Daily Current Affairs October 05 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Google and Muthoot Finance Partner to Offer Gold-Backed Loans via Google Pay

• Global tech titan Google has tied up with Muthoot Finance to provide gold-backed loans through its mobile payments service GPay.
• The collaboration offers loans with affordable interest rates and flexible usage options, providing security for lenders and flexibility for borrowers.
• These announcements were made by the company officials at the 10th edition of ‘Google for India’ event.

Key Highlights :

• Gemini Live AI AssistantMultilingual Support: Starting October 3, 2024, Google’s AI assistant Gemini Live will be available in Hindi, with plans to add eight more Indian languages (Bengali, Gujarati, Kannada, Malayalam, Marathi, Telugu, Tamil, Urdu) in the following weeks.
• User Interaction: Over 40% of Gemini users rely on voice interactions.
• Google’s AI InitiativesAI Overview in Search: Google will roll out the AI overview, a Gen-AI feature in Google Search, in Bengali, Marathi, Telugu, and Tamil in the coming weeks.
• Gemini Agent Framework: Google plans to integrate Beckn-enabled open networks with its AI model, Gemini, through an open-source Gemini Agent Framework, accessible to Indian businesses and users.
• Digital Inclusion and Cloud SolutionsTransaction Capabilities: The framework allows users to search for various listings (electronics, agricultural products, job opportunities, educational courses) and conduct transactions across sectors like agriculture and skill development via a single interface that supports voice commands in multiple languages.
• Gemini Flash 1.5: Google is set to launch Gemini Flash 1.5 in India, enabling organizations to securely implement cloud and AI solutions within the country.
• Commitment to India : Digital Safety Center: Google announced the launch of the Google Safety Engineering Center in India in 2025.
• Clean Energy Partnerships: Google has entered into two long-term partnerships aimed at enhancing clean energy generation in India, projected to contribute 186 MW of new renewable energy capacity by 2026.
• Adani Group Partnership: Focuses on a 61.4 MW solar-wind hybrid project in Khavda, Gujarat, expected to start operations in 2025.
• CleanMax Partnership: Involves 125.4 MW of clean energy projects in Rajasthan and Karnataka.
• DPI in a Box Initiative: Collaboration with Nandan Nilekani’s EkStep Foundation to create ‘DPI in a box’, a plug-and-play model based on open network principles for building digital infrastructure.
• Philanthropic Grant: Google.org announced a USD 4 million grant to the Central Square Foundation to promote AI literacy across underserved communities in India.

About Muthoot Finance :

• Founded : 1939
• Headquarters : Kochi, Kerala, India
• Chairman : George Jacob Muthoot
• MD : George Alexander Muthoot

Mudra loans see slight decline to ₹1.86 lakh crore in first half of the year(2024)

• For the first time since COVID-19, PMMY loans showed a decline in disbursal, totaling ₹1,86,284 crore in the first half of the current financial year (as of September 27, 2024).
• This figure is a decrease from ₹1,91,863 crore during the same period last year.

Key Highlights :

• Provisional Numbers:The figures are provisional, and even if disbursal increases slightly, it will still be marginally below last year’s numbers.
• Context of Decline:The decrease should not be considered a significant dip, as the previous fiscal year saw a record growth of approximately 40% in PMMY disbursals compared to the prior year.
• The high base effect from the previous year must be taken into account when analyzing these numbers.
• Previous Fiscal Year Performance:The financial year 2023-24 was exceptional for PMMY, with loan disbursals exceeding ₹5 lakh crore for the first time since the scheme’s introduction in 2015.
• Expectations for Future Growth:Bankers anticipate growth in PMMY disbursals for the full financial year.
• A recent government decision to raise the cap on Mudra loans from ₹10 lakh to ₹20 lakh for borrowers with a good repayment history is expected to stimulate both disbursals and economic activity.
• Loan Categories:PMMY loans are categorized into:
• Sishu: Up to ₹50,000.
• Kishore: Above ₹50,000 and up to ₹5 lakh.
• Tarun: Above ₹5 lakh and up to ₹10 lakh.
• Starting this year, borrowers with a good repayment history can access ₹20 lakh, subject to the discretion of banks.
• Non-Performing Assets (NPAs):The non-performing assets (NPAs) have also been coming down.
• According to data from the Ministry of Finance, there has been a steady decline in NPAs of PMMY loans.
• There has been a steady decline in NPAs for PMMY loans, decreasing from 4.9% in 2019-20 to 3.4% in 2023-24.

Bank of Baroda to Divest Oman Operations to Bank Dhofar as Part of Rationalization Plan

• State-owned Bank of Baroda (BoB) proposes to sell its Oman operation to Bank Dhofar as part of the rationalisation of foreign operations.
• The acquisition is proposed to occur on a going-concern basis.
• The sale is subject to approval from the relevant regulatory authorities.

Key Highlights :

• Financial Overview:Total Business: BoB’s total business in Oman was 113.35 million Omani Rial.
• Net Worth: The net worth of the Oman operations stood at 25.54 million Omani Rial.
• Rationalisation Strategy:BoB is rationalizing its foreign operations based on a comprehensive evaluation framework.
• Previous actions include:
• Closure of the wholesale branch in China during the financial year 2020-21.
• Sale of the wholly-owned overseas subsidiary in Trinidad and Tobago (Bank of Baroda Trinidad and Tobago Ltd) to Ansa Merchant Bank Ltd.
• International Business Metrics (as of March 31, 2024):Total Business from International Branches: Rs 3,83,409 crore.
• Global Business Share: International branches constituted 16.02% of BoB’s global business.
• Total Deposits: Rs 1,98,444 crore.
• Net Advances: Rs 1,84,965 crore.

About BoB :

• Founded : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India’s International Bank

Asian Development Bank approves USD 162 million loan to boost tourism in Himachal Pradesh

• The Asian Development Bank (ADB) has approved a USD 162 million loan for tourism development in Himachal Pradesh.
• Project Focus:The Sustainable and Inclusive Tourism Development Project aims to enhance the state’s tourism potential by upgrading and preserving heritage and cultural sites.
• The project focuses on Mandi and Hamirpur districts and includes the restoration of Naggar Castle in Kullu.

Key Highlights :

• New Facilities:Construction of a convention center and tourist facilities in Kangra.
• Beautification of public spaces and establishment of modern tourist facilities.
• Development of wellness centers, tourist recreation facilities, adventure sports center, water park complex, and biking trails.
• Green Solutions:The project will incorporate green solutions such as solar lighting and electric vehicles.
• Special attention will be given to facilities catering to the needs of the elderly, women, children, and persons with disabilities.
• Economic Impact:These new establishments and facilities are expected to provide employment opportunities and boost the local economy.
• Institutional Capacity Building:ADB will help strengthen the institutional capacity of the Himachal Pradesh Tourism Development Board.
• Development of a tourism strategy and marketing plan.
• Support for district-level tourism management to improve destination management and develop strategic destination development plans.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

Pension Fund Regulatory and Development Authority enhances NPS offering for the private sector by introducing a balanced life cycle fund option

• The Pension Fund Regulatory and Development Authority (PFRDA) has launched the Balanced Life Cycle Fund (BLC) as an additional life cycle fund option for private sector subscribers under the All Citizen model and Corporate NPS.
• This new life cycle fund launched on the occasion of Pension Diwas focuses on growth assets, particularly equity investments, providing more flexibility and potential for higher returns for NPS subscribers.

Key Highlights :

• Equity Allocation Strategy:The BLC maintains an equity allocation of up to 50% until the age of 45.
• Equity allocation reduction starts at age 45 instead of 35, and by age 55, it is set at 35%.
• Growth of Private Sector in NPS:The private sector (non-government sector) is the fastest-growing segment in the NPS ecosystem, with assets under management of approximately ₹2.6 lakh crore as of mid-September.
• Between March 2020 and March 2024, the non-government sector experienced 25% growth in assets under management.
• As of September 15, year-on-year growth in private sector NPS reached 40%.
• Variety of Life Cycle Funds:With the introduction of the BLC, there are now four life cycle funds available for NPS subscribers:
• Conservative Life Cycle Fund (LC-25): Equity allocation up to 25%
• Moderate Life Cycle Fund (LC-50)
• Aggressive Life Cycle Fund (LC-75)
• Balanced Life Cycle Fund (BLC)
• Auto Choice Investment Option:Life cycle funds are part of the ‘Auto Choice’ investment option of NPS, where asset allocation adjusts annually based on the subscriber’s risk profile and age.
• Popularity of Life Cycle Funds:Approximately 65% of private sector subscribers have opted for Life Cycle Funds among various investment choices available under NPS.

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.

Securities and Exchange Board of India levies ₹12 lakh penalty on NSE Data & Analytics for regulatory breaches

• Markets regulator Securities and Exchange Board of India (SEBI) imposed a penalty of Rs 12 lakh on NSE Data And Analytics Limited for its failure to segregate IT infrastructures and manpower between itself and its parent firm National Stock Exchange (NSE).
• NSE Data and Analytics has been directed to pay the penalty within 45 days.

Key Highlights :

• SEBI’s Findings: Violations included issues with:
• Backup of records
• Business Continuity Plan/Disaster Recovery (BCP/DR) policy
• Delays in sending acknowledgment letters to investors
• Irregularities in system audit reports and cybersecurity audit framework
• Failure to validate Know Your Customer (KYC) records.
• Lack of IT Segregation: There was no segregation of IT infrastructure (servers, network, data centers, IT security) or IT manpower between NSE Data and Analytics and NSE.
• Inspection Timeline: SEBI conducted an inspection of NSE Data and Analytics, a KYC Registration Agency, on September 6-7, 2023, covering the period from April 1, 2022, to July 31, 2023.

CURRENT AFFAIRS: NATIONAL NEWS

Launch of Dharti Aaba Janjatiya Gram Utkarsh Abhiyan (DAJGUA)

• Prime Minister Shri Narendra Modi launched the Dharti Aaba Janjatiya Gram Utkarsh Abhiyan (DAJGUA) on Mahatma Gandhi’s birth anniversary from Hazaribagh, Jharkhand.
• The scheme has a total outlay of ₹79,156 crores, with contributions of ₹56,333 crores from the Central government and ₹22,823 crores from the State government.

Key Attendees:

• Shri Santosh Gangwar – Hon’ble Governor of Jharkhand
• Shri Jual Oram – Union Minister of Tribal Affairs
• Smt. Annpurna Devi – Union Minister of Women and Child Development
• Sh. Durgadas Uikey – Union MoS for Tribal Affairs
• Shri Sanjay Seth – Union MoS for Defence
• Senior officers from Central and State Government

Vision of the Abhiyan: The Dharti Aaba Janjatiya Gram Utkarsh Abhiyan aims to fill critical gaps in social infrastructure, health, education, and livelihood through 25 interventions implemented by 17 line ministries of the Government of India. The initiative focuses on the holistic and sustainable development of tribal areas and communities.

Scope and Reach:

• The scheme will cover 63,843 villages and benefit over 5 crore tribal people across 549 districts and 2,911 blocks in 30 States/UTs.

Planning and Goals: The mission consists of 25 interventions aimed at achieving the following goals over the next 5 years:

1. Goal I: Developing Enabling Infrastructure
   • Housing: Access to pucca housing for eligible households under the PMAY (Gramin) scheme, along with provisions for tapped water (Jal Jeevan Mission) and electricity (RDSS).
   • Village Infrastructure: Establishing all-weather road connectivity (PMGSY), mobile connectivity (Bharat Net), and infrastructure improvements in health, nutrition, and education (NHM, Samagra Shiksha, and Poshan).
2. Goal II: Promotion of Economic Empowerment
   • Skill Development: Providing training under the Skill India Mission and ensuring access to long-term skill courses for ST boys and girls after 10th/12th grade.
   • Marketing Support: Assistance through Tribal Multipurpose Marketing Centres (TMMC), Tourist Home Stays, and support for agriculture, animal husbandry, and fishery for FRA Patta holders.
3. Goal III: Universalization of Access to Good Education
   • Education: Aiming to increase the Gross Enrolment Ratio (GER) to national levels and ensuring quality education for ST students through Samagra Shiksha Abhiyan and setting up tribal hostels.
4. Goal IV: Healthy Lives and Dignified Ageing
   • Health: Enhancing access to quality health facilities for ST households and aiming for national standards in Infant Mortality Rate (IMR), Maternal Mortality Rate (MMR), and immunization coverage through Mobile Medical Units.

Support and Monitoring:

• The tribal villages under this Abhiyan will be mapped on the PM Gati Shakti Portal, with identified gaps for specific schemes.
• The progress will be monitored through the PM Gati Shakti platform, and the best-performing districts will receive awards.

Supported Schemes: The Abhiyan includes innovative schemes to promote livelihood and income generation among tribal and forest-dwelling communities, such as:

• Tribal Home Stay
• Improving infrastructure of Government Residential Schools and Hostels
• Sustainable Livelihood for Forest Right Holders (FRA)
• Advanced Facilities for Diagnosis of Sickle Cell Disease
• Tribal Multipurpose Marketing Centre

Reference for the Scheme: The Dharti Aaba Janjatiya Gram Utkarsh Abhiyan is based on the learnings and successes of the PM-JANMAN, launched on Janjatiya Gaurav Divas on 15th November 2023, which had a budget outlay of ₹24,104 crores and focused on the Particularly Vulnerable Tribal Groups (PVTG) population.

India-Jamaica Relations Strengthened with ‘Jamaica Marg’ Announcement

• During a joint press conference with Jamaican Prime Minister Andrew Holness, Prime Minister Narendra Modi announced the official naming of the road in front of the Jamaica High Commission in New Delhi as ‘Jamaica Marg.’
• This gesture underscores the strengthening diplomatic ties between India and Jamaica.

Sports Diplomacy: Cricket as a Unifying Force

• The leaders acknowledged the importance of sports in fostering bilateral relations.
• Modi emphasized that both nations share a passion for cricket, which serves as a bridge between their cultures, promoting people-to-people connections.

The Indian Diaspora: A Living Connection

A significant aspect of the India-Jamaica relationship is the Indian diaspora in Jamaica. Prime Minister Modi praised this community, noting:

• Approximately 70,000 people of Indian origin reside in Jamaica.
• The Indian community has been established in Jamaica for about 180 years.
• They are viewed as a “living example of cultural heritage.”

PM Modi expressed gratitude to the Jamaican government for its care of the Indian community, recognizing their role as a vital link between the two countries.

Bilateral Talks and Future Cooperation

The discussions held at Hyderabad House focused on various dimensions of the India-Jamaica partnership, including:

• Enhanced cooperation in sports.
• Increased cultural exchanges.

Historic Visit

Prime Minister Holness’s visit marks several important milestones:

• It is his first official trip to India.
• This is the first-ever bilateral visit by a Jamaican Prime Minister.

PM Modi welcomed Holness as a “long-standing friend of India,” highlighting their previous meetings and Holness’s commitment to strengthening bilateral relations.

Visit Overview

Prime Minister Holness’s official visit to India spans from September 30 to October 3, 2024. The agenda aims to:

• Infuse fresh energy into bilateral relations.
• Explore new areas of cooperation.
• Strengthen existing partnerships.

Dr. Mansukh Mandaviya Chairs the 4th General Council Meeting of the Khelo India Scheme

• The 4th meeting of the General Council (GC) for the Khelo India Scheme took place in New Delhi, chaired by Union Minister of Youth Affairs & Sports and Labour & Employment, Dr. Mansukh Mandaviya.
• The meeting saw participation from senior officials from various states, prominent Sports Control Boards, National Sports Federations, and key representatives from Central Ministries.

Key Announcements

1. Draft Sports Policy:
   • Dr. Mandaviya announced the release of a Draft Sports Policy on the Ministry’s website for public consultation.
   • This policy aims to modernize and update the existing framework to align with the evolving sports landscape in India.
   • Stakeholders, including state governments and the general public, are invited to provide feedback. Once finalized, this policy will serve as a model for states without their own sports policies.
2. Review of Khelo India Scheme:
   • The progress of the Khelo India Scheme was reviewed, with discussions focused on improving sports infrastructure and facilities to enhance athlete performance.
   • Dr. Mandaviya emphasized the need for a Whole-of-Government Approach to ensure effective coordination among various agencies involved in talent identification and nurturing under different Central and State Government schemes, Public Sector Undertakings (PSUs), and National Sports Federations.

Focus Areas for Improvement

The Union Minister directed the reconstitution of sub-committees to address the following:

• Recruitment Policies: Improve recruitment procedures across Ministries and Departments to facilitate better career progression for sportspersons.
• Welfare and Support Systems: Enhance support systems for athletes.
• Talent Identification: Develop effective programs for talent identification at the grassroots level.

1. Dedicated Sports Recruitment Portal:
   • A dedicated portal will be created to provide information on sports recruitment across Central Ministries.
   • States will be encouraged to use this platform to advertise sports quota vacancies, thereby improving accessibility and transparency in recruitment.
2. Unified Sports Infrastructure Database:
   • The meeting included a review of progress on the unified sports infrastructure database under PM Gati Shakti.
   • Dr. Mandaviya directed the collection of data from states, sports federations, and other entities to create a comprehensive inventory of all sports infrastructure across the country.

The Union Minister for Ports, Shipping, and Waterways, Shri Sarbananda Sonowal launched the ‘Cruise Bharat Mission,’ to Double Cruise Calls and Passengers within Five years

• The Union Minister of Ports, Shipping & Waterways (MoPSW), Shri Sarbananda Sonowal, officially launched the Cruise Bharat Mission from the Mumbai port, aimed at unlocking the tremendous potential of cruise tourism in India.
• The mission seeks to double cruise passenger traffic by 2029 and establish India as a leading global cruise destination.

Mission Overview

• Launch Venue: The initiative was launched onboard the cruise ship Empress.
• Duration: The Cruise India Mission will be implemented in three phases from October 1, 2024, to March 31, 2029.
  • Phase 1 (Oct 2024 – Sep 2025): Focus on studies, master planning, forming cruise alliances, and modernizing existing cruise terminals and marinas.
  • Phase 2 (Oct 2025 – Mar 2027): Development of new cruise terminals, marinas, and activation of high-potential cruise locations.
  • Phase 3 (Apr 2027 – Mar 2029): Integration of all cruise circuits across the Indian subcontinent and continued development of cruise infrastructure.

Key Performance Targets

• Increase sea cruise passengers from 0.5 million to 1 million.
• Expand sea cruise calls from 125 to 500.
• Grow river cruise passengers from 0.5 million to 1.5 million.
• Increase the number of international cruise terminals from 2 to 10.
• Expand river cruise terminals from 50 to 100.
• Grow marinas from 1 to 5.
• Generate employment from 0.1 million to 0.4 million.

Goals and Strategic Pillars

The mission is built upon five strategic pillars:

1. Sustainable Infrastructure & Capital: Addressing infrastructure gaps with world-class terminals, marinas, and digital solutions.
2. Operations Including Technology Enabled: Streamlining operations with digital solutions for seamless embarkation and disembarkation.
3. Cruise Promotion & Circuit Integration: International marketing, investment promotion, and linking cruise circuits.
4. Regulatory, Fiscal & Financial Policy: Creating tailored fiscal policies and regulations to support cruise tourism.
5. Capacity Building and Economic Research: Emphasizing skill development and establishing a Centre of Excellence for cruise-related research.

Union Cabinet Approves Classical Language Status for Five Languages

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the conferment of Classical Language status to Marathi, Pali, Prakrit, Assamese, and Bengali.
• This initiative aims to recognize these languages as custodians of India’s profound cultural heritage.

Key Details and Background

• Initiation: The Government of India first declared a Classical Language category on 12th October 2004 by designating Tamil as a Classical Language.
• Criteria for Classical Language Status:
  • High Antiquity: Recorded history of over 1,000 years.
  • Valuable Heritage: A body of ancient literature/texts that has historical significance.
  • Original Literary Tradition: The literary tradition must be unique, not borrowed from other languages.
• Expert Committee Formation: A Linguistic Experts Committee (LEC) was established by the Ministry of Culture in November 2004 to examine languages for classical status.
• Revised Criteria (November 2005):
  • Increased antiquity of early texts to 1,500-2,000 years.
  • Inclusion of literary discontinuity between classical and modern forms.

Previous Classical Language Declarations

The following languages have been conferred Classical Language status:

Language	Date of Notification
Tamil	12/10/2004
Sanskrit	25/11/2005
Telugu	31/10/2008
Kannada	31/10/2008
Malayalam	08/08/2013
Odia	01/03/2014

Recent Developments

• A proposal from Maharashtra for Marathi was forwarded to the LEC in 2013. The LEC recommended granting Classical Language status to Marathi.
• During inter-ministerial consultations in 2017, the Ministry of Home Affairs suggested revising the criteria, leading to an assessment of other languages like Pali, Prakrit, Assamese, and Bengali.
• On 25th July 2024, the LEC revised the criteria:
  1. High antiquity of early texts/recorded history over 1,500-2,000 years.
  2. A body of ancient literature/texts considered heritage by generations of speakers.
  3. Knowledge texts, including prose, poetry, epigraphical, and inscriptional evidence.
  4. Distinction or discontinuity between classical languages and their current forms.

Languages Recommended for Classical Status

The following languages were recommended to fulfill the revised criteria:

1. Marathi
2. Pali
3. Prakrit
4. Assamese
5. Bengali

Implementation Strategy and Targets

• Ministry of Education Initiatives:
  • Three Central Universities were established in 2020 for promoting Sanskrit.
  • The Central Institute of Classical Tamil was set up for translation, research, and courses.
  • Centres for Excellence for classical studies were established for Kannada, Telugu, Malayalam, and Odia.
• Awards and Recognition: The Ministry of Education instituted national and international awards for achievements in Classical Languages.

Geographic Coverage

The states involved include:

• Maharashtra (Marathi)
• Bihar, Uttar Pradesh, and Madhya Pradesh (Pali and Prakrit)
• West Bengal (Bengali)
• Assam (Assamese)

Union Cabinet Approves Rationalization of Agricultural Schemes

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved a proposal from the Department of Agriculture & Farmers Welfare (DA&FW) to rationalize all Centrally Sponsored Schemes (CSS) under the Ministry of Agriculture and Farmers into two umbrella schemes: Pradhan Mantri Rashtriya Krishi Vikas Yojana (PM-RKVY) and Krishonnati Yojana (KY).

Key Highlights of the Decision

• PM-RKVY:
  • A cafeteria scheme aimed at promoting sustainable agriculture.
• Krishonnati Yojana (KY):
  • Focused on food security and achieving agricultural self-sufficiency.
• Total Expenditure:
  • The proposed total expenditure for both schemes is Rs. 1,01,321.61 crore.
  • The schemes will be implemented through State Governments.

Objectives of the Rationalization

The rationalization aims to:

• Avoid Duplication: Ensure convergence and provide states with flexibility in scheme implementation.
• Address Emergent Challenges: Focus on nutrition security, sustainability, climate resilience, value chain development, and private sector participation in agriculture.
• Comprehensive Strategic Planning: Allow state governments to prepare a Comprehensive Strategic Document for the agriculture sector, addressing production, productivity, climate resilience, and value chain development.
• Streamline Approval Process: Enable states to get the Annual Action Plan (AAP) approved in one go, rather than scheme-wise approvals.

Flexibility for States

A significant change in PM-RKVY allows state governments to reallocate funds between components based on specific state requirements, enhancing local adaptability.

Financial Breakdown

• Central Share: Rs. 69,088.98 crore
• State Share: Rs. 32,232.63 crore
• Breakdown: Includes Rs. 57,074.72 crore for PM-RKVY and Rs. 44,246.89 crore for KY.

Components Under PM-RKVY

The PM-RKVY will include the following schemes:

1. Soil Health Management
2. Rainfed Area Development
3. Agro Forestry
4. Paramparagat Krishi Vikas Yojana
5. Agricultural Mechanization (including Crop Residue Management)
6. Per Drop More Crop
7. Crop Diversification Programme
8. RKVY DPR component
9. Accelerator Fund for Agri Startups

Additional Initiatives

• The National Mission for Edible Oil-Oil Palm (NMEO-OP), Clean Plant Program, Digital Agriculture, and National Mission for Edible Oil-Oil Seeds (NMEO-OS) have been taken up in Mission mode to enhance farmer welfare.
• The Mission Organic Value Chain Development for North Eastern Region (MOVCDNER) will be modified to include MOVCDNER-Detailed Project Report (DPR) to address critical challenges faced by North Eastern states.

CURRENT AFFAIRS : STATE NEWS

Telangana Becomes the First State to Launch NITI Aayog’s Women Entrepreneurship Platform Chapter

• Telangana is the first state in India to establish a chapter of NITI Aayog’s Women Entrepreneurship Platform (WEP).
• The WEP is aimed at fostering entrepreneurship among women by providing customized support.

Key Highlights :

• Key Support Services:Digital Skilling: Empowering women with essential digital technology skills.
• Financial Services: Enhancing financial literacy and access to funding through partnerships with financial institutions and fintech.
• Mentorship: Offering tailored mentorship programs connecting women entrepreneurs with industry leaders and experts.
• Market Linkages: Facilitating access to markets by linking entrepreneurs with investors and industry partners.
• Nodal Body:WE Hub has been designated as the nodal body for implementing the WEP in Telangana.
• Registered Women Entrepreneurs:The WEP has over 30,000 registered women entrepreneurs and associations, along with more than 400 mentors from various industry sectors.
• Mission Director:Sita Pallocholla, the Chief Executive Officer of WE Hub, has been appointed as the Mission Director for the WEP Telangana Chapter.
• Focus Areas:The platform aims to promote and support women entrepreneurs across various sectors, enhancing their business growth through resources, tools, and a robust network.
• Benefits of WEP:The initiative is designed to empower women entrepreneurs by providing critical skills, mentorship, and access to financial and market resources.

About Telangana:

• Governor: Jishnu Dev Varma
• Chief minister:Revanth Reddy
• Capital: Hyderabad

CURRENT AFFAIRS: BUSINESS NEWS

CareEdge Ratings Enters Global Scale Ratings Space

• CareEdge Ratings, a leading credit rating agency in India, has made history by becoming the first Indian credit rating agency to enter the Global Scale Ratings arena through its subsidiary, CareEdge Global IFSC Limited.
• This milestone marks a significant step in CareEdge’s evolution into a global knowledge-based institution.

Launch Event Highlights

• Event Location: The launch took place at GIFT City, Gandhinagar, India.
• Inaugural Report: CareEdge unveiled a comprehensive report on Sovereign Ratings of Global Economies, assigning ratings to 39 countries.
• Notable Attendees: The event featured prominent figures, including:
  • Shri K.V. Kamath – Renowned corporate leader
  • Shri Ashish Kumar Chauhan – MD & CEO of NSE
  • Shri Sanjeev Sanyal – Member of the Economic Advisory Council to the Prime Minister

Sovereign Ratings Assigned

CareEdge Global assigned sovereign ratings to various countries, reflecting their creditworthiness based on an analysis of five key pillars:

• AAA: Germany, Netherlands, Singapore, Sweden
• AA+: Australia, Canada, USA
• AA-: France, Japan, Korea, UAE, UK
• A+: Portugal
• A: China, Spain
• A-: Chile, Malaysia, Thailand
• BBB+: Botswana, India, Philippines
• BBB: Indonesia, Italy, Mauritius
• BBB-: Mexico, Morocco, Peru
• BB+: Brazil, Colombia, Greece, Vietnam
• BB: South Africa
• B+: Turkey
• B: Nigeria
• B-: Ecuador, Egypt
• CCC+: Bangladesh
• CCC: Argentina
• D: Ethiopia

Assessment Methodology: The CareEdge Sovereign Ratings methodology evaluates creditworthiness based on five pillars:

• 1. Economic Structure & Resilience (25% weightage)
  2. Fiscal Strength (25% weightage)
  3. External Position & Linkages (16.67% weightage)
  4. Monetary & Financial Stability (16.67% weightage)
  5. Institutions & Quality of Governance (16.67% weightage)

About CareEdge Ratings

Established in 1993, CareEdge Ratings is India’s second-largest credit rating agency, renowned for its credibility in rating diverse sectors, particularly in BFSI and Infrastructure. The group includes various subsidiaries, such as:

• CARE Analytics & Advisory Private Ltd.
• CARE ESG Ratings Ltd.
• CareEdge Global IFSC Ltd. (and other international entities in Mauritius, South Africa, and Nepal).

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Claudia Sheinbaum inaugurated as Mexico’s 1st female president in historic ceremony

• Claudia Sheinbaum was sworn in as Mexico’s 66th president and the first woman to hold the office.
• This marks a significant moment in Mexico’s history, occurring after over 200 years of independence.
• Sheinbaum will serve a six-year term that will last until 2030.
• The swearing-in took place at the Legislative Palace of San Lázaro in Mexico City.
• During the ceremony, legislators shouted “Presidenta! Presidenta!” using the feminine form of president for the first time in Mexico’s history.
• As a member of the Morena party, Sheinbaum is anticipated to follow the policies of her mentor, Andrés Manuel López Obrador, the outgoing president.
• Claudia Sheinbaum is a 62-year-old scientist and former mayor of Mexico City.
• She previously made history by winning the presidential election on June 2, defeating Xóchitl Gálvez and Jorge Álvarez Máynez in a landslide victory.

Challenges Ahead:

• Sheinbaum takes office amid significant challenges, including high levels of violence from organized crime and a substantial fiscal deficit in Latin America’s second-largest economy.
• Her government faces scrutiny regarding its fiscal policies, particularly the commitment to reduce the fiscal deficit from 5.9% to 3.5% of gross domestic product (GDP).
• Sheinbaum’s government is expected to present its first budget by November 15,2024 which will be closely analyzed for insights into her fiscal policies and commitments.

About Mexico :

• Capital : Mexico City
• Currency : Mexican peso

Air Marshal SP Dharkar Takes Over as Vice Chief of Air Staff

• Air Marshal SP Dharkar has assumed charge as the Vice Chief of the Air Staff.
• He succeeded Air Chief Marshal Amar Preet Singh, who became the Chief of Air Staff on September 30, 2024.
• As the Director General of the DSA, Dharkar was responsible for establishing the new organization, which oversees all aspects of space exploitation in the military domain for the Indian defense forces.

About Air Marshal SP Dharkar :

• Air Marshal Dharkar is a highly accomplished fighter pilot with 3,600 hours of flying experience, having flown various types of fighter jets and trainer aircraft.
• He has commanded a MiG-27 squadron and is an experienced qualified flying instructor, fighter strike leader, and instrument rating instructor.
• He was commissioned in the fighter stream in 1985.
• He is an alumnus of the Rashtriya Indian Military College (RIMC), National Defence Academy (NDA), Defence Services Staff College, and the US Air War College.
• He has commanded a frontline fighter unit and served as the first Director General of the Defence Space Agency (DSA).
• He served as the Assistant Chief of Air Staff (Training) at the Air Headquarters.
• Before his current appointment, he was serving as the Air Officer Commanding-in-Chief of the Eastern Air Command.

About Indian Air Force :

• Founded : 26 January 1950
• Headquarters : New Delhi, Delhi
• Vice Chief of the Air Staff (VCAS) : Air Marshal Sujeet Pushpakar Dharkar
• Deputy Chief of the Air Staff (DCAS) : Air Marshal Tejinder Singh

Goods and Services Tax Council forms 10-member GoM, headed by MoS Finance Pankaj Chaudhary

• The Goods and Services Tax (GST) Council has established a 10-member Group of Ministers (GoM), chaired by Minister of State for Finance Pankaj Chaudhary, to review and make recommendations on the taxation of luxury, sin, and demerit goods after the compensation cess expires in March 2026.
• The GoM includes representatives from Assam, Chhattisgarh, Gujarat, Karnataka, Madhya Pradesh, Punjab, Tamil Nadu, Uttar Pradesh, and West Bengal.
• The GoM is required to submit its report to the GST Council by December 31, 2024.

Key Highlights :

• Current Tax Structure: Under the current GST regime, a compensation cess is levied on luxury, sin, and demerit goods at varied rates in addition to the standard 28% tax rate.
• Purpose of Compensation Cess: The compensation cess was originally intended to last five years post-GST implementation to compensate states for revenue losses incurred due to GST. It was extended until March 2026 to facilitate the repayment of ₹2.69 lakh crore borrowed by the government to cover states’ revenue losses during the COVID-19 pandemic.
• Loan Repayment: The GST Council decided to continue the compensation cess to repay the principal and interest on the ₹2.69 lakh crore loan, which is projected to be cleared by January 2026.
• The collections from the compensation cess in February and March 2026 are expected to total around ₹40,000 crore.
• GST Tax Structure: GST operates on a four-tier tax structure with slabs of 5%, 12%, 18%, and 28%.
• However, the law permits a tax rate of up to 40% on certain goods and services.

CURRENT AFFAIRS : DEFENCE NEWS

Aero India is Scheduled to Take Place in Bengaluru on February 10, 2025

• India will host the 15th edition of its largest air show, Aero India, at Yelahanka Air Force Station in Bengaluru, Karnataka, from February 10 to February 14, 2025.
• The event will feature participation from leading Indian and foreign manufacturers and several delegations from friendly foreign countries.
• Many fighter aircrafts and helicopters performed on air and a defence exhibition was inaugurated by PM Narendra Modi.
• IAF’s Tejas aircraft which is a lightweight, highly agile and multi-role supersonic fighter was a major highlight in the aero India show in 2023.

About Aero India :

• Aero India is organised by the Ministry of Defence which involves multiple agencies, including the Department of Defence Production, IAF, Hindustan Aeronautics Limited (HAL), Defence Research and Development Organisation (DRDO), Department of Space, and the Union Civil Aviation Ministry.
• Air Show Performances:Featured thrilling displays from the IAF’s Sukhoi fighters, Surya Kiran Aerobatic Team, and Sarang Helicopter Display Team.
• Global Interest:Foreign Original Equipment Manufacturers like Boeing and Dassault Aviation are pursuing multi-billion-dollar fighter jet deals with the Indian government, using Aero India as a key negotiation platform.
• HAL’s International Aspirations:HAL aims to secure deals for its multi-role combat jet Tejas with developing nations in the Middle East, South America, and Southeast Asia.
• In 2023, HAL signed a Memorandum of Understanding with a UAE-based medical service provider to export helicopter platforms for emergency services.
• Aero India 2023 Statistics:The 14th edition was inaugurated by PM Modi and centered around the theme “The Runway to a Billion Opportunities”.
• A total of 809 exhibitors participated, including 110 foreign exhibitors and 699 Indian exhibitors.
• The first edition of the air show was held in 1996

Other Key Highlights :

• Aero India and DefExpo are significant exhibitions that attract global and Indian defence manufacturers, along with official delegations.
• These exhibitions are held in alternate years.
• Location:Aero India has consistently been held in Bengaluru.
• DefExpo has changed locations over the years.
• DefExpo Status:The 2023 edition of DefExpo, which was scheduled to occur this year, did not take place.
• The 2022 edition of DefExpo was delayed and eventually held in September in Gandhinagar.

Third 25T Bollard Pull Tug, Ashva, Launched by Commodore Ajay Yadav at Titagarh Rail Systems Limited, Kolkata     

• The third 25T Bollard Pull (BP) Tug, Ashva (Yard 337), was launched by Commodore Ajay Yadav, Naval Officer-in-Charge (West Bengal), at M/s Titagarh Rail Systems Limited, Kolkata.

“Make in India” & “Atmanirbhar Bharat” Initiatives:

• Ashva is a key product of the “Make in India” and “Atmanirbhar Bharat” initiatives.
• Built under a contract with M/s Titagarh Rail Systems Limited (TRSL) for six 25T BP Tugs.
• Construction Standards: The Tug is constructed following the Indian Register of Shipping (IRS) classification rules.
• Operational Use for the Indian Navy:Ashva will aid the Indian Navy (IN) in berthing, un-berthing, turning, and maneuvering naval ships and submarines in confined waters.
• It can provide firefighting assistance to ships both alongside and at anchorage.
• It will also have limited Search and Rescue (SAR) capabilities.

About Ministry of Defence :

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

17th Meeting of India-Germany Military Cooperation Sub Group Conducted in Berlin

• The 17th edition of the India-Germany Military Cooperation Sub Group (MCSG) meeting took place on October 1-2, 2024, in Berlin, Germany.
• Discussions focused on new initiatives to further enhance the scope of bilateral military cooperation and to strengthen ongoing defence engagements across the spectrum.

About MCSG :

• The MCSG is a forum established to boost defence cooperation between both nations through regular talks at the strategic and operational levels between Headquarters, Integrated Defence Staff, and the Department of International Cooperation Armed Forces, Germany.
• Participants:The Indian side was co-chaired by the Deputy Assistant Chief of Integrated Defence Staff for International Defence Cooperation.
• The German side was represented by the Deputy Director of the Department of International Cooperation, Armed Forces Office.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India greenlights Mankind Pharma Limited’s acquisition of Bharat Serums and Vaccines Limited

• The Competition Commission of India (CCI) approved the acquisition of 100% shareholding of Bharat Serums and Vaccines Limited (BSV) by Mankind Pharma Ltd (Mankind).
• Mankind Pharma Overview:Mankind is a publicly listed pharmaceutical company involved in the development, manufacturing, and marketing of pharmaceutical finished dosage formulations (FDFs) in acute and chronic therapeutic areas.
• Mankind also produces consumer healthcare products, including condoms, emergency contraceptives, pregnancy tests, vitamins, antacids, and acne treatments.
• Bharat Serums and Vaccines Limited (BSV) Overview:BSV is involved in research, development, licensing, manufacturing, importing, exporting, and marketing of FDFs, APIs, biotech/biological formulations, food supplements, medical devices, and ayurvedic medicines.
• BSV operates in therapeutic areas like gynaecology, IVF, critical care, and emergency medicines.
• In India, BSV’s main focus includes women’s health, critical care, IUI-IVF, and emergency medicine.

About CCI :

• Formed : 14 October 2003
• Headquarters : New Delhi, India
• Chairman : Ravneet Kaur

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Bharat Electronics Limited and Israel Aerospace Industries Form Joint Venture – BEL IAI AeroSystems Private Limited

• Navratna defence PSU Bharat Electronics Limited (BEL) and Israel Aerospace Industries (IAI), Israel’s leading aerospace and defence company, have announced the establishment of a joint venture company (JVC), which has been incorporated in the name of BEL IAI AeroSystems Private Limited.
• Purpose of JVC: The joint venture will act as the single point of contact (SPOC) for extending long-term technical and maintenance support for the Medium Range Surface-to-Air Missile (MRSAM) systems for India’s defense forces.
• The JVC has been set up to provide life cycle support, both technical and maintenance related, for MRSAM air-defence systems of the country.

About MRSAM :

• MRSAM is an advanced, path-breaking air and missile defence system that provides protection against a variety of aerial threats.
• It was jointly developed by IAI and DRDO for India’s defence forces and is currently used by the Indian Air Force, Indian Army, Indian Navy and also Israeli defence forces, it was noted.
• The system includes an Advanced Phased Array Radar, Command and Control shelter, mobile launchers and interceptors with an advanced RF seeker.
• The formation of this JVC aligns with the Indian Government’s ‘Atmanirbhar Bharat’ initiative, promoting self-reliance in defense capabilities by leveraging the expertise of both BEL and IAI.

About BEL :

• Founded: 1954
• Headquarters : Bangalore, Karnataka, India
• Chairman & MD : Manoj Jain
• BEL is an Indian public sector aerospace and defence electronics company.
• BEL is one of sixteen PSUs under the administration of the Ministry of Defence of India.

CURRENT AFFAIRS: MOUS AND AGREEMENT

BPCL Partners with Mumbai Port Authority for Green Fuel Ecosystem

• State-owned Bharat Petroleum Corporation Limited (BPCL) has signed an initial Memorandum of Understanding (MoU) with the Mumbai Port Authority (MbPA) and the Mumbai Port Sustainability Foundation (MPSF) to establish a green fuel ecosystem at Mumbai Port.
• This initiative marks a significant step in India’s journey towards cleaner energy solutions.

Key Highlights

• Objective: The initiative aims to significantly reduce greenhouse gas emissions and contribute to India’s climate change goals by focusing on green fuel innovations.
• Diesel Conversion: The pact includes plans to explore converting diesel-powered vessels to cleaner fuel alternatives, further enhancing the port’s green infrastructure and minimizing its carbon footprint.
• EV Charging Stations: BPCL and MPSF will jointly establish EV charging stations at Mumbai Port to promote the adoption of green energy among port users and the public.

Waste Management Initiative

The agreement also incorporates waste management strategies. BPCL and MPSF will work on systems for:

• Source segregation of waste
• Storage and handling of recyclable and non-recyclable solid waste. This initiative promotes socially responsible practices, ensuring a cleaner and more sustainable operational environment at Mumbai Port.

India, Nepal and Bangladesh Sign Trilateral Agreement for Electricity Export

• India, Nepal and Bangladesh have entered into a trilateral agreement that enables the export of 40 megawatts of electricity from Nepal to Bangladesh via India’s power grid.
• This landmark deal, signed in Kathmandu, marks the first instance of Nepal selling electricity to Bangladesh, as it has previously only exported power to India.

Key Points of the Agreement

• Electricity Import: Bangladesh will now import 40 megawatts of electricity from Nepal. This deal is significant as it expands Nepal’s electricity trade beyond India.
• Transmission Infrastructure: The electricity will be transmitted through India’s transmission infrastructure. Specifically, Nepal will send energy to India via the 400 KV Dhalkebar-Muzaffarpur cross-border transmission line. India will then transmit the equivalent amount of electricity to Bangladesh.
• Quantum Calculation: The Nepal Electricity Authority (NEA) will calculate the volume of exported energy at the Muzaffarpur point. NEA projects earnings of approximately 330 million rupees from this electricity sale.

Collaborative Projects and Future Agreements

• Sunkoshi-3 Hydropower Project: A meeting between Nepal and Bangladesh resulted in an agreement to develop the Sunkoshi-3 hydropower project collaboratively. The participating countries will work together to finalize a joint venture agreement in their next meeting.
• Feasibility Studies: Both sides agreed to conduct a technical and financial feasibility study for a proposed cross-border transmission line aimed at enhancing energy trade between Nepal and Bangladesh.

Google Partners with Clean Max to Launch Hybrid Renewable Energy Project

• Google has announced a strategic partnership with Clean Max Enviro Energy Solutions (CleanMax) to establish a 125.4 MW hybrid renewable energy project in India.
• This initiative aims to enhance Google’s efforts in decarbonising its cloud services and office operations in the country.

Key Details of the Partnership

• Project Components:
  • Solar Power: The project will include a 66 MW solar power plant located in Rajasthan.
  • Wind Energy: Additionally, a 59.4 MW wind generation plant will be established in Karnataka.
• Connection to National Grid: Both renewable energy projects will be connected to India’s national grid, facilitating the distribution of carbon-free energy.
• Operational Timeline: The projects are expected to commence commercial operations by the fourth quarter of 2025.
• Environmental Impact:
  • The hybrid project is projected to generate approximately 350,000 million kWh of carbon-free energy annually.
  • It will significantly reduce carbon emissions by an estimated 250,000 tonnes per year.

Recent Collaborations with CleanMax

• In September 2024, Orkla India entered into a partnership with CleanMax to supply and generate solar energy from a 6.6 MWp Solar Power Plant in Jagaluru, Karnataka.
• In April 2024, CleanMax collaborated with Apple to advance renewable energy initiatives in India. This partnership included the successful deployment of 14.4 MW of rooftop solar panels across six industrial sites in India.

CURRENT AFFAIRS: SPORTS NEWS

Indian Men’s Football U-17 Wins SAFF Championship 2024

• The Indian U-17 football team clinched the SAFF Men’s U-17 Championship 2024 by defeating Bangladesh in the final match.
• The tournament was held at the Changlimithang Stadium in Thimphu, Bhutan.
• India maintained an unbeaten record throughout the competition, showcasing strong performances in both attack and defence.

Final Match Highlights:

• Match: India vs Bangladesh
• First Half: India entered halftime with a 0-0 scoreline despite dominating play.
• Second Half: Mohammed Kaif broke the deadlock with a goal in the 55th minute.
• Late Victory: Mohammed Arbash secured India’s win with a goal in injury time (95th minute).
• Final Score: India 2 – Bangladesh 0

Awards:

• Player of the Tournament: Mohammed Arbash (India)
• Goalkeeper of the Tournament: Aheibam Suraj Singh (India)
• Top Scorer: Sujan Dangol of Nepal (4 goals)
• Fair Play Trophy: Bhutan

India’s Performance in SAFF:

• U-15: Titles in 2017 and 2019
• U-16: Titles in 2013 and 2023
• U-17: Titles in 2022 and 2024

About SAFF:

• The South Asian Football Federation (SAFF) was founded in 1997 by Bangladesh, India, Maldives, Nepal, Pakistan, Sri Lanka, and later Bhutan.
• SAFF organizes tournaments for both senior and junior categories across South Asia.
• Headquarters: Dhaka, Bangladesh
• President: Kazi Md. Salahuddin (Bangladesh)

CURRENT AFFAIRS: IMPORTANT DAYS

World Space Week (WSW) 2024: October 4 to 10.

• World Space Week (WSW) is an annual international celebration of science and technology and their contributions to improving the human condition. The United Nations General Assembly declared WSW will be observed every year from October 4 to 10.

Theme of 2024 WSW: “Space & Climate Change”

• The theme for 2024 focuses on celebrating the transformative impact of space technology in combating climate change. It emphasizes how space exploration enhances our understanding and management of Earth’s climate.

A Week of Discovery and Action

World Space Week 2024 aims to:

• Educate, inspire, and connect the global community.
• Highlight the critical role of satellites and space technology in monitoring environmental changes and formulating strategies to mitigate climate change impacts.

Significance of Key Dates

• October 4, 1957: Launch of the first human-made Earth satellite, Sputnik 1, marking the beginning of space exploration.
• October 10, 1967: Signing of the Treaty on Principles Governing the Activities of States in the Exploration and Peaceful Uses of Outer Space, including the Moon and other celestial bodies.

Goals of World Space Week

WSW aims to:

• Provide unique leverage in space outreach and education.
• Educate the global population about the benefits of space.
• Encourage greater utilization of space for sustainable economic development.
• Demonstrate public support for space programs.
• Excite young people about science, technology, engineering, and mathematics (STEM).
• Foster international cooperation in space outreach and education.

UN Declaration on WSW

In 1999, the UN General Assembly proclaimed World Space Week by resolution 54/68, aiming to celebrate the contributions of space science and technology to humanity’s betterment.

Coordination and Partners

• WSW is coordinated by the United Nations with support from the World Space Week Association (WSWA).
• The WSWA leads a global team of National Coordinators who promote WSW celebrations in their respective countries.
• The celebration is guided by the UN Committee on the Peaceful Uses of Outer Space (COPUOS) and the UN Office for Outer Space Affairs (UNOOSA) based in Vienna, Austria.

Mission of the World Space Week Association (WSWA)

The mission of WSWA is to strengthen the connection between space and society through public education, participation, and dialogue on the future of space activities, focusing on World Space Week.

Strategy

WSWA’s strategy includes:

• Institutionalizing WSW in the plans of various organizations globally.
• Seeking media coverage of WSW celebrations.
• Providing coordination and assistance to participating organizations.
• Holding global-level events.

Long-Term Goal

The long-term goal of WSWA is to institutionalize WSW sufficiently so that it continues to grow autonomously worldwide.

Themes of Previous Years

• 2023: Space and Entrepreneurship
• 2022: Space and Sustainability
• 2021: Women in Space
• 2020: Satellite Improves Life

World Teachers Day 2024: October 5

• World Teachers Day or International Teachers Day is celebrated on the 5th October of every year.
• This year, World Teachers Day Theme 2024 is Valuing teacher voices “Valuing Teacher Voices: Towards a new social contract for education.”
• World Teachers Day was established by the United Nations Educational, Scientific and Cultural Organization (UNESCO) in the year of 1994.
• World Teachers Day was organized on the 5th of October in order to commemorate the signing of the status of the teacher by UNESCO/ILO in the year of 1966.
• World Teachers Day is observed with the aim of focusing on “appreciating, assessing and improving the educators of the world.”
• This day was observed by the Teacher’s organizations all over the world.

Daily CA One- Liner: October 5

• Prime Minister Shri Narendra Modi launched the Dharti Aaba Janjatiya Gram Utkarsh Abhiyan (DAJGUA) on Mahatma Gandhi’s birth anniversary from Hazaribagh, Jharkhand.
• During a joint press conference with Jamaican Prime Minister Andrew Holness, Prime Minister Narendra Modi announced the official naming of the road in front of the Jamaica High Commission in New Delhi as ‘Jamaica Marg.
• The 4th meeting of the General Council (GC) for the Khelo India Scheme took place in New Delhi, chaired by Union Minister of Youth Affairs & Sports and Labour & Employment, Dr. Mansukh Mandaviya
• The Union Minister of Ports, Shipping & Waterways (MoPSW), Shri Sarbananda Sonowal, officially launched the Cruise Bharat Mission from the Mumbai port, aimed at unlocking the tremendous potential of cruise tourism in India.
• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the conferment of Classical Language status to Marathi, Pali, Prakrit, Assamese, and Bengali.
• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved a proposal from the Department of Agriculture & Farmers Welfare (DA&FW) to rationalize all Centrally Sponsored Schemes (CSS) under the Ministry of Agriculture and Farmers into two umbrella schemes: Pradhan Mantri Rashtriya Krishi Vikas Yojana (PM-RKVY) and Krishonnati Yojana (KY).
• CareEdge Ratings, a leading credit rating agency in India, has made history by becoming the first Indian credit rating agency to enter the Global Scale Ratings arena through its subsidiary, CareEdge Global IFSC Limited.
• State-owned Bharat Petroleum Corporation Limited (BPCL) has signed an initial Memorandum of Understanding (MoU) with the Mumbai Port Authority (MbPA) and the Mumbai Port Sustainability Foundation (MPSF) to establish a green fuel ecosystem at Mumbai Port.
• India, Nepal, and Bangladesh have entered into a trilateral agreement that enables the export of 40 megawatts of electricity from Nepal to Bangladesh via India’s power grid.
• Google has announced a strategic partnership with Clean Max Enviro Energy Solutions (CleanMax) to establish a 4 MW hybrid renewable energy project in India.
• The Indian U-17 football team clinched the SAFF Men’s U-17 Championship 2024 by defeating Bangladesh in the final match
• Global tech titan Google has tied up with Muthoot Finance to provide gold-backed loans through its mobile payments service GPay.
• For the first time since COVID-19, PMMY loans showed a decline in disbursal, totaling ₹1,86,284 crore in the first half of the current financial year (as of September 27, 2024).
• State-owned Bank of Baroda (BoB) proposes to sell its Oman operation to Bank Dhofar as part of rationalisation of foreign operations.
• The Asian Development Bank (ADB) has approved a USD 162 million loan for tourism development in Himachal Pradesh.
• The Pension Fund Regulatory and Development Authority (PFRDA) has launched the Balanced Life Cycle Fund (BLC) as an additional life cycle fund option for private sector subscribers under the All Citizen model and Corporate NPS.
• Markets regulator Securities and Exchange Board of India (SEBI) imposed a penalty of Rs 12 lakh on NSE Data And Analytics Limited for its failure to segregate IT infrastructures and manpower between itself and its parent firm National Stock Exchange (NSE).
• Telangana is the first state in India to establish a chapter of NITI Aayog’s Women Entrepreneurship Platform (WEP).
• Claudia Sheinbaum was sworn in as Mexico’s 66th president and the first woman to hold the office.
• Air Marshal SP Dharkar has assumed charge as the Vice Chief of the Air Staff.
• The Goods and Services Tax (GST) Council has established a 10-member Group of Ministers (GoM), chaired by Minister of State for Finance Pankaj Chaudhary, to review and make recommendations on the taxation of luxury, sin, and demerit goods after the compensation cess expires in March 2026.
• India will host the 15th edition of its largest air show, Aero India, at Yelahanka Air Force Station in Bengaluru, Karnataka, from February 10 to February 14, 2025.
• The third 25T Bollard Pull (BP) Tug, Ashva (Yard 337), was launched by Commodore Ajay Yadav, Naval Officer-in-Charge (West Bengal), at M/s Titagarh Rail Systems Limited, Kolkata.
• The 17th edition of the India-Germany Military Cooperation Sub Group (MCSG) meeting took place on October 1-2, 2024, in Berlin, Germany.
• The Competition Commission of India (CCI) approved the acquisition of 100% shareholding of Bharat Serums and Vaccines Limited (BSV) by Mankind Pharma Ltd (Mankind).
• Navratna Defence PSU Bharat Electronics Limited (BEL) and Israel Aerospace Industries (IAI), Israel’s leading aerospace and defence company, have announced the establishment of a joint venture company (JVC), which has been incorporated in the name of BEL IAI AeroSystems Private Limited.
• World Space Week (WSW) is an annual international celebration of science and technology and their contributions to improving the human condition. The United Nations General Assembly declared WSW will be observed every year from October 4 to 10
• World Teachers Day or International Teachers Day is celebrated on the 5th October of every year