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NATIONAL AFFAIRS
Cabinet Approvals on 16th October 2024
The Union Cabinet chaired by Prime Minister (PM) Narendra Modi has approved various schemes and projects on 16th October 2024.
i.The Cabinet has approved,
- The additional instalment of 3% of Dearness Allowance(DA) to Central Government employees and Dearness Relief(DR) to Pensioners.
- The Varanasi-Pt.Deen Dayal Upadhyaya multi-tracking project of the Ministry of Railways with an estimated cost of Rs 2642 crore.
- Rs. 35,000 crores allotted for the continuation of Pradhan Mantri Annadata Aay SanraksHan Abhiyan (PM-AASHA) schemes to support farmers and control price volatility.
ii.The Cabinet Committee on Economic Affairs (CCEA) has approved the increase in the Minimum Support Prices (MSP) for all mandated Rabi Crops for Marketing Season 2025-26.
>> Read Full News
NABARD Released 2nd All India Rural Financial Inclusion Survey NAFIS for 2021-22 
On 9th October 2024, the National Bank for Agriculture and Rural Development (NABARD) has released the results of its 2nd ‘NABARD All India Rural Financial Inclusion Survey (NAFIS) for 2021-22’, which provides primary data based on a survey of 1 lakh rural households, covering various economic and financial aspects in the post-COVID period.
- The key findings of NAFIS 2021-22 provides deep insights on how rural economic and financial indicators have evolved since 2016-17.
- The inaugural NAFIS was conducted by NABARD for the agricultural year (July-June) 2016-17, and was released in August 2018.
i.The average monthly income of households has witnessed a significant increase of 57.6% over the last 5 years, from Rs 8,059 (in 2016-17) to Rs 12,698 (in 2021-22).
ii.According to the survey, the average monthly expenditure of rural households has increased significantly in last 5 years from Rs 6,646 (in 2016-17)to Rs 11, 262 (in 2021-22).
About National Bank for Agriculture and Rural Development(NABARD):
NABARD was established under NABARD Act, 1981 and works under the jurisdiction of Department of Financial Services (DFS), Ministry of Finance (MoF). It was established in 1982 based on the recommendations of B.Sivaramman Committee.
Chairman– Shaji K.V.
Headquarters– Mumbai, Maharashtra
>> Read Full News
Hindustan Aeronautics Limited Becomes 14th Maharatna CPSE
On 12th October 2024, the Department of Public Enterprise (DPE) under the Ministry of Finance (MoF) has upgraded the status of Hindustan Aeronautics Limited (HAL) from “Navratna” Central Public Sector Enterprises (CPSE) to the “Maharatna”. With this, HAL becomes the 14th “Maharatna” CPSE in India.
i.This upgradation is based on the recommendations of the Inter Ministerial Committee (IMC) chaired by the Finance Secretary, MoF and the Apex Committee led by the Cabinet Secretary.
ii.The new status will enhance HAL’s operational autonomy and financial powers as now; it can make investments up to 15% of its net worth in projects and can invest maximum Rs 5,000 crore in foreign ventures without the approval of Government of India (GoI).
About Hindustan Aeronautics Limited (HAL):
Chairman and Managing Director (CMD)- Dr. D.K. Sunil
Headquarters- Bengaluru, Karnataka
Established in- 1940
>> Read Full News
CCS Gave Approval to Establish New Missile Testing Range in Nagayalanka, Andhra Pradesh
The Cabinet Committee on Security (CCS) chaired by Prime Minister (PM) Narendra Modi had given its approval to establish a new missile testing range in Nagayalanka village, Krishna district in Andhra Pradesh (AP).
- The new missile testing range will be used for test firing of various tactical missile systems such as: surface-to-air missile systems, anti tank missiles, among others being developed by the Defence Research and Development Organisation (DRDO).
- Apart from setting up a new missile testing range, CCS had also approved the proposal of purchasing 31 Predator long-endurance armed drones from the United States of America (USA) and two nuclear submarines to be built by ATV Project India Limited for developing strategic submarines for the Indian Navy (IN).
About Defence Research and Development Organisation(DRDO):
It is the Research and Development (R&D) wing of Ministry of the Defence (MoD), (GoI).
Chairman- Dr. Samir Vankatpati Kamat
Headquarter– New Delhi, Delhi
Established-1958
>> Read Full News
ANRF Launches first 2 initiatives: PMECRG and MAHA-EV Mission
The Anusandhan National Research Foundation (ANRF) has launched its first two significant initiatives: the Prime Minister Early Career Research Grant (PMECRG) and the Mission for Advancement in High-Impact Areas – Electric Vehicle (MAHA-EV) Mission.
- Aim: To bridge the gap between academic research and industrial application, fostering innovation and scientific excellence in India.
- These initiatives were initiated during the first Governing Board (GB) meeting on September 10, 2024, chaired by the Prime Minister (PM) of India Narendra Modi as the GB President.
- These initiatives will act as a base for India’s research ecosystem, aligning with the government’s vision for a Viksit Bharat (Developed India) by 2047.
Prime Minister Early Career Research Grant (PMECRG):
It will support early career researchers and enhance India’s scientific innovation as it is designed with a flexible budget to facilitate research.
- It will encourage young researchers to contribute to India’s global leadership in science and technology.
- It seeks to foster a robust research culture that nurtures groundbreaking discoveries.
Mission for Advancement in High-Impact Areas – Electric Vehicle (MAHA-EV) Mission :
Its’ goal is to develop key Electric Vehicle (EV) technologies to reduce import dependency and enhance domestic innovation, thus supporting the government’s Atmanirbhar Bharat (self-reliant India) initiative. The focus areas will be:
- Tropical EV Batteries and Battery Cells
- Power Electronics, Machines, and Drives (PEMD)
- Electric Vehicle Charging Infrastructure
Key Points:
i.It encourages multi-institutional and multidisciplinary collaboration to address critical scientific challenges.
ii.It aims to position India as a global hub for EV component development and accelerate the shift towards electric mobility.
iii.It contributes to a greener and more sustainable future.
About Anusandhan National Research Foundation (ANRF):
The Anusandhan National Research Foundation (ANRF) was established under the ANRF 2023 Act within the Department of Science & Technology (DST), Ministry of Science and Technology (MoST).
- As a result, the Science and Engineering Research Board (SERB), created by an act of Parliament in 2008, has been subsumed into ANRF.
MP to Declare Ratapani WLS as 8th Tiger Reserve near Bhopal
The State Wildlife Board (WLB) of Madhya Pradesh (MP) has accorded approval to declare Ratapani Wildlife Sanctuary (WLS) located near Bhopal, capital city of MP, as 8th Tiger Reserve (TR) of MP.
- The state WLB will now forward its recommendation to the Government of India (GoI) for the final approval to notify the WLS as the TR.
- In 2011, the National Tiger Conservation Authority (NTCA) had given in-principle approval to notify Ratapani WLS as a TR.
Note:
i.In 2023, Veerangana Durgavati TR was officially declared 7th TR in MP.
ii.The other TRs in MP are Kanha, Bandhavgarh, Satpura, Pench, Panna and Sanjay-Dubri.
Key Points:
i.The proposed TR will cover an area of 1,271.465 square kilometer (sq km) including both Ratapani WLS and Singhori WLS.
ii.Out of total area, 763.812 sq km will be used as the core area for tigers, while the remaining 507.653 sq km will act as buffer zone to protect the wildlife.
Ratapani WLS:
i.At present, Ratapani WLS spans over an area of 823 sq km in Raisen and Sehore districts of MP.
ii.According to the 2022 Tiger Census, Ratapani WLS has total 3,123 wild animals which include 56 tigers, and 70 leopards.
iii.It houses the United Nations Educational, Scientific and Cultural Organisation (UNESCO) World Heritage site Bhimbetka rock shelters, Ginnourgarh fort, Keri Mahadeo, Ratapani dam, among others.
About Madhya Pradesh:
Chief Minister (CM)- Mohan Yadav
Governor- Mangubhai C. Patel
Capital– Bhopal
National Parks (NPs)– Bandhavgarh NP, Kanha NP
IOCL & Nepal Oil Corporation Sign B2B Framework Agreements to Develop Petroleum Infrastructure in Nepal
On 3rd October 2024, Indian Oil Corporation Limited (IOCL) and Nepal Oil Corporation (NOC) signed a Business to Business (B2B) Framework Agreement for the development of petroleum infrastructure in Nepal with a total investment of around Rs.15 billion.
- A 50-kilometer petroleum pipeline will be constructed from Siliguri in India to Charali in Jhapa, Nepal.
- A state-of-the-art terminal will be built in Charali to enhance storage and distribution capabilities in the region of Nepal.
- 62-kilometer pipeline connecting Amlekhgunj to Lothar in Chitwan, Nepal.
- A modern terminal with a storage capacity of 91,900 kiloliters will be developed at Lothar.
Signatories: The agreement was signed by Dr. Chandika Prasad Bhatta, Executive Director of NOC, and Senthil Kumar, Director of IOCL, in New Delhi, Delhi, in the presence of senior officials, including Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas (MoP&NG), India, and V. Satish Kumar, Chairman of IOCL.
Background:
This collaboration is based on a Government-to-Government (G2G) Memorandum of Understanding (MoU) signed in May 2023 between India’s MoP&NG and Nepal’s Ministry of Industry, Commerce and Supplies.
INTERNATIONAL AFFAIRS
129mn Indians Lives in Extreme Poverty in 2024: WB Report
The World Bank (WB)’s ‘Poverty, Prosperity, and Planet Report 2024-Pathways Out of the Polycrisis‘ reveals that India has 129 million citizens living in extreme poverty as they are surviving on less than Rs 180 (USD 2.15) per day.
- This figure marks a significant decline from 431 million in 1990, yet challenges remain, particularly due to population growth and a high poverty threshold for middle-income countries.
India’s Scenario:
i.Individuals are classified as extremely poor if they earn less than Rs 180 (USD 2.15) daily.
ii.On the other hand, the increased poverty threshold of USD 6.85 (around Rs 576) for middle-income countries results in more individuals below this line compared to 1990.
iii.Less than 1% of the population aged 15 and above has no formal education, linking education levels directly to poverty rates.
iv.Extreme poverty in India is expected to drop below 3% by the end of the decade, indicating a potential decline in India’s share of global extreme poverty.
v.A significant decrease of 38 million individuals in poverty was noted in 2021 after a surge in previous years, attributed to Gross Domestic Product (GDP) per capita growth.
vi.Notably, the extreme poverty rate in South Asia is significantly influenced by India, where fewer than 1% of those aged 15 and above lack formal education.
Global Scenario:
i.Approximately 700 million people (8.5% of the global population) live on less than USD 2.15 per day.
ii.Around 3.5 billion people (44% of the global population) live below the upper middle-income poverty line of USD 6.85 per day, largely unchanged since the 1990s due to population growth.
iii.Sub-Saharan Africa, with 16% of the global population, accounts for 67% of those in extreme poverty, with the majority residing in fragile or conflict-affected areas.
iv.By 2030, an estimated 622 million people (7.3% of the global population) are expected to live in extreme poverty, with only 69 million projected to escape this status from 2024 to 2030.
IRENA’s Report: 2023 was a Record-Breaking Milestone for Solar Power Generation:
According to the report titled “Renewable Energy and Jobs Annual Review 2024” released by the International Renewable Energy Agency (IRENA) in collaboration with the International Labour Organisation (ILO), 347 GigaWatts (GW) of photovoltaic (PV) capacity were added to power generation globally in 2023. This marks an increase of 74% compared to 2022.
- This makes the year 2023 as a record-breaking year for solar power generation.
i.As per the report, China alone constituted 63% (216.9 GW) of the new PV capacities added in year 2023.
ii.Also, the year 2023 witnessed the largest ever increase in jobs in renewable energy sector i.e. from 13.7 million (in 2022) to 16.2 million (in 2023).
iii.Globally, 7.1 million jobs were created in solar PV in 2023(increased significantly from 4.9 million in 2022), which accounted 44% of the world’s total RE workforce.
iv.The report has estimated that 1.02 million jobs were created in RE in 2023.
About International Renewable Energy Agency (IRENA):
Director-General (DG)- Francesco La Camera
Headquarters- Abu Dhabi, the United Arab Emirates (UAE)
Established- 2011
>> Read Full News
BANKING & FINANCE
IREDA Received DIPAM Approval to Set Up Subsidiary to Handle Retail, B2B biz in Renewable Energy Segment
State-owned Indian Renewable Energy Development Agency Limited(IREDA), under the Ministry of New and Renewable Energy (MNRE, has received the in-principal approval from the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance (MoF), to set up a wholly-owned subsidiary to undertake retail and Business-to-Business (B2B) business in the Renewable Energy (RE)sector.
- IREDA’s new retail subsidiary is permitted to handle the retail business under key government schemes such as Pradhan Mantri(PM)-Surya Ghar-Muft Bijli Yojana (rooftop solar) and PM Kisan Urja Suraksha evam Utthaan Mahabhiyaan (PM-KUSUM) and other Business-to-Consumer (B2C) segments in the RE sector.
Key Points:
i.It will focus on emerging RE sectors such as: Electric vehicles (EVs), energy storage, green technologies, sustainability, energy efficiency, among others.
ii.This new retail subsidiary marks a major milestone in IREDA’s journey towards fostering sustainable energy solutions at the grassroots level.
- Also, it will enable IREDA to provide innovative financing options for both urban and rural consumers, promoting sustainable practices and reducing carbon footprints.
Indian Renewable Energy Development Agency(IREDA):
IREDA is a non-banking financial institution, which is engaged in promoting, developing and extending financial support to set up sustainable projects.
- In April 2024, the status of IREDA upgraded from Mini Ratna Category-I Central Public Sector Enterprises (CPSE) to ‘Navratna’.
Chairman and Managing Director (CMD): Pradip Kumar Das
Headquarters– New Delhi, Delhi
Established– 1987
About Department of Investment and Public Asset Management (DIPAM):
It deals with all matters related to management of Government of India (GoI)’s investments in equity including disinvestment of equity in Central Public Sector Undertakings (CPSUs).
Secretary- Tuhin Kanta Pandey
Headquarters- New Delhi, Delhi
ADB approves USD 42mn loan for coastal protection ecosystem in Maharashtra
The Asian Development Bank (ADB) has approved a loan of USD 42 million to enhance coastal and riverbank protection ecosystems in Maharashtra, boosting the resilience of local communities and their natural environments.
i.The Maharashtra Sustainable Climate-Resilient Coastal Protection and Management Project will implement various solutions to combat coastal erosion and protect riverbanks, including offshore reefs, sheet piles, beach nourishment, and vegetation planting to restore and stabilize the coastline.
- The project builds on the ADB-financed Sustainable Coastal Protection and Management Investment Program.
ii.The project aims to boost fisheries and tourism while promoting capacity building for stakeholders on gender equality and social inclusion.
iii.ADB will support the Maharashtra Maritime Board in enhancing its capacity for shore management planning, including the creation of a coastal infrastructure management unit.
Tata AMC Launches India’s 1st Index Fund Based on Nifty Capital Markets Index
Tata Asset Management Company (AMC) has launched the “Tata Nifty Capital Markets Index Fund”, the India’s 1st index fund to invest in companies from the Nifty Capital Markets Index to track the performance of selected companies from the Nifty 500 Index.
- The fund will invest in a maximum of 20 stocks from the Nifty 500 Index, representing various capital markets businesses such as financial services, asset management firms, exchanges, stockbroking companies, depositories, and clearing houses.
i.New Fund Offer (NFO) of Tata Nifty Capital Markets Index Fund will run from 7th to 21st October 2024. It will reopen for subscription on or before 30th October 2024.
ii.The minimum investment is Rs.5000 in multiples of Rs.1 and an exit load of 0.25% of the applicable Net Asset Value (NAV) will be charged if units are redeemed within 15 days of allotment.
iii.According to the Scheme Information Document (SID), the maximum permissible Total Expense Ratio (TER) under Regulation 52(6)(b) is up to 1%.
ECONOMY & BUSINESS
India becomes fourth country to cross $700 billion in foreign reserves
According to the Reserve Bank of India(RBI)’s data, India’s foreign exchange reserves surpassed $700 billion for the first time ever in September 2024. This milestone makes India, the fourth country in the world , alongside China, Japan, and Switzerland, to reach this level of reserves.
i.The foreign exchange reserves increased by USD 12.59 billion to hit an all-time high of USD 704.885 billion in the week ended September 27, 2024.
ii.The Foreign Currency Assets (FCA), a large component of the overall reserves, gained by USD 10.46 billion to USD 616.154 billion. The Gold reserves also increased by USD 2.184 billion to USD 65.796 billion in the RBI’s data.
- FCA are maintained as a multi-currency portfolio comprising major currencies, such as, US Dollar(USD), Euro, Pound Sterling, Japanese Yen, and are valued in terms of USD.
iii.The increase in reserves is due to several factors, including USD 30 billion in foreign inflows this year, primarily driven by investments in local bonds following India’s inclusion in a significant J.P. Morgan index.
SCIENCE & TECHNOLOGY
INS Samarthak: 1st ship of L&T’s Multi-Purpose Vessel Launched in Chennai
On 14th October 2024, Larsen & Toubro (L&T) launched the first of class Multi-Purpose Vessel (MPV) Yard No. 18001 named Indian Naval Ship (INS) Samarthak, built for the Indian Navy (IN), from L&T Kattupalli Shipyard near Chennai, Tamil Nadu(TN).
- The vessel was launched by Shashi Tripathi, President-Navy Wives Welfare Association(NWWA), in the presence of the Chief of Naval Staff (CNS) Admiral Dinesh K Tripathi.
Note: The name ‘Samarthak,’ meaning ‘Supporter,’ aptly reflects the vessel’s intended multi-faceted operational roles.
Background:
i.The Ministry of Defence (MoD) and Chennai (Tamil Nadu) Based L&T Shipbuilding Limited signed a contract for the construction of 2 MPVs on 25th March 2022.
ii.The launch of INS Samarthak is in line with that contract.
Indian Naval Ship (INS) Samarthak (MPV):
i.The MPV is 106 meters long and 16.8 meters wide, capable of reaching a top speed of 15 knots.
ii.It is designed to tow other vessels, which is essential for naval operations. This capability allows it to assist in maneuvering disabled ships back to safety or to support naval exercises.
iii.It can launch and recover training targets, which are crucial for conducting drills and exercises to improve the skills of naval personnel.
- Launching training targets allows naval personnel to practice in conditions that closely mimic real-world situations. These targets can represent enemy vessels or specific threats, helping crews prepare for various combat scenarios.
iv.It is designed to use uncrewed autonomous vehicles (UAVs), which help with surveillance and gathering information.
- These UAVs can do their job without putting anyone at risk. Using UAVs allows the Navy to cover more area, helping them keep a closer watch on activities at sea and stay alert in important locations.
v.Another vital role of the MPV is to serve as trial platform for testing indigenous weapons and sensors currently under development.
- This capability is essential for the Navy to evaluate new technologies and systems before their formal integration into naval operations.
About Indian Navy (IN):
Chief of Naval Staff (CNS)- Dinesh K Tripathi
Founded- 1950
Motto– “Sam no Varunah” (“Be auspicious unto us Oh Varuna”)
IMPORTANT DAYS
World Day Against The Death Penalty 2024 – October 10 
World Day Against the Death Penalty is annually observed across the globe on October 10th to raise awareness about the death penalty and to demand its abolition.
- 10th October 2024 marks the observance of the 22nd World Day Against the Death Penalty.
- The theme of World Day Against the Death Penalty 2024 is “Death Penalty and Safety”.
Background:
i.The World Day Against the Death Penalty was initiated by the World Coalition Against the Death Penalty (WCADP), with the support of numerous organisations like Amnesty International, the United Nations(UN), and the European Union(EU) and Non-Governmental Organisations (NGOs)
ii.The first-ever World Day Against the Death Penalty was observed in 2003.
About Amnesty International :
Secretary -General – Agnès Callamard
Headquarters– London, United Kingdom(UK)
Established– 1961
>> Read Full News
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