Daily Current Affairs October 16th 2024 | Latest News | Download PDF

By Ameena Ameena - Oct 16 2024

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CURRENT AFFAIRS : BANKING & FINANCE

Minority Shareholder Accuses Securities and Exchange Board of India of Collusion with ICICI Securities in Delisting Process

  • Quantum Mutual Fund and Manu Rishi Guptha, minority shareholders of ICICI Securities, challenged the delisting plan.
  • ICICI Securities and the Securities and Exchange Board of India (SEBI) are key respondents in the case.

Key Highlights :

  • Legal Proceedings: The case is being heard by the National Company Law Appellate Tribunal (NCLAT) after the Mumbai Bench of the National Company Law Tribunal (NCLT) approved ICICI Securities’ delisting plan.
  • Minority shareholders appealed the NCLT order, which dismissed their objections.
  • Allegations Against SEBI:Quantum Mutual Fund alleged that SEBI was “hand in glove” with ICICI Securities in connection with the delisting.
  • A SEBI letter dated June 23, 2023, granted ICICI Bank an exemption to delist ICICI Securities, even though the listed holding company and subsidiary were not in the same line of business (Regulation 37 of SEBI’s Delisting Regulations).
  • Delisting Plan:ICICI Securities’ delisting plan was announced in June 2023 and approved by ICICI Bank’s board on June 29, 2023.
  • Shareholders approved the delisting in March 2024, with 72% of minority shareholders voting in favor.
  • The delisting plan involved shareholders of ICICI Securities receiving 67 shares of ICICI Bank for every 100 shares of ICICI Securities.
  • Minority Shareholders’ Objections: Shareholders, including Quantum Mutual Fund and Manu Rishi Guptha, objected to the delisting, citing unfairness in the share-swap ratio and depressed valuation of ICICI Securities’ stock.
  • They argued that the delisting would harm minority shareholders, especially given the stock price was just above its IPO issue price of ₹520 at the time of the announcement.
  • ICICI Securities’ Defense: ICICI Securities argued that the minority shareholders lacked the required standing to contest the delisting, as they did not meet the ownership thresholds under the Companies Act (at least 10% equity or 5% outstanding debt).

Reserve Bank of India plans to establish a data repository for integrating climate risk information   

  • The Reserve Bank of India (RBI) has proposed setting up a data repository to monitor climate-related risks, known as the Reserve Bank – Climate Risk Information System (RB-CRIS).
  • It will address issues like varied data sources, differing formats, and inconsistencies in frequency and units.

Structure: RB-CRIS will have two components:

  • Web-based directory: Lists data sources (meteorological, geospatial, etc.) and will be publicly accessible on the RBI website.
  • Data portal: Contains processed datasets in standardised formats, available to regulated entities in a phased manner.
  • The system aims to integrate climate risk information for better climate-related risk assessment by financial institutions.
  • Draft Guidelines for Climate Risk Disclosures: On February 28, 2024, RBI issued draft guidelines for a Disclosure Framework on Climate-Related Financial Risks.
  • Regulated entities (REs) must disclose information across four key areas: governance, strategy, risk management, and metrics and targets.
  • Objective of the Framework: The framework aims to inform stakeholders (regulators, investors, customers) about the climate-related risks faced by regulated entities and their strategies for managing them.

Reserve Bank of India prohibits lenders from charging pre-payment penalties on loans to Micro and Small Enterprises   

  • The Reserve Bank of India (RBI) has barred banks and non-banking financial companies (NBFCs) from levying foreclosure charges or pre-payment penalties on floating rate term loans sanctioned to Micro and Small Enterprises (MSEs).
  • Scope of Guidelines: This extends the existing prohibition on pre-payment penalties, which was previously applicable only to individual borrowers (except for business purposes), to include MSE loans.
  • RBI will issue a draft circular for public consultation on this matter.
  • The move aligns with RBI’s efforts to safeguard consumer interests and reduce unfair charges on MSEs.
  • This policy change may negatively affect the income of banks and NBFCs, as it could lead to an increase in loan pre-payments and balance transfers among MSE borrowers.

Jio Payments Bank Secures Mutual Fund Distribution License from Amfi    

  • Jio Payments Bank, a subsidiary of Jio Financial Services, has obtained a mutual fund distribution license from the Association of Mutual Funds in India (Amfi)
  • The bank has secured a Category 1 Execution-only Platform (EOP) license, which allows it to distribute the direct plan of mutual fund (MF) schemes.

Key Highlights :

  • Transaction Charges: Category 1 EOPs, like Jio Payments Bank, can receive transaction charges from fund houses, with a fee cap set at ₹2 per transaction.
  • Currently, there are 15 Category 1 EOPs registered with Amfi.
  • Market Competition: The direct plan distribution business is primarily dominated by stock brokers such as Groww and Zerodha.
  • Stake Increase: In August, Jio Financial announced an increase in its stake in Jio Payments Bank from 78.95% to 82.17% by investing ₹68 crore.
  • Joint Venture: Jio Financial Services has formed a joint venture with BlackRock, a US-based investment management company, to establish a wealth management and broking business.
  • New Company Formation: The joint venture, named Jio BlackRock Investment Advisers, aims to carry out investment advisory services, subject to regulatory approvals.

About Jio Payments Bank :

  • Founded : 3 April 2018
  • Headquarters : Navi Mumbai, India
  • MD & CEO : Vinod Easwaran

NABARD Releases Results of Second National Rural Financial Inclusion Survey for 2021-22, Analyzing 1 Lakh Rural Households Post-COVID          

  • The National Bank for Agriculture and Rural Development (NABARD) conducted the second All India Rural Financial Inclusion Survey (NAFIS) for the agricultural year 2021-22.
  • The survey involved data collection from 100,000 rural households across all 28 states and Union Territories, including Jammu & Kashmir and Ladakh.

Key Highlights :

  • Financial Inclusion Importance:The survey highlights the essential role of financial inclusion in economic development, following an inaugural survey conducted for the agricultural year 2016-17 with results released in August 2018.
  • The survey included all 28 states and the Union Territories of Jammu & Kashmir and Ladakh.
  • Income Growth:The average monthly income of rural households rose by 57.6% from ₹8,059 in 2016-17 to ₹12,698 in 2021-22, indicating a nominal compound annual growth rate (CAGR) of 9.5%.
  • The average annual nominal GDP growth during the same period was 9%.
  • Sources of Income:For agricultural households, cultivation accounted for about one-third of monthly earnings, followed by government/private services (25%), wage labor (16%), and other enterprises (15%).
  • Non-agricultural households primarily relied on government/private services (57%), followed by wage labor (26%).
  • Nabard defines an agricultural household to be one with a value of produce of more than Rs 6,500 from agriculture and allied activities, and having at least one member self-employed in agriculture during the reference agricultural year 2021-22.
  • Kisan Credit Card (KCC):The Kisan Credit Card (KCC) has emerged as a key tool for promoting financial inclusion in the rural agricultural sector, showing substantial growth in coverage over the past five years.
  • In total, 44% of agricultural households were found to possess a valid Kisan Credit Card (KCC).
  • Insurance Coverage : The percentage of households with at least one member covered by any form of insurance increased significantly from 25.5% in 2016-17 to 80.3% in 2021-22.
  • This means that four out of every five households had at least one insured member.
  • Pension Coverage : The percentage of households with at least one member receiving any form of pension (such as old age, family, retirement, or disability) increased from 18.9% in 2016-17 to 23.5% in 2021-22.
  • Overall, 54% of households with at least one member over 60 years old reported receiving it, highlighting the importance of pensions in supporting elderly members of society.

About NABARD :

  • Headquarters : Mumbai, Maharashtra, India
  • Chairman : Shri. Shaji K V
  • It was established on the recommendations of B. Sivaraman Committee (by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.
  • NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex cooperative banks in India.
  • It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).

E Magazine

CURRENT AFFAIRS: NATIONAL NEWS

Australia’s New Working Holiday Visa Program for Indian Youth:

  • Australia has introduced a new First Work and Holiday visa (subclass 462) for Indian citizens, enabling young Indians aged 18 to 30 to work and holiday in Australia for up to one year.
  • This initiative, part of the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA), strengthens the economic and cultural ties between the two nations.

Key Highlights:

  1. Eligibility:
    • Indian citizens aged 18 to 30 are eligible to apply.
    • A total of 1,000 visas will be allocated annually to successful applicants.
  2. Visa Ballot Process:
    • The registration period for the visa ballot is from October 1 to October 31, 2024.
    • Random selection will occur from October 14, 2024, to April 30, 2025, with selected applicants receiving email notifications.
    • The selection process is fully automated.
  3. Visa Features:
    • The visa allows working or studying short-term while spending a year in Australia.
    • The visa cost is $650, with an additional $25 registration fee for participating in the ballot.
  4. Partnership and Economic Cooperation:
    • India joined the Working Holiday Maker (WHM) program on September 16, 2024, becoming Australia’s 50th partner country in this initiative.
    • This visa is a product of the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA).
  5. Program Objectives:
    • Strengthen economic and cultural ties between India and Australia.
    • Provide work opportunities for young Indians while promoting tourism and cultural exchange.

Government to Crack Down on False Air Purifier Claims Amid Rising Pollution Concerns

  • As air pollution worsens, especially in the NCR region, and more people purchase air purifiers, Consumer Affairs Minister Pralhad Joshi raised concerns about misleading claims made by some manufacturers.
  • He indicated that certain air purifiers may not deliver on their promises, with some devices containing only a fan.

Key Highlights:

  1. Minister’s Warning:
    • Pralhad Joshi, Consumer Affairs Minister, flagged that some air purifier manufacturers might be making false claims.
    • He suggested that these purifiers, purchased out of fear due to rising pollution, may only have a fan inside rather than actual filtration mechanisms.
  2. Market Surveillance:
    • Bureau of Indian Standards (BIS) will increase market surveillance on air purifiers to ensure the quality of these products.
    • The BIS has already scaled up surveillance by 10 times in the last five years, from 15,000 to over 1.5 lakh checks annually, and aims to intensify inspections on air purifiers.
  3. Mandatory Quality Standards:
    • The government is considering bringing air purifiers under mandatory standards or a Quality Control Order (QCO) to ensure the authenticity of claims made by manufacturers.
    • Currently, BIS has a standard for portable electric air purifiers (IS17531 of 2021), but compliance is not mandatory.
  4. Consumer Protection:
    • Union Consumer Affairs Secretary Nidhi Khare emphasized the importance of market surveillance in protecting consumers.
    • The Central Consumer Protection Authority (CCPA) can take class-action against companies found violating standards.
  5. Public Procurement on GeM:
    • The government plans to make BIS standards mandatory for products procured through the Government e-Marketplace (GeM) portal. This aims to enhance the quality and reliability of products used in public projects.

India’s National Scheme for Power Distribution and Renewable Energy Expansion

  • The Central Electricity Authority (CEA) is developing a national scheme for power distribution as part of India’s push to meet rising electricity demand through renewable energy.
  • Union Power Minister Manohar Lal announced this initiative, which aligns with India’s broader goal of establishing 600 GW of renewable energy capacity by 2032.

Key Highlights:

  1. Power Demand Projections and Renewable Energy Goals:
    • India’s peak power demand is projected to reach 708 GW by 2047, nearly three times the current demand.
    • The CEA aims to create 500 GW of non-fossil fuel energy capacity by 2030, increasing to 600 GW by 2032.
    • The CEA’s plan represents an investment opportunity worth ₹9 trillion.
  2. Rashtriya Bijli Yojana (National Electricity Plan) for Distribution:
    • For the first time, the CEA is working on a National Electricity Plan to streamline power distribution, which has traditionally been managed at the state level.
    • This initiative is designed to enhance coordination between central and state governments, as well as the private sector.
  3. Government Initiatives for Power Distribution:
    • Over the past decade, the central government has invested in schemes for rural and urban electrification, including ₹44,000 crore for rural and ₹32,000 crore for urban distribution and digital metering.
    • The National Electricity Fund offers interest subsidies on loans to distribution companies (discoms), aiding in expanding distribution networks.
    • The Revamped Distribution Sector Scheme (RDSS) aims to reduce Aggregate Technical & Commercial (AT&C) losses to 12-15% by FY25. These losses dropped from 22.32% in FY21 to 15.4% in FY23.
  4. Energy Storage and Grid Management:
    • The government emphasizes Pumped Storage Projects (PSPs) and Battery Energy Storage Systems (BESS) to manage peak electricity demand and ensure grid stability.
    • 4.7 GW of PSP capacity is currently installed, with an additional 6.47 GW under construction and 60 GW under various stages of survey and investigation.
    • BESS technology is seen as crucial for reducing reliance on PSPs, especially as the cost of battery storage decreases.
  5. Transmission Infrastructure Development:
    • According to the National Electricity Plan (2023-2032), India’s peak demand is expected to be 458 GW by 2032.
    • The plan includes building a transmission network of 335 GW to handle 280 GW of variable renewable energy by 2030.
  6. Role of Water in Energy Storage and Generation:
    • Debarshee Mukherjee, Secretary in the Ministry of Jal Shakti, emphasized the importance of water supply in power generation, particularly for PSPs.
    • She highlighted that water pumping accounted for 40% of Delhi’s total energy use during recent heatwaves, underscoring the interconnectedness of water and energy systems.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Nicaragua Declares Suspension of Diplomatic Ties with Israel   

  • Nicaragua’s government, led by Vice President Rosario Murillo, has officially declared the suspension of diplomatic relations with Israel following a congressional resolution.
  • The announcement occurs amidst increasing international scrutiny of Israel due to its military actions in the West Asia region, particularly in Gaza and Lebanon.
  • The diplomatic break is largely symbolic, as Israel does not maintain a resident ambassador in Nicaragua, indicating that bilateral relations are minimal.
  • This is not the first instance of Nicaragua severing ties with Israel; previous breaks occurred in 1982 and 2010 during President Daniel Ortega’s administration.
  • Nicaragua’s decision aligns with similar actions taken by other Latin American countries, such as Colombia and Bolivia, distancing themselves from Israel due to its military operations.
  • In May 2024, Brazilian President Luiz Inacio Lula da Silva recalled Brazil’s ambassador to Israel, further indicating a shift in Latin American diplomacy regarding Israel.
  • The announcement coincides with reports of significant civilian casualties in Gaza and Lebanon, with the death toll in Gaza exceeding 42,000, highlighting the humanitarian crisis in the region.

About Israel :

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

CURRENT AFFAIRS : STATE NEWS

Odisha introduces Gramodaya scheme for welfare initiatives in villages affected by Left-Wing Extremism    

  • The Odisha government has launched Gramodaya, a new scheme to ensure that welfare programmes reach people living in the Left Wing Extremism (LWE)-affected districts.
  • The scheme will encompass 583 villages across 10 LWE-affected districts in Odisha.
  • The notification for the Gramodaya initiative was issued by the Panchayati Raj and Drinking Water Department shortly after Chief Minister Mohan Charan Majhi announced it during a meeting of chief ministers from LWE-affected states, chaired by Union Home Minister Amit Shah in New Delhi.
  • The initiative will be implemented in the districts of Bargarh, Balangir, Boudh, Kalahandi, Kandhamal, Koraput, Malkangiri, Nabarangpur, Nuapada and Rayagada.
  • The primary aim of the Gramodaya scheme is to facilitate the convergence of various government departments to ensure effective development in LWE-affected areas.
  • The government has established a state-level monitoring committee led by the Chief Secretary, which will include secretaries from different departments.
  • A dedicated LWE dashboard will be developed to monitor the implementation of the Gramodaya initiative effectively.

About Odisha :

  • Governor : Raghubar Das
  • Chief Minister : Mohan Charan Majhi
  • Capital : Bhubaneswar
  • National Park : Simlipal National Park, Bhitarkanika National Park
  • Wildlife Sanctuaries : Debrigarh Wildlife Sanctuary, Sunabeda Wildlife Sanctuary, Hadagarh Wildlife Sanctuary

Delhi implements total firecracker ban to tackle winter air pollution   

  • The Delhi government has imposed a complete ban on the manufacturing, storage, selling, and bursting of all kinds of firecrackers, including online sales, effective until January 1, 2025.
  • The Delhi police have been tasked with enforcing the ban strictly and are required to submit daily action-taken reports to a designated committee.

Key Highlights :

  • Part of Winter Action Plan 2024:The firecracker ban is one of the measures under the Delhi government’s Winter Action Plan 2024 aimed at combating air pollution.
  • Real-time Air Quality Monitoring:For the first time, drones will be used for real-time air quality monitoring at various pollution hotspots across the city.
  • Comprehensive Pollution Control Measures:The plan includes monitoring of pollution hotspots, controlling vehicle emissions, dust pollution, stubble and garbage burning, and industrial pollution.
  • Measures such as upgrading the Green War Room and exploring the possibility of inducing artificial rain are also part of the plan.
  • Work-from-Home and Odd-Even Scheme:The government is considering introducing work-from-home policies for both government and private sectors and preparing for the possible implementation of the odd-even scheme to reduce vehicle pollution.
  • Air Quality Index (AQI) on October 9, 2024:On October 9, 2024, Delhi’s air quality was recorded in the “poor” category, with an AQI reading of 220.

AQI Categories:

  • 0-50: Good
  • 51-100: Satisfactory
  • 101-200: Moderate
  • 201-300: Poor
  • 301-400: Very Poor
  • 401-500: Severe

About Delhi :

  • Governor : Vinai Kumar Saxena
  • Chief Minister : Atishi Marlena Singh (AAP)

CURRENT AFFAIRS: BUSINESS NEWS

Reliance Industries Reports 3% Drop in Q2 FY25 Profit Amid Weak Refining Margins

  • Reliance Industries reported a 3% drop in net profit for Q2 FY25, reaching Rs 19,323 crore, which was in line with analysts’ expectations.
  • Revenue remained stable at approximately Rs 2.4 lakh crore, driven by strength in the oil-to-chemicals (O2C), oil & gas, and fast-growing digital services (Jio)
  1. Operating Profit Decline:
    • Operating profit fell by 3.1% to Rs 41,809 crore, reflecting underlying business performance.
    • Expenses increased slightly by 1.4% to nearly Rs 2.2 lakh crore.
  2. O2C Segment Performance:
    • Operating profit from the O2C business dropped 24% to Rs 12,413 crore, largely due to a sharp decline in product margins.
    • Fuel cracks, which refers to breaking crude oil into components like gasoline and jet fuel, dropped by nearly 50% amid muted global demand and well-supplied markets.
    • Weak demand-supply dynamics in the global market further impacted the O2C business.
  3. Strong Performance in Digital Services (Jio):
    • Jio’s operating profit increased by 15% to Rs 16,139 crore, aided by a better subscriber mix, business growth, and telecom tariff revisions.
    • ARPU (Average Revenue Per User) grew by 7.4% to Rs 195, indicating strong revenue generation per user.
    • Jio’s customer base reached 479 million as of September 30, 2024, with data and voice traffic rising by 24% and 6% respectively.
    • 5G subscriber base expanded to 148 million, making Jio the largest 5G operator outside China.
  4. Oil & Gas Segment:
    • The company’s upstream oil & gas business showed positive growth, helping to offset the weaker contribution from the O2C business partially.

BSNL to Roll Out Indigenous 4G by May 2024, 5G by June 2025: Telecom Minister Jyotiraditya Scindia

  • BSNL, the state-run telecom company, will complete the rollout of its indigenously developed 4G technology by May 2024 using 1 lakh base stations.
  • The technology is developed by a consortium of C-DOT (state-run) and TCS (domestic IT company).
  1. 5G Network Plans:
    • After the completion of the 4G rollout, BSNL will switch to 5G technology by June 2025.
    • India will become the sixth country in the world to transition to 5G with its own technology.
  2. India’s Leadership in Telecom Technology:
    • Telecom Minister Jyotiraditya Scindia highlighted that while India followed the world in 4G and marched with the world in 5G, it aims to lead the world in 6G technology.
  3. Fastest 5G Rollout Globally:
    • India has achieved the fastest 5G rollout globally, with 4.5 lakh towers installed in 22 months, providing 80% coverage to the population.
  4. Transformation in Telecom Sector:
    • There has been a significant increase in broadband connections from 60 million to 940 million in the last 10 years.
    • The cost of data has drastically reduced from ₹289 per GB 10 years ago to 12 cents today, while the cost of voice calls has dropped by 96%.
  5. India-US Strategic Ties:
    • Scindia emphasized the growing India-US strategic partnership, mentioning a new agreement to set up a chip fabrication plant in India, which will supply chips for the US defence sector.
    • The relationship between India and the US is deepening across multiple sectors, moving beyond just the technology curve.

Adobe Expands AI Capabilities with Firefly Video Model in Limited Public Beta

  • Adobe has introduced its first AI video generator, Firefly Video Model, expanding its family of creative generative AI models to include video production.
  • Announced in a limited public beta, this model is designed to be commercially safe, addressing growing concerns about copyright compliance in AI-generated content.

Key Features and Highlights:

  1. Expansion of Firefly AI Models:
    • Firefly Video joins existing generative models like the Image Model, Vector Model, and Design Model within Adobe’s ecosystem.
    • Since its launch, Firefly has been integrated into popular Adobe applications including Photoshop, Illustrator, Substance 3D, and more, supporting workflows across Creative Cloud apps.
    • It supports text prompts in over 100 languages, allowing global users to create content that is safe for commercial use.
  2. Generative Extend Tool for Premiere Pro:
    • Available in beta, this tool allows users to extend video clips by up to two seconds at 720p or 1080p at 24 FPS.
    • Ideal for minor adjustments, such as correcting eye lines or fixing movements, it can also extend sound effects and ambient noise by up to ten seconds.
    • However, the tool does not support spoken dialogue or music extension, focusing on small tweaks to improve the editing process.
  3. Web-Based Video Generation Tools:
    • Text-to-Video and Image-to-Video are now in limited beta on the Firefly web app, enabling users to generate videos from text descriptions or reference images.
    • The Text-to-Video tool functions similarly to other generators, allowing users to input descriptions to create videos in various styles, including traditional film, 3D animation, and stop motion.
    • Image-to-Video allows users to include reference images with text prompts, providing greater control over the output. It can be used for creating a b-roll from photos or visualizing potential reshoots using stills from existing footage.
  4. Focus on Commercial Safety and Compliance:
    • Adobe emphasizes that the Firefly Video Model is “commercially safe” because it is built on content the company has the rights to use, differentiating it from other models facing scrutiny over copyright issues.
    • This focus on compliance may appeal to users concerned about usage rights and copyright safety in their projects.
  5. Future Developments:
    • Current tools take around 90 seconds to produce outputs, but Adobe is developing a “turbo mode” to accelerate this process.
    • Users can join the waitlist to access the limited public beta on the official website. During this beta phase, generations are free, with more details about pricing and offers to be shared once the model exits the beta stage.

India’s Coal Import Increases by 11.4% in April-August FY25

  • India’s coal imports surged by 11.4% to 121.1 million tonnes (MT) during the April-August period of the current fiscal year compared to 108.7 MT in the same period last year, according to data from mjunction, a B2B e-commerce platform.

Key Insights:

  1. Overall Import Growth:
    • Total coal and coke imports during April-August 2024 reached 121.18 MT, reflecting an increase of 11.4% from 108.74 MT in the previous year.
    • In August 2024, coal imports rose 5.4% to 20.70 MT, up from 19.63 MT in August 2023.
  2. Non-Coking and Coking Coal:
    • Non-Coking Coal:
      • Imports stood at 13.04 MT in August 2024, up from 11.89 MT in August 2023.
      • For the April-August period, non-coking coal imports increased to 78.68 MT from 68.58 MT in the same period last year.
    • Coking Coal:
      • Imports in August were at 4.53 MT, slightly down from 4.62 MT a year ago.
      • During April-August, coking coal imports remained almost flat at 24.79 MT, compared to 24.85 MT in the previous fiscal year.
  3. Factors Influencing Import Trends:
    • According to Vinaya Varma, MD & CEO of mjunction, domestic surplus coal availability and lower demand led to subdued import volumes.
    • Coal imports are expected to remain lower until a rise in energy demand during the festive season.
  4. Government’s Stance on Coal Production:
    • Coal and Mines Minister G. Kishan Reddy emphasized increasing domestic production to reduce reliance on coal imports.
  5. Annual Coal Import and Production Statistics:
    • In FY24, India’s coal imports rose 7.7% to 268.24 MT.
    • Domestic coal production also increased by 6.48% to 384.08 MT during the first five months of FY25, compared to 360.71 MT in the same period of FY24.

Increased Asset Monetisation Target Under the National Monetisation Pipeline (NMP)

  • The NITI Aayog has revised the asset monetisation target for FY25, increasing it by ₹23,000 crore to ₹1.9 trillion.
  • This adjustment is part of efforts to reach the ₹6 trillion goal set under the National Monetisation Pipeline (NMP), which aims to recycle capital from public assets for infrastructure investment.

Key Highlights:

  1. National Monetisation Pipeline (NMP) Overview:
    • Launched by Finance Minister Nirmala Sitharaman in August 2021, the NMP targets ₹6 trillion in asset monetisation over four years.
    • In the first three years, ₹3.9 trillion was achieved, slightly short of the ₹4.3 trillion target. The revised target for FY25 is ₹1.9 trillion, meaning the government will miss the overall goal by around ₹20,000 crore.
  2. What is Asset Monetisation?
    • Asset monetisation involves engaging private operators to manage revenue-generating public assets, without transferring ownership.
    • The objective is to unlock the economic value of underutilised assets, creating new revenue streams while the government retains ownership.
    • Unlike privatisation, asset monetisation involves structured partnerships, allowing for efficient management and investment without selling the asset outright.
  3. Link with National Infrastructure Pipeline (NIP):
    • The NMP is aligned with the ₹111 trillion National Infrastructure Pipeline (NIP), which focuses on infrastructure financing through capital recycling.
    • Funds from the NMP are reinvested into the NIP, supporting projects across various economic and social sectors.
  4. Sectoral Contributions and Focus Areas for FY25:
    • Highways: Expected to generate ₹54,000 crore through monetisation.
    • Coal Blocks: Anticipated revenue of ₹55,000 crore.
    • Key Sectors Covered: Roads, ports, airports, railways, gas pipelines, power, telecom, and warehousing. Notably, roads and railways are the top sectors, contributing 27% and 25% respectively to the overall pipeline value.
  5. Current Status of NMP:
    • Despite successes, certain sectors have lagged:
      • Railways: Achieved only ₹20,417 crore (30% of the target).
      • Warehousing: Managed 38% of its target, raising ₹8,000 crore.
      • Civil Aviation: Significantly behind, reaching only 14% of its target of ₹2,600 crore.
    • Conversely, the Ministry of Coal has outperformed, raising ₹1.54 trillion, surpassing its target of ₹80,000 crore.
  6. Challenges with Asset Monetisation:
    • Low Monetisation Potential: The NMP’s ₹6 trillion target accounts for only 5-6% of the overall NIP capital expenditure.
    • Missed Disinvestment Targets: Inconsistent performance across sectors raises doubts about achieving the set goals.
    • Long-Term Rights and Monopolisation Risks: Concerns exist about the long-term rights granted to private players, which could lead to monopolies in sectors like highways and railways, affecting prices.
    • Budgeting and Use of Proceeds: Lack of clear guidelines on how proceeds will be treated in the budget, with no clarity on whether funds will be used for infrastructure or operational costs.
    • Public Concerns: Issues surrounding potential double costs for taxpayers, who initially funded the assets and now pay to use them under private management.
  7. Way Forward:
    • Expedite Contract-Based Monetisation: Prioritise Public-Private Partnership (PPP) agreements, especially in railways and airports, where there is significant investor interest.
    • Land Monetisation Initiatives: Engage real estate and infrastructure companies to develop public properties, generating revenue and enhancing urban amenities.
    • Establish Clear Budget Guidelines: Define how monetisation proceeds will be accounted for, ensuring transparency and efficient use of funds for infrastructure development.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India to Ink $3.3 Billion Contract with US for MQ-9B Predator Drones

  • India is set to sign a major $3.3 billion (Rs 28,000 crore) defence deal with the United States for 31 MQ-9B Predator drones.
  • This acquisition is part of India’s growing defence partnership with the US, which has secured over $25 billion in Indian defence contracts in less than two decades.

Key Highlights:

  1. Significance of the MQ-9B Predator Drones:
    • The MQ-9B Predator is a high-altitude, long-endurance drone designed for intelligence, surveillance, reconnaissance (ISR) missions and precision strikes.
    • India will deploy these drones for strategic ISR missions in the Indian Ocean Region (IOR), where China is expanding its naval influence.
    • The drones are equipped with Hellfire missiles, GBU-39B precision-guided bombs, advanced navigation systems, and sensor suites.
  2. Deal Details:
    • The deal includes 15 Sea Guardians for the Navy and 8 Sky Guardians each for the Army and Air Force.
    • The drones will be delivered over a period of four to six years.
    • A separate contract with General Atomics will establish a Maintenance, Repair, and Overhaul (MRO) facility in India, with 34% of components to be sourced from Indian companies.
  3. Strategic Benefits:
    • The MQ-9B drones will enhance India’s ability to conduct long-range precision strikes on high-value targets, adding significant military capability.
    • India will station the drones at command and control centers in key locations such as Arakkonam, Porbandar, Sarsawa, and Gorakhpur, covering both sea and land borders.
  4. Comparison with Chinese Drones:
    • The MQ-9B’s capabilities surpass those of China’s armed drones like Cai Hong-4 and Wing Loong-II, which are supplied to Pakistan.
    • The drones can fly for nearly 40 hours at altitudes above 40,000 feet, offering superior endurance and combat effectiveness.
  5. Previous Major Defense Deals with the US:
    • This deal is India’s second-largest defense purchase from the US after the $4.5 billion acquisition of 11 C-17 Globemaster-III strategic-airlift aircraft.
    • Other major US-India defense deals include 12 P-8I maritime patrol aircraft for $3.2 billion and 13 C-130J ‘Super Hercules’ aircraft for over $2.1 billion.
  6. Technological Collaboration:
    • While there is no direct transfer of technology (ToT) in this deal, General Atomics will collaborate with DRDO and other Indian entities to develop indigenous heavy-duty drones.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Surgeon Vice Admiral Kavita Sahai, SM, VSM Takes Over as Director General of Medical Services  

  • Surgeon Vice Admiral Kavita Sahai, SM, VSM assumed charge as Director General Medical Services (Navy).

About Surgeon Vice Admiral Kavita Sahai :

  • Kavita Sahai was commissioned in the Army Medical Corps on 30 Dec 1986.
  • An alumnus of the prestigious Armed Forces Medical College Pune, she has specialized in Pathology and super specialized in Oncopathology from the prestigious AIIMS, New Delhi.
  • She has been Professor and head of Department, Lab Sciences at AHRR and BHDC.
  • She has also been Professor at Department of Pathology, AFMC, Pune.
  • Prior to assuming charge as the DGMS(Navy), she was the First woman Commandant of AMC Centre & College and O i/C Records.
  • She is the first woman officer to be elected as Col Commandant of Army Medical Corps.
  • She has a special interest in Medical Education and was awarded the prestigious Foundation for Advancement of International Medical Education and Research (FAIMER) Fellowship for advancement of Med Education from Philadelphia, USA in 2013-14.
  • In recognition for her distinguished Service, she has been awarded the Sena Medal in 2024 and Vishisht Seva Medal in 2018 and has been Commended by the Chief of the Army Staff twice in 2008 & 2012 and the GOC-in-C (WC) in 2010.

About Ministry of Defence :

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

Srinivas gets additional charge as Chief Executive Officer of public procurement portal GeM   

  • Satya Srinivas, a 1991-batch Indian Revenue Service (IRS) officer (Customs & Indirect Taxes), has been appointed as the Chief Executive Officer (CEO) of the Government e-Marketplace (GeM) on an additional charge basis.

Current Roles:

  • He is currently serving as the Additional Secretary in the Department of Commerce, Government of India.
  • Srinivas is India’s Chief Negotiator for the India-EU and India-UK Free Trade Agreement (FTA) negotiations.
  • He oversees the Special Economic Zones and the Trade Intelligence & Analytics divisions within the Department of Commerce.
  • He has taken over the role of CEO following the appointment of the previous CEO, P K Singh, as Secretary in the Ministry of Renewable Energy.

About GeM Portal :

  • The Government e-Marketplace (GeM) portal was launched on August 9, 2016 by the Ministry of Commerce and Industry, Government of India, to facilitate online purchases of goods and services by all central government ministries and departments.

CURRENT AFFAIRS : DEFENCE NEWS

Hindustan Aeronautics Limited Achieves Maharatna Status, Becoming the 14th Central Public Sector Enterprise Recognized by the Government of India   

  • Hindustan Aeronautics Limited (HAL) has been upgraded to Maharatna status, becoming the 14th Central Public Sector Enterprise (CPSE) to receive this classification in India.
  • This upgrade marks a significant achievement for HAL, enhancing its role in the Indian aerospace and defence sector.
  • The upgrade was approved by the Finance Minister, following recommendations from:
  • Inter-Ministerial Committee (IMC) led by the Finance Secretary.
  • Apex Committee headed by the Cabinet Secretary.

Benefits of Maharatna Status:

  • HAL gains greater operational autonomy, higher investment capabilities, and strategic flexibility.
  • The company can now invest up to ₹5,000 crore or 15% of its net worth in a single project without needing government approval.

Background of Maharatna Classification:

  • The Government of India introduced the ‘Navratna’ scheme in 1997 to identify and support CPSEs with competitive advantages.
  • As some Navratna companies outgrew their peers, the Maharatna status was introduced to recognize those with the potential to become Indian multinational companies (MNCs).

Criteria for Maharatna Status:

  • Prior Navratna Status: The company must have previously been conferred Navratna status.
  • Stock Market Listing: The company must be listed on the Indian stock exchange and comply with SEBI regulations.
  • Financial Performance:
    • Average annual turnover of over ₹25,000 crore in the last three years.
    • Average annual net worth exceeding ₹15,000 crore during the same period.
    • Average annual net profit after tax greater than ₹5,000 crore over the last three years.
  • Global Presence: Significant international operations or global presence.
  • HAL’s Financial Performance:For the fiscal year 2023-24, HAL reported a turnover of ₹28,162 crore and a net profit of ₹7,595 crore.
  • Role in India’s Defense:HAL is pivotal in enhancing India’s defence capabilities and focuses on self-reliance in military aviation.
  • Key developments include the Light Combat Aircraft (LCA) Tejas and the Light Utility Helicopter (LUH), which are vital for modernizing the Indian Armed Forces.

Indian Navy’s Largest Sailing Regatta, the Indian Navy Sailing Championship (INSC), Scheduled at Ezhimala from October 16 to 19, 2024  

  • The Indian Navy Sailing Championship (INSC), the Navy’s largest sailing regatta, will be held at the Indian Naval Academy (INA), Ezhimala, from October 16 to 19, 2024.
  • The event will take place at the Marakkar Watermanship Training Centre (MWTC) at INA, which is recognized as one of the finest sailing facilities in India.
  • Participants: Over 100 participants, including officers, cadets, and sailors (Agniveers), from the three Naval Commands, will compete in the championship.
  • Sailing Classes and Formats:
    • The event will feature five different classes of boats and four formats of racing:
      • Fleet Racing: ILCA-6 (women), ILCA-7 (men), and Bic Beach for windsurfing (open).
      • Team Racing: Enterprise-class boat.
    • INSC Significance: INSC is an annual inter-command event organised by the Indian Naval Sailing Association (INSA) to promote competitive sailing among naval personnel.
    • Purpose of Sailing in the Navy: Sailing is emphasized as a key activity for developing seamanship, camaraderie, courage, and leadership qualities in naval personnel.

Launch of ‘Samarthak,’ the First Ship of the Multi-Purpose Vessel Project by L&T, at Chennai

  • The first ship of the two Multi-Purpose Vessel projects, being built by Larsen & Toubro Limited (L&T), Shipyard for the Indian Navy, was launched on 14 Oct 24 at L&T, Kattupalli.
  • The ship has been named ‘ Samarthak ’ which means ‘ Supporter’ and is synonymous with the muti-dimensional role envisaged from the platform.
  • The contract for two Multi-Purpose Vessels was signed between the Ministry of Defence and L&T Shipyard on 25 March 2022.
  • The ship was launched by Mrs. Shashi Tripathi, President of NWWA (Navy Wives Welfare Association). The ceremony was presided over by Admiral Dinesh K. Tripathi, Chief of the Naval Staff.

Ship Capabilities:

  • Towing ships, launching, and recovering various targets.
  • Can operate uncrewed autonomous vehicles.
  • Serves as a trial platform for indigenous weapons and sensors under development.

Specifications:

  • Length: 106 meters.
  • Width: 16.8 meters.
  • Maximum Speed: 15 knots.
  • Indigenous Shipbuilding: The launch signifies the Indian Navy’s commitment to indigenous shipbuilding in line with the Government of India’s Aatmanirbhar Bharat and Make in India initiatives.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Anusandhan National Research Foundation Introduces Initial Initiatives: Prime Minister Early Career Research Grant (PMECRG) and Mission for Advancement in High-Impact Areas -Electric Vehicle (MAHA-EV) Mission   

  • The newly operationalised Anusandhan National Research Foundation (ANRF) announced the launch of the first two of its initiatives– the Prime Minister Early Career Research Grant (PMECRG) and the Mission for Advancement in High-Impact Areas -Electric Vehicle (MAHA- EV) Mission.

ANRF Initiatives:

  • Prime Minister Early Career Research Grant (PMECRG):
    • Designed to support early-career researchers in advancing India’s scientific excellence and innovation.
    • Encourages creativity, innovation, and scientific progress in young researchers.
    • Aims to position India as a global leader in Science & Technology (S&T).
    • Focuses on building a research-driven culture across India.
  • Mission for Advancement in High-Impact Areas – Electric Vehicle (MAHA-EV) Mission:
    • Aims to build a strong R&D ecosystem for Electric Vehicle (EV) components.
    • Focuses on critical EV technologies such as Battery Cells, Power Electronics, Machines and Drives (PEMD), and Charging Infrastructure.
    • Supports domestic innovation, reduces reliance on imports, and strengthens India’s global competitiveness in the EV sector.
    • Focuses on enhancing domestic capabilities in Tropical EV Batteries, Power Electronics, PEMD, and Charging Infrastructure.
    • Aligns with the Atmanirbhar Bharat (self-reliant India) vision.
    • Promotes multi-disciplinary collaboration across academic, research, and industrial sectors to tackle critical scientific challenges in the EV domain.
    • Aims to position India as a global hub for EV component development and accelerate the shift towards electric mobility for a sustainable future.

Key Objectives of ANRF:

  • Bridging academic research with industrial application through translational research.
  • Global positioning of India in key sectors by aligning R&D with national priorities.
  • Capacity building and promoting inclusive growth through scientific innovation.

Significance of Initiatives:

  • Both initiatives contribute to India’s research-driven aspirations and focus on transformational innovation in emerging areas.
  • Aim to achieve the Viksit Bharat 2047 (Developed India by 2047) goal by creating a sustainable, innovative future for the country.

ANRF Governing Board:

  • The first Governing Board (GB) meeting was chaired by Prime Minister Narendra Modi on September 10, 2024, marking the formal operationalisation of ANRF.

Dr. Jitendra Singh Speaks at the 11th India-Sweden Innovation Day  

  • Union Minister of State (Independent Charge) for Science and Technology, Dr. Jitendra Singh addressed the 11th India-Sweden Innovation Day (ISID), focusing on bilateral collaboration between India and Sweden in innovation and technology.
  • Theme for 2024: The theme for the 2024 ISID is “Accelerating Green Growth for Inclusive Transition.”
  • India’s Innovation Rank (GII 2024): India ranks 1st among the 10 economies in Central and Southern Asia and 39th globally among 133 economies in the Global Innovation Index (GII) 2024.
  • Sweden’s Innovation Rank (GII 2024): Sweden is a global leader in innovation, ranking 2nd among 39 European economies and globally in the GII 2024.
  • Importance of ISID: The 11th edition of ISID showcases the ongoing significance and success of India-Sweden partnerships in the innovation sector, with a commitment evident since 2021.

Venus Mission Collaboration:

  • Sweden has officially joined ISRO’s Venus Orbiter Mission (VOM).
  • Collaboration involves the Swedish Space Corporation (SSC) and the Indian Space Research Organisation (ISRO).
  • The Swedish Institute of Space Physics (IRF) will provide the Venusian Neutrals Analyser (VNA), a crucial instrument for the mission.

CURRENT AFFAIRS : OBITUARIES

Indranand Singh Jha, Former Radio Presenter of Akashvani Darbhanga, Passed away

  • Indranand Singh Jha, the famous former radio presenter and compere of Akashvani Darbhanga passed away at his ancestral village Chanaur in Darbhanga at the age of 77.
  • Jha was well-known for his rural radio talk programme called Gamghar, broadcast from Akashvani Darbhanga.
  • He was affectionately known by his pen name, Khur Khur Bhai (खुर खुर भाई).
  • Jha enjoyed significant popularity among radio listeners, particularly for his engaging style and rural-centric content throughout his career.
  • His work contributed to the promotion of rural issues and culture through radio, making him a beloved figure in the community.

CURRENT AFFAIRS: IMPORTANT DAYS

World Anaesthesia Day: October 16

  • World Anaesthesia Day 2024 is observed on the 16th of October 2024.
  • World Anaesthesia Day is observed on October 16 in remembrance of W.T.G. Morton, who made the first successful official demonstration of ether as an anaesthetic on this date 173 years ago.
  • This event ushered in the practice of anesthesiology.
  • Since 1903, unique occasions have been planned to commemorate this momentous day.
  • Given in an operating room at Massachusetts General Hospital, it is regarded as one of the pivotal moments in medical history.

World Food Day: October 16

  • World Food Day 2024 is observed annually on the 16th of October 2024.
  • The World Food Day 2024 theme is “Right to Foods for a Better Life and a Better Future,”
  • The Food and Agriculture Organization (FAO), a specialised body of the United Nations, created World Food Day in 1945.
  • However, it would take another 34 years until the 20th FAO conference in November 1979, when it was declared a global holiday.
  • Following this, 150 nations continued to commemorate the day once it was given official UN recognition.
  • Since 2014, the day’s popularity has been exploited to advance the causes of world hunger relief and eradicate poverty in developing countries.

Daily CA One- Liner: October 16

  • Australia has introduced a new First Work and Holiday visa (subclass 462) for Indian citizens, enabling young Indians aged 18 to 30 to work and holiday in Australia for up to one year
  • As air pollution worsens, especially in the NCR region, and more people purchase air purifiers, Consumer Affairs Minister Pralhad Joshi raised concerns about misleading claims made by some manufacturers
  • The Central Electricity Authority (CEA) is developing a national scheme for power distribution as part of India’s push to meet rising electricity demand through renewable energy
  • Reliance Industries reported a 3% drop in net profit for Q2 FY25, reaching Rs 19,323 crore, which was in line with analysts’ expectations
  • BSNL, the state-run telecom company, will complete the rollout of its indigenously developed 4G technology by May 2024 using 1 lakh base stations.
  • Adobe has introduced its first AI video generator, Firefly Video Model, expanding its family of creative generative AI models to include video production.
  • India’s coal imports surged by 11.4% to 121.1 million tonnes (MT) during the April-August period of the current fiscal year compared to 108.7 MT in the same period last year, according to data from mjunction, a B2B e-commerce platform
  • The NITI Aayog has revised the asset monetisation target for FY25, increasing it by ₹23,000 crore to ₹1.9 trillion
  • India is set to sign a major $3.3 billion (Rs 28,000 crore) defence deal with the United States for 31 MQ-9B Predator drones.
  • Quantum Mutual Fund and Manu Rishi Guptha, minority shareholders of ICICI Securities, challenged the delisting plan.
  • The Reserve Bank of India (RBI) has proposed setting up a data repository to monitor climate-related risks, known as the Reserve Bank – Climate Risk Information System (RB-CRIS).
  • The Reserve Bank of India (RBI) has barred banks and non-banking financial companies (NBFCs) from levying foreclosure charges or pre-payment penalties on floating rate term loans sanctioned to Micro and Small Enterprises (MSEs).
  • Jio Payments Bank, a subsidiary of Jio Financial Services, has obtained a mutual fund distribution license from the Association of Mutual Funds in India (Amfi)
  • The National Bank for Agriculture and Rural Development (NABARD) conducted the second All India Rural Financial Inclusion Survey (NAFIS) for the agricultural year 2021-22.
  • Nicaragua’s government, led by Vice President Rosario Murillo, has officially declared the suspension of diplomatic relations with Israel following a congressional resolution.
  • The Odisha government has launched Gramodaya, a new scheme to ensure that welfare programmes reach people living in the affected districts of Left Wing Extremism (LWE).
  • The Delhi government has imposed a complete ban on the manufacturing, storage, selling, and bursting of all kinds of firecrackers, including online sales, effective until January 1, 2025.
  • Surgeon Vice Admiral Kavita Sahai, SM, VSM assumed charge as Director General Medical Services (Navy).
  • L. Satya Srinivas, a 1991-batch Indian Revenue Service (IRS) officer (Customs & Indirect Taxes), has been appointed as the Chief Executive Officer (CEO) of the Government e-Marketplace (GeM) on an additional charge basis.
  • Hindustan Aeronautics Limited (HAL) has been upgraded to Maharatna status, becoming the 14th Central Public Sector Enterprise (CPSE) to receive this classification in India.
  • The Indian Navy Sailing Championship (INSC), the Navy’s largest sailing regatta, will be held at the Indian Naval Academy (INA), Ezhimala, from October 16 to 19, 2024.
  • The first ship of the two Multi-Purpose Vessel projects, being built by Larsen & Toubro Limited (L&T), Shipyard for the Indian Navy, was launched on 14 Oct 24 at L&T, Kattupalli.
  • The newly operationalised Anusandhan National Research Foundation (ANRF) announced the launch of the first two of its initiatives– the Prime Minister Early Career Research Grant (PMECRG) and the Mission for Advancement in High-Impact Areas -Electric Vehicle (MAHA- EV) Mission.
  • Union Minister of State (Independent Charge) for Science and Technology, Dr. Jitendra Singh addressed the 11th India-Sweden Innovation Day (ISID), focusing on bilateral collaboration between India and Sweden in innovation and technology.
  • Indranand Singh Jha, the famous former radio presenter and compere of Akashvani Darbhanga passed away at his ancestral village Chanaur in Darbhanga at the age of 77.
  • World Anaesthesia Day 2024 is observed on the 16th of October 2024
  • World Food Day 2024 is observed annually on the 16th of October 2024.

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