Concept: Conservation of angular momentum
When no external torque acts on a rotating body:
\[
I\omega = \text{constant}
\]
Step 1: Relation between radius and moment of inertia
For a rotating body:
\[
I \propto R^2
\]
If radius is reduced to half:
\[
R_2 = \frac{R_1}{2}
\]
\[
I_2 = I_1 \left(\frac{R_2}{R_1}\right)^2 = I_1 \left(\frac{1}{2}\right)^2 = \frac{I_1}{4}
\]
Step 2: Apply conservation law
\[
I_1 \omega_1 = I_2 \omega_2
\]
\[
I_1 \omega_1 = \frac{I_1}{4} \omega_2
\]
\[
\Rightarrow \omega_2 = 4\omega_1
\]
Step 3: Relation between time period and angular velocity
\[
T = \frac{2\pi}{\omega}
\Rightarrow T \propto \frac{1}{\omega}
\]
Step 4: Find new time period
\[
T_2 = \frac{T_1}{4}
\]
\[
T_2 = \frac{24}{4} = 6 \text{ hours}
\]
Final Answer:
\[
\boxed{6 \text{ hours}}
\]
Conclusion:
Decrease in radius reduces moment of inertia, increasing angular speed and decreasing time period.