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NATIONAL AFFAIRS
MoF Kept Interest Rate on Small Savings Schemes Unchanged for Q3FY25
On 30th September 2024, the Department of Economic Affairs (DEA-Budget Division), Ministry of Finance (MoF) has kept the interest rate on Small Savings Schemes (SSS) unchanged for its 3rd Quarter of financial Year 2024-25(Q3 FY25) i.e. from 1st October, 2024 to 31st December, 2024 from those notified for Q2FY25.
- This is for the 3rd consecutive quarter of FY25 that interest rate on SSCs remain unchanged.
Points to Note:
i.In December 2023, the Government of India (GoI)increased the interest rates of some of the small savings scheme such as: Sukanya Samriddhi Yojana (SSY) and 3-year Time Deposit, were increased by 20 basis points (bps) for Q4FY24.
ii.The PPF rates has remain unchanged for since April 2020. It was last changed in April-June 2020, when it was declined from 7.9% to 7.1%.
Interest Rates on Small Savings Schemes for Q3 FY25:
| Instruments | Rate of Interest from 1st October, 2024 to 31st December, 2024 |
|---|---|
| Savings Deposit | 4.0% |
| 1-Year Post Office Time Deposits (POTD) | 6.9% |
| 2-Year Post Office Time Deposits (POTD) | 7.0% |
| 3-Year Post Office Time Deposits (POTD) | 7.1% |
| 5-Year Post Office Time Deposits (POTD) | 7.5% |
| 5-Year Post Office Recurring Deposits(PORD) | 6.7% |
| Kisan Vikas Patra (KVP) | 7.5% (will mature in 115 months) |
| Public Provident Fund (PPF) | 7.1% |
| Sukanya Samriddhi Yojana (SSY) | 8.2% |
| National Savings Certificate (NSC) | 7.7% |
| Senior Citizens’ Savings Scheme(SCSS) | 8.2% |
| Monthly Income Scheme (MIS) | 7.4% |
| Mahila Samman Savings Certificate (MSSC) | 7.5% |
About Small Savings Schemes (SSSs):
i.These are savings instruments managed by the GoI to encourage citizens to save regularly.
ii.These SSSs are broadly classified into 3 categories: savings deposits, social security schemes, and monthly income plan.
iii.Interest rates for SSSs are notified on a quarterly basis by the GoI.
- The methodology to determine the interest rates for SSSs was recommended by Shyamala Gopinath Committee in January 2023.
- The committee suggested that interest rates for these schemes should range from 25 to 100 bps above the yields on corresponding government bonds.
iv.Some of these SSSs has some tax benefits such as: NSC, SCSS, SSY and PPF, get tax benefits under Section 80C of the Income Tax Act of 1961.
DoSJE Signed MoU with NALSA to Provide Legal Aid to Marginalised People
On 30th September 2024, the Department of Social Justice and Empowerment (DoSJE) under the Ministry of Social Justice and Empowerment (MoSJE) has signed a Memorandum of Understanding (MoU) with the National Legal Services Authority (NALSA) to enhance public awareness about various Acts, Rules and Schemes of DoSJE, especially those framed to support the marginalized and vulnerable sections of society in India.
- The agreement was signed in the presence of Union Minister Dr. Virendra Kumar Khatik, (MoSJE) and Justice Sanjiv Khanna, Judge of the Supreme Court (SC) of India & Executive Chairman of NALSA during an event held at Dr. Ambedkar International Centre in New Delhi, Delhi.
Key points:
i.According to the MoU, both NALSA and DoSJE will organise a series of campaigns, seminars, and events to increase the reach and impact of social welfare schemes for marginalized communities across India.
ii.Under this collaboration, State Legal Services Authorities (SLSAs) and District Legal Services Authorities (DLSAs), will conduct awareness camps across India through the para-legal volunteers and panel lawyers. These camps will focus on ensuring the awareness of 5 key Acts being implemented by the DoSJE:
- Protection of Civil Rights Act, 1955.
- Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Act, 1989.
- The Maintenance and Welfare of Parents and Senior Citizens Act, 2007.
- The Transgender Persons (Protection of Rights) Act, 2019.
- Prohibition of Employment as Manual Scavengers and their Rehabilitation Act, 2013.
SARTHIE 1.0 initiative:
i.During the event, Union Minister Virendra Kumar launched SARTHIE 1.0, a joint initiative of DoSJE and NALSA aimed to empower disadvantaged communities, including Scheduled Castes (SCs), Other Backward Classes (OBCs), senior citizens, Denotified and Nomadic Tribes (DNT), among others.
ii.The initiative is in line with the United Nations (UN) 2030 Agenda for Sustainable Development, mainly focusing on eradicating poverty, reducing inequality, and promoting social protection policies that ensure greater equality for all.
About National Legal Services Authority (NALSA):
It was constituted under the Legal Services Authorities Act of 1987. It has been mandated to provide legal aid to vulnerable sections of the society and spread legal literacy.
Executive Chairman – Justice Sanjiv Khanna
Headquarters- New Delhi, Delhi
Established- 1995
About Ministry of Social Justice and Empowerment (MoSJE):
Union Minister– Dr. Virendra Kumar Khatik (Constituency- Tikamgarh, Madhya Pradesh, MP)
Minister of State (MoS) – Ramdas Athawale (Rajya Sabha- Maharashtra); B.L. Verma (Rajya Sabha- Uttar Pradesh, UP)
INTERNATIONAL AFFAIRS
PM Modi visited the USA from 21st-23rd September 2024: Attended Quad Summit & Addressed UNGA Session
Narendra Modi, Prime Minister (PM) of India, made a 3-day visit to the United States of America (USA) from 21st to 23rd September 2024.
i.On 21st September 2024, PM Modi attended the 4th Quad(Quadrilateral Security Dialogue) Leaders’ Summit held in Wilmington, Delaware and hosted by Joseph R. Biden, Jr., the President of the USA.
ii.On 22nd September 2024, He also addressed the “Summit of the Future” at the 79th United Nations General Assembly (UNGA) Session held in New York, USA.
iii.PM Modi met with the US President Biden on the sidelines of the Quad Summit in Delaware and discussed ways to improve bilateral cooperation in areas of mutual interest.
About United Nations General Assembly (UNGA)
President– Philemon Yang
Headquarters– New York, The United States of America (USA)
Founded– 1945
>> Read Full News
Unemployment Benefits and Coverage Lag in Asia-Pacific: ILO report
The International Labour Organisation’s (ILO) report, ‘World Social Protection Report 2024-26 : Regional companion report for Asia and the Pacific’, highlights significant challenges in extending unemployment benefits in Asia-Pacific.
- The Asia-Pacific region has achieved a 53.6% coverage, for the first time, of its population by at least one social protection benefit, but it spends only 11.8% of Gross Domestic Product (GDP) on social protection, below the global average of 19.3%.
Key Findings:
i.About 2.1 billion people remain unprotected from lifecycle and socio-economic risks, with uneven progress in social protection.
ii.Social protection systems must be strengthened to address climate change impacts.
iii.Coverage rates have improved since 2015 in various regions, with eastern Asia seeing the highest increase by 15.2% points (from 63.3 to 78.5%), 13.4 % points (32.5 to 45.9%) in south-eastern Asia; 16.7% points (18.7 to 35.4%) in southern Asia; 6.8% points (65.7 to 72.5%) in the Pacific Islands.
iv.The coverage rates vary widely among populous countries, with India at 48.4%, 75.6% in China and 20.2% in Bangladesh.
v.There’s a gender gap in effective coverage, with women receiving 6.8 % points less than men. In Southern Asia, there is 11.1%-point gap.
Indian Scenario:
In India, the child food program covers 51.9% of children, contributing to higher effective coverage in southern Asia.
- However, unemployment insurance only legally covers 11.5% of the working-age population, and reaching informal sector workers remains a major challenge.
IMD World Talent Ranking 2024: Switzerland leads, India Slips to 58th Spot
According to Switzerland based Institute for Management Development (IMD)’s ‘World Talent Ranking (WTR) 2024: The Socio-Economic Implications of AI in the Workplace’, Switzerland has topped the list as the world’s most competitive country for the 11th consecutive year, with overall score of 100.
i.As per the report, India’s ranking at 2024 IMD WTR has dropped by 2 places, from 56th position (in 2023) to 58th position (in 2024), with overall score of 40.7.
ii.Singapore has been ranked at 2nd position with overall score of 85.65, followed by Luxembourg, Sweden and Denmark, ranked at 3rd, 4th and 5th position respectively.
About the International Institute for Management Development (IMD):
President– David Bach
Headquarters– Lausanne, Switzerland
>> Read Full News
BANKING & FINANCE
SEBI Mandates UPI For Public Debt Securities Applications
Securities and Exchange Board of India (SEBI) has mandated individual investors applying for amounts up to Rs 5 Lakh through intermediaries (like syndicate members, registered stock brokers, registrar to an issue and transfer agent and depository participants) to use only the Unified Payments Interface (UPI) to block funds.
- These provisions will apply to public issues of debt securities starting from 1st November 2024.
i.This aims to streamline the application process for public issues of debt securities, non-convertible redeemable preference shares, municipal debt securities and securitised debt instruments with that of the public issue of equity shares and convertibles.
ii.However, individual investors will continue to have the choice of availing other modes (through SCSBs and the stock exchange platform) to apply for a public issue.
New UPI AutoPay rule: No 24-hour pre-debit notification for these two UPI recurring payments
The National Payments Corporation of India (NPCI) has announced changes to the Unified Payments Interface (UPI) Autopay framework with immediate effect. Following this, auto-replenishment of the National Electronic Toll Collection (NETC) FASTag and RuPay National Common Mobility Card (NCMC) will no longer require the standard 24-hour pre-debit notification.
- This is in line with the Reserve Bank of India (RBI)’s directives “Statement on Developmental and Regulatory Policies” issued on 7th July 2024, which introduce an e-mandate framework for automatic balance top-ups in NETC FASTag and RuPay NCMC.
i.This will allow for auto-replenishment when the balance falls below a threshold set by the customer, enhancing flexibility for users.
ii.UPI members are instructed to remove the Pre-Debit Notification (PDN) validation for UPI Autopay executions related to these specific Merchant Category Codes (MCCs).
APPOINTMENTS & RESIGNATIONS
RBI’s Monetary Policy Committee Reconstituted; Aviral Jain Appointed as Executive Director
On October 1 2024, The Government of India(GoI) has revamped the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC), a key body that guides the country’s monetary policy decisions, with new external members.
- The new external members are Ram Singh, Saugata Bhattacharya, and Nagesh Kumar. They will replace Ashima Goyal, Shashanka Bhide, and Jayanth R. Varma whose four-year terms have come to an end.
- The external members are appointed for a term of 4 years, with no provision for reappointment.
Note– These changes occur ahead of the MPC’s upcoming bi-monthly meeting, scheduled to be held on October 7-9, 2024. Other 3 members of the MPC are Shaktikanta Das, RBI governor; Michael Debabrata Patra, Deputy Governor of RBI and Rajiv Ranjan, and Executive Director monetary policy department of RBI.
About Ram Singh :
i.Prof. Ram Singh is a prominent economist and the director of Delhi School of Economics, University of Delhi in New Delhi(Delhi).
ii.He has received numerous fellowships throughout his career, such as the Fulbright, Commonwealth, and Erasmus Mundus Fellowships, which highlight his contributions to the field of economics.
About Saugata Bhattacharya :
i.Saugata Bhattacharya is an esteemed economist and Senior Fellow at the Centre for Policy Research (CPR), focusing on data analytics for the Government of Andhra Pradesh(AP).
ii.He has held significant positions, including Chief Economist and Executive Vice President at Axis Bank Limited and also worked at Infrastructure Development Finance Company Limited(IDFC).
About Nagesh Kumar :
i.Nagesh Kumar is the Director and Chief Executive of the Institute for Studies in Industrial Development (ISID) in New Delhi(Delhi).
ii.He has held prominent roles at the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) from 2009 to 2021, including Chief Economist.
About Monetary Policy Committee(MPC):
The MPC was established in 2016, through amendments to the Reserve Bank of India (RBI) Act1934 primarily based on the Urjit Patel Committee recommendations, which aimed to enhance transparency and accountability in monetary policy.
- The MPC’s primary goal is to maintain price stability while considering economic growth.
- There are 6 members in the MPC and the RBI governor is the chairperson.
- Three members from the RBI(Governor, Deputy Governor and one officer to be nominated by the central board) and three were appointed by the GoI.
- The MPC is tasked with guiding India’s inflation rate, measured by the Consumer Price Index (CPI), to a target of 4%, with a tolerance band of 2% to 6%. This means that while the goal is to maintain a 4% inflation rate, the committee allows for some flexibility, acknowledging that inflation can fluctuate.
RBI appoints Aviral Jain as new Executive Director
The Reserve Bank of India (RBI) appointed Aviral Jain as its Executive Director(ED), with effect from October 1, 2024.
i.Currently he was serving as Regional Director for Maharashtra.
ii.He will oversee several departments including legal department. Before this role, he was serving as Regional Director (RD) for Maharashtra.
Tripura Governor Indra Sena Reddy Nallu Takes Oath as the Acting Governor of Mizoram
On September 30 2024, Indra Sena Reddy Nallu (73), Governor of Tripura, sworn in as the acting Governor of Mizoram at the Durbar Hall in Raj Bhavan, Aizawl, Mizoram. The oath was administered by Justice Nelson Sailo, judge of the Gauhati High Court.
- He has been given additional charge of Mizoram by President of India, Droupadi Murmu, as a result of Dr. Hari Babu Kambhampati, the incumbent Governor of Mizoram, taking medical leave due to a lung infection.
Key Attendees:The event was attended by Chief Minister of Mizoram, Lalduhoma, Speaker Lalbiakzama, Home Minister Pu K.Sapdanga, other Cabinet Ministers, Chief Secretary and other special invitees.
About Indra Sena Reddy Nallu
i.Indra Sena Reddy Nallu is a prominent politician and Bharatiya Janata Party leader (BJP). He is currently serving as 20th Governor of Tripura.
ii.He has served as the Member of legislative assembly (MLA)in undivided Andhra Pradesh(AP) in 1983, 1985 and 1999.
iii.He had held various key positions in the BJP, including being its state president in 2003 and later the national general secretary in 2014.
Points to Note:
i.Article 153 of the Constitution of India mandates the presence of a Governor in each state. Under Article 155 of Constitution of India, the Governor of a State is appointed by the President by a warrant under his or her hand and seal.
ii.A person to be eligible to be appointed as the Governor of state should be a citizen of India and has completed age of 35 years (Article 157).
About Mizoram
Chief Minister (CM)- Lalduhoma
Capital- Aizawl
National Park– Murlen National Park, Phawngpui National Park
Wildlife Sanctuary– Lengteng Wildlife Sanctuary, Ngengpui Wildlife Sanctuary
About Tripura :
Chief Minister (CM)- Manik Saha
Governor- Indra Sena Reddy Nallu
Capital- Agartala
National Park– Bison National Park, Sepahijala Zoological Park
Wildlife Sanctuary– Trishna Wildlife Sanctuary, Gomti Wildlife Sanctuary
ACQUISITIONS & MERGERS
DGCA Approves Merger of AIX Connect and Air India Express
The Directorate General of Civil Aviation (DGCA) has approved the merger of AIX Connect (formerly AirAsia) with Air India Express (AIX), w.e.f. October 1, 2024. This strategic move aims to create a unified low-cost carrier operating under the name ‘Air India Express’ with a single airline code, IX.
Key Points:
i.The merger was initially announced in 2022, with approval from the National Company Law Tribunal (NCLT) on June 12, 2024.
ii.All AIXC aircraft have been transferred to AIX’s Air Operator Certificate, ensuring uninterrupted operations.
iii.The approval process involved detailed assessments of organizational structures and personnel to ensure a smooth transition and safety in operations.
iv.The merger received backing from the Ministry of Civil Aviation (MOCA), Bureau of Civil Aviation Security (BCAS), and other key stakeholders.
v.This merger will be followed by the upcoming integration of Vistara into Air India on November 12, 2024.
DGCA to roll out paperless licenses for ATCOs
DGCA will introduce a digital Personnel License for Air Traffic Controllers (ATCOs), enhancing operational efficiency.
Key Points:
i.The new electronic license will replace traditional paper licenses.
ii.ATCOs can easily access and manage their licenses on mobile devices like phones and tablets.
iii.This initiative aims to streamline processes and improve overall effectiveness in ATC operations.
SCIENCE & TECHNOLOGY
Lokesh Machines Delivers India’s First Indigenous SMGs to Indian Army
Hyderabad, Telangana based Lokesh Machines Limited has successfully delivered the first major order for its 9×19 millimeter(mm) Sub-Machine Gun (SMG) “Asmi” to the Northern Command of the Indian Army(IA).
- This is India’s first SMG developed indigenously by the private sector.
- The delivery was part of a contract valued at approximately USD 550,000 for 550 ASMI 9×19-millimeter SMGs.
The consignment was flagged off by Maj Gen Rakesh Manocha, General Officer Commanding of the Telangana and Andhra Pradesh sub-area, IA.
Key Points:
i.This order represents the first large-scale acquisition of an indigenous firearm since the Indian Small Arms System (INSAS) rifle.
ii.The ASMI, acronym for Ashmita meaning “pride,” weighs 2.4 kg (5.3 lbs), making it 10-15% lighter than comparable SMGs.
iii.It features a magazine capacity of 32 rounds and a maximum firing rate of 800 rounds per minute.
iv.The design for the same was provided by Armament Research & Development Establishment (ARDE) Pune, Maharashtra, and IA.
About Lokesh Machines Limited:
Managing Director (MD)– Mullapudi Lokeswara Rao
Headquartres– Hyderabad, Telangana
Incorporated– 1983
Zen Technologies Unveils Next-Generation Remote Weapon Systems
Hyderabad(Telangana) based-Zen Technologies Limited has launched a series of advanced remote-controlled weapon and surveillance systems to enhance the defence capabilities of India. These innovations were developed in collaboration with AI Turing Technologies Private Limited.
- The newly launched systems include RCWS – 7.62 x 51 MMG (Parashu), Tank Mounted RCWS – 12.7 x 108 HMG (Fanish), Naval RCWS – 12.7 x 99 HMG (Sharur), and Artillery Rugged Camera (Durgam).
- This marks a significant step in modernising India’s defence sector.
i.Parashu is a Remote-Controlled Weapon System(RCWS) integrated with advanced thermal imaging and anti-drone. It is a Medium Machine Gun (MMG).
ii.Fanish is a RCWS that enhances firepower with its 12.7 mm heavy machine gun. It is a Heavy Machine Gun (HMG).
iii.Sharur built to strengthen naval defence can target aerial and surface-based threats up to 2 kilometres away, even in low-visibility environments. It is a Heavy Machine Gun (HMG).
iv.Durgam is a rugged surveillance camera system designed for extreme conditions.
IMPORTANT DAYS
International Week of Deaf People 2024 – 23 to 29 September
International Week of Deaf People (IWDP) is annually observed across the globe on the last full week of September (Monday through Sunday) to create awareness about the rights of people who are deaf or hard of hearing/hearing impaired.
- IWDP 2024 was observed from 23rd to 29th September 2024.
- The theme of IWDP 2024 is “Sign up for Sign Language Rights”.
International Day of the Deaf is annually observed across the world on the last Sunday of September.
- International Day of the Deaf 2024 was observed on 29th September 2024.
About the World Federation of the Deaf (WFD):
President– Joseph J. Murray
Headquarters– Helsinki, Finland
Established– 1951
>> Read Full News
STATE NEWS
Uttarakhand CM renames key schemes to make them simpler, boost rural entrepreneurship
Uttarakhand Chief Minister(CM) Pushkar Singh Dhami has announced the renaming of two schemes to make them simpler and more accessible for villagers.
- The changes are part of the government’s efforts to promote rural development and economic growth.
Renamed schemes:
i.The Rural Enterprise Acceleration Project (REAP)has been renamed ‘Gramothan Yojana’.
- This scheme aims to improve the livelihoods of rural poor families by connecting them with entrepreneurship opportunities.
- Under this scheme, 50% of the total cost of setting up the enterprise is financed through a bank loan and remaining 20% beneficiary contribution and 30% financial assistance is given by the REAP project.
ii.TheRural Business Incubator(RBI) Scheme has been renamed ‘Chief Minister(CM) Udyamshala Yojana’. This scheme offers financial assistance and training to rural entrepreneurs.
- The aim of this scheme is to create more opportunities for self-employment and entrepreneurship, particularly for the youth and women in rural areas.
- Both individual beneficiaries and community-based organisations will benefit from these initiatives, which are expected to strengthen the rural economy and provide support for sustainable livelihoods.
About Uttarakhand:
Chief Minister(CM)– Pushkar Singh Dhami
Governor– Gurmit Singh
Wildlife Sanctuaries– Binsar wildlife sanctuary, Mussoorie wildlife sanctuary
Airports– Jolly Grant Airport, Pant Nagar Airport
Meghalaya & Gates Foundation signed MoU to Improve Health, Nutrition & Agriculture
The Government of Meghalaya (GoM) have signed a Memorandum of Understanding with the Bill & Melinda Gates Foundation (BMGF) to work together towards improving population health outcomes of Meghalaya, particularly related to maternal and newborn health, family planning, nursing education and agriculture and livestock development.
- The agreement was signed by Sampath Kumar, Principal Secretary to the Meghalaya govt and M. Hari Menon, Director of the India Country Office at the Gates Foundation in the presence of Conrad K Sangma Chief Minister (CM) of Meghalaya; and Dr. M Ampareen Lyngdoh, Minister of Health & Family Welfare and Agriculture, GoM.
- The MoU will last for 4 years where both stakeholders shall facilitate successful delivery of the set objectives in the paper with efficiency checkups, monitoring, and evaluation.
- BMGF will provide both financial and technical support to improve outcomes in 12 key areas: like anaemia, neonatal health, immunisation, childhood wasting and nutrition, etc.
Note : Meghalaya is only the third state in India, after Uttar Pradesh(UP) and Bihar, with whom the Gates Foundation is establishing a partnership.
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