Daily Current Affairs October 30th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

BharatPe Rebrands 12% Club App to Invest BharatPe, Expands into Wealth Management Sector 

• BharatPe has renamed its 12% Club app to Invest BharatPe, reflecting its new focus on investment and wealth management.

Key Highlights :

• New Features: The platform is introducing new investment and wealth management features, with digital gold as its first investment product.
• Halting Fresh Deposits: BharatPe has paused new deposits for its peer-to-peer (P2P) lending product, although existing users can still access their investments via the new app.
• Future Plans: The app aims to expand beyond digital gold by offering fixed deposits in collaboration with banks and other small-ticket investment products.
• There are potential plans to include trading and mutual funds in the future.
• Settlement of Disputes: This strategic shift follows the resolution of disputes with co-founder Ashneer Grover, who has severed all ties with the company.
• Business Focus: BharatPe is concentrating on enhancing its offerings in lending, consumer payments, and larger investment and wealth management products.
• Financial Performance: The company reported a 39% increase in operating revenue for FY 2024, totaling ₹1,426 crore, up from ₹1,029 crore in the previous year.
• Additionally, it reduced its consolidated loss before taxes by 50%, from ₹941 crore to ₹474 crore.
• Availability: The rebranded Invest BharatPe app is currently available on the Google Play Store.

About BharatPe :

• Founded : 2018
• Headquarters : New Delhi, India
• CEO : Nalin Negi

European Investment Bank Approves €300 Million Funding for Bengaluru Suburban Railway Project

• The European Investment Bank (EIB Global) has granted a €300 million (approximately ₹2,800 crore) loan for the Bengaluru Suburban Railway Project.
• The loan is designated for constructing a new suburban railway network, covering four dedicated rail corridors in Bengaluru.

Key Highlights :

• Project Specifications:The network will span a total of 149 km and include 58 stations and two depots.
• The project aims to facilitate a modal shift from road to rail, addressing issues such as congestion, air and noise pollution, road safety, and greenhouse gas emissions.
• Mobility Improvement:The project is expected to provide an affordable mobility solution, improving access to jobs and educational opportunities.
• Impact on Emissions:Once operational, the project will lead to an estimated 43% reduction in CO2 emissions in Bengaluru’s transport system.
• The estimated daily ridership is projected to be nearly 400,000 trips per day in 2029 (the first year of full operation), with expectations to rise to about 1.4 million trips per day by 2040, aligning with the anticipated population growth.
• EIB’s Contributions to India:Since 2016, the EIB has provided loans totaling €3.25 billion (approximately ₹30,225 crore) for the transport sector in India.
• EIB’s funding includes metro projects in cities such as Agra, Bengaluru, Bhopal, Kanpur, Lucknow, and Pune.
• Bengaluru Demographics:Bengaluru is home to approximately 14 million people, with projections to reach 20 million by 2030, making it India’s third most populous city.

About EIB :

• Founded: 1958
• Location: Kirchberg, Luxembourg
• President: Nadia Calviño
• The EIB is the European Union’s investment bank, owned by the 27 member states, and is recognised as the largest multilateral financial institution globally.

CSB Bank Unveils ‘SME Turbo Loan’ Offering Instant Credit Approvals for Small and Medium Enterprises

• CSB Bank, a leading private sector bank, has launched a new loan product, SME Turbo Loan, to offer quick and seamless credit access to small and medium enterprises (SMEs).
• The loan provides in-principle sanction for credit amounts up to Rs 5 crore, with facilities such as overdrafts, term loans, and trade finance.
• The bank aims to streamline the lending process by leveraging a scorecard-based approach for faster underwriting.
• With the overdraft, term loan and trade facilities, the new loan facility will underwrite borrowers based on their ‘digital scorecard’.
• The Turbo Loan product simplifies the way SMEs access credit, by offering instant in-principle sanction, based on a simplified credit assessment, which is unique in the market.
• The loan product utilizes a digital scorecard to assess borrowers, integrating multiple data sources such as credit bureau information, GST filings, and financial performance.
• This automation enables quicker loan approvals and better caters to the growing credit demand among creditworthy small businesses in India.
• In addition to this new offering, CSB Bank provides a variety of credit solutions to SMEs, including term loans, working capital loans, export finance, bill discounting, and more.
• The timing of CSB Bank’s latest product comes as the MSME sector faces challenges amid forecasts of slower credit growth.
• According to a May report by Crisil, the overall credit growth in the MSME segment is expected to moderate to 15% in the current fiscal, down from 19% in FY 2024.
• The slowdown reflects broader trends in bank lending this year, as the segment accounts for about 16% of total credit.
• The Reserve Bank of India (RBI) is also gearing up to launch a new Unified Lending Interface (ULI), a platform inspired by UPI, aimed at boosting credit access to MSMEs and agricultural borrowers.
• This initiative will further integrate borrowers’ financial and non-financial data to facilitate quicker loan disbursements across banks.
• With SME Turbo Loan, CSB Bank aims to empower SMEs with transparent, fast-track credit solutions, helping them navigate an evolving economic environment.

About CSB Bank :

• Founded : 26 November 1920
• Headquarters : Thrissur, Kerala, India
• MD & CEO : Pralay Mondal

Cashfree Payments Secures National Payments Corporation of India Certification for UPI Switch Service

• Cashfree Payments has received certification from the National Payments Corporation of India for its UPI Switch service.
• This will allow Cashfree to directly integrate with any bank’s core banking software and offer a higher transaction success rate for its merchants.
• Cashfree can offer settlement of around 12,000 transactions per second with this certification.
• Cashfree has built this switch in partnership with NSDL Payments Bank as the sponsor bank.
• With this integration, Cashfree expects a 5% increase in transaction success rates, aiding faster merchant onboarding and access to new UPI features.
• Cashfree Payments is a payment aggregator processing transactions worth $80 billion annually and is a trusted choice for over 6 lakh businesses for digital payment solutions.
• Cashfree received the Payment Aggregator (PA) license from the Reserve Bank of India in December 2023, allowing it to operate as a regulated entity in the payments ecosystem.

Equitas Small Finance Bank Introduces ‘Selfe Loans’ to Support Small Businesses Ahead of Festive Season

• Equitas Small Finance Bank has launched ‘Selfe Loans’ ahead of the festive season to support small businesses in meeting financial needs.
• The initiative leverages internet-based financial services to streamline loan access and aims to reduce the risk of financial fraud for users.
• Loan Types Available: The ‘Selfe Loans’ app currently offers various secured loans without requiring income proof. These include:
• Loans against property
• Home loans
• Merchant overdrafts
• New and used car loans
• Commercial vehicle loans
• Targeted at Small Businesses: The product launch addresses the festive season’s heightened demand among small businesses for quick and secure loan options.

About Equitas Small Finance Bank :

• Founded : 2007
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Vasudevan Pathangi Narasimhan

Solex Energy collaborates with State Bank of India to offer financing for solar projects

• Solex Energy has partnered with the State Bank of India (SBI) to offer solar financing options for commercial, industrial, and institutional customers.
• As part of the partnership, SBI will offer solar financing through loans up to Rs 10 crore for solar projects under its Surya Shakti Solar Finance Scheme across India.
• The collaboration aims to make solar energy accessible, affordable, and a driving force for India’s renewable energy future.
• In August,2024 Tata Power Solar Systems Ltd (TPSSL) signed an agreement with ICICI Bank to provide financing for solar units to residential and corporate customers.

About Solex Energy :

• Based in Surat, Solex Energy is in the process of expanding its solar module manufacturing capacity to 1.5 gigawatts (GW) from 700 megawatts (MW), at present, in Tadkeshwar, Gujarat.
• Chairman & Managing Director (CMD) : Chetan Shah.

About SBI :

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

CURRENT AFFAIRS: NATIONAL NEWS

India and Spain Strengthen Ties with Defence Collaboration and Cultural Initiatives

• The Airbus C295 transport aircraft project was highlighted as a symbol of India-Spain defence ties.
• The project involves 40 aircraft manufactured in India by Tata Advanced Systems Limited (TASL) in Vadodara, Gujarat, while 16 planes are delivered from Spain.
• Leaders Modi and Sánchez encouraged similar joint defence projects in line with the ‘Make in India’
• Another Spanish defence firm, Navantia, is vying with Germany’s ThyssenKrupp Marine Systems for India’s P75I submarine project, which will involve six submarines with advanced propulsion systems.
• Economic Partnerships:
  • Trade between India and Spain reached $10 billion, with $5 billion in investments. Talks focused on expanding collaboration across sectors like renewable energy, transport, healthcare, and food processing.
  • A Memorandum of Understanding (MoU) on rail transport and a fast-track investment mechanism were signed to facilitate mutual economic growth.
• Cultural and Diplomatic Engagements:
  • 2026 was declared as the India-Spain Year of Culture, Tourism, and Artificial Intelligence to deepen cultural ties.
  • New diplomatic establishments include India’s Consulate General in Barcelona and Spain’s new consulate in Bengaluru.
• Global Issues and Multilateral Cooperation:
  • Modi and Sánchez discussed global conflicts like the Russia-Ukraine war and West Asia crisis, urging diplomatic resolutions.
  • Both nations committed to counterterrorism efforts, specifically targeting groups designated by the UNSC, including Al Qa’ida, ISIS, LeT, and JeM.
  • India supported Spain’s UNSC candidature for 2031-32, while Spain backed India’s for 2028-29.
• Future Collaboration Goals:
  • Spain endorsed India’s application to join the Ibero-American Conference as an Associate Observer, aiming to enhance India-Latin America relations by 2026.

Union Minister Piyush Goyal’s Visit to Saudi Arabia – Strengthening India-Saudi Strategic Ties and Promoting Investment

• Union Minister Piyush Goyal’s visit to Saudi Arabia (October 29-30, 2024) aims to enhance India-Saudi Arabia strategic ties and foster trade, investment, and economic cooperation.
• He will also represent India at the 8th Future Investment Initiative (FII) in Riyadh, a platform for global leaders, investors, and innovators.

1. Cultural and Community Engagement:
   • Shri Goyal will inaugurate the Diwali Utsav at Lulu Hypermarket in Riyadh, celebrating Indian culture with the local community.
   • He will unveil the One District, One Product (ODOP) Wall at the Indian Embassy, promoting Indian craftsmanship globally, and interact with Indian diaspora leaders and professionals.
2. Strategic and Economic Focus at FII:
   • At FII, Goyal’s participation will emphasize India’s economic growth, sustainable development, and opportunities in sectors like renewable energy, digital infrastructure, and AI.
   • He will engage with global investors to bolster investor confidence and position India as a premier investment destination aligned with the Make in India initiative.
3. Bilateral Meetings and Economic Committee:
   • The Minister will hold bilateral discussions with key Saudi ministers on areas including energy transition, digital transformation, and trade facilitation.
   • He will co-chair the 2nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council, focusing on agriculture, food security, energy, technology, and infrastructure.

FPO scheme to be extended by 4-5 years with financial aid

• The “Formation and Promotion of 10,000 FPOs” scheme, launched in 2020 with a budget of Rs 6,865 crore, may be extended by 4-5 years beyond FY25 to solidify outcomes for farmers’ collectives.
• Current Status: 9,200 FPOs have been formed out of a target of 10,000 by March 2025.
• Objectives of the Scheme:
  • Income Enhancement: Aims to improve farmers’ income through aggregation of produce and supply of inputs, thus reducing production costs.
  • Current Reach: FPOs operate across 33 states and union territories with 5 million farmers as shareholders and a turnover of Rs 1,300 crore.
• Financial Assistance and Support:
  • The government has increased funding for FPO formation to Rs 581 crore for FY25, a 30% rise from the previous year.
  • FPOs are eligible for matching equity grants of up to Rs 2,000 per farmer member, with a cap of Rs 1.5 million per FPO.
  • Each FPO is also eligible for financial support up to Rs 1.8 million over three years, though the government may extend this support by a few more years.
• Progress and Innovations:
  • Input Licensing: In the last two months, 30,000 licenses for fertilizers, seeds, and pesticides have been issued to farmer collectives.
  • E-commerce Presence: About 7,500 FPOs can now sell products like rice, pulses, honey, and spices on the Open Network for Digital Commerce (ONDC).
• Challenges and Future Needs:
  • High finance costs remain a hurdle, particularly when securing funds from non-banking finance companies (NBFCs).
  • The Ministry of Agriculture suggests a need for larger-scale, low-interest financing instruments to ensure financial accessibility for FPOs.

Prime Minister Modi Launches Multiple Health Sector Projects on Dhanvantari Jayanti and Ayurveda Day

• Prime Minister Narendra Modi marked Dhanvantari Jayanti and the 9th Ayurveda Day with the launch and foundation of multiple health projects worth ₹12,850 crore at the All India Institute of Ayurveda (AIIA), New Delhi.
• He highlighted the historic lighting of Lord Shri Ram’s temple in Ayodhya, celebrating his return after a 500-year wait.
• Ayurveda and Health Initiatives:
  • Emphasized India’s traditional values of health and prosperity. Ayurveda Day is celebrated in over 150 countries, showcasing global interest in India’s ancient healing science.
  • PM Modi inaugurated Phase II of the AIIA, integrating modern research with ancient practices like Panchakarma, reflecting India’s focus on holistic healthcare.
• Government’s Health Policy Pillars:
  • Five key pillars outlined by the Prime Minister:
    1. Preventive healthcare
    2. Early diagnosis
    3. Affordable treatment
    4. Doctors’ availability in rural areas
    5. Advanced health technology
  • Major Health Infrastructure Projects:
    • Projects worth ₹13,000 crore include:
      1. Four AYUSH Centers of Excellence under the Ayush Health scheme.
      2. Expansion of AIIMS services across India and new medical college infrastructures.
      3. Inauguration of ESIC Hospitals and Nursing Colleges to improve healthcare reach.
    • Ayushman Bharat Yojana Expansion:
      • Ayushman Bharat Yojana has covered 4 crore individuals with up to ₹5 lakh in treatment costs.
      • New Ayushman Vaya Vandana Card introduced for free hospital treatment to seniors above 70, covering all income groups.
    • Reducing Healthcare Costs:
      • Over 14,000 PM Jan Aushadhi Kendras provide medicines at 80% discount.
      • Price reductions on stents and implants have led to significant savings, aiding millions in managing medical costs.
    • Technological Advancements in Healthcare:
      • U-WIN platform launched to digitize vaccination records for pregnant women and children.
      • e-Sanjeevani platform has enabled 30 crore online consultations, reducing travel and treatment costs.
    • Increased Medical Education Opportunities:
      • Over 1 lakh MBBS and MD seats added in the last decade.
      • 75,000 new seats planned to ensure no child has to give up their dream of becoming a doctor.
    • AYUSH Industry Growth:
      • AYUSH sector expanded from $3 billion in 2014 to $24 billion.
      • 900+ AYUSH start-ups operational, fostering local herb use and exports to 150 countries.
    • Global Healthcare Initiatives:

• Launched Prakriti Parikshan Abhiyan for lifestyle and health risk analysis.
• Highlighted climate adaptation in healthcare, emphasizing environmental resilience.

PM Internship Scheme Boosts Opportunities Across India’s Key Business Hubs

• Chennai and Bengaluru lead in offering internships under the PM Internship Scheme, with 7,875 and 5,179 internships respectively, followed by Gurugram (4,576), Hyderabad (4,472), and Mumbai (4,288).
• Among states, Maharashtra has the highest internship offers, reflecting its robust economic and industrial base.
• Popular Internship Locations:
  • The top 10 districts, with over 39,200 internship offers, account for nearly one-third of the 127,000 internships currently available.
• Qualifications in Demand:
  • Graduation is the most sought-after qualification, with over 35,000 offers (28%).
  • 10th standard and ITI qualifications each account for nearly 25% of the offers, while 17% require diploma holders and 7% look for 12th standard pass.
• Participating Companies:
  • Prominent companies offering internships include Jubilant Foodworks, Eicher Motor Ltd, Larsen & Toubro Ltd, Tech Mahindra, Mahindra & Mahindra Ltd, Bajaj Finance, and Muthoot Finance.
• Internship Financial Support and CSR:
  • Interns receive ₹4,500 monthly assistance from the government, ₹500 from companies, and a one-time grant of ₹6,000. Companies can fund training and ₹500 allowances through CSR funds.
  • Interns also get insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana.
• Eligibility and Target Beneficiaries:
  • Aimed at economically disadvantaged candidates, the scheme excludes those from families with an annual income over ₹8 lakh, government employees, and holders of degrees from IITs, IIMs, National Law Universities, MBBS, or CA certifications.
  • It enables candidates from remote areas to gain exposure to large business and professional environments in major cities.

India’s Path to Establishing the Bharatiya Antriksh Station by 2035

• Union Minister Jitendra Singh announced that India will establish its own space station, the Bharatiya Antriksh Station, by 2035.
• This ambitious project is set to bolster India’s presence in space technology and research on a global scale.
• ISRO-Biotechnology Collaboration:
  • An MoU between ISRO and the Department of Biotechnology was signed in New Delhi, focusing on merging biotechnology with space technology.
  • This partnership introduces the ‘BioE3’ policy, targeting advancements in economy, environment, and employment.
• Focus Areas in Space Biotechnology:
  • The Bharatiya Antriksh Station will support initiatives in:
    1. Microgravity research
    2. Space biomanufacturing
    3. Bioastronautics and space biology
    4. Advanced research in regenerative medicine and novel pharmaceuticals.
  • Growth of Space Startups:
    • Public-private partnerships have fueled India’s space sector growth, with nearly 300 startups now involved in space-related innovations.
    • The collaboration aims to drive breakthroughs in human health research and efficient waste management technologies.
  • Advancement of the National Human Space Programme:
    • The ISRO-Biotechnology partnership will aid the national human space programme and contribute to bio-based tech solutions, enhancing India’s position in both biotechnology and space science.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Russian envoy to India Denis Alipov Praises Meeting Between Indian Prime Minister Narendra Modi and Chinese President Xi Jinping

• Prime Minister Shri Narendra Modi and Chinese President Xi Jinping met on the sidelines of the BRICS Summit in Kazan, Russia.
• The meeting was described as a positive development in India-China bilateral relations by Russian envoy Denis Alipov.
• BRICS Summit Success:The BRICS Summit held in Kazan was termed a “total success.”
• The summit was inclusive, featuring leaders from 35 countries, and focused on development issues, global governance reform, and cooperation for the Global South.

Key Outcomes of the Meeting:

• Modi and Xi endorsed the agreement on patrolling and disengagement along the Line of Actual Control (LAC) in eastern Ladakh.
• Directions were issued to revive various bilateral dialogue mechanisms to normalize ties affected by the military clash in 2020.
• BRICS Grouping Characterization:The grouping was characterized as “not anti-West but non-West,” emphasizing its inclusive nature.
• A new category of BRICS “partner states” was created to enhance engagement with additional countries.
• Economic Context:ECGC Ltd retained Russia’s ‘high risk’ rating in its country risk assessment.
• The Securities and Exchange Board of India (SEBI) restricted Sberbank’s Foreign Portfolio Investor (FPI) license to specific trading activities.
• Sberbank was also excluded from participating in the Reserve Bank of India’s e-rupee pilot project.

Prime Minister Shri Narendra Modi Presents Jharkhand Artwork to President Putin at BRICS Summit

• Prime Minister Narendra Modi gifted artwork from Jharkhand to Russian President Vladimir Putin during the BRICS summit held in Kazan.

Sohrai Painting:

• Origin: Hazaribagh district, Jharkhand.
• Significance: Represents indigenous artistic traditions and is recognized as an ODOP (One District One Product) item.
• Characteristics: Utilizes natural pigments and simple tools; intricate designs created using brushes made from twigs, rice straw, or fingers.
• Themes: Depicts animals, birds, and nature, reflecting the agrarian lifestyle and reverence for wildlife in tribal culture.

Additional Gifts from PM Modi:

• To Iran: A Mother of Pearl SeaShell Vase, showcasing coastal craftsmanship.
• To Uzbekistan: A Warli Painting from Maharashtra.

Warli Painting:

• Origin: Tribal art form from the Warli tribe in Maharashtra, primarily in Dahanu, Talasari, and Palghar regions.
• Historical Significance: One of the oldest art forms in India, dating back to around 3000 BCE.
• Cultural Relevance: Traditionally created by Warli women on mud walls during special occasions; documents lifestyle, customs, and rituals through visual storytelling.
• Cultural Promotion: The gifting of traditional artworks by PM Modi promotes cultural exchange and highlights India’s diverse artistic heritage at international forums.

CURRENT AFFAIRS : STATE NEWS

Centre introduces mobile application to resolve issues faced by Punjab rice millers

• The Consumer Affairs Ministry launched the FCI Grievance Redressal System (FCI GRS) mobile app to assist rice millers in Punjab with their grievances related to the procurement of paddy and custom milled rice (CMR).
• The initiative follows the Union government’s promise to ensure seamless procurement of paddy and CMR in Punjab.

Key Highlights of the App :

• Addressing Grievances: The app allows rice millers to lodge complaints, monitor the status of their grievances, and receive responses directly on their mobile devices.
• Enhancing Transparency: The FCI GRS aims to enhance transparency, accountability, and stakeholder satisfaction in the procurement process.
• Automatic Assignment: Complaints lodged through the app will be automatically assigned to the relevant FCI officials for action.
• Challenges Faced: Farmers and millers had reported delays in paddy procurement by the Food Corporation of India (FCI), which the app aims to address.
• Impact of Weather: Heavy rainfall in September caused delays in harvesting and procurement, but the state is expected to meet its procurement target of 185 lakh tonnes (LMT) by November.
• Storage Issues: The Samyukt Kisan Morcha (SKM) highlighted issues such as space shortages in warehouses, attributing the procurement crisis to the FCI’s failure to lift last year’s paddy stock in a timely manner.
• Stock Accumulation: Approximately 130 LMT of rice from the previous year’s stock remains in warehouses and mills in Punjab, causing challenges for this year’s yield procurement due to lack of storage facilities.
• Government’s Assurance: The Centre reiterated its commitment to facilitate smooth procurement operations and resolve the ongoing issues faced by rice millers and farmers in Punjab.

About Punjab :

• Governor : Gulab Chand Kataria
• Chief Minister : Bhagwant Mann
• Capital : Chandigarh

Chhattisgarh Government Increases Other Backward Classes Reservation for Local Body Elections

• The Chhattisgarh government, led by the Bharatiya Janata Party (BJP), has announced an increase in the reservation for Other Backward Classes (OBC) in local body elections.
• The decision was made during a Cabinet meeting chaired by Chief Minister Vishnu Deo Sai and is based on recommendations from the State Backward Classes Welfare Commission.

Key Highlights :

• New Reservation Limit:The reservation limit for OBCs has been raised from 25% to a maximum of 50%.
• This new provision will apply to state-level reserved positions, including positions such as district panchayat Chairpersons, municipal corporation Mayors, and municipality Chairpersons.
• Reservation Conditions:OBC reservation will only apply in bodies where the total reservation for Scheduled Castes (SC) and Scheduled Tribes (ST) is below 50%.
• In cases where SC and ST reservations exceed 50%, OBC reservation will not apply.
• Timing of Elections:Most local bodies in Chhattisgarh will complete their tenure in December, and elections are typically held during this month.
• There is no formal announcement regarding the election dates yet, but the OBC population data is considered critical for implementing the reservation during the elections.
• Lack of Official Data:No definitive data on the OBC population in Chhattisgarh is available. Previous reports suggested that OBCs dominate areas outside the tribal zones of Sarguja and Bastar.
• The previous Congress government established a Quantifiable Data Commission, but its findings were never made public.
• Previous Reservation Quota:The previous government had increased the OBC reservation quota from 14% to 27% for jobs and admissions in government institutes, but the quota amendment Bills have not yet received the Governor’s assent.
• Population Claims:A 2022 media report claimed the OBC population in Chhattisgarh was approximately 41% based on the Commission’s findings, but this has not been officially confirmed or denied.
• Some caste groups questioned the methodology used by the Commission, challenging the long-standing assertion that OBCs constitute over 50% of the State’s population.

About Chhattisgarh :

• Governor : Ramen Deka
• Chief Minister : Vishnu Deo Sai
• Capital : Raipur

Karnataka Government Approves New Tourism Policy, Aiming for ₹1,500 Crore in Investments

• The Karnataka Cabinet approved the Karnataka Tourism Policy 2024-29, with a target to attract ₹1,500 crore in investments in the tourism sector.
• Tourism Targets:Foreign Tourists: The state aims to attract 20 lakh foreign tourists annually to rank among the top five states in foreign tourist arrivals (currently around 12-14 lakh).
• Domestic Tourists: Karnataka seeks to be in the top three states for domestic tourism with a target of 48 crore local tourists annually.
• Subsidies and Grants: The policy includes subsidies and grants to support tourism development under various initiatives.
• Thematic Tourism Promotion: The policy emphasizes diverse tourism themes, including adventure, agriculture, caravan, coastal, beach, cuisine, cultural, environmental, film, golf, tribal, wedding destinations, and health tourism, among others.
• Strategic Goal: The policy aims to boost Karnataka’s ranking as a major tourist destination, enhancing both domestic and international tourist appeal.

About Karnataka :

• Governor : Thawar Chand Gehlot
• Chief Minister : Siddaramaiah
• Capital : Bangalore
• Wildlife Sanctuary : Bramhagiri Wildlife Sanctuary, Dandeli Wildlife Sanctuary, Jogimatti Wildlife Sanctuary

Bihar’s First Dry Port Inaugurated by Industry Minister Nitish Mishra in Bihta Near Patna

• Bihar’s first dry port was inaugurated by Industry Minister Nitish Mishra in Bihta, a town near the state capital, Patna.
• Purpose: The dry port is part of Bihar’s initiative to enhance the export of goods produced in the state, developed in collaboration with a private company.
• Definition: A dry port, or inland container depot (ICD), serves as a logistics facility located away from seaports or airports, facilitating cargo handling, storage, and
• Functionality: The dry port acts as a crucial link between sea/air ports and inland regions, streamlining the movement of goods and improving logistical efficiency.
• Size and Management: The Bihta dry port covers an area of seven acres and operates under a Public-Private Partnership (PPP) model, managed by Pristine Magadh Infrastructure Private Limited in collaboration with the state industry department.
• First Export: The first consignment exported from the Bihta dry port was leather shoes sent to Russia, marking a significant milestone for the facility.

About Bihar :

• Governor : Rajendra Arlekar
• Chief Minister : Nitish Kumar
• Capital : Patna

Delhi Developer Draws Attention for Owning jiohotstar.com Domain Name

• A Delhi-based developer gained attention after revealing ownership of the domain name com.
• Purchase Rationale: The developer purchased the domain anticipating a potential merger between Reliance JioCinema and Disney+ Hotstar.
• Cybersquatting Definition: Cybersquatting refers to the act of registering a domain name with the intent to profit from a trademark, corporate, or personal name.
• Perception of Cybersquatting: Cybersquatting is often viewed as a form of extortion or an attempt to undermine competitors in business.
• Legal Context in India: Currently, there are no specific laws in India that prohibit or penalize cybersquatting.
• Trademark Act Relevance: Domain names are recognized as trademarks under the Trademark Act, 1999.
• Trademark Infringement: Individuals using a domain name that is identical or similar to a registered trademark may be liable for trademark infringement under Section 29 of the Trademark Act, 1999.

CURRENT AFFAIRS: BUSINESS NEWS

Geopolitical Conflicts and Trade Policy Uncertainty Pose Risks to India’s Economic Growth

• India’s monthly economic report identifies geopolitical conflicts and uncertain trade policies of major economies as major risks to its economy.
• Potential economic challenges include geoeconomic fragmentation and high valuations in financial markets, particularly in advanced economies.

1. Impact on Household Spending:
   • These global risks could affect household sentiment in India, potentially reducing spending on durable goods in the fifth-largest economy.
2. Growth Projection:
   • The Indian government forecasts a growth rate of 5%-7% for the current fiscal year, down from 8.2% in the previous year due to escalating geopolitical risks.
3. Positive Outlook Factors:
   • Agriculture and the festive season demand provide a positive outlook, though urban demand shows signs of moderation.
   • Rural demand is gradually improving, but urban spending remains subdued due to softening consumer sentiment, heavy rainfall, and seasonal spending tendencies.
4. Retail Inflation Concerns:
   • Retail inflation remains largely under control, with a 5.49% rate in September—the highest in nine months, mainly due to food prices.
   • Focus on price trends in vegetables like tomatoes, onions, and potatoes is essential, as these items may drive short-term food inflation.

CURRENT AFFAIRS: RANKING AND REPORTS

2023 Breaks Climate Records with Surging Greenhouse Gas Concentrations – WMO Bulletin

• 2023 was the warmest year on record, marked by a historic rise in greenhouse gas (GHG) concentrations, as per the World Meteorological Organization (WMO).
• Carbon dioxide (CO₂) levels have risen 11.4% in the past 20 years and are now at levels not seen in 3-5 million years when temperatures were 2-3°C warmer and sea levels 10-20 meters higher.
• Impact of Rising CO₂ Concentrations:
  • The globally averaged CO₂ concentration reached 420 parts per million (ppm), while methane (CH₄) and nitrous oxide (N₂O) concentrations also surged, reaching 1,934 parts per billion (ppb) and 336.9 ppb respectively.
  • These levels represent a 151% increase in CO₂, 265% in methane, and 125% in nitrous oxide compared to pre-industrial levels (before 1750).
• Key Contributors to GHG Increase:
  • Fossil fuel combustion remains the primary driver of CO₂ accumulation, though El Niño events amplify this effect by reducing the carbon-absorbing capacity of vegetation due to drier conditions and forest fires.
  • Methane and nitrous oxide, powerful GHGs, also contribute to 16% and 6% of the warming effect, with nitrous oxide further impacting ozone layer depletion.
• WMO’s Call for Urgent Action:
  • WMO Secretary-General Celeste Saulo emphasized the urgency to act, warning that every increase in ppm and temperature will have a tangible impact on life and the environment.
  • The current trend underscores a failure to meet Paris Agreement goals of limiting global warming to well below 2°C, ideally 5°C above pre-industrial levels.
• COP29 and Climate Action:
  • With COP29 approaching, the WMO bulletin highlights the importance of international dialogue and action on mitigating GHG emissions and adhering to the Paris Climate goals.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Bharti Airtel Names Gopal Vittal as Executive Vice Chairman; Shashwat Sharma to Assume Role of Managing Director and Chief Executive Officer in January 2026

• Gopal Vittal has been promoted to Executive Vice-Chairman of Bharti Airtel, effective January 1, 2026.
• He will transition from his current role as Managing Director and Chief Executive Officer (MD & CEO).
• Shashwat Sharma, the current Chief Operating Officer (COO), will be appointed as the MD and CEO starting January 1, 2026.
• Gopal Vittal has served as MD & CEO of Airtel for the past 12 years.
• During his tenure, Airtel has developed a diverse portfolio across various segments, including mobile, B2B, Home Broadband, DTH, and digital services.
• Before joining Airtel, Gopal Vittal worked for Hindustan Unilever for two decades, gaining experience across various categories and countries.

Key Highlights :

• Market Growth:Under Vittal’s leadership, Airtel has increased its revenue market share in the mobile sector from 30% to 40%.
• The company’s market capitalization has increased fivefold, surpassing the $100 billion mark.
• Succession Planning:The appointment of Gopal Vittal as Vice Chairman is part of a structured succession process.
• He will also serve as a nominee director on the Board of Airtel Africa Plc to provide strategic guidance.
• For the next 14 months, Shashwat Sharma will be designated as CEO and will manage the end-to-end consumer business under the mentorship of Gopal Vittal.
• Additional Management Appointments:Siddharth Sharma, currently CEO of DTH, will take on the roles of Director, Marketing, and CEO of Connected Homes.
• Pushpinder Gujral, CEO of Upper North, will be appointed as CEO and Director of DTH.

About Bharti Airtel Limited :

• Founded : 7 July 1995
• Headquarters : New Delhi, India

Financial Services Institutions Bureau Nominates Ashok Chandra as New Managing Director and Chief Executive Officer of Punjab National Bank    

• The Financial Services Institutions Bureau (FSIB) recommended Ashok Chandra for the position of Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB).
• Ashok Chandra is currently the Executive Director (ED) at Canara Bank, a position he has held since November 21, 2022.
• The current MD & CEO of PNB, Atul Kumar Goel, will complete his tenure on December 31, 2024.
• Chandra is currently executive director (ED) at Canara Bank since November 21, 2022.
• The current MD & CEO of PNB, Atul Kumar Goel, is set to complete his tenure on December 31, 2024.
• FSIB issued a notification on August 1, 2024, for the MD & CEO position, with an application deadline of August 29, 2024.

About  Ashok Chandra :

• Ashok Chandra began his career with Corporation Bank as a probationary officer in 1991.
• He holds a Master’s degree in Economics and is a Certified Associate of the Indian Institute of Bankers.
• He has served as a branch head in rural, urban, and metro areas and led zones/regions within the bank.
• In 2018, he became a General Manager, heading the Recovery, Legal, and Stressed Assets Management Vertical (SAMV) at Union Bank of India and later served as Chief General Manager.
• Approval Process:FSIB sends recommendations to the Department of Financial Services (DFS), which forwards them to the Appointments Committee of the Cabinet (ACC), chaired by the Prime Minister.
• After ACC approval, the Department of Personnel & Training (DoPT) issues the official notification.
• Tenure and Eligibility: The MD & CEO position at PNB has a three-year tenure, potentially extendable based on performance.
• The maximum retirement age is 60 years, as per the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970 & 1980.

About PNB :

• Founded : 19 May 1894
• Headquarters : Dwarka, Delhi, India
• Tagline : The Name You Can Bank Upon

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

India Gets Cabinet Committee on Security Approval to Establish Missile Testing Range on East Coast

• The Cabinet Committee on Security (CCS), led by Prime Minister Narendra Modi, approved the establishment of a new missile testing range in Andhra Pradesh.
• The missile testing range will be located in the Nagayalanka area of Andhra Pradesh.
• Purpose of the Range: The range is intended for test-firing tactical missile systems, including:
• Surface-to-air missile systems
• Anti-tank missiles
• Various other projects developed by the Defence Research and Development Organisation (DRDO).
• Additional Proposals Cleared: The CCS meeting also approved significant proposals for the armed forces, including:
• Acquisition of 31 Predator drones from the United States.
• Construction of two nuclear submarines under Project ATV to develop strategic submarines for the Indian Navy.
• DRDO Developments: The DRDO is progressing on several weapon systems for the Indian defense forces, including:
• Very Short Range Air Defence Systems.
• Man-portable anti-tank guided missiles.
• Quick reaction surface-to-air missile systems.
• Vertical launched short-range air defence systems.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day of Care and Support: October 29, 2024

• The International Day of Care and Support is observed annually on October 29 to honour caregivers’ invaluable role in society.
• This day acknowledges the dedication of caregivers, promotes supportive policies, and emphasizes the importance of care work in building stronger, more inclusive communities.

Theme for 2024

• “Ageing with Dignity: The Importance of Strengthening Care and Support Systems for Older Persons Worldwide”
• The 2024 theme emphasizes the need to enhance care systems globally, ensuring that older adults receive dignified, compassionate support.

History

• The United Nations General Assembly declared October 29 as the International Day of Care and Support in 2023, with support from over 100 nations.
• The movement’s roots trace back to the early 2000s when civil society organizations and trade unions advocated for recognizing caregivers’ contributions globally.
• This day is a part of the Care Agenda, initiated by the International Labour Organization (ILO) in 2016, calling for increased investment in care services and support for unpaid caregivers.

International Animation Day (IAD) – October 28, 2024

• International Animation Day (IAD) is celebrated annually on October 28 to honour the origins and impact of animation as a significant artistic and cultural medium.
• Established by the Association Internationale du Film d’Animation (ASIFA) in 2002, IAD commemorates the first public projection of animated images by Émile Reynaud at his Théâtre Optique in Paris in 1892.

Origin of International Animation Day

• Founded: 2002 by ASIFA.
• Historical Significance: Marks the first public performance of projected moving images on October 28, 1892.
• Purpose: Celebrates animation’s role as a vital artistic medium that has evolved over time.

International Animation Day: History And Significance

• Although International Animation Day was first observed in 2002, the roots of animation trace back to 1892, when the first public performance of moving pictures took place at the renowned Emile Reynaud’s Théâtre Optique in Paris.
• Whenever ASIFA has the opportunity, it strives to elevate the art of animation. Over the years, this event has expanded to 50 countries.
• The day is significant because it connects animators with the general public, creating opportunities for collaboration.

Daily CA One-Liner: October 30

• The Airbus C295 transport aircraft project was highlighted as a symbol of India-Spain defence ties.
• Union Minister Piyush Goyal’s visit to Saudi Arabia (October 29-30, 2024) aims to enhance India-Saudi Arabia strategic ties and foster trade, investment, and economic cooperation
• The “Formation and Promotion of 10,000 FPOs” scheme, launched in 2020 with a budget of Rs 6,865 crore, may be extended by 4-5 years beyond FY25 to solidify outcomes for farmers’ collectives
• Prime Minister narendra Modi marked Dhanvantari Jayanti and the 9th Ayurveda Day with the launch and foundation of multiple health projects worth ₹12,850 crore at the All India Institute of Ayurveda (AIIA), New Delhi
• Chennai and Bengaluru lead in offering internships under the PM Internship Scheme, with 7,875 and 5,179 internships respectively, followed by Gurugram (4,576), Hyderabad (4,472), and Mumbai (4,288)
• Union Minister Jitendra Singh announced that India will establish its own space station, the Bharatiya Antriksh Station, by 2035.
• India’s monthly economic report identifies geopolitical conflicts and uncertain trade policies of major economies as major risks to its economy.
• 2023 was the warmest year on record, marked by a historic rise in greenhouse gas (GHG) concentrations, as per the World Meteorological Organization (WMO).
• BharatPe has renamed its 12% Club app to Invest BharatPe, reflecting its new focus on investment and wealth management.
• The European Investment Bank (EIB Global) has granted a €300 million (approximately ₹2,800 crore) loan for the Bengaluru Suburban Railway Project.
• CSB Bank, a leading private sector bank, has launched a new loan product, SME Turbo Loan, to offer quick and seamless credit access to small and medium enterprises (SMEs).
• Cashfree Payments has received certification from the National Payments Corporation of India for its UPI Switch service.
• Equitas Small Finance Bank has launched ‘Selfe Loans’ ahead of the festive season to support small businesses in meeting financial needs.
• Solex Energy has partnered with State Bank of India (SBI) to offer solar financing options for commercial, industrial, and institutional customers.
• Prime Minister Shri Narendra Modi and Chinese President Xi Jinping met on the sidelines of the BRICS Summit in Kazan, Russia.
• Prime Minister Narendra Modi gifted artwork from Jharkhand to Russian President Vladimir Putin during the BRICS summit held in Kazan.
• The Consumer Affairs Ministry launched the FCI Grievance Redressal System (FCI GRS) mobile app to assist rice millers in Punjab with their grievances related to the procurement of paddy and custom milled rice (CMR).
• The Chhattisgarh government, led by the Bharatiya Janata Party (BJP), has announced an increase in the reservation for Other Backward Classes (OBC) in local body elections.
• The Karnataka Cabinet approved the Karnataka Tourism Policy 2024-29, with a target to attract ₹1,500 crore in investments in the tourism sector.
• Bihar’s first dry port was inaugurated by Industry Minister Nitish Mishra in Bihta, a town near the state capital, Patna.
• A Delhi-based developer gained attention after revealing ownership of the domain name com.
• Gopal Vittal has been promoted to Executive Vice-Chairman of Bharti Airtel, effective January 1, 2026.
• The Financial Services Institutions Bureau (FSIB) recommended Ashok Chandra for the position of Managing Director (MD) and Chief Executive Officer (CEO) of Punjab National Bank (PNB).
• The Cabinet Committee on Security (CCS), led by Prime Minister Narendra Modi, approved the establishment of a new missile testing range in Andhra Pradesh.
• The International Day of Care and Support is observed annually on October 29 to honour caregivers’ invaluable role in society.
• International Animation Day (IAD) is celebrated annually on October 28 to honor the origins and impact of animation as a significant artistic and cultural medium.