National news
Department of Posts and Amazon Unite to Enhance Delivery Services
The Department of Posts (DoP), with its deep reach, and Amazon, one of the world’s largest e-commerce companies, together seek to empower India’s growing e-commerce sector by enhancing logistical capabilities, supporting job creation, and contributing to economic growth, signed a Memorandum of Understanding (MoU).
- Objective: The partnership seeks to empower India’s growing e-commerce sector by enhancing logistical capabilities and contributing to economic growth.
- Signatories: The MoU was signed between Venkatesh Tiwari (Amazon Seller Services Pvt Ltd) and Kushal Vashist (DoP), allowing Amazon to utilize the vast postal network for parcel deliveries across India.
- Key Cooperation Areas:
- Synchronization of logistics operations.
- Knowledge-sharing initiatives.
- Capacity-sharing opportunities.
- Review Mechanism: Quarterly reviews to monitor progress and explore new growth avenues.
- Benefits to Amazon:
- Access to over 1.6 lakh post offices, enhancing its reach to remote areas.
- Streamlined logistics operations for improved e-commerce delivery.
- Benefits to DoP:
- Growth in its parcel business through increased transmission and delivery.
- Enhanced expertise in e-commerce logistics.
- Contribution to India’s goal of becoming a global logistics hub.
Department of post:
- Founded: 1 October 1854
- Headquarters: New Delhi
- Head: Ms. Vandita Kaul
Economy news
Employment in India Up by 36% : Center Reports
India has witnessed significant employment growth over the years. With employment increasing by nearly 36%, adding around 17 million jobs during 2016-17 and 2022-23, India’s economic trajectory demonstrates sustained job creation across key sectors. With a robust democracy, dynamic economy, and a culture that celebrates unity in diversity, India’s journey toward becoming a global powerhouse continues to inspire the world.
| Key Aspect | Details |
| Overall Employment Growth | 36% increase in employment (17 million jobs added) between 2016-17 and 2022-23 |
| GDP Growth | Average GDP growth exceeded 6.5% during this period |
| Worker Population Ratio (WPR) | Increased by 9 percentage points (26%) from 2017 to 2023 |
| Job Elasticity | 1.11% job increase for every 1% rise in value-added (2017-23) |
| Sectoral Trends | Agriculture: Over 45% of workforce, gradual shift to manufacturing & services |
| Manufacturing: Large factories (100+ workers) grew by 11.8% (FY18-FY22); wage growth in rural areas at 6.9% CAGR | |
| Labor Market Improvements | Unemployment Rate: Dropped to 3.2% in 2022-23 |
| Youth Employment: Youth unemployment decreased from 17.8% (2017-18) to 10% (2022-23) | |
| Female Workforce Participation: Steady increase due to supportive policies | |
| EPFO Payroll Growth | Payroll additions doubled from 61.1 lakh (FY19) to 131.5 lakh (FY24) |
| Gig Economy | Expected to grow to 2.35 crore workers by 2029-30 |
| Manufacturing & AI | Manufacturing continues job growth, relatively unaffected by automation |
Power Finance Corporation Secures Record USD 1.265 Billion Loan
PFC, a Maharatna company and a leading Non-Banking Financial Corporation (NBFC) in India, closed the largest-ever foreign currency term loan by an Indian Public Sector Undertaking (PSU), raising USD 1.265 billion. This facility agreement was signed with several banks in IFSC GIFT City, Gandhinagar.
Objective of the Loan:
- The loan will primarily be used to finance non-thermal generation projects, supporting PFC’s focus on renewable energy.
- It will help PFC expand operations, strengthen market presence, diversify its funding sources, and maintain a competitive edge.
Loan Structure:
- Floating interest rate: 4.21% (average).
- Denominated in G3 currencies: USD, EUR, and JPY.
- Tenor: 5 years.
- Linked to external benchmark rates:
- SOFR (Secured Overnight Financing Rate) for USD.
- EURIBOR (Euro Interbank Offered Rate) for EUR.
- TONA (Tokyo Overnight Average) for JPY.
Banking Partners:
- Key banks involved: SBI, IDBI, Axis Bank, MUFG, Deutsche Bank, and SMBC.
- SBI acted as the largest lender and the facility agent for the transaction.
About PFC:
- Founded: 1986.
- Ownership: Government of India, under the Ministry of Power.
- Role: Financial backbone of the Indian power sector.
- Core Activities: Financing power projects including generation, transmission, distribution, and RM&U (Renovation, Modernization, and Uprating) projects.
- Expansion: Recently began financing infrastructure projects with backward linkages to the power sector, such as coal mine development, fuel transportation, and oil & gas pipelines.
International news
Italy and Switzerland Redraw Alpine Borders
The redrawing of borders between Italy and Switzerland is a striking response to the rapid melting of glaciers caused by climate change. As global temperatures rise, glaciers in the Alps are shrinking, leading to shifts in natural watershed lines that have historically defined the frontier between these two countries. This agreement, made official by Switzerland on September 27, 2024, follows a recommendation from a commission formed in 2023 to assess climate impacts on glaciers. Italy is expected to approve the changes soon, which primarily affect regions around the Matterhorn.
Reason for Border Shift:
- Glacial Melting: As glaciers retreat, ridge lines that historically defined national borders are shifting.
- Impact: Italy will lose some territory, while Switzerland will gain. This primarily affects regions around the Matterhorn.
Timeline:
- The decision was formalized by Switzerland on September 27, 2024, following a recommendation by a commission established in 2023 to assess the impact of climate change on glaciers. Italy is expected to approve the changes soon.
Switzerland:
- Currency: Swiss Franc
- Capital: Bern
- PM: Viola Amherd
UK Agrees to Transfer Chagos Islands Sovereignty to Mauritius
The United Kingdom and Mauritius reached an historical agreement to cede sovereignty of the Chagos Islands, a strategically significant archipelago in the Indian Ocean to hand over to Mauritius. The agreement allows Mauritius to regain sovereignty while ensuring the continued operation of the U.S. military base on Diego Garcia.
Sovereignty Transfer:
The UK will formally recognize Mauritius as the sovereign power over the Chagos Archipelago, under a treaty that ensures the U.S. military base on Diego Garcia will continue to operate for 99 years.
Negotiation Process:
- Background: Negotiations started under former Prime Minister Rishi Sunak in 2022, and after 11 rounds of talks, an agreement was finalized following 2 additional rounds of negotiations with the current government.
- This reflects both nations’ commitment to peaceful resolution and the rule of law, addressing long-standing disputes and the displacement of the Chagossians.
Diego Garcia Strategic Importance:
- Diego Garcia hosts a significant military base for both the U.S. and the UK, critical for security operations in the Indian Ocean.
- The agreement secures its long-term operational use, while also addressing concerns over illegal migration routes in the region.
Resettlement of Chagossians:
- Mauritius will be able to resettle displaced Chagossians on islands other than Diego Garcia.
- A UK-funded trust will be established to support the welfare and resettlement of the displaced population.
Economic & Environmental Cooperation: The UK will provide financial support, including indexed annual payments, and collaborate with Mauritius on infrastructure projects, environmental protection, and maritime security.
United kingdom:
- Capital: London
- King: Charles III
Mauritius:
- Capital: Port Louis
- Currency: Mauritian Rupee
- Prime minister: Pravind Jugnauth
Banking news
ADB Approves $162 Million Loan to Boost Sustainable Tourism Development
The Asian Development Bank (ADB) has approved a $162 million loan to enhance tourism in Himachal Pradesh, focusing on five districts heavily impacted by the pandemic: Hamirpur, Kangra, Kullu, Mandi, and Shimla. The loan will support the Sustainable and Inclusive Tourism Development Project, which aims to revive the tourism economy by promoting heritage and cultural sites and developing new infrastructure.
- Restoration of Heritage Sites:
- Restoration of Naggar Castle in Kullu.
- Promotion of cultural sites in Mandi and Hamirpur.
- Infrastructure Development:
- Public space improvements and construction of a new convention center in Kangra.
- Use of environmentally friendly technologies, such as solar-powered lighting and electric vehicles along major travel routes.
- Inclusivity and Accessibility:
- Facilities for All: The project focuses on accessibility for vulnerable groups such as the elderly, women, children, and people with disabilities.
- Planned developments include wellness centers, recreational facilities, an adventure sports hub, and a water park complex.
Asian Development Bank (ADB): Key Points
- Type: Regional multilateral institution.
- Focus: Asia-Pacific region.
- Founded: December 19, 1966 (with 31 founding members, including India).
- Current Membership: 68 members (49 from Asia-Pacific, 19 from outside the region).
- Headquarters: Mandaluyong City, Philippines.
- President: Masatsugu Asakawa.
Interest Rates on Small Savings Schemes Remain Unchanged for Q3 FY25: Ministry of Finance Update
On 2024, the Department of Economic Affairs (DEA-Budget Division), Ministry of Finance (MoF), kept the interest rates on Small Savings Schemes (SSS) unchanged for the 3rd Quarter of the financial year 2024-25 (Q3 FY25), spanning from 1st October 2024 to 31st December 2024. This marks the third consecutive quarter where the rates have remained stable.
Key Points:
- Historical Changes: The interest rates for some small savings schemes, such as Sukanya Samriddhi Yojana (SSY) and 3-year Time Deposits, were last raised by 20 basis points in December 2023 for Q4 FY24.
- PPF Stability: The Public Provident Fund (PPF) rate has been unchanged since April 2020, holding steady at 7.1% after being reduced from 7.9% in Q1 FY21.
Rates from 1st October to 31st December 2024:
- Savings Deposit: 4.0%
- 1-Year Post Office Time Deposit: 6.9%
- 2-Year Post Office Time Deposit: 7.0%
- 3-Year Post Office Time Deposit: 7.1%
- 5-Year Post Office Time Deposit: 7.5%
- 5-Year Recurring Deposit: 6.7%
- Kisan Vikas Patra: 7.5% (matures in 115 months)
- Public Provident Fund (PPF): 7.1%
- Sukanya Samriddhi Yojana (SSY): 8.2%
- National Savings Certificate (NSC): 7.7%
- Senior Citizens’ Savings Scheme (SCSS): 8.2%
- Monthly Income Scheme (MIS): 7.4%
Appointment news
Aviral Jain Joins RBI as Executive Director
The Reserve Bank of India (RBI) has appointed Aviral Jain as Executive Director (ED), effective October 01, 2024. Prior to this promotion, Jain served as the Regional Director for Maharashtra.
Responsibilities as Executive Director:
- Legal Department:
Overseeing legal affairs and ensuring compliance with regulations. - Premises Department:
Managing RBI’s infrastructure and ensuring its maintenance. - RTI Applications:
Acting as the First Appellate Authority for Right to Information (RTI) applications, ensuring transparency and accountability within the bank.
Indra Sena Reddy Nallu Sworn in as Acting Governor of Mizoram
On, 2024, Indra Sena Reddy Nallu (73), the Governor of Tripura, was sworn in as the acting Governor of Mizoram at a ceremony held at the Durbar Hall in Raj Bhavan, Aizawl. The oath was administered by Justice Nelson Sailo, a judge of the Gauhati High Court.
This appointment comes as a result of President Droupadi Murmu assigning him the additional responsibility of Mizoram due to the medical leave of Dr. Hari Babu Kambhampati, the incumbent Governor, who is recovering from a lung infection.
Overview of Mizoram
- Chief Minister (CM): Lalduhoma
- Capital: Aizawl
- National Parks:
- Murlen National Park
- Phawngpui National Park
- Wildlife Sanctuaries:
- Lengteng Wildlife Sanctuary
- Ngengpui Wildlife Sanctuary
State news
Ahmedabad Police Unveils AI-Enhanced Command and Control Centre
The Ahmedabad Police is setting up a state-of-the-art Command and Control Centre to enhance citizen safety, marking a significant leap in public security. This new facility integrates modern technologies to bolster urban policing and crime control efforts.
Key Features:
- Enhanced Monitoring Capabilities:
- Each officer will have three monitors, enabling them to simultaneously surveil three locations for better efficiency.
- This setup will improve real-time CCTV monitoring, aiding in quicker detection of criminal activities.
- AI-Powered Surveillance:
- Artificial Intelligence (AI) will be a central component, allowing officers to track social media for potential threats.
- AI will also assist in identifying suspects and monitoring suspicious activities in real time, enhancing crime prevention efforts.
Ranks And Report News
Switzerland Tops IMD’s World Talent Ranking 2024
According to the Institute for Management Development (IMD)‘s World Talent Ranking (WTR) 2024: The Socio-Economic Implications of AI in the Workplace, Switzerland has been recognized as the world’s most competitive country for the 11th consecutive year, achieving an overall score of 100.
Key Highlights:
- India’s Performance:
- India’s ranking has dropped by two places, falling from 56th position in 2023 to 58th position in 2024, with an overall score of 40.7.
- Top Rankings:
- 2nd Place: Singapore with an overall score of 85.65.
- 3rd Place: Luxembourg.
- 4th Place: Sweden.
- 5th Place: Denmark.
About the Institute for Management Development (IMD):
- President: David Bach
- Headquarters: Lausanne, Switzerland
Sports news
Mumbai Clinches 15th Irani Cup Title After 27-Year Wait
Mumbai, under the leadership of Ajinkya Rahane, has won the Irani Cup after a gap of 27 years. They secured the victory based on a first-innings lead after drawing the match against the Rest of India (RoI).
- Winner: Mumbai (based on the first-innings lead)
- Player of the Match: Sarfaraz Khan (for his double century in the first innings)
About the Irani Trophy:
- The Irani Cup, also known as the IDFC First Bank Irani Trophy, is a prestigious First-Class cricket match organized by the BCCI.
- It is contested between the reigning Ranji Trophy champions and a Rest of India (RoI) team composed of top players from other state teams.
- The tournament was instituted in 1960 to commemorate the 25th anniversary of the Ranji Trophy and was later made an annual fixture in 1962.
- The trophy is named after Zal R. Irani, a significant figure in Indian cricket who served as BCCI president and treasurer.
Most Successful Teams in Irani Trophy History:
- Rest of India – 30 titles
- Mumbai – 15 titles
- Karnataka – 6 titles
- Delhi, Railways, Vidarbha – 2 titles each
Gold Glory: Indian Men’s Team Triumphs in Rapid Fire Pistol
Indian trio wins team Gold medal at ISSF Junior World Championship 2024 in 25 Men’s Rapid Fire Pistol event. The competition was held in Lima, Peru. The trio was Raajwardan Patil, Mukesh Nelavalli and Harsimar Singh Rattha.
Highlights:
- The Indian shooting team, comprising Raajwardan Patil, Mukesh Nelavalli, and Harsimar Singh Rattha, clinched the team gold medal in the 25m Men’s Rapid Fire Pistol event.
- Individual Performances:
- Raajwardan Patil: Qualified third with a score of 579 (17x).
- Mukesh Nelavalli: Finished fourth with a score of 579 (15x).
- Harsimar Singh Rattha: Ranked 13th with a score of 564 (10x).
- Despite both Patil and Nelavalli reaching the individual finals, they secured fourth and fifth places, respectively, with Thomas Chinours of France, who topped the qualification round, finishing sixth with a score of 584.
Team Performance:
- The combined score of the Indian trio was 1722 (42x), which was enough to win gold, surpassing France (1701, 44x) and Poland (1701, 36x).
Medal Tally:
- India continues to lead the medal tally at the championship.
- People’s Republic of China is in second place, while the USA ranks third.
About the ISSF Junior World Championship:
- The ISSF Junior World Championship was established by the International Shooting Sport Federation in 2017.
- It includes a variety of events for both Olympic and non-Olympic disciplines in rifle, pistol, and shotgun, encompassing both individual and team competitions.
- An athlete is classified as a ‘junior’ if they are under the age of 21 on December 31 of the competition year.
Defence news
Lokesh Machines Limited Delivers First Major Order of Indigenous SMG “Asmi” to Indian Army
Hyderabad, Telangana-based Lokesh Machines Limited has successfully delivered its first major order of the 9×19 millimeter (mm) Sub-Machine Gun (SMG) named “Asmi” to the Northern Command of the Indian Army (IA). This marks a significant achievement as it is India’s first SMG developed indigenously by the private sector.
Key Details:
- Contract Value: Approximately USD 550,000 for 550 ASMI 9×19 mm SMGs.
- Flag-off Ceremony: The consignment was flagged off by Maj Gen Rakesh Manocha, General Officer Commanding of the Telangana and Andhra Pradesh sub-area, IA.
Significant Points:
- Historical Context: This order represents the first large-scale acquisition of an indigenous firearm since the Indian Small Arms System (INSAS) rifle.
- Specifications of ASMI:
- Weight: 2.4 kg (5.3 lbs), which is 10-15% lighter than comparable SMGs.
- Magazine Capacity: 32 rounds.
- Firing Rate: Maximum of 800 rounds per minute.
- Design Collaboration: The design of the ASMI was provided by the Armament Research & Development Establishment (ARDE) in Pune, Maharashtra, in collaboration with the Indian Army.
About Lokesh Machines Limited
- Managing Director (MD): Mullapudi Lokeswara Rao
- Headquarters: Hyderabad, Telangana
- Incorporation Year: 1983
Celebration of the 92nd Anniversary of the Indian Air Force in Chennai
The 92nd anniversary of the Indian Air Force (IAF) was celebrated in Chennai with a spectacular display featuring 72 fighter jets and helicopters. This grand airshow, held after 21 years, drew a massive crowd of lakhs of spectators to the sands of Marina Beach.
Highlights of the Event:
- Fighter Jets and Helicopters: The event showcased various IAF fighters, including Chetak, Rafale, Dakota, Harvard, MIG, and Jaguar, demonstrating their prowess through vibrant aerial formations.
- Formation Names: The formations featured include:
- Pandian
- Sarang
- Mahabali
- Suriya Kiran
- Pallava
- Cauvery
- Kanchi
- Nilgiris
- Karthikeya
- Dhanush
- Marina
- Chozha
Dignitaries Present:
- Chief Minister of Tamil Nadu: M.K. Stalin
- Deputy Chief Minister: Udhayanidhi Stalin
- Other state ministers and senior officials from the Defence Forces were also in attendance.
Security and Logistics:
- Enhanced Security: Over 8000 police personnel were deployed across the city to ensure safety and manage the large gathering.
- Impact on Air Services: Air services at Chennai Airport were adjusted due to the airshow, causing significant disruptions and effectively bringing the city to a standstill.
Important days
World Teachers’ Day 2024 Observed Every year on October 5th
Every year on October 5th, the world comes together to celebrate World Teachers’ Day, a momentous occasion dedicated to recognizing and honouring the invaluable contributions of educators worldwide. This day serves as a reminder of the profound impact teachers have on shaping not just individual lives, but the very fabric of society. Teachers, often regarded as second parents, guide students through crucial developmental stages, imparting not only knowledge but also essential life skills and values.
Purpose: World Teachers’ Day honors the contributions of educators worldwide and recognizes their essential role in shaping individual lives and society.
Historical Context
Establishment:
- World Teachers’ Day was established in 1994 by the United Nations Educational, Scientific and Cultural Organization (UNESCO).
Significance of October 5th:
- This date commemorates the adoption of the 1966 UNESCO/ILO Recommendation concerning the Status of Teachers, a pivotal document in education history.
