Daily Current Affairs 19th September 2024, Important News Headlines (Daily GK Update)

National News

Union Cabinet Accepts the Recommendations on Simultaneous Elections (One Nation One Election – ONOE)

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has accepted the recommendations of the High-Level Committee on Simultaneous Elections (One Nation One Election – ONOE) under the chairmanship of former President Shri Ram Nath Kovind.

Science & Technology News

Cabinet gave approval for CHANDRAYAAN-4 Mission

The Union Cabinet chaired by Prime Minister Narendra Modi approved a new moon mission ‘Chandrayaan-4’, to develop and demonstrate the technologies to come back to Earth after successfully landing on the Moon and also collect moon samples and analyze them on Earth.

India’s Own Space Station for Scientific research to be established with the launch of its first module in 2028

The union cabinet chaired by the Honorable Prime Minister Shri Narendra Modi has approved the building of the first unit of the Bharatiya Anatriksh Station (BAS) by extending the scope of Gaganyaan program.

After Moon and Mars, India sights science goals on Venus

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the development of Venus Orbiter Mission (VOM), which will be a significant step towards the Government’s vision of exploring and studying Venus, beyond moon and mars. 

Cabinet Clears Chandrayaan-4 and Venus Orbiter Mission for Space Exploration

The Union Cabinet has approved the Chandrayaan-4 mission, which aims to develop technologies for returning to Earth after landing on the moon and collecting lunar samples for analysis. The total cost of the mission is Rs 2104.06 crore, covering spacecraft development, two LVM3 launches, deep space network support, and special tests for validation. The mission will be completed within 36 months, involving significant participation from industry and academia.

New Re-usable Low-cost launch vehicle for Bharat

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the development of Next Generation Launch Vehicle (NGLV), that will be a significant step towards the Government’s vision of establishing & operating the Bharatiya Antariksh Station and towards developing capability for Indian Crewed Landing on the Moon by 2040.

Summits & Conferences

India and European Union agree to deepen cooperation in Sustainable Water Management

India and the European Union (EU) agreed to enhance cooperation in sustainable water management at the 6th EU-India Water Forum held on the sidelines of the 8th India Water Week, in New Delhi.

Business News

India Becomes 6th Largest Market in MSCI ACWI

India has now become the sixth largest market in the MSCI All Country World Investable Market Index (ACWI IMI), surpassing China and narrowly behind France. As of August 2024, India’s weight in the index stands at 2.35%, surpassing China’s 2.24%, with France just 3 basis points ahead of India. India is also now the largest emerging market (EM) in the MSCI ACWI IMI for the first time.

Schemes News

Cabinet Gives Nod to Bio-RIDE Scheme to Support R&D in Biotechnology

The Union Cabinet has approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme to boost biotechnology research, innovation, and entrepreneurship with an outlay of ₹9,197 crore for the 15th Finance Commission period (2021-22 to 2025-26).

Economy News

India’s Exports to China Fall Faster Than to Other Partners

India’s exports to China contracted by 22.44% to $1 billion in August, while overall exports declined 9% to $34.7 billion, driven by muted demand, geopolitical issues, and logistics challenges amid a massive slowdown in China. Despite the contraction, China remains India’s fifth-largest export market, although the country continues to heavily rely on imports from China, which increased 15.5% year-on-year to $10.8 billion in the same period.

Cabinet Clears ‘One Nation, One Poll’ and Major Agriculture-Space Proposals

The Union Cabinet has approved several key proposals with a total outlay exceeding ₹60,000 crore, covering areas from agriculture to space exploration. The much-anticipated ‘One Nation, One Poll’ policy, enabling simultaneous elections across India, also received approval. Additionally, the PM-AASHA scheme was revamped with a ₹35,000 crore budget to ensure Minimum Support Prices (MSP) for farmers. The Cabinet also sanctioned a ₹24,474.53 crore subsidy on phosphatic and potassic (P&K) fertilizers for the 2024-25 rabi season.

India is set to become the Third-largest Economy by 2030-31

India is on track to become the third largest economy by fiscal 2030-31, driven by a robust projected annual growth rate of 6.7%, the credit rating agency S&P Global said in its report called India forward Emerging Perspectives. 

Modi 3.0 Government Sanctions Rs 12,554 Crore for Disaster Relief

The Central government has allocated Rs 12,554 crore to various states this year for relief and rehabilitation of those affected by natural disasters. This includes funding from multiple disaster relief and mitigation funds.

Atal Pension Yojana (APY) Subscribers at 69 Million, Corpus at Rs 35,149 Crore

About 7 crore people have subscribed to the Atal Pension Yojana (APY), accumulating a corpus of Rs 35,149 crore, as announced by Finance Minister Nirmala Sitharaman. The APY, launched in 2015, is a low-cost pension scheme providing a guaranteed minimum pension ranging from Rs 1,000 to Rs 5,000 per month, depending on the contributions made by subscribers. In case of the subscriber’s death, the pension is extended to the spouse for life, and upon the demise of both, the nominee receives the entire corpus.