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NATIONAL AFFAIRS
CCPA Issues Guidelines for Prevention and Regulation of Greenwashing or Misleading Environmental Claims
i.The Central Consumer Protection Authority (CCPA) has released guidelines titled ‘Guidelines for Prevention and Regulation of Greenwashing or Misleading Environmental Claims, 2024‘ aimed at preventing and regulating greenwashing and misleading environmental claims.
ii.This initiative addresses the growing concern over false marketing practices that mislead consumers regarding the environmental benefits of products, and encourage sustainable business practices.
iii.A committee led by Nidhi Khare, Secretary Department of Consumer Affairs,MoCA including members from academia, legal practitioners, consumer organizations, and industry representatives, led to the development of the guidelines after thorough deliberations.
About Ministry of Consumer Affairs, Food & Public Distribution (MoCAF&PD):
Union Minister– Pralhad Joshi (Constituency- Dharwad, Karnataka)
Ministers of State (MoS)- Banwari Lal (BL) Verma (Rajya Sabha- Uttar Pradesh(UP); Nimuben Jayantibhai Bambhaniya (Constituency- Bhavnagar, Gujarat)
>> Read Full News
GoI & GBA signed agreement to Establish GBA Secretariat in India
The Government of India(GoI) has signed a Host Country Agreement(HCA) with the Global Biofuels Alliance (GBA) to officially establish the GBA Secretariat in India. The agreement was signed at a ceremony in New Delhi (Delhi).
- This initiative strengthens India’s position as a global leader in sustainable energy and reinforces the country’s commitment to promoting biofuels.
Signatories: The agreement was signed by Dammu Ravi, Secretary (Economic Relations) from the Ministry of External Affairs (MEA), and Pankaj Jain, Secretary of the Ministry of Petroleum and Natural Gas (MoPNG), who currently serves as the Interim Director General of the GBA.
Key Points:
i.This agreement, following the Union Cabinet’s approval on October 3, 2024, will enable the GBA Secretariat to operate in India with a blend of Indian and international staff.
ii.This will facilitate the alliance in achieving its objectives of promoting biofuels on a global scale.
iii.The HCA grants GBA legal recognition, including privileges and immunities under the United Nations (Privileges and Immunities) Act of 1947, ensuring smooth operations within India’s legal framework.
iv.The establishment of the GBA Secretariat in India is expected to open up new job opportunities for Indian biofuel experts and create a platform for the country’s private sector to showcase its innovation in biofuels
About Global BioFuels Alliance (GBA):
i.The Global Biofuels Alliance (GBA) was launched by India during its G20 presidency in 2023, led by the Indian Prime Minister (PM) Narendra Modi and supported by leaders from Argentina, Bangladesh, Brazil, Italy, Mauritius, Singapore, the United Arab Emirates (UAE) and the United States of America (USA).
ii.It is a multistakeholder initiative that includes governments, international organizations, and industries.
iii.The GBA aims to bring together the largest biofuel producers and consumers to accelerate the development and deployment of biofuels worldwide.
- By promoting biofuels as a sustainable energy source, the Alliance seeks to address challenges such as feedstock availability, investment needs, and policy frameworks.
iv.Members: The Alliance consists of 27 countries and 12 international organizations, having expanded rapidly in less than a year since its inception.
About Ministry of Petroleum and Natural Gas (MoPNG):
Union Minister- Hardeep Singh Puri (Rajya Sabha – Uttar Pradesh, UP)
Minister of State(MoS) – Suresh Gopi (Constituency – Thrissur, Kerala)
MoE Minister Dharmendra Pradhan announces 3 CoEs in AI in Healthcare, Agriculture and Sustainable Cities
On 15th October 2024, Union Minister Dharmendra Pradhan, Ministry of Education (MoE), announced the establishment of 3 Artificial Intelligence (AI) Centres of Excellence (CoEs) focused on Healthcare, Agriculture, and Sustainable Cities during an event held in New Delhi, Delhi.
- This aims to enhance India’s capabilities in AI-driven research and innovation.
Key Points:
i.These CoEs were announced under Para 60 of the Budget Announcement for 2023-24.
ii.The government of India (GoI) has allocated Rs 990 crore for these centres, which will be implemented over 5 years (FY 2023-24 to FY 2027-28).
- An industry-heavy Apex Committee, co-chaired by Sridhar Vembu, Founder and Chief Executive Officer (CEO) of Zoho Corporation, will oversee the implementation of the initiative.
About the CoEs:
i.The CoEs will be led by top educational institutions in consortium with industry partners and startups.
- Healthcare: Indian Institute of Technology(IIT) Delhi and All India Institute of Medical Sciences(AIIMS), New Delhi.
- Agriculture: IIT Ropar, Punjab.
- Sustainable Cities: IIT Kanpur, Uttar Pradesh (UP).
- Union Minister Pradhan presented a sapling and a Plaque to the representatives of AIIMS and IIT Delhi, IIT Ropar, and IIT Kanpur.
ii.The CoEs will conduct interdisciplinary research to develop cutting-edge applications and scalable solutions tailored to each sector’s unique challenges.
iii.This initiative aligns with the government’s broader vision of ‘Make AI in India and Make AI work for India’, as outlined in the 2023-24 (FY24) Budget.
iv.These CoEs would serve as ‘temples of global public good’, positioning India as a leader in AI solutions that can address global challenges.
DPIIT Relaxes Mandatory Quality Control Order for Cookware and Utensils for Micro Units
On October 15, 2024, the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry (MoCI), announced significant relaxations in the mandatory Quality Control Order (QCO) for cookware and utensils, specifically targeting micro units.
- This move aims to enhance the ease of doing business while promoting domestic manufacturing.
Key points:
i.The QCO was extended with the amendment in name of the QCO i.e. “Cookware, Utensils, and Cans for Foods and Beverages (Quality Control) Order, 2024” which was notified on 15th March 2024, and effective from 1st September 2024 for Large and Medium-Scale Manufacturers and foreign manufacturers,
ii. The QCO will now be implemented with effect from 1st April 2025. For small enterprises, it will be effective from July 1, 2025, and from October 1, 2025, for micro enterprises.
iii.This extension allows domestic manufacturers additional time to align with enhanced quality standards while contributing to India’s goals of self-reliance and manufacturing excellence.
Points to Note:
i.The QCO was initially issued in August 2023 to reduce imports of sub-standard goods and encourage local production in the cookware, utensils, and food and beverage cans sectors.
ii.Micro-enterprises registered under the Udyam portal, with investments in plant and machinery not exceeding Rs 25 lakh and a turnover below Rs 2 crore, are now exempt from the QCO requirements.
iii.A six-month relaxation period has been introduced to allow manufacturers to clear legacy stock that does not meet the new standards.
iv.The DPIIT has also introduced exemptions for importing up to 200 units of cookware, utensils, and cans intended for research and development (R&D) purposes.
INTERNATIONAL AFFAIRS
Islamabad hosted 23rd SCO CHG Meeting focused on trade and economic agenda
The 23rd Meeting of the Shanghai Cooperation Organization (SCO) Council of Heads of Government (CHG) was held on 16th October 2024, in Islamabad, Pakistan under the leadership of the Pakistan Prime Minister(PM) Shehbaz Sharif.
i.The summit focused on regional security, trade, economic collaboration, and the fight against terrorism.
ii.Union Minister Subrahmanyam Jaishankar, Ministry of External Affairs(MEA), Government of India(GoI), addressed the 23rd SCO CHG in Islamabad. He became the first Indian foreign minister to visit Pakistan in nearly a decade.
Note: The SCO CHG will be hosted by Russia in 2025.
About Shanghai Cooperation Organization (SCO):
Secretary-General – Zhang Ming
Members– Belarus, China, India, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan and Uzbekistan
Headquarters – Beijing, China
>> Read Full News
BANKING & FINANCE
WHO Secured USD 1 billion for 2025-28, with USD 700 million in New Funding
The World Health Organisation (WHO) announced that it has secured USD 1 billion in pledges for its next budget i.e. for 2025-28, of which nearly USD 700 million pledges was made in terms of new funding commitments from various European nations, foundations and organisations and the remaining USD 300 million was from the previous commitments made by the European Union (EU) and African Union (AU).
- The announcement was made during the WHO Investment Round Signature Event which was co-hosted by Germany, France, and Norway, held at the World Health Summit in Berlin, Germany.
i.Germany emerged as the major contributor to WHO’s funding among all European nations and has pledged nearly USD 400 million for a period of 4 years, with USD 260 million in new voluntary funding.
ii.Other European nations like: the European Union (EU), Norway and Ireland have made the commitment of USD 250 million, USD 100 million and USD 30 million, respectively to WHO budget for 2024-28.
About World Health Organisation (WHO):
Director General (DG)- Dr. Tedros Adhanom Ghebreyesus
Headquarters- Geneva, Switzerland
Established – 7th April, 1948
>> Read Full News
RBI Approved the Merger of Tata Capital & Tata Motors Finance
The Reserve Bank of India (RBI) has approved the merger of Tata Motors Finance Limited (TMFL) with Tata Capital Limited (TCL), creating India’s 12th largest Non-Banking Finance Company (NBFC).
Note:
i.As a consideration for the merger, TCL will issue its equity shares to the shareholders of TMFL resulting in TML effectively holding a 4.7% stake in the merged entity.
ii.As of 31st March 2024, Tata Sons holds 92.83% of Tata Capital, while the remaining shares are owned by other Tata Group companies and trusts.
Key Points:
i.The merger received RBI approval after endorsements from the Competition Commission of India (CCI) and the boards of both firms.
ii.Tata Capital aims to expand its customer base in the growing commercial vehicle and passenger car financing markets through this merger.
iii.The merger process is expected to take about 9 to 12 months, pending additional regulatory approvals from the Securities and Exchange Board of India (SEBI) and the National Company Law Tribunal (NCLT).
iv.Tata Capital plans to list its shares by September 2025, enhancing its vehicle financing and digital service offerings.
RBI Imposed a Penalty of Rs 28.30 Lakh on SG Finserve
RBI has imposed a monetary penalty of Rs 28.30 lakh on SG Finserve Limited (formerly known as M/s Moongipa Securities Limited) for non-compliance with specific conditions under which the company was issued the Certificate of Registration (CoR) by RBI under section 45IA (5) of RBI Act, 1934.
- This penalty will not affect SG Finserve’s customers.
- The penalty was imposed in the exercise of powers conferred under the provisions of clause (a) of sub-section (1) of Section 58G read with sub-section (6) of Section 58B of the RBI Act, 1934.
RBI Imposed Penalty of Rs 14 Lakh on Arunachal Pradesh Rural Bank
RBI has imposed a monetary penalty of Rs 14 Lakh on Arunachal Pradesh Rural Bank for non-compliance with certain directions issued by RBI on ‘Strengthening of Prudential Norms- Provisioning Asset Classification and Exposure Limit’ and ‘Know Your Customer (KYC)’.
- This penalty will not affect the bank’s customers.
- The penalty was issued in the exercise of powers conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation (BR) Act, 1949
India Exim Finserve partnered with VoloFin to enhance receivables finance solutions for Indian SME exporters
Gandhinagar(Gujarat) based India Exim Finserve IFSC Private Limited (Exim Finserve), a wholly owned subsidiary of Export-Import Bank of India (India Exim Bank) has collaborated with Singapore based VoloFin Services Private Limited to provide comprehensive receivables financing solutions to Indian exporters.
- This collaboration will assist underserved Small and Medium-sized Enterprise (SME) exporters who play an important role in the country’s economic growth.
- It will also solve major trade finance gaps and enable open account trading between India and its trade partners.
i.As as part of this initiative, New India Assurance Company Limited supported by global reinsurer Atradius, has introduced the first-of-its-kind trade finance insurance policy from GIFT City, Gujarat.
ii.This strategic collaboration between VoloFin, India Exim Bank, and New India Assurance is poised to significantly enhance India’s trade ecosystem, particularly for SMEs.
Note: Netherland based Atradius is a global leader in credit insurance and risk management, with a presence in over 50 countries.
LIC Reduces 1st-year Agent Payout to 28% after Surrender Value Revision
Life Insurance Corporation of India (LIC) has reduced the first-year agent commission from 35% to 28% including a bonus after revising its surrender value norms and decreased from 25% to 20% without bonus.
i.The new surrender norms came into effect from 1st October 2024.
ii.Key changes include
- Upper limit for purchasing LIC’s new endowment plan revised from 55 to 50 years.
- Increased the commission for renewal premiums from 5% to 7.5%.
- The minimum sum assured on the revised policies has been raised from 1 lakh to Rs.2 lakhs.
- Premium on life insurance products increased by an average of 8-9%
iii.These modifications follow the Insurance Regulatory and Development Authority of India’s (IRDAI) master circular on life insurance products (Insurance Products Regulations, 2024) issued in June 2024.
India Pledged USD 300 million to WHO; USD 250 Million will be spent on CoE for Traditional Medicine
India, the 6th largest global contributor to the World Health Organization (WHO), pledged over USD 300 million to support the WHO’s core programmes from 2025 to 2028.
- Around USD 250 million will be dedicated to the establishment of the Centre of Excellence (CoE) for Traditional Medicine in Jamnagar, Gujarat.
i.WHO has received contribution pledges for over USD 2.2 billion towards a USD 7.1 billion funding gap for core programmes that aims to save 40 million lives over 4 years.
ii.In addition to funding the traditional medicine center, USD 38 million has been allocated for new premises for WHO’s regional office, USD 10 million for digital health, and USD 4.6 million for thematic funding.
iii.Countries in the WHO’s South-East Asia Region have collectively committed over USD 345 million, with additional pledges expected from Indonesia and Bhutan.
ECONOMY & BUSINESS
NSSO Released PLFS 2023-24 : Highlighting Trends Among Religious Minorities
The National Sample Survey Office (NSSO) under the Ministry of Statistics and Programme Implementation (MoSPI) has released the “Periodic Labour Force Survey (PLFS) July 2023- June 2024)”, which indicates unemployment rates among India’s religious minorities in India increased in 2023-24 (1 July 2023 to 30 June, 2024).
- While the national unemployment rate remained unchanged at 3.2% for the first time in 5 years, joblessness among minorities, particularly Sikhs and Muslims, saw notable increases.
- Unemployment for all minorities was higher in urban areas compared to the rural side during 2023-24. This situation highlights the ongoing challenges faced by these communities.
- According to the survey, Sikhs faced the highest unemployment rate among religious minorities, rising from 5.1% in 2022-23 to 5.8% in 2023-24.
About Ministry of Statistics and Programme Implementation (MoSPI):
Minister of State (MoS)(Independent Charge /IC)– Rao Inderjit Singh (Constituency- Gurugram ,Haryana)
>> Read Full News
SKYBER Partners with Sibia to Sell India-Made UAVs in the MEA Region
SKYBER Aerospace Private Limited, an advanced air mobility firm, has announced a strategic partnership with Dubai (The United Arab Emirates-UAE)-based Sibia Technologies, to market and sell made-in-India Unmanned Aerial Vehicles (UAVs) across the Middle East and Africa (MEA).
- With an expected market size of USD 5.3 billion by 2029, the MEA region presents vast opportunities in both government and commercial sectors.
Details of the partnership:
i.Under this partnership, SKYBER will supply high-performance customised military UAV systems to strengthen the defence systems in the MEA region, while Sibia will handle local sales, marketing, customer relations, and logistics.
ii.The partnership targets both military and commercial sectors, including industries such as oil and gas, construction, and agriculture. Significant consumers are expected from the UAE, Saudi Arabia, and Qatar.
iii.UAVs will feature advanced data security, Artificial Intelligence (AI)-powered navigation, and autonomous capabilities, with future enhancements including high-precision sensors.
iv.Systems will be designed to endure extreme weather conditions typical of the region, ensuring reliability in various environments.
v.Sibia will provide operator training and ensure compliance with local regulations, streamlining operations with readily available spare parts and support services.
About SKYBER Aerospace Private Limited:
Co-Founder & Chief Executive Officer (CEO)– Joseph George
Headquarters– Bengaluru, Karnataka
Establishment– 2023
RITES signs MoU with Etihad Rail for Rail Infrastructure Development Projects in UAE
Gurugram(Haryana) based RITES Limited, formerly known as Rail India Technical and Economic Service Limited, signed a Memorandum of Understanding (MoU) with Etihad Rail, the developer and operator of the United Arab Emirates (UAE) National Rail Network, to explore collaboration and leverage capabilities in the development of railways and associated infrastructure services in the UAE and the wider region.
- The MoU was signed by Rahul Mithal, Chairman and Managing Director(CMD) of RITES Ltd., and Shadi Malak ,Chief Executive Officer (CEO) of Etihad Rail, during the Global Rail Transport Infrastructure Exhibition & Conference in Abu Dhabi, the UAE.
i.The partnership seeks to ensure more modern and efficient rail services in the UAE and utilizing the strengths of both parties to explore collaborative opportunities for rolling stock supply, project management and consulting for railway projects, and services like rolling stock repair and railway infrastructure operation and maintenance.
ii.It will also involve workforce development, knowledge transfer, and expertise sharing.
iii.With a focus on innovation and the application of state-of-the-art technology, both parties will investigate cutting-edge Information technology (IT) solutions for train operations and passenger management as well as technical input on maintenance procedures.
AWARDS & RECOGNITIONS
President of India Droupadi Murmu Conferred 5th National Water Awards for Year 2023; Odisha Won the Best State Award
On 22nd October 2024, the President of India Droupadi Murmu has conferred the 5th National Water Awards (NWAs) for the year 2023 on 38 winners including joint winners across 9 different categories such as: Best Village Panchayat, Best Urban Local Body (ULB), Best Industry, Best Water User Association, Best Institution (other than school or college), and Best Civil Society.
- These awards were presented during a ceremony held at Plenary Hall, Vigyan Bhawan in New Delhi, Delhi.
i.Odisha won the 1st prize in the category of Best State, while Uttar Pradesh (UP) secured the 2nd position, and Gujarat and Puducherry, Union Territory (UT) with state legislature, jointly secured the 3rd position in this category.
ii.Jhajjar( Haryana)-based Aravali Power Company Private Limited (APCPL) honoured with the Best Industry award for 2023.
About Ministry of Jal Shakti (MoJS):
Union Minister- Chandrakant Raghunath Patil (Constituency- Navsari, Gujarat)
Minister of State (MoS)- V. Somanna (Constituency- Tumkur, Karnataka); Raj Bhushan Choudhary (Constituency- Muzaffarpur, Bihar)
>> Read Full News
SPORTS
ICC Women’s T20 World Cup 2024: New Zealand won its maiden title by defeating South Africa
New Zealand’s Women’s Cricket team won their first–ever International Cricket Council (ICC) Women’s Twenty20 (T20) World Cup title, by defeating South Africa’s Women’s cricket team by 32 runs in the finals of the ICC Women’s T20 Cricket World Cup 2024 held at the Dubai International Cricket Stadium, The United Arab Emirates (UAE).
- New Zealand restricted South Africa to 126-9 in 20 overs against its 158-5 in the finals. This marks New Zealand’s first victory since its One Day International (ODI) World Cup 2000.
- The 9th edition of the ICC Women’s T20 Cricket World Cup (2024) was held from 3rd to 20th October 2024 in Dubai and Sharjah in the UAE.
- The New Zealand team (known as Kiwis) was captained by Sophie Devine and South Africa Team (known as Proteas) was captained by Laura Wolvaardt.
Cash Prize & Awards:
i.The winning team (New Zealand) received a cash prize of USD 2.34 million (Rs 19.6 crore).
ii.The first runners-up South Africa received USD 1.17 million (Rs 9.8 crore).
iii.Player of the tournament(POT): Amelia Kerr (New Zealand)
iv.Player of the match(POM) (Finals): Amelia Kerr
Key Highlights:
i.Amelia Kerr became the 1st player in history to bag both the POT and POM in the Women’s T20 World Cup.
- she scored 43 off 38 balls in the finals and she also accumulated 135 runs in 6 innings with the bat, averaging 27 and finished the tournament with 15 wickets in 6 innings with the ball.
- She broke England’s Anya Shrubsole and Australia’s Megan Schutt’s record of taking 13 wickets in 2014 and 2020, respectively.
ii.Suzie Bates became the most-capped player in international matches (334 appearances), breaking Indian legend Mithali Raj’s record (333 appearances).
About ICC Women’s T20 World Cup:
i.The ICC Women’s T20 World Cup, organised by ICC, is the biennial international championship for women’s Twenty20 International cricket.
ii.The first edition of the tournament was held in England in 2009.
iii.As of 2024, Australia is the most successful team of the event which has won the title six times (2010, 2012, 2014, 2018, 2020, 2023); while England (2009), West Indies (2016) and New Zealand (2024) have once.
iv.The 10th edition of the tournament will be hosted by England in 2026.
IMPORTANT DAYS
Global Handwashing Day 2024 – October 15
The Global Handwashing Day(GHD) is annually observed across the globe on 15th October to raise awareness about the importance of handwashing with soap and water in preventing the spread of infections and diseases.
- 15th October 2024 marks the observance of the 17th GHD
- The theme of Global Handwashing Day 2024 is “Why are clean hands still important?”.
Background:
i.Global Handwashing Day(GHD) was initiated by the Global Handwashing Partnership (GHP) in August 2008 during the annual World Water Week in Stockholm, Sweden.
ii.The first-ever GHD was observed on 15th October 2008.
>> Read Full News
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