Current Affairs 26 October 2023

We are here for you to provide the important Recent and Latest Current Affairs 26 October 2023, which have unique updates of Latest Current Affairs 2023 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

Home Minister Amit Shah inaugurates India’s 1st Nano DAP plant at Kalol in Gandhinagar, Gujarati.On October 24, 2023, India’s first Nano Di-Ammonia Phosphate (DAP-Liquid) plant was inaugurated by the Union Minister Amit Shah, Ministry of Home Affairs (MHA) near Kalol in Gandhinagar, Gujarat.
ii.It was set up by Indian Farmers Fertilizer Cooperative Limited (IFFCO) at a cost of Rs 300 crore.
iii.The development of plant is on the lines of Aatmnirbhar Bharat vision of Prime Minister (PM) Narendra Modi.
iv.This is the second IFFCO plant in Gujarat. In May 2022, PM inaugurated IFFCO’s world’s first Nano Urea Liquid in Kalol.
About Indian Farmers Fertilizer Cooperative Limited (IFFCO):
Chairman– Dilip Sanghani
Headquarters– New Delhi, Delhi
Establishment– 1967
>> Read Full News

75% of Beneficiaries of PM SVANidhi Scheme Come from Non-General Category with OBCs Accounting for 44%, says SBI ReportAccording to the State Bank of India (SBI) research paper titled “PM SVANidhi: Strengthening the Country’s Social Fabric by Empowering Grassroot Market Mavericks” 75% of the beneficiaries of the PM SVANidhi scheme are from the non-general category.

• The research was carried out by Soumya Kanti Ghosh, the Group Chief Economic Advisor of SBI.

Sectional Benefits:
The report says that 75% of beneficiaries come from non-general categories with

• 44% of the beneficiaries belong to the Other Backward Class(OBC) category.
• 22% of the total disbursement of the scheme benefitted people from Scheduled Castes(SC) and Scheduled Tribes(ST).

It is to be noted that out of the total beneficiaries, 43% were women.
About PM SVANidhi:
i.Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi(PM SVANidh), is a micro-credit scheme launched by the Ministry of Housing & Urban Affairs (MoHUA) in 2020
ii.The scheme aims to provide working capital loans to street vendors.
iii.About 70 lakh loans (with a value of Rs 9,100 crore) were disbursed under the scheme.
iv.The scheme offers an interest subsidy of 7% per annum on timely/early repayment of the loan.
Persistency Ratio:
i.The report says that 68% of people repay the first loan (of Rs 10,000) and take the second loan (of Rs 20,000.)

• 75% of people repay the second loan (of Rs 20000) and take the third loan (of Rs 50,000)

ii.This increased persistency ratio (2nd loan/1 st loan repaid) indicates the need and popularity of PM SVANidhi Scheme.
Other Highlights:
i.The average amount of money spent by PM SVANidhi account holders using their debit cards increased by 50%( to Rs 80,000) in the financial year 2022-23 as compared to the financial year 2020-21.

• The average spending per annum increased by Rs 28,000.

ii.65%(roughly Two-thirds) of the borrowers under the scheme are in the age group of 26-45.

iii.On average, 63% of people under age 25 and over age 60 spend more money after they receive a loan.
iv.The SVANidhi loan given to Pradhan Mantri Jan-Dhan Yojana (PMJDY) beneficiaries increased their average spending at merchant outlets.
v.5.9 lakh borrowers of this scheme are from 6 megacities; Varanasi  topped the list.

Overview of Pradhan Mantri Anusuchit Jaati Abhuyday YojanaPradhan Mantri Anusuchit Jaati Abhuyday Yojana (PM- AJAY) is a merged scheme of Centrally Sponsored Scheme implemented since 2021-2022 with an aim to reduce poverty of the Scheduled Caste (SC) community.

The 3 scheme were,

• Pradhan Mantri Adarsh Gram Yojana (PMAGY)
• Special Central Assistance to Scheduled Castes Sub Plan ( SCA to SCSP)
• Babu Jagjivan Ram Chhatrawas Yojana(BJRCY).

The scheme is implemented through the Department of Social Justice and Empowerment under the Ministry of Social Justice and Empowerment(MoSJ&E).
Background:
Since the objectives and interventions of PMAGY; SCA to SCSP; and BJRCY were similar and these schemes were implemented by a common implementing agency for the most part, these schemes were merged into a one scheme named “Pradhan Mantri Anusuchit Jaati Abhuyday Yojana (PM- AJAY) (from 2021-2022) for better convergence of public money and optimal utilisation of resources.
>> Read Full News

Union Home Minister Amit Shah Launches New Logo, Website, Brochure of NCELOn October 23, 2023, Union Minister Amit Shah, Ministry of Home Affairs (MHA) launched the logo, website, and brochure of the newly established National Cooperative Exports Limited (NCEL).

• The launch was made during the National Symposium on Cooperative Exports organised by NCEL in New Delhi, Delhi.
• He also distributed membership certificates to NCEL members.

Other Participants:
Union Minister Piyush Goyal, Ministry of Commerce and Industry(MoCI) and Union Minister of State (MoS) BL Verma, Ministry of Cooperation.
About National Cooperative Export Limited (NCEL):
NCEL is an umbrella organization for cooperative sector exports in India.

• It was established by the Ministry of Cooperation under the Multi-State Cooperative Societies (MSCS) Act 2002 on January 25, 2023.

Key Points:
i.NCEL has an authorized share capital is Rs 2,000 crore, with an initial paid-up share capital of Rs 500 crore.
ii.Its primary goal is to focus on farmers. It will transfer about 50% of its export profits directly into the bank accounts of member farmers.
iii.So far, NCEL has bagged orders worth Rs 7,000 crore and orders worth Rs 15,000 crore are being negotiated.
iv.NCEL will also work to connect with MoCI, Ministry of External Affairs(MEA) and Indian embassies acorss the world with the Whole of Government Approach for market linkages.

AIIA’s 6th Foundation Day: New Molecular Biology Lab Launched at AIIA
The All India Institute of Ayurveda (AIIA) celebrated its 6th Foundation day on 20th October 2023 at AIIA campus, New Delhi, Delhi.  A new molecular biology lab for advance research at AIIA; a Manuscript Unit and Center of Excellence (CoE) Dakshya were launched during the event.

• AIIA has also signed memorandum of understandings (MoUs) with six institutions.

Key People:
Minister Sarbananda Sonowal, Ministry of AYUSH(Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy) graced the event.

• Padma Bhushan awardee Vaidya Devendra Triguna President, Governing Body, Rashtriya Ayurveda Vidyapeeth (RAV), Vaidya Rajesh Kotecha, Secretary, Ministry of Ayush and BK Singh, Joint Secretary, Ministry of Ayush were the Guest of Honour for the event.

AIIA signed 6 MoUs:
AIIA has signed six Memorandum of Understandings (MoUs) with well-known six institutions such as Hindustan Salt Limited, the Ministry of Health and Family Welfare, and the Heartfulness Institute.

• The MoUs to were signed with an aim to bring new dimensions in the working culture and generate systematic evidences

Unveiling of the statue of Padma Vibhushan Vaidya Brihaspati Dev Triguna:
During the event, AYUSH Minister Sarbananda Sonowal unveiled the statue of the Ayurveda practitioner late Padma Vibhushan Awardee Vaidya Brihaspati Dev Triguna at the Vaidya Brihaspati Dev Triguna Auditorium in AIIA.
About Vaidya Brihaspati Dev Triguna:
i.He was born into a Vedic Pundit family of Punjab in 1920.
ii.He learned Ayurveda at Rajvaidya Pandit Gokul Chand Ji’s Gurukul (an Ayurvedic teaching institution) in Ludhiana, Punjab.
iii.He was famous for pulse diagnosis(Nadi vaidyam).
iv.He was the honorary physician to the President of India.
Padma awards:
He received Padma Bhushan award in 1992 and Padma Vibhushan in 2003 in the field of medicine.
Other Highlights:
During his address, AYUSH Minister informed that Ministry of Housing and Urban Development has allotted 12 Acres land for expansion of AIIA. This supports AIIA’s effort to upgrade services for Holistic Healthcare.
Various technical documents, including COVID dairy were released during the event.
Additional Info:
At present there is a Manuscript Unit  at National Institute of Ayurveda in  Jaipur, Rajasthan.
About All India Institute of Ayurveda(AIIA):
i.It is a Autonomus institution function under the Ministry of Ayush.
ii.It works for the promotion and advancement of the knowledge and practice of Ayurveda.
Director – Tanuja Nesari
Headquarters – New Delhi, Delhi
Established in – 2017

INTERNATIONAL AFFAIRS

OECD’s International Migration Outlook 2023: India Remains Top Country of Origin for New Migrants to OECD Nations in 2021According to the “International Migration Outlook: 2023” published by the Organisation for Economic Co-operation and Development (OECD), for the 2nd consecutive year, India has retained its position as the top country of origin for new migrants to the member countries of OECD in 2021.

• More than 407,000 people (excluding students) have migrated from India to OECD countries in 2021. This accounts to around 7.5% of the total migration flow. This was 86% higher than 220,000 Indians in 2020.
• China is ranked 2nd with 227,000 new migrants followed by Romania (215,000); Ukraine (189,000); and Germany(119,000).

Note: OECD is a group of 38 countries, most of which are high-income and ranked very high on the Human Development Index (HDI).
About Organization for Economic Co-operation and Development (OECD):
Secretary-General– Mathias Cormann
Headquarters– Paris, France
Established on– 30 September 1961
>> Read Full News

BANKING & FINANCE

Kotak Mahindra Bank Partners With NeSL to issue e-Bank Guarantees
Kotak Mahindra Bank Limited(KMBL) has entered into a partnership with National E-Governance Services Limited (NeSL) to issue its inaugural electronic Bank Guarantee (e-BG) through the platform of KMBL.

• This partnership will enable KMBL  to digitize the entire process of issuing and managing Bank Guarantees, which will significantly reduce the turnaround time(TAT) and eliminate the need for paper-based documentation.
• NeSL’s Digital Documents Execution (DDE) technology will give real-time access to e-BG.

e-BG:
e-BG is a digital equivalent of a traditional paper-based Bank Guarantee.
It is a guarantee issued by a bank to a beneficiary on behalf of an applicant, promising to pay the beneficiary a specific amount of money if the applicant fails to fulfill a certain obligation.

ECONOMY & BUSINESS

India to surpass Japan to Become 2nd Largest Economy in Asia by 2030: S&P GlobalAccording to Purchasing Managers’ Index (PMI) data of Standard & Poor (S&P) Global Market Intelligence, India will become Asia’s second-largest economy by 2030 with a Gross Domestic Product (GDP) of  USD 7.3 trillion. India will also become the world’s third-largest economy.

• PMI also forecasted that India’s GDP will grow at 6.2-6.3% in the financial year 2023-24 (FY23-24).

Top Economies(of the world):
i.United States of America(USA) is the world’s largest economy with a GDP of USD 25.5 trillion.
ii.This is followed by China, Japan, and Germany in second, third, and fourth respectively (largest economy) with a GDP of  USD 18 Trillion, USD 4.2 trillion, and USD 4 trillion respectively.
Fifth Largest Economy:
i.India overtook the United Kingdom(UK) and became the fifth-largest economy in the world with a GDP of USD 3.5 trillion.

• India is also Asia’s third largest economy after China and Japan.

ii.By 2030, India will surpass Japan & Germany and become the third-largest economy in the world and the second-largest economy of Asia.
Factors in favor of India Economy
FY23-24:
i.The Indian economy has continued to grow strongly in 2023, following two years of rapid growth in 2021 and 2022.
ii.In the first quarter(Q1) of FY23-24, the economy grew at 7.8%.
FDI:
i.The increasing flow of foreign direct investment(FDI) into India over the past decade shows that investors are optimistic about the country’s long-term growth prospects.
ii.This is due to the fact that Indian demography is dominated by the youth population.
Digital Transformation:
The rapid growth of e-commerce and the shift to fourth-generation (4G) and fifth-generation (5G) smart-phone technology are expected to accelerate the growth of e-commerce and to change the retail consumer market landscape.

• By 2030, around 1.1 billion Indians will have internet access as compared to 500million users in 2020.

Growth Driver:
i.India’s large and rapidly growing middle class is a major driver of consumer spending, which is fueling economic growth.
ii.The country’s large domestic market and industrial sector have made it a prime investment destination for multinational companies in a wide range of sectors, including manufacturing, infrastructure, and services.

NLC incorporated  NLC India Green Energy Limited for Renewable Energy InitiativesNeyveli Lignite Corporation(NLC) India Limited incorporated a wholly owned subsidiary NLC India Green Energy Limited (NIGEL) to focus on Renewable energy initiatives.
About NIGEL:
i.NIGEL’s logo was unveiled along with the appointment of key managerial positions at the first Board meeting of the company.
ii.NLC’s green arm NIGEL is expected to establish Renewable energy projects to the capacity of 5 Gigawatt (GW) by 2030.

• NLC already developing Projects to the tune of 2 GW in various parts of India.

iii.As per the Optimal Energy Mix Report 2030 of the Central Electricity Authority (CEA), Ministry of Power, the envisaged BESS (Battery Energy Storage System) on the Grid is about 41.65 GW and this provides an opportunity for storage system development.
Note:
CMD of NLC Prasanna Kumar Motupalli is also the Chairman of NIGEL.
About NLC India Limited:
Neyveli Lignite Corporation(NLC) India Limited is a  Navratna company under the government of India.
Chairman cum Managing Director(CMD)– Prasanna Kumar Motupalli
Headquarters– Chennai, Tamil Nadu
Incorporated in -1956

Paras Aerospace receives 2nd Type Certification from DGCA for its Agri Drone
Mumbai(Maharashtra)-based Paras Aerospace Private Limited, a subsidiary of Paras Defence & Space Technologies Limited, has received its 2nd Type certification from Directorate General of Civil Aviation (DGCA) for its agricultural drones – “Paras-Agricopter V2.1”. The certification is issue for MEDIUM Drone Category.

• This will allow Paras Aerospace to honour its existing contracts for “Paras-Agricopter V2.1”.
• This will also enable Paras to explore new opportunities in the agricultural drone industry.
• Previously in April 2023, Paras Aerospace received a “Type Certificate” from DGCA for its Agri Drone “Paras-Agricopter”.

Note:

• The DGCA Type Certification is issued after a through evaluation and certification process for unmanned aerial vehicles (UAV). This validates the drone’s quality and design.
• This certificate is valid until it is revoked or suspended.

AWARDS & RECOGNITIONS

US Presidnet Biden honoured Indo-American Scientists Ashok Gadgil & Subra Suresh with National MedalOn October 24, 2023,  Joe Biden (Joseph Robinette Biden Jr.) President of the United States of America honoured the 21 innovators, including 2 Indo American scientists: Subra Suresh and Ashok Gadgil, with National Medal of Science (9) and National Medal of Technology and Innovation (12), the USA’s highest Award for Science and Technology. 

• Subra Suresh, Massachusetts Institute of Technology, Brown University, was honoured with National Medal of Science. 
• Ashok Gadgil, University of California, Berkeley, Lawrence Berkeley National Laboratory(LBNL), was honoured with National Medal of Technology and Innovation.

The award ceremony was held at the East Room of the White House in Washington DC, USA.
About United States (US):
President–  Joe Biden
Capital– Washington, D.C(District of Columbia)
Currency– US Dollar
>> Read Full News

Dr. Jitendra Singh Awards ‘Anubhav’ Prizes in 2023 and Speaks at Pre-Retirement Counselling (PRC) Workshop and All India Pension AdalatThe Department of Pension and Pensioners’ Welfare  (DoP&PW) hosted the Anubhav Awards 2023 Ceremony at Vigyan Bhawan, New Delhi on October 23.
Dr. Jitendra Singh emphasized various administrative initiatives that have been put in place, ensuring the timely disbursement of pensionary benefits to retiring employees.
i.These initiatives include:

• Pre-Retirement Counselling workshops
• Anubhav Awards
• Pension Adalat

Anubhav Awards 2023:
After evaluation, 4 individuals from 8 different ministries, departments, and organizations were honored with Anubhav Awards, and 9 jury certificates were also awarded for the first time to foster broader participation.
During the event, Dr. Jitendra Singh launched the National Digital Life Certificate (DLC) Portal for the Nation-wide DLC Campaign 2.0. This significant initiative, led by the Secretary of the DoP&PW, Shri V. Srinivas, was announced.
Punjab National Bank (PNB) and Bank of Baroda have seamlessly integrated their pension portals into the Integrated Pensioners’ Portal, a significant development.
>> Read Full News

APPOINTMENTS & RESIGNATIONS

India Cricketer MS Dhoni Appointed as Brand Ambassador of Lay’s
Mahendra Singh Dhoni (MS Dhoni), Former captain of the Indian Cricket Team, has been appointed as the brand ambassador of  PepsiCo India’s potato chips brand Lay’s.

• As the brand ambassador, he will feature on the ‘No Lay’s, No Game’ campaign of Lay’s and promote the match-viewing experience with Lay’s chips.
• The ‘No Lay’s No Game’ is a global campaign associated with football icons Thierry Henry(France) and Lionel Messi(Argentina).

Note: Recently MS Dhoni was appointed as the brand ambassador of JioMart, the e-commerce platform of Reliance Retail, a retail initiative of Reliance Industries Limited(RIL).

SCIENCE & TECHNOLOGY

Pakistan Successfully Conducts Training Launch of Ghauri Weapon System Pakistan Army successfully conducted a training launch of the Ghauri Weapon System, a medium-range, road-mobile, ballistic missile system indigenously developed by Pakistan, to test the operational and technical readiness of Army Strategic Forces Command (ASFC).

• The launch was witnessed by Lieutenant General Muhammad Shahbaz Khan Commander ASFC, senior officers from the strategic forces, scientists, and engineers of the strategic organisation.

Note: Previously on 18th October 2023, Pakistan successfully conducted the flight test of Ababeel Weapon System, the ballistic missile system, in Islamabad, Pakistan.
About Ghauri Weapon System:
i.It is capable of carrying both conventional and nuclear warheads and has a reported range of approximately 1,300 to 1,500 kilometers.
ii.The missile system aims to strengthen deterrence and enhance strategic stability in the region through “the operationalization of Full Spectrum Deterrence in the overall construct of Credible Minimum Deterrence”.
iii.The test aimed to revalidate the design and technical parameters of the system including the advanced post-separation attitude correction system for an­ti- ballistic missile defense (BMD) and an advanced terminal and mid-course navigation system.
Additional info:
i.Recently, the United States of America (US) imposed sanctions on 3 Chinese companies for supplying missile-related items to Pakistan’s ballistic missile program.
ii.China remains a key ally of Pakistan and the main supplier of military equipment to Islamabad’s military modernisation programme.
About Pakistan:
Capital– Islamabad
President– Arif Alvi
Prime Minister– Anwaarul Haq Kakar (Interim)
Currency– The Pakistani rupee (PKR)

IMPORTANT DAYS

62nd Indo-Tibetan Border Police Raising Day – 24th October 2023 Indo-Tibetan Border Police (ITBP) Raising day is annually celebrated on 24th October to mark the establishment of the ITBP, a Central Armed Police Force functioning under the Ministry of Home Affairs(MHA), in 1962.

• The day also honour the dedication of the ITBP in safeguarding the security of borders of India and promote sense of security among the people living in border areas.

24th October 2023 marks the observance of the 62nd ITBP Raising Day.
About Indo-Tibetan Border Police (ITBP):
Director General– Sh. Anish Dayal Singh, IPS
Headquarters– New Delhi, Delhi
Established on– October 24, 1962
Motto– Shaurya-Dridhata-Karma Nishtha (Valour – Determination – Devotion to Duty)
>> Read Full News

Disarmament Week 2023- October 24 to 30 The United Nations (UN)’s Disarmament Week is annually observed across the globe in the week starting on 24 October, the anniversary of the founding of the UN, to spread awareness of disarmament initiatives that have been historically used by countries throughout the world to establish international peace and security.

• The UN Disarmament Week is observed from 24-30 October.

This day aims to promote awareness and a better understanding of disarmament issues and their importance.

• The annual event of Disarmament Week is organized by the United Nations Office for Disarmament Affairs (UNODA).

Background:
i.The United Nations General Assembly (UNGA) adopted the resolution A/RES/S-10/2 (the Final Document of the 10th Special Session of the UNGA) in 1978 and proclaimed the week starting on 24th October, foundation day of the UN, as a week devoted to promote the objectives of disarmament.
ii.In 1995, UNGA adopted the resolution A/RES/50/72 B and invited governments, as well as Non-Governmental Organisations (NGOs), to actively take part in the observance of Disarmament Week in order to promote a better understanding among the public of disarmament issues.
About United Nations Office for Disarmament Affairs (UNODA):
Under-Secretary-General and High Representative for Disarmament Affairs– Ms. Izumi Nakamitsu
Headquarters– New York. USA
Established in– 1998
>> Read Full News

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