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NATIONAL AFFAIRS
AICTE & SIDM signed MoU to boost academia-industry synergy in the Defence and Aerospace sectors
The All India Council for Technical Education (AICTE) and the Society of Indian Defence Manufacturers (SIDM) signed a Memorandum of Understanding (MoU) to ‘create a future-ready workforce for the Defence and Aerospace sectors’ in New Delhi, Delhi.
- The MoU was exchanged between the Chairman of AICTE, Prof. T.G. Sitharam and the president of SIDM, Rajinder Singh Bhatia, in the presence of Union Minister Rajnath Singh, Ministry of Defence(MoD).
i.The MoU aims to establish a strong partnership between academia and the defence industry, with a focus on creating a future-ready workforce for the Defence and Aerospace sectors from AICTE-approved institutions across India.
ii.It was signed for three years and will help to build a strong partnership, allowing the defence industry to hire skilled graduates who are trained in relevant fields.
iii.The partnership focuses on developing faculty and students through special awareness programs that will strengthen Defence and Aerospace education and offer industry internships in Defence and related sectors for students to enhance their employability.
BANKING & FINANCE
Visa unveils platform for global banks to issue stablecoins, other tokens
Visa Inc.,an American multinational payment card services corporation, has launched the Visa Tokenized Asset Platform (VTAP), a platform to help banks issue stablecoins and other fiat-backed tokens internationally. VTAP is expected to go live in 2025.
- VTAP will enable banks to “mint, burn and transfer” tokens offering infrastructure for financial institutions aiming to leverage the advantages of blockchain technology.
i.Banco Bilbao Vizcaya Argentaria (BBVA), a Spanish bank has been testing Visa’s platform for a year and plans to launch a pilot on the Ethereum blockchain for select customers in 2025.
ii.PayPal Holdings Inc. has already introduced its stablecoin, PayPal USD (PYUSD), to the market. Meanwhile, Stripe Inc. now enables merchants to accept stablecoins for online transactions.
iii.Stablecoins are a type of cryptocurrency that provides a link between regular finance and cryptocurrencies, offering transactions and protecting users from the big price swings seen in coins like Bitcoin and Ether.
ECONOMY & BUSINESS
World Bank Retained India’s GDP Forecast for FY25 to 7% due to Rising Private Consumption
On 10th October 2024, the World Bank(WB) released a report titled “South Asia Development October 2024 Update: Women, Jobs and Growth”. It has retained India’s Gross Domestic Product (GDP) growth forecast for Financial Year 2024-25 (FY25) to 7% Year-on-Year (Y-o-Y). This growth projection is mainly attributed to higher agricultural production and robust employment growth from policy initiatives, which further boosting the private consumption.
- The World Bank has also retained India’s GDP growth forecast at 6.7% for FY26 (2025-26).
i.The World Bank has raised its growth projection for the South Asia region to 6.4% in 2024 from its previous estimate of 6.0%.
- It has cited certain factors like: strength of domestic demand in India and quicker recoveries in crisis-hit countries such as Sri Lanka and Pakistan, for the positive growth of South Asia.
iii.The report has further estimated that South Asia’s output will grow by 6.2% in 2025. This growth projection is mainly driven by strong private consumption in India, and increased tourism and hydropower exports in Bhutan, Nepal, and Sri Lanka.
About World Bank (WB):
President– Ajay Banga
Headquarters– Washington, DC, the United States of America (USA)
Established– 1944
>> Read Full News
WTO Reduced 2025 World Merchandise Trade Growth Forecast to 3% from 3.3%
On 10th October 2024, the World Trade Organisation (WTO) released its latest bi-annual trade outlook titled “Global Trade Outlook and Statistics: October 2024”. It has reduced its previous projection of world merchandise trade growth from 3.3% to 3% in 2025.
- While, it increased its merchandise trade growth projection for year 2024 to 2.7%, up from its previous estimate of 2.6%.
i.The report has also projected that the global Gross Domestic Product (GDP) growth at market exchange rates will remain at 2.7% for both 2024 and 2025.
ii.The report highlighted that global merchandise trade witnessed the growth of 2.3% with Year-on-Year (Y-o-Y) increase in the 1st half of 2024. This rebound came against the backdrop of slump of 1.1% in 2023, driven by high inflation and increasing interest rates.
About World Trade Organisation (WTO):
Director-General (DG)- Ngozi Okonjo-Iweala
Headquarters- Geneva, Switzerland
Established- 1995
>> Read Full News
APPOINTMENTS & RESIGNATIONS
Omar Abdullah Sworn-in as New CM of UT J&K; Surinder Kumar Choudhary as Deputy CM
On 16th October 2024, Omar Abdullah (54 years old), Vice President (VP)of Jammu & Kashmir National Conference (JKNC) was officially sworn-in as new Chief Minister (CM) of Union Territory (UT) Jammu & Kashmir (J&K). He became the CM of J&K for the 2nd time.
- With this, he becomes the 1st CM of UT J&K since the abrogation of Article 370 by the Government of India (GoI) in 2019.
- Along with him, Surinder Kumar Choudhary took oath as the Deputy CM of UT J&K.
i.Manoj Sinha, the Lieutenant Governor of UT J&K administered the oath of office and secrecy to Omar Abdullah and his 5 Council of Ministers during the swearing-in ceremony held at Sher-i-Kashmir International Convention Centre (SKICC) in Srinagar, J&K.
ii.The JKNC-INC alliance won the elections by securing 48 out of 90 assembly seats which went for elections. JKNC emerged as the single largest party with 42 seats, of which 35 seats won from Kashmir valley and 7 seats won from Jammu division. While, its alliance partner INC won 6 seats.
About Jammu & Kashmir (J&K):
Capital- Jammu (in winter) and Srinagar (in summer)
Chief Minister (CM)- Omar Abdullah
Lieutenant Governor- Manoj Sinha
>> Read Full News
Utkarsh Small Finance Bank appoints Mary Kom and Sunil Chhetri as its brand ambassadors
Utkarsh Small Finance Bank (SFB) has appointed Olympic boxer Mary Kom and the former Indian football team Captain Sunil Chhetri as its Brand Ambassadors.
Role of Brand Ambassadors:
i.The brand ambassadors will work on Utkarsh SFB initiatives like financial literacy campaigns, product launches, branch inaugurations, and social media campaigns for inclusion and resilience.
ii.In addition, the bank is planning to launch a multi-channel campaign through ad films and social media content with the main focus on stories of financial empowerment and real success with Mary Kom and Sunil Chhetri conveying these messages at the forefront.
About Mary Kom
i. Mangte Chungneijang Mary Kom, from Manipur, is the only woman to have won the World Amateur Boxing Championship six times. She is the only boxer (male or female) to win eight World Championship medals.
ii.She served as the Member of Parliament (Rajya Sabha – Nominated) from 2016 to 2022.
iii.Mary Kom was the only Indian female boxer to have qualified for the 2012 London Summer Olympics. She won the bronze medal in the flyweight (51 kg) category.
iv.She became the first Indian female boxer to win a gold medal in the Asian Games in 2014 at Incheon, South Korea and is the first Indian female boxer to win gold at the 2018 Commonwealth Games.
Awards & honours:
i.The government of India honoured her with Padma Shri (2006); Padma Bhushan (2013) and Padma Vibhushan (2020) for her contribution to sports.
ii.She received the Arjuna Award (Boxing) in 2003 and the Rajiv Gandhi Khel Ratna (now Major Dhyan Chand Khel Ratna Award) in 2009.
About Sunil Chhetri
i.Sunil Chhetri from Telangana played for the Indian national football team, also known as the Blue Tigers, from 2005 to 2024. He captained the team from 2012 to 2024.
ii.He has scored 94 goals for India in 151 official international appearances.
iii.He was a part of the Indian team that won the South Asian Football Federation (SAFF) Championship title in 2011, 2015, 2021 and 2023.
iv.Sunil Chhetri became only the third Indian footballer after Mohammad Salim and Bhaichung Bhutia to play in a foreign league when he signed for Kansas City Wizards in the USA’s Major League Soccer in 2011.
Awards:
i.GoI honoured him with Arjuna Award (Football) in 2011; Padma Shri in 2019 and the Major Dhyan Chand Khel Ratna in 2021. He was the first footballer to win the Khel Ratna.
ii.All India Football Federation (AIFF) Player of the Year in 2007, 2011, 2013, 2014, 2017, 2018-19 and 2021-22 seasons.
About Utkarsh Small Finance Bank
Managing Director (MD) & Chief Executive Officer (CEO) – Govind Singh
Headquarters – Varanasi, Uttar Pradesh (UP)
Founded – April, 2016
Tagline – Aap Ki Umeed ka Khata
Kais Saied secures 2nd Term as President of Tunisia with 90.69% Votes
Tunisian President Kais Saied won the presidential election for the second term with 90.69% of the vote. He was first elected in the 2019 Presidential election, following the death of former president Beji Caid Essebsi, Tunisia’s first president freely elected by universal suffrage after the revolution.
- He suspended parliament in July 2021 and amended the constitution to strengthen the presidential powers.
Key points:
i.His closest competitor, businessman Ayachi Zammel, managed to secure only 7.4% while third candidate, Zouhair Maghzaoui, garnered nearly 2% of the votes.
ii.The election saw a low voter turnout of just 28.8%, lowest since Tunisia’s Jasmine Revolution in 2011.
iii.The election was Tunisia’s third presidential election since the 2011 Arab Spring which led to the ousting of longtime dictator Zine El Abidine Ben Ali in January 2011.
About Kais Saied:
i.Kais Saied was the first President to be born after Tunisia achieved independence from France in 1956.
ii.He served as the Director of the Department of Public Law at the Faculty of Law, Economics and Political Sciences in Sousse(Tunisia) from 1994 to 1999.
iii.He was also served as the President of the Tunisian Association of Constitutional Law from 1995 until 2019.
iv.Since 1997, he has been a member of the Scientific Council and Board of Directors of the International Academy of Constitutional Law and President of the Tunisian Centre for Constitutional Law for Democracy.
v.He is the author of numerous academic works in the field of law, in particular constitutional law.
Key Awards:
- In 2023, he was awarded with the Medal of Arab Tourism.
- He is also an awardee of Grand Collar of the State of Palestine (2021), National Order of Merit – Athir (Algeria) in 2020, among others.
About Tunisia:
Prime Minister(PM)– Kamel Maddouri
Capital– Tunis
Currency– Tunisian Dinar
Deputy Governor of RBI Rajeshwar Rao gets a one-year extension
The Appointments Committee of the Cabinet (ACC), Chaired by Prime Minister (PM) Narendra Modi, has approved the re-appointment of M. Rajeshwar Rao as Deputy Governor of Reserve Bank of India (RBI) for one year with effect from 9th October 2024, or until further orders.
- Rao joined RBI in 1984 and was elevated as RBI executive director in November 2016.
- He was appointed as RBI Deputy Governor in October 2020 for a period of 3 years.
- In September 2023, He was again re-appointed as the Deputy Governor for 1 year with effect from October 2023.
SCIENCE & TECHNOLOGY
SpaceX Launches Mega Starship Rocket on 5th test flight
On 13th October 2024, Space Exploration Technologies Corporation (SpaceX) successfully launched the 5th test flight of the Starship, the 2-stage fully reusable super heavy-lift launch vehicle, from Starbase near Boca Chica, Texas, The United States of America(USA).
Highlights of the Test Flight:
i.The empty Starship blasted off from Texas near the Mexican border at a height of around 400 feet (121 meters).
ii.The rocket arched over the Gulf of Mexico like the other previous 4 Starships.
iii.The retro-looking spacecraft launched by the booster continued to move up to more than 130 miles (212 kilometres) high.
iii.Following a successful liftoff, ascent, stage separation, boost back burn, and coast, the 71m Super Heavy booster performed its landing burn and was caught by the chopstick arms of the launch and catch tower at Starbase.
iv.Starship spacecraft made a controlled landing in the Indian Ocean.
Starship spacecraft and Super Heavy Booster:
i.This can carry up to 150 metric tonnes fully reusable and 250 metric tonnes expendable.
ii.Super Heavy is powered by 33 Raptor engines using sub-cooled liquid methane (CH4) and liquid oxygen (LOX).
iii.Starship is powered by six engines, three Raptor engines, and three Raptor Vacuum (RVac) engines, which are designed for use in the vacuum of space.
About Space Exploration Technologies Corporation (SpaceX):
Chief Executive Officer (CEO) – Elon Musk
Headquarters -Hawthorne, California, The United States of America (USA)
Founded – 14 March 2002
IN launches Missile-Cum-Ammunition Barge LSAM 12
The Indian Navy (IN) launched the ‘Missile Cum Ammunition Barge, LSAM 12 (Landing Ship Ammunition) (Yard 80)’, which will enhance its naval logistics and firepower.
- This is the sixth vessel of 8 Missile Cum Ammunition Barge project, aimed at strengthening the Navy’s operational capabilities.
- It is built by M/s SECON Engineering Projects Pvt Ltd (SEPPL), Visakhapatnam, Andhra Pradesh (AP).
Note: The launch, presided over by Commodore MV Raj Krishna, Company Commander, Mumbai (CoY-Mbi), was conducted by the SEPPL at its launch site M/s Vinayaga Marine Petro Ltd, Mira Bhayandar, Maharashtra.
Key Points:
i.On 19th February 2021 Ministry of Defence (MoD) and SEPPL, signed the contract for the construction of 8 Missile Cum Ammunition Barges.
ii.These barges facilitate transportation, embarkation, and disembarkation of ammunition to naval platforms.
iii.Indigenously designed, built under Indian Register of Shipping (IRClass) regulations, with model testing at the Naval Science and Technological Laboratory.
iv.It aligns with the Make in India initiative, showcasing India’s growing self-reliance in defense manufacturing.
About Indian Navy (IN):
Chief of Naval Staff (CNS) – Admiral Dinesh Kumar Tripathi
Headquarters– New Delhi, Delhi
Establishment– 1950
Motto– “Sham No Varunah” – “May the Lord of Water be auspicious unto us”.
SPORTS
Spanish Tennis Player Rafael Nadal Announces Retirement After 2024 Season
On 10th October, 2024, Spanish tennis player Rafael Nadal (38 years old) announced that he will be retiring from professional tennis at the end of 2024.
- Nadal’s final tournament will be the Davis Cup 2024 which is scheduled to be held in November 2024 in Malaga, Spain.
About Rafael Nadal:
i.Rafael Nadal started his professional career in 2001 at just 15 years of age. He has won a total of 92 Singles career titles including 22 Grand Slam, 11 doubles and 6 team titles.
ii.He became the world No. 1 for the first time in 2008 after defeating Roger Federer in a 2008 Wimbledon final.
iii.In 2008, He completed the Career Golden Slam at the age of 24 and became the youngest male player to achieve the feat. He is the only player to achieve Career Golden Slam and win Olympic gold in singles and doubles history.
iv.In 2010, He also achieved the Surface Slam by winning majors on 3 different surfaces in the same year
v.He is the most successful player in the Association of Tennis Professionals (ATP) tour events of Monte-Carlo and Barcelona, with 11 and 12 titles respectively.
Olympic:
i.He won the gold medal in Tennis: Men’s singles event at the 2008 Beijing Olympics
ii.He won his 2nd gold medal in men’s doubles, paired with Marc López (Spain) at the 2016 Rio Olympics.
Golden Slam:
“Golden Slam” means winning all four Grand Slam titles and an Olympic gold.
The other players who have completed the Golden Slam are Serena Williams, Andre Agassi, Steffi Graf and Novak Djokovic.
Major Titles:
i.4 Davis Cup – 2004, 2009, 2011, 2019.
ii.22 Grand Slam Singles – Australian Open (2009, 2022); French Open (2005, 2006, 2007, 2008, 2010, 2011, 2012, 2013, 2014, 2017, 2018, 2019, 2020, 2022); Wimbledon (2008, 2010); US Open (2010, 2013, 2017, 2019).
Note: As of 2024, Rafael Nadal had won the most French Open titles, with a total of 14.
Awards and Honours:
i.ITF World Champion – 2008, 2010, 2017, 2019, 2022.
ii.ATP Player of the Year – 2008, 2010, 2013, 2017, 2019.
iii.Laureus World Sports Award for Breakthrough of the Year in 2006 .
iv.Laureus World Sports Award for Sportsman of the Year – 2011, 2021.
v.Laureus World Sports Award for Comeback of the Year in 2014.
vi.BBC Sports Personality World Sport Star of the Year in 2010.
vii.Stefan Edberg Sportsmanship Award – 2010, 2018, 2019, 2020, 2021.
IMPORTANT DAYS
World Post Day 2024 – October 9 
The United Nations (UN)’s World Post Day(WPD) is annually observed across the globe on 9th October to commemorate the anniversary of the establishment of the Universal Postal Union(UPU) in 1874 in Bern, Switzerland.
- The theme of 2024 WPD which marks the 150th Anniversary of the establishment of UPU, is “150 years of enabling communication and empowering peoples across nation”.
Background:
i.In 1969, the UPU Congress held in Tokyo(Japan) adopted the resolution and recommended the observance of UPU Day on 9th October of every year to mark the anniversary of the establishment of UPU.
ii.In 1984, the UPU congress held in Hamburg(Germany) renamed the observance of UPU Day as WPD.
About the Universal Postal Union(UPU):
Director General(DG)– Masahiko Metoki
Established– 1874
Headquartered– Bern, Switzerland
Member countries– 192
>> Read Full News
92nd Indian Air Force Day – 8th October 2024
India Air Force (IAF) Day (IAF Raising Day) is annually observed across India on 8th October to commemorate the establishment of the Indian Air Force(IAF) on 8 October 1932, an auxiliary air force of the British Empire. The day reflects on IAF’s contribution towards protecting India and its people.
- 8th October 2024 marks the observance of the 92nd IAF Day or 92nd IAF Raising Day.
- The theme of the 92nd IAF day is “Bhartiya Vayu Sena – Saksham, Sashakt, Atmanirbhar” (Potent, Powerful, and Self-Reliant).
Events 2024:
The 92nd IAF Day was commemorated from 6th to 8th October 2024 at Air Force Station, Tambaram, Chennai, Tamil Nadu. The celebration included the airshows, parade, and static display showing the idea of ‘Aatmanirbharta’.
About Indian Air Force (IAF):
Chief of the Air Staff(CAS)- Air Chief Marshal Amar Preet Singh
Motto- Touch the sky with Glory (Nabhah Sparsam Diptam – नभः स्पृशं दीप्तम्)
Headquarter- New Delhi, Delhi
Established- 1932
>> Read Full News
World Mental Health Day 2024 – October 10 
World Mental Health Day (WMHD) is annually observed across the globe on 10th October to spread awareness of mental health issues and encourage efforts to support those experiencing mental health issues.
- The annual observance of WMHD is led by the World Federation for Mental Health(WFMH), the founder of the WMHD.
- The theme of UN’s WMHD 2024 is “Mental Health at Work’.
Background:
i.World Mental Health Day (WMHD) was started as an annual activity of WFMH in 1992 by then Deputy Secretary General of WFMH, Richard Hunter.
ii.The first ever WMHD was observed on 10th October 1992.
About the World Federation for Mental Health(WFMH):
President- Tsuyoshi Akiyama
Secretary General– Gabriel Ivbijaro
Headquarters- Virginia, The United States of America (USA)
Founded– 1948
>> Read Full News
World Egg Day 2024 – October 11
World Egg Day (WED) is annually observed across the globe on the 2nd Friday of October to raise awareness of the high-quality protein and vital nutrients found in eggs and the vital role of egg farmers around the world.
- The 28th World Egg Day (WED 2024) was observed on 11th October 2024.
- The theme of WED 2024 is “United by Eggs”.
Background:
i.World Egg Day was established by the International Egg Commission (IEC), the only organisation that represents the global egg industry.
ii.The first ever World Egg Day was observed on 11th October 1996.
About the International Egg Commission(IEC):
IEC is the only organisation that represents the global egg industry.
Chairman– Juan Felipe Montoya
Established – 1964
Headquarter – London, the United Kingdom(UK)
>> Read Full News
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