rupees, to be developed in a public-private partnership. The facility aims to streamline logistics, reduce wastage, and provide better prices for agricultural products. It will support the export of key items such as non-basmati rice, maize, spices, onion, and wheat. Sonowal emphasized that this initiative is a significant step toward empowering farmers and boosting India’s agricultural sector.

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NASA’s Perseverance rover, nicknamed “Percy,” recently made a discovery that could reveal insights into Mars’s ancient history and potential past microbial life. Part of NASA’s Mars 2020 Mission, Perseverance is a semi-autonomous rover launched on July 30, 2020, from Cape Canaveral, Florida, and landed in Jezero Crater on February 18, 2021. Its primary mission is to seek signs of ancient life and collect rock and soil samples for future return to Earth. The rover, about the size of a small car, is powered by a Multi-Mission Radioisotope Thermoelectric Generator (MMRTG) and features a robotic arm, drill, cameras, and scientific instruments.

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The Reserve Bank of India (RBI) introduced a Prompt Corrective Action (PCA) framework to improve weak Urban Cooperative Banks (UCBs). This framework aims for timely supervisory intervention, ensuring UCBs initiate remedial measures to restore financial health. The PCA will focus on monitoring capital, asset quality, and profitability. It replaces the existing Supervisory Action Framework (SAF) and will apply to UCBs with deposits exceeding Rs 100 crore. The PCA framework serves as an early intervention tool to enhance the stability and performance of UCBs.

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India has set a target to gasify 100 million tonnes of coal by 2030. Coal gasification is a thermo-chemical process that converts coal into carbon monoxide and hydrogen, producing syngas, dimethyl ether, ammonium nitrate, and methanol. Syngas can substitute for LPG and electricity generation, while dimethyl ether is an alternative for diesel engines, and ammonium nitrate can be used for explosives. This initiative aims to reduce reliance on imports, conserve foreign exchange, and support India’s oil, gas, fertilizer, and petrochemical sectors. Currently, India imports about 83% of its oil, over 90% of its methanol, and 13-15% of its ammonia.

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A warning has been issued to residents in low-lying areas near the Mettur Dam due to increased inflow. The Mettur Dam, built in 1934, is one of India’s largest dams, located in Salem, Tamil Nadu, where the Kaveri River enters the plains. It is a masonry gravity dam with a length of 1700 meters, a maximum level of 120 feet, and a capacity of 93.4 tmc ft, creating the Stanley Reservoir. The dam supports the Mettur hydroelectric and thermal power plant, generating 32 MW. It irrigates 271,000 acres of farmland across Salem, Erode, Namakkal, Karur, Tiruchirappalli, and Thanjavur districts.

Notes:
International Tiger Day, observed on 29 July since 2010, raises public awareness about threats faced by tigers due to illegal hunting and habitat destruction. The day originated from an international summit in St. Petersburg, Russia, in 2010, attended by 13 countries with significant tiger populations, including India. The summit aimed to address the dwindling tiger population caused by human encroachment and launched the TX2 goal to double the number of wild tigers by 2022. The 2024 theme, “Call for Action,” emphasizes the need for global efforts to save endangered tigers. The first Tiger Day was observed on 29 July 2010.

Notes:
Rashtrapati Bhavan will auction selected gifts presented to the President and former Presidents via the online portal E-Upahaar. Launched on July 25, 2024, by the President of India, E-Upahaar is designed by the National Informatics Centre (NIC), Ministry of Electronics and Information Technology, to increase citizen engagement and support a noble cause, with proceeds going to children in need. Established in 1976, the NIC provides technology-driven solutions to Central and State Governments and operates under the Ministry of Electronics and Information Technology. NIC’s primary focus is on e-Government solutions, supported by its extensive ICT network, “NICNET,” linking various government departments and states.

Notes:
The Union Minister for Agriculture and Farmers’ Welfare recently announced that the agriculture sector is now part of the Carbon Credit Trading Scheme, 2023. This scheme, initiated by the Ministry of Power, involves issuing carbon credit certificates by the Bureau of Energy Efficiency (BEE) to entities that exceed their emission reduction targets. Entities failing to meet targets must buy these certificates. The Ministry of Environment, Forest, and Climate Change sets emission intensity targets, while a National Steering Committee chaired by the Power Secretary oversees the scheme. This inclusion aims to enhance carbon management in agriculture.

Notes:
The Reserve Bank of India’s “Report on Currency and Finance 2023-24,” themed “India’s Digital Revolution,” highlights the rapid growth of the digital economy. It now makes up 10% of India’s GDP and is expected to reach 20% by 2026. Factors driving this growth include internet access, low data costs, and a large startup ecosystem. India leads in biometric ID (Aadhaar) and real-time payments, and has used Digital Public Infrastructure to significantly reduce poverty.