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NATIONAL AFFAIRS
MoSPI released the ‘Comprehensive Annual Modular Survey:July 2022- June 2023’
The Ministry of Statistics and Programme Implementation (MoSPI) released the ‘Comprehensive Annual Modular Survey (CAMS) : July 2022- June 2023’. This survey was conducted as part of the 79th round of the National Sample Survey (NSS), conducted from July 2022 to June 2023. The survey is not conducted in some of the villages in Andaman and Nicobar Islands.
i.In rural areas, approximately 96.5% of individuals aged 15-24 years can read and write simple statements in their everyday lives and perform basic arithmetic calculations. In urban areas, this figure is around 97.9%.
- For individuals aged 15-29 years, the percentages are 95.3% in rural areas and 97.4% in urban areas, with an overall figure of 95.9%.
- For those aged 15 years and above, the percentages are 77.3% in rural areas, 90% in urban areas, and an overall average of 81.2%.
ii.The average number of years of formal education for people aged 15 and older in India is 8.4 years. For those who are 25 and older, this average drops to 7.5 years.
About the Ministry of Statistics and Programme Implementation (MoSPI) :
Minister of State (Independent Charge, IC)(MoS) – Rao Inderjit Singh (Constituency- Gurugram ,Haryana)
>> Read Full News
Colombia becomes 17th Country to Sign Audio-Visual Co-Production Agreement with India
On October 15, 2024, India and Colombia signed an Audio-Visual Co-Production Agreement to enhance collaboration in film production and strengthen cultural ties, and goodwill between the two nations. With this, Colombia becomes the 17th country to sign such an agreement with India.
- The Ministry of Information and Broadcasting (MIB), Government of India(GoI), has played a pivotal role in promoting these partnerships.
- The agreement was signed by India’s Union Minister of State (MoS) Dr. Loganathan Murugan, MIB; and Jorge Enrique Rojas Rodriguez, Colombia’s Vice Minister of Foreign Affairs in New Delhi(Delhi).
Key Points:
i.The agreement facilitates resource sharing among filmmakers, including creative, technical, financial, and marketing aspects, benefiting producers in both countries.
ii.It is also expected to promote India’s soft power, generate employment in the film sector, and attract foreign exchange by enhancing India’s status as a filming destination.
iii.The agreement ensures clear funding processes for film projects and aims to increase the export of Indian films to Colombia.
Audio-Visual Co-Production Agreements
India has established co-production treaties with 16 countries (now 17) over the years, leading to 29 projects in the last 5 years.
- These countries are: Italy (2005), the United Kingdom (2005), Germany (2007), Brazil (2007), France (2010), New Zealand (2011), Poland (2012), Spain (2012), Canada (2014), China (2014), South Korea (2015),Bangladesh (2016), Portugal (2017), Israel (2018), Russia (2019), and Australia (2023).
- These treaties provide filmmakers with government support and tax incentives to achieve economic and cultural goals.
Financial support:
i.The co-production incentive scheme provides up to 30% reimbursement of costs in India (maximum Rs 300 million), with an extra 5% for significant Indian content and another 5% for employing 15% or more Indian staff, raising total reimbursement to 40%.
ii.Colombia’s participation in the upcoming 55th International Film Festival of India (IFFI) in November 2024 in Panaji, Goa and India’s hosting of the World Audio Visual & Entertainment Summit (WAVES) in February 2025 in New Delhi, Delhi underscore deepening cultural ties.
About Colombia:
President- Gustavo Petro
Capital – Bogotá
Currency – Colombian Peso
Department of Posts & Amazon Signed MoU to Enhance Logistics & e-commerce in India
On 4th October 2024, The Department of Posts (DoP) under the Ministry of Communications, and Amazon Seller Services Private Limited signed a Memorandum of Understanding (MoU) to strengthen the logistics and e-commerce in India.
- The agreement expands the previous collaboration with Amazon using India’s vast postal network to send and receive packages.
Signatories: The MoU was signed by Kushal Vashist, General Manager (Parcel Directorate) DoP, and Venkatesh Tiwari, Director (Operations), Amazon Seller Services in the presence of Vandita Kaul, Secretary (Posts) in New Delhi, Delhi.
i.This MoU aims to collaboratively explore opportunities in logistics and business growth prospects, allowing Amazon to leverage DoP’s enormous postal network for parcel delivery throughout India.
ii.The MoU outlines key areas of cooperation, including synchronization of logistics operations, knowledge-sharing, and capacity-sharing opportunities.
iii.Quarterly reviews will be carried out by both parties to track the development of their partnership and look for new opportunities to make it stronger.
INTERNATIONAL AFFAIRS
India’s Jubilant Ingrevia Joins WEF’s Global Lighthouse Network
Noida, Uttar Pradesh (UP)-based Jubilant Ingrevia Limited, science products and innovative solutions provider, has become the latest Indian firm to join as the member of the Global Lighthouse Network (GLN) of the World Economic Forum (WEF).
- Jubilant Ingrevia is the only Indian firm among the cohort of 2024 welcomed by the WEF.
- In 2024, A total of 22 innovative manufacturers have joined GLN as members.
Significance:
i.Jubilant Ingrevia’s inclusion in this prestigious network underscores its innovative approaches in integrating Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT) into its operations.
ii.Jubilant Ingrevia has implemented over 30 integrated use cases of 4IR technologies in its Bharuch, Gujarat facility.
- This has led to 60% reduction in process variability and nearly doubled production volume
iii.The company aims to reduce its emissions by 20% over the next three years and is committed to institutionalizing digital interventions across all its plants.
About GLN:
i.GLN is an initiative co-founded by the WEF and McKinsey & Company in 2018, aimed at recognizing leading manufacturing facilities
ii.It is a community of 172 industry leaders pioneering the use of cutting-edge Fourth Industrial Revolution (4IR) technologies in manufacturing.
iii.The notable companies in this cohort include AstraZeneca and Coca-Cola.
Notes:
i.Other India-based units in this network are of ReNew, Cipla, Ceat, Dr Reddy’s, Mondelez International, Unilever, ACG, Schneider Electric and Tata Steel.
ii.The newest group includes 19 4IR and three Sustainability Lighthouses, representing 10 countries: China, the Czech Republic, Germany, India, Mexico, Singapore, Sweden, Türkiye, and newcomers Switzerland and Vietnam.
Monitored Wildlife Populations Decreased by 73% in 50 years: WWF report
i.The World Wide Fund for Nature/WWF (Formerly World Wildlife Fund), released 15th edition of its biennial assessment ‘2024 Living Planet Report- A system in Peril‘ stating that the average size of monitored wildlife populations has decreased by 73% in just 50 years (1970-2020).
ii.The WWF uses the Living Planet Index (LPI), provided by ZSL (Zoological Society of London), to track wildlife population trends, covering nearly 35,000 populations of 5,495 species from 1970 to 2020.
iii.The steepest declines in wildlife populations are in Latin America and the Caribbean (95%), Africa (76%), and Asia-Pacific (60%).
About World Wide Fund for Nature (WWF):
President & Chief Executive Officer (CEO)– Carter Roberts
Headquarters– Gland, Switzerland
Established -1961
>> Read Full News
BANKING & FINANCE
Indian and South Korean Bonds to Join FTSE Russell Government Indexes in 2025
On 8th October 2024, London (the United Kingdom, UK)-based index provider Financial Times Stock Exchange(FTSE) Russell announced that the Indian and the South Korean government bonds are set to join FTSE Russell Government Indexes in 2025 to attract billions of dollars of foreign investment into their local bond markets.
- Market Accessibility Level for India will be reclassified from 0 to 1 and the Indian sovereign bonds will be included to its Emerging Markets Government Bond Index (EMGBI) from September 2025.
- FTSE Russell is the 3rd index provider to include Indian bonds in its emerging market following the successful inclusion of Indian bonds in JP Morgan’s Government Bond Index-Emerging Markets (GBI-EM) index, in June 2024 and Bloomberg Index Services’ Emerging Market Local Currency (EMLC) starting from 31st January, 2025.
Key Points:
i.It has also announced the inclusion of the South Korean government bonds to its World Government Bond Index (WGBI) after 2 years on its watch list.
- These bonds will constitute 2.22% of the index on a market value-weighted basis and will be included in the FTSE’s WGBI starting in November 2025.
ii.Indian government securities will be included into FTSE’s EMGBI after being on the index provider’s watch list for the last 3 years.
- As per FTSE, Indian bonds will constitute 9.35% of the index on a market-value-weighted basis, thus making India, the second-largest component after China.
Points to Note:
i.Since the announcement of Indian bonds inclusion into JP Morgan’s GBI-EM in September 2023, Indian bonds have attracted approximately USD 18.5 billion in foreign inflows.
- GBI-EM index inclusion will be phased over a 10-month period; with 1% weight will be included each month until 31st March, 2025.
- Indian government securities will have 10% weight, similar to China.
ii.As of October 2024 index profiles, total 32 Indian governments Fully Accessible Route (FAR) bonds, denominated in Indian Rupee (INR) and with a cumulative outstanding par value of USD 473.8 billion, are expected to be eligible for inclusion in FTSE’s EMGBI.
Important Terms:
i.FTSE WGBI: It is a broad benchmark providing coverage of the global sovereign fixed income market. It measures the performance of fixed-rate, local currency, investment-grade sovereign bonds from more than 20 countries, denominated in different currencies.
ii.FTSE EMGBI: It provides a broad benchmark for portfolio managers looking for a measure of sovereign emerging markets.It measures the performance of local currency government bonds from 16 countries
About Financial Times Stock Exchange(FTSE) Russell:
It is a leading global index provider which manages a wide range of indices, data and analytic solutions to cater the diverse needs of its clients across the world.
Chief Executive Officer (CEO)- Fiona Bassett
Headquarters- London, the United Kingdom (UK)
Established – 2015
Jio Payments Bank Secures Mutual Fund Distribution License from AMFI
Jio Payments Bank Limited, a subsidiary of Jio Financial Services, has obtained a Category 1 Execution-Only Platform (EOP) license from the Association of Mutual Funds in India (AMFI) for Mutual Fund (MF) distribution.
- This license enables the bank to distribute direct MF plans and receive transaction fees capped at Rs 2 per transaction.
- Currently, there are 15 Category 1 EOPs registered with AMFI.
Key Points:
i.The AMFI gives MF distributors a unique code, the ARN (AMFI Registration Number). It is a key identifier. It ensures that a mutual fund distributor has a registration and follows industry rules.
ii.In August 2024, Jio Financial Services increased its stake in Jio Payments Bank from 78.95% to 82.17% with an investment of Rs 68 crore.
About EOP:
EOPs are digital platforms facilitating transactions for MF direct plans. Category 1 EOPs can charge transaction fees from asset management companies (AMCs), while Category 2 EOPs charge investors directly.
- AMFI-registered EOPs can charge up to Rs 2 per transaction and may levy additional payment gateway charges, with AMCs offering incentives of Rs 0.50 to promote competition.
Criteria to Register as Category 1– EOP:
i.The entity should be a body corporate.
ii.It has appointed a Compliance Officer.
iii.It has at least two qualified key managerial personnel with a minimum of three years’ experience in the securities market.
iv.Key managerial personnel must have qualifications in finance, law, or related fields from recognized institutions or a post-graduate degree in Securities Market from the National Institute of Securities Markets (NISM).
v.It must ensure that the EOP and its directors/partners are “fit and proper persons” as defined by Schedule II of the Securities and Exchange Board of India (SEBI) (Intermediaries) Regulations, 2008.
vi.It should maintain a net worth of at least Rs 1 crore, calculated as the sum of paid-up capital and free reserves, minus certain expenses and losses, as defined in SEBI (MF) Regulations, 1996.
About Jio Payments Bank Limited:
Managing Director (MD) and Chief Executive Officer (CEO)– Vinod Easwaran
Headquarters– Mumbai, Maharashtra
Establishment– 2016
SEBI Extends Digital Relaxation for AGMs Until September 2025
On 4th October 2024, the Securities and Exchange Board of India (SEBI) extended the relaxation given to listed companies from sending physical copies of financial statements to shareholders for Annual General Meetings (AGMs) by one more year till 30th September 2025. The relaxation was valid till September 2024.
- The SEBI has decided to extend the relaxations granted earlier for compliance with Regulation 36(1)(b) and Regulation 44(4) of the SEBI, from LODR (Listing Obligations and Disclosure Requirements) Regulations until September 30, 2025.
i.The Ministry of Corporate Affairs (MCA) issued a circular on September 19, 2024, announcing an extension of the relaxation on sending physical copies of financial statements, including the board’s report and auditor’s report, to shareholders for Annual General Meetings (AGMs) held until September 30, 2025.
ii.Listed companies are required to adhere to the specific conditions detailed in SEBI’s Master Circular dated July 11, 2023.
iii.The relaxations are subject to the provisions of the Companies Act, 2013.
ECONOMY & BUSINESS
NITI Aayog Raised Asset Monetisation Target for FY25 to Rs 1.9 trillion
The National Institution for Transforming India (NITI Aayog) has raised the Asset Monetisation(AM) target for Financial Year 2024-25 (FY25) by Rs 23,000 crore to Rs 1.9 trillion. This move will bring closer to achieve the overall target of Rs 6 trillion set under the National Monetisation Pipeline (NMP) for a period of 4 years i.e. from FY22 to FY25.
i.It has estimated that highways monetisation will generate Rs 54,000 crore for the centre government in FY25.
- Also, coal block monetisation is expected to generate Rs 55,000 crore.
ii.NITI Aayog has estimated that combined assets of railways, power, and petroleum and natural gas will raise nearly Rs 46,000 crore.
About National Institution for Transforming India (NITI Aayog):
Chairperson- Narendra Modi, Prime Minister (PM) of India
Chief Executive Officer (CEO)- B.V.R. Subrahmanyam
Headquarters- New Delhi, Delhi
Formed- 2015
>> Read Full News
AWARDS & RECOGNITIONS
Mukesh Ambani Tops Forbes’ India’s 100 Richest 2024 List; Gautam Adani Ranked 2nd
Mukesh Ambani, Chairman and Managing Director (CMD) of Reliance Industries Limited (RIL), has retained the top spot on Forbes India’s 100 Richest 2024 List with an estimated net worth of USD 119.5 billion across diversified assets, up by USD 27.5 billion compared to USD 92 billion in 2023.
- Gautam Adani, Chairman of Adani Group , was ranked 2nd on the list with an estimated net worth of USD 116 billion.
- He is followed by Savitri Jindal, the matriarch of the OP Jindal Group, jumped by 1 place to 3rd position on the list for the 1st time with a net worth of USD 43.7 billion, up by USD 19.7 billion from 2023.
Biggest Gainers:
i.Gautam Adani’s net worth increased to USD 116 billion in 2024, an increase of USD 48 billion compared to his 2023 net worth. This is the highest increase by any Indian in a year.
ii.Mukesh Ambani is the 2nd biggest gainer on the list. His net worth increased by USD 27.5 billion compared to his 2023 net worth.
About Forbes:
It is a global media company, focusing on business, investing, technology, entrepreneurship, leadership and lifestyle.
Chief Executive Officer (CEO)- Mike Federle
Headquarters- New Jersey, the United States of America (USA)
Established- 1917
>> Read Full News
APPOINTMENTS & RESIGNATIONS
MS Dhoni as Brand Ambassador & raised his stake in Garuda Aerospace drone startup
Former Indian cricket captain Mahendra Singh(MS) Dhoni has been roped as the Brand Ambassador of Chennai(Tamil Nadu, TN) based Garuda Aerospace, one of India’s leading drone startups, and raised his stake in the drone startup.
- MS Dhoni commenced his association with Garuda Aerospace in 2022 after 100 drones were flagged off by Prime Minister(PM) Narendra Modi in 100 locations.
i.Garuda Aerospace is a drone solutions provider that uses innovative techniques to meet India’s growing need for Unmanned Aerial Vehicles (UAVs).
ii.Garuda Aerospace has signed on significant international partnerships with companies like Thales (France), Agrowing (Israel), and Spirit Aeronautics (Greece). These collaborations focus on technology transfer and local manufacturing, reducing costs while creating job opportunities for the Indian youth.
ii.It was the 1st ever Drone Startup to receive dual Directorate General of Civil Aviation(DGCA) Certifications for both Manufacturing and Training.
Note :The vision of Garuda Aerospace is to make India a Drone Hub by 2030.
SCIENCE & TECHNOLOGY
Small rocky planet ‘Barnard b’ detected by ESO’s VLT
Astronomers have discovered an exoplanet orbiting Barnard’s star, a red dwarf star, the closest single star to our Sun using the European Southern Observatory’s Very Large Telescope (ESO’s VLT). The discovery of this new exoplanet was published in the journal Astronomy & Astrophysics(A&A).
- This new exoplanet is known as ‘Barnard b’, it is estimated to have a diameter about 6,000 miles (9,700 kilometre/km), or roughly three-quarters that of Earth.
i.Barnard b is twenty times closer to Barnard’s star than Mercury is to the Sun. It orbits its star in 3.15 Earth days and has a surface temperature around 125 °C. It is one of the lowest-mass exoplanets known and one of the few known with a mass less than that of Earth.
ii.With respective masses ranging from 20 to 30 % of Earth’s mass, the three other potential planets around Barnard’s star all appear to be rocky and smaller than our planet.
OBITUARY
Former Director of AIIMS and Padma Bhushan Awardee Dr P. Venugopal Passed Away
On 8th October 2024, Padma Bhushan Awardee Dr. Panangipalli Venugopal, a prominent cardiac surgeon and the Former Director of All India Institute of Medical Sciences (AIIMS), passed away at the age of 82 in New Delhi, Delhi. He was born on 6th July 1942 in Rajahmundry, Andhra Pradesh(AP).
- The government of India honoured him with Padma Bhushan in 1998 for his contribution to the field of Medicine.
About Dr P. Venugopal:
i.Dr P Venugopal played a major role in introducing modern cardiac surgery techniques to India in the 1970s and he played a vital role in establishing the Cardiothoracic Sciences Centre at AIIMS, which now handles around 3,500 open-heart surgeries annually.
ii.He performed the 1st heart transplantation in India on 3rd August 1994 and Asia’s first Left Ventricular Assist Device(LVAD) implantation, which lasted over 90 days.
iii.He introduced stem cell therapy in India for repairing heart tissue and developed a procedure for treating Type II Diabetes.
iv.He is credited with performing more than 50,000 open-heart surgeries and training over 100 cardio-thoracic surgeons worldwide.
v.He served as the Director of AIIMS, New Delhi from 2003 to 2008.
Book: His memoir titled “Heartfelt – A Cardiac Surgeon’s Pioneering Journey”, co-authored with his wife, Priya Sarkar, was published in 2023.
IMPORTANT DAYS
National Postal Week 2024 – October 7 to 11
National Post Week (NPW) is the annual celebration Indian postal services which reflects the emerging role of India Post in driving the socio-economic development of the nation. The annual observance is led by the Department of Posts under the Ministry of Communications.
- National Post Week 2024 was held from 7th to 11th October 2024.
- The theme of NPW 2024 is “Dak Seva: Jan Seva” (“Postal Service-Public Service”).
Significance:
i.The National Post Week is annually observed in the week that includes the celebration of the United Nations (UN)’s World Post Day, which is annually observed on 9th October to mark the establishment of the Universal Postal Union(UPU) in 1874.
ii.The theme of World Post Day 2024, which marks the 150th Anniversary of UPU, is “150 years of enabling communication and empowering peoples across nations”.
About Ministry of Communication:
Union Minister – Jyotiraditya M. Scindia (Constituency- Guna, Madhya Pradesh-MP)
Minister of State– Chandra Sekhar Pemmasani (Constituency- Guntur, Andhra Pradesh-AP)
>> Read Full News
World Migratory Bird Day 2024 – October 12
The United Nations (UN)’s World Migratory Bird Day (WMBD) is biannually observed across the globe on the 2nd Saturday of May and October, to raise awareness of migratory birds and the need for international cooperation to conserve them.
The WMBD 2024 falls on 11th May 2024 and 12th October 2024.
- WMBD 2023 was observed on 13th May 2023 and 14th October 2023 and WMBD 2025 will be observed on 10th May 2025 and 11th October 2025.
Theme:
The theme/campaign slogan of WMBD 2024 is “Protect Insects, Protect Birds”.a
>> Read Full News
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