Daily Current Affairs October 02 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Securities and Exchange Board of India launches new asset class and relaxes regulations for the Mutual Funds Lite framework 

• The Securities and Exchange Board of India (SEBI) paved the way for the introduction of a new asset class, which will add depth and variety to the investment landscape of the country.
• The SEBI, in its board meeting, announced the introduction of a liberalised Mutual Funds Lite (MF Lite) framework for passively managed schemes of mutual funds schemes.
• The board meeting was the first since Hindenburg Research and Congress’ allegations of ‘conflict of interest’ against SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch.
• The board did not announce tighter norms to curb speculative trading in Futures & Options (F&O), as expected by most of the market participants.

Key Highlights :

• Liberalized MF Lite Framework:A new Mutual Funds Lite (MF Lite) framework for passively managed mutual fund schemes has been introduced.
• Aims to offer a professionally managed and regulated investment product with greater flexibility and higher risk-taking capabilities.
• Minimum investment limit set at ₹10 lakh per investor across all strategies in a particular Asset Management Company (AMC).
• Passive Scheme Management:Existing AMCs with both active and passive schemes can choose to separate their passive schemes into different entities for better management.
• Relaxed regulations and disclosure requirements for passive schemes under the new MF Lite framework.
• Optional T+0 Settlement Cycle:Expansion of the optional T+0 settlement cycle for trading to include the top 500 scrips by market capitalization.
• Stock brokers can offer this settlement cycle and charge differential brokerage.
• Rights Issue Timeline Reduction:The timeline for completing Rights Issues has been reduced from 317 days to 23 working days, making it faster than the preferential allotment route.
• All Rights Issues under ₹50 crore are now subject to SEBI’s oversight.
• Regulatory Framework for Investment Advisors and Research Analysts:Proposed changes to facilitate ease of doing business by relaxing eligibility criteria for registration and simplifying compliance requirements for Investment Advisors (IAs) and Research Analysts (RAs).
• Insider Trading Regulations Amendments:Amendments made to the Prohibition of Insider Trading (PIT) Regulations to redefine “connected person” and “immediate relative.”
• Inclusion of partners and employees of firms in the definition of “connected person.”
• New Trading Options:Investors can trade in the secondary market using a UPI block mechanism or a 3-in-1 trading facility, in addition to the existing trading modes.
• Facilitation Measures:Approval of key measures to expedite disposal of violations and ease regulatory requirements for listed and to-be-listed entities through amendments to relevant regulations.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Policyholders to benefit as new life insurance surrender value norms take effect from Oct 1, 2024  

• The Insurance Regulatory and Development Authority of India (IRDAI) introduced new surrender value norms to ensure “reasonableness and value for money” for both exiting and continuing policyholders.

Key Highlights :

• Surrender Value:Surrender value is the amount an insurer pays if a policyholder terminates the policy before maturity. It includes the earnings and savings portion.
• Under the new norms, surrender value will be at least equal to the present value of the paid-up sum assured on all contingencies covered, plus accrued/vested benefits.
• Formula Change:As per the new guidelines, the special surrender value will rise by over 20% compared to the existing regulation, where insurers pay 50% of the total premium if surrendered between the 4th and 7th year.
• Impact on Insurers:The higher surrender value could affect insurers’ profitability and margins. There may be hikes in premiums and possible cost-cut measures, such as reductions in agents’ commissions.
• Applicability:All existing policies must comply with the new norms by September 30, 2024, and new policies must offer the revised surrender values from October 1, 2024.
• Paid-up Policy:Non-linked policies that have acquired a surrender value will not lapse due to non-payment of further premiums. They will remain in force to the extent of the paid-up sum assured, including attached reversionary bonuses or guaranteed additions.
• Loan Repayment:Policy loans will continue to accrue interest at around 9-10% per annum. If unpaid loans match the surrender value, the policy will be foreclosed.
• Industry Outlook:The life insurance industry is expected to sustain a growth rate of 11-13% over the next 3-5 years despite potential premium volatility and changes in product and commission structures.
• Regulatory Restrictions:IRDAI has prohibited the use of credit cards for loan repayments against insurance policies, following defaults by policyholders who used credit cards to pay premiums.
• Market Data:The new business premium for life insurers reached ₹377,960 crore in the fiscal year ending March 2024.

About IRDAI :

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

YES BANK and Paisabazaar Introduce ‘PaisaSave’ Cashback Credit Card with Advanced Features   

• Paisabazaar, India’s leading online marketplace for consumer credit and free credit score platform, has partnered with YES BANK, India’s sixth largest private sector bank, to unveil their co-branded credit card – YES BANK Paisabazaar PaisaSave Credit Card.
• The PaisaSave Credit Card is designed to reward frequent shoppers by offering substantial cashback on everyday purchases, both online and offline, making it a must-have for the value-conscious customers.

Key features of the PaisaSave Credit Card include:

• Cashback* of 3% on online purchases across popular platforms including Amazon, Myntra, Flipkart, Nykaa, Swiggy, Zomato, Tata Cliq, Ajio, among others
• After reaching a monthly cashback limit of INR 5,000 on online transactions, users will continue to earn 1.5% cashback* on further online purchases
• Unlimited 1.5% cashback* on all offline purchases, including in-store transactions
• Fuel surcharge waiver of 1%* at all fuel stations
• Additionally, customers can opt for a virtual YES BANK Rupay Credit Card while applying, enabling them to make UPI payments seamlessly, further expanding the card’s utility.
• The card has no joining fee, and the annual fee of INR 499 can be waived off from the second year if users meet the spending threshold of INR 1.2 lakh per annum in the preceding year, making the PaisaSave Credit Card highly cost-effective for regular shoppers.

About Paisabazaar :

• Founded : 2014
• Co-Founder & CEO : Naveen Kukrej

EaseMyTrip unveils ScanMyTrip, a pioneering travel platform on ONDC    

• Online travel tech platform in India, com has introduced ScanMyTrip.com, the country’s first travel marketplace of its kind.
• It has also become the first OTA (Online Travel Agency) to both offer and purchase travel services through the ONDC Network. ScanMyTrip.com will serve as a platform where OTAs, MSMEs, travel agents, and homestays can list services such as flights, hotels, and accommodations on the ONDC Network, expanding their reach within the digital marketplace.
• With EaseMyTrip’s collaboration with the ONDC Network, businesses in the travel and tourism sector can benefit from the digital infrastructure provided by ONDC.
• This partnership enables even small-scale service providers to access a larger customer base.

About ONDC :

• Established : 31 December 2021
• MD & CEO : Thampy Koshy
• ONDC is a private non-profit Section 8 company established by the Department for Promotion of Industry and Internal Trade (DPIIT) of the Government of India to develop open e-commerce.

Asian Development Bank Approves $50 Million Loan to Strengthen Water Management and Climate Resilience in Meghalaya, India

• The Asian Development Bank (ADB) has approved a $50 million loan to improve water resources management, enhance access to water, and strengthen community resilience to climate change in the state of Meghalaya, India.

Key Highlights :

• Alignment with State Policy: The project supports the 2019 Meghalaya State Water Policy, focusing on sustainable development and management of water resources through a participatory approach.

Project Objectives:

• Develop a state-wide water-harvesting system (WHS) master plan.
• Integrate gender and social inclusion into water management practices.
• Address weather patterns and disaster risk management in planning.
• Village-Level Water Security: The initiative aims to create water security plans at the village level, to be managed by:
• Village Employment Councils (VEC)
• Watershed Management Committees (WMC)
• Water Users Associations (WUA)
• Infrastructure Development: The project will involve the construction of 532 water storage facilities across 12 districts in Meghalaya.
• Capacity-Building Support: ADB will provide capacity-building support to:
• Meghalaya State Watershed and Wasteland Development Agency
• Soil and Water Conservation Department

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

Jana Small Finance Bank  introduces ‘Liquid Plus Fixed Deposit’ scheme for short-term investments

• Jana Small Finance Bank has introduced the ‘Liquid Plus Fixed Deposit’ scheme.
• Purpose: The scheme is designed for investors looking to park extra funds for short durations.
• Tenure: The tenure for the Liquid Plus Fixed Deposit ranges from 7 days to 180 days.

Minimum Deposit:

• Retail Deposits: Minimum deposit amount of ₹10 lakh for amounts up to ₹3 crore.
• Bulk Deposits: Minimum deposit of ₹3 crore to ₹200 crore per customer.
• Interest Rate: The interest rate for the Liquid Plus Fixed Deposit is 6.75% for all tenures.

About Jana Small Finance Bank :

• Founded : March 28, 2018
• Headquarters : Bangalore, Karnataka, India
• CEO : Ajay Kanwal
• The Reserve Bank of India issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Modi to Celebrate 10 Years of Swachh Bharat Mission on October 2

• Prime Minister Narendra Modi will commemorate the completion of 10 years since the launch of the Swachh Bharat Mission by participating in the Swachh Bharat Diwas programme on October 2.
• This event will take place at Vigyan Bhawan, New Delhi.
• The programme will highlight India’s decade-long achievements in sanitation and cleanliness and showcase the outcomes of the recently concluded “Swachhata Hi Seva”

Key Highlights:

• Financial Commitment:
  • PM Modi will launch and lay foundation stones for several sanitation and cleanliness projects worth over Rs 9,600 crore.
• Project Breakdown:
  • Urban Water and Sewage Systems:
    • Projects worth more than Rs 6,800 crore under the AMRUT and AMRUT 2.0 schemes.
  • Ganga Basin Initiatives:
    • 10 projects focused on improving water quality and waste management in Ganga basin areas, valued at over Rs 1,550 crore under the National Mission for Clean Ganga.
  • Compressed Biogas Plants:
    • 15 projects worth more than Rs 1,332 crore under the GOBARdhan scheme.
• National Participation:
  • The programme will see participation from local government bodies, women’s groups, youth organisations, and community leaders, ensuring the ethos of “Sampoorna Swachhata” permeates throughout the country.
• Theme of Swachhata Hi Seva 2024:
  • The theme, “Swabhav Swachhata, Sanskaar Swachhata,” aims to unify the nation in its dedication to cleanliness, public health, and environmental sustainability.
• Achievements Under Swachhata Hi Seva 2024:
  • Over 19.7 lakh programmes completed, engaging more than 17 crore people.
  • Transformation of approximately 6.5 lakh cleanliness target units achieved.
  • Nearly one lakh Safai Mitra Suraksha Shivirs organised, benefiting over 30 lakh safai mitras.
  • More than 45 lakh trees planted under the “Ek Ped Maa ke Naam” campaign.

Delhi Launches “Advanced Green War Room” to Combat Air Pollution

• Delhi Environment Minister Gopal Rai inaugurated an “Advanced Green War Room” at the Delhi Secretariat, aimed at monitoring and tackling air pollution in the capital, especially as winter approaches.
• This initiative is part of a broader 21-point winter action plan

Key Highlights:

• Purpose:
  • The Green War Room will operate 24/7 to track updates related to air pollution and ensure effective implementation of government measures against pollution.
• Seven-Point Action Plan:
  • The plan includes:
    • Monitoring pollution hotspots using drones.
    • Real-time source apportionment analysis to identify pollution sources.
    • Satellite monitoring of stubble burning.
    • Integration of complaints received via the Green Delhi app.
• Team Structure:
  • The war room will be managed by an eight-member team of environmental engineers led by Nandita Moitra from the Delhi Pollution Control Committee (DPCC).
• Background:
  • The DPCC recently took over the Delhi government’s pollution “super-site” and mobile van, which previously provided real-time data in collaboration with IIT-Kanpur.
  • This initiative is not new; a similar war room was established in 2020 and has been a recurring feature during winter months when pollution levels rise significantly.
• Pollution Hotspots:
  • In 2018, the DPCC and Central Pollution Control Board (CPCB) identified 13 pollution hotspots in Delhi, including Anand Vihar, Mundka, and Dwarka, where the AQI can exceed normal levels by 125 to 150 points.
• Data Monitoring:
  • The war room will analyze data from 24-hour air quality monitoring stations established across the city.
  • It will also handle complaints from 33 departments involved in pollution control, such as the MCD, PWD, and Delhi Jal Board.
• Upcoming Initiatives:
  • As part of a public awareness campaign, a Harit Kalash Yatra will take place in Connaught Place on October 1, aiming to enhance green spaces in Delhi.

CURRENT AFFAIRS: BUSINESS NEWS

Adani Airport Holdings Secures ₹19.5 Billion Through Major Bond Issuance

• Adani Airport Holdings has raised ₹19.5 billion (approximately $232.72 million) via a significant domestic bond issue.
• This issuance marks the largest since the allegations made by Hindenburg Research regarding the improper use of offshore tax havens and stock manipulation in January 2023.

Key Highlights:

• Amount Raised:
  • ₹19.5 billion ($232.72 million) through the bond issue.
• Coupon Rate:
  • 9.35% monthly payment.
• Bond Rating:
  • Rated A+.
• Context:
  • This bond issuance is the largest domestic bond issue from Adani since the Hindenburg Research allegations in early 2023.
• Investor Interest:
  • Anchor Investors:
    • SBI Equity Hybrid Fund: ₹285 crore.
    • Aditya Birla Finance: ₹100 crore.
    • Aditya Birla Sunlife Mutual Fund: ₹50 crore.
  • Private Banks have also contributed to the bond purchases.
• Issue Managers:
  • Managed by Axis Bank and Trust Investment Advisors.
• Purpose of the Bond:
  • Proceeds will be utilized to repay the Airports Authority of India’s investments in six airports acquired by the Adani Group.

Industry Output Growth and Employment in India: 2022-23

• India’s industrial sector achieved a 21.5% annual output growth in FY23, primarily driven by basic metal producers, refineries, chemical, food, and automobile companies, according to the Annual Survey of Industries (ASI) 2022-23 released by the Ministry of Statistics and Programme Implementation.

Key Highlights

• Industry Output Growth:
  • Basic metals, coke and refined petroleum, food products, chemicals, and motor vehicles contributed 58% of the total industrial output.
  • These sectors experienced a 24.5% growth in FY23.
• Job Creation:
  • The industrial sector added 1.2 million jobs in FY23, bringing the total number of persons employed to 18.4 million, surpassing pre-pandemic levels by over 2.2 million.
  • Employment includes employees, working proprietors, and family members engaged in the work of factories.
• Economic Growth Projection:
  • According to NITI Aayog CEO B.V.R. Subrahmanyam, India’s fast-growing industrial sector positions the country to aim for a 9%+ economic growth rate.
  • The Reserve Bank of India (RBI) revised GDP growth estimates for FY24 to 7.2%, citing increased private consumption and rural demand recovery.
• Wage Growth:
  • Average emoluments in the industrial sector increased by 14% annually to reach ₹6.4 trillion in FY23.
• Capital Investment and Output:
  • Fixed capital in plants, machinery, and factories rebounded with a 10.6% growth in FY23, reaching ₹41.2 trillion, after sluggish growth during FY21 and FY22 due to the pandemic.
• Regional Leaders:
  • Tamil Nadu leads in the number of factories and persons engaged, followed by Maharashtra and Gujarat.
  • Maharashtra and Gujarat lead in gross value added in the industrial sector, followed by Tamil Nadu.
• GDP Growth:
  • India’s real GDP grew 6.7% in the June quarter of FY24, slightly below RBI’s forecast of 7.1%, but still showcasing significant recovery post-pandemic.

Bharti Airtel Clears Spectrum Dues with ₹8,465 Crore Prepayment

• Bharti Airtel, India’s second-largest telecom service provider, announced that it has prepaid ₹8,465 crore to the Department of Telecommunications, settling all outstanding dues related to the spectrum acquired in 2016.

Key Highlights:

• Spectrum Acquisition:
  • In 2016, Airtel purchased 173.8 MHz of spectrum across the 1800, 2100, and 2300 MHz bands for ₹14,244 crore through an auction.
  • Telecom operators who acquired Spectrum in 2016 were obligated to pay dues via annual installments over 12 years, including a 2-year moratorium after making an upfront payment.
• Interest Rates and Prepayments:
  • The liabilities carried an interest rate of 9.3%.
  • This is the third prepayment made by Airtel in 2024, following its strategy to clear older high-cost spectrum dues.
• Previous Prepayments:
  • In June 2024, Airtel prepaid ₹7,904 crore to settle all deferred liabilities for spectrum acquired in 2012 and 2015, with interest rates of 9.75% and 10%, respectively.
  • Earlier in the year, it had also prepaid ₹8,325 crore related to the spectrum acquired in 2015.
• Historical Context:
  • Airtel had previously prepaid ₹8,024 crore in July 2023 and ₹8,815 crore in March 2023, ahead of the due dates set for FY27 and FY28.
  • In 2014, Airtel had acquired 128.4 MHz of spectrum for ₹19,051 crore.
• Regulatory Changes:
  • The Indian government permitted telecom companies to prepay deferred liabilities as part of a rescue package introduced in September 2021. This package included a four-year moratorium on spectrum payments and options to convert dues into equity.
• Industry Trends:
  • Both Airtel and Reliance Jio are utilizing low-cost financing options to clear high-cost liabilities. In 2022, Jio prepaid ₹41,583 crore to settle dues for all spectrum acquired in auctions before March 2021.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

IL&FS names Nand Kishore as Chairman and Managing Director, succeeding CS Rajan  

• Nand Kishore has been appointed as the Chairman and Managing Director (CMD) of Infrastructure Leasing & Financial Services Limited (IL&FS), effective October 1, 2024.
• He succeeds CS Rajan, whose tenure as non-executive chairman ended on September 30, 2024.
• The appointment of Nand Kishore has been approved by the Ministry of Corporate Affairs.
• Nand Kishore was already serving as the managing director of IL&FS prior to his new appointment as CMD.

Key Highlights :

• Debt Resolution Achievements: IL&FS has successfully achieved a debt resolution of approximately ₹55,000 crore, which accounts for nearly 90% of the estimated total debt resolution value of ₹61,000 crore.
• Entities Resolved: Out of a total of 302 entities that needed resolution, 188 have been resolved through various means, including monetisation, transfer to InvIT (Infrastructure Investment Trust), and liquidation.
• Legal Status of Remaining Entities: 38 entities are currently in court proceedings at different approval stages, while a few entities are actively servicing their debt, totaling around ₹3,000 crore.
• Background Context: The need for a new leadership structure arose after IL&FS defaulted on its loans in 2018, leading to the appointment of a public interest board by the government and the National Company Law Tribunal (NCLT).

About IL&FS :

• Established : 1987
• Headquarters : Mumbai, Maharashtra

Air Chief Marshal Amar Preet Singh assumes charge as Chief of the Air Staff   

• Air Chief Marshal (ACM) Amar Preet Singh took over as the Chief of Air Staff (CAS) on October 1, 2024, succeeding Air Chief Marshal V. R. Chaudhari.

About Amar Preet Singh :

• Commissioned into the fighter stream of the IAF on December 21, 1984, ACM Singh is a Qualified Flying Instructor and Experimental Test Pilot with over 5,000 hours of flying experience on both fixed-wing and rotary-wing aircraft.
• He is an alumnus of the National Defence Academy (NDA), Defence Services Staff College (DSSC), and National Defence College (NDC).

Operational Roles:

• Commanded a MiG-27 Squadron.
• Served as Air Officer Commanding of an air base.
• Led the MiG-29 Upgrade Project Management Team in Moscow, Russia.
• Worked as Project Director (Flight Test) at the National Flight Test Centre, overseeing testing of Tejas.

Staff Positions:

• Held staff roles such as Air Defence Commander at HQ South Western Air Command.
• Served as Senior Air Staff Officer at Eastern Air Command.
• Held the position of Vice Chief of Air Staff prior to becoming CAS.
• Awards: Recipient of prestigious military awards like the Param Vishisht Seva Medal (PVSM) and the Ati Vishisht Seva Medal (AVSM).

CURRENT AFFAIRS : DEFENCE NEWS

8th Edition of India-Kazakhstan Joint Military Exercise KAZIND 2024 Begins in Auli  , Uttarakhand  

• The 8th edition of the India-Kazakhstan Joint Military Exercise KAZIND-2024 began on September 30, 2024, at the Surya Foreign Training Node in Auli, Uttarakhand.
• The exercise is scheduled to take place from September 30 to October 13, 2024.
• KAZIND has been conducted annually since 2016, promoting military cooperation between India and Kazakhstan.
• The last exercise was held in Otar, Kazakhstan, from October 30 to November 11, 2023.

Participants:

• Indian Armed Forces: Represented by 120 personnel from a battalion of the KUMAON Regiment, along with additional arms, services, and Indian Air Force personnel.
• Kazakhstan Contingent: Mainly composed of personnel from the Land Forces and Airborne Assault Troopers.
• Aim of the Joint Exercise : To enhance joint military capability of both sides to undertake counter terrorism operations in a sub conventional scenario under Chapter VII of the United Nations Charter.
• The Joint Exercise will focus on operations in the semi-urban and mountainous terrain. Objectives to be achieved from the Joint Exercise are high degree of physical fitness, rehearsing and refining drills for operations at tactical level and sharing of best practices.
• Tactical drills to be rehearsed during the Joint Exercise include joint response to a terrorist action, establishment of a Joint Command Post, establishment of an Intelligence and Surveillance Centre, securing of helipad / landing site, combat free fall, Special Heliborne Operations, Cordon and Search operations, besides employment of drones and counter drone systems among others.
• Joint Exercise KAZIND-2024 will enable both sides to share best practices in tactics, techniques and procedures of conducting joint operations.
• It will facilitate developing inter-operability, bonhomie and camaraderie between the two armies.
• The Joint Exercise will also enhance defence cooperation, further augmenting bilateral relations between the two friendly nations.

About Ministry of Defence :

• Cabinet Minister : Rajnath Singh
• Minister of State : Sanjay Seth

Indian Army Hosts “Army Sports Conclave” to Showcase Its Role in Enhancing India’s Sports for the 2036 Olympics        

• The Indian Army hosted the “Army Sports Conclave” to highlight its contribution to India’s sports and align efforts for the 2036 Olympics.
• Collaboration: The conclave stressed collaboration with key stakeholders like the Indian Olympics Association, Sports Authority of India (SAI), and National Sports Federations to enhance India’s global sporting ambitions.
• Indian Army’s Role: The Indian Armed Forces have a tradition of contributing to India’s international sports achievements (e.g., Asian Games and Olympics) and play a significant role in promoting national pride and fitness through sports.

Mission Olympics Wing:

• Established in 2001.
• Trains 9,000 sportspersons across 28 sports nodes.
• In collaboration with SAI, there are 18 Boys Sports Companies and 2 Girls Sports Companies (for ages 9 to 16 years).
• A Paralympic Node exists for training disabled soldiers for Paralympic sports.

Key Guests:

• Mansukh Mandaviya, Minister of Labour and Employment & Minister of Youth Affairs and Sports.
• Colonel Rajyavardhan Singh Rathore, AVSM (Retd), former Olympian and Minister.
• General Upendra Dwivedi, Chief of the Army Staff.

Key Addresses:

• Colonel Rajyavardhan Singh Rathore discussed the ‘Khelo India’ program and emphasized creating Centres of Excellence for maximum Olympic medals by 2036.
• Mansukh Mandaviya advocated for a joint multi-agency effort and presented a roadmap for Olympics success involving short-term 5-year plans and long-term 25-year strategies to nurture grassroots talent.
• Athlete Contributions: Former athletes and Olympians like Anju Bobby George, Mary Kom, and Tarundeep Rai shared insights on excelling at the highest levels of sports.
• Focus Areas: The conclave focused on:
• Sports education and resource sharing.
• Integration of sports science at the grassroots.
• Utilizing the experience of retired athletes.
• Enhancing technical standards and holistic mental and physical preparation for the 2036 Olympics.
• Outcome: A comprehensive roadmap was formulated, involving collaboration between the Ministry of Youth Affairs & Sports, the Indian Army, SAI, and Sports Federations to ensure India’s future Olympic success.

About Indian Army :

• Chief of the Army Staff (COAS) : General Upendra Dwivedi
• Vice Chief of the Army Staff (VCOAS) : Lieutenant General N. S. Raja Subramani

CURRENT AFFAIRS: MOUS AND AGREEMENT

Tata Power Expands Renewable Energy Footprint in Rajasthan: Key MoU with State Government

• Tata Power has signed a Memorandum of Understanding (MoU) with the Rajasthan government to advance power distribution, transmission, and green energy projects, significantly boosting its renewable energy presence in the state.
• This agreement was signed at the ‘Rising Rajasthan Investor Meet’ in New Delhi.

Key Highlights:

• Investment and Job Creation:
  • Tata Power will invest ₹1.2 trillion in power projects over the next 10 years, with ₹75,000 crore dedicated to renewable energy.
  • The initiative is expected to generate 28,000 jobs across the state.
• Renewable Energy Projects:
  • The company plans to develop 10 GW of renewable capacity, including 6 GW of solar and 4 GW of hybrid energy across Bikaner, Jaisalmer, Barmer, and Jodhpur.
  • A 2 GW solar module manufacturing facility will be established in Jodhpur with an investment of ₹2,000 crore.
• Transmission and Distribution Modernization:
  • Tata Power will invest ₹30,000 crore to upgrade transmission and distribution infrastructure in Rajasthan to reduce energy losses and modernize the grid.
• EV Infrastructure and Rooftop Solar:
  • The company will invest ₹1,000 crore to set up 100,000 electric vehicle (EV) charging points across the state.
  • Plans include installing rooftop solar systems for 1 million households under the PM Surya Ghar Yojana.
• Nuclear Power and Green Energy Commitment:
  • Tata Power is exploring the development of a nuclear power plant in Rajasthan.
  • The initiatives align with India’s target of achieving 500 GW of installed non-fossil capacity by 2030 and net-zero emissions by 2070.
• Current Footprint:
  • Tata Power has already commissioned 1 GW of solar projects, 185 MW of wind projects, and 130 MW of rooftop solar installations in Rajasthan.

Rajasthan Attracts Investment with Rs 12.5 Trillion in MoUs Ahead of Global Summit

• Rajasthan Chief Minister Bhajan Lal Sharma announced that investment agreements (MoUs) worth Rs 12.5 trillion have been signed during roadshows in Mumbai and Delhi, paving the way for the upcoming “Rising Rajasthan” global investment summit, scheduled for December 9-11 in Jaipur.

Key Highlights:

• Investment Breakdown:
  • Mumbai Roadshow:
    • MoUs worth Rs 4.5 trillion were signed in August, targeting investments in renewable energy, cement, auto components, and battery storage sectors.
    • These investments are expected to create 700,000 job opportunities in Rajasthan.
  • Delhi Roadshow:
    • Additional MoUs worth Rs 8 trillion were signed, enhancing the overall investment commitment.
• Focus on Business Environment:
  • Chief Minister Sharma emphasized Rajasthan’s emergence as a business hub, prioritizing services for investors.
  • He acknowledged past challenges faced by investors due to file delays but assured that policies have been simplified to facilitate investment and business operations.
• Economic Growth Goals:
  • The government aims to double Rajasthan’s economy from $180 billion to $350 billion within the next five years.
  • Sharma expressed confidence that the new investments and policies will significantly contribute to the state’s growth.
• Global Outreach:
  • The summit aims to attract foreign investors, with productive discussions held with companies from South Korea and Japan.
  • Initiatives include collaborations with the Korean Stone Association to boost stone exports and discussions with Samsung Healthcare for advanced AI healthcare solutions.
• Development Initiatives:
  • The state has simplified processes for industrial land acquisition and development.
  • Key initiatives like the Private Industrial Park Scheme and the Land Aggregation & Monetization Policy are being implemented to foster a supportive environment for business expansion.

CURRENT AFFAIRS: SPORTS NEWS

Ishpreet Singh Chadha Makes History in Pro Snooker Circuit

• Ishpreet Singh Chadha, hailing from Mumbai, recently achieved a remarkable milestone by reaching the quarterfinals of the professional snooker circuit, defeating the legendary Mark Selby, a four-time World Snooker champion.
• This victory marks a significant achievement for Chadha, as he becomes the first Indian in 10 years to advance to a pro semifinal at one of the four Home Nations majors.

Key Highlights:

• Coaching and Preparation:
  • Chadha’s coach, Yasin Merchant, an esteemed Indian cueist, trained him to focus solely on the game rather than the reputations of opponents.
  • Merchant identified Ishpreet’s aggressive playing style as a key factor in competing against established professionals.
• Match Overview:
  • In a best-of-9 match, Ishpreet started strong, leading 3-0 in just 35 minutes with impressive breaks.
  • Despite Selby’s comeback to tie the match at 4-4, Chadha capitalized on a missed shot from Selby, securing the win in the deciding frame.
• Career Progression:
  • Ishpreet began his snooker journey in Mumbai, training under Merchant at Khar Gymkhana and honing his skills over 13 years.
  • He previously won the Indian National Snooker Championship in December 2022, defeating Pankaj Advani after being down 3-6.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day of Non-Violence 2024: October 2

• The International Day of Non-violence is observed on the 2nd October of every year.
• In 2004, Iranian Nobel laureate Shirin Ebadi had a proposal of an International Day of Non-Violence.
• This idea was gradually attracted by some leaders of India’s Congress Party.
• In January 2007, they called upon the United Nations to adopt the idea.
• On 5th June 2007, the UN General Assembly adopted the resolution and established the International Day of Non-Violence.
• The International Day of Non-Violence is observed on 2nd October in order to commemorate the birth anniversary of the Non-violent freedom fighter Mohandas Karmchand Gandhi.

Gandhi Jayanti 2024: October 2

• Gandhi Jayanti is celebrated in India to commemorate the birth anniversary of the freedom fighter Mohandas Karamchand Gandhi, also known as Mahatma Gandhi.
• This day is celebrated on 2nd October of every year as he was born on 2nd October 1869.
• This day is one of the national holidays in India.
• Mahatma Gandhi is also called the “Father of The Nation.

Gandhi Jayanthi 2024: History

• Champaran Satyagraha – 1917: The Champaran Satyagraha Movement was the first Movement led by Mahatma Gandhi. This Movement was a farmer’s uprising movement in Champaran District of Bihar. During British rule, the farmers were protesting about the planting of indigo with barely any payment. As a result of this nonviolent satyagraha, the government agreed to dismantle the Tinkathia system. As compensation, the farmers received a portion of the money that was taken from them.
• Kheda Satyagraha – 1918: The Kheda Satyagraha was a movement in the Kheda district of Gujarat. This Movement was started by the farmers against the collection of taxes in famine and plague epidemics. This movement was led by Sardar Vallabhbhai Patel, Under the guidance of Gandhi. The result of this movement is, that the government agreed for both parties and they suspended the current and next year taxes.
• Khilafat Movement – 1919: The Khilafat Movement or Caliphate movement was a pan-Islamist protest that was started by Shaukat Ali, Maulana Mohammad AliJauhar and others to restore the caliph of the Ottoman Caliphate. In 1920, the Khilafat leaders and Gandhi, who was a leader of the Indian National Congress, decided to fight together for the cause of Khilafat and Swaraj.
• Non-Cooperation Movement – 1920: This movement was launched by Mahatma Gandhi because of the Jallianwala Bagh Massacre. Gandhi didn’t want Britishers to control Indians so he started this movement but unfortunately, he ended this movement because 23 police officials were killed during this movement.
• Dandi March Movement – 1930: the Dandi March or Salt March was a nonviolent civil disobedience act. This movement was led by Mahatma Gandhi. This movement is against the steep tax the British levied on salt. Millions of Indians were joined in this movement and then arrested by British authorities. Mahatma Gandhi was also arrested but the Satyagraha continued without him.
• Quit India Movement – 1942: The Quit India Movement was also called the August Kranti Movement which was started by Mahatma Gandhi on 8th August 1942, to end the British rule in India. There is no proper guidance for this movement from Congress after its leader was arrested.

Daily CA One- Liner: October 2

• Prime Minister Narendra Modi will commemorate the completion of 10 years since the launch of the Swachh Bharat Mission by participating in the Swachh Bharat Diwas programme on October 2.
• Delhi Environment Minister Gopal Rai inaugurated an “Advanced Green War Room” at the Delhi Secretariat, aimed at monitoring and tackling air pollution in the capital, especially as winter approaches.
• Adani Airport Holdings has raised ₹19.5 billion (approximately $232.72 million) via a significant domestic bond issue.
• India’s industrial sector achieved a 21.5% annual output growth in FY23, primarily driven by basic metal producers, refineries, chemical, food, and automobile companies, according to the Annual Survey of Industries (ASI) 2022-23 released by the Ministry of Statistics and Programme Implementation.
• Bharti Airtel, India’s second-largest telecom service provider, announced that it has prepaid ₹8,465 crore to the Department of Telecommunications, settling all outstanding dues related to the spectrum acquired in
• Tata Power has signed a Memorandum of Understanding (MoU) with the Rajasthan government to advance power distribution, transmission, and green energy projects, significantly boosting its renewable energy presence in the state.
• Rajasthan Chief Minister Bhajan Lal Sharma announced that investment agreements (MoUs) worth Rs 12.5 trillion have been signed during roadshows in Mumbai and Delhi, paving the way for the upcoming “Rising Rajasthan” global investment summit, scheduled for December 9-11 in Jaipur.
• Ishpreet Singh Chadha, hailing from Mumbai, recently achieved a remarkable milestone by reaching the quarterfinals of the professional snooker circuit, defeating the legendary Mark Selby, a four-time World Snooker champion
• The Securities and Exchange Board of India (SEBI) paved the way for introduction of a new asset class, which will add depth and variety to the investment landscape of the country.
• The Insurance Regulatory and Development Authority of India (IRDAI) introduced new surrender value norms to ensure “reasonableness and value for money” for both exiting and continuing policyholders.
• Paisabazaar, India’s leading online marketplace for consumer credit and free credit score platform, has partnered with YES BANK, India’s sixth largest private sector bank, to unveil their co-branded credit card – YES BANK Paisabazaar PaisaSave Credit Card.
• Online travel tech platform in India, com has introduced ScanMyTrip.com, the country’s first travel marketplace of its kind.
• The Asian Development Bank (ADB) has approved a $50 million loan to improve water resources management, enhance access to water, and strengthen community resilience to climate change in the state of Meghalaya, India.
• Jana Small Finance Bank has introduced the ‘Liquid Plus Fixed Deposit’ scheme.
• Nand Kishore has been appointed as the Chairman and Managing Director (CMD) of Infrastructure Leasing & Financial Services Limited (IL&FS), effective October 1, 2024.
• Air Chief Marshal (ACM) Amar Preet Singh took over as the Chief of Air Staff (CAS) on October 1, 2024, succeeding Air Chief Marshal V. R. Chaudhari.
• The 8th edition of the India-Kazakhstan Joint Military Exercise KAZIND-2024 began on September 30, 2024, at the Surya Foreign Training Node in Auli, Uttarakhand.
• The Indian Army hosted the “Army Sports Conclave” to highlight its contribution to India’s sports and align efforts for the 2036 Olympics.
• The International Day of Non-violence is observed on the 2nd October of every year
• Gandhi Jayanti is celebrated in India to commemorate the birth anniversary of the freedom fighter Mohandas Karamchand Gandhi, also known as Mahatma Gandhi.This day is celebrated on 2nd October of every year as he was born on 2nd October 1869