National news
India’s Renewable Energy Sector Sees Robust Growth with 13.5% Increase in Capacity
India’s renewable energy sector has witnessed substantial growth from October 2023 to October 2024, marking a milestone in the country’s green energy transition. According to the Ministry of New and Renewable Energy (MNRE), India’s total renewable energy installed capacity increased by 13.5%, reaching 203.18 gigawatts (GW) in October 2024, compared to 178.98 GW in October 2023. This marks an addition of 24.2 GW in just one year, highlighting the country’s rapid strides in expanding its renewable energy infrastructure.
- India’s Green Energy Ambitions:
This growth aligns with India’s ambitious renewable energy goals, which include achieving 500 GW of non-fossil fuel energy capacity by 2030 and net-zero emissions by 2070. - Sector-wise Growth:
The growth is driven largely by solar and wind energy capacities, with solar power contributing a major portion of the total renewable energy capacity.
About Ministry of New and Renewable Energy:
Established: 2006
Head: Raj Kumar Singh
Headquarters: New Delhi, India
FSSAI Sets New Guidelines for E-commerce Food Business Operators to Strengthen Food Safety Standards
The Food Safety and Standards Authority of India (FSSAI) has issued new guidelines for e-commerce food business operators (FBOs) to ensure better food safety and consumer protection. The new practices mandate a minimum shelf life of 30 percent or 45 days before the expiry date for food products at the time of delivery to consumers.
- Meeting to Reinforce Compliance:
A meeting was convened in New Delhi with over 200 participants, including e-commerce FBOs, to reinforce compliance with food safety standards and regulations. - Caution on Misleading Claims:
- FSSAI cautioned FBOs about making unsupported claims about food products online. The aim is to ensure that consumers receive accurate and truthful product information.
- License and Registration Requirement:
- FSSAI CEO, G. Kamala Vardhana Rao, reiterated that no FBO can operate on any e-commerce platform without a valid FSSAI license or registration.
About FSSAI:
Full Form: Food Safety and Standards Authority of India
Established: 2006
Headquarters: New Delhi, India
CEO: G. Kamala Vardhana Rao
Prime Minister Modi to Inaugurate Major Development Projects in Darbhanga, Bihar
Prime Minister Narendra Modi will visit Darbhanga, Bihar, on 13th November to inaugurate and lay the foundation for multiple development projects worth over 12,000 crore rupees. These projects include significant advancements in health infrastructure, transportation, and energy sectors.
- AIIMS Darbhanga: Foundation stone for a new AIIMS hospital worth 1260 crore rupees will be laid. The facility will feature a super-specialty hospital, medical and nursing colleges, an AYUSH block, and residential accommodations. This project is a long-awaited dream for the people of the Mithilanchal region and is expected to be completed in three years.
- National Highway and Railway Projects: PM Modi will inaugurate and lay the foundation for National Highway projects and railway projects totaling over 6800 crore rupees. These initiatives aim to improve connectivity and boost regional development.
- Pradhan Mantri Bhartiya Jan Aushadhi Kendras: Eighteen new centers will be inaugurated at various railway stations across India, ensuring affordable medicines and promoting the use of generic drugs.
- Petroleum and Natural Gas Initiatives: Foundation stones will also be laid for energy projects worth 4,020 crore rupees, including a City Gas Distribution project that will benefit over 1.5 million residents in several districts, including Darbhanga, Madhubani, Supaul, Sitamarhi, and Sheohar.
About Bihar :
Chief Minister: Nitish Kumar
Governor: Rajendra Arlekar
Capital: Patna
International news
External Affairs Minister Dr. S. Jaishankar to Meet Saudi Foreign Minister in New Delhi
External Affairs Minister Dr. S. Jaishankar will meet the Minister of Foreign Affairs of Saudi Arabia, Prince Faisal bin Farhan Al Saud, in New Delhi on 13th November. Prince Faisal arrived in India for a two-day visit, underscoring the strong bilateral ties between India and Saudi Arabia.
- Cordial and Friendly Relations: India and Saudi Arabia share deep-rooted economic, socio-cultural, and historical ties, with India being Saudi Arabia’s second-largest trade partner, while Saudi Arabia is India’s fourth-largest trading partner.
- Bilateral Trade: The total trade between the two countries in Financial Year 2023 was valued at 52.76 billion dollars, showcasing the strong economic cooperation.
- Indian Community in Saudi Arabia: Over 2.65 million Indians live in Saudi Arabia, acting as a key bridge between the two nations, contributing to cultural and economic exchanges.
- Haj Pilgrimage: The annual Haj pilgrimage remains a significant aspect of the Indo-Saudi relationship, with thousands of Indian Muslims traveling to Saudi Arabia for the pilgrimage every year.
2024 on Track to be Warmest Year on Record, Warns WMO
The year 2024 is set to become the warmest year on record, following an extended period of exceptionally high global mean temperatures, according to a report by the World Meteorological Organization (WMO). This alarming trend highlights the increasing risks to the ambitions of the Paris Agreement, which aims to limit global warming to well below two degrees above pre-industrial levels, with efforts to cap the increase to 1.5 degrees.
Key points from the report include:
- Global Temperature Surge: From January to September 2024, the global mean surface air temperature was 1.54°C above the pre-industrial average, driven in part by a warming El Niño event.
- Warming Decade: The decade from 2015-2024 is on track to become the warmest on record, with significant impacts including accelerating ice loss, sea-level rise, and ocean heating.
- Climate Extremes: WMO Secretary-General Celeste Saulo emphasized that every fraction of a degree of warming contributes to more frequent and severe climate extremes, increasing the risks and impacts of global warming.
About World Meteorological Organization:
- Headquarters: Geneva, Switzerland
- Established: March 23, 1950
- WMO Secretary-General: Celeste Saulo
PM Modi to Embark on Three-Nation Visit to Nigeria, Brazil, and Guyana
Prime Minister Narendra Modi will embark on a three-nation visit to Nigeria, Brazil, and Guyana from November 16th to 21st, strengthening India’s global diplomatic ties and strategic partnerships.
Key objective :
- Visit to Nigeria (16th-17th November): This will be the first visit by an Indian Prime Minister to Nigeria in 17 years. PM Modi will hold talks with President Bola Ahmed Tinubu to review and enhance the strategic partnership between the two countries, with a focus on economic, energy, and defense collaboration. India and Nigeria have strong ties, with over 200 Indian companies investing more than 27 billion dollars in Nigeria.
- G20 Summit in Brazil (18th-19th November): PM Modi will attend the G20 Summit in Rio De Janeiro, representing India as part of the G20 Troika alongside Brazil and South Africa. He will advocate for India’s positions on key global issues and continue building on the outcomes from the G20 New Delhi Summit and the Voice of the Global South Summits.
- State Visit to Guyana (19th-21st November): This will be the first visit by an Indian Prime Minister to Guyana since 1968. PM Modi will meet with President Mohamed Irfaan Ali, address the Guyana Parliament, and engage with the Indian diaspora. He will also participate in the Second CARICOM-India Summit in Georgetown, further strengthening ties with CARICOM member countries.
About Nigeria
Capital: Abuja
Currency: Nigerian Naira (NGN)
Brazil :
Capital: Brasília
Currency: Brazilian Real (BRL)
Guyana
Capital: Georgetown
Currency: Guyanese Dollar (GYD)
Banking news
RBI Updates Capital and Governance Requirements for Central Counterparties (CCPs)
The Reserve Bank of India (RBI) has announced new guidelines regarding the capital requirements and governance frameworks for entities seeking authorization or recognition as Central Counterparties (CCPs). According to the updated rules:
- Minimum Net Worth Requirement: Any entity applying for CCP authorization or recognition must have a net worth of at least Rs 300 crore at the time of submitting its application.
- Updated Regulations: These changes revise the RBI’s previous regulations established in June 2019, aiming to strengthen the framework for CCPs in India.
- Applicability: The revised provisions apply to both domestic CCPs authorized by the RBI and foreign CCPs recognized under the Payment and Settlement Systems Act (PSS Act), 2007.
Central Counterparty (CCP): A CCP is a system provider that interposes itself between buyers and sellers in a financial market to facilitate the settlement of transactions. It assumes the role of the buyer to every seller and the seller to every buyer, ensuring the smooth execution and final settlement of trades.
About the Reserve Bank of India (RBI):
- Governor: Shaktikanta Das (25th Governor of RBI)
- Headquarters: Mumbai, Maharashtra
- Established: April 1, 1935
IFC Invests USD 400 Million in Bajaj Finance to Boost Climate Finance Initiatives
The International Finance Corporation (IFC), a member of the World Bank Group, has announced an investment of USD 400 million in Bajaj Finance Limited (BFL), a prominent non-banking financial company (NBFC) based in Pune, Maharashtra. This investment is part of BFL’s USD 1 billion fundraising initiative aimed at expanding access to climate finance in India, specifically focusing on Electric Vehicles (EVs) and Energy-Efficient Consumer Goods (EECG).
Alignment with National Goals: The initiative will strengthen India’s commitment to achieving national climate objectives and help in improving access to sustainable finance for consumers and businesses across India.
International Finance Corporation
- President : Makhtar Diop.
- Headquarters: Washington, D.C., United States
- Established: July 1956
RBI Approves Re-Appointment of Amitabh Chaudhry as MD & CEO of Axis Bank for 3 Years
The Reserve Bank of India (RBI) has approved the re-appointment of Amitabh Chaudhry as the Managing Director (MD) and Chief Executive Officer (CEO) of Axis Bank for a period of three years, effective from 1st January 2025 to 31st December 2027.
Amitabh Chaudhry has been leading Axis Bank, one of India’s largest private sector banks, and will continue in his role for another term, focusing on the bank’s growth and strategic direction.
Axis Bank
Headquarters: Mumbai, Maharashtra, India
Head: Amitabh Chaudhry
Tagline : “Badhti Ka Naam Zindagi”
RBI Cancels License of The Durga Co-operative Urban Bank Due to Inadequate Capital
The Reserve Bank of India (RBI) has canceled the license of The Durga Co-operative Urban Bank, based in Vijayawada, effective from the close of business on November 12, 2024, due to inadequate capital and earning prospects. As a result, the bank will cease its operations.
Key points:
- License Cancellation: RBI has determined that The Durga Co-operative Urban Bank lacks the necessary capital and earning potential to continue operations.
- Deposit Insurance: Depositors will receive insurance claims up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
- Winding Up Process: The Commissioner for Cooperation and Registrar of Cooperative Societies, Andhra Pradesh, has been instructed to initiate the winding-up process of the bank and appoint a liquidator.
About Deposit Insurance and Credit Guarantee Corporation
- Established: 1978
- Headquarters: Mumbai, Maharashtra, India
- The Chairman Shaktikanta Das
Sports news
ICC Names Amelia Kerr and Noman Ali as Players of the Month for October 2024
International Cricket Council (ICC) has announced the winners of the ICC Players of the Month for October 2024. The honors have been awarded to Amelia Kerr, the all-rounder from New Zealand, and Noman Ali, the spinner from Pakistan, for their outstanding performances in international cricket.
Key points:
- Amelia Kerr (New Zealand): The versatile all-rounder played a crucial role in New Zealand’s successes last month, demonstrating exceptional skill with both bat and ball.
- Noman Ali (Pakistan): The spinner’s brilliant form earned him a spot in the top ten of the ICC Men’s Test Bowling Rankings for the first time. Noman’s partnership with Sajid Khan formed a formidable bowling duo, anchoring Pakistan’s bowling attack.
About International Cricket Council
- Established: 1909
- Headquarters: Dubai, United Arab Emirates (UAE)
- Chairman: Greg Barclay
Indian Para Badminton Players Shine at BWF Japan Para Badminton International 2024
Indian para badminton players achieved remarkable success at the Badminton World Federation (BWF) Japan Para Badminton International 2024, held in Tokyo, Japan from October 22nd to 27th, 2024, bringing home a total of 24 medals (6 gold, 9 silver, and 9 bronze).
Key points:
- Sivarajan secured two gold medals: one in the men’s singles SH6 class and another in men’s doubles with partner Sudarsan Saravanakumar Muthusamy.
- Sukant won a gold medal in men’s singles (SL4) and a silver medal in men’s doubles (SL3-SL4) with his partner Dinesh Rajaiah.
- Naveen Sivakumar and Surya Kant Yadav earned bronze medals in their respective events, contributing to India’s impressive medal haul.
About Badminton World Federation (BWF):
- President: Poul-Erik Høyer Larsen
- Headquarters: Kuala Lumpur, Malaysia
- Founded: 1934
