CURRENT AFFAIRS 09 August, 2024

CURRENT AFFAIRS 09 August, 2024

1. INDIA MEN’S HOCKEY TEAM SECURES BRONZE AT PARIS 2024 OLYMPICS –

• In a thrilling encounter, the Indian men’s hockey team secured the bronze medal at the Paris 2024 Olympics after defeating Spain 2-1 in the third-place match at the Yves du Manoir Stadium in Paris on Thursday. This victory marks a significant milestone for Indian hockey, as the team secured its first back-to-back Olympic medals since the 1972 Munich Games.
• The match started with Spain drawing first blood, as Marc Miralles beat P.R. Sreejesh from a penalty stroke in the second quarter. However, India responded with a determined effort, leveling the scores just before the half-time whistle, courtesy of a Harmanpreet Singh drag flick.
• Harmanpreet Singh’s Heroics The Indian captain proved to be the hero of the match, as he scored the decisive goal three minutes into the second half, once again from a penalty corner, to give India the lead. Despite being reduced to 10 players in the final period after Sukhjeet Singh was reprimanded with a green card, the Indian team held firm and staved off any potential danger from the Spanish side.

2. RBI AUGUST 2024 MPC MEETING: REPO RATE UNCHANGED AT 6.5% –

• The Reserve Bank of India (RBI) concluded its Monetary Policy Committee (MPC) meeting on Thursday, maintaining the benchmark interest rates at 6.5% by a 4:2 majority. This decision marks the ninth consecutive instance of unchanged rates, reflecting the central bank’s cautious approach to monetary policy in the face of economic challenges.
• The MPC’s decision to keep the repo rate steady at 6.5% demonstrates a continuation of its previous stance. This rate has remained unaltered since February 2023, when the last increase was implemented. The committee’s split decision, with four members voting for the status quo and two opposing, highlights the complexity of the current economic landscape.
• RBI Governor Shaktikanta Das confirmed that the Marginal Standing Facility (MSF) and Standard Deposit Facility (SDF) rates will remain at 6.75% and 6.25% respectively. These rates play crucial roles in the broader monetary framework, influencing liquidity and lending practices in the financial system.

The MPC also provided key economic projections:

• Real GDP growth for the fiscal year 2025-26 is projected at 7.2%
• Inflation forecast is maintained at 4.5%.

3. INDIA’S FIRST GRAIN ATM LAUNCHED IN ODISHA –

• Odisha government introduced the state’s first Grain ATM, a new technology designed to improve food distribution under the National Food Security Programme on August 08, 2024. This machine is part of the central government’s Annapurti programme and was developed with help from the World Food Programme (WFP) to enhance food security in the region.
• Grain ATMs are automated machines that provide food grains directly to people, aiming to reduce hunger. They are used in several countries, including India, and help people get essential food supplies more efficiently. The machines minimize the need for human intervention, which helps cut down on corruption and ensures that food is distributed fairly.
• Grain ATMs were first introduced during the COVID-19 pandemic and use technology to make food distribution smoother. Some even use biometric authentication for security and offer fortified grains to improve nutrition. The goal is to reduce food waste and improve the efficiency of the food supply chain.

4. GREAT BARRIER REEF FACES RECORD TEMPERATURES, URGENT THREATS –

• The Great Barrier Reef (GBR) is experiencing serious problems because of climate change. Recently, scientists have found that the ocean’s surface temperature is the highest it has been in over 400 years. This rapid increase in temperature has caused a lot of coral bleaching, putting the world’s largest coral reef ecosystem at great risk.
• Coral bleaching happens when corals get stressed due to warmer water, pollution, or other harmful factors. This stress causes them to expel tiny organisms called dinoflagellates that they need to survive. Corals can recover if the stress is short-lived, but if it lasts too long, the corals may die.

5. WHO IS MUHAMMAD YUNUS, CHIEF ADVISER TO BANGLADESH INTERIM GOVERNMENT –

• Muhammad Yunus, who won the Nobel Peace Prize in 2006, has been appointed as the chief adviser to Bangladesh’s interim government. This happened after Prime Minister Sheikh Hasina resigned due to growing protests. The announcement was made by Army Chief Waker-uz-Zaman and is related to widespread unrest over government job quotas.
• Yunus was born in 1940 in Chittagong. He is a respected economist with a PhD from Vanderbilt University. After Bangladesh gained independence, he returned and became the head of the economics department at Chittagong University. Yunus is famous for creating the concept of microcredit, which involves giving small, collateral-free loans to poor entrepreneurs who don’t have access to traditional banking.