Daily Current Affairs November 17th & 18th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Extends Deadline for Banks and ATM Operators to Implement Cassette Swap Mechanism

• The Reserve Bank of India (RBI) has given banks and ATM operators some wiggle room for implementing the cassette swap mechanism for cash replenishment in ATMs.
• The banking regulator has exempted cash recycler machines (CRMs) from the cassette swap requirement for cash replenishment.
• Additionally, this exemption applies when banks don’t engage outsourced agencies for cash replenishment in ATMs.

Key Highlights :

• Original Plan (2018) : In 2018, the RBI had asked banks to implement the cassette swap mechanism in a phased manner, covering at least one-third of ATMs operated by them each year so that all ATMs would achieve cassette swap by March 31, 2021.
• However, the implementation has been tardy.
• New Deadline (2025) : Now, the RBI has asked banks to expeditiously implement the roadmap for cassette swap implementation by March 31, 2025.
• Cassette Swap Mechanism : Under the cassette swap mechanism, lockable cassettes filled with banknotes are used in ATMs that are swapped at the time of cash replenishment.
• This move to exclude the cash recyclers from the cassette swap process is, in fact, a step back and needs further discussion and debate.
• Cost Considerations: Each ATM typically requires three sets of five cassettes, with the cost of each cassette ranging from ₹15,000 to ₹20,000.
• This includes cassettes for the ATM itself, in transit, and stored at the branch or cash-in-transit (CIT) company.
• Current ATM Landscape: As of August 2024, there were 2.55 lakh ATMs in India, of which 2.20 lakh were bank-owned, and 35,000 were operated by White Label ATM Operators.
• Impact of the Exemption: The exemption for CRMs and in-house operations could delay the widespread adoption of the cassette swap mechanism and may raise questions regarding its efficiency and effectiveness.

Galaxy Health Insurance launches its first insurance product, ‘Galaxy Promise’

• Galaxy Health Insurance Company Limited has launched its first health insurance product, ‘Galaxy Promise’.
• The product targets families seeking affordable health coverage.
• The company is jointly promoted by Venu Srinivasan, Chairman Emeritus of TVS Motor Company and Sundaram-Clayton Ltd, and V Jagannathan, founder of Star Health and Allied Insurance Company Ltd.
• Galaxy Health Insurance received approval from the Insurance Regulatory and Development Authority of India (IRDAI) earlier in 2024 to commence its operations.
• ‘Galaxy Promise’ offers sum insured options ranging from ₹3 lakh to ₹1 crore.
• The product is available in multiple plans: Signature, Elite, and Premier, offering flexibility to customers.
• Managing Director and CEO of Galaxy Health Insurance : G Srinivasan

JPMorgan establishes GIFT City unit to create derivative products

• JPMorgan Chase & Co. has set up a unit in India’s Gujarat International Finance Tec-City (GIFT City), becoming the first global bank to establish such a unit aimed at developing derivative products.
• The unit will focus on creating derivative products to be offered to clients across Asia-Pacific and Europe.
• JPMorgan plans to hire five people in the next 12 months to lead the development of derivative products in GIFT City.
• JPMorgan opened its international business unit in GIFT City in 2022, enabling the bank to provide services to its group entities outside the free trade zone, without adding liabilities to its balance sheet, as per exemptions granted by the regulator for economic zones.

About JPMorgan Chase & Co :

• Founded : December 1, 2000
• Headquarters : New York City, United States
• Chairman & CEO : Jamie Dimon

World Bank Increases Lending Capacity by 50%, Pledges $150 Billion for Green Projects and Developing Economies Over the Next Decade

• The World Bank has increased its lending capacity by 50%, enabling it to offer a record $150 billion over the next decade.
• The World Bank’s primary focus will be on supporting developing economies through this increased capacity.
• A major portion of the funding will be directed towards green projects, supporting climate action and the achievement of the Sustainable Development Goals (SDGs).
• The World Bank currently lends $5 billion annually, with the increased capacity significantly enhancing its ability to provide financial support for climate resilience and sustainable development.
• India, one of the World Bank’s largest clients, will receive a major share of this increased funding, especially for projects related to climate resilience, rural development, energy, healthcare, and digital education.

About World Bank :

• Established : July 7, 1944
• Headquarters : Washington, D.C., United States
• President : Ajay Banga

Asian Development Bank issues first biodiversity and nature-themed bond to fund projects across Asia and the Pacific

• The Asian Development Bank (ADB) has issued its first biodiversity and nature theme bond to finance a pool of eligible projects across Asia and the Pacific.
• The bond, valued at A$150 million (approximately US$100 million), has a 10-year maturity and was purchased by Dai-ichi Life Insurance Company of Japan. It was arranged by Credit Agricole CIB.
• The bond was issued under ADB’s Theme Bonds for Sustainable Development program, in collaboration with its Environment group.
• ADB’s theme bonds for sustainable development act as a key vehicle to mobilize private capital in support of the United Nations Sustainable Development Goals and the Kunming-Montreal Global Biodiversity Framework.
• ADB will soon launch its Environment Action Plan 2024–2030: Towards a Nature Positive Asia and the Pacific that will create a road map for its activities to tackle climate change, biodiversity loss, and pollution.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

IDFC FIRST Bank unveils exclusive Startup Lounge to support and empower early-stage entrepreneurs in India

• IDFC FIRST Bank has launched a new Startup Lounge to support early-stage startups and entrepreneurs in India.
• The lounge is located in Koramangala, Bangalore.

Key Features of the Lounge:

• The FIRST Wings Startup Lounge provides mentorship, networking opportunities, and access to essential resources for entrepreneurs.
• It is equipped with state-of-the-art facilities, including meeting rooms and advanced video conferencing solutions.
• The space is designed to help entrepreneurs scale their businesses and facilitate collaboration with investors.

About IDFC FIRST Bank:

• Founded: October 2015.
• Headquarters: Mumbai, Maharashtra, India.
• MD & CEO: V. Vaidyanathan.
• IDFC FIRST Bank was formed through the merger of the banking arm of Infrastructure Development Finance Company (IDFC) and Capital First, a non-bank financial institution.

HDFC Bank and TOI Host Cyber Security Summit in New Delhi to Mark Fifth Year of Participation in International Fraud Awareness Week    

• HDFC Bank and Times of India (TOI) organized the Cyber Security Summit in New Delhi to mark the fifth year of HDFC Bank’s participation in International Fraud Awareness Week.
• Cyber frauds or cyber crimes are increasingly grabbing headlines and the need for individuals and institutions to stay vigilant has never been more pressing.
• HDFC Bank launched the ‘Stay Safe, Stay Vigil’ campaign, featuring ‘Vigil Aunty,’ a social media influencer who educates people on recognizing and avoiding common and innovative cyber frauds.
• The campaign is aimed at spreading awareness and informing the public about various types of cyber frauds to prevent financial losses.

About HDFC Bank :

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

CURRENT AFFAIRS: NATIONAL NEWS

Symbiosis International University Launches Its First International Campus in Dubai

• External Affairs Minister Dr S. Jaishankar and UAE Minister Sheikh Nahyan bin Mubarak Al Nahyan inaugurated the first international campus of Symbiosis International University (SIU) at Dubai Knowledge Park, marking a new chapter in Indo-UAE educational and bilateral relations.

Key Highlights

Inauguration Ceremony

• Event Overview:
  • Dr. S. Jaishankar presided over the campus launch, emphasizing its importance for fostering bilateral ties.
  • Sheikh Nahyan highlighted education’s role in promoting peace and progress.

Academic Focus

• Programs Offered:
  • Specializations in management, technology, and media, tailored to build 21st-century skills.
  • Promotes the Indian philosophy of “Vasudhaiva Kutumbakam” (the world is one family).
• Strategic Alignment:
  • Fully accredited by the UAE Ministry of Education.
  • Supports India’s National Education Policy (NEP) 2020, promoting internationalization of Indian education.

Significance of the Initiative

Strengthening Indo-UAE Relations

• Bilateral Momentum:
  • Builds on the Comprehensive Economic Partnership Agreement (CEPA) and deepening bilateral ties since PM Modi’s 2015 UAE visit.
  • Contributes to the UAE’s knowledge-based economy and India’s emphasis on human capital development.
• Educational Cooperation:
  • Enhances opportunities for over 300,000 Indian students in the UAE.
  • Positions the UAE as a leading global education hub.

Dubai as a Strategic Choice

• Economic Agenda 33:
  • Supports Dubai’s vision to transform into a hub for human capital development and education.
  • Aligns with the emirate’s diverse expatriate community, making it an ideal location for international education initiatives.

PM Modi Inaugurates Bodoland Mohotsav: Celebrating Bodo Culture and Progress

• Prime Minister Narendra Modi inaugurated the first-ever Bodoland Mohotsav in New Delhi, a two-day festival spotlighting the rich language, literature, and culture of the Bodo community.
• The event underscores the transformation of Bodoland following the historic 2020 Bodo Peace Accord, fostering unity, peace, and development in the region.

Key Highlights of the Event

1. Significance of the 2020 Bodo Peace Accord

• Historic Accord:
  • Marked the end of decades of violence, paving the way for peace and prosperity in Bodoland.
• Regional Stability:
  • PM Modi also cited successes of other accords like the Karbi Anglong Accord, Bru-Reang Accord, and NLFT-Tripura Accord, emphasizing their contributions to North-East India’s growth.

2. Development and Infrastructure Investments

• Financial Support:
  • ₹1500 crore package by the Central Government and over ₹700 crore by the Assam Government for infrastructure, health, education, and cultural projects.
• Youth Integration:
  • Over 10,000 former militants have surrendered arms, now contributing to Bodoland’s development.

3. Cultural Revival and Tourism Boost

• Cultural Renaissance:
  • Events like the Bodo Literary Festival and promotion of GI-tagged products underscore the region’s vibrant traditions.
• Tourism Growth:
  • Development of Manas and Raimona National Parks as thriving tourist hubs has created employment opportunities.

4. Support for Youth and Skill Development

• SEED Mission:
  • Focuses on Skill, Entrepreneurship, Employment, and Development, equipping Bodo youth with modern skills for sustainable growth.
• Sports and Education:
  • Hosting events like the Durand Cup in Kokrajhar symbolizes progress and fosters youth engagement in sports.

5. Honoring Bodo Leaders and Heritage

• Tributes to Visionaries:
  • PM Modi honored leaders like Bodofa Upendra Nath Brahma and Gurudev Kalicharan Brahma for promoting peace and democratic values.
• Inspiring Figures:
  • Acknowledged the contributions of personalities like Harishankar Brahma and Ranjit Shekhar Mushahary in shaping a prosperous Bodoland.

Theme and Objectives of Bodoland Mohotsav

• Theme:
  • “Peace and Harmony for a Prosperous Bharat,” celebrating Bodo culture, ecology, and linguistic heritage.
• Participants:
  • Delegations from Assam, West Bengal, Nepal, and Bhutan, reinforcing the shared heritage of the Bodo people across borders.

Union Minister Launches ‘Know Your Medicine (KYM)’ App to Strengthen Anti-Doping Measures in Sports

• Union Minister for Youth Affairs & Sports, Mansukh Mandaviya, has unveiled the ‘Know Your Medicine (KYM)’ app, a key step in India’s commitment to combating doping in sports.
• The initiative is spearheaded by the National Anti-Doping Agency (NADA) India and aims to ensure fair competition while empowering athletes with the tools to maintain clean sports practices.

Launch Objectives

• Fight Against Doping: The KYM app serves as a critical tool in the nationwide campaign to eliminate doping from Indian sports.
• Promote Fair Play: Encourages athletes and coaches to uphold the principles of integrity and transparency.

Key Highlights from Dr. Mandaviya’s Address

• Support for Athletes: Recognized athletes as the pride of the nation and emphasized their need for tools like KYM to ensure fair play.
• Call to Action: Urged the entire sporting community, including athletes and coaches, to integrate the KYM app into their daily practices.

Features of the KYM App

1. Core Functionality:
   • Enables users to verify if a medicine or its ingredients contain substances prohibited by the World Anti-Doping Agency (WADA).
   • Helps athletes avoid accidental consumption of banned substances.
2. Unique Features:
   • Image and Audio Search: Users can identify substances by uploading images or providing audio inputs for ease of access.
   • Sport-Specific Insights: Offers tailored information based on the user’s sport category.
   • Convenience: Ensures effortless access to critical anti-doping information.

NADA India’s Broader Mission with KYM

1. Education and Awareness:
   • Enhances understanding of doping regulations among athletes, coaches, and other stakeholders.
   • Reduces the risk of inadvertent doping violations by empowering users with comprehensive information.
2. Promoting Ethical Sportsmanship:
   • Encourages a clean and transparent sporting culture, fostering integrity at all levels of competition.
   • Strengthens compliance with global anti-doping standards.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Climate Change Conference 29 Kicks Off in Baku, Azerbaijan, Aims to Address Global Warming and Boost Climate Finance for Developing Nations

• The 29th United Nations Climate Change Conference (COP29) began on November 11 in Baku, Azerbaijan, and will run until November 22, 2024.
• Key Participants: Delegates from approximately 200 countries, business leaders, climate scientists, Indigenous Peoples, journalists, and other experts and stakeholders are expected to attend.

Key Highlights :

• Main Goals of COP29:Develop a shared global plan for mitigating global warming.
• Focus on scaling up climate finance to assist developing nations in addressing climate change impacts.
• Focus on Climate Finance:COP29 is dubbed the “Finance COP” and will aim to establish a new climate finance target for vulnerable nations.
• The conference aims to secure up to $1 trillion in annual climate finance for developing countries, replacing the earlier $100 billion/year commitment made in 2009.
• The 2009 commitment was extended to 2025 under the Paris Agreement.
• Host and Climate Finance Framework:Azerbaijan is the host for COP29, along with the UAE (COP28) and Brazil (COP30), which together form the “Troika.”
• All of these countries have fossil-fuel-dependent economies.
• India’s Role: India has played a significant role in shaping the global climate finance framework, advocating for immediate financing for both mitigation and adaptation efforts.
• India’s Climate Finance Need:The Economic Survey of India 2023-24 estimates that India will need about $2.5 trillion by 2030 to meet its climate commitments under the Paris Agreement.

What is COP?:

• COP stands for Conference of Parties, which is the annual meeting of the members of the UN Framework Convention on Climate Change (UNFCCC).
• The UNFCCC is an international treaty signed in 1992, aimed at stabilizing greenhouse gas concentrations to prevent dangerous human-induced interference with the climate system.
• Currently, there are 198 parties to the UNFCCC, including 197 countries and the European Union.

About Azerbaijan :

• President : Ilham Aliyev
• Prime Minister : Ali Asadov
• Capital : Baku
• Currency : Manat

Australia to Launch New Scheme Mobility Arrangement for Talented Early-professionals Scheme in December 2024 for Talented Young Indians to Work

• From December 2024, Australia will open a new scheme named Mobility Arrangement for Talented Early-professionals Scheme (MATES) which allows talented young people from India to work in the country.
• MATES gives Indian university graduates and early career professionals a chance to work in Australia for two years.
• On 23 May 2023, Australia and India entered into a Migration and Mobility Partnership Arrangement (MMPA).
• The MMPA is a bilateral framework that supports and promotes two-way migration and mobility between our two countries while addressing issues pertaining to illegal and irregular migration.
• The Mobility Arrangement for Talented Early-professionals Scheme or ‘MATES’ is a new scheme, established under the MMPA, to enable the temporary mobility of Indian university graduates and early career professionals.
• MATES aims to encourage mutually-beneficial skills and knowledge transfer between Australia and India.
• Who is eligible?MATES will be open to Indian nationals who are aged 30 or younger (inclusive) at the time of application; have not previously participated in MATES; have proficient English language skills (overall IELTS or equivalent score of at least 6, with a minimum score of 5 for each of the four parts); have graduated within 2 years from an eligible educational institution at the time of application.
• MATES participants will be able to live and work in Australia for up to 2 years.
• It will commence as a pilot programme with 3,000 places for primary applicants per programme per year.
• How long can visa holders stay in Australia?Visa holders will have 12 months to make their first entry into Australia, and may stay in Australia for 24 months from the date of first entry.
• The visa will allow multiple entries to Australia.

CURRENT AFFAIRS : STATE NEWS

Bali Jatra Kicks Off in Odisha to Commemorate Ancient Sea-Trade Heritage

• Asia’s largest open-air trade fair, Bali Jatra, started to celebrate Odisha’s ancient sea-trading history.
• The fair begins on the full moon day of Kartika (October-November) and runs until November 22.
• Bali Jatra, meaning “Journey to Bali,” honours Odisha’s old tradition of traders sailing to distant lands in boats called Boitas from the Mahanadi River during Kartika Purnima.
• The fair includes performances of traditional dance forms such as Odissi, Chhau, Bihu, Mahari, Gotipua, Sambalpuri, and Santali folk.
• Approximately 2,500 stalls feature crafts, household items, and food, offering a rich display of Odisha’s cultural diversity.

About Odisha :

• Governor : Raghubar Das
• Chief Minister : Mohan Charan Majhi
• Capital : Bhubaneswar

CURRENT AFFAIRS: AWARDS AND HONOURS

GHIAL Shines at Airport Excellence Awards 2024 for Digital Innovations

• GMR Hyderabad International Airport Limited (GHIAL) has achieved global recognition at the 2024 Airport Excellence Awards at the Riyadh International Convention and Exhibition Center (RICEC).
• The awards celebrated GHIAL’s cutting-edge contributions to aviation technology, particularly in Digital Twin and Smart Shopping Trolley innovations, marking a milestone in modernizing airport management and passenger services.

Event Overview

• Event Name: 2024 Airport Excellence Awards.
• Location: Riyadh International Convention and Exhibition Center, Saudi Arabia.
• Purpose: Celebrates advancements in aviation technology and recognizes leaders in airport innovations globally.

Award Highlights

1. Digital Twin Technology

• Categories: Winner in Innovation and Technology and Facility Management.
• Innovation:
  • Creates a virtual replica of the airport, integrating data from sensors, CCTV, and IoT devices.
  • Enhances real-time resource management, terminal functionality, and passenger flow efficiency.
  • Helps monitor airport operations comprehensively for optimal decision-making.

2. Smart Shopping Trolley

• Category: Runner-up in Airport Revenue Management.
• Purpose:
  • Improves the shopping experience for passengers through advanced technology.
  • Boosts airport revenue while ensuring convenience for travelers.

Manoj Bajpayee’s The Fable Wins Best Film at the 38th Leeds International Film Festival

• Manoj Bajpayee’s critically acclaimed film, The Fable, has earned the prestigious Best Film award at the 38th Leeds International Film Festival.
• The film triumphed in the Constellation Feature Film Competition, which recognizes outstanding and innovative cinema globally.
• Directed by Raam Reddy, the film’s unique blend of magical realism and poignant themes of colonialism and labor relations has garnered widespread recognition on the international stage.

Award Recognition

• Award Category: Best Film in the Constellation Feature Film Competition.
• Film’s Strengths:
  • Praised for its innovative storytelling and use of magical realism.
  • The jury commended the film’s lyrical homage to traditional tales and its emotional depth.
  • Described as “entrancing” and noted for conveying deep truths of life in a compelling way.
  • The jury stated that no other film in the competition was as deserving of the Grand Prize.

About The Fable

• Plot Overview:
  • The story revolves around Dev, who discovers mysteriously burnt trees on his family’s estate in the Indian Himalayas.
  • As more fires erupt, Dev and his family are forced to confront their true identities and past.
  • The film explores complex themes, blending magical realism with a critical examination of societal and personal struggles.
• Cast and Crew:
  • Manoj Bajpayee stars alongside Priyanka Bose, Deepak Dobriyal, and Tillotama Shome.
  • Co-produced by India and the US, further reflecting its international appeal.

Past Achievements

• 2024 MAMI Mumbai Film Festival: The Fable also won the Special Jury Prize, adding to its growing list of accolades and reinforcing its place as a critical success in global cinema.

CURRENT AFFAIRS : APPOINTENTS & RESIGNATIONS

Mauritius President Prithvirajsing Roopun Appoints Navin Ramgoolam as New Prime Minister

• Navin Ramgoolam has been appointed as the Prime Minister of Mauritius by President Prithvirajsing Roopun.
• This is the fourth term for Navin Ramgoolam, marking his return to power 10 years after his last tenure.
• Ramgoolam’s Alliance du Changement coalition achieved a landslide victory in the parliamentary elections held on 10 November 2024.
• Navin Ramgoolam succeeds Pravind Jugnauth, who has served as Prime Minister since 2017.
• The National Assembly has 70 members, with 62 directly elected by citizens and 8 nominated by the Electoral Supervisory Commission.

About Mauritius:

• Capital: Port Louis
• Currency: Mauritian Rupee

Tayyab Ikram Re-elected as President of International Hockey Federation (FIH) at 49th Statutory Congress in Muscat

• Tayyab Ikram was re-elected for a second consecutive term as President of the International Hockey Federation (FIH) at the 49th FIH Statutory Congress held in Muscat, Oman.
• Ikram secured 79 votes out of 126, defeating his competitor, Marc Coudron of Belgium, who received 47 votes.
• The re-election of Ikram highlights Pakistan’s growing influence in global hockey, as Ikram is a Pakistan-born leader.
• Ikram was the lone candidate for the presidency after the scrutiny and approval of nominations.
• Previous Term: Ikram initially took over as FIH President for a two-year period in 2022, following Narinder Batra’s resignation.
• His current term will be his first full four-year term.

About International Hockey Federation :

• Formation : 7 January 1924
• Headquarters : Lausanne, Switzerland.
• International Hockey Federation is the international governing body of indoor field hockey and field hockey.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Reliance Industries Finalizes Merger of Media Assets with Walt Disney India to Create Rs 70,352 Crore Joint Venture

• Reliance Industries has completed the merger of its media assets with the India business of global media house Walt Disney, forming a joint venture (JV) worth ₹70,352 crore.

Key Highlights :

• Investment and Stake Distribution:Reliance Industries has invested ₹11,500 crore (USD 1.4 billion) into the JV.
• Reliance holds a 63.16% stake in the JV, divided as:
  • 34% stake through Reliance Industries Limited (RIL).
  • 82% stake through Viacom18.
• Walt Disney holds the remaining 36.84% stake in the JV.
• Leadership:Nita Ambani, Chairperson of Reliance Foundation, will be the Chairperson of the joint venture.
• Uday Shankar will serve as Vice Chairperson, offering strategic guidance.
• Regulatory Approvals:The merger has received the necessary approvals from the Competition Commission of India (CCI), National Company Law Tribunal (NCLT), and other authorities.
• The merger consolidates the media businesses of Viacom18 and JioCinema into Star India.
• JV’s Market Position:The JV will become one of the largest media and entertainment companies in India.
• The pro forma combined revenue for the fiscal year ended March 2024 is estimated at ₹26,000 crore (USD 3.1 billion).

About Reliance Industries Limited :

• Founded : 1958
• Headquarters : Mumbai, Maharashtra, India
• Chairman & MD : Mukesh Ambani

About Walt Disney Company India :

• Founded : August 1993
• Headquarters : Mumbai, Maharashtra, India

CURRENT AFFAIRS : DEFENCE NEWS

Defence Research and Development Organisation Successfully Conducts Flight Trial of India’s First Long-Range Hypersonic Missile off Odisha Coast

• The Defence Research and Development Organisation (DRDO) successfully conducted the flight trial of India’s first long-range hypersonic missile on November 16, 2024, from Dr APJ Abdul Kalam Island off the Odisha coast.

Key Highlights :

• Missile Capabilities:The hypersonic missile is designed to carry various payloads and has a range of over 1,500 km.
• It can travel at speeds greater than five times the speed of sound (Mach 5), with advanced versions capable of speeds exceeding Mach 15.
• Missile Development:The missile was indigenously developed by DRDO laboratories, including the Dr APJ Abdul Kalam Missile Complex in Hyderabad, in collaboration with other DRDO laboratories and industry partners.
• Flight Data and Tracking:The missile was tracked by multiple range systems across different domains.
• Flight data obtained from down-range ship stations confirmed the missile’s successful terminal maneuvers and impact with high accuracy.
• Strategic Importance:The successful flight trial places India among a select group of nations with the capability to develop such advanced military technologies, including hypersonic missiles.
• Global Context:Hypersonic missiles are capable of carrying both conventional explosives and nuclear warheads.
• Countries like Russia, China, the US, France, Germany, Australia, Japan, Iran, and Israel are also developing hypersonic missile systems.
• Significance:This development is a significant milestone for India, enhancing its military capabilities and defense technology.
• The trial was witnessed by senior DRDO scientists and officers from the armed forces.

About DRDO :

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

India and Japan Sign Memorandum of Implementation for Co-Development of Unicorn Masts for Indian Navy

• A Memorandum of Implementation was signed at the Embassy of India, Tokyo between Government of India and Government of Japan, for co-development of Unified Complex Radio Antenna (UNICORN) mast for fitment onboard Ships of Indian Navy.
• The MOI was signed and exchanged between the Ambassador of India to Japan, H.E. Shri Sibi George and Mr. Ishikawa Takeshi, Commissioner of Acquisition Technology and Logistics Agency (ATLA) under Japan MoD in a ceremony at Tokyo.

Key Highlights :

• UNICORN Mast: UNICORN (Unified Complex Radio Antenna) is an advanced mast with integrated communication systems designed to improve the stealth characteristics of naval platforms.
• It will be installed on Indian Navy warships.
• Co-Development and Collaboration: The UNICORN mast will be co-developed by Bharat Electronics Limited (BEL) in India in collaboration with Japanese technology partners.
• This is the first instance of co-development and co-production of defense equipment between India and Japan.
• Stealth and Communication: The mast helps enhance stealth capabilities by housing antennas atop warships, contributing to the improvement of naval platform stealth characteristics.
• Significance of the Deal: This will be the first export case of Japanese defense technology under the bilateral agreement on defense equipment and technology transfer signed in 2015 between India and Japan.
• Defence Technology Cooperation: The initiative is part of the broader India-Japan Defence Technology Cooperation framework, discussed during the 2+2 inter-Ministerial dialogue in August 2024.
• Japanese Military Export: This agreement marks Japan’s growing efforts to export military hardware under certain conditions, given its pacifist constitution.
• Indian Navy’s Pursuit: The Indian Navy is actively pursuing the induction of these advanced systems, with collaboration between Indian and Japanese defense sectors.
• Future Cooperation: The agreement highlights future cooperation between India and Japan in the Indo-Pacific region, including the possibility of joint defense and security assistance to third countries.
• Previous Collaborations: Japan and India had previously explored defense collaborations, including the procurement of amphibious planes for the Indian Navy, though the deal did not materialize due to high costs and other priorities.
• Key Milestones: The successful completion of cooperation in unmanned ground vehicles/robotics and progress in the transfer of UNICORN and related technologies were noted in the 2+2 dialogue in 2024.

Indian Coast Guard Conducts Regional Pollution Response Exercise (Re-PREX-24) at Paradip, Odisha from November 12-14, 2024

• The Indian Coast Guard (ICG) (Odisha), under the aegis of Coast Guard Region (North East), conducted a Regional Level Pollution Response Exercise (Re-PREX-24) at Paradip from November 12 to 14, 2024.
• The exercise was aimed to enhance preparedness and coordination among various stakeholders in responding to oil spills and other marine pollution incidents.
• The event included professional presentations, discussions, and a mock drill onboard an ICG ship off the coast of Paradip, simulating real-life pollution response scenarios.
• Key participants included regional organizations such as Paradip Port Authority, Dharma Port, Gopalpur Port, Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd, Indian Oil Corporation Ltd, and the Odisha State Pollution Control Board.
• The exercise emphasized the need for effective response strategies to address oil spills along sensitive coastlines and highlighted ICG’s role in safeguarding marine environments.

About Indian Coast Guard :

• Formed: August 18, 1978
• Headquarters: New Delhi
• Jurisdiction: The ICG has jurisdiction over India’s territorial waters, contiguous zone, and exclusive economic zone (EEZ).
• Coast Guard Day: Celebrated on February 1.

CURRENT AFFAIRS: SPORTS NEWS

Prajnesh Gunneswaran Retires: A Look at the Career of India’s Tennis Star

• Indian tennis star Prajnesh Gunneswaran, best known for his bronze medal victory at the 2018 Jakarta Asian Games, has announced his retirement from professional tennis.
• The 35-year-old Chennai-born athlete shared a heartfelt message reflecting on his remarkable journey, spanning over three decades.

Key Highlights of Gunneswaran’s Career

1. Milestone Achievements

• Asian Games Glory (2018):
  • Secured a bronze medal in men’s singles at the Jakarta Asian Games, cementing his place in Indian tennis history.
• Grand Slam Participation:
  • Competed in all four Grand Slam tournaments, with notable appearances at the Australian Open in 2019 and 2020.
• World Rankings:
  • Achieved a career-high ATP singles ranking of World No. 75 in April 2019.

2. Memorable Performances

• Biggest Career Win:
  • Defeated then-World No. 18 Nikoloz Basilashvili during the Indian Wells Masters 2019, marking one of the most significant victories of his career.

3. Challenger & Futures Record

• Singles:
  • ATP Challenger Tour record: 2–7
  • ITF Futures record: 9–9
• Doubles:
  • Clinched a doubles title at Egypt F25 (2018) alongside partner Issam Haitham Taweel.

Tim Southee Announces Retirement from Test Cricket:

• Tim Southee, New Zealand’s legendary fast bowler and all-time leading wicket-taker, has announced his decision to retire from Test cricket following the conclusion of the ongoing ICC World Test Championship (WTC) campaign.
• The 35-year-old bowler, who has been an integral part of New Zealand cricket for nearly two decades, will bow out after the home series against England later this year.

Retirement Announcement

• Series Farewell:
  • Southee will play his final Test series against England, set to conclude at Seddon Park, Hamilton—his home ground.
• Future Participation:
  • He may still consider participating in the World Test Championship Final at Lord’s if New Zealand qualifies.
• Reason for Retirement:
  • Southee cited a desire to pave the way for the next generation of New Zealand bowlers, while expressing pride in his 18-year career.

Career Highlights

1. International Record:
   • Over 770 international wickets across all formats, making him New Zealand’s all-time leading wicket-taker.
2. Test Cricket Legacy:
   • 104 Test matches with 385 wickets, ranking among the top pacers in the world.
   • Part of the historic World Test Championship Final-winning team in 2021.
3. Limited-Overs Achievements:
   • Played in 4 ICC Cricket World Cups, 7 ICC T20 World Cups, and 2 ICC Champions Trophy tournaments.
   • ODI: 221 wickets in 161 matches.
   • T20I: 164 wickets in 126 matches.
4. Iconic Moments:
   • Made his Test debut against England in 2008, a fitting opponent for his farewell series.
   • Known for his lethal swing bowling and ability to step up in critical moments.

Career Stats at a Glance

• Test Cricket: 104 matches, 385 wickets
• ODI Cricket: 161 matches, 221 wickets
• T20 Cricket: 126 matches, 164 wickets
• World Test Championship Winner (2021).

GM Aravindh Chithambaram and GM V Pranav Shine at Chennai Grand Masters 2024

• The Chennai Grand Masters 2024 concluded on a high note, with GM Aravindh Chithambaram clinching the Masters title after a dramatic late surge, and GM V Pranav taking the Challengers title with an unbeaten streak.
• The tournament, held at the Anna Centenary Library in Chennai, showcased top-tier chess action and emerging talent.

Masters Category Highlights

Champion: GM Aravindh Chithambaram

• Late Surge: Aravindh secured the title by winning the last two classical games, demonstrating resilience and strategic brilliance.
• Key Wins:
  • Defeated GM Arjun Erigaisi, ending Arjun’s unbeaten streak.
  • Conquered GM Parham Maghsoodloo in the final round with black pieces, leveraging a Queen’s Gambit Declined to control the board and triumph in a knight-pawn ending.

Play-off Battle:

• Tie at the Top: Aravindh’s final-round victory resulted in a three-way tie for first place.
• Blitz Play-off:
  • Defeated GM Levon Aronian in the first blitz game.
  • Held a crucial draw with black pieces in the second blitz game to claim the title.

CURRENT AFFAIRS: IMPORTANT DAYS

International Students Day: 17th November

• International Students Day 2024 is observed on the 17th of November 2024.
• When Adolf Hitler came to power in 1933, the Third Reich started aggressive claims over territories outside Germany’s borders.
• The Nazis first captured Austria in 1938, Hitler’s home country.
• Next, they forced Czechoslovakia to surrender half of its territories. Germany occupied the Czech regions, forcing Slovakia to split into a satellite state.
• In 1939, students of the Medical Faculty at Charles University in Prague held a meeting to commemorate the formation of an independent Czechoslovak Republic.
• The Nazis brutally suppressed the gathering, resulting in a student Jan Opletal’s death.
• As a result, the students formed Anti Nazis demonstration.
• On 17th November 1939, the Nazis rounded up nine protesters, executing them without trial.
• They arrested over 1,200 students and sent them to concentration camps. Only a few survived in the camp.
• International Students’ Day, is celebrated on November 17th to remember the courage of student activists during the 1939 Nazi attack at the University of Prague.
• The first observance took place in 1941 at the International Students’ Council in London. It was there that students decided to introduce International Students’ Day, to be observed every November 17.

National Epilepsy Day: 17th November

• National Epilepsy Day 2024 is observed on the 17th of November 2024.
• National Epilepsy Day was first observed by the Epilepsy Foundation of India to reduce Epilepsy conditions in India.
• Epilepsy Foundation in India is a non-profitable charity Organisation.
• Epilepsy Foundation of India was formed by Dr. Nirmal Surya located in Mumbai.
• The Charity helps a lot of people who are suffering from Epilepsy and they are conducting awareness programs to reduce the fear of Epilepsy among people.

Daily CA One- Liner: November 17 & 18

• External Affairs Minister Dr S. Jaishankar and UAE Minister Sheikh Nahyan bin Mubarak Al Nahyan inaugurated the first international campus of Symbiosis International University (SIU) at Dubai Knowledge Park, marking a new chapter in Indo-UAE educational and bilateral relations
• Prime Minister Narendra Modi inaugurated the first-ever Bodoland Mohotsav in New Delhi, a two-day festival spotlighting the rich language, literature, and culture of the Bodo community
• Union Minister for Youth Affairs & Sports, Mansukh Mandaviya, has unveiled the ‘Know Your Medicine (KYM)’ app, a key step in India’s commitment to combating doping in sports
• GMR Hyderabad International Airport Limited (GHIAL) has achieved global recognition at the 2024 Airport Excellence Awards at the Riyadh International Convention and Exhibition Center (RICEC).
• Manoj Bajpayee’s critically acclaimed film, The Fable, has earned the prestigious Best Film award at the 38th Leeds International Film Festival.
• Indian tennis star Prajnesh Gunneswaran, best known for his bronze medal victory at the 2018 Jakarta Asian Games, has announced his retirement from professional tennis.
• Tim Southee, New Zealand’s legendary fast bowler and all-time leading wicket-taker, has announced his decision to retire from Test cricket following the conclusion of the ongoing ICC World Test Championship (WTC) campaign
• The Chennai Grand Masters 2024 concluded on a high note, with GM Aravindh Chithambaram clinching the Masters title after a dramatic late surge, and GM V Pranav taking the Challengers title with an unbeaten streak
• The Reserve Bank of India (RBI) has given banks and ATM operators some wiggle room for implementing the cassette swap mechanism for cash replenishment in ATMs.
• Galaxy Health Insurance Company Limited has launched its first health insurance product, ‘Galaxy Promise’.
• JPMorgan Chase & Co. has set up a unit in India’s Gujarat International Finance Tec-City (GIFT City), becoming the first global bank to establish such a unit aimed at developing derivative products.
• The World Bank has increased its lending capacity by 50%, enabling it to offer a record $150 billion over the next decade.
• The Asian Development Bank (ADB) has issued its first biodiversity and nature theme bond to finance a pool of eligible projects across Asia and the Pacific.
• IDFC FIRST Bank has launched a new Startup Lounge to support early-stage startups and entrepreneurs in India.
• HDFC Bank and Times of India (TOI) organized the Cyber Security Summit in New Delhi to mark the fifth year of HDFC Bank’s participation in International Fraud Awareness Week.
• The 29th United Nations Climate Change Conference (COP29) began on November 11 in Baku, Azerbaijan, and will run until November 22, 2024.
• From December 2024, Australia will open a new scheme named Mobility Arrangement for Talented Early-professionals Scheme (MATES) which allows talented young people from India to work in the country.
• Asia’s largest open-air trade fair, Bali Jatra, started to celebrate Odisha’s ancient sea-trading history.
• Navin Ramgoolam has been appointed as the Prime Minister of Mauritius by President Prithvirajsing Roopun.
• Tayyab Ikram was re-elected for a second consecutive term as President of the International Hockey Federation (FIH) at the 49th FIH Statutory Congress held in Muscat, Oman.
• Reliance Industries has completed the merger of its media assets with the India business of global media house Walt Disney, forming a joint venture (JV) worth ₹70,352 crore.
• The Defence Research and Development Organisation (DRDO) successfully conducted the flight trial of India’s first long-range hypersonic missile on November 16, 2024, from Dr APJ Abdul Kalam Island off the Odisha coast.
• A Memorandum of Implementation was signed at the Embassy of India, Tokyo between Government of India and Government of Japan, for co-development of Unified Complex Radio Antenna (UNICORN) mast for fitment onboard Ships of Indian Navy.
• The Indian Coast Guard (ICG) (Odisha), under the aegis of Coast Guard Region (North East), conducted a Regional Level Pollution Response Exercise (Re-PREX-24) at Paradip from November 12 to 14, 2024.
• International Students Day 2024 is observed on the 17th of November 2024
• National Epilepsy Day 2024 is observed on the 17th of November 2024.