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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Considers Securities Risk on Bond Street as Rupee Declines    

• The Reserve Bank of India (RBI) is closely monitoring the slowing of foreign investment in fully accessible government bonds (FAR) due to global market volatility impacting local debt markets.
• Officials from RBI’s Financial Markets Regulation Department (FMRD) have been informally engaging with banks, especially foreign lenders, to assess the unwinding of overseas trading positions in Indian debt markets.

Key Highlights :

• Total Return Swap (TRS) Positions:The RBI has been inquiring about foreign banks' TRS positions, which serve as a proxy for exposure to local bonds.
• Approximately 20-25% of the foreign investment flowing into Indian debt between September 2023 and June 2024 was estimated to be through TRS instruments.
• FAR Category Introduction:The FAR category of government securities was introduced in March 2020, allowing unrestricted overseas investment.
• Only bonds in the FAR category are eligible for inclusion in the JP Morgan bond index.
• Recent Trends in Foreign Investment:Following significant foreign portfolio investment flows into FAR bonds, overseas buying has halted abruptly in October 2024.
• In the week ending October 11, the indicative value of aggregate holdings of FPIs in FAR bonds decreased by ₹1,675.25 crore.
• Comparison of FPI Holdings:FPI holdings in FAR bonds rose substantially over the previous months (July: ₹21,033 crore; August: ₹23,914 crore; September: ₹17,971 crore).
• As of October 15, FPI holdings stood at ₹2.47 lakh crore, reflecting minimal growth compared to previous months.
• Impact of the Rupee's Weakness:The rupee has weakened past the 84 per dollar mark, prompting a global rush towards the safety of the US dollar amid international pressures.
• Future Outlook:Despite the current slowdown, a recovery in overseas flows into FAR bonds could occur by the end of October, as India's weight in the JP Morgan index is set to increase by 1% each month until March 2025.
• To match previous monthly FPI flows of $2.0-2.5 billion in FAR bonds, there would need to be a significant increase in investment in the remaining trading days of October.

50 new payment apps express interest in joining UPI despite zero merchant discount rate     

• 50 new third-party application providers (TPAPs) are eager to join the Unified Payments Interface (UPI) despite the absence of a merchant discount rate (MDR).
• Dilip Asbe, Managing Director and Chief Executive Officer (MD & CEO) of the National Payments Corporation of India (NPCI), stated that increasing interest from new participants has been observed over the past year.
• New TPAPs, including Navi, BharatPe, and super.money, have recently entered the UPI ecosystem.
• Definition of MDR : An MDR is a fee levied on a merchant by a fintech or any other payment processing company for processing a digital transaction including UPI.
• MDR is usually a percentage of the transaction amount, typically between 1% and 3%.

Key Highlights :

• Transaction Costs: Currently, most debit UPI transactions are free, with payment-processing costs borne by fintech companies and banks.
• MDR Possibility: Asbe indicated that MDR might only be introduced for larger merchants, not small merchants with a turnover of less than ₹20 lakh.
• Revenue Generation: Introducing an MDR could allow companies to earn revenue from transaction processing, alleviating their payment processing expenses.
• Market Dynamics: Addressing concerns about a duopoly (with PhonePe and Google Pay processing about 87% of UPI volumes), Asbe emphasized that the market would balance with new use cases such as credit offerings.
• Volume Cap Proposal: NPCI had proposed a 30% market share cap on TPAPs to maintain a balanced market; a decision on this has not yet been made.
• Government and Regulatory Goals: The government, RBI, and NPCI aim to create a balanced UPI market while supporting growth.
• AI Utilization: NPCI is leveraging artificial intelligence for risk and fraud management, including anti-money laundering (AML) guidelines and data science applications.

About NPCI :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organization for operating retail payments and settlement systems in India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

Tata Digital partners with Tata AIA to introduce life insurance products on Tata Neu    

• Tata Digital has collaborated with Tata AIA Life Insurance to offer life insurance products on the Tata Neu platform.
• The launch follows the success of the co-branded credit card with HDFC Bank.

Key Highlights :

• Initial Premium: Tata Digital achieved Rs 25 crore in annual new premium within the first 90 days of the launch.
• Simplified Process: The insurance buying process has been streamlined to just three clicks, enhancing customer experience.
• Rewards: Customers purchasing insurance products earn NeuCoins, which can be redeemed across the Tata ecosystem.
• Insurance Products: Available options include term life insurance (Maha Raksha Supreme Select with a pre-approved sum assured up to Rs 2 crore) and wealth creation plans with access to Tata AIA equity funds.

About Tata AIA Life Insurance :

• Founded : 1 April 2001
• Headquarters : Mumbai, Maharashtra, India
• CEO : Naveen Tahilyani
• It is an Indian joint venture life insurance company, formed by Tata Sons and AIA Group (AIA)
• Tata AIA offers diverse solutions such as term cover, savings plans, investment plans, and retirement solutions.

World Bank maintains India's FY25 GDP growth forecast at 7%   

• The World Bank has projected India's economic expansion at 7% for FY25, driven by robust agricultural output and policies aimed at increasing employment growth.

Factors Contributing to Growth:

• Strong private consumption is expected due to favourable agricultural performance.
• Public consumption growth is expected to moderate in line with fiscal consolidation efforts.
• Investment growth is projected to slow down from a high base.
• Comparison with Previous Periods: The projected growth rate is close to India's pre-pandemic average growth rate (FY2016/17–FY2018/19) and is higher than that of most other major emerging market and developing economies (EMDEs).

Other Economic Forecasts:

• The Reserve Bank of India (RBI) has forecasted GDP growth at 7.2% for FY25.
• Some economists predict a more conservative growth rate of 6.8%.
• Fiscal Policy Outlook: Fiscal consolidation is expected to continue, supported by strong revenue growth and modest increases in current spending.

Recent GDP Performance:

• GDP growth of 6.7% was recorded in Q1 FY25.
• High-frequency indicators suggest that real GDP growth may fit well within the projected range of 6.5-7% for FY25.
• Inflation Trends: Inflation in India has remained within the RBI's target range of 2–6% since September 2023, easing due to reductions in food inflation.
• South Asia Growth Forecast: The World Bank has revised its growth forecast for South Asia to 6.4% in 2024, citing strong domestic demand in India and recovery in countries like Sri Lanka and Pakistan.
• Monetary Policy Context: The RBI's monetary policy rate remains at 6.5%, and domestic credit to the commercial sector grew by 13.5% in July, the fastest in South Asia.

About World Bank :

• Established : July 7, 1944
• Headquarters : Washington, D.C., United States
• President : Ajay Banga
• Membership : 189 countries (IBRD), 174 countries (IDA)

CURRENT AFFAIRS: NATIONAL NEWS

Development of the National Maritime Heritage Complex (NMHC) at Lothal, Gujarat

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the development of the National Maritime Heritage Complex (NMHC) at Lothal, Gujarat.
• The project will be executed in two phases, aiming to showcase India's 4,500-year-old maritime heritage.

Key Aspects of the NMHC Project:

1. Project Phases and Implementation:

• The project will be developed in two phases:
  • Phase 1A and 1B: These phases will be executed in EPC (Engineering, Procurement, and Construction) mode.
    • Phase 1A is under implementation with 60% physical progress, planned to be completed by 2025.
    • Phase 1B will include the construction of the Light House Museum, funded by the Directorate General of Lighthouses and Lightships (DGLL).
  • Phase 2: This will be developed through land subleasing/PPP (Public-Private Partnership) to establish NMHC as a world-class heritage museum.

2. Governance and Fundraising:

• In-principle approval has been granted for Phase 1B and Phase 2, with plans to raise funds through voluntary contributions.
• A separate society will be set up to manage future phases, governed by a Governing Council headed by the Minister of Ports, Shipping & Waterways, under the Societies Registration Act, 1860.

Major Features of NMHC:

1. Phase 1A:

• The museum will feature 6 galleries, including an Indian Navy & Coast Guard gallery, showcasing INS Nishank, Sea Harrier war aircraft, UH3 helicopter, and more.
• A replica model of Lothal township surrounded by an open aquatic gallery, and a jetty walkway will be included.

2. Phase 1B:

• Expansion to 8 more galleries and the addition of a Light House Museum, which will be the world’s tallest.
• Bagicha complex with parking for 1,500 cars, a food hall, medical centre, and other facilities.

3. Phase 2:

• Coastal States Pavilions, developed by respective coastal states and union territories.
• Hospitality zone featuring a maritime-themed eco-resort and museuotels.
• Recreation of the real-time Lothal City, a maritime institute, and hostel.
• Four theme-based parks: Maritime & Naval Theme Park, Climate Change Theme Park, Monuments Park, and Adventure & Amusement Park.

Major Impact:

1. Employment Generation:

• The project is expected to create around 22,000 jobs, including 15,000 direct and 7,000 indirect employment opportunities.

2. Beneficiaries:

• The development of NMHC will significantly benefit local communities, tourists, researchers, educational institutions, and cultural organisations. It will also aid businesses and environmental conservation efforts.

Background:

• The NMHC project aligns with the Prime Minister's vision to preserve and showcase India's maritime legacy.
• The master plan was prepared by the renowned architecture firm Architect Hafeez Contractor, and the construction of Phase 1A has been assigned to Tata Projects Ltd.

Development of Border Area Roads in Rajasthan and Punjab Approved by Union Government

• The Union Cabinet, led by Prime Minister Narendra Modi, has sanctioned a significant infrastructure project aimed at enhancing road connectivity in the border areas of Rajasthan and Punjab.
• The project underscores the government's focus on improving facilities in these strategically important regions.

Key Highlights:

• Project Scope: The project involves the construction of 2,280 km of roads in the border areas of Rajasthan and Punjab.
• Investment: The initiative is backed by a substantial investment of ₹4,406 crore.
• Focus on Border Development: Reflects a shift in mindset, emphasizing the need to provide border regions with facilities comparable to other parts of the country.
• Infrastructure Impact: The development will enhance road and telecom connectivity and improve essential services such as water supply, healthcare, and education.
• Rural Livelihood & Connectivity: Aims to boost rural livelihood, ease travel, and ensure seamless connectivity between border areas and the national highway network.

Piyush Goyal Launches District Master Plan under PM GatiShakti for Infrastructure Planning

• Commerce and Industry Minister Piyush Goyal launched a district master plan under the PM GatiShakti initiative to enhance infrastructure planning in 27 aspirational districts across India.
• This marks a significant step toward improving infrastructure efficiency through data-backed decision-making.

Key Highlights:

1. District Master Plan for 27 Aspirational Districts:
   • The initiative targets 27 districts initially, with plans to extend coverage to over 750 districts in the next 18 months.
   • The plan is part of the broader PM GatiShakti initiative, which focuses on efficient planning and implementation of infrastructure projects.
2. National Master Plan Portal:
   • The National Master Plan Portal provides a platform for efficient infrastructure planning at the central and state levels.
   • The portal has over 1,600 layers of data, enabling faster, better, and cost-effective planning of world-class infrastructure.
3. Guidelines for Logistics Planning:
   • Guidelines for preparing city-specific logistics plans were also launched to tailor logistics solutions based on local needs.
   • This will help cities develop more effective logistics infrastructure.
4. Global Relevance of PM GatiShakti:
   • Goyal emphasized that PM GatiShakti is India’s contribution to global infrastructure planning. The GIS-enabled platform developed by BISAG-N (Bhaskaracharya Institute for Space Applications and Geoinformatics) is expected to set a global standard for infrastructure planning in the future.
   • Every data point on the platform is validated and double-checked, with mechanisms for periodic updates.
5. Cost-Effective Planning:
   • The GIS-enabled platform helps save significant budget for the government, improving efficiency in building infrastructure through data-backed decision-making.

CBDT Issues Guidance Note for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024

• The Central Board of Direct Taxes (CBDT) has issued a Guidance Note in the form of Frequently Asked Questions (FAQs) to address queries from stakeholders regarding the Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024.
• This move aims to provide clarity and assist taxpayers in understanding the provisions of the scheme.

Key Highlights:

1. Purpose of the Guidance Note:
   • The FAQs are designed to clarify provisions and assist taxpayers in navigating the DTVSV Scheme, 2024.
   • It aims to resolve common queries and ensure smoother implementation of the scheme.
2. Access to the Guidance Note:
   • The Guidance Note is available on the Income Tax Department’s portal.
3. About the DTVSV Scheme, 2024:
   • The DTVSV Scheme, 2024, announced in the Union Budget 2024-25 by the Finance Minister, aims to resolve pending income tax disputes.
   • It was enacted through the Finance (No. 2) Act, 2024, with the corresponding Rules and Forms notified on September 20, 2024.
4. Relevant Sections:
   • Sections 88 to 99 of the Finance (No. 2) Act, 2024, along with the Direct Tax Vivad Se Vishwas Rules, 2024, outline the detailed provisions of the scheme.

Government Announces AI Centres of Excellence in Healthcare, Agriculture, and Sustainable Cities

• The Government of India has announced the establishment of three Centres of Excellence (CoE) in Artificial Intelligence (AI), focusing on healthcare, agriculture, and sustainable cities.
• These CoEs aim to drive innovation and collaboration with industries and start-ups to address key challenges in these sectors.

Key Highlights :

1. AI Centres of Excellence (CoEs):
   • Healthcare: Led by AIIMS and IIT Delhi.
   • Agriculture: Led by IIT Ropar, Punjab.
   • Sustainable Cities: Led by IIT Kanpur.
   • These CoEs will function as solution providers and promote employment generation and wealth creation.
2. Union Budget Proposal:
   • The Union Budget 2023-24 proposed the setting up of these AI-CoEs with a financial outlay of ₹990 crore from 2023-24 to 2027-28.
   • The CoEs are expected to play a pivotal role in AI-driven innovations across critical sectors.
3. Oversight and Implementation:
   • An apex committee, co-chaired by Sridhar Vembu, has been constituted to oversee the implementation of the CoEs. The committee includes key industry leaders, ensuring strong industry collaboration.
4. Vision for AI Development:
   • Announcing the decision, Union Education Minister Dharmendra Pradhan emphasized that these AI-CoEs will be solution providers and drivers of innovation. The initiative will support the creation of a new generation of employment providers and wealth creators.

PM Suryaghar Yojana's Success in Rooftop Solar Installations and India's Solar Energy Growth

• The PM Suryaghar Yojana, launched by Prime Minister Narendra Modi in February 2024, is making significant strides in expanding rooftop solar power across India.
• Under this flagship programme, approximately 4 lakh rooftop solar installations have been completed so far, according to the Minister of New and Renewable Energy, Pralhad Joshi.
• This initiative is a key part of India's ambitious target to install 10 million rooftop solar connections by 2027, with an allocated budget of ₹75,021 crore.

Key Highlights :

1. PM Suryaghar Yojana Milestones:
   • 4 Lakh Installations: As of the recent announcement, India has achieved 4 lakh rooftop solar connections under the scheme, contributing to the country’s green energy transition.
   • Target: The scheme aims to cover 10 million households by 2027.
   • Investment: The project involves an outlay of ₹75,021 crore over the course of the initiative.
2. Solar Energy Growth in India:
   • Installed Capacity: Between January and September 2024, India added 17.44 GW of solar photovoltaic (PV) capacity.
   • Current Solar Share: Solar power now constitutes 20% of India's installed power capacity, reflecting a 26% growth compared to the previous year.
   • Renewable Energy Milestone: As of October 2024, India’s total renewable energy capacity surpassed 200 GW, with solar energy accounting for 90.76 GW.
3. Challenges in Implementation:
   • High Transportation Costs: In some areas like the Northeast, Lakshadweep, and Andaman & Nicobar Islands, the high transportation costs of solar panels have created challenges. The government is working on solutions to address this issue.
   • Land Availability: Land scarcity for solar projects is a significant hurdle, and the government is collaborating with state governments and developers to facilitate faster project deployment.
   • Investment and Coordination: Ensuring investment and proper coordination with states is critical for overcoming these challenges.
4. Impact on Residential Rooftop Solar:
   • Current Capacity: As of March 2024, residential rooftop solar capacity in India stood at 3.2 GW, which is 27% of the total rooftop solar installations.
   • Growth in Six Months: The recent addition of 1.8 GW of new rooftop solar capacity in just six months highlights rapid growth, with Gujarat leading in installations.
   • Factors Driving Growth: Increased capital subsidies, decreasing solar module costs, and rising consumer awareness are key factors boosting the residential rooftop solar market in India.

Union Cabinet Approves 3% Increase in Dearness Allowance and Dearness Relief for Central Government Employees and Pensioners

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved an additional 3% increase in Dearness Allowance (DA) for Central Government employees and Dearness Relief (DR) for pensioners.
• This increase, effective from July 1, 2024, is aimed at offsetting the impact of rising prices.

Key Highlights :

1. Increase in DA and DR:
   • 3% hike, raising DA and DR from 50% to 53% of Basic Pay/Pension.
   • This increase is based on the recommendations of the 7th Central Pay Commission.
2. Effective Date:
   • The new rate is applicable from July 1, 2024.
3. Beneficiaries:
   • Approximately 49.18 lakh Central Government employees and 64.89 lakh pensioners will benefit.
4. Financial Impact:
   • The total burden on the exchequer is estimated to be ₹9,448.35 crore annually.

Union Cabinet Approves Continuation of PM-AASHA to Support Farmers and Stabilize Prices

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the continuation of the Pradhan Mantri Annadata Aay SanraksHan Abhiyan (PM-AASHA)
• This initiative aims to provide remunerative prices to farmers and control the price volatility of essential commodities for consumers.

Key Highlights:

1. Financial Outlay:
   • The total financial outgo will amount to ₹35,000 crore during the 15th Finance Commission Cycle until 2025-26.
2. Integration of Schemes:
   • The Price Support Scheme (PSS) and Price Stabilization Fund (PSF) have been merged into PM-AASHA to improve efficiency in serving farmers and consumers.
3. Components of PM-AASHA:
   • The integrated scheme now includes:
     • Price Support Scheme (PSS)
     • Price Stabilization Fund (PSF)
     • Price Deficit Payment Scheme (PDPS)
     • Market Intervention Scheme (MIS)
4. Procurement Plans:
   • Starting from the 2024-25 season, the procurement of notified pulses, oilseeds, and copra at Minimum Support Price (MSP) will be based on 25% of national production.
   • Notably, 100% procurement of Tur, Urad, and Masur will be implemented during the 2024-25 season.
5. Enhanced Government Guarantee:
   • The existing government guarantee has been increased to ₹45,000 crore for the procurement of notified pulses, oilseeds, and copra at MSP, encouraging more procurement from farmers.
6. Consumer Protection:
   • The Price Stabilization Fund (PSF) will help protect consumers from extreme price fluctuations by maintaining strategic buffer stocks of pulses and onions.
7. Encouraging State Participation:
   • The coverage for the Price Deficit Payment Scheme (PDPS) for notified oilseeds has been raised from 25% to 40% of state production, with the implementation period extended from 3 months to 4 months.
8. Market Intervention Scheme (MIS) Updates:
   • The coverage under MIS has been increased from 20% to 25% of production. Farmers can now receive differential payments directly into their accounts instead of physical procurement.
9. Support for TOP Crops:
   • For Tomato, Onion, and Potato (TOP) crops, the government will cover transportation and storage costs to bridge the price gap between producing and consuming states during peak harvesting periods.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India raises concerns over terrorism at SCO meeting hosted in Pakistan   

• External Affairs Minister S. Jaishankar called for an “honest conversation” about the lack of trust and neighbourly ties within the Shanghai Cooperation Organisation (SCO), implicitly criticizing China and Pakistan regarding issues of territorial integrity and terrorism.
• Jaishankar's visit marked the first time an Indian foreign minister visited Pakistan in nearly a decade, highlighting a significant diplomatic engagement.

Key Highlights :

• China-Pakistan Economic Corridor (CPEC): Jaishankar's comments followed Pakistan PM Shehbaz Sharif’s proposal to expand CPEC as part of a “robust SCO connectivity framework,” which India opposes due to its passage through Pakistan-occupied Kashmir (PoK).
• SCO's Focus on Trust and Cooperation: Jaishankar stressed the need for the SCO to strengthen mutual trust, friendship, and cooperation as outlined in the SCO Charter, emphasizing the importance of addressing terrorism, separatism, and extremism.
• Global Challenges: He referenced various global challenges, including the Russia-Ukraine war and climate change, and suggested that these could be addressed through enhanced cooperation within the SCO framework.
• Principles of Cooperation: Jaishankar argued that cooperation among SCO members should be based on mutual respect and sovereignty, not unilateral agendas.
• Proposed Areas for Collaboration: He highlighted potential areas for SCO member states to collaborate, such as industrial cooperation, MSME initiatives for job creation, and enhanced investment flows.
• India’s Global Initiatives: Jaishankar proposed sharing benefits from India's initiatives, including the International Solar Alliance, Coalition for Disaster Resilient Infrastructure, and Global Biofuel Alliance.
• Call for UN Reform: He advocated for comprehensive reform of the UN Security Council to better represent developing countries, emphasizing the need for inclusivity and accountability in global governance.
• Pakistan’s Emphasis on Connectivity: PM Shehbaz Sharif reiterated Pakistan’s commitment to regional peace and called for expanding projects like CPEC and the Belt and Road Initiative (BRI) to enhance regional connectivity.
• China's Position: Chinese Premier Li Qiang emphasized the need for pragmatic cooperation in areas such as poverty reduction, green development, and combating terrorism and extremism.
• SCO Membership and Support: India did not support the joint communique endorsing China’s OBOR initiative, highlighting ongoing tensions within the SCO regarding bilateral issues among member states.

Note :

• Pakistan will host the 2024 SCO Summit in Islamabad on October 15-16, 2024.

About SCO :

• Established : 15 June 2001
• Headquarters : Beijing, China
• Secretary General : Zhang Ming
• The SCO was established by founding members China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan, with India and Pakistan joining in 2017.
• Iran is expected to become a member soon.
• Objective : To enhance cooperation among its member states in various domains, including politics, economy, and military initiatives, with a strong focus on combating separatism, terrorism, and extremism.

Sri Lanka Plans to Seek Membership in BRICS and the New Development Bank, Says New Foreign Minister Vijitha Herath    

• Sri Lanka’s newly-appointed Foreign Minister Vijitha Herath announced Sri Lanka's intention to apply for membership in BRICS (Brazil-Russia-India-China-South Africa) and the New Development Bank.
• Objective of BRICS Membership: Herath emphasized that Sri Lanka views BRICS as an effective partnership to enhance cooperation, peace, and development through inclusive multilateralism in line with the UN Charter.

Key Highlights :

• Representation at BRICS Summit: Due to upcoming elections, both the Minister and the President will not attend the Outreach BRICS Summit in Kazan, Russia, from October 23-24.
• The foreign secretary will represent Sri Lanka at the summit.
• Request for Support: Herath has sent letters to his counterparts in BRICS member countries, seeking their support for Sri Lanka’s membership application.
• Current BRICS Membership: BRICS currently includes Brazil, Russia, India, China, and South Africa, along with new members: Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates.
• Russian Presidency: Russia holds the BRICS presidency in 2024, having taken over on January 1, 2024.
• BRICS Events: Russia's presidency includes over 250 events, with the main BRICS summit scheduled in Kazan on October 22-24, 2024.

About Sri Lanka :

• President : Anura Kumara Dissanayake
• Prime Minister : Harini Amarasuriya
• Capital : Sri Jayawardenepura Kotte (legislative), Colombo (executive and judicial)
• Currency : Sri Lankan rupee (Rs)

CURRENT AFFAIRS : STATE NEWS

Minister of Information Technology and Biotechnology Priyank Kharge states Karnataka's goal to become Asia's hub for gaming and animation     

• Priyank Kharge, Minister of Information Technology and Biotechnology, announced that Karnataka aims to become the gaming and animation capital of India and Asia during the Indian Gaming Convention (IGC) in New Delhi.
• The state plans to establish a gaming accelerator by the end of the financial year to support the growth of the gaming industry.

Key Highlights :

• Technology Hub: Karnataka is recognized as the fourth largest technology cluster globally, with over 27 centres of excellence (COE) and plans to set up a specific COE for gaming.
• eSports Olympics: Kharge expressed interest in hosting India’s first government-sponsored eSports Olympics to maintain leadership in the gaming sector.
• Market Potential: The global Animation, Visual Effects, Gaming, and Comics (AVGC) market is valued at over $366 billion, with gaming constituting 54% of this market.
• Gaming Community: India has the world's second-largest gaming community, with approximately 425 million gamers.
• The online gaming market size reached ₹16,428 crore in 2023, with projections to double in the next four years.
• Start-up Ecosystem: In 2023, India had nearly 1,400 online gaming start-ups and 430 crore gaming apps downloaded, indicating a thriving gaming ecosystem.
• Financial Contributions: In-game purchases and deposits generated ₹8,370 crore through UPI transactions in India.
• New AVGC Policy: Karnataka's new AVGC policy aims to promote the creation of intellectual properties (IPs) within the state and develop skills for the sector.
• Support for Start-ups: The state runs the Elevate program, providing ₹50 lakh in funding to start-ups.
• Last year, around 30 start-ups in the AVGC sector received funding, contributing to a total of approximately 983 start-ups funded.

About Karnataka :

• Governor : Thawar Chand Gehlot
• Chief Minister : Siddaramaiah (INC)
• Capital : Bangalore

Karnataka Government Unveils Cauvery Stage VI Project to Meet Bengaluru's Water Needs    

• Karnataka Chief Minister Siddaramaiah announced the implementation of the Cauvery Stage VI project to secure Bengaluru's future water needs.
• The event was held at T.K. Halli in Malavalli taluk.
• The announcement followed the launch of the Cauvery Stage V project, which supplies 2,225 million litres per day (MLD) of water to Bengaluru, at a cost of ₹4,600 crore.

Key Highlights :

• Increased Supply: Prior to Stage V, Bengaluru received 1,450 MLD of water daily.
• With Stage V, an additional 775 MLD has been added, benefiting 110 newly added villages in the Bruhat Bengaluru Mahanagara Palike (BBMP).
• Future Planning: The Bangalore Water Supply and Sewerage Board (BWSSB) has been directed to plan the Stage VI project, which will provide an additional 6,000 million cubic feet (tmc) of water, increasing the daily supply by 500 MLD.
• Sewage Treatment Plants: The government plans to construct nine new sewage treatment plants (STPs) with a total capacity of 500 MLD to manage waste.
• Cost Estimates: The total estimated cost for the Cauvery Stage VI project is ₹7,200 crore, with ₹5,200 crore allocated for drinking water supply and ₹2,000 crore for the construction of STPs.
• Funding Sources: Approximately 84% of the project cost is financed through loans from the Japan International Cooperation Agency (JICA), with the remainder funded by the State and BWSSB.
• Union Government Criticism: Siddaramaiah criticized the Union government for not providing a fair share in tax revenue, stating that Karnataka paid ₹4 lakh crore in GST but received only ₹60,000 crore in return.
• Mekedatu Project: The Chief Minister also highlighted the lack of environmental clearance for the Mekedatu project, asserting that its establishment would benefit both Karnataka and Tamil Nadu.
• Infrastructure Development: The projects are part of the government’s efforts to ensure adequate water supply and waste management for Bengaluru’s growing population.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Omar Abdullah Takes Oath as Chief Minister of Jammu & Kashmir; Surinder Kumar Choudhary Appointed as Deputy Chief Minister   

• Omar Abdullah took oath as the Chief Minister of Jammu and Kashmir marking his second term as Chief Minister (CM).
• He previously served from 2009 to 2014.
• National Conference’s Surinder Kumar Choudhary was sworn in as the Deputy Chief Minister.
• Choudhary defeated BJP leader Ravinder Raina from the Nowshera constituency.
• This is the first elected government since 2019, following the abrogation of Article 370 and the bifurcation of Jammu and Kashmir into two Union Territories (Jammu and Kashmir, Ladakh).
• The oath was administered by Jammu and Kashmir Lieutenant Governor Manoj Sinha at the Sher-i-Kashmir International Convention Centre (SKICC) in Srinagar.
• The ceremony was attended by prominent leaders from the INDIA bloc, including Rahul Gandhi, Priyanka Gandhi Vadra, and other political figures.
• Omar Abdullah was accompanied by five legislators to take the oath as Ministers: Satish Sharma (Independent), Sakina Itoo, Javid Dar, Surinder Singh Choudhary, and Javid Rana (all from the National Conference).
• Four Cabinet posts remain vacant and will be filled during the expansion.
• Election Results:In the recent Union Territory elections, the National Conference won 42 out of 90 seats.
• Together with its alliance partner, Congress, which won six seats, the coalition holds a majority in the 95-member assembly (5 members are to be nominated by the LG).
• Surinder Kumar Choudhary previously ran on a PDP ticket but lost to Ravinder Raina in the 2014 elections.
• He resigned from the PDP in 2022 and joined the BJP, before moving to the National Conference in July 2023.

Nayab Singh Saini set to be sworn in as Haryana Chief Minister    

• Nayab Singh Saini will be sworn in as the 20th Chief Minister of Haryana in Chandigarh.
• He was unanimously elected as the leader of the BJP legislature party in Haryana, paving the way for his appointment as CM.
• The oath of office and secrecy will be administered by Haryana Governor Bandaru Dattatreya.
• Saini's candidacy was proposed by BJP MLA Krishan Kumar Bedi and seconded by senior party leader Anil Vij.
• After being elected as the leader of the BJP legislature party, Saini met with the Governor and staked his claim to form the next government.
• The meeting where Saini was elected was attended by Union Home Minister Amit Shah and Madhya Pradesh Chief Minister Mohan Yadav as central observers.
• This will be Saini's second term as Chief Minister, having replaced Manohar Lal in March of this year.
• In a departure from tradition, the BJP has not announced a deputy chief minister for Haryana.

About Haryana :

• Governor : Bandaru Dattatreya
• Chief Minister : Nayab Singh Saini
• Capital : Chandigarh

Aishath Azeema appointed as the new Maldives Ambassador to India     

• Senior diplomat Aishath Azeema is set to replace Ibrahim Shaheeb as the top Maldivian envoy to India.
• The appointment comes after President Mohamed Muizzu's first state visit to India, indicating efforts to reinforce ties with one of the Maldives' closest bilateral partners.

About Aishath Azeema :

• Azeema has been in the Maldivian foreign service since 1988 and has held significant positions, including:
• Maldivian Ambassador to China (2019-2023).
• Deputy Ambassador of the Maldives to the United Kingdom (UK).
• Senior roles in the Maldivian Foreign Ministry including as an additional secretary and joint secretary.
• Ibrahim Shaheeb was appointed as the Maldives' envoy to India in October 2022.

About Maldives :

• President : Mohamed Muizzu
• Capital : Malé
• Currency : Maldivian rufiyaa

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army plans month-long events to commemorate 62nd anniversary of the Battle of Walong    

• The Indian Army is planning a month-long series of events from October 17 to November 14, 2024 to mark the 62nd anniversary of the Battle of Walong during the 1962 Sino-Indian War.
• Key Events: Activities will include the inauguration of the newly renovated Walong War Memorial, Shaurya Sthal at Lama Spur, and various infrastructure projects in border areas.
• Historical Significance: The Battle of Walong was significant as Indian forces halted the advance of the People's Liberation Army (PLA) for 27 days in challenging terrain during the Sino-Indian War.
• Military Composition: The 11 Infantry Brigade, part of the second Infantry Division, was responsible for defending the easternmost parts of Arunachal Pradesh, consisting of various regiments including:
• Six Kumaon Regiment
• Four Sikh Regiment
• Third Battalion of Three Gorkha Rifles
• Second Battalion of Eight Gorkha Rifles
• Four Dogra
• Tactical Situation: Despite being vastly outnumbered (800 Indian soldiers versus over 4,000 Chinese soldiers), Indian troops held their positions for 27 days.
• The Chinese Army ultimately had to deploy additional forces, totaling around 15,000 soldiers.
• Challenges Faced: Indian soldiers fought under extreme conditions at altitudes ranging from 3,000 to 14,000 feet, with limited ammunition and resources.
• The region was air-maintained with no road links to the rest of the country.
• Cultural Elements: The culmination of the commemorative events on November 14 (Walong Day) will feature a solemn wreath-laying ceremony, a narrative of the battle, and traditional performances by Mishmi and Meyor dancers.
• Recognition of Valor: Time magazine, in January 1963, highlighted the courage of Indian soldiers in the Battle of Walong, noting their lack of resources but abundant guts.

About Indian Army :

• Founded : 26 January 1950
• Headquarters : New Delhi, Delhi, India
• Chief of the Army Staff (COAS) : General Upendra Dwivedi
• Vice Chief of the Army Staff (VCOAS) : Lieutenant General N. S. Raja Subramani

CURRENT AFFAIRS: MOUS AND AGREEMENT

India-Australia and ASEAN Trade Negotiations Intensify Towards Comprehensive Economic Cooperation Agreement (CECA)

• India is ramping up its trade negotiations with Australia and ASEAN to finalize key trade agreements and address tariff asymmetries, aiming to strengthen its international economic ties before election cycles in partner countries potentially delay progress.

Key Highlights:

1. India-Australia CECA Negotiations:
   • Engagement Intensification: India and Australia will intensify their negotiations over the next two months to finalize the Comprehensive Economic Cooperation Agreement (CECA).
   • Timeline Pressure: The goal is to conclude negotiations before Australia enters its election phase next year.
   • Building on ECTA: CECA will expand on the Economic Cooperation and Trade Agreement (ECTA), adding 14 new policy areas to the existing five subjects covered under ECTA.
2. ASEAN-India Trade Asymmetry Concerns:
   • India is pushing to resolve tariff asymmetries in the ASEAN-India Trade in Goods Agreement (AITIGA), which has been in force since 2010.
   • India's Tariff Concessions: India has eliminated tariffs on 74% of products for all 10 ASEAN countries but has received uneven tariff eliminations in return, with fewer benefits from larger economies.
   • Country-Specific Tariff Approach: India is advocating for country-wise tariff concessions due to the different levels of economic development among ASEAN members. ASEAN typically prefers a single set of concessions for all its members, but discussions are ongoing to allow flexibility in the review.
3. India-EU Free Trade Agreement (FTA) Talks:
   • The 9th round of negotiations on the India-European Union FTA has been completed, focusing on core trade issues such as goods, services, investment, government procurement, and rules of origin (ROO).
   • India raised concerns over the EU's new regulations, including the Carbon Border Adjustment Mechanism (CBAM), which could act as barriers to trade and increase costs.
4. India-UK Trade Talks:
   • Resumption of negotiations on the India-UK trade agreement is expected after November, following the presentation of the UK’s budget on October 30. 14 rounds of talks have already been held before both countries entered into election mode.

China-Pakistan Strengthen Ties with Gwadar Airport Inauguration

• Chinese Premier Li Qiang inaugurated the Gwadar International Airport in Pakistan's Balochistan province, marking a significant step in the ongoing China-Pakistan Economic Corridor (CPEC) project.
• The $200-million Beijing-funded airport was opened in a ceremony at Pakistan's Prime Minister's Office in Islamabad, emphasising its strategic importance.

Key Highlights :

1. Inauguration of Gwadar International Airport:
   • The Gwadar International Airport is a major infrastructure project under CPEC, worth $200 million.
   • It is one of Pakistan’s largest airports, set to handle both domestic and international flights.
   • The airport is seen as a milestone for regional connectivity and a symbol of strong Pakistan-China relations.
2. Strategic Significance:
   • Premier Li Qiang highlighted the strategic importance of Gwadar as the "center-stage for regional development" and a key hub for trade routes.
   • Pakistan's Prime Minister Shehbaz Sharif referred to the airport as a “gift” from China, symbolizing deep ties between the two nations.
3. CPEC and the Belt and Road Initiative:
   • The $64 billion CPEC is a cornerstone of China’s Belt and Road Initiative (BRI), connecting China’s Xinjiang province to Pakistan’s Balochistan.
   • The Gwadar deep-sea port provides China with its shortest trade route to the Middle East, Africa, and Central Asia.
4. Security Concerns:
   • The CPEC project has faced opposition from Baloch separatists, who accuse China of exploiting local resources.
   • Militant groups, such as the Balochistan Liberation Army and Tehreek-e-Taliban Pakistan, have targeted Chinese nationals and CPEC-related projects.
   • Recent attacks include the killing of two Chinese engineers in a suicide bombing earlier this month in Karachi.
   • China and Pakistan are working together to enhance security for Chinese personnel and projects.
5. Economic Cooperation:
   • During Premier Li’s visit, Pakistan and China signed 13 MoUs covering various sectors such as security, education, agriculture, and technology.
   • An MoU between the State Bank of Pakistan and the People’s Bank of China was signed to establish a currency exchange arrangement, further strengthening economic ties.

India Strengthens Defence Capabilities with $4 Billion MQ-9B Predator Drone Deal

• India has taken a major step in enhancing its military capabilities by signing a $4 billion deal with the United States to acquire 31 MQ-9B Predator drones.
• This landmark agreement, finalized on October 15, 2024, in New Delhi, marks a significant advancement in India’s defence preparedness, particularly in countering threats along its borders with China.

Key Highlights:

1. Historic Deal with the United States:
   • The deal involves the procurement of 31 MQ-9B Predator drones, signed between the Indian government and General Atomics.
   • This contract, valued at $4 billion, is India’s second-largest defense procurement from the US after the $4.5 billion C-17 Globemaster III deal.
2. Tri-Service Distribution of Drones:
   • The Indian Navy will receive 15 Sea Guardian drones for maritime operations.
   • The Indian Air Force and Indian Army will each get 8 Sky Guardians, enhancing the tri-service capabilities of the Indian military.
   • These drones will play a crucial role in long-range surveillance and precision strikes.
3. Advanced Capabilities:
   • The MQ-9B drones will be equipped with Hellfire missiles, GBU-39B precision-guided bombs, advanced sensor suites, and navigation systems.
   • They can fly for up to 40 hours at altitudes above 40,000 feet, making them ideal for long-endurance missions.
   • The drones will be controlled via satellite communications, ensuring remote operations over vast territories.
4. Strategic Deployment:
   • The drones will be stationed at key command centers: Arakkonam and Porbandar for maritime surveillance, and Sarsawa and Gorakhpur for land-based operations.
   • Their deployment will enhance India’s surveillance over contested borders and Indian Ocean Region (IOR), where China’s naval presence has been expanding.
5. Performance-Based Logistics Agreement:
   • A Performance-Based Logistics (PBL) agreement was signed to support the drones with maintenance, repair, and overhaul (MRO) for up to 150,000 flying hours or eight years, ensuring long-term readiness.
6. Strategic Importance:
   • The acquisition of MQ-9B drones will significantly boost India’s ability to conduct intelligence, surveillance, and reconnaissance (ISR) missions.
   • This deal is seen as a response to China’s growing influence in the IOR, providing India with a technological edge over its regional adversaries, including Pakistan, which operates Chinese-made drones.
7. India-US Strategic Partnership:
   • The deal highlights the deepening defense ties between India and the United States.
   • Although there is no technology transfer provision, General Atomics will offer consultancy to India’s DRDO, aiding in the development of indigenous drone capabilities.
8. Delivery and Integration:
   • The first batch of drones is expected within four years, and the full fleet will be operational within six years.
   • India already operates two leased MQ-9B drones in the Navy, and this acquisition will further integrate these advanced systems into its defense forces.

CURRENT AFFAIRS: RANKING AND REPORTS

WWF 2024 Living Planet Report: Alarming Decline in Global Wildlife Populations

• The World Wildlife Fund (WWF) released its 2024 Living Planet Report, highlighting a significant decline in global wildlife populations.
• According to the report, there has been an average 73% decrease in monitored wildlife populations since 1970, underscoring the urgent need to address biodiversity loss.

Key Highlights:

1. Living Planet Index (LPI):

• The LPI tracks average trends in wildlife populations, serving as an early indicator of extinction risk and ecosystem health.
• The assessment is based on data from nearly 35,000 wildlife populations and 5,495 species.

2. Overall Decline (1970-2020):

• Freshwater species: 85% decline
• Terrestrial species: 69% decline
• Marine species: 56% decline

3. Regional Impacts:

• Latin America and the Caribbean: 95% decline
• Africa: 76% decline
• Asia-Pacific: 60% decline
• North America: 39% decline
• Central Asia: 35% decline

4. Key Drivers of Decline:

• Habitat degradation and loss
• Overexploitation of resources
• Invasive species and pests
• Climate change impacts

Critical Biodiversity Tipping Points:

1. Mass Coral Reef Bleaching:

• Over 75% of coral reefs are affected by bleaching, leading to potential ecosystem collapse.

2. Amazon Rainforest and Carbon Storage:

• Degradation and hunting have reduced seed dispersal and could lead to carbon storage losses of 2-12% in forests.

3. Ice Sheet Melting and Global Impact:

• Melting of ice sheets in Greenland and West Antarctica could trigger methane and carbon emissions, exacerbating climate change.

4. Ecosystem Degradation Examples:

• African Elephants: 78-81% decline due to poaching.
• Chinook Salmon: 88% decline due to damming affecting migration.

Sustainable Development Goals (SDGs) at Risk:

• More than half of the UN’s SDGs for 2030 are unlikely to be met, with 30% already off track.
• Climate commitments may lead to a 3°C rise in global temperatures by the end of the century, causing catastrophic impacts.

Food Security and Overfishing Concerns:

• Despite biodiversity loss, 735 million people face hunger, and 90% of crop varieties have disappeared.
• 37.7% of marine fish stocks are overfished, affecting 3 billion people dependent on seafood.

Economic Costs:

• Environmental degradation costs amount to $10-15 trillion annually, about 12% of global GDP.

Urgent Action Required:

• WWF calls for tripling renewable energy and doubling energy efficiency by 2030.
• Electrification of 20-40% of light-duty vehicles and modernization of global energy grids.

Support for Indigenous Peoples:

• Indigenous communities manage 25% of the world’s land area, playing a crucial role in biodiversity conservation.

Call to Action:

The WWF urges governments, businesses, and individuals to intensify efforts to protect biodiversity. The next five years are crucial for the future of life on Earth, making immediate and decisive action imperative.

About WWF:

• The World Wildlife Fund (WWF), established in 1961, is the world’s leading conservation organization, headquartered in Gland, Switzerland.
• It operates in over 100 countries to address threats to biodiversity and promote sustainable solutions.

India's Progress in 5G Connectivity: Challenges and Achievements

• India's journey with 5G technology is still evolving, as highlighted in the latest 5G Connectivity Index for Q2 2024, released by GSMA Intelligence.
• India ranked 33 out of 39 countries, showing room for improvement in certain areas while excelling in others.
• Kuwait tops the list.

Key Highlights :

1. India's Rank and Performance:
   • India ranks 33rd out of 39 countries in the 5G Connectivity Index.
   • In areas such as 5G revenue growth, data affordability, and video quality, India is among the top-performing countries globally.
2. 5G Connectivity Index by GSMA:
   • The index is developed by GSMA Intelligence, a global telecom body, and presented at the India Mobile Congress (October 15, Delhi).
   • The index measures 5G development in two key areas: 5G infrastructure and 5G services. Each area is weighted equally.
3. Components of the 5G Index:
   • Infrastructure: Includes spectrum availability, the number of 5G base stations, coverage, download and upload speeds, and latency levels.
   • Services: Focuses on affordability of 5G devices and services, subscriber penetration, data traffic per user, video service quality, and revenue growth.
4. Comparison with Other Countries:
   • India’s overall score of 33.31 is below countries like Thailand (40.53) and Malaysia (39.89) but higher than Indonesia (20.14), the Philippines (25.02), Brazil (30.28), and Mexico (23.79).
5. Challenges for India:
   • 5G market penetration in India remains below 20%, compared to over 40% penetration in countries like China, the US, Japan, South Korea, and parts of Europe.
   • While India excels in 5G data affordability, it struggles with device affordability, particularly the limited availability of sub-Rs 10,000 phones, making it difficult for users to upgrade from 2G and 4G to 5G.

CURRENT AFFAIRS: SPORTS NEWS

Neetu David Inducted into ICC Hall of Fame: A Historic Achievement for Indian Women's Cricket

• Former Indian spinner Neetu David, who holds the record for the best bowling figures (8/53) by a woman in individual Test innings, has been inducted into the ICC Hall of Fame.
• She becomes only the second female cricketer from India to receive this prestigious honor, following in the footsteps of former captain Diana Edulji.

Key Highlights:

1. Historic Induction:
   • Neetu David joins South African legend AB de Villiers and former England captain Alastair Cook in the ICC Hall of Fame.
2. Record-Breaking Bowler:
   • David's career includes over 100 international appearances (10 Tests and 97 ODIs) as a prolific left-arm spinner.
   • She is the second-highest wicket-taker for India in ODIs, with 141 wickets, and the first Indian woman to claim 100 wickets in ODIs.
3. World Cup Achievements:
   • In 2005, she topped the wicket-taking list at the World Cup, leading India to its first-ever final.
4. Honorable Recognition:
   • David expressed her gratitude: “It is truly an honor to be inducted into the ICC Hall of Fame... To be considered a Hall of Famer alongside the greatest players that ever lived is humbling.”
5. Career Overview:
   • David made her international debut at the age of 17 in 1995 against New Zealand, where she took four wickets.
   • She achieved her best figures of 8/53 against England in 1995, a record that still stands today.
6. Retirement and Return:
   • After retiring in 2006, David made a brief return in 2008 during the Asia Cup and toured England before retiring from domestic cricket in 2013.
7. Contributions of Other Inductees:
   • Alastair Cook, England's highest Test run-scorer, and AB de Villiers, known for his explosive batting and setting records in ODIs, were also recognized for their remarkable careers.

Akhil Sheoran Secures Bronze medal in Rifle 3-Position at World Cup Final

• In an impressive performance at the World Cup Final held at the Dr. Karni Singh range in Tughlakabad, Akhil Sheoran clinched the bronze medal in the 50m rifle 3-position event .
• This marked the second medal for India at the championship, following Sonam Maskar's silver on the opening day.
• Both Akhil and Sonam were among the four shooters who received direct entries into this prestigious event.

Key Highlights:

1. Akhil Sheoran's Performance:
   • Finished in third place with a score of 452.6 points after bridging a 0.6-point gap before the last shot.
   • Competed against world-class shooters, securing his position behind Istvan Peni (Hungary) and Jiri Privratsky (Czech Republic).
   • Previously finished fifth in the championship in Doha last year.
2. Other Notable Shooters:
   • Chain Singh, an Olympian, scored 590 but finished in seventh place.
   • Rhythm Sangwan, the world record holder in sports pistol, aimed for a medal but lost a shoot-off, finishing fourth with a score of 584.
   • Simranpreet Kaur Brar also reached the final but lost a shoot-off, ending in sixth place with a score of 585.
3. Men's Rapid-Fire Pistol:
   • Vijayveer Sidhu and Anish Bhanwala narrowly missed the finals, finishing with scores of 581 and 580, respectively.
4. Women's Rifle 3-Position Event:
   • Ashi Chouksey missed the final, finishing tied with Xia Siyu of China but lost on inner-10 scores.
5. Shotgun Events:
   • Ganemat Sekhon excelled in women’s skeet, setting a national record with a score of 122 out of 125.
   • Vivaan Kapoor reached the men's trap final with a score of 120.
6. Medal Table:
   • China topped the medal tally with four gold and three bronze medals.
   • India ranked joint sixth with Denmark, securing one silver and one bronze.

Results Summary:

• Men's 25m Rapid-Fire Pistol:
  • Gold: Li Yuehong (China) - 588
  • Silver: Florian Peter (Germany) - 587
  • Bronze: Wang Xinjie (China) - 586
  • 7th: Vijayveer Sidhu - 581
  • 9th: Anish Bhanwala - 580
• Men's 50m Rifle 3-Position:
  • Gold: Istvan Peni (Hungary) - 592
  • Silver: Jiri Privratsky (Czech Republic) - 593
  • Bronze: Akhil Sheoran - 589
  • 7th: Chain Singh - 590
• Women's 25m Sports Pistol:
  • Gold: Josefin Eder (Germany) - 582
  • Silver: Camille Jedrejewski (France) - 588
  • Bronze: Feng Sixuan (China) - 589
  • 4th: Rhythm Sangwan - 584
  • 6th: Simranpreet Kaur Brar - 585
• Women's 50m Rifle 3-Position:
  • Gold: Rikke Ibsen (Denmark) - 590
  • Silver: Jeanette Duestad (Norway) - 591
  • Bronze: Han Jiayu (China) - 593
  • 9th: Ashi Chouksey - 587
  • 10th: Nischal - 585

Thomas Tuchel Appointed Head Coach of England National Team

• German manager Thomas Tuchel has been named the head coach of the England national soccer team, marking him as the third non-Englishman to take on this prestigious role.
• The Football Association (FA) announced the appointment, confirming that Tuchel will officially start on January 1, alongside his English assistant, Anthony Barry.

Key Highlights:

1. Tuchel's Appointment:
   • Tuchel, aged 51, is recognized as one of the top coaches globally, having previously managed Chelsea and Bayern Munich.
   • FA Chief Executive Mark Bullingham expressed excitement over Tuchel's hiring, highlighting his status as a top-tier coach.
2. Historical Context:
   • Tuchel follows in the footsteps of Sven-Goran Eriksson (2001-06) and Fabio Capello (2008-12), who were the first two foreign managers to lead the England team.
   • The decision to appoint Tuchel indicates a shift in FA policy after a mixed tenure under Gareth Southgate, who guided the team to significant milestones but ultimately fell short of major trophies.
3. Interim Management:
   • Lee Carsley, the England Under-21 coach, has been in temporary charge following Southgate's resignation after England's defeat to Spain in the Euro 2024 final. Carsley will continue to lead the team for the next two Nations League matches.
4. Tuchel's Background:
   • Tuchel is celebrated for his tactical acumen, winning the Champions League with Chelsea in 2021 after taking over mid-season. He was sacked by Chelsea in 2022 and subsequently appointed as Bayern Munich's coach in March 2023.
   • His tenure at Bayern saw them finish third in the Bundesliga, a rare occurrence for the club.

Daily CA One- Liner: October 18

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the development of the National Maritime Heritage Complex (NMHC) at Lothal, Gujarat.
• The Union Cabinet, led by Prime Minister Narendra Modi, has sanctioned a significant infrastructure project aimed at enhancing road connectivity in the border areas of Rajasthan and Punjab
• Commerce and Industry Minister Piyush Goyal launched a district master plan under the PM GatiShakti initiative to enhance infrastructure planning in 27 aspirational districts across India
• The Central Board of Direct Taxes (CBDT) has issued a Guidance Note in the form of Frequently Asked Questions (FAQs) to address queries from stakeholders regarding the Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024.
• The Government of India has announced the establishment of three Centres of Excellence (CoE) in Artificial Intelligence (AI), focusing on healthcare, agriculture, and sustainable cities.
• Chinese Premier Li Qiang inaugurated the Gwadar International Airport in Pakistan's Balochistan province, marking a significant step in the ongoing China-Pakistan Economic Corridor (CPEC) project.
• The PM Suryaghar Yojana, launched by Prime Minister Narendra Modi in February 2024, is making significant strides in expanding rooftop solar power across India.
• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved an additional 3% increase in Dearness Allowance (DA) for Central Government employees and Dearness Relief (DR) for pensioners.
• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the continuation of the Pradhan Mantri Annadata Aay SanraksHan Abhiyan (PM-AASHA)
• India is ramping up its trade negotiations with Australia and ASEAN to finalize key trade agreements and address tariff asymmetries, aiming to strengthen its international economic ties before election cycles in partner countries potentially delay progress.
• India has taken a major step in enhancing its military capabilities by signing a $4 billion deal with the United States to acquire 31 MQ-9B Predator drones.
• The World Wildlife Fund (WWF) released its 2024 Living Planet Report, highlighting a significant decline in global wildlife populations.
• India's journey with 5G technology is still evolving, as highlighted in the latest 5G Connectivity Index for Q2 2024, released by GSMA Intelligence.
• The Reserve Bank of India (RBI) is closely monitoring the slowing of foreign investment in fully accessible government bonds (FAR) due to global market volatility impacting local debt markets.
• 50 new third-party application providers (TPAPs) are eager to join the Unified Payments Interface (UPI) despite the absence of a merchant discount rate (MDR).
• Tata Digital has collaborated with Tata AIA Life Insurance to offer life insurance products on the Tata Neu platform.
• The World Bank has projected India's economic expansion at 7% for FY25, driven by robust agricultural output and policies aimed at increasing employment growth.
• External Affairs Minister S. Jaishankar called for an “honest conversation” about the lack of trust and neighbourly ties within the Shanghai Cooperation Organisation (SCO), implicitly criticizing China and Pakistan regarding issues of territorial integrity and terrorism.
• Sri Lanka’s newly-appointed Foreign Minister Vijitha Herath announced Sri Lanka's intention to apply for membership in BRICS (Brazil-Russia-India-China-South Africa) and the New Development Bank.
• Priyank Kharge, Minister of Information Technology and Biotechnology, announced that Karnataka aims to become the gaming and animation capital of India and Asia during the Indian Gaming Convention (IGC) in New Delhi.
• Karnataka Chief Minister Siddaramaiah announced the implementation of the Cauvery Stage VI project to secure Bengaluru's future water needs.
• Omar Abdullah took oath as the Chief Minister of Jammu and Kashmir marking his second term as Chief Minister (CM).
• Nayab Singh Saini will be sworn in as the 20th Chief Minister of Haryana in Chandigarh.
• Senior diplomat Aishath Azeema is set to replace Ibrahim Shaheeb as the top Maldivian envoy to India.
• The Indian Army is planning a month-long series of events from October 17 to November 14, 2024 to mark the 62nd anniversary of the Battle of Walong during the 1962 Sino-Indian War.
• Former Indian spinner Neetu David, who holds the record for the best bowling figures (8/53) by a woman in individual Test innings, has been inducted into the ICC Hall of Fame
• In an impressive performance at the World Cup Final held at the Dr. Karni Singh range in Tughlakabad, Akhil Sheoran clinched the bronze medal in the 50m rifle 3-position event
• German manager Thomas Tuchel has been named the head coach of the England national soccer team, marking him as the third non-Englishman to take on this prestigious role