Daily Current Affairs September 28 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Asian Development Bank maintains India’s growth forecast at 7%  

• The Asian Development Bank (ADB) retained India’s growth forecast for FY 2024-2025 at 7%, attributing this to improved agricultural output and increased government spending.

Key Highlights :

• Economic Drivers: Key drivers of economic activity identified include:
• Enhanced agricultural productivity.
• Increased government expenditure.
• Exports Performance: ADB noted that exports are projected to exceed earlier estimates, especially due to a rise in services exports.
• Previous Fiscal Performance: India’s economy grew at an impressive 8.2% in the previous fiscal year (2023-24).
• Current Projection by RBI: The Reserve Bank of India projects a growth rate of 7.2% for the current fiscal year.
• Quarterly GDP Growth: GDP growth slowed to 6.7% in the first quarter (April-June) of FY 2024.
• Current Account Deficit: ADB forecasts India’s current account deficit to be:
• 1% of GDP for FY 2024.
• 2% for the following year, a decrease from a previous estimate of 1.7% for both years.
• Factors Influencing Current Account Deficit: Improvements attributed to:
• Better export performance.
• Lower imports.
• Robust remittance inflows.
• Consumer Inflation: Expected consumer inflation for FY 2024 is projected at 4.7%, driven by high food prices, despite anticipated agricultural output increases.

About ADB :

• Established : 19 December 1966
• Headquarters : Mandaluyong, Philippines
• President : Masatsugu Asakawa
• Membership : 68 countries

Government’s Borrowing Strategy for the Second Half of FY 2024-25   

• The Government of India, in consultation with the Reserve Bank of India (RBI), has outlined its borrowing program for the second half (H2) of FY 2024-25.

Key Highlights :

• Total Gross Market Borrowing: For FY 2024-25, the total gross market borrowing is set at ₹14.01 lakh crore, of which ₹6.61 lakh crore (47.2%) will be raised in H2.
• Sovereign Green Bonds: This borrowing plan includes ₹20,000 crore specifically allocated for Sovereign Green Bonds (SGrBs).
• Weekly Auctions: The gross market borrowing of ₹6.61 lakh crore will be conducted through 21 weekly auctions.
• Maturities of Securities: The borrowing will be diversified across various maturities: The share of borrowing (including SGrBs) under different maturities will be: 3-year (5.3%), 5-year (10.6%), 7-year (7.6%), 10-year (24.8%), 15-year (13.2%), 30-year (12.1%), 40-year (15.9%) and 50-year (10.6%).
• Switching/Buyback of Securities: The Government plans to engage in switching and buyback of securities to manage the redemption profile effectively.
• Greenshoe Option: The Government retains the right to exercise a greenshoe option, allowing for an additional subscription of up to ₹2,000 crore for each security indicated in the auction notifications.
• Treasury Bills Issuance: In Q3 of FY 2024-25, the weekly borrowing through Treasury Bills is expected to be ₹19,000 crore, distributed as follows:
• ₹7,000 crore under 91-day T-Bills
• ₹6,000 crore under 182-day T-Bills
• ₹6,000 crore under 364-day T-Bills
• Ways and Means Advances (WMA): To manage temporary mismatches in government accounts, the RBI has set the WMA limit for H2 FY 2024-25 at ₹50,000 crore.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary

Axis Bank and Mastercard Partner to Introduce Credit Card for Small Business Owners   

• Axis Bank, and Mastercard, a global technology company in the payments industry, announced their collaboration to launch MyBiz, a business credit card designed exclusively for sole proprietors and small business owners.
• The new card, part of the World Mastercard category, combines a wide range of business and travel benefits to meet the diverse needs of small and medium-sized enterprises (SMEs) owners.
• Cardholders will be able to gain access to specially curated experiences around culinary, wellness, sports, and more via priceless.com for India-based experiences.

About Axis Bank:

• Headquarters: Mumbai, Maharashtra
• CEO: Amitabh Chaudhry
• Axis Bank Limited, previously known as UTI Bank, is an Indian multinational banking and financial services company.

PayU Launches First-Ever Biometric Authentication Solution for Card Payments in the Industry   

• PayU, one of India’s leading digital financial services providers, has introduced an industry-first biometric authentication solution for card payments – Flash Pay.
• The solution aims to simplify the payment experience, improve transaction success rates, and significantly enhance security for users.
• Flash Pay was unveiled at the Global Fintech Festival (GFF) 2024, a prestigious event in the fintech sector.
• The biometric solution offers a seamless payment experience while incorporating robust security measures, aligning with customer desires for convenience and banks’ authentication needs.
• Flash Pay was successfully demonstrated at the GFF 2024 in collaboration with South Indian Bank, which has been a long-standing partner of Wibmo (a PayU subsidiary).

About PayU :

• Established : 2002
• Headquarters : Hoofddorp, Netherlands
• CEO : Anirban Mukherjee

India’s Net Foreign Direct Investment (FDI) Increases to $5.5 Billion from $3.8 Billion in April-July FY24 – RBI Report    

• According to the latest report by the Reserve Bank of India (RBI), India’s net foreign direct investment (FDI) during the April-July period of the current financial year (FY25) rose to $5.5 billion compared to $3.8 billion in the year-ago period.
• The increase was due to an improvement in gross inward FDI, which grew by 23.6 per cent year-on-year (Y-o-Y) to $27.7 billion during the four months of FY25.
• Manufacturing, financial services, communication services, computer services, electricity, and other energy sectors accounted for more than three-fourths of the gross FDI inflows.
• The major source countries were Singapore, Mauritius, the Netherlands, the US, Belgium, and Japan.
• FDI has three components: equity capital, reinvested earnings and other capital.
• Equity capital is the foreign direct investor’s purchase of shares of an enterprise in a country other than its own.
• Reinvested earnings comprise the direct investor’s share (in proportion to direct equity participation) of earnings not distributed as dividends by  affiliates, or earnings not remitted to the direct investor.
• Such retained profits by affiliates are reinvested.

HDFC Life forms a tri-party partnership with Metropolis and CallHealth    

• HDFC Life, one of India’s leading life insurers, has entered into a bespoke agreement with Metropolis Healthcare Limited, a leading Indian diagnostic company, and CallHealth, an integrated healthcare platform respectively.
• This collaboration enables prospects applying for HDFC Life policies to undergo medical tests at Metropolis labs across the country, offering a seamless and convenient experience.
• Under this agreement, individuals can choose to visit a Metropolis lab close to their home or go for the home visit option, providing flexibility and ease for all customers.

About HDFC Life :

• Founded : 2000
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Vibha Padalkar
• Non-Executive Director & Chairman : Mr. Keki M Mistry
• It is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of India’s leading housing finance institutions and Abrdn, a global investment company.

Mahindra Finance collaborates with UGRO Capital to offer affordable loans to Micro, Small & Medium Enterprises   

• Mahindra Finance has entered into a co-origination partnership with UGRO Capital to provide affordable loans to MSMEs (Micro, Small & Medium Enterprises).
• The collaboration aims to provide secured business and affordable loans against properties (LAP) to the Micro, Small & Medium Enterprise (MSME) sector, supporting their business growth.
• The partnership aims to improve credit access for MSMEs, offering them timely financial support across various locations.
• UGRO Capital has also previously formed a co-lending partnership with the Small Industries Development Bank of India (SIDBI) to support MSMEs.
• Managing Director & CEO of Mahindra Finance : Raul Rebello

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Narendra Modi unveiled three advanced supercomputers named Param Rudra

• Prime Minister Narendra Modi unveiled three advanced supercomputers named Param Rudra as part of India’s National Supercomputing Mission.

Supercomputers’ Placement and Investment

• Location: Strategically placed in Pune, Delhi, and Kolkata.
• Investment: Built with a collective investment of Rs 130 crore.

Technological Impact

• Transformational Benefits: These supercomputers will accelerate research in fields such as healthcare, space exploration, material science, atomic physics, and cosmology.
• Institutions Involved:
  • Pune: The Giant Metre Radio Telescope (GMRT) will use it to study Fast Radio Bursts (FRBs) and other astronomical phenomena.
  • Delhi: The Inter-University Accelerator Centre (IUAC) will enhance research in material science and atomic physics.
  • Kolkata: The S N Bose Centre will support research in physics, cosmology, and earth sciences.

High-Performance Computing System for Weather Research

• Launch of Rs 850 crore High-Performance Computing System to enhance meteorological research.
• Locations: Installed at Indian Institute of Tropical Meteorology (IITM) in Pune and National Centre for Medium Range Weather Forecast (NCMRWF) in Noida.
• Systems Named: ‘Arka’ and ‘Arunika’, signifying their connection to the Sun.
• Applications: Enhanced prediction models for tropical cyclones, heavy precipitation, thunderstorms, heatwaves, droughts, and other critical weather events.

Prime Minister’s Remarks

• Technology for Empowerment: PM Modi emphasized that technology upgradation should empower the common people.
• Vision for the Future: Modi stressed the importance of big vision for achieving high goals, and outlined that quantum computing technology will lead advancements in IT, manufacturing, MSMEs, and startups.
• Science for Self-Reliance: The government is focused on “science for self-reliance” and building India’s own semiconductor ecosystem, making India a key part of the global supply chain.
• Space Research: Modi announced that by 2035, India will have its own space station as part of the Gaganyan Mission.

Government to Launch Digital Portal for Unclaimed Shares and Dividends by 2025

• To expedite the refund process for unclaimed shares and dividends, the government is developing an integrated digital portal, expected to be operational by early 2025.
• This initiative aims to simplify searching for and claiming lost shares, improving efficiency and accessibility for rightful claimants.

Key Points:

1. Purpose of the Portal:
   • To facilitate searching and claiming unclaimed shares and dividends.
   • Expected to speed up the refund process.
2. Investor Education and Protection Fund Authority (IEPFA):
   • IEPFA has designed the blueprint for this portal.
   • Once operational, it will handle refunds directly, eliminating the need for company involvement.
3. Current Status of Unclaimed Assets:
   • Over 1.1 billion unclaimed shares, valued at approximately Rs 1 lakh crore.
   • Unclaimed dividends amounting to Rs 5,700 crore.
4. Government Shift in Strategy:
   • The government shelved the earlier plan of assigning the refund responsibility to companies.
   • The new IT portal will ensure direct refunds from the IEPFA, bypassing corporate intermediaries.
5. Portal Features:
   • User-friendly interface enabling claimants to track the status of unclaimed shares.
   • Will assist in tracing lost investments, especially for legal heirs.
6. IEPFA Initiatives:
   • Launched a call centre and Interactive Voice Response System (IVRS) to assist investors.
   • Organizing Niveshak Sunwais to promote financial literacy and protect investors.

Launch of India-Specific Fashion Initiatives: “Paridhi 24×25” and VisioNxt

• Union Minister of Textiles, Shri Giriraj Singh, and Union Minister of State for External Affairs & Textiles, Pabitra Margherita, launched several significant initiatives to enhance India’s fashion and textile sectors, including:
• “Paridhi 24×25” Fashion Trend Book
• VisioNxt Bilingual Web Portal
• AI Taxonomy E-Book

The event attracted over 150 industry leaders from fashion, textiles, and retail, along with prominent craftsmen and weavers.

Key Highlights

1. VisioNxt’s Role

• Objective: Establish India as a leader in fashion trend prediction.
• Focus: Enhance visibility of Indian fashion vocabulary and identity.
• Strategy: Reduce reliance on international trend agencies by providing unique insights into local fashion consumers.
• Integration: Combine Artificial Intelligence (AI) and human intelligence for effective trend analysis.

2. Inauguration of NIFT Begusarai Extension Centre

• Purpose: Offer a three-day workshop focused on basic tailoring and garment construction skills.
• Activities: Minister Singh toured facilities, including pattern-making and garment construction labs, engaging with trainees.

3. MoU Signing with NSDC

• Agreement: Memorandum of Understanding (MoU) signed between NIFT and the National Skill Development Council (NSDC).
• Goal: Foster inclusive growth for marginalised communities and cultivate a skilled workforce for the fashion industry.
• Vision: Emphasize the centre’s potential as a contributor to India’s economic aspirations.

4. Successful Workshops

• Dates: Conducted from September 17 to 19, 2024.
• Participants: 31 women from the Jeevika self-help group trained in cutting and tailoring.
• Feedback: Received positive responses for enthusiastic participation and engagement.

Meeting Industry Needs

• Background: VisioNxt was established in response to a need identified at the Global Textile Summit 2017 for India-specific trend insights.
• Mission: Deliver essential trend insights and forecasts for the Indian fashion market.
• Approach: Leverage AI and Emotional Intelligence (EI) to analyze geo-specific trends reflecting India’s cultural diversity.
• Access: Comprehensive reports available in Hindi and English via the VisioNxt portal at www.visionxt.in.

Government’s Borrowing Plan for H2 FY 2024-25

• The central government has set a borrowing target of Rs 6.61 lakh crore for the second half (H2) of the financial year 2024-25.
• This borrowing strategy aims to address revenue gaps and stimulate economic growth.

Key Details:

• Total Gross Market Borrowing: Rs 14.01 lakh crore for FY 2024-25
• Borrowing in H2: Rs 6.61 lakh crore (47.2% of the annual target)
  • Includes Rs 20,000 crore in Sovereign Green Bonds (SGrBs)

Issuance and Auction Details:

• Number of Weekly Auctions: 21
• Maturities Covered:
  • 3-year Securities: 5.3%
  • 5-year Securities: 10.6%
  • 7-year Securities: 7.6%
  • 10-year Securities: 24.8%
  • 15-year Securities: 13.2%
  • 30-year Securities: 12.1%
  • 40-year Securities: 15.9%
  • 50-year Securities: 10.6%
• Switching and Buyback: Plans include managing redemption profiles and utilizing the greenshoe option to retain an additional Rs 2,000 crore per auction if needed.

Treasury Bills Issuance (Q3 FY 2024-25):

• Total Weekly Borrowing: Rs 19,000 crore
  • 91-day Bills: Rs 7,000 crore
  • 182-day Bills: Rs 6,000 crore
  • 364-day Bills: Rs 6,000 crore
• Ways and Means Advances (WMA) Limit: Set at Rs 50,000 crore for H2 FY 2024-25 to manage temporary account mismatches.

Current Status:

• H1 FY 2024-25 Borrowing: Rs 7.4 lakh crore (52.8% of the annual target)
• Previous Estimate: Initial borrowing target of Rs 14.13 lakh crore reduced by Rs 12,000 crore in the final budget due to strong revenue collection.
• Comparison with Previous Year: FY 2025 borrowing target is lower than the previous year’s record-high gross borrowing of Rs 15.43 lakh crore.

Economic Impact:

• Private Investments: Positive trends observed in sectors such as steel and cement, supported by significant capital expenditure from the government.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Commerce and Industry Minister Piyush Goyal Wraps Up Three-Day Visit to Australia  

• Union Minister for Commerce and Industry, Shri Piyush Goyal, concluded a 3-day visit to Australia from September 23 to 26, 2024.
• The Minister co-chaired the 19th Joint Ministerial Commission meeting with Senator Don Farrell, Minister for Trade and Tourism of Australia, on September 25, 2024, at Government House in Adelaide.

Key Highlights :

• Key topics included:
• Areas of cooperation and economic priorities for India and Australia.
• Implementation of the Economic Cooperation and Trade Agreement (ECTA).
• Progress on Comprehensive Economic Cooperation Agreement (CECA) negotiations.
• Bilateral Trade Target:Both ministers reiterated the target of achieving AUD 100 billion in bilateral trade by 2030.
• Multilateral Cooperation:Discussions included enhancing cooperation at forums such as G20, IPEF, and WTO, particularly regarding Domestic Services Regulation.
• Investment, Trade, Technology, and Tourism Office:Announcement of the opening of an Investment, Trade, Technology and Tourism (ITTT) office in Sydney, which will include representatives from various Indian organizations and industry bodies.
• New Grant Announcement:Minister Farrell announced an AUD 10 million grant for Australian entities to enhance cooperation with India, with AUD 5 million allocated for trade and innovation projects and AUD 5 million for scholarships and fellowships.
• Visit to the Australian Space Agency:Goyal and Farrell visited the Australian Space Agency, engaging with companies like Space Machine Company, which collaborates with New Space India Limited (NSIL) on the MAITRI mission.
• The 10th Anniversary of ‘Make in India’: The visit coincided with the 10th anniversary of the ‘Make in India’ initiative, which has aimed to boost domestic manufacturing, create jobs, enhance exports, and improve living standards in India.

About Australia :

• Prime Minister : Anthony Albanese
• Capital : Canberra
• Currency : Australian dollar

CURRENT AFFAIRS : STATE NEWS

Delhi Chief Minister Atishi Updates Minimum Monthly Salaries for Unskilled, Semi-Skilled, and Skilled Laborers   

• Atishi announced a revision in the minimum monthly wages for unskilled, semi-skilled, and skilled workers in her first decision as Chief Minister.

Key Highlights :

Revised Wage Details:

• Unskilled Workers:
  • Previous Wage: ₹17,494
  • Revised Wage: ₹18,066
  • Percentage Increase: 3.2%
• Semi-Skilled Workers:
  • Previous Wage: ₹19,279
  • Revised Wage: ₹19,929
  • Percentage Increase: 3.6%
• Skilled Workers:
  • Previous Wage: ₹21,215
  • Revised Wage: ₹21,917
  • Percentage Increase: 3.3%
• Additional Wage Increases:
  • Non-Matriculate Workers: Minimum wage increased by 3.6%.
  • Matriculate Workers: Wage increased from ₹20,903 by 4.85%.
  • Graduate Workers: Wage increased from ₹23,082 by 3.26%.
• Launch of the Action Plan: The Delhi government introduced a comprehensive 21-point Winter Action Plan to combat air pollution.
• Key Measures Announced:
  • Drone Monitoring: Drones will be used for the first time to monitor 13 identified pollution hotspots.
  • Real-Time Pollution Source Identification: The initiative aims to facilitate real-time tracking and action against pollution sources.
  • Anti-Dust Campaign: A campaign aimed at reducing dust pollution will begin on October 7.
• Collaborating Agencies: The monitoring will be coordinated with the Delhi Pollution Control Committee (DPCC) and the Central Pollution Control Board (CPCB).

About Delhi :

• Governor : Vinai Kumar Saxena
• Chief Minister : Atishi Marlena Singh

Tripura Government Introduces CM-SATH Scheme to Support Meritorious Students in Pursuing Higher Education   

• The Chief Minister of Tripura, Manik Saha, launched the CM-SATH scheme to support meritorious students in higher education, fulfilling a pre-poll promise.
• The scheme offers financial aid of ₹60,000 (₹5,000 monthly) for a duration of two to three years to 200 selected students based on merit.

Key Highlights :

• Targeted Beneficiaries: The financial assistance is aimed at:
• 100 students at the Madhyamik level.
• 100 students at the Higher Secondary level.
• Selection Criteria: Beneficiaries will be selected based on merit by the District Education Officer in each district, with distributions as follows:
• 152 students at the block level.
• 12 students at the Nagar Panchayat level.
• 26 students at the Municipal Council level.
• 10 students at the Agartala Municipal Corporation level.
• Government Commitment: The Chief Minister emphasized the government’s commitment to ensure that financial constraints do not impede access to quality education and the growth of talent.
• Focus on Marginalized Communities: The government aims to enhance educational opportunities for marginalized groups, including the poor, tribals, women, and minorities.
• Budget Allocation: The financial plan for the CM-SATH scheme includes:
• ₹1.20 crore in the first year.
• ₹2.40 crore in the second year.
• ₹3 crore from the third year onward.
• Overall Educational Goals: The scheme is part of a broader initiative to improve educational policies, ensure quality education, and enhance the learning process in Tripura.

About Tripura :

• Governor : Indrasena Reddy
• Chief Minister : Manik Saha
• Capital : Agartala
• National Park : Bison (Rajbari) National Park, Clouded Leopard National Park
• Ramsar Site : Rudrasagar Lake

6th Session of the India-Egypt Joint Trade Committee (JTC) held successfully in New Delhi   

• The 6th Session of the India-Egypt JTC was held in New Delhi on 16th-17th September 2024.
• The session Co-chaired by Priya P. Nair, Economic Adviser, Department of Commerce, Government of India, and Mr. Yahya Elwathik Bellah, Deputy Minister of Investment & Foreign Trade of Egypt.
• The Egyptian delegation included the Ambassador to India, H.E. Mr. Wael Mohamed Awad Hamed, and eight delegates from relevant ministries.
• India secured necessary approvals to sign a Memorandum of Understanding (MoU) between the National Small Industries Corporation (NSIC) of India and the MSME Development Agency (MSMEDA) of Egypt, aiming for early signing and operationalization.
• Areas of Focus:Both countries identified multiple sectors for enhancing cooperation, including:Suez Canal Economic Zone (SCEZ), Pharmaceuticals and health, Gems & jewelry, Engineering goods, Petroleum and mining, MSMEs, Customs matters, IT services,Electronics and apparel manufacturing, Renewable energy (green hydrogen), Food security, International trade settlement, Digital payments, Transport and trade disputes
• The next JTC meeting is scheduled for 2026 in Egypt.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

IndiGo Appoints Isidro Porqueras as Chief Operating Officer  

• IndiGo has nominated Isidro Porqueras as its new Chief Operating Officer (COO), effective from November 1, 2024 (subject to regulatory approvals).
• He will succeed Wolfgang Prock-Schauer, who is retiring after over seven years in the role.

About Isidro Porqueras :

• Porqueras joined IndiGo as Chief of Transformation in April 2024.
• He has over 25 years of experience in the aviation sector.
• He previously led operations at Spanish low-cost airline Volotea.

IndiGo’s Operations:

• IndiGo operates around 14,000 flights weekly.
• As of August 2024, it holds a 62% market share in the domestic airline sector.
• Significance of Porqueras’ Role:His appointment as Chief Transformation Officer was strategically important, coinciding with IndiGo’s order for 30 A350-900 wide-body aircraft from Airbus in April 2024.
• Major Aircraft Orders:In June 2023, IndiGo made a historic order for 500 A320neo family planes from Airbus, marking the world’s largest aircraft order.
• Deliveries for these aircraft are expected to occur between 2030 and 2035.

About IndiGo :

• Founded : 2006 (Commenced Operations – 4 August 2006)
• Headquarters : Gurgaon, Haryana, India
• CEO : Pieter Elbers

CURRENT AFFAIRS : DEFENCE NEWS

Defence Research & Development Organisation and Indian Institute of Technology Delhi Collaborate to Create Lightweight Bulletproof Jackets Named Advanced Ballistics for High Energy Defeat  

• The Defence Research & Development Organisation (DRDO), along with researchers of Indian Institute of Technology (IIT) Delhi has developed Light Weight Bullet Proof Jackets named ABHED (Advanced Ballistics for High Energy Defeat).
• The jackets have been developed at the DRDO Industry Academia Centre of Excellence (DIA-CoE) at IIT, Delhi.

Key Highlights :

• Materials Used: The jackets are made from advanced polymers and indigenous boron carbide ceramic material, enhancing their durability and protective capabilities.
• Design and Testing: The design was based on the characterization of materials at high strain rates, followed by modeling and simulation in collaboration with DRDO.
• The armor plates have passed all necessary R&D trials according to established protocols.
• Threat Level Compliance: The jackets are designed to meet the highest threat levels specified by the Indian Army, while also being lighter than the maximum weight limits set in the General Staff Qualitative Requirements.
• Weight Specifications: The jackets weigh a minimum of 8.2 kg and 9.5 kg for different Bureau of Indian Standards (BIS) levels, providing modular design with front and rear armors for 360-degree protection.
• Formation of DIA-CoE: The DIA-CoE was established by modifying the Joint Advanced Technology Center of DRDO at IIT Delhi in 2022 to enhance collaboration between industry and academia for defense R&D.

Defence Research & Development Organisation and Indian National Academy of Engineering Host 11th Engineers Conclave in Hyderabad to Explore Advancements in Indigenization and Emerging Technologies  

• The 11th Engineers Conclave, organized jointly by the Defence Research & Development Organisation (DRDO) and the Indian National Academy of Engineering (INAE), commenced on September 26, 2024, in Hyderabad.
• The aim of the two-day annual conclave is to deliberate on two strategic priorities i.e., ‘Additive Manufacturing for Defence Applications’ and ‘Defence Manufacturing Technologies’.
• The event, being held at Defence Research & Development Laboratory (DRDL) of DRDO, brings together engineers, scientists, academicians and industry leaders to discuss emerging technologies & advancements in indigenisation.
• The conclave was inaugurated by the Chief Guest, Dr. Anil Kakodkar, the Former Chairman of the Atomic Energy Commission.
• Samir V. Kamat, Secretary of the Department of Defence R&D and Chairman of DRDO, served as the Guest of Honour.
• Key Addresses: Other notable figures addressing the gathering include:
• Shri G.A. Srinivasa Murthy, Director of DRDL (Hyderabad)
• Shri U. Raja Babu, Director General of Missiles and Strategic Systems
• Indranil Manna, President of INAE

About DRDO :

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

Admiral Dinesh K. Tripathi, Chief of Naval Staff, Undertakes Official Visit to Greece  

• Admiral Dinesh K Tripathi, Chief of the Naval Staff (CNS), is on a four day official visit to Greece from 26 to 29 Sep 2024.
• The visit aims to consolidate bilateral defense relations between India and Greece, with a focus on enhancing naval cooperation.
• During the visit, the CNS will engage in bilateral discussions with senior Greek defence officials, including Mr Ioannis Kefalogiannis, Deputy Minister of Defence, Vice Admiral Dimitrios E Kataras, Chief of the Hellenic Navy General Staff (HGNS), Vice Admiral Christos Sasiakos, Deputy Chief of Hellenic National Defence General Staff.
• The discussions are expected to cover a broad spectrum of defence cooperation areas, particularly maritime security, joint training initiatives, and exploring avenues for future operational collaboration between the two navies.
• As part of his visit, Adm Dinesh K Tripathi shall be visiting the Salamis Bay, the base of the Hellenic Naval Fleet as well as the Hellenic Naval Academy.
• The Hellenic Navy Chief shall be hosting the Indian CNS onboard the renowned Georgios AVEROF, the Hellenic naval museum ship, offering him a glimpse into Greece’s rich maritime history and naval heritage.

Delivery of the 5th Missile Cum Ammunition Barge, LSAM 13 (Yard 81), for INS Tunir Completed   

• The Missile Cum Ammunition Barge (MCA), LSAM 13 (Yard 81), was delivered on September 25, 2024, at Naval Dockyards, Mumbai, for INS Tunir.
• The ceremony was presided over by Commodore C. Rami Reddy, Commanding Officer of INS Tunir.
• LSAM 13 is the fifth barge in the project to construct a total of eight Missile Cum Ammunition Barges, built by MSME Shipyard, M/s SECON Engineering Projects Private Limited, Visakhapatnam.
• The contract for constructing the eight barges was signed between the Ministry of Defence (MoD) and M/s SECON Engineering Projects Pvt Ltd on February 19, 2021.
• The induction of these barges will enhance the operational capabilities of the Indian Navy (IN) by facilitating the transportation, embarkation, and disembarkation of articles and ammunition to IN platforms at jetties and outer harbours.
• The barges are designed and built in compliance with the Naval Rules and Regulations of the Indian Register of Shipping.
• Model testing for the barge was conducted at the Naval Science and Technological Laboratory in Visakhapatnam during the design phase.

Shankh Air, India’s Latest Airline by Shankh Aviation Private Limited, Receives Union Civil Aviation Ministry Approval to Commence Operations   

• Shankh Air, India’s newest airline owned by Shankh Aviation Private Limited, has got approval from the Union Civil Aviation Ministry to start operations.
• The No Objection Certificate (NOC) issued to the airline is valid for 3 years.
• However, Shankh Air will also need clearance from the aviation regulator, Directorate General of Civil Aviation (DGCA), before starting flights.
• Shankh Air will be the first scheduled airline to launch from Uttar Pradesh.
• It will set up its hub in Lucknow and Noida to facilitate connections to all major cities.
• The airline will “operate both inter- and intra-state routes, especially focusing on cities with high demand and limited direct flight options.”
• Shankh Aviation is spearheaded by entrepreneur and chairman Sharvan Kumar Vishwakarma.
• Shankh Air is set to launch its flight services with a fleet of new-generation Boeing 737-800NG narrow-body aircraft.
• With more than 60% of the Indian aviation market, IndiGo is the market leader.
• The second-biggest airline in the nation is called Air India.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Airtel Introduces India’s First AI-Driven Spam Detection Solution Based on Network Technology   

• Bharti Airtel introduced India’s first network-based, Artificial Intelligence (AI)-powered spam detection solution to combat spam calls and messages.
• This is a first-of-its-kind solution among telecom service providers in India, providing real-time alerts to customers about suspected spam calls and SMS messages.

Key Highlights :

• Cost and Activation:The service is free for all Airtel customers and will be auto-activated without requiring any service requests or app downloads.
• Dual-Layer Protection:The spam detection solution features a dual-layer protection system, consisting of two filters:
• Network Layer Filter: Operates at the network level.
• IT Systems Layer Filter: Works within IT systems.
• In-House Development:The solution was developed internally by Airtel’s data scientists using a proprietary algorithm.
• AI-Powered Functionality:The AI algorithm classifies calls and SMS messages as ‘Suspected SPAM’ based on various parameters.
• Real-Time Analysis:The system analyzes multiple factors such as:Caller or sender usage patterns, Frequency of calls/SMS, Call duration, Other relevant metrics to detect spam in real time.

About Bharti Airtel :

• Founded : 7 July 1995
• Headquarters : New Delhi, Delhi
• Chairman : Sunil Mittal
• MD & CEO : Gopal Vittal

India Set to Launch Its First Venus Mission in 2028  

• The Union Cabinet approved India’s first mission to Venus, set to be launched by the Indian Space Research Organisation (ISRO) in March 2028.
• The total budget for the Venus Orbiter Mission is ₹1,236 crore, with ₹824 crore dedicated to spacecraft development.
• This will be India’s second interplanetary mission, following the successful Mars Orbiter Mission launched in 2013.
• The Venus mission is meant to study the planet from an orbit around it.
• The mission will carry scientific instruments from India and abroad to examine the surface and sub-surface of Venus, its atmosphere, its ionosphere, and its interaction with the Sun.

Key Features :

• The spacecraft will carry approximately 100 kilograms of scientific instruments, including contributions from international collaborators.
• After launch, the spacecraft will use a slingshot maneuver to reach Venus in about 140 days, entering a highly elliptical orbit of 500 km by 60,000 km around the planet.
• The mission will employ aerobraking, a first for India, allowing the spacecraft to skim through Venus’s atmosphere to create drag and reduce its orbit.
• The payload features a synthetic aperture radar for imaging Venus’s surface, a thermal camera for studying temperature variations, and instruments to analyze atmospheric composition, structure, and variability.

Characteristics of Venus:

• Venus is similar to Earth in mass, density, and size, earning the nickname “Earth’s twin.”
• However, it has extreme surface temperatures of around 462°C and much higher atmospheric pressure than Earth.
• The atmosphere of Venus consists of 96.5% carbon dioxide, with clouds of sulfuric acid.
• Venus rotates very slowly on its axis, taking approximately 243 Earth days for one complete rotation.
• Venus missions launched by other countries : There have been several missions to Venus in the past by the United States, the erstwhile USSR, Japan, and a collaborative mission of the European Space Agency (ESA) with Japan.
• Recently, several space agencies have announced Venus missions:
• NASA’s DaVinci in 2029 and Veritas in 2031
• ESA’s EnVision mission (planned for early 2030s)
• Russia’s Venera-D mission (under development)

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somnath

CURRENT AFFAIRS: RANKING AND INDEX

India climbs one position to 39th rank in Global Innovation Index 2024

• India has achieved a significant milestone by climbing to the 39th position among 133 global economies in the Global Innovation Index (GII) 2024, as announced by Union Minister Piyush Goyal.
• This advancement highlights India’s leadership in the Central and Southern Asia region and its dominance among lower-middle-income economies.

Key Achievements:

• Top Rankings:
  • 1st in the Central and Southern Asia region.
  • 1st among lower-middle-income economies.
  • 4th in the WIPO’s Science & Technology Cluster Rankings.
  • Cities like Mumbai, Delhi, Bengaluru, and Chennai rank in the global top 100 S&T clusters.
  • 7th globally in intangible asset intensity.
• Historical Progress:
  • India was ranked 81st in 2015 and has now risen to 39th, driven by a thriving innovation ecosystem powered by entrepreneurs, startups, and public-private partnerships.

Global Performance Overview:

• In the Central and Southern Asia region, India (39th) continues to lead, advancing by one spot:
  • Iran is ranked 64th (down two places).
  • Kazakhstan holds the 78th position.
  • Uzbekistan remains at 83rd.
• Fast Climbers:
  • Countries such as China, Turkey, Vietnam, and the Philippines have shown significant improvement over the last decade.

Global Rankings of Top Innovators:

1. Switzerland
2. Sweden
3. United States
4. United Kingdom
5. Singapore
6. Finland
7. Netherlands
8. Germany
9. Denmark
10. Republic of Korea

Central and Southern Asia Region Rankings:

Sector-Specific Insights:

• Progress in Key Areas:
  • Significant strides in sanitation and electromobility.
  • Electric car sales in India tripled in 2022, driven by companies like Tata Motors and government incentives.
• Strengths:
  • India excels in ICT services exports, venture capital, and intangible assets, reinforcing its position as an innovation leader on the global stage.

IMD World Talent Ranking 2024: Switzerland Retains Top Spot, India Declines in Global Competitiveness

• The IMD World Talent Ranking 2024 has revealed significant insights into global talent hubs, with Switzerland maintaining its lead in investment, development, and appeal factors.
• The IMD World Talent Ranking 2024 shows the overall ranking for 67 economies.
• The economies are ranked from the most to the least competitive, and the change from the Previous year’s rankings is also shown.
• The ranking evaluates countries based on their ability to develop, retain, and attract highly qualified domestic and international talent.

Key Highlights:

• Top Talent Hubs:

• Switzerland: Excels in quality of life, health infrastructure, educational attainment, statutory minimum wage, and foreign personnel attraction.
• Singapore: Climbed from 18th in 2014 to 2nd, noted for its rich talent pool, low discrimination, and strong skilled labour availability.
• Luxembourg
• Sweden
• Denmark
• Iceland
• Norway
• Netherlands
• Hong Kong SAR: Reinforces Asia’s competitive presence.
• Austria

Rankings

Europe-Middle East-Africa

1. Switzerland
2. Singapore
3. Luxemburg
4. Sweden
5. Denmark

Asia-Pacific

1. Singapore
2. Hongkong
3. Australia
4. Taiwan
5. Korea Republic
6. India

The Americas

1. Canada
2. USA
3. Porto Rico
4. Chile
5. Columbia

Investment & Development Factor 

1. Switzerland
2. Luxembourg
3. Norway
4. Iceland
5. Israel

Appeal Factor

1. Switzerland
2. Ireland
3. Netherlands
4. Luxembourg
5. Singapore

Readiness Factor 

1. Singapore
2. UAE
3. Switzerland
4. Hong Kong SAR
5. Denmark

• US Decline:

• The United States fell six spots to 21st due to rising living costs and personal income tax rates, affecting its overall appeal.

• European Dominance:

• European countries dominate the rankings, with Switzerland leading due to its exceptional talent competitiveness.

India’s Performance:

• Global Rank: 58th, down from 56th last year and 52nd in 2022, with a talent score of 40.47.
• Declining Metrics:
  • Readiness Score: Dropped from 18 in 2022 to 25 in 2024.
  • Investment and Development Score: Fell from 61 in 2022 to 66 in 2024.
• Urgent Need for Improvement: India must enhance its investment climate and talent development strategies to boost its competitiveness in the global talent arena.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Tata Electronics’ Landmark Agreement with PSMC for India’s First Semiconductor Fab

• Tata Electronics has finalised a Rs 91,000 crore ($11 billion) Definitive Agreement with Powerchip Semiconductor Manufacturing Corporation (PSMC) of Taiwan, marking a significant step toward building India’s first AI-enabled semiconductor fabrication plant in Dholera, Gujarat.

Key Points :

1. Investment and Job Creation:
   • Total investment: Rs 91,000 crore (USD 11 billion).
   • Expected to generate over 20,000 skilled jobs initially, with a multi-fab vision potentially creating 1,00,000 skilled jobs.
2. Fab’s Capacity and Technology:
   • The Fab will have a manufacturing capacity of up to 50,000 wafers per month.
   • It will employ next-gen factory automation using data analytics and machine learning for maximum efficiency.
3. PSMC’s Role:
   • PSMC will provide design, construction, and engineering support.
   • Transfer of licensed technologies and expertise to India, advancing India’s semiconductor self-reliance.
4. Strategic Importance:
   • The Fab will help meet chip demand for domestic and global customers.
   • First AI-enabled, state-of-the-art greenfield Fab in India, focusing on sustainability and quality standards.

CURRENT AFFAIRS: SPORTS NEWS

Shakib Al Hasan Announces Retirement from T20I and Future Plans in Cricket

• Former Bangladesh 37-year-old skipper and all-rounder Shakib Al Hasan has officially retired from T20I cricket after featuring in 129 matches.
• In addition, he has expressed his desire to retire from Test cricket following the home series against South Africa next month in Mirpur.

Key Highlights:

• Retirement Announcement:
  • Shakib’s announcement comes ahead of the second Test against India at the Green Park Stadium in Kanpur.

Shakib’s Cricket Career Overview:

• T20I Performance:
  • Matches: 129
  • Runs: 2,551 at a strike rate of 121.18
  • Wickets: 149
• Test Career:
  • Debut: 2007
  • Matches: 70
  • Runs: 4,600 (5 centuries, 31 half-centuries)
  • Wickets: 242 (the only Bangladeshi bowler to surpass the 200-wicket mark)
  • Best Bowling Figures: 7/36
• ODI Career:
  • Matches: 247
  • Runs: 7,570 (9 centuries, 56 half-centuries)
  • Wickets: 317
  • Best Bowling Figures: 5/29

CURRENT AFFAIRS: IMPORTANT DAYS

World Rabies Day 2024: September 28

• World Rabies Day is celebrated on 28th September of every year.
• This year’s World Rabies Day theme is: “Breaking Rabies Boundaries”
• The Global Alliance for Rabies Control (GARC) established World Rabies Day in 2007.
• This day was recognized by the World Health Organization(WHO).
• They chose the date 28th September to observe World Rabies Day in order to remember the French Scientist Louis Pasteur.
• In 1895, the French Scientist Louis Pasteur passed away on this day (28th September) created the vaccination for rabies
• World Rabies Day is observed in order to raise awareness about the impact of rabies on animals and humans.

Daily CA One- Liner: September 28

• Prime Minister Narendra Modi unveiled three advanced supercomputers named Param Rudra as part of India’s National Supercomputing Mission.
• To expedite the refund process for unclaimed shares and dividends, the government is developing an integrated digital portal, expected to be operational by early 2025
• Union Minister of Textiles, Shri Giriraj Singh, and Union Minister of State for External Affairs & Textiles, Pabitra Margherita, launched several significant initiatives to enhance India’s fashion and textile sectors
• The central government has set a borrowing target of Rs 6.61 lakh crore for the second half (H2) of the financial year 2024-25
• India has achieved a significant milestone by climbing to the 39th position among 133 global economies in the Global Innovation Index (GII) 2024, as announced by Union Minister Piyush Goyal
• The IMD World Talent Ranking 2024 has revealed significant insights into global talent hubs, with Switzerland maintaining its lead in investment, development, and appeal factors
• Tata Electronics has finalised a Rs 91,000 crore ($11 billion) Definitive Agreement with Powerchip Semiconductor Manufacturing Corporation (PSMC) of Taiwan, marking a significant step toward building India’s first AI-enabled semiconductor fabrication plant in Dholera, Gujarat
• Former Bangladesh 37-year-old skipper and all-rounder Shakib Al Hasan has officially retired from T20I cricket after featuring in 129 matches
• The Asian Development Bank (ADB) retained India’s growth forecast for FY 2024 at 7%, attributing this to improved agricultural output and increased government spending.
• The Government of India, in consultation with the Reserve Bank of India (RBI), has outlined its borrowing program for the second half (H2) of FY 2024-25.
• Axis Bank, and Mastercard, a global technology company in the payments industry, announced their collaboration to launch MyBiz, a business credit card designed exclusively for sole proprietors and small business owners.
• PayU, one of India’s leading digital financial services providers, has introduced an industry-first biometric authentication solution for card payments – Flash Pay.
• According to the latest report by the Reserve Bank of India (RBI), India’s net foreign direct investment (FDI) during the April-July period of the current financial year (FY25) rose to $5.5 billion compared to $3.8 billion in the year-ago period.
• HDFC Life, one of India’s leading life insurers, has entered into a bespoke agreement with Metropolis Healthcare Limited, a leading Indian diagnostic company, and CallHealth, an integrated healthcare platform respectively.
• Mahindra Finance has entered into a co-origination partnership with UGRO Capital to provide affordable loans to MSMEs (Micro, Small & Medium Enterprises).
• Union Minister for Commerce and Industry, Shri Piyush Goyal, concluded a 3-day visit to Australia from September 23 to 26, 2024.
• Atishi announced a revision in the minimum monthly wages for unskilled, semi-skilled, and skilled workers in her first decision as Chief Minister.
• The Chief Minister of Tripura, Manik Saha, launched the CM-SATH scheme to support meritorious students in higher education, fulfilling a pre-poll promise.
• The 6th Session of the India-Egypt JTC was held in New Delhi on 16th-17th September 2024.
• IndiGo has nominated Isidro Porqueras as its new Chief Operating Officer (COO), effective from November 1, 2024 (subject to regulatory approvals).
• The Defence Research & Development Organisation (DRDO), along with researchers of Indian Institute of Technology (IIT) Delhi has developed Light Weight Bullet Proof Jackets named ABHED (Advanced Ballistics for High Energy Defeat).
• The 11th Engineers Conclave, organized jointly by the Defence Research & Development Organisation (DRDO) and the Indian National Academy of Engineering (INAE), commenced on September 26, 2024, in Hyderabad.
• Admiral Dinesh K Tripathi, Chief of the Naval Staff (CNS), is on a four-day official visit to Greece from 26 to 29 Sep 2024.
• The Missile Cum Ammunition Barge (MCA), LSAM 13 (Yard 81), was delivered on September 25, 2024, at Naval Dockyards, Mumbai, for INS Tunir.
• Shankh Air, India’s newest airline owned by Shankh Aviation Private Limited, has got approval from the Union Civil Aviation Ministry to start operations.
• Bharti Airtel introduced India’s first network-based, Artificial Intelligence (AI)-powered spam detection solution to combat spam calls and messages.
• The Union Cabinet approved India’s first mission to Venus, set to be launched by the Indian Space Research Organisation (ISRO) in March 2028.
• World Rabies Day is celebrated on 28th September of every year.

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