National news

Black Diamond Exhibition: A Journey Through Coal’s Significance and Innovations

Union Culture and Tourism Minister Gajendra Singh Shekhawat and Minister of State for Coal and Mines Satish Chandra Dubey inaugurated the first-ever coal gallery, titled “Black Diamond – Unveiling the Depths,” at the National Science Centre in New Delhi. The exhibition explores coal’s journey from formation to its vital role in modern energy production, focusing on aspects such as extraction, mining technologies, environmental practices, and future innovations in sustainable energy.

Key Features of the Exhibition:

• Dynamic Diorama & Virtual Mine Descent: Offers interactive displays, including a diorama of open-cast mining and a simulated coal mine experience.
• Dragline Simulator: Allows visitors to operate mining machinery.
• Digital Diorama: Highlights Coal India Limited’s reclamation efforts.
• Raniganj Mining Rescue Tribute: Commemorates the bravery of miners involved in the historic Raniganj rescue operation.

Union Culture and Tourism Minister Gajendra Singh Shekhawat

Saharanpur, Rewa, and Ambikapur Airports Launched by PM Modi

Prime Minister Shri Narendra Modi inaugurated three new airports developed under the Regional Connectivity Scheme (RCS) – UDAN (Ude Desh Ka Aam Nagrik) from Varanasi, Uttar Pradesh. The newly inaugurated airports are located in Rewa (Madhya Pradesh), Ambikapur (Chhattisgarh), and Saharanpur (Uttar Pradesh).

Overview of RCS-UDAN:

• Launch Date: October 21, 2016, as part of India’s National Civil Aviation Policy (NCAP).
• Vision: A 10-year plan aimed at enhancing infrastructure and connectivity in remote and underserved regions.
• Impact: Completed seven years of operation, facilitating travel for over 14.4 million passengers.
• Inaugural Flight: The first RCS-UDAN flight was inaugurated on April 27, 2017, connecting Shimla to Delhi.
• Focus: Improving unserved air routes in underserved regions and fulfilling the aspirations of common citizens.

Milestones in RCS-UDAN Development:

• UDAN 1.0: Awarded 128 flight routes to five airline companies, adding 36 operational airports.
• UDAN 2.0: Connected 73 underserved and unserved airports, introducing helipads.
• UDAN 3.0: Launched tourism routes and connected water aerodromes with seaplanes, particularly in the Northeast.
• UDAN 4.0: Focused on operations in the Northeast, hilly states, and islands, including helicopters and seaplanes.
• UDAN 5.0: Improved based on stakeholder feedback, focusing on larger aircraft and removing the 600 km distance cap, requiring airlines to start operations within four months of route award.

UDAN scheme

The UDAN (Ude Desh Ka Aam Nagrik) scheme, launched in India, is a significant initiative aimed at enhancing regional air connectivity and making air travel more affordable for the common citizen. Here’s an overview of the history and development of the scheme:

Launch and Objectives

• Launch Date: The UDAN scheme was launched on October 21, 2016, as part of India’s National Civil Aviation Policy (NCAP).
• Objective: The primary goal was to improve air connectivity to underserved and unserved airports across the country, making air travel accessible to a larger population. The initiative aimed to foster economic growth, boost tourism, and improve accessibility in remote regions.

Haryana Becomes First State to Implement Dalit Sub-Quotas

In a landmark decision, Haryana has become the first state in India to implement sub-quotas for the Dalit community by subclassifying Scheduled Castes (SCs). This move follows a Supreme Court ruling in August 2023 that empowered states to divide SCs and STs for preferential reservations. The initiative aims to address the underrepresentation of “Deprived Scheduled Castes” (DSC), which are more marginalized in employment compared to “Other Scheduled Castes” (OSC).

Key Features:

• Subdivision of SC Community: The SC community is divided into two groups:
  • DSC: Includes 36 castes, such as Balmikis and Dhanaks.
  • OSC: Includes castes like Chamars and Jatavs.
• Reservation Quota: Each subgroup will receive 50% of the 20% SC quota for government jobs, promoting equitable distribution of benefits within the SC community.

Historical Context:

• In 2020, Haryana enacted legislation reserving 50% of the SC quota in higher education for deprived groups.
• The recent decision is influenced by the Supreme Court’s August 2023 verdict, which overturned a previous ruling that prohibited subclassifications, recognizing the socio-economic diversity within SC/ST communities.

This initiative marks a significant step towards targeted support for the most disadvantaged groups within the Dalit community, ensuring more equitable access to opportunities in government employment.

Haryana:

• Governor: Bandaru Dattatreya
• Chief minister: Nayab Singh Saini
• Capital: Chandigarh

PM Modi Launches Karmayogi Saptah to Boost Civil Service Skills

On October , 2024, Prime Minister Narendra Modi inaugurated the Karmayogi Saptah (National Learning Week) at the Dr. Ambedkar International Centre in New Delhi. This initiative is part of Mission Karmayogi, which aims to enhance the skills of civil servants, ensuring their competencies align with India’s evolving goals, particularly the vision for a developed nation by 2047.

Key Features of Karmayogi Saptah:

• Commitment to Learning: Each participant (Karmayogi) is encouraged to dedicate at least four hours to competency-linked learning through various courses and webinars, promoting a culture of lifelong learning and citizen-centric governance.

Objectives:

• Skill Development: The program emphasizes creative problem-solving and the necessity for a skilled workforce to drive national development.
• Lifelong Learning: Encourages public servants to engage in continuous education, fostering unity across government sectors.

Highlights of National Learning Week:

• Indic Day Webinar Series: Scheduled for October 21, 2024, featuring prominent speakers discussing topics such as Indian Knowledge Systems and digital infrastructure.
• Key Speakers: Notable figures like Vedic scholar Mr. David Frawley and tech innovator Mr. Nandan Nilekani will explore the integration of traditional wisdom with modern technology.

International news

IOCL and Nepal Oil Corporation Sign B2B Framework Agreements

On October, 2024, Indian Oil Corporation Limited (IOCL) and Nepal Oil Corporation (NOC) signed a Business to Business (B2B) Framework Agreement aimed at developing petroleum infrastructure in Nepal with a total investment of approximately Rs. 15 billion.

Key Highlights of the Agreement:

• Petroleum Pipeline Construction:

• A 50-kilometer pipeline will be established from Siliguri, India, to Charali, Jhapa, Nepal.
• This pipeline will enhance the transportation of petroleum products into Nepal.
• Storage and Distribution Infrastructure:

• A state-of-the-art terminal will be built in Charali to improve storage and distribution capabilities in the region.
• Additionally, a 62-kilometer pipeline will connect Amlekhgunj to Lothar in Chitwan, Nepal.
• A modern terminal at Lothar will have a storage capacity of 91,900 kiloliters.

Signatories:

• The agreement was signed by:
  • Dr. Chandika Prasad Bhatta, Executive Director of NOC.
  • Senthil Kumar, Director of IOCL.
• The signing took place in New Delhi, with senior officials including:
  • Pankaj Jain, Secretary of the Ministry of Petroleum and Natural Gas (MoP&NG), India.
  • V. Satish Kumar, Chairman of IOCL.

Background: This collaboration follows a Government-to-Government (G2G) Memorandum of Understanding (MoU) signed in May 2023 between India’s MoP&NG and Nepal’s Ministry of Industry, Commerce, and Supplies. This agreement marks a significant step in enhancing energy cooperation between India and Nepal, strengthening bilateral ties and contributing to Nepal’s petroleum infrastructure development.

IOCL:

• Headquarters: New Delhi
• Founded: 30 June 1959
• Interim Chairman: Satish Kumar Vaduguri 

Nepal:

• Capital: Kathmandu
• President: Ram Chandra Poudel
• Currency: Nepalese Rupee

Economy news

India Achieves Milestone of $700 Billion in Foreign Reserves

Key Highlights:

In September 2024, India made history by surpassing $700 billion in foreign exchange reserves, reaching a total of $704.885 billion as of the week ending September 27, 2024. This achievement positions India as the fourth country globally, joining China, Japan, and Switzerland in this elite club.

• Increase in Reserves: India’s foreign reserves rose by $12.59 billion during this period.
• Foreign Currency Assets (FCA): FCA, a significant component of the overall reserves, increased by $10.46 billion, reaching $616.154 billion.
• Gold Reserves: The country’s gold reserves also saw an uptick, growing by $2.184 billion to $65.796 billion.
• Composition of FCA: FCA are maintained as a multi-currency portfolio, primarily composed of major currencies like the US Dollar (USD), Euro, Pound Sterling, and Japanese Yen.

Factors Contributing to the Increase: The surge in foreign reserves is attributed to several factors, notably:

• $30 billion in foreign inflows in 2024, driven largely by investments in local bonds.
• India’s recent inclusion in a significant J.P. Morgan index, which boosted investor confidence and attracted capital.

Scheme news

Government to Extend UDAN Scheme for 10 More Years: Transforming India’s Aviation Landscape

On October 21, 2024, Civil Aviation Minister K. Rammohan Naidu announced a 10-year extension of the UDAN (Ude Desh ka Aam Nagrik) scheme, marking its eighth anniversary. This decision underscores the government’s commitment to improving regional air connectivity and ensuring air travel accessibility for all citizens of India.

Key Highlights:

• Launch and Impact: The UDAN scheme was launched on October 21, 2016, and has significantly boosted regional airlines while creating thousands of jobs and enhancing tourism across India.
• Operational Achievements: With 601 air routes and 71 operationalized airports, UDAN has improved air travel infrastructure, particularly in underserved and remote areas.
• Growth of Regional Airlines: The scheme has facilitated the rise of regional airlines, offering affordable airfares and connecting smaller cities, thereby promoting economic growth and creating job opportunities in aviation and tourism.

Objectives of UDAN:

• Enhance regional air connectivity by providing subsidies to airlines operating on unserved or underserved routes.
• Foster tourism and trade by linking smaller cities to major hubs.
• Make flying affordable for the average citizen by capping airfares on select routes.

Appointment news

Vijaya Kishore Rahatkar Appointed as Chairperson of NCW

Smt. Vijaya Kishore Rahatkar has been appointed as the new Chairperson of the National Commission for Women (NCW), becoming the ninth person to hold this esteemed position. Her appointment, announced by the Narendra Modi government, underscores a commitment to advancing women’s rights and issues in India.

Tenure Details:

• Effective Immediately: Her term will last for three years or until she reaches the age of 65, whichever comes first.

Previous Roles:

• Chairperson of Maharashtra State Commission for Women (2016-2021): Smt. Rahatkar spearheaded various impactful initiatives aimed at women’s empowerment, including:
  • “Sakshama”: A support program for acid attack survivors.
  • “Prajwala”: Connecting self-help groups to central government schemes.
  • “Suhita”: A 24×7 helpline service for women.
• Focused on legal reforms addressing:
  • The Protection of Children from Sexual Offences Act (POCSO).
  • Efforts against triple talaq.
  • Establishing anti-human trafficking units.

The National Commission for Women (NCW) was established in 1992 by the Government of India to safeguard and promote the rights and interests of women. Its formation was in response to growing concerns about women’s status in society and increasing demands for an official body that could address issues related to women’s welfare, equality, and justice.

Key Historical Milestones:

1. Establishment: The NCW was set up under the National Commission for Women Act, 1990, and became functional on January 31, 1992. This act provided the legal framework for the commission’s role and responsibilities in protecting women’s rights.
2. Mandate and Objectives: The primary objectives of the NCW are:

2. To review the legal and constitutional safeguards for women.
3. To recommend changes and improvements in laws to meet the needs of women.
4. To advise the government on policy matters affecting women.
5. To investigate specific issues of discrimination and violations of women’s rights.

Abhyuday Jindal Named New President of Indian Chamber of Commerce

Abhyuday Jindal has been appointed as the new president of the Indian Chamber of Commerce (ICC), a key national business association. The announcement was made during ICC’s annual plenary session in New Delhi, with Commerce and Industry Minister Piyush Goyal serving as the chief guest.

Minister’s Address:

• Piyush Goyal emphasized the crucial role of young leaders in shaping India’s future.
• He urged the ICC to enhance support for startups, women entrepreneurs, and the evolving startup ecosystem.
• Goyal highlighted the importance of leveraging government initiatives to boost skill development and employment for the youth.
• He encouraged the ICC to promote India as a global tourism hub and to connect local talent with international opportunities.

Vision for India:

• Goyal remarked, “The India story is shining bright, and the world is watching,” stressing the need for collaboration between industry and government.
• He called for a collective effort from citizens to contribute to a prosperous India.

Abhyuday Jindal’s leadership at the ICC is anticipated to focus on driving growth and innovation within India’s business landscape.

ICC (Indian chamber of commerce):

 The Indian Chamber of Commerce (ICC), one of India’s oldest and most prominent business organizations, was established in 1925 in Kolkata. It was founded by a group of pioneering Indian industrialists to promote and safeguard the interests of Indian businesses during British colonial rule. Over the decades, it has played a significant role in shaping the economic and industrial policies of India.

Founders included prominent Indian industrialists such as G.D. Birla, P.C. Chatterjee, and Badridas Goenka, who were at the forefront of India’s economic activities.

Modern Role:

• Today, the ICC represents a wide range of sectors including manufacturing, services, agriculture, and international trade. It hosts annual conferences, trade expos, and policy discussions to address the evolving needs of Indian businesses in the global economy.
• The chamber also focuses on sustainability, innovation, digital transformation, and startup incubation, adapting to the dynamic challenges of the 21st century.

 Prabowo Subianto Takes Office as President of Indonesia

In Indonesia, Prabowo Subianto took over as president of the world’s third-largest democracy today.

• Prabowo will officially become the eighth president of the world’s most populous Muslim majority nation.
• The 73-year-old former special forces commander won the February 14 contest with nearly 60 per cent of the vote after sweeping the country’s election with policies like free meals for school children.

Indonesia:

• The currency of Indonesia is the Indonesian Rupiah
• The capital of Indonesia is Jakarta

State news

Ratapani Wildlife Sanctuary Approved as the 8th Tiger Reserve in Madhya Pradesh

The State Wildlife Board (WLB) of Madhya Pradesh has approved the declaration of Ratapani Wildlife Sanctuary (WLS) as the 8th Tiger Reserve (TR) in the state. This decision is now pending final approval from the Government of India (GoI).

Key Details:

• Historical Context:

• In 2011, the National Tiger Conservation Authority (NTCA) granted in-principle approval to designate Ratapani WLS as a TR.
• The latest approval follows the declaration of Veerangana Durgavati TR as the 7th TR in Madhya Pradesh in 2023.
• Geographical Information:
• The proposed TR will encompass a total area of 1,271.465 square kilometers (sq km), integrating both Ratapani WLS and Singhori WLS.
  • Core Area: 763.812 sq km designated for tiger habitat.
  • Buffer Zone: 507.653 sq km to protect wildlife.

Ratapani Wildlife Sanctuary:

• Current Area: Ratapani WLS currently spans 823 sq km, located in Raisen and Sehore districts.
• Wildlife Census: According to the 2022 Tiger Census:
  • Total wild animals: 3,123
  • Tigers: 56
  • Leopards: 70
• Cultural Significance: The sanctuary is home to UNESCO World Heritage sites, including the Bhimbetka rock shelters, Ginnourgarh fort, Keri Mahadeo, and Ratapani dam.

About Madhya Pradesh:

• Chief Minister: Mohan Yadav
• Governor: Mangubhai C. Patel
• Capital: Bhopal
• Other Notable National Parks:
  • Bandhavgarh National Park
  • Kanha National Park

Defence news

Launch of Indian Naval Ship (INS) Samarthak

On October 14, 2024, Larsen & Toubro (L&T) launched the first of class Multi-Purpose Vessel (MPV), named INS Samarthak, at its shipyard in Kattupalli, near Chennai, Tamil Nadu. The launch was officiated by Shashi Tripathi, President of the Navy Wives Welfare Association (NWWA), in the presence of Admiral Dinesh K. Tripathi, Chief of Naval Staff (CNS).

Key Details:

• Significance of Name:
• The name ‘Samarthak,’ meaning ‘Supporter,’ reflects the vessel’s intended operational versatility.
• Contract Background:
• The Ministry of Defence signed a contract with L&T Shipbuilding Limited on March 25, 2022, for the construction of two MPVs, with the launch of INS Samarthak being the first under this agreement.

Larsen and toubro:

• CEO: S N Subrahmanyan (1 Jul 2011–)
• Founded: 7 February 1946, Mumbai
• Headquarters: Mumbai

Indian navy:

• Head: Admiral Dinesh Kumar Tripathi
• Founded: 26 January 1950

Cabinet Committee on Security Approves New Missile Testing Range in Andhra Pradesh

The Cabinet Committee on Security (CCS), chaired by Prime Minister Narendra Modi, has approved the establishment of a new missile testing range in Nagayalanka village, Krishna district, Andhra Pradesh.

Key Details:

• Purpose: The new missile testing range will facilitate the test firing of various tactical missile systems, including:

• Surface-to-air missile systems
• Anti-tank missiles
• Other missile systems developed by the Defence Research and Development Organisation (DRDO)
• Additional Approvals:

• The CCS has also sanctioned the purchase of 31 Predator long-endurance armed drones from the United States.
• Approval for two nuclear submarines to be constructed by ATV Project India Limited to enhance the capabilities of the Indian Navy.

About the Defence Research and Development Organisation (DRDO)

• Role: DRDO serves as the Research and Development (R&D) wing of the Ministry of Defence, Government of India.
• Chairman: Dr. Samir Vankatpati Kamat
• Headquarters: New Delhi, Delhi
• Established: 1958

Indian Army’s Sudarshan Chakra Corps Holds ‘Swavlamban Shakti’ Exercise

The Army’s Sudarshan Chakra Corps of the Southern Command is conducting Exercise SWAVLAMBAN SHAKTI at the Babina Field Firing Ranges near Jhansi from October 17 to October 22, 2024. This exercise focuses on enhancing combat capabilities through the integration of niche and emerging technologies.

Objectives:

• Integrate New Technology Equipment (NTEs) into the Army’s operational strategies.
• Ensure readiness for evolving warfare scenarios.
• Prioritize critical technologies for future development.

Leadership:

• The exercise was launched by Lt Gen Prit Pal Singh, General Officer Commanding of the Sudarshan Chakra Corps.

Participation:

• Approximately 1,800 personnel are involved.
• Equipment includes 210 armored vehicles, 50 specialist vehicles, and various aviation assets.

India and Oman Conduct Joint Naval Drill ‘Naseem Al Bahr’ off Goa

The India-Oman bilateral naval exercise Naseem-Al-Bahr took place off the coast of Goa from October 13 to 18, 2024. The exercise involved the Indian Navy’s INS Trikand and Dornier Maritime Patrol Aircraft, along with the Royal Navy of Oman’s vessel Al Seeb. The exercise was divided into two key phases.

1. Harbour Phase (October 13-15, 2024)

• Engaged personnel from both navies in professional interactions through Subject Matter Expert Exchanges and planning conferences.
• Organized various sports fixtures and social events to enhance camaraderie and collaboration.

2. Sea Phase (October 16-18, 2024)

• Conducted a series of naval maneuvers, including:
  • Gun firings at surface inflatable targets.
  • Close-range anti-aircraft firings to ensure operational readiness.
  • Replenishment at Sea Approaches (RASAPS) for practicing logistical coordination.
  • Helicopter operations from INS Trikand, featuring cross-deck landings and vertical replenishment (VERTREP) with RNOV Al Seeb.
  • The Dornier Maritime Patrol Aircraft provided Over-the-Horizon Targeting (OTHT) data for improved targeting precision.
  • Indian Navy Sea Riders embarked on RNOV Al Seeb for a day to enhance interoperability and share best practices.

Outcomes of the Exercise

• The exercise successfully enhanced interoperability between the Indian and Omani navies.
• Strengthened mutual understanding of each other’s tactics and operational best practices.
• Fostered cohesion through professional and social interactions, promoting a collaborative spirit.

Indian navy:

• Head: Admiral Dinesh Kumar Tripathi
• Founded: 26 January 1950

National news

2nd National Lighthouse Festival held across Nation’s 75 Lighthouse

The 2nd National Lighthouse Festival will be observed across the country’s 75 historic Lighthouses on 19 and 20 October 2024. To mark the start of the Festival, a Lighthouse Tourism Conclave 2024 was held in Puri, Odisha, on 19 October 2024.

The first National Lighthouse Festival was held from September 23 to 25, 2023, at 75 historic lighthouses across the country goa.

Who inaugurated the Lighthouse Tourism Conclave 2024? 

• The Lighthouse Tourism Conclave 2024  was inaugurated by the Union Minister of State for Ports, Shipping & Waterways, Shantanu Thakur, on 19 October 2024. 
• During the inaugural session, the Minister of State for Petroleum, Natural Gas & Tourism, Suresh Gopi, and Odisha Deputy Chief Minister, Mrs Pravati Parida, were also present.

Who organises the National Lighthouse Festival?  The Union Ministry of Ports, Shipping & Waterways organise the ‘National Lighthouse Festival.  

What is the aim of the National Lighthouse Festival?

The main aim of the National Lighthouse Festival is to:

• To transform 75 historic lighthouses in the country into a tourist site with modern amenities such as museums, amphitheatres, children’s parks, etc.
• Promote the conservation and preservation of these historic maritime Lighthouses.
• Generation of local employment and boosting the local economy.

According to the Directorate General of Lighthouses and Lightships, around Rs 65 crore has been invested in 75 iconic lighthouses in 9 coastal states and 1 Union Territory. 

About Lighthouse 

Lighthouses are permanent structures built on sea shore, rocks, or on the seabed. The Lighthouse has a beacon on the top of its structure. The beacon emits a focussed light, which is used to warn ships approaching the dangerous areas of the sea. Many of the lighthouses are also equipped with fog horns that sound high pitch warnings to passing ships in dangerous areas of the sea in dense fog. 

Lighthouses are also used to navigate the ships in or out of the harbours safely.

International news

Maldivian President decides to introduce India’s UPI in Maldives

President Dr. Mohamed Muizzu of the Maldives has decided to implement India’s Unified Payment Interface (UPI) in the country, following a cabinet recommendation.

Expected Benefits:

• The move aims to enhance the Maldivian economy by:
  • Increasing financial inclusion.
  • Improving efficiency in financial transactions.
  • Enhancing digital infrastructure.

Convenience for Tourists: Indian tourists will be able to transact in Indian rupees using UPI-enabled apps, eliminating the need for currency conversion.

Consortium Formation: President Muizzu plans to establish a consortium that will include:

• Banks
• Telecom companies
• State-owned enterprises
• Fintech companies operating in the Maldives

Background: An MoU was signed during External Affairs Minister Dr. S. Jaishankar’s visit in August 2023 to facilitate the introduction of UPI in the Maldives.

Global Operations: UPI, managed by the National Payments Corporation of India, is already operational in several countries, including the UAE, Sri Lanka, France, Malaysia, Singapore, Nepal, the UK, and Mauritius.

Maldives:

• President: Mohamed Muizzu (as of 2024)
• Capital: Malé
• Currency: Maldivian Rufiyaa (MVR)

India Delivers Haemodialysis Machines to PNG, Supplies Aid to Lebanon

India has fulfilled a significant commitment made during the third Forum for India-Pacific Islands Cooperation (FIPIC III) Summit by sending its first consignment of 12 Haemo-Dialysis machines to Papua New Guinea (PNG). Also in response to rising tensions and ongoing conflict in southern Lebanon, India has dispatched the first tranche of a 33-ton consignment of medical supplies as part of a humanitarian effort to support Lebanon.

Haemo-Dialysis Machines to PNG

• Details of Shipment:
  • The shipment includes 12 Haemo-Dialysis machines and portable Reverse Osmosis (RO) units for water purification.
• Healthcare Support:
  • The medical assistance aims to strengthen PNG’s healthcare system, addressing the urgent need for advanced medical equipment.
  • The dialysis machines will significantly improve treatment for kidney-related ailments in PNG.

Departure Information

• Origin: The consignment left Pipavav Port in Gujarat, headed for Port Moresby, the capital of PNG.
• Official Statement: Randhir Jaiswal from the Ministry of External Affairs announced this on social media, emphasizing India’s solidarity with the Pacific Islands.

India’s Global Commitment

• Challenges Addressed: During the FIPIC III Summit, Prime Minister Modi discussed issues like climate change, poverty, and healthcare facing Pacific Island nations.
• Ongoing Support: India reiterated its commitment to provide essential medical supplies and technology, embodying the sentiment, “A friend in need is a friend indeed.”

Continued Engagement

• Aid to Global Partners: India has consistently supported its global partners with vaccines, essential medicines, food, and other resources.
• Health Security Focus: The shipment of dialysis machines highlights India’s effort to enhance health security for partner countries, particularly in the Pacific Islands.

Papua New Guinea:

• Prime Minister: James Marape (as of 2024)
• Capital: Port Moresby
• Currency: Papua New Guinean Kina (PGK)

India and South Korea Set to Join FTSE Russell EMGB Index in 2025

Global index provider FTSE Russell has announced that India’s sovereign bonds will be included in its Emerging Markets Government Bond Index (EMGBI) starting September 2025. This follows similar inclusions by JP Morgan and Bloomberg Index Services, which could potentially attract billions of dollars into India’s local bond market.

Inclusion of Indian Bonds in FTSE Russell Index

• Announcement: FTSE Russell will include India’s sovereign bonds in its Emerging Markets Government Bond Index (EMGBI) starting September 2025.
• Market Impact: The inclusion is expected to attract billions of dollars into India’s local bond market.
• Market Share: Indian securities will constitute 9.35% of the EMGBI based on market value.

Progress and Challenges

• Previous Delays: FTSE Russell had delayed the inclusion of Indian bonds due to issues related to taxation, registration, and settlement.
• Improvements: The announcement reflects progress in making Indian securities more accessible.

South Korean Bonds Inclusion

• FTSE WGBI: South Korean government bonds will be added to the FTSE World Government Bond Index (WGBI) in November 2025, representing 2.22% of the index on a market-value basis.

Context of Inclusion

• Following Other Announcements: The inclusion of Indian bonds in FTSE Russell aligns with earlier announcements from JP Morgan and Bloomberg Index Services.
• Other Indexes: Indian bonds are set to be included in:

• JP Morgan’s Government Bond Index-Emerging Markets in June 2024.
• Bloomberg Index Services’ Emerging Market Local Currency Index starting in January 2025.

Election of New Members to the United Nations Human Rights Council (UNHRC)

On 9th October 2024, the United Nations General Assembly (UNGA) elected 18 new members to the United Nations Human Rights Council (UNHRC) for the term 2025-2027. The newly elected 18 members are Benin; Bolivia; Colombia; Cyprus; Czechia; Democratic Republic of the Congo; Ethiopia; Gambia; Iceland; Kenya; Marshall Islands; Mexico; North Macedonia; Qatar; Republic of Korea; Spain; Switzerland; and Thailand.

• The elected members will serve 3-year terms beginning on 1st January 2025.

About the United Nations Human Rights Council (UNHRC)

• Composition: The UNHRC consists of 47 member states elected directly by the UNGA through a secret ballot, ensuring a democratic selection process. The membership reflects a fair geographical distribution.
• Structure:
• Seats allocated based on regional representation.
• Responsibilities: The UNHRC is an intergovernmental body responsible for promoting and protecting human rights globally.
• President: Omar Zniber
• Headquarters: Geneva, Switzerland
• Founded: 2006

Banking news

Jio Payments Bank Secures Mutual Funds Distribution License from AMFI

Jio Payments Bank has obtained a mutual fund distribution license from the Association of Mutual Funds in India (AMFI).

This Category 1 Execution-only Platform (EOP) license allows the bank to distribute direct plans of various mutual fund schemes, enhancing its presence in the financial services sector.

• Transaction Charges:
  • As a Category 1 EOP, Jio Payments Bank can receive transaction charges from fund houses, capped at ₹2 per transaction. This establishes a structured revenue model for mutual fund distribution.
• Current Landscape:
  • There are currently 15 Category 1 EOPs registered with AMFI.
  • The direct plan distribution market is mainly dominated by stock brokers like Groww and Zerodha, who lead in the digital investment space.
• Increased Stake in Jio Payments Bank:
  • In August, Jio Financial Services increased its stake in Jio Payments Bank from 78.95% to 82.17% by investing ₹68 crore, reflecting confidence in the bank’s growth potential.
• Strategic Partnerships:
  • Jio Financial Services has formed a joint venture with BlackRock, a prominent U.S.-based investment management firm, to create a wealth management and broking business.
  • This venture aims to distribute various financial products, further extending Jio’s reach in the financial services sector.

Jio payment bank:

• Headquarters: Navi Mumbai
• Founded: 3 April 2018
• Founder: Mukesh Ambani

Ranks and reports news

2024 Global Multidimensional Poverty Index (MPI)

The 2024 Global Multidimensional Poverty Index (MPI) report highlights the alarming interconnections between violent conflict and multidimensional poverty across various nations. According to the report, approximately 1.1 billion people live in acute multidimensional poverty, with 455 million residing in conflict-affected regions.

Published by the United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI), the report includes data from 112 countries and over 1,359 subnational regions.

 Key Findings:

• Child Poverty:
  • Over 584 million impoverished individuals are children under 18, revealing a critical impact on youth.
  • 27.9% of children live in poverty, compared to 13.5% of adults.
• Basic Needs:
  • Many individuals lack essential resources:
    • 828 million without adequate sanitation.
    • 886 million lacking proper housing.
    • 998 million without access to cooking fuel.
• Nutrition:
  • Over 637 million people live in households with at least one undernourished individual, particularly affecting regions like South Asia and Sub-Saharan Africa.

 MPI Values for South Asian Countries:

• India:
  • MPI Value: 0.105
  • Multidimensional Poverty: 234 million people (23.8% incidence)
• Pakistan:
  • MPI Value: 0.198
  • Multidimensional Poverty: 93 million people (38.3% incidence)
• Nepal:
  • MPI Value: 0.092
  • Multidimensional Poverty: 7.5 million people (22.5% incidence)
• Bangladesh:
  • MPI Value: 0.104
  • Multidimensional Poverty: 41.7 million people (24.6% incidence)

United nation development programme:

The United Nations Development Programme is a United Nations agency tasked with helping countries eliminate poverty and achieve sustainable economic growth and human development. 

• Headquarters: New York, New York, United States
• Founded: 22 November 1965, United States
• Head: Achim Steiner

Defence news

2nd edition of ‘Sagar Kavach’ exercise 2024 held by Indian Coast Guard

The Indian Coast Guard successfully conducted its 2nd edition of the coastal security exercise ‘Sagar Kavach’ of the year on 16-17 October 2024 across Gujarat and the Union Territory of Daman & Diu coasts.

The Indian Coast Guard held its first ‘Sagar Kavach’ exercise of 2024 on 11 and 12 July 2024 along the coast of Andhra Pradesh.

2nd edition of Sagar Kavach exercise of  2024

• The 2nd edition of the ‘Sagar Kavach’ coastal security exercise was coordinated by the Indian Coast Guard’s North West  Regional Headquarters in Gandhinagar, Gujarat.
• All the agencies responsible for the coastal security of India- State Police, Indian Navy, Marine Police, Border Security Force (BSF), National Security Guard (NSG), Gujarat Maritime Board (GMB), Intelligence Bureau (IB), and the Port authorities, participated in the exercise. The Indian Coast Guard provided extensive aerial surveillance of the coastal area by both the Indian Navy and the Coast Guard.

Indian Coast Guard:

• Formation: Established on February 1, 1977, under the Ministry of Defence.
• Role: Protects India’s maritime interests and enforces maritime law, including:

• Anti-smuggling
• Anti-piracy
• Environmental protection
• Operational Areas: Indian territorial waters, including its Exclusive Economic Zone (EEZ), extending up to 200 nautical miles from the coast.
• Motto: “Vayam Rakshamah” (We Protect).
• Headquarters: New Delhi.
• Key Operations:

• Coastal surveillance
• Search and rescue
• Marine pollution control
• Collaboration with the Navy and other agencies
• Personnel: Approximately 15,000 active members.
• Fleet:

• Over 150 ships and boats
• More than 60 aircraft
• Notable Exercises:

• ‘Sagar Kavach’ for coastal security
• ‘Operation Olivia’ for sea turtle protection
• Current Director General: Rakesh Pal (as of 2024).

State news

Launch of India’s First State-Level Cyber Command and Control Center in Maharashtra

The Maharashtra State Cyber Department, in collaboration with Larsen & Toubro (L&T) Technology Services Limited (LTTS), has inaugurated India’s first state-level Cyber Command and Control Center (CCC) in Mahape, Navi Mumbai. This initiative, launched by Deputy Chief Minister Devendra Fadnavis, aims to bolster cybersecurity capabilities within the state.

Background:

• Approval: The project was initially approved in 2016 by former Maharashtra Chief Minister Devendra Fadnavis.
• Revival: In 2022, the project was revived and received state cabinet approval in 2023, with a budget of ₹837 crore.

Key Objectives of the Cyber Command and Control Center (CCC):

• Investigation Efficiency: Enhance the speed and efficiency of investigating cyber incidents to accelerate cybercrime investigations.
• Legal Process Improvement: Strengthen legal processes to improve conviction rates in cybercrime cases, leading to more successful outcomes in the pursuit of justice.

Overview of Maharashtra

• Chief Minister (CM): Eknath Shinde
• Governor: C.P. Radhakrishnan
• Wildlife Sanctuaries:
  • Bhimashankar Wildlife Sanctuary
  • Melghat Wildlife Sanctuary

About L&T Technology Services Limited (LTTS)

• Chief Executive Officer (CEO): Amit Chadha
• Headquarters: Vadodara, Gujarat
• Founded: 2012

Memorial for Unsung Heroes of Military Intelligence: ‘Satark Park’

India’s first Memorial for Unsung Heroes of Military Intelligence ‘Satark Park’ Unveiled in Pune The Indian Army (IA) inaugurated its first memorial, “Satark Park” in Pune(Maharashtra), dedicated to honouring Military Intelligence (MI) personnel who lost their lives in service. The memorial is inspired by MI’s motto “Sada Satark” (always alert).

Key Details:

• Inaugurated by: Lieutenant General Pradeep Kumar Chahal, Colonel Commandant of the Intelligence Corps and Commandant of the Military Intelligence Training School and Depot (MINTSD).
• Construction and Maintenance: The memorial was constructed, maintained, and operated by MINTSD, with support from Pune-based Roadway Solutions India Infra Limited (RSIIL).
• Features:
  • The park showcases busts of 40 MI personnel, including 11 officers, who lost their lives in various operations, particularly in Jammu and Kashmir (J&K) and along the North Eastern borders since 1962.
  • Each bust is accompanied by a short description of the individual’s contributions to military intelligence.

Scheme news

Launch of Rs 500 Crore ‘Innovative Projects’ Component under PM-Surya Ghar: Muft Bijli Yojana to Promote Solar Energy Access for Low-Income Households

The Ministry of New and Renewable Energy (MNRE) has introduced Scheme Guidelines to implement the Rs 500 crore ‘Innovative Projects’ component under the Prime Minister (PM)-Surya Ghar: Muft Bijli Yojana. This initiative aims to enhance the adoption of solar energy, particularly for low-income or marginalized households in India. Here are the key details:

Key Points of the Scheme

1. Objective: To promote the adoption of solar energy technologies, making it affordable and accessible to low-income households.
2. Implementation Agency: The National Institute of Solar Energy (NISE), based in Gurugram, Haryana, will act as the Scheme Implementation Agency (SIA) for this component.
3. Project Duration: The projects supported under this scheme can have a maximum duration of 18 months.
4. Financial Assistance: Support will be limited to 60% of the total project cost or Rs 30 crore, whichever is lower.
5. Promoting Innovation: The scheme encourages innovative solar energy projects that utilize new technologies or business models for residential applications.
6. Awards for Innovation: Annual awards will be given to promote innovation in rooftop solar projects, including:

6. 1st Prize: Rs 1 crore
7. 2nd Prize: Rs 50 lakh
8. 3rd Prize: Rs 30 lakh
9. 10 Consolation Prizes: Rs 5 lakh each
10. Target Beneficiaries: The scheme is aimed at supporting startups, Research Institutions (RIs), and Non-Governmental Organizations (NGOs) that focus on scalable and replicable solar projects.
11. Impact: By enhancing the efficiency of solar energy generation and distribution, the initiative aims to lower electricity costs for consumers, contributing to sustainable energy access.

Overview of PM-Surya Ghar: Muft Bijli Yojana

• Launch Date: February 29, 2024
• Objective: To enhance solar rooftop capacity and empower households to generate their own electricity.
• Budget: ₹75,021 crore
• Duration: Until Financial Year 2026-27 (FY27)

Subsidy Structure:

• Up to 2 kW Systems: Up to 60% subsidy
  • ₹30,000 for 1 kW systems
  • ₹60,000 for 2 kW systems
• Between 2 to 3 kW Systems: 40% subsidy
  • ₹78,000 for 3 kW systems or higher

Additional Benefits:

• Households can sell surplus electricity back to the grid, creating additional income streams.

Implementation:

• Managed by the National Programme Implementation Agency (NPIA) under the Ministry of Statistics and Programme Implementation (MOSPI) at the national level.
• Supported by State Implementation Agencies (SIAs) at the state level.

Award news

Rajkumar Hirani Honoured with National Kishore Kumar Award 2023

In a heartwarming tribute to the legacy of legendary singer and actor Kishore Kumar, the renowned filmmaker Rajkumar Hirani was conferred with the prestigious National Kishore Kumar Award for the year 2023.

• The award ceremony took place in Khandwa, Madhya Pradesh, the birthplace of Kishore Kumar, on the occasion of the 37th death anniversary of the iconic singer.
• This award, instituted by the Madhya Pradesh Government’s Department of Culture, celebrates artists who have significantly contributed to Indian cinema in various fields, much like Kishore Kumar himself.

Significance of the Award:

• The award recognizes individuals who exemplify the spirit and legacy of Kishore Kumar, a legendary singer and actor.

Ceremony Highlights:

• The award was presented by Kunwar Vijay Shah, Madhya Pradesh’s Cabinet Minister for Tribal Affairs and Bhopal Gas Tragedy Relief and Rehabilitation.
• The event featured a reverent atmosphere, honoring Kishore Kumar’s life and achievements in Indian cinema.

Ashokan Charuvil Wins the 2024 Vayalar Award for ‘Kattoorkadavu’

Ashokan Charuvil From Kerala Wins The 2024 Vayalar Award For ‘Kattoorkadavu’ The Vayalar Ramavarma Memorial Trust has conferred the 48th Vayalar Ramavarma Memorial Literary Award (2024)to Ashokan Charuvil, an Indian short writer in Malayalam-language, for his novel ‘Kattoorkadavu’. ‘Kattoorkadavu’ explores themes of life, revival and the national movement set against the backdrop of a village devastated by the Great Flood.

Award Details:

• Recipient: Ashokan Charuvil, a renowned Malayalam short story writer.
• Work: His novel Kattoorkadavu explores themes of life, revival, and the national movement, set against the backdrop of a village affected by the Great Flood.
• Awarding Body: Vayalar Ramavarma Memorial Trust.
• Significance: This is the 48th Vayalar Ramavarma Memorial Literary Award, recognizing outstanding literary works since its inception in 1977.

Award Components:

• Cash Prize: ₹1 lakh.
• Sculpture: A bronze sculpture designed by noted artist Kanai Kunhiraman.
• Presentation Date: The award will be presented on October 27, 2024, coinciding with the death anniversary of Vayalar Ramavarma, a prominent Indian poet and lyricist.

About Ashokan Charuvil:

• Birth Year: 1957.
• Birthplace: Kattoor, Trichur district, Kerala.
• Other Awards: He has received several prestigious awards, including the Kerala Sahitya Akademi Award and the Muttathu Varkey Award.

Appointment news

Acko Appoints Sandip Goenka as CEO of ACKO Life

Sandip Goenka has been appointed as the CEO of ACKO Life, Acko’s newly launched life insurance division.

Founding Member: He is a founding member of the division and has played a crucial role in establishing its direct-to-consumer (D2C) life insurance business.

Experience: Sandip brings over two decades of experience in:

• Life insurance
• Health insurance
• General insurance
• Consulting

Previous Roles:

• Chief Financial Officer (CFO) at Exide Life Insurance
• Leadership positions at TATA AIA and EY

Sports news

Arjun Erigaisi Wins WR Chess Masters, Nears 2800 Elo Rating

Indian Grandmaster Arjun Erigaisi showcased brilliant form to secure the WR Chess Masters title after defeating France’s Maxime Vachier-Lagrave in an Armageddon game, following two draws in Classical chess. With this win, Arjun edges closer to the 2800 Elo rating mark, finishing with a live rating of 2796. The 21-year-old earned a prize of 20,000 Euros, defeating friend R. Praggnanandhaa in the semifinals, and plans to chase the 2800 milestone at the European Cup starting October 20.

Live Rating:

• Following this win, Arjun’s live rating reached 2796, bringing him closer to the coveted 2800 Elo rating mark.

Prize Money: He earned a prize of 20,000 Euros for his victory.

Path to the Final:

• Arjun began the tournament by defeating nine-year-old Bodhana Sivanandan and Indian Grandmaster Vidit Gujrathi.
• In the semifinals, he triumphed over R. Praggnanandhaa with a score of 1.5-0.5.

Final Match Highlights:

• The final featured two drawn games: the first was an easy draw with black pieces, while the second was a complex Sicilian Najdorf battle.
• Arjun secured his victory in the Armageddon game, maintaining control and neutralizing Vachier-Lagrave’s attempts to sacrifice.

New Zealand Wins ICC Women’s T20 World Cup After 23 Years

New Zealand Women’s Team Lift the 9^th edition ICC T20 World Cup After 23 Years at the Dubai International Cricket Stadium. They defeated the South African team with 32 runs. South Africa won the toss and opted to Bowl first. The New Zealand Team set the target of 158-5 after completing 20 overs

Host country: ICC Women’s T20 World Cup 2024 will be held in the two host cities of Dubai and Sharjah

In the final match of the T20 series between New Zealand Women and South Africa Women, the following awards were given:

Awards

• Player of the Match: Amelia Kerr
• Player of the Series: Amelia Kerr

T20 Women’s World Cup History

The ICC Women’s T20 World Cup is the premier international championship for women’s Twenty20 cricket. Here’s a brief overview of its history:

• Inception: The first tournament was held in 2009 in England, marking the beginning of the T20 World Cup for women.
• Format: The tournament features national teams competing in a T20 format, typically held every two years.
• Significance: It has grown in prestige and popularity, showcasing the talent and skill of women’s cricket on a global stage.

T20 Women’s World Cup Winners

• 2009: England (host)
• 2010: Australia (host)
• 2012: Australia (host)
• 2014: Australia (host)
• 2016: Australia (host)
• 2018: Australia (host)
• 2020: Australia (host)
• 2023: Australia (host)

India’s Achievements

• Runner-Up: India has reached the finals in 2020 and 2023, finishing as runners-up both times:
  • 2020: Lost to Australia in the final.
  • 2023: Lost to Australia in the final.

Important days

World Statistics Day 2024, Date, Theme, History and Significance

World Statistics Day is an international celebration held every five years to highlight the significance of statistics in shaping societies, improving lives, and driving informed decision-making. In 2024, the global community will come together on October 20th to commemorate this special day. This celebration underscores the vital role statistics play in fostering sustainable development, promoting transparency, and empowering policymakers across the world.

Purpose:

• The day emphasizes the importance of statistics in shaping societies, improving lives, and informing decision-making.
• It highlights the role of statistics in fostering sustainable development, promoting transparency, and empowering policymakers globally.

History:

• The inaugural World Statistics Day was observed on October 20, 2010, following a resolution by the United Nations General Assembly.
• The 2024 celebration marks the fourth occurrence of this event.

Significance of Statistics:

• Statistics are crucial for modern governance and economics, often termed the backbone of these fields.
• Reliable data is essential for:
  • Monitoring socio-economic progress.
  • Implementing evidence-based policies.
  • Achieving the United Nations Sustainable Development Goals (SDGs).

The National Statistical Commission of India is an autonomous body which formed on 12 July 2006 under the recommendation of Rangarajan commission. 

• Founded: 12 July 2006
• Autonomous Body executive: Rajeeva Laxman Karandikar, (Chair)
• Formed: 12 July 2006 (decided on 01.06.2005
• Headquarters: New Delhi
• Parent department: Ministry of Statistics and Programme Implementation
• The Ministry of Statistics and Programme: Agency executive: Rao Inderjit Singh, Minister of State (Independent Charge)

National news

NITI Aayog to Host International Methanol Seminar

The Second International Methanol Seminar and Expo 2024, hosted by NITI Aayog, will be held on October 17-18, 2024, at the Manekshaw Centre, New Delhi. This event is part of India’s Methanol Economy Programme, launched in 2016 in collaboration with the Methanol Institute, USA. The seminar will focus on the role of methanol as a low-carbon fuel and its significance in the global energy transition, with an emphasis on green shipping.

Key government-supported R&D projects include:

• High-ash coal to methanol conversion
• DME (Dimethyl Ether) production
• Conversion of diesel engines to methanol blends (MD15)
• Methanol use in cooking and heating.

The Methanol Expo will showcase cutting-edge technologies in methanol production, storage, and application.

NITI aayog: NITI Aayog, or the National Institution for Transforming India Aayog, is a policy think tank of the Government of India established on January 1, 2015. It replaced the Planning Commission, which was responsible for formulating five-year plans for the country.

The key officials of NITI Aayog are:

• Narendra Modi: The Prime Minister of India and the Chairperson of NITI Aayog
• Suman Bery: The Vice Chairperson of NITI Aayog
• B. V. R. Subrahmanyam: The Chief Executive Officer (CEO) of NITI Aayog

Indian Railways Reduces Advance Reservation Period from 120 to 60 Days

The Indian Railways has announced a significant policy change, reducing the Advance Reservation Period (ARP) for long-distance train bookings from 120 days to 60 days, effective November 1, 2024. This change aims to enhance passenger convenience by minimizing fund blockage for advance ticket purchases, particularly during peak travel seasons like festivals.

Key Details:

• Effective Date: November 1, 2024; bookings made before October 31 will retain the 120-day ARP.
• Cancellations: Passengers can cancel bookings beyond the new 60-day ARP without issues.
• Exemptions: Daytime express trains like the Taj Express and Gomti Express will maintain their existing advance reservation limits, and the 365-day advance booking for foreign tourists remains unchanged.

Reasons for Change:

• Administrative Load Reduction: High cancellation (around 21%) and no-show rates (4-5%) have prompted this revision, leading to resource wastage.
• Encouraging Genuine Bookings: Shortening the ARP aims to mitigate fraudulent activities and promote genuine reservations, as 85% of tickets are typically booked less than two months in advance.

Indian Railways Overview

• Founded: 1853
• Headquarters: New Delhi, India

Key Officials

1. Minister of Railways: Ashwini Vaishnaw: He is also the Minister of Communications and Electronics & Information Technology.
2. Chairman of the Railway Board: Satish Kumar

Maharishi Valmiki’s Name for All ST Schools, Raichur University: CM Siddaramaiah

On Valmiki Jayanti, Karnataka Chief Minister Siddaramaiah announced the renaming of all Scheduled Tribe (ST) residential schools and Raichur University in the state after Maharishi Valmiki. This decision was made during a celebration organized by the Department of Backward Classes Welfare to honor Valmiki’s contributions.

Key Points from Siddaramaiah’s Address:

• Renaming Initiative: All ST residential schools and Raichur University will honor Maharishi Valmiki, emphasizing the need to remember and celebrate his life and contributions.
• Welfare Commitment: The CM highlighted his government’s dedication to marginalized communities, including the establishment of hostel facilities in every hobli and the implementation of Scheduled Castes Sub Plan (SCSP) and Tribal Sub Plan (TSP) policies for equitable budget allocations.
• Call for Unity: Siddaramaiah urged marginalized groups to unite, seek truth, and reflect on their realities, rather than following others blindly.
• Cultural Contributions: He recognized the significant literary contributions of historically marginalized communities, mentioning that Kalidasa and other influential figures belonged to such backgrounds.
• Valmiki’s Legacy: The CM addressed myths about Valmiki, noting his mastery of Sanskrit and authorship of the Ramayana, which embodies principles of equality and fairness.

Valmiki Jayanti:

• Celebrated on October 17, this day honors Maharishi Valmiki, the Adi Kavi or first poet of Sanskrit literature. His epic, the Ramayana, teaches ethics, morality, and the triumph of good over evil. Across India, various prayers, rituals, and cultural activities are held to reflect on his teachings and contributions to Indian culture.

About Valmiki:

• Maharishi Valmiki, originally named Ratnakar, transformed from a life of crime to become a sage following a divine encounter, marking his significant impact on Sanskrit literature and Indian philosophy.

India’s First Self-Powered Indoor Air Quality Monitor Launched at Thiruvananthapuram Airport

Dr. Jitendra Singh, the Union Minister of State for Science and Technology, inaugurated Pavana Chitra, India’s first self-powered indoor air quality monitoring facility, at Thiruvananthapuram International Airport. This facility is notable for being powered by indigenous solar cells developed by the CSIR-NIIST using locally sourced materials.

Key Details:

• Inauguration: Pavana Chitra marks a significant advancement in air quality monitoring, emphasizing India’s commitment to sustainable technology.
• Technology: The facility operates off-grid, showcasing India’s capabilities in harnessing homegrown solutions to tackle environmental issues.

Focus on Biotechnology:

During a subsequent event at the Rajiv Gandhi Centre for Biotechnology, Dr. Singh highlighted the crucial role of biotechnology in India’s upcoming industrial revolution and its potential for global leadership. He met with 300 SC/ST farmers and artisans, emphasizing the need for innovative strategies to enhance the value of agricultural products and assert India’s leadership in the biotechnology sector.

Sanskrit to Become Mandatory in 416 Uttarakhand Madrasas

The Uttarakhand Madrasa Education Board (UMEB) has proposed to make Sanskrit a compulsory subject in 416 madrassas across the state, aiming to enhance the educational curriculum and promote academic growth for over 70,000 students.

Key Details:

• Compulsory Sanskrit Proposal: The initiative seeks to formally introduce Sanskrit as a mandatory subject, with a proposal already drafted and discussions in progress with the state’s Sanskrit department.
• MoU: To facilitate this integration, the UMEB plans to sign a Memorandum of Understanding (MoU) with the Sanskrit department to ensure collaboration and resource sharing.
• Integration of Computer Studies: Alongside Sanskrit, the board is considering the addition of computer studies to enrich the madrassa curriculum.
• Positive Educational Outcomes: The introduction of the NCERT syllabus in madrassas has led to over 95% student success this year, highlighting the effectiveness of updated educational content.
• Recruitment of Sanskrit Teachers: After obtaining government approval, madrassas will start recruiting qualified Sanskrit teachers to implement the new curriculum.
• Current Language Offerings: Arabic is currently taught in over 100 madrassas, and the integration of both Arabic and Sanskrit classes is expected to create a diverse linguistic environment for students.

‘Mera Hou Chongba’ A Celebration of Unity in Manipur

The “Mera Hou Chongba” festival was celebrated in Manipur amid ongoing ethnic tensions between the Meitei and Kuki-Zo communities. This annual festival is a vital cultural event focused on reinforcing bonds of brotherhood and harmony among the state’s indigenous communities, emphasizing Manipur’s rich cultural diversity.

Key Details:

• Date and Location: The festival occurred on the 15th Lunar day of Mera Month, held at Sana Konung and Kangla Uttra in Imphal, the capital of Manipur.
• Objective: The primary aim of “Mera Hou Chongba” is to promote unity and solidarity among various ethnic groups in Manipur, particularly between the communities in the hills and valleys.
• Participants: The event featured participation from village chiefs, cultural troupes, and invitees from various villages, showcasing a diverse representation of the state’s indigenous cultures.

Manipur:

• Capital: Imphal (Executive Branch)
• Governor: Lakshman Acharya
• Chief minister: N. Biren Singh

Despite the current ethnic tensions, the festival serves as a reminder of the importance of communal harmony and cultural richness in Manipur.

Economy news

World Bank Maintains India’s GDP Growth Forecast at 7% for FY25

On October 10, 2024, the World Bank (WB) released its report titled “South Asia Development October 2024 Update: Women, Jobs and Growth,” retaining India’s Gross Domestic Product (GDP) growth forecast for Financial Year 2024-25 (FY25) at 7% Year-on-Year (Y-o-Y). This projection is attributed to:

• Increased Agricultural Production: Higher yields contributing to economic growth.
• Robust Employment Growth: Driven by effective policy initiatives.
• Boost in Private Consumption: Reflecting enhanced consumer spending patterns.

Additionally, the World Bank has kept India’s GDP growth forecast at 6.7% for FY26 (2025-26).

Key Highlights from the Report:

• The World Bank has increased its growth projection for the South Asia region to 6.4% in 2024, up from a previous estimate of 6.0%. This positive adjustment is influenced by:
  • Strength of Domestic Demand: Particularly in India.
  • Quicker Recoveries: In crisis-affected countries like Sri Lanka and Pakistan.
• The report anticipates South Asia’s output growth will moderate to 6.2% in 2025, supported by strong private consumption in India and increased tourism and hydropower exports from Bhutan, Nepal, and Sri Lanka.

About the World Bank:

• President: Ajay Banga
• Headquarters: Washington, D.C., USA
• Established: 1944

Banking news

Utkarsh Small Finance Bank Appoints Mary Kom and Sunil Chhetri as Brand Ambassadors

Utkarsh Small Finance Bank (SFB) has appointed Mary Kom, an Olympic boxer, and Sunil Chhetri, the former captain of the Indian football team, as its brand ambassadors. Their roles will focus on promoting various initiatives, including:

• Financial Literacy Campaigns: Aimed at educating the public about financial management.
• Product Launches and Branch Inaugurations: Enhancing the bank’s outreach and engagement.
• Social Media Campaigns: Focusing on financial inclusion and resilience.

The bank plans to launch a multi-channel campaign featuring ad films and social media content that highlight stories of financial empowerment, with both ambassadors at the forefront.

About Mary Kom

• Full Name: Mangte Chungneijang Mary Kom
• Achievements:
  • Only woman to win the World Amateur Boxing Championship six times.
  • First Indian female boxer to win a gold medal at the Asian Games (2014) and the Commonwealth Games (2018).
  • Represented India at the 2012 London Summer Olympics, winning a bronze medal.
• Awards: Padma Shri (2006), Padma Bhushan (2013), Padma Vibhushan (2020), and the Rajiv Gandhi Khel Ratna (2009).

About Sunil Chhetri

• Position: Former captain of the Indian national football team (2005-2024).
• Achievements:
  • Scored 94 goals in 151 international appearances.
  • Key player in winning the SAFF Championship in 2011, 2015, 2021, and 2023.
  • First Indian footballer to play in the Major League Soccer (MLS) for the Kansas City Wizards in 2011.
• Awards: Padma Shri (2019), Major Dhyan Chand Khel Ratna (2021), and multiple AIFF Player of the Year awards.

About Utkarsh Small Finance Bank

• Managing Director & CEO: Govind Singh
• Headquarters: Varanasi, Uttar Pradesh
• Founded: April 2016
• Tagline: “Aap Ki Umeed ka Khata”

Appointment news

Ganguly Takes Charge as JSW Sports Director of Cricket, Heads Delhi Capitals

Sourav Ganguly, the former Indian cricket captain and ex-BCCI President, has been appointed as the Director of Cricket for JSW Sports. In this position, he will oversee all cricketing operations, including managing key franchises such as the Delhi Capitals (men’s and women’s IPL teams) and the Pretoria Capitals in the SA20 League.

Key Highlights:

• Role at JSW Sports: Ganguly will lead all cricket-related activities and manage cricketing properties under JSW Sports.
• Past Association: He has a long-standing relationship with JSW Sports, having joined Delhi Capitals in 2019 as an advisor. He later became the Director of Cricket for the team, collaborating closely with head coach Ricky Ponting.
• Statements:

• Parth Jindal, founder of JSW Sports, expressed enthusiasm about Ganguly’s appointment, highlighting his status as family within the organization and recognizing his sharp cricketing mind.
• Ganguly expressed his excitement about rejoining JSW Sports, emphasizing his strong personal and professional connections with the JSW Group and the Jindal family. He is confident in contributing to the organization’s innovative cricket projects.

JSW:

• Headquarters: Maharashtra
• Founder: Sajjan Jindal
• CEO: Prashant Jain (17 Jun 2017–)
• Date founded: 1994

Agreement news

AICTE and SIDM Sign MoU to Enhance Academia-Industry Collaboration in Defence and Aerospace

The All India Council for Technical Education (AICTE) and the Society of Indian Defence Manufacturers (SIDM) have signed a Memorandum of Understanding (MoU) in New Delhi aimed at creating a future-ready workforce for the Defence and Aerospace sectors.

• Key Signatories: The MoU was signed by Prof. T.G. Sitharam, Chairman of AICTE, and Rajinder Singh Bhatia, President of SIDM, in the presence of Union Minister Rajnath Singh from the Ministry of Defence.
• Objectives: The MoU seeks to establish a robust partnership between academia and the defence industry, focusing on:
  • Training graduates from AICTE-approved institutions to meet the needs of the Defence and Aerospace sectors.
  • Facilitating the hiring of skilled graduates by the defence industry.
• Duration: The agreement is set for three years and includes initiatives to:
  • Develop faculty and student capabilities through awareness programs.
  • Provide industry internships in Defence and related sectors to enhance students’ employability.

Sports news

Vivaan Secures Silver, Naruka Takes Bronze at Shooting World Cup

India’s shooting contingent made a strong mark at the ISSF World Cup Final with Vivaan Kapoor securing a silver medal in the men’s trap event and Anant Jeet Singh Naruka claiming a bronze in the men’s skeet competition. These achievements raised India’s total medal count to four at the prestigious event, reflecting the nation’s growing prowess in the global shooting arena.

Key Highlights:

• Vivaan Kapoor won a silver medal in the men’s trap event, scoring 44 in the final. The gold medal was awarded to Ying Qi of China, while Tolga N Tuncer from Turkey took home the bronze with a score of 35. Kapoor qualified for the final with a score of 120 out of 125.
• Anant Jeet Singh Naruka earned a bronze medal in the men’s skeet competition, shooting 43 in the final. The gold and silver medals went to Italy’s Tammaro Cassandro and Gabriele Rossetti, with scores of 57 and 56, respectively. Naruka qualified by scoring 121 out of 125.
• India’s medal tally was bolstered by Sonam Maskar, who won silver in the women’s 10m air rifle, and Akhil Sheoran, who secured a bronze in the men’s 50m rifle 3 positions.
• Naruka and Maheshwari Chauhan narrowly missed a podium finish in the skeet mixed team event, finishing fourth after losing the bronze medal match to China at the Paris Olympics.

Neetu David, Alastair Cook, and AB de Villiers Inducted into ICC Hall of Fame

In a historic moment for cricket, Neetu David, along with Alastair Cook of England and AB de Villiers of South Africa, has been inducted into the ICC Hall of Fame for 2024. This recognition is particularly significant for women’s cricket in India, as David becomes the second Indian woman to receive this honor, following Diana Edulji‘s induction in 2023.

Neetu David

• A celebrated left-arm spinner, David played 10 Tests and 97 ODIs for India from 1995 to 2008, taking 41 and 141 wickets, respectively.
• She is renowned for her exceptional bowling performance of 8/53 against England in 1995, the best figures by a woman in a Test innings.
• After retiring, David has been pivotal in promoting women’s cricket as the chairperson of India’s national selection committee.

Alastair Cook

• Cook is one of the finest opening batters in Test history, scoring 12,472 runs in 161 Tests and 3,204 runs in 92 ODIs.
• Known for his consistency and leadership, he captained England to significant victories, including the 2010-11 Ashes and the 2012 series in India.
• He holds the world record for playing 159 consecutive Test matches.

AB de Villiers

• De Villiers is celebrated for his innovative batting, scoring over 20,000 international runs across all formats with averages above 50 in both Tests and ODIs.
• He holds the record for the fastest ODI century and is also regarded as one of cricket’s best fielders.

Rafael Nadal Announces Retirement from Professional Tennis

On October 10, 2024, Spanish tennis legend Rafael Nadal announced his retirement from professional tennis, effective at the end of 2024. His final tournament will be the Davis Cup 2024, scheduled for November in Malaga, Spain.

Career Highlights

• Early Start: Nadal began his professional career in 2001 at the age of 15.
• Total Titles: He has amassed 92 singles titles, including 22 Grand Slam titles, 11 doubles, and 6 team titles.
• World No. 1: Achieved the No. 1 ranking in the world for the first time in 2008, after defeating Roger Federer in the Wimbledon final.
• Career Golden Slam: At 24, he became the youngest male player to complete the Career Golden Slam, winning all four Grand Slam tournaments and the Olympic gold medal in singles and doubles.
• Surface Slam: In 2010, Nadal won Grand Slam titles on three different surfaces in the same year.
• Dominance at ATP Events: He holds the record for the most titles in the ATP tour events at Monte-Carlo (11 titles) and Barcelona (12 titles).

Nadal’s retirement marks the end of an illustrious career, highlighting his immense contributions to the sport and his status as one of the greatest tennis players of all time.

National news

Kaksar Bridge Renamed in Honor of Kargil War Hero Capt. Amit Bhardwaj

The Kaksar Bridge was renamed Capt. Amit Bhardwaj Setu to honor Capt. Amit Bhardwaj, who sacrificed his life during the Kargil War (1999).

• Ceremony Attendance: The event was attended by prominent military and civil officials, including CEC Dr. Mohd Jaffer Akhoon and Major General K. Mahesh, SM.
• Army’s Role Highlighted: Dr. Jaffer Akhoon praised the Indian Army’s role in education and support in Kargil, particularly through the Sadbhavana Scheme, and acknowledged their humanitarian efforts during harsh winters.
• Memorial Inauguration: Sunita Dhonkaria, Capt. Bhardwaj’s sister, inaugurated a memorial at the bridge in his honor.
• Bravery in Action: Capt. Amit Bhardwaj, of the 4 JAT Battalion, demonstrated immense bravery during a rescue operation in Kaksar, sacrificing his life while fighting infiltrators.
• Lasting Tribute: The renaming of the bridge serves as a permanent tribute to his courage and dedication to the nation.

Kargil war:

• The Kargil War took place between India and Pakistan from May to July 1999 in the Kargil district of Jammu and Kashmir along the Line of Control (LoC). The conflict began when Pakistani soldiers and militants infiltrated and occupied high-altitude Indian territory.
• India responded with Operation Vijay, launching air and ground assaults to reclaim the territory. The war saw intense combat in difficult mountainous terrain. Key battles were fought at Tololing and Tiger Hill.
• The war ended with India’s victory, regaining control of the occupied areas by July 26, 1999, now commemorated annually as Kargil Vijay Diwas. The conflict resulted in significant casualties, with 527 Indian soldiers and hundreds of Pakistani soldiers losing their lives.

Cabinet Approves 3% DA Hike for Central Govt Employees

The Union Cabinet, led by Prime Minister Narendra Modi, approved a 3% hike in the dearness allowance (DA) for central government employees and pensioners, raising the total DA to 53% of basic pay.

• Effective Date: The increase is effective from July 1, 2024, aimed at offsetting rising prices and the cost of living.
• Financial Impact: The decision will incur an annual cost of ₹9,448.35 crore to the exchequer, benefiting approximately 49.18 lakh employees and 64.89 lakh pensioners.
• Retroactive Application: The new DA will be applicable retroactively, allowing employees to receive arrears for July, August, and September.
• Inflation Connection: The increase is based on the recommendations of the 7th Central Pay Commission and aims to adjust for inflation as measured by the All India Consumer Price Index for Industrial Workers (AICPI-IW).
• Minimum Support Price (MSP) Adjustment: The Cabinet also approved a ₹150 increase in the MSP for key rabi crops, raising the wheat MSP from ₹2,275 to ₹2,425 per quintal.
• Background on DA Revisions: DA and Dearness Relief (DR) are revised biannually on January 1 and July 1, according to the average AICPI-IW.
• Financial Support: The increase enhances the financial position of employees during the festive season, demonstrating the government’s commitment to support both public servants and the agricultural sector.

Supreme Court’s Justice Statue Removes Blindfold

• The traditional Lady of Justice statue in the Supreme Court, under Chief Justice DY Chandrachud, has undergone a significant change, removing the blindfold and replacing the sword with the Indian Constitution.
• Modern Understanding of Justice: The new statue reflects a contemporary approach to justice that is aware, conscious, and empathetic, rather than blind or punitive.
• Key Changes in the Statue:
  • No Blindfold:
    • Traditionally, Lady Justice was depicted with a blindfold to symbolize impartiality.
    • The new statue has its eyes open, indicating that justice in India is aware and seeks equality.
  • Constitution Replaces the Sword:
    • The sword, symbolizing authority and punishment, has been replaced by the Indian Constitution.
    • This emphasizes that justice is delivered based on constitutional principles rather than violence.
  • Retaining the Scales:
    • The scales remain as a symbol of fairness and balance, reinforcing the judiciary’s commitment to impartiality in judgment.
• Moving Beyond Colonial Legacy:
  • The previous depiction was influenced by colonial ideals.
  • The new statue signifies a departure from colonial symbolism, emphasizing justice guided by constitutional law.
• Message from Chief Justice DY Chandrachud:
  • The statue conveys that the law is not blind and promotes equality before the law.
  • The removal of the sword reinforces that justice is dispensed according to constitutional laws, not through force.
• Symbol of Modern Indian Justice:
  • The updated statue represents a progressive vision for the Indian judiciary, highlighting constitutional values and fairness in the justice process for all.

Key Facts on Supreme Court

• The Supreme Court of India is the apex court of India under the integrated judicial system established by the Constitution of India.
• Articles 124 to 147 in Part V of the Indian Constitution deal with the provisions related to the Supreme Court of India.
• The Constitution of India empowers the Parliament to increase or decrease the number of judges of the SC.
• The Supreme Court of India was established on January 28, 1950, two days after India became a republic with the adoption of its Constitution on January 26, 1950.
• The Supreme Court of India is located in New Delhi.

Banking news

RBI Grants White Label ATM License to Electronic Payment and Services Limited

The Reserve Bank of India (RBI) has issued a White Label Automated Teller Machine (ATM) License to Mumbai-based Electronic Payment and Services Limited (EPS) after a decade-long hiatus. This license, granted under the Payment and Settlement Systems (PSS) Act, 2007, aims to enhance ATM networks, particularly in rural and semi-urban regions of India. With this approval, EPS becomes the fifth company authorized to operate White Label ATMs (WLAs) in the country.

Key Highlights:

• EPS Plans: EPS intends to deploy 9,000 WLAs branded as “EPS Bancs” across India within the first three years. Initially, they plan to set up around 2,000 ATMs by March 2025.
• Current Operations: The company currently manages over 10,300 ATMs for various banks across India.
• Company Background: EPS was established in 2011 and is supported by investors such as Apis Partners from the UK and the Dutch Entrepreneurial Development Bank (FMO). The Chairman and Managing Director is Mani Mamallan.

This initiative reflects RBI’s commitment to expanding financial services access and bolstering ATM infrastructure throughout the country.

Reserve Bank of India (RBI)

• Headquarters: Mumbai, Maharashtra, India
• Founded Year: April 1, 1935
• Current Governor: Shaktikanta Das (25th Governor of RBI)

State news

Kaziranga Named India’s Second Largest Butterfly Diversity Hub

Kaziranga National Park, known for its iconic one-horned rhinoceros, has been identified as India’s second-largest hub for butterfly diversity, following Namdapha National Park in Arunachal Pradesh.

• Butterfly Species Count:

• The park is home to an impressive 446 butterfly species.
• This distinction underscores Kaziranga’s rich biodiversity.

Research Findings: Researcher: The findings stem from years of research conducted by Dr. Monsoon Jyoti Gogoi, who has been studying the park’s butterfly population since 2007.

Butterfly Conservation Meet-2024:

• Event: The first-ever Butterfly Conservation Meet-2024 took place in September, focusing on the comprehensive study of butterfly species in Kaziranga.
• Participation: Approximately 40 butterfly enthusiasts attended, including members from:
  • North Eastern Hill University
  • Cotton University
  • Maharashtra Forest Department
  • Corbett Foundation
  • North East Butterflies group

Significance of Location: Kaziranga’s diverse butterfly population is noteworthy as it is situated outside the Himalayan and Patkai mountain ranges, where high species diversity is typically observed.

Kaziranga National Park Overview:

• Location:
  • Situated in the Golaghat and Nagaon districts of Assam, India.
  • Declared a national park in 1974.
  • Recognized as a UNESCO World Heritage Site.
• Biodiversity:
  • Home to two-thirds of the global population of the greater one-horned rhinoceros.
  • Represents the largest undisturbed area in the Brahmaputra Valley floodplains.

Assam:

• Capital: Dispur
• Governor: Shri Lakshman Prasad Acharya
• Chief minister: Himanta Biswa Sarma

Nayab Saini Sworn in as Haryana CM, BJP Wins Third Term

Nayab Singh Saini was sworn in as the Chief Minister of Haryana for the second time. BJP’s Third Consecutive Term: This marks the BJP’s third consecutive term in power in the state.

Oath Ceremony: The oath was administered by Governor Bandaru Dattatreya at a ceremony attended by:

• Prime Minister Narendra Modi
• Union Ministers
• NDA leaders

Council of Ministers: Saini’s council includes 13 ministers who also took their oaths.

Election Victory: Saini, a Dalit leader from Kurukshetra, led the BJP to victory in the October 5 Assembly elections, where the party secured 48 out of 90 seats.

Previous Roles: Prior to becoming Chief Minister, Saini held several significant positions within the BJP, including serving as the Haryana BJP chief.

Article 164 of the Constitution of India

• Appointment: The Governor of the state appoints the Chief Minister.
• Majority Requirement: The Chief Minister must be a member of the Legislative Assembly (Vidhan Sabha) of the state. If no party has a clear majority, the Governor may invite the leader of the largest party or coalition to form the government.
• Council of Ministers: The Chief Minister is responsible for advising the Governor in the appointment of the Council of Ministers. The Council is collectively responsible to the Legislative Assembly.
• Tenure: There is no fixed term for the Chief Minister, but the Chief Minister holds office during the pleasure of the Governor, which means they can be dismissed by the Governor.

Haryana:

• Governor: Bandaru Dattatreya
• Capital: Chandigarh

Government and Meta Launch ‘Scam se Bacho’ Campaign to Combat Online Scams

Government and Meta have joined forces for the “Scam se Bacho” campaign to tackle the rising threat of online scams. During the launch of the campaign in New Delhi, Information and Broadcasting Secretary Sanjay Jaju delivered the keynote address, describing the initiative as a timely and essential step toward safeguarding citizens from the increasing danger of online fraud. He emphasized that it reflects a whole-of-government approach to fostering a culture of digital safety and vigilance.

Key Points from the Address:

• The initiative reflects a whole-of-government approach to enhancing digital safety and vigilance.
• India has over 900 million internet users, showcasing significant digital growth under the Digital India initiative.
• Despite this growth, the country faced a surge in cyber fraud, with 1.1 million cases reported last year.

Meta:

• CEO: Mark Zuckerberg (Jul 2004–)

Collaborating Agencies: The campaign is a joint effort involving the Ministry of Electronics and Information Technology, Ministry of Home Affairs, Ministry of Information and Broadcasting, and the Indian Cyber Crime Coordination Centre.

Banking news

HDFC Opens First Singapore Branch to Expand Global Presence

HDFC Bank has officially opened its first branch in Singapore as part of its strategy to expand international operations.

• Wholesale Banking License: The Monetary Authority of Singapore (MAS) granted HDFC Bank a wholesale banking license effective from October 15, 2024. This license allows the bank to offer a variety of financial products and services to Singapore residents.
• Target Audience: The Singapore branch will focus on serving:

• Multinational corporations (MNCs)
• Portfolio investors
• Wealthy customers
• Trade partners
• International Presence: With the new branch in Singapore, HDFC Bank now operates five international branches, including locations in:

• Hong Kong
• Bahrain
• Dubai
• Singapore

Additionally, it has an IFSC Banking Unit in Gujarat International Finance Tech City (GIFT City) and representative offices in Kenya, Abu Dhabi, Dubai, and London.

• Growing Balance Sheet: As of March 31, 2024, HDFC Bank’s international business had a balance sheet size of $9.06 billion, indicating the importance of its overseas operations for overall growth.

HDFC bank:

• CEO: Sashidhar Jagdishan (27 Oct 2020–)
• Headquarters: Mumbai
• Founded: August 1994, Mumbai

Singapore: Prime minister: Lawrence Wong

Award news

Sister Rosita Milesi Honored with 2024 UNHCR Nansen Refugee Award

Sister Rosita Milesi, a 79-year-old Brazilian nun, lawyer, and social worker, has been awarded the 2024 United Nations High Commissioner for Refugees (UNHCR) Nansen Refugee Award’s Global Laureate. This recognition is for her nearly four decades of dedicated work championing the rights and dignity of refugees and migrants of various nationalities in Brazil.

The award was presented during a ceremony in Geneva, Switzerland, on October 14, 2024.

2024 Regional Winners:

• Maimouna Ba (Africa region)
• Jin Davod (Europe region)
• Nada Fadol (Middle East and North Africa region)
• Deepti Gurung (Asia-Pacific region)

About the UNHCR

• High Commissioner: Filippo Grandi
• Headquarters: Geneva, Switzerland
• Established: 1950

The UNHCR Nansen Refugee Award honors individuals and organizations that have shown extraordinary humanitarian work in support of refugees.

The UNHCR Nansen Refugee Award is an important accolade presented by the United Nations High Commissioner for Refugees (UNHCR) to honor individuals or organizations that have made outstanding contributions to the welfare of refugees and displaced persons. Here are some key points about the award:

Key Facts about the UNHCR Nansen Refugee Award

1. Establishment:
2. The award was established in 1954 in honor of Fridtjof Nansen, a Norwegian explorer and humanitarian who served as the League of Nations’ first High Commissioner for Refugees.
3. Purpose:
4. The award aims to recognize and celebrate the exceptional work and dedication of those who assist refugees, internally displaced persons, and stateless individuals. It seeks to raise awareness about the challenges faced by these vulnerable groups.
5. Eligibility:
6. The award is open to individuals, groups, or organizations who have demonstrated extraordinary service to the displaced and have worked to promote the rights and dignity of refugees.

Summit news

Om Birla addresses the 149th Inter-Parliamentary Union (IPU) in Geneva

Lok Sabha Speaker Om Birla addressed the 149th Assembly of the Inter-Parliamentary Union (IPU) and emphasised the need for multilateralism in the world. He also said that dialogue and cooperation amongst Parliaments in science, technology, and innovation were important for the common good.

·  Event Overview:

• Date: October 13-17, 2024
• Location: IPU headquarters, Geneva, Switzerland
• Significance: The IPU is a global organization representing national parliaments.

·  Keynote Address:

• Speaker: Lok Sabha Speaker Om Birla
• Emphasis:
  • The need for multilateralism in global affairs.
  • Importance of dialogue and cooperation among parliaments in areas of science, technology, and innovation for the common good.

Indian Delegation:

• Led by Om Birla, included:
  • Rajya Sabha Deputy Chairman Harivansh Singh
  • Secretaries General of both Lok Sabha and Rajya Sabha
  • Various Members of Parliament.

Assembly Highlights:

• Participation: Involvement of all member parliaments and various committees, including:
  • Forum of Women Parliamentarians
  • Forum of Young MPs.
• Platform: Delegates discussed and exchanged views to galvanize parliamentary action.

Theme of the Assembly:

• Harnessing Science, Technology and Innovation (STI) for a more peaceful and sustainable future.

Membership Update:

• Jamaica’s Rejoining: Jamaica rejoined the IPU as its 181st Member Parliament after previously being a member from 1983 to 1996.

About the Inter-Parliamentary Union:

• Established: 1889 in Paris, originally named Inter-Parliamentary Conference; renamed IPU in 1899.
• Founders: Fredric Passy (France) and William Randal Cremer (England), the latter of whom won the first Nobel Peace Prize.
• Mission: Promote peace, democracy, human rights, and sustainable development through parliamentary cooperation.
• Headquarters: Located in Geneva, Switzerland.

Appointment news

CJI Chandrachud Nominates Justice Sanjiv Khanna as Successor

Justice Sanjiv Khanna is set to become the 51st Chief Justice of India (CJI) following the recommendation by current CJI DY Chandrachud to the Union law ministry.

• Retirement Date of Current CJI: Justice Khanna will assume the role after CJI Chandrachud retires on November 10, 2024.

Key Points on Justice Sanjiv Khanna

• CJI Recommendation: Recommended by CJI DY Chandrachud in accordance with established convention.
• Tenure: Justice Khanna will serve as CJI for a six-month period, until his retirement on May 13, 2025.
• Career Start: Enrolled as an advocate in 1983 and practiced at the Tis Hazari complex in Delhi before moving to the Delhi High Court.

Key Roles and Judicial Appointments:

• Senior Roles:

• Served as Senior Standing Counsel for the Income Tax Department.
• Held the position of Standing Counsel (Civil) for the National Capital Territory of Delhi (2004).
• Served as Additional Public Prosecutor at the Delhi High Court.
• Judicial Progression:

• Became an additional judge at the Delhi High Court in 2005; elevated to a permanent judge in 2006.
• Elevated to the Supreme Court on January 18, 2019, bypassing the Chief Justice of a High Court position.

Current Roles:

• Executive Chairman of the National Legal Services Authority.
• Governing Council Member of the National Judicial Academy, Bhopal.

Important days

International Abhidhamma Divas 2024: Date, History, Teachings, Celebrations, and Significance

India is recognized as the birthplace of Buddhism, where Gautama Buddha attained enlightenment.

• The teachings of Buddha have a profound influence on global thought and understanding.

Abhidhamma: Central to Buddhist philosophy, the Abhidhamma focuses on:

• Mental discipline
• Self-awareness
• Ethical conduct

Celebration of International Abhidhamma Divas:

• Observed on October 17, this day celebrates the rich philosophical tradition of the Abhidhamma.
• It highlights the relevance of Abhidhamma teachings in guiding:
  • Mental discipline
  • Ethical living

India’s Role in Buddhism:

• The celebration underscores India’s significant role in preserving and promoting the Buddhist legacy globally.
• Sacred Sites: Locations like Bodh Gaya serve as living symbols of Buddha’s journey toward Nirvana, illustrating the deep connection between India and Buddhism.

National news

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:

• Headquarters: Bengaluru
• Founded: May 1964, Bengaluru
• Head: Shri Shantanu Roy

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

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)

Ranks and report news

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

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

 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 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

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

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

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 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.

Odisha:

• Capital: Bhubaneswar
• Chief minister: Mohan Charan Majhi
• Governor: Raghubar Das

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 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)

National news

Democracy in Action, Haryana and Jammu & Kashmir Voters Give Their Mandate

The recently concluded Assembly elections of Haryana and Jammu and Kashmir and the Election Commission announced the result on  October, 2024. In Jammu and kashmir alliance led by INC-NC and in Haryana BJP party won the mandate from the people. The elected governments will assume the office for the next five years.

Jammu & Kashmir Elections

• Significance:

• Marks the return of an elected government after a 6-year gap following the collapse of the PDP-BJP coalition in 2018 and the abrogation of Article 370.
• First assembly elections since 2014, conducted in three phases (September 18, September 25, and October 1).
• Historic moment for democracy, with citizens voting after a long time.

Results of jammu and kashmir

• National Conference (NC): 42 seats
• Bharatiya Janata Party (BJP): 29 seats
• Indian National Congress (INC): 6 seats

Haryana Elections: Election Results:

• BJP: Won 48 seats, securing its third consecutive term in the state.
• Congress: Won 37 seats and was leading in 1 more seat.
• Others: INLD – 2, Independents – 3.

Food Corporation of India Launches ‘Anna Darpan’ for Supply Chain Modernization

The Food Corporation of India (FCI), under the Department of Food & Public Distribution, has initiated a comprehensive digital transformation effort to modernize its supply chain management system through the new integrated platform called ‘Anna Darpan.’

Overview of ‘Anna Darpan’:

• Purpose: The system aims to streamline and enhance supply chain operations across all levels, including Mandis, Mills, and Depots (both owned and hired) as well as divisional, regional, zonal, and headquarters operations.
• Development: The System Integrator for this initiative is M/s Coforge Limited, which signed the contract with FCI on June 14, 2024. Coforge is responsible for the system’s end-to-end design, development, implementation, and maintenance, alongside FCI’s IT Division.

Key Objectives:

The strategic vision of FCI for ‘Anna Darpan’ includes:

1. Improved Efficiency and Productivity: Streamlining processes to optimize performance across the supply chain.
2. Interactive and User-Friendly Interface: Designing an intuitive user interface to enhance user interaction.
3. Data-Driven Decision Making: Utilizing data analytics to inform strategic and operational decisions.

About the Food Corporation of India (FCI)

• Chairman & Managing Director (MD): Ashok Kumar Meena
• Headquarters: New Delhi, Delhi
• Established: 1965

International news

WHO declares that India has eliminated Trachoma as a public health problem in 2024

• The World Health Organization (WHO) has declared that India has successfully eliminated Trachoma as a public health problem, becoming the third country in the South-East Asia Region to achieve this milestone.
• Certification Event: The official certification was presented to Smt. Aradhana Patnaik, Additional Secretary and Mission Director of the National Health Mission, by Ms. Saima Wazed, WHO Regional Director for South-East Asia, during the WHO Regional Committee meeting in New Delhi.

About Trachoma:

• Trachoma is a bacterial eye infection caused by Chlamydia trachomatis.
• It is contagious and spreads through contact with the secretions of infected individuals.
• If left untreated, it can lead to irreversible blindness.
• WHO classifies Trachoma as a neglected tropical disease, affecting around 150 million people globally, with 6 million at risk of severe visual impairment.

Historical Context:

• In the 1950s and 1960s, Trachoma was a leading cause of blindness in India.
• The National Trachoma Control Program was launched in 1963, later integrated into the National Program for Control of Blindness (NPCB).
• The prevalence of blindness due to Trachoma decreased from 5% in 1971 to less than 1% today.

Interventions:

• Implementation of the WHO SAFE strategy, which includes Surgery, Antibiotics, Facial cleanliness, and Environmental improvement.
• India was declared free from infective Trachoma in 2017; however, surveillance for Trachoma cases has continued since 2019.

WHO:

• Headquarters: Geneva, Switzerland
• Founded: 7 April 1948
• Director-General: Tedros Adhanom Ghebreyesus

Banking news

Bank of Baroda Launches ‘BoB Masterstroke Savings Account’ and Appoints Sachin Tendulkar as Brand Ambassador

Bank of Baroda (BOB) introduced the BoB Masterstroke Savings Account, tailored for high-end customers seeking premium banking services. In conjunction with this launch, BOB appointed renowned cricketer Sachin Tendulkar as its global brand ambassador.

Features of BoB Masterstroke Savings Account:

• Higher Interest Rates: Offers attractive interest rates through the Flexi Fixed Deposit facility.
• Loan Benefits: Provides a 0.25% concession on retail loan interest rates.
• Premium Cards: Includes the bob World Opulence Visa Infinite Debit Card (Metal Edition) and a lifetime-free Eterna Credit Card (subject to eligibility).
• High Withdrawal Limits: Daily ATM withdrawal limit of ₹5 lakh and ₹10 lakh for Point of Sale (POS) transactions.
• Free Transactions: Unlimited free NEFT, RTGS, and IMPS transactions.
• Sweep Facility: Available for account balances over ₹20 lakh, enabling better fund management.
• Minimum Balance Requirement: A Quarterly Average Balance (QAB) of ₹10 lakh is required, with a penalty of ₹3,000 for non-compliance each quarter.

Role of Sachin Tendulkar:

• As the global brand ambassador, Tendulkar will enhance BOB’s visibility and promote initiatives related to financial literacy and fraud prevention. He will feature in various branding campaigns, starting with “Play The Masterstroke.”

Additional Information:

• Oman Operations Sale: BOB plans to sell its operations in Oman to Bank Dhofar as part of its strategy to rationalize foreign operations. This sale is pending approval from relevant regulatory authorities.
  • The total business of BOB’s operations in Oman was 113.35 million Omani Rial, with a net worth of 25.54 million Omani Rial.

About Bank of Baroda (BOB):

• Managing Director (MD) & CEO: Debadatta Chand
• Headquarters: Vadodara, Gujarat
• Establishment: 1908
• Tagline: India’s International Bank

ICICI Bank Partners with PhonePe for Instant UPI Credit

ICICI Bank Limited has partnered with PhonePe, India’s largest digital payments platform, to offer instant credit to its pre-approved customers through the Unified Payments Interface (UPI) within the PhonePe application. This initiative aims to enhance the purchasing power of customers ahead of the festive season, allowing them to buy high-ticket items like electronics, travel, hotel bookings, and bill payments.

Key Features:

• Credit Line Access: Eligible ICICI Bank customers can access up to ₹2 lakh in credit with a 45-day repayment period.
• Interoperability: The credit line facility is interoperable across different UPI payment applications, providing customers with greater flexibility and convenience.

Market Insights:

• PhonePe dominates the UPI transaction market, holding a 49% market share of total UPI transaction volumes in India, significantly ahead of competitors like Google Pay (38%).
• The PhonePe platform processes transactions worth nearly ₹200 crore per month.

About ICICI Bank Limited:

• Managing Director (MD) & CEO: Sandeep Bakshi
• Headquarters: Mumbai, Maharashtra
• Established: 1994
• Tagline: “Hum Hai Na, Khyal Apka”

About PhonePe:

• Chief Executive Officer (CEO): Sameer Nigam
• Headquarters: Bengaluru, Karnataka
• Established: 2015

Award news

Baker, Hassabis, Jumper Awarded Nobel 2024 in Chemistry for Pioneering Protein Research

The 2024 Nobel Prize in Chemistry has been awarded to David Baker for his innovative work in computational protein design and to Demis Hassabis and John M. Jumper for their groundbreaking AI-based protein structure prediction. These discoveries, recognized by the Royal Swedish Academy of Sciences, represent major advancements in understanding and designing proteins.

Awarded by: The Royal Swedish Academy of Sciences.

Winners:

• David Baker (University of Washington, USA): Recognized for his pioneering work in computational protein design.
• Demis Hassabis and John M. Jumper (Google DeepMind, UK): Honored for their groundbreaking AI-based protein structure prediction.

Significance:

• These advancements have revolutionized the understanding and design of proteins, contributing to progress in biotechnology and medicine

Defence news

Indian Navy Commissions New Deep-Water Survey Vessel

The Indian Navy has received its latest large Survey Vessel for deep water hydrographic mapping specially designed, Nirdeshak (Yard 3026), second of four Survey Vessel (Large) ships, steered by the Indian Navy’s Warship Design Bureau and being built at Garden Reach Shipbuilders & Engineers (GRSE), Kolkata was delivered to the Indian Navy.

• Vessel: Nirdeshak (Yard 3026), the second of four large Survey Vessel (Large) ships.
• Builder: Garden Reach Shipbuilders & Engineers (GRSE), Kolkata.
• Design: Guided by the Indian Navy’s Warship Design Bureau, adhering to Indian Register of Shipping standards for safety and performance.

 Background:

• The contract for four Survey Vessels was signed on October 30, 2018.
• The first ship, INS Sandhayak, was commissioned on February 3, 2024.

Purpose:

• Conduct hydrographic surveys, focusing on coastal and deep-water mapping, port approach surveys, and navigational channel determination.
• Collect oceanographic and geophysical data for defense and civil applications like marine resource exploration and environmental monitoring.

Indian navy: Chief of the Naval Staff of the Indian Navy is Admiral R. Hari Kumar

History of Indian navy: The Indian Navy was officially formed on September 5, 1612, when the British East India Company established a naval force to protect its trade interests in the Indian Ocean. However, the modern Indian Navy, as we know it today, came into existence after India gained independence on August 15, 1947, and was officially commissioned as the Royal Indian Navy. Following the country’s transition to a republic, it was renamed the Indian Navy on January 26, 1950.

Multinational Malabar Naval Exercise 2024 Start in the Bay of Bengal

The 28th edition of the multi-national Malabar Naval exercise, hosted by the Indian Navy, commenced in the Bay of Bengal on 8 November 2024. The exercise will be held from 8 to 18 October 2024. The Opening ceremony of the Malabar Naval exercise was held onboard the Indian Naval Ship Satpura at Visakhapatnam on 9 October 2024.

Background:

• The Malabar exercise began as a bilateral initiative between the Indian and United States navies in 1992 and has evolved into a Quad Naval Exercise with the participation of India, Japan, Australia, and the United States.
• Japan joined in 2015, and Australia has been a participant since 2007.
• The 27th edition was hosted by the Royal Australian Navy near Sydney in August 2023.

Objectives:

• The exercise aims to enhance cooperation among the navies of the participating nations, focusing on advanced warfare tactics, collective planning, and regional security.
• The Quad’s primary goal is to ensure a free and open Indo-Pacific region, encompassing the Indian Ocean and Western Pacific Ocean.

Exercise Phases:

• The Malabar exercise is divided into two main phases:
  • Sea Exercise: Focuses on combat operations.
  • Harbour Exercise: Aims to foster camaraderie among naval personnel from participating countries.

Naval Participation:

• Approximately eight naval ships and 12 aircraft are involved in the exercise.
• Indian Navy:
  • Guided-missile destroyer INS Delhi and four support ships.
  • Long-range maritime patrol aircraft P-8I Poseidon.
• United States Navy: Guided-missile destroyer USS Dewey and P-8 Poseidon aircraft.
• Japanese Maritime Self-Defense Force: Murasame-class destroyer JS Ariake.
• Royal Australian Navy: Anzac-class frigate HMAS Stuart and P-8A Poseidon maritime patrol aircraft.

Scheme news

Launch of Humsafar Policy by Union Ministry of Road Transport and Highways

The Union Ministry of Road Transport and Highways Nitin Gadkari launched the Humsafar Policy in New Delhi on 7 October 2024. Nitin Gadkari launched the policy at a function in the presence of the Union Minister of State for Road Transport and Highways, Ajay Tamta, Chairman of National Highway Authority of India ( NHAI), Santosh Kumar Yadav and senior officers of the ministry and the NHAI.

Objectives of the Humsafar Policy

• Enhance Convenience: Aims to improve the travel experience on National Highways and Expressways.
• Development of Wayside Amenities: Focuses on creating world-class facilities for travelers.
• Service Provider Framework: Establishes standards for service providers, including eateries, fuel stations, and trauma centers along highways.
• Hygienic Facilities: Ensures standardized and well-maintained amenities for commuters.
• Instant Access to Information: Travelers can find details of nearby service providers through the NHAI’s Rajmarg Yatra app.

Key Differences Between Highways and Expressways

• Ownership:

• National Highways are managed by the central government.
• Expressways can be owned by either central or state governments.
• Design and Functionality:

• National Highways: Connect important cities and ports; prioritize connectivity over speed with frequent entry and exit points.
• Expressways: Designed for fast-moving vehicles with controlled access, fewer sharp curves, and higher speed limits.

The Humsafar Policy aims to significantly improve the infrastructure and services available on National Highways and Expressways, enhancing safety and convenience for all travelers.

Sports news

Uttarakhand to host next Summer and Winter National Games

The Indian Olympic Association has chosen Uttarakhand to host the 38th Summer National Games. The state will also hold the next Winter Games. The 37th National Games was held in Goa from 25 September -9 November 2023.

Event Overview:

• Host State: Uttarakhand
• Dates: January 28 – February 14, 2025
• Organizer: Indian Olympic Association (IOA)

Key Points:

• Uttarakhand has been selected to host the 38th Summer National Games.
• This event will also include the next Winter Games, marking a significant milestone as it will be the first time the Winter Games are held outside Jammu & Kashmir and Ladakh.
• The 37th National Games were recently conducted in Goa from September 25 to November 9, 2023.

Future Planning:

• Details regarding the venues, events, and schedules will be finalized during the IOA’s General Assembly meeting scheduled for October 25, 2024.

About the National Games:

• The National Games are organized by the IOA and hosted by state governments, aiming to identify and promote athletic talent for representation at the Summer Olympics.
• They are held on the Olympic model, and although initially planned to occur every two years, the schedule has become irregular after the 24th edition.
• The first National Games took place in 1924 in Lahore (now in Pakistan) and were originally known as the All-India Olympic Games; the name was changed to National Games in 1940.

Important days

Celebrating World Post Day: Honoring Postal Services

World Post Day is celebrated each year on 9 October. The event was declared by the 1969 Universal Postal Congress in Tokyo as a means to mark the anniversary of the Universal Postal Union’s (UPU) creation in 1874.

Date & Significance:

• Celebrated annually on October 9 to mark the establishment of the Universal Postal Union (UPU) in 1874 in Bern, Switzerland.
• Aims to raise awareness of the role of postal services in communication and development.

History: Declared during the UPU Congress in Tokyo, Japan, in 1969.

2024 Theme:

• “150 years of enabling communication and empowering peoples across nations”.
• Commemorates UPU’s 150 years of achievements and highlights its commitment to fostering communication for peace, prosperity, and global understanding.

World Mental Health Day 2024

World Mental Health Day, observed annually on October 10, was first initiated in 1992 by the World Federation for Mental Health (WFMH). This global observance aims to raise awareness about mental health issues and mobilize efforts in support of mental health care worldwide.

History: Initiated in 1992 by the World Federation for Mental Health (WFMH).

Objective:

• To raise global awareness about mental health issues.
• Mobilize efforts to support mental health care.

Significance:

• Provides a platform for stakeholders in mental health to discuss their work.
• Encourages action to improve access to mental health care for all people worldwide.

Obituary news

Passing of Pappammal, Renowned Organic Farmer and Padma Shri Awardee

Pappammal, also known as Rangammal, was a celebrated Indian organic farmer who made significant contributions to sustainable agriculture in Tamil Nadu. She was honored with the Padma Shri award by the Government of India in 2021 for her exceptional work in promoting organic farming practices.

Contributions:

• Pappammal was closely associated with Tamil Nadu Agricultural University (TNAU), where she played a vital role in educating farmers about modern farming technologies and practices.
• She organized various discussion forums through TNAU’s extension department, impacting thousands of farmers in the region.

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:

• Founded: 8 October 1932, India
• Headquarters: New Delhi
• Chief of Air Staff, Air Chief Marshal Amar Preet Singh