17 October 2024 current affairs

17 October 2024 current affairs

DAILY-CURRENT-AFFAIRS-BY-EDUSPRINT

National news

BEML Secures Contract for India’s First Indigenous Bullet Trains
BEML Secures Contract for India’s First Indigenous Bullet Trains

BEML secured a ₹866.87 crore contract from Integral Coach Factory (ICF) to design, manufacture, and commission India’s first indigenously built bullet trains.

  • Train Details: Two high-speed trainsets, each with 8 cars, featuring a test speed of 280 km/h and an operational speed of 250 km/h. Produced at BEML’s Bengaluru facility.
  • Coach Specifications: Fully air-conditioned Chair Car configuration with modern amenities like reclining seats, facilities for passengers with mobility issues, and onboard infotainment. Each coach costs ₹27.86 crore.
  • Timeline: Trains are scheduled for delivery by late 2026, aligning with the first phase completion of the Mumbai-Ahmedabad high-speed rail corridor by August 2026, with full completion by 2028.
  • Indigenous Manufacturing: This project reduces reliance on foreign technology, boosting local manufacturing for future high-speed rail projects.

BEML Overview:

  • Full Name: Bharat Earth Movers Limited (BEML).
  • Established: 1964.
  • Headquarters: Bengaluru, Karnataka.
  • Core Business: Manufacturing rail coaches, construction and mining equipment, and defense equipment.

Indian’s bullet train:

  • Route: Connecting Mumbai (Maharashtra) and Ahmedabad (Gujarat)
  • Technology: Based on Japan’s Shinkansen (bullet train) technology
  • Speed: Maximum speed of 320 km/h
  • Foundation Stone: Laid in September 2017 by Indian Prime Minister Narendra Modi and Japanese Prime Minister Shinzo Abe

BEML:

Omar Abdullah Takes Oath as Chief Minister of Jammu and Kashmir
Omar Abdullah Takes Oath as Chief Minister of Jammu and Kashmir

Omar Abdullah, leader of Jammu and Kashmir National Conference (JKNC), has been sworn in as the Chief Minister of Jammu and Kashmir.

Swearing-in Ceremony: Administered by Lieutenant Governor Manoj Sinha, following the JKNC’s victory in the recent elections. The Congress party provides external support but is not directly involved in governance.

Previous Roles: Abdullah has extensive political experience, having served as:

  • Union Minister of State for External Affairs (2001-2002) under Atal Bihari Vajpayee’s NDA government.
  • Member of Parliament, gaining experience in national politics.

Jammu and Kashmir:

  • Lieutenant Governor of the Union territory of Jammu and Kashmir: Manoj Sinha;
  • Capitals: Srinagar (May–October); Jammu (November–April).


Foundation Stone Laid for Naval Communication Station in Telangana
Foundation Stone Laid for Naval Communication Station in Telangana

On October 15, 2024, Defence Minister Rajnath Singh laid the foundation stone for a Very Low Frequency (VLF) Station at Damagundam Reserve Forest, Vikarabad, Telangana.

  • Project Details: The facility spans 2,900 acres and involves a cost of ₹3,200 crore. It aims to enhance secure, long-distance communication for the Navy.
  • Strategic Importance: The VLF station will be crucial for real-time communication between naval ships, submarines, and command centers, improving command and control in maritime operations.
  • Significance: This facility will strengthen the Indian Navy’s operational readiness, particularly in the Indian Ocean Region (IOR), a region of growing strategic interest.

Telangana:

  • Chief Minister: Revanth Reddy
  • Governor: Sri Jishnu Dev Varma
  • Capital: Hyderabad


Economy news

Increase in Minimum Support Prices (MSP) for Rabi Crops (Marketing Season 2025-26)

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved an increase in the Minimum Support Prices (MSP) for all mandated Rabi crops for the Marketing Season 2025-26. This decision aims to ensure remunerative prices for farmers, promoting better income for agricultural producers.

Key Highlights:

  • Highest MSP Increase:
    • Rapeseed & Mustard: Increased by ₹300 per quintal.
    • Lentil (Masur): Increased by ₹275 per quintal.
  • Other MSP Increases:
    • Gram: ₹210 increase.
    • Wheat: ₹150 increase.
    • Safflower: ₹140 increase.
    • Barley: ₹130 increase.

MSP for Rabi Crops (Marketing Season 2025-26)

S. No.CropsMSP (2025-26)Cost of ProductionMargin over Cost (%)MSP (2024-25)Increase in MSP (Absolute)
1Wheat₹2425₹1182105₹2275₹150
2Barley₹1980₹123960₹1850₹130
3Gram₹5650₹352760₹5440₹210
4Lentil (Masur)₹6700₹353789₹6425₹275
5Rapeseed & Mustard₹5950₹301198₹5650₹300
6Safflower₹5940₹396050₹5800₹140

Ranks and report news

Abu Dhabi Crowned World’s Richest City in Sovereign Wealth Funds
Abu Dhabi Crowned World’s Richest City in Sovereign Wealth Funds

As of October 2024, Abu Dhabi is recognized as the richest city globally with sovereign wealth funds worth $1.7 trillion, showcasing its financial strength and investment strategy.

  • Other Major Cities: Prominent cities following Abu Dhabi include:
    • Oslo: Home to the world’s largest sovereign wealth fund, the Norwegian Government Pension Fund Global.
    • Beijing, Singapore, Riyadh, and Hong Kong also rank high, collectively managing a large portion of global sovereign wealth assets.
  • Global Wealth Fund Assets: Sovereign wealth funds worldwide manage a total of $12.5 trillion as of October 1, 2024, with these six cities accounting for about two-thirds of the total assets.

UAE:

  • Capital: Abu Dhabi
  • Currency: United Arab Emirates Dirham
  • President: Mohammed bin Zayed Al Nahyan


Science and tech news

EAM Jaishankar Launches e-Migrate Portal to Ensure Safe Overseas Travel
EAM Jaishankar Launches e-Migrate Portal to Ensure Safe Overseas Travel

External Affairs Minister Dr. S. Jaishankar launched the revamped eMigrate V2.0 web portal and mobile app in Delhi to enhance safe and legal migration for Indian citizens.

  • Objective: The initiative reflects the Indian government’s commitment to protecting migrant workers’ rights and welfare, aligning with the 2030 Sustainable Development Goals.
  • Technological Advancements: The upgraded portal includes integration with DigiLocker for secure document storage and a 24/7 multilingual helpline to address urgent migrant issues.
  • Commitment to Welfare: Jaishankar emphasized the government’s dedication to creating a transparent, safe, and inclusive environment for Indian migrants, while also ensuring social security and well-being for those working abroad.

External Affairs Minister Dr. S. Jaishankar

Appointment news

Partha Pratim Sengupta Appointed as MD & CEO of Bandhan Bank
Partha Pratim Sengupta Appointed as MD & CEO of Bandhan Bank

 The Reserve Bank of India (RBI) has appointed Partha Pratim Sengupta as the Managing Director (MD) and Chief Executive Officer (CEO) of Bandhan Bank for a three-year term, following the resignation of the bank’s founder, Chandra Shekhar Ghosh.

  • Professional Background: Sengupta has nearly four decades of experience in the banking sector, previously holding leadership roles at prominent institutions like the State Bank of India (SBI) and Indian Overseas Bank (IOB).
  • Career at IOB: Before joining Bandhan Bank, Sengupta was MD and CEO of Indian Overseas Bank, where he focused on expanding the bank’s operations, improving customer service, and ensuring regulatory compliance.

Bandhan bank:

  • Founded Year: 2015
  • Headquarters: Kolkata, West Bengal, India


Amit Kumar Appointed Next CMD of AI Assets Holding Limited
Amit Kumar Appointed Next CMD of AI Assets Holding Limited

Amit Kumar has been selected by the Public Enterprise Selection Board (PESB) as the Chairman & Managing Director (CMD) of AI Assets Holding Limited (AIAHL), a Schedule ‘B’ Public Sector Undertaking (PSU).

  • Current Role: Kumar is currently serving as Executive Director and Asset Manager at ONGC, Jorhat.
  • Selection Process: He was chosen from seven candidates after a competitive interview process conducted by PESB. His appointment is pending necessary clearances and approval from the Appointments Committee of the Cabinet (ACC).

AI Assets Holding Limited (AIAHL) – Key Points

  • Type: Schedule ‘B’ Public Sector Undertaking (PSU) in India.
  • Establishment: Formed as a Special Purpose Vehicle (SPV) by the Government of India.
  • Objective: Provides unified asset holding services, as specified in its Memorandum of Association.
  • Leadership: Amit Kumar has been selected as the new Chairman & Managing Director (CMD), awaiting necessary clearances and approval.
  • Current Status: The CMD position was vacant prior to Kumar’s selection by the Public Enterprise Selection Board (PESB).


Azeema Takes Charge as Maldives Ambassador to India
Azeema Takes Charge as Maldives Ambassador to India

Senior diplomat Aishath Azeema is set to replace Ibrahim Shaheeb as the Maldives’ ambassador to India.

  • Context: The decision follows Maldivian President Mohamed Muizzu’s first official visit to India after his 2023 election, signaling a shift from the previous administration’s “India Out” policy.
  • Strategic Importance: This move reflects the Maldives’ intent to restore and strengthen diplomatic ties with India, one of its closest bilateral partners. The appointment highlights efforts to improve relations strained during the previous administration.

Maldives:

  • President: Mohamed Muizzu
  • Capital: Malé
  • Currency: Maldivian Rufiyaa (MVR)


Summit news

PM Modi inaugurates WTSA 2024 and 8th India Mobile Congress 2024
PM Modi inaugurates WTSA 2024 and 8th India Mobile Congress 2024

Prime Minister Narendra Modi inaugurated the International Telecommunication Union (ITU)World Telecommunication Standardization Assembly (WTSA) 2024 at New Delhi on 15 October 2024. The Prime Minister also inaugurated the 8th edition of the India Mobile Congress 2024, which is being held along with the WTSA 2024 in New Delhi.

Key Highlights

  • Prime Minister Modi inaugurated the International Telecommunication Union (ITU) – World Telecommunication Standardization Assembly (WTSA) 2024 and the 8th edition of the India Mobile Congress 2024.
  • The inauguration was attended by significant figures, including:
    • Jyotiraditya Scindia, Union Minister for Communication
    • Chandrasekhar Pemmasani, Union Minister of State for Communication
    • Doreen Bogdan-Martin, Secretary General of ITU, among others.

Event Duration

  • The ITU-WTSA and the Global Standards Symposium (GSS 2024) will take place from October 14-24, 2024.

About ITU-WTSA 2024

  • The ITU plays a crucial role in shaping policies for Information and Communication Technologies (ICT) worldwide, divided into three sectors:
    • Radiocommunication Sector
    • Telecommunication Standardization Sector
    • Telecommunication Development Sector
  • The Telecommunication Standardization Sector focuses on technical, operational, and tariff-related questions, providing standardized recommendations.
  • First-Time Hosting: This is the first occurrence of the ITU-WTSA in India and the Asia-Pacific region, attended by approximately 3,000 leaders from over 190 countries.
  • The assembly will discuss future standards for critical technologies such as 6G, AI, IoT, Big Data, and cybersecurity.

About the Indian Mobile Congress

  • Asia’s Largest Digital Technology Forum: The congress unites industry, government, and academia to explore trends in Telecom, Media, and Technology (TMT) and ICT.
  • Participation: The 8th Indian Mobile Congress will see participation from representatives of 120 countries, with 400 exhibitors and around 900 startups showcasing advancements.
  • Theme: The theme for this year’s congress is “Future is Now.”
  • Organizer: Organized by the Department of Telecommunications (DoT), the Union Ministry of Communication, and the Cellular Operator Association of India (COAI), it runs from October 15-18, 2024.

About the International Telecommunication Union (ITU)

  • Established: 1865, became a UN specialized agency in 1948 for ICTs.
  • Members: 194 countries
  • Headquarters: Geneva, Switzerland
  • Current Secretary General: Doreen Bogdan-Martin

Award news

President Droupadi Murmu conferred an Honorary Doctorate in Algeria
President Droupadi Murmu conferred an Honorary Doctorate in Algeria

On October 15, 2024, President Droupadi Murmu was conferred an Honorary Doctorate in Political Science by Martyr Ihaddaden Abdelhafid University in Algeria.

  • Historic Tour: This visit marks the first time an Indian President has visited Algeria, Mauritania, and Malawi during her three-nation tour from October 13-19, 2024.
  • Official Reception: President Murmu was welcomed at the Algiers airport by Algerian President Abdelmadjid Tebboune.
  • Bilateral Talks: She held official discussions with President Tebboune at the El Mouradia Palace, addressing various bilateral issues.
  • Economic Forum: President Murmu addressed the Algerian-Indian Economic Forum, co-organized by the Algerian Economic Renewal Council and the Federation of Indian Chambers of Commerce and Industry (FICCI).
  • Floral Tribute: On October 15, she paid floral tributes to Dr. APJ Abdul Kalam on his birth anniversary in Algiers.

India-Algeria Relations

  • Diplomatic Ties: Established in July 1962, following Algeria’s independence from France.
  • Bilateral Trade: Total trade in 2023-24 was USD 17.73 billion, with India exporting USD 848.16 million and importing USD 885.54 million worth of goods. Key exports include rice and pharmaceuticals, while imports primarily consist of petroleum oils and natural gas.
  • Indian Community: Approximately 3,800 Indians are working in Algeria, contributing to various sectors as skilled and semi-skilled labor.

Key Facts about Algeria

  • Capital: Algiers
  • Currency: Algerian Dinar
  • President: Abdelmadjid Tebboune
Odisha bags the Best state award in the 5th National Water Award 2023
Odisha bags the Best state award in the 5th National Water Award 2023

Odisha has been awarded the Best State at the 5th National Water Awards 2023, as announced by Union Minister for Jal Shakti, Chandrakant Raghunath Paatil on October 14, 2024, in New Delhi.

A formal award ceremony will take place on October 22, 2024, presided over by President Droupadi Murmu.

About the National Water Awards

  • Instituted By: The Department of Water Resources, River Development, and Ganga Rejuvenation under the Union Ministry of Jal Shakti.
  • Purpose: To raise awareness about the importance of water and promote best practices in water usage.
  • Inception: The awards began in 2018, with subsequent awards given in 2019, 2020, and 2022.
CategoryWinnersOther Nominees
Best StateOdishaUttar Pradesh, Puducherry, Gujarat
Best DistrictSouth Zone: Visakhapatnam (Andhra Pradesh)
North East Zone: Dhalai (Tripura)
North Zone: Ganderbal (Jammu and Kashmir), Banda (Uttar Pradesh)
West Zone: Indore (Madhya Pradesh)
East Zone: Bolangir (Odisha)
Best Village PanchayatPullampara (Thiruvananthapuram, Kerala)
Masulpani (Kanker, Chhattisgarh)
Hampapuram (Anantapur, Andhra Pradesh)
Khliehrangnah (West Jaintia Hills, Meghalaya)
Best Urban Local BodySurat (Gujarat)
Puri (Odisha)
Pune (Maharashtra)
Best School or CollegeGovernment Upper Primary School (Jethwan ka Bas, Sikar, Rajasthan)
Government Sarvodya Kanya Vidyalaya (Paschim Vihar, New Delhi)
Khairbani Ashram School (Baisinga, Mayurbhanj, Odisha)

 

Odisha:

  • Capital: Bhubaneswar
  • Chief minister: Mohan Charan Majhi
  • Governor: Raghubar Das
Acemoglu, S Johnson & James Robinson wins 2024 Economics Nobel Prize
Acemoglu, S Johnson & James Robinson wins 2024 Economics Nobel Prize

The Royal Swedish Academy of Sciences, Stockholm, Sweden, has selected Daron Acemoglu, Simon Johnson, and James Robinson for the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. These three economists were chosen for their groundbreaking studies showing how the political and economic systems introduced by colonisers can determine whether a country is rich or poor today.

2024 Sveriges Riksbank Prize in Economic Sciences

  • Winners:
    • Daron Acemoglu
    • Simon Johnson
    • James Robinson
  • Reason: For their groundbreaking studies on how the political and economic systems established by colonizers influence contemporary wealth disparities among nations.
  • Prize Amount: 11 million kronor (approximately USD 1.04 million).
  • Ceremony Date: December 10, 2024, in Stockholm, Sweden.
  • Significance of Date: December 10 is the death anniversary of Alfred Nobel.

About the Nobel Prize in Economic Sciences

  • Establishment:
    • The Nobel Foundation instituted the original Nobel Prizes in 1900, with the first awards given in 1901.
    • The Sveriges Riksbank Prize in Economic Sciences was established in 1968 by the Swedish central bank.
  • First Awarded: The Nobel Prize in Economics was first given in 1969.
  • Total Awards: Awarded 56 times to 96 economists since its inception.
  • First Winners: Ragnar Frisch (Norway) and Jan Tinbergen (Netherlands) in 1969.
  • Women Awarded: Only three women have received the prize; the first was Elinor Ostrom (USA) in 2009.
  • 2023 Prize Winner: Claudia Goldin (USA).
  • Notable Indian Winner: Amartya Sen received the Nobel Prize in Economics in 1998 for his contributions to welfare economics.

Agreement news

India & Colombia sign agreement to boost Film Industry Partnership
India & Colombia sign agreement to boost Film Industry Partnership

India and Colombia signed an Audio-Visual Co-Production Agreement on October 15, 2024, in New Delhi, marking Colombia as the 17th country with which India has established such a partnership.

  • Signatories: The agreement was signed by Dr. L. Murugan, Union Minister of State for Information & Broadcasting, and Jorge Enrique Rojas Rodriguez, Vice Minister of Foreign Affairs of Colombia, who was on an official visit to India.
  • Purpose and Benefits:
    • The agreement aims to enhance collaboration between the film industries of both countries by pooling creative, artistic, technical, financial, and marketing resources for co-productions.
    • It allows filmmakers from both countries to shoot films in each other’s territories and qualify for domestic production status, enabling access to local financial assistance, tax incentives, and TV broadcast quotas.
    • This initiative is expected to help Indian filmmakers tap into the South American market and promote India as an attractive film location, thereby boosting employment and soft power.
  • Previous Agreements: India has signed similar agreements with 16 other countries, including Italy, the UK, Germany, Brazil, and Australia.

About Colombia:

  • Capital: Bogotá
  • Currency: Peso
  • President: Gustavo Petro
  • Language: Spanish (national language)

Fuel your success with Edusprint! Our seasoned faculty, proven strategies, and personalized support ensure a transformative learning experience. Enroll now to conquer competitive exams and fast-track your dream job. #EdusprintSuccess

10-years-exp-in-competitive-exams-coaching-edusprint-ssc-railway-tnpsc-bank-coaching

Edusprint Academy for SSC, Railways, TNPSC, Bank Exams.

Shape Your Future with Edusprint - Igniting Careers for Success!

Discover Exclusive Course Fee Offers: Inquire Now for Special Deals!

Latest & Trending Posts

This will close in 0 seconds

Inquire Now

All Inquiries will get a Demo Class & Study Materials for Free