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NATIONAL AFFAIRS
MoD clears Navy’s Rs 2,500 crore plan For Unmanned Vessels
The Ministry of Defence(MoD) has approved the Indian Navy’s (IN) Rs 2,500 crore plan to develop Extra-Large Unmanned Underwater Vessels (XLUUVs) as part of its strategy to enhance underwater combat and surveillance capabilities.
- These vessels are expected to strengthen India’s defense against enemy submarines and surface vessels.
Key Points:
i.The XLUUVs, weighing over 100 tonnes, will have strike capabilities against enemy submarines and surface vessels.
ii.These vessels will be deployed for various tasks including mine-laying, mine-clearing, surveillance, and launching weapons.
iii.The IN will issue a tender soon, with Indian shipyards bidding under the Aatmanirbharta initiative and the Make-1 procedure.
iv.IN is also expanding its unmanned long-range surveillance capabilities by inducting drones like the MQ-9B and Drishti Hermes 900, with more planned for future use.
About Ministry of Defence (MoD)
Union Minister – Rajnath Singh (Constituency- Lucknow, Uttar Pradesh (UP))
Minister of State (MoS)– Sanjay Seth (Constituency- Ranchi, Jharkhand)
MCA Notifies NaBFID as a Public Financial Institution under Companies Act 2013
The Ministry of Corporate Affairs (MCA), Government of India (GoI) in consultation with the Reserve Bank of India (RBI) notified the National Bank for Financing Infrastructure and Development (NaBFID) as a Public Financial Institution (PFI) under the Section 2 of the Companies Act, 2013.
Note: NaBFID is a specialised Development Finance Institution (DFI) in India.
Benefits:
i.This designation will help NaBFID to finance large-scale infrastructure projects, which will help strengthen India’s infrastructure development.
ii.By March 2025, NaBFID expects its total sanctioned loan book to reach Rs 2 lakh crore (approximately USD 24 billion) and Disbursements are projected to be around Rs 1 lakh crore (approximately USD 12 billion) .
iii.It will also provide several benefits to NaBFID under various laws, including Company Law, Income Tax (IT) law, and the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.
PFI in India:
i.PFIs in India are crucial entities that support industrial growth, infrastructure, and development.
ii.Defined under the Companies Act, PFIs include institutions such as the Life Insurance Corporation (LIC), Unit Trust of India (UTI), and Industrial Finance Corporation of India (IFCI).
About NaBFID :
i.NaBFID was established in 2021 as a DFI under the National Bank for Financing Infrastructure and Development Act 2021.
ii.It is the principal entity for infrastructure financing in India, supporting long-term, non-recourse infrastructure financing.
- The entity is regulated and supervised as an All-India Financial Institution (AIFI) by the RBI.
iii.It also aims to develop bonds and derivatives markets necessary for infrastructure financing.
iv.It got operationalised with the disbursement of its first loan in December 2022, with Mumbai (Maharashtra) as its headquarters.
Defence Minister Rajnath Singh Inaugurates IDAX-24 Expo in Jodhpur alongside Exercise Tarang Shakti 24 (Phase II)
Union Minister Rajnath Singh, Ministry of Defence (MoD) inaugurated the India Defence Aviation Exposition (Expo) (IDAX-24) in Jodhpur, Rajasthan, showcasing India’s commitment to Indigenous defence manufacturing and aerospace innovation.
- The IDAX-24, run from 12 to 14 September 2024, highlighted the significant advancements and contributions of the Indian aviation industry.
- The event coincides with Exercise Tarang Shakti-24 (Phase II), one of the largest and India’s first multinational air exercises hosted by the Indian Air Force (IAF) in Jodhpur from 29th August to 14th September 2024.
About the Ministry of Defence (MoD):
Union Minister– Rajnath Singh (Constituency: Lucknow, Uttar Pradesh (UP))
Minister of State (MoS)- Sanjay Seth (Constituency: Ranchi, Jharkhand)
>> Read Full News
PM Narendra Modi Inaugurated SEMICON India 2024 in Greater Noida, UP
On September 11 2024, Prime Minister (PM) Narendra Modi inaugurated SEMICON India 2024 at India Expo Mart in Greater Noida, Uttar Pradesh (UP). The 3-day conference was organised by India Semiconductor Mission (ISM) in partnership with SEMI and industry associations.
- Theme of SEMICON India 2024 is ‘Shaping the Semiconductor Future’. The conference witnessed the participation of over 250 exhibitors and 150 speakers from 17 countries.
i.Fibocom, a global leading provider of Internet of Things (IoT) wireless solutions and communication modules has showcased its “Made in India” IoT solutions at Electronica India 2024, South Asia’s prestigious electronic trade fairs held at SEMICON India 2024.
ii.SEMI, the global industry association that connects the semiconductor and electronic design and manufacturing value chain, has announced a strategic agreement with its peer India Electronics and Semiconductor Association (IESA), India’s premier industry body for Electronics System Design and Manufacturing (ESDM) & Intelligent Electronics on the sidelines of SEMICON India 2024.
About Ministry of Electronic and Information Technology(MeitY):
Union Minister- Ashwini Vaishnaw (Rajya Sabha member- Odisha)
Minister of State (MoS)- Jitin Prasada(Lok Sabha constituency- Pilibhit, Uttar Pradesh, UP)
>> Read Full News
QCI Approves NTH, Ghaziabad as a Certification Body for Type Certification of Drones
The National Test House (NTH), North Region (NR), Ghaziabad, Uttar Pradesh (UP), has been provisionally approved by the Quality Council of India (QCI) as a Certification Body for Type certification of drones or Unmanned Aircraft Systems (UAS) under the Certification Scheme for UAS. The National Test House becomes the 1st Government Body to Certify Drones in India.
- This aligns with India’s vision under Drone Rules 2021 to foster a competitive drone ecosystem and aims to ensure drones meet safety, quality, and performance standards.
- NTH offers drone certification services at a competitive fee of Rs 1.5 lakh, the lowest in the industry, supporting India’s “Make in India” and “Aatmanirbhar Bharat” (Self-reliant India) initiatives.
- NTH, established in 1912, is under the Ministry of Consumer Affairs, Food and Public Distribution (MOCA, F&PD).
Note: QCI is an autonomous organization under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry (MoC&I).
BANKING & FINANCE
MoF Relaxed Norms for Expenditure Exceeding Rs 500 Crore to Give Boost to Capex
The Union Ministry of Finance (MoF) has relaxed norms for expenditure exceeding Rs 500 crore in order to accelerate the capital expenditure (capex) that is estimated at Rs 11.11 lakh crore for the Financial Year 2024-25 (FY25).
- This will give boost to the government spending which suffered a slowdown in early months of FY25 due to general elections.
- The relaxation allowed is subject to strict compliance by all ministries and departments.
Note: In July 2024, Union Finance Minister Nirmala Sitharaman in the Union Budget for FY25 proposed to raise capex target by 11.1% to record Rs 11.11 lakh crore for the current fiscal year.
Key Changes:
i.As per the new rules, all expenditures will be required to be in compliance with the guidelines of the Single Nodal Agency (SNA)/ Central Nodal Agency (CNA) and Monthly Expenditure Plan (MEP) and Quarterly Expenditure Plan (QEP) ceiling prepared by ministries for both scheme and non-scheme expenditure.
- As per May 2022 memorandum, the release amounts for expenditures ranging between Rs 500 crore and Rs 2,000 crore had to be prepared to enable tracking of expenditure and cash flow.
ii.The amount for such expenditures may be released between 21st and 25th of a month to take advantage of the Goods and Services Tax (GST) inflows.
iii.Bulk expenditures items having value of more than Rs 2,000 crore were to be timed during the 2nd fortnight in the last month of quarter to avail of direct tax receipts inflow. Now such conditions have been waived off as per the new rules.
iv.According to the new norms, Financial Advisers will be required to review and freeze the timing of the receipts of dividends of various other non-tax receipts of their ministry and department.
v.The dividend payments and buyback considerations will be targeted in the 1st half (H1) of the financial year.
About Ministry of Finance (MoF):
Union Minister- Nirmala Sitharaman (Rajya Sabha- Karnataka)
Minister of State (MoS)- Pankaj Chaudhary (Constituency- Maharajganj, Uttar Pradesh, UP)
Resident OCI Cardholders Eligible for Loans to Study Abroad: RBI Guidelines
The Reserve Bank of India (RBI) has clarified that Overseas Citizens of India (OCI) cardholders are now eligible for education loans from Indian banks to study abroad, provided they are residing in India.
- It has also clarified that the Liberalised Remittance Scheme (LRS) imposes no restriction on the remittance of domestically borrowed funds for present account transactions, including those for education purposes.
- As per existing provisions of LRS, all resident individuals, including minors, are permitted to freely remit maximum USD 250,000 per financial year (April-March) for any permissible current or capital account transaction or a combination of both.
Key Points:
i.The loan will cover various expenses related to education abroad such as: tuition fees, accommodation, travel, among others.
ii.The repayment of loan will begin following the completion of the course and also grace period of 6 to 12 months will be given after post-graduation in order to secure employment.
iii.OCI cardholders will be required to provide collateral which depends upon the loan amount and the policies of Financial Institutions (FIs).
iv.At present, some of the leading Indian banks like: State Bank of India (SBI), HDFC Bank Limited, ICICI Bank Limited, among others, are providing education loan services to residents of OCI.
Note: As per the official data by the Ministry of Finance (MoF), the number of accounts and amount disbursed towards education loans, the Year-on-Year (Y-o-Y) growth in Financial Year 2024-25 (FY24) was 17% and 14.8% respectively. In 2023-24, Public sector banks (PSBs) have disbursed Rs.28,699 crore towards education loans.
About Reserve Bank of India(RBI):
Governor– Shaktikanta Das (25th Governor of RBI)
Headquarter– Mumbai, Maharashtra
Established– 1 April, 1935
Airtel Finance Launched FD Service with an Interest Rate of up to 9.1%
Bharti Airtel, a leading Indian telecommunications provider, introduced a Fixed Deposit (FD) marketplace under its digital arm, Airtel Finance. This new platform, accessible via the Airtel Thanks App, offers interest rates of up to 9.1% per annum. Airtel Finance provides an assured return and fixed-income investment option on the digital platform.
- Airtel Finance will offer the FD service by partnering with several Non-Banking Financial Companies (NBFCs) and Small Finance Banks (SFBs) in India, including Utkarsh Small Finance Bank (USFB), Shriram Finance Limited (SFL), etc.
- Airtel Finance also provides the flexibility of withdrawal anytime after 7 days, addressing customer concerns over lock-in periods.
- Customers can book and manage FDs via the Airtel Thanks App, with a minimum investment of Rs 1,000, eliminating the need to open a new bank account.
ECONOMY & BUSINESS
Tata Steel UK Signed 500-million Pound Grant Funding Agreement with UK For Port Talbot Project
Tata Steel UK Limited , a subsidiary of India based Tata Steel Limited(TSL), has signed a 500 million Pounds Grant Funding Agreement with the United Kingdom (UK) Government for its 1.25 billion Pounds green steel project at Port Talbot steelworks in Wales, the UK. This agreement is the largest investment in the UK steel sector in decades.
- It also sets the stage for the installation of a state-of-the-art Electric Arc Furnace (EAF) at its steelworks in Wales and also saves 5,000 jobs. The EAF expected to be operational within three years.
Note: TSL is the first integrated steel plant in Asia established in 1907 in Jamshedpur, Jharkhand.
Key Points:
i.The EAF technology will significantly reduce carbon emissions, lowering the UK’s total industrial emissions by 8% and Port Talbot’s emissions by 90%.
ii.The planning approvals of this project are expected to be secured by November 2024.
iii.The large-scale site work is scheduled to commence in July 2025.
iv.The facility will be set up at a cost of 750 million Pounds by Tata Steel in addition to the 500 million Pounds already funded. It is expected to be operational by the end of 2027.
About the United Kingdom (UK):
Prime Minister (PM) – Keir Rodney Starmer
Capital – London
Currency – The pound sterling or Great Britain Pound (GBP)
APPOINTMENTS & RESIGNATIONS
Shriram Finance Onboards Rahul Dravid as its Brand Ambassador
Mumbai (Maharashtra) based Shriram Finance Limited, the flagship company of the Shriram Group has announced the onboarding of Rahul Sharad Dravid, former captain and head coach of the Indian cricket team, as its brand ambassador.
- The partnership intends to strengthen Shriram Finance’s commitment to improve the financial well-being of individuals and businesses in India.
- Rahul Sharad Dravid has been honoured with the Arjuna Award by the Government of India (GoI) in 1998 for achievements in cricket, Padma Shri in 2004 and Padma Bhushan in 2013.
ACQUISITIONS & MERGERS
LIC Increased its Stake in Railway Sector ‘MiniRatna’ PSU IRCTC to 9.3%
On 12th September 2024, Life Insurance Corporation of India (LIC), India’s largest state-owned insurance company, has increased its stake Indian Railway Catering and Tourism Corporation (IRCTC), a “Mini Ratna (Category-I)” Central Public Sector Undertaking(PSU) under Ministry of Railways, to about 9.3%
Points to note:
i.LIC’s shareholdings in equity shares of IRCTC has been increased from around 5.82 crore to around 7.43 crore i.e., 7.278% to ~9.298% of the paid up capital.
ii.LIC share holding in IRCTC has increased 2.02% in the period 16th December 2022, to 11th September 2024, via open market purchases.
Max Healthcare to Acquire 64% Stake in Jaypee Healthcare at an Enterprise Value of Rs 1,660 Crore
Max Healthcare Institute Limited (Max Health Care) has announced the acquisition of 64% stake (controlling stake) in Jaypee Healthcare Limited (JHL) at an enterprise value of Rs 1,660 crore.
i.The acquisition will be completed within the next 30 days, following the approval from the National Company Law Appellate Tribunal (NCLAT).
ii.The Company proposes to enter into option agreement for acquisition of remaining 36% equity stake.
Key Points:
i.The acquisition of 64% stake in JHL, is a part of a strategic agreement with Lakshdeep Group, the promoter of the JHL, which is undergoing Corporate Insolvency Resolution Process (CIRP).
ii.It includes two operational hospitals in Uttar Pradesh (UP) i.e. 500-bed Jaypee Hospital (Noida) and 200-bed Jaypee Hospital (Bulandshahr).
- It also includes 100-bed JHL Hospital, built on an area of 18 acre at Anoopshahar, UP, which is currently non-operational.
iii.Under this strategic agreement, Max Healthcare will organise the necessary debt repayment to financial creditors, while also securing call and put options for the remaining shares.
About Life Insurance Corporation of India (LIC):
Chairperson- Siddhartha Mohanty
Headquarters- Mumbai, Maharashtra
Established- 1956
SCIENCE & TECHNOLOGY
DRDO & IN Successfully Conducted 2nd Consecutive Flight Test of VLSRSAM Off Odisha Coast
On 13th September 2024, the Defence Research & Development Organisation (DRDO) and the Indian Navy (IN) successfully conducted the 2nd consecutive flight test of the Vertical Launch Short Range Surface to Air Missile (VLSRSAM), a ship-borne weapon system from the Integrated Test Range (ITR) in Chandipur, off the coast of Odisha.
Key Points:
i.Developed by DRDO, VLSRSAM intercepted a high-speed aerial target at a very low altitude, simulating a sea-skimming threat, showcasing its precision and capability.
ii.This test followed a similar successful flight on September 12, 2024, where the missile effectively neutralized a low-altitude target.
iii.These consecutive tests highlight the reliability of the VLSRSAM weapon system and validate recent upgrades to its components including Proximity Fuse and Seeker.
About VLSRSAM:
i.Weighing around 170 kg, it uses solid propellant and can reach speeds of Mach 4.5, with an altitude capability of 16 km.
ii.The system is designed to neutralize close-range airborne threats, including aircraft, helicopters, drones, and missiles.
DRDO Successfully Conducts 1st phase of Developmental Field Firing Trials of Indian Light Tank Zorawar
DRDO successfully completed the first phase of developmental field firing trials for India’s indigenous light tank, ‘Zorawar.’ It was tested in desert terrain, demonstrating exceptional performance during preliminary automotive trials. The initial phase focused on testing the tank’s firing capabilities, achieving the required accuracy on designated targets.
About Zorawar:
i.Zorawar is a 25-tonne tank developed by DRDO’s Chennai, Tamil Nadu (TN) based Combat Vehicles Research & Development Establishment (CVRDE) in collaboration with Mumbai, Maharashtra Larsen & Toubro Ltd (L&T), with contributions from various Indian industries, including Micro, Small, and Medium Enterprises (MSMEs).
ii.The tank integrates Unmanned Systems (USV) and loitering munitions, showcasing advancements in defence technology.
iii.A total of 59 Zorawar tanks will be delivered to the Indian Army (IA) , and two can be transported at a time by the Indian Air Force’s (IAF) C-17 aircraft.
IN Commissioned Kalvari Submarine Escape Training Facility ‘Vinetra’ at Visakhapatnam
The Indian Navy (IN) has commissioned a state-of-the-art Kalvari Submarine Escape Training Facility, named ‘Vinetra,’ at INS (Indian Naval Ship) Satavahana, Visakhapatnam, Andhra Pradesh (AP). It is designed to enhance the crew’s escape capabilities from distressed Kalvari-class submarines.
- It was inaugurated by Vice Admiral Rajesh Pendharkar, Flag Officer Commanding-in-Chief (FOC-in-C), Eastern Naval Command in Visakhapatnam, AP.
Significance:
i.The facility “Vinetra” (विनेत्र), meaning “Trainer” represents a significant step forward in building confidence among submariner,
ii.This training facility also reinforces the operational readiness, safety protocols and training infrastructure of the Indian Navy.
Key Points:
i.Vinetra, indigenously designed and developed on the lines of Atma Nirbhar Bharat initiative, is built by Larsen & Toubro Ltd (L&T) Defence featuring a five-meter escape tower integrated with a diving basin.
ii.It offers both basic and refresher training, ensuring crew preparedness in handling underwater emergencies.
iii.The IN has similar facilities for Kilo-class and Shishumar-class submarines at INS Satavahana, India’s key submarine training center, operational since 1974.
About Kalvari-class Submarines:
i.Kalvari-class submarines are diesel-electric attack submarines built under Project 75 by Mumbai, Maharashtra based Mazagon Dock Shipbuilders Limited (MDL) in collaboration with French firm Naval Group.
ii.These submarines are crucial to India’s underwater warfare, performing tasks like anti-ship warfare, anti-submarine warfare, intelligence gathering, and area surveillance.
iii.INS Kalvari, commissioned in 2017, was the first of the class, followed by other submarines like INS Khanderi, INS Karanj, INS Vela, INS Vagir, and INS Vagsheer.
About Indian Navy (IN):
Chief of Naval Staff (CNS)– Admiral Dinesh Kumar Tripathi
Headquarters– New Delhi, Delhi
Founded– January 26, 1950
IMPORTANT DAYS
National Engineer’s Day 2024 – September 15
National Engineer’s Day is annually observed across India on September 15 to commemorate the birth anniversary of Bharat Ratna Sir Mokshagundam Visvesvarayaan, who is known as the first engineer of India for his vital contribution to the field of engineering and education.
- This day recognises the achievements and invaluable contributions of engineers across India.
Background:
i.The Government of India (GoI) declared the birth anniversary of Sir Mokshagundam Visvesvaraya as National Engineers’ Day in 1968.
ii.The first-ever National Engineers’ Day was celebrated on 15th September 1968.
About the Institution of Engineers (India) (IEI):
IEI was established in 1920 and incorporated under the Royal Charter on September 9 1935 by King George V.
President – G Ranganath
Headquarters – Kolkata, West Bengal (WB)
>> Read Full News
International Day for the Preservation of the Ozone Layer 2024 – 16 September 
The United Nations (UN)’s International Day for the Preservation of the Ozone Layer or World Ozone Day (WOD) is annually observed across the globe on 16 September to spread awareness about the importance of the ozone layer and its depletion that leads to global warming and climate change worldwide.
- 16th September 2024 marks the observance of the 30th International Day for the Preservation of the Ozone Layer.
- The theme of International Day for the Preservation of the Ozone Layer 2024 is “Montreal Protocol: Advancing Climate Actions”.
Background:
i.On 19 December 1994, the UN General Assembly (UNGA) adopted the resolution A/RES/49/114, proclaiming the 16 September of every year as International Day for the Preservation of the Ozone Layer.
ii.The 1st International Day for the Preservation of the Ozone Layer was observed on 16th September 1995.
>> Read Full News
First-Ever UN International Day of Science, Technology, and Innovation for the South – 16 September 2024
The first-ever United Nations (UN)’s International Day of Science, Technology, and Innovation for the South was observed on 16th September 2024 to emphasise the important role of Science, Technology, and Innovation (STI) in supporting economic growth and sustainable development, particularly in the Global South.
Background:
On 9 January 2024, the UN General Assembly (UNGA) adopted the resolution A/RES/78/259, proclaiming the 16 September of every year as the International Day of Science, Technology, and Innovation for the South.
>> Read Full News
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