We are here for you to provide the important Recent and Latest Current Affairs 28 September 2024, which have unique updates of Latest Current Affairs 2024 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
Periodic Labour Force Survey: July 2023- June 2024: Lakshadweep, Andaman & Kerala tops in Youth Unemployment Rate
According to the 7th Annual report “Periodic Labour Force Survey (PLFS) July 2023- June 2024)” of National Sample Survey Office(NSSO), Ministry of Statistics and Programme Implementation (MoSPI), Lakshadweep has the highest Unemployment Rate (UR) among youths (individuals aged 15-29 ). Youth UR in Lakshadweep stands at 36.2% which includes 79.7% UR among among young women and 26.2% UR among young men.
- Lakshadweep is followed by Andaman and Nicobar Island with 33.6% (49.5% women and 24% men) and Kerala with 29.9% (47.1% women and 19.3% men).
- The national average for youth unemployment is 10.2%, with females facing a higher rate of 11% compared to 9.8% for males.
- Madhya Pradesh(MP) has the lowest unemployment rate of 2.6%, among states in India followed by Gujarat with 3.1% and Jharkhand with 3.6%.
About Ministry of Statistics and Programme Implementation (MoSPI):
Minister of State (Independent Charge)– Rao Inderjit Singh (Constituency- Gurugram, Haryana)
>> Read Full News
NLDSL Unveils ULIP Logixtics Hackathon 2.0 and launched Track Your Transport App
On September 25, 2024, NICDC Logistics Data Services Limited (NLDSL) in collaboration with NITI Aayog – Atal Innovation Mission(AIM) and Startup India launched the Unified Logistics Interface Platform (ULIP) Logixtics Hackathon 2.0 at the event chaired by Rajeev Singh Thakur, Additional Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry (MoC&I), took place at Vanijya Bhawan in New Delhi, Delhi.
- This competitive event aims to drive innovation and create digital solutions to address the logistics industry’s pressing challenges.
- During the event Track Your Transport(TYT) Application(App), powered by the ULIP, was also launched to simplify logistics. It can be accessed via the website at www.trackyourtransport.in
Key Points:
i.Over 1800 participants joined the launch event, both physically and virtually.
ii.ULIP Logixtics Hackathon 2.0 builds on the success of the first edition in December 2021, which resulted in innovative solutions for the logistics and supply chain sector.
iii.NLDSL has been instrumental in modernizing India’s logistics sector with initiatives like the Logistics Data Bank (LDB) and ULIP.
iv.NLDSL continues to enhance efficiency and transparency in the logistics sector through advanced technology and digitization.
About ULIP:
i.ULIP is one of the key initiatives under Pradhan Mantri Gati Shakti(National Master Plan for Multi-modal Connectivity), launched by the Prime Minister(PM) Narendra Modi as part of the National Logistics Policy(NLP) on 17th September 2022.
ii.ULIP serves as a digital gateway, integrating 37 systems from 10 ministries through 118 Application Programming Interfaces(APIs), covering over 1800 data fields.
iii.Private sector participation in ULIP has been instrumental in amplifying its impact, with over 1000 companies registered on the ULIP portal (www.goulip.in).
About Track Your Transport(TYT) App:
i.The TYT app is designed to provide small-scale transporters and traders with comprehensive logistics management tools, including real-time cargo tracking, vehicle and driver verification, and operational efficiency enhancements across all modes of transport.
ii.This app will eliminates the need for heavy Information technology (IT) infrastructure investments, making it a cost-effective and user-friendly tool for the unorganized sector.
About NICDC Logistics Data Services Limited (NLDSL):
Chief Executive Officer(CEO)– Rajat Kumar Saini
Headquarters – New Delhi(Delhi)
Incorporated – 2015
Indian Railways Launches ‘Rail Rakshak Dal’ in North Western Zone for Quick Rescue Operations
On 24th September 2024, The Indian Railways established Rail Rakshak Dal in the North Western Railway (NWR) zone for the first time as a part of a pilot project which aims to promptly respond to train accidents and conduct rescue operations.
- The Rail Rakshak Dal will be responsible for rapid rescue operations in times of unforeseen situations.
- The primary goal of the Rail Rakshak Dal is to provide assistance to the Railways and support district administration in times of emergencies.
About Rail Rakshak Dal:
i.Rail Rakshak Dal has been formed under the direct supervision of Union Minister Ashwini Vaishnaw, Ministry of Railways.
ii.This initiative involves deploying Physically fit railway staff, training them in skills like swimming and utilising lightweight equipments to assist during emergencies.
iii.Prior to the introduction of Rail Rakshak Dal, the Indian Railways relied on the National Disaster Response Force (NDRF) for rescue operations.
iv.This will enable the stakeholders of Indian Railway to use this free of cost in hours of need.
About Indian Railways:
Chairperson and CEO– Satish Kumar
Headquarters – New Delhi, India
Founded – 16 April 1853
SBI’s ERD Report: India’s Population Growth on a Downward Trajectory
According to the State Bank of India (SBI)’s Economic Research Department (ERD) report titled “Precursor to Census 2024: The Fine Prints of a Rapidly Changing Nation”, the average annual exponential growth of India’s population is on a downward trajectory and is expected to decline from 2.20% (in 1971) to 1% (in 2024), placing India’s population in the range of 138 to 142 crore in 2024.
- This projection of decline in growth rate indicates that the population will accelerate at a comparatively lower pace over the next decade.
Key Points:
i.The report has also projected that the median age of India will increase from 24 years (in 2021) to 28-29 years (in 2023/24). Thus, India continues to be one of the youngest nations in the world and is still below the global median age.
ii.As per the report, the working-age population in India has seen an increasing trend since 1971 and is estimated to reach 64.4% in the soon-to-be exercised Census. This trend is further expected to increase to 65.2% in 2031.
iii.According to SBI’s ERD report, the proportion of children in the age group of 0 to 14 years is projected to be 24.3% in 2024, whereas, it was 30.9% in 2011, indicating a continuing reversal trend that started in 1971.
About State Bank of India(SBI):
Chairman– Challa Sreenivasulu Setty
Headquarters- Mumbai, Maharashtra
Tagline– Pure Banking Nothing Else
Established– 1955
>> Read Full News
Union Minister Jyotiraditya M. Scindia Launched the ‘Ashtalakshmi Mahotsav’ Website in New Delhi
The Union Minister Jyotiradtiya Madhavrao Scindia, Ministry of Development of North Eastern Region (MoDoNER) has launched the official website for ‘Ashtalakshmi Mahotsav’ at Sanchar Bhawan in New Delhi, Delhi.
- The launch of the website underscores the Government of India (GoI)’s commitment to promoting the vast potential of Northeast region on a national and global stage.
- The website will serve as a one-stop platform, where users will get all the updates about event, schedules and participation details.
Ashtalakshmi Mahotsav:
i.It is scheduled to be held from 6th to 8th December 2024 at Bharat Mandapam, Pragati Maidan in New Delhi, Delhi.
ii.The festival is a perfect blend of fashions, culture, and business, which has drawn inspiration from 8 North-East (NE) – Arunachal Pradesh (AR), Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, and Tripura.
- All these 8 states are collectively known as the “Ashtalakshmi”, representing 8 forms of prosperity.
iii.The event will feature pavilions dedicated to Muga and Era silk of NE India, live demonstrations of artisanal crafts, and a special focus on the Geographical Indication (GI) products of NE region.
iv.The event will also organise a fashion show, design conclave, buyer-seller meet, and an investment round table, which will offer a platform for fostering collaborations and long-term economic impact.
ECONOMY & BUSINESS
OECD Raised India’s GDP Forecast to 6.7% for FY25; 6.8% for FY26
The Organisation for Economic Cooperation and Development (OECD) has raised India’s Gross Domestic Product (GDP) growth forecast by 10 basis points (bps) to 6.7% for Financial Year 2024-25 (FY25), from its previous estimate of 6.6%. This projection was announced by OECD in its latest ‘OECD Economic Outlook , Interim Report September 2024: Turning the Corner’ released on 25th September, 2024.
- It has also increased India’s economic growth forecast for FY26 by 20 bps, to 6.8% from its previous estimate made in May 2024.
Key Projections:
i.OECD’s report has also raised India’s headline inflation forecast by 20 bps, from 4.3% (projected in May 2024) to 4.5% for FY25. This projection is in alignment with the Reserve Bank of India (RBI)’s forecast of headline inflation for FY25.
- While, it has lowered India’s inflation for FY26 by 10 bps, from 4.2% to 4.1%, which would be almost equal to RBI’s mid-point target of 4%.
ii.The report noted that consumer inflation remained below 4% in July, 2024 and August, 2024. This is mainly due to favourable base effects. So, economist now expects it to increase to 5% in the next few months.
Global Growth:
i.As per the report, the global growth will remain stable at 3.2% in both 2024 and 2025, due to moderate inflation. It noted that the growth has been relatively robust in many of the Group-20 (G20) countries, including the United States of America (USA), Brazil, India, Indonesia and the United Kingdom (UK).
ii.The report observed that headline inflation continued to decrease in most of the OECD nations, partly due to decrease in food price inflation, low energy and goods price inflation. Thus, now inflation is almost close to target in about 4/5th of OECD nations.
iii.While, for G-20 countries, headline inflation is projected to ease to 5.4% in 2024 and 3.3% in 2025. Also, the core inflation in the G20 advanced economies will decrease to 2.7% and 2.1% in 2024 and 2025, respectively.
iv.It has projected the growth rate in the US will slow down at 2.6% (in 2024) and 1.6% (in 2025), but is expected to get some relief from easing monetary policy.
v.It estimated that China’s growth will ease to 4.9% (in 2024) and 4.5% (in 2025), with policy stimulus offset by subdued consumer demand and the ongoing deep correction in the real estate sector.
About the Organisation for Economic Cooperation and Development (OECD):
Secretary General- Mathias Hubert Paul Cormann
Headquarters- Paris, France
Established- 1961
ADB forecasts India’s economic growth at 7% for FY25 and 7.2% for FY26
According to the ‘Asian Development Outlook (ADO) update of September’ released by the Asian Development Bank (ADB), India’s growth forecast for the Financial Year 2024-25 (FY25) has been projected at 7% and FY26 at 7.2%.
- According to the report, though the Gross Domestic Product (GDP) growth slowed to 6.7% in the first quarter (April-June) of FY24, it is expected to accelerate in the coming quarters with increased agricultural performance and a large improvement in industry and services.
Key Highlights of the report
i.As per the report, the government debt is projected to decrease from 58.2% of GDP in FY24 to 56.8% in FY25.
- The general government deficit, which includes state governments, is expected to fall below 8% of GDP in FY2024.
ii.ADB projected India’s Current Account Deficit(CAD) to be 1% of GDP in FY24 and 1.2% in FY25, down from the previous forecast of 1.7% for both years, due to better exports, lower imports, and strong remittance inflows.
- This reduction is attributed to improved exports, lower imports, and strong remittance inflows.
iii.Consumer inflation is anticipated to rise to 4.7% in FY24 due to elevated food prices, despite higher agriculture output expectations.
iv.Fiscal consolidation measures are expected to lower down the fiscal deficit to a level before COVID-19, showing increased revenue collection and restrained current expenditure.
About Asian Development Bank
President– Masatsugu Asakawa
Headquarters– Mandaluyong City, Metro Manila, Philippines
Establishment – 1966
Members– 68 members (49 from Asian and the Pacific and 19 outside)
Shankh Air, India’s Newest Airline, Gets Approval from MoCA
Shankh Air, owned by Shankh Aviation Private Limited, has received the No Objection Certificate (NOC) from the Ministry of Civil Aviation(MoCA) valid for 3 years. Shankh Air will be the 1st Schedule airline to launch from Uttar Pradesh(UP).
- It is yet to receive clearance from the Directorate General of Civil Aviation (DGCA) to begin operations.
About Shankh Air:
i.Shankh Air will hub over Lucknow and Noida to enable connections to all major cities in India.
ii.The airline aims to connect major cities across India by offering both interstate and intrastate routes and focusing on areas with high demand and restricted direct flight options.
Note: India is currently the third-largest domestic aviation market globally, recording a 15% year-on-year increase in air passenger traffic. India handles 376 million passengers in FY24.
About Shankh Aviation Private Limited:
Chairman– K.Vishwakarma
Headquarters– Lucknow, Uttar Pradesh
About Ministry of Civil Aviation
Union Minister– Kinjarapu Ram Mohan Naidu (Constituency- Srikakulam, Andhra Pradesh)
Minister of State – Murlidhar Kisan Mohol (Constituency- Pune, Maharashtra)
AWARDS & RECOGNITIONS
RINL Bagged the Prestigious CII-GBC National Energy Leader Award for the 6th Consecutive Year
Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, has won the National Energy Leader Award from the Confederation of Indian Industry- Green Business Centre (CII-GBC) for the 6th consecutive year. The award was presented during the event held at Hyderabad, Telangana on 12th September 2024.
- RINL has also won the “Excellent Energy Efficient Unit Award” for the 8th consecutive year.
- The awards were presented by Milind Deora, Secretary, Bureau of Energy Efficiency (BEE), Ministry of Power (MoP) to K. Sudhakar, General Manager (GM), Energy Management Department (EMD-I/C), who received these awards on behalf of RINL
- These awards signify RINL’s consistent efforts towards energy conservation, including initiatives like: Harnessing waste heat recovery systems, Pulverised Coal Injection (PCI) in blast furnaces, and Waste recycling and Energy benchmarking.
Note: Visakhapatnam( Andhra Pradesh,AP) based RINL is a ‘Navratna’ Public Sector Enterprise (PSE) under the Ministry of Steel (MoS).
ACQUISITIONS & MERGERS
CCI Approves Acquisition of Vastu Housing Finance Corporation by Naspers Ventures
The Competition Commission of India (CCI) has approved the proposed acquisition of less than 10% equity shareholding in Vastu Housing Finance Corporation Limited (VHFCL) by Naspers Ventures B.V. (Naspers Ventures) on a fully diluted basis.
CCI has also approved,
i.Acquisition of shares of Home Credit India Finance Private Limited (Home Credit) by VS Holdings Limited (TVSH), STPL Trading and Services Private Limited (STPL), and PI Opportunities Fund-II (PIOF), and acquisition of shares of STPL Trading and Services Private Limited by K. Gopala Desikan, Anuraag Agarwal, V. Ganesh, and GWC Family Fund Investments Pte. Ltd.
ii.Acquisition of 100% share capital of Sunbeam Lightweighting Solutions Private Limited by Craftsman Automation Limited on a fully diluted basis.
About the Competition Commission of India (CCI):
Chairperson– Ravneet Kaur
Headquarters– New Delhi, Delhi
Established– 2003
Operational From– 2009
>> Read Full News
RBI approves amalgamation of The Rajapur Sahakari Bank Ltd. with The Malad Sahakari Bank Ltd.
On September 20 2024, The Reserve Bank of India (RBI) has approved the Scheme of Amalgamation of Mumbai(Maharashtra) based The Rajapur Sahakari Bank Limited with Mumbai based The Malad Sahakari Bank Limited. The scheme will come into force from September 23, 2024.
- The scheme has been approved in exercise of its powers conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation (BR)Act, 1949.
- As a part of amalgamation, the branches of The Rajapur Sahakari Bank Ltd., will function as branches of The Malad Sahakari Bank Ltd.
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Establishment– 1st April 1935
Headquarters– Mumbai, Maharashtra
SPORTS
Syria Beat India 3-0 to Win their Maiden Intercontinental Cup 2024 Football Title
Syria won their maiden Intercontinental Cup 2024 football title by defeating the defending champions India 3-0 in the final group match held at Ganti Mohana Chandra (GMC) Balayogi Athletic Stadium (formerly known as Gachibowli Athletic Stadium) in Hyderabad, Telangana.
- This is the 4th edition of the Intercontinental Cup, organised by the All India Football Federation (AIFF). It was a tri-nation series between the football teams of India, Syria, and Mauritius.
i.The 2024 tournament was played in a round-robin format with each team playing each other once and the team with the highest points winning the title.
ii.Syria defeated Mauritius 2-0 and India 3-0, securing 6 points (in 2 matches) in the series. The football teams of India and Mauritius finished the tournament without scoring a goal.
iii.India won the inaugural tournament in 2018 (beating Kenya 2-0) and 2023 (beating Lebanon 2-0).
Lay’s Named Official Sponsor of FIFA World Cup 2026 & FIFA Women’s World Cup 2027
Lay’s, a global snack brand owned by Frito-Lay, Inc., becomes the official sponsor for the International Federation of Association Football (FIFA) World Cup 2026 and FIFA Women’s World Cup 2027. This marks a global extension of Frito-Lay’s successful role as a Regional Supporter for the FIFA World Cup Qatar 2022 and Tournament Supporter for the FIFA Women’s World Cup 2023.
- FIFA World Cup 2026 will be the 1st edition to feature 48 teams and will be hosted across 3 countries, Canada, Mexico, and the United States of America (USA).
- The FIFA Women’s World Cup 2027 will be held in Brazil in 2027.
i.The sponsorship aims to bring fans closer to the game through exclusive experiences, merchandise, and consumer activations.
ii.Lay’s will introduce “Fan of the Match” recognition at every match of both tournaments, rewarding fans with unique experiences.
iii.The partnership includes not just Lay’s, but also other Frito-Lay brands like Doritos, Cheetos, Tostitos, Ruffles, Cracker Jack, PopCorners, Quaker, and Gamesa.
Note: Texas (the USA)-based Frito-Lay, Inc. is a packaged snack food company and a subsidiary of PepsiCo.
IMPORTANT DAYS
World Pharmacists Day 2024 – September 25
World Pharmacists Day (WPD) is annually observed across the globe on 25 September to recognise and celebrate pharmacists’ crucial role as drug information specialists and accessible healthcare providers, in building healthier communities worldwide.
- WPD also marks the anniversary of the inception of the International Pharmaceutical Federation (FIP), the global body for pharmacy, pharmaceutical sciences, and pharmaceutical education, and the World Health Organisation (WHO) partner.
- The theme of WPD 2024 is “Pharmacists: Meeting global health needs”.
Background:
i.World Pharmacists Day was proposed in 2009 by the Turkish Pharmacists Association (TPA) during the Council meeting at the FIP Congress in Istanbul, Turkey (now Türkiye).
ii.The Council unanimously accepted the proposal to celebrate World Pharmacists Day annually on 25 September.
iii.The first-ever WPD was observed on 25 September 2010.
About the International Pharmaceutical Federation (FIP):
Chief Executive Officer (CEO)- Dr Catherine Duggan
Headquarters– The Hague, Netherlands
Established– 1912
>> Read Full News
Antyodaya Diwas Day 2024 – September 25
Antyodaya Diwas Day is annually observed across India on 25 September to commemorate the birth anniversary of Pandit Deendayal Upadhyaya, a prominent Indian political leader, philosopher, and the former President of the political party Bharatiya Jan Sangh (BJS), the predecessor party of the Bharatiya Janata Party (BJP).
- 25 September 2024 marks the 108th birth anniversary of Pandit Deendayal Upadhyaya.
- The day emphasises Pandit Deendayal Upadhyaya’s concept of “Antyodaya“, meaning the rise and development of the last person in society.
Background:
i.On 25 September 2014, during the 98th birth anniversary of Pandit Deen Dayal Upadhyaya, the Government of India (GoI) led by Prime Minister (PM) Narendra Modi declared the 25 September of every year as Antyodaya Diwas Day.
ii.The 1st Antyodaya Diwas Day was observed on 25 September 2014.
>> Read Full News
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