Category: Current Affairs

National news

Banjara Virasat Museum in Washim, Maharashtra inaugurated by PM Modi

On 5 October 2024, Prime Minister Narendra Modi visited Washim and Thane, Maharashtra, and launched several initiatives focused on agriculture and infrastructure development.

1. Inauguration of Banjara Virasat Museum:
   • PM Modi inaugurated the Banjara Virasat Museum at Poharadevi, Washim.
   • The museum showcases the rich history and legacy of the Banjara community, with portraits of Banjara leaders and the Banjara movement.
   • The Prime Minister paid tribute to Sant Sevalal Maharaj and Sant Ramrao Maharaj and played the Nangara, a traditional Banjara musical instrument.
2. 18th Installment of PM-KISAN Samman Nidhi:
   • PM Modi released the 18th installment of the PM-KISAN Samman Nidhi, worth Rs 20,000 crore, benefiting around 9.5 crore farmers nationwide. Each eligible farmer receives Rs 6000 per year in three installments under this scheme.
3. 5th Installment of NaMo Shetkari Mahasanman Nidhi Yojana:
   • The Prime Minister released the 5th installment of the NaMo Shetkari Mahasanman Nidhi Yojana, a Maharashtra government scheme providing Rs 6000 per year to farmers in three installments.
4. Launch of Unified Genomic Chip for Cattle and Buffaloes:
   • PM Modi launched the Unified Genomic Chip, GAUCHIP for cattle and MAHISHCHIP for buffaloes, to improve cattle breeding through genomic selection.
   • This technology will help identify high-quality bulls early and make sex-sorted semen affordable, reducing costs for farmers by Rs 200 per dose.

Yogi Adityanath Marks Mahakumbh-2025 with Logo Reveal

• Uttar Pradesh Chief Minister Yogi Adityanath unveiled the multi-colored logo for Mahakumbh 2025.
• The logo includes a temple, a seer, an urn, the Akshayvat tree, and Lord Hanuman, representing the spiritual essence and the confluence of nature and humanity in the Sanatan civilization.
• The logo’s motto is: “Sarvasiddhipradah Kumbhah” (Kumbh bestows all types of spiritual powers).

• The Kumbh Mela is recognized by UNESCO as an ‘Intangible Cultural Heritage of Humanity’ and is the world’s largest peaceful gathering of pilgrims.
• It brings together millions of devotees and sadhus from across the world for ritual baths in the sacred rivers at the Triveni Sangam (confluence of the Ganga, Yamuna, and Saraswati rivers).

Religious Symbolism:

The Amrit Kalash depicted in the logo has deep religious symbolism:

• Mouth: Represents Lord Vishnu.
• Neck: Symbolizes Rudra (Shiva).
• Base: Embodies Brahma.
• Middle: Represents all goddesses.
• Water: Symbolizes the entire ocean.

Geographical Importance:

• The logo highlights the Triveni Sangam and includes a live satellite image of the area to emphasize the spiritual and geographical significance of Prayagraj.

Event Details:

• The Mahakumbh 2025 will take place from January 14 to February 26, 2025, at Prayagraj, Uttar Pradesh.
• Celebrated every 12 years, this event is marked by sacred baths, with its history traced back to the sixth century, when Chinese traveler Xuanzang documented a gathering at the Ganges.

Types of Kumbh Melas:

• Kumbh Mela: Occurs every four years at one of four designated locations.
• Ardh Kumbh Mela: Celebrated every six years at Allahabad (Prayagraj) and Haridwar.
• Purna Kumbh Mela: Held every 12 years.
• Maha Kumbh Mela: The largest, held every 144 years after 12 Purna Kumbhs, specifically in Prayagraj.

State news

Telangana Launches State Chapter of NITI Aayog’s Women Entrepreneurship Platform

In a groundbreaking initiative to enhance women-led businesses, Telangana has become the first state in India to launch its own chapter of the National Institution for Transforming India (NITI) Aayog’s Women Entrepreneurship Platform (WEP). The ‘WEP Telangana Chapter’ was inaugurated by BVR Subrahmanyam, CEO of NITI Aayog, in Hyderabad, with key figures including Jayesh Ranjan, State IT and Industries Secretary, and Sangeetha Reddy, co-chair of WEP, in attendance.

Leadership:

• Sita Pallocholla has been appointed as the Mission Director of the WEP Telangana Chapter.
• The Women Entrepreneurs Hub (WE HUB) will serve as the nodal body for the initiative in the state.

Objectives of WEP Telangana Chapter:

1. Support for Women Entrepreneurs: The primary goal is to provide support through mentoring, financing, and skill development.
2. Access for All: Ensure that women from both urban and rural areas have equal access to resources and opportunities.
3. Economic Boost: By fostering entrepreneurship among women, the platform aims to stimulate economic growth in Telangana.
4. Collaboration: The chapter will collaborate with other organizations to create a supportive network for women entrepreneurs to learn and succeed.
5. Positive Impact: This initiative is expected to positively influence Telangana’s economy and establish the state as a leader in promoting women’s entrepreneurship in India.

About Telangana:

• Chief Minister: Revanth Reddy
• Governor: Jishnu Dev Varma
• Capital: Hyderabad
• UNESCO Heritage Site: Kakatiya Rudreshwara (Ramappa) Temple (Cultural Heritage)

About NITI Aayog:

• Chief Executive Officer: B. V. R. Subrahmanyam
• Chairperson: Narendra Modi
• Established: 2015

International news

India Joins International Medical Device Regulators Forum (IMDRF) as an Affiliate Member

India has joined the International Medical Device Regulators Forum (IMDRF) as an affiliate member, with the Central Drugs Standard Control Organisation (CDSCO), under the Ministry of Health and Family Welfare (MoH&FW), securing the membership during the 26th IMDRF Session in September 2024, held in Seattle, USA.

Significance:

• Global Collaboration: This membership strengthens India’s collaboration in international medical device regulation.
• Boost for Domestic Industry: It enhances the competitiveness of India’s medical device sector and promotes “Brand India” globally.

About IMDRF:

• Established: 2011, aiming for international medical device regulatory harmonization.
• Members: Includes regulatory authorities from countries like the USA, UK, EU, Japan, Brazil, and organizations like the World Health Organization (WHO).
• 2024 Chair and Secretariat: The USA.

Banking news

LIC Increases Stake in Bank of Maharashtra to 7.10% via QIP

The Life Insurance Corporation of India (LIC) has raised its stake in Bank of Maharashtra from 4.05% to 7.10%, as per an exchange filing on October 5, 2024.

• Qualified Institutional Placement (QIP): The increase follows the allotment of 25.96 crore equity shares priced at ₹57.36 each through a QIP, aimed at boosting the bank’s balance sheet for expansion.
• Strategic Move: LIC’s increased stake, surpassing 5%, reflects its confidence in the bank’s growth potential and long-term prospects.
• Compliance: The transaction complies with SEBI regulations regarding disclosure obligations for listed entities.

 Comparative Investments:

• LIC’s past adjustments include:
  • Reducing its stake in Mahanagar Gas by 2% and in Aurobindo Pharma from 5.01% to 2.265%.
  • Conversely, LIC raised its stake in IRCTC from 7.278% to 9.298% in September 2024.
• This latest acquisition aligns with LIC’s strategic investment approach, focusing on public sector undertakings (PSUs).

LIC:

• Founded: 1 September 1956
• Headquarters: Mumbai
• Head: Siddhartha Mohanty

Award news

Nobel Prize in Medicine 2024: Discovery of microRNA

The 2024 Nobel Prize in Physiology or Medicine was awarded to Victor Ambros and Gary Ruvkun for their groundbreaking discovery of microRNA (miRNA) and its essential role in regulating gene activity after transcription.

The Karolinska Institute in Sweden recognized the two scientists for uncovering this new class of small RNA molecules that play a critical role in controlling gene expression, significantly advancing our understanding of genetic regulation and its implications in health and disease.

The Nobel Prize is a set of prestigious international awards given annually in recognition of outstanding contributions in six categories: Peace, Literature, Chemistry, Physics, Medicine, and since 1969, Economic Sciences. Here are the essential facts:

1. History of the Nobel Prize:

• Founder: Alfred Nobel, a Swedish inventor, engineer, and industrialist, best known for inventing dynamite.
• First Awarded: 1901.
• Reason for Creation: Nobel established the prizes in his will, signed in 1895, to honor individuals and organizations who have contributed significantly to humanity.

2. Nobel Prize Categories:

• Peace: Awarded to individuals or organizations working to promote peace. Given in Oslo, Norway.
• Literature: For authors, poets, and playwrights with outstanding literary works.
• Chemistry: For significant achievements in the field of chemistry.
• Physics: For groundbreaking discoveries in physics.
• Physiology or Medicine: For advancements in medical research.
• Economic Sciences: Established in 1969, awarded for contributions to economics (not part of the original five).

3. Nobel Prize Awarding Institutions:

• Royal Swedish Academy of Sciences: Awards prizes for Physics, Chemistry, and Economic Sciences.
• Karolinska Institute (Sweden): Awards the Medicine prize.
• Swedish Academy: Awards the Literature prize.
• Norwegian Nobel Committee (Norway): Awards the Peace Prize.

4. Key Facts:

• Alfred Nobel’s Will: His fortune was left to fund the prizes.
• First Recipients (1901):
  • Peace: Henri Dunant and Frédéric Passy.
  • Literature: Sully Prudhomme.
  • Physics: Wilhelm Röntgen (for discovering X-rays).
  • Chemistry: Jacobus Henricus van ‘t Hoff.
  • Medicine: Emil von Behring (for serum therapy).
• First Woman to Win a Nobel Prize: Marie Curie (Physics, 1903; Chemistry, 1911).
• Nobel Prize Medal: The medals vary in design for each category but always feature the image of Alfred Nobel.

5. Nobel Prize Facts:

• Youngest Nobel Laureate: Malala Yousafzai, awarded the Peace Prize in 2014 at the age of 17.
• Only Organization to Win Multiple Peace Prizes: The International Committee of the Red Cross (ICRC) has won three times.
• Only Nobel Laureate in Both Chemistry and Peace: Linus Pauling (Chemistry, 1954; Peace, 1962).

6. Nobel Peace Prize Facts:

• Awarded in Oslo, Norway, unlike the other prizes which are awarded in Stockholm, Sweden.
• The Peace Prize has been awarded to individuals, organizations, and movements working toward conflict resolution, disarmament, and human rights.

7. Recent Nobel Prize Winners (Selected):

• Medicine (2024): Victor Ambros and Gary Ruvkun (for the discovery of microRNA).
• Peace (2023): Narges Mohammadi (for advocating for women’s rights in Iran).

8. Nobel Prizes and India:

• Rabindranath Tagore (1913) – Literature (First Indian Nobel laureate).
• C. V. Raman (1930) – Physics (for the Raman Effect).
• Amartya Sen (1998) – Economic Sciences.
• Mother Teresa (1979) – Peace Prize for her humanitarian work in India.

Defence news

Visakhapatnam Hosts Malabar 2024 Naval Drill

MALABAR exercise will kick off from 8th October in Visakhapatnam in Andhra Pradesh. It will be hosted by India, this year’s exercise will see the participation of Australia, Japan, and the United States of America beginning with the Harbour Phase in Visakhapatnam, followed by the sea phase. The exercise will be conducted from 8th October to 18th October.

1. Dates and Location:
   • Held from 8th to 18th October 2024 in Visakhapatnam, Andhra Pradesh.
   • Hosted by India with participation from Australia, Japan, and the United States.
   • The exercise will consist of two phases: Harbour Phase (Visakhapatnam) and Sea Phase.
2. Focus and Objectives:
   • Designed to enhance naval cooperation and operational capabilities.
   • Key areas of focus include:
     • Special operations
     • Surface warfare
     • Air warfare
     • Anti-submarine warfare
   • Activities will be carried out through a Subject Matter Expert Exchange (SMEE).
3. Key Activities:
   • Anti-submarine warfare drills
   • Surface warfare operations
   • Air defense exercises
   • Goal: Improve situational awareness through coordinated maritime operations.
4. Distinguished Visitors’ Day:
   • Planned for October 9 during the Harbour Phase.
   • Hosted by Vice Admiral Rajesh Pendharkar, Flag Officer Commanding-in-Chief, Eastern Naval Command.
   • Delegations from participating countries will attend.
5. Deployments:
   • Australia: HMAS Stuart, an Anzac Class Frigate with an MH-60R helicopter and P8 Maritime Patrol Aircraft.
   • USA: USS Dewey, an Arleigh Burke-Class Destroyer with an integral helicopter and P8 Maritime Patrol Aircraft.
   • Japan: JS Ariake, a Murasame-Class Destroyer.
6. Special Forces:
   • Special Forces from Australia, Japan, the USA, and India will participate, focusing on high-level coordination in special operations.
7. About the Malabar Exercise:
   • Started in 1992 as a bilateral naval exercise between India and the US.
   • Became trilateral with the inclusion of Japan in 2015.
   • Expanded to a quadrilateral format with Australia joining in 2020.

VSHORADS 4th Gen Missile Tested by DRDO

The Defence Research and Development Organisation (DRDO) conducted three flight tests of the Very Short Range Air Defence System (VSHORADS) on October 3-4, 2024 at the Pokhran Field Firing Ranges, Rajasthan.

• Key Performance: The missile was tested against high-speed aerial targets at maximum range and altitude, demonstrating its capability to intercept fast-moving aerial threats with precision and reliability.
• Significance: The successful tests mark a major step toward enhancing India’s air defense capabilities and align with the ‘Aatmanirbhar Bharat’ vision, paving the way for early user trials and rapid production.
• Development: The VSHORADS is a fourth-generation, miniaturized missile system developed by DRDO. Two production agencies have been engaged in the Development-cum-Production Partner (DcPP) mode for its rapid production.

DRDO:

• Date founded: 1958
• Headquarters: DRDO Bhavan, New Delhi, India
• Agency executive: : Sameer V. Kamat, Chairman, DRDO

Sports news

Nitish Kumar Unveils Logo, Mascot for Upcoming Women’s Asian Champions Trophy

Bihar Chief Minister Nitish Kumar unveiled the logo and mascot for the Women’s Asian Champions Trophy 2024. The mascot, ‘Gudiya’, is inspired by Bihar’s state bird, the sparrow, symbolizing alertness, strategy, and sportsmanship. Gudiya holds a hockey stick and a goalkeeper’s glove to represent the sport and its defensive aspects.

1. Tournament Details: The tournament will take place from November 11 to 20, 2024, in Rajgir, Bihar. It features six countries: India, China, Thailand, Malaysia, South Korea, and Japan.
2. Cultural Significance: The logo incorporates the Bodhi tree and a hockey stick, symbolizing Bihar’s rich cultural heritage, knowledge, and India’s national sport. The tournament reinforces the Bihar government’s commitment to women’s empowerment.
3. Previous Winners:
   • 2010: South Korea
   • 2011: South Korea
   • 2013: Japan
   • 2016: India
   • 2018: South Korea
   • 2021: Japan
   • 2023: India

Bihar:

• Capital: Patna
• Chief minister: Nitish Kumar
• Governor: Rajendra Arlekar

Important days

World Cotton Day 2024, Celebrating Cotton’s Global Impact

Celebrated on October 7, 2024, World Cotton Day highlights the global importance of cotton, a versatile crop essential to industries ranging from textiles to medical supplies, animal feed, and edible oil production.

• Historical Origins: World Cotton Day was initiated by the “Cotton Four” nations—Burkina Faso, Benin, Chad, and Mali—in collaboration with other African cotton producers. The goal was to promote cotton by-products and expand market opportunities.
• First Celebration: The inaugural World Cotton Day was celebrated on October 7, 2019, in Geneva, marking the start of this annual global observance. It emphasizes cotton’s role in economic development and its wide-ranging applications.

World Habitat Day 2024, Empowering Youth for a Sustainable Urban Future

Celebrated annually on the first Monday of October, in 2024 it was observed on October 7.

• Purpose: Established by the United Nations General Assembly in 1985, the day focuses on raising awareness of the fundamental right to housing and the need for everyone to have access to a safe, decent, and affordable place to live.
• Theme for 2024: “Engaging Youth to Create a Better Urban Future” emphasizes the role of youth in shaping sustainable and inclusive urban environments.

Significance: World Habitat Day serves as a global reminder to address housing challenges and promote inclusive urban development for all.

Obituary news

Remembering Keki N. Daruwalla: Celebrated Poet and Former IPS Officer

Keki N. Daruwalla, the renowned Indian English poet and former IPS officer, passed away at the age of 87 in New Delhi. Born on January 24, 1937, in Lahore (now in Pakistan), Daruwalla had a distinguished career both in literature and public service.

• Career in Public Service: A 1958 batch IPS officer of the Uttar Pradesh Cadre, he joined the Research and Analysis Wing (R&AW) and rose to the rank of secretary. He retired in 1995 as the chairman of the Joint Intelligence Committee (JIC) and later served on the National Commission for Minorities from 2011 to 2014.
• Literary Contributions: Daruwalla published his first poetry collection, “Under Orion,” in 1970. His second book, “Apparition in April,” earned him the UP State Award in 1972. He received the Sahitya Akademi Award in 1984 for his work “The Keeper of the Dead.” In recognition of his contributions to literature and education, he was awarded the Padma Shri by the Government of India in 2014.

National news

Department of Posts and Amazon Unite to Enhance Delivery Services

The Department of Posts (DoP), with its deep reach, and Amazon, one of the world’s largest e-commerce companies, together seek to empower India’s growing e-commerce sector by enhancing logistical capabilities, supporting job creation, and contributing to economic growth, signed a Memorandum of Understanding (MoU).

• Objective: The partnership seeks to empower India’s growing e-commerce sector by enhancing logistical capabilities and contributing to economic growth.
• Signatories: The MoU was signed between Venkatesh Tiwari (Amazon Seller Services Pvt Ltd) and Kushal Vashist (DoP), allowing Amazon to utilize the vast postal network for parcel deliveries across India.
• Key Cooperation Areas:
  • Synchronization of logistics operations.
  • Knowledge-sharing initiatives.
  • Capacity-sharing opportunities.
• Review Mechanism: Quarterly reviews to monitor progress and explore new growth avenues.
• Benefits to Amazon:
  • Access to over 1.6 lakh post offices, enhancing its reach to remote areas.
  • Streamlined logistics operations for improved e-commerce delivery.
• Benefits to DoP:
  • Growth in its parcel business through increased transmission and delivery.
  • Enhanced expertise in e-commerce logistics.
  • Contribution to India’s goal of becoming a global logistics hub.

Department of post:

• Founded: 1 October 1854
• Headquarters: New Delhi
• Head: Ms. Vandita Kaul

Economy news

Employment in India Up by 36% : Center Reports

India has witnessed significant employment growth over the years. With employment increasing by nearly 36%, adding around 17 million jobs during 2016-17 and 2022-23, India’s economic trajectory demonstrates sustained job creation across key sectors. With a robust democracy, dynamic economy, and a culture that celebrates unity in diversity, India’s journey toward becoming a global powerhouse continues to inspire the world.

Key Aspect	Details
Overall Employment Growth	36% increase in employment (17 million jobs added) between 2016-17 and 2022-23
GDP Growth	Average GDP growth exceeded 6.5% during this period
Worker Population Ratio (WPR)	Increased by 9 percentage points (26%) from 2017 to 2023
Job Elasticity	1.11% job increase for every 1% rise in value-added (2017-23)
Sectoral Trends	Agriculture: Over 45% of workforce, gradual shift to manufacturing & services
	Manufacturing: Large factories (100+ workers) grew by 11.8% (FY18-FY22); wage growth in rural areas at 6.9% CAGR
Labor Market Improvements	Unemployment Rate: Dropped to 3.2% in 2022-23
	Youth Employment: Youth unemployment decreased from 17.8% (2017-18) to 10% (2022-23)
	Female Workforce Participation: Steady increase due to supportive policies
EPFO Payroll Growth	Payroll additions doubled from 61.1 lakh (FY19) to 131.5 lakh (FY24)
Gig Economy	Expected to grow to 2.35 crore workers by 2029-30
Manufacturing & AI	Manufacturing continues job growth, relatively unaffected by automation

Power Finance Corporation Secures Record USD 1.265 Billion Loan

PFC, a Maharatna company and a leading Non-Banking Financial Corporation (NBFC) in India, closed the largest-ever foreign currency term loan by an Indian Public Sector Undertaking (PSU), raising USD 1.265 billion. This facility agreement was signed with several banks in IFSC GIFT City, Gandhinagar.

Objective of the Loan:

• The loan will primarily be used to finance non-thermal generation projects, supporting PFC’s focus on renewable energy.
• It will help PFC expand operations, strengthen market presence, diversify its funding sources, and maintain a competitive edge.

Loan Structure:

• Floating interest rate: 4.21% (average).
• Denominated in G3 currencies: USD, EUR, and JPY.
• Tenor: 5 years.
• Linked to external benchmark rates:
  • SOFR (Secured Overnight Financing Rate) for USD.
  • EURIBOR (Euro Interbank Offered Rate) for EUR.
  • TONA (Tokyo Overnight Average) for JPY.

Banking Partners:

• Key banks involved: SBI, IDBI, Axis Bank, MUFG, Deutsche Bank, and SMBC.
• SBI acted as the largest lender and the facility agent for the transaction.

About PFC:

• Founded: 1986.
• Ownership: Government of India, under the Ministry of Power.
• Role: Financial backbone of the Indian power sector.
• Core Activities: Financing power projects including generation, transmission, distribution, and RM&U (Renovation, Modernization, and Uprating) projects.
• Expansion: Recently began financing infrastructure projects with backward linkages to the power sector, such as coal mine development, fuel transportation, and oil & gas pipelines.

International news

Italy and Switzerland Redraw Alpine Borders

The redrawing of borders between Italy and Switzerland is a striking response to the rapid melting of glaciers caused by climate change. As global temperatures rise, glaciers in the Alps are shrinking, leading to shifts in natural watershed lines that have historically defined the frontier between these two countries. This agreement, made official by Switzerland on September 27, 2024, follows a recommendation from a commission formed in 2023 to assess climate impacts on glaciers. Italy is expected to approve the changes soon, which primarily affect regions around the Matterhorn.

Reason for Border Shift:

• Glacial Melting: As glaciers retreat, ridge lines that historically defined national borders are shifting.
• Impact: Italy will lose some territory, while Switzerland will gain. This primarily affects regions around the Matterhorn.

Timeline:

• The decision was formalized by Switzerland on September 27, 2024, following a recommendation by a commission established in 2023 to assess the impact of climate change on glaciers. Italy is expected to approve the changes soon.

Switzerland:

• Currency: Swiss Franc
• Capital: Bern
• PM: Viola Amherd

UK Agrees to Transfer Chagos Islands Sovereignty to Mauritius

The United Kingdom and Mauritius reached an historical agreement to cede sovereignty of the Chagos Islands, a strategically significant archipelago in the Indian Ocean to hand over to Mauritius. The agreement allows Mauritius to regain sovereignty while ensuring the continued operation of the U.S. military base on Diego Garcia.

Sovereignty Transfer:
The UK will formally recognize Mauritius as the sovereign power over the Chagos Archipelago, under a treaty that ensures the U.S. military base on Diego Garcia will continue to operate for 99 years.

Negotiation Process:

• Background: Negotiations started under former Prime Minister Rishi Sunak in 2022, and after 11 rounds of talks, an agreement was finalized following 2 additional rounds of negotiations with the current government.
• This reflects both nations’ commitment to peaceful resolution and the rule of law, addressing long-standing disputes and the displacement of the Chagossians.

Diego Garcia Strategic Importance:

• Diego Garcia hosts a significant military base for both the U.S. and the UK, critical for security operations in the Indian Ocean.
• The agreement secures its long-term operational use, while also addressing concerns over illegal migration routes in the region.

Resettlement of Chagossians:

• Mauritius will be able to resettle displaced Chagossians on islands other than Diego Garcia.
• A UK-funded trust will be established to support the welfare and resettlement of the displaced population.

Economic & Environmental Cooperation: The UK will provide financial support, including indexed annual payments, and collaborate with Mauritius on infrastructure projects, environmental protection, and maritime security.

United kingdom:

• Capital: London
• King: Charles III

Mauritius:

• Capital: Port Louis
• Currency: Mauritian Rupee
• Prime minister: Pravind Jugnauth

Banking news

ADB Approves $162 Million Loan to Boost Sustainable Tourism Development

The Asian Development Bank (ADB) has approved a $162 million loan to enhance tourism in Himachal Pradesh, focusing on five districts heavily impacted by the pandemic: Hamirpur, Kangra, Kullu, Mandi, and Shimla. The loan will support the Sustainable and Inclusive Tourism Development Project, which aims to revive the tourism economy by promoting heritage and cultural sites and developing new infrastructure.

• Restoration of Heritage Sites:

• Restoration of Naggar Castle in Kullu.
• Promotion of cultural sites in Mandi and Hamirpur.
• Infrastructure Development:

• Public space improvements and construction of a new convention center in Kangra.
• Use of environmentally friendly technologies, such as solar-powered lighting and electric vehicles along major travel routes.
• Inclusivity and Accessibility:

• Facilities for All: The project focuses on accessibility for vulnerable groups such as the elderly, women, children, and people with disabilities.
• Planned developments include wellness centers, recreational facilities, an adventure sports hub, and a water park complex.

Asian Development Bank (ADB): Key Points

• Type: Regional multilateral institution.
• Focus: Asia-Pacific region.
• Founded: December 19, 1966 (with 31 founding members, including India).
• Current Membership: 68 members (49 from Asia-Pacific, 19 from outside the region).
• Headquarters: Mandaluyong City, Philippines.
• President: Masatsugu Asakawa.

Interest Rates on Small Savings Schemes Remain Unchanged for Q3 FY25: Ministry of Finance Update

On 2024, the Department of Economic Affairs (DEA-Budget Division), Ministry of Finance (MoF), kept the interest rates on Small Savings Schemes (SSS) unchanged for the 3rd Quarter of the financial year 2024-25 (Q3 FY25), spanning from 1st October 2024 to 31st December 2024. This marks the third consecutive quarter where the rates have remained stable.

Key Points:

1. Historical Changes: The interest rates for some small savings schemes, such as Sukanya Samriddhi Yojana (SSY) and 3-year Time Deposits, were last raised by 20 basis points in December 2023 for Q4 FY24.
2. PPF Stability: The Public Provident Fund (PPF) rate has been unchanged since April 2020, holding steady at 7.1% after being reduced from 7.9% in Q1 FY21.

Rates from 1st October to 31st December 2024:

• Savings Deposit: 4.0%
• 1-Year Post Office Time Deposit: 6.9%
• 2-Year Post Office Time Deposit: 7.0%
• 3-Year Post Office Time Deposit: 7.1%
• 5-Year Post Office Time Deposit: 7.5%
• 5-Year Recurring Deposit: 6.7%
• Kisan Vikas Patra: 7.5% (matures in 115 months)
• Public Provident Fund (PPF): 7.1%
• Sukanya Samriddhi Yojana (SSY): 8.2%
• National Savings Certificate (NSC): 7.7%
• Senior Citizens’ Savings Scheme (SCSS): 8.2%
• Monthly Income Scheme (MIS): 7.4%

Appointment news

Aviral Jain Joins RBI as Executive Director

The Reserve Bank of India (RBI) has appointed Aviral Jain as Executive Director (ED), effective October 01, 2024. Prior to this promotion, Jain served as the Regional Director for Maharashtra.

Responsibilities as Executive Director:

• Legal Department:
  Overseeing legal affairs and ensuring compliance with regulations.
• Premises Department:
  Managing RBI’s infrastructure and ensuring its maintenance.
• RTI Applications:
  Acting as the First Appellate Authority for Right to Information (RTI) applications, ensuring transparency and accountability within the bank.

Indra Sena Reddy Nallu Sworn in as Acting Governor of Mizoram

On, 2024, Indra Sena Reddy Nallu (73), the Governor of Tripura, was sworn in as the acting Governor of Mizoram at a ceremony held at the Durbar Hall in Raj Bhavan, Aizawl. The oath was administered by Justice Nelson Sailo, a judge of the Gauhati High Court.

This appointment comes as a result of President Droupadi Murmu assigning him the additional responsibility of Mizoram due to the medical leave of Dr. Hari Babu Kambhampati, the incumbent Governor, who is recovering from a lung infection.

Overview of Mizoram

• Chief Minister (CM): Lalduhoma
• Capital: Aizawl
• National Parks:
  • Murlen National Park
  • Phawngpui National Park
• Wildlife Sanctuaries:
  • Lengteng Wildlife Sanctuary
  • Ngengpui Wildlife Sanctuary

State news

Ahmedabad Police Unveils AI-Enhanced Command and Control Centre

The Ahmedabad Police is setting up a state-of-the-art Command and Control Centre to enhance citizen safety, marking a significant leap in public security. This new facility integrates modern technologies to bolster urban policing and crime control efforts.

Key Features:

1. Enhanced Monitoring Capabilities:

1. Each officer will have three monitors, enabling them to simultaneously surveil three locations for better efficiency.
2. This setup will improve real-time CCTV monitoring, aiding in quicker detection of criminal activities.
3. AI-Powered Surveillance:

2. Artificial Intelligence (AI) will be a central component, allowing officers to track social media for potential threats.
3. AI will also assist in identifying suspects and monitoring suspicious activities in real time, enhancing crime prevention efforts.

Ranks And Report News

Switzerland Tops IMD’s World Talent Ranking 2024

According to the Institute for Management Development (IMD)‘s World Talent Ranking (WTR) 2024: The Socio-Economic Implications of AI in the Workplace, Switzerland has been recognized as the world’s most competitive country for the 11th consecutive year, achieving an overall score of 100.

Key Highlights:

1. India’s Performance:
2. India’s ranking has dropped by two places, falling from 56th position in 2023 to 58th position in 2024, with an overall score of 40.7.
3. Top Rankings:

2. 2nd Place: Singapore with an overall score of 85.65.
3. 3rd Place: Luxembourg.
4. 4th Place: Sweden.
5. 5th Place: Denmark.

About the Institute for Management Development (IMD):

• President: David Bach
• Headquarters: Lausanne, Switzerland

Sports news

Mumbai Clinches 15th Irani Cup Title After 27-Year Wait

Mumbai, under the leadership of Ajinkya Rahane, has won the Irani Cup after a gap of 27 years. They secured the victory based on a first-innings lead after drawing the match against the Rest of India (RoI).

• Winner: Mumbai (based on the first-innings lead)
• Player of the Match: Sarfaraz Khan (for his double century in the first innings)

About the Irani Trophy:

• The Irani Cup, also known as the IDFC First Bank Irani Trophy, is a prestigious First-Class cricket match organized by the BCCI.
• It is contested between the reigning Ranji Trophy champions and a Rest of India (RoI) team composed of top players from other state teams.
• The tournament was instituted in 1960 to commemorate the 25th anniversary of the Ranji Trophy and was later made an annual fixture in 1962.
• The trophy is named after Zal R. Irani, a significant figure in Indian cricket who served as BCCI president and treasurer.

Most Successful Teams in Irani Trophy History:

• Rest of India – 30 titles
• Mumbai – 15 titles
• Karnataka – 6 titles
• Delhi, Railways, Vidarbha – 2 titles each

Gold Glory: Indian Men’s Team Triumphs in Rapid Fire Pistol

Indian trio wins team Gold medal at ISSF Junior World Championship 2024 in 25 Men’s Rapid Fire Pistol event. The competition was held in Lima, Peru. The trio was Raajwardan Patil, Mukesh Nelavalli and Harsimar Singh Rattha.

Highlights:

• The Indian shooting team, comprising Raajwardan Patil, Mukesh Nelavalli, and Harsimar Singh Rattha, clinched the team gold medal in the 25m Men’s Rapid Fire Pistol event.
• Individual Performances:
  • Raajwardan Patil: Qualified third with a score of 579 (17x).
  • Mukesh Nelavalli: Finished fourth with a score of 579 (15x).
  • Harsimar Singh Rattha: Ranked 13th with a score of 564 (10x).
• Despite both Patil and Nelavalli reaching the individual finals, they secured fourth and fifth places, respectively, with Thomas Chinours of France, who topped the qualification round, finishing sixth with a score of 584.

Team Performance:

• The combined score of the Indian trio was 1722 (42x), which was enough to win gold, surpassing France (1701, 44x) and Poland (1701, 36x).

Medal Tally:

• India continues to lead the medal tally at the championship.
• People’s Republic of China is in second place, while the USA ranks third.

About the ISSF Junior World Championship:

• The ISSF Junior World Championship was established by the International Shooting Sport Federation in 2017.
• It includes a variety of events for both Olympic and non-Olympic disciplines in rifle, pistol, and shotgun, encompassing both individual and team competitions.
• An athlete is classified as a ‘junior’ if they are under the age of 21 on December 31 of the competition year.

Defence news

Lokesh Machines Limited Delivers First Major Order of Indigenous SMG “Asmi” to Indian Army

Hyderabad, Telangana-based Lokesh Machines Limited has successfully delivered its first major order of the 9×19 millimeter (mm) Sub-Machine Gun (SMG) named “Asmi” to the Northern Command of the Indian Army (IA). This marks a significant achievement as it is India’s first SMG developed indigenously by the private sector.

Key Details:

• Contract Value: Approximately USD 550,000 for 550 ASMI 9×19 mm SMGs.
• Flag-off Ceremony: The consignment was flagged off by Maj Gen Rakesh Manocha, General Officer Commanding of the Telangana and Andhra Pradesh sub-area, IA.

Significant Points:

1. Historical Context: This order represents the first large-scale acquisition of an indigenous firearm since the Indian Small Arms System (INSAS) rifle.
2. Specifications of ASMI:
   • Weight: 2.4 kg (5.3 lbs), which is 10-15% lighter than comparable SMGs.
   • Magazine Capacity: 32 rounds.
   • Firing Rate: Maximum of 800 rounds per minute.
3. Design Collaboration: The design of the ASMI was provided by the Armament Research & Development Establishment (ARDE) in Pune, Maharashtra, in collaboration with the Indian Army.

About Lokesh Machines Limited

• Managing Director (MD): Mullapudi Lokeswara Rao
• Headquarters: Hyderabad, Telangana
• Incorporation Year: 1983

Celebration of the 92nd Anniversary of the Indian Air Force in Chennai

The 92nd anniversary of the Indian Air Force (IAF) was celebrated in Chennai with a spectacular display featuring 72 fighter jets and helicopters. This grand airshow, held after 21 years, drew a massive crowd of lakhs of spectators to the sands of Marina Beach.

Highlights of the Event:

• Fighter Jets and Helicopters: The event showcased various IAF fighters, including Chetak, Rafale, Dakota, Harvard, MIG, and Jaguar, demonstrating their prowess through vibrant aerial formations.
• Formation Names: The formations featured include:
  • Pandian
  • Sarang
  • Mahabali
  • Suriya Kiran
  • Pallava
  • Cauvery
  • Kanchi
  • Nilgiris
  • Karthikeya
  • Dhanush
  • Marina
  • Chozha

Dignitaries Present:

• Chief Minister of Tamil Nadu: M.K. Stalin
• Deputy Chief Minister: Udhayanidhi Stalin
• Other state ministers and senior officials from the Defence Forces were also in attendance.

Security and Logistics:

• Enhanced Security: Over 8000 police personnel were deployed across the city to ensure safety and manage the large gathering.
• Impact on Air Services: Air services at Chennai Airport were adjusted due to the airshow, causing significant disruptions and effectively bringing the city to a standstill.

Important days

World Teachers’ Day 2024 Observed Every year on October 5^th

Every year on October 5th, the world comes together to celebrate World Teachers’ Day, a momentous occasion dedicated to recognizing and honouring the invaluable contributions of educators worldwide. This day serves as a reminder of the profound impact teachers have on shaping not just individual lives, but the very fabric of society. Teachers, often regarded as second parents, guide students through crucial developmental stages, imparting not only knowledge but also essential life skills and values.

Purpose: World Teachers’ Day honors the contributions of educators worldwide and recognizes their essential role in shaping individual lives and society.

Historical Context

Establishment:

• World Teachers’ Day was established in 1994 by the United Nations Educational, Scientific and Cultural Organization (UNESCO).

Significance of October 5th:

• This date commemorates the adoption of the 1966 UNESCO/ILO Recommendation concerning the Status of Teachers, a pivotal document in education history.

National news

Centre Approves ₹1 Lakh Crore for PM-RKVY and Krishonnati Yojana to Boost Sustainable Agriculture and Food Security

The Union Cabinet approved the Pradhan Mantri Rashtriya Krishi Vikas Yojana (PM-RKVY) and Krishonnati Yojana (KY) to promote sustainable agriculture and achieve food security, with a total proposed expenditure of over ₹1 lakh crore. PM-RKVY will receive over ₹57,000 crore, while Krishonnati Yojana will be allocated ₹44,246 crore. These umbrella schemes aim to streamline various centrally sponsored agriculture schemes under the Department of Agriculture and Farmers Welfare, avoiding duplication and ensuring better convergence.

Key points:

• PM-RKVY includes programs like Soil Health Management, Rainfed Area Development, Agroforestry, Paramparagat Krishi Vikas Yojana, and Per Drop More Crop.
• The rationalization offers states more flexibility in crafting agricultural strategies tailored to local needs.
• The measures are expected to increase farmers’ income and strengthen food security for the middle class.

Union Cabinet Approves ₹63,246 Crore Chennai Metro Phase-II Project, Expanding City Network by 119 Km

The Union Cabinet approved the Chennai Metro Rail Project Phase-II, which consists of three corridors covering a total length of 119 km with 128 stations. The project will be completed by 2027 at a cost of ₹63,246 crore, expanding Chennai’s metro network to 173 km.

Key details:

• Three corridors:
  • Madhavaram to SIPCOT
  • Lighthouse to Poonamalle Bypass
  • Madhavaram to Sholinganallur
• The project will connect North to South and East to West in Chennai, enhancing the city’s infrastructure and transportation network.
• Union Minister Ashwini Vaishnaw emphasized that this development will significantly boost Chennai’s urban connectivity and mobility.

Cabinet approves India to Join International Energy Efficiency Hub by signing Letter of Intent

The Union Cabinet approved India’s decision to join the International Energy Efficiency Hub, a global platform aimed at fostering collaboration and promoting energy efficiency worldwide. This aligns with India’s commitment to sustainable development and reducing greenhouse gas emissions, contributing to a low-carbon economy and improved energy security.

Key points:

• 16-nation group: India will gain access to strategic energy practices and innovative solutions from countries like the U.S., U.K., China, and Japan.
• India’s participation allows for collaboration with other member states, sharing expertise and learning from international best practices.
• The move strengthens India’s role in global climate change efforts by promoting energy-efficient technologies.

Union Minister Ashwini Vaishnaw emphasized that India’s membership will enhance its global engagement on sustainable energy practices.

Launch of the Prime Minister’s Internship Scheme: Empowering Youth with 1.25 Lakh Internship Opportunities

The Prime Minister’s Internship Scheme has been launched as a pilot project aimed at providing 1.25 lakh internship opportunities to youth in India. Announced by Finance Minister Nirmala Sitharaman during the Union Budget 2024-25, the scheme targets offering internships in the top 500 companies over five years, with a total budget of ₹800 crore.

Key Details:

• Implementation: The pilot will roll out in seven districts across Gujarat, Maharashtra, Uttarakhand, and Telangana.
• Internship Duration: Each internship will last for 12 months.
• Application Period: Candidates can apply for internships through the online portal pminternship.mca.gov.in from October 12 to October 25.
• Eligibility: Youth aged between 21 and 24 years, who are not employed full-time and not engaged in full-time education, are eligible to apply.
• Company Participation: Top companies were selected based on their average Corporate Social Responsibility (CSR) expenditure over the past three years. Participation is voluntary, but other companies, banks, or financial institutions can join with approval from the Ministry of Corporate Affairs.

International Film Festival on Environment & Wildlife ‘Vatavaran’ Inaugurated

The International Film Festival and Forum on Environment and Wildlife, Vatavaran was inaugurated at Paryavaran Bhawan in New Delhi, featuring the theme “Wetlands for Life.” This three-day film festival aims to raise awareness about the conservation of wetlands, highlighting their ecological and economic importance.

Key Points:

• Importance of Wetlands: Jitendra Kumar, Director General of Forest in the Ministry of Environment, emphasized that about 6% of the Indian population relies on wetlands for their livelihoods, making their conservation crucial.
• Discussions and Strategies: Kumar hopes the festival will foster discussions on significant environmental issues and help formulate effective conservation strategies.
• Bilateral Cooperation: Taina Dyckhoff, Climate and Environment Head at the German Embassy, noted the successful collaboration between India and Germany in environmental and wetlands conservation, stating that film serves as a powerful medium to engage the public on these topics.

Ministry of environment: Officeholders: Bhupender Yadav (Union Minister), Kirti Vardhan Singh (Minister of State)

India Recognizes Marathi, Pali, Prakrit, Assamese, and Bengali as Classical Languages, Expanding Cultural Heritage

The Government of India has officially conferred classical language status to Marathi, Pali, Prakrit, Assamese, and Bengali, as recommended by the Linguistic Expert Committee, increasing the total to 11 classical languages in India. This decision was approved by the Union Cabinet on October 3, 2024.

Key Points:

• First Classical Language: Tamil was the first to receive this status in 2004.
• Criteria for Status:
  • Antiquity: Languages must have a recorded history of 1500-2000 years.
  • Ancient Literature: Must possess rich literature that is part of cultural heritage.
  • Knowledge Texts: Inclusion of prose, poetry, and inscriptions is necessary.
  • Distinctiveness: Should be distinct from later forms of the language.

List of Classical Languages:

1. Tamil (2004, Tamil Nadu)
2. Sanskrit (2005)
3. Telugu (2008, Andhra Pradesh, Telangana)
4. Kannada (2008, Karnataka)
5. Malayalam (2013, Kerala)
6. Odia (2014, Odisha)
7. Marathi (2024, Maharashtra)
8. Pali (2024, Bihar, Uttar Pradesh, Madhya Pradesh)
9. Prakrit (2024, Bihar, Uttar Pradesh, Madhya Pradesh)
10. Bengali (2024, West Bengal)
11. Assamese (2024, Assam)

Impact of Classical Language Status:

• National Awards: Potential establishment of awards by the Ministry of Education for classical languages.
• Academic Promotion: Universities may set up dedicated centers or chairs for these languages.
• Employment Opportunities: Anticipated job creation in academia and research sectors.
• Preservation and Digitization: Enhanced focus on preserving and digitizing ancient texts, generating jobs in archiving, translation, and digital media.

State news

Andhra Pradesh and Karnataka Sign MoU on Wildlife and Forest Management

On September , 2024, Andhra Pradesh and Karnataka signed a Memorandum of Understanding (MoU) to collaborate on wildlife and forest management challenges. This agreement was made during an inter-state coordination meeting held in Vijayawada, Andhra Pradesh.

Key Objectives:

• Strengthening cross-border conservation efforts.
• Mitigating human-animal conflicts.
• Promoting sustainable forest management practices.

Key Initiatives:

• Deployment of expert teams for elephant capture.
• Mahout training programs for managing elephant camps.
• Knowledge transfer on Standard Operating Procedures for darting and capturing animals.
• Workshops and seminars on animal nutrition and sustainable practices.

Andhra Pradesh:

• Capital: Amaravati
• Chief minister: N. Chandrababu Naidu
• Governor: Syed Abdul Nazeer

International news

Nepal to export 40 Megawatts of electricity to Bangladesh via India’s power grid

India, Nepal, and Bangladesh have signed a trilateral agreement to export 40 megawatts of electricity from Nepal to Bangladesh through India’s power grid. This landmark deal, signed in Kathmandu, marks the first time Nepal will sell electricity to Bangladesh, having previously only exported to India.

Key Details:

• Electricity Transmission: The electricity will be transmitted from Nepal to India via the 400 KV Dhalkebar-Muzaffarpur cross-border transmission line, after which India will forward the equivalent amount to Bangladesh.
• Revenue: The Nepal Electricity Authority (NEA) estimates that the sale will generate approximately 330 million rupees for Nepal.
• Collaboration on Hydropower: In a related meeting, the countries agreed to collaboratively develop the Sunkoshi-3 hydropower project, with plans to finalize a joint venture agreement in the next meeting.

Nepal:

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

Banking news

3 new members appointed to the Monetary Policy Committee of the RBI

The Government of India has reconstituted the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), appointing three new members: Prof. Ram Singh, Saugata Bhattacharya, and Dr. Nagesh Kumar. This brings the total membership of the MPC to six, which includes three members from the RBI and three appointed by the government.

Key Points:

• Background: The MPC was established following the amendment of the RBI Act in 2016, with the first committee notified on September 29, 2016.
• Search and Selection Committee: The Search and Selection Committee, chaired by Cabinet Secretary TV Somanathan, recommends members for the MPC. It includes representatives from the RBI and the Department of Economic Affairs.

Composition of the MPC:

• Members from RBI:

• Chairman: Dr. Saktikanta Das (Governor of RBI)
• Deputy Governor: Dr. Michael Patra (in charge of Monetary Policy)
• One RBI Officer: Nominated by the RBI Central Board
• Members Appointed by the Government:

• Prof. Ram Singh (Director, Delhi School of Economics)
• Saugata Bhattacharya
• Dr. Nagesh Kumar (Director, Institute for Studies in Industrial Development)

Term and Eligibility: The government-appointed members serve a four-year term and are not eligible for re-appointment. They can be removed on specified grounds or resign from their positions.

Functions of the MPC: The MPC is responsible for determining the RBI’s policy rates to meet the inflation target set by the government, which is reviewed every five years based on the Consumer Price Index.

RBI:

• Founded: 1 April 1935, Kolkata
• Headquarters: Mumbai
• Governor: Shaktikanta Das

Ranks and reports news

Transition to Renewable Energy in India: RBI Forecast

The Reserve Bank of India (RBI) projects that by 2030, fossil fuels will no longer dominate electricity generation in India, with renewable energy expected to exceed 50% of global electricity production. This shift is vital for achieving sustainability objectives and combating climate challenges.

Key Highlights:

1. Addressing Hard-to-Abate Sectors: Cleaner power generation will significantly impact challenging sectors such as steelmaking and aviation, where low-carbon alternatives are still developing.
2. Investment in Low-Carbon Energy: The RBI highlights that for every USD invested in fossil fuels, approximately USD 3 should be directed towards low-carbon energy initiatives over the next decade.
3. Tripling Renewable Capacity: To meet global net-zero emission goals by mid-century, tripling renewable energy capacity by 2030 is essential.
4. Cost of Decarbonization: The total investment required for a fully decarbonized global energy system by 2050 is estimated at USD 215 trillion.
5. Balancing Policies and Market Forces: The report emphasizes the need for a balanced approach between public policy interventions and market-based competition to facilitate a successful energy transition.

Award news

Alexander Dunn Awarded the 2024 SASTRA Ramanujan Prize

Alexander Dunn, a distinguished mathematician from the Georgia Institute of Technology, USA, has been honored with the 2024 SASTRA Ramanujan Prize by the Shanmugha Arts, Science, Technology & Research Academy (SASTRA) in Thanjavur, Tamil Nadu. He is celebrated for his impactful contributions to analytic number theory, particularly his collaboration with Maksym Radziwill in addressing the Kummer-Patterson Conjecture, which explores biases in cubic Gauss sums.

Award Presentation: The award will be conferred during the International Conference on Number Theory at SASTRA University in Kumbakonam, Thanjavur, scheduled from December 20-22, 2024.

About Alexander Dunn: Alexander Dunn has made remarkable advances in mathematics, focusing on analytic number theory. His innovative work has significantly contributed to solving long-standing problems within the discipline.

About the SASTRA Ramanujan Prize

• Establishment: The SASTRA Ramanujan Prize was established in 2005 to honor young mathematicians making notable contributions to fields inspired by the legendary Indian mathematician Srinivasa Ramanujan.
• Eligibility: The prize is awarded annually to mathematicians under the age of 32.
• Cash Award: The recipient receives a monetary prize of USD 10,000.
• Previous Winner: In 2023, the prize was awarded to Ruixiang Zhang, an Assistant Professor at the University of California, Berkeley, USA.

Defence news

TASL and Moroccan Defence Forces Sign Major Armoured Vehicle Deal

Tata Advanced Systems Ltd (TASL) has signed a contract with the Royal Armed Forces of Morocco to locally manufacture 150 Wheeled Armoured Platform (WhAP) combat vehicles for Moroccan defense forces.

Key Details:

• Delivery Timeline: The vehicles will be delivered over three years.
• Significance: This is the largest deal for Indian-made armoured vehicles, both domestically and internationally.

About WhAP (Wheeled Armoured Platform):

• Design and Development: WhAP is an amphibious wheeled combat vehicle, developed indigenously in collaboration with DRDO and Tata Motors.
• Features:
  1. WhAP focuses on modularity, scalability, and reconfigurability, allowing it to perform various roles.
  2. It excels in difficult terrains, like muddy conditions, and can withstand mine blasts.
  3. Variants like the Infantry Protected Mobility Vehicle (IPMV) have already been inducted into the Indian Army and paramilitary forces.

Sports news

ICC Women’s T20 World Cup Kicks Off Today in Sharjah

The ninth edition of the ICC Women’s T20 World Cup kicks off today in Sharjah, UAE, with the opening match featuring Bangladesh facing off against Scotland, who are making their debut in the tournament.

Key Highlights:

• India’s Campaign: Captain Harmanpreet Kaur will lead the Indian team, which begins its campaign against New Zealand tomorrow.
• India vs. Pakistan Match: One of the most awaited matches, India vs. Pakistan, is set for Sunday.
• Live Commentary: Akashvani will provide bilingual Off Tube live commentary in Hindi and English for the matches on Friday and Sunday.

UAE:

• Capital: Abu Dhabi
• Currency: United Arab Emirates Dirham
• Prime minister: Mohammed bin Rashid Al Maktoum

National news

Launch of Dharti Aaba Janjatiya Gram Utkarsh Abhiyan (DAJGUA)

On October 2, 2024, Prime Minister Narendra Modi launched the Dharti Aaba Janjatiya Gram Utkarsh Abhiyan (DAJGUA) in Hazaribagh, Jharkhand, coinciding with the birth anniversary of Mahatma Gandhi. This ambitious scheme has a total outlay of ₹79,156 crores, with the Central Government contributing ₹56,333 crores and the State Government contributing ₹22,823 crores.

Key Attendees

The event was attended by prominent figures, including:

• Shri Santosh Gangwar, Hon’ble Governor of Jharkhand
• Shri Jual Oram, Union Minister of Tribal Affairs
• Smt. Annpurna Devi, Union Minister of Women and Child Development
• Sh. Durgadas Uikey, Union MoS for Tribal Affairs
• Shri Sanjay Seth, Union MoS for Defence
• Senior officers from Central and State Governments

Vision and Objectives: The DAJGUA aims to address critical gaps in social infrastructure, health, education, and livelihood through 25 interventions led by 17 line ministries of the Government of India. The initiative seeks to ensure holistic and sustainable development of tribal areas and communities by promoting convergence and outreach.

Coverage: The Abhiyan is set to benefit approximately 5 crore tribal individuals across 63,843 villages in 549 districts and 2,911 blocks, targeting tribal majority villages and aspirational blocks in 30 States/UTs.

PM Narendra Modi’s ‘Mann Ki Baat’ Completes 10 Years

Prime Minister Narendra Modi’s radio program, Mann Ki Baat, has reached its ten-year milestone today. Launched on October 3, 2014, on Akashvani, the program has become a significant platform for the Prime Minister to share his insights on various important issues, including social, cultural, environmental, and behavioral topics.

Highlights:

• Positive Impact: Over the decade, Mann Ki Baat has addressed numerous issues that have fostered positive change in the country.
• Citizen Engagement: The program serves as a crucial medium for interaction between the Prime Minister and the public, enabling citizens to share their thoughts and experiences.
• Celebration of Collectiveness: In last month’s episode, PM Modi described the journey of Mann Ki Baat as a “garland,” where each episode highlights new stories and achievements in society. He emphasized that the listeners are the “real anchors” of the show, recognizing their role in shaping its narrative.

Akashvani: Akashvani is the Hindi name for All India Radio (AIR), the national public radio broadcaster of India. It was established in 1930 and is part of the Prasar Bharati (Broadcasting Corporation of India) which operates radio and television services.

Historical Background:

• The first broadcast was made on 23 July 1927 from Bombay (now Mumbai).
• The term “Akashvani” translates to “voice from the sky.”

Functions of Akashvani:

• It broadcasts news, music, educational programs, and entertainment.
• It plays a significant role in promoting cultural and educational content.
• Akashvani also provides a platform for government announcements and public service messages.

National Integration:

• Akashvani has been instrumental in fostering national integration and unity through its programs in various regional languages, reaching diverse audiences across India.

Technological Advances:

• Akashvani has adopted modern technology and offers digital services, including podcasts and online streaming.

Navratri 2024, Festival of Nine Days

Navratri, a nine-day Hindu festival, celebrates the triumph of good over evil and is dedicated to worshipping Goddess Durga in her nine forms. In 2024, Navratri will be observed from October 3 to October 12, with each day marked by special rituals, prayers, and festivities. This vibrant celebration includes fasting, dance, and devotion, making it one of the most significant festivals across India, uniting families and communities.

Significance: Shardiya Navratri, dedicated to Goddess Durga, symbolizes the victory of good over evil and is a vibrant celebration observed across India. This nine-day festival unites families and communities through rituals, prayers, fasting, and dance.

Key Dates:

• Pratipada: Thursday, October 3, 2024
• Dwitiya: Friday, October 4, 2024
• Tritiya: Saturday, October 5, 2024
• Chaturthi: Sunday, October 6, 2024
• Panchami: Monday, October 7, 2024
• Shashti: Tuesday, October 8, 2024
• Saptami: Wednesday, October 9, 2024
• Ashtami: Thursday, October 10, 2024
• Navami: Friday, October 11, 2024
• Vijaya Dashami (Dussehra): Saturday, October 12, 2024

Rituals and Traditions:

• Ghatasthapana: The festival begins with this sacred ritual, where a Kalash (earthen pot) representing Goddess Durga is placed and worshipped for nine days.
• Each day honors a different avatar of Goddess Durga, involving prayers, aartis, and mantra chanting.

Cultural Significance:

• Maha Navratri: The most significant of the four seasonal Navratris, celebrated in the autumn season during the Sharad Ritu.
• Devotees’ Aspirations: Participants seek blessings for prosperity, good health, and spiritual growth through the nine forms of Goddess Durga, collectively known as Navdurga.

International news

India Elected to the Steering Committee of GlobE Network (2024)

On September 2024, India was elected to the 15-member Steering Committee of the Global Operational Network of Anti-Corruption Law Enforcement Authorities (GlobE Network) during its 5th plenary and 8th Steering Committee meeting in Beijing, China. This election enables India to contribute significantly to global efforts to combat corruption and facilitate asset recovery.

Key Points:

• India’s Role: India’s election allows it to play an active part in global anti-corruption efforts and enhance asset recovery mechanisms.
• G-20 Presidency Contribution: During India’s G-20 Presidency in 2023, two high-level principles for combating corruption were adopted, focusing on leveraging the GlobE Network.

About the GlobE Network:

1. Launch: Established on June 3, 2021, during the UN General Assembly Special Session against Corruption (UNGASS).
2. Members: Includes 121 countries and 219 member authorities.
3. India’s Representation:
   • Ministry of Home Affairs (MHA) as the central authority.
   • CBI, Enforcement Directorate (ED), and Ministry of Personnel, Pension & Public Grievances (MoPP&P) represent India as member authorities.
4. Support: The network is supported by the United Nations Office against Drugs and Crime (UNODC).
5. Structure: Led by a Chair, Vice-Chair, and a 13-member Steering Committee, it serves as a platform for sharing best practices, criminal intelligence, and developing strategies against corruption.

Banking news

SEBI Amends Delisting Regulations for Equity Shares (2024)

On September , 2024, the Securities and Exchange Board of India (SEBI) introduced amendments to the Delisting of Equity Shares Regulations, 2024, allowing companies to delist their shares using a fixed price process as an alternative to the Reverse Book Building (RRB) method. This change aims to simplify the delisting process and enhance ease of business for listed firms.

Key Points:

• Fixed Price Process: Companies can now opt for a fixed price process for delisting, offering flexibility compared to the previously mandatory RRB process.
• Regulatory Basis: These amendments are in accordance with powers vested in SEBI by various sections of the Securities Contracts (Regulation) Act, 1956 and the SEBI Act, 1992.
• New Name: The amended regulations are known as the SEBI (Delisting of Equity Shares) (Amendment) Regulations, 2024.

About SEBI:

• Established: Initially a non-statutory body in April 1988, SEBI became a statutory authority under the SEBI Act, 1992.
• Chairman: Madhabi Puri Buch
• Headquarters: Mumbai, Maharashtra

IDBI Bank Launches ‘Sugam Rinn Bhugtan Yojana’ (SUGAM Scheme) for NPA Recovery

IDBI Bank has introduced the ‘Sugam Rinn Bhugtan Yojana’ (SUGAM Scheme), a One-Time Settlement (OTS) / Negotiated Settlement Scheme designed to recover non-performing retail loans. The scheme is available from September 2, 2024, to March 25, 2025, targeting distressed borrowers with outstanding principal amounts ranging from Rs 10 lakh to Rs 10 crore.

Key Points:

• Objective: The scheme aims to assist borrowers in settling dues from loans classified as Non-Performing Assets (NPAs) as of March 31, 2021, and continuing through August 31, 2024, avoiding legal complications.
• Payment Terms:
  • Borrowers must pay at least 10% of the settlement amount by December 31, 2024.
  • The balance is payable within 90 days of the Letter of Approval (LOA) without interest or by March 25, 2025, with interest based on 1-year MCLR (as of August 31, 2024) + 2% simple interest.
  • All payments must be completed by March 25, 2025.
• Ineligibility: Borrowers under vendor bill discounting, vendor finance, corporate guarantees, or cases under the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) are ineligible for the scheme.

About IDBI Bank:

• CEO: Rakesh Sharma
• Headquarters: Mumbai, Maharashtra
• Tagline: “Banking For All, Aao Sochein Bada, Bank Aisa Dost Jaisa”
• Establishment: 1964

Appointment news

MV Shreyams Kumar New President of Indian Newspaper Society

The Indian Newspaper Society (INS), a leading organization representing the print media industry in India, has announced significant leadership changes for the year 2024-25, signaling a new era in its mission to uphold press freedom and promote the interests of print media.

New President Elected: MV Shreyams Kumar, the Managing Director of the prominent Mathrubhumi newspaper, has been elected as the new President of the INS. With his extensive experience in media management and journalism, Kumar succeeds Rakesh Sharma of Aaj Samaj, bringing a fresh perspective and leadership style to the role.

Key Leadership Appointments

To support Kumar, the INS has established a strong leadership team:

• Deputy President: Vivek Gupta (Sanmarg)
• Vice-President: Karan Rajendra Darda (Lokmat)
• Honorary Treasurer: Tanmay Maheshwari (Amar Ujala)
• Secretary General: Mary Paul

Defence news

Arti Sarin ,first women and 46th DG of Armed Forces Medical Services

Surgeon Vice Admiral Arti Sarin became the first woman to head the Director General of the Armed Forces Medical Services (DGAFMS). She assumed her office as the 46th DGAFMS on 1 October 2024, replacing Lt Gen Daljit Singh. Vice Admiral Arti Sarin’s appointment is seen as a boost to women’s empowerment in the Armed forces.

Significance of Appointment

Vice Admiral Sarin’s appointment is viewed as a significant advancement for women’s empowerment within the Indian Armed Forces. She is also a member of the National Task Force for the Safety of Medical Professionals, appointed by the Supreme Court.

Background and Career

• Education: Alumnus of the Armed Forces Medical College, Pune.
• Commission: Joined the Armed Forces Medical Services in December 1985.
• Previous Roles:
  • Professor & Head of Radiation Oncology at Army Hospital (R&R) and Command Hospital (Southern Command)/AFMC Pune.
  • Commanding Officer of INHS Asvini.
  • Command Medical Officer in the Indian Navy’s Southern and Western Naval Commands.
  • Prior to her DGAFMS appointment, she held the prestigious roles of DG Medical Services (Navy), DG Medical Services (Air), and Director & Commandant of Armed Forces Medical College (AFMC), Pune.

About the DGAFMS: The Armed Forces Medical Services was established in 1948 after the integration of the medical wings of the Army, Navy, and Air Force, following the recommendations of the Dr. B C Roy Committee. The Director-General position can be held by a senior officer from any of the three branches, and currently, Vice Admiral Arti Sarin leads this essential organization from its headquarters in New Delhi.

Science and tech news

ISRO, IN-SPACE, and NSIL Sign 5 Technology Transfer Agreements with Private Entities

The Indian Space Research Organisation (ISRO), Indian National Space Promotion and Authorization Centre (IN-SPACE), and NewSpace India Limited (NSIL) have signed 5 Technology Transfer Agreements (TTAs) with Non-Governmental Entities (NGEs). This brings the total number of agreements signed post-space reforms to 75.

Key Points:

• Signatories: The agreements were signed with Anabond Limited, Salvo Industries Private Limited, Micropack Pvt. Ltd., and Astra Microwave Products Ltd at IN-SPACE in Bengaluru, Karnataka.
• Government Initiative: These TTAs are part of the government’s initiative to allow private players access to ISRO’s advanced technologies, promoting innovation and enabling commercial applications in various sectors.
• Objective: ISRO, IN-SPACE, and NSIL aim to foster new ventures, increase private sector participation, and strengthen India’s position in the global space ecosystem.

Sports news

Dwayne Bravo Retires from Cricket and Joins KKR as Mentor

Dwayne Bravo, the 40-year-old West Indies cricketer and two-time Men’s Twenty20 (T20) World Cup winner, has announced his retirement from all forms of cricket, concluding a remarkable 21-year career in the sport. He had previously retired from international cricket in 2021. His last appearance was during the 2024 Caribbean Premier League (CPL), where an injury curtailed his performance.

Key Developments:

• Retirement: Bravo’s retirement marks the end of an illustrious journey in cricket, where he made significant contributions to the West Indies team and franchise cricket.
• New Role with KKR: Following his retirement, the Kolkata Knight Riders (KKR), a franchise in the Indian Premier League (IPL), announced Bravo as their new mentor, succeeding Gautam Gambhir. Gambhir, who captained KKR since 2014, has been appointed as the head coach of the India national cricket team for a three-year term (2024-2027).
• Previous Experience: Bravo has also served as the bowling coach for the Chennai Super Kings (CSK) in the IPL and will now extend his mentorship role to KKR’s global franchises, including those in CPL, Major League Cricket (MLC), and the International League Twenty20 (ILT20).

Books and author news

Arundhati Roy to Release First Memoir “Mother Mary Comes to Me” in September 2025

Arundhati Roy, the acclaimed Indian author and 1997 Booker Prize winner, is set to publish her first memoir titled “Mother Mary Comes to Me” in September 2025. The memoir will be published by Penguin Random House and is described as an intimate reflection on her journey as both a person and a writer.

Key Details:

• Inspiration: The memoir draws inspiration from the passing of her mother, Mary Roy, a prominent women’s rights activist, who passed away in September 2022.
• Global Release: The book will be published simultaneously in various countries, including the United Kingdom (by Hamish Hamilton), the United States and Canada (by Scribner), Germany (by Fischer), France (by Gallimard), Italy (by Guanda), Spain (by Alfaguara/PRH), the Netherlands (by Park Uitgevers), Sweden (by Bromberg), Finland (by Otava), and Norway (by Pax).

National news

BharatGen: India’s First Government-Funded Multimodal AI Initiative

On September 30, 2024, BharatGen was inaugurated in New Delhi, marking a significant step in India’s commitment to generative AI. The initiative aims to enhance public service delivery and citizen engagement by developing foundational models in language, speech, and computer vision. Dr. Jitendra Singh, Union Minister of State for various portfolios, emphasized BharatGen’s role in positioning India as a global leader in generative AI, similar to the transformative impact of UPI.

Key Features:

1. Multilingual and Multimodal Models: Development of foundational AI models for diverse Indian languages and formats.
2. Bhartiya Dataset: Focus on creating and training AI systems with India-centric datasets.
3. Open-Source Platform: Promotion of an open-source ecosystem for generative AI research in India.
4. Data Sovereignty: Emphasis on collecting data that reflects India’s linguistic and cultural diversity.

Social Impact:
Designed to ensure generative AI serves as a public good, fostering social equity and cultural preservation. It aims to make AI accessible to various societal segments.

Alignment with Atmanirbhar Bharat:
BharatGen aims to develop AI models specifically for India, reducing dependence on foreign technologies and empowering local startups and industries.

Data-Efficient Learning:
Focus on developing effective AI models for languages with limited digital representation, promoting collaborative research with academic institutions.

Future Roadmap (until July 2026):
The project includes milestones for AI model development, experimentation, and establishing benchmarks tailored to Indian needs, facilitating broader AI adoption across industries and public initiatives.

Leadership:
The initiative is led by IIT Bombay under the National Mission on Interdisciplinary Cyber-Physical Systems (NM-ICPS), with contributions from institutions like IIIT Hyderabad and IIM Indore. Dr. Jitendra Singh, Union Minister of State, highlighted BharatGen’s potential to position India as a global leader in generative AI.

7th Rashtriya Poshan Maah 2024 closing ceremony held in Ranchi

The 7th Rashtriya Poshan Maah 2024 concluded on September 30, 2024, with a closing ceremony in Ranchi, Jharkhand, presided over by Union Minister for Women and Child Development, Annpurna Devi. The event was attended by Jharkhand Governor Santosh Gangwar and other dignitaries.

Key Highlights:

• Launch and Duration: The campaign began on September 1, 2024, in Gandhinagar, Gujarat, led by Annpurna Devi and Gujarat Chief Minister Bhupendrabhai Patel. It is held annually from September 1 to 30.
• Focus Areas: The 7th Rashtriya Poshan Maah concentrated on:

• Anaemia
• Growth Monitoring
• Complementary Feeding
• Poshan Bhi Padhai Bhi (Nutrition and Education)
• Technology for Better Governance
• Environmental Sustainability through the Ek Ped Maa Ke Naam initiative, encouraging tree planting at Anganwadi centers.
• Ek Ped Maa Ke Naam: Launched by Prime Minister Narendra Modi on June 5, 2024, this campaign promotes environmental sustainability by encouraging tree planting.

About the POSHAN Abhiyaan:

• Launched by Prime Minister Narendra Modi in March 2018 at Jhunjhunu, Rajasthan, the POSHAN (Prime Minister’s Overarching Scheme for Holistic Nutrition) Abhiyan aims to improve nutritional outcomes for:
  • Children under six
  • Adolescent girls
  • Pregnant women
  • Lactating mothers

Key Targets of the POSHAN Abhiyaan:

1. Reduce stunting in children (0-6 years) by 2% annually.
2. Reduce under-nutrition (underweight prevalence) by 2% annually.
3. Combat anaemia in children, adolescent girls, and women by 3% annually.
4. Reduce low birth weight by 2% annually.

Nodal Ministry:

The Union Ministry for Women and Child Development oversees the implementation of the POSHAN Abhiyaan in collaboration with state governments and Union Territories, aiming to reduce malnutrition and enhance the health of children and mothers across India.

Ministry for Women and Child Development- Annpurna Devi 

International news

Former Netherlands PM Mark Rutte Takes Over as NATO Secretary-General

Former Netherlands Prime Minister Mark Rutte today took over as the Secretary-General of the North Atlantic Treaty Organisation (NATO) in Brussels. He succeeds Norway’s Jens Stoltenberg, who had led the alliance since 2014. In his first press conference as Secretary-General, Rutte called on allies to significantly increase defence spending to meet NATO’s challenges. He also urged the alliance to enhance cooperation with Indo-Pacific partners.

NATO:

• Founders: United States, United Kingdom, Canada, France, Italy 
• Founded: 4 April 1949, Washington, D.C., United States
• Headquarters: Brussels, Belgium

Sports news

India Shines at ISSF Junior World Championship: Parth Rakesh Mane Secures Double Gold in Lima

On the third day of the International Shooting Sport Federation (ISSF) Junior World Championship in Lima, Peru, Indian shooter Parth Rakesh Mane achieved remarkable success, securing two gold medals in the 10m air rifle category.

Key Highlights:

1. Double Gold for Parth Rakesh Mane:

1. Parth claimed the individual title in the 10m air rifle, showcasing his exceptional shooting skills.
2. Following this, he teamed up with Ajay Malik and Abhinav Shaw to win the gold medal in the men’s team event, highlighting India’s strong teamwork and prowess in this discipline.
3. Additional Gold for Junior Women’s Team:
4. The Indian women’s team, consisting of Gautami Bhanot, Sambhavi Kshirsagar, and Anoushka Thakur, also excelled by winning the gold medal in the junior women’s 10m air rifle team event. This victory marked India’s third gold of the day and demonstrated the depth of talent within the Indian shooting contingent.
5. Bronze Medals in Mixed Events:

3. In the Air Rifle mixed event, the Indian duo of Gautami Bhanot and Ajay Malik clinched a bronze medal after a convincing 17-9 victory over Croatia. This achievement adds to the growing medal tally for India at the championship.
4. Additionally, in the Air Pistol mixed event, the pair of Lakshita and Pramod won another bronze medal by defeating Kanishka Dagar and Mukesh Nellavani with a score of 16-8. In this event, Germany secured the gold medal, while Ukraine took home the silver.

India maintains unbeaten record to win the Men’s SAFF U17 Championship

The Indian football team won the 2024 Men’s SAFF U17 Championship, defeating Bangladesh 2-0 in the final held on September 30, 2024, at the Changlimithang Stadium in Thimphu, Bhutan. The Indian team, known as the Blue Colts, remained undefeated throughout the tournament.

Tournament Overview:

• Dates: The championship took place from September 22 to 30, 2024.
• Participants: Seven teams participated:
  • Group A: India, Bangladesh, Maldives
  • Group B: Pakistan, Sri Lanka, Nepal, Bhutan

Performance:

• India defeated Bangladesh 1-0 and Maldives 3-0 in the group stage.
• In the semi-finals, India triumphed over Nepal with a score of 4-2.
• Bangladesh advanced to the final by defeating Pakistan in a penalty shootout (8-7).

Final Match Highlights:

• Goals:
  • Mohammed Kaif scored the first goal for India.
  • Mohammed Arbash secured the victory with a goal in the 95th minute.
• Captain: The team was led by Ngamgouhou Mate.

Awards:

• Player of the Tournament: Mohammed Arbash (India)
• Goalkeeper of the Tournament: Aheibam Suraj Singh

Historical Context:

India and Bangladesh have faced each other five times in the SAFF men’s age group tournament finals, with India winning four times (U18 in 2019, U20 in 2022, U16 in 2023, and U17 in 2024) and Bangladesh once (U16 in 2015).

About SAFF:

• Founded: The South Asian Football Federation (SAFF) was established in 1997 and includes Bangladesh, India, Maldives, Nepal, Pakistan, Sri Lanka, and later Bhutan.
• Tournaments: SAFF organizes senior and junior tournaments for both men and women, including U-16, U-17, U-19, and U-20 categories for men, and U-15 to U-20 categories for women.
• Headquarters: Dhaka, Bangladesh
• President: Kazi Md. Salahuddin (Bangladesh)

Defence news

Army Sports Conclave Hosted By Indian Army

The Army Sports Conclave, hosted by the Indian Army, emphasizes its vital role in shaping India’s sporting landscape as the nation prepares to host the 2036 Olympics. This event serves as a platform for collaboration and strategic alignment with various national stakeholders to bolster India’s aspirations in the global sports arena.

Key Highlights

Collaboration Partner

The conclave underscores the importance of partnerships with organizations like:

• Indian Olympic Association
• Sports Authority of India (SAI)
• National Sports Federations

These collaborations are aimed at devising strategies to enhance India’s performance on the world stage.

Indian Army’s Contribution to Sports

• Legacy of Tradition: The Indian Armed Forces have a rich history of contributing to India’s sporting achievements, especially in prestigious events like the Asian Games and the Olympics.
• Role in Sports Development: Recognizing the importance of sports in fostering national pride, fitness, and international recognition, the Armed Forces actively invest in nurturing athletes.

Sports Infrastructure and Initiatives by the Army

1. Mission Olympics Wing: Established in 2001, this initiative focuses on training athletes across 28 sports nodes, benefiting approximately 9,000 sportspersons.
2. Boys and Girls Sports Companies: In collaboration with SAI, there are 18 Boys Sports Companies and 2 Girls Sports Companies across India, aimed at developing young talent aged 9 to 16 years.
3. Paralympic Node: A specialized facility is in place to train and motivate disabled soldiers for participation in Paralympic sports.

Important days

International Coffee Day 2024: Celebrating the Global Coffee Culture

International Coffee Day, celebrated annually on October 1st, is a global event that brings together coffee enthusiasts to honor and appreciate their favorite beverage. The 2024 theme, “Coffee, Your Daily Ritual, Our Shared Journey,” emphasizes sustainable and ethical coffee practices while highlighting the importance of supporting the farmers who cultivate coffee crops.

Historical Background

• Origins:
  • The official recognition of International Coffee Day took place in 2015 during a significant meeting of the International Coffee Organization in Milan, Italy.
  • However, the celebration has earlier roots, with informal observances starting in the early 2000s. These grassroots celebrations helped build a community among coffee lovers, eventually leading to the formal establishment of the event.

Significance

International Coffee Day serves as a reminder of the social, economic, and environmental aspects of coffee production, encouraging consumers to choose sustainable coffee options and support fair practices within the industry. It celebrates the culture of coffee, its history, and the people behind the scenes who contribute to bringing this beloved drink to our cups.

International Day of Non-Violence 2024: Commemorating Gandhi’s Legacy of Peace

The International Day of Non-Violence is observed annually on October 2nd, aligning with the birthday of Mahatma Gandhi, a pivotal leader in India’s independence movement and a champion of non-violent resistance. The observance was established by the United Nations General Assembly through resolution A/RES/61/271 on June 15, 2007, with support from 140 co-sponsors.

Core Objectives

The day serves two main purposes:

1. To disseminate the message of non-violence through education and public awareness.
2. To reaffirm the universal relevance of non-violence principles.

When introducing the resolution, India’s Minister of State for External Affairs, Mr. Anand Sharma, highlighted the global respect for Gandhi and the lasting impact of his philosophy, quoting him: “Non-violence is the greatest force at the disposal of mankind. It is mightier than the mightiest weapon of destruction devised by the ingenuity of man.”

The Philosophy of Non-Violence

Definition and Principles Non-violence, or non-violent resistance, is a principle rejecting physical violence for achieving social or political change. It is often viewed as “the politics of ordinary people” and has been embraced in various global social justice movements.

Key Concepts

• Power Dynamics: A core tenet is that the power of rulers relies on the consent of the population. Non-violent movements aim to withdraw this consent, thereby undermining authority.
• Beyond Pacifism: Non-violence has evolved to encompass a broader range of social movements beyond mere opposition to war.

Categories of Non-Violent Action

Non-violent actions can be classified into three primary categories:

1. Protest and Persuasion: This includes peaceful public opposition, such as organized marches, vigils, public speeches, and demonstrations.
2. Non-Cooperation: This involves the withdrawal of social, economic, or political cooperation, manifested in boycotts, strikes, civil disobedience, and tax resistance.
3. Non-Violent Intervention: More direct actions that disrupt established systems, including peaceful blockades, occupations, and the creation of parallel institutions.

Gandhi’s Legacy of Non-Violence

Life and Leadership

Mahatma Gandhi’s unwavering commitment to non-violence defined his life, even amid oppressive conditions and violent opposition.

Historical Impact

• Civil Disobedience: Gandhi’s non-violent methods, exemplified by the Salt March of 1930, were crucial in leading India to independence and influencing civil rights movements globally.
• Philosophical Foundation: He believed that “just means lead to just ends,” emphasizing the importance of moral integrity in social struggles.
• Strategic Thinking: Gandhi understood that achieving a peaceful society through violence is inherently contradictory.

On 1st October IBBI to Celebrate Its 8th Annual Day

The Insolvency and Bankruptcy Board of India (IBBI) is celebrating its Eighth Annual Day on October 1, 2024. This event marks a significant milestone in the board’s journey, highlighting its achievements and contributions to insolvency resolution in India.

Event Details

• Chief Guest: Mr. Ramalingam Sudhakar, President of the National Company Law Tribunal, will deliver the keynote address.
• Annual Day Lecture: Mr. Amitabh Kant, India’s G20 Sherpa and former CEO of NITI Aayog, will present the Annual Day lecture.
• Other Speakers: The event will also feature addresses from:
  • Dr. V. Anantha Nageswaran, Chief Economic Advisor, Ministry of Finance
  • Ms. Deepti Gaur Mukerjee, Secretary, Ministry of Corporate Affairs
  • Mr. Ravi Mittal, Chairperson, IBBI

Highlights of the Celebrations

• Annual Publication: The release of a publication titled “IBC के आठवर्ष: शोध एवं विश्लेषण” to commemorate the occasion.
• National Online Quiz Awards: Recognition of winners from the 5th National Online Quiz on IBC with merit certificates, medals, and cash prizes.

About IBBI

• Establishment: IBBI was established on October 1, 2016, under the Insolvency and Bankruptcy Code (IBC), 2016.
• Objective: The board is tasked with the implementation of the IBC, which consolidates and amends laws related to the insolvency resolution of individuals, partnership firms, and corporate entities in a time-bound manner.

Functions of IBBI

• Regulatory Oversight: IBBI regulates:
  • Insolvency professional agencies
  • Insolvency professional entities
  • Insolvency professionals
  • Information utilities
• Process Enforcement: It enforces rules governing:
  • Corporate insolvency resolution
  • Individual insolvency resolution
  • Corporate liquidation
  • Individual bankruptcy
• Eligibility and Curriculum: IBBI specifies minimum eligibility requirements for registration of insolvency professionals and agencies, along with curricula for qualifying examinations.
• Data Management: The board collects and maintains records related to insolvency and bankruptcy cases, providing critical information dissemination.

Current Affairs: January 2024 – June 2024

Stay updated with the most significant events and developments from the first half of 2024! This comprehensive overview covers major political happenings, economic trends, scientific breakthroughs, and cultural milestones. From international relations and environmental initiatives to technological advancements and social movements, this collection captures the key stories shaping our world.

Brought to you by Edusprint Academy, this resource aims to enhance your understanding of current events and their impact on society. Join us as we reflect on the pivotal moments that defined this period and explore their implications for the future.Download the PDF by clicking the below button.

 

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National News

Expansion of Agriculture Infrastructure Fund (AIF) for Enhanced Impact and Inclusivity

The Union Cabinet chaired by the Prime Minister (PM) Narendra Modi approved the following proposals: The Union Cabinet approved the progressive expansion of the Central Sector Scheme under the Agriculture Infrastructure Fund (AIF). The expansion aims to make the scheme more attractive, impactful, and inclusive by broadening eligible projects and adding supportive measures.

Expansion of Agriculture Infrastructure Fund (AIF): Objective: Broaden eligible projects and enhance the scheme’s attractiveness, impact, and inclusiveness.

Private FM Radio Channels:

• Proposal: 3rd batch of e-auctions for 730 FM radio channels across 234 new cities.
• Reserve Price: Rs 784.87 crore.

Financial Assistance for Hydro Electric Projects: Proposal: Central Financial Assistance to North Eastern States for equity in hydroelectric projects.

Railway Projects Approval:

• Projects: Two new lines and one multi-tracking project.
• Cost: Rs 6,456 crore.
• Benefits: Improved connectivity, reduced travel and logistics costs, and lower CO2 emissions.

Industrial Nodes/Cities under NICDP:

• Approval: 12 new industrial nodes/cities.
• Investment: Rs 28,602 crore.

Launch of Vehicle Scrapping Policy to Phase Out Polluting Vehicles and Promote Modernization

The Ministry of Road Transport and Highways (MORTH) has launched the Vehicle Scrapping Policy or Voluntary Vehicle Modernization Program (VVMP) to create an ecosystem for phasing out unfit polluting vehicles across India. This policy will be implemented through a network of Registered Vehicle Scrapping Facilities (RVSFs) and Automated Testing Stations (ATSs).

• Objective: Establish an ecosystem for phasing out unfit, polluting vehicles and replacing them with newer, less polluting models.
• Implementation: Through Registered Vehicle Scrapping Facilities (RVSFs) and Automated Testing Stations (ATSs).
• Tax Concessions: Up to 25% off on motor vehicle tax for non-transport vehicles and up to 15% for transport vehicles. Waiver on pending liabilities for scrapped vehicles.
• Discounts: Vehicle manufacturers will offer temporary discounts against a Scrappage Certificate. Discounts will be available for a limited time (two years for commercial vehicles and one year for passenger vehicles).
• Integration: Scrapped vehicle details will be linked to the Vahan system for easy access.
• OEM Discounts: In addition to the scrappage value, discounts from Original Equipment Manufacturers (OEMs) and existing incentives will apply.

Conference on Enhancing Disaster Preparedness and Resilience in India

The Disaster Management (DM) Division of the Department of Telecommunications (DoT), Ministry of Communications (MoC), in collaboration with the National Telecommunications Institute for Policy Research, Innovation, and Training (NTIPRIT) and License Service Areas (LSA), Delhi organised the conference on ‘Experience Sharing and Capacity Building in Disaster Management’, at enhancing disaster preparedness and resilience in India.

• Inauguration: Jointly led by Madhu Arora (DoT) and Rajendra Ratnoo (NIDM), with participation from Ravi G R (DG of Telecom) and other senior officials.
• Preparedness Measures: Session chaired by Rajendra Ratnoo focusing on local and national preparedness strategies and best practices.
• ICT in Disaster Management: Session chaired by Amit Prothi highlighting the importance of telecommunications in real-time data sharing, communication with responders, and maintaining connectivity during disasters.

About the Ministry of Communications (MoC):

• Union Minister: Jyotiraditya M. Scindia (Constituency: Guna, Madhya Pradesh)
• Minister of State (MOS): Chandra Sekhar Pemmasani (Constituency: Guntur, Andhra Pradesh)

About the National Telecommunications Institute for Policy Research, Innovation, and Training (NTIPRIT):

• Director General (DG): Debkumar Chakrabarti
• Headquarters: Ghaziabad, Uttar Pradesh
• Established: 2010
• Recognition: Recognized by the Department of Personnel and Training (DOPT) as a Central Training Institute (CTI)

Indian Railways Integrates DigiLocker with Hiring Portal to Accelerate Recruitment

Indian Railways Integrates DigiLocker with its Hiring Portal to Reduce Recruitment Time The Indian Railways (IR) has integrated its recruitment portal with DigiLocker, to reduce the recruitment process duration from 18-24 months to less than 6 months.

• Objective: Reduce recruitment time from 18-24 months to under 6 months.
• Integration: Indian Railways’ recruitment portal now linked with DigiLocker for streamlined document verification.
• DigiLocker: A digital document wallet under the Digital India program by the Ministry of Electronics & Information Technology (MeitY), ensuring access to authentic digital documents.
• Benefits: Streamlines document verification, reduces chances of fake submissions, and allows job applicants to use digital documents equivalent to physical ones.
• Additional Features: Medical check-up calls and appointment letters will also be issued through DigiLocker.

Indian railways: Key people: Ashwini Vaishnaw (Minister for Railways); Satish Kumar, IRSME (Chairperson and CEO)

Banking news

NPCI Unveils New Digital Payment Solutions: BBPS for Business and UPI Circle

On August 2024, the National Payments Corporation of India (NPCI) has announced the introduction of two new transformative digital payment solutions namely, Bharat Bill Pay System (BBPS) for Business and Unified Payments Interface (UPI) Circle, which enables payments to users.

Event: Announced at the Global FinTech Festival (GFF) 2024 in Mumbai by Shaktikanta Das, Governor of RBI.

BBPS for Business:

• Overview: An interoperable platform by NPCI designed to enhance Business-to-Business (B2B) transactions across various ERP and accounting systems.
• Aim: To streamline, simplify, and automate invoice payment processes for businesses of all sizes.
• Features: Includes business onboarding, search and add business, Purchase Order (PO) creation, invoice management, financing, and comprehensive Accounts Receivable (AR) and Accounts Payable (AP) dashboards.
• Benefit: Digitalizes manual processes, offering a comprehensive solution for managing daily business operations efficiently.

About the National Payments Corporation of India (NPCI):

• Regulatory Role: Regulates the retail payment and settlement system in India.
• Launch: Initiated as a joint venture by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA).
• Legal Framework: Established under the Payment and Settlement Systems Act (2007).
• Managing Director (MD) and Chief Executive Officer (CEO): Dilip Asbe
• Headquarters: Mumbai, Maharashtra
• Established: 2008

RBI Recognizes FACE as First Self-Regulating Organization in Fintech Sector

On August 2024, the Reserve Bank of India (RBI) announced that it has recognised Fintech Association for Consumer Empowerment (FACE) as the 1st Self- Regulating Organisation in the Fintech sector (SRO-FT). The recognition of FACE as an SRO sets a new benchmark for self-regulation in India’s rapidly evolving fintech industry.

• Recognition: Fintech Association for Consumer Empowerment (FACE) is recognized as the first Self-Regulating Organization in the Fintech sector (SRO-FT) by the Reserve Bank of India (RBI).
• Applications: RBI reviewed three applications for SRO-FT status. One application was returned for resubmission, and one is still under consideration.
• SRO Role: Responsible for setting regulatory standards, promoting ethical conduct, ensuring market integrity, resolving disputes, and fostering transparency among its members.

SRO-FT Framework:

• Release: Final framework issued by RBI in May 2024.
• Scope: Must represent the fintech sector, including NBFC-Account Aggregators (AA) and NBFC-Peer-to-Peer (P2P) lending platforms, excluding banks.
• Definition: Fintechs are entities providing technological solutions for financial services in partnership with traditional financial institutions.
• Objective: SRO-FT will align its members with regulatory priorities and operate with objectivity, credibility, and responsibility.

Eligibility Criteria for SRO-FT:

• Status: Must be a Not-for-Profit company registered under Section 8 of the Companies Act, 2013.
• Shareholding: Diversified; no entity can hold 10% or more of the paid-up capital.
• Financial Requirement: Must have at least Rs 2 crore within one year of recognition or before starting operations.
• Restrictions: Cannot set up overseas entities or offices without prior RBI approval.

About Reserve Bank of India (RBI):

• Governor: Shaktikanta Das (25th Governor)
• Headquarters: Mumbai, Maharashtra
• Established: 1 April 1935

RBI Imposes Rs 1.25 Lakh Penalty on Valsad Mahila Nagrik Sahakari Bank for Regulatory Non-Compliance

RBI Imposes Monetary Penalty Of Rs1.25 lakh on Valsad Mahila Nagrik Sahakari Bank The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 1.25 lakh on the Gujarat based Valsad Mahila Nagrik Sahakari Bank Limited for non-compliance with the directions issued by the RBI.

• Penalty Amount: Rs 1.25 lakh
• Bank: Valsad Mahila Nagrik Sahakari Bank Limited, Gujarat

Reasons for Penalty:

• Non-compliance with RBI directives on income recognition, asset classification, and provisioning.
• Issues related to Urban Co-operative Banks (UCBs), Credit Information Companies (CICs) membership, Know Your Customer (KYC) norms, and deposit account maintenance for Primary UCBs.

Regulatory Basis: Imposed under:

• Section 47A (1) (c) of the Banking Regulation Act, 1949
• Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949
• Section 25 of the Credit Information Companies (Regulation) Act, 2005

Science and tech news

Union Minister Launches SHe-Box Portal to Enhance Workplace Safety for Women

Union Minister of Women and Child Development, Annapurna Devi, inaugurated the SHe-Box portal in New Delhi.

Purpose: The portal aims to improve workplace safety for women by addressing and managing complaints of sexual harassment.

Features:

• Centralized Repository: Collects information related to Internal Committees (ICs) and Local Committees (LCs) across both government and private sectors.
• Complaint Management: Allows women to file complaints, track their status, and ensures timely processing with real-time monitoring by a designated nodal officer.

Significance: Supports the government’s vision of “Viksit Bharat” by 2047, promoting a secure and inclusive work environment for women and reinforcing efforts for women-led development.

Summit news

3rd Edition of INDUS-X Summit Announced for Sept 2024 to Boost India-US Defense Innovation

The US-India Strategic Partnership Forum announced the third edition of the India-US Defense Acceleration Ecosystem (INDUS-X) Summit at Stanford University on Sept 9-10, 2024. The summit will focus on leveraging private investment to advance defense innovation and will feature top policymakers, panel discussions, and a tech expo.

• Event Dates: September 9-10, 2024
• Location: Stanford University, in collaboration with Stanford’s Gordian Knot Center for National Security Innovation and the Hoover Institution.
• Organizers: US-India Strategic Partnership Forum.
• Focus: Leveraging private investment to advance defense innovation.
• Themes:
  • Private Capital: Emphasizing the role of private investment in the defense innovation sector.
  • Defense Innovation: Strengthening US-India defense innovation partnerships.
  • Key Activities: Keynote addresses, panel discussions, roundtable sessions, and a tech expo.
• Topics Covered: Advanced technology partnerships, funding defense innovation, and resilient supply chains.

Sports news

Bangladesh Triumphs in SAFF U-20 Championship 2024

Bangladesh has emerged as the new champion of the SAFF (South Asian Football Federation) U-20 Championship football tournament. This victory marks a significant milestone in Bangladesh’s football history, as it is the first time the nation has claimed this prestigious title. The tournament, which showcased the talent of young South Asian footballers, concluded with a thrilling final match that saw Bangladesh defeat the host nation, Nepal.

The Championship Final

A Decisive Victory

The final match of the SAFF U-20 Championship 2024 was held on August 30, 2024, in Nepal. The game ended with a resounding scoreline:

• Bangladesh: 4
• Nepal: 1

This convincing win not only secured Bangladesh’s first SAFF U-20 title but also demonstrated the team’s dominance throughout the tournament.

Host Nation’s Valiant Effort: Despite the home advantage and the support of their fans, Nepal could not overcome the determined Bangladesh side. However, reaching the final was itself a commendable achievement for the host nation, showcasing the growing strength of Nepalese football at the youth level.

Award news

7th Anubhav Awards Ceremony Recognizes Outstanding Personnel with Record Female Awardees

On  August 2024, V. Srinivas, Secretary, Department of Pension and Pensioners’ Welfare (DoPPW) under the Ministry of Personnel, Public Grievances and Pensions (MOPPG&P) conferred the 5 Anubhav Awards and 10 Jury Certificates to the personnel from 9 different ministries in 7th Anubhav Awards ceremony held in the Plenary Hall of Vigyan Bhawan, New Delhi(Delhi).

• Awards Presented: 5 Anubhav Awards and 10 Jury Certificates
• Record Achievement: 5 of the 15 awardees are women, marking the highest proportion of female recipients in the history of the Anubhav Awards since 2015.
• Additional Events:
  • 55th Pre-Retirement Counselling (PRC) Workshop: Organized for Central Government employees retiring on 31st March 2025.
  • 11th All-India Pension Adalat: Presided over by V. Srinivas, Secretary (Pensions), also held in New Delhi on the same day.

About Ministry of Personnel, Public Grievances and Pensions (MoPPG&P):

• Union Minister: Prime Minister Narendra Modi (Constituency: Varanasi, Uttar Pradesh)
• Minister of State (MOS): Dr. Jitendra Singh (Constituency: Udhampur, Jammu & Kashmir)

Defence news

India Orders 73,000 SIG-716 Assault Rifles Worth Rs 837 Crore from SIG Sauer

The Ministry of Defence (MoD), Government of India (GoI) announced that it has placed a order worth Rs 837 crore for the import of an additional 73,000 SIG-716 of 7.62×51 millimeter (mm) semi-automatic assault rifles for the Indian Army (IA) from the United States of America (USA)-based small-arms manufacturing company, SIG Sauer Inc.

• Order Value: Rs 837 crore for 73,000 SIG-716 rifles.
• Supplier: SIG Sauer Inc., USA.
• Contract Date: Signed in June 2024; delivery within 18 months.
• Total Procurement: Increases the total SIG-716 rifles in the Indian Army to approximately 1.45 lakh.
• Purpose: Rifles for infantry battalions deployed along the China and Pakistan borders.
• SIG-716 Features:
  • Enhanced version of the ArmaLite Rifle (AR) platform.
  • Chambered in 7.62 NATO with a 16-inch barrel, M-LOK handguard, and 6-position telescoping stock.
  • Weighs 3.82 kg (without magazine), effective kill range of 600 meters.
  • Higher caliber, longer range, and more lethality compared to INSAS and AK-47 rifles.

About the Ministry of Defence (MoD):

• Union Minister: Rajnath Singh (Constituency: Lucknow, Uttar Pradesh)
• Minister of State (MoS): Sanjay Seth (Constituency: Ranchi, Jharkhand)

National News

Department of Pension and Pensioners’ Welfare Organises 7th Anubhav Awards Ceremony

The Department of Pension and Pensioners’ Welfare today organised the 7th Anubhav Awards Ceremony in New Delhi to recognise the contribution made by Government employees in service. Secretary Pension and Pensioners’ Welfare V. Srinivas conferred five Anubhav awards and 10 Jury Certificates to employees from nine different departments and ministries.

• The 7th Anubhav Awards Ceremony was held to honor outstanding contributions by central government employees.
• Secretary V. Srinivas awarded five Anubhav awards and 10 Jury Certificates to employees from nine departments and ministries.
• The awards aim to inspire current employees to excel in their fields.
• The 55th Pre-Retirement Counselling Workshop was conducted for employees retiring by March 31 next year.
• The workshop covered pre-retirement processes, forms, and post-retirement benefits.

India’s Pharma Sector to Touch $130 Billion by 2030: Jitin Prasada

Union Minister of State for Commerce and Industry, Jitin Prasada has stressed that the country’s pharmaceutical sector will touch the 130 billion US dollar mark by 2030, which is currently at around 55 billion US dollars. Mr Prasad inaugurated the 10th International Pharmaceutical Exhibition IPHEX at India Expo Mart in Noida, Uttar Pradesh.

• India is becoming a global pharma leader and cost-effective healthcare destination.
• The Production Linked Incentive scheme aims to boost domestic manufacturing and reduce import dependence.
• Pharma exports increased from $14.9 billion to $27.9 billion over the past decade.
• The sector is the third-largest by volume, with over 3,000 companies and 10,500 manufacturing facilities.
• India holds a 20% share in global generic medicine demand.
• IPHEX features over 400 Indian pharma companies and will attract more than 400 international buyers.

PM Modi Chairs 44th PRAGATI Meeting, Reviews Major Projects and Water Initiatives

Prime Minister Narendra Modi chaired the 44th edition of PRAGATI on August 28, marking the first meeting of his third term.

• Seven major projects were reviewed, with a total cost exceeding Rs. 76,500 crore, spanning road connectivity, rail, coal, power, and water resources sectors across 11 States and UTs.
• PM Modi stressed the importance of timely project completion to avoid cost overruns and ensure public benefits.
• He advocated for the “Ek ped Maa ke Naam” campaign to balance environmental concerns with development.
• AMRUT 2.0 and Jal Jeevan Mission were also reviewed, focusing on water issues in urban and rural areas.
• Emphasis was placed on effective grievance redressal and the need for robust Operation and Maintenance mechanisms for water projects.
• The Prime Minister suggested involving women self-help groups and youth for maintenance work, and highlighted the need for district-level water resource surveys and source sustainability.

Banking news

Gujarat Surpasses UP in Attracting Bank Funds for Projects in FY24, Reports RBI Study

Gujarat attracted funds for 154 projects in FY24, up from 14% in FY23 to 14.7% of the total projects financed by banks and financial institutions (FIs).

• Record Investment: Total sanctioned project costs reached a record high of Rs 3,90,978 crore (around Rs 4 trillion) in FY24.
• Uttar Pradesh’s Decline: Uttar Pradesh received funds for 69 projects, decreasing from 16.2% in FY23 to 7.6% of the total funds in FY24, though it remained among the top 5 states.
• Top States: Maharashtra, Andhra Pradesh, and Gujarat, along with Uttar Pradesh, were among the top 5 states receiving project funding, with these states together accounting for about 55% of the total sanctioned project cost.
• Odisha’s Drop: Odisha fell from 3rd place in FY23 (11.8% of total projects cost) to 6th place in FY24 (7.6% of total projects cost).
• Infrastructure Focus: The study highlighted that the infrastructure sector, particularly ‘Roads & Bridges’ and ‘Power,’ attracted the majority of capital investments, reflecting a strong focus on infrastructure development.
• Investment Cycle: The increase in private corporate investments indicates a positive investment cycle.

About Reserve Bank of India (RBI):

• Governor: Shaktikanta Das (25th Governor of RBI)
• Headquarters: Mumbai, Maharashtra
• Established: April 1, 1935

Gujarath:

• Capital: Gandhinagar
• Chief minister: Bhupendrabhai Patel
• Governor: Acharya Devvrat

RBI Cancels Margdarshak Financial Services’ Registration Due to High NPAs and Repayment Defaults

The Reserve Bank of India (RBI) has cancelled the Certificate of Registration (COR) of Margdarshak Financial Services Limited (MFSL) based in Lucknow, Uttar Pradesh.

• As of March 31, 2021, MFSL failed to meet regulatory requirements, including maintaining a Net Owned Fund (NOF) of Rs 5 crore and a Capital Adequacy Ratio (CAR) of 15%.
• The company was found to have defaulted on Rs 49.27 crore in repayments and faced significant cash flow issues.
• With reported losses of Rs 187 crore and net NPAs of Rs 82.37 crore, the company’s ability to continue operations was in question.
• Under Section 45-1(a) of the RBI Act, 1934, MFSL can no longer operate as a Non-Banking Financial Institution (NBFI).

Yes Bank and Newtap Finance Partner with CRED for Personalized Financing Solutions; HDFC Bank Teams Up with Zeta for UPI Credit Line

Yes Bank has entered a co-lending partnership with Newtap Finance Private Limited to offer personalized financing through the CRED platform. Dreamplug Technologies Private Limited (DTPL), operator of CRED, will act as the Lending Service Provider (LSP) for both Yes Bank and Newtap Finance.

• This collaboration aligns with Yes Bank’s strategy of fostering fintech partnerships for quality growth.
• CRED members will benefit from competitive rates and a superior digital experience.

HDFC Bank and Zeta Partnership:

• On August 26, 2024, HDFC Bank partnered with Zeta to enhance its Credit Line on UPI (CLOU) offerings.
• Zeta’s Digital Credit as a Service (DCaaS) solution will enable HDFC Bank to launch innovative credit products under the NPCI’s CLOU scheme.

Bank Details:

Yes Bank Limited:

• MD & CEO: Prashant Kumar
• Headquarters: Mumbai, Maharashtra
• Tagline: “Experience our expertise”
• Established: 2004

HDFC Bank Limited:

• MD & CEO: Sashidhar Jagdishan
• Headquarters: Mumbai, Maharashtra
• Tagline: “We Understand Your World”
• Established: 1994

Sports news

Jyotiraditya Scindia Inaugurates Air Pistol Shooting Range in Gwalior Honoring Manu Bhaker’s Olympic Achievements

• Union Minister Jyotiraditya Scindia inaugurated a 10-meter air pistol shooting range at Jiwaji Club, Gwalior, named after Manu Bhaker.
• Manu Bhaker, who won 2 bronze medals at the 2024 Paris Olympics, is the first Indian athlete post-independence to win two medals in the same Olympics.
• The 10m air pistol range is a standard facility for indoor competitive shooting, using electronic or paper targets and 4.5-mm air pistols powered by compressed air or CO2.

Manu Bhaker’s Achievements at the 2024 Paris Olympics:

• First Bronze: Women’s individual 10m air pistol event, making her the first Indian woman shooter to win an Olympic medal.
• Second Bronze: 10m Air Pistol Mixed Team event with Sarabjot Singh, defeating South Korea 16-10.
• Bhaker joins an elite group of Indian athletes with multiple individual Olympic medals:
  • P.V. Sindhu: Silver (2016 Rio) and Bronze (2020 Tokyo) in women’s singles badminton.
  • Sushil Kumar: Bronze (2008 Beijing) and Silver (2012 London) in men’s freestyle wrestling (66 kg).

Additional Info: Norman Gilbert Pritchard, a British-Indian athlete, won silver medals in 200m sprint and 200m hurdles at the 1900 Paris Olympics, often considered the first Asian-born athlete to win Olympic medals.

Note: Mr Jyotiraditya Scindia is currently serving as the Union Minister of Communications for India

Appointment news

Satish Kumar Appointed as First SC Chairman & CEO of Indian Railway Board

On August 27, 2024, the Appointments Committee of the Cabinet (ACC) appointed Satish Kumar, an Indian Railway Management Service (IRMS) officer, as the Chairman and Chief Executive Officer (CEO) of the Indian Railway Board (IRB).

• Historical Significance: Kumar is the first person from the Scheduled Castes (SC) or Dalit community to hold this position in IRB’s history.
• Tenure: He will assume office on September 1, 2024, serving until his superannuation, with potential re-employment on a contract basis from January 1 to August 31, 2025, or until further orders.
• Successor: Kumar succeeds Jaya Varma Sinha, who will retire on August 31, 2024, and will then join the Central Administrative Tribunal (CAT) as an administrative member.

Agreement news

ICAR-CIFE and VAMNICOM Sign MoU to Boost Cooperative Management in Fisheries Sector

On August 26, 2024, ICAR-Central Institute of Fisheries Education (ICAR-CIFE) and Vaikunth Mehta National Institute of Cooperative Management (VAMNICOM) signed an MoU to enhance cooperative management in the fisheries sector.

• The partnership aims to support the establishment of 2 lakh Primary Agricultural Credit Societies (PACS), Dairy, and Fishery Cooperatives in every Panchayat.
• The signing ceremony was attended by Dr. Ravishankar CN, Director and Vice Chancellor of ICAR-CIFE, and Dr. Hema Yadav, Director of VAMNICOM, at ICAR-CIFE’s Mumbai campus.
• The MoU focuses on integrating advanced technology and promoting value addition in fishery cooperatives.

Defence News

India’s 2nd Nuclear Missile Submarine Commissioned by Rajnath Singh

Defence Minister Rajnath Singh will commission INS Arighat (S-3), India’s second nuclear-powered ballistic missile submarine (SSBN), in Visakhapatnam.

• INS Arighat is equipped with 750-km range K-15 nuclear ballistic missiles and will patrol the Indo-Pacific.
• Key attendees include Chief of Naval Staff Admiral Dinesh Tripathi, Vice Admiral Suraj Berry, and DRDO officials.
• INS Arighat, alongside INS Arihant (S-2), strengthens India’s nuclear triad and strategic deterrence.
• The new SSBN features advancements over INS Arihant and follows with plans to commission INS Aridaman (S-4) next year and a fourth SSBN, codenamed S-4*.
• India will introduce a new class of larger submarines with 3,000-km range nuclear missiles and additional missile tubes.
• The Indian Navy will also commission INS Surat (guided missile stealth destroyer), INS Taragiri (stealth guided missile frigate), and INS Vagsheer (Kalveri class attack submarine), with more submarines on order.

Scheme news

PMJDY Celebrates a Decade of Financial Inclusion Under Modi’s Leadership

The Pradhan Mantri Jan Dhan Yojana (PMJDY), a National Mission for Financial Inclusion, launched on August 28, 2014 by the Prime Minister (PM) Narendra Modi, completed 10 years (decade) of successful implementation.

• Launched by Prime Minister Narendra Modi in 2014, PMJDY is the world’s largest financial inclusion initiative.
• The scheme has integrated 53.13 crore people into the formal banking system by August 14, 2024.
• 55.6% (29.56 crore) of Jan-Dhan account holders are women.
• 66.6% (35.37 crore) of accounts are located in rural or semi-urban areas.

Important days

India Celebrates National Sports Day on August 29 to Honor Major Dhyan Chand and Promote Sports

National Sports Day is celebrated annually on August 29 to honor the spirit of sports in India.

• The day, established by the Indian government in 2012, coincides with the birth anniversary of Major Dhyan Chand.
• Major Dhyan Chand, born on August 29, 1905, in Prayagraj, is known as the ‘Wizard of Hockey.’
• Dhyan Chand’s illustrious career spanned from 1926 to 1948, during which he played 185 matches and scored over 400 goals.
• His leadership led the Indian hockey team to three consecutive Olympic gold medals in 1928, 1932, and 1936.
• National Sports Day highlights the importance of sports in health, community building, and inspiring future generations.

Books And Author News

Air Chief Marshal V R Chaudhari launches first comic book on Indian Air Force heroes

Chief of the Air Staff, Air Chief Marshal VR Chaudhari has launched the first comic book in the series of heroes of the Indian Air Force today. The book published by the Indian Air Force is aimed at presenting historical and heroic narratives of the Indian Air Force since its inception.

• The book presents historical and heroic narratives of the Indian Air Force, aiming to educate and inspire youth.
• It features stories about Marshal of the Air Force Arjan Singh DFC and the 1971 Battle of Boyra.
• The comic includes information on Air Force career choices and eligibility criteria.
• The book will be distributed for free to young children during Air Force induction publicity drives.
• A digital version will be released on Air Force Day, October 8.

Indian Air Force:

• Headquarters: New Delhi
• Founded: 8 October 1932, India

National News

Rajasthan and Madhya Pradesh to Develop ‘Shri Krishna Gaman Path’

In a significant move to boost religious tourism and cultural heritage, the Chief Ministers of Rajasthan and Madhya Pradesh have announced plans to develop a new religious circuit called the ‘Shri Krishna Gaman Path’. This initiative aims to connect the birthplace of Lord Krishna in Mathura with the sacred city of Ujjain in Madhya Pradesh, tracing the footsteps of one of Hinduism’s most revered deities.

• Announced by: Rajasthan Chief Minister Bhajan Lal Sharma.
• Objective: Boost religious tourism and cultural heritage.
• Collaborating States: Rajasthan and Madhya Pradesh.
• Religious Significance: Connects Krishna’s birthplace (Mathura) to the Sandipani Ashram (Ujjain), tracing his divine journey.

Key Locations:

• Mathura: Krishna’s birthplace.
• Ujjain: Site of Sandipani Ashram, Krishna’s education center.

Special Feature: Includes locations marked by Krishna’s footprints, adding a spiritual dimension for devotees.

Madhya Pradesh:

• Capital: Bhopal (Executive Branch)
• Governor: Mangubhai C. Patel

Rajasthan:

• Chief minister: Bhajan Lal Sharma
• Capital: Jaipur (Executive Branch)
• Governor: Haribhau Bagade

MHA Announces 5 New Districts in Ladakh, Expanding Administration and Governance

The Ministry of Home Affairs (MHA), announced the creation of 5 new districts in the Union Territory (UT) of Ladakh, namely, Zanskar, Drass, Sham, Nubra, and Changthang. With the formation of the new districts, Ladakh’s total number of districts has increased to 7.

• New Districts Created: Zanskar, Drass, Sham, Nubra, and Changthang.
• Total Number of Districts: Increases from 2 (Leh and Kargil) to 7.

Instructions:

• Committee Formation: To evaluate district headquarters, boundaries, and structure.
• Report Deadline: Within 3 months.

Objective:

• Governance Improvement: Enhance service delivery and Central government benefits in remote areas.
• Progress: Ensure that development reaches all corners of Ladakh.

Background:

• Historical Context: Ladakh was part of Jammu and Kashmir until the 2019 reorganization.
• Legislative Changes:
  • August 5, 2019: Article 370 repealed, ending J&K’s special status.
  • August 9, 2019: Jammu and Kashmir Reorganisation Act bifurcated J&K into 2 Union Territories (UTs).

Minister of home minister: Officeholders: Manish Tiwari (Joint secretary to the Government of India), Amit Shah (Minister)

Appointment News

Jay Shah Elected as New International Cricket Council Chairman

Jay Shah has been elected unopposed as the new Chair of the International Cricket Council (ICC), succeeding Greg Barclay. This appointment marks a significant moment in cricket administration, as Shah becomes the youngest person ever to hold this prestigious position.

• New Role: Jay Shah elected unopposed as ICC Chair, succeeding Greg Barclay.
• Significance: Shah becomes the youngest person to hold this position.
• Current Position: Shah is the Secretary of the BCCI.
• Commencement Date: He will start as ICC Chair on December 1, 2024.

Election Process:

• Greg Barclay did not seek re-election.
• Shah was the sole nominee, leading to his unopposed election.

Background:

• 2009: Began career in cricket administration in Gujarat.
• 2019: Appointed BCCI Secretary.
• 2022: Joined ICC’s Finance & Commercial Affairs (F&CA) committee.
• 2023: Became chair of the ICC’s F&CA committee.
• 2021-2024: Served as Asian Cricket Council president.

Centre Appoints B Srinivasan as New NSG Director General

The Centre has appointed senior IPS officer B Srinivasan as the new Director General of the National Security Guard (NSG), according to a Personnel Ministry order issued on August 27. Srinivasan, a 1992 batch Indian Police Service (IPS) officer from the Bihar cadre, will serve as the NSG DG until August 31, 2027, the date of his superannuation. He is currently the director of Bihar Police Academy, Rajgir.

Background and Appointment Details

B Srinivasan’s appointment follows the exit of Nalin Prabhat, who has been named as the Special Director General of Police in Jammu and Kashmir. Prabhat, also a 1992 batch IPS officer, was initially appointed as NSG Chief in April for a tenure up to August 31, 2028. However, his tenure was cut short, and he has been reassigned to Jammu and Kashmir Police, taking over from R.R. Swain on September 30.

NSG: National Security Guard

• Founded: 22 September 1986
• Formed: 16 October 1984; 39 years ago
• Headquarters: New Delhi

Economy News

SBI Projects India’s GDP Growth of 7.0% to 7.1% for Q1 FY 2024-25

According to State Bank of India (SBI’s) Economic Research Department (ERD) report- ‘Ecowrap’, India’s Gross Domestic Product (GDP) is expected to grow by 7.0% to 7.1% in 1st Quarter (Q1: April-June) of Financial Year 2024-25(FY 25).

• GDP Growth Projection:
  • Estimated Range: 7.0% to 7.1% for Q1 FY 2024-25 (April-June).
• Gross Value Added (GVA):
  • Estimated Range: 6.7% to 6.8%, with a downward bias.
• Corporate Sector Performance:
  • Top-line and Bottom-line Growth: 9% growth reported by around 4,000 listed entities compared to Q1 FY24.
  • Corporate GVA: Increased by approximately 10.9% in Q1 FY25, down from 17% in Q4 FY24 and 26% in Q3 FY24.
• Agricultural Sector Growth:
  • Estimated Range: 4.5% to 5% in FY25, which is about 30 basis points higher than the RBI forecast.

About State Bank of India (SBI):

• Chairman: Challa Sreenivasulu Setty (effective from August 28, 2024)
• Headquarters: Mumbai, Maharashtra
• Tagline: “The Banker to Every Indian”
• Founded: July 1, 1955

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Banking News

RBI Launches Unified Lending Interface (ULI) Platform Nationwide

RBI Governor Shaktikanta Das introduced ULI at the ‘Global Conference on Digital Public Infrastructure and Emerging Technologies’ in Bengaluru on August 26, 2024.

Pilot Program: Launched in 2023, ULI will soon be available nationwide.

Key Features:

• Simplified Credit Appraisals: Facilitates easier credit evaluations, especially for small and rural borrowers.
• Digital Information Flow: Enables seamless consent-based access to land records, PAN, Aadhaar, and credit histories.
• Standardized APIs: Reduces technical integration complexity and accelerates credit approvals with minimal documentation.

Background: ULI is inspired by the success of the Unified Payments Interface (UPI), launched in 2016.

Reserve Bank of India (RBI) Overview

• Governor: Shaktikanta Das
• Deputy Governors:

• Swaminathan Janakiraman
• Michael Debabrata Patra
• M. Rajeshwar Rao
• T. Rabi Sankar
• Establishment: April 1, 1935
• Headquarters: Mumbai, Maharashtra

Agreement news

REC and JNPA Forge Rs 45,000 Crore Funding Agreement for Vadhavan Port Development

Rural Electrification Corporation Limited (REC), a Maharatna Public Sector Undertaking (PSU) under the Ministry of Power, has signed a Memorandum of Understanding (MoU) with the Jawaharlal Nehru Port Authority (JNPA) to fund up to Rs 45,000 crore for various upcoming projects, including the development of Vadhavan Port in Maharashtra.

Rural Electrification Corporation Limited (REC):

• Chairman and Managing Director: Vivek Kumar Dewangan
  • Role: Public sector NBFC, PFI, and IFC providing loans for infrastructure projects.

Jawaharlal Nehru Port Authority (JNPA):

• Chairman: Unmesh Sharad Wagh
  • Role: Leading container-handling port managing about 50% of India’s containerized cargo.

MoU Highlights:

• Funding: Up to Rs 45,000 crore allocated for various projects, including the development of Vadhavan Port.
• Signatories:
  • REC: Rahul Dwivedi, IAS, Executive Director
  • JNPA: Unmesh Sharad Wagh, Chairman
• Inauguration Presence: Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping and Waterways (MOPSW).

Vadhavan Port Project:

• Location: Palghar district, Maharashtra.
• Project Value: Rs 76,220 crore.
• Interest: JNPA holds a 74% stake in the Vadhavan Port Project (VPPL), a joint venture with the Maharashtra Maritime Board (MMB).

Objective: Cooperation: JNPA will implement infrastructure projects while REC will provide the necessary funding.

REC:

• Headquarters: National Capital Region
• Parent organization: Power Finance Corp
• Founded: 25 July 1969

Award news

Union Minister Giriraj Singh Presents 24th Handicrafts Export Awards

Union Minister Giriraj Singh Presented EPCH’s 24th Handicrafts Export Awards Union Minister Giriraj Singh, Ministry of Textiles (MoT), presented the 24th Handicrafts Export Awards to Indian handicraft exporters during a ceremony organised by the Export Promotion Council for Handicrafts (EPCH) at the Convention Hall – The Ashok Hotel, in New Delhi, Delhi.

Event: 24th Handicrafts Export Awards ceremony

• Organized by: Export Promotion Council for Handicrafts (EPCH)
• Venue: Convention Hall, The Ashok Hotel, New Delhi
• Minister: Giriraj Singh, Ministry of Textiles

Recognition:

• Performance Period: 2019-20 and 2020-21
• Awards: 123 awards to 62 winners for 2019-20 and 61 winners for 2020-21
• Lifetime Achievement Award: Muzafar Hussain, Jammu and Kashmir
• Top All Handicrafts Award: Ajay Gupta’s CL Gupta Exports Limited (Uttar Pradesh) for both years

Award Categories:

• Top Export Award
• Platinum Performer Certificate
• Product Group-wise Awards
• Woman Entrepreneur Award
• Regional Awards

Objective:

• Foster Competition: Encourage healthy competition among exporters
• Recognize Achievements: Celebrate excellence in the handicrafts export sector

Jana Small Finance Bank Wins Four Awards at ICC Emerging Asia Banking Conclave & Awards 2024

Bengaluru (Karnataka) based Jana Small Finance Bank (SFB) Limited was honoured with 4 awards: Best Small Finance Bank (India), Best Performance on Profitability (Runners-up), Best Performance on Asset Quality, and Best Performance on Risk Management, at the 2nd ICC Emerging Asia Banking Conclave & Awards (2024), organised by the Indian Chamber of Commerce (ICC) on 22nd and 23rd August 2024 in New Delhi, Delhi.

Awards Received by Jana Small Finance Bank:

• Best Small Finance Bank (India)
• Best Performance on Profitability (Runners-up)
• Best Performance on Asset Quality
• Best Performance on Risk Management

Event Details:

• Occasion: 2nd ICC Emerging Asia Banking Conclave & Awards 2024
• Dates: August 22-23, 2024
• Organized by: Indian Chamber of Commerce (ICC)
• Location: New Delhi, Delhi

Other Award:

• Jammu & Kashmir Bank Limited (J&K Bank):
  • Award: Best Performance on Profitability (Private Sector Bank – Mid-Size category)

About the Indian Chamber of Commerce (ICC):

• Director General: Dr. Rajeev Singh
• Headquarters: Kolkata, West Bengal
• Founded: 1925

Defence News

Indian Air Force’s Sarang Team to Showcase at Egypt International Airshow 2024

The Indian Air Force (IAF) has taken a significant step in international aviation diplomacy by dispatching its renowned Sarang Helicopter Display Team to participate in the inaugural Egypt International Airshow. This event, scheduled from September 3 to 5, 2024, at the Al-Alamein International Airport in Egypt’s El Dabaa, marks a crucial moment for India to demonstrate its indigenous aviation capabilities on the global stage.

Event: Egypt International Airshow

• Dates: September 3-5, 2023
• Venue: Al-Alamein International Airport, El Dabaa, Egypt

IAF Participation:

• Team: Sarang Helicopter Display Team
• Aircraft: 5 Advanced Light Helicopters (ALH Mk-I) by Hindustan Aeronautics Limited (HAL)
• Key Features: Multi-role capabilities, hinge-less composite main rotor

Transportation: Mode: C-17 Globemaster aircraft

Significance:

• Showcasing: India’s indigenous aviation capabilities and self-reliance initiative (‘Atmanirbharta’)
• Diplomatic Impact: Strengthens ties with Egypt and other participating nations, opening potential defense and aviation collaborations

Strategic Importance of Venue:

• Location: Al-Alamein International Airport, a key hub along the Mediterranean for global air and commercial transport

Indian Air Force:

• Headquarters: New Delhi
• Founded: 8 October 1932, India
• Chief of Defence Staff (CDS): General Anil Chauhan

Sports news

Five-Year-Old Teghbir Singh Conquers Mount Kilimanjaro

Teghbir Singh, a five-year-old from Ropar, Punjab, has become the youngest Asian to summit Mount Kilimanjaro.

Height: Kilimanjaro stands at 5,895 meters (19,341 feet) above sea level.

Climb Details:

• Departure: August 18, 2024
• Summit Reached: August 23, 2024
• Summit: Uhuru Peak

Books and author news

Soumya Swaminathan Releases Autobiography of Activist Kalpana Sankar

Former WHO Chief Scientist Soumya Swaminathan Releases Autobiography of Activist Kalpana Sankar Soumya Swaminathan, the Chairperson of MS Swaminathan Research Foundation and former World Health Organization (WHO) Chief Scientist, released ‘The Scientist Entrepreneur: Empowering Millions of Women’, an autobiography written by activist Dr. Kalpana Sankar.

Book Release:

• Title: The Scientist Entrepreneur: Empowering Millions of Women
  • Author: Dr. Kalpana Sankar
  • Released by: Soumya Swaminathan, former WHO Chief Scientist and Chairperson of MS Swaminathan Research Foundation
  • Publisher: Rupa Publications India Private Limited, New Delhi

Event Details:

• Location: Chennai, Tamil Nadu
  • Occasion: Celebration of women’s empowerment and social entrepreneurship

Book Highlights:

• Content: Chronicles Dr. Sankar’s transition from a nuclear scientist to a pioneering entrepreneur.
  • Focus: Emphasizes grassroots initiatives for women’s economic empowerment and community development.

Notable Attendee: Swaady Martin-Leke: Chairperson and CEO of YSWARA, South Africa, received the first copy of the book.