Daily Current Affairs November 09th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Approves 10-Year Sovereign Green Bonds for Non-Resident Investment under Fully Accessible Route

• The Reserve Bank of India (RBI) has expanded the list of specified Government securities that non-residents can invest in under the Fully Accessible Route (FAR) by including 10-year Sovereign Green Bonds (SGrBs).
• The 10-year SGrBs, to be issued by the Government of India in the second half of the fiscal year 2024-25, are designated as specified securities under FAR.
• Purpose of FAR:FAR was introduced in 2020 to allow non-residents to invest in specified Government of India dated securities without investment ceilings.
• Eligible investors include Foreign Portfolio Investors (FPIs), Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), and other entities allowed to invest in Government securities under Debt Regulations.

Key Highlights :

• Inclusion in Global Indices:Indian Government Securities (G-Secs) were included in JPMorgan Chase’s Emerging Markets Bond Index Global Diversified (GBI-EM GD) on June 28, 2024.
• G-Secs will also be included in Bloomberg EM Local Currency Government indices starting January 2025.
• FTSE Russell will include G-Secs in the FTSE Emerging Markets Government Bond Index (EMGBI) starting September 2025.
• Government’s Borrowing Plans:In the second half of 2024-25, the Government plans to raise ₹6.61 lakh crore through Government dated securities.
• ₹20,000 crore will be raised through four issuances of Sovereign Green Bonds (SGrBs), two with a 10-year tenor and two with a 30-year tenor, each of ₹5,000 crore.
• SGrBs as Sustainable Investment:SGrBs are issued for funding green and sustainable projects, aligning with India’s commitment to addressing climate change and promoting environmental sustainability.

About RBI :

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

Insurance Regulatory and Development Authority of India to Revise Regulatory Sandbox Guidelines Following Committee’s Recommendations

• The Insurance Regulatory and Development Authority of India (IRDAI) has proposed amendments to the Regulatory Sandbox norms.
• The changes aim to incorporate a principle-based approach instead of the current rule-based approach.
• Purpose of Amendments:The amendments are designed to facilitate the adoption of innovative ideas and new concepts across the entire insurance value chain.
• The goal is to support innovation in insurance products, services, and processes by offering a more flexible regulatory framework.

Key Highlights :

• Regulatory Sandbox Concept:A regulatory sandbox is a controlled environment where new products or services can be tested live with possible regulatory relaxations.
• The objective is to evaluate innovations and concepts in a real-world setting before they are fully rolled out.
• Committee’s Role:IRDAI constituted an internal committee to review the existing IRDAI (Regulatory Sandbox) Regulations.
• Based on the committee’s recommendations, the amendments to the regulatory sandbox regulations were proposed.
• Public Consultation:IRDAI has issued an exposure draft of the IRDAI (Regulatory Sandbox) (Amendment) Regulations, 2024.
• The draft invites public comments on the proposed amendments by November 25, 2024.

About IRDAI : 

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

HDFC Bank Increases Lending Rates By 5 Basis Points For Certain Tenures

• HDFC Bank has revised its Marginal Cost of Funds-Based Lending Rates (MCLR) for select short-term tenures.
• The revision, effective from November 3, 2024, includes an increase of up to 5 basis points (bps) for the overnight, one-month, and three-year tenures.

Key Highlights :

New MCLR Rates:

• Overnight MCLR: Increased to 9.15% from 9.10%.
• One-month MCLR: Increased to 9.20% from 9.15%.
• Three-year MCLR: Increased to 9.50% from 9.45%.

Unchanged MCLR Rates:

The three-month, six-month, one-year, and two-year MCLRs remain unchanged:

• Three-month MCLR: 9.30%.
• Six-month MCLR: 9.45%.
• One-year MCLR: 9.45%.
• Two-year MCLR: 9.45%.
• Impact on Borrowers:Borrowers with loans linked to MCLR will experience a change in their EMIs as a result of the revised MCLR rates.
• Loans linked to the base rate or BPLR (Benchmark Prime Lending Rate), which were taken before 2016, will not be affected by this MCLR revision.
• MCLR vs. Base Rate:The MCLR system replaced the base rate in 2016, offering a more dynamic and responsive approach to lending rates.
• MCLR considers the cost of funds and includes a tenor premium, meaning longer loan tenures attract higher rates.
• The MCLR provides greater flexibility, allowing banks to change rates more frequently than under the base rate system.
• Reserve Bank of India (RBI) Guidelines:The RBI’s decision to maintain the benchmark lending rate at 6.5% has influenced banks, including HDFC Bank, to adjust their MCLR accordingly.
• Rising EMIs:An increase in MCLR results in higher EMIs for loans such as home, personal, and business loans that are linked to MCLR.

About HDFC Bank :

• Founded : August 1994
• Headquarters : Mumbai, Maharashtra, India
• CEO : Sashidhar Jagdishan

Securities and Exchange Board of India to Review Proposal for Demerging Equity Exchanges and Clearing Corporations

• The Securities and Exchange Board of India (SEBI) is evaluating the demerger of equity stock exchanges and their associated equity clearing corporations (CCs) to ensure more diversified ownership and enhance independence.
• Objective for Independence and Self-Sufficiency:The proposal aims to make Clearing Corporations (CCs) independent and self-sufficient, with broad-based ownership and risk-based participation from clearing members to ensure fairness across Market Infrastructure Institutions (MIIs).

Key Highlights :

• Enhancing Resources for CCs:The plan also intends to provide CCs with adequate resources to invest in technology, risk management, and human resources, ensuring their ability to function as public utilities and first-line regulators.
• Clearing Corporations’ Role:Clearing Corporations (CCs) act as central counterparties for clearing and settlement, ensuring the smooth processing of trades.
• Ownership Structure of CCs:Currently, CCs are 100% owned by their parent exchanges, but they are not listed separately.
• This situation is accepted due to the past practice where CCs only cleared trades for their own exchange.
• Introduction of Interoperability:Since 2018, interoperability has been introduced, allowing CCs to clear trades across multiple equity exchanges rather than only for their parent exchange. This change has led to better redundancy and ease of trading in the securities market.
• Concerns About Ownership and Conflict of Interest:The 100% ownership of CCs by a single exchange raises concerns about conflicts of interest and the potential for perceived biases, especially since the dominant CC clears more than 85% of cash and derivative equity market trades.
• SEBI’s Supervision of MIIs:SEBI has significantly upgraded its supervision of MIIs and plans to enhance it further, including by building a specialized cadre of IT supervisors.

CURRENT AFFAIRS: NATIONAL NEWS

Ministry of Skill Development Reconstitutes Central Apprenticeship Council (CAC) to Boost On-the-Job Training

• The Ministry of Skill Development and Entrepreneurship (MSDE) has reconstituted the CAC to suggest reforms to increase apprenticeship engagement in industries.
• The new CAC will have a three-year tenure with 54 members representing industry associations, PSUs, state governments, and independent experts—up from 46 members in the 2019 council.

1. Leadership and Structure:
   • MSDE Minister Jayant Chaudhary will serve as the Chairman of the council, with Rajya Sabha MP Vikramjit Singh Sahney as the Vice-Chairman. This role was previously held by the Union Minister of State for MSDE.
   • The reconstitution falls under Section 24 of the Apprentices Act, 1961, emphasizing MSDE’s commitment to strengthening the apprenticeship ecosystem.
2. Enhanced Public and Private Sector Representation:
   • The new CAC includes 6 public sector undertakings (PSUs): BHEL, IOC, South Eastern Coalfields Limited, Neyveli Lignite Corporation, Bharat Electronics Limited, and HAL.
   • Private sector representatives include major companies such as TATA Group, Maruti Suzuki, Reliance Industries, Toyota, and the Indian Banks Association.
3. Functions of the Central Apprenticeship Council:
   • As a statutory body under the Apprenticeship Act, 1961, the CAC’s primary role is to advise the central government on implementing the Act.
   • The council will also review existing rules and propose measures to boost apprenticeship adoption across industries.

Niti Aayog CEO Advocates India’s Participation in China-backed Trade Blocs Amid Concerns Over Trade Deficit

• V.R. Subrahmanyam, CEO of Niti Aayog, suggested that India should join the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
• This stance contrasts with the Indian government’s 2019 decision to exit RCEP negotiations, citing potential challenges from free trade with China.
• RCEP Structure and India’s Position:
  • RCEP includes the 10 ASEAN countries and their six FTA partners: China, Japan, South Korea, Australia, and New Zealand.
  • India has free trade agreements (FTAs) with nearly all RCEP members except New Zealand (currently in negotiations) and China.
• Challenges in Trade Dynamics with China:
  • India-China trade has increased but is heavily imbalanced, with a trade deficit of $85 billion in 2023.
  • Post-RCEP, ASEAN’s trade deficit with China increased from $81.7 billion in 2020 to $135.6 billion in 2023, raising concerns that RCEP favours China disproportionately.
• World Bank and Economic Survey Support for RCEP:
  • The World Bank’s India Development Update recommended that India reconsider joining RCEP to boost trade, investment, and GDP.
  • India’s Economic Survey 2024 also suggested closer integration with China’s supply chain, despite reservations expressed by Finance Minister Nirmala Sitharaman regarding trade with neighbouring countries.
• Missed Opportunities in China-plus-One Strategy:
  • India has not maximized opportunities from the China-plus-One strategy, which encourages diversifying supply chains away from China.
  • Countries like Vietnam, Indonesia, and Mexico have benefitted more from this shift than India.
• Tariff Reductions and Trade Relations with the U.S.:
  • As Donald Trump may return to the U.S. presidency, there is renewed concern over high tariffs imposed by India. The U.S. might push India to reduce tariffs, especially on certain goods like farm products, for increased access to the Indian market.
• Background on CPTPP:
  • CPTPP includes 12 countries in Asia-Pacific and the Americas, but India did not participate in its formation.
  • The U.S. originally joined negotiations under President Obama but withdrew in 2017 under Trump’s administration.

Prime Minister Shri Narendra Modi May Skip COP29 Due to Scheduling Conflicts

• Prime Minister Shri Narendra Modi may skip the UN Climate Change Conference (COP29) in Azerbaijan next month due to scheduling issues.
• The absence will also rule out the potential for a meeting between Modi and Pakistani Prime Minister Shehbaz Sharif, which had been a point of interest after Jaishankar’s recent visit to Islamabad.
• India’s Delegation at COP29:
  • Environment Minister Bhupender Yadav will lead India’s delegation to COP29 in Modi’s absence.
  • Other notable heads of state like Chinese President Xi Jinping, US President Joe Biden, and French President Emmanuel Macron are also expected to miss the summit.
• COP29’s Role for Bilateral Meetings:
  • COP conferences are used by leaders for informal bilateral discussions.
  • PM Modi had previously met with Ukrainian President Volodymyr Zelensky at COP26 in Glasgow, showcasing the forum’s importance for diplomatic exchanges.
• India’s Planned Address at COP29:
  • India is scheduled to speak at COP29 either on November 19 or 20, as part of the Like-Minded Developing Countries (LMDC)
  • India’s address is likely to focus on global climate finance and the ongoing need for developed nations to fulfill their climate commitments.
• Key Negotiation Topics at COP29:
  • One major issue is the New Collective Quantified Goal (NCQG) on climate finance, with a focus on raising funds beyond the $100 billion target for post-2025 climate action.
  • India has emphasized the need for developed countries to meet their climate finance commitments, a stance PM Modi highlighted in previous summits.
• India’s Growing Role in Global Climate Action:
  • Modi’s previous speeches at COP21 (Paris), COP26 (Glasgow), and COP28 (Dubai) emphasized India’s climate goals, including carbon neutrality by 2070 and increased renewable energy commitments.
  • In 2023, Modi proposed that India host COP28 to position the nation as a leader in climate action and green finance.

Amit Shah Addresses Anti-Terrorism Conference, Unveils Strategic Measures to Combat Terrorism

• Union Home Minister Amit Shah inaugurated the Anti-Terrorism Conference-2024 in New Delhi, organized by the National Investigation Agency (NIA).
• The conference includes senior police officers, experts, and officials from Central agencies discussing counter-terrorism strategies.
• New Developments in NIA and Anti-Terrorism Strategies:
  • Shah unveiled the motto of NIA and released the Standard Operating Procedure (SoP) for investigations under the UAPA.
  • 11 NIA medal winners were felicitated for their outstanding contributions to national security.
• Government’s Strategic Approach to Counter Terrorism:
  • Shah emphasized the significant progress India has made under Prime Minister Narendra Modi’s leadership, particularly with a zero-tolerance approach toward terrorism.
  • He announced the introduction of a National Counter-Terrorism Policy & Strategy aimed at combating terrorism comprehensively.
• Achievements in Combating Terrorism:
  • NIA Act Amendments (2019) have extended the agency’s reach by enabling extraterritorial investigations and the designation of individuals and organizations as terrorists.
  • A 25-point integrated plan has been implemented to counter-terrorism financing and other threats, resulting in effective coordination among various agencies.
• Reduction in Terrorism Incidents:
  • Over the past 10 years, terrorist incidents have decreased by 70% in India, with no major attacks reported since 2014.
  • The terrorist ecosystem has been dismantled through technological tools, databases, and efforts such as NATGRID and MANAS.
• Technology and Innovation in Counter-Terrorism:
  • Shah stressed the need to integrate AI and technology at all levels of law enforcement, from local police stations to the NIA, to better fight terrorism.
  • The NIA’s conviction rate under UAPA stands at nearly 95%, reflecting the agency’s effectiveness in tackling terrorism.
• Holistic National Response:
  • The “Whole of Government Approach” has been emphasized to address complex challenges like terror financing and emerging threats, including cryptocurrency.
  • Shah called for a “Duty to Share” approach in law enforcement, urging states to take ownership of anti-terrorism efforts.
• Legislative Reforms:
  • The introduction of three transformative criminal laws is set to modernize India’s criminal justice system, with a clear definition of terrorism and enhanced powers for authorities.

CURRENT AFFAIRS: BUSINESS NEWS

Reliance Power to Challenge SECI’s Three-Year Ban Amidst Fraud Allegations

• The Solar Energy Corporation of India Limited (SECI), India’s top renewable energy agency, has banned Reliance Power and its subsidiaries from participating in clean energy tenders for three years.
• The ban follows SECI’s findings of a forged bank guarantee in a bid submission for a renewable energy tender.
• Reliance Power’s Response:
  • Reliance Power, led by Anil Ambani, denied any wrongdoing, stating that it was a victim of fraud by a third party responsible for arranging the bank guarantee.
  • The company announced its decision to legally challenge the ban and has filed a complaint with the Delhi Police’s economic offence wing.
• India’s Growing Renewable Energy Sector:
  • This ban comes at a time when Indian companies are accelerating their renewable energy initiatives to meet India’s target of 500 GW by 2030.
  • As of now, India’s installed renewable energy capacity stands at approximately 154 GW. The nation aims for a net-zero goal by 2070.
• Anil Ambani’s Regulatory Challenges:
  • In August, Anil Ambani was banned from the securities market for five years by India’s Securities and Exchange Board of India (SEBI) and fined $3 million over allegations of fund misappropriation.
  • This ban adds another challenge for Reliance Power as it seeks to transition from coal power to clean energy.

CURRENT AFFAIRS: AWARDS AND HONOURS

The Hindu Shines at WAN-IFRA Asian Media Awards 2024, Recognizing Excellence in Journalism

1. The Hindu’s Accomplishments:
   • Gold in Best Breaking News Article: Awarded to “Making Sense of the Electoral Bonds Data”, highlighting The Hindu’s impactful journalism.
   • Silver in Best Feature Article: Awarded to “Kota’s Crash Course”, a Ground Zero report capturing the lives of students in Kota’s coaching centres.
2. Other Notable Winners:
   • South China Morning Post (SCMP): Secured three Golds and one Silver across various categories including front page design, photography, and infographics.
   • SPH Media: Awarded two Golds and two Silvers, recognized for design and storytelling excellence.
   • Kumparan: Garnered four awards in the small/medium media category, showcasing the strength of emerging media companies.
3. Special Recognition in Healthcare Journalism:
   • Sponsored by Roche, awards for Best in Healthcare Reporting and Best in Healthcare Infographics underscore the importance of informative healthcare journalism.
   • The Japan Times and Malayala Manorama took home awards for outstanding reporting in this critical field.
4. First-Time Achievers:
   • The Korea Economic Daily and Nhan Dan Newspaper won awards, marking their debut at this prestigious event.
5. Category-Specific Winners:
   • Best in Magazine Cover Design: Tatler Singapore won Gold with an eye-catching July 2023 cover.
   • Best in News Photography: SCMP’s “The blackest of nights in Hong Kong” won Gold.
   • Best in Community Service: Dainik Jagran’s “i-next Choose to Refuse” initiative won Gold, demonstrating the power of journalism in community impact.
6. Innovation in Revenue Diversification:
   • Bennett Coleman & Co. Ltd. won Gold for its project The Art of India 2024, illustrating creative approaches to revenue in media.

Event Highlights:

• Location: The awards were presented at a cocktail reception at Mount Faber Peak, Singapore as part of the Asian Media Leaders Summit.
• Recognition of Small/Medium Media: This category celebrated media companies with annual revenues under USD 10 million, emphasizing the growth of smaller firms in journalism.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Ireland to participate in South Africa’s ICJ ‘genocide’ case against Israel

• Ireland has expressed its intention to join South Africa’s case against Israel at the International Court of Justice (ICJ), set to occur before the end of the year.
• The Irish parliament passed a non-binding motion accusing Israel of perpetrating genocide in Gaza, as part of the broader international debate surrounding the ongoing conflict.

Key Highlights :

• South Africa’s Role: South Africa initiated the case at the ICJ in December, accusing Israel of breaching the 1948 United Nations Genocide Convention.
• Israel has strongly denied the accusations.
• Other Supporting Nations: Other countries, including Spain, Bolivia, Colombia, Mexico, Turkey, Chile, and Libya, have joined or supported the case in solidarity with South Africa.
• ICJ Filing: South Africa filed a “memorial” with the ICJ, a comprehensive document of over 750 pages, supported by more than 4,000 pages of evidence, claiming genocide by Israel in Gaza.
• Irish Government’s Stance: Ireland has been a vocal critic of Israel’s actions following the October 7, 2023, Hamas attacks and its subsequent military response in Gaza.
• Symbolic Motion: Ireland’s parliament passed a symbolic motion accusing Israel of genocide, signalling the nation’s position on the matter.
• Palestinian Representation: Ireland has appointed a full Palestinian ambassador after recognizing Palestine as a state earlier this year.
• Diplomatic Tension: The new Palestinian ambassador called for Israel’s suspension from the UN, particularly for cutting ties with the UN’s Palestinian aid agency (UNRWA).

Israel Unveils ‘New Era of Warfare’ with Iron Beam Laser Defence System

• Iron Beam is a high-energy laser weapon system developed by Israel to counter aerial threats such as missiles, drones, rockets, and mortars.
• It is expected to be operational within a year and will significantly enhance Israel’s defence capabilities.
• It was unveiled in 2014 and is a 100kW class High Energy Laser Weapon System (HELWS).
• The operational range of Iron Beam extends up to 7 km (4.3 miles).
• It is developed by Rafael Advanced Defence Systems, in partnership with Elbit Systems.
• Purpose and Need:Iron Beam is designed to complement existing defence systems like the Iron Dome, especially in dealing with threats that other systems have struggled to intercept, such as drones and some types of missiles.
• It will play a crucial role in Israel’s multi-layered defence strategy, especially amid escalating tensions with neighbouring regions and groups like Hezbollah and Hamas.
• The system is expected to improve the interception of drones and projectiles, which have been increasingly launched by Hezbollah, resulting in casualties.
• Investment and Production:Israel’s defence ministry has allocated $500 million for contracts with Rafael Advanced Defense Systems and Elbit Systems to increase production and development of the Iron Beam.
• This investment reflects Israel’s strategic focus on advancing cutting-edge technologies in defense.
• Complementary Systems:The Iron Dome provides short-range protection against missiles and rockets, primarily from Gaza and Lebanon, but it has limitations, especially against drones and smaller projectiles.

About Israel :

• President : Isaac Herzog
• Prime Minister : Benjamin Netanyahu
• Capital : Jerusalem
• Currency : New shekel

CURRENT AFFAIRS : STATE NEWS

Bengaluru to Launch Its First Digital Population Clock to Monitor Real-Time Demographic Changes

• Bengaluru City’s first digital population clock, which will display real-time estimates of the population of Karnataka and the country, will be inaugurated at the Institute for Social and Economic Change (ISEC) in the city.
• It is a joint project of ISEC and the Union Ministry of Health and Family Welfare (MoHFW).
• Purpose and Functionality:The population clock will display real-time estimates of:
• Karnataka’s population, updating every 1 minute 10 seconds.
• India’s population, updating every 2 seconds.
• It aims to raise awareness about population growth and provide authentic data for researchers and scholars.

Key Highlights :

• Technology and Features:The clock is satellite-connected for precise timekeeping.
• It operates autonomously with all components integrated into the system.
• Objectives:Population Awareness: Serves as a constant reminder of rapid population growth and the need for sustainable development.
• Research and Data Access: Provides authentic demographic data for researchers and scholars.
• Related Initiatives:TheMoHFW has set up population clocks in 18 Population Research Centres (PRCs) across India.
• A Census Data Research Workstation has also been established to provide access to comprehensive census data for demographic research.
• Inaugural Event:The inauguration will be conducted by Kal Singh, Director General (Statistics Division), MoHFW.
• Attendees will include Sukhadeo Thorat (Chairman, Board of Governors, ISEC), Rakesh Kumar Maurya (Deputy Director General, MoHFW), and faculty and students from ISEC.

Centre Launches Investigation into the Deaths of 10 Elephants in Bandhavgarh Tiger Reserve

• The Indian government has initiated an investigation into the deaths of 10 elephants at Bandhavgarh Tiger Reserve, Madhya Pradesh.
• The Wildlife Crime Control Bureau (WCCB), under the Ministry of Environment, Forest and Climate Change, has formed a team to independently investigate the deaths.
• The Madhya Pradesh government has set up a five-member committee at the state level to investigate the elephant deaths and submit a report.
• The deaths were first detected on October 29, 2024, in the Salkhania beats of the Pataur and Khiatuli ranges within Bandhavgarh Tiger Reserve.
• Four elephants were found dead initially, and six others were found sick or unconscious in the vicinity and later died.

Himachal Pradesh’s Bankhandi set to become India’s first zoo with IGBC certification: CM Sukhu

• The upcoming Durgesh Aranya Zoological Park at Bankhandi in Kangra district, Himachal Pradesh, will be India’s first zoo to receive IGBC (Indian Green Building Council) certification for sustainable and eco-friendly initiatives.
• This was announced by Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu.

Key Highlights :

• IGBC Certification:The zoo has been registered with the IGBC for both building and landscape certifications, which will validate its adherence to high environmental standards.
• The Indian Green Building Council (IGBC) is part of the Confederation of Indian Industry (CII) and was established in 2001.
• Its headquarters are in Hyderabad.
• Project Details and Phases:Phase 1:Covers an area of 25 hectares with an estimated cost of ₹230 crore.
• Expected completion by the third quarter of 2025.
• Entire Project:Total project outlay is ₹619 crore.
• Aims to boost tourism in Kangra and nearby districts.
• Central Zoo Authority Permission:The Central Zoo Authority has approved the establishment of 34 animal enclosures within the Van Vaibhav Path and Biodiversity Court as part of the first phase of the project.

About Himachal Pradesh :

• Governor : Shiv Pratap Shukla
• Chief Minister : Sukhvinder Singh Sukhu
• Capital : Shimla, Dharamshala

West Bengal to unveil policies on global capability centres and semiconductors: IT and Electronics Minister Babul Supriyo

• IT and Electronics department minister Babul Supriyo announced that the West Bengal government will soon announce policies focused on global capability centres (GCC) and semiconductor industries.
• The goal is to position West Bengal as the next IT destination in India.
• Incentives for Technological Companies:The state plans to offer incentives to attract technology companies, including:
  • 100% electric duty waiver
  • 100% stamp duty waiver
  • 50% property tax waiver
• Focus on Digital Infrastructure:The policies aim to create digital infrastructure in the state, facilitating the growth of the tech industry.
• Global Capability Centres (GCC):GCCs are offshore units of multinational companies that operate across the globe and generate substantial employment opportunities.

About West Bengal :

• Governor : C. V. Ananda Bose
• Chief Minister : Mamata Banerjee
• Capital : Kolkata

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Embassy Office Parks REIT names Ritwik Bhattacharjee as interim CEO

• Ritwik Bhattacharjee has been appointed as the interim Chief Executive Officer (CEO) of Embassy Office Parks REIT with immediate effect.
• The appointment follows the SEBI order to suspend Arvind Maiya as CEO of Embassy Office Parks Management Services.
• Reason for Suspension:SEBI’s decision is based on a directive from the National Financial Reporting Authority (NFRA), which barred Maiya for 10 years from conducting audits related to financial statements or internal audits of any corporate entity.
• A ₹50 lakh penalty was also imposed on Arvind Maiya by NFRA.

About Ritwik Bhattacharjee:

• Founding team member of Embassy REIT; has been associated since its listing in 2019.
• Previously held the position of Chief Investment Officer at Embassy REIT.
• Prior experience includes over 12 years in investment banking at firms like Nomura, Citi, UBS, and JP Morgan.
• Embassy Office Parks REIT Overview:India’s first publicly listed REIT, specializing in real estate investment.
• Portfolio covers 51.1 million square feet across 14 office parks located in Bengaluru, Mumbai, Pune, NCR, and Chennai.

Donald Trump defeats Kamala Harris, poised to become the 47th President of the United States

• Donald Trump won a non-consecutive second term as the 47th President of the United States, defeating Vice-President Kamala Harris, the Democratic nominee.
• Republicans gained control of the Senate with at least 52 seats out of 100.
• Significance:Trump becomes only the second U.S. President to serve non-consecutive terms and, at 78 years old, is now the oldest U.S. President to enter office.
• Joe Biden, the incumbent President (82 years), withdrew due to party concerns regarding age-related cognitive issues.
• Electoral College and Popular Vote:Trump had secured 292 Electoral College votes to Harris’s 224 (270 votes are needed to win).
• He was projected to win the popular vote, marking the first Republican to do so since George W. Bush in 2004.
• Key Issues Influencing Trump’s Victory:Voters were motivated by concerns around inflation, the economy, and illegal migration — central themes in Trump’s campaign.
• Trump’s policy promises included border security, mass deportations, and tariff-based tax cuts.
• Electoral Highlights:Trump won Pennsylvania by 2.3 points, a crucial battleground state.
• He also captured traditionally Democratic “Blue Wall” states like Wisconsin and Michigan and won Ohio, Iowa, and West Virginia in the Rust Belt.
• Demographics:Exit polls suggested an increase in Trump’s support among Hispanic voters (up 13 points since the last election) and Gen-Z voters.
• Trump retained Black voter support at 12%, and his support from white women fell by 3 points.

About United States :

• Capital : Washington, D.C
• Currency : U.S. dollar

ICRISAT Director General Dr. Jacqueline d’Arros Hughes named Secretary General of the World Agricultural Forum

• Jacqueline d’Arros Hughes, Director General of International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), has been appointed as the Secretary General of the World Agriculture Forum (WAF) in November 2024.
• As Secretary General of WAF, Dr. Hughes will focus on advancing sustainable agriculture, strengthening global alliances, and addressing the evolving needs of the agriculture sector.

About Dr. Jacqueline d’Arros Hughes :

• Hughes brings over 30 years of expertise in agricultural research, focusing on sustainable farming and food security.
• She has worked extensively in developing regions, including Africa and Asia, promoting sustainable agriculture, rural development, and food security.
• As ICRISAT’s Director General, she made significant contributions to crop resilience and rural livelihoods, especially in dryland agriculture.
• She is a distinguished plant virologist with a focus on remote sensing, digitalization, gender equity, and ethical use of intellectual property in agriculture.
• She has worked on integrating modern technologies to improve agricultural outcomes.
• During her leadership at ICRISAT, Dr. Hughes guided the organization through a number of notable achievements:
• Africa Food Prize (2021): ICRISAT was recognized for its positive impact on African agriculture.
• Hosting of Indian Prime Minister (2022): Dr. Hughes’ leadership brought attention to ICRISAT’s work in dryland agriculture during the institute’s 50th anniversary.
• G20 Summit (2023): Elevated ICRISAT’s role in global agricultural discussions.
• UN International Year of Millets: Co-chaired efforts to promote millet cultivation for food security and climate change resilience.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Bharti Telecom Acquires 1.2% Stake in Airtel from Family Investment Firm

• Bharti Telecom, the promoter of Bharti Airtel, has purchased 1.2% stake in Airtel from Indian Continent Investment Limited, the Bharti family’s investment firm.

Key Highlights :

• Post-Transaction Stakeholding:After the transaction, Bharti Telecom holds a 40.33% stake in Bharti Airtel.
• Indian Continent Investment Limited now holds a 3.31% stake in Airtel.
• Estimated Transaction Value:The 1.2% stake is valued at approximately ₹11,650 crore, based on Airtel’s closing share price of ₹1,598.75 on the BSE.
• Off-Market Transaction:The purchase was made through an off-market transaction, meaning it was conducted directly between the parties involved without going through the stock exchange.
• Bharti Telecom’s Previous Fundraising:Earlier, Bharti Telecom raised ₹11,150 crore through bond issuance in six tranches, with tenors ranging from 3 to 10 years.
• Ownership of Bharti Telecom:Sunil Bharti Mittal’s family holds 50.56% stake in Bharti Telecom.
• Singtel owns the remaining 49.44% stake in Bharti Telecom.

About Bharti Airtel :

• Founded : 7 July 1995
• Headquarters : New Delhi, India

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Google introduces AI acceleration programs for Indian startups at Bengaluru summit

• Google announced a suite of initiatives at the AI Startups Summit in Bengaluru, targeting early-stage AI startups to help them build, grow, and scale AI-driven solutions using Google Cloud.
• The Emerging ISV Partner Springboard is a 12-week programme that provides hands-on support for AI startups.
• Startups receive guidance in product development, technical architecture, go-to-market strategies, and onboarding to Google Cloud Marketplace.

Key Highlights :

• Financial Support – Cloud Credits:Google for Startups Cloud Program: Offers $200,000 in Google Cloud credits over two years for early-stage founders.
• AI-Specific Credits: An additional $350,000 in credits is available for AI-first startups, acknowledging the high computational requirements of AI projects.
• Partnerships for Enhanced Resources:Google has partnered with accelerators and incubators such as Y Combinator, 500, StartX, and Berkeley Skydeck.
• Resources include access to NVIDIA H100 GPUs, Google Cloud TPUs, mentorship, and technical guidance.
• Training Program – Startup School: GenAI:Startup School: GenAI is a free, four-week training programme launched on October 29.
• It provides practical experience in generative AI and advanced AI deployment, led by Google AI experts, and covers topics from foundational to advanced AI techniques.
• Healthcare Partnership with DeliverHealth:Google Cloud announced a partnership with DeliverHealth to enhance clinical documentation processes.
• This initiative uses Google Cloud’s Gemini 1.5 Pro multimodal AI models and DeliverHealth’s medical data to improve documentation accuracy and efficiency.
• Google Cloud CEO : Thomas Kurian

About Google :

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

Indian Space Research Organisation Launches India’s First Analog Space Mission to Prepare for Lunar Mission Experiments

• The Indian Space Research Organisation (ISRO) has launched India’s inaugural analog space mission in Leh, Ladakh, marking a pioneering step in the nation’s space exploration efforts.
• The mission, spearheaded by ISRO’s Human Spaceflight Centre, brings together partners from AAKA Space Studio, the University of Ladakh, IIT Bombay, and is supported by the Ladakh Autonomous Hill Development Council.
• This mission aims to simulate interplanetary habitat conditions, helping scientists explore the feasibility of establishing a sustainable base station beyond Earth.
• Ladakh’s extreme isolation, dry climate, and barren, high-altitude terrain make it ideal for simulating conditions similar to Mars and the Moon.
• The environment presents an opportunity for researchers to gather critical data that will support India’s Gaganyaan program and future missions.
• Analog missions are field tests conducted in remote Earth environments to simulate extreme space conditions, allowing researchers to study human and robotic responses to space-like challenges.
• The mission includes a compact, inflatable habitat named Hab-1, which is equipped with essentials like a hydroponics farm, kitchen, and sanitation facilities.

About ISRO :

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

CURRENT AFFAIRS: RANKING AND INDEX

Shiv Nadar Tops India’s Philanthropy List with Record-Breaking Donations

• Shiv Nadar, founder of HCL Technologies Ltd., retained his title as India’s top philanthropist for the third time in five years.
• He donated ₹2,153 crore (equivalent to ₹5.9 crore per day) in 2023-24, topping the Edelgive-Hurun India Philanthropy List 2024.

1. Top Philanthropists in India:
   • Mukesh Ambani and his family ranked second, contributing ₹407 crore through Reliance Foundation.
   • Other prominent names among the top 10 philanthropists include:
     • Bajaj family – ₹352 crore
     • Kumar Mangalam Birla and family – ₹334 crore
     • Gautam Adani and family – ₹330 crore
     • Nandan Nilekani – ₹307 crore
     • Krishna Chivukula (donation to IIT Madras) – ₹228 crore
     • Anil Agarwal and family – ₹181 crore
     • Susmita and Subroto Bagchi – ₹179 crore
     • Rohini Nilekani – ₹154 crore
   • The top 10 philanthropists collectively contributed ₹4,625 crore in the fiscal year.
2. Notable Mentions:
   • Nikhil Kamath of Zerodha was recognised as the youngest philanthropist at 38.
   • The list saw 96 new entrants, bringing the total count of philanthropists to 203 with a combined donation of ₹8,783 crore.
3. Donation Trends:
   • Eighteen individuals donated over ₹100 crore annually, while 30 donated more than ₹50 crore, and 61 gave over ₹20 crore.
   • Philanthropy in pharma dominated with 16% representation, followed by chemicals and petrochemicals at 9%.
4. Insights from Hurun India:
   • Anas Rahman Junaid, founder and chief researcher of Hurun India, highlighted that despite India’s relatively recent wealth accumulation, the country’s philanthropic progress is promising.
   • He also noted that philanthropy in certain sectors, such as pharma, is more visible due to its immediate impact on society.

India Emerges as Global Smartphone Market Leader, Driven by Premium Segment Growth

• India has become the second-largest smartphone market globally by unit volume and the third-largest by value in Q3 2024, as per Counterpoint Research.
• India accounted for 15.5% of global smartphone shipments, behind only China (22%) and the United States (12%).
• By market value, India captured 12.3%, showing a slight increase from 12.1% in the same period last year.
• Premiumization Trend:
  • The smartphone average selling price (ASP) in India grew by 8%, reaching US$ 294, as more consumers opted for premium models.
  • The premium segment saw a significant rise, with Samsung and Apple holding a combined 6% market share by value in India.
  • This premiumization is contributing to a growth in market value, with India moving closer to the global average ASP of US$ 349.
• Record Growth in Q3 2024:
  • Smartphone shipments in India grew 3% year-on-year, and market value increased by 12%, marking a record high in Q3 2024.
  • The growth is partly attributed to an early start to the festival season, boosting sales and demand for smartphones.
• Global Market Trends:
  • The global smartphone market grew at a slower rate of 2%, with total shipments reaching 307 million.
  • Like India, the global market also saw a shift toward premium devices, with nearly 30% of sales coming from devices priced above US$ 400.
• India’s Market Potential:
  • With a smartphone user base of 690 million within a population of 1.4 billion, India has significant potential for further growth and market penetration.
  • Neil Shah, co-founder of Counterpoint Research, emphasized the large untapped opportunities in India’s evolving smartphone landscape.

CURRENT AFFAIRS: SPORTS NEWS

Arjun Erigaisi Jumps to World No. 2 in Chess Rankings

• Arjun Erigaisi, the 21-year-old Indian Grandmaster from Warangal, Andhra Pradesh, has surged to world No. 2 in the live chess rankings, following an impressive win over Russian Grandmaster Alexey Sarana at the ongoing Chennai Grand Masters.
• Elo Rating and Milestone:
  • Erigaisi now has an Elo rating of 2805.8, making him only the second Indian player to cross the 2800 Elo barrier, a feat previously achieved by Viswanathan Anand.
  • His performance this year has been stellar, and his victory in Chennai has propelled him to the No. 2 spot, just behind Magnus Carlsen, the five-time World Chess Champion.
• Key Achievements:
  • Arjun’s ranking in the FIDE Circuit is noteworthy, and if he ends 2024 at the top of the standings, he will qualify for the FIDE Candidates Tournament—a crucial event for competing in the World Chess Championship.
  • He played a pivotal role in helping India win its first-ever gold medal in the open section at the 45th Chess Olympiad, where he earned individual gold on Board 3 with an outstanding score of 10/11 (nine wins, two draws).
• Other Indian Players in Top 10:
  • D Gukesh is currently fifth in the live rankings with an Elo rating of 2783.
  • The legendary Viswanathan Anand holds the 10th spot with an Elo rating of 2750, marking his continued presence in the world’s elite chess players.
• Path to Candidates:
  • If Erigaisi wins the Chennai Grand Masters, he stands to gain 24.5 rating points, which would further boost his chances of qualifying for the FIDE Candidates Tournament and potentially competing for the World Chess Championship.

CURRENT AFFAIRS: IMPORTANT DAYS

National Legal Services Day: 9th November

• National Legal Services Day 2024 is observed on the 9th of November 2024.
• Every year on November 9th, National Legal Services Day is marked to mark the beginning of the Legal Services Authorities Act, 1987, which went into effect on that date in 1995.
• State Legal Services Authorities across the nation hold legal awareness events on National Legal Services Day to inform people about the availability of free legal help.
• Additionally, every year campaigns are held across the country to inform the public of the many services offered by Legal Services Authorities.

Daily CA One-Liner: November 9

• The Ministry of Skill Development and Entrepreneurship (MSDE) has reconstituted the CAC to suggest reforms to increase apprenticeship engagement in industries
• V.R. Subrahmanyam, CEO of Niti Aayog, suggested that India should join the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
• Prime Minister Shri Narendra Modi may skip the UN Climate Change Conference (COP29) in Azerbaijan next month due to scheduling issues.
• Union Home Minister Amit Shah inaugurated the Anti-Terrorism Conference-2024 in New Delhi, organized by the National Investigation Agency (NIA).
• The Solar Energy Corporation of India Limited (SECI), India’s top renewable energy agency, has banned Reliance Power and its subsidiaries from participating in clean energy tenders for three years.
• The Hindu’s Accomplishments:Gold in Best Breaking News Article: Awarded to “Making Sense of the Electoral Bonds Data”, highlighting The Hindu’s impactful journalism.
• Shiv Nadar, founder of HCL Technologies Ltd., retained his title as India’s top philanthropist for the third time in five years.
• India has become the second-largest smartphone market globally by unit volume and the third-largest by value in Q3 2024, as per Counterpoint Research
• Arjun Erigaisi, the 21-year-old Indian Grandmaster from Warangal, Andhra Pradesh, has surged to world No. 2 in the live chess rankings, following an impressive win over Russian Grandmaster Alexey Sarana at the ongoing Chennai Grand Masters
• National Legal Services Day 2024 is observed on the 9th of November 2024.
• The Reserve Bank of India (RBI) has expanded the list of specified Government securities that non-residents can invest in under the Fully Accessible Route (FAR) by including 10-year Sovereign Green Bonds (SGrBs).
• The Insurance Regulatory and Development Authority of India (IRDAI) has proposed amendments to the Regulatory Sandbox norms.
• HDFC Bank has revised its Marginal Cost of Funds-Based Lending Rates (MCLR) for select short-term tenures.
• The Securities and Exchange Board of India (SEBI) is evaluating the demerger of equity stock exchanges and their associated equity clearing corporations (CCs) to ensure more diversified ownership and enhance independence.
• Ireland has expressed its intention to join South Africa’s case against Israel at the International Court of Justice (ICJ), set to occur before the end of the year.
• Iron Beam is a high-energy laser weapon system developed by Israel to counter aerial threats such as missiles, drones, rockets, and mortars.
• Bengaluru City’s first digital population clock, which will display real-time estimates of the population of Karnataka and the country, will be inaugurated at the Institute for Social and Economic Change (ISEC) in the city.
• The Indian government has initiated an investigation into the deaths of 10 elephants at Bandhavgarh Tiger Reserve, Madhya Pradesh.
• The upcoming Durgesh Aranya Zoological Park at Bankhandi in Kangra district, Himachal Pradesh, will be India’s first zoo to receive IGBC (Indian Green Building Council) certification for sustainable and eco-friendly initiatives.
• IT and Electronics Department minister Babul Supriyo announced that the West Bengal government will soon announce policies focused on global capability centres (GCC) and semiconductor industries.
• Ritwik Bhattacharjee has been appointed as the interim Chief Executive Officer (CEO) of Embassy Office Parks REIT with immediate effect.
• Donald Trump won a non-consecutive second term as the 47th President of the United States, defeating Vice-President Kamala Harris, the Democratic nominee.
• Jacqueline d’Arros Hughes, Director General of the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT),was appointed Secretary General of the World Agriculture Forum (WAF) in November 2024.
• Bharti Telecom, the promoter of Bharti Airtel, has purchased 1.2% stake in Airtel from Indian Continent Investment Limited, the Bharti family’s investment firm.
• Google announced a suite of initiatives at the AI Startups Summit in Bengaluru, targeting early-stage AI startups to help them build, grow, and scale AI-driven solutions using Google Cloud.
• The Indian Space Research Organisation (ISRO) has launched India’s inaugural analog space mission in Leh, Ladakh, marking a pioneering step in the nation’s space exploration efforts.