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CURRENT AFFAIRS : BANKING & FINANCE
Securities and Exchange Board of India removes 1% mandatory security deposit requirement for public issues Â
- The Securities and Exchange Board of India (SEBI), abolished the mandatory requirement for companies to deposit 1% of the issue size with stock exchanges before launching a public issue.
- The change is applicable immediately, as per SEBI’s circular.
- The move aims to enhance the ease of doing business for issuer companies and reduce procedural requirements for public offerings.
Key Highlights :
- Previous Requirement:Earlier, companies had to deposit 1% of the issue size with the designated stock exchange, which was refunded post-issue completion.
- Background:SEBI proposed this change in a February 2024 consultation paper, emphasizing that the deposit requirement was no longer necessary due to reforms.
- Rationale for the Decision:The 1% deposit was originally intended to address investor complaints (e.g., refund of application money, security allotment, and certificate dispatch).
- Advances in public issue mechanisms, such as:
- ASBA (Application Supported by Blocked Amount).
- UPI mode of payment.
- Mandatory allotment in dematerialised (demat) form, has reduced the likelihood of such complaints.
- Regulations Amended:The change applies to SEBI’s Issue of Capital and Disclosure Requirements (ICDR) Regulations, 2018.
- Significance:This reform simplifies the public issue process and reduces the financial burden on issuer companies.
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.
Reserve Bank of India and Maldives Monetary Authority sign agreement to boost local currency usage Â
- The Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) have signed a Memorandum of Understanding (MoU) to promote the use of local currencies (Indian Rupee – INR and Maldivian Rufiyaa – MVR) in cross-border transactions.
- The MoU aims to facilitate invoicing and settlement of transactions in INR and MVR, reducing costs and improving efficiency by reducing settlement time.
- The MoU was signed by RBI Governor Shaktikanta Das and MMA Governor Ahmed Munawar.
Key Highlights :
- Impact on Trade: The agreement will develop trading in the INR-MVR pair in the foreign exchange market and enhance the economic ties between India and the Maldives.
- Scope: The MoU covers current account transactions, permissible capital account transactions, and other agreed economic and financial transactions.
- Bilateral Cooperation: The collaboration strengthens the financial and economic relations between India and the Maldives, fostering deeper integration between the two nations.
- Global Context: This MoU follows a similar agreement signed by the RBI with the Central Bank of the UAE in Abu Dhabi last year.
- Economic Significance: The initiative is expected to promote trade and financial transactions between the two countries, boosting bilateral relations.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
About MMA :
- Established : July 1, 1981
- Headquarters : Male
- Governor : Ahmed Munawar
CURRENT AFFAIRS: NATIONAL NEWS
Union Steel Minister H.D. Kumaraswamy on Building a Technologically Advanced Steel Industry
- Union Steel Minister D. Kumaraswamy, while speaking at the National Metallurgists Awards ceremony, emphasised the pivotal role of the steel sector in India’s industrial progress and nation-building.
- He urged steelmakers to prioritise research and collaboration to establish a globally competitive and technologically advanced steel industry.
Key Highlights
- Steel: The Backbone of India’s Industrial Strength
- Steel is critical to infrastructure projects like skyscrapers, highways, railways, and defence.
- It is central to India’s journey toward becoming a USD 5 trillion economy.
- Collaboration with Leading Institutions
- Steelmakers should collaborate with premier research institutions like IISc and IITs to drive innovation.
- Such partnerships are essential for technological advancements and enhancing the sector’s global competitiveness.
- Focus on Specialty Steel
- The Minister stressed the importance of specialty steel, identifying it as a sector requiring intensive research and innovation.
- Specialty steel is crucial for India’s industrial and defence applications, offering opportunities for value addition and export growth.
- Leadership and Vision
- Under the leadership of Prime Minister Narendra Modi, the steel sector is poised to remain at the core of India’s economic transformation.
- The sector represents India’s resilience and reinforces its global leadership aspirations.
India’s Domestic Aviation Recovery: Second Fastest Among Top 20 Global Markets
- According to the latest analysis by OAG, a global aviation data provider, India has witnessed the second-fastest recovery in domestic seat capacity among the world’s top 20 aviation markets.
Key Highlights
- Domestic Seat Capacity Surge
- India’s domestic seat capacity in 2024 is 12.7% higher than in 2019, showcasing significant recovery and growth.
- Compared to 2023, seat capacity in India has grown by 8%, driven by fleet expansions by carriers like Air India and IndiGo, as well as the launch of new routes.
- Winter Schedule and Current Operations
- Domestic airlines are scheduled to operate over 3,500 daily flights during the winter season, marking a 5% year-on-year growth.
- Presently, airlines operate 3,150–3,180 daily flights, highlighting potential for further scaling operations.
- India Among Top Performers Globally
- Among 20 major aviation markets, only China, India, Italy, Mexico, Saudi Arabia, Spain, and Turkey recorded double-digit seat capacity growth in 2024 over pre-pandemic levels.
- India, with over 6.5 lakh daily seats, is the third-largest aviation market globally, trailing only the United States and China.
- Comparison with Other Markets
- Saudi Arabia leads with 17.1% growth, though its market is smaller (2.17 lakh daily seats) compared to India’s robust aviation sector.
- The UAE has seen 15% growth, primarily in international aviation, given the absence of a domestic market.
- Global Trends and Challenges
- Globally, 6.4% year-on-year capacity growth has been recorded.
- Growth could have been higher if not for constraints like:
- Delays in aircraft deliveries (30% fewer aircraft delivered by major manufacturers).
- Engine reliability issues, leading to grounded aircraft.
- Skill shortages in the aviation industry.
- Half of the top 20 aviation markets are yet to reach pre-pandemic capacity levels due to factors like geopolitical tensions, aviation taxes, and sustainability pressures.
Prime Minister Narendra Modi to Launch ‘United Nations International Year of Cooperatives 2025’ at ICA Global Conference in Delhi
- Prime Minister Narendra Modi is set to inaugurate the United Nations International Year of Cooperatives 2025 during the ICA (International Cooperative Alliance) Global Cooperative Conference and General Assembly, being hosted for the first time in India from November 25–30, 2024.
Key Details of the Event
- Historical Significance
- This marks the first time in ICA’s 130-year history that its General Assembly and Global Conference are being held in India, initiated by IFFCO (Indian Farmers Fertilizer Cooperative Limited).
- Global Participation
- Around 3,000 delegates will attend, including 1,000 international participants from over 100 countries.
- Esteemed guests include:
- Prime Minister of Bhutan, Dasho Tshering Tobgay.
- Deputy Prime Minister of Fiji, Manoa Kamikamica.
- Inaugural Session
- Scheduled for November 25, 2024, chaired by Union Cooperation Minister Amit Shah.
- A commemorative stamp for the International Year of Cooperatives 2025 will also be launched.
- Theme and Subthemes
- Main Theme: “Cooperatives Build Prosperity for All.”
- Subthemes:
- Enabling Policy and Entrepreneurial Ecosystems.
- Nurturing Purposeful Leadership.
- Reaffirming the Cooperative Identity.
- Shaping the Future: Realizing Prosperity for All in the 21st Century.
- India’s Cooperative Strength
- India accounts for 25% of the world’s cooperatives, with 8 lakh cooperatives operating nationwide.
- India’s success in dairy and fertilizer cooperatives will be showcased.
- Sustainability Initiatives
- The event will be carbon neutral, with 10,000 peepal trees planted across India.
- Only vegetarian food will be served, with no alcohol.
Special Highlights
- Rochdale Pioneers Award 2025:
- Recognizes individuals or organizations for contributions to cooperative development and strengthening the global cooperative movement.
- India’s Achievements in the Cooperative Sector:
- Computerization of PACS (Primary Agricultural Credit Societies).
- Establishment of three new cooperatives in sectors lacking national representation.
Kerala’s Small-Scale Fishers to Benefit from Innovative Mobile App Designed for Sustainable Fishing
- Researchers from the University of Southampton have developed a mobile app aimed at assisting small-scale fishing communities in Kerala to address the challenges posed by climate change, diminishing fish stocks, and other environmental pressures.
App Features and Benefits
- Real-Time Data Sharing
- The app allows fishers to share GPS locations of fish schools, sea conditions, and catch details with others in their community.
- This reduces time and fuel consumption for fishing trips, optimizing resources and enhancing sustainability.
- Photo Documentation
- Fishers can upload photos to document sea conditions and catches, creating a repository of valuable data.
- This aids researchers in understanding the local marine ecosystem and contributes to policy development.
- Promoting Collaboration
- By fostering teamwork within fishing groups, the app helps small-scale fishers tackle challenges collaboratively.
Addressing Critical Challenges
The app aims to mitigate the effects of:
- Climate Change: Changing fish migration patterns and extreme weather events.
- Marine Pollution: Declining habitat quality due to litter and pollutants.
- Resource Availability: Declining fish stocks and competitive pressures from larger commercial operations.
- Enforcement Issues: Lack of regulation around overfishing and marine resource exploitation.
Research and Policy Recommendations
The research team includes experts from:
- University of Southampton
- University of Exeter
- University of Newcastle
- ICAR-Central Institute of Fisheries Technology (Kerala)
They have developed policy suggestions for local governments to support fishing communities:
- Extreme Weather Preparedness: Plans for addressing climate-induced disasters.
- Support Mechanisms: Compensation for losses, financial incentives for marine litter collection, and practical help for sustainable practices.
- Mangrove Restoration: Incentivizing mangrove replanting to protect coastal habitats.
- Infrastructure Improvements: Enhancing facilities to ensure fishers’ competitiveness in local and international markets.
Future Prospects
- The app is undergoing refinements following successful trials in Kerala fishing communities.
- A wider rollout is planned, making the app accessible to more users across the region.
Government launches Bhu-Neer portal, a centralized platform for managing groundwater withdrawal permits
- In a bid to improve groundwater management, the government launched the “Bhu-Neer” portal, a centralized platform for managing groundwater withdrawal permits.
- During the India Water Week 2024, the Hon’ble Minister of Jal Shakti, Shri C.R. Paatil, digitally launched the newly developed “Bhu-Neer” portal.
- This advanced platform aims to improve groundwater regulation across India, developed by the Central Ground Water Authority (CGWA) in collaboration with the National Informatics Centre (NIC).
Key Features and Purpose of the “Bhu-Neer” Portal
- Comprehensive Database: “Bhu-Neer” provides detailed information on the legal framework and regulations governing groundwater extraction, with a focus on state and national guidelines.
- User-Friendly Interface: The portal has been designed to simplify the process for project proponents seeking permits for groundwater withdrawal. Features include:
- PAN-based Single ID System
- NOC with QR Code
- A streamlined process flow to make applications, tracking, and clarifications easier.
- Transparency and Efficiency: The portal promotes transparency in groundwater usage and ensures sustainable practices in compliance with groundwater regulations.
- Public Accessibility: Now live for public use, the portal enables project proponents to track application status, make payments for statutory charges, and access critical groundwater withdrawal-related information.
Significance of “Bhu-Neer” Portal
- Vision of Ease of Doing Business: This initiative aligns with Hon’ble Prime Minister’s vision of making groundwater regulation a seamless and faceless exercise, contributing to the broader goal of enhancing the Ease of Doing Business in India.
CURRENT AFFAIRS : INTERNATIONAL NEWS
Elon Musk criticizes Australia’s proposed law to restrict social media access for children Â
- US billionaire Elon Musk, owner of the social media platform X (formerly Twitter), criticized Australia’s proposed law aimed at banning social media for children under the age of 16.
- Proposed Law Details: The bill introduced by Australia’s centre-left government in parliament includes fines of up to A$49.5 million ($32 million) for social media platforms that fail to comply with the law.
- Age Verification System: The proposed law seeks to implement a strict age-verification system to enforce the social media age cut-off, marking one of the toughest regulations globally.
- Global Context: While several countries, like France and the US, have proposed or implemented restrictions on children’s social media usage, Australia’s policy is one of the strictest, with no exemptions for parental consent or pre-existing accounts.
Previous Global Initiatives:
- France: Proposed a social media ban for children under 15 but allowed parental consent.
- US: Requires technology companies to seek parental consent for children under 13 to access their data.
- Musk’s Previous Disagreements: Elon Musk has previously clashed with Australia’s government, notably referring to its social media misinformation law as “fascist.”
About Australia :
- Prime Minister : Anthony Albanese
- Capital : Canberra
- Currency : Australian dollar
Iceland’s Volcano Erupts for 7th Time This Year Â
- A volcano near Iceland’s capital Reykjavik erupted, located on the Reykjanes Peninsula in the southwest of Iceland.
- This was the 7th eruption in the area since December 2023.
- Eruption Details: The fissure length is about 3 kilometres (1.9 miles).
- It was smaller in scale compared to the previous eruption in August 2023, which had a 4-kilometre (2.5-mile) fissure.
- Air Traffic: Air traffic to and from Iceland remained normal despite the eruption, as it did not disrupt air travel significantly.
- Evacuations and Impact: The eruption forced the evacuation of a geothermal power plant and two hotels at the Blue Lagoon, a major tourist attraction.
- The nearby town of GrindavÃk was also evacuated, with around 60 residents affected.
- Volcanic Activity in the Region: The eruption is part of ongoing volcanic activity on the Reykjanes Peninsula. There have been 10 eruptions in the region since January 2020.
- Geological Significance: Iceland lies on the active geologic boundary between the North American and European tectonic plates, making it one of the world’s most volcanically active regions.
- Safety Measures and Warnings: Although there was no immediate threat to air travel, authorities warned of gas emissions affecting parts of the peninsula, including GrindavÃk.
- Residents have been relocated to ensure safety.
- Historical Context: The town of GrindavÃk has been repeatedly affected by volcanic activity, leading to infrastructure damage and forced evacuations.
- The last eruption in the area occurred after the volcano had been dormant for 800 years.
About Iceland :
- President : Halla Tómasdóttir
- Prime Minister : Bjarni Benediktsson
- Capital : ReykjavÃk
- Currency : Icelandic króna
CURRENT AFFAIRS: BUSINESS NEWS
Tata Cliq Rebrands as Tata Cliq Fashion to Focus on Fashion E-Commerce
- Tata Cliq, the e-commerce platform under the Tata Group, has rebranded itself as Tata Cliq Fashion to position itself as a dedicated fashion and lifestyle e-commerce destination.
- This strategic shift focuses on offering a wide range of fashion and lifestyle products, including apparel, footwear, watches, accessories, beauty products, gadgets, and home goods.
Key Highlights of the Rebranding:
- New Focus on Fashion
- The platform is shifting from a horizontal marketplace to a specialized vertical with an emphasis on fashion and lifestyle categories.
- Rebranding Elements
- A new logo and visual redesign.
- Updated packaging to align with the fashion-centric identity.
- Refreshed app and web experience for enhanced user engagement.
- Brand Manifesto
- The rebranding is accompanied by a new brand manifesto, underlining the shift to fashion as a form of self-expression.
University of Wollongong Opens International Campus in GIFT City
- The University of Wollongong (UOW) has officially launched its international campus in GIFT City, becoming the second Australian university to do so.
- This marks a significant step in enhancing India’s financial leadership and innovation.
- The campus will focus on education, research, and business to nurture the next generation of leaders, with a special emphasis on financial technology (Fintech).
Strategic Milestone for UOW and GIFT City
- Michael Still, Chancellor of UOW, emphasized the partnership with the International Financial Services Centres Authority (IFSCA) and how this collaboration will contribute to India’s financial sector development.
- UOW’s move to GIFT City follows the January 2024 launch of Deakin University’s campus as the first foreign university to open a facility in the city.
Course Offering and Industry Engagement
- The UOW campus at GIFT City is set to offer programs focused on financial services, including areas such as banking, insurance, asset management, and Fintech.
- UOW’s involvement is not only in teaching but also industry engagement, with a vision to strengthen India’s regulatory frameworks in the financial sector.
Strategic Partnerships and Scholarships
- UOW India also unveiled the Women Leaders in FinTech Scholarship, which aims to encourage female participation in tech fields, with Cerin Elsa Joji being named the inaugural recipient.
- The university announced a strategic partnership with Odoo, a business software provider, ensuring that students gain industry-relevant skills in tools such as CRM, eCommerce, and accounting.
Global Learning Experience
- Marisa Mastroianni, Managing Director and CEO of UOW Global Enterprises, highlighted that UOW’s GIFT City campus offers the same high standards of education as its global campuses, including those in Dubai, Malaysia, and Hong Kong.
- The first cohort of students will receive a fully funded trip to the Dubai campus, allowing them to immerse themselves in UOW’s global network.
- Upon graduation, students will join an alumni community of over 190,000 individuals from 199 countries, reinforcing UOW’s global impact.
CURRENT AFFAIRS: AWARDS AND HONOURS
General Dwivedi of Indian army conferred honorary general rank by Nepali army
- General Upendra Dwivedi, Chief of the Army Staff of the Indian Army, is on a five-day official visit to Kathmandu, Nepal, at the invitation of General Ashok Raj Sigdel, the Chief of the Army Staff of the Nepali Army.
- General Dwivedi is leading a five-member delegation, which includes his spouse, Sunita Dwivedi, Chairperson of the Army Wives Welfare Association (AWWA) of the Indian Army.
Key Highlights of the Visit
- Arrival and Reception: The delegation was welcomed at Tribhuvan International Airport by Major General Prem Dhoj Adhikari, Head of the Department of Military Operations, Nepali Army.
- Homage to Martyrs: General Dwivedi laid a wreath and paid his respects to martyrs at the Army Pavilion in Tundikhel, Kathmandu.
- Guard of Honour and Discussions: At the Nepali Army Headquarters, General Dwivedi was accorded a ceremonial Guard of Honour and held discussions with General Ashok Raj Sigdel.
- The two leaders focused on enhancing bilateral military relations between India and Nepal.
- Goodwill Gestures: As a token of goodwill and enduring friendship, General Dwivedi presented military horses and dogs to General Sigdel. He also planted a Rudraksha sapling at the Nepali Army Headquarters.
Honorary Rank Ceremony
- In a special ceremony, President Ram Chandra Poudel will confer upon General Dwivedi the honorary rank of General of the Nepali Army, a prestigious gesture symbolising the close ties between the armed forces of both nations.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Election Commission of India appoints senior IAS officer R Alice Vaz as Delhi’s Chief Electoral Officer ahead of February Assembly elections Â
- The Election Commission of India (ECI) approved the appointment of senior IAS officer R Alice Vaz as the chief electoral officer (CEO) of Delhi, ahead of the assembly elections in the city due next February.
- Vaz, a 2005 batch IAS officer of the AGMUT cadre, is serving as secretary in Delhi’s Directorate of Higher Education.
- She will replace P Krishnamurthy, who was appointed as Delhi CEO in August 2023.
- In Oct 2024, the Appointments Committee of the Cabinet (ACC) approved the appointment of Krishnamurthy as the chairperson of the National Pharmaceutical Pricing Authority (NPPA).
About R Alice Vaz :
- Originates from Tamil Nadu.
- She transitioned from a nursing background to becoming an IAS officer after graduating in nursing from MGR Medical College, Chennai.
- She has served in various positions across multiple states, including West Bengal, Puducherry, and Delhi.
- In Delhi, she served as Labour Director, Joint Secretary in the Delhi Jal Board, and worked in the Directorate of Higher and Technical Education.
- Election Commission’s Process: The EC appoints Chief Electoral Officers in consultation with state governments to ensure effective election management.
- Delhi Assembly Elections: The Delhi Assembly elections are scheduled for February 2025, and the final voter list will be published on January 6, 2025.
- There has been an increase of about five lakh voters in Delhi over the last year.
- Polling Booths: There are over 13,000 polling booths across various districts of Delhi.
Emami MD & VC Harsha Vardhan Agarwal Assumes Role as Federation of Indian Chambers of Commerce and Industry President    Â
- Harsha Vardhan Agarwal, Vice-Chairman and Managing Director of Emami Limited, has taken over as the President of FICCI (Federation of Indian Chambers of Commerce and Industry) for the term 2024-2025.
- Agarwal succeeds Anish Shah, Group CEO of Mahindra Group and Managing Director of Mahindra & Mahindra Ltd, as the new Ficci President.
- Ficci Leadership Changes:Anant Goenka (Vice-Chairman of RPG Group) has been elevated to Senior Vice-President of Ficci from Vice President.
- Vijay Sankar, Chairman of the Sanmar Group, has joined Ficci leadership as Vice President.
Background of Key Individuals :
- Agarwal is a second-generation leader of the Emami Group, a diversified $3.1 billion business conglomerate.
- He was recognized as one of India’s Hottest Young Business Leaders by The Economic Times & Spencer Stuart in 2016 under their ‘FORTY UNDER 40’ list.
- Anant Goenka previously served as Managing Director & CEO of CEAT, a multinational tyre manufacturing company.
- Vijay Sankar heads Sanmar Group, which operates manufacturing facilities in Mexico, Egypt, and South India.
About FICCI :
- Formation : 1927
- Headquarters : New Delhi, India
Ramraj Cotton appoints Abhishek Bachchan as its brand ambassador Â
- Ramraj Cotton, a prominent traditional and ethnic wear brand, has appointed Bollywood actor Abhishek Bachchan as its brand ambassador.
- The brand plans to launch a multi-media, 360-degree campaign featuring Abhishek Bachchan to enhance its presence in the traditional wear market.
- Abhishek Bachchan’s wide appeal across different age groups makes him a suitable representative for Ramraj Cotton’s product range, which includes dhotis, shirts, and kurtas.
- The campaign aims to strengthen Ramraj Cotton’s footprint in the traditional wear segment and attract a broader consumer base.
- The brand focuses on traditional ethnic wear, emphasizing items like dhotis, kurtas, and shirts, aiming to enhance consumer trust and appeal with its new celebrity endorsement.
About Ramraj Cotton :
- Founded : 1983
- Headquarters : Tiruppur
- Founder-Chairman : K R Nagarajan
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
Department for Promotion of Industry and Internal Trade Approves Hinduja Group’s IndusInd International Holdings Limited to Acquire Reliance Capital Â
- The Department for Promotion of Industry and Internal Trade (DPIIT) has approved the acquisition of debt-ridden Reliance Capital Limited (RCAP) by Hinduja Group’s firm, IndusInd International Holdings Limited (IIHL).
- DPIIT approval was required as some of the shareholders of IndusInd International Holdings Ltd (IIHL) are residents of Hong Kong, a special administrative region controlled by China.
Key Highlights :
- Press Note 3 Compliance : According to Press Note 3, if an entity from a nation sharing a land border with India (China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan), or if a citizen or permanent resident of any such country is the beneficial owner of an investment in India, they are required to pursue investment through the government approval route.
- Resolution Plan: IIHL, based in Mauritius, submitted a successful Rs 9,861-crore bid for Reliance Capital, and their resolution plan was approved by the National Company Law Tribunal (NCLT) Mumbai on February 27, 2024.
- CoC Approval: The resolution plan was approved by 99.96% of the Committee of Creditors (CoC) as part of the insolvency process.
- Deadline for Transaction: The deal must be closed by January 31, 2025, as per the extended deadline. Failure to meet this deadline could result in IIHL returning Rs 3,000 crore raised from high-net-worth individuals (HNIs) and family offices.
- Background on Reliance Capital: Reliance Capital had over Rs 40,000 crore in debt. In November 2021, the RBI superseded its board due to governance issues and payment defaults by the Anil Dhirubhai Ambani Group company.
- Previous Bidding Process: Four applicants initially submitted bids, but all were rejected due to lower bid values, leading to a challenge mechanism in which IIHL and Torrent Investments participated.
About DPIIT :
- The DPIIT is a central government department under the Ministry of Commerce and Industry in India.
About Reliance Capital Limited :
- Founded : 5 March 1986
- Headquarters : Navi Mumbai, India
- Chairman : Anil Ambani
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Indian Institute of Spices Research Kozhikode Receives NABL Accreditation for Its Laboratories Â
- ICAR-Indian Institute of Spices Research (IISR), Kozhikode,Kerala has been accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL) for its spices quality and organic manure testing laboratories.
- NABL certification ensures global recognition, enhancing the reliability and accuracy of testing processes.
- This accreditation reflects the institute’s commitment to meeting stringent standards.
Key Highlights :
- Quality Testing of Organic Manures: The accreditation supports testing of organic manure quality, including key parameters like moisture, pH, electrical conductivity, organic carbon content, and nutrient content (nitrogen, phosphorus, potassium), which are critical for sustainable farming.
- Spice Quality Testing: IISR will support the spice processing industry by testing essential spice quality parameters such as piperine, oleoresin, curcumin, and moisture content, helping meet regulatory requirements and boosting consumer confidence.
- Future Plans: IISR aims to pursue additional NABL accreditation to expand its scope for comprehensive coverage of regulatory requirements for spice samples.
- Team Involved: The accreditation process was supported by scientists V. Srinivasan, Shamsudheen M., Sivaranjani R., and technical assistants Karthika N. and Sajina O. for sample analysis.
About IISR :
- Established : 1975
- Location : Kozhikode, Kerala, India
- Director : Dr. R. Dinesh
About NABL :
- Formation : 1988
- Headquarters : Gurgaon, Haryana
- CEO : Mr. N. Venkateswaran
CURRENT AFFAIRS : DEFENCE NEWS
India and Australia ink air-to-air refueling pact for enhanced defense cooperationÂ
- India and Australia have been strengthening their defense cooperation, particularly through joint training exercises like Exercise Malabar and counter-submarine patrols, aimed at deterring Chinese naval presence in the Indian Ocean.
- India and Australia signed an agreement allowing the Royal Australian Air Force (RAAF) and Indian Armed Forces to conduct air-to-air refueling, enhancing interoperability between the two nations’ military forces.
Key Highlights :
- Key Agreement Details: Under the agreement, Australia’s KC-30A Multi-Role Tanker Transport will refuel Indian aircraft operating near Australian airspace.
- The details about reciprocal refueling rights for Australian aircraft in the eastern Indian Ocean remain unclear.
- Improvement in India’s Air-to-Air Refueling Capabilities: The Indian Air Force currently uses aging Ilyushin-78 tankers for refueling, which may not be fully compatible with the modern aircraft of the RAAF, making the new arrangement a significant enhancement.
- RAAF’s Engagement with Indian Navy: The RAAF regularly trains with the Indian Navy’s P-8I Poseidon surveillance aircraft.
- This new agreement will allow the refueling of the P-8I, expanding India’s operational reach and endurance in the Indo-Pacific region.
- Strategic Partnership: The air-to-air refueling agreement is part of the broader India-Australia Comprehensive Strategic Partnership, focused on enhancing Indo-Pacific stability and security.
- Defense Industry Collaboration: Indian Defense Minister Rajnath Singh highlighted the potential for further collaboration between India and Australia in niche defense industry areas, underlining the growing defense engagement.
- Mutual Security Interests: Both nations emphasize the importance of securing the Indian Ocean region, marking a deepening of strategic ties based on shared security and defense interests.
CURRENT AFFAIRS: MOUS AND AGREEMENT
IIT Madras Pravartak Partners with Codenatives to Launch Salesforce B2C Commerce Developer Training Program
- IIT Madras Pravartak Technologies Foundation, in collaboration with Codenatives, a U.S.-based IT company, is introducing an online Salesforce B2C Commerce Developer training program designed for professionals aspiring to excel in the e-commerce domain.
Program Highlights
- Duration and Format
- 70 hours of instructor-led online sessions over eight weeks.
- An additional 130 hours of hands-on practice, ensuring comprehensive skill development.
- Learning Modules
- Key topics include:
- Sandbox setup
- SFRA (Storefront Reference Architecture)
- Cartridge configuration
- Controller creation
- ISML templates
- Caching techniques
- Third-party integrations
- Participants will also receive focused guidance for the Salesforce B2C Developer Certification (CCD102).
- Key topics include:
- Practical Training
- Each participant will have access to an individual sandbox instance for personalized practice.
- Flexible training schedules designed to accommodate Indian, U.S., and U.K. time zones.
- Market Demand
- With global e-commerce sales projected to reach $7.96 trillion by 2027, there is a growing demand for Salesforce Commerce Cloud (SFCC) developers.
- The program aims to bridge the skill gap in digital commerce by equipping learners with advanced integration techniques, real-time inventory tracking, and AI-driven recommendations.
About the Organizations
- IIT Madras Pravartak Technologies Foundation
- A Section 8 company funded by the Department of Science and Technology, Government of India.
- Hosts the Technology Innovation Hub on Sensors, Networking, Actuators, and Control Systems, fostering cutting-edge research and training initiatives.
- Codenatives
- A Cupertino-based IT solutions provider specializing in e-commerce platform development, legacy system migration, and technology consulting.
- The company’s India division provides tailored solutions for businesses, ensuring seamless platform selection and integration.
Tata Power Signs $4.25 Billion Agreement with ADB for Clean Energy Projects
- Tata Power has entered into a $4.25 billion financing agreement with the Asian Development Bank (ADB) to fund several clean energy power projects.
- This collaboration marks a significant step toward India’s clean energy transition and aligns with global sustainability efforts.
Key Points from the Agreement:
- Funding for Clean Energy Projects
The agreement will support projects focused on:- 966 MW Solar-Wind Hybrid Project
- Pumped Hydro Storage Project
- Energy transition and decarbonization projects
- Battery storage
- Strengthening distribution networks under Tata Power’s ongoing capital expenditure.
- Strategic Vision and Goals
- Praveer Sinha, CEO of Tata Power, emphasized that this agreement is pivotal for advancing clean energy in India, aligning with the country’s clean energy goals and supporting sustainable growth.
- The collaboration aims to enhance energy security, environmental resilience, and modernize power infrastructure.
- Focus on Inclusivity and Gender Empowerment
The partnership also focuses on promoting gender equality in green technologies and empowering women in the renewable energy sector through job opportunities. - International Recognition and Timing
The agreement coincides with the ongoing Climate Conference in Baku, Azerbaijan, underlining its global significance.
CURRENT AFFAIRS: SPORTS NEWS
Double Olympic champion Alistair Brownlee Announces Retirement
- Alistair Brownlee, the double Olympic champion who played a pivotal role in the rise of British triathlon, has announced his retirement from the sport at the age of 36.
- Known for his gold medal victories in London 2012 and Rio 2016, Brownlee has left an enduring legacy in the triathlon world, inspiring athletes including current Olympic champion Alex Yee.
Triathlon Legacy: A Storied Career
- Historic Achievements: Brownlee’s career spans over two decades, during which he became the only athlete to win the junior, U23, European, World, and Olympic championships.
- Olympic Glory: His breakthrough came at the 2008 Beijing Olympics, where he finished 12th, but it was his gold medal in London 2012 that truly launched his career. He successfully defended his title in Rio 2016, cementing his place among the sport’s elite.
The Brownlee Brothers’ Impact
- Alongside his brother Jonny Brownlee, who also earned podium finishes in London and Rio, Alistair helped revolutionize British triathlon.
- Their fierce rivalry and partnership boosted the profile of triathlon, both in the UK and internationally. Their iconic duel at the 2012 London Olympics, where Alistair won gold and Jonny secured bronze, is regarded as one of the sport’s finest moments.
Italy Clinches Fifth Billie Jean King Cup Title with Dominant Win Over Slovakia
- Italy emerged victorious in the Billie Jean King Cup for the fifth time, as Jasmine Paolini delivered a stellar performance to seal a 2-0 win over Slovakia in the final.
- Paolini triumphed 6-2, 6-1 against Rebecca Sramkova in the second singles rubber, following a 6-2, 6-4 win from Lucia Bronzetti against Viktoria Hruncakova.
Paolini’s Masterclass Clinches Title
- Jasmine Paolini, ranked world number 4, dominated her match against Sramkova, securing the decisive victory that allowed Italy to clinch the title.
- Paolini’s commanding win came after Italy’s heartbreaking loss to Canada in last year’s final, and more than a decade since their last title in 2013.
Bronzetti’s Strong Start
- Lucia Bronzetti opened the final for Italy with a solid performance, defeating Hruncakova 6-2, 6-4 in just one hour and 20 minutes.
- It was Bronzetti’s second Billie Jean King Cup singles match, and she was instrumental in securing the opening point for Italy.
Daily CA One-Liner: November 23
- Union Steel Minister D. Kumaraswamy, while speaking at the National Metallurgists Awards ceremony, emphasised the pivotal role of the steel sector in India’s industrial progress and nation-building
- According to the latest analysis by OAG, a global aviation data provider, India has witnessed the second-fastest recovery in domestic seat capacity among the world’s top 20 aviation markets
- Prime Minister Narendra Modi is set to inaugurate the United Nations International Year of Cooperatives 2025 during the ICA (International Cooperative Alliance) Global Cooperative Conference and General Assembly, being hosted for the first time in India from November 25–30, 2024
- Researchers from the University of Southampton have developed a mobile app aimed at assisting small-scale fishing communities in Kerala to address the challenges posed by climate change, diminishing fish stocks, and other environmental pressures
- In a bid to improve groundwater management, the government launched the “Bhu-Neer” portal, a centralized platform for managing groundwater withdrawal permits
- Tata Cliq, the e-commerce platform under the Tata Group, has rebranded itself as Tata Cliq Fashion to position itself as a dedicated fashion and lifestyle e-commerce destination
- The University of Wollongong (UOW) has officially launched its international campus in GIFT City, becoming the second Australian university to do so
- General Upendra Dwivedi, Chief of the Army Staff of the Indian Army, is on a five-day official visit to Kathmandu, Nepal, at the invitation of General Ashok Raj Sigdel, the Chief of the Army Staff of the Nepali Army.
- IIT Madras Pravartak Technologies Foundation, in collaboration with Codenatives, a U.S.-based IT company, is introducing an online Salesforce B2C Commerce Developer training program designed for professionals aspiring to excel in the e-commerce domain
- Tata Power has entered into a $4.25 billion financing agreement with the Asian Development Bank (ADB) to fund several clean energy power projects.
- Alistair Brownlee, the double Olympic champion who played a pivotal role in the rise of British triathlon, has announced his retirement from the sport at the age of 36
- Italy emerged victorious in the Billie Jean King Cup for the fifth time, as Jasmine Paolini delivered a stellar performance to seal a 2-0 win over Slovakia in the final.
- The Securities and Exchange Board of India (SEBI), abolished the mandatory requirement for companies to deposit 1% of the issue size with stock exchanges before launching a public issue.
- The Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) have signed a Memorandum of Understanding (MoU) to promote the use of local currencies (Indian Rupee – INR and Maldivian Rufiyaa – MVR) in cross-border transactions.
- US billionaire Elon Musk, owner of the social media platform X (formerly Twitter), criticized Australia’s proposed law aimed at banning social media for children under the age of 16.
- A volcano near Iceland’s capital Reykjavik erupted, located on the Reykjanes Peninsula in the southwest of Iceland.
- The Election Commission of India (ECI) approved the appointment of senior IAS officer R Alice Vaz as the chief electoral officer (CEO) of Delhi, ahead of the assembly elections in the city due next February.
- Harsha Vardhan Agarwal, Vice-Chairman and Managing Director of Emami Limited, has taken over as the President of FICCI (Federation of Indian Chambers of Commerce and Industry) for the term 2024-2025.
- Ramraj Cotton, a prominent traditional and ethnic wear brand, has appointed Bollywood actor Abhishek Bachchan as its brand ambassador.
- The Department for Promotion of Industry and Internal Trade (DPIIT) has approved the acquisition of debt-ridden Reliance Capital Limited (RCAP) by Hinduja Group’s firm, IndusInd International Holdings Limited (IIHL).
- ICAR-Indian Institute of Spices Research (IISR), Kozhikode,Kerala has been accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL) for its spices quality and organic manure testing laboratories.
- India and Australia have been strengthening their defense cooperation, particularly through joint training exercises like Exercise Malabar and counter-submarine patrols, aimed at deterring Chinese naval presence in the Indian Ocean.
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