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NATIONAL AFFAIRS
PM Modi lays the Foundation Stone & Inaugurates Multiple Development Projects in Varanasi, Uttar Pradesh
On 20th October 2024, Narendra Modi, Prime Minister (PM) of India, inaugurated and laid the foundation for multiple significant projects in Varanasi, Uttar Pradesh (UP) to boost connectivity and regional development.
Inauguration of multiple airport projects :
i.PM Modi inaugurated multiple airport projects worth over Rs 6,100 crore in Varanasi.
ii.PM Modi inaugurated RJ Sankara Eye Hospital in Varanasi. The hospital will provide comprehensive consultation and treatment facilities for various eye conditions.
iiii.PM Modi inaugurated the Phases 2 and 3 of the redevelopments of Varanasi Sports Complex worth over Rs 210 crore under the Khelo India scheme and the Smart City mission.
iv.PM Modi also inaugurated tourism development works in Buddhism-related areas in Sarnath.
>> Read Full News
CBDT amends Income Tax Rules to ease TDS, TCS Credit Claims for Salaried Employees
The Central Board of Direct Taxes (CBDT) has updated Income-Tax (IT) rules to simplify the process for salaried employees to claim credit for Tax Collected at Source (TCS) and Tax Deducted at Source (TDS). This amendment follows the guidelines set in the Union Budget 2024- 25.
- These amendments will tackle the cash flow issues faced by employees and to lessen the compliance requirements linked to refund claims.
Amendment Overview:
i.Sub-section (2B) of Section 192 of IT Act, 1961 has been revised to facilitate easier TDS deductions for salaried employees, incorporating all relevant TDS/TCS provisions of Chapter XVII-B or Chapter XVII-BB of the Act.
ii.A new form namely ‘Form No. 12BAA’ has been established by amending IT Rules, 1962, for employees to report necessary particulars to employers responsible for making payments under sub-section (1) of Section 192, and will also use this information for TDS calculations.
- Employees will use this form to report TDS and TCS other than their salaries, including fixed deposits, insurance commissions, dividends from equity shares, and TCS from purchases like cars or foreign currency to their employers.
- This form was introduced through the Income-tax (Eighth Amendment) Rules, 2024 and effective from October 1, 2024.
iii.An amendment is made in sub-section (4) of Section 206C of the Act allowing parents to claim TCS credits when their minor child’s income is included in the parent’s taxable income.
iv.CBDT Notification No. 114/2024 amends Rule 37-I of IT Rules is also amended to enable TCS credits to be claimed by individuals other than the collectee, aligning with the new provisions.
Key Terms:
i.Tax Collected at Source (TCS) is a tax payable by a seller which he collects from the buyer at the time of sale of goods.
ii.Tax Deducted at Source (TDS) is a procedure implemented by the Indian government to collect taxes at the source of income.
About Central Board of Direct Taxes (CBDT):
Chairman– Ravi Agrawal
Headquarters– New Delhi, Delhi
Establishment– 1963
MNRE Approves 3 Pilot Projects for Green Hydrogen in Steel Sector
The Ministry of New and Renewable Energy (MNRE) has approved three pilot projects under the National Green Hydrogen Mission(NGHM) aimed at utilizing green hydrogen in steel production. The Government of India(GoI) has allocated Rs 347 crore to support these projects, which are expected to become operational within the next three years.
- These initiatives represent a crucial step towards cleaner steel making technologies, with the goal of reducing carbon emissions in the sector.
Note: The NGHM was launched on January 4, 2023, with a budget of Rs 19,744 crore.
Selected Pilot Projects:
i.Ahmedabad(Gujarat) based Matrix Gas and Renewables Limited leads a consortium with Gensol Engineering Ltd (Ahmedabad), the Indian Institute of Technology(IIT) Bhubaneswar (Odisha) and Metsol AB (Sweden) working on a pilot project with a plant capacity of 50 tons per day (TPD).
ii.Bhilai(Chhattisgarh) based Simplex Castings Limited, leads a consortium with BSBK Private Limited, (Bhilai), Ten Eight Investment, and the IIT Bhilai, Bhilai
- This consortium is working on a pilot project with a plant capacity of 40 tons per day (TPD).
iii.New Delhi(Delhi) based Steel Authority of India Limited (SAIL) is running the largest project under the NGHM, with a 3200 TPD plant in Ranchi(Jharkhand), aimed at advancing green hydrogen in steel production.
Key Objectives:
The MNRE had previously set forth guidelines to guide the development of these pilot projects, focusing on several key objectives:
i.To explore and identify new methods for incorporating green hydrogen in steel production.
ii.To ensure the projects operate safely while assessing the technical feasibility of using hydrogen for steelmaking.
iii.To test whether using hydrogen in steel production is cost-effective, aiming to achieve low-carbon steel production on a larger scale.
Key Components :
i.Direct Reduced Iron (DRI) Production with 100% Hydrogen: Developing a process to produce DRI entirely using hydrogen in a vertical shaft furnace.
ii.Hydrogen in Blast Furnaces: Reducing coal and coke consumption by injecting hydrogen into blast furnaces.
iii.Hydrogen Injection in DRI Units: Incorporating hydrogen injection into vertical shaft-based DRI production units.
About Ministry of New and Renewable Energy (MNRE):
Union Minister- Pralhad Joshi (Constituency – Dharwad, Karnataka)
Minister of State (MoS)- Shripad Yesso Naik (Constituency – North Goa)
“Scam se Bacho” Campaign: GoI and Meta Collaborate to Enhance Cyber Safety
The Government of India(GoI), in collaboration with Meta Platforms Inc., has launched the “Scam se Bacho“, a national user awareness campaign, in New Delhi (Delhi) to combat the increasing prevalence of online scams.
- This two-month-long safety campaign was launched by Sanjay Jaju, Secretary of the Ministry of Information and Broadcasting (MIB).
- This initiative represents a comprehensive government strategy aimed at promoting online security and awareness among citizens.
About Scam se Bacho:
i.The “Scam se Bacho“ initiative is a joint effort involving Meta and several key government bodies, including:
- Ministry of Electronics and Information Technology (MeitY): Focuses on enhancing India’s digital landscape and implementing cybersecurity strategies to protect users.
- Ministry of Home Affairs (MHA): Responsible for establishing protocols to address cyber threats and ensure public safety.
- Ministry of Information and Broadcasting (MIB): Raises public awareness about digital risks and promotes online safety education.
- Indian Cyber Crime Coordination Centre (I4C): Specializes in combating cybercrime through coordination, information sharing, and support for victims.
ii.Meta also released an educational film featuring Bollywood star Ayushmann Khurrana that showcases the most common scams that people face in their daily lives and highlights a series of safety features on various Social Media Platforms that empower users to take control of their online safety.
Key Objectives :
i.The campaign’s focus is not only on raising awareness about the various types of scams such as phishing, identity theft, and financial fraud, but also on equipping citizens with practical skills to recognize and avoid these threats.
ii.By leveraging Meta’s global expertise, the initiative aims to enhance awareness and provide resources for recognizing and reporting online scams.
iii.The ultimate goal is to ensure that India’s digital progress is complemented by a strong framework for digital security.
Rising Cybersecurity Challenges in India:
India faces significant cybersecurity challenges, especially with the rapid advancement of technology. With over 900 million internet users, the country has experienced remarkable digital growth, particularly through the Digital India initiative.
- This progress has also led to a spike in cyber fraud, with 1.1 million cases reported in 2023.
About Meta Platforms Inc.(Meta):
Meta Platforms, Inc.,is an American multinational technology corporation. It was formerly known as Facebook, Inc.
Chief Operating Officer (CEO)- Mark Zuckerberg
Headquarter – Menlo Park, California, the United States of America (USA)
Founded – 2004
INTERNATIONAL AFFAIRS
ICMR Study on BRICS Nations: Cancer Cases and Deaths to Surge between 2022 and 2045 in India 
According to the Bengaluru (Karnataka)-based Indian Council of Medical Research(ICMR)-National Centre for Disease Informatics and Research (NCDIR)’s latest study, cancer cases and deaths are expected to surge between 2022 and 2045 in India and South Africa.
- The study has mainly examined cancer cases, deaths and the impact on the quality of life in the BRICS countries – Brazil, Russia, India, China and South Africa.
- The study reported a 12.8% increase in the incidence of cancer cases in India in 2025 compared to 2020.
Key Findings:
i.The projected growth in number of cancer cases can be related to the upsurge in life expectancy at birth, a trend observed across all BRICS nations from 2000 to 2022.
ii.The study found that oral cancer, especially lip and mouth cancers, are most prevalent among men in India compared to other countries. It revealed the most common reason for the high incidence of oral cancer is high consumption of tobacco in both smoked and smokeless forms.
iii.As per the study, prostate, lung and colorectum cancers are some of the common cancers prevalent among men in all BRICS countries.
iv.The study has assessed the impact of cancers, especially in terms of life years lost, was due to lung-related cancers such as: cancers of trachea and bronchus, across the countries.
v.As per the study, BRICS countries accounted for 33.6% of new breast cases across the world and 36.9% of global breast cancer deaths.
vi.The study revealed that breast cancer is dominated among women in all BRICS countries, except China, while Cervical Cancer is ranked as the 2nd most common type of cancer among women in India and South Africa.
Cancer-related Deaths in BRICS Countries:
i.South Africa recorded the highest cancer death rate for both men and women among the BRICS nations.
ii.The study revealed that Russia witnessed the highest number of cancer-related deaths among men, while South Africa saw the highest number of cancer-related deaths among women.
iii.The study found Lung Cancer is the top cause of cancer-related death among BRICS countries except India.
- While, the breast cancer was the main reason for the highest number of cancer-related deaths in India.
About Indian Council of Medical Research (ICMR)-National Centre for Disease Informatics and Research (NCDIR):
Director– Dr. Prashant Mathur
Headquarters– Bengaluru, Karnataka
Established– 2011
IEA and IIT Delhi Signed MoU for Advancing Clean Energy Technologies and Transitions
The International Energy Agency (IEA) and the Indian Institute of Technology (IIT) Delhi have signed a Memorandum of Understanding (MoU) on the role of energy technology innovation in reducing emissions and leading clean energy transitions.
- The MoU outlines key areas of collaboration, including policy analysis to promote energy innovation and the exchange of information on energy technology trends, with a focus on emerging and developing economies.
Signatories: The MoU was signed by Fatih Birol, Executive Director of IEA, at IEA headquarters in Paris(France) and remotely by Prof. Rangan Banerjee, Director of IIT-Delhi and Ambuj Sagar deputy director for strategy and planning, IIT Delhi. The MoU was signed in the presence of Jawed Ashraf, Ambassador of India to the Republic of France and the Principality of Monaco.
Additional info: In October 2024, The IEA and IIT Delhi have released a joint report titled “Clean Energy Innovation Policies in Emerging and Developing Economies”, which explores the economic opportunities and the role of policy in driving the growth of the new energy economy in emerging markets and developing economies.
BANKING & FINANCE
Assam Govt, ADB Join Hands to Restore Wetlands with Rs 796 Crore Project
The Assam government, in collaboration with the Asian Development Bank (ADB), has initiated a project ‘Sustainable Wetland and Integrated Fisheries Transformation (SWIFT) with a budget of Rs 796.88 crore to restore 129 wetlands, known locally as beels, covering an area of 3,800 hectares.
- From the total outlay, 80% funding from ADB and 20% from the State Government.
- This initiative aims to enhance flood mitigation efforts, improving water management and supporting local fisheries.
- These wetlands have been geo-mapped by the Assam State Application Centre (ASSAC).
Project Components:
i.Dredging and deepening river channels to improve water flow.
ii.Desilting marginal areas to enhance water retention.
iii.Constructing water pools and retaining structures for sustainable water storage and increased fish production.
Key Points:
i.The wetlands have suffered from low water levels caused by heavy siltation and poor fish auto-stocking due to blocked river channels. These issues have significantly impacted fish production and the overall health of the wetlands.
ii.Initially, 190 beels were identified for restoration. After evaluation using ADB’s Screening Matrix, 129 were selected based on their potential for ecological recovery.
iii.M/s Electroveen Engineering Private Limited, New Delhi, Delhi has already submitted the feasibility study report and first Draft Detailed Project report (DPR).
- The final DPR is expected to be completed by early November 2024.
- Contracts for the first phase involving 22 prioritized beels are set to be signed in February 2025.
About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Headquarters– Mandaluyong City, Manila, the Philippines
Members Nations– 68(49 members nations are from Asia-Pacific region)
Established-1966
Ujjivan Small Finance Bank receives RBI approval for foreign exchange services
Bangalore (Karnataka) based Ujjivan Small Finance Bank Limited (Ujjivan SFB) received approval from the Reserve Bank of India (RBI) for foreign exchange services, enabling it to offer a range of foreign exchange (forex) products and services.
- USFB received the ‘Authorised Dealer Category 1 licence’ granted under Section 10(1) of the Foreign Exchange Management Act (FEMA), 1999 enabling the bank to offer a wider range of foreign exchange services and transactions.
- In retail banking, USFB will offer several service remittances which include, Foreign Currency Non-Resident (FCNR) deposits; Resident Foreign Currency (RFC) deposits; Forex cards; Currency exchange; Capital transactions including; External Commercial Borrowings (ECB); Overseas Direct Investment (ODI); and Foreign Direct Investment (FDI).
ECONOMY & BUSINESS
IMF Retained India’s GDP Forecast at 7% for FY25; 6.5% for FY26
On 22nd October 2024, the International Monetary Fund (IMF) released its latest report titled ‘October 2024 World Economic Outlook (WEO): Policy Pivot, Rising Threats’. It has retained India’s Gross Domestic Product (GDP) growth forecast at 7% and 6.5% for Financial Year 2024-25 (FY25) and FY26, respectively.
- As per the report, the growth outlook for India will moderate from 8.2% in FY24 to 7% in FY25, this is due to pent-up demand accumulated during the COVID-19 pandemic has been exhausted, as the economy reconnects with its potential.
i.The report estimated that the global growth will remain stable at 3.2% in 2024 and 2025. However, it has marginally decreased the global growth rate for 2025 by 10 basis points (bps) from 3.3% to 3.2%.
ii.The report projected India’s headline inflation rate at 4.4% for the FY25 and 4.1% for FY26.
About International Monetary Fund(IMF):
Managing Director (MD)– Kristalina Georgieva
Headquarters- Washington DC, the United States of America (USA)
Established –1944
Member nations-190
>> Read Full News
APPOINTMENTS & RESIGNATIONS
TV Narendran Elected as Chairman of Worldsteel; Becomes 2nd Indian to Hold the Post
Thachat Viswanath (TV) Narendran, the Chief Executive Officer (CEO) and Managing Director (MD) of Tata Steel, was elected as the chairman of the World Steel Association (Worldsteel) for the term 2024-25.
- He will succeed Leon Topalian, CEO of the United States of America (USA)-based Nucor Corporation, who served as Chairman of Worldsteel (2023-24).
- He became the 2nd Indian to hold the position as the Chairman of Worldsteel after Sajjan Jindal, the chairman of JSW Group, who served as the chairman from 2021-22.
Key Points:
i.As Chairman, TV Narendran will oversee key decisions and initiatives that impact the steel sector globally.
ii.He will also be a member of the 17-member Executive Committee, along with other industry leaders.
About TV Narendran:
i.TV Narendran joined Tata steel in 1988 and worked in its International Trading Division.
ii.He was appointed as MD of Tata Steel for India and South East Asia in 2013.
iii.He also serves as Senior Vice President of All India Management Association (AIMA).
iv.He has served as the President of the Confederation of Indian Industry (CII) from 2021 to 2022 and President of the Indian Institute of Metals from 2021 to 2022
v.He also co-chaired the Mining & Metals Governors Council of the World Economic Forum from 2016 to 2018.
About World Steel Association (Worldsteel):
It is an association that represents over 160 steel producers, research institutes, and national and regional industry associations. It accounts for nearly 85% of the world’s steel production
Headquarters– Brussels, Belgium
Establishment– 1967
IRFC appoints Manoj Kumar Dubey as CMD and CEO
Manoj Kumar Dubey has been appointed as the Chairman & Managing Director (CMD) and Chief Executive Officer (CEO) of the Indian Railway Finance Corporation (IRFC) with effect from October 10, 2024 for 5 years. He will succeed Shelly Verma.
i.A 1993-batch officer of the Indian Railway Accounts Service (IRAS), Manoj Kumar Dubey previously served as the Director (Finance) and Chief Financial Officer(CFO) at the Container Corporation Of India Limited(CONCOR) before taking on this new role.
ii.He is an awardee of National Award for Outstanding Service at the Ministry of Railways(MoR) level in 2011.
Note: New Delhi(Delhi) based IRFC is a Schedule A Miniratna Public Sector Enterprise (PSE) under the MoR. It was incorporated in 1986.
ACQUISITIONS & MERGERS
GoI sold 5% Stake worth Rs 2,026cr in Cochin Shipyard Limited
The Government of India (GoI) divested 5% of its stake in Cochin Shipyard Limited (CSL), through an Offer for Sale (OFS) priced at Rs 1,540 per share.
The total value of the stake is estimated to be around Rs 2,026 crore.
- This stake sale aimed at attracting more investment into the company while improving its operational efficiency.
- This move is also part of GoI’s broader strategy to enhance its revenue through disinvestment in various Public Sector Undertakings (PSUs).
Disinvestment Process:
i.The GoI sold up to 6,577,020 equity shares, representing a 2.50% stake, as a ‘Base Offer’ on October 16, 2024, for non-retail investors and on October 17, 2024, for retail investors.
ii.An additional 6,577,020 shares (2.50% stake) is available as an ‘Oversubscription Option‘, totaling 5 % of the company’s total issued and paid-up equity share capital.
Key Points:
i.In FY25 (2024-2025), the government has already raised Rs 31.61 billion through various divestments, including Rs 23.46 billion from its stake in the General Insurance Corporation of India (GIC Re).
ii.The Indian government held 72.86% stake in Cochin Shipyard as of June 30, 2024.
About Cochin Shipyard Limited (CSL):
CSL is a Category I Miniratna Public Sector Undertaking(PSU) under the Ministry of Ports, Shipping, and Waterways(MoPS&W).
Chairman and Managing Director (CMD)– Madhu S Nair
Headquarters– Kochi, Kerala
SPORTS
India’s Arjun Erigaisi won the WR Chess Masters Cup 2024
Indian Chess Grandmaster (GM) Arjun Erigaisi won the Wadim Rosenstein (WR) Chess Masters Cup 2024 by defeating French GM Maxime Vachier-Lagrave in an Armageddon tiebreaker.
- WR Chess Masters Cup 2024, organised by entrepreneur Wadim Rosenstein, was held from 14th to 18th October 2024, at the Langham Hotel, London, United Kingdom (UK).
- Arjun Erigaisi topped the tournament with 2797 points followed by Nodirbek Abdusattorov (Uzbekistan) on 2nd rank with 2783 points and Alireza Firouzja (France) on 3rd rank with 2767 points.
Note: The WR Chess Masters Cup is a 16-player single-elimination knockout, with matches consisting of two games.
Top 5 of the WR Chess Masters Cup 2024
| Rank | Name | Rating |
|---|---|---|
| 1 | Arjun Erigaisi (India) | 2797 |
| 2 | Nodirbek Abdusattorov (Uzbekistan) | 2783 |
| 3 | Alireza Firouzja (France) | 2767 |
| 4 | Viswanathan Anand (India) | 2751 |
| 5 | Rameshbabu Praggnanandhaa (India) | 2746 |
Prize Money:
The winner (Arjun Erigaisi) received a cash prize of 20000 Euros, the 2nd rank holder received 10000 Euros, and the 3rd rank holder received 5000 Euros for the 3rd rank.
Highlights:
i.In the finals, Maxime Vachier-Lagrave had 10 minutes and white pieces, while Arjun got the black pieces (and draw odds) after bidding 6 minutes and 58 seconds.
- In an Armageddon game, the player with the white pieces gets more time on the clock than the player with the black pieces. But, if the game ends in a draw, Black is declared the winner.
ii.Arjun defeated Bodhana Sivanandan(England), Vidit Gujrathi(India) and Praggnanandhaa Rameshbabu(India) to reach the final.
iii.With this victory, he achieve the has a live rating of 2797 and a live ranking of 4.
About Arjun Erigasi:
i.Arjun Erigasi, hailing from Telangana, earned his International Master title in 2017 and his Grandmaster title in 2018 at the age of 14.
ii.He was a part of the team India that won the gold at the 45th Chess Olympiad held in Budapest, Hungary in September 2024. He also won an individual gold medal on board three.
iii.He also won the silver on board three at the 44th Chess Olympiad held in Chennai, Tamil Nadu in 2022.
Arjun Erigaisi becomes 2nd Indian after Viswanathan Anand to reach 2800 Elo rating
Arjun playing for his club, Team Alkaloid, defeated Russian GM Dmitry Andreikin in the 5th round of the European Chess Club Cup and crossed the 2800 Elo rating.
- He now has a live rating of 2802.1. With this Arjun became the 2nd Indian after GM Viswanathan Anand and the 16th player in the world to achieve over 2800 elo ratings.
IMPORTANT DAYS
World Food Day 2024 – October 16
The United Nations (UN) World Food Day (WFD) is annually observed across the globe on 16 October to raise awareness about healthy diets, promote action against malnutrition and food security, and the need for regular access to nutritious food.
- The day also commemorates the establishment of the Food and Agriculture Organization (FAO) of the UN in 1945.
- The theme of WFD 2024 is, “Right to Food for a Better Life and a Better Future”.
Background:
i.WFD was established in 1979 during the 20th session of the Conference of FAO, held in Rome, Italy.
ii.On 5 December 1980, the United Nations General Assembly (UNGA) adopted the resolution A/RES/35/70 and proclaimed the 16th of October of every year as WFD.
About United Nations (UN):
Secretary-General – António Guterres
Headquarters – New York City, the United States of America
Established – 1945
About Food and Agriculture Organization(FAO):
Director General(DG)– Qu Dongyu
Headquarters – Rome, Italy
Established – 1945
>> Read Full News
STATE NEWS
Ustad Allauddin Khan Festival celebrated in Maihar, MP
Ustad Allauddin Khan Festival(also known as Allauddin Khan Sangeet Samaroh)celebrated in Maihar, Madhya Pradesh (MP) is dedicated to the legendary musician Ustad Allauddin Khan. 2024 is the Golden Jubilee year of this music festival.
- This three-day festival (October 8-10, 2024), organized by the Madhya Pradesh Culture Department,the Maihar District Administration and the Ustad Allauddin Khan Music and Art Academy, features performances from renowned artists across India.
- The event aims to celebrate and promote the rich musical heritage of MP and engage the younger generation in classical music traditions.
- The event is held every year to celebrate classical music and endowed musicians.
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