Current Affairs Feb 23, 2024

Current Affairs Feb 23, 2024

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Current Affairs Feb 23, 2024

National News

India’s Mineral Output Surges in December 2023

  • India’s mineral output witnessed a notable increase of 5.1% in December 2023 compared to the same period in 2022.
  • The Ministry of Mines reported a significant rise in the mining and quarrying sector’s index of mineral production, reaching 139.4.
  • Production figures for key minerals include coal (929 lakh tonnes), lignite (40 lakh tonnes), iron ore (255 lakh tonnes), and limestone (372 lakh tonnes) in December.
  • Positive growth was observed in the production of lignite, limestone, coal, bauxite, and natural gas.

here is a list of some major coal mines in India:

  1. Singareni Collieries Company Limited (SCCL), Telangana
  2. Coal India Limited (CIL), various states including Jharkhand, West Bengal, Odisha, Madhya Pradesh, Uttar Pradesh, Maharashtra, Chhattisgarh, and others
  3. Neyveli Lignite Corporation (NLC), Tamil Nadu
  4. Central Coalfields Limited (CCL), Jharkhand
  5. Eastern Coalfields Limited (ECL), West Bengal
  6. Western Coalfields Limited (WCL), Maharashtra
  7. South Eastern Coalfields Limited (SECL), Chhattisgarh
  8. Northern Coalfields Limited (NCL), Uttar Pradesh
  9. Mahanadi Coalfields Limited (MCL), Odisha
  10. Bharat Coking Coal Limited (BCCL), Jharkhand

International News

Malta Joins International Solar Alliance as 119th Member

  • Malta becomes the 119th country to join the International Solar Alliance (ISA), as announced by India.
  • Christopher Cutajar, Permanent Secretary of Malta’s Foreign Affairs Ministry, signs the ISA Framework Agreement in New Delhi.
  • Abhishek Singh, Head of Depository and Joint Secretary (Economic Diplomacy), witnesses the signing ceremony, marking Malta’s official entry into the alliance.

International Solar Alliance (ISA)

  • Objective: Address challenges in solar energy deployment, mobilize investment, encourage innovation, and facilitate capacity building.
  • Membership: Open to countries between the Tropic of Cancer and the Tropic of Capricorn.
  • Initiatives: Focus on SAFA, affordable finance, solar mini-grids, rooftop solar, and solar park development.
  • Programs and Projects: Collaborate on increasing solar energy generation, improving energy access, and fostering sustainable development.
  • Headquarters: Located in Gurugram, India; led by a Director-General.
  • Partnerships: Collaborates with UNDP, IRENA, World Bank, and others.
  • Initiatives/Campaigns: Promotes awareness and encourages transition to renewable energy.
  • COP26 Commitments: Member countries commit to accelerating solar energy deployment and meeting Paris Agreement goals.
  • Future Outlook: Focuses on expanding membership and partnerships for global energy transition and universal energy access.

Economy News

India’s GDP Growth Projected at 6.5% for FY 2024-25

  • India Ratings and Research forecasts a GDP growth of 6.5% for the financial year 2024-25, slightly below RBI’s estimate of 7%.
  • Positive indicators for economic recovery cited include sustained government capital expenditure, healthy corporate performance, and softness in global commodity prices.
  • Factors contributing to economic recovery highlighted by the agency are sustained government capital expenditure, healthy corporate performance, and favorable global commodity price trends.

Banking News

India Overtakes China as HSBC’s Third-Largest Profit Hub

  • In 2023, India surpassed China to become HSBC’s third-largest profit hub, exhibiting a notable surge in profitability.
  • India’s profits soared by 25% in the fiscal year ending December 2023, reaching an impressive $1.5 billion.
  • HSBC’s annual report for the fiscal year ending December 2023 unveiled key insights into India’s exceptional performance, reflecting its growing significance in the bank’s global operations.

HSBC BANK:

  • Headquarters: London, United Kingdom
  • Founder: Thomas Sutherland
  • Founded: 3 March 1865, Hong Kong

Asian Development Bank (ADB) Allocates $23 Million Loan for Fintech Development in Gujarat’s GIFT City

  • The Asian Development Bank (ADB) sanctions a USD 23 million loan to enhance fintech education, research, and innovation within Gujarat International Finance Tec-City (GIFT) in India.
  • GIFT, a state-owned enterprise, aims to nurture fintech ecosystems and financial services as India’s premier international financial services center.
  • The loan is intended to establish an International Fintech Institute within GIFT, focusing on comprehensive, sustainable, and climate-resilient fintech development.

Kotak Mahindra Bank Redesignates KVS Manian as Joint Managing Director

  • Kotak Mahindra Bank appoints KVS Manian, a veteran with almost three decades of experience within the institution, as the joint managing director, effective from March 1st.
  • Manian, an alumnus of the Indian Institutes of Technology (BHU) – Varanasi, holds degrees in electrical engineering and financial management from prestigious institutes, bringing a wealth of expertise to his new role.

Kotak Mahindra Bank

  • Founder: Uday Kotak
  • Founded: 21 November 1985
  • Headquarters: Mumbai

APPOINTMENT NEWS

Ilham Aliyev Re-elected as President of Azerbaijan for the Fifth Consecutive Term

Key Points:

  1. Ilham Aliyev, son of former President Heydar Aliyev, has secured his fifth consecutive term as President of Azerbaijan.
  2. Aliyev won the presidential election with an overwhelming majority, receiving 92 percent of the votes.

About Azerbaijan: Azerbaijan got its independence from the former Soviet Union after its dissolution in 1991. President – Ilham Aliyev Capital – Baku Currency – Azerbaijani Manat

SCHEME NEWS

Extension of Indian Government’s Women Safety Scheme Until 2025-26

  • The Indian government extends its flagship scheme for women’s safety until 2025-26 with a budget approval of Rs 1,179.72 crore.
  • The decision aims to combat the rising incidents of crimes against women, as highlighted by recent statistics from the National Crime Records Bureau (NCRB).
  • The union cabinet approves the proposal from the Ministry of Home Affairs to continue the ‘Safety of Women’ umbrella scheme, allocating a total cost of Rs 1,179.72 crore from both the MHA budget and the Nirbhaya Fund.

SCIENCE AND TECH NEWS

Intuitive Machines’ Odysseus Spacecraft Achieves Historic Lunar Soft Landing

  • Intuitive Machines’ Odysseus spacecraft accomplishes a historic soft landing on the lunar surface, a milestone previously achieved only by national space agencies.
  • This achievement signifies the first successful commercial venture to land on the Moon, marking a significant advancement in private-sector participation in space exploration.

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