Current Affairs One - Liner : 2nd August 2024

The Competition Commission of India (CCI) has approved a merger between Mangalore Chemicals & Fertilizers Limited (MCFL) and Paradeep Phosphates Limited (PPL). Additionally, Zuari Maroc Phosphates Private Limited (ZMPPL) will acquire MCFL shares from Zuari Agro Chemicals Ltd.

The Karnataka government recently approved the renaming of Ramanagara district as Bengaluru South. This decision was made based on the demand of the people in the district, to promote “Brand Bengaluru.” The renamed district includes Magadi, Kanakapura, Channapatna, and Harohalli taluks, with Ramanagara taluk serving as its headquarters.
The Supreme Court has ruled that states can sub-classify Scheduled Castes (SCs) and Scheduled Tribes (STs) for reservation purposes. This allows for more targeted benefits to the most marginalized groups within these categories.

Brazil proposed a 2% minimum tax on the wealth of the world’s billionaires. This progressive taxation approach aims to generate USD 200 to 250 billion in annual revenue. The proposal targets approximately 3,000 individuals with fortunes exceeding one billion dollars, who currently pay less than 2% in annual income tax.

The Insurance Regulatory and Development Authority of India (IRDAI) has levied a penalty of ₹1 crore on HDFC Life Insurance Company for violating various norms. These violations include issues related to insurance web aggregators, insurance brokers, insurance intermediaries (payment of commissions), and outsourcing activities.
InsuranceDekho received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to enter the reinsurance broking sector with a composite insurance broking license. This strategic move allows them to expand their operations in the insurance industry.

India’s fiscal deficit for the first quarter of the current financial year (April to June 2024) was ₹1.36 lakh crore, which is equivalent to 8.1% of the annual estimates. This represents a significant narrowing compared to the previous year’s 25.3% deficit. The government aims to further reduce the fiscal gap to 4.9% of GDP in this fiscal year, down from 5.6% in the previous year.
Ind-Ra on July 31, 2024, raised India's GDP growth forecast for FY25 to 7.5% from its earlier estimate of 7.1%. This upward revision is attributed to improved consumption demand driven by government spending, deleveraged balance sheets, and a nascent private investment cycle.
India's manufacturing sector continued to expand in July 2024, though at a slightly slower pace than June. The HSBC India Manufacturing PMI stood at 58.1, indicating robust growth driven by strong demand and new orders. However, input and labor costs increased, potentially leading to higher inflation.
The Index of Industrial Production (IIP) in India increased by 4.0% (provisional) in June 2024 compared to the index in June 2023. This growth indicates positive momentum in industrial production during that period.

Lieutenant Colonel Kabilan Sai Ashok achieved this remarkable feat at the Paris Olympics 2024. As a serving Indian Army officer, he became the youngest Olympic referee in boxing from India, officiating at the prestigious event.

Muslim Women’s Rights Day is observed across India on August 1. It commemorates the enactment of the Muslim Women (Protection of Rights on Marriage) Act, 2019, which prohibits the practice of Triple Talaq in India. Prior to this law, according to the Shariat or Muslim Personal Law, Muslim men had the privilege to end their marriage by uttering the word “Talaq” three times in a row.

Questions:

1 What was India's fiscal deficit for the first quarter of the financial year 2024-25?

2 To what percentage did Ind-Ra raise India's GDP growth forecast for FY25 on July 31, 2024?