National news
Ministry of Commerce and Industry introduces BRAP 2024 to strengthen Make in India Initiative
The Business Reforms Action Plan (BRAP) is an initiative by the Ministry of Commerce and Industry, aimed at strengthening the Make in India initiative and improving the ease of doing business across India. Originally launched in 2014-15, BRAP has played a transformative role in reshaping the business landscape by streamlining regulatory processes and reducing compliance burdens.
The upcoming BRAP 2024 will further enhance India’s business environment by introducing:
- A seamless, uniform business regulatory framework nationwide.
- Digital solutions for regulatory processes.
- An innovative assessment methodology that blends evidence-based and feedback-based evaluations for a dynamic and comprehensive approach.
The overall objective is to make India a preferred global investment destination and support sustainable economic growth.
Oxygen Bird Park Set To Be Inaugurated By Shri. Nitin Gadkari
Union Minister Nitin Gadkari is set to inaugurate the Oxygen Bird Park (Amrit Mahotsav Park), located on the Nagpur-Hyderabad National Highway 44 in Nagpur, Maharashtra. This eco-friendly park aims to combine environmental conservation with recreational amenities.
Key Highlights:
- Area: The park covers 8.23 hectares, with 2.5 hectares dedicated to social forestry.
- Initiative: Developed by the National Highway Authority of India (NHAI) at Jamtha Clover Leaf along the Nagpur-Hyderabad Highway.
Project Design:
- A holistic initiative integrating environmental conservation and recreational green spaces.
- Features an aesthetically designed entrance gate and landscaping to enhance visual appeal.
- Aligns with NHAI’s vision of sustainable infrastructure and environmental responsibility.
Focal Points:
- Sustainability: The “Oxygen Park” will focus on oxygen-producing trees to reduce air pollution.
- Naturally Formed Pond: Serves as a central attraction, integrated into the landscape.
Bird Habitat: Designed to attract a diverse range of bird species, creating a thriving natural habitat.
Indian Railways Launches Rail Rakshak Dal for Emergency Response
On September 24, 2024, the Indian Railways inaugurated the Rail Rakshak Dal in the North Western Railway (NWR) zone as part of a pilot project aimed at enhancing emergency response capabilities during train accidents.
Key Highlights:
- The Rail Rakshak Dal is tasked with conducting rapid rescue operations in unforeseen circumstances.
- Its primary objective is to assist the Indian Railways and support local district administrations during emergencies.
About Rail Rakshak Dal:
- Formed under the direct supervision of Union Minister Ashwini Vaishnaw, the initiative focuses on deploying physically fit railway staff trained in essential skills, such as swimming and the use of lightweight equipment for emergency situations.
- Previously, the Indian Railways relied on the National Disaster Response Force (NDRF) for rescue operations. The establishment of the Rail Rakshak Dal enables railways to utilize this service free of cost in times of need.
About Indian Railways:
- Chairperson and CEO: Satish Kumar
- Headquarters: New Delhi, India
- Founded: April 16, 1853
Launch of ‘Ashtalakshmi Mahotsav’ Website by Union Minister Jyotiraditya M. Scindia
Union Minister Jyotiraditya M. Scindia, from the Ministry of Development of North Eastern Region (MODONER), launched the official website for the ‘Ashtalakshmi Mahotsav’ on September 24, 2024, at Sanchar Bhawan, New Delhi. This initiative reflects the Government of India’s commitment to promoting the potential of the Northeast region on both national and global platforms.
About Ashtalakshmi Mahotsav:
- Event Dates: Scheduled for December 6-8, 2024, at Bharat Mandapam, Pragati Maidan, New Delhi.
- Cultural Significance: The festival celebrates the rich fashions, culture, and business of the Northeast, inspired by eight states: Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, and Tripura. Collectively, these states are referred to as “Ashtalakshmi,” symbolizing eight forms of prosperity.
- Features:
- Dedicated pavilions showcasing Muga and Era silk from Northeast India.
- Live demonstrations of artisanal crafts.
- A focus on Geographical Indication (GI) products from the region.
Economy news
OECD Increases India’s GDP Growth Forecast for FY25 to 6.7%
The Organisation for Economic Cooperation and Development (OECD) has updated its economic outlook for India, raising the Gross Domestic Product (GDP) growth forecast for Financial Year 2024-25 (FY25) to 6.7%, an increase of 10 basis points from the previous estimate of 6.6%. This announcement was made in the ‘OECD Economic Outlook, Interim Report September 2024: Turning the Corner’, released on September 25, 2024. Additionally, the OECD has projected a growth rate of 6.8% for FY26, an increase of 20 basis points from earlier forecasts.
Key Projections:
- Inflation Forecast: The report has also raised India’s headline inflation forecast for FY25 to 4.5%, up by 20 basis points from the 4.3% projected in May 2024. This aligns with the Reserve Bank of India (RBI)‘s inflation forecast for the same period.
- FY26 Inflation: For FY26, the inflation projection has been lowered by 10 basis points, from 4.2% to 4.1%, closely matching the RBI’s target midpoint of 4%.
- Consumer Inflation Trends: The report noted that consumer inflation remained below 4% in July and August 2024, largely due to favorable base effects. However, economists anticipate an increase to 5% in the coming months.
About OECD:
- Secretary-General: Mathias Hubert Paul Cormann
- Headquarters: Paris, France
- Established: 1961
Science news
PM Modi launches PARAM Rudra Supercomputers
On 26 September 2024, Prime Minister Narendra Modi dedicated three PARAM Rudra Supercomputers and two High-Performance Computing (HPC) systems to the nation. These computing systems were developed indigenously under the National Supercomputer Mission and align with the Make in India initiative.
PARAM Rudra Supercomputers:
- Designed by C-DAC (Centre for Development of Advanced Computing), under the Union Ministry of Electronics & IT (MeiTY).
- Built using the Rudra server developed by C-DAC, each has a computing speed of 1 petaflops (10¹⁵ operations per second).
- Estimated cost: Rs 130 crores.
- Installations:
- At GMRT (Pune): To conduct real-time searches for Fast Radio Bursts (FRBs) and pulsars.
- At IUAC (Delhi): To support R&D in material science and atomic physics.
- At S.N. Bose Centre (Kolkata): For research in physics, cosmology, and earth sciences.
High-Performance Computing Systems (HPC):
- Named Arka and Arunika, developed by C-DAC for meteorological applications.
- Installed at:
- Indian Institute of Tropical Meteorology (Pune).
- National Center for Medium-Range Weather Forecast (Noida).
- Expected to enhance accuracy in predicting tropical cyclones, thunderstorms, heavy rainfall, and other critical weather events.
Banking news
For SeamLess Market Access SEBI Launches FPI Outreach Cell
The Securities and Exchange Board of India (SEBI) has launched a dedicated Foreign Portfolio Investor (FPI) Outreach Cell under the Alternative Investment Fund and Foreign Portfolio Investors Department (AFD). The cell aims to facilitate seamless access for Foreign Portfolio Investors (FPIs) to the Indian securities market.
Aim:
- Direct engagement with FPIs.
- Support for FPIs in accessing the Indian market, including assistance with documentation and compliance.
Key Responsibilities:
- Guidance during pre-application stages for prospective FPIs.
- Assistance with documentation and compliance.
- Onboarding support.
- Resolving operational challenges during registration and beyond.
Operation:
- The FPI Outreach Cell operates under SEBI’s AFD, which handles matters related to:
- Alternative Investment Funds (AIF).
- Venture Capital Funds (VCF).
- Foreign Venture Capital Investors (FVCI).
- Foreign Portfolio Investors (FPI).
- Designated Depository Participants (DDP).
- Custodians.
SEBI:
- Founded: 12 April 1988
- Founder: Government of India
- Agency executive: Madhabi Puri Buch, Chairperson
RBI Approves Amalgamation of The Rajapur Sahakari Bank with The Malad Sahakari Bank
On September 20, 2024, the Reserve Bank of India (RBI) approved the Scheme of Amalgamation of The Rajapur Sahakari Bank Limited, based in Mumbai, Maharashtra, with The Malad Sahakari Bank Limited, also located in Mumbai. This scheme is set to take effect from September 23, 2024.
Key Details:
- The approval was granted under the powers conferred by Sub-Section (4) of Section 44A in conjunction with Section 56 of the Banking Regulation (BR) Act, 1949.
- Following the amalgamation, the branches of The Rajapur Sahakari Bank Ltd. will operate as branches of The Malad Sahakari Bank Ltd..
This consolidation aims to strengthen the financial stability and operational efficiency of the involved banks, enhancing their service offerings to customers in the region.
About the Reserve Bank of India (RBI):
- Governor: Shaktikanta Das
- Established: April 1, 1935
- Headquarters: Mumbai, Maharashtra
Agreement news
India and Uzbekistan Sign Bilateral Investment Treaty in Tashkent
India and Uzbekistan signed a Bilateral Investment Treaty (BIT) to enhance investor confidence and strengthen economic cooperation. The treaty, formalized by Indian Finance Minister Nirmala Sitharaman and Uzbekistan’s Deputy Prime Minister Khodjayev Jamshid Abdukhakimovich in Tashkent, ensures investment protection, minimum standards of treatment, and non-discrimination, while also facilitating dispute resolution through arbitration.
Key Provisions of the BIT:
- Protection from Expropriation: Safeguards investments against unjust seizure.
- Transparency and Compensation: Promotes transparency and outlines compensation for losses.
- Balanced Regulatory Rights: Protects investments while maintaining the state’s right to regulate.
Economic Context:
- As of August 2024, India’s Overseas Direct Investment (ODI) in Uzbekistan reached $20 million, focusing on sectors like pharmaceuticals, automobile components, and hospitality.
- Bilateral trade (2023) valued at $756.60 million, with India ranking among Uzbekistan’s top 10 trade partners.
Trade Overview:
- India’s exports to Uzbekistan: Pharmaceuticals, vehicle parts, mechanical equipment.
- Uzbekistan’s imports to India: Fruit, vegetables, fertilizers, lubricants.
- Total Indian investments in Uzbekistan stand at $61 million, with ongoing discussions for future investments in pharma, textiles, agriculture, and mining sectors.
Appointment news
Shigeru Ishiba Set to Become Japan’s Next Prime Minister
Shigeru Ishiba, former Defence Minister of Japan, is set to become Japan’s next Prime Minister after winning the leadership vote of the Liberal Democratic Party (LDP). He will replace Fumio Kishida, who resigned amid scandals. With the LDP holding a majority in the lower house, Ishiba’s path to the prime ministership is effectively assured. He won the leadership race against Sanae Takaichi, the Economic Security Minister, by a slim margin of 21 votes.
JAPAN:
- Capital: Tokyo
- PM: Fumio Kishida
Ranks and report news
Periodic Labour Force Survey (PLFS) 2023-2024: Key Insights on Youth Unemployment
The 7th Annual Report of the Periodic Labour Force Survey (PLFS) July 2023 – June 2024, released by the National Sample Survey Office (NSSO) under the Ministry of Statistics and Programme Implementation (MoSPI), highlights significant trends in youth unemployment across India.
Key Findings:
- Lakshadweep has the highest youth unemployment rate (UR) at 36.2%, with 79.7% for young women and 26.2% for young men.
- Andaman and Nicobar Islands ranks second with 33.6% UR (49.5% for women and 24% for men), followed by Kerala with 29.9% UR (47.1% for women and 19.3% for men).
- The national average youth unemployment rate is 10.2%, with women facing a higher rate at 11%, compared to 9.8% for men.
- Madhya Pradesh has the lowest youth unemployment rate at 2.6%, followed by Gujarat with 3.1% and Jharkhand with 3.6%.
About MoSPI: Minister of State (Independent Charge): Rao Inderjit Singh (Constituency: Gurugram, Haryana).
SBI Report Highlights Declining Population Growth and Demographic Trends in India
According to the State Bank of India (SBI)‘s Economic Research Department (ERD) report titled “Precursor to Census 2024: The Fine Prints of a Rapidly Changing Nation,” India’s population growth rate is on a downward trend. The report predicts a decline in the average annual exponential growth rate from 2.20% in 1971 to 1% in 2024, projecting the population to be between 138 to 142 crore by 2024.
Key Findings:
- Median Age Increase:
- The median age in India is expected to rise from 24 years in 2021 to 28-29 years by 2023/24, indicating that India remains one of the youngest nations globally, still below the global median age.
- Working-Age Population:
- The working-age population has been on the rise since 1971, estimated to reach 64.4% in the upcoming Census, with a further increase to 65.2% projected by 2031.
- Proportion of Children:
- The proportion of children aged 0 to 14 years is forecasted to be 24.3% in 2024, down from 30.9% in 2011, reflecting a continuing trend of declining child population percentages that began in 1971.
About State Bank of India (SBI):
- Chairman: Challa Sreenivasulu Setty
- Headquarters: Mumbai, Maharashtra
- Tagline: Pure Banking Nothing Else
- Established: 1955
Award news
Legendary actor Mithun Chakraborty to be honoured with Dada Saheb Phalke award
Legendary Actor Mithun Chakraborty will be honoured with Dadasaheb Phalke Award at the 70th National Film Awards ceremony next month. Announcing this in a social media post, Information and Broadcasting Minister Ashwini Vaishnaw said, from the streets of Kolkata to Cinematic Heights, Mithun Da’s remarkable cinematic journey inspires generations. He said, the Dadasaheb Phalke Selection Jury decided for this top award in Indian cinema for Mr Chakraborty for his iconic contribution to Indian Cinema.
- Speaking to media, Mr Vaishnaw congratulated Mr Chakraborty saying his life is combination of struggle and achievement.
- Speaking to media, Mr Chakraborty expressed happiness on receiving the news. He dedicated the award to his family and fans across the world.
RINL Honored with CII-GBC National Energy Leader Award for 6th Year in a Row
Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, has been awarded the National Energy Leader Award by the Confederation of Indian Industry – Green Business Centre (CII-GBC) for the sixth consecutive year. The recognition was presented at an event held in Hyderabad, Telangana, on September 12, 2024.
Key Highlights:
- RINL also received the “Excellent Energy Efficient Unit Award” for the eighth consecutive year, further highlighting its commitment to energy efficiency.
- The awards were presented by Milind Deora, Secretary of the Bureau of Energy Efficiency (BEE), under the Ministry of Power (MoP), to K. Sudhakar, General Manager (GM) of the Energy Management Department (EMD-I/C) at RINL.
- These accolades reflect RINL’s sustained efforts in energy conservation through various initiatives, including:
- Harnessing waste heat recovery systems
- Implementing Pulverised Coal Injection (PCI) in blast furnaces
- Engaging in waste recycling and energy benchmarking
Sports news
9th World Junior Wushu Championships 2024: India wins 7 medals
The Young Indian Wushu players ended their campaign at the 9th World Junior Wushu Championships 2024 by winning seven medals, including two golds, one silver, and four bronze medals. The Championships were held at Bandar Seri Begawan, Brunei, from 22 to 30 September 2024.
Wushu is a traditional Chinese sport, and the 9th World Junior Wushu Championships 2024 featured two main events: wushu sanda and wushu taolu.
Aryan Wins First Gold in the Event
- Aryan became the first Indian player to win a gold medal in the World Junior Wushu Championships. In the final of the 48 kg boys junior category, he defeated Gong Huanran from China.
- Shaurya won the second gold medal, defeating Alireza Zaman of Iran in the boy’s 48 kg weight category of the children’s section of the championships.
- Nang Mingbi Borphukan won the lone silver medal for India in the Taolu Jian Shu C Group event.
- The bronze medal was won by Tanish Nagar in the 56kg category, Abhijeet in the 60 kg category, Divyanshi in the 60 kg category( women), and Yuvraj in the 42 kg category.
- India sent a 24-member contingent to participate in the 9th World Junior Wushu Championships 2024.
9th World Junior Wushu Championships 2024
- The 9th World Junior Wushu Championships in 2024 was hosted by the International Wushu Federation (IWUF) and organised by the Wushu Federation of Brunei.
- It was held in Brunei’s capital city, Bandar Seri Begawan, from 22 to 30 September 2024.
- 498 athletes from 50 countries participated in the event.
- The first World Junior Wushu Championships was held in 2006 in Kuala Lumpur, Malaysia, and it has been held every two years since then.
- In the 9th World Junior Wushu Championships, the taolu competition was divided into three age groups, with 64 events for both male and female participants. The sanda competition was divided into two age groups, with 17 events for both male and female participants. For the first time in the Championships’ history, 10 events for the children’s group (Group C) were also introduced.
International Wushu Federation
- The International Wushu Federation was formed in 1990 to promote and regulate wushu sports worldwide.
- Members: 160 countries/territories
- President: Gao Zhidan
- Headquarters: Lausanne, Switzerland, has an operational office in Beijing, China.
Important days
World Rabies Day 2024: Breaking Rabies Boundaries
World Rabies Day is observed annually on September 28th to raise global awareness about rabies prevention and efforts toward its eradication. 2024 marks the 18th observance of this day, and the theme is “Breaking Rabies Boundaries”.
Key Highlights:
Theme: “Breaking Rabies Boundaries”
- Significance of the Theme:
- The theme emphasizes progress in rabies prevention and control.
- Focuses on the One Health approach, integrating human, animal, and environmental health efforts for rabies control.
- Encourages cross-sectoral collaboration and calls for innovative solutions to combat rabies globally.
- Aims to overcome geographic, socio-economic, and educational barriers in rabies prevention, such as ensuring widespread vaccination and access to medical care.
- Transboundary Nature:
- Rabies does not recognize borders, making international cooperation essential for eradication.
Global Strategic Plan:
The theme aligns with the “Zero by 30: Global Strategic Plan”, which aims to eliminate dog-mediated human rabies deaths by 2030. This global goal seeks to unite countries and organizations in the fight against rabies.