Daily Current Affairs September 14 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Finance Ministry Revises Compounding Rules for Foreign Exchange Management Act Offences

• The Finance Ministry has come out with new rules for processing of compounding applications under the Foreign Exchange Management Act (FEMA).
• The new rules aim to further promote ease of investment.
• The new rules were framed after consultations with the Reserve Bank of India (RBI).

Background:

• The rules follow Finance Minister Nirmala Sitharaman’s Budget announcement to streamline Foreign Direct Investments (FDIs) and overseas investments.
• The new rules will replace the Foreign Exchange (Compounding Proceedings) Rules, 2000, which had been in effect for nearly 24 years.

Key Changes in Thresholds for Compounding Authorities:

• Assistant General Manager (AGM) of RBI: Now handles cases with contraventions up to ₹60 lakh (previously ₹10 lakh).
• Deputy General Manager (DGM) of RBI: Now handles cases with contraventions up to ₹2.5 crore (previously ₹10 lakh-₹40 lakh).
• General Manager (GM): Now handles cases with contraventions up to ₹5 crore (previously ₹40 lakh-₹1 crore).
• Chief General Manager (CGM): Now handles cases with contraventions exceeding ₹5 crore (previously ₹1 crore).

Directorate of Enforcement (ED) Thresholds:

• No changes in thresholds for ED officers.
• The thresholds remain as follows:
• Deputy Director: Up to ₹5 lakh.
• Additional Director: ₹5-₹10 lakh.
• Special Director: ₹10-₹50 lakh.
• Special Director (with Deputy Legal Advisor): ₹50 lakh-₹1 crore.
• Director of Enforcement (with Special Director): ₹1 crore or more.
• Processing Timeline: The timeline for passing the compounding order remains 180 days from receipt of the application.
• Payment Methods: Compounded amounts can now be paid online through National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS), or other permissible electronic modes, in addition to drafts.
• Pending Applications: Applications pending before the compounding authority at the commencement of the new rules will continue to be governed by the old Foreign Exchange (Compounding Proceedings) Rules, 2000.

About Ministry of Finance :

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

Reserve Bank of India to Maintain Higher Requirement for Digitally-Linked Deposit Buffer

• The Reserve Bank of India (RBI) proposed that banks hold an additional 5% “run-off factor” on digitally accessible retail deposits to manage risks of mass withdrawals via digital platforms like internet or mobile banking.
• The new rules are scheduled to take effect in April 2025.

Key Highlights :

• Impact on Banks’ Liquidity Coverage Ratio (LCR):The additional buffer is expected to impact banks’ Liquidity Coverage Ratios (LCR), which represent the amount of highly liquid assets available to meet short-term obligations.
• Industry Opposition:The Indian Banks’ Association (IBA) requested the RBI to lower the run-off factor to 2% or 3%, citing concerns over liquidity.
• RBI’s Reasoning:The buffer is in response to global regulatory concerns after events like the collapse of Silicon Valley Bank in March 2023 due to deposit runs.
• Moody’s & ICRA Estimates:Moody’s estimates that more than 50% of retail and small business deposits in India are digitally accessible.
• ICRA estimates a ₹4 trillion increase in government securities requirements if banks’ LCRs drop by 10%.

HDFC Bank in Discussions with Global Lenders to Offload $1 Billion in Loans

• HDFC Bank Ltd., India’s largest private sector lender, is in talks with several global banks to offload as much as Rs 8,400 crore ($1 billion) in loans to reduce its credit book and bring it more in line with deposits.
• The bank is in discussions with several global lenders, including Barclays Plc, JPMorgan Chase & Co., and ICICI Bank.

Key Highlights :

• Sale Terms:The loan portfolio sale is planned to be executed through a pass-through certificate, a type of debt instrument. The final terms of the sale are yet to be decided.
• Regulatory Pressure:Indian banks, including HDFC Bank, face increased regulatory pressure to improve their credit-to-deposit ratios. This ratio measures how much of a bank’s deposits are lent out.
• Credit-to-Deposit Ratio:As of March 2024, HDFC Bank’s credit-to-deposit ratio stood at 104%, up from 85-88% in the previous three financial years, according to ICRA.
• Deposit and Loan Growth:HDFC Bank’s deposits grew by 11% annually up to August 23, 2024, which was slower than the 14% growth in loans.
• The bank’s gross advances increased by 52.6% to ₹24.9 trillion as of June 2024, compared to the previous year.

About HDFC Bank :

• Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World

Reserve Bank of India Cancels Treasury Bill Auction for the Remainder of September 2024

• According to the Calendar for Auction of Government of India Treasury Bills for the Quarter ending September 2024, the auctions were initially scheduled for September 18, 2024, and September 25, 2024.
• The Reserve Bank of India (RBI), in consultation with the Government of India, has decided to cancel the T-bill auctions scheduled for September 18, 2024, and September 25, 2024.
• The Government of India has reduced its borrowings via Treasury Bills by approximately ₹50,000 crore for the current fiscal year.

About RBI :

• Founded : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D. Patra

State Bank of India Approves ₹10,050 Crore Loan for Damodar Valley Corporation’s Proposed 1600 MW Ultra Super Critical Thermal Power Project in Jharkhand

• State Bank of India (SBI) has sanctioned ₹10,050 crore to Damodar Valley Corporation (DVC) for its ultra-super critical thermal power project.
• The project involves the construction of a 1600 MW (800 MW * 2) ultra-supercritical thermal power plant located at Koderma, Jharkhand.
• The Ministry of Power has identified this project as a key initiative for capacity addition by 2030.

About DVC  :

• DVC is India’s first multipurpose river valley project, established by the Damodar Valley Corporation Act, 1948.
• It is a statutory corporation with contributions from the Government of India, West Bengal, and Jharkhand (formerly Bihar).

Functions of DVC:

• DVC’s functions include power generation (both hydel and thermal), distribution and transmission, flood control, irrigation, water supply, drainage, eco-conservation, afforestation, and socio-economic upliftment of the Damodar Valley region, which spans 24,235 sq km across Bihar (now Jharkhand) and West Bengal.

About SBI :

• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India

Insurance Regulatory and Development Authority of India Fines SBI Life Insurance ₹1 Crore for Breaching Regulations on Web Aggregators and Outsourcing Activities

• The Insurance Regulatory and Development Authority of India (IRDAI) has fined SBI Life Insurance ₹1 crore for regulatory violations.
• The violations pertain to SBI Life Insurance’s dealings with insurance web aggregators and its outsourcing activities.
• IRDAI has issued an advisory to SBI Life Insurance regarding the repudiation of multiple insurance claims.
• SBI Life Insurance was found to have engaged with web aggregators without clearly specifying the services provided and the associated fees.
• The company failed to report outsourcing payments to IRDAI as required.
• IRDAI has instructed SBI Life Insurance to develop a comprehensive outsourcing policy that complies with existing regulations and guidelines.

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.

About SBI Life Insurance :

• Founded : March 2001
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Amit Jhigran

CURRENT AFFAIRS : INTERNATIONAL NEWS

International Cooperative Alliance (ICA) General Assembly and Global Cooperative Conference 2024 Set for November 25-30, 2024 in New Delhi

• The International Cooperative Alliance (ICA) General Assembly and the Global Cooperative Conference 2024 are scheduled to take place from November 25th to November 30th, 2024, at Bharat Mandapam, Pragati Maidan, New Delhi.
• It will be for the first time in the 130 years long history of the International Cooperative Alliance (ICA), the premier body for the Global Cooperative movement, the ICA General Assembly and Global Cooperative Conference are going to be hosted by India.
• The theme for this year’s conference is “Cooperatives Build Prosperity for All,” which is in line with Prime Minister Shri Narendra Modi’s vision of ‘Sahkar se Samriddhi’.
• The conference will mark the official launch of the UN International Year of Cooperatives – 2025.
• A commemorative stamp celebrating the International Year of Cooperatives – 2025 will be unveiled during the event.
• The conference will feature a ‘Haat’ setup with a theme of Indian Villages to showcase products and services from Indian cooperatives.

About ICA :

• Established : 1895
• Headquarters : Brussels, Belgium
• President : Ariel Guarco
• Director General : Jeroen Douglas

CURRENT AFFAIRS: NATIONAL NEWS

NaBFID Notified as a Public Financial Institution

• The government has designated the National Bank for Financing Infrastructure and Development (NaBFID) as a “public financial institution” under the Companies Act, 2013.
• This move aims to strengthen the country’s infrastructure finance framework and enhance NaBFID’s role in funding large-scale projects.

Key Highlights:

1. Notification Details:
   • The Ministry of Corporate Affairs issued a notification on September 10, 2024, in consultation with the Reserve Bank of India (RBI), designating NaBFID as a public financial institution under Section 2 of the Companies Act, 2013.
   • This status enables NaBFID to expand its capacity to finance major infrastructure projects, providing a boost to India’s infrastructure development
2. About NaBFID:
   • Establishment: NaBFID is a specialized Development Finance Institution (DFI) set up in 2021 under The National Bank for Financing Infrastructure and Development Act, 2021.
   • Objectives: Its key goals include bridging gaps in long-term non-recourse financing for infrastructure, fostering the development of bonds and derivatives markets, and driving sustainable economic growth.
3. Impact on Infrastructure Financing:
   • As a public financial institution, NaBFID can now more effectively attract funding and provide financial support to large-scale infrastructure projects.
   • This enhanced role is crucial for addressing India’s infrastructure financing needs and supporting the development of a robust financial market for infrastructure.
4. Significance:
   • The notification reinforces NaBFID’s position as a key player in India’s infrastructure finance ecosystem, helping the country address its infrastructure funding challenges.
   • By bolstering NaBFID’s capacity, the government aims to accelerate infrastructure development, thereby fostering economic growth.

ONDC Launches New App to Raise Awareness and Ease Shopping Experience

• The Open Network for Digital Commerce (ONDC) has launched an app named ‘ONDC Network: How to Shop’ to raise awareness among consumers on utilising the network for shopping.
• Available on Playstore and iOS, this app is a gateway for consumers to discover and access various shopping applications, also known as ‘buyer apps’.
• The move aligns with ONDC’s goal to achieve 30-40 million monthly transactions by the end of FY25.

Key Points:

1. Purpose of the App:
   • The app is designed to help consumers navigate the ONDC ecosystem by discovering various buyer applications within the network and choosing convenient apps to make their purchases.
   • T Koshy, MD and CEO of ONDC, stated that there is a lack of awareness among consumers about how to leverage the network for shopping. The app aims to bridge this awareness gap.
2. Understanding ONDC:
   • The ONDC is not a traditional application platform or intermediary but rather a set of applications fostering unbundled and interoperable open networks.
   • The network has been actively explaining this to stakeholders, and the new app will help reinforce this message.
3. Categorisation of Products and Services:
   • The app categorizes products and services available on the ONDC network, such as food and beverages, grocery, fashion, home and kitchen products, travel tickets, loans, investments, and insurance, among others.
   • Once consumers select a category, the app lists the relevant shopping applications and provides direct links to those apps.
4. Growth in Transactions and Popular Categories:
   • In August 2024, ONDC enabled about 6 million transactions. Beyond mobility and restaurant ordering, categories like grocery, fashion, beauty, personal care, and home decor are gaining traction on the network.
5. Multilingual Reach with Saarthi:
   • ONDC has also partnered with Bhashini to launch Saarthi, a multilingual reference B2B app that helps businesses create customized buyer-side apps and overcome language barriers in digital commerce.
   • Saarthi supports languages like Hindi, English, Marathi, Bangla, and Tamil, with plans to scale up to all 22 languages Bhashini provides. The app’s multilingual features, including real-time translation, transliteration, and voice recognition, enable businesses to expand their market reach.

Government Aims to Boost Seafood Exports to ₹1 Trillion and Strengthen Fishery Sector

• Union Minister Rajiv Ranjan Singh announced the goal to increase annual seafood exports from around ₹60,000 crore to ₹1 trillion.
• No specific timeline was provided for achieving this target.

• New Initiatives Launched:
  • Pradhan Mantri Matsya Kisan Samridhi Sah-Yojna was launched.
  • The standard operating procedure for production & processing clusters in the fisheries sector was released.
• Fishery Sector Overview:
  • The sector supports over 30 million fishers and fish farmers.
  • Fish production has risen to 17.545 million tonnes in 2023-24, up from 9.579 million tonnes in 2013-14.
• Government Measures:
  • The Pradhan Mantri Matsya Sampada Yojna (PMMSY), with an outlay of over ₹20,000 crore, has been crucial in infrastructure and technological advancements.
  • 100,000 transponders will be provided to fishermen to enhance safety, communication, and border monitoring.
• Focus Areas:
  • Strengthening the fishery sector foundation over the next five years to support India’s goal of becoming a developed nation by 2029.
  • Addressing diseases affecting seafood exports through a dedicated committee.
• Past Achievements:
  • The Blue Revolution and related schemes have transformed the fisheries sector with investments totaling ₹38,572 crore since 2014.
  • Key programs include:
    • Blue Revolution: ₹5,000 crore investment (2015-16 to 2019-20).
    • Fisheries and Aquaculture Infrastructure Development Fund (FIDF): ₹7,522.48 crore since 2018-19.
    • PMMSY: ₹20,050 crore (2020-21 to 2024-25).
    • Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY): ₹6,000 crore.
  • Objectives:
    • Enhance production and productivity.
    • Improve quality and boost exports.
    • Reduce post-harvest losses.
    • Foster innovation and entrepreneurship.
    • Create employment and livelihood opportunities.
    • Support the welfare of fishers, fish farmers, and related stakeholders.

CURRENT AFFAIRS: BUSINESS NEWS

Quick Estimates of Index of Industrial Production (IIP) for July 2024

• The Index of Industrial Production (IIP) for July 2024 shows a growth rate of 4.8%, a slight increase from 4.7% in June 2024.
• The sectoral growth rates for July are 4.7% for Mining, 4.6% for Manufacturing, and a strong 7.9% for Electricity.
• The overall IIP for July 2024 stands at 149.6, up from 142.7 in July 2023.
• Sectoral Indices:
  • Mining: 116.0
  • Manufacturing: 148.6
  • Electricity: 220.2

Key Sectoral Contributions in Manufacturing:

1. Manufacture of Electrical Equipment: 28.3%
2. Manufacture of Coke and Refined Petroleum Products: 6.9%
3. Manufacture of Basic Metals: 6.4%

Use-Based Classification:

• Primary Goods: Index at 150.1, growth rate of 5.9%
• Capital Goods: Index at 114.4, growth rate of 12.0%
• Intermediate Goods: Index at 164.3, growth rate of 6.8%
• Infrastructure/Construction Goods: Index at 178.7, growth rate of 4.9%
• Consumer Durables: Growth of 8.2%
• Consumer Non-Durables: Decline of 4.4%

Updated Foreign Exchange (Compounding Proceedings) Rules, 2024

• The Finance Ministry has introduced significant modifications to the compounding rules under the Foreign Exchange Management Act (FEMA), aimed at simplifying processes and enhancing efficiency in adjudications.

Monetary Limit Adjustments:

• Compounding Application Fees: Doubled to Rs 10,000 plus GST.
• Decision Authorities:
  • Assistant General Manager: Empowered to decide on applications up to Rs 60 lakh (increased from Rs 10 lakh).
  • Deputy General Manager: Authorized for cases up to Rs 2.5 crore.
  • General Manager: Can adjudicate cases up to Rs 5 crore.
  • Chief General Manager: Authorized for cases exceeding Rs 5 crore.

Digital and Procedural Improvements:

• Online Payments: Introducing online payment options for application fees and compounding amounts.
• Streamlined Processes: Emphasis on simplifying and rationalizing rules to eliminate ambiguity and clarify procedures.

Objectives:

• Ease of Investment: Facilitate smoother foreign investments by reducing regulatory burdens.
• Ease of Doing Business: Enhance the business environment through streamlined regulatory frameworks.

Retail Inflation in August 2024 Increases to 3.65% Amid Rising Food Prices

• Retail inflation for August 2024 inched up to 3.65%, slightly above the July figure of 3.6%, which was a five-year low.
• The inflation rate remains below the Reserve Bank of India’s (RBI) median target of 4% for the second consecutive month.
• Year-on-Year Inflation in August 2023 was significantly higher at 6.83%.

• Food Price Inflation:
  • Vegetables saw inflation rise to 10.71%, while pulses and products surged by 13.6%.
  • Food basket inflation overall was recorded at 5.66%, up from 5.42% in July 2024.
  • Tomato prices exhibited the most notable decline with a -47.91% year-on-year change and -28.8% month-on-month
• Deflation in Some Sectors:
  • Spices experienced deflation at -4.4%, and oils and fats saw a decline of -0.86%.
  • The fuel and light category also saw deflation, recording -5.31%.
• Urban vs Rural Inflation:
  • Inflation was 3.14% in urban areas and 4.16% in rural areas.
  • Highest inflation was recorded in Bihar at 6.62%, while Telangana had the lowest at 2.02%.
• Predictions and Expert Commentary:
  • Aditi Nayar, Chief Economist at ICRA, predicts inflation will rise to 4.8% in September 2024, with an expected range of 4.4% to 4.7% in the second half of FY2025.
  • Core CPI inflation slightly eased to 3.5% in August 2024 from 3.6% in July, but is expected to rise due to increased demand for services and reduced sowing of cotton.
• RBI’s Role:
  • The government has tasked the RBI to maintain inflation at 4% with a margin of 2% on either side. Inflation has stayed below 6% since September 2023.
• NSO Data Collection:
  • NSO collected price data from 1,114 urban markets and 1,181 villages in all states and union territories during August 2024. It achieved 100% data collection from villages and 98.6% from urban markets.

Retail Food Inflation Marginally Rises to 5.66% in August 2024 Amid Elevated Prices of Pulses and Vegetables

• Retail food inflation increased to 5.66% in August 2024 from 5.42% in July 2024 due to elevated prices of pulses, cereals, and vegetables.
• On a month-on-month basis, the Consumer Food Price Index (CFPI) decreased by 0.44% in August compared to July.

• Historical Comparison:
  • In August 2023, food inflation was 9.94%, and in July 2023, it was 11.51%.
• Key Contributors to Inflation:
  • Pulses had the highest inflation in the food basket, rising to 13.6% in August.
  • Cereals, eggs, fruits, and vegetables all saw inflation above 6%.
  • Potato and onion prices surged by 64.03% and 54.04% respectively due to lower production, as projected by the agriculture ministry.
  • Tomato prices saw a significant 47.91% decrease due to high prices in the previous year.
• Lower Production Impact:
  • The output of potatoes and onions for the 2023-24 crop year is projected at 76 million tonnes and 21.23 million tonnes, representing a 6% and 20% decrease, respectively.
• Deflation and Lowering Prices:
  • Deflation in edible oils continued, and spices experienced a 4.4% decline in inflation. Specifically, jeera prices fell by 27.7%.
• Pulses Price Surge:
  • Retail inflation in pulses has been in double digits since June 2023, primarily due to lower output.
  • Gram split variety had the highest price rise of 21.65%, while arhar and urad saw price increases of 19.34% and 11.68%, respectively.
• Government Actions:
  • The government’s open market sale of rice at subsidized rates of ₹28/kg aims to control rising prices.
  • Additionally, exports of white rice have been banned, and a 20% export duty on par-boiled rice has been imposed to improve domestic supply.
• Meat, Fish, and Dairy:
  • Inflation in meat and fish rose by 4.3% in August, down from 5.97% in July.
  • Chicken prices increased by only 2.02%, and milk prices rose by 2.98%.
• Future Outlook:
  • Prices of pulses are expected to decline due to robust kharif crop sowing, with tur, urad, and moong sowing at 12.62 million hectares, a 7% increase over last year.

HAL Shares Rise with Prospects of Achieving Maharatna Status

• Reports suggest HAL may be upgraded from Navratna to Maharatna by the end of this year.
• Hindustan Aeronautics Ltd. (HAL) shares rose by over 1%.
• HAL shares were quoted at ₹4,649.75, reflecting a 0.17% increase compared to the previous trading session.

• Potential Status Upgrade:
  • Reports suggest HAL may be upgraded from Navratna to Maharatna by the end of this year.
• Current Maharatna PSUs:
  • Oil India received Maharatna status in August 2023.
  • India currently has 13 Maharatna PSUs, including:
    • BHEL
    • BPCL
    • Coal India
    • GAIL
    • HPCL
    • Indian Oil
    • NTPC
    • ONGC
    • Power Grid
    • SAIL
    • Oil India
    • REC
    • PFC
  • Eligibility Criteria for Maharatna Status:
    • Companies must meet the following criteria over the last three years:
      • Average turnover: Over ₹25,000 crore
      • Average annual net worth: More than ₹15,000 crore
      • Average annual net profit: Over ₹5,000 crore
    • Benefits of Maharatna Status:
      • Allows companies to incur capital expenditure on new purchases or replacements without monetary ceilings.
      • Maharatna PSUs do not depend on budgetary support or government guarantees.
    • Navratna vs Maharatna Status:
      • Navratna Status: Provides enhanced financial and operational freedom, allowing investment up to ₹1,000 crore or 15% of net worth on a single project without government approval.
      • Maharatna Status: Offers greater autonomy and financial flexibility compared to Navratna.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Yes Bank Stake Sale Faces RBI Obstacle; Regulator Reluctant to Allow Majority Foreign Ownership

• The proposed stake sale of Yes Bank has encountered a regulatory roadblock as the Reserve Bank of India (RBI) is reluctant to allow a foreign institution to hold a majority stake in the bank.
• Japanese lender Sumitomo Mitsui Banking Corp (SMBC) and Dubai-based Emirates NBD are interested in acquiring a majority stake of over 51% in Yes Bank.
• Sumitomo Mitsui is a unit of Sumitomo Mitsui Financial Group, Japan’s second-largest bank.

Key Highlights :

• Regulatory Norms:According to bank licensing norms, promoters must reduce their stake to 26% within 15 years of starting operations, which may conflict with the bidders’ interest in holding a 51% stake perpetually.
• Yes Bank’s Recent History:Yes Bank was restructured by the RBI in March 2020 with support from a consortium of local banks due to its deteriorating financial condition.
• Current Stakeholders:State Bank of India (SBI) is looking to sell its 24% stake in Yes Bank.
• Other banks, including Axis Bank, Kotak Mahindra Bank, ICICI Bank, and HDFC Bank, collectively own 7.4%.
• Private equity investors Carlyle and Advent collectively own about 14%.
• Recent Financial Performance:Yes Bank reported a standalone net profit of ₹502.43 crore for the quarter ended June 30, marking a 47% year-on-year increase.
• The net profit was up by 11.2% on a quarterly basis, and the net interest margin (NIM) remained steady at 2.4%.

About Yes Bank :

• Established : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar
• Tagline : Experience our expertise

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Suresh Prabhu nominated to World Agriculture Forum Board

• Former Union Minister and Rajya Sabha member Suresh Prabhu has been nominated to the World Agriculture Forum (WAF) Board.
• Rudy Rabbinge, Chairman of the WAF Board, stated that Prabhu’s expertise will be invaluable in shaping discussions about the future of the agricultural sector.

About WAF :

• The World Agricultural Forum (WAF) is a policy neutral and internationally inclusive agriculture forum that brings together the leaders from the private sector with policy makers and key policy influencers to focus on providing food etc.
• The forum aims to function as a global body dedicated to advancing agricultural development on a worldwide scale.

CURRENT AFFAIRS : DEFENCE NEWS

Defence Research & Development Organisation and Indian Navy Conduct Successful Flight Test of Vertical Launch Short Range Surface-to-Air Missile off Odisha Coast

• The Defence Research & Development Organisation (DRDO) and the Indian Navy successfully conducted a flight test of the Vertical Launch Short Range Surface-to-Air Missile (VL-SRSAM).
• The test was carried out from the Integrated Test Range (ITR) in Chandipur, off the coast of Odisha, at approximately 1500 hours.
• The flight test was carried out from a land-based vertical launcher, targeting a high-speed aerial target flying at a low altitude.
• The missile system successfully tracked and engaged the target.
• This test aimed to validate multiple updated elements of the weapon system, including the Proximity Fuse and Seeker.
• The performance of the system was meticulously tracked and confirmed by various instruments such as the Radar Electro-Optical Tracking System and telemetry deployed at ITR Chandipur.
• The VL-SRSAM is a ship-borne weapon system designed to neutralize various aerial threats at close ranges, including sea-skimming targets.

About DRDO :

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

About Indian Navy :

• Chief of the Naval Staff (CNS) : Admiral Dinesh K Tripathi
• Vice Chief of the Naval Staff (VCNS) : Vice Admiral Krishna Swaminathan

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Pixxel becomes the first Indian space startup to receive an order from the National Aeronautics and Space Administration

• Bengaluru-based space technology startup Pixxel, which specialises in cutting-edge hyperspectral earth-imaging technology, has won the largest supplier deal by an Indian company from the National Aeronautics and Space Administration (NASA).
• It has become part of NASA’s $476-million commercial smallsat data acquisition program.
• This is the first deal by an Indian startup, after the sector was opened to private companies in 2020.
• This contract period for the program runs through November 2028.

Key Highlights :

• Contract Details : Pixxel will provide NASA, the US government and academic partners with hyperspectral earth observation data.
• This will further empower the administration’s earth science research and application activities.
• Upcoming Satellite Launches : Pixxel is making significant strides toward its mission with the upcoming launch of Fireflies, its 5-metre resolution hyperspectral satellites.
• It will be the highest-resolution hyperspectral satellite ever launched.
• These satellites will capture data across 250 spectral bands, offering more comprehensive coverage with a 40 km swath width and a 24-hour revisit frequency anywhere on the planet.
• Future Plans : Along with the six upcoming satellites launching shortly, Pixxel plans to expand its constellation to 24 satellites to make hyperspectral data commercially even more broadly available to stakeholders across industries and governments.
• This will empower it with real-time, actionable insights to improve decision making, boost natural resource management, and enhance environmental resilience.
• Previous Achievements : In December 2022, Pixxel launched its first hyperspectral satellite called Anand.

About Pixxel :

• Founded : February 2019
• Co-founder and chief executive officer (CEO) : Awais Ahmed

NASA spacecraft approved for October launch to study underground ocean on Jupiter’s moon Europa        

• The National Aeronautics and Space Administration (NASA) has approved the launch of the Europa Clipper spacecraft scheduled for October 2024, following a review of its capability to withstand Jupiter’s intense radiation.
• The Europa Clipper will explore Europa, one of Jupiter’s largest moons, which is noted for its icy surface and potential subsurface ocean of saltwater. The mission aims to investigate Europa’s ice shell, geology, and potential habitability.

Key Highlights :

• Mission Duration and Orbit: It will take six years for the spacecraft to reach Jupiter.
• Once there, it will orbit Jupiter every three weeks and conduct numerous flybys of Europa.
• Flybys: The spacecraft is planned to perform dozens of flybys of Europa, as close as 16 miles (25 kilometres).
• This proximity will allow it to use cameras and ice-penetrating radar to map the moon extensively.
• Spacecraft Size: Europa Clipper is NASA’s largest spacecraft designed for planetary investigation, with a span of over 100 feet (30 metres) when its solar panels are fully deployed.

About NASA :

• Founded : July 29, 1958
• Headquarters : Washington, D.C, United States
• Administrator : Bill Nelson

CURRENT AFFAIRS: SPORTS NEWS

India Sets New Records at South Asian Junior Athletics Meet

• Siddharth Choudhary set a new meet record in the men’s shot put event.
• Pooja established a new record in the women’s high jump with a jump of 1.80m, surpassing the previous record of 1.75m.

• Notable Performances:
  • Abinaya Rajarajan won gold in the women’s 100m with a record-breaking time of 11.77 seconds.
• Additional Achievements:
  • Pooja attempted to better her National U-20 high jump record of 1.83m, set at the 2024 World U-20 meet in Peru, but did not clear 1.84m.

ICC Men’s Cricket World Cup 2023 Delivers $1.39 Billion Economic Impact to India

• The ICC Men’s Cricket World Cup 2023 generated a substantial $1.39 billion economic impact for India.
• International visitors contributed $861.4 million in revenue through accommodation, travel, transportation, and food and beverage.

• Spectator Details:
  • The tournament attracted 1.25 million spectators, with nearly 75% attending a 50-over match for the first time.
  • Secondary and incremental spending by international fans amounted to $515.7 million, with $281.2 million spent on tourism.
  • The event created over 48,000 full- and part-time jobs, adding $18 million to the economy through various sectors involved in hosting the tournament.
• Local and International Perceptions:
  • 73% of local attendees felt the World Cup positively reflected India’s global image.
  • 68% of international attendees would recommend India as a tourist destination to friends and family.
  • 59% of international attendees indicated a high likelihood of revisiting India.
• Media and Exposure:
  • The host cities and India received substantial media exposure, generating a media impact worth $70.7 million through city shots, branding, and mentions.
• Pan-India Impact:
  • The pan-India impact, not associated with a specific host city, amounted to $253.9 million.
• Assessment:
  • The Economic Impact Assessment was conducted by Nielsen, with data gathered through online and in-person spectator surveys, and the multiplier used is proprietary to Nielsen.

CURRENT AFFAIRS: IMPORTANT DAYS

Hindi Diwas 2024: September 14

• Every year of 14th September is celebrated as a Hindi Diwas or Hindi day.
• After India got its independence, in the year of 1949 there were a lot of discussions to make Hindi the official language of India.
• Then it was decided that 14th September would be observed as Hindi Diwas or Hindi day.
• In the year of 1953, the first Hindi Diwas was celebrated.
• This decision is also stated in Article 343 of Chapter 17 of the Constitution of India.
• It is written as “ The national language of the Union will be Hindi and the script will be Devanagari” in the Constitution of India.
• The reason for celebrating Hindi Day on September 14 is, that A Noble and Famous Hindi Literature Vyahar Rajendra Singha was born on 14th September.

Daily CA One- Liner: September 14

• The Open Network for Digital Commerce (ONDC) has launched an app named ‘ONDC Network: How to Shop’ to raise awareness among consumers on utilising the network for shopping
• Union Minister Rajiv Ranjan Singh announced the goal to increase annual seafood exports from around ₹60,000 crore to ₹1 trillion
• The Index of Industrial Production (IIP) for July 2024 shows a growth rate of 4.8%, a slight increase from 7% in June 2024
• The Finance Ministry has introduced significant modifications to the compounding rules under the Foreign Exchange Management Act (FEMA), aimed at simplifying processes and enhancing efficiency in adjudications.
• Retail inflation for August 2024 inched up to 3.65%, slightly above the July figure of 3.6%, which was a five-year low.
• Retail food inflation increased to 5.66% in August 2024 from 5.42% in July 2024 due to elevated prices of pulses, cereals, and vegetables
• Reports suggest HAL may be upgraded from Navratna to Maharatna by the end of this year.
• The Finance Ministry has come out with new rules for the processing of compounding applications under the Foreign Exchange Management Act (FEMA).
• The Reserve Bank of India (RBI) proposed that banks hold an additional 5% “run-off factor” on digitally accessible retail deposits to manage risks of mass withdrawals via digital platforms like the Internet or mobile banking.
• The National Bank for Financing Infrastructure and Development (NaBFID) has been officially notified as a public financial institution under the Companies Act, 2013.
• HDFC Bank Ltd., India’s largest private sector lender, is in talks with several global banks to offload as much as Rs 8,400 crore ($1 billion) in loans to reduce its credit book and bring it more in line with deposits.
• According to the Calendar for Auction of Government of India Treasury Bills for the Quarter ending September 2024, the auctions were initially scheduled for September 18, 2024, and September 25, 2024.
• State Bank of India (SBI) has sanctioned ₹10,050 crore to Damodar Valley Corporation (DVC) for its ultra-super critical thermal power project.
• The Insurance Regulatory and Development Authority of India (IRDAI) has fined SBI Life Insurance ₹1 crore for regulatory violations.
• The International Cooperative Alliance (ICA) General Assembly and the Global Cooperative Conference 2024 are scheduled to take place from November 25th to November 30th, 2024, at Bharat Mandapam, Pragati Maidan, New Delhi.
• The proposed stake sale of Yes Bank has encountered a regulatory roadblock as the Reserve Bank of India (RBI) is reluctant to allow a foreign institution to hold a majority stake in the bank.
• Former Union Minister and Rajya Sabha member Suresh Prabhu has been nominated to the World Agriculture Forum (WAF) Board.
• The Defence Research & Development Organisation (DRDO) and the Indian Navy successfully conducted a flight test of the Vertical Launch Short Range Surface-to-Air Missile (VL-SRSAM).
• Bengaluru-based space technology startup Pixxel, which specialises in cutting-edge hyperspectral earth-imaging technology, has won the largest supplier deal by an Indian company from the National Aeronautics and Space Administration (NASA).
• The National Aeronautics and Space Administration (NASA) has approved the launch of the Europa Clipper spacecraft scheduled for October, following a review of its capability to withstand Jupiter’s intense radiation.
• Siddharth Choudhary set a new meet record in the men’s shot put event
• The ICC Men’s Cricket World Cup 2023 generated a substantial $1.39 billion economic impact for India.
• Every year 14th September is celebrated as a Hindi Diwas or Hindi day.