Daily Current Affairs October 29th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Ministry of Finance seeks appropriate revamp of Interest Equalisation Scheme before considering further extension

• The Finance Ministry may extend the Interest Equalisation Scheme beyond December 31, 2024 if the Commerce Department revamps it to demonstrate that it benefits Micro, Small and Medium Enterprises (MSMEs) and promotes exports of labour-intensive items.
• Initially implemented in April 2015 for five years, it has been extended several times post-2020, recently in August 2024 and September 2024 for MSME manufacturer exporters.
• Objective of the Scheme:Aimed to promote exports by providing bank credit to exporters of 410 identified items and all MSMEs at subsidised interest rates.
• Banks are reimbursed by the government for the reduced interest income.

Key Highlights :

• Commerce Department’s Role:The Directorate General of Foreign Trade (DGFT) is tasked with revamping the scheme to make it more convincing for the Finance Ministry by ensuring it effectively reaches MSMEs and supports labour-intensive exports.
• Fiscal Cap for MSMEs:Each MSME is capped at receiving fiscal benefits up to ₹50 lakh for 2024-25, applicable until December 2024.
• Finance Ministry’s Concerns:There is a perception within the Finance Ministry that the scheme may not effectively contribute to export growth and may simply add to exporters’ profits without a substantial impact on competitiveness.
• Exporters’ Perspective:Exporters argue that the interest subsidy is essential to maintain competitiveness, especially with wafer-thin margins in the global market.
• They warn that MSME exporters could shut down without it due to high financing costs.
• India’s Export-Import Stats (Apr-Sep 2024-25):India’s goods exports grew by 1% to $213.22 billion, while imports increased by 6.16% to $350.66 billion during April-September 2024-25.

About Ministry of Finance :

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

Reserve Bank of India Governor Shaktikanta Das awarded A+ grade in Central Bank Report Cards 2024 in the United States of America

• Reserve Bank of India (RBI) Governor Shaktikanta Das received an A+ grade in the Central Bank Report Cards 2024 for the second consecutive year.
• Denmark’s Christian Kettel Thomsen, and Switzerland’s Thomas Jordan have also been ranked under the ‘A+’ category of central bankers.
• The award was presented by Global Finance in Washington, D.C.
• Grades were assigned on an “A+” to “F” scale, evaluating success in key areas like inflation control, economic growth targets, currency stability, and interest rate management.
• An “A” reflects outstanding performance, while an “F” indicates a clear failure.

Key Highlights :

• Global Finance Report: Since 1994, Global Finance has published annual Central Bank Report Cards, grading governors from nearly 100 countries, regions, and territories, including the EU, Caribbean, and African regions.
• Governor Das’s Contributions:Managed economic challenges during the pandemic and the European conflict.
• Strengthened the banking sector’s resilience, profitability, and capital health.
• Foreign Exchange Reserves: Under Governor Das, India’s foreign exchange reserves have increased by $311 billion. As of October 11, 2024, reserves saw a $68 billion rise in 2024, positioning India as the second-largest reserve holder globally after China.
• Reserve Coverage: The reserves can cover 11.8 months of imports and exceed 101% of India’s total external debt as of June 2024.
• Global Finance: Established in 1987 and headquartered in New York, Global Finance is read in 193 countries, with a circulation of 50,000, targeting senior corporate and financial officers involved in investment and strategic decisions.

Global Finance Magazine Recognizes State Bank of India as Best Bank in India for 2024

• The State Bank of India (SBI) was named the “Best Bank in India for 2024″ by Global Finance Magazine, a prestigious US-based financial publication.
• The award was presented at the 31st Annual Best Bank Awards event, which took place alongside the Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C.
• SBI Chairman CS Setty accepted the award, which acknowledges SBI’s commitment to delivering quality services and supporting financial inclusion across India.
• These awards are recognized globally as a benchmark for evaluating top financial institutions and serve as a reference for corporate decision-makers, especially during economic challenges.
• SBI was awarded based on its efforts to build customer trust and promote financial inclusion, aligning with the bank’s mission of providing essential financial services across the nation.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Challa Sreenivasulu Setty

Pakistan requests additional 10 billion yuan loan from China: Report

• Pakistan has requested an additional loan of 10 billion yuan (approximately USD 1.4 billion) from China, on top of the existing 30 billion yuan (USD 4.3 billion) trade facility.
• Pakistan has fully utilized the existing 30 billion yuan facility to repay its debts.

Key Highlights :

• Currency Swap Agreement: Finance Minister Muhammad Aurangzeb met with China’s Vice Minister of Finance, Liao Min, during the IMF and World Bank meetings in Washington, seeking to increase the limits of the currency swap agreement to 40 billion yuan.
• Potential Increase: If approved, the total facility would amount to approximately USD 5.7 billion.
• Past Requests: This is not the first time Pakistan has sought an increase in its debt limit from China; previous requests have been declined.
• Extension of Facility: This request comes shortly after China extended the existing USD 4.3 billion facility for another three years.
• Debt Repayment Extension: A currency swap agreement was signed during Chinese Premier Li Qiang’s recent visit to Pakistan, extending the debt repayment period to 2027.
• Strategic Cooperation: During the meeting between Chinese Premier Li Qiang and Pakistani President Asif Ali Zardari, both leaders reaffirmed their commitment to deepen strategic cooperation in various sectors, including economy, investment, and regional connectivity.
• CPEC Projects: There is an emphasis on expediting the implementation of the China-Pakistan Economic Corridor (CPEC) projects.
• Historical Context: Premier Li Qiang’s visit marks the first by a Chinese premier to Pakistan in 11 years, indicating a significant diplomatic engagement between the two nations.

About Pakistan :

• President : Asif Ali Zardari
• Prime Minister : Shehbaz Sharif
• Capital : Islamabad
• Currency : Pakistani rupee (₨)

About China :

• President : Xi Jinping
• Capital : Beijing
• Currency : Renminbi

Securities and Exchange Board of India Imposes ₹16 Lakh Penalty on Edelweiss Asset Management, CEO Radhika Gupta, and Fund Manager for Mutual Fund Rule Breaches

• Capital markets regulator Securities and Exchange Board of India (SEBI) imposed a penalty of ₹16 lakh on Edelweiss Asset Management Ltd, CEO Radhika Gupta, and fund manager Trideep Bhattacharya for mutual fund regulation violations.
• Penalty Breakdown: The penalty was divided as follows:
• ₹8 lakh on Edelweiss Asset Management Ltd.
• ₹4 lakh each on CEO Radhika Gupta and fund manager Trideep Bhattacharya.
• Payment Deadline: The entities have been instructed to pay the penalty within 45 days.
• Violation Details: The Edelweiss Focused Equity Fund (EFEF) breached the mutual fund rule of maintaining a maximum of 30 stocks for an open-ended equity scheme on 88 occasions.
• Period of Violation: The violations occurred across four months—November 2022, December 2022, January 2023, and February 2023.
• Non-compliance in Fund Management: SEBI noted that CEO Radhika Gupta and fund manager Trideep Bhattacharya failed to ensure that EFEF’s funds were invested to meet the scheme’s investment objectives, leading to asset allocation discrepancies.

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.

CURRENT AFFAIRS: NATIONAL NEWS

Inauguration of India’s First Private Sector-Led Military Aircraft Facility for C295 Production in Vadodara

• Tata Advanced Systems Limited (TASL) and Airbus inaugurated the Final Assembly Line (FAL) complex for C295 military aircraft in Vadodara, Gujarat, marking India’s first private sector-led military aircraft manufacturing facility.
• The inauguration was led by Indian Prime Minister Narendra Modi and Spanish Prime Minister Pedro Sánchez Pérez-Castejón, signifying a robust partnership between India and Spain in defence manufacturing.
• C295 Aircraft Production:
  • The facility will manufacture 40 of the 56 C295 aircraft ordered by the Indian Air Force (IAF), while the remaining 16 will be imported from Spain.
  • The first “Make in India” C295 aircraft is expected to roll out by September 2026, with the final deliveries by August 2031.
• Economic and Industrial Impact:
  • TASL has engaged 37 Indian suppliers and certified 21 special processes to produce 13,000 parts locally, boosting employment and technical skills in the region.
  • Vadodara’s industrial base, including MSMEs, makes it a strategic hub for India’s aerospace ambitions, which align with India’s defence and civil aviation growth.
• India’s Defence Transformation:
  • Modi emphasized India’s shift from being import-dependent to an emerging defence manufacturing hub, with exports growing 30 times in the last decade.
  • The C295 facility is part of a larger vision, enhancing regional air connectivity and setting the foundation for civil aircraft production in India.
• India-Spain Relations: The project highlights growing bilateral ties, with Prime Minister Modi expressing optimism for more joint ventures between the two nations. The involvement of Airbus demonstrates international confidence in India’s industrial capabilities.

Rising Threat of “Digital Arrest” Frauds: Rs 120.3 Crore Lost in Q1 2023

• In the first quarter of 2024, Indian citizens lost Rs 120.30 crore to “digital arrest” frauds, according to government data.
• Prime Minister Narendra Modi raised concerns about this issue, urging citizens to remain vigilant against cybercriminals.
• Scam Origins and Methods:
  • The Ministry of Home Affairs (MHA) and the Indian Cybercrime Coordination Centre (I4C) revealed that many scams originate from Myanmar, Laos, and Cambodia.
  • A staggering 46% of reported frauds, amounting to Rs 1,776 crore in losses, originated from these countries between January and April 2023.
• Cybercrime Statistics:
  • From January 1 to April 30, 2023, the National Cybercrime Reporting Portal (NCRP) logged 4 lakh complaints, contributing to 15.56 lakh complaints recorded throughout the year.
  • This represents a sharp increase compared to the 66 lakh complaints filed in 2022, indicating a growing threat.
• Major Cybercrime Types:
  • I4C CEO Rajesh Kumar identified four major types of scams:
    1. Digital arrest scams
    2. Trading scams (Rs 1,420.48 crore in losses)
    3. Investment scams (Rs 222.58 crore in losses)
    4. Romance/dating scams (Rs 13.23 crore in losses)

How do Digital Arrest Scams Work?

• In a digital arrest scam, fraudsters impersonate law enforcement officials and contact victims, claiming their involvement in illegal activities.
• Victims are pressured into transferring money under threat of arrest, with scammers sometimes using video calls to create a false sense of authority.
• Victims may be “digitally arrested,” where they remain in constant communication with fraudsters until the financial demands are met.

Prime Minister Narendra Modi to Launch Multiple Health Sector Initiatives on Dhanvantari Jayanti

• On the occasion of Dhanvantari Jayanti and the 9th Ayurveda Day, Prime Minister Narendra Modi will inaugurate and lay the foundation stone for various health sector projects worth approximately Rs 12,850 crore at the All India Institute of Ayurveda (AIIA) in New Delhi.
• Expansion of Health Coverage:
  • A significant initiative under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY) will expand health coverage to all senior citizens aged 70 years and above, providing health benefits regardless of income.
• Healthcare Infrastructure Development:
  • PM Modi will inaugurate Phase II of India’s first All India Institute of Ayurveda, featuring:
    1. A Panchakarma hospital
    2. An Ayurvedic pharmacy
    3. A sports medicine unit
    4. A central library
    5. An IT and start-ups incubation centre
    6. A 500-seat auditorium
  • Three new medical colleges will be inaugurated in Mandsaur, Neemuch, and Seoni in Madhya Pradesh.
• Service Extensions at AIIMS:
  • The Prime Minister will extend services at various AIIMS locations, including Bilaspur (Himachal Pradesh), Kalyani (West Bengal), Patna (Bihar), Gorakhpur (Uttar Pradesh), Bhopal (Madhya Pradesh), Guwahati (Assam), and New Delhi, which will include a Jan Aushadhi Kendra.
• Foundation Stones for New Institutions:
  • The foundation stone will be laid for:
    1. Five Nursing Colleges in Madhya Pradesh.
    2. 21 Critical Care Blocks across several states under the Ayushman Bharat Health Infrastructure Mission (PM-ABHIM).
    3. ESIC hospitals in multiple locations, benefitting around 55 lakh ESI beneficiaries.
  • Innovative Healthcare Delivery:
    • Launch of drone services for healthcare delivery at 11 Tertiary Healthcare Institutions.
    • Introduction of Helicopter Emergency Medical Services from AIIMS Rishikesh for speedy medical care.
  • Digital Initiatives for Healthcare:
    • Launch of the U-WIN portal for the digitalization of vaccinations for pregnant women and infants.
    • Establishment of a centralized database for healthcare professionals and institutes.
  • Research and Development Enhancements:
    • Inauguration of a Central Drugs Testing Laboratory in Bhubaneswar, Odisha.
    • Foundation stones for two Central Research Institutes in Yoga and Naturopathy and four Centres of Excellence at NIPERs across various states.
  • Boosting Local Manufacturing:
    • Launch of five projects under the Production Linked Incentive (PLI) scheme for medical devices and bulk drugs in various states, promoting the Make in India
  • Health Awareness Campaign:
    • A nationwide campaign titled “Desh Ka Prakriti Parikshan Abhiyan” will be launched to raise health awareness among citizens.
    • State-specific Action Plans on Climate Change and Human Health will be introduced, outlining strategies for climate-resilient healthcare services.

CURRENT AFFAIRS : STATE NEWS

Gujarat Government Approves New Regulations for Boating and Water Sports

• The Gujarat government approved the Gujarat Inland Vessel (Registration, Survey, Operation of Category ‘C’ Inland Vessels) Rules 2024 to ensure safe boating and water sports activities in the state.
• Scope of Rules: Applicable to Category ‘C’ inland vessels less than 10 meters in length; individuals who wish to register these vessels must apply through the respective district magistrates.
• Harni Lake Incident: These rules were implemented following the Harni Lake boat accident in Vadodara, where 14 people, including 12 children, died in January 2024 due to a boat capsizing.
• Gujarat Inland Vessels Act, 2021: The rules align with the Gujarat Inland Vessels Act of 2021; the draft was prepared in June, with public feedback incorporated before finalization under the guidance of the Chief Minister.
• Gujarat Maritime Board (GMB) Roles:
• The Vice Chairman and CEO of the GMB hold powers over the implementation.
• GMB’s Nautical Officer serves as the Chief Surveyor.
• District Magistrates are designated as Registrars for water sports and boating.
• Marine Officers and Engineers are appointed as survey in-charges for vessel inspection and management.

About Gujarat

• Capital: Gandhinagar
• Chief minister: Bhupendrabhai Patel
• Governor: Acharya Devvrat
• NP: Gir National Park, Marine National Park, Velavadar National Park, Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga Wildlife Sanctuary

Uttar Pradesh Chief Minister Yogi Adityanath unveils scholarship program for Sanskrit students statewide

• Uttar Pradesh (UP) Chief Minister (CM) Yogi Adityanath launched a scholarship scheme at Sampurnanand Sanskrit University, aimed at supporting Sanskrit students across UP.
• A total of ₹586 lakh (₹5.86 crore) will be distributed among 69,195 students pursuing Sanskrit studies.
• The government plans to revive residential Gurukul-style Sanskrit schools throughout the state, emphasising traditional education.

Key Highlights :

• Significance of Sanskrit: Yogi Adityanath highlighted the importance of Sanskrit, stating it is not only a divine language but also has scientific applications in modern fields like computer science and artificial intelligence.
• Inclusivity of the Scheme: The new scholarship initiative expands eligibility to all qualifying students, as opposed to the previous system, which only allowed 300 students with age restrictions.
• Direct Fund Transfer: Students have been instructed to open bank accounts for the direct and secure transfer of scholarship funds.
• Support for Gurukul Institutions: Additional support will be provided to Gurukul institutions, especially those offering free accommodations and meals. These institutions will have the autonomy to recruit qualified teachers (Acharyas).
• Cultural Heritage Emphasis: CM Adityanath stressed the importance of Sanskrit in preserving Indian cultural heritage and its role in positioning India as a global leader.
• Religious Activities: During his visit to Varanasi, CM Yogi Adityanath offered prayers at Shri Kashi Vishwanath and Kaal Bhairav temples, receiving blessings for the prosperity and development of Uttar Pradesh.
• Engagement with Community: The Chief Minister engaged with local children, enhancing community relations by distributing toffees during his temple visit.

About UP :

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

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Indian-origin Prabhakar Raghavan appointed as Google’s new Chief Technologist

• Prabhakar Raghavan, an alumnus of the Indian Institute of Technology, Madras (IIT-Madras), has been appointed as Google’s Chief Technologist.
• He was previously the Senior Vice President at Google, overseeing various products, including Google Search, Assistant, Geo, Ads, Commerce, and Payments.
• His appointment represents a significant shift in Google’s leadership amidst ongoing core business restructuring.
• Raghavan joined Google in 2012 and has held various key roles within the company.
• Professional Accolades:US National Academy of Engineering: Recognized for significant contributions to engineering.
• Honorary Doctorate from the University of Bologna: Acknowledging achievements in technology and leadership.
• UC Berkeley Distinguished CS Alumnus Award: For outstanding contributions as an alumnus.
• Fellow of IEEE and ACM: For exceptional accomplishments in electrical and computer engineering and computing machinery.
• Career Highlights:Yahoo! Labs: Founded and led advancements in search and ad ranking algorithms and served as Chief Strategy Officer.
• CTO at Verity: Led technology initiatives in enterprise search.
• 14 Years at IBM: Worked extensively on algorithms, data mining, and machine learning.
• His responsibilities will include driving technical innovations, overseeing strategic initiatives, and navigating the evolving tech landscape.
• Nick Fox will succeed Raghavan in his previous role, managing Google Search, Assistant, and related products.

Centre conducts bureaucratic reshuffle by appointing 29 joint secretaries

• The Centre appointed 29 officers as joint secretaries in different departments as part of a significant bureaucratic reshuffle.
• Officers from various central services, including the Indian Defence Accounts Service (IDAS), Indian Railway Service of Electrical Engineers (IRSEE), Indian Audit and Accounts Service (IA&AS) and Indian Revenue Service (IRS) among others have been appointed to these key joint secretary (JS)-level posts, as per an order issued by the Personnel Ministry.

Officer’s Name	Service/Cadre	Designation	Department/Ministry
Ministry of Home Affairs
Praveen Kumar Rai	IDAS	Joint Secretary	Ministry of Home Affairs
Rakesh Kumar Pandey	IDAS	Joint Secretary	Ministry of Home Affairs
Rajesh Gupta	IRSEE	Joint Secretary	Ministry of Home Affairs
Raj Kumar	IA&AS	Director (Finance)	Central Reserve Police Force (CRPF), Ministry of Home Affairs
Economic and Cooperative Sectors
Deepak Agarwal	IAS (Uttar Pradesh Cadre)	Managing Director (JS level)	National Agricultural Cooperative Marketing Federation of India (NAFED)
Premjit Lal	–	Executive Director	India Trade Promotion Organisation (ITPO)
Administrative and Personnel Management
Chauhan Sarita Chand	IAS	Joint Secretary	Department of Administrative Reforms & Public Grievances
P Bala Kiran	IAS	Joint Secretary	Department of Personnel & Training
Social Welfare and Women Empowerment
Bhavna Saxena	IPS (Andhra Pradesh Cadre)	CEO	Central Adoption Resource Authority (CARA), Ministry of Women & Child Development
Petroleum, Commerce, and Corporate Affairs
Anjan Kumar Mishra	IOFS	Secretary	Petroleum & Natural Gas Regulatory Board (PNGRB), Ministry of Petroleum & Natural Gas
Kesang Yangzom Sherpa	IRS (Income Tax Cadre)	Joint Secretary	Department of Commerce
Balamurugan D	–	Joint Secretary	Ministry of Corporate Affairs
Environment and Agriculture
Rajat Agarwal	–	Joint Secretary	Ministry of Environment, Forest & Climate Change
Ved Prakash Mishra	–	Joint Secretary	Ministry of Environment, Forest & Climate Change
Rama Shankar Sinha	–	Joint Secretary	Department of Animal Husbandry & Dairying
Development of North Eastern Region
Niraj Kumar	Central Secretariat Service (CSS)	Joint Secretary	Ministry of Development of North Eastern Region (DoNER)

CURRENT AFFAIRS : DEFENCE NEWS

Spain Prime Minister Pedro Sanchez arrives for inauguration of India’s first private military aircraft facility

• Spain’s Prime Minister Pedro Sanchez is on an official visit to India from October 28-30, 2024.
• This is the first visit by a Spanish PM to India in 18 years.
• Sanchez and Indian PM Narendra Modi will hold bilateral talks at the Laxmi Vilas Palace in Vadodara to discuss collaborations and strategic partnerships.

Key Highlights :

• Inauguration of C295 Aircraft Facility: The leaders will inaugurate India’s first private military transport aircraft production facility, the Final Assembly Line (FAL) for the C295 aircraft, in Vadodara, Gujarat.
• This project is part of the ‘Make in India’ initiative in aerospace and is a collaboration between Tata Advanced Systems Limited (TASL) and Airbus Defence and Space (Airbus DS).
• C295 Aircraft for Indian Air Force (IAF): India has a USD 2.5 billion contract with Airbus for 56 C295 medium-lift tactical transport aircraft to replace the IAF’s aging Avro fleet.
• The first 16 will be delivered in fly-away condition from Seville, Spain, while the remaining 40 will be assembled at the Vadodara facility.
• Project Timeline: The first India-made C295 aircraft is scheduled to roll out in 2026, with all 56 aircraft expected to be delivered to the IAF by 2031.
• C295 Capabilities: The C295 aircraft can operate on short or unprepared airstrips, carry up to 71 troops or 50 paratroopers, and is used for tactical transport, airdrop missions, medevac, disaster response, and maritime patrol.
• Industrial Ecosystem: This project involves a comprehensive industrial ecosystem for aircraft manufacturing, from production to maintenance, with contributions from public and private sector units like Bharat Electronics Ltd, Bharat Dynamics Ltd, and MSMEs.
• 4th Spain India Forum: Sanchez will also attend the 4th Spain India Forum, organized by the Spain India Council Foundation and the Observer Research Foundation, to discuss economic, cultural, and strategic partnerships between the two countries.
• Collaboration in Media and Entertainment: Sanchez plans to visit prominent Indian film studios to discuss collaboration opportunities between the Indian and Spanish entertainment industries.
• Cultural Reception: Sanchez and his spouse, Begona Gomez, will be welcomed with a Shobha Yatra roadshow in Vadodara, showcasing India’s hospitality and cultural diplomacy.

About Spain :

• Prime Minister : Pedro Sánchez
• Capital : Madrid
• Currency : Euro

Ministry of Defence signs ₹387.44 crore deal with Chowgule & Company Private. Limited. for six Air Cushion Vehicles for the Indian Coast Guard

• The Ministry of Defence (MoD) has signed a contract with Chowgule & Company Private. Limited., Goa, for the procurement of six Air Cushion Vehicles (ACVs) for the Indian Coast Guard at a total cost of ₹387.44 crore.
• The ACVs, commonly known as ‘Hovercrafts,’ are amphibious vessels capable of operating on various surfaces, including land and water.
• Indigenous Manufacturing: This procurement will mark the first time that these ACVs are indigenously manufactured in India, aligning with the Government’s ‘Aatmanirbhar Bharat’ (Self-Reliant India) initiative.
• Impact on Local Industry: The project aims to enhance technical expertise and foster growth in the indigenous ancillary sector, particularly benefiting Micro, Small, and Medium Enterprises (MSMEs).
• Multipurpose Roles: The modern ACVs will serve multiple maritime roles, including:
• High-speed coastal patrolling
• Reconnaissance missions
• Interception operations
• Search and rescue operations
• Assistance to ships and crafts in distress

About MoD :

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

CURRENT AFFAIRS: BUSINESS NEWS

FSSAI’s Shift Towards Proactive Industry Regulation Praised by Nestle India Chairman

• Suresh Narayanan, Chairman and MD of Nestle India, highlighted a positive shift in FSSAI’s regulatory approach over the last decade.
• FSSAI has become more responsive, transparent, and industry-focused since its initial formation in 2008.
• Impact of the Maggi Noodles Controversy on FSSAI
  • The 2015 Maggi noodles ban due to alleged high lead content marked a pivotal moment, pushing FSSAI to strengthen its industry oversight and testing protocols.
  • This crisis brought nationwide attention to FSSAI, significantly enhancing its credibility and prompting structural improvements.
• Establishment of NABL-Accredited Labs
  • Following the Maggi issue, FSSAI established National Accreditation Board for Testing and Calibration Laboratories (NABL)-accredited labs, ensuring more reliable testing and quality control across the food industry.
• Nestle’s Relationship with FSSAI
  • Narayanan described Nestle’s partnership with FSSAI as “cordial and respectful”, especially during recent challenges, like the nationwide testing of Cerelac due to sugar content concerns.
  • Nestle has since launched 14 new Cerelac variants in India, continuing its expansion while maintaining regulatory compliance.
• Resolution of the Maggi Controversy
  • Earlier this year, the National Consumer Dispute Redressal Commission (NCDRC) dismissed two claims from the Ministry of Consumer Affairs seeking ₹640 crore in damages from Nestle over the Maggi controversy, marking an official end to the dispute.

Hindustan Zinc to Invest $2 Billion to Double Production Capacity to 2 Million Tonnes

• Hindustan Zinc, a Vedanta Group company, aims to double its production capacity to 2 million tonnes over the next few years, according to CEO Arun Misra.
• The company has engaged consultants and is seeking mining partners to achieve this goal.
• Production targets are set at 1.2 million tonnes by 2025, 1.35 million tonnes by 2026, and 1.8 million tonnes by 2027, with a final goal of reaching 2 million tonnes.
• Investment and Infrastructure:
  • The planned expansion will require an investment of around $2 billion (approximately ₹14,000 crore to ₹17,000 crore).
  • Misra highlighted that since most of the mining infrastructure is already in place, the additional investment will focus on ramping up production.
• Company Restructuring and Disinvestment:
  • Discussions on restructuring are ongoing, and regular dialogues are taking place among stakeholders.
  • The company’s plans are also influenced by the government’s disinvestment efforts related to Hindustan Zinc, which could affect the future course of action.
• Global Position and Market Share:
  • Hindustan Zinc is the world’s second-largest integrated zinc producer and the third-largest silver producer.
  • The company commands a 75% market share in India’s primary zinc market and supplies to over 40 countries.
• Financial Performance:
  • For the quarter ending September 30, 2024, Hindustan Zinc reported a 34.5% increase in consolidated net profit, amounting to ₹2,327 crore, compared to ₹1,729 crore in the same period last year.
  • Income for the July-September period rose to ₹8,522 crore from ₹7,014 crore in the previous fiscal year.
  • The company earned ₹6,403 crore from zinc, lead, and other segments, while its silver vertical contributed ₹1,550 crore in revenue during the second quarter.

India’s Growing Reliance on Crude Oil and Natural Gas Imports in H1 FY25

• India’s reliance on imported crude oil and natural gas continued to rise in the first half of the financial year 2025 (H1 FY25).
• Crude oil import dependency increased to 88.2%, up from 87.6% in H1 FY24 and 87.8% for the entire FY24.
• Natural gas import dependency rose to 51.5% in H1 FY25, compared to 46.8% a year ago and 47.1% for the full FY24, per data from the Petroleum Planning & Analysis Cell (PPAC).
• Rising Energy Demand and Vulnerabilities:
  • India’s rising energy demand has driven increased oil and gas imports, making the economy vulnerable to global oil price volatility.
  • High dependency on imported crude oil affects the country’s trade deficit, foreign exchange reserves, rupee’s exchange rate, and inflation.
• Domestic Production Challenges:
  • Domestic oil output has not kept pace with growing demand, resulting in an increased need for imports.
  • Domestic crude oil production in H1 FY25 slightly declined to 14.4 million tonnes, while crude oil imports rose to 120.5 million tonnes from 115.9 million tonnes in H1 FY24.
  • Gross oil import bill in H1 FY25 surged 12% year-on-year to $71.3 billion.
• Government Initiatives and Targets:
  • In 2015, the government set a target to reduce oil import dependency to 67% by 2022 (from 77% in 2013-14), but the target has not been met, with dependency continuing to rise.
  • Efforts to incentivize investments in domestic oil and gas exploration have been made to boost local production, along with promoting electric mobility, biofuels, and alternative fuels to reduce reliance on conventional hydrocarbons.
• Natural Gas as a Transition Fuel:
  • The government aims to increase the share of natural gas in India’s primary energy mix to 15% by 2030 (currently over 6%), even if it requires higher imports.
  • Natural gas is seen as a key transition fuel due to its lower pollution levels compared to crude oil and coal.
• Cost and Consumption Data:
  • Natural gas imports in H1 FY25 rose 23% year-on-year to 98 billion cubic metres, costing $7.7 billion compared to $6.5 billion a year ago.
  • Total domestic consumption of petroleum products in H1 FY25 was 117.7 million tonnes, of which only 13.8 million tonnes were from domestically produced crude, indicating a self-sufficiency level of 11.8%.

CURRENT AFFAIRS: MOUS AND AGREEMENT

GAIL and VERBIO Collaborate to Advance Agricultural Residue-based Compressed Biogas (CBG) Projects in India

• GAIL (India) Limited and VERBIO India Private Limited have signed an MoU to explore the development of Compressed Biogas (CBG) plants using agricultural residue in India.
• The MoU was signed with the presence of Sandeep Kumar Gupta, Chairman and Managing Director of GAIL, and Claus Sauter, Founder and CEO of VERBIO Group.

1. Signatories and Aim of the Collaboration
   • Sumit Kishore, Executive Director (Business Development and Exploration & Production), GAIL, and Ashish Kumar, Managing Director, VERBIO, signed the MoU.
   • Goal: To combine expertise from both companies to promote sustainable energy solutions and efficiently use agricultural waste.
2. Project Objectives and Feasibility Studies
   • The collaboration will focus on identifying appropriate locations for setting up greenfield Agri Residue-based CBG plants in a Joint Venture (JV) mode.
   • Feasibility studies will assess identified projects, and investment approvals will be sought based on these studies.
   • Potential GAIL Equity Acquisition: GAIL may explore acquiring equity in VERBIO’s existing CBG plant in Punjab.

ISRO and DBT Collaborate on Experiments for India’s First Space Station: Bharatiya Antariksh Station (BAS)

• The Indian Space Research Organisation (ISRO) and the Department of Biotechnology (DBT) have signed an agreement to develop and conduct biological and environmental experiments for the planned Bharatiya Antariksh Station (BAS), expected to be operational by 2028-2035.
• Focus is on exploring health and sustainability factors in space, which are crucial for future long-term missions.

1. Potential Experiments and Areas of Focus
   • Experiments include studying weightlessness effects on muscles, algae for nutrition and jet fuel production, and radiation’s impact on astronaut health.
   • These studies aim to advance space-based bio-manufacturing, regenerative medicine, and waste management technologies.
2. BAS and Gaganyaan Missions
   • Gaganyaan Mission Priority: Before BAS, Gaganyaan, India’s first crewed space mission, is targeted for 2025-2026.
   • BAS as a Future Facility: BAS will support microgravity-based research, benefiting materials science, biology, and medicine.
3. ISRO-DBT’s Role in India’s Bio-economy
   • This collaboration is part of DBT’s BioE3 policy to promote bio-manufacturing and help grow India’s bio-economy, with a target of $300 billion by 2030.
   • BAS’s focus on biotechnology and health research will support Indian startups and drive innovation in biotherapeutics and pharmaceuticals.
4. Benefits of the Bharatiya Antariksh Station (BAS)
   • Microgravity Research: BAS would allow breakthrough research in fields like biology, materials science, and medicine, as shown by studies conducted on the International Space Station (ISS).
   • Technological Advancement: BAS would enhance India’s capabilities in life support, robotics, and space habitats, essential for long-duration space missions.
   • Global Leadership: Operating BAS would strengthen India’s status in space exploration, enabling international partnerships and opportunities in the aerospace sector.
   • Astronaut Training and Experience: BAS would extend experience from Gaganyaan, enabling long-duration missions and preparing for future crewed space exploration.

CURRENT AFFAIRS: SPORTS NEWS

Indian Shuttlers Shine at Japan Para Badminton International 2024, Securing 24 Medals

• Indian para-badminton players showcased remarkable performances at the Japan Para Badminton International 2024, winning a total of 24 medals.

Key highlights :

Medal Tally

• 6 Gold
• 9 Silver
• 9 Bronze

Standout Performances:

1. Sivarajan Solaimalai
   • Won gold in men’s singles (SH6).
   • Teamed up with Sudarsan Saravanakumar Muthusamy to clinch gold in men’s doubles.
2. Sukant Kadam
   • Secured gold in men’s singles (SL4), defeating compatriot Tarun.
   • Won silver in men’s doubles (SL3-SL4) with Dinesh Rajaiah.
3. Nitesh Kumar
   • The reigning Paralympic champion earned silver in the men’s singles (SL3) after a close match against Japan’s Daisuke Fujihara.
4. Manisha Ramdass
   • Achieved gold in the women’s singles (SU5), defeating Japan’s Mamiko Toyoda.
5. Hardik Makkar & Ruthick Ragupati
   • Won gold in men’s doubles (SU5).
   • Hardik and Ruthick also earned silver and bronze in men’s singles (SU5).
6. Other Achievements
   • Abu Hubaida and Prem Kumar Ale secured bronze in men’s doubles (WH1-WH2).
   • Alphia James earned silver in women’s singles (WH2).
   • Neeraj claimed silver in women’s singles (SL3) and mixed doubles (SL3-SU5) with Surya Kant Yadav.

CURRENT AFFAIRS : OBITUARIES

Renowned physicist and gender equity advocate Rohini Godbole passed away

• Professor Rohini Godbole, a well-known physicist and Padma Shri recipient, passed away in Bengaluru at the age of 72.

About Rohini Godbole :

• Godbole Born in 1952 in Pune, Maharashtra.
• She joined the IISc in 1995 and retired as professor in 2018.
• Graduated from the University of Pune, completed MSc at IIT Bombay (silver medal recipient), and PhD from the State University of New York, Stony Brook, in 1979.
• Professional Career:Joined Indian Institute of Science (IISc) in 1995, retired as a professor in 2018.
• She Continued research at the Centre for High Energy Physics (CHEP), IISc.
• Served as a visiting professor at international institutes, including CERN’s theory department.
• Contributions to Particle Physics:Pioneer in particle physics in India, with a focus on collider physics, especially top and Higgs physics.
• Strong advocate for future colliders like the International Linear Collider (ILC).
• Researched elementary particle physics, field theory, and phenomenology.
• Highlighted the limitations of the standard model in explaining antimatter.
• Awards and Honors:Padma Shri recipient (2019). (For her contribution to the field of science)
• Awarded France’s National Medal of Merit (Ordre national du Mérite) in 2021.
• Recognized with numerous accolades and memberships in various academic and scientific academies.
• Advocacy for Gender Equity in Science:Co-authored the INSA Report on the challenges Indian women face in scientific careers.
• Editor of Lilavati’s Daughters, a book highlighting Indian women scientists.
• Actively promoted equal opportunities for women in science and technology.
• Legacy and Scientific Influence:Guided over 14 PhD, 3 MPhil, and 5 Master’s students.
• Proposed accelerator designs at CERN, influencing the construction of major accelerators.
• Contributed significantly to advancing India’s position in the international scientific community.

CURRENT AFFAIRS: IMPORTANT DAYS

World Stroke Day: 29th October

• World Stroke Day 2024 is observed on the 29th of October 2024.
• The theme for World Stroke Day 2024 is “#GreaterThanStroke Active Challenge.” The theme has been designated by the World Stroke Organization (WSO).
• A stroke also called a brain attack means the blood supply to the brain will be stopped suddenly due to blockage in the blood vessels.
• It can be a sudden block or burst of a blood vessel. Mostly blockage of blood vessels will take place due to several reasons over a certain period.
• In the 1990s, the European Stroke Initiative came up with the idea of holding a day of awareness.
• However, due to financial limitations, the project could only be carried out in Europe.
• The European Stroke Organization, which spearheaded the initiative, observes its awareness day on May 10.
• It wasn’t until October 29 that World Stroke Day was designated, an event that was initiated in 2004 during the World Stroke Congress in Vancouver, Canada.

Daily CA One- Liner: October 29

• Tata Advanced Systems Limited (TASL) and Airbus inaugurated the Final Assembly Line (FAL) complex for C295 military aircraft in Vadodara, Gujarat, marking India’s first private sector-led military aircraft manufacturing facility
• In the first quarter of 2024, Indian citizens lost Rs 120.30 crore to “digital arrest” frauds, according to government data.
• On the occasion of Dhanvantari Jayanti and the 9th Ayurveda Day, Prime Minister Narendra Modi will inaugurate and lay the foundation stone for various health sector projects worth approximately Rs 12,850 crore at the All India Institute of Ayurveda (AIIA) in New Delhi.
• Suresh Narayanan, Chairman and MD of Nestle India, highlighted a positive shift in FSSAI’s regulatory approach over the last decade
• Hindustan Zinc, a Vedanta Group company, aims to double its production capacity to 2 million tonnes over the next few years, according to CEO Arun Misra.
• India’s reliance on imported crude oil and natural gas continued to rise in the first half of the financial year 2025 (H1 FY25).
• GAIL (India) Limited and VERBIO India Private Limited have signed an MoU to explore the development of Compressed Biogas (CBG) plants using agricultural residue in India
• The Indian Space Research Organisation (ISRO) and the Department of Biotechnology (DBT) have signed an agreement to develop and conduct biological and environmental experiments for the planned Bharatiya Antariksh Station (BAS), expected to be operational by 2028-2035
• The Finance Ministry may extend the Interest Equalisation Scheme beyond December 31, 2024 if the Commerce Department revamps it to demonstrate that it benefits Micro, Small and Medium Enterprises (MSMEs) and promotes exports of labour-intensive items.
• Reserve Bank of India (RBI) Governor Shaktikanta Das received an A+ grade in the Central Bank Report Cards 2024 for the second consecutive year.
• The State Bank of India (SBI) was named the “Best Bank in India for 2024″ by Global Finance Magazine, a prestigious US-based financial publication.
• Pakistan has requested an additional loan of 10 billion yuan (approximately USD 1.4 billion) from China, on top of the existing 30 billion yuan (USD 4.3 billion) trade facility.
• Capital markets regulator Securities and Exchange Board of India (SEBI) imposed a total penalty of ₹16 lakh on Edelweiss Asset Management Ltd, CEO Radhika Gupta, and fund manager Trideep Bhattacharya for mutual fund regulation violations.
• The Gujarat government approved the Gujarat Inland Vessel (Registration, Survey, Operation of Category ‘C’ Inland Vessels) Rules 2024 to ensure safe boating and water sports activities in the state.
• Uttar Pradesh (UP) Chief Minister (CM) Yogi Adityanath launched a scholarship scheme at Sampurnanand Sanskrit University, aimed at supporting Sanskrit students across UP.
• Prabhakar Raghavan, an alumnus of the Indian Institute of Technology, Madras (IIT-Madras), has been appointed as Google’s Chief Technologist.
• The Centre appointed 29 officers as joint secretaries in different departments as part of a significant bureaucratic reshuffle.
• Spain’s Prime Minister Pedro Sanchez is on an official visit to India from October 28-30, 2024.
• The Ministry of Defence (MoD) has signed a contract with Chowgule & Company Private. Limited., Goa, for the procurement of six Air Cushion Vehicles (ACVs) for the Indian Coast Guard at a total cost of ₹387.44 crore.
• Professor Rohini Godbole, a well-known physicist and Padma Shri recipient, passed away in Bengaluru at the age of 72
• Indian para-badminton players showcased remarkable performances at the Japan Para Badminton International 2024, winning a total of 24 medals
• World Stroke Day 2024 is observed on the 29th of October 2024.