CURRENT AFFAIRS 01 August, 2024

CURRENT AFFAIRS 01 August, 2024

1. BUDGET 2024-25: INFRASTRUCTURE ALLOCATION AND DEVELOPMENT PLANS –

• In the 2024-25 Budget, Finance Minister Nirmala Sitharaman has allocated ₹11 lakh crore for capital expenditure, representing 3.4% of the GDP. To encourage states to invest in infrastructure, ₹1.5 lakh crore will be provided to them as long-term interest-free loans.

Target Sectors of Budget 2024-25

• The government’s expenditure on infrastructure as a share of the total budget remains steady at 13.9%, slightly down from 14.3% in FY2024.
• The transport sector constitutes the largest portion of infrastructure spending, at 11.29% of the budget, though its share has decreased by 0.4 percentage points from last year.
• The Ministry of Roads, Transport and Highways has been allocated ₹2.78 lakh crore for 2024-25.
• The Railway outlay remains above 5%, with a record allocation of over ₹2.55 lakh crore.
• Funding for signalling and telecom work, including the KAVACH automatic train protection system, has increased compared to FY2024.
• The Ministry of Civil Aviation’s allocation decreased by 20% to ₹2,357 crore.
• The outlay for shipping remains unchanged at ₹2,377 crore.
• The regional connectivity scheme is set to receive ₹502 crore.

2. SUPREME COURT EXTENDS STAY ON KANWAR YATRA POLICE DIRECTIVES FOR EATERIES –

• The Supreme Court has extended the interim order staying the directives of the Uttar Pradesh and Uttarakhand governments that the eateries along the Kanwariya pilgrim route must display the names of the owners and the staff.
• The stay order will continue till August 5, the next hearing date.Directive issued by the Muzaffarnagar district police
• On July 17, Uttar Pradesh’s Muzaffarnagar district, directing hotels, dhabas, and shops on the route of the Kanwar Yatra to display the names of their owners and employees.
• The Kanwar Yatra began on July 22 and will continue until August 19. It said that while there is no intention of “religious discrimination,” previous “law-and-order situations” have arisen due to shop names causing confusion among the Kanwariyas, who follow a strictly vegetarian diet.
• The notice has been challenged by several parties. The petitioners argue that the directive targets Muslim-owned businesses by forcing them to disclose their religious identity, which could have economic consequences and lead to targeting of businesses and individuals.
• They have requested that the directive be publicly withdrawn. The Supreme Court has prohibited the enforcement of the public notice until further hearing.

3. RAPIDO BECOMES UNICORN WITH FRESH $120 MILLION FUNDING –

• In a display of growth, India’s space technology sector has reached new frontiers, securing a record-breaking $126 million in funding for 2023. This represents a 7% increase from 2022 and an impressive 235% jump from 2021, according to the latest Tracxn Space Tech Geo Report 2024.
• The surge in funding comes as India’s space tech startup ecosystem expands rapidly, now boasting more than 100 companies — as per govt with the majority founded in the past five years.
• Rapido, a ride-hailing startup, raised $120 million in fresh funding led by WestBridge Capital, reaching a $1 billion valuation and joining the unicorn club. It’s the third startup to achieve this status in 2023, following Krutrim and Perfios. After a funding slowdown, the startup ecosystem sees renewed investment activity, with Zepto and Purplle also securing substantial funding earlier this year.

4. PRESIDENT DROUPADI MURMU INAUGURATES GOVERNORS’ CONFERENCE –

• On August 2, 2024, President Droupadi Murmu inaugurated a significant two-day Conference of Governors at Rashtrapati Bhavan, New Delhi. The conference focuses on various issues crucial for shaping center-state relations and advancing welfare schemes.
• President Murmu emphasized that the conference’s agenda addresses key issues critical to achieving national objectives. She anticipated that the deliberations would be beneficial for the participants’ functioning.
• The President highlighted the commencement of a new era in the justice system with the introduction of three new laws: Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita, and Bharatiya Sakshya Adhiniyam.
• She stressed the need for inclusive development, particularly for the tribal population in Scheduled and Tribal areas. The Governors were urged to propose methods for achieving this goal.

5. SUPREME COURT’S LANDMARK VERDICT ON SUB-CLASSIFICATION OF SCS AND STS –

• On August 1, 2024, a seven-judge Bench of the Supreme Court of India delivered a landmark judgement that reframed the operation of the Scheduled Castes (SC) and Scheduled Tribes (ST) quota for the first time since reservations were introduced in the Constitution in 1950.
• This historic verdict saw six separate opinions, with five in favor of sub-classification and a lone dissent by Justice Bela Trivedi.
• Article 341 allows the President, through a public notification, to list “castes, races or tribes” that suffered historical injustices, particularly untouchability, as SCs. These groups are collectively accorded 15% reservation in education and public employment.