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Global Fintech Fest 2024 Highlights

The Prime Minister praised India's growth in the fintech sector during the Global Fintech Fest (GFF) 2024 in Mumbai.

The event was a collaboration between the Payments Council of India, National Payments Corporation of India, and the Fintech Convergence Council.

India's fintech industry has grown exponentially, driven by technology and cloud-based services like Paytm and PhonePe.

India's fintech adoption rate is at 87%, surpassing the global average of 67%.
The JAM trinity (Jan Dhan, Aadhaar, Mobile) has made India responsible for around 50% of global digital transactions.
With over $31 billion in investments and a 500% growth in startups, the sector continues to thrive.

The foundation stone for Vadhvan Port, part of the Sagarmala Program, was laid by the Prime Minister.

This will be Maharashtra's third major port.
Jointly implemented by the Jawaharlal Nehru Port Authority (JNPA) and the Maharashtra Maritime Board.
Expected to be India's largest container port, with a capacity of 23.2 million TEUs.

A five-judge Constitution bench of the Supreme Court will examine the ceiling on state borrowing limits and its wider implications.

The court will determine if states have an enforceable right to exceed borrowing caps.
Potential impacts on fiscal decentralization and developmental expenditures will be assessed.

A rare cyclone, Asna, has formed over the Kutch coast in Gujarat and is expected to develop into a tropical cyclone.

This unusual event is linked to factors such as Indian Ocean warming and soil moisture levels.

Tropical cyclones are rapidly rotating storms that form over warm tropical oceans.
India experiences about 10% of the world's tropical cyclones annually.

The Prime Minister has launched 218 projects to boost India's fisheries sector.

Vessel Communication and Support System (VCS): A new technology to enhance safety for fishermen.
Modernization of Fishing Harbors: Significant upgrades to existing infrastructure.
Integrated Aquaparks: Introduction of advanced technologies like Recirculatory Aquaculture Systems (RAS) and Biofloc.

Joint Bank Accounts for the Queer Community: Clarification on joint accounts and partner nominees.
Navratna Status: Four Central Public Sector Undertakings have been granted Navratna status.
Project NAMAN: Launched to support Defense pensioners and veterans.
National Sports Day: Celebrated in honor of Major Dhyan Chand.
Colombo Security Conclave: A regional security grouping focusing on maritime security.
Aravalli Engines: HAL signed an agreement to develop next-gen helicopter engines.
India-Malaysia Tourism MoU: An agreement to strengthen cooperation in tourism.
Dispute Resolution Scheme (e-DRS): Launched to reduce litigation.
NASA's Endurance Mission: Confirmed the existence of Earth's Ambipolar Electric Field (AEF).