Daily Current Affairs October 04 2024 | Latest News | Download PDF

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CURRENT AFFAIRS: BANKING & FINANCE

Reserve Bank of India’s Mibor panel supports transition to benchmark based on secured money market   

• The Reserve Bank of India (RBI)’s Committee on MIBOR Benchmark was established to review rupee interest rate benchmarks, specifically evaluating the Mumbai Interbank Outright Rate (MIBOR) usage and considering a transition to a new benchmark.
• The Committee proposed that the Financial Benchmarks India Limited (FBIL) develop and publish a benchmark based on the Secured Overnight Rupee Rate (SORR).
• SORR would be calculated from trades in the basket repo and Tri-Party Repo (TREP) segments during the first three hours of trading.

What is MIBOR?

Key Highlights :

• Rationale for SORR: The repo market in government securities, which accounts for 98% of overnight money market trades (including both banks and non-banks), is seen as a more representative and robust measure compared to the call money market, making it a better benchmark for interest rate derivatives used for hedging.
• Call Money Market Benchmark: The report recognized that benchmarks based on call money rates may be preferred for derivatives focused on speculating on monetary policy actions, as these rates are directly influenced by RBI’s monetary policy operations.
• Access for Non-Residents: The Committee suggested that non-residents could be gradually given access to onshore Interest Rate Derivatives (IRD) markets beyond MIBOR Overnight Indexed Swaps (OIS), pending a review of market conditions and risk controls.
• Current Usage by Foreign Investors: Foreign investors currently utilize 96% of the Rs 3.5 billion limit for OIS transactions, close to the threshold, prompting the RBI to review the investment limit.
• Loan Pricing in India: The report noted that a growing share of loans in India (personal, retail, MSME) is linked to the policy repo rate, but internationally, loans are priced using market-determined interbank rates, posing a basis risk if interbank rates diverge from policy rates.
• Global Context: Globally, term-based Interest Rate Swaps (IRS) are preferred for financial management.
• New alternatives to LIBOR, like SOFR (Secured Overnight Financing Rate) and SONIA (Sterling Overnight Index Average), are overnight rates, but efforts are being made to develop reliable term rates.
• Public Comments: The RBI has invited stakeholders and the public to submit comments on the Committee’s report by November 15, 2024, before making final decisions on the recommendations.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das

Banks’ issuance of Certificates of Deposit (CDs) rises by 66% in the first half of FY25  

• According to data from Prime Database, the issuance of certificates of deposit (CDs) by banks has surged by 66% in the first six months of the current fiscal as lenders struggle with sluggish deposit growth. In the first half of FY25, banks raised Rs 5.59 lakh crore through CDs, compared to Rs 3.37 lakh crore a year ago.

What are certificates of deposit?

• Certificates of Deposit (CDs) were introduced in India in 1989.
• A CD is a short-term debt instrument used by banks to mobilise funds.
• Nature of CDs:CDs are negotiable money market instruments that can be issued in dematerialised form or as a Usance Promissory Note.
• They represent funds deposited at a bank or other eligible financial institution for a specified period.
• Issuers of CDs:Scheduled commercial banks (excluding Regional Rural Banks and Local Area Banks).
• Select All-India Financial Institutions (FIs) permitted by the Reserve Bank of India (RBI) to raise short-term resources within the fixed umbrella limit.
• Minimum Investment:The minimum amount for a CD is ₹1 lakh, and subsequent investments must be in multiples of ₹1 lakh.

Key Highlights :

• Month-on-Month Increase in September 2024:Banks raised ₹1.45 lakh crore through CDs in September 2024, a 77% increase compared to ₹82,020 crore in August 2024.
• Reasons for Increased CD Issuances:Lenders face sluggish deposit growth (10.8% YoY as of August 23, 2024) while credit growth surged to 13.6% YoY, leading to higher demand for CDs to manage liquidity gaps.
• A liquidity deficit occurred in the banking system, mainly due to advance tax and GST payments in the second half of September.
• Quarterly Comparison:Banks raised ₹2.95 lakh crore via CDs in Q2FY25, compared to ₹1.77 lakh crore in Q2FY24, marking a 67% rise.
• Liquidity Deficit:The banking system saw a liquidity deficit of ₹5,000 crore on September 17, 2024, and ₹2,600 crore on September 18, after a surplus of ₹1.35 lakh crore on September 15.
• Future Outlook : Liquidity in the banking system slipped into a deficit in the second half of September after nearly three months, driven by outflows related to quarterly advance tax payments and goods and services tax (GST).

State Bank of India Chairman Setty announces plans to expand the network by adding 600 branches in FY25   

• State Bank of India (SBI) is planning to open 600 branches across the country in the current financial year in a bid to tap business opportunities in emerging areas including large residential townships.
• SBI has a total of 22,542 branches as of March 2024.
• In FY24, SBI opened 137 new branches, including 59 in rural areas.
• SBI operates 65,000 ATMs and has 85,000 business correspondents.
• SBI has launched a large-scale outreach program to boost deposit mobilization across its branch network.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara

Pension Fund Regulatory and Development Authority permits subscribers to maintain 50% equity investment until the age of 45 

• The Pension Fund Regulatory and Development Authority (PFRDA) is set to introduce a new National Pension Scheme (NPS) that allows subscribers to maintain 50% of their investment in equity funds until the age of 45.
• Presently, the NPS permits 50% investment in equity funds only until the age of 35, after which the allocation to debt funds increases
• The new NPS balance lifecycle scheme is designed to manage risks and returns effectively and is expected to launch in July or August, 2024.

Key Highlights :

• Equity Allocation: Under the new scheme, subscribers can have a maximum of 50% equity allocation, with tapering starting only after they turn 45, allowing for greater corpus accumulation for retirement.
• Transition Option: Current NPS subscribers will have the option to transition to this new scheme, and all pension funds will offer the revised NPS balance lifecycle scheme.
• Assured Returns Scheme: An NPS scheme providing assured returns is under development, but no specific timeline for its launch has been set.
• Total NPS and APY Corpus: The combined total corpus of NPS and Atal Pension Yojana (APY) stands at ₹12.4 trillion, with expectations to reach ₹15 trillion in FY25.
• AUM Distribution: Most assets under management (AUM) belong to NPS, while APY constitutes a smaller portion, amounting to ₹38,000 crore.
• Outreach Plans: PFRDA aims to enhance NPS outreach through regional rural banks.
• Atal Pension Yojana Growth: In FY24, 1.2 crore new subscribers joined APY, with a target of 1.3 crore for the current financial year.
• Women Subscribers: A significant trend noted was that 52% of the 1.23 crore new enrolments in APY last fiscal year were women, indicating increased female participation.
• Total APY Enrolments: The total enrolments in APY have reached 6.6 crore, with PFRDA expecting to add another 1.3 crore subscribers in FY25.

About PFRDA : 

• Established : 2003
• Headquarters : New Delhi, Delhi
• Chairman : Deepak Mohanty
• PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
• It operates under the jurisdiction of the Ministry of Finance in the Government of India.

PhonePe collaborates with Jar to introduce Daily Savings in Digital Gold   

• PhonePe announced its partnership with Jar to introduce a new ‘Daily Savings’ feature on its platform for purchase of digital gold.
• This allows users to save in 24K digital gold through daily incremental contributions.
• With ‘Daily Savings,’ PhonePe aims to help individuals develop consistent savings habits by allowing them to save amounts starting from Rs 10 up to a maximum of Rs 5,000 each day in digital gold.
• Jar’s integrated ‘Gold Tech’ solution simplifies digital gold investments in under 45 seconds.
• Initially exclusive to its users, it is now available to partner businesses, enabling their users to save in digital gold.
• PhonePe Group is India’s leading fintech company.
• Its flagship product, the PhonePe digital payments app, was launched in Aug 2016.

About PhonePe :

• Established : 2015
• Headquarters : Bangalore, Karnataka
• CEO : Sameer Nigam

Securities and Exchange Board of India Bars Axis Capital from New Debt Assignments Over Alleged Norm Violations 

• The Securities and Exchange Board of India (Sebi) restrained Axis Capital (ACL) — a wholly owned subsidiary of Axis Bank from taking any new assignment as a merchant banker, arranger or underwriter in the debt segment for alleged violation of the norms.
• The market regulator alleged that ACL provided guarantee or indemnity towards redemption of non-convertible debentures (NCDs) in the guise of underwriting, which it is not permitted under the regulations.
• The Sebi’s interim order came amid allegations of ACL extending itself beyond the permissible activities as a merchant banker while dealing with the issue of listed non-convertible debentures (NCDs) of Sojo Infotel.
• Axis Capital’s activities as a banking subsidiary were forwarded to the Reserve Bank of India (RBI) for review.
• Sojo Infotel raised funds for share purchases in Lava International, planning NCD repayment via Lava’s IPO or a secondary sale, but the IPO filing was returned by SEBI.
• When Sojo failed to redeem the NCDs, Axis Debenture Trustee invoked a pledge over 26% of Lava’s shares, which were pledged by Sojo’s promoters as collateral.

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 (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

National Payments Corporation of India to create UPI-style payment system for Trinidad and Tobago  

• The overseas arm of India’s National Payments Corporation of India (NPCI) will build a digital payments system for Trinidad and Tobago, modelled after India’s United Payments Interface (UPI).
• The NPCI International Payments Limited (NIPL) signed a deal with the Ministry of Digital Transformation of Trinidad and Tobago to build a digital payments system modelled after India’s Unified Payments Interface (UPI) for person-to-person (P2P) and person-to-merchant (P2M) transactions.
• The NPCI, a quasi-regulator under the central bank, is a public non-profit organisation that oversees India’s retail payment systems, including UPI, the country’s most popular mode of digital payments.
• Earlier in 2024, NIPL had agreed to develop digital payments systems for Peru and Namibia, using UPI as a blueprint.
• The NPIL, carved out of the NPCI to promote the adoption of India’s payment systems overseas, is also in talks with African and South American countries to help them build payments systems.

About Trinidad and Tobago :

• President : Christine Kangaloo
• Prime Minister : Keith Rowley
• Capital : Port of Spain
• Currency : Trinidad and Tobago dollar (TTD)

Axis Bank provides Rs 1 billion loan to Muthoot Capital to boost e-mobility initiatives in India   

• Axis Bank has extended a Rs 1 billion loan guarantee to non-bank lender Muthoot Capital, aimed at promoting e-mobility in India.
• The loan will help Muthoot Capital offer financing to rural and non-metro customers for purchasing electric two-wheelers.
• GuarantCo, part of the Private Infrastructure Development Group (PIDG), is providing a 65% on-demand credit guarantee to Axis Bank for this transaction.
• The loan is part of a broader $200 million electric vehicle (EV) framework agreement between GuarantCo and Axis Bank.
• The framework agreement aims to mobilize $300 to $400 million (INR equivalent) to finance India’s e-mobility ecosystem.
• This is the third transaction under the EV framework agreement, following a Rs 2.5 billion loan to Vivriti Capital in December 2023.
• The initiative seeks to accelerate electric vehicle adoption in rural and non-metro areas, particularly focusing on electric two-wheelers.

About Axis Bank :

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

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Modi’s Visit to Hazaribag: Inauguration of ₹83,300 Crore Projects for Tribal Upliftment

• Prime Minister Narendra Modi will visit Hazaribag, Jharkhand, where he will launch, inaugurate, and lay the foundation stones for projects worth over ₹83,300 crore.
• These initiatives are set to impact over 5 crore tribal individuals across 63,000 villages in 30 states and Union Territories.

Key Highlights:

• Dharti Aaba Janjatiya Gram Utkarsh Abhiyan: The flagship scheme, with an allocation of over ₹79,150 crore, aims to bridge gaps in social infrastructure, healthcare, education, and livelihoods. It will be implemented through 25 focused initiatives under the leadership of 17 ministries and departments of the Government of India.
• Education for Tribal Students: PM Modi will inaugurate 40 Eklavya Model Residential Schools (EMRS) and lay the foundation for 25 more, with an investment of ₹2,800 crore, ensuring quality education and residential facilities for tribal students.
• Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN): Launch and dedication of initiatives worth over ₹1,360 crore, including:
  • 1,380 km of new roads.
  • Construction of 120 Anganwadi centers, 250 multipurpose centers, and 10 school hostels.
  • Electrification of 75,800 Particularly Vulnerable Tribal Groups (PVTG) households across 3,000 villages.
  • 275 mobile medical units and 250 Van Dhan Vikas Kendras.
  • Provision of clean drinking water to 5,550 PVTG villages under the ‘Nal se Jal’ program.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India and Brazil aim to finalize the Global Biofuel Alliance charter by the end of the year(2024)   

• India and Brazil aim to establish the Global Biofuel Alliance (GBA) headquarters and finalize its charter by the end of the current year(2024).
• The delay in setting up the GBA was addressed during a meeting between India’s Petroleum Minister Hardeep Singh Puri and his Brazilian counterpart in Brasilia last month.
• The GBA was launched on September 9, 2023, on the sidelines of the G20 Summit in New Delhi.
• Over a year later, it lacks a charter, governance structure, and permanent secretariat.
• Both nations recognized the urgency in resolving the pending issues related to the GBA to expedite its functionality.

Key Highlights :

• Immediate Goals: The GBA has adopted a work plan focusing on:
• Assessing country landscapes.
• Drafting policy frameworks.
• Conducting biofuel workshops.
• These goals were discussed at a key meeting of the body held on the sidelines of the G7 deliberations in Brazil in April.
• Workstreams Proposed by India: India suggested 3 potential work streams for the GBA:
• Supporting biofuel trade.
• Increasing awareness about biofuels.
• Identifying support mechanisms for enhancing biofuel adoption.
• GBA Objectives: The GBA aims to:
• Accelerate the uptake of biofuels globally.
• Set standards for biofuels.
• Expand formal biofuel markets.
• Improve mapping of biofuel demand and supply
• Member Countries: The GBA consists of 24 nations, including Singapore, Argentina, the UAE, Mauritius, and Bangladesh. G7 nations like Italy and the United States are also part of the alliance.
• Interest from Other Nations: The alliance has generated interest from various nations, including African countries (South Africa, Kenya, Uganda) and the Caribbean nation Jamaica.
• Global Biofuel Market: The International Energy Agency (IEA) predicts that biofuels have the potential to grow 3.5 to 5 times by 2050 due to net-zero targets, creating significant opportunities for India.
• India’s Biofuel Production: A record 171.2 billion litres of biofuels were procured globally in the year 2022, with India contributing just 2.7 per cent or 4.6 billion litres.
• Despite this, India remains the third-largest producer of ethanol, after the United States (US) and Brazil.
• Biofuel Feedstock: India is one of the largest producers of biofuel feedstock, including sugarcane, maize, and vegetable oils, highlighting its potential in the biofuel market.

Click here to know more about GBA

About Brazil :

• President : Lula da Silva
• Capital : Brasília
• Currency : Real

CURRENT AFFAIRS : STATE NEWS

Kerala Chief Minister Pinarayi Vijayan launches India’s first supercapacitor manufacturing unit at Keltron in Kannur   

• Kerala Chief Minister Pinarayi Vijayan inaugurated India’s first supercapacitor manufacturing facility at Keltron Component Complex Limited (KCCL) in Kallyassery, Kannur, on October 1, 2024.
• Keltron has been highlighted as a model public sector undertaking (PSU) in the electronics and IT sector since 1974.
• The inauguration of this facility marks a significant milestone for both Keltron and India’s electronics sector.
• The supercapacitor manufacturing plant was developed in collaboration with the Indian Space Research Organisation (ISRO).
• The facility, with an initial investment of ₹42 crore, is expected to boost Kerala’s status as a hub for electronics industries, while also supporting the country’s defence and electric vehicle sectors.

Key Highlights :

• Production Capacity: KCCL will produce up to 2,000 supercapacitors daily, meeting global standards.
• Expansion Plans: The Kerala government will invest an additional ₹1,000 crore in the electronics sector for production expansion and facility modernization.
• Future Projections: Within four years, the facility is expected to generate an annual turnover of ₹22 crores and an annual profit of ₹3 crores.
• Modernization Plan: A ₹395 crore master plan for Keltron’s modernization is in place, with several projects nearing completion.

About Kerala:

• Capital: Thiruvananthapuram
• Chief Minister: Pinarayi Vijayan
• Governor: Arif Mohammad Khan
• National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park, Silent Valley National Park, Indira Gandhi National Park

Jaipur, Rajasthan Becomes a Hub for Meeting Incentive Conference and Exhibition Tourism  

• Jaipur is experiencing a significant rise in Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism, largely attributed to prominent events such as the Jaipur Literature Festival (JLF) and the Jaipur Jewellery Show.
• Rajasthan tourism, especially in Pink City, will now get a further boost by becoming the host of the IIFA25.
• The upcoming International Indian Film Academy (IIFA) Awards in Jaipur (IIFA25) is expected to further boost tourism in Rajasthan, as it will attract numerous visitors, including Bollywood stars and film personalities.

Key Highlights :

• Event Hosting History: Over the past decade, Jaipur has hosted numerous national and international events, contributing to its growth as a MICE tourism hub.
• Year-Round Events: The city regularly hosts a variety of events, including conferences and buyer-seller meetings, attracting participants from around the world.
• Tourism Boost: Events in Jaipur not only attract attendees but also encourage them to explore the city’s tourist attractions, benefiting the local tourism industry.
• Economic Impact: The influx of MICE tourists stimulates local industries, with visitors utilizing transportation services and purchasing local handicrafts, textiles, and jewellery.
• Tourism capital of Rajasthan : Jaipur

About Rajasthan :

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

CURRENT AFFAIRS: BUSINESS NEWS

U.S. Commerce Department’s $100 Million AI Initiative for Sustainable Semiconductor Development

• The U.S. Commerce Department has announced plans to allocate $100 million to promote the use of artificial intelligence (AI) in developing new, sustainable semiconductor materials.
• This initiative is part of a broader effort to enhance semiconductor manufacturing while reducing environmental impact.

Key Highlights:

• AI-Powered Autonomous Experimentation: The funding will be directed to universities, national laboratories, and the private sector to develop AI-driven autonomous experimentation to reduce the time and resources required to develop new semiconductor materials.
• Sustainable Semiconductor Manufacturing: The goal is to create less resource-intensive materials to support the U.S.’s push towards sustainable manufacturing practices.
• Part of $52.7 Billion Chips Act: This funding is part of the broader $52.7 billion U.S. semiconductor manufacturing and research grants to strengthen domestic chip production and advance technological research.

Bilateral Cooperation with India

During this period, India’s External Affairs Minister S. Jaishankar visited the U.S. to discuss deepening bilateral ties. Key discussions included:

• Semiconductors and Critical Minerals: Jaishankar met with U.S. Secretary of Commerce Gina Raimondo to discuss collaborations in semiconductors, critical minerals, trusted partnerships, and supply chain resiliency.
• Global Issues: He also met U.S. Secretary of State Antony Blinken to discuss geopolitical issues such as the Indo-Pacific, West Asia, and Ukraine.

Inauguration of India’s First Compressed Biogas Facility in Ranchi

• Prime Minister Narendra Modi inaugurated the first compressed biogas facility in Ranchi, Jharkhand, developed by GAIL (India) Limited in partnership with CEID Consultants and LSTK/EPC Contractor.
• This facility represents a significant step towards sustainable waste management and clean energy production.

Key Highlights:

• Facility Capacity: The biogas facility has a daily capacity of 12,500 m³, designed to process 150 tonnes of municipal solid waste each day. It is expected to produce 5,000 kg of bio-CNG and 25 tons of fermented bio-manure daily.
• Location: The facility is located at the Jhir Dumping Site Mouza Jhiri, occupying 7.86 acres in Ranchi.
• Impact on Local Transportation: The bio-CNG produced will be supplied to nearby CNG stations, capable of fueling over 600 vehicles daily, promoting the use of clean and environmentally friendly fuels.
• Purification Technology: The plant employs water scrubbing technology for the purification process of biogas.
• Collaboration and Development Timeline: The establishment of the plant began in March 2021, following a Concession Agreement between GAIL and the Ranchi Municipal Corporation for waste collection from homes, businesses, and other sources in Ranchi.
• Supporting National Initiatives: The plant aligns with the Atmanirbhar Bharat initiative by promoting self-reliance in energy production and supporting the circular economy. It is expected to enhance local energy security and reduce India’s reliance on fossil fuels.

Reliance Group Expands into Bhutan with Major Renewable Energy Projects

• The Anil Ambani-led Reliance Group has announced its entry into Bhutan, planning to establish 1,270 megawatts of solar and hydroelectric projects in the Himalayan kingdom.
• This strategic move is marked by a partnership agreement with Druk Holding and Investments Ltd (DHI), the commercial and investment arm of the Royal Government of Bhutan, aimed at enhancing investment in Bhutan’s renewable energy sector.

Key Highlights:

• Focus on Green Energy: The partnership will emphasize green energy generation, concentrating on solar and hydropower initiatives while also exploring innovative green technologies.
• Reliance Enterprises Formation: To facilitate investments in Bhutan’s renewable energy sector, the Indian group has established Reliance Enterprises, a venture co-promoted by Reliance Infrastructure Ltd and Reliance Power Ltd.
• Solar Plant Development: Over the next two years, Reliance Enterprises plans to set up a 500 MW solar plant in Gelephu Mindfulness City, divided into two phases of 250 MW each. This facility will be the largest solar plant in Bhutan, generating clean energy to help mitigate the impacts of climate change.
• Hydro Project Collaboration: Reliance Power will work with DHI on the 770 MW Chamkharchhu-1 hydro project, classified as a run-of-the-river project under a concession model in alignment with Bhutanese government policy. This initiative will represent the largest single investment in Bhutan’s renewable energy sector and the largest foreign direct investment (FDI) by an Indian company in the country.

Commitment to Bhutan’s Development:

Reliance Group’s initiatives demonstrate its long-term commitment to Bhutan’s renewable energy landscape, drawing inspiration from Bhutan’s renowned Gross National Happiness Index to promote economic growth and enhance the well-being of its people.

Maharashtra Cabinet Approves 255 Acres of Salt Pan Land for Slum Rehabilitation

• The Maharashtra cabinet approved the use of 255 acres of salt pan land in Mumbai to develop housing for individuals affected by slum rehabilitation projects.
• The implementation of this plan has been assigned to the Adani Group under the Dharavi Slum Redevelopment Project.

Key Highlights:

• The state government has requested the Centre to transfer the salt pan land in Mumbai on lease. This decision also aims to benefit those involved in affordable housing schemes and similar initiatives.
• Earlier this month, the Centre approved the transfer of 255.9 acres of salt pan land to the Dharavi Redevelopment Project Pvt Ltd (DRPPL), a joint venture between the Adani Realty Group and the Maharashtra government, for constructing rental housing for slum dwellers.
• The land to be acquired includes:
  • 120.5 acres in Mauje Kanjur
  • 76.9 acres in Kanjur and Bhandup
  • 58.5 acres in Mauje Mulund
• The additional chief secretary of the state housing department has been designated to sign the agreement with the Union government for the land lease transfer.
• The costs for rehabilitating residents living on salt pan land will be managed by a special purpose vehicle (SPV).

Dharavi Redevelopment Project Details:

• The Dharavi Redevelopment Project will provide eligible residential tenements with flats that feature independent kitchens and toilets, with a minimum size of 350 square feet, which is 17% larger than similar offerings in other slum redevelopment projects in Mumbai.

CURRENT AFFAIRS: SPORTS NEWS

Carlos Alcaraz Wins First China Open Title in a Thrilling Final Against Jannik Sinner

• Carlos Alcaraz secured his first China Open title after a hard-fought victory over world No. 1 Jannik Sinner.
• The match was an intense contest, with Alcaraz coming from a set down to win 6-7 (6/8), 6-4, 7-6 (7/3), marking his fourth ATP title of the year and 16th career title overall.

Key Highlights:

• Carlos Alcaraz defeated world No. 1 Jannik Sinner in a gripping final lasting three hours and 21 minutes.
• The match ended Sinner’s impressive run of 14 consecutive victories.
• First Set: Alcaraz led 3-1, but Sinner saved set points and eventually won the set in a tiebreak, marking the first set Alcaraz had dropped all week.
• Second Set: Alcaraz broke Sinner’s serve at 5-4 and held on to win the set, taking the match to a deciding third set.
• Final Set: Alcaraz recovered from a 0-3 deficit in the tiebreak to claim victory, displaying remarkable resilience.
• Alcaraz is set to return to world No. 2, continuing his strong form in 2024.

India’s Gold Rush at the ISSF Junior World Shooting Championship in Lima, Peru

• India’s shooters shone brightly at the ISSF Junior World Championship, winning five more gold medals on Day four, taking the country’s tally to 10 gold, 1 silver, and 3 bronze medals.

Key Highlights:

• Divanshi clinched gold in the 25-metre sports pistol event, shooting 35 points in the final to beat Italy’s Cristina Magnani by two points.
• She also won team gold alongside Tejaswani and Vibhuti Bhatia in the junior women’s 25m pistol event, outscoring teams from the Czech Republic and Germany.
• Mukesh Nelavalli claimed two gold medals, winning the junior men’s 25m pistol individual event with a score of 585 and also securing team gold with Suraj Sharma and Pradhyumn Singh. This brings Mukesh’s total to three golds in the competition.
• Suraj Sharma won silver in the individual event, finishing just two points behind Mukesh with 583.
• India secured the fifth gold in the junior men’s 50m rifle team event, with Shourya Saini, Vedant Waghmare, and Parikshit Singh Brar scoring a combined 1753 points, setting a new European World Record.
• India is leading the overall medal tally with 10 gold medals, followed by the USA in second place and Italy in third.

CURRENT AFFAIRS: IMPORTANT DAYS

National Wildlife Week 2024: October 2 to 8,

• As National Wildlife Week approaches from October 2 to 8, 2024, India is gearing up to celebrate its diverse ecosystems and emphasize the vital importance of wildlife conservation.
• This year’s(2024) theme, “Wildlife Conservation Through Coexistence,” aims to raise awareness about the pressing challenges faced by wildlife and the urgent need for collective action to preserve these invaluable resources.

A Historical Perspective

• Origins: The roots of Wildlife Week in India date back to 1957, when the first Wildlife Week was commemorated. It was established by the Indian Board of Wildlife in 1952 to promote awareness about long-term wildlife protection goals across the country.
• Evolution: Initially observed as Wildlife Day in 1955, it was later expanded and renamed Wildlife Week in 1957. Since then, it has evolved into an annual event dedicated to promoting conservation efforts and highlighting India’s rich biodiversity.

Importance of Wildlife Conservation

• Biodiversity: India boasts a remarkable array of wildlife, encompassing over 600 wildlife sanctuaries and 106 national parks. These protected areas are crucial for preserving iconic species such as the Bengal tiger, Indian rhinoceros, and snow leopard, while also maintaining ecological balance.
• Notable National Parks: Renowned national parks like Jim Corbett, Kaziranga, and Ranthambore exemplify the country’s commitment to safeguarding its natural heritage.

Events and Activities

This year, various national parks will host special events, including:

• Guided Wildlife Tours: Offering participants a chance to explore local ecosystems.
• Photography Contests: Encouraging creative expressions of wildlife appreciation.
• Educational Workshops: Aimed at fostering knowledge about wildlife conservation.

Swachh Bharat Diwas 2024: Celebrating a Decade of Sanitation Progress

• On October 2, 2024, coinciding with Gandhi Jayanti, Prime Minister Narendra Modi participate in Swachh Bharat Diwas at Vigyan Bhawan, New Delhi, marking the completion of a decade of the Swachh Bharat Mission.
• During this event, he will inaugurate and lay the foundation for several projects worth over ₹9,600 crore related to sanitation and cleanliness.

The funding allocation includes:

• ₹6,800 crore for urban water and sewage systems under AMRUT and AMRUT 2.0.
• ₹1,550 crore for water quality and waste management in the Ganga basin under the National Mission for Clean Ganga.
• ₹1,332 crore for 15 Compressed Biogas (CBG) Plant projects under the GOBARdhan Scheme.

Achievements and Nationwide Participation

The Swachh Bharat Diwas program will showcase India’s decade-long progress in sanitation, featuring the recent ‘Swachhata Hi Seva’ campaign. Key highlights include:

• Nationwide Involvement: Participation from local bodies, women’s groups, youth, and community leaders.
• Theme: ‘Swabhav Swachhata, Sanskaar Swachhata’, which united over 17 crore participants in 19.70 lakh programs.
• Transformative Impact:
  • Transformation of 6.5 lakh Cleanliness Target Units.
  • Organization of nearly 1 lakh Safai Mitra Suraksha Shivirs, benefiting 30 lakh Safai Mitras.
  • Planting of over 45 lakh trees under the ‘Ek Ped Maa ke Naam’ campaign.

Mann Ki Baat’s 10th Anniversary

Prime Minister Modi’s ‘Mann Ki Baat’ radio program celebrated its 10th anniversary with its 114th episode. Highlights include:

• Massive Reach:
  • 230 million regular listeners and 410 million occasional listeners.
  • Connected with 96% of India, having been heard by over 1 billion people since its launch on October 3, 2014.
• Platform for Positive Stories: The program features participation from notable personalities, including Barack Obama and Lata Mangeshkar.

‘Waste to Wealth’ Mantra

During the celebration of the Swachh Bharat Mission’s 10-year milestone, PM Modi emphasized the growing popularity of the ‘Waste to Wealth’ mantra. He highlighted the increasing awareness of the principles of Reduce, Reuse, and Recycle across the nation, fostering a culture of sustainability and cleanliness.

World Smile Day 2024: October 4

• World Smile Day is celebrated on the first Friday of October every year.
• This year World Smile Day was celebrated on 4th October.
• The theme for World Smile Day 2024 is “Do an act of kindness. Help one person smile”.

History

• In 1963, smiley face was created by the commercial artist Harvey Ball in Massachusetts. The smiley face looks like a yellow circle with black dots of eyes and a simple curve of a genuine smile.
• He created this smiley face as a design for a State Mutual Life Insurance company campaign.
• Ball became worried because his original intent of doing a smiley face was lost. So in order to bring back his smiley face’s real meaning he created the first Friday of October is celebrated as World Smile Day.
• Harvey died in 2001 and the Harvey Ball World Smile Foundation was founded to honour Harvey Ball.
• This smiley face is used in cartoons and comics and it has become very popular in the expansion of the internet and it is used as an emoji.

World Animal Day 2024: October 4

• World Animal Day is celebrated on the 4th October of every year.
• This day is observed to raise awareness about the welfare standards of the animals.
• The theme for World Animal Day 2024 is “The World Is Their Home Too!”.

History

• World Animal Day was first organized by Heinrich Zimmermann, the German Writer on March 24, 1925, in Berlin. More than five thousand people attended this event.
• Later the event of World Animal Day was moved to October 4 in the year of 1929.
• Every year Zimmermann worked hard for the promotion of World Animal Day.
• In May 1931, the International Animal Protection Congress in Florence, Italy, adopted a resolution accepted his proposal, and announced the 4th October as World Animal Day.
• The Finnish Association of Animal Protection Associations (SEY) organized various events on Animal Week and distributed material to the schools.

Daily CA One- Liner: October 4

• Prime Minister Narendra Modi will visit Hazaribag, Jharkhand, where he will launch, inaugurate, and lay the foundation stones for projects worth over ₹83,300 crore
• The S. Commerce Department has announced plans to allocate $100 million to promote the use of artificial intelligence (AI) in developing new, sustainable semiconductor materials.
• Prime Minister Narendra Modi inaugurated the first compressed biogas facility in Ranchi, Jharkhand, developed by GAIL (India) Limited in partnership with CEID Consultants and LSTK/EPC Contractor
• The Anil Ambani-led Reliance Group has announced its entry into Bhutan, planning to establish 1,270 megawatts of solar and hydroelectric projects in the Himalayan kingdom
• The Maharashtra cabinet approved the use of 255 acres of salt pan land in Mumbai to develop housing for individuals affected by slum rehabilitation projects
• Carlos Alcaraz secured his first China Open title after a hard-fought victory over world No. 1 Jannik Sinner
• India’s shooters shone brightly at the ISSF Junior World Championship, winning five more gold medals on Day four, taking the country’s tally to 10 gold, 1 silver, and 3 bronze medals.
• The Reserve Bank of India (RBI)’s Committee on MIBOR Benchmark was established to review rupee interest rate benchmarks, specifically evaluating the usage of the Mumbai Interbank Outright Rate (MIBOR) and considering a transition to a new benchmark.
• According to data from Prime Database, the issuance of certificates of deposit (CDs) by banks has surged by 66% in the first six months of the current fiscal as lenders struggle with sluggish deposit growth. In the first half of FY25, banks raised Rs 5.59 lakh crore through CDs, compared to Rs 3.37 lakh crore a year ago.
• State Bank of India (SBI) is planning to open 600 branches across the country in the current financial year in a bid to tap business opportunities in emerging areas including large residential townships.
• The Pension Fund Regulatory and Development Authority (PFRDA) is set to introduce a new National Pension Scheme (NPS) that allows subscribers to maintain 50% of their investment in equity funds until the age of 45.
• PhonePe announced its partnership with Jar to introduce a new ‘Daily Savings’ feature on its platform for purchase of digital gold.
• The Securities and Exchange Board of India (Sebi) restrained Axis Capital (ACL) — a wholly owned subsidiary of Axis Bank from taking any new assignment as a merchant banker, arranger or underwriter in the debt segment for alleged violation of the norms.
• The overseas arm of India’s National Payments Corporation of India (NPCI) will build a digital payments system for Trinidad and Tobago, modelled after India’s United Payments Interface (UPI).
• Axis Bank has extended a Rs 1 billion loan guarantee to non-bank lender Muthoot Capital, aimed at promoting e-mobility in India.
• India and Brazil aim to establish the Global Biofuel Alliance (GBA) headquarters and finalize its charter by the end of the current year.
• Kerala Chief Minister Pinarayi Vijayan inaugurated India’s first supercapacitor manufacturing facility at Keltron Component Complex Limited (KCCL) in Kallyassery, Kannur, on October 1, 2024.
• Jaipur is experiencing a significant rise in Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism, largely attributed to prominent events such as the Jaipur Literature Festival (JLF) and the Jaipur Jewellery Show.
• As National Wildlife Week approaches from October 2 to 8, 2024, India is gearing up to celebrate its diverse ecosystems and emphasize the vital importance of wildlife conservation
• On October 2, 2024, coinciding with Gandhi Jayanti, Prime Minister Narendra Modi will participate in Swachh Bharat Diwas at Vigyan Bhawan, New Delhi, marking the completion of a decade of the Swachh Bharat Mission
• World Smile Day is celebrated on the first Friday of October every year.
• World Animal Day is celebrated on the 4th October of every year.

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