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CURRENT AFFAIRS : BANKING & FINANCE
Securities and Exchange Board of India proposes major revisions to small and medium enterprises listing norms to improve transparency and governance
- The Securities and Exchange Board of India (SEBI) has proposed stricter listing regulations for small and medium enterprises (SMEs) due to concerns over misuse of funds and inflated prices in initial public offerings (IPOs).
- The proposals include measures such as enhanced eligibility conditions, tighter corporate governance, and increased scrutiny of IPO fund usage.
Key Highlights :
- Enhanced Eligibility Conditions: Proposed increase in minimum issue size to Rs 10 crore.
- SMEs must show a minimum operating profit of Rs 3 crore in at least two of the last three financial years before filing for an IPO.
- Minimum application value to be doubled to Rs 2 lakh.
- Changes in Lock-In Requirements and Promoter Contributions: Lock-in on minimum promoter contribution (MPC) in SME IPOs proposed to be increased to 5 years.
- Lock-in for promoters’ holdings above MPC to be released in phases.
- Restrictions on Offer for Sale (OFS):OFS limit to be restricted to 20% of the issue size.
- Monitoring and Fund Usage: Appointment of monitoring agencies to ensure appropriate use of funds raised through IPOs.
- SEBI found instances of diversion of funds, circular transactions, and fictitious transactions in SME IPOs.
- Changes in Allottee Criteria and IPO Success: Proposal to increase the minimum number of allottees from 50 to 200 for an SME IPO to be declared successful.
- Migration to Main Board:SEBI plans to subject SMEs raising funds on the SME platform to higher disclosure requirements, including quarterly results.
- SMEs that meet certain criteria can migrate to the main board of exchanges like the NSE Emerge and BSE SME.
- Related-Party Transactions and Governance:SEBI has proposed applying main board norms on related-party transactions and disclosures of board meetings and director information to SMEs.
- SEBI’s findings showed 50% of SMEs listed on the platform engage in related-party transactions over 10% of their turnover.
- Cooling-Off Period for Change in Promoter:A two-year cooling-off period is proposed in case of change in promoter prior to filing the draft IPO documents.
- Impact of Proposals:These proposals come as part of SEBI’s efforts to bring more checks and balances into the SME listing process, aiming to prevent misuse of IPO funds and enhance corporate governance in SMEs.
About SEBI :
- Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
- Headquarters : Mumbai, Maharashtra
- Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
- SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.
Paytm UPI Expands Globally; Users Can Now Make Payments at Select International Locations
- One97 Communications Limited (OCL), which owns the brand Paytm, has enabled Paytm users to make UPI payments at select international locations.
- Indian travellers can now use their Paytm app to make seamless, cashless payments at destinations where UPI is accepted, including popular spots in the UAE, Singapore, France, Mauritius, Bhutan, and Nepal.
- This enhancement allows users to conveniently pay for all use cases including shopping, dining, and local experiences abroad using UPI through their Paytm app.
- Travellers can choose a usage period from 1 to 90 days based on their trip and can deactivate the service anytime to ensure payments are only made when intended.
About One97 Communications Limited :
- Founded : 2000
- Headquarters : Noida, Uttar Pradesh, India
- CEO : Vijay Shekhar Sharma
Sachin Bansal’s Navi Surpasses Cred to Become the 4th Largest UPI App
- Navi, a fintech app owned by Sachin Bansal, grew 31% in October 2024 compared to September, overtaking Cred to become the fourth-largest UPI app in India.
- Navi registered 158 million UPI transactions in October, up from 120 million in September.
Key Highlights :
- Cred’s Performance:Cred, led by Kunal Shah, saw a rise in transactions from 140 million in September to 152 million in October.
- Cred holds approximately 1% market share in UPI transactions, similar to Navi.
- Flipkart’s super.money App:Flipkart’s fintech app, super.money, doubled its transactions in October, reaching 50 million.
- It holds around 0.3% market share in UPI payments, showing significant growth.
UPI Market Share Breakdown (October 2024):
- PhonePe: 47.67% market share (dominates UPI transactions).
- Google Pay: 37.39% market share.
- Paytm: 7.02% market share.
- Navi and Cred each hold around 1% market share.
- money: Approximately 0.3% market share, marking a 3x growth from the previous month.
- NPCI’s Market Share Capping Plan:The National Payments Corporation of India (NPCI) had initially planned to implement a cap on UPI market share to prevent dominance by a few apps, aiming for no app to exceed 30% market share.
- However, this plan is likely to be delayed due to implementation challenges.
- PhonePe and Google Pay together account for approximately 85% of UPI transactions as of October 2024.
Finance Minister Nirmala Sitharaman Releases ₹100 Commemorative Coin Celebrating 100 Years of SBI’s Horniman Circle Branch
- Finance Minister Nirmala Sitharaman unveiled a specially minted ₹100 commemorative coin to mark the centenary of SBI’s Horniman Circle Branch.
- Along with the coin, the 5th edition of “The Evolution of the State Bank of India” was released, covering the transformative period between 1981 and 1996 in SBI’s history.
Key Highlights :
- SBI’s Expansion:From having 100 branches after the 1920 amalgamation, SBI has expanded to over 22,640 branches. It plans to add 500 more branches in FY 2025.
- Commemorative Coin Details:The ₹100 coin is the 19th commemorative coin of 2024, minted by the India Government Mint, Mumbai.
- The metal composition of the coin includes 50% Silver, 40% Copper, 5% Nickel, and 5% Zinc.
- The coin weighs 35 grams and has a diameter of 44 mm, with 200 serrations along the edge.
- Design of the Coin:The face of the coin features the Lion Capitol of Ashoka Pillar at the center, with the inscription “सत्यमेव जयते” below it.
- The left side bears the word “भारत” in Devanagari script, and the right side shows “INDIA” in English, along with the Rupee symbol “₹” and the denomination “100”.
- The reverse side of the coin features an image of the SBI Mumbai Main Branch Building, with the years 1924 and 2024 inscribed on either side.
- Historical Context:This is the second commemorative coin issued for SBI, following the ₹100 and ₹5 coins released during the Bicentenary Year of SBI in 2006.
About SBI :
- Established : 1 July 1955
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Challa Sreenivasulu Setty
Matrimony.com Launches ‘Weddingloans.com’ Platform to Provide Wedding Loans
- Matchmaking service provider com has launched a new financial technology platform, Weddingloans.com, designed to provide financial assistance for marriages.
- The platform has partnered with prominent financial institutions such as IDFC, Tata Capital, and Larsen & Toubro Finance to offer a comprehensive loan solution for wedding-related expenses.
Key Highlights :
- Platform Features:The platform aims to offer more than just wedding loans; it will provide financial advice and guidance to help customers make the right decisions for their financial well-being.
- It aims to simplify the process of wedding planning, budgeting, and execution.
- Loan Structure:Wedding loans offered through the platform are unsecured personal loans provided as a lump sum, with the option for couples to repay the loan in fixed instalments over time.
- Financial Advice and Transparency:Weddingloans.com offers unbiased advice, clear loan breakdowns, and tools to help customers understand total loan costs, including interest.
- Customer Support:Trained advisors will assist borrowers in choosing the right loan products, ensuring that consumers are not just sold loans, but receive personalized financial advice.
About Matrimony.com :
- Founded : 14 April 1997
- Headquarters : Chennai, Tamil Nadu, India
- CEO : Murugavel Janakiraman
IndusInd Bank Limited, Bharat Financial Inclusion Limited partner with Agriculture and Farmers Welfare Ministry to launch an initiative supporting Farmer Producer Organizations
- IndusInd Bank Limited (IBL) and Bharat Financial Inclusion Limited (BFIL) have partnered with the Ministry of Agriculture and Farmers Welfare to launch the Bharat Sanjeevani Krishi Utthan initiative.
- Objective of the Initiative:Supports the government’s flagship program, “Formation and Promotion of 10,000 Farmer Producer Organizations (FPOs)”.
- Aims to empower FPOs and enhance agricultural productivity and profitability, particularly for marginalized farmers.
Key Highlights :
- Role of FPOs:FPOs help farmers:
- Enhance bargaining power.
- Leverage economies of scale.
- Reduce cost of production.
- Increase farmers’ income through aggregation of agricultural produce.
- Geographic Coverage:The initiative will be implemented across 11 states:
- Andhra Pradesh, Bihar, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Telangana, Uttar Pradesh, West Bengal.
- Focus on Sustainable Farming:Promotes sustainable farming practices and improves the income of farmers consistently.
- Central Sector Scheme:Part of the government’s broader strategy to boost agricultural productivity and improve farmer incomes.
- Centralized Project Management Unit (CPMU):BFIL and IBL will set up CPMUs at the national level and in the target states for effective monitoring and support of FPO projects.
- Corporate Social Responsibility (CSR):The initiative is driven by CSR efforts of BFIL and IBL, with a focus on rural empowerment and sustainable agriculture.
- Technical Support Provided:BFIL and IBL will provide expertise in:Data management, Capacity-building,IT infrastructure.
- First Formal Collaboration:This MoU represents the first formal collaboration between the Ministry of Agriculture and corporate entities to achieve FPO development goals.
About IndusInd Bank Limited :
- Founded : April 1994
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Sumant Kathpalia
- Tagline : We care Dil se; we make you feel Richer
About Bharat Financial Inclusion Limited :
- Founded : 1997
- Headquarters : Hyderabad, India
- Founder : Vikram Akula
Reserve Bank of India Extends Supersession of Abhyudaya Cooperative Bank Ltd.’s Board for 12 More Months Starting November 24, 2024
- The Reserve Bank of India (RBI) has exercised its powers under Section 36AAA and Section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) to take action against the governance issues at Abhyudaya Cooperative Bank Limited.
Key Highlights :
- Supersession of Board: The RBI superseded the Board of Directors of Abhyudaya Cooperative Bank Ltd., Mumbai, due to poor governance standards, starting from November 24, 2023.
- Extension of Supersession: The RBI has extended the period of supersession for another 12 months, effective from November 24, 2024, in the public interest.
- Administrator and Advisors: Shri Satya Prakash Pathak will continue as the Administrator of the bank.
- The Administrator will be assisted by a Committee of Advisors comprising Shri Venkatesh Hegde, Shri Devendra Kumar, and Shri Suhas Gokhale.
- Legal Framework: The supersession is in line with the provisions of the Banking Regulation Act, 1949, specifically Section 36AAA and Section 56, which allows the RBI to intervene in the governance of cooperative banks to ensure proper management and protect public interest.
Department of Investment and Public Asset Management Releases Updated Capital Restructuring Guidelines for Central Public Sector Enterprises
- The Finance Ministry has come out with revised guidelines regarding capital restructuring of Central Public Sector Enterprises (CPSEs).
- These “include norms related to dividend payout, split of shares, buyback, and issuance or bonus of shares among others.
Key Highlights :
- Minimum Dividend Payout: Every CPSE must pay a minimum annual dividend of 30% of its Profit After Tax (PAT) or 4% of its net worth, whichever is higher, subject to existing legal provisions.
- Specific Guidelines for CPSE NBFCs: CPSEs in the financial sector, such as Non-Banking Financial Companies (NBFCs), are required to pay a minimum annual dividend of 30% of PAT or 5% of net worth, whichever is higher.
- Buyback Option for Certain CPSEs: CPSEs whose share price has been consistently lower than the book value for the past six months, with a net worth of at least ₹3,000 crore and cash & bank balance exceeding ₹1,500 crore, can consider share buybacks.
- Bonus Shares Issuance: CPSEs may issue bonus shares if their defined reserves and surplus are at least 20 times their paid-up capital.
- Government’s Dividend Target: The government has set a target of ₹56,260 crore in dividends from public sector enterprises for the current fiscal year, an increase from ₹50,000 crore in the previous year (2023-24).
About Ministry of Finance :
- Cabinet Minister : Nirmala Sitharaman
- Minister of State : Pankaj Choudhary
Reserve Bank of India Creates Booklets in Santali Language to Promote Financial Awareness Among Tribals
- To create financial literacy awareness among the tribal population, the Reserve Bank of India (RBI), Odisha office has prepared five specific booklets in Santali (Ol Chik) language.
- Odisha’s Chief Minister, Mohan Charan Majhi, unveiled the booklets at the Bali Jatra festival in Cuttack.
- These booklets were created as part of the RBI’s celebrations marking 90 years of its operations in India.
- The RBI has prepared the booklets for school children, farmers, entrepreneurs, self-help groups and senior citizens with the aim to create awareness about financial products and services, good financial practices, digital and consumer protection.
- In addition to Odisha, the booklets will be distributed in states like Jharkhand, Bihar, West Bengal, Assam, and Tripura, where there is a significant Santali-speaking population.
CURRENT AFFAIRS: NATIONAL NEWS
Global Freight Summit 2024: Driving Innovation in Logistics and Trade
- The Global Freight Summit 2024 commenced on November 18 in Dubai, hosted by DP World. Marking its third edition since 2022, the summit brings together over 5,000 industry leaders from 155 countries.
- Themed “Acting to Reach the Opportunities of Tomorrow”, the event focuses on future-ready strategies in global trade and logistics.
Key Focus Areas
- Technology Integration
- Use of AI and blockchain to streamline business processes and enhance efficiency.
- Addressing challenges in implementing digital solutions in logistics and freight management.
- Sustainability in Shipping
- Exploring eco-friendly shipping practices to meet growing environmental demands.
- Discussions on sustainable strategies to reduce carbon footprints in global logistics.
- Supply Chain Diversification
- Emphasis on managing risks in global trade routes amid geopolitical tensions and natural disasters.
- Solutions to ensure resilient and diversified supply chains.
- Navigating Market Volatility
- Strategies to adapt to fluctuating global markets and shifting trade dynamics.
Highlights of the Summit
Prominent Participation
- Indian Companies:
- Wipro, Tech Mahindra, and SRM Tech are leading contributors from India.
- Notable Speakers:
- Sachin Tendulkar and Shah Rukh Khan will participate in discussions, sharing insights on leadership and innovation.
- Royston Braganza, CEO of Grameen Capital India, will deliver a featured address.
Networking Opportunities
- Interactive Sessions: Participants can engage in dynamic discussions and collaborative problem-solving.
- Knowledge Sharing: Keynote speeches and expert panels to foster learning and innovation.
- Partnership Development: The summit facilitates strategic partnerships among business leaders, government officials, and trade groups.
Significance of the Summit
The Global Freight Summit 2024 serves as a critical platform to:
- Accelerate Industry Innovation: Harnessing technology and sustainability for smarter logistics solutions.
- Strengthen Global Trade: Building robust networks to withstand geopolitical and environmental challenges.
- Foster Collaboration: Connecting leaders to drive collective action and establish resilient supply chains.
New Nationwide Survey for PMAY-G to Identify 8 Million Rural Housing Beneficiaries
- The Indian government has initiated a nationwide survey using face-recognition tools to identify at least 8 million beneficiaries for the Pradhan Mantri Awas Yojana-Gramin (PMAY-G).
- This marks a significant step in fulfilling the target of providing 20 million rural houses over the next five years, with 8 million units slated for completion in 2024-25.
Key Details of the Survey
- Self-Survey Option
- Beneficiaries can conduct their own surveys using the Awaassoft mobile application, designed specifically to ensure ease of use.
- One-time access per mobile device prevents duplication and ensures accurate data collection.
- Technology Integration
- Face-recognition tools will verify beneficiaries and streamline the identification process.
- The survey prioritizes first-time beneficiaries, ensuring equitable access.
PMAY-G: Achievements and Future Goals
- Program Milestones
- Launched in 2016, PMAY-G has sanctioned 29.5 million houses, of which 27 million have been constructed.
- Following the Modi government’s third term in 2024, an additional 20 million houses were approved for completion by 2029.
- Targeting Saturation
- States like Bihar, Madhya Pradesh, and Uttar Pradesh achieved saturation in rural housing delivery, covering 20 out of 34 states.
- Beneficiaries were initially identified through the SECC-2011 census and updated via the Awasplus 2018 survey.
Women-Centric Housing Scheme
- The program ensures 100% houses are sanctioned to women or as joint ownership.
- In the first phase, 74% of houses were registered under women’s names or joint ownership.
Financial Aspects
- Per-Unit Costs
- ₹120,000 for plains and ₹130,000 for hilly regions.
- An additional ₹40,000 is available through convergence with programs like MGNREGA and Swachh Bharat Mission-Gramin.
- No Increase in Unit Costs
- Despite proposals, unit assistance remains unchanged as beneficiaries often invest additional funds to enhance their homes.
Revised Exclusion Criteria
- The exclusion criteria have been reduced from 13 to 10, allowing broader participation in the program for the new target of 20 million houses.
Significance of PMAY-G
PMAY-G exemplifies the government’s commitment to providing “Housing for All” by 2029. By leveraging technology, empowering women, and focusing on socio-economic inclusivity, this initiative is reshaping India’s rural housing landscape and improving living standards across the nation.
India-Italy Strategic Partnership: Key Initiatives Announced by PM Modi and PM Meloni
- At the G20 Summit in Rio de Janeiro, Prime Ministers Narendra Modi of India and Giorgia Meloni of Italy have decided to further strengthen their strategic partnership.
- This includes a series of focused, time-bound initiatives to enhance cooperation across key sectors.
- The joint plan covers various dimensions, ranging from political dialogue to space exploration and energy transition.
Key Areas of Focus
I. Political Dialogue
- Regular Meetings: Heads of government and ministers will meet regularly to enhance diplomatic engagement.
- Yearly Consultations: Bilateral consultations at senior official levels to strengthen foreign relations.
- Inter-Ministry Cooperation: Increased interaction between ministries to deepen cooperation across sectors.
II. Economic Cooperation and Investments
- Bilateral Trade Growth: Strengthen economic ties through increased trade, investment, and joint ventures in sectors like transportation, agriculture, chemicals, green technologies, and sustainable mobility.
- Industrial Partnerships: Promote industrial cooperation, technological centers, and investment in advanced manufacturing and infrastructure.
III. Connectivity
- Sustainable Transport: Collaborate on eco-friendly transport solutions and climate change mitigation.
- Infrastructure Cooperation: Focus on enhancing maritime and land infrastructure, including the India-Middle East-Europe Economic Corridor (IMEEC).
IV. Science, Technology, IT, Innovation, and Start-ups
- Emerging Technologies: Expand cooperation in AI, telecom, digital services, and clean energy.
- Innovation and Research: Collaborate on STEM education, scientific research, and start-ups in sectors like fintech, agritech, and green energy.
- Innovation Exchange: Launch the Indo-Italian Innovation and Incubation Exchange Programme to foster joint scientific and technological development.
V. Space Sector
- Collaboration in Space Research: Expand cooperation between ISRO and ASI in areas like Earth observation, space exploration, and lunar science.
- Commercial Space Partnerships: Facilitate collaboration between industries, MSMEs, and start-ups in the space sector.
- Space Missions: Organize an Italian space delegation mission to India by mid-2025 to boost collaboration.
VI. Energy Transition
- Tech Summits: Promote knowledge exchange on renewable energy and energy efficiency.
- Joint R&D: Support green hydrogen and biofuels development through joint research initiatives.
- International Solar Alliance: Work together to strengthen global renewable energy alliances.
VII. Defence Cooperation
- Joint Defence Consultations: Hold regular Defence Consultative and Joint Staff Talks meetings to foster military cooperation.
- Maritime Cooperation: Focus on maritime pollution response and search and rescue operations.
- Defence Technology Collaboration: Co-develop and co-produce defence platforms and equipment, with a focus on interoperability.
VIII. Security Cooperation
- Cybersecurity and Counterterrorism: Strengthen cooperation on cyber threats, terrorism, and transnational crimes.
- Information Sharing: Develop agreements for sharing classified information to enhance security collaboration.
IX. Migration and Mobility
- Safe Migration: Promote legal migration channels and fair recruitment, with pilot projects for health professional training in India.
- Student Mobility: Increase opportunities for student exchanges and research collaborations.
X. Culture, Academic, and People-to-People Exchanges
- Cultural Collaboration: Increase cultural and educational exchanges, including film co-productions and academic cooperation in technical education.
- Tourism: Foster tourism and people-to-people exchanges to strengthen cultural ties.
- Heritage Preservation: Collaborate on the restoration of historical and cultural sites.
Government Extends Demand Incentives for Electric Cargo Three-Wheelers under PM E-Drive Scheme
- The government has extended demand incentives for electric cargo three-wheelers under the PM E-Drive scheme at a reduced rate for the current financial year.
Key Updates:
- Extension of Incentive Scheme:
- The incentive subsidy for electric cargo three-wheelers under the scheme for 2025-26 was exhausted earlier this month.
- As a result, the incentive will now apply to 1.25 lakh units for the 2025-26 period, with a reduced subsidy rate of Rs 2,500 per kWh (down from Rs 5,000), capped at Rs 25,000 per vehicle.
- Incentives for 2024-25:
- The original target for 2024-25 was to incentivize 80,546 units, a goal achieved by the first week of November.
- The subsidy for this year’s target was Rs 5,000 per kWh, capped at Rs 50,000 per vehicle.
- Government’s Long-Term Strategy:
- FY 2026 Target: The government plans to incentivize 1.25 lakh electric cargo three-wheelers at the new, reduced rate of Rs 2,500 per kWh, with a cap of Rs 25,000 per vehicle.
- Electric Three-Wheeler Adoption:
- The electric three-wheeler market is showing substantial growth, with 54% of three-wheelers sold in the first half of the financial year being electric.
- Major players in this sector include Mahindra & Mahindra (M&M) and Bajaj Auto.
- Self-Sufficiency Beyond 2026:
- Industry leaders, such as Anish Shah, the president of the Federation of Indian Chambers of Commerce and Industry and CEO of Mahindra Group, stated that the electric three-wheeler industry will become self-sufficient by 2026, reducing reliance on government subsidies.
CURRENT AFFAIRS : INTERNATIONAL NEWS
G20 Summit Kicks Off in Brazil ; Prime Minister Narendra Modi to Outline India’s Stance on Global Issues and Key Outcomes of New Delhi Leaders’ Declaration
- The G20 Summit marks the conclusion of the year-long work of the country holding the rotating presidency.
- Heads of state and government approve agreements and address global challenges during the summit.
Key Highlights :
2024 G20 Summit in Brazil:
- The summit is scheduled for November 18-19, 2024, in Rio de Janeiro, Brazil.
- Leaders of the 19 member countries, along with representatives from the African Union and the European Union, will attend.
- Brazilian President Luiz Inácio Lula da Silva is hosting the summit, and world leaders including Prime Minister Narendra Modi, US President Joe Biden, and China’s President Xi Jinping will participate.
- The theme for the 2024 G20 Summit is “Building a just and sustainable world.”
- Sessions and discussions will focus on global issues related to sustainability and fairness.
- Presidency Transition:After the conclusion of the summit in November 2024, Brazil will hand over the presidency to South Africa for the 2025 G20 Summit.
- The 20th edition of the G20 Summit will be hosted by South Africa next year.
UAE Establishes Global Alliance for Energy Efficiency at COP29
- The UAE has unveiled an ambitious initiative to establish the “Global Energy Efficiency Alliance” during COP29, hosted in Azerbaijan.
- The alliance aims to double global energy efficiency rates by 2030 and significantly reduce carbon emissions.
Key Highlights :
- Foundation of the Initiative: Builds on the ‘UAE Consensus’ from COP28, a commitment to reduce carbon emissions and promote sustainable resource management.
- Leadership Role of UAE: The UAE will lead the alliance by:
- Sharing expertise in energy efficiency.
- Promoting knowledge transfer.
- Building partnership models with the private sector.
- Functions of the Alliance: Support emission reductions and sustainable use of natural resources through: Knowledge sharing, Capacity building, and Standardization efforts.
- Focus on Public-Private Partnerships (PPPs): Encourages strategic public-private partnerships and investments in energy efficiency initiatives.
- Special Focus on Africa: Assistance to African nations in:
- Energy sustainability progress.
- Developing financing options and technological solutions to meet their energy needs.
- Significance: Aims to foster global collaboration to meet the 2030 energy efficiency goals and address the challenges of climate change effectively.
About Azerbaijan :
- President : Ilham Aliyev
- Prime Minister : Ali Asadov
- Capital : Baku
- Currency : Manat
CURRENT AFFAIRS : STATE NEWS
Tamil Nadu Leads with the Highest Number of Women Councillors: Report
- Around 46% of the councillors in India are women, and in 19 out of 21 capital cities that have active urban local bodies, including Patna, Shimla, Ranchi and Bhubaneswar, the figure goes well over 60%.
- According to a roadmap on urban transformation in India released, among the States, Tamil Nadu has the highest number of women councillors.
Other top states in the top 10 include:
- Rajasthan
- Madhya Pradesh
- Maharashtra
- Andhra Pradesh
- Karnataka
- Uttar Pradesh
- Kerala
- Bihar
- Chhattisgarh
Key Highlights :
- 50% Women’s Reservation:17 States have legislated for 50% women’s reservation in urban local bodies, surpassing the constitutional minimum of 33%.
- Urban Transformation Roadmap:The “Roadmap for India’s CitySystems Reforms” was released by Janaagraha, a non-profit organization focused on governance in Indian cities.
- The roadmap proposes three pathways for urban transformation:
- Place-based governance of India’s cities.
- Decentralized participatory governance.
- Building State capacities for urban governance.
- Rural-Urban Transition Policy:The roadmap calls for a rural-urban transition policy to manage fast-urbanizing villages, noting that 1,000 villages have transitioned to cities since Census 2011.
- The roadmap suggests reimagining urban governance institutions to focus on regional economies and local governments rather than just sectors and schemes.
- Decentralized Participatory Governance:The roadmap emphasizes strengthening urban local governments (ULGs) and facilitating citizen participation through the 74th Constitutional Amendment.
- It highlights issues such as delayed council elections, disempowered ULGs and Mayors, and the lack of formal platforms for citizen participation.
- Skilling ULG Staff:The roadmap advocates for certification-based skilling programs for ULG staff.
- It proposes the creation of municipal shared service centres to assist smaller cities and a digital public finance management system for monitoring fund utilization and progress on works.
About Tamil Nadu :
- Governor: R. N. Ravi
- Chief minister: M. K. Stalin
- Capital: Chennai
- Dance : Bharatnatyam, Karakattam
- National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of Mannar Marine National Park
- Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird Sanctuary
- Tiger Reserve: Anamalai Tiger Reserve
- Biosphere Reserve : Agasthyamalai Biosphere Reserve
Karnataka inks MOUs with tech giants to train 1 lakh professionals
- Karnataka government has signed 5 memorandum of understandings (MOUs) with tech giants including Microsoft, IBM, Intel, Accenture, and the BFSI consortium to skill 1 lakh professionals in the state.
- The government plans to establish three dedicated Global Innovation Districts in Bengaluru, Mysuru, and Belagavi, with Bengaluru’s district located near Kempegowda International Airport.
- This district will be part of the larger knowledge, well-being, and innovation city (KWIN) initiative, which aims to make Bengaluru a global hub for innovation and research.
- Karnataka is a global leader in sectors like gaming, ammunition, visual effects (VFX), and comics, showcasing both creative and technology-driven industries.
- The state leads India in patent applications and has the highest intellectual property (IP) per capita.
- Karnataka has trained over 650,000 professionals in generative AI, reinforcing its position as a global hub for innovation and future-ready talent.
About Karnataka :
- Governor : Thawar Chand Gehlot
- Chief Minister : Siddaramaiah
- Capital : Bangalore
Karnataka Launches GCC Policy with Target of $50 Billion Economic Output by 2029
- Karnataka is the first state in India to unveil a dedicated GCC (Global Capability Centers) policy.
- The policy aims to establish 500 new GCCs by 2029, with the goal of generating 3.5 lakh jobs and $50 billion in economic output.
- The Nipuna Karnataka programme aims to skill 100,000 individuals in cutting-edge technologies.
Key Highlights :
- Centre of Excellence in AI:Karnataka is setting up a Centre of Excellence in AI in collaboration with IIT Alumni Center, Bangalore, to boost advanced R&D and start-up innovation.
- ‘Beyond Bengaluru’ Initiative:The policy focuses on promoting GCC development in tier-2 and tier-3 cities such as Mysuru, Mangaluru, Shivamogga, and Hubballi-Dharwad.
- 5,000 jobs are expected to be created in Bengaluru, with an additional 1,000 jobs in other cities.
- GCC Market Size and Bengaluru’s Contribution:India’s GCC market is valued at $64.6 billion, with over 2,975 GCCs in the country.
- Bengaluru hosts over 875 GCCs, contributing more than a third of the market size (approximately $22.2 billion).
- 30% of India’s GCCs and 35% of the workforce are based in Bengaluru.
CURRENT AFFAIRS: BUSINESS NEWS
LIC at the 43rd India International Trade Fair: Showcasing Innovation and Customer-Centric Services
- Aditya Gupta, Executive Director (Corporate Communications) of LIC of India, inaugurated the corporation’s stall at the 43rd India International Trade Fair (IITF) in New Delhi.
- Joining him were P.S. Bajaj, Zonal Manager (Northern Zone), and other senior officials.
Key Features of LIC’s Stall at IITF
- Insurance Plans
- Detailed information about LIC’s diverse insurance offerings tailored to evolving customer needs.
- Career Opportunities
- Guidance on becoming a LIC agent, highlighting potential benefits and career growth.
- Digital Services and E-Initiatives
- Showcasing tools like the “LIC Mitra” virtual assistant, which provides policyholders with easy access to policy information and services.
- Demonstrations of paperless services under Operation DIVE (Digital, Innovative, Value-Added Experience), reinforcing LIC’s commitment to digital transformation.
- Customer Support Access
- Policyholders can use:
- Online platforms for policy management.
- IVRS at 022-68276827 for queries.
- WhatsApp services at 8976862090 for seamless communication.
- Policyholders can use:
Celebrating 68 Years of LIC
Marking its 68th anniversary, LIC remains steadfast in its motto, “Yogakshemam Vahamyaham” (Your welfare is our responsibility). As one of India’s leading financial institutions, LIC:
- Continues to meet the insurance needs of millions across the nation.
- Adapts to changing customer preferences with innovative products and digitized services.
- Plays a vital role in nation-building and supports social welfare initiatives.
Amazon Expands SEND Program to Boost Indian Exports
- Amazon, the global e-commerce leader, has announced a significant expansion of its Global Selling Seller Exports and Delivery (SEND) program.
- This initiative is tailored to simplify cross-border shipping for Indian exporters, enhancing their access to international markets.
Key Features of the Expanded SEND Program
- New Logistics Partners
- Inclusion of three additional carriers to bolster air and ocean freight services.
- Enhanced connectivity to key markets, including the US, UK, and Germany.
- Integration with Amazon Warehousing and Distribution
- Access to cost-effective bulk storage solutions for Indian exporters.
- Streamlined inventory management for better efficiency in fulfilling international orders.
- Launch of Export Navigator
- A comprehensive dashboard guiding exporters through complex compliance requirements.
- Designed to simplify processes related to overseas shipping and regulatory adherence.
Impact on Indian Exports
- Boosting Global Reach: Facilitates smoother entry into major e-commerce markets like the US, UK, and Germany.
- Support for Small and Medium Enterprises (SMEs): Simplified logistics and warehousing make international trade more accessible for SMEs.
- Enhanced Competitiveness: Streamlined processes help Indian exporters reduce operational costs and delivery timelines.
Amazon’s Export Vision
- Cumulative Export Target: Amazon aims to achieve $20 billion in cumulative e-commerce exports from India by 2025.
- Commitment to “Make in India”: By empowering Indian exporters, Amazon strengthens its alignment with the Indian Government’s vision to promote locally manufactured goods globally.
CURRENT AFFAIRS: AWARDS AND HONOURS
India Leads in AI App Downloads in 2024: Google Play Best Apps of the Year
- India has emerged as the global leader in the number of artificial intelligence (AI) app downloads in 2024, comprising 21% of global downloads.
- According to a blog post from Google Play, nearly 1,000 apps and games in India now incorporate AI, reflecting the country’s growing digital and technological influence.
Key Highlights from Google Play’s Best of 2024 Apps in India
- AI-Powered Innovation:
- Five out of seven winners in the Best of Play 2024 India apps list were developed by Indian companies, showcasing the country’s local innovation in the tech space.
- Top App of the Year:
- Hey Alle’s Alle – Your AI Fashion Stylist won the Best App of the Year title, offering personalized fashion advice based on various parameters like occasion, body type, and facial features. It also secured the Best for Fun award.
- Personal Growth through AI:
- Headlyne was awarded Best for Personal Growth, utilizing AI to deliver personalized news tailored to individual preferences, highlighting the growing integration of AI in daily life.
- Entertainment and Sports:
- Sony LIV: Sports & Entertainment won the Best for Large Screens award for providing an immersive viewing experience on large devices like tablets and smart TVs.
Mobile Gaming Surge in India
- India’s gaming market has also witnessed substantial growth, with an additional 23 million new gamers in FY24, bringing the total to 590 million gamers. India remains the world’s second-largest market for mobile gaming downloads.
- Average weekly playtime has surged by 30% year-on-year, reflecting increasing engagement.
- Best Game of 2024: Squad Buster was named the top game of the year.
- Indus Battle Royale, developed by SuperGaming, was recognized as Best Made in India Game for the second consecutive year. The game blends Indian visuals and storytelling with the Battle Royale genre, exemplifying the global reach of Indian-made games.
Sipan Kumar Garg was Conferred the ‘Visionary CFO of India’ Award at the National Economic Growth Summit 2024
- Sipan Kumar Garg, Director (Finance) of THDC India Limited, was awarded the ‘Visionary CFO of India’ title at the National Economic Growth Summit 2024, recognizing his significant contributions to the finance sector and his leadership in driving innovation and growth.
Key Highlights:
- Award Recognition: The prestigious award celebrates Garg’s strategic leadership in managing financial challenges and driving growth at THDC India Limited amidst a changing business environment.
- Leadership in THDCIL: Garg assumed the position of Director (Finance) at THDC India Limited on 17 August 2024 and has played a pivotal role in ensuring the financial stability and growth of the organization, aligning with India’s broader vision for the power sector.
- Award Criteria: The ‘Visionary CFO of India’ award recognizes professionals excelling in:
- Strategic Leadership
- Financial Performance
- Innovation in Financial Practices
- Risk Management
- Team Development and Growth
- Cost Optimization and Efficiency
- Support and Congratulations: RK Vishnoi, Chairman and Managing Director, THDCIL, along with Shallinder Singh (Director of Personnel) and Bhupender Gupta (Director of Technical), congratulated Garg for his outstanding achievements.
- National Economic Growth Summit: The summit brings together India’s visionary leaders, celebrating their role in sustainable economic development and honouring achievements across sectors.
CURRENT AFFAIRS: RANKING AND REPORTS
India’s Air Pollution Crisis: 39 Cities Among Top 100 Most Polluted Globally
- According to the S&P Global Mobility Report, 39 Indian cities have made it to the top 100 most polluted cities worldwide, surpassing China’s 30 cities.
- This alarming statistic highlights the ongoing air quality challenges in India, particularly in urban centres.
Key Findings
- Delhi’s Severe Air Pollution
- Delhi continues to grapple with hazardous air quality, with AQI levels frequently exceeding 500, indicating dangerous pollution levels.
- In 2023, Delhi was ranked as the most polluted capital city globally by IQAir, with Beijing (China) ranking 18th.
- South Asian Context
- Beyond India, Pakistan ranks third on the list with seven cities, followed by Bangladesh (5 cities) and Nepal (2 cities).
- Over 53% of the top 100 polluted cities are located in the Indian subcontinent, underscoring the region’s shared environmental challenges.
- Global PM2.5 Rankings
- India ranks third in countries with the highest average PM2.5 concentrations, following Bangladesh and Pakistan.
- China, ranked 19th, demonstrates progress in reducing air pollution compared to its South Asian counterparts.
Challenges in India’s Pollution Control
- Coal Plant Emissions
- A significant contributor to India’s air quality crisis is the emissions from coal-fired power plants, which account for substantial sulfur-dioxide pollution.
- Nearly 75% of coal plants near major cities are expected to miss the December 2023 deadline for installing pollution control technologies like flue-gas desulfurization (FGD).
- The Centre for Research on Energy and Clean Air (CREA) estimates that installing FGDs could reduce sulfur-dioxide emissions by two-thirds.
- Missed Compliance Targets
- India first set emissions reduction goals in 2015, but compliance has been delayed twice, with revised deadlines now set for:
- December 2023 for plants near major cities.
- 2025-2026 for plants in critically polluted areas and other regions.
- India first set emissions reduction goals in 2015, but compliance has been delayed twice, with revised deadlines now set for:
- Impact of Delays
- The failure to meet deadlines threatens to worsen the pollution crisis, particularly in densely populated and industrial regions.
CURRENT AFFAIRS : DEFENCE NEWS
Indian Coast Guard holds the 136th Offshore Security Coordination Committee meeting to assess the security readiness of India’s offshore installations
- Indian Coast Guard (ICG) conducted the 136th Offshore Security Coordination Committee (OSCC) meeting at Hyderabad, Telangana on November 19, 2024, to review the preparedness and effectiveness of the security of India’s offshore installations.
- ICG Director General Paramesh Sivamani emphasized the importance of energy security and urged all possible measures to ensure the security of offshore assets.
- Participants: Key members included representatives from the Indian Coast Guard, Indian Navy, Indian Air Force, Oil and Natural Gas Corporation (ONGC), Directorate General of Hydrocarbons, and Directorate General of Shipping.
- The OSCC was formed in 1978 to enhance the security of India’s offshore assets.
- Since its inception, OSCC has contributed to the formulation of policies and provided guidance on offshore security matters.
About Indian Coast Guard :
- Formed : 18 August 1978
- Headquarters : New Delhi
- Director General : Paramesh Sivamani
CURRENT AFFAIRS: SPORTS NEWS
Mithali Raj Appointed Mentor for Andhra Cricket Association’s Women’s Cricket Operations
- Mithali Raj, the former Indian women’s cricket captain and a trailblazer in the sport, has been named Mentor of Women’s Cricket Operations by the Andhra Cricket Association (ACA).
- Known as one of the greatest female cricketers, Mithali’s appointment is seen as a strategic move to elevate women’s cricket in Andhra Pradesh.
Key Details of the Appointment
- Role: Mentor of Women’s Cricket Operations, Andhra Cricket Association.
- Tenure: Mithali Raj has signed a three-year contract with ACA.
- Objective: To scout, nurture, and mentor young cricketing talent across the state, particularly among women.
- Focus Area: Developing a strong pipeline of skilled women cricketers from Andhra Pradesh.
Initiatives Under Mithali Raj’s Leadership
High-Performance Academy
- Location: A specialized High-Performance Academy for women cricketers is being established in Anantapur.
- Talent Pool:
- 80 girls from different age groups will be selected to join the academy.
- These players will receive year-round training, combining cricketing skills with academic development.
- Facilities and Support:
- The academy will feature a 365-day training regimen, focusing on physical, technical, and mental conditioning.
- It will be supported by specialized staff, including medical professionals, to ensure holistic player development.
Significance of Mithali Raj’s Appointment
- Experience and Expertise: Mithali Raj brings decades of international cricketing experience and leadership to the ACA.
- Advocacy for Women’s Sports: A long-time advocate for women’s cricket, her presence will inspire young athletes and promote gender equity in sports.
- Skill Development: Mithali’s mentorship will help identify raw talent, refine their skills, and prepare them for higher-level competitions.
CURRENT AFFAIRS: IMPORTANT DAYS
World Television Day: 21st November
- World Television Day 2024 is observed on the 21st of November 2024.
- In 1927, a 21-year-old inventor by the name of Philo Taylor Farnsworth invented the world’s first electronic television.
- Neither of them knew the television would become the emblem for an international day promoting the spread of global information.
- On November 21 and 22 1996, the United Nations held the first World Television Forum.
- UN leaders recognized that television could bring attention to conflicts, raise awareness of threats to peace and security, and sharpen focus on social and economic issues.
- Television has an undoubted presence and influence on world politics.
- The UN General Assembly decided to name November 21 World Television Day, not to celebrate the object itself, but the symbol for communication and globalization in the contemporary world that it represents.
Daily CA One-Liner: November 21
- The Global Freight Summit 2024 commenced on November 18 in Dubai, hosted by DP World. Marking its third edition since 2022, the summit brings together over 5,000 industry leaders from 155 countries
- The Indian government has initiated a nationwide survey using face-recognition tools to identify at least 8 million beneficiaries for the Pradhan Mantri Awas Yojana-Gramin (PMAY-G).
- At the G20 Summit in Rio de Janeiro, Prime Ministers Narendra Modi of India and Giorgia Meloni of Italy have decided to further strengthen their strategic partnership
- The government has extended demand incentives for electric cargo three-wheelers under the PM E-Drive scheme at a reduced rate for the current financial year.
- Aditya Gupta, Executive Director (Corporate Communications) of LIC of India, inaugurated the corporation’s stall at the 43rd India International Trade Fair (IITF) in New Delhi
- Amazon, the global e-commerce leader, has announced a significant expansion of its Global Selling Seller Exports and Delivery (SEND) program
- India has emerged as the global leader in the number of artificial intelligence (AI) app downloads in 2024, comprising 21% of global downloads
- Sipan Kumar Garg, Director (Finance) of THDC India Limited, was awarded the ‘Visionary CFO of India’ title at the National Economic Growth Summit 2024, recognizing his significant contributions to the finance sector and his leadership in driving innovation and growth
- According to the S&P Global Mobility Report, 39 Indian cities have made it to the top 100 most polluted cities worldwide, surpassing China’s 30 cities
- Mithali Raj, the former Indian women’s cricket captain and a trailblazer in the sport, has been named Mentor of Women’s Cricket Operations by the Andhra Cricket Association (ACA).
- The Securities and Exchange Board of India (SEBI) has proposed stricter listing regulations for small and medium enterprises (SMEs) due to concerns over misuse of funds and inflated prices in initial public offerings (IPOs).
- One97 Communications Limited (OCL), which owns the brand Paytm, has enabled Paytm users to make UPI payments at select international locations.
- Navi, a fintech app owned by Sachin Bansal, grew 31% in October 2024 compared to September, overtaking Cred to become the fourth-largest UPI app in India.
- Finance Minister Nirmala Sitharaman unveiled a specially minted ₹100 commemorative coin to mark the centenary of SBI’s Horniman Circle Branch.
- Matchmaking service provider com has launched a new financial technology platform, Weddingloans.com, designed to provide financial assistance for marriages.
- IndusInd Bank Limited (IBL) and Bharat Financial Inclusion Limited (BFIL) have partnered with the Ministry of Agriculture and Farmers Welfare to launch the Bharat Sanjeevani Krishi Utthan initiative.
- The Reserve Bank of India (RBI) has exercised its powers under Section 36AAA and Section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) to take action against the governance issues at Abhyudaya Cooperative Bank Limited.
- The Finance Ministry has come out with revised guidelines regarding capital restructuring of Central Public Sector Enterprises (CPSEs).
- To create financial literacy awareness among the tribal population, the Reserve Bank of India (RBI), Odisha office has prepared five specific booklets in Santali (Ol Chik) language.
- The G20 Summit marks the conclusion of the year-long work of the country holding the rotating presidency.
- The UAE has unveiled an ambitious initiative to establish the “Global Energy Efficiency Alliance” during COP29, hosted in Azerbaijan.
- Around 46% of the councillors in India are women, and in 19 out of 21 capital cities that have active urban local bodies, including Patna, Shimla, Ranchi and Bhubaneswar, the figure goes well over 60%.
- Karnataka government signed 5 memorandum of understanding (MOUs) with tech giants including Microsoft, IBM, Intel, Accenture, and the BFSI consortium to skill 1 lakh professionals in the state.
- Karnataka is the first state in India to unveil a dedicated GCC (Global Capability Centers) policy.
- Indian Coast Guard (ICG) conducted the 136th Offshore Security Coordination Committee (OSCC) meeting at Hyderabad, Telangana on November 19, 2024, to review the preparedness and effectiveness of the security of India’s offshore installations.
- World Television Day 2024 is observed on the 21st of November 2024.
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