Daily Current Affairs October 03 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Unified Payment Interface Surpasses 500 Million Daily Transactions, Transaction Value Stagnates in September 2024

• Unified Payment Interface (UPI) daily transactions crossed 501 million in September 2024, the highest ever since UPI turned operational in 2016.
• It registered a marginal increase of 0.5% in volume to 15.04 billion in September 2024 compared to 14.96 billion in August 2024.
• In value terms, Rs 68,800 crore was secured in September 2024.
• The number remained almost static at Rs 20.64 trillion in September 2024, compared to Rs 20.61 trillion in August 2024.
• The number of daily transactions is higher than 483 million and Rs 66,475 crore in August 2024.
• In July, the numbers were seen at 14.44 billion in volume and Rs 20.64 trillion in value.
• According to the data shared by the National Payments Corporation of India (NPCI), in September, UPI volume posted a 42% year-on-year growth and 31% year-on-year growth in value.

Key Highlights :

Immediate Payment Service (IMPS):

• Monthly Volume:IMPS transaction volume declined by 5% to 430 million in September, down from 453 million in August.
• Transaction Value:IMPS value fell by 2% to Rs 5.65 trillion in September, compared to Rs 5.78 trillion in August.
• Year-on-Year Comparison:IMPS volume decreased by 9%, but the value increased by 11% compared to September 2023.

FASTag:

• Monthly Volume:FASTag transactions saw a 3% decline to 318 million in September, down from 329 million in August.
• Transaction Value:FASTag value marginally increased to Rs 5,620 crore in September, up from Rs 5,611 crore in August.
• Year-on-Year Growth:FASTag volume grew by 7%, and the value increased by 10% compared to September 2023.

Aadhaar Enabled Payment System (AePS):

• Monthly Volume:AePS transactions remained steady at 100 million in both September and August, slightly up from 97 million in July.
• Transaction Value:AePS value dropped by 2% to Rs 24,143 crore in September, compared to Rs 24,676 crore in August.
• Year-on-Year Comparison:AePS saw a 1% decline in volume and a 7% drop in value compared to September 2023.

About UPI :

• Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application.
• It is developed by the National Payments Corporation of India (NPCI).
• It was introduced in April 2016.

Star Health takes legal action against Telegram following data leak by hacker using app chatbots

• Insurer Star Health has filed a lawsuit against social media platform Telegram and a ‘hacker’ after it was discovered that the hacker was using the messaging application to leak company data.
• Star has received a temporary injunction from a court in Tamil Nadu ordering Telegram to block any chatbots or websites “that make available the data online”.
• The hacker, identified as xenZen, allegedly shared the stolen data on Telegram, with millions of individuals’ private information reportedly up for sale.
• Star Health and Allied Insurance, India’s largest standalone health insurer, is facing a crisis after a massive data breach exposed the sensitive information of 31 million customers.
• The breach, one of the biggest in Indian history, reportedly involved 24 terabytes of data being leaked, including personal information such as names, phone numbers, addresses, tax details, medical records, and identification documents.
• Telegram, launched in 2013, has 900 million active monthly users.

About Star Health Insurance :

• Founded : 2006
• Headquarters : Chennai, Tamil Nadu
• MD & CEO : Anand Roy

India’s Current Account Deficit Increases to 1.1% of GDP for April-June 2024

• India’s current account deficit (CAD) increased to 1.1% of GDP in Q1 FY25, amounting to $9.8 billion, up from 1% (or $8.9 billion) in the same period last year.
• The rise in merchandise trade deficit was a major factor behind this widening.
• CAD occurs when the value of goods and services that a country imports exceeds the value of the products it exports.
• The country had recorded a current account surplus of $4.6 billion (0.5 per cent of GDP) in the fourth quarter (Q4) FY24.

Key Highlights :

• Merchandise Trade Deficit:The merchandise trade deficit increased to $65.1 billion in Q1 FY25, compared to $56.7 billion in the year-ago period.
• Services Sector:Net services receipts increased to $39.7 billion in Q1 FY25 from $35.1 billion a year ago.
• Key sectors contributing to this rise include computer services, business services, travel services, and transportation services.
• Foreign Portfolio Investment:There was a sharp decline in net foreign portfolio investment, falling to $0.9 billion from $15.7 billion in the same period last year.
• External Commercial Borrowings (ECBs):Net inflows under ECBs decreased to $1.8 billion, down from $5.6 billion in Q1 FY24.
• Private Transfer Receipts:Private transfer receipts, which include remittances by the diaspora, increased to $29.5 billion in Q1 FY25, up from $27.1 billion in Q1 FY24.
• Foreign Direct Investment (FDI):Net foreign direct investment inflows rose to $6.3 billion in Q1 FY25 from $4.7 billion a year ago.
• Primary Income Account:Net outgo on the primary income account, which includes investment income payments, rose to $10.7 billion from $10.2 billion in the previous year.
• Non-Resident Deposits (NRI Deposits):NRI deposits recorded net inflows of $4 billion, higher than $2.2 billion in Q1 FY24.
• Foreign Exchange Reserves:There was an accretion of $5.2 billion to foreign exchange reserves on a balance of payments (BoP) basis in Q1 FY25, compared to $24.4 billion in Q1 FY24.

State Bank of India files insolvency petition under Section 7 of IBC against Reliance Infra’s toll road subsidiary

• State Bank of India (SBI) has filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against KM Toll Road Private Limited (KMTRPL), a wholly owned subsidiary of Reliance Infrastructure, before the National Company Law Tribunal, Mumbai, for a claim amount of ₹233.44 crore (including interest).

Key Highlights :

• Section 7 of IBC:This section allows financial creditors to initiate the Corporate Insolvency Resolution Process (CIRP) when a default occurs.
• Creditors may file the application individually or jointly before the National Company Law Tribunal (NCLT).
• KMTRPL Background:KMTRPL is a subsidiary of Reliance Infrastructure and one of 60 subsidiary and associate companies.
• KMTRPL terminated its Concession Agreement with the National Highways Authority of India (NHAI) on May 7, 2019, citing a material breach by NHAI in the Kandla-Mundra Road Project.
• Dispute Over Termination:Reliance Infrastructure claims that, under the Concession Agreement, NHAI is liable to pay termination payment due to NHAI’s event of default.
• Legal Response:KMTRPL is seeking legal advice and will take appropriate steps to protect its interests in the matter

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Challa Sreenivasulu Setty

IDFC FIRST Bank Unveils Ashva Credit Card, Catering to Modern and Discerning Customers

• IDFC FIRST Bank, a leader in innovative financial solutions, has announced the launch of the Ashva Credit Card, its newest offering for the modern, discerning customer.
• The Ashva Credit Card, powered by Visa, is a celebration of the spirit and aspiration of the new India.
• Deeply rooted in its rich cultural heritage the Card represents a perfect amalgamation of the beauty of Indian heritage and the sophistication of contemporary lifestyles.

About IDFC FIRST Bank :

• Founded : October 2015
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Mr. V Vaidyanathan
• IDFC FIRST Bank is a new-age Universal Bank in India built on the foundations of Ethical Banking, Digital Banking, and Social Good Banking.

Scheme for writing books originally in Hindi on Economics/Banking/Financial subjects Declaration of Result for the year 2022-23

• The Reserve Bank of India (RBI) has initiated a scheme to promote original writings and research in Hindi on economics, banking, and financial subjects.
• The scheme is aimed at working and retired professors (including Assistant and Associate Professors) from UGC-recognized Indian universities.
• The primary objective of the scheme is to encourage and enrich Hindi literature in the fields of economics and banking, thereby promoting regional languages in academic discourse.
• Awards:Under this Scheme, working/retired Professors (Including Assistant and Associate Professor etc.) of Indian Universities (UGC recognized) are awarded three prizes of ₹1,25,000.00 (One lakh twenty-five thousand) each for writing books originally in Hindi on Economics/Banking/Financial subjects.
• Book Evaluation:The entries received for the scheme will be evaluated to select the winners.
• Recent Awardee:Dr. Bidyanand Choudhary, an Assistant Professor in the Department of Economics at Jagannath Nagar College, Ranchi (Ranchi University), Jharkhand, has been awarded under this scheme for his book titled “झारखंड की अर्थव्यवस्था” (Economy of Jharkhand).

Axis Bank Launches Corporate Credit Card Suite for Startups to Simplify Business Expenses under New Economy Group

• Axis Bank introduced a Corporate Credit Card Suite specifically designed for start-ups under its New Economy Group (NEG).
• Purpose:The credit card suite aims to streamline travel, official expenses, and vendor payments for entrepreneurs and start-ups.
• Card Variants:The suite includes two credit cards:
• Executive Corporate Credit Card: Tailored for founders with benefits like enhanced credit limits, 4 complimentary golf rounds, reduced foreign exchange markup, and exclusive insurance perks.
• Purchase Reward Credit Card: Focused on expense management with features like zero joining fees, automated accounting, and expense tracking.
• Partnership with TEAM:Axis Bank partnered with the Tech Entrepreneurs Association of Mumbai (TEAM) to further support Mumbai’s start-up ecosystem.
• Event Announcement:These initiatives were announced at Axis Bank’s flagship event called Start-Up Social, attended by over 200 start-up founders and ecosystem players in Mumbai.

About Axis Bank :

• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi

CURRENT AFFAIRS: NATIONAL NEWS

Amitabh Kant on IBC Reforms and Economic Transformation

• Amitabh Kant, former NITI Aayog CEO and India’s G20 Sherpa, highlighted the transformative impact of the Insolvency and Bankruptcy Code (IBC) on India’s economy during the 8th Annual Day Lecture of the Insolvency and Bankruptcy Board of India (IBBI) in New Delhi.
• Kant emphasized the need for second-generation reforms to address current challenges in the IBC’s functioning.

Key Points:

• IBC’s Role in Economic Reform:
  • The IBC has fostered a culture of accountability and credit discipline.
  • It reinforced the importance of debt repayment, leading to historic lows in NPAs (Non-Performing Assets) and robust bank balance sheets.
• Challenges and Delays:
  • Kant noted that insolvency resolution at the National Company Law Tribunal (NCLT) now takes an average of 716 days, up from 654 days in the previous year.
  • The rate of creditor recovery has dropped to 27% in FY24, compared to 36% in the previous year, highlighting the need for faster resolutions.
• Second-Generation Reforms:
  • Kant called for privatization of certain court processes, similar to the passport Seva Kendra model, to improve court management and reduce judicial delays.
  • He emphasized the need for reforms related to cross-border insolvency, creditor rights, and sector-specific solutions.
• Innovations for Efficiency:
  • Private capital investment and technology integration could transform court processes, enhancing the administration of justice and reducing case backlogs.
  • Kant suggested that pre-pack insolvency arrangements for MSMEs and interdisciplinary training for resolution professionals could improve outcomes.
• IBBI’s Role and Achievements:
  • IBBI Chairperson Ravi Mittal noted that 45% of IBC resolutions occurred in the last two years, reflecting the code’s increasing efficiency.
  • The IBC has converted unproductive assets into productive ones, benefitting creditors by freeing up capital for lending.
• Need for Speed in MSME Resolutions:
  • Chief Economic Advisor (CEA) V Anantha Nageswaran highlighted that operational inefficiencies and legal costs pose significant challenges for MSMEs in insolvency processes.
  • He advocated for speeding up resolutions to minimise the value erosion of companies entering the process.

Launch of Centralised Portal for Prime Minister’s Internship Scheme

• The Prime Minister’s Internship Scheme, designed to skill 1 crore (10 million) youth at the top 500 companies in India, is set to launch soon.
• Companies can start posting their internship requirements online from October 3, with the dedicated portal opening for candidates around October 12.

Key Details:

• Corporate Participation:
  • Corporate India has expressed significant interest in the scheme, with eligibility based on average corporate social responsibility (CSR) spending over the last three years.
  • Companies can collaborate with entities in their supply chain (suppliers, customers, or group companies) for internships, although participation remains voluntary.
• Target Demographic:
  • The scheme focuses on youth with lower employability, aiming to equip them with essential skills for future employment.
  • Eligibility criteria include:
    • Candidates aged 21 to 24 years.
    • Must have completed Class 10 and not be engaged in full-time employment.
    • Ineligible candidates include those graduating from IITs, IIMs, IISER, or with professional degrees like chartered accountants or cost accountants.
    • Excludes individuals from families with government jobs or annual incomes exceeding Rs 8 lakh.
• Application Process:
  • Only the main organization can register and log into the portal, sharing candidate lists with partner organizations.
  • Candidates will register using an Aadhaar-based e-KYC process and submit a self-declaration of eligibility.
  • The portal will automatically shortlist twice the number of vacancies available for each position based on profiles, preferences, and eligibility.
• Internship Structure:
  • Internships will last for 12 months, with at least 50% of training taking place in a real work environment.
  • Companies must upload a completion certification on the portal after the internship. While companies are not obligated to offer jobs post-internship, they have the discretion to do so.
• Implementation Support:
  • The Confederation of Indian Industry (CII) is working closely with the Ministry of Corporate Affairs to facilitate the scheme’s implementation, having conducted industry interactions across various cities.
• Vision and Impact:
  • Announced by Finance Minister Nirmala Sitharaman in the 2024-25 Union Budget, this scheme aims to provide valuable exposure in real-life business settings, enhancing employability over the next five years.
  • As noted by Sanjiv Puri, President of CII, this initiative aligns with India’s vision of becoming a Viksit Bharat by 2047, preparing a skilled workforce for future challenges across various sectors, including manufacturing and services.

Government launches PM E-DRIVE subsidy scheme for EVs with Rs 10,900 crores outlay

• The government launched the PM E-DRIVE Scheme, aimed at promoting the adoption of electric vehicles (EVs) in India.
• The initiative comes with an outlay of Rs 10,900 crore, focusing on setting up charging infrastructure and developing the EV manufacturing ecosystem in the country.
• The scheme will run until March 31, 2026.

Key Features of the PM E-DRIVE Scheme:

• Subsumption of EMPS-2024:
  • The Electric Mobility Promotion Scheme (EMPS-2024), which was to be implemented from April 1, 2024 to September 30, 2024, is now subsumed under the PM E-DRIVE scheme.
• Subsidy Structure:
  • The subsidy for electric two-wheelers (e-2Ws) is fixed at Rs 5,000 per kilowatt-hour of battery power, with a maximum incentive of Rs 10,000 in the first year.
  • In the second year, the subsidy will be reduced by Rs 2,500 per kWh, capping the overall benefit at Rs 5,000.
  • Popular electric scooter manufacturers like Ola, TVS, Ather Energy, Hero Vida, and Chetak Bajaj have battery capacities ranging from 2.88 kWh to 4 kWh with prices between Rs 90,000 to Rs 1.5 lakh.
• Mobile App for E-Vouchers:
  • A mobile application will be introduced to facilitate the generation of e-vouchers for availing subsidies.
  • Each buyer will be eligible for one vehicle per Aadhaar.
  • Upon vehicle sale, an e-voucher will be generated, simplifying the process.
• Testing Facilities Upgrade:
  • An allocation of Rs 780 crore will be used for upgrading testing facilities under the PM E-DRIVE scheme, aimed at improving equipment and technology for testing electric vehicles.
• Subsidies and Demand Incentives:
  • A total of Rs 3,679 crore has been allocated for subsidies to support various electric vehicles, including:
    • 24.79 lakh e-2Ws
    • 3.16 lakh e-3Ws
    • 14,028 e-buses
  • Three-wheelers (including e-rickshaws) will receive a demand incentive of Rs 25,000 in the first year, reducing to Rs 12,500 in the second year.
  • For L5 category (cargo three-wheelers), the benefit will be Rs 50,000 in the first year, dropping to Rs 25,000 in the second year.
• E-Voucher Process:
  • At the time of purchase, the scheme portal will generate an Aadhaar-authenticated e-voucher for the buyer, sent to their registered mobile number.
  • The buyer will submit the signed e-voucher to the dealer to avail of the demand incentives, which the dealer will then sign and upload on the PM E-DRIVE portal.
• Incentives for E-Trucks:
  • An allocation of Rs 500 crore has been designated to incentivize e-trucks, particularly for those possessing a scrapping certificate from approved vehicle scrapping centers.
• Charging Infrastructure:
  • To address range anxiety among EV buyers, the scheme promotes the installation of public charging stations (EVPCS) across select cities and highways.
  • The installation plan includes:
    • 22,100 fast chargers for e-4Ws
    • 1,800 fast chargers for e-buses
    • 48,400 fast chargers for e-2W/3Ws
  • The outlay for EVPCS is set at Rs 2,000 crore.

Government notifies new labelling rules for green products

• The Union Environment Ministry has officially notified the Ecomark Rules, 2024, recasting its flagship scheme for labelling eco-friendly products.
• This notification comes almost a year after the draft rules were issued, marking a significant step towards promoting sustainability in consumer goods.

Overview of the Ecomark Scheme

• Background: Launched in 1991, the Ecomark scheme is a voluntary and non-binding initiative aimed at promoting the labelling of household and consumer products based on environmental and quality standards.
• Alignment with Mission LIFE: The new rules align with the Ministry’s Mission LIFE (Lifestyle for Environment), which emphasizes sustainable consumption and eco-friendly practices.

Key Features of the Ecomark Rules, 2024

1. Criteria and Compliance:
   • The rules define the conditions, procedures, verification processes, and compliance mechanisms for obtaining the Ecomark.
   • Manufacturers must follow specific criteria to qualify for the label, focusing on:
     • Pollution Reduction: Minimizing or eliminating waste generation and environmental emissions.
     • Recyclability: Using recycled materials and producing recyclable products.
     • Sustainable Energy: Reducing reliance on polluting energy sources and environmentally harmful materials.
2. Consumer Guidance:
   • The rules provide clarity on what constitutes environmentally friendly practices regarding emissions and waste, helping consumers make informed choices.
   • They also encourage companies to adopt sustainable practices, fostering a culture of environmental responsibility.
3. Product Categories:
   • Detailed criteria have been established for 17 product categories, including:
     • Paints
     • Cosmetics
     • Batteries
     • Edible oils
     • Tea and coffee
     • Toilet soaps
     • Coir and paper
   • Products in these categories must obtain certification from the Bureau of Indian Standards (BIS) and comply with pollution norms.
4. Application Process:
   • Companies wishing to label their products with Ecomark can apply through the Central Pollution Control Board (CPCB).
   • The CPCB will assign verification tasks to registered agencies experienced in environmental matters and labelling.

India Among Top Global Performers in H1FY25 Market Performance

• India emerged as the second-best performing major global market during the first half of FY 2024-25 (H1FY25), closely following Hong Kong.
• Despite a 5% surge in the Hang Seng index in September, India showed consistent growth across the first half, cementing its position as a leading global market.

Key Points:

• Top Performing Global Markets:
  • Hong Kong led with a late rally in September.
  • India, Singapore, the US, and China ranked in the top five best-performing global markets.
• Nifty 50 Performance:
  • Nifty 50 experienced monthly growth in H1FY25, except for a marginal loss in May.
  • Gains were driven by factors such as:
    • Strong investor inflows.
    • Political stability post general elections in May.
    • A robust economic growth outlook.
• Investor Inflows:
  • Domestic mutual funds invested Rs 1.8 trillion in Indian markets.
  • Foreign Portfolio Investors (FPIs) added Rs 92,400 crore worth of investments during this period.
• Sectoral Performance:
  • All sectoral indices compiled by NSE showed growth.
  • Leading sectors included consumer durables, auto, and metal stocks.

CURRENT AFFAIRS : STATE NEWS

Rajasthan CM Bhajan Lal Sharma engages with potential investors in Delhi to advocate for special investment incentives in the state

• Rajasthan Chief Minister Bhajan Lal Sharma met with prospective investors in Delhi to promote a special incentive package for investments in Rajasthan.
• The Chief Minister addressed a conclave of the Central Public Sector Enterprises (CPSE) and a meeting of the Confederation of Indian Industry (CII) in New Delhi.
• The meetings were held ahead of the ‘Rising Rajasthan’ Global Investment Summit-2024, scheduled for December 9 to 11 in Jaipur, Rajasthan.

Key Highlights :

• Investment Opportunities: Mr. Sharma highlighted extensive investment opportunities in Rajasthan, emphasising the favourable policy environment, advanced infrastructure, and skilled manpower.
• Sectors for Investment: Key sectors identified for investment include:
• Renewable Energy
• Defence Manufacturing
• Petrochemicals
• Tourism
• Commitment to Investment:The Chief Minister asserted the state government’s commitment to making Rajasthan the “capital of investment.”
• Attendance and Representation:Senior officials from over 50 CPSEs attended the conclave, including notable entities such as: Hindustan Petroleum, Bharat Electronics, Container Corporation of India, NTPC, SAIL, IREDA, PGCIL, Indian Oil, NTPC, Solar Energy Corporation of India, ITDC, FCI, NPCIL, National Institute for Micro, Small and Medium Enterprises (NI-MSME), and IRCTC.

About Rajasthan :

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

CURRENT AFFAIRS: BUSINESS NEWS

Retail Inflation for Industrial Workers Edges Up to 2.44% in August 2024

• Retail inflation for industrial workers, measured by the Consumer Price Index for Industrial Workers (CPI-IW), increased slightly to 2.44% in August 2024, up from 2.15% in July 2024.
• The marginal uptick reflects a mild rise in price levels for industrial workers.

Key Highlights:

• CPI-IW Index Value:
  • The All-India CPI-IW for August 2024 decreased by 0.1 points, bringing the index to 142.6 points.
  • In contrast, the index stood at 142.7 in July 2024.
• Year-on-Year Comparison:
  • The annual inflation for August 2024 was significantly lower at 2.44% compared to 6.91% in August 2023, indicating a substantial decline in inflationary pressure over the past year.
• Data Source & Compilation:
  • The Labour Bureau, under the Ministry of Labour & Employment, compiles the CPI-IW every month.
  • The data is gathered from 317 markets across 88 industrially significant centres in the country.

September 2024 GST Collections Grow at Slowest Pace in FY25 Amid High Refunds

• India’s net Goods and Services Tax (GST) collections for September 2024 rose by 3.9% to ₹1.5 trillion, marking the slowest pace of growth in the current financial year (FY25).
• This slowdown is attributed to an increase in refunds, reflecting a softer trend in tax receipts.

Key Highlights:

• Gross GST Collections:
  • Gross GST collections (before refunds) grew by 6.5%, reaching ₹1.7 trillion.
  • This was the second consecutive month of single-digit growth, and the slowest increase in 39 months.
• Cumulative Growth:
  • From April to September 2024, gross GST collections saw 9.5% growth, a slight decline from the 10.1% recorded in the previous months (April-August).
• Quarterly Comparison:
  • The average monthly GST collections fell to ₹1.77 trillion in the second quarter (July-September), down from ₹1.86 trillion in the first quarter (April-June).
• State-Wise Performance:
  • States like Haryana (24%), Delhi (20%), and Uttarakhand (14%) showed double-digit growth in collections.
  • Karnataka (8%), Maharashtra and Tamil Nadu (5% each), and Uttar Pradesh (3%) experienced single-digit growth.
  • Gujarat saw 0% growth, while Andhra Pradesh witnessed a 4% contraction.
• GST Refunds:
  • Refunds surged by 31% year-on-year to ₹20,458 crore, with export-related refunds (39.2%) outpacing domestic ones (24.3%).
  • The increase in refunds significantly impacted net collections.

CURRENT AFFAIRS: AWARDS AND HONOURS

Mithun Chakraborty to Receive Dadasaheb Phalke Award

• Veteran Bollywood actor Mithun Chakraborty, aged 74, has been announced as the recipient of the prestigious Dadasaheb Phalke Award for his significant contributions to Indian cinema.
• The announcement was made by Information & Broadcasting Minister Ashwini Vaishnaw on social media platform X.

Key Points:

• Award Announcement:
  • Minister Ashwini Vaishnaw expressed admiration for Mithun Chakraborty’s cinematic journey, stating, “Mithun Da’s remarkable cinematic journey inspires generations! Honoured to announce that the Dadasaheb Phalke Selection Jury has decided to award legendary actor, Sh. Mithun Chakraborty Ji for his iconic contribution to Indian Cinema.”
• Ceremony Details:
  • Mithun Chakraborty will receive the award at the 70th National Film Awards ceremony, scheduled for October 8, 2024.
• Career Milestones:
  • Mithun started his film career with the 1976 film Mrigayaa, directed by Mrinal Sen, which also earned him his first National Award.
  • He gained fame in the 1980s with notable films such as Surakshaa (1979), Disco Dancer, Dance Dance, Pyar Jhukta Nahin, Kasam Paida Karne Wale Ki, and Commando.
  • He set a record by leading in over 100 films within a decade.
• Recent Honors:
  • Earlier this year, Mithun was also honoured with the Padma Bhushan Award, further recognizing his impact on the film industry.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Surgeon Vice Admiral Arti Sarin appointed as the first female Director General of the Armed Forces Medical Services

• Surgeon Vice Admiral Arti Sarin has become the first woman officer to take over as the Director General of Armed Forces Medical Services (DGAFMS).
• The DGAFMS is responsible for overseeing medical policy matters related to the Indian Armed Forces and operates under the Ministry of Defence.

About  Arti Sarin :

• Prior to her current role, she served as the 46th DGAFMS, and held prestigious positions including:
• Director General of Medical Services (Navy)
• Director General of Medical Services (Air)
• Director & Commandant of Armed Forces Medical College (AFMC), Pune.
• Experience:She has a distinguished career spanning 38 years in various academic and administrative roles, including:
• Professor & Head of Radiation Oncology at Army Hospital (R&R) and Command Hospital (Southern Command)/AFMC Pune.
• Commanding Officer of INHS Asvini.
• Command Medical Officer for Southern and Western Naval Commands.
• Inter-Branch Service: She holds the unique distinction of serving in all three branches of the Indian Armed Forces:
• Indian Army: From Lieutenant to Captain
• Indian Navy: From Surgeon Lieutenant to Surgeon Vice Admiral
• Indian Air Force: Achieved the rank of Air Marshal.

Awards and Recognitions:

• Awarded the Ati Vishist Seva Medal in 2024 and the Vishist Seva Medal in 2021.
• Received commendations from the Chief of Army Staff (2017), Chief of Naval Staff (2001), and General Officer Commanding-in-Chief (2013) for her distinguished service.
• Current Responsibilities: She was recently appointed as a member of the National Task Force by the Supreme Court to establish safe working conditions and protocols for medical professionals.
• Advocacy for Women in Armed Forces: She actively motivates young women to join the Armed Forces and embodies the Nari Shakti initiative of the Government of India, promoting women’s empowerment and representation in the military.

Government Appoints 3 New External Members Before Crucial Reserve Bank of India Monetary Policy Committee Meeting

• The government appointed three new external members to the Monetary Policy Committee (MPC):
• Ram Singh, Director of the Delhi School of Economics
• Saugata Bhattacharya, Economist
• Nagesh Kumar, Director and Chief Executive of the Institute for Studies in Industrial Development
• The newly appointed members will serve a tenure of four years.
• The new members replace:
• Ashima Goyal (Mumbai Professor)
• Jayanth Varma (IIM-Ahmedabad Professor)
• Shashanka Bhide (Senior Adviser, New Delhi)
• The government has notified the reconstitution of the MPC under the Reserve Bank of India Act, 1934.
• As per the provisions of the RBI Act, the MPC consists of six members: three members from RBI and three appointed by the central government.
• As per the powers conferred by Section 45ZB of the RBI Act, the government has reconstituted the Monetary Policy Committee of RBI.
• As per the provisions, the MPC consists of six members, and the government can nominate three members.
• The other three members are the governor of the Reserve Bank of India — chairperson, ex officio; the deputy governor of the Reserve Bank of India, in charge of monetary policy — member, ex officio; and one officer of the Reserve Bank of India to be nominated by the central board — member, ex officio.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Space Research Organisation Plans to Launch Venus Mission in March 2028 for a 112-Day Journey to the Planet

• India’s maiden mission to Venus, which is scheduled for launch in March 2028, will embark on a 112-day journey to reach the planet.
• The ₹1,236-crore Venus Orbiter Mission (VOM) was recently approved by the Union Cabinet and the Indian Space Research Organisation (ISRO) on October 1, 2024 revealed the targeted launch window for the mission.
• According to the targeted launch window for VOM, the Earth departure date is scheduled on March 29, 2028, and the arrival date on Venus is July 19, 2028. VOM will be launched by the Launch Vehicle Mark-3 (LVM-3).

Key Highlights :

• Launch Vehicle Details:LVM-3 will place the spacecraft into an Elliptical Parking Orbit (EPO) of 170 km x 36,000 km with a 21.5-degree inclination and an Argument of Perigee (AOP) of 178 degrees.
• It requires minimum energy for placing the spacecraft into an elliptical orbit of 500 x 60,000 km around Venus.
• Mission Phases:Following the cruise phase, the spacecraft will perform a Venus Orbit Injection (VOI) into an orbit of 500 km x 60,000 km.
• Aerobraking will be conducted over six to eight months post-VOI to achieve a low-altitude science orbit of 200 x 600 km with an inclination of around 90 degrees to carry out proposed science studies for a period of 5 years.
• Payloads:
• A total of 19 payloads will be onboard:
  • 16 Indian payloads.
  • 2 collaborative payloads (Indian and international).
  • 1 international payload.
• The payloads are aimed at exploring the atmosphere, surface, and solar interactions of Venus.
• Scientific Objectives:Key objectives of VOM include:
  • Examining dust in the Venusian atmosphere.
  • Mapping surface topography in high resolution.
  • Studying the solar X-ray spectrum near Venus.
  • Analyzing Venusian airglow.
  • Investigating sub-surface characteristics.
• The mission will also demonstrate ISRO’s capabilities in aerobraking and thermal management under harsh conditions.

What is ISRO’s Venus Orbiter Mission (VOM)?

• The Venus Orbiter Mission (VOM) is unofficially referred to as Shukrayaan.
• Mission Focus:The primary aim of VOM is to explore Venus’s atmosphere and geology.
• It will gather crucial scientific data on the thick atmosphere of Venus.
• Significance of Venus:Venus is vital for understanding planetary evolution and may have previously had conditions similar to those on Earth, making it an important target for scientific research.
• Management and Budget:The Indian Space Research Organisation (ISRO) is responsible for the spacecraft’s development and launch.
• The total budget for the mission is ₹1,236 crore, with ₹824 crore allocated specifically for the construction of the spacecraft.

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath

CURRENT AFFAIRS: MOUS AND AGREEMENT

Ashok Leyland Partners with FlixBus India to Transform Inter-City Bus Transportation

• Ashok Leyland, a leading commercial vehicle manufacturer and flagship of the Hinduja Group, has signed a Memorandum of Understanding (MoU) with FlixBus India, a global travel-tech leader focused on affordable and sustainable travel.
• This collaboration aims to revolutionise India’s bus transportation ecosystem through advanced technology and high-capacity vehicles.

Key Points:

• Partnership Signing:
  • The MoU was signed by Mr. Mohan K, Head – Bus Vertical at Ashok Leyland, Mr. Max Zeumer, COO of FlixBus, and Mr. Surya Khurana, MD of FlixBus India.
• Objective of the MoU:
  • Under this partnership, FlixBus’s operating bus partners will gain access to Ashok Leyland’s advanced chassis and after-sales services, facilitating seamless operations across the country.
  • Both companies aim to provide efficient travel options while empowering local bus operators through state-of-the-art technology.
• FlixBus India’s Growth:
  • Since its launch, FlixBus India has served over 300,000 passengers and witnessed a sixfold increase in revenue during its first six months.
  • Following a successful launch in South India, connecting key cities like Bangalore, Hyderabad, and Chennai, FlixBus plans to expand its fleet and network further across India.
• Shared Vision for Innovation:
  • This collaboration seeks to enhance operational efficiency, provide eco-friendly travel solutions, and contribute to the decarbonization of India’s transportation sector.
  • Ashok Leyland aims to set new benchmarks in the commercial vehicle industry by leveraging this partnership.

About Ashok Leyland:

• Company Profile:
  • Ashok Leyland is the second-largest manufacturer of commercial vehicles in India and the fourth largest manufacturer of buses globally, headquartered in Chennai.
  • The company operates seven manufacturing plants in India and has a significant international presence, with a diversified portfolio across more than 50 countries.
  • Ashok Leyland has a robust service network with 52,863 touchpoints, ensuring quick responses to customer needs.

About Flix:

• Company Profile:
  • Flix is a global travel-tech company offering long-distance bus and train travel solutions across 40+ countries on four continents.
  • Established in 2013, Flix has rapidly achieved market-leading positions in long-distance bus travel and is committed to achieving Net Zero operations by 2050.

Daily CA One- Liner: October 3

• Amitabh Kant, former NITI Aayog CEO and India’s G20 Sherpa highlighted the transformative impact of the Insolvency and Bankruptcy Code (IBC) on India’s economy during the 8th Annual Day Lecture of the Insolvency and Bankruptcy Board of India (IBBI) in New Delhi.
• The Prime Minister’s Internship Scheme, designed to skill 1 crore (10 million) youth at the top 500 companies in India, is set to launch soon
• The government launched the PM E-DRIVE Scheme, aimed at promoting the adoption of electric vehicles (EVs) in India
• The Union Environment Ministry has officially notified the Ecomark Rules, 2024, recasting its flagship scheme for labelling eco-friendly products.
• India emerged as the second-best performing major global market during the first half of FY 2024-25 (H1FY25), closely following Hong Kong
• Retail inflation for industrial workers, measured by the Consumer Price Index for Industrial Workers (CPI-IW), increased slightly to 2.44% in August 2024, up from 2.15% in July 2024
• India’s net Goods and Services Tax (GST) collections for September 2024 rose by 3.9% to ₹1.5 trillion, marking the slowest pace of growth in the current financial year (FY25).
• Veteran Bollywood actor Mithun Chakraborty, aged 74, has been announced as the recipient of the prestigious Dadasaheb Phalke Award for his significant contributions to Indian cinema
• Ashok Leyland, a leading commercial vehicle manufacturer and flagship of the Hinduja Group, has signed a Memorandum of Understanding (MoU) with FlixBus India, a global travel-tech leader focused on affordable and sustainable travel.
• Unified Payment Interface (UPI) daily transactions crossed 501 million in September 2024 the highest ever since UPI turned operational in 2016.
• Insurer Star Health has filed a lawsuit against the social media platform Telegram and a ‘hacker’ after it was discovered that the hacker was using the messaging application to leak company data.
• India’s current account deficit (CAD) increased to 1.1% of GDP in Q1 FY25, amounting to $9.8 billion, up from 1% (or $8.9 billion) in the same period last year.
• State Bank of India (SBI) has filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against KM Toll Road Private Limited (KMTRPL), a wholly owned subsidiary of Reliance Infrastructure, before the National Company Law Tribunal, Mumbai, for a claim amount of ₹233.44 crore (including interest).
• IDFC FIRST Bank, a leader in innovative financial solutions, has announced the launch of the Ashva Credit Card, its newest offering for the modern, discerning customer.
• The Reserve Bank of India (RBI) has initiated a scheme to promote original writings and research in Hindi on economics, banking, and financial subjects.
• Axis Bank introduced a Corporate Credit Card Suite specifically designed for start-ups under its New Economy Group (NEG).
• Rajasthan Chief Minister Bhajan Lal Sharma met with prospective investors in Delhi to promote a special incentive package for investments in Rajasthan.
• Surgeon Vice Admiral Arti Sarin has become the first woman officer to take over as the Director General of Armed Forces Medical Services (DGAFMS).
• The government appointed three new external members to the Monetary Policy Committee (MPC):

Prof. Ram Singh, Director of the Delhi School of Economics

Saugata Bhattacharya, Economist

• Nagesh Kumar, Director and Chief Executive of the Institute for Studies in Industrial Development
• India’s maiden mission to Venus, which is scheduled for launch in March 2028, will embark on a 112-day journey to reach the planet.