Daily Current Affairs October 31st 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Jio Financial Services and BlackRock Establish Asset Management Companies to Enter Mutual Funds Market   

• Jio Financial Services and BlackRock Inc. announced the establishment of two joint venture companies to operate in the mutual fund business.
• Incorporated Companies:The joint venture companies are:
• Jio BlackRock Asset Management Private Limited
• Jio BlackRock Trustee Private Limited

Key Highlights :

• Investment Details:Jio Financial Services invested:
• ₹82.50 crore for 8.25 crore equity shares (50% stake) in Jio BlackRock Asset Management.
• ₹40 lakh for 4 lakh shares (50% stake) in Jio BlackRock Trustee.
• Regulatory Approval:The incorporation follows in-principle approval from the Securities and Exchange Board of India (SEBI) for Jio Financial Services and BlackRock Financial Management Inc. to act as co-sponsors of the proposed mutual fund.
• Previous Announcement:In July 2023, Reliance Group’s Jio Financial Services and BlackRock announced a 50:50 joint venture named Jio BlackRock.
• Regulatory Compliance:The companies will focus on mutual fund operations, pending regulatory approvals.
• They received their incorporation certificates from the Ministry of Corporate Affairs on October 28, 2024.
• Online Payment Aggregator License:The Reserve Bank of India (RBI) granted a certificate of authorization to JPSL to operate as an ‘Online Payment Aggregator‘ effective October 28, 2024, under the Payment and Settlement Systems Act, 2007.

About Jio Financial Services Ltd  :

• Founded : 22 July 1999
• Headquarters : Mumbai, Maharashtra

InCorp Global Becomes the First Company at GIFT IFSC to Obtain Bookkeeping and Accounting License   

• InCorp Global is the first firm at the GIFT International Financial Services Centre (IFSC) to receive a Bookkeeping, Accounting, Taxation, and Financial Crime Compliance (BATF) license.
• The BATF license is granted under the IFSCA (BATF Services) Regulations, 2024, which classify these services as ‘financial services’ under Section 3 of the IFSCA Act, 2019.

Key Highlights :

• Service Scope:This license allows InCorp Global to provide BATF services to a variety of businesses, extending beyond the BFSI sector.
• Global Reach:InCorp Global aims to leverage India’s talent and capabilities to offer tailored services to clients globally, enhancing its presence in international markets.
• Current Operations:The firm already provides set-up and post-set-up services at GIFT City and offers advisory and consulting services to clients in multiple countries, including Australia, Belgium, Canada, France, Germany, New Zealand, Singapore, Switzerland, the UAE, the UK, and the
• Expertise:InCorp Global has a team of over 20 experts skilled in navigating complex regulations, tax structures, and operational requirements across various sectors, including aircraft leasing, ship leasing, fund management, capital markets, and higher education.
• Regulatory Notification:The BATF Regulations were issued following the Centre’s notification on January 18, 2024.

Reserve Bank of India Governor Shaktikanta Das Proposes RB-CRIS to Enhance Access to Quality Climate Risk Data   

• The Reserve Bank of India (RBI) Governor Shaktikanta Das proposed the establishment of RB-CRIS, a climate risk data repositoryaimed at improving the availability of high-quality climate-related data.
• This initiative will support robust risk assessments for regulated entities and aid compliance with RBI’s climate-related financial risk disclosure framework.
• Significance of Climate Risks: Climate change poses a significant risk to the global financial system, prompting the RBI to address data gaps related to climate risks.

Key Highlights :

• Definition of Climate Risks: The draft disclosure by the RBI defines climate-related risks as potential risks arising from climate change or from efforts to mitigate climate change, along with their economic and financial consequences.
• Climate Vulnerability: India ranks among the top ten most climate-vulnerable countries, specifically holding the seventh position in the 2021 Global Climate Risk Index (CRI).
• Regulatory Framework: Currently, there are no specific guidelines from the RBI to combat climate-related risks.
• However, a draft framework was released in February that outlines mandatory disclosures for banks and financial institutions concerning climate-related financial risks.
• Four Main Areas of Focus: The draft framework focuses on the following areas for disclosure:
• Governance: How the board and management oversee and manage climate risks.
• Strategy: The institution’s plans to address climate risks and opportunities over different time horizons, including stress tests and scenario analysis.
• Risk Management: Processes for identifying, evaluating, and integrating climate risks into overall risk management systems.
• Metrics and Targets: Performance data on climate risks, including key risk indicators, established targets, and progress towards these targets.
• Access to Data: According to the RBI Governor’s statement, all regulated entities will have access to the data and information provided by RB-CRIS.
• Regulated Entities: The term “regulated entities” encompasses various institutions, including:
• Scheduled Commercial Banks
• Tier-IV Primary (Urban) Co-operative Banks (UCBs)
• All-India Financial Institutions (e.g., EXIM Bank, NABARD, NaBFID, NHB, SIDBI)
• Non-Banking Financial Companies (NBFCs)

Banks and Major Financial Institutions Required to Disclose Climate Change Risk Management Frameworks by FY26    

• Banks and large finance companies will have to disclose their governance, strategy, and risk management structures to manage climate change risks by FY26.
• The draft disclosure framework on climate-related financial risks was released by the central bank.
• These guidelines shall be called the Disclosure Framework on Climate-related Financial Risks, 2024.
• The framework includes definitions for key terms related to climate-related financial risks and is applicable to various financial institutions, including scheduled commercial banks, urban cooperative banks, financial institutions, and non-banking financial companies.
• Foreign banks operating in India must also make specific disclosures related to their operations in the country.
• While larger banks listed in the document are mandated to adopt the guidelines, others have the option to voluntarily adopt them.
• Risk management disclosures include the assessment of climate-related financial risks, including credit, market, liquidity, and operational risks.
• This encompasses methodologies for evaluating the impact of climate-related risk drivers on credit risk management systems, market risk positions, liquidity risk profiles, and operational risk.
• Starting from FY28, regulated entities must disclose targets for mitigating and adapting to climate-related financial risks, along with metrics used to measure progress.
• The REs include commercial banks (excluding Local Area Banks, Payments Banks and Regional Rural Banks), certain primary (Urban) cooperative banks, All All-India Financial Institutions (viz. EXIM Bank, NABARD, NaBFID, NHB and SIDBI) and all large non-banking financial companies (NBFCs).
• The Reserve Bank, being satisfied that it is necessary and expedient in the public interest so to do, has issued these guidelines in exercise of the powers conferred by Sections 21 and 35A of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949;  Chapter IIIB of the Reserve Bank of India Act, 1934; and Sections 30A, 32 and 33 of the National Housing Bank Act, 1987.
• The REs shall disclose at the minimum, key disclosures under the aforementioned four “Thematic Pillars of Disclosure” as detailed in – Governance, Strategy, Risk Management, Metrics and Targets.
• Under the draft plan, RBI commercial banks, All India financial institutions, and top and upper layer NBFCs will have to begin to provide information on governance, strategy, and risk management strategy from 2025-26 and begin disclosure metrics and targets from 2027-28.
• The Urban Cooperative Banks in Tier-IV, those with deposits more than~10,000 crore would begin to make disclosures on governance, strategy, risk management strategy from FY27, and metrics and targets from FY29.

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Narendra Modi set to launch projects worth Rs 280 crore at Ekta Nagar

• Prime Minister ShriNarendra Modi is set to inaugurate a series of infrastructure and development projects in Ekta Nagar, aimed at boosting tourism, accessibility, and sustainability in the area surrounding the Statue of Unity.
• Prime Minister Narendra Modi will begin his two-day visit to Gujarat on Wednesday to inaugurate and lay the foundation stone of various infrastructural and development projects worth over Rs 280 crore in Ekta Nagar in Narmada district.

Key Highlights of PM Modi’s Ekta Nagar Visit

1. Inauguration of Major Infrastructure Projects
   • PM Modi will inaugurate and lay foundation stones for projects designed to improve the tourist experience and regional accessibility.
   • Key projects include:
     • Bonsai Garden
     • Sewage Treatment Plant
     • Sardar Sarovar Dam Experience Center
     • Sub-District Hospital
     • Traffic Circles and Smart Bus Stop
   • These additions are expected to drive sustainable development in Ekta Nagar and enhance its appeal as a global tourism hub.
2. Address to Officer Trainees at Aarambh 6.0
   • PM Modi will address 653 Officer Trainees from 16 Indian civil services and 3 civil services from Bhutan during the 99th Common Foundation Course at Aarambh 6.0.
   • This year’s theme, “Roadmap for Aatmanirbhar and Viksit Bharat,” aligns with India’s push towards self-reliance and national development.
3. Enhanced Facilities Near the Statue of Unity
   • The Sub-District Hospital, traffic circles, and smart bus stops are among the new facilities to be inaugurated, aimed at improving both tourist and local infrastructure in Ekta Nagar.
   • The Statue of Unity in Kevadia continues to attract global visitors, bolstering its role as a symbol of India’s unity and national pride.

NMDC Ltd Celebrates Vigilance Awareness Week 2024: Promoting Integrity for Nation’s Prosperity

• NMDC Ltd, India’s leading iron ore producer, commenced Vigilance Awareness Week 2024 with a pledge to uphold integrity, transparency, and ethical practices in alignment with the year’s theme: “Culture of Integrity for Nation’s Prosperity.”

Key Highlights of Vigilance Awareness Week 2024 at NMDC

1. Inauguration and Integrity Pledge
   • CMD (Addl. Charge) Shri Amitava Mukherjee administered the Integrity Pledge at NMDC Headquarters in Hyderabad, joined by Director (Technical) Shri Vinay Kumar and Chief Vigilance Officer Shri B. Vishwanath, along with senior management and employees.
   • The pledge was simultaneously taken at NMDC project locations across India, reinforcing a company-wide culture of accountability at sites such as Panna, Donimalai, Bacheli, Kirandul, Jagdalpur, and Nagarnar.
   • Messages from India’s President, Vice-President, Prime Minister, and Central Vigilance Commission (CVC) were reiterated, underscoring the essential role of integrity in public service.
2. Extended Ethical Awareness Campaign (August 16 – November 15, 2024)
   • As part of its three-month vigilance campaign, NMDC has organized:
     • Training sessions for employees on ethical governance, procurement processes, CDA rules, and preventive vigilance.
     • Programs targeting transparency and responsibility at every operational level.

3. Community Outreach and Youth Engagement
   • Over 28 schools and colleges across Hyderabad, Bailadila, Jagdalpur, Nagarnar, Panna, and Donimalai participated in vigilance awareness programs, reaching 1,800+ students.
   • Activities included essay writing, poster making, and elocution competitions, with over 1,000 students from Hyderabad alone actively involved.
   • Prize distribution at NMDC HQ honoured students’ efforts, emphasizing NMDC’s commitment to instilling values of honesty and integrity among youth.

India Inaugurates First ‘Writer’s Village’ in Dehradun

• India’s first ‘Writer’s Village’ was inaugurated in Dehradun by former President Ram Nath Kovind, alongside Uttarakhand Governor Lt Gen Gurmeet Singh (retd) and Chief Minister Pushkar Singh Dhami.
• This unique initiative aims to foster creativity and provide a nurturing environment for writers across the country, establishing Dehradun as a new cultural hub for literary talent.

Key Highlights of the Inauguration

• Dignitaries Present:
  • The inauguration was attended by prominent figures, including former President Kovind, who praised the initiative for addressing challenges faced by writers.
  • CBFC Chairman Prasoon Joshi emphasized the need for such secluded spaces to inspire creativity.
• Vision:
  • The village was conceptualized by former Chief Minister Nishank, a notable writer himself, to create a peaceful atmosphere conducive to literary creation.
• Festival Launch and Book Release:
  • The inaugural event coincided with the ‘Sparsh Himalaya Mahotsav-2024,’ where Nishank’s work, “Ram in the Himalayas,” was also released.

Purpose and Facilities of the Writer’s Village

• Creative Environment:
  • Designed to offer tranquility for writers, the village features several facilities, including:
    • Lekhan Kutir (Writing Cottages)
    • Sanjeevani Vatika (Healing Garden)
    • Nakshatra and Navgrah Vatika (Astrological Gardens)
    • Library and Art Gallery
    • Yoga and Meditation Centre
    • Discussion Centre and Auditorium
    • Ganga and Himalaya Museum
  • Cultural Exchange:
    • Participants from over 65 countries, including 40 attendees from abroad, joined the festivities, showcasing the village’s potential as a hub for cultural exchange.

About Uttarakhand

• Uttarakhand – Dehradun (Capital)
• Chief Minister – Pushkar Singh Dhami
• Governor – Gurmit Singh
• State Bird – Himalayan Monal

Release of ₹100 Commemorative Coin Honouring HH Shri Mataji Nirmala Devi Ji

• The Minister of Road Transport & Highways, Shri Nitin Gadkari, recently released a ₹100 commemorative coin in honour of HH Shri Mataji Nirmala Devi Ji to celebrate her Birth Centenary.
• The event took place at the National Museum, serving as a heartfelt tribute to her significant contributions to spirituality, inner peace, and self-realization on a global scale.

Event Highlights

• Significance: The coin release marks the centenary celebration of HH Shri Mataji Nirmala Devi Ji, recognizing her lifelong dedication to uplifting humanity through her teachings.
• Sahaja Yoga: Shri Gadkari emphasized the importance of her teachings, particularly the practice of Sahaja Yoga, which promotes spiritual growth and universal love.

Commemorative Coin Details

• Design: The ₹100 coin features an image of HH Shri Mataji Nirmala Devi Ji, symbolizing her spiritual vision and the principles she advocated.
• Legacy: This coin serves as a tribute to her enduring legacy and a keepsake for those inspired by her teachings.

Prime Minister Modi Launches Bharat Balvalli’s Biography ‘Bharatvakya’

• Prime MinisterNarendra Modi recently met classical musician Bharat Balvalli to launch his biography titled ‘Bharatvakya.’
• The meeting took place and highlighted Balvalli’s deep passion for culture and spirituality.

About ‘Bharatvakya’

• Author: The biography is written by Pravin Vitthal Tarde.
• Content: It aims to intertwine the themes of music, spirituality, and nation-building, reflecting Balvalli’s journey and contributions to these areas.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Commonwealth Nations Endorse Historic First Ocean Declaration   

• Commonwealth countries have adopted the Apia Commonwealth Ocean Declaration for One Resilient Common Future, urging all 56 nations to take action in protecting and restoring ocean health.
• The declaration was agreed upon during the Commonwealth Heads of Government Meeting (CHOGM) held in Samoa.

Key Highlights :

• Goals of the Declaration: The declaration outlines goals for:
• Recognizing maritime boundaries amidst rising sea levels.
• Protecting 30% of the oceans by 2030.
• Restoring degraded marine ecosystems by 2030.
• Urgently finalizing a Global Plastics Treaty to combat ocean pollution.
• Focus on Resilience and Sustainability: The declaration aims to foster robust, ambitious, and innovative actions that promote shared ocean prosperity, resilience, and sustainability.
• Significance of the Commonwealth: The Commonwealth includes 56 countries representing a third of the global population, with 49 having coastlines.
• Impact on Small Island Developing States (SIDS): Notably, 25 Commonwealth nations are classified as Small Island Developing States (SIDS), which are increasingly affected by climate change, rising sea levels, and increasing ocean acidity, threatening marine life and coastal communities.
• Urgency of Action: The declaration highlights the urgent need for collective action to address the severe impacts of climate change, pollution, and over-exploitation of ocean resources.

CURRENT AFFAIRS : STATE NEWS

Rajasthan Government Launches Rajasthan Investment Promotion Scheme 2024 to Enhance Private Investment and Economic Growth 

• The Rajasthan government has introduced the Rajasthan Investment Promotion Scheme (RIPS) 2024 to boost private investment and economic growth in the state.
• Objectives: RIPS 2024 aims to provide enhanced financial incentives across a broader range of sectors compared to the previous RIPS 2022.
• Global Investment Summit: The initiative was launched in anticipation of the ‘Rising Rajasthan’ Global Investment Summit 2024, scheduled to take place in Jaipur from December 9 to 11, which aims to attract both domestic and international investors.

Key Highlights :

• Focus Areas:The scheme supports emerging sectors, referred to as “sunrise sectors,” including Aero & Space, Defence, Drones, Semiconductors, Agri-Tech, and Waste Recycling.
• Additional support is provided for Construction Equipment, Pumped Hydro Storage Manufacturing, Electrolyser Manufacturing, and metals in manufacturing sectors.
• Service Sector Inclusion: The scheme also includes support for Higher Education, Knowledge-based industries, and Vocational Training.
• Incentives for Specific Industries: Increased financial incentives are available for IT/ITeS companies, tourism-related businesses, and women-led startups to promote diversified economic growth.
• Extra Incentives for Mega Projects: The first three mega or ultra-mega projects in sunrise sectors can receive a 25% additional incentive on top of the capital subsidy and turnover-linked or investment subsidies.
• New Sector Benefits: Businesses entering new sectors can claim a further 10% incentive above the asset creation subsidy they qualify for.
• Investment Commitments: Rajasthan has signed investment Memorandums of Understanding (MoUs) totalling ₹15 lakh crore under the ‘Rising Rajasthan’ Summit initiative.
• Goal of RIPS 2024: The scheme aims to position Rajasthan as a prime investment destination while strengthening both traditional and emerging industries in the state.

About Rajasthan :

• Governor: Haribhau Kishanrao Bagade
• Chief Minister : Bhajan Lal Sharma
• Capital: Jaipur
• National Park: Keoladeo National Park, Ranthambore National Park
• Wildlife Sanctuary: Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

HSBC Appoints Pam Kaur, an Indian-Origin Banker, as Its First Female Chief Financial Officer  

• HSBC named Pam Kaur as its first female Chief Financial Officer (CFO), a landmark in the bank’s 160-year history.
• Kaur, an Indian-origin banker, will officially begin her role on January 1, 2025.

About Pam Kaur :

• Kaur joined HSBC in April 2013 as head of internal audit, shortly after the bank entered a deferred prosecution agreement with the US Department of Justice for anti-money laundering and sanctions violations.
• Over nearly 12 years at HSBC, Kaur held multiple senior roles, including Group Chief Risk and Compliance Officer and Head of Wholesale Market and Credit Risk (appointed in 2019).
• She has served on HSBC’s Group Executive Committee for over a decade.
• Before joining HSBC, Kaur held senior compliance and audit positions at major financial institutions like Citigroup Inc. and Deutsche Bank AG, bringing extensive expertise in risk and compliance.
• Kaur’s appointment represents progress in gender diversity within senior leadership at HSBC, originally founded over 150 years ago.

Commonwealth appoints Ghana’s Shirley Ayorkor Botchwey as new Secretary-General at Samoa summit

• Ghana’s Foreign Minister, Shirley Ayorkor Botchwey, has been appointed as the new Secretary-General of the Commonwealth.
• The appointment occurred on the final day of the Commonwealth summit in Samoa.

About Shirley Ayorkor Botchwey :

• Botchwey has served as Ghana’s Foreign Minister since 2017.
• She is a former lawmaker and has been an advocate for reparations for transatlantic slavery and colonialism.
• Secretary-General Tenure:The Secretary-General is nominated by Commonwealth leaders and can serve a maximum of two terms of four years each.
• Botchwey succeeds Patricia Scotland, who held the position since 2016.
• Commonwealth Composition:The Commonwealth consists of 56 countries across all inhabited continents.
• 33 of the members are classified as small states, including 25 small island developing states (SIDS).
• As of 2023, the Commonwealth has a population of 2.5 billion.
• Significance:The Commonwealth is recognized as the largest association of Third World or Global South countries, emphasizing its role in representing diverse nations globally.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India Gives Nod to Fortis Healthcare’s Acquisition of More Shares in Agilus Diagnostics Limited

• The Competition Commission of India (CCI) approved Fortis Healthcare Limited’s (FHL) acquisition of an additional 52% share capital in Agilus Diagnostics Limited.
• After the proposed acquisition, Fortis Healthcare’s shareholding in Agilus will increase from 57.68% to 89.2%.
• Primary Activities of FHL: Fortis Healthcare is primarily engaged in providing integrated healthcare services, including medicare, healthcare, diagnostics, operating multi-specialty hospitals, and offering preventive healthcare services.
• Role of Agilus: Agilus Diagnostics, primarily managed by FHL, provides testing and diagnostic services. It operates clinical reference laboratories and offers routine and specialized diagnostic tests.
• Services Offered by Agilus: Agilus provides corporate wellness and preventive care health packages, pathology and radiology tests, wellness packages, and home collection services.
• Purpose of Acquisition: The acquisition aligns with FHL’s goal to strengthen its diagnostic service offerings and expand its market presence through Agilus.

Competition Commission of India Greenlights Merger of Diliigent Power with DB Power and Restructuring of Decore Thermal Power Following Buyback

• The Competition Commission of India (CCI) has granted approval for a proposed combination involving significant corporate restructuring in the power sector.
• Proposed Combination Details:The combination includes the merger of Diliigent Power Private Limited (DPPL) into its wholly owned subsidiary, DB Power Limited (DBPL).
• Additionally, it involves the reorganization of Decore Thermal Power Private Limited (DTPPL) following the buyback of certain securities.
• Corporate Structure:DPPL acts as the holding company for DBPL.
• DBPL operates a coal-based power plant located in Chhattisgarh, with an installed capacity of 1200 megawatts.
• DTPPL Overview:DTPPL primarily serves as a holding company for DB Power (Madhya Pradesh) Limited, which currently holds land in Singrauli District, Madhya Pradesh.

Competition Commission of India approves the proposed acquisition of additional stake in Thoughtworks Holding, Inc. by AP Funds and Temasek

• The Competition Commission of India (CCI) has approved the proposed acquisition involving additional shareholding in Thoughtworks Holding, Inc.
• Tasmania Midco LLC (Acquirer) is a special purpose vehicle (SPV) that is indirectly wholly owned by Apax Partners LLP (AP), which provides investment advisory services to private equity funds.

Key Highlights :

• Temasek’s Involvement: Nevado Investments Pte. Ltd. is an investment holding company wholly owned by Temasek Holdings (Private) Limited and will hold approximately 10% of Thoughtworks’ equity post-acquisition as a minority non-controlling passive investor.
• Target Company: Thoughtworks Holding, Inc. is a global technology consultancy corporation that offers IT consultancy, application implementation, and managed services.
• Investment Structure: The transaction will lead to the AP Funds acquiring additional shareholding, resulting in Thoughtworks being wholly owned by the AP Funds through Tasmania Midco LLC.
• Business Operations: Temasek, through its subsidiary Nevado, does not engage in business operations other than holding investments.
• Investment Strategy: The acquisition reflects AP’s strategy of expanding its investment portfolio in the technology consultancy sector through Thoughtworks

About CCI :

• Formed : 14 October 2003
• Headquarters : New Delhi, India
• Chairman : Ravneet Kaur
• The CCI is the chief national competition regulator in India. It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India.

Slice and North East Small Finance Bank Complete Merger One Year After Reserve Bank of India Approval  

• Slice has successfully completed its merger with North East Small Finance Bank, consolidating operations, assets, and brand identities.
• The merger received all necessary shareholder and regulatory approvals, including a no-objection certificate (NOC) from the Reserve Bank of India (RBI).
• The merger was finalized over one year after receiving the RBI’s NOC.
• The merged entity aims to enhance its presence in India’s north-eastern region, focusing on local market penetration and service expansion.

Key Highlights :

• New Offerings: The combined entity plans to introduce various banking products and services, such as savings accounts, fixed deposits, and credit products.
• Operational Integration: In the coming months, the focus will be on streamlining operations for a seamless integration of both organizations.
• Customer Transition: Existing customers will continue to access services as both Slice and North East Small Finance Bank transition to the new merged entity.
• Previous Stake Acquisition: Prior to the merger, Slice acquired a 5% stake in North East Small Finance Bank for $3.4 million in September 2022, indicating prior investment interest in the bank.

About North East Small Finance Bank :

• Established : 2015
• Headquarters : Guwahati, Assam
• MD & CEO : Satish Kumar Kalra

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

GSL launches two indigenous fast patrol vessels for the Indian Coast Guard

• Goa Shipyard Limited (GSL) launched two indigenous fast patrol vessels (FPVs), named Adamya and Akshar, for the Indian Coast Guard.
• The launch ceremony was officiated by Priya Paramesh, wife of Indian Coast Guard Director General Paramesh Sivamani, with traditional Atharva Veda chants.

Key Highlights :

• Vessel Specifications:Design: In-house by GSL to meet specific operational needs of the Indian Coast Guard.
• Dimensions: Length – 52 meters, Breadth – 8 meters, Displacement – 320 tonnes.
• Purpose: Designed for protecting offshore assets, island territories, and conducting surveillance operations.
• Fleet and ‘Atmanirbhar Bharat’:GSL is constructing a fleet of eight FPVs for the Coast Guard, contributing to the ‘Atmanirbhar Bharat’ initiative for self-reliance in defense production.
• Technological Achievement:This is the first time in GSL’s history that two vessels were launched simultaneously using its advanced ship-lift system, demonstrating significant modernization efforts.
• Key Officials:The keel for both vessels was laid by Defence Secretary Giridhar Aramane on August 25, 2023.
• Coast Guard Director General Paramesh Sivamani and Inspector General H.K. Sharma, along with other key defense and maritime community stakeholders, attended the event.
• Statements from Leaders:DG Paramesh Sivamani praised GSL’s resilience and collaboration with the Coast Guard, citing the challenges overcome, from the COVID-19 pandemic to geopolitical disruptions.
• GSL Chairman and Managing Director Brajesh Kumar Upadhyay highlighted GSL’s growth, mentioning a 100% increase in revenue, crossing ₹2,000 crore, due to embracing advanced technology and innovation.
• Indigenous Content:The high indigenous content in the FPVs showcases the commitment to the ‘Atmanirbhar Bharat’ initiative in defense production.

About Goa Shipyard Limited :

• Founded : 1957
• Headquarters : Vasco da Gama, Goa
• Chairman & MD : Brajesh Kumar Upadhyay

CURRENT AFFAIRS: AWARDS AND HONOURS

Sri Sri Ravi Shankar Awarded Fiji’s Highest Civilian Honour

• The Republic of Fiji awarded Gurudev Sri Sri Ravi Shankar the prestigious title of “Honourary Officer of the Order of Fiji,” its highest civilian recognition, in appreciation of his efforts to promote peace, unity, and community upliftment worldwide.
• Fiji’s President, Ratu Wiliame M. Katonivere, presented this honor, and Sri Sri expressed gratitude on social media, saying he was “Honoured to receive Fiji’s highest civilian award.”

Key Highlights

1. Global Recognition for Humanitarian Impact
   • Founder of The Art of Living Foundation, Sri Sri Ravi Shankar has also been awarded top civilian honors from five other nations, underscoring his influence in humanitarian efforts globally.
   • Since its establishment in 1981, The Art of Living has become an internationally recognized organization promoting mental health, education, environmental care, and empowerment in over 180 countries.
2. Significant Engagement with Fijian Leaders
   • During his visit to Fiji, Sri Sri met with Deputy Prime Minister Viliame Gavoka and UN Resident Coordinator Dirk Wagener to discuss opportunities for youth empowerment and mental health initiatives.
   • Indian High Commissioner P.S. Karthigeyan hosted a reception in his honor, allowing Sri Sri to engage with several distinguished Fijian dignitaries and further discuss collaborative opportunities.

Bibhab Kumar Talukdar Receives The Harry Messel Award for Conservation Leadership

• Bibhab Kumar Talukdar, a renowned conservation scientist from Assam, has been honoured with The Harry Messel Award for Conservation Leadership by the Species Survival Commission (SSC) of the International Union for Conservation of Nature (IUCN).
• The award ceremony took place during the 5th IUCN SSC Leaders’ Meeting in Abu Dhabi, which gathered over 300 conservation experts to discuss critical issues such as biodiversity loss and climate change.

About The Award

• Recognition: The Harry Messel Award acknowledges individuals demonstrating exceptional leadership in conservation, specifically focusing on impactful contributions to species conservation efforts.
• Significance: Talukdar’s work has been instrumental in promoting effective conservation strategies, especially for Asian rhinos.

Bibhab Kumar Talukdar’s Background

• Experience: Talukdar has been actively involved in conservation since 1991. He has held leadership roles and engaged in ground-level conservation initiatives throughout his career.
• Academic Contributions: He has published over 70 scientific papers, reflecting his extensive research and expertise in biodiversity conservation.
• IUCN SSC Involvement: Talukdar has been associated with the IUCN SSC since its inception and has served as the Chair of the Asian Rhino Specialist Group since 2008, focusing on the conservation of Asian rhinos threatened by habitat loss and poaching.

Aaranyak: A Driving Force in Conservation

• Founder and Leader: Talukdar is the founder secretary general and CEO of Aaranyak, a prominent organization in northeast India dedicated to research-driven biodiversity conservation.
• Organizational Impact: Aaranyak plays a crucial role in protecting endangered species and their habitats, contributing significantly to regional conservation efforts.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India-Switzerland Railway Cooperation MoU: Strengthening Technical and Operational Capabilities

• Indian Railways has renewed a Memorandum of Understanding (MoU) with Switzerland’s Federal Department of the Environment, Transport, and Communications (DETEC) to enhance technical cooperation in railway technology and infrastructure.
• This partnership, approved by India’s Ministry of Railways and Ministry of External Affairs, aims to improve railway services in India through technology sharing and expertise from Switzerland.

Objectives and Areas of Collaboration

• The MoU covers technology sharing, track maintenance, management, and construction, aligning with India’s modernization goals for the railway sector.
• Union Minister of Railways Ashwini Vaishnaw emphasized the MoU’s role in providing a comprehensive framework for collaborative projects.
• The Swiss Federal Councilor, Albert Roesti, highlighted that Switzerland’s advanced railway technology would benefit India in terms of operational efficiency, safety standards, service quality, and infrastructure development.

Key Areas of Focus:

1. Traction Rolling Stock and Electric Multiple Units (EMU)
2. Train Sets and Propulsion Equipment
3. Freight and Passenger Cars
4. Tilting Trains and Railway Electrification Equipment
5. Train Scheduling and Operational Improvements
6. Railway Station Modernization
7. Multimodal Transport Solutions and Tunneling Technology

Joint Working Group (JWG) Meetings and Progress:

A Joint Working Group (JWG), comprising representatives from Indian and Swiss railways, was created to foster ongoing collaboration:

• 2019 and 2022 Meetings: The JWG addressed freight and passenger car improvements, electrification equipment, and tunneling technology.
• 2023 Meeting: Chaired by India’s Railway Board CEO and Swiss transport officials, discussions included investment opportunities for Swiss companies in India’s railway sector.

Significance of the MoU

• This MoU signifies India’s commitment to modernizing its railway sector and benefiting from Swiss expertise, particularly in high-quality infrastructure and cutting-edge technologies. Key Swiss companies are expected to contribute through machinery, materials, and tunneling consultancy services, enhancing both passenger and freight operations in India.

CURRENT AFFAIRS: SPORTS NEWS

Chirag Chikkara Makes History at Under-23 World Wrestling Championships

• Chirag Chikkara has etched his name in history by becoming only the third Indian wrestler to clinch a gold medal at the Under-23 World Championships, contributing to India’s impressive nine medals at the tournament.
• Competing in the men’s freestyle 57kg category, Chikkara secured a thrilling victory with a narrow 4-3 win over Abdymalik Karachov of Kyrgyzstan in the final moments of the match.

India’s Performance at the U23 World Wrestling Championships

Chirag Chikkara’s Historic Win

• Gold Medal Achievement: Chikkara is the second Indian male to achieve this title, following Aman Sehrawat’s gold in 2022.
• Final Match: Narrowly defeated Abdymalik Karachov (Kyrgyzstan) with a score of 4-3.

Overall Medal Tally

India secured a total of nine medals at the championships:

• 1 Gold Medal: Chirag Chikkara (Men’s Freestyle 57kg)
• 2 Silver Medals
• 6 Bronze Medals

India finished fourth in the overall team rankings with 82 points, trailing behind:

1. Iran: 158 points
2. Japan: 102 points
3. Azerbaijan: 100 points

Notable Matches

Chikkara’s Path to the Final:

• Defeated Gaukoto Ozawa (6-1) in pre-quarters.
• Overcame Iunus Iavbatirov (12-2) in the quarterfinals.
• Dominated Allan Oralbek (8-0) in the semifinals.

Bronze Medal Performances:

• Vicky: Secured a bronze in the men’s 97kg freestyle, defeating Ivan Prymachenko (7-2).
• Sujeet Kalkal: Won bronze in the men’s 70kg freestyle, overcoming Mustafo Akhmedov (13-4) after a comeback from a 0-4 deficit.
• Vishvajit More: Earned bronze in the men’s 55kg Greco-Roman category.

Women’s Team Achievements

The Indian women’s wrestling team also showcased commendable performance, securing:

• 1 Silver Medal: Anjli (59kg category).
• 3 Bronze Medals:
  • Neha Sharma (57kg)
  • Shiksha (65kg)
  • Monika (68kg)

Earlier History

• Ravi Kumar Dahiya had won a silver in the U23 World Championships in 2018.
• Abhishek Dhaka had earlier won a bronze, contributing to India’s total of four medals that year (one gold and three bronze).

Pro Kabaddi League Receives ‘Best Sports League of the Year’ Award

• The Pro Kabaddi League (PKL) has been honoured with the prestigious ‘Best Sports League of the Year’ award at the Confederation of Indian Industry (CII) Sports Business Awards 2024.
• The award ceremony took place, in New Delhi, coinciding with the launch of PKL’s 11th season.

Award Ceremony Highlights

• Date & Location: Held on October 18, 2024, in New Delhi as part of the CII Score Card 2024
• Significance: Coincided with the launch of PKL’s 11th season, marking a significant milestone for the league.

Recognition of Excellence

• The CII Sports Business Awards recognize innovation and excellence in the sports business sector.
• PKL’s victory signifies its profound influence on the growth and popularity of kabaddi in India.

Context of the Award

• This recognition comes amid India’s significant strides in the sports sector, including the draft National Sports Policy 2024.
• It aligns with the national goal of creating a vibrant sports ecosystem and promoting kabaddi at an Olympic level.

Recognition for Puneri Paltan

• The defending champions Puneri Paltan also received the ‘Sports Franchise of the Year’
• Their grassroots initiative, Yuva Paltan, has been crucial in nurturing young talent, contributing to their PKL Season 10

CURRENT AFFAIRS: IMPORTANT DAYS

National Unity Day 2024 : 31st October

• National Unity Day 2024 is observed on the 31st of October 2024.
• The National Unity Day 2024 was first started in the year 2014 by our Honourable Prime Minister Narendra Modi to honour the birth anniversary of Sardar Vallabhbhai Patel on 31st October 1875.
• He made a huge contribution to bringing all the scattered states into one nation after independence. He was also the first deputy Prime Minister and Home Minister of India.
• The credit for bringing this National Unity Day goes to our Honourable Prime Minister of India. National Unity Day is also called Rashtriya Ekta Diwas Day.
• The same day the Statue of Unity was opened in 2018 by our Prime Minister in remembrance of Sardar Vallabhbhai Patel.
• It was the highest statue in the world. Shanghai Cooperation Organisation announced the Statue of Unity as the eighth World Wonder.

World Savings Day : 31st October

• World Savings Day 2024 is observed on the 31st of October 2024. (30th October in India)
• World Savings Day, also called World Thrift Day, was first established in the year 1924 during the first International Savings Bank Congress.
• The Congress started on October 24.
• On the last day of Congress exactly on October 30, the Congress decided to celebrate World Savings Day every year to insist on the importance of saving money and also to insist on the method of saving money through banks and other modes.
• However, the Establishment lost its importance after the First World War. Then later the Day gained importance after the Second World War.
• Congress decided to promote the agenda in schools, colleges, and private and government offices.
• The Day is officially celebrated on October 31st every year.
• But in India, it is celebrated on October 30 since the former Prime Minister Mrs. Indira Gandhi died on October 31st.

Daily CA One- Liner: October 31

• Jio Financial Services and BlackRock Inc. announced the establishment of two joint venture companies to operate in the mutual fund business.
• InCorp Global is the first firm at the GIFT International Financial Services Centre (IFSC) to receive a Bookkeeping, Accounting, Taxation, and Financial Crime Compliance (BATF) license.
• The Reserve Bank of India (RBI) Governor Shaktikanta Das proposed the establishment of RB-CRIS, a climate risk data repositoryaimed at improving the availability of high-quality climate-related data.
• Banks and large finance companies will have to disclose their governance, strategy, and risk management structures to manage climate change risks by FY26.
• Commonwealth countries have adopted the Apia Commonwealth Ocean Declaration for One Resilient Common Future, urging all 56 nations to take action in protecting and restoring ocean health.
• The Rajasthan government has introduced the Rajasthan Investment Promotion Scheme (RIPS) 2024 to boost private investment and economic growth in the state.
• HSBC named Pam Kaur as its first female Chief Financial Officer (CFO), a landmark in the bank’s 160-year history.
• Ghana’s Foreign Minister, Shirley Ayorkor Botchwey, has been appointed as the new Secretary-General of the Commonwealth.
• The Competition Commission of India (CCI) approved Fortis Healthcare Limited’s (FHL) acquisition of an additional 52% share capital in Agilus Diagnostics Limited.
• The Competition Commission of India (CCI) has granted approval for a proposed combination involving significant corporate restructuring in the power sector.
• The Competition Commission of India (CCI) has approved the proposed acquisition involving additional shareholding in Thoughtworks Holding, Inc.
• Slice has successfully completed its merger with North East Small Finance Bank, consolidating operations, assets, and brand identities.
• Goa Shipyard Limited (GSL) launched two indigenous fast patrol vessels (FPVs), named Adamya and Akshar, for the Indian Coast Guard.
• Prime Minister ShriNarendra Modi is set to inaugurate a series of infrastructure and development projects in Ekta Nagar, aimed at boosting tourism, accessibility, and sustainability in the area surrounding the Statue of Unity.
• NMDC Ltd, India’s leading iron ore producer, commenced Vigilance Awareness Week 2024 with a pledge to uphold integrity, transparency, and ethical practices in alignment with the year’s theme: “Culture of Integrity for Nation’s Prosperity.”
• India’s first ‘Writer’s Village’ was inaugurated in Dehradun by former President Ram Nath Kovind, alongside Uttarakhand Governor Lt Gen Gurmeet Singh (retd) and Chief Minister Pushkar Singh Dhami
• The Minister of Road Transport & Highways, Shri Nitin Gadkari, recently released a ₹100 commemorative coin in honor of HH Shri Mataji Nirmala Devi Ji to celebrate her Birth Centenary
• Prime MinisterNarendra Modi recently met classical musician Bharat Balvalli to launch his biography titled ‘Bharatvakya.’
• The Republic of Fiji awarded Gurudev Sri Sri Ravi Shankar the prestigious title of “Honourary Officer of the Order of Fiji,” its highest civilian recognition, in appreciation of his efforts to promote peace, unity, and community upliftment worldwide
• Bibhab Kumar Talukdar, a renowned conservation scientist from Assam, has been honoured with The Harry Messel Award for Conservation Leadership by the Species Survival Commission (SSC) of the International Union for Conservation of Nature (IUCN).
• Indian Railways has renewed a Memorandum of Understanding (MoU) with Switzerland’s Federal Department of the Environment, Transport, and Communications (DETEC) to enhance technical cooperation in railway technology and infrastructure
• Chirag Chikkara has etched his name in history by becoming only the third Indian wrestler to clinch a gold medal at the Under-23 World Championships, contributing to India’s impressive nine medals at the tournament.
• The Pro Kabaddi League (PKL) has been honoured with the prestigious ‘Best Sports League of the Year’ award at the Confederation of Indian Industry (CII) Sports Business Awards 2024
• National Unity Day 2024 is observed on the 31st of October 2024.
• World Savings Day 2024 is observed on the 31st of October 2024. (30th October in India)

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