Current Affairs 10 October 2023

We are here for you to provide the important Recent and Latest Current Affairs 10 October 2023, which have unique updates of Latest Current Affairs 2023 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

Swavlamban 2023: 2nd edition of Indian Navy’s NIIO Seminar held in New Delhi On 4th October 2023, Union Minister Rajnath Singh, Ministry of Defence(MoD), launched Swavlamban 2023 (Swavlamban 2.0), the 2nd edition of the Indian Navy’s Naval Innovation and Indigenisation Organisation (NIIO) seminar,  in New Delhi, Delhi.  The 2-day seminar was held from 4th to 5th October 2023.

• During the seminar 5th Positive Indigenisation List (5th PIL) of the Department of Military Affairs (DMA), MoD comprising 98 items was released.
• defence minister launched the 76 challenges for the industry under the 10th Defence India Start-up Challenges (DISC 10) and DISC 10 PRIME of Innovations for Defence Excellence (iDEX).
• He also launched the Indian Navy’s updated Indigenisation Roadmap ‘Swavlamban 2.0’

Note: Swavlamban, the first edition of the NIIO Seminar was held in July 2022.
About Ministry of Defence
Union Minister – Rajnath Singh (Constituency – Lucknow, Uttar Pradesh)
Minister of State (MoS) – Ajay Bhatt (Constituency – Nainital–Udhamsingh Nagar, Uttarakhand)
>> Read Full News

India-UAE Sign MoU in 7 Areas, with Emphasis on Space Technology, Renewable Energy, and AI The United Arab Emirates (UAE) and India have signed a Memorandum of Understanding (MoU) during the 11th India-UAE high-level joint task force on investments in Abu Dhabi, the capital of United Arab Emirates (UAE).

• India and the UAE have signed an MoU in seven areas such as supply chain resilience, renewable energy and energy efficiency, health and life sciences, space systems, AI, Industry 4.0 and advanced technologies, as well as standardisation and metrology.
• These MoUs align with the UAE-India Comprehensive Economic Partnership Agreement (CEPA), which aims to strengthen the UAE’s role as a trade and logistics hub.

i.NPCI International Payments Limited (NIPL) and Al Etihad Payments (AEP) entered into an agreement to implement a Domestic Card Scheme (DCS) in the UAE. This partnership is set to revolutionize e-commerce, digital payments, and financial inclusion in the UAE, leveraging India’s expertise in secure payment systems and its widely acclaimed RuPay card network.

• NIPL: a wholly-owned subsidiary of the National Payments Corporation of India (NPCI)
• AEP: an indirect subsidiary of the Central Bank of UAE (CBUAE)

>> Read Full News

ARAI & IIT Guwahati Signs MoU to Set Up Digital Twin Center for Emerging Automotive SystemsThe Automotive Research Association of India (ARAI) has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Guwahati(Assam) for establishing a Common Engineering Facility Center (CEFC) titled “Digital Twin Center for Emerging Automotive Systems” in the Hub and Spoke model.

• This CEFC was established under the Capital Goods Scheme Phase II of the Ministry of Heavy Industries (MHI) by ARAI in collaboration with industry partner Micelio Mobility Private Limited.

Note: ARAI, the leading automotive R&D organization in India is an autonomous body under the aegis of the MHI.
About Automotive Research Association of India (ARAI):
Chairman & Director– Dr. Reji Mathai
Headquarters– Pune, Maharashtra
Established in– 1966
>> Read Full News

Ministry of Culture Organizes Curtain Raiser and logo launch event for IAADBThe Ministry of Culture organised curtain raiser event for the inaugural India Art Architecture Design Biennale (IAADB 2023) at the National Gallery of Modern Art, New Delhi, Delhi.

• The logo of the biennale was also launched during the event.
• The IAADB 2023 is set to be held from 9th to 15th December 2023, at Red Fort, with events scheduled in Delhi, Mumbai (Maharashtra) and Bengaluru (Karnataka).

Key People:
The Minister of State (MoS) Meenakashi Lekhi, Ministry of Culture addressed the event while Union Minister Gangapuram Kishan Reddy, Ministry of Culture attended the event through Video Conference.
Aim of Biennale:
To bring traditional grassroots artists and contemporary designers, curators, architects, and thought leaders to the forefront, transcending age, gender, and genre boundaries
Key Points:
i.IAADB will serve as a precursor to India’s participation in the Venice Biennale 2024, promoting dialogue among art, architecture, and design professionals.
ii.The Biennale aligns with the vision of the Prime Minister and will mark the launch of the Development of Cultural Spaces project at the Red Fort, Delhi.
iii.The event will feature exhibitions and panel discussions curated by experts, and will focus on themes like doors, gardens, temple architecture, modern wonders, indigenous design, and women in architecture.

Highlights of Prime Minister Narendra Modi Visits to Rajasthan,Madhya Pradesh PM Modi visited Rajasthan, Madhya Pradesh and launched multiple development projects on October 5, 2023.
PM Dedicates and Lays Foundation for Rs 5000 Crore Projects in Rajasthan

• PM Lays Foundation for Trauma Center and 7 Critical Care Blocks in AIIMS, Jodhpur.
• Lays foundation stone of New Terminal Building at Jodhpur Airport at a total cost of Rs 480 crore.
• Dedicates IIT Jodhpur campus and infrastructure upgrades to the Central University of Rajasthan at a cost of more than Rs 1135 crore.
• The Prime Minister laid foundation stone for multiple road development projects at cumulative cost of about Rs 1475 crore.
• The Prime Minister inaugurated the doubling of the 145 km long Degana-Rai Ka Bagh rail line and the 58 km long Degana-Kuchaman City rail line.

PM Inaugurates and Lays Foundation for Development Projects Worth Over Rs 12,600 Crore Madhya Pradesh

• The Prime Minister performed the ‘bhoomi poojan’ for the ‘Veerangana Rani Durgavati Smarak aur Udyaan’ in Jabalpur to mark the 500th birth anniversary of Veerangana Rani Durgavati, a commemorative coin and stamp were released.
  The Prime Minister inaugurated more than 1000 houses constructed under the Light House Project in Indore, part of the Pradhan Mantri Awas Yojana – Urban (PMAY-U).
• PM Lays Foundation for Jal Jeevan Mission Projects in Multiple Districts and Dedicates One in Seoni at a cost of Rs.2350 crores.
• PM inaugurated projects more than Rs 4800 crore for improving the road infrastructure in Madhya Pradesh.
• He also dedicates rail projects worth more than Rs.1850 crore.

>> Read Full News

INTERNATIONAL AFFAIRS

North America’s First Gandhi Museum Opens in Houston
The Eternal Gandhi Museum Houston(EGMH), North America’s first Gandhi Museum opened in Houston, Texas, United States of America (USA).

• The ribbon-cutting ceremony of the Museum was held on 2nd October on the occasion of the 154th birth anniversary of Gandhi While the museum officially opened to the public on 15th August 2023.
• Dr Rajmohan Gandhi(grandson of Mahatma Gandhi), Isaac Newton Farris Jr(nephew of Martin Luther King), and Consulate General of India(CGI) Houston D Manjunath were the special guests amongst several at the event.
• The architecture of the 13,000-square-foot museum is inspired by Gandhi’s twenty-four-spoke Chakra spinning wheel and the statue of Gandhi placed in front of the museum.
• The semi-circular museum’s outside walls depict notable peace activists such as Mahatma Gandhi, Nelson Mandela, Martin Luther King Jr., and Betty Williams.
• The exhibits are interactive and interesting, portraying the tale of Gandhi’s life in three parts: “His Journey,” “Our Journey,” and “My Journey.”

AWARDS & RECOGNITIONS

Iran’s Narges Mohammadi awarded Nobel Peace Prize 2023On October 6, 2023, Nobel Peace Prize 2023 was awarded to 51-year-old Narges Mohammadi from Iran “for her fight against the oppression of women in Iran and her fight to promote human rights and freedom for all”.

• With this win, she became the 2nd Iranian woman to win the Nobel Peace Prize after Shirin Ebadi (also the first Muslim woman) who won the award in 2003.
• Notably, Narges Mohammadi is currently serving a 10-year, 9-month jail sentence in Evin Prison in Tehran on various charges, including spreading propaganda against the state.

About Iran:
Capital– Tehran
Currency– Iranian Rial
President– Ebrahim Raisi
>> Read Full News

APPOINTMENTS & RESIGNATIONS

ACC appointed 12 Executive Directors for various PSBsi.On October 7, 2023, the Appointments Committee of the Cabinet (ACC), in its meeting, has approved the appointments of 12 Chief General Managers (CGMs) and General Managers (GMs) by elevating them as Executive Directors (EDs) of various Public Sector Banks (PSBs).
ii.Sanjay Rudra, who previously served as the GM at Bank of Maharashtra (BoM), has been designated as the ED at Union Bank of India.
iii. Vijaykumar N Kamble, another GM from Bank of Maharashtra, will assume the role of ED at UCO Bank.
>> Read Full News

RBI Constitutes Working Group on ECL FrameworkThe Reserve Bank of India (RBI) has constituted a 9 member external Working Group chaired by Prof. R. Narayanaswamy to suggest Expected Credit Loss (ECL) framework for provisioning by banks.

• R Narayanaswamy is a retired Indian accountant and former Professor of Indian Institute of Management (IIM) Bangalore, Bengaluru, Karnataka.

Members of the Working Group:

• Sanjay Kallapur – Professor in Indian School of Business (ISB), Hyderabad, Telangana.
• Rajosik Banerjee – Partner and Head, Financial Risk Management at Klynveld Peat Marwick Goerdeler (KPMG).
• S Srinivasa Rao – Chief Manager of State Bank of India(SBI).
• Rajendra Khandelwal – General Manager of ICICI Bank.
• Susanta Baishya- Executive Vice President (Wholesale Credit) of HDFC Bank.
• Adish Yadav – Deputy General Manager at Canara Bank.
• Pravinkumar Taparia – General Manager of Saraswat Co-operative Bank.
• Sridharan N – Chief Financial Officer(CFO) at Equitas Small Finance Bank.

Terms of Reference for the Working Group:
i.Describe the key principles required to considered by the banks while designing the credit risk models to assess ECL.
ii.Recommend the factors that should be considered to determine credit risk based on the guidance provided in International Financial Reporting Standard 9 – Financial Instruments (IFRS 9) and principles laid out by Basel Committee on Banking Supervision (BCBS).
iii.Suggest methodology to undertake external independent validation of the models.
iv.Recommend prudential floors for provisioning based on comprehensive data analysis.
Background:
i.RBI released a discussion paper in January 2023 proposing a new framework for provisioning for credit risk, called ‘Discussion Paper on Expected Loss (EL)-based Approach for loan loss provisioning by banks’
ii.It states that banks will have to set aside provisions based on their assessment of the expected losses on their loans, rather than waiting until the loans actually default.
iii.The RBI has received comments on the discussion paper from various stakeholders, and is now setting up a working group to get independent inputs on some of the technical aspects of the ECL framework.
Note:

• Expected Credit Loss (ECL): It is a measure of the potential losses that a financial institution expects to incur on its loans and other financial assets over their lifetime.
• ECL Framework: The ECL framework is a forward-looking approach to provisioning for credit risk, which is already implemented under International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB).

RBI Appoints Muneesh Kapur as New Executive Director 
RBI has appointed Muneesh Kapur as Executive Director (ED) with effect from October 3, 2023.

• As executive director,  Muneesh Kapur will monitor the Department of Economic and Policy Research.
• Prior to his appointment as ED, he was serving as Adviser-in-Charge of Monetary Policy Department and secretary to the Monetary Policy Committee(MPC).
• He also served as an adviser to the executive director of the International Monetary Fund(IMF) during 2012-15.

SCIENCE & TECHNOLOGY

Amazon Launched First Test Satellites for Project Kuiper Satellite SystemAmazon.com, Inc.(AMZN.O) has launched the first two prototype satellites KuiperSat-1 and KuiperSat-2 to low Earth orbit (LEO) at the height of 500 kilometers (311 miles) as part of  “Protoflight” mission of Project Kuiper.

• The satellite was launched by United Launch Alliance’s (ULA) Atlas V rocket  from Space Launch Complex-41 at Cape Canaveral Space Force Station, Florida, United States of America (USA).

About Project Kuiper:
i.Project Kuiper satellite system is  a network of satellites in LEO. The Kuiper System will operate at altitudes between 590 and 630 kilometers (roughly 367 to 391 miles).
ii.The project aims to provide fast and affordable internet to more than 10 million of underserved communities around the world.

• To make it feasible, Amazon planned to launch 3,236 satellites that make up a satellite constellation to LEO.
• To reduce the overlap of the satellites, each one of them will operate within 9 kilometers of their assigned altitude.

iii.To launch the satellite Amazon has signed contracts with three commercial space companies namely Arianespace, Blue Origin, and United Launch Alliance.

• These space companies will carry satellite to the space with the launch of up to 83 rockets.

iv.The half of the planned satellites must be operational by 2026, and all of them must be operational by 2029.
v.This project is competing with SpaceX’s Starlink project.
Agreements to launch satellites:

• 38 launches on ULA’s Vulcan Centaur rocket (will be launched from Cape Canaveral Space Force Station in Florida, USA).
• 18 launches on Arianespace’s Ariane 6 rocket (will be launched from Guiana Space Center in French Guiana, France)
• 12 launches on Blue Origin’s New Glenn rocket(will be launched from Cape Canaveral Space Force Station in Florida, USA), with options for 15 additional launches.

This is the largest commercial procurement of space launch services in history.
About Amazon.com, Inc.:
President and Chief Executive Officer (CEO) – Andy Jassy
Headquarters – Seattle, Washington, United States of America(USA)
Established in – 1994

KCP Delivers Integrated AirDrop Test – Crew Module Structure to ISRO for Gaganyaan Mission
The Chennai-based KCP Heavy Engineering (KCP HE) hands over the first Integrated Air Drop Test -Crew Module (IADT-CM) structure to the Indian Space Research Organisation (ISRO) for the purpose of assessing technology readiness for the Gaganyaan spacecraft.

• ISRO designed the IADT-CM structure, which was built in Thiruvotriyur, Chennai, by KCP-Heavy Engineering Unit for heavy casting, machining, and fabrication.
• This was the first IADT-CM out of two orders by ISRO to KCP while the second IADT-CM is set to be delivered by March 2024.
• The IADT-CM weighs 3,120 kg, has a diameter of 3.1 metres, and a height of 2.6 metres.
• It accommodates major subsystems like parachute systems, pyros, avionics, and buoyance augmentation systems.
• The IADT-CM system will be tested using an Indian Air Force helicopter at an altitude of 3.6 to 4 kilometres to assess the performance of the deceleration system (parachute and pyro’s).

Note:
ISRO’s Gaganyaan Mission intends deploying a crew of two to three members into a 400-kilometer orbit for a three-day mission and safely returning them to Earth by facilitating a landing in Indian sea waters.

SPORTS

Ayush Shetty Wins Bronze Medal in BWF World Junior Championships 2023
India’s Ayush Shetty won the bronze medal in the Badminton World Federation (BWF) World Junior Championships 2023 held from 25th September to 8th October 2023 in Spokane, United States of America (USA).

• Alwi Farhan of Indonesia won the gold medal by defeating Hu Zhe An of China (Silver) in the 23rd edition of the BWF World Junior Championships finals.
• Ayush Shetty lost to Alwi Farhan of Indonesia. The two losers of the semifinals were given the Bronze medal, the another semifinalist Alex Lanier(France) won the Bronze medal.
• The 18-year-old Ayush Shetty’s bronze medal was India’s 11th medal including 1 Gold, 4 Silver, and 6 Bronze at the junior badminton world championships since 1992.
• Saina Nehwal won the gold medal in 2008 (India’s best) and silver in 2006 while India’s Sankar Muthusamy Subramanian won silver in 2022in Spain.

IMPORTANT DAYS

World Hydrogen and Fuel Cell Day 2023- October 8  World Hydrogen and Fuel Cell Day (H2FC Day) is annually observed on October 8 to recognise the importance of the chemical element, Hydrogen, and its role in the transition towards a cleaner and more equitable energy future.

• The day aimed at promoting awareness and understanding of hydrogen as a clean and sustainable energy source, along with the versatile technology of fuel cells.

Background:
i.In June 2015, the Senate of the United States of America (USA) designated the 8th October of every year as ‘‘National Hydrogen and Fuel Cell Day’’.

• The idea of the observance was initiated by the Fuel Cell and Hydrogen Energy Association (FCHEA), the trade association for the fuel cell and hydrogen energy industry in the USA.

ii.The first H2FC Day was observed on 8th October 2015.
>> Read Full News

Indian Air Force(IAF) Day 2023 – October 08Indian Air Force(IAF) Day is annually observed across India on October 8 to commemorate the establishment of the Indian Air Force (IAF) in 1932.

• 8th October 2023 marks the celebration of the 91st Anniversary of the Indian Air Force.
• The Indian Air Force is also known as Bharatiya Vayu Sena.

i.The Air Force Day parade (a showcase of the IAF’s personnel and equipment) and Air Display(display of aerial acrobatics and aerobatics) are two of the most important events.
ii.A woman officer, Group Captain Shaliza Dhamia (a helicopter pilot), led the Indian Air Force Day parade for the first time ever.
iii.As part of the events, Air Chief Marshal V R Chaudhari unveiled the new IAF Ensign.
iv.The legendary Mikoyan-Gurevich (MiG)-21 fighter jets of the Indian Air Force (IAF) took its final air display flight on IAF day 2023.
About Indian Air Force (IAF):
Chief of the Air Staff – VR Chaudhari
Headquarters – New Delhi, Delhi
Established in – 1932
Motto – Touching the sky with Glory
>> Read Full News

World Post Day 2023 – October 9The United Nations (UN) World Post Day is annually observed across the globe on 9 October to mark the anniversary of the establishment of the  Universal Postal Union’s (UPU) in 1874 in Bern, Switzerland.

• The day aims to bring awareness about the role of the postal sector in everyday lives of people and businesses, as well as its contribution to global social and economic development.

The theme of World Post Day 2023 observed on 9th October 2023 is “Together for trust: Collaborating for a safe and connected future”.

Background:
i.In 1969, the UPU Congress held in Tokyo, Japan adopted the resolution C 11/1969 and recommended that the 9th of October (the anniversary of the founding of the UPU) each year be observed as UPU Day.
ii.“UPU Day” has been renamed ‘World Post Day’ by resolution C 32/1984 at the Hamburg Congress in Germany.
iii.The first World Post Day was celebrated in 1969.
Note: Every year, more than 150 countries celebrate World Post Day in a variety of ways. In India, the day acknowledges the beginning of National Postal Week, celebrated from October 9 to October 15.
>> Read Full News

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