Daily Current Affairs October 11 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Forecasts 7.2% GDP Growth for FY25, Expects CPI Inflation to Ease to 4.5%

• During the Monetary Policy Committee (MPC) meeting on October 9, 2024, the Reserve Bank of India (RBI) forecasted that India’s real Gross Domestic Product (GDP) growth for FY25 will reach 7.2%.
• The RBI also expects Consumer Price Index (CPI) inflation for the fiscal year to moderate to 4.5%.

Key Highlights :

GDP Growth Projections:

• Real GDP growth for FY25: 7.2%.
• Quarterly growth estimates for FY25:
• Q2: 7.0%
• Q3: 7.4%
• Q4: 7.4%
• Real GDP growth for Q1 of FY26: 7.3%.
• First quarter of FY25 GDP growth: 6.7%, led by private consumption and investment.
• Inflation Projections:CPI inflation for FY25: 4.5%, assuming normal monsoon.
• Q3FY25 inflation forecast: 4.8%.
• Q4FY25 inflation forecast: 4.2%, expected to moderate due to the kharif harvest.
• CPI inflation forecast for Q1FY26: 4.3%.
• Sector Performance:Gross Value Added (GVA) growth in Q1FY25: 6.8%, supported by strong industrial and services sector activities.
• Private investment intentions show improvement, reflecting growing confidence in the economy.
• Monetary Policy Stance:Repo rate: Unchanged at 6.5%.
• Stance: Changed to ‘neutral’ from ‘withdrawal of accommodation’.
• This is the 10th consecutive time the repo rate has been held steady.
• Reverse repo rate: Maintained at 3.35%.
• Standing Deposit Facility (SDF): 6.25%.
• Marginal Standing Facility (MSF): 6.75%.
• Liquidity Conditions:Liquidity surplus prevailed in August, September, and early October.
• Liquidity levels moderated in late September but remained steady.
• Sectoral Risks:Agricultural output is susceptible to weather-related shocks, potentially influencing inflation.
• Growth supported by strong domestic activity, especially in the industrial and services sectors.
• MPC Voting:Five out of six MPC members voted to hold rates.
• All six members voted to change the policy stance to ‘neutral’.

About RBI :

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

Reserve Bank of India Introduces Increased Limits for UPI123 and UPI Lite Transactions

• The Reserve Bank of India (RBI) enhanced transaction limits for UPI123Pay and UPI Lite to encourage wider adoption of these UPI products.

Key Highlights :

Enhanced Transaction Limits:

UPI123Pay:

• New per-transaction limit: ₹10,000 (increased from ₹5,000).
• UPI123Pay enables UPI functionality on feature phones.

UPI Lite:

• Per-transaction limit: ₹1,000 (increased from ₹500).
• Overall wallet limit: ₹5,000 (increased from ₹2,000).

Functionality of UPI Lite:

• Allows low-value transactions without requiring a UPI PIN.
• Transactions are conducted in real-time without utilising the remitter bank’s core banking systems.
• Increasing Adoption of UPI:The enhancements aim to encourage wider adoption of UPI products amid growing transaction volumes.
• UPI transactions crossed 501 million in September 2024, the highest since UPI’s inception in 2016.
• Monthly Transaction Volume:UPI registered a slight increase in volume, reaching 15.04 billion transactions in September, up by 0.5% compared to 14.96 billion in August.
• Transaction Value:Total value of UPI transactions in September was approximately ₹68,800 crore.
• The overall value for August and September remained relatively static, at around ₹20.64 trillion and ₹20.61 trillion, respectively.
• Expansion of UPI Use Cases:Delegated Payments: Introduction of UPI Circle, enabling users to make payments on behalf of others.
• Credit Card on UPI: Integration allowing credit card transactions through UPI.
• Credit Line on UPI: A facility enabling users to utilize credit lines for UPI transactions, with recorded payments worth ₹200 crore.
• Credit Transactions on UPI:Total transactions for credit on UPI are approximately ₹10,000 crore.
• Beneficiary Account Name Look-up Facility:A new feature to verify the recipient’s name before making payments.
• Currently available for UPI and Immediate Payment Service (IMPS), it will now extend to Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) systems.
• This enhancement aims to reduce errors and minimize the risk of fraud during fund transfers.

Recent News :

• On 8 August 2024, Reserve Bank of India (RBI) Governor Shaktikanta Das announced raising the limit of tax payments through UPI from ₹1 lakh to ₹5 lakh.

New Capital Instrument Guidelines for Urban Cooperative Banks in Development

• The Reserve Bank of India (RBI) is developing norms for new capital-raising instruments for Urban Cooperative Banks (UCBs), such as the issuance of shares at a premium.
• These norms will provide UCBs with more flexibility to raise resources and support sector growth.

About UCBs :

• Urban Cooperative Banks (UCBs) are primary cooperative banks that are located in urban and semi-urban areas.
• They are primarily concerned with serving their own communities and providing financial services to customers who fall into the lower middle class and have few resources

Key Highlights :

• Discussion Paper:RBI Governor Shaktikanta Das announced that a discussion paper outlining these norms will be issued for feedback and suggestions from stakeholders.
• Previous Guidelines:The initial guidelines on the issue and regulation of share capital and securities for UCBs were released in 2022, following the Banking Regulation (Amendment) Act, 2020.
• However, these guidelines did not include the newly-enabled capital-related provisions.
• Stakeholder Input:The RBI aims to gather input to ensure the capital-raising norms are effective in providing stability and supporting the growth of UCBs.
• Expert Panel Recommendations:The S. Vishwanathan Panel (2021) provided guiding principles on capital-related provisions for UCBs.
• It recommended the feasibility of issuing redeemable preference shares with a low coupon and 20-year maturity without voting rights.
• Working Group:The RBI had appointed a working group to operationalize the expert committee’s recommendations related to capital provisions.
• Importance for UCBs:Focus on capital-raising options is critical for the stability and competitiveness of UCBs, according to Prabhat Chaturvedi, CEO of National Urban Co-operative Finance and Development Corporation (NUCFDC).

ICICI Bank and PhonePe Collaborate to Offer UPI Credit Line to Customers

• ICICI Bank and PhonePe have partnered to provide a credit line on UPI specifically for customers of PhonePe, a major fintech firm based in Bengaluru.

Key Highlights :

• Credit Line Details:Pre-Approved Customers: Customers approved through the PhonePe app can access a short-term credit line from ICICI Bank.
• Credit Limit: The credit line can be up to ₹2 lakh.
• Repayment Period: Customers have a repayment period of 45 days.
• Market Context:This collaboration comes at a time when PhonePe processes transactions worth approximately ₹200 crore every month on the UPI platform.
• PhonePe holds a 49% market share in the UPI space, while Google Pay is the second-largest player with about 38% of transaction volumes.
• Significance of the Partnership:This is PhonePe’s first partnership with a lender to offer a credit line service.
• The initiative aligns with the National Payments Corporation of India’s (NPCI) launch of the ‘credit line on UPI’ service last year, designed to provide low-ticket, high-volume retail loans.
• Other Participating Lenders:In addition to ICICI Bank, other lenders such as Axis Bank, HDFC Bank, Indian Bank, Punjab National Bank (PNB), and State Bank of India (SBI) have also implemented this facility.
• Apps Offering the Service:Apart from PhonePe, other applications such as Bharat Interface for Money (BHIM), Google Pay, Paytm, PayZapp, Navi, and Tata Neu are also live with the credit line product offering.

About ICICI Bank :

• Established : 1994
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Sandeep Bakhshi
• Tagline : Hum Hai Na, Khayal Apka

About Phonepe :

• Established : 2015
• Headquarters : Bengaluru, Karnataka, India
• CEO : Sameer Nigam

SLCM Collaborates with Punjab National Bank and Bandhan Bank to Provide Management Solutions

• Sohan Lal Commodity Management(SLCM) has partnered with Punjab National Bank (PNB) and Bandhan Bank to provide ‘Unified Collateral Management Solutions’.
• The partnership aims to facilitate post-harvest credit for farmers and agricultural stakeholders at competitive rates across the country.
• Technology and Efficiency:SLCM will leverage its proprietary technology platform, ‘Agri Reach’, to improve the efficiency of post-harvest credit and storage services for both banks.
• ‘Agri Reach’ has been recognized for reducing post-harvest losses from 10% to just 0.5%.
• Market Leadership: SLCM has over 15 years of experience in post-harvest management and has established relationships with over 23 leading banking institutions in India and Myanmar.
• SLCM is considered a market leader in post-harvest logistics and agri-solutions.
• Sandeep Sabharwal, Group CEO of SLCM.

About PNB :

• Founded : 19 May 1894
• Headquarters : Dwarka, Delhi, India
• MD & CEO : Atul Kumar Goel
• Tagline : You Can Bank Upon

About Bandhan Bank :

• Founded : 2015
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Ratan Kumar Kesh

Ministry of Finance Maintains GPF Interest Rate at 7.1% for 17th Consecutive Quarter, Effective from October 1 to December 31, 2024

• The Union Ministry of Finance has kept the interest rate for the General Provident Fund (GPF) unchanged for the 17th quarter in the row at 7.1% effective from October 1, 2024, to December 31, 2024..
• Applicable Funds: This interest rate applies to various provident funds, including:
• General Provident Fund (Central Services)
• Contributory Provident Fund
• All India Services Provident Fund
• State Railway Provident Fund
• General Provident Fund (Defence Services)
• Indian Ordnance Department Provident Fund
• Indian Ordnance Factories Workmen’s Provident Fund
• Indian Naval Dockyard Workmen’s Provident Fund
• Defence Services Officers Provident Fund
• Armed Forces Personnel Provident Fund

Difference between General Provident Fund (GPF) and Employees’ Provident Fund (EPF)

Feature	GPF	EPF
Eligibility	Exclusively for government employees	Available for all salaried employees, including private sector
Contributions	Minimum 6% of salary; up to 100%	12% of basic salary deducted by the employer, matched by the employer; voluntary contributions beyond 12% allowed
Interest Rate	Fixed interest rate (currently 7.1%) reviewed quarterly	Current interest rate is 8.25% per annum
Maturity	Matures upon the employee’s retirement	Matures at age 58 or upon retirement
Premature Withdrawal	Allowed only upon leaving government service	Allowed after two months of unemployment
Advances	Interest-free loans available for specific needs (e.g., education, medical)	No advance facility; entire amount is withdrawn at retirement
Tax Benefits	Exempt from tax under Section 80C of the Income Tax Act	Tax-exempt after five years; contributions up to Rs. 1.5 lakh annually qualify for tax exemptions under Section 80C
Nature of Investment	Long-term investment option	Long-term retirement savings scheme
Governing Authority	Managed by the Ministry of Finance	Managed by the Employees’ Provident Fund Organisation (EPFO)

Recent Updates on Small Savings Schemes :

• The government has kept interest rates unchanged for various small savings schemes for the October-December 2024 quarter:
• Sukanya Sariddhi Account: 8.2%
• Senior Citizen Savings Scheme (SCSS): 8.2%
• Public Provident Fund (PPF): 7.1%
• National Savings Certificate (NSC): 7.7%
• Post Office Monthly Income Scheme (POMIS): 7.4%
• Mahila Samman Savings Certificate: 7.5%
• Post Office Recurring Deposit Account: 6.7%

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhar

CURRENT AFFAIRS : STATE NEWS

Bihar Government to Establish Kaimur Wildlife Sanctuary as the State’s Second Tiger Reserve

• The Bihar government will establish the Kaimur Wildlife Sanctuary (KWLS) as the state’s second tiger reserve.
• Valmiki Tiger Reserve (VTR), which is the state’s first national park, has reached its capacity, and now the state government is finalising modalities for translocating the big cats to KWLS.
• The Kaimur Wildlife Sanctuary is spread over an area of 1,504.96 sq km.
• The number of tigers in VTR is 54 now.
• The National Tiger Conservation Authority (NTCA) granted in-principle approval for the development of KWLS as a tiger reserve during its 12th technical committee meeting.

Geographical Boundaries:

• Northern Boundaries: Bounded by Bhojpur, Buxar, and parts of UP’s Ghazipur.
• Southern Boundaries: Adjacent to the Palamu and Garhwa districts of Jharkhand.
• Western Boundaries: Flanked by the districts of Sonabhadra and Varanasi in Uttar Pradesh.
• Eastern Boundaries: Bordered by the Aurangabad and Jehanabad districts of Bihar.

Recent News :

• In Oct 2024, Bihar Chief Minister Nitish Kumar unveiled the logo and mascot for the Women’s Asian Champions Trophy-2024, which will be held in Rajgir from November 11-20, 2024.

About Bihar :

• Governor : Rajendra Arlekar
• Chief Minister : Nitish Kumar
• Capital : Patna
• Wildlife Sanctuaries : Kaimur Wildlife Sanctuary, Kanwar Lake Bird Sanctuary, Nagi Dam Bird Sanctuary

CURRENT AFFAIRS: NATIONAL NEWS

Union Cabinet approves construction of 2,280 km of roads in border areas of Rajasthan.

Approval for Road Construction

• The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the construction of 2,280 km of roads.
• The project focuses on the border areas of Rajasthan and Punjab.
• The total investment for the project is ₹4,406 crore.

Focus on Border Area Development

• Prime Minister Modi has prioritised infrastructure development in border regions to improve overall connectivity.
• Rural livelihoods will be enhanced through better access to national highways and essential services.

Transformation of Border Villages

• Union Minister Ashwini Vaishnaw highlighted that border villages were previously considered the “last villages”, but PM Modi’s initiatives have transformed them into the “first villages”.
• This development follows the ‘Vibrant Village Program’, which also focuses on road and telecom connectivity.

Impact on Infrastructure and Livelihoods

• The decision aims to improve telecom connectivity, water supply, healthcare, and education.
• Rural livelihoods will see improvement, and there will be better travel access for residents in these areas, connecting them to the national highway network.

Deal For 31 MQ-9B Drones Gets Final Nod, Indian Army And Air Force To Jointly Deploy 16 At Two Bases In UP

Cabinet Committee on Security Approval

• The Cabinet Committee on Security has approved the acquisition of 31 MQ-9B drones from American firm General Atomics.
• The approval was essential before October 31 to ensure the validity of the American proposal.

Details of the Contract

• Delivery Timeline: The Indian defence forces are expected to start receiving the drones over a four-year period following the finalisation of the deal.
• Distribution of Drones:
  • Indian Navy: 15 drones
  • Indian Army: 8 drones
  • Indian Air Force: 8 drones
• The Indian Air Force and Army plan to jointly deploy their drones at air bases in Gorakhpur and Sarsawa, Uttar Pradesh.

Make in India Initiative

• The deal incorporates the Make in India initiative, allowing for the use of Indian-made equipment from the Defence Research and Development Organisation (DRDO) and private-sector firm Solar Industries on the drones.

Strategic Importance

• The MQ-9B drones are expected to enhance peacetime surveillance along the Line of Actual Control (LAC) with China and in the Indian Ocean, where the Chinese People’s Liberation Army Navy maintains a significant presence.

Recent Context

• This acquisition comes on the heels of a recent incident where an MQ-9B Sea Guardian drone, leased by the Indian Navy, crashed into the Bay of Bengal near Chennai due to a technical failure.
• The drone had been operating from INS Rajali, a naval air station in Arakkonam, near Chennai.
• In 2020, the Indian Navy leased two MQ-9B Sea Guardian drones for surveillance in the Indian Ocean, a lease that has been extended due to heightened tensions with China, particularly following clashes in the Galwan River Valley in June 2020.

Cabinet approves development of National Maritime Heritage Complex (NMHC), Lothal, Gujarat

Project Overview

• The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the development of the National Maritime Heritage Complex (NMHC) at Lothal, Gujarat.
• The project will be completed in two phases and aims to showcase India’s 4,500-year-old maritime heritage.

Approval for Phases 1B and 2

• The Cabinet has given in-principle approval for Phase 1B and Phase 2 of the project.
• Funding for these phases will be raised through voluntary contributions.
• Phase 1B, including a Light House Museum, will be funded by the Directorate General of Lighthouses and Lightships (DGLL).

Society for Future Development

• A separate society will be formed under the Societies Registration Act, 1860, to oversee the future development phases.
• The society will be governed by a Governing Council led by the Minister of Ports, Shipping & Waterways.

Phases of the Project

• Phase 1A is under implementation with more than 60% physical progress and expected to be completed by 2025.
• Phase 1A includes:
  • 6 galleries with a focus on Indian Navy & Coast Guard, naval artifacts, and a replica of Lothal township.
• Phase 1B includes:
  • 8 additional galleries, the world’s tallest Light House Museum, and a Bagicha complex with parking, food hall, and medical facilities.
• Phase 2 will include:
  • Coastal States Pavilions, a maritime-themed eco resort, recreation of Lothal City, Maritime Institute, and theme parks.

Employment Generation

• The NMHC project is expected to create around 22,000 jobs:
  • 15,000 direct jobs.
  • 7,000 indirect jobs.

Beneficiaries

• The NMHC will benefit:
  • Local communities, tourists, visitors.
  • Researchers, scholars, and educational institutions.
  • Cultural organizations and businesses.

Background and Vision

• The project aligns with PM Modi’s vision of showcasing India’s rich maritime history.
• The masterplan is developed by Architect Hafeez Contractor, and Tata Projects Ltd. is responsible for Phase 1A construction.

Cabinet approves continuation of supply of free Fortified Rice under Pradhan Mantri Garib Kalyan Yojana

Approval for Continuation

• The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the continuation of the universal supply of Fortified Rice under various government schemes, including the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY).
• The initiative will continue from July 2024 to December 2028.

Government Funding and Implementation

• The fortification of rice will be a central sector initiative, funded 100% by the Government of India.
• The initiative aims to provide a unified institutional mechanism for implementation, as part of the Food Subsidy program under PMGKAY.

Focus on Nutritional Security

• The program aligns with PM Modi’s Independence Day address highlighting the importance of nutritional security in India.
• Fortified rice will be supplied through the Targeted Public Distribution System (TPDS), Other Welfare Schemes, Integrated Child Development Service (ICDS), and PM POSHAN (formerly Mid-Day Meal) across all States and Union Territories.

Addressing Micronutrient Deficiencies

• The initiative aims to combat anaemia and micronutrient deficiencies such as iron, Vitamin B12, and folic acid in the population, especially among children, women, and men.
• According to the National Family Health Survey (NFHS-5) (2019–2021), anaemia remains a widespread issue in India, affecting multiple age groups and income levels.

Phased Implementation and Universal Coverage

• The Cabinet Committee on Economic Affairs (CCEA) approved the rice fortification initiative in April 2022.
• The initiative was rolled out in three phases and achieved universal coverage by March 2024, supplying fortified rice across all government schemes.

Role of Rice in Fortification

• Rice is an ideal food for fortification in India as 65% of the population consumes rice as a staple.
• Fortified Rice Kernels (FRK), enriched with iron, folic acid, and Vitamin B12, are added to regular rice to address micronutrient malnutrition, as per standards set by FSSAI.

PM’s address at the laying of the foundation stone of various development projects Worth Over ₹7,600 Crore in Maharashtra

Total Investment

• Prime Minister Narendra Modi laid the foundation stone for development projects worth over ₹7,600 crore in Maharashtra via video conference.

Speedy Development in Maharashtra

• PM Modi highlighted that Maharashtra has experienced unprecedented development in recent years across various sectors.
• The Central Government fulfilled the long-standing aspiration of the Marathi Manus by granting Classical Language status to Marathi.

Upgradation of Dr. Babasaheb Ambedkar International Airport

• Foundation stone laid for the upgradation of Dr. Babasaheb Ambedkar International Airport, Nagpur, with a project cost of approximately ₹7,000 crore.

New Integrated Terminal at Shirdi Airport

• Laid the foundation stone for the New Integrated Terminal Building at Shirdi Airport, costing over ₹645 crore.

Healthcare Projects

• 10 new Government Medical Colleges were launched in Mumbai, Nashik, Jalna, Amravati, Gadchiroli, Buldhana, Washim, Bhandara, Hingoli, and Ambernath (Thane).
• This initiative aims to provide affordable and accessible healthcare across Maharashtra.

Indian Institute of Skills (IIS) Mumbai

• Inaugurated the Indian Institute of Skills (IIS) Mumbai, developed in collaboration with Tata Trusts to enhance skill development.

Vidya Samiksha Kendra (VSK) Maharashtra

• The Vidya Samiksha Kendra (VSK), a new educational monitoring initiative in Maharashtra, was also inaugurated by the Prime Minister.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Zarin Daruwala, CEO of Standard Chartered India, is Set to Retire in April 2025

• Zarin Daruwala, Chief Executive Officer (CEO) of Standard Chartered India and Southeast Asia, will retire on April 1, 2025, after serving more than 8 years in the role.
• Standard Chartered will announce her successor at a later date.
• Standard Chartered is undergoing management reshuffling and restructuring, especially in its corporate and investment banking divisions, to enhance decision-making and business performance.
• The bank’s corporate and investment banking arm is being revamped, including changes in regional management.
• In April,2024 the bank appointed Singapore-based Sunil Kaushal as co-head of corporate and investment banking, with responsibility for ASEAN and Asia markets.

About Zarin Daruwala :

• She joined Standard Chartered in 2016 and led India’s operations, making it one of the largest markets for the group.
• Daruwala has a banking career spanning over 35 years.
• Under her leadership, the focus was on cross-border solutions in corporate, investment banking, and wealth & retail banking (WRB).
• She is one of only two female heads of large foreign banks in India.

JP Nadda appointed as Chairperson for the 77th Session of the WHO Regional Committee

• Union Health Minister JP Nadda was elected as the Chairperson of the 77th session of the World Health Organization (WHO)’s Regional Committee for Southeast Asia.

Key Highlights :

• Role of the Committee: The WHO Regional Committee for Southeast Asia is the annual governing body that influences health policies across the region.
• Session Details: The three-day session commenced on October 7, 2024, in New Delhi, with participation from health ministers and delegates from member countries.
• Participating Countries: Delegates from countries including Bangladesh, Bhutan, North Korea, India, Indonesia, the Maldives, Myanmar, Nepal, Sri Lanka, Thailand, and Timor-Leste are attending the session.
• Focus Areas: The session will concentrate on improving accessible public health systems and tackling significant epidemiological and demographic challenges.
• Digital Health Leadership: JP Nadda highlighted India’s advancements in digital health, emphasizing the global sharing of its Digital Public Infrastructure (DPI), which includes initiatives like the Ayushman Bharat Digital Mission and e-Sanjeevani.
• G20 Presidency: India’s digital health initiatives were showcased during its G20 Presidency under the Global Initiative on Digital Health.
• Public Health System Enhancement: The discussions aim to strategize on enhancing public health systems to address the region’s pressing health issues.

CURRENT AFFAIRS: AWARDS & HONOURS

Nobel Prize in Chemistry 2024: David Baker, Demis Hassabis, and John Jumper awarded for protein innovations

Awardees

• The 2024 Nobel Prize in Chemistry will be shared between:
  • David Baker (University of Washington, Seattle, USA), awarded for his work on computational protein design.
  • Demis Hassabis and John M. Jumper (Google DeepMind, London, UK), were awarded for their breakthrough in protein structure prediction.

Significance of the Discoveries

• David Baker: Recognized for designing new proteins from scratch, starting in 2003. His work has led to innovative proteins with wide applications in pharmaceuticals, vaccines, nanomaterials, and sensors.
• Demis Hassabis and John M. Jumper: Awarded for their AI-based breakthrough, AlphaFold2, introduced in 2020, which predicts the structure of nearly all 200 million proteins identified by researchers. This accomplishment fulfills a 50-year-old scientific goal of predicting protein structures from amino acid sequences.

Impact

• These discoveries open up vast possibilities in medicine, biotechnology, and other fields. They represent advancements in both protein construction and structure prediction, revolutionizing how scientists understand and manipulate proteins.

CURRENT AFFAIRS: BUSINESS

FDI policy: Instead of an overall review, government may continue with tweaks

• The Department for Promotion of Industry and Internal Trade (DPIIT) has put on hold its plan to conduct a comprehensive review of the Foreign Direct Investment (FDI) policy, particularly for sectors like defence, insurance, banking, and plantations.
• Instead, the department will continue its strategy of making sector-specific adjustments and procedural improvements as needed.

Key Focus Areas

• Streamlining Procedures: The government is prioritizing reducing clearance times for FDI proposals, making the process more efficient.
• Ongoing Reviews: There were discussions about an overall policy review, but no decisive outcomes were reached. As a result, the current approach of reviewing FDI policies on an ongoing basis and making changes when necessary will persist.

No Immediate Changes for Bordering Countries

• FDI applications from countries sharing a land border with India, such as China, will still require mandatory government approval for all sectors.
• There are no plans to revise this rule in the near future, even as other aspects of the FDI policy are liberalized.

Recent Reforms in Sensitive Sectors

India allows 100% FDI through the automatic route in most sectors, though some sensitive areas have caps:

• Defence: FDI limit increased to 74% under the automatic route for companies seeking new industrial licenses.
• Insurance: FDI in insurance raised from 49% to 74%, with foreign ownership permitted under safeguards. Additionally, FDI up to 20% in the Life Insurance Corporation of India (LIC) is allowed.
• Telecom: FDI up to 100% is now permitted through the automatic route.

Sector-Specific Liberalization

• The space sector is one example where FDI rules were liberalized earlier this year following inter-ministerial consultations.
• DPIIT is expected to continue further liberalization based on the requirements of individual sectors.

Focus on Boosting FDI Inflows

• With recent policy changes and a focus on cutting down approval times, DPIIT aims to increase FDI inflows to $100 billion annually, up from the current $70-80 billion, according to DPIIT Secretary Amardeep Singh Bhatia.

Chinese Investment Policy Stays Firm

• Despite the Economic Survey 2023-24 advocating for increasing FDI from China to boost exports, the government has no immediate plans to change the existing press note 3 policy, which mandates that investments from land border nations require government approval to prevent opportunistic takeovers.

India To Join FTSE Russell Bond Index Next Year(2025)

Key Details

• September 2025: India will officially join the FTSE Russell Emerging Markets Bond Index (EMGBI) with a 9.35% weightage, becoming the second-largest player, following China.
• The inclusion is expected to bring in billions of dollars in fresh foreign investment and signifies India’s growing prominence in the global debt market.

Why It Matters

• Major Progress: India’s inclusion is a testament to the country’s efforts to make its debt market more accessible to global investors.
  • FTSE Russell had earlier delayed India’s entry due to concerns about taxation, registration, and settlement issues. These hurdles have now been addressed, and India’s market reforms and enhanced transparency have been praised.
• Global Integration: Nikki Stefanelli, FTSE Russell’s Global Head of FICC Index Policy, highlighted that India is now a core option in global portfolios, signifying the country’s shift from being a niche player to a mainstream emerging market.

Surge in Global Interest

• India’s bonds have already attracted over $18.5 billion in foreign inflows since JP Morgan announced India’s inclusion in its bond index in September 2023.
• With lower yields in the US and Europe, Asian debt securities, including India’s, are becoming more attractive for global investors.

Benefits for India

• Credibility Boost: The inclusion will improve India’s reputation among Foreign Portfolio Investors (FPIs).
• Lower Borrowing Costs: Increased liquidity and a reduced risk premium will make it cheaper for India to raise funds through government and corporate bonds, easing borrowing costs.

CURRENT AFFAIRS: DEFENCE NEWS

DefConnect 4.0: Defence Minister launches ADITI 2.0 challenges and DISC 12 to promote innovation, entrepreneurship, and self-reliance in defence

• Union Defence Minister Shri Rajnath Singh launched the second edition of Acing Development of Innovative Technologies with iDEX (ADITI 2.0) challenges and the 12th edition of Defence India Start-up Challenges (DISC 12) during DefConnect 4.0 at Manekshaw Centre, Delhi Cantt. on October 07, 2024.
• ADITI 2.0 features 19 challenges from the Armed Forces and allied agencies in the domains of Artificial Intelligence (AI), Quantum Technology, military communication, anti-drone systems customised for military platforms and adaptive camouflage, etc.
• This scheme offers a grant of up to Rs 25 crore to Innovations for Defence Excellence (iDEX) winners, focusing on critical technological areas crucial for strengthening the defence ecosystem of the country.
• DISC 12 presents 41 challenges across key technology domains, including Unmanned Aerial Vehicles (UAVs), AI, Networking and Communication, with grants up to Rs 1.50 crore.
• Notably, it introduces the Medical Innovations and Research Advancement (MIRA) initiative, featuring nine challenges aimed at fostering the development of medical technologies.
• To provide momentum to the iDEX initiative, DISC was launched in partnership with Atal Innovation Mission, aimed at supporting start-ups/MSMEs/Innovators to create prototypes and/or commercialise products/ solutions in the area of national defence and security.
• Enumerating the feats achieved due to the Government’s efforts to promote innovation, Shri Rajnath Singh informed that iDEX has received over 9,000 applications so far, and is currently collaborating with more than 450 start-ups & MSMEs through DISC and Open Challenge.
• He added that 26 products have been developed under iDEX, for which procurement orders worth more than Rs 1,000 crore have been placed.
• In addition, Acceptance of Necessity and Request for Proposal worth over Rs 2,380 crore have been issued for 37 products.
• The ADITI initiative is focusing on over 30 critical and strategic technologies to strengthen the defence ecosystem.
• Raksha Mantri appreciated the ‘SIDBI iDEX Partner Incubator Fund’, stating that the collaboration will meet the critical funding needs of innovators. SIDBI (Small Industries Development Bank of India) will allocate Rs 50 crore to 10 leading partner incubators, including Foundation for Innovation and Technology Transfer at IIT Delhi, Society for Innovation & Entrepreneurship at IIT Bombay, and Technology-Hub Hyderabad, to fund iDEX winners in advancing critical defence technologies.

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Bharti Airtel and Nokia Partner to Launch “Green 5G” Initiative to Cut Mobile Network Carbon Emissions

• Bharti Airtel and Nokia have announced a Green 5G initiative aimed at introducing energy-efficient solutions to Airtel’s mobile network.
• The project focuses on improving energy efficiency across Airtel’s 4G/5G Radio Access Network (RAN) using advanced technologies such as AI/ML and innovative software features.
• The initiative is projected to reduce Airtel’s carbon emissions by an estimated 143,413 metric tons of CO2 annually.
• It targets energy efficiency improvements during both peak and off-peak hours

About Bharti Airtel Limited : 

• Founded: 7 July 1995
• Headquarters: New Delhi, India
• MD & CEO: Gopal Vittal
• Operations: Bharti Airtel operates in 18 countries across South Asia, Africa, and the Channel Islands.

About Nokia Corporation :

• Headquarters: Finland
• Chairwoman: Sari Baldauf
• President & CEO: Pekka Lundmark
• Background: Nokia is a Finnish multinational telecommunications and technology company, originally founded as a pulp mill in 1865.

Meta Unveils New AI Model “Movie Gen” Capable of Creating Realistic Video and Audio Clips to Compete with Industry Leaders

• Facebook owner Meta opens a new tab and announced that it had built a new AI model called Movie Gen that can create realistic-seeming video and audio clips in response to user prompts, claiming it can rival tools from leading media generation startups like OpenAI and ElevenLabs.
• The model can generate personalized videos using actual photos of individuals, placing them in various scenarios.

Video Quality and Specifications:

• Movie Gen can produce high-definition (1080p) videos.
• Videos can be up to 16 seconds long at 16 frames per second (FPS).
• The model supports variable resolutions, durations, and different aspect ratios.

Audio Generation Capabilities:

• Movie Gen can generate audio corresponding to the video content using both video-to-audio and text-to-audio techniques.
• It produces 48kHz audio quality with cinematic sound effects and music synchronized with the video.
• Training and Functionality: The model has been trained for both text-to-image and text-to-video tasks, enhancing its versatility in content creation.

About Meta :

• Founded : January 4, 2004
• Headquarters : California, United States
• Chairman & CEO : Mark Zuckerberg

CURRENT AFFAIRS: SPORTS

Wimbledon abolishes line judges after 147 years

Historic Change for Wimbledon

• From 2025, Wimbledon will remove line judges from all courts for the first time in its 147-year history, opting for Live Electronic Line Calling (ELC) on all courts, including the qualifying tournament at Roehampton.
• This change follows successful testing during the 2023 championships and reflects the broader adoption of ELC in tennis.

Wimbledon’s Chief Executive’s Remarks

• Sally Bolton, Wimbledon’s chief executive, noted the decision was made after thorough consideration and consultation.
• She emphasized that the technology offers maximum accuracy and players will now have the same conditions as other major tournaments.

Evolution of Line-Calling Technology

• Wimbledon first introduced Hawk-Eye technology in 2007, allowing players to challenge line calls.
• Following the pandemic, major tournaments like the US Open and Australian Open adopted ELC, while the ATP announced plans for ELC at all events by 2025.

Impact on Officials and Officiating Pathways

• The removal of 300 line judges raises concerns about fewer part-time officiating opportunities and the pathway for aspiring chair umpires. Many chair umpires started their careers as line judges.
• The LTA is working with the Association of British Tennis Officials to address these concerns and ensure future recruitment and retention of officials.

Scheduling Changes

• Wimbledon announced that the singles finals on the second Saturday and Sunday will be moved from 2 pm to 4 pm, aiming to provide a better viewing window for audiences in North and South America. Both the women’s and men’s finals will now be the last matches of the day.

Concerns Over Human Presence

• While ELC is lauded for its accuracy and efficiency, some in the tennis community miss the human interaction and suspense that line judges bring to the game.

CURRENT AFFAIRS: IMPORTANT DAYS

National Post Day: October 10

• National Postal Day is observed in India on October 10each year, celebrating the establishment of the Indian postal system and acknowledging the vital role it plays in connecting people across the country.

Theme:

• For 2024, the theme for National Postal Day is “Connecting India: The Role of Postal Services in Nation Building”.
• This theme emphasizes how postal services contribute to national integration, social development, and economic growth.

Historical Background

• Establishment: The Indian Postal Service was initiated on October 10, 1854, when the East India Company implemented a comprehensive postal network across the nation.
• Significance: This day marks the anniversary of the Indian Postal Service, which has played a crucial role in connecting communities and facilitating communication.

Objectives of National Post Day

• Awareness: The day aims to raise awareness about the importance of postal services in India.
• Honoring Contributions: It honors the contributions of postal workers who are essential in maintaining connectivity within communities.

Evolution of the Indian Postal Service

• Transformation: The postal service has significantly evolved over the years, adapting to societal needs.
• Expanded Services: It now offers a variety of services beyond traditional mail delivery, including:
  • Financial Services: Savings accounts, money transfers, and other banking services.
  • Insurance: Life and non-life insurance products.
  • E-commerce Logistics: Support for online businesses and logistics solutions.

World Post Day: Celebrated on October 9

• World Post Day is celebrated on October 9 to highlight the postal sector’s role in daily life and global development.

 Purpose and Significance

• Highlighting the Postal System: World Post Day emphasizes the vital role of postal systems in daily life, global communication, and economic development.
• Global Recognition: It provides an opportunity to raise awareness about the importance of postal services and their contributions to society.

150th Anniversary of the Universal Postal Union (UPU)

• Established in 1874: The Universal Postal Union was founded in Bern, Switzerland, and plays a critical role in facilitating international mail exchange.
• Paving the Way for Modern Mail Exchange: The UPU has been instrumental in creating a standardized framework for postal services worldwide, making it easier for countries to communicate and conduct business.

Themes and Activities

• Annual Themes: Each year, World Post Day may feature specific themes related to the advancement of postal services and their impact.

• The theme for this year’s celebration is “150 years of enabling communication and empowering peoples across nations.”
• Global Celebrations: Various activities are organized globally to celebrate the day, including events, campaigns, and educational programs that showcase the significance of the postal system.

World Day against the Death Penalty, 10 October 2024

• October 10 marks World Day Against the Death Penalty

Opposition to the Death Penalty

• The Committee of Ministers reaffirms its strong opposition to the death penalty, emphasizing the need for its abolition.
• Aims to establish a death penalty-free zone in Europe and beyond, consistent with the Reykjavík Declaration adopted by Heads of State and Government in May 2023.

Theme of the World Day: “The Death Penalty Protects No One”

• The theme addresses the misconception that the death penalty enhances public safety.
• There is no conclusive evidence supporting the idea that the death penalty acts as a deterrent to crime.

Situation in Belarus

• The Committee of Ministers expresses concern over Belarus’s recent use of capital offences added to its criminal code, leading to new death sentences.
• Calls for an immediate halt to all executions and urges the adoption of alternative punishments available under Belarusian law.
• Supports the position of the Belarusian democratic forces advocating for abolition.

Promoting Abolition Among Youth

• Encourages activities within the Contact Group between the Council of Europe and Belarusian democratic forces to promote awareness and discussions on the abolition of the death penalty, particularly targeting young people.

Developments in the United States

• The Committee of Ministers notes that executions continued in the U.S. in 2024, reaching a total of 1,600 executions since 1976 as of September 26.
• Calls on the authorities of observer States like Japan and the United States to foster an open and democratic dialogue regarding the abolition of the death penalty.

International Day of the Girl Child: 11 October

• On 11 October 2024, the International Day of the Girl Child is celebrated

Theme for 2024: “Girls’ Vision for the Future”

• The 2024 theme emphasizes the urgency for action and persistent hope.
• It highlights the power of girls’ voices and their vision for a better future.
• Focuses on the need for allies to support girls in realizing their vision.

Girls’ Resilience and Hope

• Courage in Crisis: Despite the challenges, girls are hopeful for the future.
• Taking Action: Girls actively work toward a world where all are protected, respected, and empowered.

The Beijing Declaration and Platform for Action (1995)

• A groundbreaking blueprint for advancing the rights of both women and girls.
• The first international declaration to specifically call for the protection of girls’ rights.

United Nations General Assembly Resolution 66/170 (2011)

• Adopted on December 19, 2011, to declare October 11 as the International Day of the Girl Child.
• Aims to recognize girls’ rights and address the unique challenges they face globally.

Game-Changing Solutions for Girls

1. Education: Ensuring girls have access to quality education and skills.
2. Health: Investing in girls’ health, including reproductive health and mental well-being.
3. Protection: Safeguarding girls from violence and harmful practices like child marriage.
4. Leadership: Supporting girls in leadership roles to amplify their voices.
5. Economic Empowerment: Providing resources and opportunities to secure their financial futures.

CURRENT AFFAIRS: OBITUARIES

Ratan Tata, Chairman Emeritus of Tata Sons and National Icon Passed away

• Ratan Tata, chairman emeritus of one of India’s biggest conglomerates, Tata Sons, has passed away at the age of 86.

About Ratan Tata :

• Birth: December 28, 1937, in Mumbai, Maharashtra.
• Family Background: Great grandson of Jamsetji Tata, the founder of the Tata Group.

Career Highlights

• Chairmanship: He served as chairman of the Tata Group from 1991 to 2012 and again from 2016 to 2017.

Major Contributions:

• Founded Tata Teleservices in 1996.
• Took Tata Consultancy Services (TCS) public in 2004.
• Acquired British brands Jaguar and Land Rover in 2004, marking a significant reverse colonialist move.
• Launched Tata Nano in 2009, the world’s cheapest car, priced at ₹1 lakh, symbolizing innovation and affordability.
• Led notable acquisitions, including the British steelmaker Corus in 2007 and luxury carmaker Jaguar Land Rover in 2008.
• Leadership and Achievements Expansion: Oversaw the Tata Group’s expansion into over 100 countries, achieving $165 billion in revenue for the fiscal year ending March 2024.
• Post-Retirement Role: Became chairman emeritus of Tata Sons and its various subsidiaries after stepping down, continuing to influence charitable initiatives.
• Social Influence Charity Work: Continued to lead the Tata Group’s charitable trusts, emphasizing social responsibility.
• Animal Rights Advocacy: Known for his advocacy for animal rights, especially stray dogs, and maintained a haven for them at Bombay House (Tata Group headquarters).
• Social Media Presence: Maintained a significant social media following, being the most followed entrepreneur in India, with over 13 million followers on X and nearly 10 million on Instagram.

Awards and Honors

• Padma Vibhushan (2008): India’s second-highest civilian honour.
• Padma Bhushan (2000): India’s third-highest civilian honour.
• Honorary Knight Grand Cross of the Order of the British Empire (2014).
• Assam Baibhav (2021).
• Order of Australia (2023).
• Maharashtra Bhushan (2006).
• Shareholding ContextMajor Stakeholder: Pallonji Shapoorji Mistry, a Parsee businessman, holds an 18% stake in Tata Group, valued at £5 billion. Ratan Tata is related to him through family ties.
• Innovations: Tata Neu: Introduction of India’s first super app, expanding the Tata Group’s digital footprint.

Daily CA on Oct 11:

• During the Monetary Policy Committee (MPC) meeting on October 9, 2024, the Reserve Bank of India (RBI) forecasted that India’s real Gross Domestic Product (GDP) growth for FY25 will reach 7.2%.
• The Reserve Bank of India (RBI) enhanced transaction limits for UPI123Pay and UPI Lite to encourage wider adoption of these UPI products.
• The Reserve Bank of India (RBI) is developing norms for new capital-raising instruments for Urban Cooperative Banks (UCBs), such as the issuance of shares at a premium.
• ICICI Bank and PhonePe have partnered to provide a credit line on UPI specifically for customers of PhonePe, a major fintech firm based in Bengaluru.
• SLCM has partnered with Punjab National Bank (PNB) and Bandhan Bank to provide ‘Unified Collateral Management Solutions’.
• The Union Ministry of Finance has kept the interest rate for the General Provident Fund (GPF) unchanged for the 17th quarter in the row at 7.1% effective from October 1, 2024, to December 31, 2024..
• The Bihar government will establish the Kaimur Wildlife Sanctuary (KWLS) as the state’s second tiger reserve.
• Zarin Daruwala, Chief Executive Officer (CEO) of Standard Chartered India and Southeast Asia, will retire on April 1, 2025, after serving more than 8 years in the role.
• Union Health Minister JP Nadda was elected as the Chairperson of the 77th session of the World Health Organization (WHO)’s Regional Committee for Southeast Asia.
• Union Defence Minister Shri Rajnath Singh launched the second edition of Acing Development of Innovative Technologies with iDEX (ADITI 2.0) challenges and the 12th edition of Defence India Start-up Challenges (DISC 12) during DefConnect 4.0 at Manekshaw Centre, Delhi Cantt. on October 07, 2024.
• Bharti Airtel and Nokia have announced a Green 5G initiative aimed at introducing energy-efficient solutions to Airtel’s mobile network.
• Facebook owner Meta opened a new tab and announced that it had built a new AI model called Movie Gen that can create realistic-seeming video and audio clips in response to user prompts, claiming it can rival tools from leading media generation startups like OpenAI and ElevenLabs.
• Ratan Tata, chairman emeritus of one of India’s biggest conglomerates, Tata Sons, has passed away at the age of 86.
• The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the construction of 2,280 km of roads. The project focuses on the border areas of Rajasthan and Punjab.
• The Cabinet Committee on Security has approved the acquisition of 31 MQ-9B drones from American firm General Atomics. The approval was essential before October 31 to ensure the validity of the American proposal.
• The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the development of the National Maritime Heritage Complex (NMHC) at Lothal, Gujarat. The project will be completed in two phases and aims to showcase India’s 4,500-year-old maritime heritage.
• The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the continuation of the universal supply of Fortified Rice under various government schemes, including the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY). The initiative will continue from July 2024 to December 2028.
• Prime Minister Narendra Modi laid the foundation stone for development projects worth over ₹7,600 crore in Maharashtra via video conference.
• The 2024 Nobel Prize in Chemistry will be shared between David Baker (University of Washington, Seattle, USA), awarded for his work on computational protein design, Demis Hassabis and John M. Jumper (Google DeepMind, London, UK), awarded for their breakthrough in protein structure prediction.
• The Department for Promotion of Industry and Internal Trade (DPIIT) has put on hold its plan to conduct a comprehensive review of the Foreign Direct Investment (FDI) policy, particularly for sectors like defence, insurance, banking, and plantations.
• September 2025: India will officially join the FTSE Russell Emerging Markets Bond Index (EMGBI) with a 35% weightage, becoming the second-largest player, following China.
• From 2025, Wimbledon will remove line judges from all courts for the first time in its 147-year history, opting for Live Electronic Line Calling (ELC) on all courts, including the qualifying tournament at Roehampton.
• National Postal Day is observed in India on October 10each year. For 2024, the theme for National Postal Day is “Connecting India: The Role of Postal Services in Nation Building”.
• World Post Day is celebrated on October 9 to highlight the postal sector’s role in daily life and global development with the theme of “150 years of enabling communication and empowering peoples across nations.”
• October 10 marks World Day Against the Death Penalty with the theme of “The Death Penalty Protects No One”
• On 11 October 2024, the International Day of the Girl Child is celebrated with the theme for 2024: “Girls’ Vision for the Future”