Daily Current Affairs October 01 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

New securities transaction tax Rates for Futures and Options to Take Effect from October 1, 2024  

• Amid concerns about rising investor trading in the Futures & Options (F&O) segment, the new securities transaction tax (STT) levied on the sale of futures and options contracts will kick in from October 1, 2024.

STT Rate Increases:

• Options: STT will increase from 0.0625% to 0.1%.
• Futures: STT will rise from 0.0125% to 0.02%.
• Objective: The increased STT aims to curb excessive speculative trading in the F&O segment, particularly among retail investors.
• Impact on Retail Investors: Concerns have been raised about significant losses incurred by retail investors in the F&O market, with individual aggregate losses exceeding ₹1.8 lakh crore from FY22 to FY24.
• Retail Investor Losses : Loss Statistics:
• 93% of over 1 crore individual F&O traders experienced average losses of around ₹2 lakh.
• The top 3.5% of loss-makers (about 4 lakh traders) lost an average of ₹28 lakh each.
• Profit Rates: Only 7.2% of individual F&O traders made a profit over the three years, and just 1% earned over ₹1 lakh in profits after transaction costs.
• Changes in Rules and Regulations: Aadhaar and PAN Allotment:From October 1, individuals will no longer need to mention their Aadhaar enrollment ID in PAN allotment documents or while filing income tax returns.
• Post Office Small Saving Schemes : New rules for the regularization of irregular Public Provident Fund (PPF) accounts, Sukanya Samriddhi Yojana, and other small saving schemes will be implemented from October 1, 2024
• These rules will address issues related to accounts opened in the name of minors, multiple PPF accounts, and extensions of PPF accounts by NRIs.
• ChangesTDS Updates: Changes related to TDS will come into effect from October 1, as introduced in the Union Budget 2024.
• A 10% TDS will be applicable on certain central and state government bonds.
• Changes in TDS payment for life insurance policies, house rent payments, etc., will also be implemented starting October 1.

India’s Foreign Exchange Reserves Reach All-Time High of $692.3 Billion  

• As of September 20, 2024, India’s foreign exchange reserves reached a record high of $692.3 billion, marking the sixth consecutive week of increases.
• The reserves increased by $2.84 billion during the week ending September 20,2024 following a total rise of $19.3 billion over the previous five weeks.

Components of Reserves:

• Foreign Currency Assets: The largest component rose to $605.7 billion, up from $603.6 billion in the previous week.
• Gold Reserves: The RBI data also showed a $726 million increase in Gold reserves to $63.613 billion in the latest filing, compared to $62.887 billion in the September 13 data.
• Gold is the second largest contributor to India’s forex reserve.
• Special Drawing Rights (SDRs): Increased to $18.5 billion, up from $18.4 billion.
• Reserve Tranche Position with International Monetary Fund (IMF) : Decreased slightly to $4.46 billion from $4.52 billion.
• Impact of Currency Fluctuations: The reported figures reflect the effects of currency appreciation or depreciation of non-US currencies (e.g., pound, euro, yen) held in reserves.
• Impact on Indian Rupee:The rupee experienced a significant appreciation during the week, hitting a two-month high of 83.4850 due to inflows into stocks and bonds, and a 50-basis-point rate cut by the U.S. Federal Reserve.
• Despite this, the rupee settled at 83.70 by the end of the week, declining 0.1% week-on-week.
• Forex Reserve Composition:Foreign exchange reserves are measured in U.S. dollars and are affected by the appreciation or depreciation of non-U.S. currencies like the pound, euro, and yen.

Note :

Top 10 Countries With Highest Foreign Exchange Reserves Including Gold as of May 2024:

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Narendra Modi Inaugurates and Dedicates Projects Worth ₹11,200 Crore in Maharashtra

• Prime Minister Narendra Modi inaugurated several significant projects in Maharashtra via video conferencing, including the first phase of the Pune Metro and the upgraded Solapur Airport.
• The total investment for these initiatives exceeds ₹11,200 crore, initially set for unveiling on September 26, but postponed due to heavy rains.

Project Details:

1. Pune Metro Rail Project:
   • Inaugurated the section from District Court to Swargate, marking the completion of Phase-1 of the metro.
   • The underground section of this route cost approximately ₹1,810 crore.
   • Laid the foundation stone for the Swargate-Katraj Extension of Pune Metro Phase-1, estimated at ₹2,955 crore, covering 5.46 km and including three stations: Market Yard, Padmavati, and Katraj.
2. Solapur Airport:
   • The revamped airport aims to enhance connectivity and accessibility for tourists, business travellers, and investors.
   • The upgraded terminal building is designed to handle approximately 4.1 lakh passengers annually.
3. Memorial for Savitribai Phule:
   • PM Modi laid the foundation for a memorial honouring Krantijyoti Savitribai Phule’s First Girls’ School at Bhidewada in Pune.
   • Emphasized the importance of Savitribai Phule’s contributions to educational access for girls in the context of historical social conditions prior to India’s independence.

Impact on Urban Development:

• PM Modi noted that these projects would significantly boost urban development and improve the “Ease of Living” for residents in Maharashtra.

Government Plans Simultaneous Elections: Three Key Bills to be Introduced

• The government intends to introduce three bills aimed at facilitating simultaneous elections across the country.
• Two of these bills will propose amendments to the Constitution, specifically to align local body elections with those of the Lok Sabha and state assemblies.

Details of the Proposed Bills:

1. First Constitutional Amendment Bill:
   • This bill will provide for holding Lok Sabha and state legislative assembly elections simultaneously.
   • It seeks to amend Article 82A by adding a sub-clause regarding the appointed date and another for the end of terms of Lok Sabha and state assemblies.
   • Provisions will be made to amend Article 83(2) and insert new sub-clauses about the duration and dissolution of the Lok Sabha.
   • It will also amend Article 327 to include the term “simultaneous elections”.
   • Importantly, this bill will not require ratification by at least 50% of the states.
2. Second Constitutional Amendment Bill:
   • This bill aims to create provisions for holding simultaneous elections for municipalities and panchayats, alongside Lok Sabha and state legislative assemblies by inserting a new Article 324A.
   • It will require ratification by at least 50% of the state assemblies as it pertains to state affairs.
3. Third Bill (Ordinary Legislation):
   • This bill will amend provisions in three laws governing Union territories with legislative assemblies, namely Puducherry, Delhi, and Jammu and Kashmir.
   • It aims to align the terms of these legislative assemblies with those of other assemblies and the Lok Sabha.
   • The laws to be amended include:
     • Government of National Capital Territory of Delhi Act-1991
     • Government of Union Territories Act-1963
     • Jammu and Kashmir Reorganisation Act-2019
   • This ordinary bill will not necessitate constitutional amendments and will not require state ratification.

High-Level Committee Recommendations:

• The high-level committee proposed amendments to three Articles, the addition of 12 new sub-clauses, and modifications to three laws related to Union Territories, resulting in a total of 18 amendments and insertions.
• The committee’s report, submitted before the recent general election, recommended implementing “one nation, one election” in two phases:
  • Phase 1: Simultaneous polls for Lok Sabha and state assemblies.
  • Phase 2: Elections for local bodies like panchayats and municipalities within 100 days of the general election.
• It also suggested the creation of a common electoral roll, necessitating coordination between the Election Commission (EC) and State Election Commissions (SECs).

CURRENT AFFAIRS : INTERNATIONAL NEWS

North Atlantic Treaty Organisation to Establish Northern Land Command in Eastern Finland

• The North Atlantic Treaty Organisation (NATO) will set up a new land command in eastern Finland, near the Russian border, in 2025.
• This command will oversee land force operations in northern Europe during military conflicts.
• The decision comes after Finland joined NATO in 2023 in response to Russia’s invasion of Ukraine in 2022.
• Finland is organizing NATO’s presence on its territory.

Key Highlights :

• Unit Designation: The new unit will be known as the Multi Corps Land Component Command and will operate under NATO’s Norfolk Joint Force Command based in the United States.
• Collaboration with Finnish Military: The command will closely collaborate with Finland’s existing land force command, which is based in Mikkeli.
• Initial Composition and Budget: The unit will start with a few dozen international officials and will have an annual budget of €8.5 million (approximately $9.5 million).
• Sweden’s Role: Sweden, which also joined NATO in 2023, will coordinate foreign NATO troop visits and international drills in northern Finland.
• No Permanent Multinational Force: Unlike the Baltic states, Finland does not plan to host a permanent multinational force, citing the significant size of its own military.

Recent News :

• The United States is hosting the 2024 NATO Summit, July 9-11, 2024, in Washington, D.C., marking the historic 75th Anniversary of the Alliance.

About NATO :

• Formation : 4 April 1949
• Headquarters : Brussels, Belgium
• Secretary General : Jens Stoltenberg
• Membership : 32 States (https://www.nato.int/nato-welcome/)

CURRENT AFFAIRS : STATE NEWS

Telangana Government Introduces ‘Telangana Darshini’ Educational Tour Program for Students   

• The Telangana government has set in motion ‘Telangana Darshini’, a scheme aimed at providing students with an immersive learning experience outside the classroom.
• The programme, under the Youth Advancement, Tourism, and Culture (T&PMU) Department, is designed to take school and college students on educational tours across the State.

Key Highlights :

• Target Audience: The initiative caters to school and college students, from Class 2 to graduation level, ensuring the activities are suitable for different age groups.

Tour Structure:

• Classes 2-4: Short day trips to local heritage sites and parks within their village or mandal.
• Classes 5-8: Day trips to destinations within a 20-30 km radius of their schools.
• Class 9 to Intermediate: Extended tours covering 50-70 km for two days.
• University Students: Four-day tours outside their home district.
• Budget Allocation: The Telangana government has allocated approximately ₹12.10 crore for the program, covering travel, accommodation, and meals.
• Cost Per Student: Costs vary based on trip length:
• One-day tours: ₹300 for younger students.
• Four-day tours for university students: ₹4,000 per student.
• Participation Goal: The program aims to include 100,000 students in its first year.
• Inclusivity Focus: Special emphasis on including students from residential schools, Kasturba Gandhi Balika Vidyalayas (KGBVs), Model Schools, and Yuva Tourism Clubs.
• Planning and Coordination: A committee of nodal officers from relevant departments will develop detailed tour plans, with the Telangana Tourism Development Corporation (TSTDC) coordinating logistics.
• Safety Measures: Local authorities, including district collectors and superintendents of police, will oversee safety and transportation, with teachers accompanying each group for supervision.

About Telangana :

• Governor : Jishnu Dev Varma
• Chief Minister : Anumula Revanth Reddy
• Capital : Hyderabad

CURRENT AFFAIRS: BUSINESS NEWS

Statistics Ministry to Publish New GDP Growth Data with 2022-23 Base Year by February 2026

• The Ministry of Statistics and Programme Implementation (MoSPI) will publish GDP growth data with a new base year of 2022-23 by February 2026.
• This base year revision aims to reflect the most up-to-date economic trends and will incorporate new data such as Household Consumption Expenditure Survey (HCES 2023-24), Annual Survey of Unincorporated Sector Enterprises (ASUSE 2022-23), and GST data.

2. Changes in CPI and IIP Base Year

• The base year for retail inflation (CPI) and factory output growth (IIP) will also be revised to 2022-23.
• These revisions aim to ensure the accuracy and relevance of economic indicators.

3. Selection of Base Year: A ‘Normal’ Year

• The base year must be a ‘normal’ year, free from major global or domestic disruptions.
• Despite challenges in choosing a ‘normal’ year, 2022-23 has been proposed for approval by the Advisory Committee on National Account Statistics (ACNAS).

Role of Advisory Committee on National Account Statistics (ACNAS)

• ACNAS, chaired by Prof Biswanath Goldar, is a 26-member committee including representatives from institutions like the Reserve Bank of India (RBI), National Statistical Commission, and NITI Aayog.
• The committee will deliberate on base year revision and provide guidance to MoSPI, which plans to release National Accounts Statistics (NAS) estimates by February 2026.

Employment and Unemployment Data

• MoSPI will release the first flash data on employment and unemployment from the Periodic Labour Force Survey (PLFS) by February 2025.
• The data will provide unemployment figures for both rural and urban areas, and back series data will be included for comparison.

Use of Technology in Data Collection and Dissemination

• MoSPI has adopted e-Sigma, a cloud-based portal for data processing and E-Sankhyiki portal for public access to data.
• These initiatives aim to improve data dissemination and collection efficiency, especially for capex surveys.

New Surveys for Enhanced Economic Insights

• New surveys on domestic tourism expenditure, household travel, and health expenses will be included in the next round of the National Sample Survey.
• These surveys are designed to identify drivers of GDP growth and address data gaps for achieving the target of Viksit Bharat by 2047.

Top 10 countries with the largest gold reserves in 2024

• Price Surge: In 2024, gold prices have surged by nearly 20% due to significant purchases by central banks, rising consumer demand, and increased interest in safe-haven assets amid geopolitical uncertainties.
• Gold Standard History: The gold standard, adopted in the late 1800s and officially abandoned in the 1970s, involved countries pegging their currencies to gold. Currently, central banks primarily accumulate gold as reserves.
• Recent Central Bank Purchases:
  • Global central banks recently added a net of 37 tonnes to their official reserves.
  • This represents a 206% month-over-month increase, the highest monthly total since January 2024 (IMF report).
• Trends in Q2 2024:
  • A slight slowdown in gold purchases occurred in the second quarter, with a net purchase of 483 metric tonnes.
  • Overall purchases are still 5% higher than in the first half of 2023 (World Gold Council).

Importance of Gold Reserves

• Gold reserves enhance a country’s creditworthiness and play a significant role in international trade and finance.

Top 10 Countries with the Largest Gold Reserves (Q2 2024):

• The United States holds the largest gold reserves, almost equal to the combined total of Germany, Italy, and France.

India’s Position:

• Managed by the Reserve Bank of India (RBI), India has been steadily increasing its gold reserves in 2024:
  • Year-to-date net purchases: 37 tonnes
  • Surpassing annual net purchases from 2022 (33 tonnes) and 2023 (16 tonnes)
• India ranks 8th globally with 840.76 metric tonnes of gold reserves, driven by its position as one of the largest gold markets and rising affluence.

CURRENT AFFAIRS: AWARDS AND HONOURS

IIFA 2024 full list of winners: Shah Rukh Khan and Rani Mukerji bag best actors, Animal wins big

• The International Indian Film Academy (IIFA) 2024 took place in Abu Dhabi, featuring prominent stars from the Hindi film industry, including Shah Rukh Khan, Rani Mukerji, Hema Malini, Rekha, Anil Kapoor, and more.
• Shah Rukh Khan served as a host alongside Vicky Kaushal and Karan Johar, captivating the audience with a lively performance of his hit song “Jhoome Jo Pathaan.”

Major Winners Announced:

• Best Film: Animal by Sandeep Reddy Vanga
• Best Actor: Shah Rukh Khan for Jawan
• Best Actress: Rani Mukerji for Mrs. Chatterjee vs Norway
• Best Director: Vidhu Vinod Chopra for 12th Fail
• Best Supporting Actor: Anil Kapoor for Animal
• Best Supporting Actress: Shabana Azmi for Rocky Aur Rani Kii Prem Kahaani
• Best Actor in a Negative Role: Bobby Deol for Animal
• Best Music: Animal
• Best Lyrics: Siddharth-Garima for Satranga from Animal
• Outstanding Contribution to Indian Cinema: Jayantilal Gada and Hema Malini
• Achievement for 25 Years in Cinema: Karan Johar

Event Overview:

• The celebration commenced on September 27 with IIFA Utsavam, showcasing southern film industries (Tamil, Telugu, Malayalam, and Kannada).
• The festivities continued with prominent attendees including Karan Johar, Rekha, Ananya Panday, Janhvi Kapoor, and Vicky Kaushal.
• The event is set to conclude on September 29 with the exclusive IIFA Rocks, featuring live performances by artists like Honey Singh, Shilpa Rao, and Shankar-Ehsaan-Loy.

CURRENT AFFAIRS : APPOINTMENTS A7 RESIGNATIONS

Justice Manmohan Sworn in as 32nd Chief Justice of Delhi High Court  

• Justice Manmohan, 61 years old, took oath as the 32nd Chief Justice of the Delhi High Court.
• The oath was administered by Lieutenant Governor Vinai Kumar Saxena at the Raj Niwas, the LG’s secretariat.
• He Succeeded Justice Satish Chandra Sharma.
• The ceremony was attended by dignitaries, including Delhi Chief Minister Atishi.
• Justice Manmohan was appointed as the Acting Chief Justice of the Delhi High Court on November 9, 2023, following the elevation of the then Chief Justice Satish Chandra Sharma to the Supreme Court.
• Justice Manmohan is the son of the late Jagmohan, a bureaucrat-turned-politician who served as the Governor of Jammu and Kashmir and the Lieutenant Governor of Delhi.
• Justice Manmohan served as the Acting Chief Justice of the Delhi High Court from November 2023 until his current appointment.

SDGP Nalin Prabhat Appointed as Acting Director General of Police of Jammu and Kashmir Police Effective from October 1st, 2024  

• The Ministry of Home Affairs (MHA) appointed IPS officer Nalin Prabhat as Special Director General Police (SDGP) of the Jammu & Kashmir Police.
• Nalin Prabhat will also assume the role of Director General of Police (DGP) for J&K effective October 1, 2024.
• As DGP, he will be responsible for overseeing police operations and addressing security challenges in Jammu & Kashmir.
• He succeeds R. Swain (IPS), who is set to retire upon reaching superannuation on September 30, 2024.
• Previous Positions: Prabhat has served in several key roles, including:
• Deputy Inspector General, South Kashmir, Operations Range
• Inspector General, Kashmir, Operations Sector, Central Reserve Police Force (CRPF)
• Involved in operations in the Srinagar Sector of CRPF.
• Recognition: He has been commended for his efforts in tackling militancy and has received awards, including:
• Antrik Suraksha Seva Padak
• Police (Special Duty) Medal and Bar in J&K.

Subrata Mondal named as the new Managing Director and CEO of IFFCO Tokio General Insurance

• IFFCO Tokio General Insurance Company Limited (IFFCO Tokio), a general insurer, has appointed a new Managing Director and Chief Executive Officer in Subrata Mondal.
• Mondal has over 36 years of experience in the insurance industry and has been with IFFCO Tokio since 2001.
• Before becoming MD & CEO, he served as Chief Underwriter, overseeing underwriting for various business lines, including property.
• IFFCO Tokio General Insurance is a joint venture between the Indian Farmers Fertilisers Co-operative (IFFCO) and Japan’s Tokio Marine Group, with a shareholding structure of 51:49.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Vistara to Merge with Air India on November 12, 2024 Concluding Nearly a Decade of Operations     

• Vistara will merge with Air India on November 12, 2024 marking the end of Vistara’s nearly decade-long journey.
• The merger date follows the Centre’s approval of Singapore Airlines’ (SIA) ₹2,058 crore investment in the Air India group.

Key Highlights :

• Background: In November 2022, Tata Sons and Singapore Airlines announced plans to integrate Vistara with Air India to enhance operational synergies and increase market share in the rapidly growing Indian aviation sector.
• Stakeholder Information: Post-merger, SIA will retain a 25.1% stake in Air India as part of its multi-hub strategy.
• Fleet Size and Operations: After the merger, the Air India group will operate a combined fleet of 291 aircraft (including Air India, AI Express, and Vistara).
• Service Scope: The group will serve 101 domestic and international destinations with over 8,000 weekly flights.
• Passenger Traffic: Currently, the Air India group carriers serve approximately 1.7 lakh passengers daily.
• Employment: The combined workforce of the group will amount to around 32,000 employees.

About Vistara :

• Founded : 2013 (Commenced Operations : 9 January 2015)
• Headquarters : Gurgaon, Haryana, India
• Chairman : Bhaskar Bhat
• CEO : Vinod Kannan

About Air India :

• Founded : 15 October 1932 (Commenced operations : 29 July 1946)
• Chairman : Natarajan Chandrasekaran
• MD & CEO : Campbell Wilson

CURRENT AFFAIRS : PERSON IN NEWS

Women Navy Officers Lt Cdr Dilna K. and Lt Cdr Roopa Set Sail for Global Circumnavigation Under Navika Sagar Parikrama II  

• Indian Navy is launching the second edition of the Navika Sagar Parikrama expedition, aimed at circumnavigating the globe.
• The expedition will begin on October 2, 2024.
• Participants: Two women officers, Lt Cdr Roopa A from Puducherry and Lt Cdr Dilna K from Calicut, will embark on this historic voyage.
• The officers will sail on the Indian Naval Sailing Vessel (INSV) Tarini, a 55-foot indigenously built sailing vessel inducted into the Navy in February 2017
• The expedition was introduced at a curtain raiser event held on September 23, 2024, presided over by Vice Admiral Krishna Swaminathan, Vice Chief of Naval Staff.
• The expedition is conducted under the aegis of the Indian Naval Sailing Association at Naval Headquarters, New Delhi, and the Ocean Sailing Node, Goa, coordinating with international maritime agencies and authorities.

Voyage Specifications :

• Route and Distance: The voyage will cover over 21,600 nautical miles (approximately 40,000 km) and will take about eight months, relying solely on wind power without external assistance.
• Challenging Waters: The route includes treacherous passages around the three great Capes: Cape Leeuwin, Cape Horn, and the Cape of Good Hope.
• The first edition of Navika Sagar Parikrama occurred from September 2017 to May 2018, with six women officers covering about 22,000 nautical miles and visiting five countries: Australia, New Zealand, Falkland Islands (U.K.), South Africa, and Mauritius.
• The second edition of the expedition will be an exceptional one as they will become the first from India to accomplish such a feat in double-handed mode.
• Previous Achievements: Capt Dilip Donde (Retd.): First Indian to circumnavigate the globe (2009-10).
• Cdr Abhilash Tomy (Retd.): First Asian skipper to participate in two circumnavigations and completed the Golden Globe Race in 2022; he is also the official mentor for the current expedition officers.
• About INSV Tarini : It is a 55-foot sailing vessel, which has been built indigenously, and was inducted into the Navy in February 2017.

About Ministry of Defence :

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

Sunita Williams Assumes Command of the International Space Station for the 2nd Time  

• National Aeronautics and Space Administration (NASA) astronaut Sunita Williams has assumed command of the International Space Station (ISS), marking her second stint as the station’s leader.
• She previously served as commander during Expedition 33 in 2012.

Key Highlights :

• Current Mission Details:Williams, along with fellow astronaut Butch Wilmore, has been aboard the ISS since June 5, 2024, after launching on Boeing’s Starliner spacecraft, which marked its first crewed flight.
• Their mission was initially planned for eight days but has been extended to February 2025 due to technical issues with the Starliner.
• Command Handover:The command was officially transferred to Williams by Russian cosmonaut Oleg Kononenko, who is preparing to return to Earth soon.
• Role and Responsibilities:As the commander, Williams will oversee critical operations and scientific research on the ISS during this extended mission.
• NASA’s Future Plans:NASA is preparing a SpaceX Crew Dragon spacecraft for an early 2025 mission to safely return Williams and Wilmore to Earth.
• Experience and Achievements:Sunita Williams has logged over 322 days in space and holds the record for the most spacewalks by a woman.
• Her expertise and leadership are crucial for navigating the challenges of the extended mission.
• Significance of the Mission:This mission plays a vital role in ongoing research and operations aboard the ISS, contributing to advancements in space exploration.

About NASA :

• Established : July 29, 1958
• Headquarters : Washington, D.C, United States of America
• Administrator : Bill Nelson

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

US Officials Report That China’s Latest Nuclear-Powered Submarine Sank Earlier This Year   

• China’s newest nuclear-powered submarine sank pierside in the spring of 2024.
• The Chinese Navy attempted to conceal the loss of the submarine, which was the first of its new Zhou-class line.
• Submarine Specifications:The Zhou-class submarines feature a distinctive X-shaped stern designed for improved underwater maneuverability.
• The submarine was under construction at a shipyard near Wuhan.
• Satellite Imagery:Satellite images from Maxar Technologies show the submarine docked at the port on March 10 and missing from the pier by June.
• Observations indicated unusual activity at the shipyard, including clustered cranes that suggested alterations were made post-launch.
• Expert Observations:Tom Shugart, a defense expert, noted the submarine’s absence from the shipyard after its expected outfitting period, indicating it may have sunk.
• PLA Navy’s Status:The modernization of the People’s Liberation Army (PLA) Navy is a high priority for China, aiming to create a military comparable to the United States.
• As of 2023, the PLA Navy operates six nuclear-powered ballistic missile submarines and six nuclear-powered attack submarines.
• Comparison with US Navy:The US Navy has a fleet of 53 fast-attack submarines and a total of 71 nuclear-powered submarines.
• The entire US submarine fleet is nuclear-powered, contrasting with China’s mix of nuclear and diesel-powered submarines.
• Fuel Status Unclear: It is uncertain whether the submarine had nuclear fuel loaded at the time of its sinking.
• Defense Industry Concerns:The incident raises questions about the PLA’s internal accountability and oversight of China’s defence industry, which has been criticized for corruption.
• Future Projections:Despite retiring older submarines, China expects to have 65 submarines by 2025 and 80 by 2035, due to increasing submarine construction capacity.
• Military Context:The PLA Navy has the largest number of ships globally, with 370 platforms, while the US Navy has 219 warships.
• The US views China as a long-term strategic competitor.

About China :

• President : Xi Jinping
• Capital : Beijing
• Currency : Renminbi

CURRENT AFFAIRS: SPORTS NEWS

Indian Railways Triumphs Over IOC in 95th MCC-Murugappa Gold Cup Final

• Indian Railways emerged victorious with a 5-3 win over Indian Oil Corporation (IOC) in the final of the 95th MCC-Murugappa Gold All-India Hockey Tournament.
• A large crowd applauded the defending champions, Railways, as they completed a lap of honour after the match.
• Railways dominated the tournament, and in the final, they prevented IOC, which included former Olympians and international players, from gaining control.

Match Summary:

• Railways struggled slightly with penalty corner conversions, converting only 1 out of 9 attempts.
• Despite this, Railways took a commanding lead of 4-2 in the third quarter, making it tough for IOC to catch up.
• IOC’s efforts in attack fell short in the final third, converting only 1 of their 8 penalty corners.

Final Score:

• Indian Railways 5 (Gursahibjit Singh 7’, Simranjot Singh 9’, Yuvraj Walmiki 18’ & 58’, Mukul Sharma 35’)
• IOC 3 (Talwinder Singh 23’, Gujinder Singh 29’, Rajbir Singh 58’)

Indian Shooters Shine at ISSF Junior World Championship, Winning Team Golds in 10m Air Pistol Events

• India secured gold in both men’s and women’s team events in the 10m air pistol category at the ISSF Junior World Championship in Peru.
• The men’s team, comprising Umesh Choudhary, Pradhyumn Singh, and Mukesh Nelavalli, scored 1726 points to finish 10 points ahead of Romania and secure the gold medal. Italy claimed the bronze with a score of 1707.

Individual Performances:

• Umesh Choudhary was penalized two points for reporting late, missing out on a potential individual gold. He finished sixth, while Pradhyumn Singh finished eighth in the individual finals.
• Luca Joldea of Romania won the men’s individual gold, and Chinese Taipei’s Hsieh Hsiang-Chen secured silver.

Women’s Team Victory:

• The women’s team, consisting of Kanishka Dagar, Lakshita, and Anjali Chaudhary, won the gold with a score of 1708, narrowly beating Azerbaijan by one point and Ukraine by four points.

Individual Finals:

• Kanak won a bronze medal in the individual finals, with a score of 217.6, while Kanishka Dagar finished eighth.
• Chinese Taipei’s Chen Yu-Chun clinched the women’s gold, and Slovakia’s Manja Slak took silver.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day of Older Persons 2024: October 1

• The International Day of Older Persons is observed every year on 1st October
• The theme for the 2024 United Nations International Day of Older Persons (UNIDOP) is “Ageing with Dignity: The Importance of Strengthening Care and Support Systems for Older Persons Worldwide”.
• In 1990, the United Nations General Assembly adopted resolution 45/106 and declared October 1 as the International Day of Older Persons.
• This day was first observed on October 1, 1991.
• In 1982, the World Assembly on Ageing adopted the Vienna International Plan of Action on Ageing to initiate the International Day of Older Persons.

World Vegetarian Day 2024: October 1

• World Vegetarian Day is observed on the 1st of October of every year.
• In 1977, the North American Vegetarian Society (NAVS) founded World Vegetarian Day.
• In 1978, the International Vegetarian Union endorsed the World Vegetarian Day.
• According to the North American Vegetarian Society, World Vegetarian Day was observed in order to create some awareness about the health, humanitarian, and ethical of a vegetarian lifestyle.
• World Vegetarian Day aims to promote life-enhancing possibilities and the joy of eating vegetarian dishes.

International Coffee Day 2024: October 1

• The International Coffee Day is observed on 1st October of every year.
• The International Coffee Organisation first declared the International Coffee Day.
• The International Coffee Organisation was started in the year of 1963.
• This day was launched in Milan.
• In 1977, the International Coffee Association celebrated International Coffee Day in China.
• The United States declared the National Coffee Day in the year of 2005.
• Similarly different countries celebrated Coffee Day on different dates.
• So in 2015, the International Coffee Organisation officially announced that International Coffee Day is celebrated on October 1.

Daily CA One-Liner: October 1

• Prime Minister Narendra Modi inaugurated several significant projects in Maharashtra via video conferencing on Sunday, including the first phase of the Pune Metro and the upgraded Solapur Airport.
• The government intends to introduce three bills aimed at facilitating simultaneous elections across the country.
• The Ministry of Statistics and Programme Implementation (MoSPI) will publish GDP growth data with a new base year of 2022-23 by February 2026.
• Price Surge: In 2024, gold prices have surged by nearly 20% due to significant purchases by central banks, rising consumer demand, and increased interest in safe-haven assets amid geopolitical uncertainties
• The International Indian Film Academy (IIFA) 2024 took place in Abu Dhabi, featuring prominent stars from the Hindi film industry, including Shah Rukh Khan, Rani Mukerji, Hema Malini, Rekha, Anil Kapoor, and more
• Indian Railways emerged victorious with a 5-3 win over Indian Oil Corporation (IOC) in the final of the 95th MCC-Murugappa Gold All-India Hockey Tournament.
• India secured gold in both men’s and women’s team events in the 10m air pistol category at the ISSF Junior World Championship in Peru
• Amid concerns about rising investor trading in the Futures & Options (F&O) segment, the new securities transaction tax (STT) levied on the sale of futures and options contracts will kick in from October 1, 2024.
• As of September 20, 2024, India’s foreign exchange reserves reached a record high of $692.3 billion, marking the sixth consecutive week of increases.
• The North Atlantic Treaty Organisation (NATO) will set up a new land command in eastern Finland, near the Russian border, in 2025.
• The Telangana government has set in motion ‘Telangana Darshini’, a scheme aimed at providing students with an immersive learning experience outside the classroom.
• Justice Manmohan, 61 years old, took oath as the 32nd Chief Justice of the Delhi High Court.
• The Ministry of Home Affairs (MHA) appointed IPS officer Nalin Prabhat as Special Director General Police (SDGP) of the Jammu & Kashmir Police.
• IFFCO Tokio General Insurance Company Limited (IFFCO Tokio), a general insurer, has a new Managing Director and Chief Executive Officer in Subrata Mondal.
• Vistara will merge with Air India on November 12, 2024, marking the end of Vistara’s nearly decade-long journey.
• The Indian Navy is launching the second edition of the Navika Sagar Parikrama expedition, aimed at circumnavigating the globe.
• National Aeronautics and Space Administration (NASA) astronaut Sunita Williams has assumed command of the International Space Station (ISS), marking her second stint as the station’s leader.
• China’s newest nuclear-powered submarine sank pierside in the spring of 2024.
• The International Day of Older Persons is observed every year on 1st October
• World Vegetarian Day is observed on the 1st of October of every year
• The International Coffee Day is observed on 1st October of every year.

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