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NATIONAL AFFAIRS
PM visit to Jharkhand, Gujarat and Odisha from 15-17 September 2024
Prime Minister (PM) Narendra Modi visited Jharkhand, Gujarat and Odisha on 15-17 September 2024.
i.PM Modi flagged off the Tatanagar-Patna Vande Bharat train at Tatanagar Junction Railway Station, Jharkhand.
ii.PM Modi laid the foundation stone and dedicated to the nation various Railway Projects worth more than Rs 660 crore in Tatanagar, Jharkhand.
iii.PM Modi flagged off Six state-of-the-art Vande Bharat Express trains.
iv.PM Modi inaugurated Phase II of the Ahmedabad Metro Rail Project and the 4th Global Renewable Energy Investor’s Meet and Expo (RE-INVEST).
v.PM Modi virtually flagged off India’s first Namo Bharat Rapid Rail between Ahmedabad and Bhuj from the Bhuj railway station.
vi.PM Modi laid the foundation stone and dedicated to the nation Railway Projects worth more than Rs. 2800 crores and laid the foundation stone for National Highway (NH) Projects worth more than Rs 1000 crore.
vii.PM Modi launched ‘SUBHADRA’, the flagship Scheme of Government of Odisha.
>> Read Full News
MoES Secretary M Ravichandran Unveiled Integrated Ocean Energy Atlas of INCOIS
Dr M Ravichandran, Secretary of the Ministry of Earth Sciences (MoES) launched the Integrated Ocean Energy Atlas of the Indian EEZ (Exclusive Economic Zone), a pioneering initiative by the Indian National Centre for Ocean Information Services (INCOIS), a unit of the Earth System Science Organization (ESSO) and an autonomous body under the MoES.
- The Integrated Ocean Energy Atlas showcases the renewable energy potential within India’s EEZ.
- It identifies areas with high energy generation potential, serving as a vital resource for policymakers, industries, and researchers.
Key People:
Dr. Tummala Srinivasa Kumar, Director of INCOIS; T. M. Balakrishnan Nair, Group Director, Ocean Modelling, Applied Research & Services (OMARS), INCOIS, and other scientists.
About the Atlas:
i.The atlas covers the vast potential of ocean energy resources:
- Marine meteorological energy forms such as solar and wind
- Hydrological energy forms such as waves, tides, currents, and ocean thermal, and salinity gradients.
ii.The Atlas provides annual, monthly, and daily energy estimates of ocean energy components.
iii.The components can be accessed via a Web Geographic Information System (GIS) interface at 5-kilometers (km) grid resolution.
iv.The Atlas estimates 9.2 lakh Terawatt-hours (TWh) of annual ocean energy for 5 sectors within the Indian EEZ.
Significance:
i.The Atlas is significant for guiding policy and investment in the energy sector.
ii.Offshore renewable energy remains largely untapped and holds the potential to contribute to India’s energy transition and the growth of its blue economy.
Note: INCOIS also plans to collaborate with industry partners and public sector companies to develop marine energy projects in high-potential areas within the Indian EEZ.
About Indian National Centre for Ocean Information Services (INCOIS):
Director– Dr. Tummala Srinivasa Kumar
Headquarters– Hyderabad, Telangana
Established– 1999
MoL&E Increases PF withdrawal Limit to Rs 1 Lakh from Rs 50,000
On 17th September 2024, the Union Minister Dr. Mansukh Mandaviya, Ministry of Labour & Employment (MoL&E) announced that now subscribers of the Employees ‘Provident Fund Organisation (EPFO) can withdraw up to Rs 1 lakh from their Provident Fund (PF) accounts for personal financial needs, an increase from the current limit of Rs 50,000.
i.He also announced that employees who have not completed 6 months in the current job are now eligible to withdraw amounts, which was earlier prohibited.
ii.He informed that Government of India (GoI) is currently working on the proposal to increase the income ceiling under the EPFO and Employees’ State Insurance Corporation (ESIC) from the current Rs 15,000 per month and Rs 21,000 respectively.
About Ministry of Labour & Employment (MoL&E):
Union Minister- Dr. Mansukh Mandaviya (Constituency- Porbandar, Gujarat)
Minister of State (MoS) – Shobha Karandlaje(Constituency- Bangalore North, Karnataka)
About Employees ‘Provident Fund Organisation (EPFO):
Chief Executive Officer (CEO)- Neelam Shami Rao
Headquarters- New Delhi, Delhi
Established- 1952
>> Read Full News
INTERNATIONAL AFFAIRS
India-Kuwait ties : ICCR & GUST sign MoU to teach Hindi
New Delhi(Delhi) based Indian Council for Cultural Relations (ICCR) and the Gulf University for Science and Technology (GUST) in Kuwait signed an Memorandum of Understanding (MoU) to establish ICCR’s first Chair of Indian Studies in Kuwait, focusing on Hindi language teaching.
This marks a significant step in promoting Hindi and India-related studies in Kuwait.
i.The agreement was signed by Ambassador of India to Kuwait Dr. Adarsh Swaika and GUST President Professor Bassam Alameddine.
ii.An Expert Indian academician will be appointed to teach Hindi at GUST for up to three years.
Note: In April 2024, a weekly indi radio broadcast was launched on Kuwait National Radio.
ICAIRE Classified as a UNESCO Category 2 Center at the Global AI Summit in Riyadh, Saudi Arabia
The Saudi Data and Artificial Intelligence Authority (SDAIA) and the United Nations Educational, Scientific and Cultural Organization(UNESCO) announced the classification of the International Center for Artificial Intelligence Research and Ethics (ICAIRE) as a Category 2(C2) center under UNESCO during the 3rd Global AI Summit held from September 10-12, 2024 in Riyadh, Saudi Arabia.
- This highlights Saudi Arabia’s leadership in AI ethics and its commitment to the UN Sustainable Development Goals(SDGs).
- This classification reinforces Saudi Arabia’s commitment to international and regional cooperation in AI ethics, policies, and research.
- Saudi Arabia was an early adopter of UNESCO’s AI ethics recommendations, endorsed by 193 countries in November 2021.
BANKING & FINANCE
IDFC First Bank Limited Launched ‘Ashva’ & ‘Mayura’ credit cards
IDFC First Bank, a leader in innovative financial solutions, has launched two new credit cards – ‘Ashva’ and ‘Mayura’, under the premium credit card segment. IDFC First Ashva credit card focuses on mid-tier customers and IDFC First Mayura credit card focuses on the affluent segment.
i.IDFC First Ashva credit card is a premiere metal credit card, powered by Visanetwork. This credit card is designed specifically to cater not just the financial needs of affluent customers but to elevate the luxury experiences of their customers.
ii.IDFC First Mayura credit card , a new addition to its premium metal card range.This new credit card is exclusively designed to combine modern travel benefits with a design inspired by the rich Indian heritage, specifically Mayura (the peacock).
iii.The Reserve Bank of India (RBI) has approved the re-appointment of V. Vaidyanathan as Managing Director (MD) and Chief Executive Officer (CEO) of IDFC First Bank Limited for a period of 3 years effective from 19th December, 2024 to 18th December, 2027.
About IDFC FIRST Bank Limited:
Managing Director (MD) and Chief Executive Officer (CEO)– V. Vaidyanathan
Headquarters- Mumbai, Maharashtra
Tagline-”Always You First”
Established -2018
>> Read Full News
ADB Approves USD 50mn Loan for Water Resource Management and Climate Resilience in Meghalaya
The Asian Development Bank (ADB) has approved a USD 50 million loan for initiative namely, ‘Climate-Adaptative Community-Based Water-Harvesting Project’ to enhance water resource management and strengthen climate resilience in Meghalaya, India.
- The project focuses on improving water access and supporting communities in adapting to climate change through sustainable Water-Harvesting System (WHS).
- The project supports the Meghalaya State Water Policy 2019.
Key Points:
i.The project will involve the construction of 532 water-storage facilities across 12 districts, designed for climate resilience.
ii.These facilities will help manage heavy rainfall and flash floods during the monsoon, providing irrigation during the dry winter season.
iii.There will be development of 3,000 hectares of command area to ensure reliable irrigation for farmers.
iv.Small multipurpose reservoirs will be constructed or upgraded, with 50 weather stations set up for data collection and monitoring.
v.Micro-irrigation systems will be introduced in the Garo, Jaintia, and Khasi regions, and pilot tests of renewable energy microhydropower will be done.
vi.Localized water security strategies will be managed by Village Employment Councils (VEC), Watershed Management Committees (WMC), and Water Users Associations (WUA) after providing training on climate-resilient agricultural practices and alternative livelihoods.
- Women farmers will receive special training to boost productivity in irrigated agriculture, focusing on horticulture and fisheries.
vii.ADB will strengthen the capacity of the Meghalaya State Watershed and Wasteland Development Agency and the Soil and Water Conservation Department for better water resource planning and management.
viii.A comprehensive state-wide water-harvesting master plan will be incorporated for weather patterns and disaster risk management.
About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Headquarters– Manila, Philippines
Members– 68 members—49 from the region
Establishment– 1966
SEBI Amended Issue and Listing Non-Convertible Securities Rules to Streamline Public Issuance of Debt Securities
On 18th September 2024, the Securities and Exchange Board of India (SEBI) has amended the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 in exercise of powers given under sub-section 30 of the SEBI Act, 1992(15 of 1992).
This amendment aims to streamline the process of public issuance of debt securities and simplify the disclosure requirements, which will help in providing faster access to funds for such issuers.
- These new regulations are now known as the SEBI (Issue and Listing of Non-Convertible Securities) (Second Amendment) Regulations, 2024.
- These new regulations came into effect from the day of its official notification by SEBI.
Key Changes:
i.Reduced the timeline: As per new rules, SEBI has reduced the time period for seeking public comments on the draft offer documents from 7 working days to 1 day for issuers whose specified securities are already listed on exchanges with nationwide terminals and 5 days for other issuers.
ii.Revised minimum subscription period: It has specified that the minimum subscription period has been reduced from 3 to 2 days.
- Also, in case of revision in the price band or yield , the bidding period disclosed in the offer documents, can be extended by 1 working day (previously, it was 3 working days).
iii.Use of working Mode for Advertisement: As per the revised rules, issuers have now discretion with regard to advertisement of public issues through electronic modes subject to a window advertisement, containing a Quick Response (QR) Code and link to full advertisement, in newspapers.
iv.Eliminate the need of PAN in offer documents: SEBI new rules has simplified disclosure requirements for Non-Convertible Securities (NCS) in offer document by eliminating the requirement for Permanent Account Number (PAN) and personal address disclosure of promoters in offer documents.
- SEBI has clarified that the key operational and financial parameters will be disclosed in alignment with financial information requirements.
About Securities and Exchange Board of India (SEBI):
SEBI is the apex regulatory body for securities and commodity market in India. It was initially established as non-statutory body in April 1988. Later, SEBI was accorded the status of statutory body through SEBI Act, 1992 on 30th January, 1992.
Chairman- Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
SBI Sanctions Thermal Project Loan of Rs. 10,050 Cr to DVC to Develop 1600 MW USCTPP in Koderma
The State Bank of India (SBI), a Public Sector Bank (PSB), has sanctioned a Rupee term loan facility of Rs 10,050 crores to Damodar Valley Corporation (DVC) to develop an Ultra Super Critical Thermal Power Project (USCTPP) with a capacity of 1600 Megawatt (MW), in Koderma, Jharkhand.
- The 1,600 MW project involves the construction of 2 units of 800MW each and has been identified by the Ministry of Power (MoP) as one of the projects for capacity addition by 2030, aligning with India’s long-term energy goals.
- The loan agreement was formally exchanged by Ashwini Kumar Tewari, Managing Director (MD)(Corporate Banking & Subsidiaries), SBI; Gulshan Malik, and Amitava Chatterjee, Deputy MDs (DMDs) (Commercial Clients Group), SBI; Arup Sarkar, Member Finance, DVC; Joydeep Mukherjee, Executive Director (ED) (Finance), DVC; and Durgesh Maiti, Chief General Manager (CGM) (Finance), DVC.
Note: Kolkata (West Bengal (WB))-based DVC, under the MoP, came into existence on 7 July 1948 as the first multipurpose river valley project of independent India.
ECONOMY & BUSINESS
S&P Global Report: India on Track to Become World’s 3rd Largest Economy by FY31 & Projected Annual Growth of 6.7%
According to the S&P Global’s inaugural edition of the report titled “India Forward: Emerging Perspectives” released on 19th September, 2024, India is on track to become the 3rd largest economy in the world and transition to the Upper-Middle-Income(UMI) category by Financial Year 2030-31 (FY31), driven by a projected annual growth rate of 6.7%.
- The report noted that India’s Gross Domestic Product (GDP) grew by an impressive 8.2% in FY24 and also expects to grow at 6.8% in FY25.
- However, it suggested that sustained reforms are crucial to improving business transactions and logistics, boosting private sector investment, and reducing reliance on public capital.
About S&P Global Inc.:
President and Chief Executive Officer (CEO) – Douglas L. Peterson
Headquarters- New York, the United States of America (USA)
Established- 1917
>> Read Full News
Karnataka, Gujarat and TN, Biggest Gainers from 1990s Reforms: EAC – PM
According to the working paper by the Economic Advisory Council to the Prime Minister(EAC-PM) titled ‘Relative Economic Performance of Indian States: 1960-61 to 2023-24’, there are significant economic transformations in various Indian states since the liberalization reforms of the 1990s.
- The paper focuses exclusively on the relative performance of states, measured using two indicators :Share in India’s GDP and Relative per capita income.
- Karnataka, Gujarat, Delhi, Andhra Pradesh (AP), Telangana, and Haryana have made the largest gains in increasing their shares in the national GDP.
- In contrast, West Bengal (WB), Uttar Pradesh (UP), Uttarakhand, Bihar, Punjab, and Assam’s shares in India’s overall GDP have gone down.
About Economic Advisory Council to the Prime Minister(EAC-PM):
The EAC-PM is an independent body constituted to give advice on economic and related issues to the Government of India(GoI), specifically to the Prime Minister(PM).
Chairman – Dr. Bibek Debroy
Headquarters – New Delhi(Delhi)
>> Read Full News
AWARDS & RECOGNITIONS
Bollywood Producer Vinod Bachchan Honored with Global Prestige Award at the UK Parliament
Renowned Bollywood film producer Vinod Bachchan was honored with the prestigious Global Prestige Award at the House of Lords, United Kingdom (UK) Parliament for his outstanding contribution in Indian film industry, and in promoting Indian culture and strengthening cinematic ties between India and the global stage, particularly the UK.
- The award ceremony was held in the presence of Lord Bellamy KC and Lord Rami Ranger CBE, a distinguished Member of Parliament.
- Vinod Bachchan produced Bollywood hits such as Tanu Weds Manu, Zila Ghaziabad, Ginny Weds Sunny, and Shaadi Mein Zaroor Aana, received the award for his influential role in bringing Indian cinema to global audiences
About Global Prestige Award:
i.It honors individuals who have made significant contributions in their field. Presented at the UK Parliament, this award aims to celebrate diversity and excellence across various domains, including arts, culture, and business.
ii.The award highlights the importance of cultural exchange and the role of cinema in bridging gaps between different societies.
APPOINTMENTS & RESIGNATIONS
Jitendra J Jadhav Assumed Charge as DG of Aeronautical Development Agency
Jitendra J Jadhav assumed charge as the Director General (DG) of the Aeronautical Development Agency (ADA). He has been holding additional Charge of Program Director (Combat Aircraft) and Director of the ADA since September 2022.
- Jitendra J Jadhav replaced Dr Girish S Deodhare, who has been serving as the DG of ADA since 2021.
- He joined ADA in 1999 as a Scientist/Engineer ‘E’ and has about 37 years of experience in combat aircraft design and development.
- He served as Director of the Council of Scientific & Industrial Research -National Aerospace Laboratories (CSIR-NAL), Bengaluru, Karnataka from 2016-2022.
- He also served as Project Director of Light Combat Aircraft (LCA) (AF Mk1), and Group Director (Weapon and Missile Systems) at ADA.
- He was instrumental in steering the Initial Operational Clearance (IOC) of Tejas-LCA and its induction into the Indian Air Force (IAF) in 2013.
Note: ADA is a Society under the Department of Defence Research and Development (DDR&D) of the Defence Research and Development Organisation (DRDO), the Research and Development (R&D) wing of the Ministry of Defence (MoD).
IMPORTANT DAYS
International Day of Peace 2024 – September 21
The United Nations (UN’s) International Day of Peace (IDP) is annually observed across the globe on 21 September to commemorate and strengthen the ideals of peace, both within and among all nations and peoples.
- The 2024 theme of IDP is, “Cultivating a Culture of Peace.”
- 2024 marks the 25th anniversary of the United Nations General Assembly’s (UNGA) adoption of the Declaration and Programme of Action on a Culture of Peace.
Background:
i.In 1981, the UN General Assembly (UNGA) adopted the resolution A/RES/36/67, declaring the 3rd Tuesday of September, coinciding with the opening day of the regular sessions of the UNGA as the International Day of Peace.
ii.The first IDP was observed on 21 September 1982 (3rd Tuesday of September 1982).
>> Read Full News
World Alzheimer’s Day 2024 – September 21
World Alzheimer’s Day (WAD) is annually observed across the globe on 21 September to raise awareness and challenge the stigma around Alzheimer’s disease, the most common type of dementia, and other forms of dementia and unite efforts globally to combat the disease and improve care.
- WAD is observed during World Alzheimer’s Month, an international campaign from Alzheimer’s Disease International (ADI) that takes place every September.
The 2024 World Alzheimer’s Month campaign centers around the taglines ‘Time to act on dementia, Time to act on Alzheimer’s’.
Background:
i.World Alzheimer’s Day was launched at the opening of ADI’s annual conference in Edinburgh, Scotland on 21 September 1994 to celebrate the 10th anniversary of ADI.
- ADI launched the first WAD on 21 September 1994 in association with the WHO.
ii.In 2010, the ADI launched the first World Alzheimer’s Month awareness campaign as a pilot campaign in 12 countries.Since 2011, World Alzheimer’s Month has been annually observed during September.
About Alzheimer’s Disease International (ADI):
Chief Executive Officer (CEO)- Paola Barbarino
Headquarters– London, the United Kingdom (UK)
Established – 1984
>> Read Full News
International Red Panda Day 2024 – September 21
International Red Panda Day (IRPD) is annually observed across the globe on the 3rd Saturday of September to raise awareness about the significance of the Red Panda, the 1st Panda, and the only endangered Panda.
- The day aims to educate people about the conservation of red pandas, and the threats they face in the wild, and encourage people to save them.
IRPD 2024 was observed on 21 September 2024.
- IRPD 2023 was observed on 16th September 2023 and IRPD 2025 will be observed on 20th September 2025.
Background:
i.The International Red Panda Day (IRPD) was launched in 2010 by the Red Panda Network (RPN), a non-profit organization, and the world leader in efforts to save red pandas and their habitat.
ii.The 1st-ever IRPD was observed on 18th September 2010.
About the Red Panda Network (RPN):
Executive Director (ED)- Ang Phuri Sherpa
Headquarters– Eugene, Oregon, the United States of America (USA) (International); and Kathmandu, Nepal (Asia)
Established in– 2007
>> Read Full News
International Coastal Cleanup Day 2024 – September 21 
International Coastal Clean-up (ICC) Day is annually observed across the world on the 3rd Saturday of September to raise public awareness about coastal cleanliness and the adverse impact of pollution on marine life.
i.ICC Day 2024 was observed on 21st September 2024.
- ICC Day 2023 was observed on 16th September 2023 and ICC Day 2025 will be observed on 20th September 2025.
ii.The theme of International Coastal Cleanup Day 2024 is #SeaTheChange.
Background:
i.The International Coastal Cleanup (ICC) was first organised by the Ocean Conservancy, an organisation that works to protect the ocean, its wildlife, and the communities that depend on it.
ii.The first-ever International Coastal Cleanup event hosted by Linda Maraniss and Kathy O’Hara, the members of Ocean Conservancy, was observed in 1986 on the west coast of Washington state, the United States of America (USA).
About Ocean Conservancy:
Chief Executive Officer (CEO) – Janis Searles Jones
Headquarters – Washington, D.C., United States of America (USA)
Established – 1972
>> Read Full News
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