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CURRENT AFFAIRS : BANKING & FINANCE
Finance Minister Nirmala Sitharaman Approves Establishment/Expansion of Chief General Manager Positions in Nationalised Banks
- The Finance Minister Nirmala Sitharaman has approved the establishment of Chief General Manager posts in 5 additional nationalized banks: Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank, and UCO Bank.
- Prior to this approval, CGM posts existed in 6 out of 11 nationalized banks.
Key Highlights :
- Increase in CGM Positions: The Finance Minister has also sanctioned an increase in the number of existing CGM positions in banks that already have CGM-level posts.
- Role of CGM: The CGM position serves as an important administrative and functional layer between the General Manager (GM) and the Executive Director (board level) in nationalized banks
- Enhanced Capability: The increase in CGM posts will improve the banks’ ability to monitor critical areas such as digitalization, cybersecurity, fintech, risk management, compliance, rural banking, and financial inclusion.
- Targeted Strategies: The additional CGMs will facilitate the development of more targeted strategies and enhance overall performance across various banking sub-domains like retail credit, agricultural credit, and MSME credit.
- Operational Efficiency: The enhancement of CGM posts is expected to lead to better control, supervision, asset management, and operational efficiency within the banks.
- Post Ratio: The number of CGMs has been revised to one CGM for every four GMs, based on the banks’ business mix as of March 31, 2023.
- Impact on Lower Levels: For every new CGM post created, there will be an increase in GM posts (by 4), Deputy General Manager posts (by 12), and Assistant General Manager posts (by 36).
- Total Post Increase: The total number of CGM posts in all 11 nationalized banks will rise from 80 to 144, with corresponding increases in GM, DGM, and AGM posts:
- GM posts: from 440 to 576
- DGM posts: from 1320 to 1728
- AGM posts: from 3960 to 5184
- Justification for Changes: The increase in CGM posts responds to demands from banks and reflects the substantial growth in their business, verticals, domains, and branch expansions.
About Ministry of Finance :
- Cabinet Minister : Nirmala Sitharaman
- Minister of State : Pankaj Choudhary
State Bank of India Set to Raise ₹5,000 Crore via AT-I Bonds
- State Bank of India (SBI) plans to raise ₹5,000 crore in the domestic debt capital market through non-convertible, perpetual, subordinated, unsecured Basel III-compliant Additional Tier I (AT-I) bonds.
Key Highlights :
- Issue Size and Green Shoe Option: The base issue size is ₹2,000 crore, with a green shoe option of ₹3,000 crore, allowing flexibility to raise the total amount up to ₹5,000 crore.
Bond Characteristics:
- These are perpetual bonds with equity-like characteristics.
- Call Option: The bonds come with a call option on October 24, 2034, which allows the bank to repurchase the bonds 10 years after issuance.
- Bond Ratings: The AT-I bonds have been rated AA+ by domestic rating agencies CRISIL and CARE.
- Purpose: SBI is raising this amount to replace existing bonds, aligning with its capital restructuring strategy.
- Core Capital Augmentation: AT-I bonds are used by banks to augment core equity capital, which helps maintain regulatory capital requirements under Basel III norms.
- Previous Fundraising: In September 2024, SBI had raised ₹7,500 crore through Tier-II bonds to strengthen its capital base.
About SBI :
- Established : 1 July 1955
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Challa Sreenivasulu Setty
Maldives President Mohamed Muizzu Launches UPI Payment Service to Enhance Economy
- Maldives President Mohamed Muizzu has initiated steps to introduce India’s Unified Payments Interface (UPI) in the country, aiming to significantly benefit the Maldivian economy.
- UPI is developed by the National Payments Corporation of India (NPCI) and serves as an instant real-time payment system facilitating inter-bank transactions via mobile phones.
Key Highlights :
- Consortium Formation:President Muizzu established a consortium to implement UPI in the Maldives, appointing TradeNet Maldives Corporation Limited as the leading agency.
- The consortium is expected to include participation from local banks, telecom companies, state-owned enterprises, and fintech companies.
- Economic Benefits:The introduction of UPI is projected to enhance financial inclusion, improve transaction efficiency, and bolster the digital infrastructure of the Maldivian economy.
- Coordination Team:An inter-agency coordination team was formed, comprising representatives from the Ministry of Finance, Ministry of Homeland Security and Technology, and the Monetary Authority, to oversee the establishment of UPI.
- Agreement Background:The agreement to introduce UPI was signed during External Affairs Minister S. Jaishankar’s official visit to the Maldives in August.
- Economic Context:The Maldives has recently implemented foreign currency regulations in response to economic challenges, limiting certain transactions and enforcing mandatory currency exchange controls on tourism establishments and banks.
- Tourism’s Economic Role:Tourism is a crucial economic driver for the Maldives, contributing nearly 30% to the GDP and accounting for over 60% of foreign exchange earnings.
About Maldives :
- President : Mohamed Muizzu
- Capital : Malé
- Currency : Maldivian rufiyaa
PB Fintech Subsidiary Receives Reserve Bank of India Approval to Launch ‘Account Aggregator’ Business
- The Reserve Bank of India (RBI) has issued a ‘Certificate of Registration’ (CoR) to PB Fintech’s wholly-owned subsidiary, PB Financial Account Aggregators Private Limited, allowing it to commence the ‘Account Aggregator’ business.
- PB Financial Account Aggregators will operate as a non-banking financial institution (NBFC) without accepting public deposits, subject to conditions set by the RBI in the CoR.
- The CoR is valid from October 18, 2024.
Key Highlights :
- Parent Company:PB Fintech operates as a parent entity for insurance aggregator Policybazaar and credit marketplace Paisabazaar.
- Previous Approvals:In January 2023, RBI granted in-principle approval for PB Financial Account Aggregators to establish its account aggregator business.
- PB Fintech established the subsidiary in February 2022 and applied for the CoR as an NBFC-AA.
- Role of Account Aggregators:Account aggregators enable clients to accept various payment methods, including debit cards, credit cards, cardless EMIs, UPI, bank transfers, e-wallets, and e-mandates.
- Financial Performance:PB Fintech reported a consolidated net profit of ₹59.98 crore for the quarter ending June 30, 2024, compared to a net loss of ₹11.90 crore in the same quarter the previous fiscal year.
- For the March 2024 quarter, the company reported a net profit of ₹60.19 crore, and for December 2023, it reported a net profit of ₹37.2 crore.
Reserve Bank of India to Conduct Trials Ahead of Digital Currency Launch
- The Reserve Bank of India (RBI) is conducting a pilot project for the Central Bank Digital Currency (CBDC), known as the digital rupee.
- The RBI is considering collaborating with the United States (US) and the European Union (EU) to ensure the successful implementation of the digital rupee.
- It is also expanding its partnership with the United Arab Emirates (UAE) for a cross-border CBDC pilot in the next one to two years.
Key Highlights :
- CBDC Pilot Scale: The current digital rupee pilot has over 50 lakh users and includes 16 participating banks.
- The pilot aims to assess the role of digital currencies in reducing transaction costs and enhancing the global status of the Indian rupee.
- CBDC vs. Cryptocurrencies: Unlike unregulated digital assets like Bitcoin, the RBI’s CBDC will be a stable and regulated digital currency, designed for secure payments and international trade.
- No Rush for Full Rollout: There is no immediate rush for the full-scale rollout of the digital rupee.
- The RBI is focused on thorough testing and understanding of the CBDC before mass implementation.
- Governor Shaktikanta Das’s Emphasis: RBI Governor Shaktikanta Das highlighted the need for standards and regulations to ensure financial stability and prevent issues like those associated with cryptocurrencies.
- Future Outlook: The RBI aims to establish the digital rupee as one of the most important instruments for international trade.
- It plans to push for necessary legislation to support the digital rupee’s full-scale rollout in the future.
Reserve Bank of India Report Optimistic About Economic Boost from Upcoming Festive Season Despite Current Slackness
- The Reserve Bank of India’s (RBI’s) report indicates a slowdown in certain high-frequency indicators but maintains confidence in a recovery due to anticipated consumption demand during the festive season.
- Aggregate demand is expected to rebound as festival demand increases and consumer confidence improves.
- Indicators of Slackness:Notable slack in Goods & Services Tax (GST) collections, auto sales, bank credit growth, merchandise exports, and the manufacturing Purchasing Managers’ Index (PMI) was reported.
- The slowdown in Q2 FY25 is partly attributed to unusual weather conditions, specifically heavy rains in August and September.
- Rural Demand:An improved agricultural outlook is expected to boost rural demand, contributing to economic recovery.
- Consumer Spending:Consumer spending during the Dussehra-Diwali festival season is projected to be about 25% higher compared to the previous year, driven by both offline and online retail channels.
- Consumption spending is particularly anticipated to revive in small towns and lower-tier cities.
- Private Investment:The report emphasizes the need for private sector investment, suggesting that the current environment is favorable for capital deployment and growth initiatives.
- Corporate India is encouraged to reinvest profits to enhance productivity, innovate, and cater to diverse consumer needs.
- Inflation Insights:CPI inflation reached 5.5% in September, largely driven by rising food prices, although this pressure is expected to be transitory due to robust kharif harvest arrivals.
- The report warns of the potential risks related to food prices, particularly vegetables.
- Credit and Deposits:A slowdown in credit card transactions is noted, with lenders exercising caution due to risks in unsecured loans.
- The gap between credit growth (12.8% year-on-year) and deposit growth (11.8% year-on-year) has narrowed, suggesting a tightening financial environment.
- Deposit rates are expected to remain high, even with a slowdown in credit demand.
India Grants INR 487.60 Crores Line of Credit to Mauritius for Water Pipeline Replacement Project
- India has provided a new Line of Credit of INR 487.60 Crores to the Government of Mauritius for financing a water pipeline replacement project.
- This is the first-ever ₹ denominated Line of Credit extended by India for project financing under the Indian Development and Economic Assistance Scheme (IDEAS).
- The project involves replacing approximately 100 km of obsolete water pipelines in Mauritius.
- The Line of Credit, supported by the Government of India (GOI), will be financed by the State Bank of India on concessional terms.
- External Affairs Minister of India, Dr. S. Jaishankar, formally offered the Line of Credit to his Mauritian counterpart, Mr. Maneesh Gobin, and it has been accepted by the Government of Mauritius.
- This initiative reflects India’s commitment to the socio-economic development of countries in the Global South, emphasizing that India’s development projects are driven by the aspirations and needs of its partner countries.
About Mauritius :
- President : Prithvirajsing Roopun
- Prime Minister : Pravind Jugnauth
- Capital : Port Louis
- Currency : Mauritian rupee (MUR)
CURRENT AFFAIRS: NATIONAL NEWS
UDAN Scheme Extended for 10 More Years: A Boost to Regional Air Connectivity
- Civil Aviation Minister Rammohan Naidu announced the extension of the UDAN (Ude Desh ka Aam Nagrik) scheme for another 10 years.
- Originally launched on October 21, 2016, the scheme aims to improve regional air connectivity and make air travel affordable for common citizens.
Key Objectives of the UDAN Scheme:
- Enhancing Regional Air Connectivity:
- Subsidies for airlines operating on unserved and underserved routes.
- Focus on improving air connectivity in smaller cities and remote areas.
- Boosting Tourism and Trade:
- Connecting smaller cities and remote regions to major hubs, enhancing economic opportunities.
- Facilitating the growth of tourism and boosting local economies.
- Affordable Air Travel:
- Airfare caps on regional routes to make flying more accessible for citizens previously dependent on surface transport.
Major Achievements of UDAN (2016–2024):
- 601 air routes operationalized and 71 airports made fully functional under the scheme.
- The number of operational airports doubled from 74 in 2016 to 157 by 2024.
- Growth of regional airlines in tier-2 and tier-3 cities, creating thousands of jobs in aviation, tourism, and related sectors.
- UDAN has provided reliable transport options for remote and hilly regions, especially in the northeast and islands.
Extension of UDAN for 10 More Years:
- Originally set to end in 2026, the scheme will now continue until 2036.
- Minister Naidu emphasized that the scheme has played a crucial role in connecting the hinterlands to urban centers, fostering regional development and economic growth.
- Civil Aviation Secretary Vumlunmang Vualnam stressed the need for ensuring financial sustainability, with plans to streamline subsidies and operational procedures to maintain the scheme’s affordability.
Growth in India’s Aviation Infrastructure:
- Operational airports increased from 74 to 157 in eight years, with a target of 350-400 airports by 2047, aligning with India’s 100th year of independence.
- The expansion of aviation infrastructure positions India as a leader in global aviation connectivity.
Impact on India’s Aviation Sector:
- Democratization of Air Travel:
- The scheme has made air travel affordable and accessible, transforming cities that were once difficult to reach.
- Enhanced connectivity has boosted trade, tourism, and investment, especially in smaller cities and remote regions.
- growth.
Dr. Mansukh Mandaviya Launches ‘eShram – One Stop Solution’ for the Welfare of Unorganised Workers
- Union Minister of Labour & Employment and Youth Affairs & Sports, Dr Mansukh Mandaviya, introduced the “eShram – One Stop Solution” in New Delhi.
- This event was attended by Union Minister of State for Labour & Employment, Sushri Shobha Karandlaje, and other senior officials from the Ministry.
Key Highlights:
- Growing Trust in eShram: Dr. Mandaviya noted that 60,000 to 90,000 workers are joining the eShram platform daily, indicating rising confidence in the initiative.
- Simplified Registration Process: The One Stop Solution aims to streamline the registration for unorganised workers and enhance their access to government welfare schemes, serving as a vital link to various benefits.
- Encouragement to Register: He urged all unorganised workers to register on the eShram portal to benefit from the government’s social security initiatives aimed at improving livelihoods and ensuring well-being.
Integration with State Government Portals:
- Sushri Shobha Karandlaje emphasized the importance of integrating State Governments’ portals with eShram to ensure last mile connectivity and identify potential beneficiaries who may have been overlooked.
Features of the One Stop Solution:
- The initiative consolidates data from multiple Central Ministries/Departments into a single repository, as per the recent Budget announcement and the Ministry’s 100-day agenda.
- Key welfare schemes like One Nation One Ration Card, Mahatma Gandhi National Rural Employment Guarantee Act, and others have been integrated with eShram, with ongoing onboarding of additional welfare programs.
CURRENT AFFAIRS : STATE NEWS
Madhya Pradesh: ‘Pink Alarms’ Introduced at Datia District Hospital and Medical College to Enhance Women’s Safety
- In Madhya Pradesh, in a first of its kind of initiative, `pink alarms’ have been installed at the government-run district hospital and medical college in Datia.
- The issue of safety of women staff at public hospitals came to the fore recently after the rape and murder of a trainee doctor at RG Kar Medical College and Hospital in Kolkata.
Alarm System Details:
- Concept Origin: The pink alarm system was developed by District Collector Sandeep Makin.
- Functionality: Pressing the pink alarm will trigger a siren, alerting security personnel who will respond within five minutes.
- Installation Locations:Strategic Placement: The alarms are installed in the staff duty room on all three floors of the Maternity Ward, Trauma Center, and New OPD Block.
- Significance:State’s First Facility: This is the first government hospital in Madhya Pradesh to provide such a facility aimed at enhancing the security of women.
- Security Measures:Rapid Response: The system ensures that security personnel can quickly reach individuals in distress, promoting a safer working environment for female staff.
About MP :
- Governor: Mangubhai C. Patel
- Chief Minister: Mohan Yadav
- Capital: Bhopal
- National Park: Satpura National Park, Kanha National Park, Bandhavgarh National Park
- Wildlife Sanctuary: Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary
Odisha To Host 18th Pravasi Bharatiya Divas In Bhubaneswar
- Bhubaneswar, Odisha will host the 18th Pravasi Bharatiya Divas (PBD), which marks the contribution of the overseas Indian community to the development of the country, in January 2025.
- The chief minister has approved the proposal sent by the Ministry of External Affairs for hosting the three-day event beginning from January 8.
- The state government has decided to organise the event at Janata Maidan.
- The first day of the conference will be observed as ‘Youth Pravasi Bharatiya Divas’.
- The second day will host the main event and the third day will be the closing ceremony.
- There will be daily plenary sessions and cultural programmes.
- The prime minister will attend the main event on the second day.
- He is also scheduled to flag off a Pravasi Bharatiya Teerth Express.
About Pravasi Bharatiya Divas :
- Pravasi Bharatiya Divas is a significant Central programme recognising Indian immigrants’ contributions to the country’s development.
- It commemorates Mahatma Gandhi’s return from South Africa on January 9.
- Since 2003, it has been held annually, and since 2015, biennially, with 17 events held so far.
- The 17th edition took place in Indore of Madhya Pradesh in 2023
CURRENT AFFAIRS: BUSINESS NEWS
Upstox Launches TBT Engine to Revolutionize Retail Trading
- Upstox, one of India’s leading stockbroker fintech firms, has introduced the TBT Engine (Tick-by-Tick Engine), marking a significant advancement in retail trading.
- Following the success of TBT-powered charts in 2023, the TBT Engine aims to offer institutional-grade trading tools to retail investors, enhancing their market precision and decision-making.
Key Features of the TBT Engine:
- Tick-by-Tick (TBT) Data:
- Provides detailed information on price, volume, and timestamps for every trade, ensuring no data point is missed.
- Improves pattern recognition and accuracy in identifying price triggers.
- Order Flow Insights:
- Offers real-time market insights by allowing retail traders to track the live positions of their limit orders.
- In-depth order tracking enhances trading strategies in fast-moving markets.
- 30-Level Market Depth View:
- Enables traders to see a comprehensive view of market activity, particularly useful in Futures and Options (F&O) segments, helping them identify opportunities.
- Demand and Supply Zones:
- Provides critical data on key price levels where buying and selling interests are concentrated, aiding in informed decision-making.
- GTT Trigger Engine:
- Solves the issue of missed Good-Till-Triggered (GTT) orders by using TBT data to ensure precise execution of trades.
- Trade Price Checker:
- Enhances transparency by allowing traders to verify the accuracy of their orders, building trust in their transactions.
Impact on Retail Trading:
- Upstox is redefining market analysis by making advanced trading tools, once reserved for institutional traders, accessible to retail investors.
- These innovations set a new benchmark in India’s brokerage industry, giving retail traders the data and insights needed to make smarter, more informed decisions.
India Poised to Become the World’s Third-Largest Economy by 2027
- Finance Minister Nirmala Sitharaman announced that India is likely to become the world’s third-largest economy by 2027, currently standing as the fifth largest with a GDP of approximately $3.9 trillion.
- Investment Opportunities: Speaking at the Roundtable on ‘Investment Opportunities in India’ at the New York Stock Exchange (NYSE), Sitharaman emphasized India’s potential for sustained growth and its significant contribution to global economic recovery.
- Policy Reforms: The Finance Minister highlighted various policy reforms aimed at enhancing long-term investment opportunities, including:
- The National Infrastructure Pipeline (NIP) and National Monetisation Pipeline (NMP) to strengthen infrastructure.
- Production Linked Incentive (PLI) schemes to bolster the competitiveness of the manufacturing sector.
- The PM GatiShakti program, utilizing technology for real-time policy impact assessments.
- Electronics and Semiconductor Initiatives: The $10 billion India Semiconductor Mission (ISM) aims to boost India’s position in global electronics value chains, with increased cooperation with the US Department of State.
- Stable Regulatory Framework: The Finance Minister pointed to structural reforms that create a stable environment for investors, such as:
- Simplification of the tax structure via the Goods and Services Tax (GST).
- Streamlining the resolution of distressed assets through the Insolvency and Bankruptcy Code (IBC).
- Liberalization of Foreign Direct Investment (FDI) norms.
- Digital Economy and Startups: India has become the 3rd largest startup ecosystem globally, with over 100 unicorns innovating for public good, supported by a robust digital economy.
Centre’s Dividend Receipts from CPSEs Expected to Exceed Targets for FY25
- The Indian government is projected to surpass its target of Rs 56,260 crore in dividend receipts from central public-sector enterprises (CPSEs) for the fiscal year 2025 (FY25), with expectations of receiving around Rs 65,000 crore.
- This forecast comes from a senior government official and does not include dividends from nationalized banks and financial institutions.
Key Highlights:
- Current Dividend Collection: As of October 21, 2024, the Centre has already collected Rs 28,913 crore from CPSEs, which accounts for over 50% of the budget estimate for FY25.
- Comparison with Previous Year: For FY24, the revised estimate for dividend receipts from CPSEs was Rs 50,000 crore, yet the actual receipts amounted to Rs 63,749 crore, marking it as the highest yield from CPSEs to date.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Shri Vikram Dev Dutt, IAS Officer from the 1993 Batch (AGMUT Cadre), Takes Over as Coal Secretary
- Shri Vikram Dev Dutt, a 1993-batch Indian Administrative Service (IAS) officer of the Arunachal Pradesh-Goa-Mizoram and Union Territory (AGMUT) cadre, has assumed charge as the Secretary of the Ministry of Coal.
- Previously, he served as the Director General of the Directorate General of Civil Aviation (DGCA).
- He succeeds Shri VL Kantha Rao, the current Secretary of the Ministry of Mines, who held additional charge 1of the Ministry of Coal.
- Before Rao, Shri Amrit Lal Meena, a 1989-batch IAS officer, served as the Coal Secretary. Meena was later repatriated to his home cadre in Bihar, where he was appointed as the Chief Secretary.
- India’s Power Demand:India’s power demand is growing annually by 6-7%.
- A large portion of power generation in India is coal-fired, with the government planning to add 80 GW of coal-fired capacity by 2032 to meet the growing power demand and balance the grid with renewable energy sources.
About Ministry of Coal :
- Cabinet Minister : G. Kishan Reddy
- Minister of State : Satish Chandra Dubey
Centre Appoints New Chief of Staff Selection Commission in Major Restructuring
- S Gopalakrishnan, a 1991-batch IAS officer, has been appointed the new chairman of the Staff Selection Commission (SSC).
- Gopalakrishnan will assume the role on October 31, 2024, following the voluntary retirement of current chairman Rakesh Ranjan.
- Rakesh Ranjan was appointed in May 2023 and was initially set to retire in August 2026.
- Manoj Soni, the chairperson of the Union Public Service Commission (UPSC), resigned in July 2024, despite his term being until May 15, 2029.
Key Appointments:
- V Umashankar (1993-batch) has been appointed as Secretary in the Ministry of Road Transport and Highways.
- Vikram Dev Dutt, previously Director General of the Directorate General of Civil Aviation (DGCA), is now Coal Secretary.
- Tanmay Kumar, currently Special Secretary in the Ministry of Environment, Forest, and Climate Change, will take over as Secretary in December 2024 after Leena Nandan’s retirement.
- Subrata Gupta (1990-batch) will become Secretary of the Ministry of Food Processing Industries, following the retirement of the current secretary, Anita Parveen.
- Significance of SSC and UPSC:The SSC and UPSC are responsible for conducting entrance examinations for various senior and junior posts in the Indian government, playing crucial roles in recruitment processes.
- Department of Personnel and Training (DoPT):The appointments were announced by the Department of Personnel and Training (DoPT), which is responsible for the management of personnel in the Indian civil service.
About SSC :
- Formation : 4 November 1975
- Headquarters : New Delhi, India
Disney Appoints James Gorman as New Board Chairman
- James Gorman, currently an executive at Morgan Stanley, has been appointed as the new chairman of The Walt Disney Company, effective January 2, 2025.
- Disney plans to announce the successor to current CEO Bob Iger in early 2026.
- The timeline allows for a coordinated transition between Iger and his successor before Iger’s contract expires on December 31, 2026.
- Gorman will succeed Mark Parker as chairman, who is leaving after nine years on Disney’s board.
- Gorman is the chair of Disney’s succession planning committee and will step down from his position as executive chairman at Morgan Stanley by the end of this year.
- Disney’s Board has expressed confidence in Gorman’s expertise and guidance, particularly during the ongoing succession process.
- The changes in leadership are part of Disney’s strategic planning to enhance governance and leadership continuity during the transition period.
About The Walt Disney Company :
- Founded : October 16, 1923
- Headquarters : California, United States
- CEO : Bob Iger
Prabowo Subianto Assumes Office as President of Indonesia
- Prabowo Subianto has assumed office as the President of Indonesia, marking his leadership of the world’s third-largest democracy.
- He is officially the eighth president of Indonesia, which is recognized as the world’s most populous Muslim-majority nation.
- Prabowo Subianto, aged 73, won the presidential election held on February 14, securing nearly 60% of the votes.
- His campaign included popular policies, such as providing free meals for school children.
About Indonesia :
- Capital : Jakarta
- Currency : Indonesian rupiah
CURRENT AFFAIRS : DEFENCE NEWS
Indian Coast Guard Performs ‘Sagar Kavach’ Exercise Along the Coasts of Maharashtra and Goa
- The Indian Coast Guard (ICG) in co-ordination with other agencies has undertaken two-day ‘Sagar Kavach’ exercise along the coast of Goa and Maharashtra to protect the country’s maritime interests and to test the agencies’ collective response to security threats.
- The Coast Guard is conducting the exercise in co-ordination with the Indian Navy, Customs, Coastal Police, Central Industrial Security Force, Mormugao Port Authority and the Goa government’s Fisheries and Captain of Ports departments.
- Objective:The goal is to strengthen and enhance coastal and maritime security by engaging various maritime agencies and stakeholders.
- The exercise tests collective response to threats such as infiltration, smuggling, piracy, and natural disasters.
- Scenarios and Drills:Various drills and simulated scenarios, including terrorist threats, are conducted to revalidate Standard Operating Procedures (SOPs) and ensure synergy among agencies for effective coastal patrolling.
- The exercise aims to identify gaps, interdict infiltrators, and prevent potential attacks on vessels.
About ICG :
- Founded: 1 February 1977.
- Director General: S Paramesh.
- The Indian Coast Guard (ICG) is a maritime law enforcement and search-and-rescue agency responsible for India’s territorial waters, including the contiguous zone and Exclusive Economic Zone (EEZ).
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
Adar Poonawalla acquires 50% stake in Dharma Productions from Karan Johar for ₹1,000 crore
- Adar Poonawalla, Chief Executive Officer (CEO) of Serum Institute of India, has announced a ₹1,000 crore investment in Karan Johar’s Dharma Productions and Dharmatic Entertainment through his company, Serene Production.
- The deal involves Poonawalla’s Serene Production acquiring a 50% stake in Dharma Productions, while Karan Johar will retain the remaining 50%.
- Karan Johar will continue to serve as the Executive Chairman of Dharma Productions, with Apoorva Mehta remaining as the Chief Executive Officer (CEO), ensuring continuity in the company’s leadership structure.
- Previous Investment Talks: Dharma Productions had been actively seeking investments and was in talks with several large conglomerates prior to this agreement.
Financial Performance:
- Revenue Surge: The company reported a fourfold increase in revenue, reaching ₹1,040 crore in FY23, up from ₹276 crore the previous year.
- Net Profit Decline: Despite the revenue increase, the net profit fell by 59% to ₹11 crore due to a significant rise in expenses, which totaled ₹1,028 crore.
- Revenue Sources: In FY23, the revenue breakdown included:
- ₹656 crore from distribution rights
- ₹140 crore from digital platforms
- ₹83 crore from satellite rights
- ₹75 crore from music rights
CURRENT AFFAIRS: SPORTS NEWS
Charles Leclerc Secures Ferrari’s First U.S. Grand Prix Victory Since 2018
- Charles Leclerc delivered a stunning performance at the United States Grand Prix, marking Ferrari’s first win at the event since 2018.
- Meanwhile, Max Verstappen of Red Bull solidified his position in the F1 season championship with a podium finish, benefiting from a late penalty handed to McLaren’s Lando Norris.
Key Highlights:
- Norris’ Strategy Backfires: Norris aimed to create a gap of over five seconds to negate his penalty but fell short at 4.1 seconds. He stated, “He defends by going off-track, he overtakes by going off-track. But I’m not going to complain. Max drove well.”
- Controversy Surrounds Penalty: McLaren team principal Andre Stella criticized the stewards, claiming they “interfered with a beautiful piece of motorsport,” as both drivers had gone off track.
- Hamilton’s Disappointing Weekend: Lewis Hamilton faced a dismal race, retiring after spinning into gravel on the second lap. This marked his first race failure in the U.S., following a disqualification from his second-place finish last year.
- George Russell’s Resilience: Despite starting from the pit lane due to a crash in qualifying, George Russell climbed to sixth place, expressing gratitude for his team’s quick repairs.
- Constructors Championship Implications: Ferrari’s 1-2 finish, with Carlos Sainz finishing second, narrowed the gap to Red Bull in the constructors’ championship, now just eight points behind.
Deepika Kumari Wins Silver at Archery World Cup Final 2024
- Deepika Kumari secured the silver medal in the women’s recurve event at the Archery World Cup Final 2024 held in Tlaxcala, Mexico.
- The accomplished Indian archer faced a challenging match against Li Jiaman of China, ultimately losing 6-0 in the final.
Key Highlights:
- Impressive Path to the Finals:
- Deepika defeated Li Jiaman’s teammate, Yang Xiaolei, in the quarter-finals with a commanding 6-0 victory.
- She then overcame Alejandra Valencia of Mexico, winning 6-4. Valencia is notable for winning a mixed team bronze at the Tokyo 2020 Olympics and a women’s team bronze at Paris 2024.
- Notable Achievements:
- This silver medal marks Deepika’s sixth medal at the Archery World Cup Finals but her first since becoming a mother in 2022.
- Her previous finishes included runners-up in 2011, 2012, 2013, 2015, and 2024, along with a bronze in 2018.
- Olympic Participation: Deepika represented India at the Paris 2024 Olympics, competing in both the women’s individual and team events, but was eliminated in the quarter-finals of both.
- Indian Contingent at the Finals:
- Deepika qualified for the World Cup Final through her ranking in the 2024 World Cup series, also having won an individual silver at the Shanghai World Cup.
- Five Indian archers participated, including Jyothi Surekha Vennam, who was defeated in the women’s compound event quarter-finals by Meeri-Marita Paas of Estonia, with a close score of 147-145.
- In men’s compound, Prathamesh Fuge narrowly missed out on a medal after losing to former world champion Mike Schloesser of the Netherlands with a score of 150-146.
- Dhiraj Bommadevara and Priyansh were eliminated in the quarter-finals of the men’s recurve and compound events, respectively.
CURRENT AFFAIRS : OBITUARIES
Renowned Sanskrit scholar Vasant Anant Gadgil passed away
- Sanskrit scholar and the founder of Sharda Gyan Peetham, Vasant Anant Gadgil, passed away in Pune, Maharashtra at the age of 94.
About Vasant Anant Gadgil :
- Gadgil studied Sanskrit at Tilak Maharashtra University and learned ancient Sanskrit texts like the Vedas and the Upanishads.
- He traveled to the US and Africa to promote the Sanskrit language.
- He was well-versed in ancient Sanskrit texts, including the Vedas and Upanishads.
- Gadgil was previously associated with Bhandarkar Oriental Research Institute, contributing to Sanskrit scholarship.
- Every year, on Rishi Panchami, he honored eminent sages and intellectuals over the age of 80 for their contributions to various fields.
- He had a brief stint in journalism and ran a monthly Sanskrit magazine, Sharda, to promote the language.
- Under his ‘Sharada Gaurav Granthamala’ series, the first Sanskrit biography of Dr. Bhimrao Ambedkar, titled Bhimayanam, was published in 2010.
Awards and Recognition:
- In 2012, he was honored by then Gujarat Chief Minister Narendra Modi.
- He received the Mahakavi Kalidas Sanskrit-Vrati National Award for his efforts in Sanskrit propagation, research, and development from Kavikulaguru Kalidas Sanskrit University.
CURRENT AFFAIRS: IMPORTANT DAYS
World Iodine Deficiency Day: 21st October
- World Iodine Deficiency Day, also known as Global Iodine Deficiency Disorders Prevention Day, is observed on 21st October every year.
- The day aims to spread awareness about iodine’s vital role in maintaining health and preventing iodine deficiency disorders (IDD).
- This document highlights iodine’s significance in daily nutrition and global efforts to combat iodine deficiency.
What is Iodine?
- Iodine is essential in thyroid hormones, thyroxine (T4) and triiodothyronine (T3), which are crucial for metabolism and fetal and infant development.
- It is commonly found in foods and iodized salt, primarily in the form of iodide, quickly absorbed by the body.
National Efforts to Eradicate Iodine Deficiency:
- The National Goitre Control Programme (NGCP) was launched in 1962 by the Government of India, later expanded and renamed the National Iodine Deficiency Disorders Control Programme (NIDDCP) in 1992.
Global Efforts:
- WHO and UNICEF have supported universal salt iodization since 1993, leading to over 120 countries adopting iodization programs. Despite these efforts, around 1.88 billion people are still at risk of iodine deficiency globally.
World Development Information Day: 24th October
- World Development Information Day 2024 is observed on the 24th of October 2024.
- The United Nations General Assembly conducted a conference on Trade and Development on 17th May 1972.
- In that, they gave a proposal to develop and reduce conflicts between nations by asking for public opinion through Information Technology.
- The Resolution was passed on 19th December 1972.
- From 24th October 1973 next year, World Development Day has been celebrated.
- The Celebration work for World Development Information Day 2024 has been started. The Development of Informed Technology has solved many international issues, trading has been improved across nations.
Daily CA One- Liner: October 23rd
- Civil Aviation Minister Rammohan Naidu announced the extension of the UDAN (Ude Desh ka Aam Nagrik) scheme for another 10 years
- Union Minister of Labour & Employment and Youth Affairs & Sports, Dr Mansukh Mandaviya, introduced the “eShram – One Stop Solution” in New Delhi.
- Upstox, one of India’s leading stockbroker fintech firms, has introduced the TBT Engine (Tick-by-Tick Engine), marking a significant advancement in retail trading
- Finance Minister Nirmala Sitharaman announced that India is likely to become the world’s third-largest economy by 2027, currently standing as the fifth largest with a GDP of approximately $3.9 trillion
- The Indian government is projected to surpass its target of Rs 56,260 crore in dividend receipts from central public-sector enterprises (CPSEs) for the fiscal year 2025 (FY25), with expectations of receiving around Rs 65,000 crore
- The Finance Minister Nirmala Sitharaman has approved the establishment of Chief General Manager posts in 5 additional nationalized banks: Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank, and UCO Bank.
- State Bank of India (SBI) plans to raise ₹5,000 crore in the domestic debt capital market through non-convertible, perpetual, subordinated, unsecured Basel III-compliant Additional Tier I (AT-I) bonds.
- Maldives President Mohamed Muizzu has initiated steps to introduce India’s Unified Payments Interface (UPI) in the country, aiming to significantly benefit the Maldivian economy.
- The Reserve Bank of India (RBI) has issued a ‘Certificate of Registration’ (CoR) to PB Fintech’s wholly-owned subsidiary, PB Financial Account Aggregators Private Limited, allowing it to commence the ‘Account Aggregator’ business.
- The Reserve Bank of India (RBI) is conducting a pilot project for the Central Bank Digital Currency (CBDC), known as the digital rupee.
- The Reserve Bank of India’s (RBI’s) report indicates a slowdown in certain high-frequency indicators but maintains confidence in a recovery due to anticipated consumption demand during the festive season.
- India has provided a new Line of Credit of INR 487.60 Crores to the Government of Mauritius for financing a water pipeline replacement project.
- In Madhya Pradesh, in a first of its kind of initiative, `pink alarms’ have been installed at the government-run district hospital and medical college in Datia.
- Bhubaneswar, Odisha will host the 18th Pravasi Bharatiya Divas (PBD), which marks the contribution of the overseas Indian community to the development of the country, in January 2025.
- Shri Vikram Dev Dutt, a 1993-batch Indian Administrative Service (IAS) officer of the Arunachal Pradesh-Goa-Mizoram and Union Territory (AGMUT) cadre, has assumed charge as the Secretary of the Ministry of Coal.
- S Gopalakrishnan, a 1991-batch IAS officer, has been appointed the new chairman of the Staff Selection Commission (SSC).
- James Gorman, currently an executive at Morgan Stanley, has been appointed as the new chairman of The Walt Disney Company, effective January 2, 2025.
- Prabowo Subianto has assumed office as the President of Indonesia, marking his leadership of the world’s third-largest democracy.
- The Indian Coast Guard (ICG) in co-ordination with other agencies has undertaken two-day ‘Sagar Kavach’ exercise along the coast of Goa and Maharashtra to protect the country’s maritime interests and to test the agencies’ collective response to security threats.
- Adar Poonawalla, Chief Executive Officer (CEO) of Serum Institute of India, has announced a ₹1,000 crore investment in Karan Johar’s Dharma Productions and Dharmatic Entertainment through his company, Serene Production.
- Sanskrit scholar and the founder of Sharda Gyan Peetham, Vasant Anant Gadgil, passed away in Pune, Maharashtra at the age of 94.
- Charles Leclerc delivered a stunning performance at the United States Grand Prix, marking Ferrari’s first win at the event since 2018
- Deepika Kumari secured the silver medal in the women’s recurve event at the Archery World Cup Final 2024 held in Tlaxcala, Mexico.
- World Iodine Deficiency Day, also known as Global Iodine Deficiency Disorders Prevention Day, is observed on 21st October every year
- World Development Information Day 2024 is observed on the 24th of October 2024.
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