NATIONAL NEWS
Pralhad Joshi Lauds Sudarsan Pattnaik’s Sand Art Honoring 200 GW Renewable Energy Milestone:
Union Minister for New and Renewable Energy, Pralhad Joshi, has praised the renowned sand artist Sudarsan Pattnaik for his stunning artwork created at Puri Beach, Odisha, to commemorate India’s achievement of reaching 200 Gigawatts (GW) in Renewable Energy capacity.
- This milestone highlights India’s significant progress in the renewable energy sector and is a key step toward achieving the nation’s ‘Panchamrit’ commitment set by Prime Minister Narendra Modi. The Panchamrit goal is part of India’s broader strategy to address climate change, reduce carbon emissions, and expand the use of clean energy sources.
- Mr. Joshi shared the artwork on his official X (formerly Twitter) handle, emphasizing the importance of this remarkable achievement in the context of India’s efforts to combat climate change and transition to sustainable energy. The 200 GW milestone was achieved on October reflecting the country’s growing leadership in the global renewable energy movement. This celebration through art highlights the integration of culture and progress in India’s green energy transition.
About Odisha:
- Capital: Bhubaneswar
- Chief Minister: Naveen Patnaik
- Governor : sri Ragubhar das
43rd IITF Begins at Bharat Mandapam with Theme ‘Viksit Bharat 2047’
The 43rd India International Trade Fair (IITF) is being held at Bharat Mandapam in New Delhi. The 14-day fair was inaugurated by Commerce and Industry Minister Piyush Goyal with the theme “Viksit Bharat 2047”, highlighting the vision for a developed India by 2047.
- Focus State for this year’s fair is Jharkhand, with Bihar and Uttar Pradesh as partner states.
- The event hosts over 3,500 exhibitors from India and abroad, and is expected to attract nearly 100,000 visitors daily, making it one of the largest trade fairs in South Asia.
- The business days are currently ongoing, and the fair will be open to the public from November 19 to 27, 2024.
- Free tickets are available for senior citizens and the differently-abled through DMRC metro stations, the Bharat Mandapam Mobile App, and the ITPO’s official website.
About India International Trade Fair:
- Established: 1979
- Headquarters: New Delhi, India
About India Trade Promotion Organisation
- Established: 1992
- Headquarters: New Delhi, India
- Chairman & Managing Director (CMD) of ITPO: Shri Rajeev K. Chawla
President Murmu Extends Prosperity Wishes on Baliyatra & Boit Bandan; Highlights Odisha’s Maritime Heritage
President Droupadi Murmu extended her warm wishes and prayers for the happiness and prosperity of the people of India on the occasion of the historic Baliyatra festival and Boit Bandhan. In a social media post, President Murmu celebrated the cultural significance of these events, which are an integral part of Odisha’s rich traditions.
- The Baliyatra festival, celebrated annually in Odisha, commemorates the historic maritime trade routes that connected India with Southeast Asia and beyond. Boit Bandhan is a significant tradition associated with this festival, where people pay homage to the sea and those who embark on voyages.
- In her message, President Murmu emphasized the importance of Odisha’s contribution to India’s maritime heritage, noting that the state’s rich history of sea trade has played a pivotal role in shaping India’s cultural and economic ties with the world. She further reflected on how drawing inspiration from India’s glorious past can help in building a developed India.
PM Modi to Inaugurate 1st Bodoland Mahotsav, Celebrating Culture, Peace, and Harmony
Prime Minister Narendra Modi will inaugurate the 1st Bodoland Mahotsav in New Delhi on 15 th november. The two-day event will focus on celebrating the language, literature, and culture of the Bodo community, with the aim of fostering peace and building a vibrant Bodo society. The Mahotsav will also highlight the cultural and linguistic heritage, ecological biodiversity, and touristic potential of the Bodoland Territorial Region.
- The theme of the event is ‘Peace and Harmony for Prosperous Bharat’, emphasizing the importance of unity and integration among the Bodo people living in Bodoland, Assam, West Bengal, Nepal, and other Northeast India border areas. The event also marks the progress made since the Bodo Peace Accord in 2020, which resolved decades of conflict and violence in the region.
- Over 5,000 cultural, linguistic, and art enthusiasts from the Bodoland region and other states will attend the event, celebrating the resilience and recovery of the community post-accord.
India’s Exports Grow 7.28% in April-October 2024, Driven by Merchandise and Service Exports
India’s exports saw a strong growth of 7.28% during April-October 2024, reaching a total value of 468.27 billion dollars, compared to 436.48 billion dollars during the same period in 2023.
- According to the Ministry of Commerce & Industry, merchandise exports contributed 252.28 billion dollars, marking a growth of 3.18% compared to last year’s (2023) 244.51 billion dollars.
- On the other hand, service exports performed exceptionally well, with an estimated value of 215.98 billion dollars during this period, reflecting a significant increase of over 12% from 191.97 billion dollars in 2023. This growth highlights India’s strong export performance in both goods and services sectors.
Ministry of Commerce & Industry, merchandise exports: Piyush Goyal
President Murmu, VP Dhankhar, and PM Modi Extend Greetings on Guru Nanak’s Prakash Parv:
On the occasion of Sri Guru Nanak Jayanti, President Droupadi Murmu, Vice-President Jagdeep Dhankhar, and Prime Minister Narendra Modi extended their greetings to the nation.
- President Murmu praised Guru Nanak Dev Ji for guiding people on the path of spirituality, emphasizing values like hard work, truth, contentment, kindness, and love. She highlighted his message of Sanjhi-Valta, a path to social harmony, and urged people to adopt his ideals for building a harmonious society.
- Vice-President Dhankhar encouraged people to reaffirm their commitment to Guru Nanak Dev Ji’s teachings, urging a rededication to the principles of truth, harmony, and unity of all beings.
- Prime Minister Modi expressed hope that the teachings of Guru Nanak Dev Ji would inspire compassion, kindness, and humility, motivating individuals to serve society and work towards a better planet.
International news
EAM Dr. S. Jaishankar Inaugurates Symbiosis International University’s First Overseas Campus in Dubai
External Affairs Minister Dr. S. Jaishankar inaugurated Symbiosis International University’s first overseas campus at Dubai Knowledge Park, marking a key milestone in Indo-UAE relations. The ceremony was attended by Sheikh Nahyan bin Mubarak Al Nahyan, UAE’s Minister of Tolerance and Coexistence.
- Dr. Jaishankar celebrated the campus’s full accreditation by the UAE’s Commission for Academic Accreditation, highlighting its focus on management, technology, and media programs aimed at developing 21st-century skills. He emphasized the alignment with India’s National Education Policy 2020, which encourages international expansion of Indian institutions and boosts educational cooperation with the UAE.
- This campus marks a significant step in strengthening educational ties between India and the UAE, benefiting over 300,000 Indian students in the region. The initiative is part of broader efforts to promote collaboration in AI, clean energy, and sustainable development.
- Sheikh Nahyan highlighted the UAE’s commitment to fostering a knowledge-based economy and the importance of education in promoting understanding, peace, and progress. The new campus will serve Dubai’s diverse expatriate community, supporting Dubai’s Economic Agenda 33, which focuses on human capital and education sector development.
United Arab Emirates :
- Capital: Abu Dhabi
- Currency: UAE Dirham (AED)
- President: Sheikh Mohamed bin Zayed Al Nahyan
GABV Member Banks Endorse Fossil Fuel Non-Proliferation Treaty at COP29 in Baku
At the COP29 climate summit in Baku, Azerbaijan, 25 member banks of the Global Alliance for Banking on Values (GABV) collectively endorsed the Fossil Fuel Non-Proliferation Treaty initiative. This marks the first such collective endorsement by financial institutions. The Fossil Fuel Non-Proliferation Treaty proposes a global binding plan to halt the expansion of coal, oil, and gas projects, aiming to manage the transition away from fossil fuels.
- By endorsing the treaty, these GABV members are urging the financial sector to stop financing the expansion of fossil fuels, in alignment with the fight against climate change. The GABV, founded in 2009, is a network of 70 sustainable banks managing 117 billion dollars in assets and serving over 11.3 million people globally.
- COP29, often called the “Finance COP”, serves as a critical moment for wealthier nations to fund efforts to combat climate devastation. The summit, attended by 200 countries and key stakeholders, will run until November 22nd.
Global Alliance for Banking on Values (GABV):
- Headquarters: Amsterdam, Netherlands
- Chairman: Peter Blom
Banking news
IDFC First Bank Launches Real-Time Tracking for International Money Transfers
IDFC First Bank, based in Mumbai, has partnered with SWIFT (Society for Worldwide Interbank Financial Telecommunication) based in La Hulpe, Belgium, to introduce a new feature that allows customers to track international money transfers in real-time. This makes IDFC First Bank the first Indian bank to offer live tracking for cross-border transactions, available via the bank’s mobile app and internet banking platforms.
Key features of the service:
- Provides updates on the status of funds, including whether they are in transit or credited to the recipient’s bank.
- Sends alerts for issues like incorrect recipient details, helping customers resolve problems quickly.
- Integrated with SWIFT Global Payments Innovation (GPI) to meet customer demands for transparency.
- Offered for free under the bank’s “Pay Abroad” feature, with no additional processing fees.
The service applies to transactions allowed under the Reserve Bank of India’s (RBI) Liberalised Remittance Scheme (LRS), including purposes such as supporting relatives, education, medical needs, and investment in overseas property or stocks.
About IDFC First Bank Limited:
IDFC First Bank Limited
- Headquarters: Mumbai, Maharashtra, India
- Founded: 2015
- Managing Director & CEO: V. Vaidyanathan
- Tagline: “Banking for All”
World Bank Approves USD 200 Million Loan for Kerala’s Agricultural Sector under KERA Project
The World Bank (WB) has approved a USD 200 million (Rs 1,655.85 crore) loan to support Kerala’s agricultural sector through the Kerala Climate Resilient Agri-Value Chain Modernization (KERA) Project. The loan is provided by the International Bank for Reconstruction and Development (IBRD) with a 23.5-year term and a 6-year grace period.
Key Points:
- The KERA Project aims to promote climate-smart practices among farmers, enhance market access, and support women-led small businesses in agriculture.
- The Kerala state government will contribute Rs 709.65 crore to the project, while the World Bank provides Rs 1,655.85 crore (USD 200 million).
- Kerala, a major producer of spices like cardamom, vanilla, and nutmeg, accounts for around 20% of India’s agri-food exports.
The KERA project will benefit 400,000 farmers directly through initiatives focused on climate resilience, with an additional 1 million farmers expected to benefit indirectly. Key crops like coffee, cardamom, and rubber will be replanted with climate-resistant varieties, and farmers will receive training to manage climate challenges like floods and forest fires.
The World Bank Group :
- Headquarters: Location: Washington, D.C., United States
- Established: Year: 1944
- Tagline: “Working for a World Free of Poverty”
- President: Ajay Banga
SBI Seeks $1.25 Billion Loan, Largest Dollar-Denominated Loan from India in 2024
The State Bank of India (SBI) is seeking a $1.25 billion five-year loan, which would be the largest dollar-denominated loan from India’s financial sector in 2024. The loan, arranged by CTBC Bank, HSBC, and Taipei Fubon Bank, will be utilized for general corporate purposes.
- This move is part of a broader trend where Indian financial institutions, especially non-banking finance companies (NBFCs), are increasingly borrowing in foreign currencies due to stricter domestic regulations. Despite this rising demand, the total volume of dollar-denominated loans in India has seen a 27% decline this year.
RBI Introduces Framework for Converting FPI Holdings to FDI
The Reserve Bank of India (RBI) has introduced a new framework allowing Foreign Portfolio Investors (FPIs) to convert their holdings exceeding the 10% equity threshold in Indian companies into Foreign Direct Investment (FDI).
Key features:
- The framework simplifies the process for FPIs to align with FDI guidelines, provided they obtain necessary government and company approvals.
- The new rules, effective from November 11, 2024, allow FPIs to reclassify their excess shares within five trading days.
- The conversion ensures compliance with the Foreign Exchange Management Act (FEMA) and sectoral FDI caps.
Reserve Bank of India
- Headquarters: Mumbai, Maharashtra, India
- Established: Year: 1935
- Tagline: “Aaykar Seva, Desh Ki Seva”
- Governor: Shaktikanta Das
Awards and Recognition
SBI Named Best Bank in India for 2024 by Global Finance Magazine
State Bank of India (SBI) has been recognized as the Best Bank in India for 2024 by Global Finance Magazine at its 31st Annual Best Bank Awards. The award was presented during the IMF and World Bank Annual Meetings in Washington, USA.
- CS Setty, Chairman of SBI, accepted the award in acknowledgment of the bank’s exceptional services and its role in promoting financial inclusion across India.
- The Global Finance Best Bank Awards are a prestigious recognition, setting the standard for evaluating global financial institutions.
This honor reflects SBI’s leadership in the banking sector and its ongoing commitment to earning customer trust and advancing financial accessibility.
State Bank of India
- Established: 1st July 1955
- Headquarters: Mumbai, Maharashtra, India
- Tagline: “The Banker to Every Indian”
- Chairman: Dinesh Kumar Khara
Important days
World Pneumonia Day 2024: Raising Awareness on Preventing Pneumonia
World Pneumonia Day is observed annually on November 12 to raise awareness about pneumonia, a respiratory illness that primarily affects young children under the age of five and vulnerable elderly individuals.
- Theme for 2024: “Every Breath Counts: Stop Pneumonia in Its Track.”
- The first World Pneumonia Day was observed on November 12, 2009, initiated by the Global Coalition against Child Pneumonia, which includes UNICEF, WHO, and Save the Children.
- The campaign focuses on raising awareness about pneumonia, which remains the leading cause of child mortality worldwide, despite being preventable and treatable.
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