Daily Current Affairs 17 August 2024

Stay updated with the most crucial national and international news, significant developments, and key events from August 17, 2024.

Government Reduces Crude Oil Tax and Eliminates Diesel and ATF Levies

Effective August 17, India has reduced the windfall tax on petroleum crude oil to Rs 2,100 per metric tonne, down from Rs 4,600 per tonne. This follows a previous reduction to Rs 4,600 on July 31. Additionally, the government has removed the windfall tax on the export of diesel and aviation turbine fuel (ATF).

Union Cabinet Approves Major Airport Projects in West Bengal and Bihar

The Union Cabinet has approved significant airport infrastructure projects in West Bengal and Bihar, with a total investment of approximately ₹2,962 crore. These projects aim to enhance air travel facilities and meet the growing passenger demand in these regions.

Six New Parliamentary Committees for 2024-25 Constituted by Lok Sabha Speaker

On August 17, the Lok Sabha Speaker announced the formation of six new Parliamentary Committees, including the Public Accounts Committee (PAC) which examines government expenditure. Ganesh Singh, BJP MP from Satna, Madhya Pradesh, has been appointed as the chairperson of the Committee on Welfare of Other Backward Classes.

International News

UN Human Rights Team to Visit Bangladesh to Investigate Violations

A United Nations human rights team will visit Dhaka next week to discuss investigations into human rights violations during the recent unrest in Bangladesh with the interim government.

Economy News

Urban Unemployment Rate Declines to 6.6% in Q1 FY25

According to the Periodic Labour Force Survey (PLFS) data released by the National Statistical Office (NSO), India’s urban unemployment rate slightly decreased to 6.6% in Q1 FY25 from 6.7% in Q4 FY24. This decline was mainly due to a drop in the male unemployment rate, although the female unemployment rate rose to 9%, marking a four-quarter high.

Gender Disparities in Financial Inclusion Highlighted by NSO Data

The latest “Men and Women” report by the National Statistical Office (NSO) highlights a significant financial disparity between men and women in India. While women own a substantial portion of bank accounts, their share of total deposits remains disproportionately low, indicating a deep-rooted gender gap in financial status.

Government Initiates Anti-Dumping Investigation into Steel Imports from Vietnam

India has started an anti-dumping investigation into the import of hot rolled flat products from Vietnam following complaints that these products are being sold at significantly low prices, adversely affecting the domestic steel industry. This move, driven by requests from leading Indian steelmakers such as JSW Steel and ArcelorMittal Nippon Steel India (AM/NS India), aims to address the negative impact of cheap imports on the domestic market, particularly under the India-Asean free trade agreement.

Decline in FDI in India’s Food Processing Sector in 2023-24

Foreign direct investment (FDI) in India’s food processing sector saw a notable decrease of 30% in the fiscal year 2023-24, amounting to Rs 5,037.06 crore, compared to Rs 7,194.13 crore in 2022-23. This decline follows a pattern of fluctuating FDI levels in recent years, with figures such as Rs 5,290.27 crore in 2021-22 and Rs 2,934.12 crore in 2020-21, among higher amounts in earlier years.

Appointment News

IRS Officer Rahul Navin Appointed as Director of Enforcement Directorate (ED)

On August 14, the government appointed Rahul Navin, who was serving as the acting chief of the Enforcement Directorate, as the full-time director of the anti-money laundering agency for a two-year term. The Appointments Committee of the Cabinet confirmed his appointment in a statement dated August 14.

RBI Approves Salee Sukumaran Nair as MD & CEO of Tamilnad Mercantile Bank

The Reserve Bank of India (RBI) has approved Salee Sukumaran Nair’s appointment as the Managing Director and Chief Executive Officer of Tamilnad Mercantile Bank (TMB) for a three-year term. Nair, a veteran banker with over 35 years of experience, previously served as Deputy Managing Director and Chief Credit Officer at the State Bank of India (SBI). His appointment follows a period during which the bank was managed by a three-member Committee of Executives (COEs) due to the RBI’s earlier rejection of proposed candidates.

Schemes

‘Ladki Bahin Yojana’ Launched for 1 Crore Women: Eligibility and Benefits

The Maharashtra government, led by Eknath Shinde, is set to launch the ‘Mukhyamantri Majhi Ladki Bahin Yojana’ today on the occasion of Raksha Bandhan. This scheme aims to provide ₹1500 monthly to over one crore women across the state.