[Newsbits] 1-14.08.2024: Neelakurinji, Africa Mpox Outbreak & more


The U.S. State Department announced the release of $3.5 billion in military aid to Israel, which is part of a larger $14 billion supplemental bill approved by Congress in April 2023. This funding comes amidst escalating tensions due to the ongoing conflict between Israel and Hamas in Gaza, where significant casualties and a severe humanitarian crisis have occurred. The aid aims to bolster Israel’s military capabilities by purchasing U.S.-made weapons. While this move strengthens U.S.-Israel relations, it has drawn criticism for potentially escalating the conflict and worsening the humanitarian situation in Gaza.

The Union Cabinet approved the Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0) on August 9, 2024, to provide affordable housing for one crore urban poor and middle-class families over the next five years. This scheme, an extension of the original PMAY launched in 2015, offers financial support, including interest subsidies and enhanced loan guarantees, particularly for economically weaker sections and low-income groups. The program will be implemented across urban areas, including towns from the 2011 Census, with a focus on sustainable construction and weather-resistant homes. Despite potential challenges such as delivery delays and urban land constraints, PMAY-U 2.0 aims to address India’s urban housing shortage and promote social and economic development through improved living conditions.

The Banking Laws (Amendment) Bill, 2024, introduced in Lok Sabha by Minister Pankaj Chaudhary, aims to provide customers with more banking options and improve bank governance. Key provisions include allowing up to four nominees per account, revising the ‘substantial interest’ threshold, giving banks control over auditor payments, and updating regulatory reporting dates. The Bill seeks to amend various major banking laws and reflects India’s evolving economic landscape. Despite opposition concerning state rights over cooperative societies, the Bill is geared toward enhancing bank efficiency and governance.

On August 9, 2024, the Union Cabinet of India approved eight new railway projects with a total investment of ₹24,657 crore to enhance connectivity, reduce travel time, and support environmental goals by cutting logistics costs and carbon emissions. These projects will add 900 kilometers of rail lines across seven states, improving logistical efficiency and economic growth. The initiative is part of the PM-Gati Shakti National Master Plan, which focuses on integrated infrastructure development and sustainable growth. The projects are expected to generate significant employment and reduce environmental impacts, though challenges such as timely completion and coordination remain.

The U.S. has deployed the USS Georgia, a nuclear-powered guided missile submarine, to the Middle East amidst escalating tensions following the assassination of key Hamas and Hezbollah leaders. This move, alongside the accelerated arrival of the Abraham Lincoln strike group, aims to support Israeli defenses and deter potential Iranian retaliation. The situation has heightened regional instability, with significant risks of further conflict, as the U.S. balances military readiness with diplomatic efforts.
If you like this post, please share your feedback in the comments section below so that we will upload more posts like this.