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GMIS 2023: PM Modi Inaugurates the 3rd Edition and Unveils ‘Amrit Kaal Vision 2047Prime Minister Narendra Modi virtually inaugurated the 3rd edition of the Global Maritime India Summit (GMIS) 2023 held form October 17 to 19, 2023 at the MMRDA Grounds in Mumbai.
During the event, the Prime Minister unveiled “Amrit Kaal Vision 2047—blueprint for Indian Maritime blue economy.” This visionary blueprint sets the stage for various maritime projects worth over Rs 23,000 crores.
i.PM Modi laid the foundation for multiple projects, aiming to unlock ₹80 lakh crores of investment for maritime sector development.
ii.GMIS saw Investments worth Rs 10 Lakh Crore and 360 MoUs, Featuring 34 Deals Valued at Rs 3.24 Lakh Crore on Day 1
iii.GMIS records major investment of Rs 2.37 lakh crore on Day 2
iv.TCI Group Honored as Maritime Excellence Achiever at GMIS 2023 by Ministry of Ports, Shipping & Waterways
About Ministry of Ports, Shipping, and Waterways:
Union Minister – Sarbananda Sonowal, (Rajya Sabha Constituency – Assam)
Minister of State (MoS) – Shripad Yesso Naik; Shantanu Thakur
>> Read Full News
Union Defence Minister Rajnath Singh Inaugurated 1st Indian Military Heritage Festival 2023 in New DelhiOn 21st October 2023, Union Minister Rajnath Singh, Ministry of Defence(MoD), inaugurated the first edition of Indian Military Heritage Festival (2023)at the Manekshaw Centre in New Delhi, Delhi.
- The festival, organized by the United Service Institution of India (USI) – Centre for Military History & Conflict Studies (CMHCS), was held from 21st to 22nd October 2023.
- The 2-day festival celebrated the rich military culture and heritage of India through conversations, art, dance, drama, story-telling and exhibitions.
During the festival, Union Defence Minister Rajnath Singh launched the Project Udbhav to promote the indigenous discourse through the integration of ancient strategic acumen into the military domain.
Note: The Indian Military Heritage Festival was launched as a key annual event during India’s G-20 presidency in 2022-2023.
About United Service Institution of India (USI):
USI is the oldest tri-service think tank of India working since 1870, and dedicated to national security and defense services.
Director General– Major General BK Sharma
Headquarter– New Delhi, Delhi
>> Read Full News
BANKING & FINANCE
NBBP Launches B2B Services, Partners with Axis BankNPCI Bharat BillPay Limited(NBBP) has partnered with Axis Bank to launch its services under the Business-to-Business (B2B) category to provide businesses value-added services like flexible invoice presentation, complaint management, Management Information System(MIS), etc.
- NBBP’s B2B Category Payments went live for the first time on e MyJio app for Arzooo, a B2B Retail Tech platform, with Axis Bank as the Biller Operating Unit (BOU).
First B2B Category Payment:
With the first B2B Category payment,
- MyJio became the 1st app to go live with the B2B Category Payments.
- Arzooo became the first biller in this category with support from Jio Payments Bank.
- Axis Bank became the first BOU enabling B2B payments.
Note: NPCI Bharat BillPay Limited(NBBP) is a wholly-owned subsidiary of National Payments Corporation of India (NPCI).
NBBP’s service under B2B category:
Under the B2B category, NBBP will onboard sellers as billers and enable their buyers to pay for the goods and services across NBBP enabled channels and modes.
i.Under this, Bharat BillPay will enable sellers to issue multiple invoices to their buyers and the buyers will have the flexibility to pay one or more invoices in a single transaction.
ii.Payment Modes & Channels: The platform will offer a wide range of payment modes, such as Unified Payments Interface (UPI), net banking, cards, wallets, Immediate Payment Service (IMPS), cash, etc., and multiple payment channels like Mobile app, Website, Agent, Branch etc..
iii.To meet the cash flow requirements of the B2B segment, Bharat BillPay will also allow partial payments in this category.
i.The move aims to digitize and democratise of B2B invoice payments.
ii.Since the process is quick, cost-effective and simpler to adopt, Micro, Small & Medium Enterprises(MSME) segment will be benefitted.
About Axis Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Amitabh Chaudhry
Headquarters – Mumbai, Maharashtra
Established in – 1993
Tagline – Badhti Ka Naam Zindagi
About NPCI Bharat BillPay Limited (NBBL):
Chief Executive Officer(CEO) – Noopur Chaturvedi
Headquarters – Mumbai, Maharashtra
Established in – 2021
EIB Delegates Examined Agra, Kanpur and Lucknow Metro Construction
A three-member delegation from the European Investment Bank (EIB) examined Metro rail works in Agra, Kanpur and Lucknow which is being constructed under Uttar Pradesh Metro Rail Corporation(UPMRC).
- EIB had funded these metro rail projects.
- These project are in par with the international quality and safety standards.
Funding in Agra metro:
i.Agra Metro Rail Project is being build at the total cost of EUR 908 million.
ii.The European Investment Bank (EIB) is providing EUR 450 million in funding for this project.
iii.The remaining amount is being contributed by the central and state governments of India.
Funding in Kanpur Metro:
i.EIB will finance the acquisition of rolling stock and the development of two metro rail corridors with elevated sections, totaling to 32.4 km with 31 stations.
ii.The project was initiated in 2020 by UPMRC.
iii.Out of the total estimated cost of EUR 1354 million EIB will contribute about EUR 650 million.
Note: The above two projects are promoted by Uttar Pradesh Metro Rail Corporation Limited.
Funding in Lucknow Metro:
i.The Lucknow metro project aims to construct a 23km metro line and purchase of a fleet of about 80 metro cars in Lucknow, Uttar Pradesh.
ii.The project is of total value EUR 914 million; EIB is contributing EUR 450 million.
iii.Lucknow Metro Rail Corporation Limited is the promoter of the project
About European Investment Bank (EIB): Werner Hoyer is the President of EIB; its headquarters in Luxembourg
AWARDS & RECOGNITIONS
8th WIF: ICAI Receives ISAR Honours 2023 from UNCTAD; TN’s Guidance wins UN Promotion Award The Institute of Chartered Accountants of India (ICAI) has been awarded the ISAR Honours 2023, 6th edition of ISAR Honours, by the United Nations Conference on Trade and Development (UNCTAD) working group on International Standards for Accounting and Reporting (ISAR).
- The award was presented during the 8th World Investment Forum (WIF) held from October 16-20, 2023 in Abu Dhabi, United Arab Emirates (UAE) on the theme ‘Investing in Sustainable Development’.
- The award acknowledged ICAI’s initiative of Sustainability Reporting Standards Board (SRSB) which received the highest score in 2023 ISAR HONORS session among 70 initiatives from around the world.
Note: ISAR Honours ceremony 2023 celebrates the 6th anniversary since its launch in 2018.
About World Investment Forum (WIF):
It is a biennial Forum, organised by UNCTAD since 2008 to monitor the mainstreaming of SDGs by IPAs and conducts regular surveys.
- The 7th World Investment Forum was held virtually from 18th to 22nd October 2021 due to COVID-19 pandemic. It was originally planned to take place in Abu Dhabi, UAE.
ICAI also received UNCTAD ISAR Chair for the 40th session, a second consecutive session for ICAI, during WIF.
- CA. (Dr.) Sanjeev Kumar Singhal, Central Council Member from ICAI chaired the UNCTAD ISAR session.
Key Initiatives by ICAI:
i.In 2022, ICAI formed a Section 8 Company , ‘The Institute of Social Auditors of India (ISAI)’, to fostering proficient, ethical and world-class social auditors, at par with the expectations of the stakeholders.
ii.ICAI also issued 16 audit standards on social audits across 16 thematic focus areas, making India the first country in the world to have social impact assessment standards.
About ISAR Honours:
UNCTAD launched the pilot edition of ISAR Honours on 24 October 2018. This aims to support efforts on enhancing the quality and comparability of companies’ reporting on their contribution to the 2030 Agenda for Sustainable Development.
Objective: To raise awareness and facilitate dissemination of national and international best practices on sustainability and Sustainable Development Goals (SDGs) reporting as an integral of annual reporting by companies.
ISAR is a Standing Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting created by Economic and Social Council (ECOSOC) in 1983 and coordinated by UNCTAD.
TN’s Guidance wins UN Promotion Award
Guidance the Investment Promotion Agency (IPA under the Department of Industries, Investment Promotion and Commerce, Government of Tamil Nadu (TN), was honored with the 2023 United Nations (UN) Promotion Award for Excellence in Scaling Up Energy Transition Investments during the 8th WIF.
- The award acknowledges Guidance’s innovative efforts in attracting investments and promoting partnerships for energy transition.
- V Vishnu, Managing Director (MD) and Chief Executive Officer(CEO) of Guidance, received the award from Rebeca Grynspan, Director General of UNCTAD.
Note: Guidance is South Asia’s only IPA to get the UN Award in 2023.
i.Guidance was reconsigned for facilitating the 1st solar investment project with a fully vertical integrated photovoltaic thin film solar module manufacturing facility, notably through green incentives and higher training incentives for women.
ii.This project facilitate access to low-cost solar panels and contribute to more sustainable cities in India.
UN Investment Promotion Awards 2023:
i.The 2023 edition of the UN Investment Promotion Awards recognizes the work of IPAs in attracting investment for climate action, along with innovative approaches to investment promotion, finance, and partnerships.
ii.A total of 10 IPAs and Special Economic Zones (SEZ) won the award.
- Apart from India, it was grabbed by Brazil, China, Egypt, France, Namibia, The Republic of Korea, South Africa, Türkiye, and UAE.
CJI Chandrachud receives Harvard Law School’s ‘2022 Award for Global Leadership’
The Chief Justice of India(CJI) Dhananjay Yeshwant(DY) Chandrachud has been felicitated with the ‘2022 Center on the Legal Profession(CLP) Award for Global Leadership’ by The Harvard Law School Center of Harvard University, Massachusetts, United States of America(USA).
- He was announced as the recipient of the award in December 2022.
- He was awarded in recognition of his lifetime service to the legal profession in India and around the world.
i.The Center on the Legal Profession Award is the highest professional distinction of Harvard Law School.
ii.Dana Remus who is the Former White House Counsel is announced as the recipient of the award for the year 2023.
i.Article 124(1) of the Constitution of India states that there shall be a Supreme Court of India consisting of a Chief Justice of India.
ii.Article 126 of the constitution deals with the appointment of an acting CJI.
iii.The CJI is appointed by the President of India under clause (2) of Article 124 of the Constitution of India.
>> Read Full News
APPOINTMENTS & RESIGNATIONS
Ashok Vaswani Appointed as New MD & CEO of Kotak Mahindra Bank LimitedThe Reserve Bank of India (RBI) has approved the appointment of Ashok Vaswani as the next Managing Director (MD) and Chief Executive Officer (CEO) of Kotak Mahindra Bank Limited (KMB) for a period of 3 years. The appointment is with effect from the date of taking charge, which shall not be later than January 1, 2024.
- Ashok Vaswani will replace Uday Kotak who stepped down from the post in September 2023. He resigned 4 months ahead of the end of his current tenure, which is December 31, 2023.
- Ashok Vaswani will succeed Dipak Gupta, the Joint MD of KMB, who is serving as the interim MD & CEO of KMB until December 31, 2023.
- Ashok Vaswani is currently the president of Pagaya Technologies Ltd, the United States of America (US)-Israel Artificial intelligence (AI) fintech firm.
- Uday Kotak served as the MD and CEO of the bank since its inception in 2003. In March 2023, the bank’s board approved appointing Uday Kotak as the non-executive non-independent director for 5 years.
- This will be the first time that KMB will be led by an outsider (Ashok Vaswani) in its 20 or so years of operation.
About Ashok Vaswani:
i.Ashok Vaswanihas more than 3 decades of experience in the banking sector.
iiPrior to Pagaya, he was member of the Barclays Group Executive Team and he has also served as the CEO of consumer banking & payments and Barclays Bank UK.
iii.Prior to Barclays, he was a partner with a J P Morgan Chase-funded private equity firm, Brysam Global Partners.
iv.He spent 20 years with Citigroup and his last position at Citigroup was CEO, Asia Pacific, Global Consumer Bank based out of Singapore.
- He was also a member of the Citigroup Operating Committee, the Citigroup Management Committee, and the Global Consumer Planning Group.
- In addition, he served as a Director on the Board of Asia Pacific VISA International.
vi.He is a member of the Board of the London Stock Exchange Group and the SP Jain Institute of Global Management, UK.
He has also served on the Advisory Board of Insead, Singapore as well as a Founder Director of Lend-a-Hand.
About Kotak Mahindra Bank Limited (KMB):
MD and CEO– Dipak Gupta (Interim)
Headquarters– Mumbai, Maharashtra
Established in– 1985
Sanjay Kumar Jain appointed as CMD of IRCTC
Sanjay Kumar Jain has been appointed as the Chairman and Managing Director (CMD) of the Indian Railway Catering and Tourism Corporation (IRCTC).
- His appointment has been approved after the recommendation of Serach-Cum-Selection Committee (SCSC).
- The post was vacant since January 2021 after the retirement of Mahendra Pratap Maal.
- From June 2023, Seema Kumar who is the Additional Member (Tourism & Catering) is acting as CMD (Additional Charge).
About Sanjay Kumar Jain:
i.Sanjay Kumar Jain is an Indian Railway Traffic Service (IRTS) officer of 1990 batch (IRTS: 1990)
ii.He is currently serving as the Principal Chief Commercial Manager in Norther Railway.
iii.Previously, he served as Joint Secretary to Department of Public Enterprises under Ministry of Finance.
About Indian Railway Catering and Tourism Corporation (IRCTC): It is established in 1999 & Headquartered in New Delhi, Delhi
HP Appoints Former Apple Executive Ipsita Dasgupta as SVP & MD for India
HP Inc. (known as Hewlett-Packard Company), has appointed former Apple executive Ipsita Dasgupta as senior vice president(SVP) and Managing Director (MD) of HP’s India market.
- She will take over the new position with effect from 30th October 2023 succeeding Gurpreet Singh Brar, who has been serving as the Interim MD since November 2022.
- As the SVP and MD, she will be responsible for all the aspects of HP’s strategy and Profit and Loss (P&L) in India, Bangladesh and Sri Lanka.
- She will be reporting to David McQuarrie, Chief Commercial Officer(CCO) of HP.
About Ipsita Dasgupta:
i.Prior to joining HP, Ipsita served as the senior director of marketing for Apple Services based at headquarters in Cupertino, California, United States of America.
ii.She has also worked as President of corporate strategy & incubated business at Star India, a Walt Disney company; and CCO for South Asia and Greater China at General Electric Company.
SCIENCE & TECHNOLOGY
ISRO Launches the Gaganyaan Mission TestOn 21st October 2023, Indian Space Research Organisation (ISRO) successfully launched Gaganyaan’s first flight Test Vehicle Abort Mission-1 (TV-D1) from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh(AP).
“In-flight Abort Demonstration of Crew Escape System (CES)” at Mach number 1.2 with the newly developed Test Vehicle followed by Crew Module(CM) separation & safe recovery.
- Test all the systems of the Test Vehicle to make sure they are working properly.
- Test the CES to make sure it can safely separate the Crew Module from the Test Vehicle in the event of an emergency.
- Test the CM’s ability to fly and land safely at higher altitudes.
i.The flight simulated an abort condition that could occur during the ascent trajectory of the Gaganyaan mission at a Mach number of 1.2.
ii.At an height of about 17 km, the CES and CM got separated from the test vehicle.
iii.The CES then autonomously deployed the parachutes and slow the CM down to a safe landing in the sea, about 10 km from the coast of Sriharikota.
About the Indian Space Research Organisation (ISRO):
Chairman– S. Somanath
Headquarters– Bengaluru, Karnataka
>> Read Full News
Red Bull’s Max Verstappen Wins 50th F1 in US Grand Prix 2023Max Verstappen, the Belgian-Dutch driver of Red Bull won the Formula 1 (F1) United States Grand Prix 2023 held at the Circuit of The Americas in Austin, Texas, The United States of America(USA) from 20- 22 October 2023.
- This marks Max Verstappen’s 50th career win in the F1 and he joins Lewis Hamilton(103), Michael Schumacher(91)(Germany), Sebastian Vettel(53) )(Germany) and Alain Prost (51)(France) in the 50-win club.
- This also marks Verstappen’s 15th win out of 17 races of the 2023 season, in this 15 he won 11 races in a row.
- McLaren Driver Lando Norris of the United Kingdom(UK) finished second place while Ferrari driver Carlos Sainz(Spain) finished third place in the podium.
Winners of US Grand Prix 2023:
|1||Max Verstappen||Red Bull|
Max Verstappen’s Records:
i.In the US Grand Prix, Verstappen broke his previous record for the most points scored in a season with 466 points in the F1 driver standings in 2023 (he scored 454 in 2022).
- This victory also marks Verstappen’s third consecutive US Grand Prix title win(2021, 2022 and 2023).
ii.Verstappen secured the F1 World Championship 2023 title by leading the F1 Driver standing, after he won Qatar GP 2023.
iii.Verstappen could become the first driver ever to win three times in the same country in a single season if he wins the F1 Las Vegas Grand Prix on 19 November 2023.
- So far he had won two Grand Prix in the USA including Miami GP and US GP in 2023.
v.Lando Norris won the fan-voted Driver of the Day Award for the third time this season.
About Federation Internationale de l’Automobile (FIA):
The F1 Grand Prix races are organised by Federation Internationale de l’Automobile (FIA).
President – Mohammed Ben Sulayem
Headquarters – Paris, France
Established – 1904
BOOKS & AUTHORS
Union Minister Hardeep Singh Puri Launched Ashok Tandon’s New Book “The Reverse Swing”
Union Minister Hardeep Singh Puri, Ministry of Petroleum and Natural Gas(MoPNG) launched a book titled “The Reverse Swing: Colonialism to Cooperation” authored by Ashok Kumar Tandon, a veteran journalist and political commentator.
- The book, published by Prabhat Prakashan, features stories on the relationship between India and the United Kingdom (UK), India’s colonial past and its resurgence and the current journey through the Amrit Kaal.
- The book also features interesting facts about former Prime Ministers like Atal Bihari Vajpayee and P. V. Narasimha Rao.
Ashok Tandon has worked as Press Trust of India limited (PTI) Bureau Chief in London and Diplomatic Editor of the PTI in New Delhi, Delhi.
- He has also served in Prime Minister Office (PMO) from 1998-2004 as incharge of Media Relations in the rank of Additional Secretary.
International Stuttering Awareness Day 2023- October 22 International Stuttering Awareness Day, also known as International Stammering Awareness Day (ISAD), is annually observed across the globe on 22 October to raise awareness about Stuttering, a speech disorder that affects millions of people (about 1% of the population) across the globe.
Symbol: Since 2009, the Sea-Green Ribbon has been used as a stuttering awareness ribbon for ISAD
i.In 1997, ISAD was first proposed by Michael Sugarman, the co-founder of the National Stuttering Project (NSP) during the closing ceremony of the International Fluency Association (IFA) in San Francisco, California, the United States of America (USA).
ii.In 1998, the European League of Stuttering Associations (ELSA), the International Fluency Association (IFA), and the International Stuttering Association (ISA) declared the 22nd October of every year as “International Stammering Awareness Day”
iii.The first ISAD was observed on 22 October 1998.
About International Stuttering Association (ISA):
Chair– Douglas Scott (USA)
Headquarters– Minnesota, USA
Founded in– 1995
ISA is a not-for-profit, international umbrella association made up primarily of national self-help associations for people who stutter.
>> Read Full News
International Lead Poisoning Prevention Week 2023- October 22 to 28
International Lead Poisoning Prevention Week (ILPPW) is annually observed across the globe on the last full week of October to raise awareness about the harmful effects of lead poisoning(lead exposure).
- The day also aims to promote the action to eliminate the use of lead in paint.
- This is an initiative of the Global Alliance to Eliminate Lead Paint (Lead Paint Alliance), jointly led by the United Nations Environment Programme (UNEP) and the World Health Organization (WHO).
In 2023, the ILPPW was observed from 22nd to 28th October 2023. This marks the 11th observance of ILPPW.
The 2023 campaign of ILPPW focuses on “End Childhood Lead Poisoning”.
About World Health Organisation (WHO):
Director General – Tedros Adhanom Ghebreyesus
Headquarters – Geneva, Switzerland
Established in – 1948
>> Read Full News
World Snow Leopard Day 2023- October 23 World Snow Leopard Day, also known as International Snow Leopard Day, is annually observed across the globe on 23 October to raise awareness about the conservation and protection of Snow Leopard, one of the world’s most elusive and endangered big cats, and their natural habitat.
- The Snow Leopard (Panthera uncia) are listed as Vulnerable by the International Union for Conservation of Nature (IUCN) Red List of Threatened Species.
i.During the Global Snow Leopard Conservation Forum in Bishkek, Kyrgyz Republic, from 22-23 October 2013, the 12 snow Leopard range countries adopted the Bishkek Declaration on the Conservation of the Snow Leopard and declared the 23 October of every year as the International Snow Leopard Day.
- With the adoption of this declaration, the Snow Leopard Range Countries endorsed a comprehensive, long-term GSLEP Program
ii.The first-ever International Snow Leopard Day was observed on 23 October 2014.
>> Read Full News
Uttarakhand CM launches Nandagaura Yojana Portal for GirlsOn October 22, 2023, the Chief Minister of Uttarakhand, Pushkar Singh Dhami, launched the Nandagaura Yojana Portal, an online facility to be annually available to about 50 thousand girls who are permanent residents of Uttarakhand.
About Nandagaura Yojana :
i.It allows girls in Uttarakhand to apply for financial assistance.
ii.It aims to improve the gender ratio and education of girls.
iii.Under this scheme, eligible parents will get Rs 11,000 at the time of birth of the girl child and later the girl child will receive Rs 51,000 on clearing class XII.
i.The CM also inaugurated the online portals of Nanda Gaura Yojana (NGY), a scheme to improve the gender ratio; and Mukhyamantri Mahalakshmi Kit Yojana (MMKY) aimed at providing nutrition and extra care to the mother and the girl child after delivery on the occasion.
- These portals monitor the working progress of both these schemes.
ii.The CM handed over the appointment letters for the supervisor posts to 167 Anganwadi workers and mini Anganwadi workers.
iii.There will be construction of 3,940 Anganwadi buildings in the State soon and each building will cost around Rs 12 lakh.
- These buildings will be built with the help of the Central government, State Government and MNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) with a budget of about Rs 472 crore.
Governor– Gurmit Singh
Capital– Dehradun, winter capital, and Gairsain, summer capital
Dance Forms– Barda Nati, Langvir Nritya, Ramola
Current Affairs Today (AffairsCloud Today)
|Current Affairs 24 October 2023|
|GMIS 2023: PM Modi Inaugurates the 3rd Edition and Unveils ‘Amrit Kaal Vision 2047|
|Union Defence Minister Rajnath Singh Inaugurated 1st Indian Military Heritage Festival 2023 in New Delhi|
|NBBP Launches B2B Services, Partners with Axis Bank|
|EIB Delegates Examined Agra, Kanpur and Lucknow Metro Construction|
|8th WIF: ICAI Receives ISAR Honours 2023 from UNCTAD; TN’s Guidance wins UN Promotion Award|
|CJI Chandrachud receives Harvard Law School’s ‘2022 Award for Global Leadership’|
|Ashok Vaswani Appointed as New MD & CEO of Kotak Mahindra Bank Limited|
|Sanjay Kumar Jain appointed as CMD of IRCTC|
|HP Appoints Former Apple Executive Ipsita Dasgupta as SVP & MD for India|
|ISRO Launches the Gaganyaan Mission Test|
|Red Bull’s Max Verstappen Wins 50th F1 in US Grand Prix 2023|
|Union Minister Hardeep Singh Puri Launched Ashok Tandon’s New Book “The Reverse Swing”|
|International Stuttering Awareness Day 2023- October 22|
|International Lead Poisoning Prevention Week 2023- October 22 to 28|
|World Snow Leopard Day 2023- October 23|
|Uttarakhand CM launches Nandagaura Yojana Portal for Girls|
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