Daily Current Affairs October 06 & 07 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Publishes Research Study titled  “Status of Digital Financial Literacy in Lakshadweep Islands: Bottlenecks and Way Forward”

• The Reserve Bank of India (RBI) placed on its website a research study titled “Status of Digital Financial Literacy in Lakshadweep Islands: Bottlenecks and Way Forward” under the Project Research Study.
• The study is based on the primary data collected from all the ten inhabited islands in Lakshadweep – Agatti, Amini, Andrott, Bitra, Chetlat, Kadmat, Kalpeni, Kavaratti, Kiltan and Minicoy – to analyse the present status of digital financial literacy and digital financial inclusion.

The major findings of the study are the following :

• All respondents in the surveyed islands reported access to bank deposit accounts.
• Not just access but the usage of deposit accounts was higher with about 90% of the respondents reporting an operation of their accounts for the purposes of savings.
• Though there was no gender gap in the access to bank deposit accounts, there was a considerable difference between men and women with regard to banking habits in general, and usage of deposit accounts in particular.
• While about 91% of the men operated their accounts by themselves, the corresponding figure among women was 71%.
• Automated Teller Machines (ATMs) were the most popularly used means of digital banking in the islands.
• About 90% of the respondents in the islands had ATM cards, while 80% reported an actual usage of these cards.
• Internet banking was not widely prevalent in the islands and only about 38% of the respondents used mobile banking.
• Only about 30% of the survey respondents were familiar with digital hygiene habits assessed in terms of usage of public Internet connections, which can be risky; closing of digital payment apps after transactions; and usage of secure passwords.

Government of India sets ₹50,000 crore limit for Ways and Means Advances (WMA) for H2 FY 2024-25

• The limit for Ways and Means Advances for October 2024 to March 2025 has been set at ₹50,000 crore in consultation with the Government of India.
• The Reserve Bank of India (RBI) may initiate the floatation of fresh market loans when the government utilizes 75% of the WMA limit.
• The RBI retains the flexibility to revise the WMA limit at any time based on the prevailing circumstances.

Interest Rates:

• WMA: Interest is charged at the Repo Rate.
• Overdraft: Interest is charged at two percent above the Repo Rate.
• Legal Framework: WMA is provided under Section 17(5) of the RBI Act, 1934, which allows the RBI to extend advances to the central and State/UT governments.
• Purpose of WMA: WMA serves as a temporary liquidity arrangement for governments to borrow money for up to 90 days to manage liquidity mismatches between revenue inflows and expenditure outflows.
• Importance of WMA: A higher WMA limit allows the government to have greater flexibility in raising funds from the RBI without needing to rely on market borrowing, which can be more expensive.
• The WMA scheme was introduced in 1997.

Visa launches platform enabling global banks to issue stablecoins and digital tokens

• Visa has launched the Visa Tokenized Asset Platform (VTAP), a platform aimed at helping global banks issue stablecoins and fiat-backed tokens.
• It will enable banks to mint, burn, and transfer these tokens, leveraging blockchain technology.
• VTAP is expected to go live in 2025 and aims to support banks in utilizing blockchain technology for stablecoin issuance and token management.

Key Highlights :

• BBVA’s Pilot Testing: Spanish bank BBVA has been testing Visa’s platform for a year and plans a pilot on the Ethereum blockchain in 2025.
• Stablecoin Characteristics: Stablecoins, typically pegged to stable assets like the US dollar, have gained traction as they provide a bridge between traditional finance and cryptocurrencies with less price volatility than other cryptocurrencies like Bitcoin or Ether.
• Visa’s Competitors: Other financial technology companies like PayPal (with PYUSD) and Stripe have already entered the stablecoin space, allowing merchants to accept stablecoin payments for online transactions.
• Impact on Mainstream Finance: VTAP could accelerate the adoption of blockchain in traditional banking, offering banks new tools for innovation, service expansion, and digital transactions in a more secure and stable way.
• Global Finance Evolution: As the boundaries between traditional banking and cryptocurrencies blur, platforms like VTAP could play a significant role in shaping the future of global finance, offering stability in the digital asset ecosystem.

Reserve Bank of India introduces draft guidelines for credit derivatives to boost corporate bond market liquidity

• The Reserve Bank of India (RBI) has come up with ‘RBI (Credit Derivatives) Directions, 2021 – Draft’ as the development of the Credit Default Swap (CDS) market is sine qua non for the development of a liquid market for corporate bonds, especially for the bonds of lower-rated issuers.

What is meant by Credit Default Swap (CDS)?

• CDS is a credit derivative contract in which one counterparty (protection seller) commits to compensate the other counterparty (protection buyer) for the loss in the value of an underlying debt instrument resulting from a credit event with respect to a reference entity.
• The protection buyer makes periodic payments (premium) to the protection seller until the maturity of the contract or the credit event, whichever is earlier.
• CDS is a tool to transfer and manage credit risk in an effective manner through redistribution of risk.
• The RBI will allow only single-name CDS contracts.
• Debt instruments which will be eligible to be a reference / deliverable obligation in a CDS contract include Commercial Papers, Certificates of Deposit and Non-Convertible Debentures of original maturity up to one year; Rated Indian Rupee (INR) denominated corporate bonds (listed and unlisted); and Unrated INR bonds issued by the Special Purpose Vehicles set up by infrastructure companies.
• Asset-backed securities/mortgage-backed securities and structured obligations such as credit enhanced/guaranteed bonds, convertible bonds, bonds with call/put options etc. shall not be permitted as reference and deliverable obligations.
• Market-makers – entities which can buy and sell protection from/to users and other market-makers in order to provide liquidity to the market – will include Scheduled Commercial Banks (except Small Finance Banks, Payment Banks, Local Area Banks and Regional Rural Banks) and NBFCs, including HFCs, and SPDs with minimum net owned funds of ₹500 crore.
• They will also include Export-Import Bank of India, National Bank of Agriculture and Rural Development, National Housing Bank and Small Industries Development Bank of India.
• The RBI stated that the market-makers and users shall not enter into CDS transactions if the counterparty is a related party or where the reference entity is a related party to either of the contracting parties.

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Narendra Modi Launches Rs 23,300 Crore Initiatives in Agriculture and Animal Husbandry in Maharashtra

• Prime Minister Narendra Modi visited Washim, Maharashtra, to inaugurate a series of agriculture and animal husbandry initiatives totalling Rs 23,300 crore.
• His visit included stops at important cultural landmarks and events benefiting millions of Indian farmers and rural communities.

Key Initiatives Launched:

1. PM-KISAN Samman Nidhi (18th Instalment):
   • Rs 20,000 crore disbursed to approximately 9.4 crore farmers across India.
   • This brings the total disbursement under the scheme to around Rs 3.45 lakh crore.
2. NaMo Shetkari Mahasanman Nidhi Yojana:
   • The 5th instalment of the scheme was launched, disbursing Rs 2,000 crore to beneficiaries.
3. Agriculture Infrastructure Fund (AIF):
   • Over 7,500 projects worth more than Rs 1,920 crore were inaugurated.
   • These projects include custom hiring centres, warehouses, primary processing units, cold storage, and post-harvest management facilities.
4. Farmer Producer Organizations (FPOs):
   • The launch of 9,200 FPOs with a collective turnover of Rs 1,300 crore.
5. Unified Genomic Chip for Cattle & Sex-Sorted Semen Technology:
   • Introduction of the GAUCHIP for indigenous cattle and MAHISHCHIP for buffaloes.
   • The technology will enable the identification of high-quality bulls early and provide sex-sorted semen at lower costs for farmers, reducing semen costs by around Rs 200 per dose.
6. Solar Parks:
   • Five solar parks with a total capacity of 19 MW were inaugurated under the Mukhyamantri Saur Krushi Vahini Yojana 2.0.

Cultural Engagements:

• Banjara Virasat Museum:
  • The PM inaugurated this museum to celebrate the heritage of the Banjara community.
• Tributes to Sant Sevalal Maharaj and Sant Ramrao Maharaj:
  • Modi paid homage at their samadhis (memorials) in Poharadevi and offered prayers at the Jagdamba Mata temple.

Empowering Women:

• Mukhyamantri Majhi Ladki Bahin Yojana:
  • Modi honoured beneficiaries of this Maharashtra government scheme, which provides financial assistance to women, signifying a focus on women’s empowerment.

Expansion of Pradhan Mantri Ujjwala Yojana (PMUY) Gets Approval from Petroleum Ministry

• The Ministry of Petroleum and Natural Gas has approved the fourth expansion of the Pradhan Mantri Ujjwala Yojana (PMUY), addressing the increasing demand from economically disadvantaged households.
• This expansion is crucial as over 2.6 million pending applications are yet to be covered under the scheme.

Key Highlights :LPG Penetration Increase: Since the launch of PMUY in May 2016, LPG penetration has significantly increased from 62% in 2016 to near saturation levels.

• Pending Applications: Despite this growth, more than 2.6 million applications are pending, primarily from economically distressed backgrounds.
• Fourth Expansion: The government has approved this expansion to include more households still in need of clean cooking fuel.

About PMUY:

• Launch: May 2016 with the aim of providing free LPG connections to families below the poverty line (BPL).
• Objective: To promote clean energy adoption and reduce the dependence on traditional cooking methods like wood and coal, improving health outcomes and reducing environmental degradation.

Prime Minister Narendra Modi’s Address at the Kautilya Economic Conclave:

• The Prime Minister, Shri Narendra Modi addressed the Kautilya Economic Conclave in New Delhi.
• Organized by The Institute of Economic Growth in partnership with the Ministry of Finance, the Kautilya Economic Conclave will focus on themes such as financing the green transition, geo-economic fragmentation and the implications for growth, and principles for policy action to preserve resilience among others.

• Location: New Delhi
• Organizer: The Institute of Economic Growth in collaboration with the Ministry of Finance
• Themes: Financing the green transition, geo-economic fragmentation, and resilience principles.

Key Highlights from the Address:

1. Global Context:
   • Addressed during ongoing global conflicts, underscoring their significance for energy security and the global economy.
   • Emphasized India’s role as a beacon of trust and confidence in uncertain times.
2. Economic Growth:
   • Declared India as the fastest-growing major economy, now ranked fifth-largest by GDP.
   • Noted India’s leadership in global FinTech adoption, internet usage, and being the second-largest mobile manufacturer.
   • Highlighted India’s young demographic and its third-largest pool of scientists and technicians worldwide.
3. Government’s Commitment:
   • Advocated the government’s mantra of Reform, Perform, and Transform.
   • Noted the successful re-election after 60 years, reflecting public confidence in transformative policies.
   • Announced decisions exceeding Rs 15 trillion in the first three months of the third term, including mega infrastructure projects and housing initiatives.
4. Inclusivity and Poverty Reduction:
   • Asserted that India’s growth includes increased inclusivity alongside economic expansion.
   • Claimed that 250 million people have emerged from poverty in the last decade.
5. Investment Climate:
   • Stated that India is viewed as a preferred investment destination due to substantial reforms across various sectors.
   • Mentioned key reforms in banking, Goods and Services Tax (GST), and Insolvency and Bankruptcy Code (IBC) that have fostered a strong credit culture.
6. Manufacturing and Technology:
   • Celebrated the impact of Production Linked Incentives (PLI) in boosting manufacturing, resulting in significant investments and production growth.
   • Pointed to the remarkable development of India’s electronics, space, and defense sectors.
7. Focus on Research and Education:
   • Highlighted India’s improved ranking in the Global Innovation Index and the establishment of numerous educational institutions.
   • Discussed government initiatives aimed at enhancing skills and creating job opportunities for youth.
8. Commitment to Sustainability:
   • Lauded India’s G20 Presidency and the launch of the Global Biofuel Alliance.
   • Set ambitious targets for green hydrogen production and emphasized the importance of the PM SuryaGhar Free Electricity Scheme, which supports rooftop solar installations for families.
9. Vision for the Future:
   • Envisioned India as a leader in sustainable economic growth and innovation.
   • Stressed the importance of industry leaders’ contributions to shaping government policies and governance.

CURRENT AFFAIRS : INTERNATIONAL NEWS

External Affairs Minister Jaishankar to attend Shanghai Cooperation Organisation meeting in Pakistan, marking first EAM visit since Sushma Swaraj 9 years ago

• External Affairs Minister (EAM) S. Jaishankar will lead India’s delegation to the Shanghai Cooperation Organisation’s (SCO) Council of Heads of Government (CHG) meeting in Islamabad, Pakistan on October 15-16, 2024.
• It will be the first visit to Pakistan by an Indian EAM in 9 years; the last visit was by Sushma Swaraj in 2015 for the Heart of Asia Ministerial Conference on Afghanistan that was held in Islamabad on December 8-9, 2015.

Key Highlights :

• Pakistan’s Role:Pakistan is the current rotating chair of the Shanghai Cooperation Organisation (SCO) CHG and has extended invitations to all member states, including Indian Prime Minister Narendra Modi.
• India-Pakistan Relations Context:The visit comes at a time of strained India-Pakistan relations, particularly since the abrogation of Article 370 in Jammu and Kashmir in August 2019, and the Pulwama terror attack and Balakot airstrikes earlier in 2019.
• No Bilateral Meetings Planned:Jaishankar’s trip is focused on the SCO’s regional cooperation agenda, with no bilateral meetings with Pakistan confirmed.
• Background on Past Visits:Sushma Swaraj’s visit in 2015 led to discussions with then Prime Minister Nawaz Sharif and the announcement of a Comprehensive Bilateral Dialogue between India and Pakistan.
• In December 2015, PM Narendra Modi made a surprise visit to Lahore to meet Nawaz Sharif after the Heart of Asia Conference.

About SCO :

• Formed: 15 June 2001.
• Headquarters: Beijing, China.
• Secretary General: Zhang Ming.
• Member States: Belarus, China, India, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, Uzbekistan.
• India and Pakistan became full members of the SCO during the 2017 Astana Summit.
• India joined the SCO as an observer in 2005 and became a full member in 2017.

Indonesia holds global conference on Myanmar with UN and junta opponents, sources report

• Indonesia is hosting an international meeting with the United Nations and opponents of Myanmar’s military regime.
• Participants include the United Nations (UN), the Association of Southeast Asian Nations (ASEAN), the European Union (EU), and Myanmar’s shadow National Unity Government (NUG).
• The meeting is set against the backdrop of a severe crisis in Myanmar, stemming from the military’s crackdown on pro-democracy protests following the coup in 2021.
• The military is facing a nationwide rebellion supported by various ethnic minority armies.
• Aim of the Meeting:The meeting aims to address the ongoing civil war in Myanmar, which has not seen significant progress despite regional efforts for peace.
• This meeting reflects a regional attempt to seek solutions as previous peace initiatives have failed to yield results.
• The meeting comes just days away from a summit in Laos of leaders of the 10-member Association of Southeast Asian Nations (ASEAN), whose peace plan for Myanmar, drawn up three years ago, has so far failed despite repeated calls for dialogue.

About Indonesia :

• President : Joko Widodo
• Capital : Jakarta
• Currency : Indonesian rupiah (Rp) (IDR)

India elected to GlobE Steering Committee to tackle global corruption                                          

• India has been elected to the 15-member steering committee of the GlobE Network during a plenary session in Beijing.
• The election followed a multi-stage voting process, allowing India to actively contribute to global efforts in combating corruption and asset recovery.

About GlobE Network:

• The Global Operational Network of Anti-Corruption Law Enforcement Authorities (GlobE Network) was launched under the G20 framework to address international corruption and financial crimes.
• Officially launched on June 3, 2021, during the UN General Assembly Special Session against Corruption.
• The network currently has 121 member countries and 219 member authorities, with India being a member.
• India’s Participation in the Network:India’s Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) are part of the GlobE Network.
• The Ministry of Home Affairs (MHA) acts as India’s central authority for the network.
• Support and Governance:The GlobE Network is governed by its member countries and is supported by the United Nations Office against Drugs and Crime (UNODC), which provides secretariat support.

India extends $50 million financial aid to Maldives for an additional year

• India has extended budgetary support to the Maldives government in the form of a rollover of the USD 50 million Treasury Bill for another year at the Maldivian government’s request.
• This is the second rollover granted by the Indian government this year.
• Earlier in May 2024, SBI had similarly subscribed a USD 50 mn T-bills under the same mechanism, again on the request of the Government of Maldives.
• Maldives is India’s key maritime neighbour and an important partner under India’s ‘Neighbourhood First’ policy and Vision SAGAR i.e. Security and Growth for All in the Region.

Recent News :

• In August,2024 External Affairs Minister S Jaishankar visited Maldives.
• During his visit to Male, Jaishankar signed MoUs on capacity building and inaugurated six High Impact Community Development Projects (HICDPs).

About Maldives :

• President : Mohamed Muizzu
• Capital : Malé
• Currency : Maldivian rufiyaa

CURRENT AFFAIRS : STATE NEWS

Fire erupts at Tata Electronics plant in Hosur

• A significant fire broke out at the Tata Electronics Limited (TEL) facility in Hosur, Tamil Nadu.
• The fire caused substantial disruption to the facility’s operations, which are vital for assembling components for Apple’s iPhone.
• Fire-fighting teams were deployed to control the blaze, but the extent of damage and specific production units affected remain unclear.
• The Tata Electronics unit in Hosur is a critical supplier for Apple, specializing in precision components for iPhones.
• The Hosur facility is an essential part of Tata Group’s broader strategy to expand in the electronics manufacturing sector.
• The fire may lead to operational setbacks and delays in the production of components for Apple products, affecting supply chains.

CURRENT AFFAIRS: BUSINESS NEWS

Government of India Plans Bond Buyback Worth Rs 25,000 Crore

• The Government of India has announced a bond buyback worth Rs 25,000 crore through a bond auction scheduled.
• The Reserve Bank of India (RBI) will oversee the auction process.
• The buyback will target specific bonds that are nearing maturity in 2025 and early 2026.

Bonds to be Bought Back:

• 7.72% bond maturing on May 25, 2025
• 5.22% bond maturing on June 15, 2025
• 8.20% bond maturing on September 24, 2025
• 5.15% bond maturing on November 9, 2025
• 7.59% bond maturing on January 11, 2026

Key Highlights:

• Purpose of Bond Buybacks: The government undertakes bond buybacks to:
  • Reduce its liabilities
  • Strengthen fiscal position
  • Improve its debt profile
  • Inject liquidity into the banking system
  • Smooth out future debt repayment obligations
• Significance of RBI’s Role: The RBI resumed bond buybacks on behalf of the government in May 2024, after a gap of six years, reflecting a strategic move to manage the country’s debt and fiscal health more efficiently.

Cabinet Approves National Mission on Edible Oils to Enhance Self-Sufficiency

• The Cabinet has approved a Rs 10,103 crore budget for the National Mission on Edible Oils.
• Target to boost oilseed production from 7 million tonnes (MT) to 20.2 MT by 2031.
• Increase domestic edible oil requirement coverage to 72% by 2031, up from 57%.

1. Focus on Key Oilseeds: The mission emphasizes increasing production of:
   • Rapeseed-mustard
   • Groundnut
   • Soybean
   • Sunflower
   • Sesamum
2. Area Expansion: Oilseed cultivation area will expand from 29 million hectares (MH) to 33 MH.
3. Production Increase Targets:
   • Projected rise in oilseed production from 39 MT (2022-23) to 69.7 MT by 2030-31.
4. High-Yielding Varieties: The mission promotes the adoption of:
   • High-yielding, high-oil-content seed varieties.
   • Cultivation in rice fallow areas and intercropping practices.
5. Technological Advancements: Implementation of cutting-edge global technologies, including genome editing for seed development.
6. Seed Infrastructure Development:
   • Introduction of a 5-year rolling seed plan through the SATHI Portal for seed traceability.
   • Establishment of 65 new seed hubs and 50 seed storage units in the public sector.
7. Value Chain Clusters:
   • Development of over 600 value chain clusters across 347 districts covering over 1 million hectares annually.
   • Clusters managed by FPOs, cooperatives, and other public/private entities will provide access to high-quality seeds and training.
8. Support for Farmers: Under the Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA), the government will purchase oilseeds at a minimum support price (MSP) and implement price support and deficiency payment schemes.
9. Policy Adjustments: Recent duty adjustments on crude palm, soybean, and sunflower oils aim to provide remunerative prices for domestic oilseed farmers, with an increase in levies on refined edible oils.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Government approves 1-year extension for RBI Deputy Governor Rajeshwar Rao

• The Appointments Committee of the Cabinet (ACC), chaired by Prime Minister (PM) Narendra Modi, approved a one-year extension for Reserve Bank of India (RBI) Deputy Governor Rajeshwar Rao from October 9, 2024.
• This is Rao’s second one-year extension, with the first being granted in October 2023.
• His original appointment as Deputy Governor was in October 2020 for a three-year term.

About Rajeshwar Rao :

• Rao was elevated to the position of RBI Executive Director in November 2016.
• He joined the central bank in 1984 and holds an MBA from the University of Cochin.
• Rao has served in various capacities, including overseeing the Risk Monitoring Department, acting as a banking ombudsman, and working in RBI’s regional offices in Ahmedabad, Hyderabad, Chennai, and New Delhi.

Other Extensions :

• Meanwhile, RBI Governor Shaktikanta Das’s term is set to end in December 2024.
• Deputy Governor Michael Patra’s term concludes in January 2025.
• It is uncertain if the government will extend their terms, as Das’s term was previously extended by three years until December 2024, and Patra received a one-year extension last year for the second time.

About RBI :

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

CURRENT AFFAIRS : DEFENCE NEWS

Defence Research and Development Organisation successfully conducts flight test of 4th Generation Very Short Range Air Defence System at Pokhran Firing Ranges, Rajasthan

• The Defence Research and Development Organisation (DRDO) successfully conducted three flight-tests of the 4th Generation, technically advanced miniaturised Very Short Range Air Defence System (VSHORADS) at the Pokhran Field Firing Ranges in Rajasthan on October 03 & 04, 2024.
• The tests were carried out against high-speed target, demonstrating very critical parameters of maximum range and maximum altitude interception.
• These development trials showcased repeatability of hit-to-kill capability of the weapon system in various target engagement scenarios covering approaching, receding and crossing modes.

About VSHORADS :

• VSHORADS is a Man Portable Air Defence System (MANPADS) designed and developed indigenously by Research Centre Imarat (RCI), Hyderabad, Telangana in collaboration with other DRDO laboratories and DcPPs.
• It is intended to replace the legacy Igla systems in the Indian Army.
• Although small volumes of Igla-S were procured under emergency procurement, this indigenous system is critical for India’s defence needs.
• In these trials, the missiles realised through DcPPs have been successfully used, thus paving the way for early User trials and Production in a short time span in line with Prime Minister Shri Narendra Modi-led Government’s vision of ‘Aatmanirbhar Bharat’.
• The development of the VSHORADS missiles was completed under the Development cum Production Partner (DcPP) mode, involving two production agencies.
• The three Services (Army, Navy, Air Force) were involved from the beginning and participated in the development trials.

About DRDO :

• Established : 1958
• Headquarters : New Delhi, India
• Chairman : Sameer V. Kamat

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Google enhances its AI capabilities in India with the launch of Gemini AI mobile app in 9 regional languages

• At the 10th edition of its Google for India event, Google unveiled several significant AI initiatives, including the Gemini model, which enhances Google Search and Maps.
• The AI voice chat feature, Gemini Live, is being introduced in Hindi, with plans to add support for eight additional Indian languages: Bengali, Gujarati, Kannada, Malayalam, Marathi, Telugu, Tamil, and Urdu.

Key Highlights :

• Gemini Mobile App: The Gemini app assists Indian users in various tasks, including academic support and creative inspiration, and offers services in users’ preferred languages.
• Voice Interaction Popularity: Over 40% of Gemini’s Indian language users are utilizing voice interactions, reflecting a growing trend in voice-assisted technology.
• Real-time Interaction: Gemini Live facilitates real-time conversations, allowing users to interrupt, ask follow-up questions, and adapt to their conversation style
• AI Skills House Initiative: Google aims to educate 10 million Indians on AI over the next few years, providing resources through platforms like YouTube and Google Cloud Skills Boost.
• Philanthropic Support: Google.org is granting $4 million to the Central Square Foundation to promote AI awareness and literacy among India’s youth.
• Online Safety Enhancements: To improve user protection from financial fraud, Google plans to pilot enhanced fraud protection within Google Play Protect in India.
• New Engineering Center: Google will establish a Google Safety Engineering Center (GSEC) in India, expected to be operational by 2025.
• Gemini Flash 1.5 Launch: Google is set to launch Gemini Flash 1.5 in India, allowing organizations to store data and conduct machine learning processes entirely within the country.
• GPay Innovations: Google is expanding GPay by introducing gold-backed secured loans in partnership with Muthoot Finance.
• Decarbonization Efforts: Google is collaborating with the Adani Group to advance the decarbonization of its cloud services, which includes a solar-wind hybrid plant in Khavda, Gujarat, expected to be operational by 2025.

About Google :

• Founded : September 4, 1998
• Headquarters : California, United States
• CEO : Sundar Pichai

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and U.S. Sign MoU to Strengthen Critical Minerals Supply Chains

• India and the United States have signed an MoU aimed at expanding and diversifying critical minerals supply chains.
• The agreement will leverage the complementary strengths of both nations in critical minerals exploration, extraction, processing, recycling, and related activities.

1. Signatories:
   • The MoU was signed by Piyush Goyal, India’s Commerce and Industry Minister, and Gina Raimondo, the U.S. Secretary of Commerce, during the 6th India-U.S. Commercial Dialogue held in Washington D.C.
2. Objectives of the Dialogue:
   • The dialogue focuses on enhancing the business and investment climate between India and the U.S., with an emphasis on new and emerging technologies.
   • Key priority areas include:
     • Supply chain resilience
     • Climate and clean technology cooperation
     • Inclusive digital growth
     • Standards and conformance cooperation

3. Bilateral Discussions:
   • Minister Goyal engaged in one-on-one talks with U.S. Trade Representative Katherine Tai to discuss mutual interests and strengthening cooperation under the India-U.S. Trade Policy Forum.
4. Meetings with Industry Leaders:
   • During the dialogue, Goyal met with notable figures, including:
     • William E. Conway Jr., Chairman of the Carlyle Group
     • Julian Nebreda, CEO of Fluence Energy (a Siemens and AES Company)

CURRENT AFFAIRS: IMPORTANT DAYS

World Cerebral Palsy Day 2024: October 6

• Every year 6th October is observed as a World Cerebral Palsy Day.
• This year’s theme, ‘#UniquelyCP’, celebrates the uniqueness of the cerebral palsy community – their interests, passions, and identities – showing that they are not solely defined by their disability.
• In 1853, Dr. John Little recognized and studied Cerebral Palsy.
• Around 1861, he presented his research to the Obstetrical Society of London and he provided the first definition of Cerebral Palsy.
• Little said that Cerebral Palsy may occur at birth due to difficult labour.
• Sigmund Freud was the first person who stated that Cerebral Palsy may be caused by abnormal development before birth.
• With a small thrust “Change My World in One Minute” World Cerebral Palsy Alliance and United Cerebral Palsy created World Cerebral Palsy Day in the year of 2012.

World Cotton Day 2024: October 7

• World Cotton Day is observed on 7th October of every year.
• The theme of World Cotton Day is, ‘Cotton for Good’
• In 2019, The four Cotton producers namely Benin, Burkina Faso, Chad and Mali initiated the World Trade Organisation about the World Cotton Day on October 7.
• The first World Cotton Day was celebrated on 7th October 2019 and it was hosted by the World Trade Organization.
• WTO Secretariat and secretariats of the United Nations Food and Agriculture Organisation collaborate and conduct the event.
• More than 800 participants attended the launching event at the World Trade Organisation headquarters.

World Habitat Day 2024: October 7

• World Habitat Day is observed on the first Monday of October of every year. This year World Habitat Day is celebrated on the 7th of October.
• In 1985, The UN General Assembly adopted resolution 40/202 and established World Habitat Day on the first Monday of October.
• Since 1986, World Habitat Day has been celebrated on the First Monday of October of every year.
• This day is a global observance day, so every year it is held in different countries along with some specific theme.
• It was first celebrated in Nairobi, Kenya in the year of 1986 along with the theme “Shelter is my right”.

Daily CA One- Liner: October 6^th & 7^th

• Prime Minister Narendra Modi visited Washim, Maharashtra, to inaugurate a series of agriculture and animal husbandry initiatives totalling Rs 23,300 crore.
• The Ministry of Petroleum and Natural Gas has approved the fourth expansion of the Pradhan Mantri Ujjwala Yojana (PMUY), addressing the increasing demand from economically disadvantaged households
• The Prime Minister, Shri Narendra Modi addressed the Kautilya Economic Conclave in New Delhi
• The Government of India has announced a bond buyback worth Rs 25,000 crore through a bond auction scheduled.
• The Cabinet has approved a Rs 10,103 crore budget for the National Mission on Edible Oils.
• India and the United States have signed an MoU aimed at expanding and diversifying critical minerals supply chains.
• The Reserve Bank of India (RBI) placed on its website a research study titled “Status of Digital Financial Literacy in Lakshadweep Islands: Bottlenecks and Way Forward” under the Project Research Study.
• The limit for Ways and Means Advances for October 2024 to March 2025 has been set at ₹50,000 crore in consultation with the Government of India.
• Visa has launched the Visa Tokenized Asset Platform (VTAP), a platform aimed at helping global banks issue stablecoins and fiat-backed tokens.
• The Reserve Bank of India (RBI) has come up with ‘RBI (Credit Derivatives) Directions, 2021 – Draft’ as development of Credit Default Swap (CDS) market is sine qua non for the development of a liquid market for corporate bonds, especially for the bonds of lower rated issuers.
• External Affairs Minister (EAM) S. Jaishankar will lead India’s delegation to the Shanghai Cooperation Organisation’s (SCO) Council of Heads of Government (CHG) meeting in Islamabad, Pakistan on October 15-16, 2024.
• Indonesia is hosting an international meeting with the United Nations and opponents of Myanmar’s military regime.
• India has been elected to the 15-member steering committee of the GlobE Network during a plenary session in Beijing.
• India has extended budgetary support to the Maldives government in the form of a rollover of the USD 50 million Treasury Bill for another year on the Maldivian government’s request.
• A significant fire broke out at the Tata Electronics Limited (TEL) facility in Hosur, Tamil Nadu.
• The Appointments Committee of the Cabinet (ACC), chaired by Prime Minister (PM) Narendra Modi, approved a one-year extension for Reserve Bank of India (RBI) Deputy Governor Rajeshwar Rao from October 9, 2024.
• The Defence Research and Development Organisation (DRDO) successfully conducted three flight-tests of the 4th Generation, technically-advanced miniaturised Very Short Range Air Defence System (VSHORADS) at the Pokhran Field Firing Ranges in Rajasthan on October 03 & 04, 2024.
• At the 10th edition of its Google for India event, Google unveiled several significant AI initiatives, including the Gemini model, which enhances Google Search and Maps.
• Every year 6th October is observed as a World Cerebral Palsy.
• World Cotton Day is observed on 7th October of every year
• World Habitat Day is observed on the first Monday of October of every year. This year World Habitat Day is celebrated on the 7th of October.