Lok Sabha Passed Finance Bill 2024

• The Lok Sabha on 2nd August 2024passed the Finance Bill, 2024, completing the budgetary process for the 2024-25 financial year.
•  Finance Minister Nirmala Sitharaman emphasized the government’s efforts to simplify tax laws, enhance transparency, and ease compliance, particularly for the middle class.
•  The Bill includes revised income tax slabs, an increased standard deduction for salaried employees, and enhanced deductions on family pensions and employer contributions.
• Nirmala Sitharaman also highlighted the removal of Angel Tax for startups, simplifications in customs procedures to boost exports, and a record number of income tax returns filed.

Rashtriya Vigyan Praskar Announced

• The government announced the Rashtriya Vigyan Puraskar, one of India’s highest honours in science, technology, and innovation on August 7, 2024.
• The award aims to acknowledge exceptional contributions by scientists, technologists, and innovators, individually or in teams.
• The ISRO-Chandrayaan 3 Team will receive the Vigyan Team Award for their work in space science.
• Professor G. Padmanabhan, former Director of the Indian Institute of Science, has been selected for the Vigyan Ratna Award for lifetime achievements in biological sciences.
• The Vigyan Shri Award will be given to Anandharamakrishnan C, Umesh Varshney, and others. The Vigyan Yuva Award nominees include Dr. Bappi Paul and Radha Krishnan Mahalakshmi.
• The award ceremony is scheduled for the 23rd of this month, aligning with National Space Day.

First GI Tagged Fig Juice of India Exported to Poland

• India on August 7, 2024 achieved a significant milestone by exporting its first GI-tagged fig juice to Poland.
• This follows the successful export of Purandar figs to Hong Kong, demonstrating the global potential of Indian agricultural products.
•  Purandar Highlands is the pioneering company to export both Indian fig juice to Europe and commercial quantities of Purandar figs to Hong Kong.
• The figs used are recognized for their quality and have earned a Geographical Indication (GI) tag.
• The company credits the success to substantial government support, including backing from Piyush Goyal, Minister of Commerce and Industry, and Sharad Pawar, former Agriculture and Defence Minister.

Maitri Grants for Research and Cultural Collaboration by Australia

• The Australian government introduced the ‘Maitri Research and Cultural Partnerships Grants’ to enhance Australia-India collaboration on August 7, 2024.
• These grants cover areas such as sustainable manufacturing, energy transition research, and artistic endeavors.
• Minister Penny Wong highlighted the grants' role in strengthening bilateral relations by fostering human connections.
• Recipients include projects on sustainable Australian technology manufacturing in India, workshops linking Australian energy researchers with Indian start-ups, and an artistic initiative transforming Melbourne’s Federation Square into a living canvas.
•  Administered by the Centre for Australia-India Relations, the Maitri grants aim to strengthen ties and promote closer collaboration between the two nations.
• The five Maitri Research Grants will focus on agribusiness, critical technology, energy transition, and advanced manufacturing.

ISRO to Launch Earth observation Satellite through SSLV (Space)

• The Indian Space Research Organisation (ISRO) on August 7, 2024 announced that it will celebrate Independence Day by launching an Earth Observation Satellite (EOS).
• The satellite will be deployed using the Small Satellite Launch Vehicle (SSLV) from Sriharikota, Andhra Pradesh on August 15, 2024.
•  This flight, SSLV-D3/EOS-08, marks the SSLV’s third and final development test. The rocket will carry the micro-satellite EOS-08, which weighs approximately 175.5 kg.
• The EOS-08 mission aims to develop and test new technologies for micro-satellites, including payload instruments compatible with the satellite bus.
• This mission will conclude the SSLV Development Project and pave the way for future operational missions by NewSpace India Ltd and the Indian industry.

Vinesh Phogat Disqualified from Paris Olympics 2024 for being Overweight

•  Indian wrestler Vinesh Phogat was disqualified from the Paris Olympics for failing to meet the weight requirement for her 50 kg category on August 7, 2024.
• Vinesh Phogat was reportedly 100 grams over the permissible weight limit, which led to her disqualification.
• According to the rules, she will not be eligible for a silver medal, leaving only gold and bronze medalists in the 50 kg category.
• Wrestlers must stay within their weight class on both competition days. If an athlete fails to meet the weight requirement during either weigh-in, they are eliminated from the competition.
• The initial weigh-in allows 30 minutes for adjustments, while the second weigh-in for wrestlers competing on the second day is limited to 15 minutes.

India Won CAVA Women’s Volleyball Nations League

• India won the CAVA Women’s Volleyball Nations League final by defeating Nepal 3-2 at Dashrath Stadium in Kathmandu on August 7, 2024.
• This triumph represents India's second title in the CAVA Women’s Volleyball Nations League.
• Although India had previously lost to Nepal during the league stage, they emerged victorious in the final match.
• The game highlighted the intense competition and skill of both teams. As a result of the tournament, India earned the gold medal, Nepal took the silver, and Iran claimed the bronze.

Sri Lanka-India, ODI series 2024

• Sri Lanka won the three-match ODI series 2-0 by defeating India by 110 runs in the final game at R. Premadasa Stadium in Colombo on August 7, 2024.
• Sri Lanka set a target of 249 runs for 7 wickets after winning the toss. India, in response, were bowled out for 138 runs in 26.1 overs.
• The series began with the first match ending in a tie, and Sri Lanka won the second ODI by 32 runs.
• With their victory in the third match, Sri Lanka secured their first bilateral series win against India in 27 years.

Muhammad Yunus

• Nobel laureate Muhammad Yunus was inaugurated as the head of Bangladesh’s interim government on August 7, 2024.
• The oath was administered by President Mohammed Shahabuddin at Bangabhaban in Dhaka, with diplomats from various countries in attendance.
•  Muhammad Yunus is a Bangladeshi entrepreneur, banker, and economist.
• He received the Nobel Peace Prize in 2006 for establishing the Grameen Bank and advancing the concepts of microcredit and microfinance.

Vikas Lakhera

• Lt General Vikas Lakhera took over as the new Director General of the Assam Rifles, on August 7, 2024.
• This transition signifies a new chapter for the paramilitary force, which plays a vital role in maintaining peace and security in India’s northeastern region.
• Lt Gen Vikas Lakhera succeeds Lt General P C Nair, who retired after a distinguished 40-year career. The change of leadership emphasizes the importance of experience in guiding this crucial force.
•  Lt Gen Vikas Lakhera has held various command and staff positions, served as Additional Director General of Military Operations focusing on information warfare.

Dinesh Kartik

• Former Indian wicketkeeper-batsman Dinesh Karthik was appointed as the brand ambassador for the SA20 League on August 7, 2024.
•  This move aims to enhance the league’s global presence and strengthen its position in the T20 cricket arena.
• The SA20 League is a notable cricket initiative linked to the Indian Premier League (IPL).
• Dinesh Karthik’s selection as ambassador highlights his vast experience in T20 cricket, particularly with the IPL.
• Over his 16-year IPL career, starting in 2008, Dinesh Karthik has played for six different teams, accumulated 4842 runs at an average of 26.32, and achieved a strike rate of 135.66.
• He has also made 145 catches and 37 stumpings.

Namami Gange Mission 2.0 Projects of Uttar Pradesh and Bihar

• The Government of India completed and operationalized four key projects under the Namami Gange Mission 2.0 in Bihar and Uttar Pradesh.
• These projects, valued at ₹920 crore, aim to improve the ecological health of the Ganga by adding 145 MLD of sewage treatment capacity, enhancing sewer networks, and intercepting drains.
• Designed to meet National Green Tribunal standards, these initiatives significantly improve the water quality of the Ganga and its tributaries.
•  Additionally, a critical project in Mirzapur, Uttar Pradesh, costing ₹129 crore, focuses on intercepting and diverting nine drains to reduce pollution in the Ganga.
• This project is now operational and rehabilitates 6 existing drain interception structures.
•  The Munger (Bihar) project aims to enhance the sewer network and establish a sewage treatment Plant (STP) at an estimated cost of ₹366 crore.
• This extensive initiative includes creating a 175 km sewer network and constructing a 30 MLD capacity STP.
• Utilizing the DBOT (Design, Build, Operate, and Transfer) model, the project will connect approximately 300000 residents to the new sewer system.
•  This will greatly improve the city’s sanitation infrastructure and help prevent untreated sewage from being discharged into the River Ganga.
•  The project is designed to significantly boost the quality of sanitation in Munger and support efforts to maintain the river's cleanliness.

New Peacock Sanctuaries in Karnataka and Kerala

• Union Minister for Environment, Forest, and Climate Change, Bhupender Yadav, announced the establishment of two new Peacock Sanctuaries in Karnataka and Kerala on August 7, 2024.
• This initiative reflects the government's commitment to wildlife conservation and protecting India's national bird, the peacock.
• Adichunchanagiri and Choolannuar will now serve as sanctuaries to safeguard peafowl and their habitats, providing a disturbance-free environment for their survival.
• The Ministry has also set up breeding and conservation centers to enhance peacock populations, crucial for maintaining ecological balance and preserving India’s cultural and natural heritage.

2-Child Policy of Andhra Pradesh Scrapped

• The Andhra Pradesh government decided to eliminate the two-child norm for running in local body elections due to the state's declining fertility rate on August 7, 2024.
• The Cabinet approved repealing the 1994 amendments to the Andhra Pradesh Municipal Corporation Act, 1955, and the Andhra Pradesh Municipalities Act, 1965.
• While the restriction on Panchayat Raj elections was removed in 2019, it remained for other local bodies.
• With Andhra Pradesh’s fertility rate at 1.5%, below the national rate of 2.1%, and increasing average reproductive ages, the Cabinet recognized that the number of economically active individuals is expected to significantly decline, impacting future economic development.