Daily Current Affairs February 22 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

India’s Foreign Direct Investment (FDI) Surges by 25.7% to Reach $2.1 Billion in January 2024            

• India’s outward foreign direct investment (FDI) commitments rose by 25.7% on a year-on-year (Y-o-Y) basis to $2.09 billion in January 2024, compared to over $1.66 billion in January 2023.
• However, there was a sequential decline from $2.5 billion in December 2023, as reported by the Reserve Bank of India (RBI).

Key Highlights :

• Components of Outbound FDI: Outbound FDI commitments include equity, loans, and guarantees.
• Equity Commitments: Equity commitments rose to $760.9 million in January 2024 from $597.4 million in January 2023, but were lower than the $834.7 million recorded in December 2023.
• Debt Commitments: Debt commitments increased to $306.2 million in January 2024 from $215.6 million a year ago, but decreased significantly from $687.9 million in December 2023.
• Guarantees: Guarantees for overseas units increased to $1.02 billion in January 2024 from $854.1 million in January 2023.
• They also saw a slight increase from $988.4 million in December 2023, according to RBI data.
• Significance: This data reflects India’s increasing participation in outbound investments, potentially indicating its growing influence in global markets and its strategies for diversification and expansion abroad.

What is Foreign Direct Investment (FDI)?

• Foreign Direct Investment meaning is a type of investment in which a company or individual from one country invests in a company or asset in another country.
• The purpose of FDI is to gain long-term involvement in the foreign market, generate profits, access new markets, and transfer technology and expertise.
• This includes the purchase of shares, bonds, or other securities; the establishment of a new business; or the acquisition of an existing business.
• The importance of FDIs in the stock market is not only to bring money with them but also skills, technology and knowledge.

What are the Types of FDI?

• Horizontal FDI: This occurs when a company invests in another country to produce the same products or services that it produces in its home country.
• For example, a U.S. car manufacturer might build a new factory in China to produce cars for the Chinese market.
• Vertical FDI: When a company invests in another country to acquire a supplier or distributor for its products or services.
• For example, a U.S. clothing company might acquire a textile mill in India to produce the fabric for its clothes.
• Conglomerate FDI: It occurs when a company invests in another country to produce products or services that are unrelated to its core business.
• For example, a U.S. telecommunications company might invest in a hotel chain in Europe.

IRDAI Grants Policybazaar In-Principle Approval to Upgrade License, Expand into Reinsurance Sales            

• PB Fintech announced that insurance regulator Insurance Regulatory and Development Authority (IRDAI) has granted in-principle approval to its wholly owned subsidiary Policybazaar Insurance Brokers (Policybazaar) to upgrade its license from a direct insurance broker (Life and General) to a composite insurance broker.
• This approval is expected to pave the way for Policybazaar to sell reinsurance products besides being a pure play platform focused on insurance buying.
• PB Fintech reported its first-ever net profit of ₹37.2 crore for the quarter ending December 31, 2023.
• For the nine months ending December 31, 2023, PB Fintech’s net profit stood at ₹4.2 crore.
• PB Fintech’s revenue from operations grew 43 per cent to ₹871 crore in the third quarter ended December 31, 2023.

About IRDAI :

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

Bandhan Bank granted official authority to collect state revenues on behalf of the West Bengal government      

• Private lender Bandhan Bank has been authorised by the West Bengal government to collect tax and non-tax receipts on its behalf.
• The mandate will enable the bank to collect revenues through the Government Receipt Portal System (GRIPS).
• By virtue of this mandate, people will be able to pay various taxes like property tax, motor vehicle tax and professional tax using this portal.
• The bank will soon be integrating itself with the West Bengal government to operationalise the payment collection process.
• GRIPS is an online internet-based platform for making various tax and non-tax payments to the West Bengal government.

About Bandhan Bank :

• Founded : 2015
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Chandra Shekhar Ghosh

CURRENT AFFAIRS: NATIONAL NEWS

Raisina Dialogue’s ninth iteration is set to start in New Delhi:

• Prime Minister Narendra Modi will inaugurate the 9th edition of Raisina Dialogue in New Delhi.
• Prime Minister of Greece, Kyriakos Mitsotakis, will join the inaugural session as the Chief Guest, and deliver the keynote address.
• The three-day Raisina Dialogue will witness the participation of representatives from over 100 countries including Ministers, former Heads of State and Heads of Government, Military Commanders, Captains of Industry, Technology Leaders, Academics, Journalists, and Scholars on Strategic Affairs.
• Foreign Ministers from participating nations have started arriving in New Delhi for the Dialogue.
• They include Bhutan Foreign Minister Lyonpo D N Dhungyel, Lithuanian Foreign Minister Gabrielius Landsbergis, and Foreign Minister of Estonia Margus Tsahkna.

Key highlights

• The Raisina Dialogue is India’s flagship conference on geopolitics and geo-economics. It is committed to addressing the most challenging issues facing the international community. The theme of this edition is “Chaturanga: Conflict, Contest, Cooperate, Create”. Over the course of three days, decision-makers and thought leaders of the world will engage each other across conversations in various formats, over six thematic pillars.
• These include Tech Frontiers: Regulations and Realities, Peace with the Planet: Invest and Innovate, and War and Peace: Armouries and Asymmetries. Over two thousand 500 participants from about 115 countries will be joining the Dialogue in person, and millions across the world will view the proceedings on various digital platforms.

CURRENT AFFAIRS : STATE NEWS

Burhanpur, Central India’s ‘Banana City,’ Prepares for Annual Banana Festival

• The banana city of central India, Burhanpur in Madhya Pradesh (MP), is all set to organise its annual Banana Festival.
• The two-day Banana festival is being organised in collaboration with district administration and its various departments under the one-district one-product programme (ODOP).
• The festival is serving as a platform to showcase Burhanpur’s agricultural prowess, inviting companies, experts, and scientists from across the nation to explore investment opportunities in the region.
• Burhanpur boasts 23,650 hectares of banana cultivation involving 18,325 farmers, yielding a staggering 16 lakh metric tonnes of bananas. The sales turnover from bananas alone is a formidable 1,700 crore rupees.

About MP :

• Governor: Mangubhai C. Patel
• Chief Minister: Mohan Yadav
• Capital: Bhopal
• National Park: Satpura National Park, Kanha National Park, Bandhavgarh National Park
• Wildlife Sanctuary: Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary

Karnataka to Integrate Multiple Agricultural Schemes into New Initiative to Enhance Sustainability and Profitability for Farmers                  

• Karnataka plans to consolidate various agri schemes to launch a new one to help farmers make agriculture sustainable and lucrative.
• Various schemes related to the agricultural sector will be consolidated and a new scheme called Karnataka Raitha Samruddhi Yojane will be started this year.
• The new scheme will provide the farmers with guidance and support in securing a stable income by taking up comprehensive agriculture inclusive of agriculture, animal husbandry horticulture and dairy farming; selecting crops based on the soil characteristics and market demands; providing information on soil testing and soil characteristics; supporting farmers by raising awareness about new agricultural practices and technologies; making farmers aware of opportunities related to storage and value addition and creating market linkages for farmers to get a good price for their produce.
• An Agriculture Development Authority will be created under the chairmanship of Chief Minister to facilitate effective implementation of policies related to agriculture and allied activities.
• The Authority will also work towards achieving better coordination between the Department of Agriculture, Horticulture, Sericulture, Fisheries, Cooperation, and Animal Husbandry.
• Due to the prevailing drought in the State, the agriculture sector has been impacted and has shown a negative growth of 1.8 per cent in the current year.

Key Highlights :

• Water Bodies Creation : About 5,000 water bodies will be created over five years to promote sustainable agriculture in drought-affected and rainfed areas of the State.
• Revival of Krishi Bhagya Yojane : Krishi Bhagya Yojane which had become extremely popular during the earlier tenure of our Government has been reintroduced and grants of ₹200 crore were provided during 2023-24.
• Food Processing Directorate : A separate Food Processing Directorate will be constituted under the Agriculture Department which will focus on avoiding wastage of agricultural produce and help farmers in earning a reasonable price for their crops.
• Food Parks Establishment : Further, to promote processing, value addition and export of agricultural and horticultural produce, food parks will be established near airports under public-private partnership.
• In the current year, food parks will be established at Sogane in Shivamogga district, Ittangihala in Vijayapura District and Pujenahalli village in Bengaluru rural district.
• Commercial Floriculture Market : Also to promote sales and exports of floriculture crops, a well-equipped commercial floriculture market of international standards will be set up in Bengaluru city under PPP mode.

About Karnataka :

• Governor : Thawar Chand Gehlot
• Chief Minister : Siddaramaiah
• Capital : Bangalore

CURRENT AFFAIRS: BUSINESS NEWS

Rs 1 lakh limit per individual for withdrawal of old tax demands

• The government has begun getting rid of old outstanding small income tax demands after setting a ceiling of Rs 1 lakh per taxpayer.
• Taxpayers can check the status of the demands by logging on to the income tax portal online.
• The scheme will be implemented by the Bengaluru-based Directorate of Income Tax (Systems) at the Centralised Processing Centre (CPC), preferably within two months.
• It will be limited to Rs 1,00,000 per assessee.
• During the interim budget, Finance Minister Nirmala Sitharaman had announced that the I-T department will withdraw small outstanding direct tax demands of Rs 25,000 or less which pertained to the period up to FY10 and of Rs 10,000 or less for the financial years from 2010-11 up to 2014-15.

BSNL floats Rs 65,000-crore phase-3 tender for BharatNet

• BSNL, the state-owned telecommunications company, has initiated a tender process amounting to approximately Rs 65,000 crore for the implementation of the phase-III BharatNet project.
• This endeavour is part of the broader Rs 1.4 trillion revamped BharatNet project, aimed at enhancing connectivity in rural areas by both upgrading existing infrastructure and connecting additional gram panchayats.
• BSNL is the sole project management agency for the BharatNet project.
• This initiative seeks to upgrade existing 164,000 gram panchayats and connect approximately 47,000 new gram panchayats under a new model.
• The BharatNet phase-III project adopts a three-level architecture: internet leased line bandwidth, middle-mile connectivity, and last-mile connectivity.
• It aims to involve village-level entrepreneurs or Udyamis in providing last-mile connectivity to households on a revenue-sharing basis.
• BSNL aims to provide 15 million home fibre connections over five years using the BharatNet Udyami model.
• The Union Cabinet approved the third package of Rs 1.39 trillion for BharatNet in August, totalling the allocation to over Rs 2 trillion.
• Previous allocations were made in 2017 and 2021.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Agreement between the Indian Air Force and the Aeronautical Development Agency

• The Aeronautical Development Agency (ADA) has signed an MoU with the Indian Air Force (IAF) for the integration of futuristic Weapons and Sensors for LCA Tejas aircraft.
• The MoU was signed by Shri Prabhulla Chandran VK, Technology Director (Avionics and Weapon Systems) of ADA and Air Vice Marshal KN Santosh VSM, Commandant, Software Development Institute (SDI) of IAF.
• Aeronautical Development Agency (ADA) is a premier organization under the aegis of the Department of Defence R&D with mandate to Design and Develop Tejas-LCA and its Variants.

Key Highlights

• In present war scenario, there is a continuous need of upgrading the weapons and sensors suite of the aircraft and towards this, ADA has initiated the know-how transfer for integration of weapons and sensors to SDI.
• This will facilitate the IAF to independently carry out sensors, weapon integration and flight testing to enhance the operational capability of Tejas-LCA fighter.
• ADA has successfully developed and type certified Tejas LCA with a credit of more than 10000 sorties of incident free flying.
• IAF has already formed two squadrons of this fighter aircraft and twin seater aircraft are also being inducted.

To establish the largest green hydrogen manufacturing facility in India, NTPC Green Energy and Andhra Pradesh Industrial Infrastructure Corporation sign a land lease deal.

• Power sector PSU and India’s largest integrated power company NTPC Limited has signed a Land Lease Agreement to realize its green energy and green hydrogen objectives, thus also contributing to the Government of India’s efforts towards energy transition.
• The agreement, signed between NTPC Green Energy Limited (NGEL) and Andhra Pradesh Industrial Infrastructure Corporation (APIIC), is for the development of an “Integrated Green Hydrogen Hub”.
• The hub will come up on 1,200 acres of land near Pudimadaka village of Atchutapuram Mandal in Visakhapatnam, Andhra Pradesh.

Key Highlights

• The Ministry of New and Renewable Energy is implementing the National Green Hydrogen Mission, approved by the Union Cabinet, with an outlay of ₹ 19,744 crores.
• The overarching objective of the Mission is to make India the Global Hub for production, usage and export of Green Hydrogen and its derivatives.

About NTPC

• NTPC is India’s largest Power Utility into the core business of power generation, with a total installed capacity of 74 GW (including joint ventures and subsidiaries). As part of increasing its renewable energy portfolio, a fully owned subsidiary “NTPC Green Energy Limited” (NGEL) has been formed, which will take up Renewable Energy Parks and Projects including business in the area of Green Hydrogen, Energy Storage Technologies, and Round-the-Clock renewable energy power.
• NTPC Group has ambitious plans to attain 60 GW of renewable energy capacity by the year 2032.
• Currently, it has 3.4 GW of installed RE capacity and 22-plus GW under pipeline.
• NTPC is committed to supporting Andhra Pradesh’s and India’s decarbonisation goals.

CURRENT AFFAIRS: RANKING AND INDEX

India slips in world’s most powerful passports ranking, France tops list

• India has slipped to the 85th spot on the Henley Passport Index.
• India had gone up to 80th position in January when the rankings for 2024 were unveiled.
• The Henley Passport Index is updated monthly.
• Six countries still jointly hold the top position in the 2024 Henley Passport Index, offering their citizens visa-free access to a record-breaking number of destinations.
• The most powerful passports in the world now allow citizens of France, Germany, Italy, Spain, Japan, and Singapore to travel 194 out of 227 destinations worldwide without requiring a visa.
• Four EU members have joined them at the top: Germany, Italy, Spain, and France.
• Pakistan remains at 106th position like 2023, while Bangladesh has slipped from 101st to 102nd.
• Maldives, India’s maritime neighbour, was ranked 58th with its citizens having visa-free access to 96 countries.
• China witnessed a marginal jump in its ranking from 66 in 2023 to 64 this year.
• Henley Passport Index was launched in 2006. The index covers 199 passports and 227 travel destinations.
• It is based on the data collected from the International Air Transport Association (IATA).
• The Index’s scoring system was developed to give users a nuanced, practical, and reliable overview of the power of their passport.
• Each passport is scored on the total number of destinations the holder can access visa-free.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

SBM Bank India appoints veteran banker Ashish Vijayakar as Managing Director & Chief Executive Officer                  

• SBM Bank India announced the appointment of Ashish Vijayakar as the Managing Director & Chief Executive Officer (MD & CEO) of the Bank for 3 years.
• This appointment has been made as per the approval accorded by the Reserve Bank of India (RBI).
• He Succeeds Sidharth Rath, who resigned from the post of MD & CEO of SBM Bank India in November 2023.

About Ashish Vijayakar :

• Vijayakar is a senior banker with a proven track record spanning around three decades across multiple business and risk management areas of the banking and financial services sector.
• He comes with a strong background in building and growing global businesses, with involvement in portfolio management and credit risk, having held key leadership positions across various geographies in Standard Chartered Bank and Crédit Lyonnais over close to 25 years.
• His strategic vision, deep understanding of the industry, and proven track record of driving growth and innovation make him an ideal choice to lead SBMBI into its next phase of development.

About SBM Bank India :

• Established : 2018
• Headquarters : Mumbai, Maharashtra
• Chairman : Sattar Hajee Abdoula
• SBM Bank India is the first bank to receive a universal banking licence from the Reserve Bank of India to set up and operate as a scheduled commercial bank under the wholly-owned subsidiary (WOS) mode offering banking services in India.

Pradeep Kumar Sinha Appointed as Non-Executive Part-time Chairman of ICICI Bank                     

• Pradeep Kumar Sinha is set to assume the role of Non-Executive Part-time Chairman of ICICI Bank following the conclusion of C. Chaturvedi’s term.
• Sinha’s appointment will take effect from July 1, 2024, or upon approval from the Reserve Bank of India (RBI), whichever occurs later, ensuring a smooth transition in leadership.
• He will serve in this capacity until February 16, 2029, filling the vacancy created by the retirement of Mr. Chaturvedi, highlighting the long-term commitment to leadership stability.

About Pradeep Kumar Sinha :

• Sinha joined the Indian Administrative Service (Uttar Pradesh in 1977).
• He served as the Cabinet Secretary (from June 2015) for more than four years before moving to the Prime Minister’s Office.
• He retired from there in March 2021.
• Sinha’s experience extends to serving as a Government Nominee Director in various major Public Sector Undertakings (PSUs) such as ONGC, IOCL, HPCL, BPCL, GAIL, etc., demonstrating his expertise in principles of healthy corporate governance.

About ICICI Bank :

• Founded : 5 January 1994
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Sandeep Bakhshi

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India (CCI) Greenlights Minda Corporation Limited’s Acquisition of Approximately 8.79% Equity Share Capital in Pricol Limited

• The Competition Commission of India (CCI) has approved the acquisition of up to 8.79% (approx.) of the equity share capital of Pricol Limited (Pricol/Target) by Minda Corporation Limited (Minda/Acquirer).
• Minda Corporation Limited (Minda), the acquirer, is involved in manufacturing auto-components parts catering to Original Equipment Manufacturers (OEMs) and Tier-1 companies across various segments in India.
• Pricol Limited (Pricol/Target), the company being acquired, is engaged in manufacturing automobile components for OEMs, Tier-1 suppliers, and replacement markets both in India and globally.

Recent News :

• In Feb 2024, The Competition Commission of India (CCI) accepted Adani Power Limited and Dickey Alternative Investment Trust’s bid to purchase a 100% stake in Coastal Energen Private Limited.

About CCI :

• Established : 2003 (functional in May 2009)
• Headquarters : New Delhi, Delhi
• Chairman : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

India’s 1st spy satellite made by domestic private player set for launch

• The first spy satellite in India to be made by a local private player is set to be launched in a SpaceX rocket by April and will be used by the armed forces to get discreet information.

Key Highlights :

• Tata Advanced Systems Limited (TASL) built satellite is being shipped to Florida in preparation for launch.
• Bengaluru will serve as the location of the ground control centre.
• It is under development and should be operational soon.
• In collaboration with the Latin American business Satellogic, the centre is being constructed.
• It will also be permitted to exchange the TASL satellite’s pictures with friendly countries.
• Although the Indian Space Research Organization (ISRO) has satellites that can aid in the sharing of the imagery, their use is restricted given the extensive coverage that is needed.
• India currently uses US companies to get the necessary spy data.
• The need has increased after the skirmishes with China at the Line of Actual Control.
• ISRO has also been involved with the National Aeronautics and Space Administration (NASA), for developing a Synthetic Aperture Radar satellite to study the Earth.

Recent News :

• In Feb 2024, ISRO launched its meteorological satellite INSAT-3DS aboard spacecraft GSLV F14 from the Sriharikota spaceport to study weather forecasts and natural disaster warnings.

Japan to Introduce World’s 1st Wooden Satellite in Efforts to Tackle Space Debris              

• Japan and the United States (US) will launch the world’s first wooden satellite, the LingoSat probe, into space to combat space debris
• It is constructed from magnolia wood, chosen for its stability and resistance to cracks, demonstrating an innovative approach to satellite design.
• The project represents a collaboration between Japanese scientists and American counterparts, emphasizing international cooperation in space exploration and environmental sustainability efforts.

Key Highlights :

• Collaborators: Researchers from Kyoto University and Sumitomo Forestry have played pivotal roles in the development and construction of the timber satellite, highlighting interdisciplinary cooperation in scientific innovation.
• Innovative Solution: The satellite utilizes biodegradable materials in place of traditional metal components, offering an environmentally friendly solution to mitigate the harmful effects of space debris.
• Environmental Concerns: Takao Doi, a Japanese aerospace engineer, has raised awareness about the detrimental effects of existing satellites, particularly the generation of aluminium particles during re-entry into Earth’s atmosphere, which can impact the Earth’s upper layer.
• Operational Sustainability: The introduction of the LingoSat wooden satellite sparks hope for the continued operation of satellites and other technologies even as non-biodegradable resources become depleted, highlighting the importance of sustainability in space exploration.
• Orbit: The LingoSat probe is scheduled to be placed in Low Earth Orbit (LEO) at an altitude of approximately 400 km, showcasing careful planning and consideration for optimal functionality.

About Japan :

• Prime Minister: Fumio Kishida
• Capital: Tokyo
• Currency: Japanese yen

CURRENT AFFAIRS: SPORTS NEWS

The 77th National Football Championship Final Rounds for the Santosh Trophy will be placed in Arunachal Pradesh in 2023–2024.

• Arunachal Pradesh is hosting the Final Rounds of the 77th National Football Championships for the Santosh Trophy 2023-24 at Golden Jubilee Outdoor Stadium in Yupia.
• For the first time since its inception in 1941, the Santosh Trophy will be held in Arunachal Pradesh.
• The opening match of the 77th National Football Championships for the Santosh Trophy 2023-24 will be played between host Arunachal Pradesh and five-time champion Goa at the Golden Jubilee Outdoor Stadium in Yupia.

Key Highlights

• Twelve teams are participating in the tournament and are divided into two groups of 6 each.
• The participants include six group stage winners (Goa, Delhi, Manipur, Assam, Services, and Maharashtra), three best second-placed teams (Kerala, Mizoram, and Railways), and three automatic qualifiers – hosts Arunachal Pradesh, last season’s champions Karnataka and finalists Meghalaya.
• The new format for the tournament will see an expanded knockout stage, with the top four teams from each group progressing to the quarter-finals.

CURRENT AFFAIRS : OBITUARIES

Eminent jurist & Senior Supreme Court Lawyer Fali Nariman passed away                          

• Renowned constitutional jurist and senior Supreme Court advocate Fali S Nariman passed away at the age of 95 in New Delhi.

About Fali Nariman :

• Fali Nariman Born in 1929 in Rangoon, British Burma, British India (present day Yangon, Myanmar).
• In November 1950, Nariman became an advocate of the Bombay High Court, later earning the designation of senior advocate in 1961.
• With over 70 years of legal practice, he initially worked in the High Court of Bombay before shifting to New Delhi in 1972 to practice in the Supreme Court of India.
• He was also the President of the Bar Association of India from 1991 to 2010.
• He argued numerous significant cases, such as the NJAC verdict and the SC AoR Association case, which influenced the establishment of the collegium system.
• He also participated in cases like the TMA Pai case, addressing the extent of minority rights under Article 30.
• Nariman was a significant public voice in the country. Recently, he raised criticism against the judgement leading to the abrogation of Article 370.
• In 2022, Nariman in his book, ‘You Must Know Your Constitution’, wrote, “The life of a written Constitution—like the life of the law—is not logic (or draftsmanship), but experience.

Awards & Honors :

• He was honoured with the 19th Lal Bahadur Shastri National Award for Excellence in Public Administration 2018.
• He received the Padma Bhushan in January 1991 and in 2007 he was awarded the Padma Vibhushan.
• He was awarded the Gruber Prize for Justice (2002) and was a nominated member of the Rajya Sabha, the Upper House of the Parliament of India for a term (1999–2005).

Russian Opposition Leader, Anti-Corruption Activist and Political Prisoner Alexey Navalny Passed Away                            

• A Russian opposition leader, lawyer, anti-corruption activist, and political prisoner Alexey Navalny died in prison.
• The cause of his death is not clear.

About Alexey Navalny :

• Navalny was a Russian Opposition Coordination Council member, the leader of the Russia of the Future party and founder of the Anti-Corruption Foundation (FBK)
• He had returned to Russia in 2021 from Germany.
• On return, he was arrested.
• He was later transferred to a penal colony north of the Arctic Circle.
• In 2020, Alexey Navalny was poisoned with Novichok, a Soviet-era nerve agent.
• He was recognised by Amnesty International as a prisoner of conscience and was awarded the Sakharov Prize for his work on human rights.

CURRENT AFFAIRS: IMPORTANT DAYS

World Thinking Day 2024: 22nd February

• World Thinking Day 2024 is observed on the 22nd of February 2024.
• In 1926, delegates from across the world met at Camp Edith Macy now named the Edith Macy Conference Center in New York for the 4th World Conference, and decided to create a day for guides and Girl Scouts.
• They selected the joint birthday of Lord Baden-Powell, the founder of the Scout and Guide movement, and his wife Olave as the Thinking Day.
• In 1999, during the Dubai Conference, the name of Thinking Day was changed to ‘World Thinking Day.’

World Scout Day 2024: 22nd February

• Each year on February 22nd, we honour Robert Baden-birth Powell’s anniversary by celebrating World Scout Day.
• Baden-Powell maintained a testing centre on Brownsea Island, Poole, Dorset, in 1907.
• He fetched concurrently 22 boys and positioned them in the base under his supervision.
• Some of the boys were from working-class homes and some others were from public schools.
• The whole world was awaiting the result of the base.
• In 1908, ‘Scouting for Boys’ was published by Baden Powell for the first time.
• The book deal was excellent. Boys formed Scout Patrols for the first time by themselves.
• The training camp paved the way for the formation of an organization.
• The youth of the country were highly influenced by this act and started to train themselves to serve society.
• ‘Scouting for Boys’ has since been deciphered into many distinct vocabularies and lingoes.

Daily CA One- Liner: February 22

• Prime Minister Narendra Modi will inaugurate the 9th edition of Raisina Dialogue in New Delhi
• The government has begun getting rid of old outstanding small income tax demands after setting a ceiling of Rs 1 lakh per taxpayer.
• BSNL, the state-owned telecommunications company, has initiated a tender process amounting to approximately Rs 65,000 crore for the implementation of the phase-III BharatNet project
• The Aeronautical Development Agency (ADA) has signed an MoU with the Indian Air Force (IAF) for the integration of futuristic Weapons and Sensors for LCA Tejas aircraft.
• Power sector PSU and India’s largest integrated power company NTPC Limited have signed a Land Lease Agreement to realize its green energy and green hydrogen objectives, thus also contributing to the Government of India’s efforts towards energy transition
• India has slipped to the 85th spot on the Henley Passport Index.
• Arunachal Pradesh is hosting the Final Rounds of the 77th National Football Championships for the Santosh Trophy 2023-24 at Golden Jubilee Outdoor Stadium in Yupia
• World Thinking Day 2024 is observed on the 22nd of February 2024.
• Each year on February 22nd, we honour Robert Baden-birth Powell’s anniversary by celebrating World Scout Day.
• India’s outward foreign direct investment (FDI) commitments rose by 25.7% on a year-on-year (Y-o-Y) basis to $2.09 billion in January 2024, compared to over $1.66 billion in January 2023.
• PB Fintech announced that insurance regulator Insurance Regulatory and Development Authority (IRDAI) has granted in-principle approval to its wholly owned subsidiary Policybazaar Insurance Brokers (Policybazaar) to upgrade its license from a direct insurance broker (Life and General) to a composite insurance broker.
• The West Bengal government has authorised private lender Bandhan Bank to collect tax and non-tax receipts on its behalf.
• The banana city of central India, Burhanpur in Madhya Pradesh (MP), is all set to organise its annual Banana Festival.
• Karnataka plans to consolidate various agri schemes to launch a new one to help farmers make agriculture sustainable and lucrative.
• SBM Bank India announced the appointment of Ashish Vijayakar as the Managing Director & Chief Executive Officer (MD & CEO) of the Bank for a period of 3 years.
• Pradeep Kumar Sinha is set to assume the role of Non-Executive Part-time Chairman of ICICI Bank following the conclusion of C. Chaturvedi’s term.
• The Competition Commission of India (CCI) has approved the acquisition of up to 8.79% (approx.) of the equity share capital of Pricol Limited (Pricol/Target) by Minda Corporation Limited (Minda/Acquirer).
• The first spy satellite in India to be made by a local private player is set to be launched in a SpaceX rocket by April and will be used by the armed forces to get discreet information.
• Japan and the United States (US) will launch the world’s first wooden satellite, the LingoSat probe, into space to combat space debris
• Renowned constitutional jurist and senior Supreme Court advocate Fali S Nariman passed away at the age of 95 in New Delhi.
• A Russian opposition leader, lawyer, anti-corruption activist, and political prisoner Alexey Navalny died in prison.