National affairs
Spain-India Partnership: Strengthening Bilateral Ties
In response to an invitation from Indian Prime Minister Narendra Modi, Spanish Prime Minister Pedro Sánchez and his spouse Begona Gomez visited India from 28th to 29th October 2024. The two leaders engaged in delegation-level talks at the Laxmi Vilas Palace in Vadodara, Gujarat, discussing key areas for enhanced cooperation.
Key Outcomes of the Visit:
- Bilateral Agreements: India and Spain signed multiple MoUs covering rail transport, customs, financial mechanisms for investment, and cultural exchanges, marking progress across diverse sectors.
- Spain-India Forum: On 29th October 2024, PM Pedro Sánchez inaugurated the 4th Spain-India Forum in Mumbai, Maharashtra. This year’s theme, “Spain-India Partnership amid Geopolitical and Technological Challenges: New Horizons, New Possibilities,” highlighted the evolving opportunities and challenges in the global arena.
About Spain:
- Prime Minister: Pedro Sánchez
- Capital: Madrid
- Currency: Euro
Enhanced Child Protection Measures by Railway Protection Force
On 25th October 2024, the Railway Protection Force (RPF), under the Ministry of Railways (MoR), in collaboration with the Ministry of Women and Child Development (MoWCD), launched a revised Standard Operating Procedure (SOP) to safeguard vulnerable children found on railway premises across India. The SOP was unveiled at Rail Bhawan in New Delhi and provides a detailed framework for child protection efforts within the railway network.
Key Highlights:
- Revised SOP for Child Protection: The SOP outlines comprehensive strategies to protect children in contact with Indian Railways, demonstrating MoR’s commitment to preventing child exploitation and trafficking.
- Expansion of Child Help Desks (CHDs): Indian Railways and MoWCD announced an increase in CHDs at major railway stations to expand support for children in need.
- Anti-Human Trafficking Units (AHTUs): RPF urged states like Assam, Gujarat, Haryana, Punjab, Chhattisgarh, and Madhya Pradesh to establish AHTUs at railway stations to combat trafficking and enhance passenger safety.
About Railway Protection Force (RPF):
- Role: An armed force under the Ministry of Railways, established by the RPF Act, 1957, responsible for safeguarding railway passenger security and property.
- Director General (DG): Manoj Yadava
- Headquarters: New Delhi, Delhi.
Rural Employment Growth under MGNREGA
According to data from the Ministry of Rural Development (MoRD), rural employment under the Mahatma Gandhi National Rural Employment Guarantee Act 2005 (MGNREGA) has shown substantial growth over the past decade. The total person-days generated increased from 1,660 crore (FY07 to FY14) to 2,923 crore (FY15 to FY25), marking a 76.1% increase in rural employment.
Key Highlights:
- Aadhaar Seeding: Around 13 crore active workers (99.3% of the total) have been Aadhaar-seeded, reducing transaction rejections caused by frequent account changes.
- Increased Budget Allocation: The budget for MGNREGA was raised to Rs 86,000 crore in FY 2024-25 from Rs 33,000 crore in FY 2013-14, with a 7% increase in the minimum average notified wage rate for FY25.
- Job Card Deletions: According to NREGASoft, 102.20 lakh job cards were deleted in FY 2023-24, while deletions reduced to 32.28 lakh in FY 2024-25 (as of October 26, 2024).
International news
India’s Position in the WJP Rule of Law Index 2024
The World Justice Project (WJP), a Washington D.C.-bas
ed think tank, released its WJP Rule of Law Index 2024 on 23rd October 2024. India ranks 79th among 142 countries with an overall rule of law score of 0.50, reflecting a 0.8% improvement from the previous year.
Key Highlights:
- Top Performers: Denmark secured the top position with a score of 0.90, followed by Norway (0.89) and Finland (0.87) in 2nd and 3rd place, respectively.
- Lowest Rankings: Venezuela ranked last at 142nd position with a score of 0.26, followed by Cambodia (0.31), Afghanistan (0.32), Haiti (0.33), and Myanmar (0.34).
- Global Trend: The report highlights a decline in the rule of law for the 7th consecutive year in 57% of countries, while 43% showed improvement.
About World Justice Project (WJP):
- Co-founder & CEO: William H. Neukom
- Headquarters: Washington D.C., USA
- Founded: 2006.
Commonwealth Heads of Government Meet to Celebrate 75th Anniversary
from 24th to 26th October 2024, marking the first CHOGM (Commonwealth Heads of Government Meeting) hosted by a Pacific island nation. With the theme “One Resilient Common Future: Transforming our Common Wealth,” the meeting celebrated the 75th anniversary of the Commonwealth and was the first CHOGM attended by King Charles III as Head of the Commonwealth.
Key Highlights:
- Indian Delegation: Led by Union Minister Kiren Rijiju from the Ministry of Parliamentary Affairs (MoPA), India participated actively in the Executive Session of CHOGM 2024.
- First Ocean Declaration: Commonwealth countries adopted their first ocean declaration to address critical marine issues. This occurred amid increasing calls for reparatory justice for the trans-Atlantic slave trade from several former British colonies.
About Commonwealth Parliamentary Association (CPA):
- Previous Name: Empire Parliamentary Association
- Secretary-General: Stephen Twigg
- Headquarters: London, United Kingdom
- Founded: 1911
Banking news
SEBI Enables Indian Mutual Funds to Invest in Select Overseas Funds
On 4th November 2024, the Securities and Exchange Board of India (SEBI) introduced a new regulation permitting Indian Mutual Funds (MFs) to invest in overseas Mutual Funds (MFs) or Unit Trusts (UTs). This is conditional on these overseas funds having up to 25% exposure to Indian securities, allowing Indian MFs to diversify internationally with regulated transparency.
Key Highlights:
- Investment Cap: Overseas MFs/UTs can invest up to 25% of their net assets in Indian securities.
- Objective: Simplifies overseas investments for Indian MFs, enhancing investment transparency.
- Legal Basis: Authorized under Section 11(1) of the SEBI Act, 1992, along with Regulations 43(1) and 77 of the SEBI (Mutual Funds) Regulations, 1996.
- Immediate Effect: The regulation is effective immediately per SEBI’s circular.
Key Features:
- Single Investment Vehicle: All investments in overseas MFs/UTs must be combined into one single investment vehicle, ensuring no use of side vehicles.
- No Segregated Portfolios: The overseas MF must operate as a “blind pool” with no separate portfolios, ensuring equal and proportionate rights for all investors.
- Prohibition of Advisory Agreements: Indian MFs cannot have advisory agreements with overseas MFs, reducing potential conflicts of interest.
- Observance Period for Breach of Limits: If exposure to Indian securities exceeds 25%, a 6-month observance period is allowed for portfolio rebalancing by the overseas MF/UT. During this period, no new investments can be made by Indian MFs in the breached fund until it complies again.
Securities and Exchange Board of India (SEBI)
- Role: Apex regulatory body for securities and commodity markets in India.
- Established: April 1988 as a non-statutory body.
- Statutory Status: Acquired through the SEBI Act, 1992 on 30th January 1992.
- Chairman: Madhabi Puri Buch
- Headquarters: Mumbai, Maharashtra.
Strengthening India-UAE Strategic Partnership through Financial and Technological Initiatives
India and the United Arab Emirates (UAE) have deepened their partnership with several strategic initiatives aimed at enhancing economic, financial, and technological cooperation. This collaboration was highlighted during the 12th meeting of the India-UAE High-Level Joint Task Force on Investment (HLJTFI) in Mumbai.
Key Highlights:
- UPI-ANNI Integration: Efforts are underway to link India’s Unified Payments Interface (UPI) with the UAE’s Arabian Automated Network for Instant Payments (ANNI), powered by Al Etihad Payments (AEP). This will enable over 3 million Indians in the UAE to conduct cross-border transactions seamlessly.
- Food Parks Investment: The UAE has committed nearly USD 2 billion to establish food parks in India, aimed at improving food security for the UAE and creating jobs for Indian farmers.
- Trade Growth Post-CEPA: After the signing of the Comprehensive Economic Partnership Agreement (CEPA), trade between India and the UAE surged to USD 84 billion in the 2023-24 Financial Year, with a significant reduction in the trade deficit from USD 22 billion to USD 12 billion.
JAYWAN Card Scheme:
- In early 2024, the JAYWAN card was launched, developed in collaboration between NPCI and Al Etihad Payments (AEP), marking the first Gulf Cooperation Council (GCC) country to adopt the RuPay infrastructure.
About UAE:
- President: Mohammed bin Zayed Al Nahyan
- Prime Minister: Mohammed bin Rashid Al Maktoum
- Capital: Abu Dhabi
- Currency: UAE Dirham (AED)
Economic and Business
Impact of Tax Simplification on Income Tax Returns (ITR) Filing and Income Disparity in India
A recent study by the State Bank of India (SBI)‘s Economic Department, Ecowrap, titled ‘How Tax Simplification has Given a Necessary Fillip to ITR Filing,’ highlights significant improvements in income disparity and ITR filing trends in India from FY 2013-14 to FY 2022-23.
Key Highlights:
- 74.2% Reduction in Income Disparity: There has been a 74.2% reduction in income disparity for individuals earning up to Rs 5 lakh annually.
- More Equitable Income Distribution: The income distribution has become more equitable, with lower-income groups experiencing higher income growth.
- Improvement in Lower-Income Groups: The share of individuals earning up to Rs 3.5 lakh annually dropped from 31.8% in FY14 to 12.8% in FY21, showing a 19% improvement relative to their population share.
- Income Growth in Lower Tax Bracket: Individuals in the income range under Rs 5.5 lakh saw consistent income growth, except in AY20 due to the pandemic.
- Saturation of Tax Base in Major States: Traditional tax-paying states like Maharashtra, Delhi, Gujarat, and Karnataka are nearing saturation in ITR filings, while states like Uttar Pradesh (UP), Bihar, Andhra Pradesh (AP), Punjab, and Rajasthan are increasing their tax base.
- Increase in Direct Tax Revenue: Direct tax contribution to total tax revenue rose to 56.7% in AY24, the highest in 14 years. The direct tax-to-GDP ratio reached 6.64%, the highest since 2000-01.
- Surge in ITR Filings: The number of ITRs filed surged to 8.6 crore in AY24, up from 7.3 crore in AY22, with 79% of returns filed on time, reducing penalties from 60% in AY20 to 21% in AY24.
State Bank of India (SBI) :
- Founded: 1955
- Headquarters: Mumbai, Maharashtra, India
- Chairman: Dinesh Kumar Khara (as of 2024)
- Tagline: “The Banker to Every Indian
India’s Economic Growth Forecast by S&P Global Market Intelligence
S&P Global Market Intelligence’s October Global Economic Forecast update projects strong economic growth for India, with India’s GDP expected to grow at 6.8% in FY25 and 6.6% in FY26. The forecast reflects India’s resilient economic performance amid global uncertainties.
Key Highlights:
- Moderating inflation and easing monetary policies are key factors contributing to global economic stability, facilitating a “soft landing” in several economies.
- Global GDP growth is forecasted at 4.3% for 2024 and 4.4% for 2025, excluding China and Japan, indicating steady growth in major global regions.
- The report acknowledges potential risks from geopolitical tensions but underscores the role of policy stimulus in sustaining growth momentum globally.
Rajasthan Signs Agreement with UAE for Rs 3 Lakh Crore Investment in Renewable Energy
The Rajasthan government has signed an agreement with the UAE for a Rs 3 lakh crore investment in the state’s renewable energy sector, focusing on solar, wind, and hybrid energy projects. This initiative will enhance Rajasthan’s renewable energy capacity by 60 GW and contribute significantly to India’s target of 500 GW of solar energy. The agreement highlights Rajasthan’s leading role in India’s renewable energy production.
Key Points:
· The agreement was signed by Mohammad Hassan Al Suwaidi, UAE’s Minister of Investment, and Ajitabh Sharma, Principal Secretary of the Industries Department of Rajasthan, in the presence of Rajasthan CM Bhajan Lal Sharma.
· The investment aims to establish solar, wind, and hybrid projects with a combined capacity of 60 GW in Rajasthan’s western districts.
· This partnership is a significant step towards achieving India’s goal of 500 GW of solar energy, with Rajasthan contributing 250 GW of that total.
· Rajasthan is currently the top producer of renewable energy in India and has developed an action plan to strengthen its power system to meet future electricity demands.
Rajasthan:
- Capital: Jaipur
- Governor: Kalraj Mishra
- Chief Minister: Bhajan Lal Sharma
Awards and recognition
Sri Sri Ravi Shankar Honored with Fiji’s Highest Civilian Award
The Republic of Fiji has awarded Gurudev Sri Sri Ravi Shankar the prestigious ‘Honourary Officer of the Order of Fiji’, the nation’s highest civilian accolade, recognizing his efforts in promoting peace and unity worldwide. Fiji’s President, Ratu Wiliame M. Katonivere, presented the award, making Sri Sri Ravi Shankar the sixth person to receive this honor globally.
Key Points:
- Award Presented By: Fiji’s President, Ratu Wiliame M. Katonivere.
- Achievement: Acknowledgement of his dedication to global peace and unity.
- Engagements in Fiji: Met with leaders including Deputy Prime Minister Viliame Gavoka and UN Resident Coordinator Dirk Wagener.
About the Republic of Fiji:
- Current President: Ratu Wiliame M. Katonivere (Ratu Naiqama Lalabalavu to assume the role in mid-November 2024).
- Prime Minister: Sitiveni Rabuka.
- Capital: Suva.
- Currency: Fijian Dollar (FJD).
Ballon d’Or 2024: Recognizing Football’s Best
The 68th Ballon d’Or ceremony, honoring the world’s top football talent, took place on 28th October 2024 at the Théâtre du Châtelet in Paris, France.
- Rodri Hernández Cascante (Rodri), Manchester City and Spain’s midfielder, won the 2024 Men’s Ballon d’Or award for his exceptional performance.
- Aitana Bonmatí Conca, Barcelona FC and Spain midfielder, received the Women’s Ballon d’Or (Ballon d’Or Féminin) for the second consecutive year after winning in 2023.
Appointment and resignation
Himanshu Pathak Named Director-General Designate of ICRISAT
The International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) has appointed Himanshu Pathak as its Director-General (DG) Designate, set to take charge in 2025. The announcement was made by ICRISAT’s Governing Board, chaired by Professor Prabhu Pingali, at an event at ICRISAT’s headquarters in Hyderabad, Telangana.
- Current Interim DG: Dr. Stanford Blade is presently serving as the Director General – Interim of ICRISAT.
- Dr. Himanshu Pathak also holds the position of Secretary of the Department of Agricultural Research and Education (DARE) and DG of the Indian Council of Agricultural Research (ICAR).
- ICRISAT’s 52nd Anniversary: The Institute celebrates over five decades of commitment to advancing agricultural innovation and global leadership in dryland research.
Science and Technology
Vajra Shot: India’s Innovative Handheld Anti-Drone Gun
The Vajra Shot, developed by Big Bang Boom Solutions, a Chennai-based technology startup, is an innovative handheld anti-drone gun designed to enhance India’s defense capabilities. It was showcased at Swavlamban 2024, an Indian Navy (IN) seminar focused on innovation and indigenization, held at Bharat Mandapam, New Delhi.
- Deployment: The Indian Army (IA) and Indian Air Force (IAF) have deployed the Vajra Shot.
- Detection & Jamming Range: Capable of detecting and jamming drone signals up to 4 kilometers (km).
- Enhanced Version: The Vajra Super Shot integrates both detection and jamming capabilities when paired with a handheld drone detector.
- Portability: Weighs only 3.5 kilograms (kg), designed for easy mobility and use in field operations.
- Software-Defined Capabilities: Unlike fixed-frequency jammers, the Vajra Shot can adapt its interference frequency, effectively targeting both standard and non-standard drones.
- Real-Time Monitoring: Features an LED display for real-time updates on operational status and interference duration.
OBITUARY
Justice KS Puttaswamy: The Legacy of India’s Right to Privacy Champion
Justice KS Puttaswamy, former Karnataka High Court Judge and petitioner in the landmark Right to Privacy case, passed away at 98. He played a significant role in establishing privacy as a fundamental right in India.
About Justice KS Puttaswamy
- Born: February 1926, Kolar, Karnataka
- Judicial Career: Became an advocate in 1952, became a judge in 1977, and served in the Karnataka High Court until 1986
- Key Positions: First Vice Chairperson of the Central Administrative Tribunal in Bengaluru and Chair of Andhra Pradesh’s Backward Classes Commission
Right to Privacy Petition
- 2012: Filed a petition in the Supreme Court challenging the Aadhaar scheme of the Congress-led UPA government
- 2015: Supreme Court expanded the case to examine if privacy is a fundamental right
- 2017 Ruling: On August 24, 2017, a 9-judge Constitution Bench, led by Chief Justice JS Khehar, declared privacy as a fundamental right under Article 21 of the Indian Constitution
Right to Privacy
- Scope: Covers personal information, communication, movements, personal choices, partners, and eating habits
- Fundamental Rights: Protected under Articles 12 to 35 in Part III of the Constitution
Important days
International Day for Preventing the Exploitation of the Environment in War and Armed Conflict: 6th November
The United Nations (UN) observes the International Day for Preventing the Exploitation of the Environment in War and Armed Conflict every year on 6th November to increase global awareness of the impact of war and conflict on the environment.
- 2024 marks the 23rd observance of this day.
Background:
- The United Nations General Assembly (UNGA) adopted Resolution A/RES/56/4 on 5th November 2001, establishing the observance of this day.
- The first observance was held on 6th November 2002.
About the United Nations Environment Programme (UNEP):
- Executive Director: Inger Andersen
- Headquarters: Nairobi, Kenya
- Established: 1972
State news
Assam Launches Mission Basundhara 3.0 to Provide Land Rights to Indigenous Communities
The Government of Assam, led by Chief Minister Himanta Biswa Sarma, has launched Mission Basundhara 3.0 in Guwahati. This initiative aims to provide land rights to indigenous people, digitize land services, and publish maps for residents’ benefit.
- Digidoc, a digital directory for the Revenue Department, was also introduced to streamline document management, improve efficiency, and enhance public access.
Mission Basundhara Phases:
- Mission Basundhara 1.0 (2021) resolved 8 lakh applications in 9 months.
- Mission Basundhara 2.0 (2022) granted land rights to over 1 lakh indigenous people within a year.
- Mission Basundhara 3.0 will be the final phase, with no further editions planned.
Key Highlights of Mission Basundhara 3.0:
- Indigenous communities, including Scheduled Castes (SC), Scheduled Tribes (ST), Adivasis, Tea Tribes, and Gorkhas, are recognized as “sons of the soil” and exempted from proving three-generation ancestry for land rights.
- Premium rate for city dwellers has been reduced to 3% of zonal valuation.
Assam :
- Capital: Dispur
- Chief Minister (CM): Himanta Biswa Sarma
- Governor: Gulab Chand Kataria
