Current Affairs One - Liner : 24th July 2024

IRCTC was upgraded to a Schedule A CPSE by the Government of India on July 19, 2024. This elevation recognizes the company's strong financial performance and operational efficiency. As a Schedule A CPSE, IRCTC will enjoy greater autonomy in decision-making and management.

Aizawl, the capital of Mizoram, is set to become the fourth state capital in the northeastern region to be connected by rail. The Bairabi-Sairang project, with an estimated cost of Rs 8,213.72 crore, is making this possible. The project involves constructing tunnels, bridges, and four new stations. Despite challenging terrain and monsoons, the railway line is 93% complete. Once operational by July 2025.
A venture capital fund of ₹1,000 crore will be set up, to expand the space economy by five times over the next 10 years. This move is expected to support more than 180 government-recognized space technology startups in India, foster private sector participation, create high-skilled jobs, and drive innovation across various industries.
The Union Home Ministry has allocated ₹56 crore to create the Bhartiya Bhasha Anubhag platform. This initiative aims to facilitate translations between Hindi and other Indian languages. It will bridge communication gaps between government officials using Hindi and individuals proficient in other Indian languages.

Fusion Micro Finance Limited has rebranded as Fusion Finance Limited effective July 9, 2024. This change reflects the company's aim to expand beyond microfinance and offer a wider range of financial services. Fusion Finance Limited remains committed to microfinance while pursuing new growth opportunities.
The Reserve Bank of India (RBI) has cancelled the licence of Tezpur-based Mahabhairab Cooperative Urban Bank due to its deteriorating financial condition. As a result, the bank will cease to operate with effect from July 24, 2024.

In July, India’s economic activity expanded, driven by a surge in services and a pickup in manufacturing. The services Purchasing Managers’ Index (PMI) rose to 61.1 from last month’s 60.5, while the manufacturing PMI increased slightly to 58.5 from 58.3 in June. This positive trend contributed to a three-month high composite PMI of 61.4.

The European Space Agency (ESA) is launching the Ramses mission to study the 99942 Apophis asteroid. Apophis, approximately 375 meters in diameter, will pass within 32,000 km of Earth’s surface on April 13, 2029—closer than geosynchronous satellites. ESA’s spacecraft will accompany Apophis during this rare flyby, providing valuable insights for planetary defense and scientific research.

Assam Chief Minister Himanta Biswa Sarma launched the Amrit Brikshya Andolan 2.0 app on July 19, 2024, to kickstart a massive tree plantation drive aiming to plant 3 crore seedlings across the state. The app simplifies participation through easy registration and renewal, enabling better tracking of plantation efforts.

Oscar Piastri won his first Formula One race at the Hungarian Grand Prix held at the Hungaroring circuit on July 21, 2024. Piastri, driving for McLaren, initially took the lead from his pole-sitting teammate, Lando Norris.

India's SECL has made a significant mark on the global coal industry with its Gevra and Kusmunda mines securing the second and fourth positions, respectively, in WorldAtlas.com's ranking of the world's largest coal mines in July 2024. These Chhattisgarh-based mines produce over 100 million tonnes of coal annually, contributing substantially to India's coal output. Notably, the United States holds the top spot with its North Antelope Rochelle mine.

The first indigenous P1135.6 frigate, Triput, was launched on July 23, 2024 by Goa Shipyard Limited (GSL) in Goa. This significant milestone showcases India’s warship-building capability and propels GSL into the league of Indian shipyards capable of producing state-of-the-art frigates for the Indian Navy.
The Ministry of Defence (MoD) has been allocated Rs 6,21,940.85 crore (approximately US $75 billion), the highest allocation among all ministries. This budget aims to promote ‘Aatmanirbharta’ (self-reliance) in defence technology and manufacturing, strengthen the Armed Forces, and create job opportunities for the youth.

Krishnan Venkat Subramanian has been appointed as the Managing Director and Chief Executive Officer (CEO) of Federal Bank. The Reserve Bank of India (RBI) approved his appointment, and he will assume office on September 23, 2024. Previously, Subramanian served as the Joint Managing Director of Kotak Mahindra Bank Limited.
Sania Mirza, the six-time Grand Slam winner and former World No. 1 in women’s doubles, along with MC Mary Kom, the six-time World Champion and Olympic bronze medalist, and popular TV host and actor Rannvijay Singha, joined Play Sports as brand ambassadors on July 21, 2024.
Kristen Michal was formally appointed as Estonia’s new Prime Minister on Monday, July 22, 2024. The Estonian parliament voted in favor of Michal, who hails from the liberal Reform Party. He will lead a center-right coalition government, which includes the Estonia 200 party and the Social Democrats.

The 2024 IAF World Space Award ceremony, where the ISRO Chandrayaan-3 Team will be honored, is scheduled to take place on October 14, 2024 during the opening of the 75th International Astronautical Congress in Milan, Italy.

Questions:

1 Who has been appointed as the Managing Director and Chief Executive Officer (CEO) of Federal Bank?

2 What is the primary goal of the Amrit Brikshya Andolan 2.0 app?