Daily Current Affairs September 19 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Asian Development Bank Pledges $2 Billion in Annual Loans to Support Cash-Strapped Pakistan: Report

• The Asian Development Bank (ADB) has assured Pakistan of providing $2 billion annually in new loans from 2024 to 2027, totaling $8 billion over four years.
• ADB President Masatsugu Asakawa gave the assurance during his visit and interaction with Pakistani authorities.

Key Highlights :

• Loan Terms:Out of the $2 billion annual loan, $1 billion will be provided at a fixed 2% interest rate under ADB’s concessional window.
• Pakistan’s Economic Struggles:Pakistan has struggled to secure cheaper credit due to worsened credit ratings, leading to loans with high-interest rates ranging from 7% to 11%.
• Despite an agreement with the International Monetary Fund (IMF), Pakistan remains a desperate borrower in recent years.
• ADB’s New Strategy:The ADB’s strategy for Pakistan will focus on addressing key challenges, supporting structural reforms, and enhancing economic and climate resilience.
• The bank will also promote regional economic integration with Central Asian neighbours through the Central Asia Regional Economic Cooperation (CAREC) programme, aimed at unlocking new trade and investment opportunities.
• Government Oversight:Prime Minister Shehbaz Sharif is personally overseeing the progress of reforms to ensure their successful implementation and long-term impact.
• New Appointments:ADB appointed Emma Fan, a Chinese-born New Zealander, as the new Country Director for Pakistan, replacing Yong Ye.
• The IMF appointed Mahir Bicini, a Turkish national, as the new Country Head, who will take over in December 2024.
• Historical Context:Pakistan joined the ADB as a founding member in 1966.

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)

World Bank Commits Additional USD 2 Billion to Support Key Reforms in Bangladesh

• The World Bank pledged an additional $2 billion in financing to Bangladesh during this fiscal year to support critical reforms, flood response, air quality improvement, and healthcare.
• Abdoulaye Seck, World Bank Country Director, made the pledge during his meeting with Chief Adviser Muhammad Yunus at the State Guest House Jamuna in Dhaka.

Key Highlights :

• World Bank Commitment:The World Bank is committed to increasing lending to Bangladesh to support the reform agenda of the Interim Government.
• USAID Aid:USAID-Bangladesh recently announced $202.25 million in aid to Bangladesh to advance development, empower youth, strengthen democracy, improve health, and expand trade and economic opportunities.
• Repurposing Existing Funds:The World Bank plans to repurpose an additional $1 billion from existing programmes in consultation with the government, bringing the total financial assistance to around $3 billion.
• Chief Adviser’s Request:Muhammad Yunus requested the World Bank to provide technical support to recover stolen assets siphoned off by corrupt individuals during the previous government’s rule.
• World Bank’s Role in Bangladesh’s Future:Yunus emphasized the need for the World Bank to maintain flexibility in its funding to support Bangladesh’s reforms and help the country recover from 15 years of misgovernance under the previous regime.

About World Bank :

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

CURRENT AFFAIRS: NATIONAL NEWS

India to Host Second Edition of Global Food Regulators Summit

• India is set to host the second edition of the Global Food Regulators Summit from September 19-21, 2024, in New Delhi.
• Organized by the Food Safety and Standards Authority of India (FSSAI) under the Union Ministry of Health and Family Welfare, the event aims to bring together international experts and regulators to discuss critical food safety regulations.

Key Highlights:

1. International Participation:
   • Delegates from over 70 countries are expected to attend the summit.
   • The event will promote global collaboration and knowledge-sharing on key issues such as food safety, risk assessment, and capacity building.
   • More than 5,000 attendees are expected to join in person, while over 1.5 lakh participants will engage virtually.
2. Summit Objectives:
   • The summit will focus on fostering international cooperation on food safety regulations.
   • Discussions will cover food safety standards, regulatory strategies, and enhancing analytical competence.
   • The summit emphasizes India’s leadership in promoting food safety standards and securing global food systems.
3. New Initiatives:
   • FSSAI Portal for Food Import Rejection Alert: A new portal will be launched to enhance transparency and communication regarding food imports.
   • Food Import Clearance System 2.0: This upgraded system aims to streamline import procedures, ensuring better compliance with food safety standards.
   • State Food Safety Index 2024: FSSAI will introduce the updated index, which evaluates the food safety performance of Indian states and union territories.
4. Background:
   • The first edition of the summit was held in July 2023 as a co-branded event with the G20 Summit.
   • The event underscores India’s commitment to advancing global food safety and security through enhanced regulatory frameworks.

Enhanced Credit Guarantee for Women-Owned MSMEs Under CGTMSE Scheme

• Union Minister Jitan Ram Manjhi announced a significant policy change that will benefit women-owned micro and small enterprises (MSMEs) by providing enhanced credit guarantee coverage under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme.
• This adjustment was approved by the CGTMSE Board.

Key Details:

• Enhanced Credit Guarantee Coverage:
  • New Coverage: 90%
  • Previous Coverage: 85%
  • Beneficiaries: Expected to impact 27 lakh women-led MSMEs.
• Objective:
  • Improve Access: The increased coverage aims to enhance access to collateral-free credit from banks for women entrepreneurs.

Recent Achievements of the Ministry of Micro, Small and Medium Enterprises (MSME):

• Formalisation of MSMEs:
  • Total Formalised: 5.07 crore MSMEs
  • Jobs Created: 21 crore
• Prime Minister Employment Generation Programme (PMEGP):
  • New Micro Enterprises Established: 26,426
  • Loan Disbursements: ₹3,148 crore
• Technology Centres:
  • Planned Centres: 14 across India
  • Investment: ₹2,800 crore
  • Locations: Including Nagpur, Pune, and Bokaro

Upcoming Events:

• PM Vishwakarma Scheme Anniversary:
  • Date: September 20
  • Location: Wardha, Maharashtra
  • Notable Attendees: The event is expected to be graced by the Prime Minister.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Former United States President Donald Trump Unveils Cryptocurrency Venture ‘World Liberty Financial’

• Former President Donald Trump launched a new cryptocurrency venture called World Liberty Financial just 50 days before Election Day.

About World Liberty Financial :

• World Liberty Financial is designed to be a crypto banking service that allows users to borrow, lend, and invest in digital currencies.
• World Liberty Financial is Donald Trump’s new cryptocurrency venture, aiming to offer decentralized finance (DeFi) services.
• Decentralized finance (DeFi) eliminates the need for intermediaries like banks, using blockchain technology to keep tamper-proof records of transactions.
• Service Offerings:World Liberty Financial allows users to lend or borrow cryptocurrencies directly, bypassing traditional financial systems.
• The platform will introduce a new digital token called WLFI, with 20% of the tokens allocated to the founding team, which includes the Trump family.
• Leadership and Oversight:The project is overseen by Eric and Donald Trump Jr., with Trump listed as the “chief crypto advocate.”
• Eric and Donald Jr. are titled “Web3 Ambassadors”, and Barron Trump is referred to as the “chief DeFi visionary.”
• Market and Technology:DeFi platforms use blockchain technology to conduct peer-to-peer transactions without intermediaries.
• These platforms may involve fees for converting digital assets into fiat currencies, like the US dollar, through online exchanges.
• Cryptocurrency Adoption:93 million Americans (40% of adults) now hold some form of cryptocurrency, up from 30% in 2023, according to data from Security.org.

55th International Film Festival of India (IFFI) 2024 to Take Place in Goa from November 20-28, 2024

• The 55th International Film Festival of India (IFFI) 2024 is slated to be held in Goa from 20th to 28th November 2024.
• The Ministry of Information and Broadcasting has instituted a new section as part of IFFI, 2024 for the Indian young filmmaker called “Best Debut Indian Film Section 2024″.
• Best Debut Indian Film Section 2024 will focus on Indian debut films, which will showcase a diverse range of narratives and cinematic styles from across the country.
• A maximum of 5 debut feature films showcasing the work of new directors who are contributing fresh perspectives and stories to Indian cinema shall be selected in accordance with the rules and regulations and shall be shown in the Best Debut Indian Film section.

Best Debut Director of Indian Feature Film Award :

• In addition to this, a Best Debut Director of Indian Feature Film Award will also be presented at 55th International Film Festival of India, 2024.
• This accolade aims to honour the creativity and potential of first-time directors, acknowledging their contribution to the evolution of Indian cinema.
• The “Best Debut Director of Indian Feature Film Award” details are as under:

Award Name	Description	Awardee	Award Component
Best Debut Indian Feature Film of a Director Award	Presented to Indian Debut Director for his/her creative vision, artistic merit, storytelling and overall impact	Director	a. Certificate to the Director b. Cash Prize of Rs. 5 lakhs to the Director

• Union Minister Shri Anurag Thakur announced that the 54th International Film Festival will be held from 20th to 28th November, 2023, in Goa.

About IFFI :

• IFFI was founded in 1952 under the patronage of Jawaharlal Nehru, the first Prime Minister of India.
• The festival was initially organized by the Films Division of the Government of India.
• The first edition of IFFI was held in Mumbai, Maharashtra.
• Since 2004, IFFI has been held annually in Goa, where it has become a competitive film festival.
• The Government of Goa and the Ministry of Information and Broadcasting jointly conduct the festival
• IFFI is the only film festival in South Asia accredited by the International Federation of Film Producers and Associations (FIAPF).

CURRENT AFFAIRS : STATE NEWS

Uttar Pradesh’s First Semiconductor Park to be Established in Greater Noida, State Allocates 225 Acres of Land for Three Companies

• The first semiconductor park in Uttar Pradesh will be established in Greater Noida, near the upcoming Noida International Airport.
• The Uttar Pradesh government has allocated 225 acres of land in Sector 10 and Sector 28 for semiconductor manufacturing projects by three companies.

Key Highlights :

• Companies and Land Allocation : Arun Vir Singh, chief executive officer, Yamuna Development Authority (YEIDA), stated that 50 acres of land in Sector-10 have been allocated to Kaynes Semicon Private Limited and Vama Sundari Investments for setting up semiconductor units.
• Vama Sundari Investments plans to develop a semiconductor unit expected to create 13,780 jobs, produce 2.40 lakh chips per month, and require 19 MW of electricity and 2,000 million liters of water per day.
• Kaynes Semicon will also establish a unit on 50 acres, with specific electricity requirements.
• TURCK will be allocated 125 acres of land.
• Investment:The three companies are expected to invest between Rs 40,000 crore and Rs 80,000 crore in their respective projects.
• Approval Process:The approvals for these companies have been forwarded to the central government.
• State Semiconductor Policy:Uttar Pradesh’s semiconductor policy, approved earlier this year, aims to incentivize investors, position UP as a key player in the semiconductor ecosystem, and support India’s chip manufacturing efforts.
• UP is the 4th state to implement such a policy, following Gujarat, Odisha, and Tamil Nadu.
• Investment Promotion:UP’s investment promotion agency, Invest UP, received project proposals worth approximately Rs 40,038 crore in July, highlighting the state’s focus on attracting global investments.

About UP :

• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National Park
• Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Government increases PF withdrawal limit to ₹1 lakh, likely to hike salary ceiling

• Union Labour Minister Mansukh Mandaviya announced significant updates regarding the Employees’ Provident Fund Organisation (EPFO), a government-managed retirement savings fund, introducing enhanced flexibility for subscribers and changes to withdrawal limits and eligibility criteria.

1. Increased Withdrawal Limit:

• New Limit: Subscribers can now withdraw up to ₹1 lakh from their EPFO accounts for personal financial needs.
• Previous Limit: The withdrawal limit was ₹50,000, but it was deemed insufficient due to rising living and consumption costs.

2. Early Withdrawal for New Employees:

• Eligibility: New employees who have not completed six months in their job are now eligible to withdraw funds from their provident fund accounts. Previously, a minimum of six months’ tenure was required to access the funds.

3. Digital Framework for Flexibility:

• Operational Changes: The Ministry has implemented a digital framework and updated guidelines to improve the convenience and responsiveness of EPFO’s operations, minimizing delays and inconveniences for subscribers.

4. Interest Rate and Provident Fund Importance:

• EPFO Interest Rate: The provident fund currently offers an interest rate of 8.25% for FY24.
• Significance: The EPFO plays a crucial role in providing retirement income for over 10 million organized sector employees, representing a primary source of lifetime savings.

5. Transition to EPFO for Private Schemes:

• Private Schemes: Companies that manage private provident fund schemes established before 1954 (when EPFO was created) now have the option to switch to the EPFO system.
  • Example: Currently, there are 17 such companies with a workforce of 100,000 employees and a corpus of ₹1,000 crore.

6. Income Threshold Changes for PF Contributions:

• Current Threshold: The mandatory provident fund contribution threshold is set at a salary of ₹15,000 or less.
• Proposed Changes: The government is working on raising the income threshold for mandatory provident fund contributions to accommodate higher-earning employees.

7. Employees’ State Insurance (ESI) Threshold:

• Current Limit: The income threshold for Employees’ State Insurance is ₹21,000.
• Proposed Increase: The government plans to increase this limit as well.

8. Flexibility in Contributions for Higher Income Earners:

• For Employees Earning Above ₹15,000: Employees earning above the threshold will have the flexibility to choose how much of their salary they wish to allocate towards provident fund contributions and pension.

India’s Trade Deficit Surges to a 10-Month High in August 2024

• India’s trade deficit soared to a 10-month high of $29.7 billion in August 2024, driven by record imports of $64.4 billion and a contraction in exports for the second consecutive month.
• The widening gap between imports and exports is attributed to factors such as a doubling of gold imports, weakening global demand, and softening oil prices.

Key Highlights:

1. Merchandise Exports:
   • Decline: Exports shrank 9.3%, amounting to $34.7 billion in August.
   • Factors: The contraction was driven by:
     • A slowdown in China.
     • Falling petroleum prices.
     • Ongoing recessions in advanced economies like the U.S. and Europe.
     • Logistical challenges due to transportation route diversions from the Suez Canal to the Cape of Good Hope.
   • Sectoral Impact: Exports of petroleum products, accounting for over 17% of total exports, plummeted by 37.5%, while the gems and jewellery sector saw a 23% contraction.
2. Merchandise Imports:
   • Growth: Imports rose 3% year-on-year.
   • Gold Imports: Gold imports surged to $10 billion due to:
     • Stocking ahead of the festive season.
     • Falling global prices.
     • A reduction in the import duty on gold from 15% to 6% in July 2024.
   • Other High Imports: Coal imports increased by 8.88%, electronic goods by 12.78%, and non-ferrous metals by 22%.
   • Petroleum and Crude Imports: In contrast, imports of petroleum and crude products contracted by nearly a third, down to $11 billion.
3. Trade Deficit and Economic Impact:
   • Current Account Deficit (CAD): Aditi Nayar, Chief Economist at ICRA, expressed concerns that the merchandise trade deficit could lead to an increase in India’s current account deficit to 1.5-2% of GDP for Q2FY25.
   • Commerce Secretary’s Remarks: Commerce Secretary Sunil Barthwal noted that the widening trade deficit is not a major concern for emerging economies like India, despite the challenges posed by international trade disruptions and declining prices.
4. Sectoral Growth in Exports:
   • Non-petroleum and non-gems and jewellery exports showed modest growth of 2.4%, reaching $26.76 billion.
   • Growth sectors included:
     • Engineering goods: up 4.36%.
     • Electronic goods: up 7.85%.
     • Drugs and pharmaceuticals: up 4.67%.
     • Textiles: up 11.88%.

5. Service Trade Performance:
   • Services Exports: Grew by 6.9%, reaching $30.69 billion in August.
   • Services Imports: Increased by 4% to $15.7 billion, resulting in a $14.9 billion surplus in the services trade.
   • The data is provisional and subject to revision based on the Reserve Bank of India’s release.

India’s Wholesale Price Index (WPI) Inflation Falls to Four-Month Low in August

• India’s wholesale price index (WPI)-based inflation dropped to a four-month low of 1.31% in August 2024, down from 2.04% in July 2024.
• According to data from the Ministry of Commerce and Industry, this decline is attributed to reduced prices in manufactured goods and food items.

Key Highlights:

• Food Prices Inflation:
  • August: 3.11%
  • July: 3.45%
  • The reduction in food price inflation was driven by a slowdown in the prices of cereals (8.44%), paddy (9.12%), and pulses (18.57%). Despite a decrease in onion prices (65.75%), inflation for onions remained in double digits. Conversely, potato prices (77.96%) and fruit prices (16.7%) saw an increase.
• Manufactured Products:
  • Inflation for manufactured products, which make up 64.2% of the index, decreased to 1.22% from 1.58% in July. This was due to a slowdown in the prices of:
    • Manufactured food products (3.61%)
    • Beverages (1.9%)
    • Textiles (1.79%)
    • Wood products (3.17%)
    • Pharmaceuticals (1.97%)
  • Fuel and Power:
    • Prices in the fuel and power sector contracted by -0.67%. This was driven by a reduction in high-speed diesel prices (-3.03%) and petrol (-4.23%). However, cooking gas prices saw an increase of 4%.

Impact on Inflation:

The cooling down of factory gate inflation comes in the wake of a slight rise in retail inflation to 3.65% in August from 3.6% in July. Despite this increase, retail inflation remained below the Reserve Bank of India’s (RBI) medium-term target of 4% for the second time in nearly five years.

RBI’s Role:

• The RBI monitors retail inflation for its monetary policy decisions. A reduction in WPI inflation can contribute to lower retail inflation, though this effect may take some time to materialize.

India’s Exports Plunge and Trade Deficit Soars in August

• India’s exports experienced their sharpest decline in 13 months, falling by 9.3% in August 2024 to ₹2.91 lakh crores ($34.71 billion).
• This decline, coupled with a record high in imports, resulted in a substantial increase in the trade deficit, which soared to a 10-month high of $29.65 billion.

Key highlights:

• Exports:
  • August 2024: ₹2.91 lakh crores ($34.71 billion)
  • Decline: 9.3% from the previous year
  • Major factors contributing to the decline include global economic uncertainties, a slowdown in China, and a recession in Europe and the US.
• Imports:
  • August 2024: ₹5.40 lakh crores ($64.36 billion) – a record high
  • Increase: 3.3% from the previous year
  • Gold Imports: More than doubled to $10.06 billion from $4.93 billion in August 2023.
  • Silver Imports: Increased to $727 million from $159 million.
  • Crude Oil Imports: Fell by 32.38% to $11 billion due to declining petroleum prices.
• Trade Deficit:
  • August 2024: $29.65 billion
  • Comparison: The trade deficit was $30.43 billion in October 2023. The deficit in April-August 2024 was $116.64 billion, up from $99.16 billion in the same period in 2023.

Detailed Insights:

1. Challenges to Exports:
   • The global economic environment, including a slowdown in China and ongoing recessions in Europe and the US, has significantly impacted Indian exports.
   • Transportation costs have risen due to disruptions like the Red Sea crisis, further affecting shipment efficiency.
2. Sectoral Performance:
   • Petroleum Products: Exports dropped by 37.56% to $5.95 billion in August.
   • Negative Growth Sectors: Rice, oil meals, marine products, iron ore, and gems and jewellery.
   • Positive Growth Sectors: Electronic goods (7.85%), pharmaceuticals (4.67%), and engineering goods (4.36%).
3. Service Exports:
   • Estimated at $150.18 billion during April-August 2024, up from $135.5 billion in the same period last year.
4. Government Response:
   • The Commerce Ministry is exploring new markets in regions like Africa and focusing on champion service sectors such as education, healthcare, shipping, and transportation to boost exports.

CURRENT AFFAIRS: AWARDS AND HONOURS

Bharat Heavy Electricals Limited (BHEL) Receives Rajbhasha Kirti Puraskar

• Bharat Heavy Electricals Limited (BHEL) has been honored with the prestigious Rajbhasha Kirti Puraskar by the Department of Official Language, Ministry of Home Affairs, Government of India.
• This award is presented for excellence in implementing the Official Language policy.

Key Details:

• Award: Rajbhasha Kirti Puraskar
• Awarding Body: Department of Official Language, Ministry of Home Affairs, Government of India
• Recognition: Outstanding performance in promoting and implementing Hindi across BHEL’s operations.

Ceremony Details:

• Recipient: K. Sadashiv Murthy, Chairman & Managing Director of BHEL
• Presenter: Nityanand Rai, Minister of State for Home Affairs
• Event: Hindi Diwas and 4th All India Official Language Conference
• Location: Bharat Mandapam, New Delhi

Significance of the Award:

• Rajbhasha Kirti Puraskar: The highest national award for excellence in Official Language implementation.
• Recognition: BHEL’s commendable efforts in promoting and utilizing Hindi in its operations have been acknowledged, reflecting the company’s commitment to enhancing the use of the Official Language.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Arvind Kejriwal Steps Down as Delhi Chief Minister; Atishi Seeks to Form New Government

• Arvind Kejriwal, the Aam Aadmi Party (AAP) convenor, resigned as the Delhi Chief Minister on 17 September 2024.
• He submitted his resignation to Lieutenant Governor Vinai Kumar Saxena.
• Arvind Kejriwal proposed the name of Atishi Marlena, Delhi Minister, as his successor for the position of Chief Minister.
• Atishi will be the third woman Chief Minister of Delhi after Sheila Dikshit and Sushma Swaraj.

About Atishi Marlena :

• Atishi is a senior leader of AAP.
• She played a key role in shaping policies on education and grievance redressal through Mohalla Sabhas.
• Atishi served as the Chairman of the Public Accounts Committee and contributed to other important committees like Women and Child Welfare, Minority Welfare, and Education.
• She is the MLA from Kalkaji constituency in New Delhi.
• She holds key portfolios in the Delhi Cabinet, including finance, water, and education, demonstrating her prominent role in governance.

Supreme Court Collegium Recommends Appointment of Four New High Court Chief Justices

• The Supreme Court Collegium recommended afresh to the Centre the appointment of Chief Justices of the High Courts of Meghalaya, Jammu and Kashmir and Ladakh, Madhya Pradesh, and Himachal Pradesh.
• The SC Collegium, headed by the Chief Justice of India D.Y. Chandrachud.

Position	Recommended Appointee	Current Position	Details
Chief Justice, Meghalaya High Court	Justice Indra Prasanna Mukerji	Senior-most Puisne Judge of Calcutta High Court	Appointed as a judge in May 2009
Chief Justice, Jammu and Kashmir and Ladakh High Court	Justice Tashi Rabstan	Senior-most Puisne Judge of Jammu and Kashmir and Ladakh High Court	Appointed as a judge in March 2013
Chief Justice, Madhya Pradesh High Court	Justice Suresh Kumar Kait	Senior Puisne Judge of Delhi High Court	Appointed as a judge in September 2008
Chief Justice, Himachal Pradesh High Court	Justice G.S. Sandhawalia	Senior-most Puisne Judge of Punjab and Haryana High Court	Appointed as a judge in September 2011

• Note: The SC Collegium’s latest resolution will not affect previous recommendations for Justices Manmohan, Rajiv Shakdher, Nitin Madhukar Jamdar, and K.R. Shriram.

CURRENT AFFAIRS : DEFENCE NEWS

State-of-the-Art Submarine Escape Training Facility “Vinetra” Commissioned at INS Satavahana in Visakhapatnam

• A state-of-the-art submarine escape training facility, named “Vinetra,” was commissioned at INS Satavahana in Visakhapatnam.
• The facility, designed to enhance the escape capabilities of crew members from distressed Kalvari-class submarines, was inaugurated by Vice Admiral Rajesh Pendharkar, Flag Officer Commanding-in-Chief, Eastern Naval Command.
• The facility, developed by M/s L&T Defence as a turnkey project, features a five-meter escape tower integrated with a diving basin.
• This advanced training site will provide both basic and refresher training to submarine crews, equipping them with vital escape procedures in the event of a submarine emergency.
• In line with India’s ‘Aatmanirbhar Bharat’ (self-reliant India) initiative, the Kalvari Submarine Escape Training Facility has been indigenously designed and developed, reinforcing the country’s push towards self-reliance in defence capabilities.
• The facility “Vinetra” (विनेत्र), meaning “Trainer” represents a significant step forward in building confidence among submariners, ensuring that they are equipped with the skills and training necessary to escape in case of any underwater emergency.
• Kalvari-class submarines are a series of diesel-electric attack submarines built for the Indian Navy.
• These submarines are based on the Scorpène-class, originally designed by the French shipbuilder Naval Group (formerly DCNS).
• The first submarine in this class, INS Kalvari, was commissioned in 2017.
• Other submarines in the class include INS Khanderi, INS Karanj, INS Vela, INS Vagir, and INS Vagsheer.

About Ministry of Defence :

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

CURRENT AFFAIRS: MOUS AND AGREEMENT

Metro Bank Partners with Infosys to Enhance Digital Capabilities and Business Operations

• Metro Bank, the UK’s community-focused bank, has announced a long-term collaboration with Infosys, a global leader in digital services and consulting, to significantly improve its IT and support functions.
• This partnership aligns with Metro Bank’s ongoing efforts to boost efficiency and cut costs while undergoing a digital transformation to optimize business operations.

Key Highlights:

1. Strategic Partnership:
   • Infosys will play a crucial role in enhancing Metro Bank’s digital capabilities, focusing on improving automation, refining data management, and embedding AI technologies to streamline processes and enhance customer experience.
   • The collaboration will also leverage Infosys Topaz, an AI-first platform built on generative AI technologies, to further simplify and enhance the consistency of services for Metro Bank’s customers, known as “FANS.”
2. Enhanced Customer Experience:
   • The partnership aims to deliver a more seamless and consistent customer experience, utilizing advanced technologies like artificial intelligence and data analytics.
   • Infosys’ expertise in automation and AI will enable Metro Bank to provide faster, more personalized services, improving overall customer satisfaction.
3. Efficiency and Cost-Saving:
   • The collaboration supports Metro Bank’s strategy of increasing operational efficiency and achieving cost savings through digital transformation.
   • By utilizing Infosys’ global expertise, Metro Bank will become more agile and better positioned for long-term growth in the competitive banking industry.

CURRENT AFFAIRS: SPORTS NEWS

Harmanpreet Singh and PR Sreejesh were Nominated for the FIH Hockey Stars Awards

• India’s hockey captain Harmanpreet Singh and veteran goalkeeper PR Sreejesh have been shortlisted for the prestigious FIH Hockey Stars Awards following their outstanding performances at the Paris Olympics.
• The nominations were announced by the International Hockey Federation (FIH).

Key Highlights:

• Harmanpreet Singh is in the running for the FIH Player of the Year award after leading India to a bronze-medal finish in the Olympics. He netted 10 goals, the highest by any player in the tournament.
• PR Sreejesh has been nominated for the Goalkeeper of the Year award, following his stellar defensive display, particularly during the quarterfinal against Great Britain, where India advanced to the semifinals after a 4-2 penalty shootout win.

Player of the Year Award – Nominees:

• Men’s Category:
  • Harmanpreet Singh (India)
  • Thierry Brinkman (Netherlands)
  • Joep de Mol (Netherlands)
  • Hannes Müller (Germany)
  • Zach Wallace (England)
• Women’s Category:
  • Gu Bingfeng (China)
  • Yibbi Jansen (Netherlands)
  • Nike Lorenz (Germany)
  • Stephanie Vanden Borre (Belgium)
  • Xan de Waard (Netherlands)

Goalkeeper of the Year Award – Nominees:

• Men’s Category:
  • PR Sreejesh (India)
  • Pirmin Blaak (Netherlands)
  • Luis Calzado (Spain)
  • Jean-Paul Danneberg (Germany)
  • Tomas Santiago (Argentina)
• Women’s Category:
  • Cristina Cosentino (Argentina)
  • Aisling D’Hooghe (Belgium)
  • Nathalie Kubalski (Germany)
  • Anne Veenendaal (Netherlands)
  • Ye Jiao (China)

India’s Bronze-Medal Performance:

• India’s men’s hockey team secured a 2-1 victory over Spain in the bronze medal match, adding to their legacy on the Olympic stage. Harmanpreet Singh’s leadership and Sreejesh’s goalkeeping were instrumental in India’s success throughout the tournament.

India Clinches 5th Asian Champions Trophy Title with Narrow Win Over China

• India won their fifth Asian Champions Trophy title with a hard-fought 1-0 victory over China.
• The decisive goal was scored by Jugraj Singh in the 51st minute, assisted by Harmanpreet Singh.
• Despite China’s resilient defence, India managed to secure the win and retain their crown.

Match Summary:

• Date: September 17
• Opponent: China
• Final Score: India 1 – 0 China
• Winning Goal: Jugraj Singh (51st minute)

Highlights:

• Jugraj Singh’s Goal: Assisted by Harmanpreet Singh, this goal was crucial in securing India’s victory.
• Chinese Resilience: Despite the loss, China demonstrated strong defensive capabilities and pressured India throughout the match.

Daily CA One- Liner: September 19

• India is set to host the second edition of the Global Food Regulators Summit from September 19-21, 2024, in New Delhi.
• Union Minister Jitan Ram Manjhi announced a significant policy change that will benefit women-owned micro and small enterprises (MSMEs) by providing enhanced credit guarantee coverage under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme
• Union Labour Minister Mansukh Mandaviya announced significant updates regarding the Employees’ Provident Fund Organisation (EPFO), a government-managed retirement savings fund, introducing enhanced flexibility for subscribers and changes to withdrawal limits and eligibility criteria.
• India’s trade deficit soared to a 10-month high of $29.7 billion in August 2024, driven by record imports of $64.4 billion and a contraction in exports for the second consecutive month.
• India’s wholesale price index (WPI)-based inflation dropped to a four-month low of 1.31% in August, down from 2.04% in July.
• India’s exports experienced their sharpest decline in 13 months, falling by 9.3% in August to ₹2.91 lakh crores ($34.71 billion).
• Bharat Heavy Electricals Limited (BHEL) has been honored with the prestigious Rajbhasha Kirti Puraskar by the Department of Official Language, Ministry of Home Affairs, Government of India.
• Metro Bank, the UK’s community-focused bank, has announced a long-term collaboration with Infosys, a global leader in digital services and consulting, to significantly improve its IT and support functions.
• The Asian Development Bank (ADB) has assured Pakistan of providing $2 billion annually in new loans from 2024 to 2027, totaling $8 billion over four years.
• The World Bank pledged an additional $2 billion in financing to Bangladesh during this fiscal year to support critical reforms, flood response, air quality improvement, and healthcare.
• Former President Donald Trump launched a new cryptocurrency venture called World Liberty Financial just 50 days before Election Day.
• The 55th International Film Festival of India (IFFI) 2024 is slated to be held in Goa from 20th to 28th November 2024.
• The first semiconductor park in Uttar Pradesh will be established in Greater Noida, near the upcoming Noida International Airport.
• Arvind Kejriwal, the Aam Aadmi Party (AAP) convenor, resigned as the Delhi Chief Minister on 17 September 2024.
• The Supreme Court Collegium recommended afresh to the Centre the appointment of Chief Justices of the High Courts of Meghalaya, Jammu and Kashmir and Ladakh, Madhya Pradesh, and Himachal Pradesh.
• A state-of-the-art submarine escape training facility, named “Vinetra,” was commissioned at INS Satavahana in Visakhapatnam.
• India’s hockey captain Harmanpreet Singh and veteran goalkeeper PR Sreejesh have been shortlisted for the prestigious FIH Hockey Stars Awards following their outstanding performances at the Paris Olympics.
• India won their fifth Asian Champions Trophy title with a hard-fought 1-0 victory over China.