Daily Current Affairs 24th July 2024

National News

21.71% Of Country’s Area Under Forest Cover: MoS Kirti Vardhan Singh

• The Forest Survey of India (FSI) in Dehradun, under the Ministry’s guidance, conducts a biennial assessment of forest cover.
• According to the latest India State of Forest Report (ISFR) from 2021, the total forest cover in the country is 7,13,789 square kilometers, representing 21.71% of the nation’s geographical area.
• Detailed forest cover statistics for each State/UT since 2019 are provided in the annexure.

International News

Azerbaijan’s COP29 Climate Finance Action Fund

• Azerbaijan, set to host COP29 from November 11 to 22 this year, has announced the establishment of a Climate Finance Action Fund (CFAF).
• This fund aims to secure contributions from fossil fuel producers to support green projects in developing countries, aiding member nations in meeting the 1.5°C temperature target.
• The CFAF seeks to mobilize resources from both public and private sectors, with Azerbaijan as the initial contributor, aiming to attract $1 billion and secure contributions from at least ten countries.

World’s Most Powerful Passports 2024: Singapore Leads; India at 82nd

• According to the Henley Passport Index, Singapore has regained its position as the holder of the world’s most powerful passport, providing visa-free access to 195 destinations globally.
• India is ranked 82nd, with visa-free entry to 58 countries.

Appointments News

KV Subramanian Appointed As Federal Bank MD & CEO

• The Reserve Bank of India (RBI) has approved Krishnan Venkat Subramanian’s appointment as Managing Director & Chief Executive Officer of Federal Bank.
• His three-year term will start on September 23, 2024, following the end of current MD & CEO Shyam Srinivasan’s tenure on September 22, 2024.

Bibhuti Bhusan Nayak Elected New President of ICMAI

• CMA Bibhuti Bhusan Nayak, a Fellow Member of the Institute of Cost Accountants of India (ICMAI) from the Bhubaneswar Chapter, has been unanimously elected as the 67th President of ICMAI for the 2024-2025 term.
• Nayak brings over 30 years of professional experience in finance and cost accountancy to this esteemed role, becoming the third Cost Accountant from Odisha to hold this position.

Banking News

IndusInd Bank Launches ‘Wrestle for Glory’ CSR Initiative

• IndusInd Bank has launched the ‘Wrestle for Glory’ program, a major CSR initiative in collaboration with the Inspire Institute of Sport (IIS).
• This initiative will support 50 promising female wrestlers from across India by providing fully-funded scholarships for coaching at IIS’s premier facility in Vijayanagar, Bellary.

Economy News

Railway Budget 2024-25: Record Allocation and Key Highlights

• The Indian Railways has received a record capital expenditure allocation of Rs 2,62,200 crore for the fiscal year 2024-25, matching the Interim Budget 2024.
• The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, includes Gross Budgetary Support of Rs 2,52,200 crore for Railways, up from Rs 2,40,200 crore in 2023-24 and significantly higher than Rs 28,174 crore in 2013-14.

Business News

NTPC Vidyut Vyapar Nigam Ltd. To Set Up Green Charcoal Plant In Haryana

• The Municipal Corporations of Gurugram and Faridabad are set to establish two waste-to-charcoal plants, known as green coal plants, at a cost of ₹500 crore each.
• These plants will convert 1,500 tonnes of waste daily into charcoal using indigenous technology.

Sports News

Sania Mirza, Mary Kom And Rannvijay Singha Join Play Sports As Brand Ambassadors

• Six-time Grand Slam winner and former World No. 1 in women’s doubles Sania Mirza, six-time World Champion and Olympic bronze medallist MC Mary Kom, and actor Rannvijay Singha have joined ‘Play Sports’ as brand ambassadors.
• Play Sports aims to create a sustainable sports ecosystem in India by working with schools, developing sports, managing sports infrastructure, running academies, and scouting talent from the grassroots level.

Important Days

National Income Tax Day 2024: A Journey of Transformation

• National Income Tax Day, marked on July 24, commemorates a significant milestone in India’s fiscal history.
• Income tax, a critical government levy on income earned by individuals and businesses during a financial year, is broadly defined under Section 2(24) of the Income Tax Act, encompassing various sources of earnings.

Obituaries News

C.T. Kurien, a distinguished economist, Passes Away

• On July 23, 2024, the economics community mourned the loss of C.T. Kurien, a distinguished economist and former professor at Madras Christian College.
• He passed away at the age of 93 due to age-related ailments.
• Kurien’s death marks the end of an era in Indian economics, though his legacy continues to inspire future generations of economists and social thinkers.

Miscellaneous News

Mumbai’s Aqua Line: A New Era in Underground Metro Transportation

• Mumbai is set to revolutionize its urban transit system with the inauguration of its first underground metro, the Aqua Line, on July 24, 2024.
• This long-anticipated infrastructure project promises to ease travel across the city’s congested streets, offering a faster and more efficient alternative to surface transportation