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CURRENT AFFAIRS: BANKING & FINANCE

Securities and Exchange Board of India mandates mutual funds to utilise New Fund Offers proceeds within 30 days of allotment

• The Securities and Exchange Board of India (SEBI) aims to improve the deployment of funds raised by asset management companies (AMCs) during New Fund Offers (NFOs) to ensure timely investment and protect investor interests.

Key Highlights :

• Deployment Timeline: AMCs are required to deploy funds raised through NFOs within 30 business days of allotment.
• Consequences of Non-Compliance:If AMCs do not meet the 30-day deadline without requesting an extension, they will be barred from launching new schemes until the funds are deployed.
• AMCs will not be allowed to impose exit loads on investors who withdraw their investments after a 60-day grace period.
• Current Regulations: While AMCs must launch a scheme within six months of receiving final observations from SEBI, there are currently no specific regulations mandating the speed of fund deployment.
• Past Performance: Data from the past three financial years shows that while many NFOs deploy funds efficiently, some schemes took over 90 days for fund allocation.
• Out of 647 NFOs, 603 completed asset allocation within 30 days or less.
• Market Volatility Consideration: The consultation paper acknowledges that market volatility and the size of the funds collected can affect deployment timelines but emphasizes that funds should not be retained indefinitely without investment.
• Investor Protection Focus: The proposed regulations are intended to create clearer timelines for fund deployment, thus safeguarding the interests of investors in the mutual fund industry.

About SEBI :

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

Reserve Bank of India Innovation Hub Launches MuleHunter Artificial Intelligence to Aid Banks in Detecting Fraudulent Mule Accounts

• The Reserve Bank of India Innovation Hub (RBIH) has created an artificial intelligence and machine learning (AI/ML) model named MuleHunter AI aimed at detecting mule accounts for banks and financial institutions.
• The rise of fraud through mule accounts has raised concerns within the financial ecosystem, prompting the need for effective detection mechanisms.
• The MuleHunter AI model and its applications were presented at the Global Fintech Fest in August, highlighting its relevance and utility in the fintech space.
• Definition of Mule Accounts: Mule accounts are accounts that are created by one individual but operated by another, often utilised for illicit activities such as money laundering and tax evasion.

Key Highlights :

• Legal Implications: The operation of mule accounts violates various regulations and can lead to prosecution under the Prevention of Money Laundering Act (PMLA).
• These accounts are also illegal under tax laws, and their usage is prohibited by both the Securities and Exchange Board of India (SEBI) and RBI regulations.
• Functionality of MuleHunter AI: When deployed in financial institutions, MuleHunter AI assists in identifying and detecting the presence of mule accounts, enhancing the overall security and integrity of banking operations.
• Innovation Focus: RBIH aims to foster innovation within the financial sector, and the development of MuleHunter AI is part of its broader initiative to enhance technological solutions in banking.

Reserve Bank of India announces 7.53% interest rate on GOI Floating Rate Bond 2034 for the next six months

• The rate of interest on the Government of India Floating Rate Bond 2034 (GOI FRB 2034) applicable for the half year October 30, 2024 to April 29, 2025 shall be 7.53% per annum.

About RBI Floating Rate Savings Bonds :

• The RBI Floating Rate Savings Bonds are a type of government bond that offers a floating interest rate.
• RBI Floating Rate Savings Bonds have a seven-year lock-in period.
• Premature withdrawal is generally not allowed, except for senior citizens who can withdraw early with a penalty after a minimum lock-in period.

Age-Based Lock-in Variations:

• For individuals aged 60 to 70 years: Lock-in period is six years.
• For individuals aged 70 to 80 years: Lock-in period is five years.
• For individuals over 80 years: Lock-in period is four years.
• Interest Rate Reset: The interest rate on the bonds is reset biannually.
• Minimum Subscription: The minimum subscription amount is ₹1,000, with subsequent investments in multiples of ₹1,000.
• No Maximum Limit: There is no upper limit on the total investment amount in these bonds.
• Sovereign Guarantee: The bonds are issued by the RBI and are backed by a sovereign guarantee, making them a safe investment.
• Interest Rate Benchmark: The interest rate on the RBI Floating Rate Savings Bonds is linked to the interest rate of the National Savings Certificate (NSC) and is set at 0.35% higher than the NSC rate.

Reserve Bank of India Releases 43rd Half-Yearly Report on Foreign Exchange Reserves as of September 2024

• The Reserve Bank of India (RBI) has released the 43rd half-yearly report on management of foreign exchange reserves with reference to end-September 2024.

Key Highlights :

• Reserve Growth: Forex reserves increased from $646.42 billion at the end of March 2024 to $705.78 billion by the end of September 2024.
• Foreign Currency Assets (FCA) : The biggest contributor to India’s Forex reserves is foreign currency assets, followed by gold.
• FCA : FCA is maintained as a multi-currency portfolio comprising major currencies, such as, US dollar, Euro, Pound sterling, Japanese yen, etc. and are valued in terms of US dollars.
• FCA excludes (a) investment in bonds issued by IIFC (UK) (b) SDR holdings of the Reserve Bank, which is included under SDR and (c) amount lent under SAARC and ACU Currency Swap Arrangements.
• SDR (Special Drawing Rights): Values in SDR million have been indicated in parentheses.
• RTP refers to the Reserve Tranche Position in the International Monetary Fund (IMF).
• Current Forex Reserves : According to the report, the position of foreign exchange reserve as on October 18, 2024, India is having a total 688.27 billion US dollars Foreign Exchange Reserves.
• Transparency Initiative : In February 2004, the Reserve Bank had started a process of compiling half yearly reports and placing it in public domain for bringing about more transparency and enhancing the level of disclosure in relation to management of the country’s foreign exchange reserves.
• Gold Reserves: As of end-September 2024, India held 854.73 metric tonnes of gold:
• 46 Metric Tonnes (MT) domestically.
• 01 MT stored with the Bank of England and Bank for International Settlements (BIS).
• 26 MT as gold deposits.
• In value terms (USD), the share of gold in the total foreign exchange reserves increased from 8.15% at end-March 2024 to about 9.32% at end-September 2024.

About Foreign Exchange Reserves :

• Foreign Exchange Reserves (Forex Reserves) are reserve assets held by a central bank in foreign currencies, including currencies, bonds, treasury bills, and government securities.
• The Reserve Bank of India (RBI) manages India’s foreign exchange reserves.
• The Reserve Bank has the mandate to invest up to USD 5 billion in the bonds issued by the India Infrastructure Finance Company (UK) Limited.
• As at the end of September 2024, the amount invested in such bonds stood at USD 720 million.

Reserve Bank of India mandates Non-Banking Finance Companies to ensure a minimum of 25% funding from capital market sources

• The Reserve Bank of India (RBI) has mandated that upper-layer Non-Banking Financial Companies (NBFCs) must secure a minimum of 25% of their total borrowings from capital market instruments.
• This includes instruments like:
• Commercial Papers (CPs)
• Non-Convertible Debentures (NCDs)
• External Commercial Borrowings (ECBs)

Key Highlights :

• Increased Risk Weight on Bank Loans to NBFCs: In November,2023 RBI raised the risk weight on bank loans to NBFCs by 25% above the standard risk weight based on external ratings when the latter falls below 100%. This adjustment resulted in a noticeable slowdown in bank lending to NBFCs.
• Decline in Bank Loans to NBFCs: According to RBI’s sectoral credit deployment data as of August 23, 2024:
• Bank loans to NBFCs grew by 12% year-on-year (₹15.22 lakh crore).
• This growth rate was significantly lower compared to the 21% year-on-year growth seen in the same period in the previous year.
• Lenders’ Proposal to Cap Bank Loans to NBFCs: Banks, including the State Bank of India (SBI), are in discussions with RBI to limit the number of banks an NBFC can borrow from to improve monitoring of NBFC portfolios. Currently, some NBFCs are linked to over 40 banks for their loans.
• Issuances of CPs and NCDs have increased to adjust the borrowing mix away from bank loans.
• Trend of Decreasing Bank Loan Dependency: Top NBFCs like Bajaj Finance, Aditya Birla Capital, and L&T Finance have reduced their reliance on bank loans, reflecting a shift in borrowing sources and strategies across the NBFC sector.

Reserve Bank of India establishes a net worth requirement of ₹300 crore for central counterparty authorization

• The Reserve Bank of India (RBI) has updated the criteria for Central Counterparties (CCPs) as of June 2019.
• Definition of CCP: A Central Counterparty (CCP) is a system provider that uses novation to act as an intermediary between participants in transactions accepted for settlement.
• It acts as the buyer to every seller and the seller to every buyer, facilitating the settlement of their transactions.

Key Highlights :

• Submission of Financials : According to the revised directions, every authorised CCP has to submit an audited net-worth certificate at the close of the financial year from the statutory auditor within six months of the closure of the financial year.
• Company Structure: Authorized CCPs must be public companies limited by shares.
• Regulatory Compliance : Every authorised CCP should constitute a regulatory compliance committee chaired by an independent director.
• Board Composition: The Board of an authorized CCP must include:
• Nominee Directors
• Independent Directors
• Managing Director
• Additional Directors as notified by RBI
• Restrictions on Foreign Investors: No foreign institutional investor can have representation on the Board of an authorized CCP.
• Quorum for Board Meetings: The quorum for a meeting of the Board of Directors of the CCP shall be one-third of its total strength or three Directors, whichever is higher. At least half of the directors attending the meetings of the Board shall be Independent Directors.
• Share Transfer Restrictions : No person shall transfer / divest / sell / buy equity shares of an authorised CCP without prior approval of RBI –
• If the transfer of shares is equal to or more than 5% of the shares of the CCP or where the acquisition of shares and cumulative shareholding reaches 5% or more.
• Authorised CCP shall inform RBI about the transfer or divestment within 15 calendar days of approval of transfer or divestment of equity shares by its Board.
• Foreign CCP Recognition : A foreign CCP may apply to the RBI for approval as a recognised CCP for its operations including clearing and settlement in India.
• Application Process : An application shall be made in such form and manner as prescribed under Payment and Settlement Systems Regulations, 2008 and accompanied by such fee as prescribed by the RBI.
• Applicable Legislation : These directions shall apply to a domestic central counterparty authorised to operate in India under Payment and Settlement Systems Act, 2007 (Act 51 of 2007) and foreign CCPs recognised by the Reserve Bank of India (RBI) under Payment and Settlement Systems Act, 2007 for their operations including clearing and settlement in India.

CURRENT AFFAIRS: NATIONAL NEWS

ED Issues Guidelines for Recording Statements Under Section 50 of PMLA

• The Enforcement Directorate (ED) has issued detailed internal guidelines for its officers on recording statements under Section 50 of the Prevention of Money Laundering Act (PMLA), emphasizing procedural improvements and humane working hours.
• This directive follows a Bombay High Court ruling in the case of Ram Kotumal Issrani vs the Directorate of Enforcement that urged the ED to establish timing protocols for recording statements.

Key Highlights

• Timing Protocol: The guidelines stress that officers should aim to record statements during regular office hours rather than late at night. This aims to ensure better working conditions and convenience for the individuals involved.
• Preparation Requirements: ED officers are instructed to be well-prepared with necessary documents and questionnaires before the interview, minimizing delays. The guidelines specify that officers should avoid keeping individuals waiting and adhere to the scheduled time.
• Expedited Examination: Given the nature of money laundering, where there is a high risk of dissipation or concealment of crime proceeds and destruction of digital evidence, officers are encouraged to complete the examination within a day or two to prevent any tampering with evidence.
• Extended Hours in Exceptional Cases: In exceptional situations, where there is credible information that a person may try to dissipate or hide proceeds of crime, officers are permitted to extend hours beyond office timing. However, they must document the reason and obtain approval from a deputy, joint, or additional director.

Power Ministry Proposes 15-Year PPA for Renewable Energy Projects with Energy Storage Systems

• The Ministry of Power has issued draft guidelines for a 15-year Power Purchase Agreement (PPA) through Tariff-Based Competitive Bidding (TBCB) to procure firm and dispatchable power from grid-connected renewable energy (RE) projects with Energy Storage Systems (ESS).
• The amendments aim to ensure consistent, on-demand power supply from renewable sources, supplemented by storage to enhance grid reliability.

Key Proposal Highlights

1. PPA Duration:
   • Standard 15-Year PPA: The proposed agreement duration is 15 years, effective from the scheduled or extended commencement-of-supply date.
   • Option for Longer PPA: The guidelines allow for PPAs up to 25 years, if specified in the Request for Selection (RfS) document.
   • Post-PPA Operation: Developers may continue to operate, upgrade, or repower their plants at their expense after the PPA term and participate in future bidding for any available capacity.
2. Enhanced Monitoring Requirements:
   • Automatic Weather Stations (AWS): Developers must install GPS-enabled AWS in line with technical standards from central agencies to ensure precise data availability, essential for grid management.
   • Cybersecurity Compliance: Compliance with cybersecurity regulations and government-issued directives is mandatory for all developers to safeguard against potential cyber threats.
3. Performance Security Mechanisms:
   • Earnest Money Deposit (EMD) and Performance Bank Guarantee (PBG): To secure performance, the Ministry suggests Insurance Surety Bonds as an alternative to bank guarantees. These would function similarly to unconditional bank guarantees.
   • PBG Encashment: Should a developer default, the PBG can be encashed to cover damages or dues, credited to the Payment Security Fund maintained by the procuring entity.
   • Return of PBG: The PBG will be returned within 45 days after the actual supply commencement date or partially released for partial capacity commencements.

PM Modi Criticizes Delhi and West Bengal for Excluding Citizens from Ayushman Bharat Scheme

• Prime Minister Narendra Modi criticized the Delhi and West Bengal governments for not implementing the Ayushman Bharat health insurance scheme, a flagship initiative providing free healthcare coverage.
• He described this move as a “political decision” that deprives senior citizens aged 70 and above in these states of essential health benefits.

Key Highlights of the Speech:

1. Ayushman Bharat Scheme:
   • PM Modi highlighted the scheme’s aim to offer free healthcare access to elderly citizens but noted that political hurdles in Delhi and West Bengal have left residents there without coverage.
   • He described the decision by these states as “selfish” and lacking in concern for humanity, emphasizing the adverse impact on vulnerable elderly populations.
2. Healthcare Initiatives:
   • Affordable Medicines: Modi spotlighted the role of 14,000 Jan Aushadhi Kendras in reducing medical expenses, saving citizens up to Rs 30,000 crore.
   • Mission Indradhanush: The immunization program has been effective in protecting pregnant women and newborns from severe illnesses, enhancing maternal and child health across the country.
   • Ayushman Arogya Mandirs: Over 2 lakh health facilities have been set up for early diagnosis of diseases like cancer, aiming for proactive healthcare.
3. Digital Health Platforms:
   • Modi introduced U-WIN, a new digital health platform that builds on the success of COWIN (COVID-19 vaccine platform) and UPI, India’s renowned digital payment system.
   • This platform is designed to facilitate easy access to healthcare services and maintain a digital health record system for citizens.
4. Expansion of Medical Education:
   • PM Modi highlighted the increase in medical seats to 1.08 lakh, with plans to add 75,000 more to address rising healthcare needs.
   • New AIIMS and medical colleges are being established nationwide, with ESIC hospitals planned for Meerut and Haryana to strengthen healthcare infrastructure.

PM Modi Inaugurates ₹280 Crore Development Projects in Ekta Nagar, Gujarat

• Prime Minister Narendra Modi inaugurated and laid the foundation stone for over ₹280 crore worth of projects in Ekta Nagar, Gujarat, focusing on tourism, accessibility, and sustainability in the region.

Key Highlights of PM Modi’s Visit:

1. Infrastructure and Development Initiatives:
   • Projects aim to boost tourism and improve infrastructure in Ekta Nagar, enhancing its appeal as a destination and aligning with regional development goals.
   • The projects emphasize sustainability and accessibility, supporting Gujarat’s economic and social development.
2. Address to Officer Trainees of Aarambh 6.0:
   • PM Modi addressed 653 Officer Trainees from 16 Indian civil services and three Bhutanese civil services, part of the 99th Common Foundation Course.
   • The theme for the training, “Roadmap for Aatmanirbhar and Viksit Bharat,” underscores the vision of a self-reliant and developed India.
3. Rashtriya Ekta Diwas Celebrations:
   • On Thursday, PM Modi will commemorate Rashtriya Ekta Diwas (National Unity Day), honoring the birth anniversary of Sardar Vallabhbhai Patel, the Iron Man of India.
   • The day’s events will include floral tributes to Patel and the Ekta Diwas pledge, celebrating India’s unity.
4. Ekta Diwas Parade:
   • The parade will feature 16 marching contingents from nine states and one Union Territory, with units from four Central Armed Police Forces, NCC cadets, and a ceremonial band.
   • Special attractions include:
     • Hell March by NSG (National Security Guard)
     • Daredevil biker show by BSF (Border Security Force) and CRPF (Central Reserve Police Force)
     • Indian martial arts demonstration by BSF
     • Piped band performance by schoolchildren
     • Flypast by the Indian Air Force’s Surya Kiran aerobatic team.

Union Home Minister Amit Shah Launches Civil Registration System Mobile App

• Amit Shah, India’s Union Home Minister, unveiled a new mobile application designed to facilitate the registration of birth and death, making the process seamless and hassle-free.
• This initiative is part of the Digital India vision spearheaded by Prime Minister Narendra Modi to integrate technology into governance.

Key Highlights:

• Mobile Application Launch:
  • The Civil Registration System (CRS) mobile app, developed by the Registrar General and Census Commissioner of India, aims to significantly reduce the time needed for birth and death registrations.
  • Citizens can now register these vital events anytime and from anywhere, in their state’s official language.
• Inauguration Details:
  • Amit Shah also unveiled a statue of Sardar Vallabhbhai Patel at the Janganana Bhawan, the office of the Registrar General and Census Commissioner.
  • The launch coincides with the upcoming birth anniversary of Sardar Patel, India’s first home minister, celebrated on October 31.
• Run for Unity:
  • Shah flagged off the ‘Run for Unity’ event, emphasizing the importance of Sardar Patel’s contributions to India’s unity and integrity.
  • He noted that this year’s celebrations are held two days early due to Deepawali falling on October 31.

Sardar Vallabhbhai Patel’s Legacy:

• National Unity Day:
  • The Modi government has observed October 31 as ‘Rashtriya Ekta Diwas’ (National Unity Day) since 2014, reinforcing its commitment to national unity and security.
• Contribution to Indian Unity:
  • Sardar Patel is celebrated for his role in the merger of over 550 princely states into the Union of India, and his statue is a symbol of struggle and dedication to democratic values.
• 150th Birth Anniversary Commemoration:
  • Shah announced plans for a two-year nationwide program from 2024 to 2026 to honour Sardar Patel’s monumental contributions, commemorating his 150th birth anniversary.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Brazil joins India as the second BRICS nation to refrain from participating in China’s Belt and Road Initiative (BRI)

• Brazil has opted not to join China’s Belt and Road Initiative (BRI), becoming the second BRICS country, after India, to reject the mega project.
• President Lula da Silva’s administration, represented by Special Adviser Celso Amorim, stated that Brazil will explore alternative collaborations with Chinese investors without signing an accession contract to the BRI.

Key Highlights :

• Contradiction to Chinese Plans: Brazil’s decision contradicts China’s intention to highlight the country’s participation in the BRI during President Xi Jinping’s upcoming state visit to Brazil on November 20.
• Brazil’s Strategic Considerations: The Brazilian government believes that joining the BRI would not yield immediate benefits and could complicate future relations with potential U.S. administrations.
• Historical Context: India was the first BRICS nation to express reservations about the BRI, citing concerns over sovereignty, particularly regarding the China-Pakistan Economic Corridor (CPEC), which runs through Pakistan-occupied Kashmir.
• Global Criticism of BRI: The BRI has faced criticism globally for creating debt traps in smaller countries, as seen in Sri Lanka with the Hambantota port lease.
• Diplomatic Stance: India has maintained a consistent opposition to the BRI in various international forums, including BRICS and the Shanghai Cooperation Organisation (SCO).
• S. Position: U.S. Trade Representative Katherine Tai has advised Brazil to assess the BRI proposal critically, which drew a negative response from the Chinese embassy in Brazil.
• Editorial Response: The Chinese state-run Global Times criticised U.S. remarks, asserting that cooperation between China and Brazil is essential for a just and equitable international economic order.
• BRICS Membership Expansion: BRICS originally included Brazil, Russia, India, China, and South Africa, with Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE recently admitted as new members.

Arya.ag secures $19.8 million investment from the US International Development Finance Corporation

• Arya.ag, a grain commerce platform, has secured $19.8 million from the US International Development Finance Corporation (DFC) to guarantee a debt facility for its agri-commerce subsidiary, Aryatech.
• These funds will be utilised to connect farmers and Farmer Producer Organizations (FPOs) with buyers across the country, ensuring payment security, transaction transparency, and improved market access.
• ag previously raised $29 million in an equity round last quarter, indicating strong investor interest in the agritech sector.
• The facility will enable us to connect more farmers and FPOs to buyers much beyond their existing networks, creating a more efficient and inclusive agricultural marketplace

About Arya.ag :

• Founded : 2013
• Co-founder and CEO : Prasanna Rao
• ag is an agri-commerce platform that connects sellers and buyers of agriproducts to facilitate and streamline commerce, driving efficiencies and reducing waste to benefit the entire market.
• It integrates warehouse discovery, farmgate-level storage, finance, and market linkages, providing a comprehensive solution across the value chain by bridging the trust gap at each step.
• The platform reported a profit before tax of ₹22 crore in FY24.

CURRENT AFFAIRS : STATE NEWS

Andhra Pradesh Chief Minister Chandrababu Naidu Introduces Deepam 2.0 Scheme, Offers Free LPG Cylinders to Eligible Households

• Andhra Pradesh (AP) Chief Minister (CM) N. Chandrababu Naidu launched the Deepam 2.0 scheme, providing three free LPG cylinders annually to eligible families, as part of the NDA government’s “Super Six” election promises.
• The scheme was officially launched in Eedupuram, Srikakulam district.
• The scheme aligns with the NDA government’s election promise to support women. Self-help groups (SHGs) will also be strengthened, aiming to empower more women as entrepreneurs.

Key Highlights :

• Financial Commitment: The scheme is expected to cost the state ₹2,684 crore per year.
• Beneficiaries will receive ₹876 (excluding the central subsidy of ₹25) credited to their personal accounts within 48 hours of purchasing each cylinder.
• Pension Scheme: The state government increased welfare pensions, benefiting 64 lakh pensioners. Beneficiaries have the option to withdraw their pensions once every three months.
• Execution and Subsidy: The state handed over the subsidy amount to Bharat Petroleum, Hindustan Petroleum, and Indian Oil Corporation representatives for scheme implementation.
• Government Commitment: Despite financial challenges, the NDA government aims to fulfil election promises, highlighting its focus on social welfare.
• Launch Event: The scheme launch was attended by Civil Aviation Minister K. Rammohan Naidu and State Ministers K. Atchennaidu, Nadendla Manohar, and Kondapalli Srinivas.

About AP :

• Governor : Syed Abdul Nazeer
• Chief Minister : N. Chandrababu Naidu
• Capital :Amaravati
• National Park : Papikonda National Park, Rajiv Gandhi (Rameswaram) National Park
• Wildlife Sanctuaries : Coringa Wildlife Sanctuary, Gundla Brahmeswaram Wildlife Sanctuary, Pulicat Lake Wildlife Sanctuary (BS)

Himachal Pradesh Allocates ₹1 Crore for Establishing Model Health Institutes Throughout the State

• Himachal Pradesh (HP) government has allocated ₹1 crore per assembly constituency to upgrade one health institute in each of the 68 constituencies to a model health institute.
• Purpose of Funds: The funds will be utilized to purchase essential machinery and equipment necessary for improving healthcare services at these institutes.

Key Highlights :

• Mobile Clinic Initiative: Chief Minister Sukhvinder Singh Sukhu launched a mobile clinic bus service by the Tong-Len Charitable Trust based in Dharamshala, aimed at providing free medical tests and first-aid to 20,000 people.
• Services Offered by Mobile Clinic: The mobile clinic is equipped to perform various tests, including kidney, liver, tuberculosis, diabetes, hormone-related blood tests, X-rays, ECG, and semen tests, all provided at no cost to patients.
• Telemedicine Plans: The mobile clinic plans to introduce telemedicine services soon, enhancing access to healthcare for remote populations.
• Emergency Medicine Development: The government is working on developing emergency medicine departments in casualty units at colleges across the state.
• Cancer Care Initiatives: In response to an increasing number of cancer patients, the government is establishing advanced cancer institutes to provide state-of-the-art treatment.
• Free Medicines and Treatment: The government has decided to offer free medicines and treatment facilities for cancer patients at government hospitals, adding 42 cancer medicines to the essential medicine list.

About HP :

• Governor : Shiv Pratap Shukla
• Chief Minister : Sukhvinder Singh Sukhu
• National Park : Great Himalayan National Park, Inderkilla National Park, Pin Valley National Park, Khirganga National Park
• Wildlife Sanctuaries : Chandratal Wildlife Sanctuary (Ramsar Site), Dhauladhar Wildlife Sanctuary

Karnataka government launches two major flagship programs for start-ups

• The Karnataka government, through its Department of Electronics, IT, and Biotechnology (Bt), has launched two flagship start-up programs: ELEVATE 2024 and the Karnataka Accelerator Network (KAN).
• Goal: The state aims to position itself among the top three global start-up ecosystems, leveraging programs like ELEVATE and KAN.

Key Highlights :

• ELEVATE 2024 Program:Objective: To support early-stage start-ups with grants and incubation.
• Grant Amount: Provides grants up to ₹50 lakh per start-up.
• Additional Benefits: Includes incubation, mentorship, access to venture capital networks, and various incentives under the Karnataka Startup Policy 2022-27 (e.g., reimbursements for Patent Costs, Marketing Costs, GST, and Quality Certification Costs).
• Target Technologies: Encourages start-ups in DeepTech, AI, ML, Robotics, Blockchain, 5G, IoT, SpaceTech, and Cybersecurity to apply.
• Reach: Expected to benefit 302 start-ups across six cohorts over three years.
• Karnataka Accelerator Network (KAN):Objective: Aims to support growth-stage start-ups with mentorship, market access, and funding.
• Focus Area: Especially focuses on start-ups in regions outside Bengaluru.
• Partners: Key accelerators from Bengaluru (DERBI, GINSERV, Jain Launchpad) and incubators from other regions (e.g., SJCE-STEP in Mysuru, SHINE Foundation in Mangaluru, and UAS in Dharwad) will support start-ups.
• Implementation Partner: KDEM (Karnataka Digital Economy Mission) is the implementation partner for setting up the KAN program.
• ELEVATE’s Track Record:Since its inception in 2016, ELEVATE has funded 983 start-ups with a committed grant amount of ₹224.06 crore.
• Application Window: The application period for ELEVATE 2024 is open from October 29 to November 29, 2024.
• Karnataka’s Start-up Ecosystem: Karnataka ranks high in fostering start-ups with Bengaluru being home to 45 unicorns valued at a combined $161 billion.

About Karnataka :

• Governor : Thawar Chand Gehlot
• Chief Minister : Siddaramaiah
• Capital : Bangalore
• National Park : Bannerghatta National Park, Bandipur National Park, Nagarhole National Park, Kudremukh National Park
• Wildlife sanctuaries : Dandeli Wildlife Sanctuary, Pushpagiri Wildlife Sanctuary, Bhimgad Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

UPL Ltd. Recognized as Top Patent Cooperation Treaty (PCT) Applicant in Indian Agrochemical Research

• UPL Ltd., a leading provider of sustainable agricultural solutions, has been honored as the top PCT applicant in agrochemical research among Indian Science and Technology clusters.
• This recognition comes from the Global Innovation Index (GII) 2024, which ranks global economies based on their innovation capabilities, highlighting key science and technology hubs.

Key Highlights:

1. Top PCT Applicant in Indian S&T Clusters:
   • UPL Ltd. achieved the highest PCT applications in agrochemical research within Indian S&T clusters, showcasing its commitment to sustainable agriculture.
   • This recognition by GII 2024 reflects UPL’s leadership in innovation, aligning with India’s rising global position in science and technology.
2. Statement from Dr. Vishal Sodha:
   • Dr. Vishal Sodha, UPL’s Global IP Head, expressed gratitude, noting that innovation is central to UPL’s approach in addressing agricultural challenges.
   • He highlighted the contributions of UPL’s scientific community and Intellectual Property (IP) team, which play a vital role in developing and safeguarding sustainable agricultural solutions.
3. Global Innovation Index (GII) 2024:
   • GII 2024 evaluated 133 economies, with a focus on regional science and technology ecosystems. Metrics include R&D efforts, technology adoption, and patents filed.
   • Four Indian clusters—Bengaluru, Delhi, Chennai, and Mumbai—ranked among the top 100 S&T clusters globally.
4. India’s Rise in Global Innovation:
   • India’s innovation ranking has surged from 66th place in 2013 to 39th in 2024, underscoring its growing prominence in global innovation.
   • India’s PCT applications have increased by 44.6%, a testament to the country’s leadership and commitment to advancing its innovation ecosystem.

TruAlt Bioenergy Secures Major Ethanol Contract to Support India’s Ethanol Blending Program

• TruAlt Bioenergy has recently secured a substantial contract to supply 300 million liters of ethanol to Oil Marketing Companies (OMCs) as part of the 2024-25 Ethanol Supply Year (ESY).
• This move supports the Ethanol Blending Program (EBP), aiming to achieve India’s target of 20% ethanol blending in petrol.
• In addition to this contract, TruAlt Bioenergy has secured 65 million liters of ethanol orders from private sector clients and 50 million liters of Extra Neutral Alcohol (ENA) for diverse industries.

Key Insights

1. Contributing to Ethanol Blending Goals:
   • The company aims to make a significant contribution to the 20% blending target through this tender and support further advancements beyond this milestone. This initiative is part of India’s roadmap for enhancing energy security and reducing carbon emissions.
2. Wider Industry Demand:
   • In Cycle 1 of ESY 2024-25, OMCs allocated around 837 crore liters of ethanol, out of 970 crore liters offered by manufacturers. This allocation is part of the government’s ongoing efforts to support domestic ethanol production and distribution.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Spain and India Strengthen Ties with Strategic Focus on Renewable Energy and Infrastructure

• In a landmark visit, Spain’s President E. Pedro Sánchez, the first Spanish President to visit India in 18 years, expressed robust support for expanding collaborations to align with India’s renewable energy goals and infrastructure ambitions at the Spain-India Business Summit organised by the Confederation of Indian Industry (CII).

Key Highlights

1. Renewable Energy Collaboration:
   • Sánchez emphasized Spain’s expertise in renewable energy, particularly in solar and wind power, as a critical resource to support India’s target of generating 500 gigawatts of renewable energy by 2030.
   • He stated, “Spain is a world leader in clean energy. Our expertise can significantly contribute to India’s green transition and energy security, combining Spanish innovation with India’s vast potential for a positive impact on the global economy and environment.”
2. Synergy in Green Mobility:
   • Nitin Gadkari, India’s Minister of Road Transport and Highways, highlighted the alignment between India’s carbon-neutral goals for 2070 and Spain’s clean energy capabilities.
   • He noted that joint ventures could reduce production costs and increase competitiveness in global markets, with government backing for fostering these collaborations.
3. Infrastructure Development:
   • The summit spotlighted Spain’s advanced infrastructure technology, particularly in railway and subway systems, as essential support for India’s expanding urban projects.
   • CII’s Chandrajit Banerjee reinforced this, advocating for partnerships in urban infrastructure, artificial intelligence, defense, and green technology.
4. Industry Leaders on Technology Transfer:
   • Tata Chemicals’ CEO, R Mukundan, noted that Spanish partnerships bring value through technology transfer and setting new quality standards. He pointed out that India’s rapidly growing market, with 10-20 million new consumers annually, offers Spanish firms unique opportunities to scale globally.
   • Larsen & Toubro’s Chairman S N Subrahmanyan praised Spanish companies for their willingness to share core technology, aligning with India’s Aatmanirbhar (self-reliant) initiative.

GST Network Implements Three-Year Limit for Filing Returns

• The Goods and Services Tax Network (GSTN) announced that starting early next year(2025), GST taxpayers can no longer file their monthly and annual GST returns after three years from the original filing due date.
• This change aims to enhance compliance and ensure timely reporting.

Key Details:

• Time Limitation: GST outward supply returns, returns related to payment of liability, annual returns, and tax collected at source will become time-barred three years after their respective due dates.
• Implementation Timeline: These changes will take effect on the GST portal from early 2025.

Advisory for Taxpayers:

In light of this update, GSTN has advised taxpayers to reconcile their records and file any pending GST returns as soon as possible. This proactive approach is essential to avoid complications in the future.

Adani Enterprises Cancels Demerger of Food FMCG Business

• Adani Enterprises has officially cancelled its plans to demerge its food fast-moving consumer goods (FMCG) business to Adani Wilmar.
• This decision follows a strategic review to comply with minimum public shareholding (MPS) requirements.

Key Details:

• Demerger Plan Background: The demerger, initially announced on August 1, 2024, was intended to allow Adani group promoters to consolidate control over Adani Wilmar by integrating the food FMCG business directly under their purview. Adani Enterprises holds approximately 44% of Adani Wilmar through Adani Commodities.
• Compliance with MPS: The board of Adani Enterprises stated that during the implementation of the MPS strategy, the draft scheme of arrangement with Adani Wilmar would be withdrawn to provide clear direction to shareholders.
• Current Shareholding Status: Adani Wilmar was listed in February 2022 and must adhere to SEBI regulations requiring promoters to reduce their stake to 75% by 2025. The current promoter group holds 87.87% of the company, including entities like the Adani group and Lence Pte.
• Challenges Faced: The demerger was initially seen as a way for promoters to divest their stake in Adani Wilmar. However, potential stake sales were hindered by valuation and pricing challenges over the past year.

Financial Developments:

In a recent filing, Adani Enterprises also announced a public issuance of Non-Convertible Debentures (NCDs) totaling ₹2,000 crore, which will occur in one or more tranches, subject to regulatory approvals.

Q2 Financial Performance:

Adani Enterprises reported impressive financial results for Q2:

• Net Profit Surge: The consolidated net profit skyrocketed by 664% year-on-year, reaching ₹1,742 crore, up from ₹228 crore during the same period last year.
• Operational Revenue: The company posted operational revenue of ₹22,608 crore, marking a 16% increase year-over-year.
• EBITDA Growth: EBITDA rose by 47% to ₹8,654 crore, bolstered by the robust performance of the Adani New Industries Ltd (ANIL) ecosystem and airport operations.

Syngenta India Collaborates with ICAR and HAU to Promote Sustainable Farming

• Syngenta India has entered into Memorandums of Understanding (MoUs) with the Central Soil Salinity Research Institute (CSSRI) in Karnal and Choudhary Charan Singh Haryana Agricultural University (HAU) in Hisar.
• This collaboration aims to expand sustainable farming practices and enhance crop productivity across India, focusing on research-based solutions to tackle challenges such as soil health, crop resilience, and yield enhancement.

Key Details of the Collaboration

• Signing Representatives: The MoUs were signed by Syngenta India’s MD and Country Head, Susheel Kumar, CSSRI Director R.K. Yadav, and HAU Vice Chancellor B.R. Kamboj.
• Focus Areas:
  • The MoU with CSSRI will concentrate on sustainable practices in salt-affected soils.
  • The HAU partnership aims to promote diversified farming systems to improve productivity.

Initiatives Under the MoUs

• Training Programs: Plans for various training initiatives to educate farmers on sustainable practices.
• ICT-Driven Tools: Development of decision-making tools utilizing Information and Communication Technology (ICT).
• Capacity Building: Support for rural youth capacity building through Syngenta’s IRISE (Inculcating Rural India Skill Enhancement) initiative.
• Safe Crop Protection Practices: Syngenta will also provide support in implementing safe crop protection methods.
• Collaboration with HAU: The partnership involves enhancing capacity through Krishi Vigyan Kendras, farmer groups, and agricultural schools.

India and Saudi Arabia Discuss Trade and Investment Cooperation

• India and Saudi Arabia explored avenues to enhance cooperation in key sectors, including fertilizers, petrochemicals, and mining, aiming to boost bilateral trade and investments.
• The discussions took place during a meeting between Commerce and Industry Minister Piyush Goyal and Saudi Minister for Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef in Riyadh, where Goyal is on an official visit.

Key Highlights of the Meeting

• Bilateral Discussions: Goyal also held talks with Khalid Al Falih, Saudi Arabia’s Minister of Investment, focusing on facilitating investments and identifying collaboration opportunities in pharmaceuticals, automobiles, and petrochemicals.
• Cultural Engagement: During his visit, Goyal inaugurated the ‘Lulu Wali Diwali’ event at Lulu Hypermarket, highlighting the introduction of Indian products to the Saudi market. He remarked on the opportunity for Saudi consumers to taste “exotic home-grown delights” from India.

Trade Relations Overview

• Trade Partners: India is the second-largest trade partner for Saudi Arabia, while Saudi Arabia ranks as India’s fourth-largest trading partner.
• Bilateral Trade Figures: The total bilateral trade reached USD 43 billion in 2023-24, a decrease from $53 billion in the previous year.
• Indian Business Presence: Over 2,700 Indian companies are registered as joint ventures or wholly-owned entities in Saudi Arabia, with investments totaling approximately $2 billion.
• Prominent Indian Companies: Major Indian firms such as L&T, Tata, Wipro, TCS, TCIL, and Shapoorji & Pallonji have established a strong foothold in the Kingdom.
• Saudi Investments in India: From April 2000 to June 2024, Saudi Arabia’s direct investments in India amounted to $3.22 billion.
• Key Saudi Investment Groups: Significant Saudi investment groups include ARAMCO, SABIC, ZAMIL, E-holidays, and Al Batterjee Group.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

World Health Organisation Global Report: Tuberculosis Surpasses COVID-19 as the Top Infectious Disease Cause of Death

• The World Health Organization (WHO) in its latest report, announced that Five countries, including India, account for over half (56%) of the global TB burden: India (26%), Indonesia (10%), China (6.8%), the Philippines (6.8%), and Pakistan (6.3%).
• Demographics: Of the individuals diagnosed with TB in 2023, 55% were men, 33% were women, and 12% were children and young adolescents.
• India’s Target: India aims to end TB by 2025, five years ahead of the global target.
• Incidence and Mortality:An estimated 8.2 million new TB cases were reported in 2023, the highest since global monitoring began in 1995.
• The number of TB-related deaths decreased from 1.32 million in 2022 to 1.25 million in 2023.
• Total estimated TB cases increased to 10.8 million in 2023.
• New Cases Reporting: The gap between estimated and reported new TB cases narrowed to 2.7 million in 2023, down from around 4 million during the pandemic years (2020-2021).
• Multidrug-Resistant TB:Treatment success rates for multidrug-resistant TB (MDR/RR-TB) reached 68%.
• Of an estimated 400,000 cases of MDR/RR-TB, only 44% were diagnosed and treated in 2023.
• Funding Shortages:Financial resources for TB prevention and care decreased in 2023, falling significantly short of the target.
• Only $5.7 billion of the $22 billion annual funding target was available in 2023.
• TB research is underfunded, reaching only one-fifth of the $5 billion annual target in 2022.
• Funding Distribution: Low- and middle-income countries (LMICs) bear 98% of the TB burden but face significant funding shortages.
• Key Donors: The United States government is the largest bilateral donor for TB, and the Global Fund contributes to TB responses in LMICs, though funding remains insufficient.

About WHO :

• Formation : 7 April 1948
• Headquarters : Geneva, Switzerland
• Director General : Tedros Adhanom Ghebreyesus
• WHO is a specialised agency of the United Nations responsible for international public health.

CURRENT AFFAIRS : DEFENCE NEWS

Government Seeks Transparent and Efficient Procurement Model for 114 Multi-Role Fighter Aircraft Tender

• The Indian government is reassessing its procurement model for acquiring 114 Multi-Role Fighter Aircraft (MRFA) in light of previous controversies surrounding the procurement of 36 Rafale fighter jets.
• The Indian Air Force (IAF) is experiencing a significant shortage in squadron strength, currently at 30 squadrons, well below the sanctioned strength of 42.
• There is an urgent need for quick induction of new fighter jets.

Key Highlights :

• Indigenous Manufacturing: The Request For Information (RFI) for the MRFA was issued in April 2019, emphasizing the requirement for license-manufacturing in India with substantial technology transfer.
• Delays and Caution: The procurement process has been delayed due to the government’s desire to avoid the controversies that arose during the Rafale deal, including the revelation of classified documents during legal proceedings.
• Decision Timeline: Sources indicate that the government is focused on addressing the IAF’s needs and may make a decision regarding the procurement model in the coming months.
• Historical Procurement: The previous tender for 126 Medium Multi-Role Combat Aircraft was scrapped after Prime Minister Modi announced a direct purchase of 36 Rafale jets in 2015, citing critical operational necessity.
• Induction Status: All 36 Rafale jets have been inducted into service, with the last of these jets delivered by September 2020.
• Additionally, negotiations are ongoing for 26 Rafale-M jets for the Indian Navy.
• Future Planning: The IAF is banking on accelerated deliveries of indigenous Light Combat Aircraft (LCA) variants and the early conclusion of the MRFA deal. The LCA-MK1A program is set to deliver 83 units, with an order for 97 more in the pipeline.
• LCA Development: The LCA-MK2 is currently under development, with its first flight expected in October 2025 and the end of research and development slated for December 2027.
• Long-term Outlook: Even with the induction of LCA variants and the MRFA, projections suggest the IAF will still only reach 35-36 squadrons by the middle of the next decade, indicating a continued need for alternative solutions.

CURRENT AFFAIRS: SPORTS NEWS

Son Heung-min Crowned Asia’s International Player of the Year for the Fourth Time

• Tottenham and South Korea forward Son Heung-min has been honoured as Asia’s International Player of the Year for the fourth time by the Asian Football Confederation (AFC) during its annual awards ceremony held in Seoul.

Key Highlights:

• Previous Awards: Son previously won this prestigious award in 2015, 2017, and 2019, marking him as a standout player in Asian football.
• Current Recognition: He received the trophy from compatriot Kim Min-Jae, who plays for Bayern Munich, underscoring Son’s continued excellence in the sport.
• Premier League Success: At 32 years old, Son is the most successful Asian player in the Premier League, having scored 123 goals and provided 64 assists since joining Tottenham nine years ago. He also achieved the Golden Boot for the 2021-22 season, becoming the first Asian player to do so.

Career Highlights:

Despite his individual accolades, Son has not yet secured a major title with the senior national team or Tottenham. He reached significant finals, including:

• The AFC Asian Cup final in 2015 with South Korea.
• The UEFA Champions League final in 2019 and the League Cup final in 2021 with Tottenham, but unfortunately lost in all instances.

• His notable achievement remains winning the gold medal with the South Korean under-23 team at the 2018 Asian Games, where he played a crucial role in the final against Japan.

Women’s Award Winner:

• The inaugural women’s international award was presented to Ellie Carpenter of Australia, who plays for Lyon in France. Carpenter has represented the Matildas in three Olympic Games and was part of the squad that reached the semifinals of the FIFA Women’s World Cup 2023.

Coaching Honors:

• Go Oiwa received the Coach of the Year title for leading Japan to the Under-23 Asian Cup, while Park Youn-jeong, head coach of South Korea’s Under-20 team, won the corresponding women’s award.

Matthew Wade Retires from International Cricket After 13-Year Career

• Australian wicketkeeper-batter Matthew Wade announced his retirement from international cricket, concluding a notable 13-year career that saw him participate in 225 international matches for Australia.

Career Highlights:

• Key Achievements: Wade played a pivotal role in Australia’s T20 World Cup victory in 2021, serving as vice-captain and delivering a memorable performance in the semi-final against Pakistan, scoring 41 runs off just 17 balls.
• Test Matches: Wade played 36 Tests, scoring 1,613 runs at an average of 29.87, which included four centuries and five fifties. His best performance was 117 runs during the 2019 Ashes series against England.
• One Day Internationals (ODIs): In 97 ODIs, Wade amassed 1,867 runs with an average of 26.29, which included one century and 11 fifties.
• T20 Internationals: Over 92 T20Is, he scored 1,202 runs at an average of 26.03, with a strike rate of 134.15 and a top score of 80.

Rodri and Aitana Bonmatí Win 2024 Ballon d’Or Awards

• Spanish midfielders Rodri and Aitana Bonmatí were honoured as the world’s best soccer players, receiving the men’s and women’s Ballon d’Or awards, respectively, at a ceremony in Paris.

Key Highlights:

• Rodri’s Achievement:
  • Awarded the Ballon d’Or for the first time after a standout season with Manchester City, helping them win the Premier League and being instrumental in Spain’s European Championship
  • Succeeded Lionel Messi, who previously held the title eight times.
  • Finished ahead of Vinícius Júnior from Real Madrid, whose club boycotted the ceremony in protest.
• Aitana Bonmatí’s Retention:
  • Bonmatí won the women’s award for the second consecutive year after leading Barcelona to victory in the Spanish league, Spanish cup, and Champions League.
  • Finished ahead of teammates Caroline Graham Hansen and Salma Paralluelo, marking a clean sweep for Barcelona.

Additional Awards and Recognitions:

• Kopa Award: Awarded to Lamine Yamal, the youngest-ever scorer at a European Championship, for the best Under-21 player.
• Best Women’s Team: Awarded to Barcelona, while Real Madrid was named the best men’s team.
• Gerd Müller Award: Shared by Kylian Mbappé and Harry Kane for the most goals scored (52) last season.
• Lev Yashin Award: Retained by Emiliano Martínez for best goalkeeper.
• Coaching Awards: Carlo Ancelotti and Emma Hayes won for best men’s and women’s coaches, respectively.
• Socrates Award: Presented to Jenni Hermoso for her humanitarian efforts in combatting sexism in soccer.

Deepti Sharma Climbs to Career-High Second in ICC Women’s ODI Bowler Rankings

• Indian off-spinner Deepti Sharma has achieved a career-high second place in the latest ICC Women’s ODI rankings for bowlers, moving up two spots due to her outstanding recent performances.

Key Highlights:

• Recent Performances:
  • Deepti’s rise follows her strong showing in the ICC Women’s T20 World Cup in the UAE and her solid contributions in the ongoing white-ball series against New Zealand.
  • She has taken three wickets in two matches against New Zealand, maintaining an impressive economy rate of 3.42.
• Close Competition:
  • Deepti is now closing in on Sophie Ecclestone, the No.1 ranked ODI bowler from England, indicating a competitive race for the top spot.
• Movement in Rankings:
  • The New Zealand bowlers are also making strides, with Lea Tahuhu moving up three places to 12th, Amelie Kerr advancing one spot to 13th, and Sophie Devine jumping nine rungs to equal 30th.

ODI Batters and All-Rounders Rankings:

• ODI Batters:
  • New Zealand’s Devine and Kerr have also made gains, with Devine moving up three spots to eighth and Kerr advancing one spot to 11th.
  • From India, Jemimah Rodrigues has climbed three places to equal 30th.
• ODI All-Rounders:
  • In the all-rounder category, Deepti Sharma has moved up one place to third, while Sophie Devine has improved by two spots to seventh.

CURRENT AFFAIRS: IMPORTANT DAYS

Vigilance Awareness Week 2024 Observed by TRAI

• In line with the directives of the Central Vigilance Commission (CVC), this year’s Vigilance Awareness Week is being observed from October 28, 2024, to November 3, 2024, under the theme: “Culture of Integrity for Nation’s Prosperity.”

Key Highlights:

• Integrity Pledge:
  • On October 28, 2024, all public servants are required to take the Integrity Pledge as mandated by the CVC.
  • The Chairperson of TRAI administered this pledge to all officers and staff at the TRAI Headquarters and its Regional Offices.
• Purpose:
  • The week aims to promote integrity and transparency in public services and to foster a culture of accountability within government institutions.

International Day to End Impunity for Crimes against Journalists (IDEI) – November 2

• The International Day to End Impunity for Crimes against Journalists (IDEI) is observed annually on November 2.
• This day, recognized by the United Nations, emphasizes the critical need to protect journalists and address the pervasive impunity for crimes committed against them.
• By raising global awareness of these issues, IDEI advocates for safer conditions for journalists and calls for justice and accountability to uphold freedom of the press worldwide.

Background and Significance

• IDEI was established by the UN General Assembly in Resolution A/RES/68/163.
• The date, November 2, commemorates the assassination of two French journalists in Mali in 2013.

Purpose

• To highlight the urgent need to combat violence and impunity against journalists, which is essential for ensuring freedom of expression and access to information.
• The resolution calls on Member States to take measures to prevent violence, ensure accountability, and bring perpetrators to justice.

Theme for 2024

• The theme for 2024 is “Safety of Journalists in Crises and Emergencies,” focusing on protecting journalists in conflict zones and crisis situations.
• Despite a decrease in journalist deaths in conflict zones since 2017, UNESCO reported a rise in such deaths in 2023-2024.

UN Plan of Action on the Safety of Journalists

• This plan represents the UN’s first coordinated effort to address the safety and impunity of crimes against journalists.
• It engages UN bodies, governments, media organizations, and civil society to improve the safety of journalists.
• There has been increased visibility, policy developments, and safety mechanisms in over 50 countries.
• The protection of journalists is recognized in the 2030 Agenda for Sustainable Development.

2024 IDEI Events

• The 2024 event will take place at the African Union Headquarters in Addis Ababa, Ethiopia, on November 6-7.

Daily CA One- Liner: November 3 & 4

• The Enforcement Directorate (ED) has issued detailed internal guidelines for its officers on recording statements under Section 50 of the Prevention of Money Laundering Act (PMLA), emphasizing procedural improvements and humane working hours
• The Ministry of Power has issued draft guidelines for a 15-year Power Purchase Agreement (PPA) through Tariff-Based Competitive Bidding (TBCB) to procure firm and dispatchable power from grid-connected renewable energy (RE) projects with Energy Storage Systems (ESS)
• Prime Minister Narendra Modi criticized the Delhi and West Bengal governments for not implementing the Ayushman Bharat health insurance scheme, a flagship initiative providing free healthcare coverage
• Prime Minister Narendra Modi inaugurated and laid the foundation stone for over ₹280 crore worth of projects in Ekta Nagar, Gujarat, focusing on tourism, accessibility, and sustainability in the region.
• Amit Shah, India’s Union Home Minister, unveiled a new mobile application designed to facilitate the registration of birth and death, making the process seamless and hassle-free.
• UPL Ltd., a leading provider of sustainable agricultural solutions, has been honored as the top PCT applicant in agrochemical research among Indian Science and Technology clusters
• TruAlt Bioenergy has recently secured a substantial contract to supply 300 million liters of ethanol to Oil Marketing Companies (OMCs) as part of the 2024-25 Ethanol Supply Year (ESY).
• In a landmark visit, Spain’s President E. Pedro Sánchez, the first Spanish President to visit India in 18 years, expressed robust support for expanding collaborations to align with India’s renewable energy goals and infrastructure ambitions at the Spain-India Business Summit organised by the Confederation of Indian Industry (CII).
• The Goods and Services Tax Network (GSTN) announced that starting early next year, GST taxpayers can no longer file their monthly and annual GST returns after three years from the original filing due date
• Adani Enterprises has officially cancelled its plans to demerge its food fast-moving consumer goods (FMCG) business to Adani Wilmar.
• Syngenta India has entered into Memorandums of Understanding (MoUs) with the Central Soil Salinity Research Institute (CSSRI) in Karnal and Choudhary Charan Singh Haryana Agricultural University (HAU) in Hisar.
• India and Saudi Arabia explored avenues to enhance cooperation in key sectors, including fertilizers, petrochemicals, and mining, aiming to boost bilateral trade and investments.
• Tottenham and South Korea forward Son Heung-min has been honored as Asia’s International Player of the Year for the fourth time by the Asian Football Confederation (AFC) during its annual awards ceremony held in Seoul.
• Australian wicketkeeper-batter Matthew Wade announced his retirement from international cricket, concluding a notable 13-year career that saw him participate in 225 international matches for Australia
• Spanish midfielders Rodri and Aitana Bonmatí were honored as the world’s best soccer players, receiving the men’s and women’s Ballon d’Or awards, respectively, at a ceremony in Paris.
• Indian off-spinner Deepti Sharma has achieved a career-high second place in the latest ICC Women’s ODI rankings for bowlers, moving up two spots due to her outstanding recent performances
• The Securities and Exchange Board of India (SEBI) aims to improve the deployment of funds raised by asset management companies (AMCs) during New Fund Offers (NFOs) to ensure timely investment and protect investor interests.
• The Reserve Bank of India Innovation Hub (RBIH) has created an artificial intelligence and machine learning (AI/ML) model named MuleHunter AI aimed at detecting mule accounts for banks and financial institutions.
• The rate of interest on Government of India Floating Rate Bond 2034 (GOI FRB 2034) applicable for the half year October 30, 2024 to April 29, 2025 shall be 7.53% per annum.
• The Reserve Bank of India (RBI) has released the 43rd half-yearly report on management of foreign exchange reserves with reference to end-September 2024.
• The Reserve Bank of India (RBI) has mandated that upper-layer Non-Banking Financial Companies (NBFCs) must secure a minimum of 25% of their total borrowings from capital market instruments.
• The Reserve Bank of India (RBI) has updated the criteria for Central Counterparties (CCPs) as of June 2019.
• Brazil has opted not to join China’s Belt and Road Initiative (BRI), becoming the second BRICS country, after India, to reject the mega project.
• ag, a grain commerce platform, has secured $19.8 million from the US International Development Finance Corporation (DFC) to guarantee a debt facility for its agri-commerce subsidiary, Aryatech.
• Andhra Pradesh (AP) Chief Minister (CM) N. Chandrababu Naidu launched the Deepam 2.0 scheme, providing three free LPG cylinders annually to eligible families, as part of the NDA government’s “Super Six” election promises.
• Himachal Pradesh (HP) government has allocated ₹1 crore per assembly constituency to upgrade one health institute in each of the 68 constituencies to a model health institute.
• The Karnataka government, through its Department of Electronics, IT, and Biotechnology (Bt), has launched two flagship start-up programs: ELEVATE 2024 and the Karnataka Accelerator Network (KAN).
• The World Health Organization (WHO) in its latest report, announced that Five countries, including India, account for over half (56%) of the global TB burden: India (26%), Indonesia (10%), China (6.8%), the Philippines (6.8%), and Pakistan (6.3%).
• The Indian government is reassessing its procurement model for acquiring 114 Multi-Role Fighter Aircraft (MRFA) in light of previous controversies surrounding the procurement of 36 Rafale fighter jets.
• In line with the directives of the Central Vigilance Commission (CVC), this year’s Vigilance Awareness Week is being observed from October 28, 2024, to November 3, 2024, under the theme: “Culture of Integrity for Nation’s Prosperity.”
• The International Day to End Impunity for Crimes against Journalists (IDEI) is observed annually on November 2.