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NATIONAL AFFAIRS
PM Narendra Modi lays Foundation Stone and Inaugurates Various Projects in Hazaribag, Jharkhand
On 2nd October 2024, on the occasion of the birth anniversary of Mahatma Gandhi, Narendra Modi, Prime Minister (PM) of India, launched Dharti Aaba Janjatiya Gram Utkarsh Abhiyan (DAJGUA), with a total outlay of over Rs 79,156 crores, from Hazaribagh, Jharkhand
- PM Modi also inaugurated and laid the foundation stone for various projects in Hazaribag, Jharkhand focusing on the empowerment and welfare of tribal communities.
- He also inaugurated and laid the foundation stone for multiple projects under Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN) worth over Rs 1360 crore.
About Jharkhand:
Chief Minister– Hemant Soren
Governor– Santosh Kumar Gangwar
Airports– Birsa Munda International Airport; Atal Bihari Vajpayee International Airport (Deoghar Airport)
Bird Sanctuary– Udhwa Lake Bird Sanctuary
>> Read Full News
Gov launched Prime Minister’s Internship Scheme 2024
On October 3 2024, the Confederation of Indian Industry (CII) is collaborating with the Ministry of Corporate Affairs (MCA) to roll out the pilot phase of ‘Prime Minister’s Internship Scheme 2024’, a key initiative from the 2024-2025 budget, aimed at providing 1.25 lakh internships for Indian youth, with a budget of approximately Rs 800 crore in the Financial Year 2024-25(FY25).
- The aim of the PM Internship Scheme is to generate one crore internships by March 2029. It will provide financial assistance of Rs 60,000 per annum over a period of five years.
- The scheme is implemented in two phases, through an online portal(www.pminternship.mca.gov.in.) managed by the MCA, and registration is scheduled to open between October 12 and October 25, 2024.
Union Defence Minister Rajnath Singh Accords Warm Send-Off to 7,000 km “Vayu Veer Viejta” Car Rally to mark 92nd Anniversary of IAF
On 1st October 2024, Union Minister Rajnath Singh, Ministry of Defence (MoD) gave a warm send-off to “Vayu Veer Vijaeta” car rally from the National War Memorial in New Delhi(Delhi) to commemorate the 92nd anniversary of the Indian Air Force (IAF) on 8th October 2024.
i.The rally will formally flag-off from Thoise in Ladakh , one of the world’s highest altitude air force station at 3,068 meter (m) above mean sea level on 8th October, 2024 and will culminate at Tawang in Arunachal Pradesh (AR) on 29th October, 2024.
ii.The IAF also organised an Airshow with the theme ‘Saksham, Sashakta, Amtanirbhar (Potent, Powerful, Self-reliant)’ in Chennai(Tamil Nadu) at Marina Beach on October 6, 2024. This was one of the biggest air show conducted by the IAF.
About Indian Air Force(IAF):
Chief of Air Staff (CoAS) – Air Marshal Amar Preet Singh
Headquarters– New Delhi, Delhi
Motto- Touching the sky with Glory
Established– October 8, 1932
>> Read Full News
MoLE & Amazon signed a MoU to enhance employment accessibility in India
On 26th September 2024, the Ministry of Labour & Employment (MoLE) signed a Memorandum of Understanding (MoU), with Amazon in New Delhi(Delhi) to enhance employment accessibility in India.
Key People: The MoU, set for 2 years, was signed in the presence of Union Minister Dr Mansukh Mandaviya, MoLE and Minister of State (MoS) Shobha Karandlaje, MoLE.
i.The MoU also highlights the joint commitment to leveraging the National Career Service (NCS) portal to boost job opportunities. The portal is developing as a one-stop platform for accessing employment opportunities across sectors and industries.
ii.The enhanced platform will offer a user-friendly interface for job seekers, employers, and stakeholders, utilising advanced technologies like Artificial Intelligence (AI).
iii.Under this MoU, Amazon and its third-party staffing agencies involved in hiring for Amazon will regularly post job vacancies on the NCS portal and conduct hiring through it.
iv.Job fairs at Model Career Centres (MCCs) will also be organised under this partnership.
INTERNATIONAL AFFAIRS
Overview of 79th Session of UNGA held from 10 to 30 September 2024
The 79th session of the United Nations General Assembly (UNGA 79) was held from 10th to 30th September 2024 at the United Nations (UN) headquarters in New York, the United States of America (USA).
- Philemon Yang, the former Prime Minister of Cameroon, was the President of the 79th session of UNGA.
Highlights of UNGA 79:
i.The 79th session of UNGA commenced on 10th September 2024.
ii.The general debate of the UNGA 79 was held from 24th to 28th September 2024 under the theme “Leaving no one behind: acting together for the advancement of peace, sustainable development and human dignity for present and future generations”.
- The debate closed on 30th September 2024.
iii.The “Summit of the Future” was held from 22nd – 23rd September 2024.
- 3 agreements – Pact for the Future, Global Digital Compact, and Declaration on Future Generations – were adopted during the summit.
About United Nations General Assembly (UNGA)
President– Philemon Yang
Headquarters– New York City, United States (US)
Founded– 1945
>> Read Full News
Highlights of MoCI Minister Piyush Goyal visit to Vientiane, Lao People’s Democratic Republic
The Union Minister Piyush Goyal, Ministry of Commerce and Industry (MoCI), visited Vientiane, Lao People’s Democratic Republic (Laos PDR) from 20th to 21st September 2024 to participate in the 21st ASEAN-India Economic Ministers (AEM-India Consultation) meeting and the 12th East Asia Summit Economic Ministers Meeting (EAS EMM).
- These annual meetings of ASEAN (Association of Southeast Asian Nations) with their dialogue partners are being hosted by Lao PDR, the ASEAN Chair for 2024.
- Union Minister Piyush Goyal held several bilateral meetings with his counterparts from participating countries.
- He also met ASEAN Secretary General Dr. Kao Kim Hourn.
AEM-India Consultation Meeting:
i.It was co-chaired by Malaithong Kommasith, Minister of Industry and Commerce of Lao PDR, and Union Minister Piyush Goyal, India.
ii.Filipus Nino Pereira, Minister of Commerce and Industry, Democratic Republic of Timor-Leste joined the Meeting as an observer.
iii.The Ministers reviewed the progress in negotiations for review of ASEAN – India Trade in Goods Agreement (AITIGA).
iv.The meeting highlighted that two-way trade between ASEAN and India reached USD 100.7 billion in 2023, with Indian Foreign Direct Investment (FDI) inflows at USD 5.6 billion. India ranked as ASEAN’s eighth largest trade partner and source of FDI among ASEAN Dialogue Partners in 2023.
EAS EMM:
i.The Meeting was chaired by Malaithong Kommasith. It saw the participation by Economic Ministers of 10 ASEAN countries and 8 other EAS partners viz. India, United States of America (USA), Russia, China, Japan, Korea, Australia and New Zealand.
ii.The Ministers deliberated on regional and global economic developments.
iii.The combined nominal Gross Domestic Product (GDP) of EAS participating countries was USD 62.3 trillion in 2023.
iii.ASEAN merchandise trade with non-ASEAN EAS countries totaled USD 1.7 trillion in 2023.
iv.FDI flows from non-ASEAN EAS countries to ASEAN reached USD 124.6 billion in 2023.
India’s CDSCO Becomes Affiliate Member of International Medical Device Regulators Forum
India has joined the International Medical Device Regulators Forum (IMDRF) as an affiliate member, as the Central Drugs Standard Control Organisation (CDSCO), under the Ministry of Health and Family Welfare (MoH&FW) has received Affiliate Membership from IMDRF.
- India’s application for Affiliate membership was reviewd during the 26th Session of IMDRF held in September 2024 at Seattle, Washington, the United States of America (USA).
Significance:
i.This membership will enhance India’s global collaboration in medical device regulation.
ii.This will strengthen the competitiveness of India’s domestic industry while promoting “Brand India” on the international stage.
Benefits of the Membership:
i.This membership opens avenues for collaboration with regulatory authorities worldwide.
ii.This will treamline regulatory requirements, reducing complexity for manufacturers and enhancing public health safety.
iii.As an affiliate member, India can participate in IMDRF’s open sessions for information exchange and sharing insights on medical device regulatory strategies and trends.
iv.India can utilize IMDRF documents to inform its medical device regulatory framework.
v.This membership wil helps Indian manufacturers to meet the regulatory standards of IMDRF member countries, thus boosting its global market presence.
About International Medical Device Regulators Forum (IMDRF):
i.IMDRF, established in 2011, to accelerate international medical device regulatory harmonization and convergence.
ii.Its members include regulatory authorities from the USA, Australia, Canada, European Union (EU), Japan, United Kingdom (UK), Brazil, Russia, China, South Korea, Singapore, and the World Health Organization (WHO).
iii.The IMDRF Chair and Secretariat rotate on a yearly basis across Management Committee member jurisdictions.
- IMDRF Chair and Secretariat for 2024 is the USA.
BANKING & FINANCE
SEBI Announced New Framework to Curb Excessive Speculation in Stock Market
On 1st October 2024, the Securities and Exchange Board of India (SEBI) announced 6 measures to the index derivatives trading framework to curb excessive speculation amid growing concerns about the mounting losses incurred by individual traders.
- These new measures will be implemented in a phased manner with effect from 20th November, 2024.
- As per new framework, SEBI has mandated the collection of options premium upfront from option buyers by the Trading Member (TM) or Clearing Member (CM) and will come into effect from 1st February, 2025.
About Securities and Exchange Board of India (SEBI):
SEBI is the apex regulatory body for securities and commodity market in India. It was originally 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
Headquarter- Mumbai, Maharashtra
>> Read Full News
REC Limited Signed Rs 3 Lakh Crore Financing Agreement with Government of Rajasthan for Power Projects
On 1st October 2024, REC Limited (formerly Rural Electrification Corporation Private Limited), a Maharatna Central Public Sector Unit (CPSU) under the administrative control of Ministry of Power (MoP) has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan (GoR) to provide financial support of Rs 3 lakh crore to fund infrastructure projects in the state.
- The MoU was signed by Rahul Dwivedi, Executive Director,ED (PMD and I&L) REC Ltd. and Debasish Prusty, Secretary to GoR, in the presence of Bhajan Lal Sharma, Chief Minister (CM) of Rajasthan; Colonel Rajyavardhan Rathore, Minister for Industries and Commerce, GoR during the “Rising Rajasthan Investors meet” held in Rajasthan.
About MoU:
i.According to the MoU, REC Limited will provide financial support of Rs 50,000 crore per annum (increased from Rs 20,000 crore) to fund projects across power and non-power infrastructure for period of 6 years (up to 2030).
- On 10th March 2024, a MoU signed between GoR and REC Limited to finance Rs 20,000 crore annually till 2030.
ii.The MoU is expected to cover various state’s infrastructure sector projects such as: power, metros, roads, highways, airports, Information Technology (IT), steel, oil refinery, ports, and waterways, fibre optics, telecommunication, health, tourism, among others.
iii.This partnership underscores REC’s commitment to supporting the development of both power and non-power infrastructure in Rajasthan.
About REC Limited:
Chairman and Managing Director (CMD) – Vivek Kumar Dewangan
Headquarter- New Delhi, Delhi
Established- 1969
About Rajasthan:
Chief Minister (CM) – Bajan Lal Sharma
Governor-Haribhau Bagde
National Parks (NPs)- Ranthambore National Park, Keoladeo National Park
DFC invests USD 272 million in India to Boost Economic Growth
The United States(U.S.) International Development Finance Corporation (DFC) has made a significant commitment of over USD 272 million to support India’s economic growth and sustainability.
- This commitment shows the strengthening partnership between the United States of America(USA) and India, particularly in promoting gender equality and sustainable development.
- It highlights the DFC’s role in enhancing economic opportunities for millions of people and contributes to global efforts in fighting climate change.
Key Investments:
i.This investment includes key allocations, such as a USD 40 million loan to Mumbai(Maharashtra) based APAC Financial Services Private Limited, which aims to expand lending to low-income and microenterprises.
ii.DFC is focusing on women’s empowerment through a USD50 million loan to Mumbai based InCred Financial Services Ltd. This funding will facilitate lending to women-owned businesses, using technology to reach underserved entrepreneurs.
- Additionally, Chennai(Tamil Nadu, TN) based Kaleidofin Capital Private Ltd. will receive USD 5 million loan to expand financial services for underbanked women.
iii.The DFC has allocated USD 19.8 million to Noida(Uttar Pradesh, UP) based Aryatech Platforms Pvt. Ltd. This investment will support agricultural trade by connecting small farmers with buyers and streamlining financing in the agricultural sector.
iv.Enhancing environmental sustainability is a key goal, with DFC approving USD 18 million loan to New Delhi(Delhi) based Mufin Green Finance Ltd. This funding will support India’s growing electric vehicle sector.
- Furthermore, USD 10 million will be provided to Nepra Resource Management Pvt. Ltd. to build dry waste recovery and recycling plants, which will help reduce emissions and advance the circular economy.
v.Climate-focused businesses will benefit from a USD 50 million loan to Gujarat based Northern Arc Investments International Financial Services Centre(IFSC)Trust, which will finance projects in solar energy, green buildings, sustainable agriculture, and e-mobility.
vi.India’s healthcare sector will receive support through a USD20 million loan to New Delhi based Panacea Biotec Ltd., which will enable the production of additional doses of the hexavalent vaccine annually. This will help improve healthcare access in the country.
vii.DFC is also investing USD 20 million in New Delhi based Satya MicroCapital Ltd. to expand its microfinance portfolio, specifically targeting rural and semi-urban women.
- In addition, Mumbai based UGRO Capital Ltd. will receive a USD 40 million loan to support lending to small and medium-sized enterprises.
viii.DFC has allocated nearly USD 300,000 in technical assistance to Lok Capital IV LLC(the fund).
- This support aims to help portfolio companies improve their impact in areas such as climate adaptation, gender equity, and financial inclusion.
Note: Lok Capital IV LLC (the Fund with a target size of up to USD200 million) is a closed-end private equity fund focused on investing in businesses that leverage technology to provide infrastructure and related services across financial services, climate, health, and agriculture sectors, primarily in India.
About U.S. International Development Finance Corporation(DFC):
Chief Executive Officer (CEO)- Scott Nathan
Headquarters– Washington, D.C., the United States of America (USA)
Founded – 2019
ECONOMY & BUSINESS
Tata Electronics & Taiwan’s PSMC Complete Agreement for Tech Transfer to Build India’s 1st semiconductor fab
Tata Electronics Private Limited (TEPL) has completed the Definitive Agreement with Taiwan-based Powerchip Semiconductor Manufacturing Corporation (PSMC) under which PSMC will provide design and construction support to build India’s 1st Artificial Intelligence (AI)-enabled greenfield fab in Dholera(Gujarat).
i.PSMC will license a broad portfolio of technologies and provide engineering support to successfully transfer licensed technologies to the Gujarat fab.
ii.With a total investment of up to Rs 91,000 crores (USD 11 billion), the Fab will create over 20,000 direct and indirect skilled jobs.
iii.The new semiconductor fab will manufacture chips for applications like Power Management Integrated Circuits (IC), Display Drivers, Microcontroller Unit (MCU) and high-performance computing logic, addressing the growing demand in markets such as AI, automotive, computing and data storage, and wireless communication.
Note: TEPL is s a greenfield venture of the Tata group with expertise in manufacturing precision components.
OBITUARY
Renowned Indian English poet & former IPS officer Keki N. Daruwalla Passed Away
Padma Shri Awardee Keki N. Daruwalla, a former Indian Police Services (IPS) officer and a celebrated English Poet, passed away in September 2024, at the age of 87 in New Delhi, Delhi. He was born on 24th January 1937 in Lahore, British India (now in Pakistan).
- Daruwalla, a 1958 batch IPS officer of the Uttar Pradesh(UP) Cadre, joined the Research and Analysis Wing (R&AW) and was later promoted to the rank of secretary, R&AW.
- He retired in 1995 as the chairman of the Joint Intelligence Committee(JIC) and later served as a member of the National Commission for Minorities between 2011 and 2014.
i.He published his first book of poetry, “Under Orion” in 1970.
ii.He received the UP State Award for his 2nd book titled “Apparition in April” in 1972.
iii.He received the Sahitya Akademi Award (English) in 1984 for “The Keeper of the Dead (Poetry)”.
iv.The government of India(GoI) honoured him with the Padma Shri Award (Literature and Education) in 2014.
IMPORTANT DAYS
World Heart Day – September 29 2024
World Heart Day(WHD) is annually observed across the world on 29th September to create awareness about Cardiovascular diseases (CVDs) including heart disease & stroke and to promote actions to prevent, detect and manage CVD.
- The theme of World Heart Day 2024 is “Use Heart for Action”.
Background:
i.The Idea of World Heart Day(WHD) was introduced by Antoni Baie de Luna, former President of the WHF (1997-1999).
ii.In collaboration with the World Health Organization(WHO), World Heart Day was officially established in 1999.
iii.The first ever WHD was observed on 24th September 2000.
About World Heart Federation(WHF):
WHF is a global non-governmental organisation (NGO) dedicated to the prevention and control of CVDs.
President– Daniel José Piñeiro
Headquarters– Geneva, Switzerland
>> Read Full News
STATE NEWS
Telangana Becomes First State to Launch a Chapter of NITI Aayog’s Women Entrepreneurship Platform
In a landmark initiative to boost women-led businesses, Telangana became the first state in India to launch its own state chapter of National Institution for Transforming India(NITI) Aayog’s Women Entrepreneurship Platform (WEP).
- The ‘WEP Telangana Chapter’ was launched by BVR Subrahmanyam, Chief Executive Officer (CEO) of NITI Aayog in the presence of State Information and Technology(IT) and Industries secretary, Jayesh Ranjan and co-chair of WEP, Sangeetha Reddy in Hyderabad(Telangana).
- Sita Pallocholla has been appointed as the Mission Director of the WEP Telangana Chapter. Women Entrepreneurs Hub(WE HUB), Telangana will be the nodal body for the scheme in the State.
- This state-specific chapter aims to offer comprehensive support to women entrepreneurs by providing access to mentorship, financial resources, and digital tools that empower women in both urban and rural areas.
Role of WE Hub:
i.WE Hub, a Telangana government initiative, is a special platform set up in 2018 to support women entrepreneurs in the state.
ii.It will manage Telangana’s WEP chapter, ensuring that women entrepreneurs in the state can benefit from this platform.
Objectives of WEP Telangana Chapter:
i.The main objective is to offer support to women entrepreneurs in Telangana, with a focus on mentoring, financing, and skill development.
ii.A crucial focus is on ensuring that women from all parts of the state, both urban and rural, have access to the same resources and opportunities.
iii. By supporting women entrepreneurs, the platform hopes to boost the economy by encouraging more women to start businesses.
iv.By encouraging women to take up entrepreneurship, the Telangana chapter of WEP aims to contribute significantly to thestate’s economic development.
v.The platform will work with other organizations to create a network where women entrepreneurs can learn, collaborate, and get the support they need to succeed.
vi.This initiative is expected to create a positive impact on Telangana’s economy and help more women succeed in business, making the state a leader in promoting women’s entrepreneurship in India.
About Telangana
Chief Minister (CM)- Revanth Reddy
Governor– Jishnu Dev Varma
Capital- Hyderabad
UNESCO Heritage Site- Kakatiya Rudreshwara (Ramappa) Temple (Cultural Heritage)
About NITI Aayog
Chief Executing Officer (CEO)- B. V. R. Subrahmanyam
Chairperson– Narendra Modi
Established in – 2015
Tripura Govt launches CM-SATH Scheme to Help Meritorious Students in Higher Education
Prof. Dr. Manik Saha, Chief Minister (CM) of Tripura launched CM-SATH Scheme to provide financial support to meritorious students for higher education.
- Under this scheme, a financial assistance of Rs 60,000 (Rs. 5,000 per month) will be provided to a total of 200 students, including 100 at the Madhyamik level for two years and 100 at the Higher Secondary level for three years.
i.The initiative aims to support talented students and ensure that financial issues do not hinder their education.
ii.152 from the block level, 12 from the Nagar Panchayat level, 26 from the Municipal Council level, and 10 from the Agartala Municipal Corporation level, will be selected to ensure that students from different areas and levels are included.
iii.This support is based on merit to encourage higher education. The beneficiaries will be selected by the District Education Officer of each district.
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