National news
Nijut Moina Scheme Launched in Assam to Fight Child Marriage
In a significant move to fight against child marriage in Assam, Chief Minister Himanta Biswa Sarma of Assam has initiated the disbursement of monthly financial assistance under the Nijut Moina scheme. This step marks a decisive phase in the government’s ongoing battle against this social issue, aiming to provide crucial support to families and empower young girls to pursue their education and well-being.
Main objectives
- To increase enrollment of girl students in Higher Education.
- To increase the percentage of girls educated beyond matriculation in Assam.
- To reduce dropouts among girl students.
- To increase the overall GER of the State.
- To eliminate the social evil of child marriage
CM’s Remarks
- On the occasion Navratri, our war against child marriage has entered into a decisive phase as we began disbursing monthly financial assistance under scheme.
- On the 11th (day) of every month, Assam’s daughters will receive fixed payments to be in college
- Nijut Moina is unique as it incentivises positive social outcomes, funds higher education, reduces family expenses and bars child marriage by encouraging girls to remain in college.
- The scheme aims to cover 10 lakh girl students with an outlay of Rs 1,500 crore.
- He Also mentioned overwhelming evidence of past efforts that steered the government to take this initiative.
- Studies showed how Assam’s crackdown on child marriage has arrested maternal and infant mortality rates. With Nijut Moina, this social evil will get a final nail in the coffin.
Scope of Applicability
Target Group
Financial assistance is available for girl students enrolled in government and venture educational institutions at the following levels:
- Higher Secondary First Year
- Graduation First Year (B.A., B.Sc., B.Com)
- Post-Graduation First Year (M.A., M.Sc., M.Com, B.Ed)
Disciplinary Requirements
Students must adhere to their institution’s rules and regulations. Violations may lead to withdrawal of benefits.
Girls receiving scooters under the Banikanta Kakati Award or daughters of ministers, MPs, and MLAs are not eligible.
Financial Incentives
- Higher Secondary: ₹1,000 per month for a maximum of 10 months (total ₹10,000 per year).
- Graduation: ₹1,250 per month for a maximum of 10 months (total ₹12,500 per year).
- Post-Graduation: ₹2,500 per month for a maximum of 10 months (total ₹25,000 per year).
Exclusions: No payments will be made during summer or prolonged vacations, and the scheme is not effective in June and July.
Assam:
- Capital: Dispur
- Governor: Lakshman Prasad Acharya
- Chief minister: Himanta Biswa Sarma
Economy news
India-Maldives Economic Aid and Currency Swap Agreement
India extended significant financial assistance to the Maldives, including a $750 million currency swap to ease the Maldives’ foreign exchange crisis. This includes a $400 million swap and ₹3,000 crore ($357 million) under the SAARC Currency Swap Framework, valid until 2027.
- Debt Management: The currency swap will help the Maldives manage its foreign exchange reserves, which are under pressure due to an external debt of 110% of its GDP, primarily from Chinese loans.
- Bilateral Trade: India and the Maldives are initiating discussions on a potential Free Trade Agreement (FTA), aiming to deepen economic ties and counterbalance Chinese influence.
- Strategic Projects: Key projects include the development of a commercial port at Thilafushi Island, refitting of a Coast Guard ship, tourism and agriculture expansion, and the inauguration of the Hanimaadhoo International Airport runway.
- Security Collaboration: India reaffirmed its role as the Maldives’ “first responder” in crisis situations, with both nations agreeing to strengthen maritime security cooperation.
- Reconciliation: Despite previous political tensions, Indian and Maldivian leaders reconciled, focusing on mutual benefits and strategic cooperation in economic and security sectors.
Maldives:
- Capital: Malé
- Currency: Maldivian Rufiyaa
- President: Mohamed Muizzu
India-UAE UPI-AANI Integration and Economic Cooperation
India and UAE are interlinking their national payment systems, UPI (India) and AANI (UAE), to enable seamless cross-border transactions and real-time remittances. This initiative will benefit over 3 million Indians living in the UAE, promoting speed, transparency, and cost efficiency in cross-border payments.
- JAYWAN Card Scheme: NPCI International Payments Limited (NIPL) is collaborating with Al Etihad Payments (AEP) to launch the JAYWAN card scheme in the UAE. Based on India’s RuPay card platform, this will enhance UAE’s digital payment sovereignty.
- 12th India-UAE High Level Joint Task Force on Investments (HLJTFI): Co-chaired by Indian Commerce Minister Piyush Goyal and Sheikh Hamed bin Zayed Al Nahyan, this task force promotes trade, investment, and economic ties between the two nations.
- Food Parks: The UAE has committed to investing $2 billion in Indian food parks over the next 2-2.5 years to secure food security for the UAE, increase incomes for Indian farmers, and create jobs for Indian youth. A working group will focus on creating food corridors for this mission.
UAE:
- Capital: Abu Dhabi
- Currency: United Arab Emirates Dirham
- President: Mohammed bin Zayed Al Nahyan
Banking news
RBI Maintains Repo Rate at 6.50%, Adopts Neutral Stance to Balance Inflation and Growth
The Reserve Bank of India (RBI) has maintained the policy repo rate at 6.50% for the tenth consecutive time since February 2023. Consequently, the Standing Deposit Facility (SDF) rate remains at 6.25%, and both the Marginal Standing Facility (MSF) rate and Bank Rate are at 6.75%.
Key Highlights:
- The Monetary Policy Committee (MPC) has adopted a ‘neutral’ monetary policy stance, prioritizing inflation control while supporting economic growth.
- The policy’s goal is to achieve consumer price index (CPI) inflation of 4% (with a tolerance band of ±2%).
- India’s real GDP grew by 6.7% in Q1 of FY 2024-25, primarily due to private consumption and investment.
- The next MPC meeting is scheduled for December 4-6, 2024.
RBI:
- Formed in 1935
- Headquarters: Mumbai
- Governor: Shaktikanta Das
Award news
Physics Nobel Prize 2024: AI pioneers John Hopfield & Geoffrey Hinton
The Royal Swedish Academy of Science, Stockholm, Sweden, has chosen John J. Hopfield and Geoffrey E. Hinton for the Nobel Prize in Physics for the year 2024.
American John Hopfield and British-Canadian Geoffrey Hinton were chosen for their pioneering work in the development of artificial intelligence (AI). They have been honoured for their discoveries and inventions that enable machine learning with artificial neural networks.
Both the winners will share the prize money of 11 million Swedish kroner, and they will be conferred the prize on 10 December 2024 in Stockholm.
About the Work of the Nobel Prize winner
- John Hopfield was honoured with his invention of a network that uses a specific method for saving and recreating patterns. Geoffrey Hinton, also known as the godfather of artificial Intelligence, developed a new type of network using the Hopfield network, which revolutionised machine learning.
- Machine learning is a branch of computer science that uses data and algorithms to enable artificial intelligence to mimic the way humans learn and continuously improve its accuracy.
- Artificial intelligence is a technology that enables computers and machines to simulate human learning, comprehension, problem-solving, decision-making, creativity, and autonomy.
Indian/Indian origin scientists to win Physics Nobel Prize
- The first Indian who won the Nobel Prize in Physics was Sir Chandrashekhara Venkata Raman (C.V. Raman) in 1930.
- In 1983, Indian -American Subhramanayam Chandrashekhar got the Nobel Prize for Physics.
Nobel Prize in Physics
- The first person to receive the Prize was Wilhelm Conrad Röntgen of Germany in 1901. Rontgen discovered electromagnetic rays, which he named X-rays. These revolutionised diagnostic medicine.
- John Bardeen of the United States of America is the only person to have been awarded the Nobel Prize in Physics twice, in 1956 and 1972.
- In 2023, Pierre Agostini (France), Ferenc Krausz (Hungarian-Austrian) and Anne L’Huillier(France) were awarded the 2023 Nobel Prize.
Nobel Prize
- The Nobel Prize was founded in memory of Alfred Nobel, who, in his will, asked to establish a foundation to give prizes to those persons or institutions that, during the preceding year, had conferred the greatest benefit to “humankind.”
- The Nobel Foundation was established in 1900, and the first prize was in 1901.
Appointment news
RBI Deputy Governor M. Rajeshwar Rao’s Tenure Extended for One Year
The Indian government has approved a one-year extension for M. Rajeshwar Rao as Deputy Governor of the Reserve Bank of India (RBI), effective from October 9, 2024. This marks his second consecutive one-year extension.
- Approval: The extension was sanctioned by the Appointments Committee of the Cabinet (ACC), chaired by Prime Minister Narendra Modi, as per a notification dated October 4, 2024.
- Previous Appointment: Rao was initially appointed as Deputy Governor in October 2020 for a three-year term, which was extended by one year in October 2023.
- Professional Background: M. Rajeshwar Rao holds an economics degree and an MBA from the University of Cochin. He joined the RBI in 1984 and served in various roles, including as executive director from November 2016.
India Announces Key Ambassadorial Appointments
The Ministry of External Affairs (MEA) has named Sanjeev Kumar Singla as India’s next Ambassador to France, a key diplomatic role reflecting India’s strong ties with France.
- Current Role: Singla is currently serving as India’s Ambassador to Israel.
- Background: A 1997-batch Indian Foreign Service (IFS) officer, Singla brings a wealth of experience, including his prior role as Private Secretary to Prime Minister Narendra Modi.
- Strategic Importance: This appointment underscores the significance of the India-France partnership, particularly in areas such as defense, technology, and economic cooperation.
BCCI Appointment of New Anti-Corruption Unit Chief
The Board of Control for Cricket in India (BCCI) has made a significant move in its fight against corruption by appointing retired IPS officer Sharad Kumar as the new chief of its Anti-Corruption Unit (ACU). This strategic appointment brings decades of law enforcement experience to cricket administration.
BCCI:
- President: Roger Binny
- Headquarters: Mumbai
- Founded: December 1928
Sports news
Dipa Karmakar Announces Retirement: The End of a Historic Gymnastics Journey
Dipa Karmakar, India’s pioneering gymnast, announced her retirement at age 30, marking the end of an illustrious career.
- Rio 2016 Olympics: She gained national fame after finishing 4th at the 2016 Rio Olympics, performing the highly risky “Produnova” vault, often called the “vault of death.” Her near-podium finish earned her global recognition despite not winning a medal.
- Career Highlights: Karmakar won a bronze medal at the 2014 Commonwealth Games. Her career was hampered by injuries and knee surgeries, leading to her decision to retire after failing to qualify for the 2024 Paris Olympics.
Important days
Indian Air Force Day 2024: Theme, Slogan, Significance and Historical Journey
India celebrates its 92nd Indian Air Force Day on October 8, 2024, at Marina Beach in Chennai, featuring a grand airshow from 11 a.m. to 1 p.m..
Distinguished Attendees: Key figures include:
- Defence Minister Rajnath Singh
- Tamil Nadu Chief Minister M.K. Stalin
- Air Chief Marshal A.P. Singh
- Chief Secretary N. Muruganandam
Theme: The theme for 2024 is “Bhartiya Vayu Sena: Saksham, Sashakt, Atmanirbhar” (Potent, Powerful, and Self-Reliant), highlighting the IAF’s focus on self-sufficiency, modernization, and operational excellence.
Commitment to Modernization: The theme reflects IAF’s dedication to:
- Enhancing operational readiness
- Advancing technological capabilities
- Innovating in defence
- Achieving self-reliance in defence production
Historical Journey: The IAF was founded on October 8, 1932, beginning as an auxiliary air force under British administration. Its first flight took place on April 1, 1933, and over the last nine decades, the IAF has grown into one of the world’s most powerful air forces.
Indian air force:
