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CURRENT AFFAIRS: BANKING & FINANCE

India on track to becoming third-largest economy by FY31: S&P report

India to Become Third-Largest Global Economy by 2030

• S&P Global Ratings reports that India is set to be the third-largest global economy by 2030, up from its current position as the fifth-largest.
• The Indian economy is expected to grow rapidly over the next few years, making it the fastest-growing major economy until 2027.

Ambition for $30 Trillion Economy by 2047

• India aims to grow its economy to $30 trillion by 2047, compared to its current size of $3.6 trillion.

Key Challenges: Rising Population and Service Coverage

• The growing population, expected to be the world's largest by 2035, presents challenges in providing basic services and maintaining productivity.

Role of Emerging Markets in Global Growth

Emerging Economies Driving Global Growth

• Emerging markets, led by India, China, Vietnam, and the Philippines, will play a significant role in shaping the global economy, contributing 65% of global economic growth by 2035.
• S&P projects emerging economies will average a GDP growth rate of 4.06% compared to 1.59% for advanced economies through 2035.

India's Strategic Moves

• India's entry into JP Morgan’s Government Emerging Market Bond Index in 2024 is expected to provide additional government funding and unlock resources in domestic capital markets.
• Continued reforms to improve market access and settlement procedures are expected to attract more investors.

Long-Term Growth Strategy and Global Position

Long-Term Growth Strategies

• S&P stresses the importance of ambitious long-term growth goals for emerging markets. These strategies are crucial for mobilizing capital and investments to sustain economic growth.

India’s Future Role

• By 2035, India will firmly hold the position of the third-largest global economy, with Indonesia and Brazil ranking eighth and ninth respectively.

About S&P Global Inc:

• Headquarters: New York, United States
• CEO: Douglas L. Peterson
• CFO: Ewout Steenbergen
• President: Douglas L. Peterson
• Founders: James H. McGraw, John A. Hill

RBI Concludes Government Securities Buyback, Accepts Rs 24,934 Cr In Bids

RBI’s Second Buyback in October 2024

• The Reserve Bank of India (RBI) conducted a buyback auction, accepting bids worth Rs 24,934.4 crore, just under the notified amount of Rs 25,000 crore.
• This marks the second successful buyback operation this month and follows the resumption of buybacks in May 2024, after a six-year pause.

Significant Market Participation

• A total of Rs 33,201.4 crore in bids was offered by market participants, indicating strong interest in the buyback.
• The success of this operation is attributed to softer bond yields, which have improved profitability for traders, making them more willing to sell bonds to the government.

Bond Yield Trends

Easing of 10-Year Benchmark Bond Yields

• Since the start of 2024, the yields on 10-year benchmark government bonds have dropped by 43 basis points, from 7.19% in January to 6.76% as of Thursday.
• This decline in yields has made the buyback process more attractive to participants, as lower yields improve bond pricing and profits.

Breakdown of Bond Maturities Accepted

Varied Maturities in the Auction

• The RBI accepted bids for several bond maturities, including:
  • Rs 6,409 crore for 7.72% securities maturing in 2025
  • Rs 8,919.8 crore for 5.22% bonds maturing in 2025
  • Rs 8,127.9 crore for 5.15% bonds maturing in 2025
  • Rs 605 crore for 8.20% bonds maturing in 2025
  • Rs 872.6 crore for 7.59% bonds maturing in January 2026

Strategic Importance of Buyback Operations

Debt Retirement and Liquidity Enhancement

• The buyback operations are part of the government's strategy to retire some of its outstanding debt early, reducing long-term liabilities.
• These actions also boost liquidity in the banking system, as banks are major holders of government securities.
• As of 16 October, the liquidity in the banking system stood at Rs 1.89 lakh crore as per the RBI's absorption of funds.

What is a buy back auction?

• A buyback occurs when the owner or consignor of the item bids and/or buys it back at auction.
• These are not usually known by the audience. Buybacks are allowed by some auctioneers and not others.

About the Reserve Bank of India (RBI):

• Established: April 1, 1935 (Kolkata)
• Headquarters: Mumbai, Maharashtra
• Governor: Shaktikanta Das
• Role: The RBI is the central bank of India, responsible for regulating the country’s monetary policy, issuing currency, and overseeing the financial system.

RBI takes action against 4 NBFCs, ceases them from loan disbursal

Action Under Section 45L(1)(b) of RBI Act

• The Reserve Bank of India (RBI) has taken significant action against four Non-Banking Financial Companies (NBFCs):
  • Asirvad Micro Finance Limited
  • Arohan Financial Services Limited
  • DMI Finance Private Limited
  • Navi Finserv Limited
• These NBFCs have been directed to halt loan sanction and disbursement activities from the close of business on October 21, 2024.

Issues with Pricing Policy and Regulatory Compliance

Excessive Rates and Non-Adherence to Guidelines

• The RBI raised concerns over the Pricing Policy of these companies, particularly focusing on:
  • Their Weighted Average Lending Rate (WALR)
  • The Interest Spread charged over their cost of funds.
• The central bank found the rates charged by these NBFCs to be excessive and not in line with regulatory guidelines, as laid out in:
  • Master Direction – RBI (Regulatory Framework for Microfinance Loans) Directions, 2022 (updated on July 25, 2022)
  • Master Direction – RBI (Non-Banking Financial Company–Scale Based Regulation) Directions, 2023 (updated on March 21, 2024)

Non-Compliance with Income Evaluation Standards

Failure to Assess Household Income and Repayment Ability

• These NBFCs were found to be in violation of regulatory guidelines related to the proper evaluation of:
  • Household income
  • Current and future monthly repayment responsibilities for microfinance loans.

Next Steps and Review

Re-Evaluation by RBI

• The RBI will re-evaluate the restrictions once these companies demonstrate compliance with:
  • Pricing policies
  • Risk management practices
  • Customer service standards
  • Grievance resolution mechanisms
• The central bank aims to ensure that these companies align their practices with the Fair Practices Code issued by the RBI, safeguarding consumer interests and maintaining regulatory integrity.

Non-Banking Financial Company (NBFC)?

• A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 that engages in various financial activities, including:
• Loans and Advances: Providing credit facilities to individuals and businesses.
• Investment Activities: Acquiring shares, stocks, bonds, debentures, or other marketable securities.
• Leasing and Hire-Purchase: Offering equipment leasing or hire-purchase services.
• Insurance: Engaging in insurance business (subject to regulations).
• Chit Funds: Managing chit fund schemes.

Requirements for registration with RBI?

• A company incorporated under the Companies Act, 1956 and desirous of commencing the business of a non-banking financial institution as defined under Section 45 I(a) of the RBI Act, 1934 should comply with the following:
• It should be a company registered under Section 3 of the Companies Act, 1956.
• It should have a minimum net-owned fund of ₹ 200 lakh.

CURRENT AFFAIRS: NATIONAL NEWS

Indian Railways Announces New 60-Day Advance Ticket Booking Policy

• Indian Railways has unveiled a significant update to its advanced train ticket reservation system, allowing passengers to book tickets 60 days in advance starting from November 1, 2024.
• This change aims to provide greater flexibility and convenience for travellers planning their journeys.

Key Highlights:

• New Booking Window:
  • Passengers will now be able to book train tickets up to 60 days prior to the train's scheduled departure, as opposed to the current 120-day booking window. This change is intended to enable travellers to make reservations based on more immediate travel plans.
• Effective Date:
  • The new policy will take effect on November 1, 2024. Passengers should keep this in mind while planning their trips.
• Existing Bookings:
  • Tickets booked before November 1, 2024, will remain unaffected by this change. The new rule will apply only to bookings made after this date, and current bookings made under the 120-day advance reservation period (ARP) before October 31 will remain valid.

AI Integration for Improved Services

In addition to this significant reservation change, Indian Railways is incorporating artificial intelligence (AI) to enhance the travel experience:

• Seat Allocation Optimization:
  • AI will be utilized to improve seat allocation, which has already led to a 30% increase in confirmed ticket rates, ensuring a higher likelihood of passengers receiving confirmed seats.
• Service Monitoring:
  • AI-enabled cameras will monitor the quality of food and linens provided on trains, ensuring a better travel experience for passengers.

Exemptions from the New Policy

• The new 60-day advance booking rule does not apply to certain daytime express trains, such as the Taj Express and Gomti Express, which have distinct advance booking regulations.
• The option for foreign tourists to book tickets 365 days in advance will remain unchanged.

Additional Improvements in Indian Railways

Indian Railways has also introduced various enhancements aimed at improving safety, infrastructure, and efficiency:

• Safety Enhancements:
  • Train accidents have significantly decreased from an average of 171 per year (2004-2014) to just 68 per year (2014-2024), thanks to improved safety measures.
• Infrastructure Development:
  • The Indian government has allocated ₹2,62,200 crores in the Union Budget 2024-25 for railway infrastructure, focusing on building industrial clusters and developing new railway corridors.
• Electrification Progress:
  • Indian Railways has electrified over 41,655 Route Kilometers (RKMs) in the last decade, a significant increase compared to 21,413 RKMs before 2014, as part of its modernization efforts.

Supreme Court Upholds Constitutionality of Section 6A of the Citizenship Act, 1955

• A Constitution Bench of the Supreme Court, in a 4:1 majority judgment, has upheld the constitutionality of Section 6A of the Citizenship Act, 1955, which allows immigrants from Bangladesh residing in Assam to secure Indian citizenship.
• The ruling emphasized the importance of fraternity as a foundational value of the Constitution.

Key Highlights:

• Judgment Overview:
  • The majority opinion, authored by Justice Surya Kant, emphasized that the principle of fraternity should not be selectively applied, stating that it requires diverse groups to “live and let live.”
  • The Court noted that the dilemma of disenfranchising millions versus safeguarding a community's way of life must prioritize fraternity.
• Section 6A Details:
  • The provision allows immigrants who entered Assam from Bangladesh before January 1, 1966, to be deemed Indian citizens.
  • Those arriving between January 1, 1966, and March 25, 1971, can gain citizenship subject to specific procedures.
  • However, it bars citizenship for those who entered after March 25, 1971.
• Incessant Migration from Bangladesh:
  • Justice Kant acknowledged the burden of ongoing migration from Bangladesh on Assam but attributed much of the issue to the government’s failure to identify and deport immigrants post-1971.
  • The Court found the existing mechanisms for detecting illegal immigrants inadequate and urged for better monitoring.
• Implementation Oversight:
  • The Bench directed that the issue be placed before the Chief Justice of India to form a new Bench to monitor the implementation of related laws in Assam.

Noida Airport Ready for Runway Trials Following DGCA Calibration Certificate

• The Directorate General of Civil Aviation (DGCA) has issued a completion certificate for the landing and takeoff calibration at Noida Airport, setting the stage for runway trials to commence shortly.

Key Highlights:

• Certification and Trials:
  • The issuance of the calibration certificate indicates that all systems necessary for flight takeoff and descent are operational.
  • Arun Vir Singh, CEO of Noida International Airport Ltd, announced that trials were originally scheduled to begin on November 15 but can now proceed earlier due to the expedited DGCA certification.
• Calibration Process:
  • A Beech King Air 360ER conducted the calibration from October 10 to 14, with assistance from the Airports Authority of India (AAI) and DGCA.
  • The calibration included the Instrument Landing System (ILS), which assists pilots during landings and takeoffs, especially in low visibility and adverse weather conditions.
• Runway Testing:
  • Following calibration, comprehensive testing of the runway will be carried out, covering its surface, navigation systems, and visual aids, such as the Precision Approach Path Indicator (PAPI) lights.
  • The concessionaire will ensure that all systems, including signals and ILS, are fully functional before commencing operations.
• Commercial Operations Launch:
  • Noida Airport, the second international airport in the Delhi-NCR region, is set to commence commercial operations on April 17 next year.
  • The airport concessionaire plans to apply for an aerodrome licence in December, with issuance expected by mid-March.
• Booking Information:
  • Essential details regarding airport codes and booking will be made available on the International Air Transport Association (IATA) website by February 6.
  • Ticket bookings will open 90 days in advance for international flights and 60 days for domestic flights, with booking slots expected to be available in January or February.
• Flight Operations:
  • The airport aims to handle up to 65 daily flights, including 62 domestic routes, two international destinations, and one cargo flight.
  • The facility is being developed in phases under a 40-year concession agreement with Zurich AG, a global leader in airport management.

Delhi Development Authority's UER-II Project Nears Completion, Enhancing Regional Connectivity

• The Delhi Development Authority (DDA) is nearing completion of its Urban Extension Road (UER)-II Project, set to fully operationalize by December this year, with a total cost of Rs 3,600 Crore funded by DDA.

Key Highlights:

• Project Scope and Implementation:
  • The National Highway Authority of India (NHAI) is overseeing the implementation, with support from the governments of Haryana, UP, and GNCTD.
  • The project spans 75.71 kms, with 54.21 kms in Delhi and 21.50 kms in Haryana, serving as the third Ring Road for Delhi, expanded into five packages.
• Strategic Benefits:
  • Upon completion, UER-II will alleviate traffic on inner and outer Ring Roads in Delhi, significantly improving commuting in outer, west, and south-west Delhi.
  • It will establish direct connectivity between Sonepat and Gurugram, integrating major highways like NH-44 and NH-48 through areas like Bawana, Narela-Kanjhawala, Mundka, and Dwarka.
• Connectivity Enhancements:
  • The project features spurs to Sonepat/Jind and Najafgarh/Bahadurgarh, linking to the Dwarka Expressway in Haryana.
  • It also integrates with the Eastern and Western Peripheral Expressways, aiming to ease traffic congestion and promote pollution control across Delhi, Haryana, and UP.
• Socio-economic Impact:
  • Expected to revolutionize the infrastructural landscape of North, North-West, West, and South-West Delhi, fostering socio-economic development in these regions.

Prime Minister Narendra Modi Chairs NDA Chief Ministers' Meeting: Focus on Good Governance and National Development

• Prime Minister Narendra Modi chaired a high-level meeting in Chandigarh with Chief Ministers and Deputy Chief Ministers from the National Democratic Alliance (NDA).
• The gathering was aimed at discussing national development and governance strategies.

Key Highlights:

• Focus on Good Governance: PM Modi emphasized good governance and improving the quality of life for citizens. He stated that the NDA is dedicated to advancing national progress and empowering the poor and marginalized.
• Agenda: Discussions included:
  • Observance of 'Sanvidhan Ka Amrut Mahotsav' (celebrating the Constitution),
  • The upcoming 50th anniversary of the "attempt to murder democracy."
• High-Level Participation: Key leaders attending included:
  • BJP President JP Nadda, Defence Minister Rajnath Singh, and Home Minister Amit Shah.
  • Andhra Pradesh Chief Minister Chandra Babu Naidu and Assam Chief Minister Himanta Biswa Sarma.
  • A total of 13 Chief Ministers and 16 Deputy Chief Ministers from BJP-ruled states, and CMs from Maharashtra, Andhra Pradesh, Bihar, Sikkim, Nagaland, and Meghalaya, representing NDA partners.

Government Plans Social Security for Gig Workers: Focus on Unique Employment Status

• The Central Government, led by Labour Minister Mansukh Mandaviya, is working on a framework to provide social security for gig and platform workers without placing them under the traditional employer-employee model.
• Instead, the focus is on defining their unique relationship with platforms, recognizing their distinct employment nature.

Key Highlights:

• Recognition of Gig Workers' Status:
  • Gig or platform workers, such as drivers for cab services (e.g., Uber, Rapido) and delivery partners for food services (e.g., Swiggy, Zomato), are acknowledged for their unique role. The new definition aims to ensure they receive necessary protections without being classified under traditional employment categories.
• Labour Ministry Consultations:
  • The Labour Ministry has initiated consultations, bringing together representatives from platform workers' associations to discuss social security measures.
  • Health and social security emerged as the primary concerns during the discussions. The Ministry aims to integrate gig workers into existing social security schemes.
• Framework for Social Security:
  • A committee has been formed to develop a comprehensive framework to ensure welfare benefits for gig workers. This includes gathering input from all stakeholders and considering various funding mechanisms, such as:
    • Deducting a small contribution per transaction
    • Imposing a cess to support health insurance, pensions, and other social benefits.
• e-Shram Portal Registration:
  • Aggregators have been instructed to register workers on the e-Shram portal, which will generate unique IDs. This will help provide insights into the actual size of the gig workforce in India, facilitating better policy implementation.
  • According to NITI Aayog's June 2022 report on the gig economy, there were 7.7 million gig workers in 2020-21, with expectations to rise to 23.5 million by 2029-30. However, the Labour Ministry estimates suggest that the current figures could be much higher.
• Provisions under the Code on Social Security, 2020:
  • Any new social security provisions for gig workers will be framed under the Code on Social Security, 2020, aiming to effectively extend benefits like healthcare and pensions across this sector.

CURRENT AFFAIRS: INTERNATIONAL

Saudi Arabia launches digital platform to ensure wage protection, human rights of expat workers

• The new labour rules in Saudi Arabia — under a digital platform called Musaned — will benefit at least 10 African countries and 9 Asian countries including India, Bangladesh, Pakistan, Vietnam, Philippines and Sri Lanka.

Key Features

• Employment Contract Review: Workers can easily access and review their employment contracts.
• Financial Transaction Tracking: It allows workers to track financial transactions between themselves and their employers.
• Linking to Insurance and Benefits: The platform can be linked to contract insurance and health benefits to provide additional protection.

Objectives

• Safeguarding Workers’ Rights: Ensures that workers' wages and working conditions are in line with Saudi Arabia's labor regulations.
• Preventing Illegal Immigration: Helps curb illegal immigration by regulating and monitoring legal employment.
• Supporting Vision 2030: Aligns with Saudi Arabia’s Vision 2030, aiming to create a stable and secure working environment for foreign workers.

About Saudi Arabia:

• Capital: Riyadh
• King: Salman bin Abdulaziz Al Saud
• Crown Prince: Mohammed bin Salman
• Official Language: Arabic
• Currency: Saudi Riyal (SAR)

CURRENT AFFAIRS: STATE

Jharkhand Cabinet Raises Women’s Honorarium to Rs 2,500; Approves Development Initiatives

Key Announcements from Hemant Soren Cabinet in Jharkhand

1. Maiyaan Samman Yojana Honorarium Increase

• The honorarium for women under the Maiyaan Samman Yojana will be increased from Rs 1,000 to Rs 2,500, effective December 2024.
• Annual honorarium will now rise from Rs 12,000 to Rs 30,000.
• This increase will benefit 5.3 million women aged 18 to 50.
• Seen as a response to the BJP's Gogo Didi Yojana, which promises a monthly transfer of Rs 2,100 to women’s accounts.

2. Tourism Development

• Phase-2 development of the Netarhat tourism area has been approved, with a total budget of Rs 43.08 crore, including Rs 2.49 crore for land acquisition compensation.

3. Educational Initiatives

• Establishment of residential schools in:
  • Kolhan division (Chaibasa)
  • Santhal Pargana division (Dumka)
  • Bokaro district
• These schools will be modeled after the Netarhat Residential School.

4. Infrastructure Projects

• Revised administrative approval of Rs 109.16 crore for the reconstruction of Bilaspur-Dhurki road, including bridge construction and land acquisition.

5. Anganwadi Centers

• Amendments to the Anganwadi Centre Building Construction Scheme under MNREGA convergence were approved to improve the implementation process.

6. Navothan Scholarship Scheme

• A new scholarship scheme to provide financial assistance to orphaned and disabled students in Jharkhand was approved.

7. Higher Education Improvements

• Establishment of integrated science and mathematics laboratories in elementary schools under the Gyanodya Yojana, with a budget of Rs 50 crore.
• Approval of new regulations to implement the National Education Policy-2020 and introduction of the Dual Degree Programme in state universities.

8. Cultural Welfare

• Formation of a committee to address the rights of tea tribes from Jharkhand living in Assam, focusing on their cultural, social, and economic welfare.

About Jharkhand:

• Capital: Ranchi
• Chief Minister: Hemant Soren
• Governor: Santosh Gangwar
• National Park: Hazaribagh National Park, Betla National Park, Dalma Wildlife Sanctuary, Palamau Tiger Reserve

Karnataka renames all residential schools as Maharishi Valmiki Schools; Raichur University gets a new name too

• Valmiki Jayanti 2024: The Karnataka government, led by CM Siddaramaiah, has renamed all government residential schools in the state Maharishi Valmiki Residential Schools.
• In addition, Raichur University will be renamed Maharishi Valmiki University.
• The announcement made by the Chief Minister coincides with Valmiki Jayanti, a day on which the nation celebrates the birth anniversary of the legendary poet.
• It is observed on October 17.
• Valmiki Jayanti honours Maharishi Valmiki, the revered sage credited with composing the Ramayana, one of the most significant epics in Indian literature.
• The epic imparts lessons on ethics, morality, and the ultimate victory of good over evil.

• Valmiki is celebrated as the “Adi Kavi”, meaning the first poet of Sanskrit literature.
• His contributions have shaped the literary and cultural heritage of India.

About Karnataka:

• Capital: Bengaluru
• Chief Minister: Siddaramaiah
• Governor: Thawarchand Gehlot
• National Parks: Nagarhole National Park, Bandipur National Park, Anshi National Park, Kudremukh National Park

Uttarakhand Madrasa Board to make Sanskrit mandatory in 416 institutions

• The Uttarakhand Madrasa Education Board (UMEB) has announced a plan to introduce Sanskrit as a compulsory subject in 416 registered madrassas across the state, benefiting over 70,000 students.
• A formal proposal has been drafted, and discussions with the state's Sanskrit department are underway.

Key Aspects:

• Sanskrit as Compulsory Subject: The initiative aims to include Sanskrit in the curriculum to enhance the educational growth of madrassa students.
• MoU with Sanskrit Department: UMEB plans to sign a Memorandum of Understanding (MoU) with the Sanskrit department to facilitate this curriculum change.
• Inclusion of Computer Studies: Alongside Sanskrit, computer studies are also being considered to modernize the madrassa curriculum and provide students with better career opportunities.

Background & Current Progress:

• NCERT Syllabus Implementation: Madrassas in Uttarakhand have already adopted the NCERT syllabus, leading to a 95% success rate for students this year.
• Meetings and Optimism: UMEB Chairperson Mufti Shamoon Qasmi has held multiple discussions with the Sanskrit department, expressing optimism about the inclusion of Sanskrit in the near future.

Additional Developments:

• Recruitment of Sanskrit Teachers: Once the government grants approval, madrassas will begin recruiting Sanskrit teachers to implement the new curriculum.
• Arabic Already Taught: Arabic is currently taught in over 100 madrassas, and the addition of Sanskrit will enrich the linguistic diversity.
• Nationalism and Waqf Board’s Plan: The Waqf board is also planning to transform 117 registered madrassas into model institutions. The board aims to promote a sense of nationalism by reaching out to ex-servicemen to inspire students.

About Uttarakhand:

• Capital: Dehradun
• Chief Minister: Pushkar Singh Dhami
• Governor: Gurmit Singh
• National Parks: Jim Corbett National Park, Nanda Devi National Park, Valley of Flowers National Park, Rajaji National Park

CURRENT AFFAIRS: BUSINESS NEWS

Launch of BSE Premium Consumption Index by Asia Index:

• Asia Index, a subsidiary of BSE, has introduced a new thematic index called the BSE Premium Consumption Index, aimed at enabling investors to tap into the future of consumption in India.
• This index focuses on companies associated with premium consumer spending, reflecting a growing trend towards premiumisation in the Indian market.

Key Highlights:

• Objective and Scope:
  • The BSE Premium Consumption Index measures the performance of companies selected based on their association with premium consumer spending.
  • Companies are chosen based on free-float market capitalisation from the BSE 500 Index, offering investors a chance to benefit from India’s evolving consumer trends.
• Market Trends and Consumer Shift:
  • The index launch aligns with the shift towards premiumisation, driven by:
    • Growing disposable incomes
    • Increased demand for high-quality lifestyle and wellness products
    • Resilient economic growth in India
  • Ashutosh Singh, MD and CEO of Asia Index, emphasized the importance of this trend, noting how the index allows investors to access future consumption opportunities in the country.
• Reconstitution and Rebalancing:
  • The index is reconstituted semi-annually and rebalanced quarterly.
  • It serves as a benchmark for various investment strategies, including:
    • ETFs (Exchange-Traded Funds)
    • Index Funds
    • PMS (Portfolio Management Services) strategies
    • Active Mutual Fund (MF) schemes
  • By incorporating this index, investors can enhance their portfolios and align with India's shifting consumption patterns.

CURRENT AFFAIRS: AWARDS AND HONOURS

Nikita Porwal Crowned Femina Miss India World 2024

• Nikita Porwal, from Ujjain, Madhya Pradesh, has been crowned Femina Miss India World 2024.
• She will represent India in the Miss World

1. Runners-up:
   • Rekha Pandey from Dadra and Nagar Haveli was the first runner-up, while Aayushi Dholakia from Gujarat secured the second runner-up
2. Event Overview:
   • The 60th edition of the pageant featured 30 state winners, competing through fashion, talent, and personality-driven rounds.
   • Performances by the Band of Boys and Sangeeta Bijlani (Femina Miss India 1980) entertained the audience.
   • The jury included renowned personalities like Neha Dhupia, Madhur Bhandarkar, and Anees Bazmee.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATION

Director General Paramesh Sivamani is the 26th Director General of the Indian Coast Guard (ICG) 

• Paramesh Sivamani, who specialises in navigation and direction, has taken over as the 26th director general of the Indian Coast Guard.
• Commands: Led major vessels, including:
  • Advanced Offshore Patrol Vessel Samar
  • Offshore Patrol Vessel Vishwast

Notable Appointments

• Commanded Coast Guard Region (East), Coast Guard Region (West), and served as Coast Guard Commander (Eastern Seaboard).
• Held the position of Additional Director General at Coast Guard Headquarters, New Delhi, in September 2022.
• Assumed additional charge of Director General in August 2024 before taking full command.

Key Contributions

• Operational Leadership: Directed multiple operations, including:
  • Seizure of drugs, narcotic substances, and gold worth crores
  • Rescue operations during severe cyclonic storms
  • Anti-poaching and humanitarian assistance operations
  • Conducted joint exercises with foreign Coast Guards and Coastal Security exercises

Honors and Awards

• Tatrakshak Medal (TM) in 2014
• President Tatrakshak Medal (PTM) in 2019
• Director General Coast Guard Commendation in 2012
• FOCINC (East) Commendation in 2009

MS Dhoni continues as brand ambassador and stakeholder of Garuda Aerospace

• MS Dhoni, former Indian cricket captain, announced that his association with Garuda Aerospace, an IPO-bound drone company, continues to flourish.
• Dhoni, who is both a brand ambassador and stakeholder in the company, expressed his belief in Garuda’s vision to make India a drone hub by 2030.

Dhoni’s Role in Garuda Aerospace

• Dhoni stated, “As Garuda spreads its wings across the world, I am proud to be associated with the team’s journey in positively impacting Agriculture, Defence, Industry 4.0, and the consumer drone sector as their captain.”
• He first began his association with Garuda in 2022, when 100 drones were launched by PM Narendra Modi across 100 locations in India.

Company Vision and Expansion

• Garuda Aerospace aims to expand its footprint in defence technology, focusing on developing cutting-edge drones for defence applications.
• The company is determined to become a market leader in the defence drone sector within the next two years.

CURRENT AFFAIRS: SPORTS NEWS

DDA Hikes Membership Fees for Sports Complexes, Sparks Outcry Among Members

• The Delhi Development Authority (DDA) has revised its membership fees for 17 sports complexes, including the popular Siri Fort complex, effective November 1.
• The move has triggered discontent among several members, who have labelled the fee hike "unfair" and "elitist".

Key Highlights:

1. Significant Fee Increase:
   • Lifetime membership fees for government employees at Siri Fort have increased to Rs 1.5 lakh from Rs 49,090; for other complexes, the fee is Rs 1 lakh.
   • For non-government (private sector) employees, the lifetime fee at Siri Fort is now Rs 7 lakh, up from Rs 1,07,380. For other sports complexes, it has risen to Rs 3 lakh.
   • Monthly subscription fees have also been revised to Rs 1,500 for Siri Fort and Rs 1,200 for other complexes.
2. Introduction of Single Card Membership:
   • DDA has introduced a single card membership option, allowing access to all sports complexes. For non-government members, this comes with an annual fee of Rs 4.5 lakh, excluding Siri Fort. However, this scheme is optional, and members can still opt for individual complex memberships.
3. Swimming and Tenure Memberships:
   • The fee for using the swimming pool has been set at Rs 10,000 for three months at Siri Fort and Rs 7,000 at other complexes.
   • Tenure membership fees have been fixed at Rs 1.5 lakh for five years at Siri Fort and Rs 1 lakh at other complexes. For three years, the fees are Rs 1 lakh for Siri Fort and Rs 75,000 for other complexes.
   • Foreign citizens will have to pay $7,500 at Siri Fort and $5,000 at other complexes for tenure membership.
4. Elimination of Membership Categories:
   • The DDA has ceased categories for new senior citizens, temporary, and associate memberships, which has drawn criticism for excluding elderly members who relied on affordable access to physical activities.

Delhi Capitals Co-Owners Split Team Management in Strategic Move

• In a strategic decision, the co-owners of Delhi Capitals, the JSW Group and GMR Group, have implemented a two-year rotational management system for their men's and women's teams in the IPL and Women's Premier League (WPL).

Key Highlights:

• Management Rotation:
  • The GMR Group will manage the men's team in IPL seasons 2025 and 2026.
  • The JSW Group will oversee the women's team during the same period in the WPL.
• Operational Efficiency: This unique approach aims to optimize operational efficiency across teams under the franchise's ownership.
• Coaching Changes:
  • Hemang Badani, former coach of the Dubai Capitals in ILT20, has been appointed as the head coach for the Delhi Capitals IPL team.
  • Venugopal Rao is named Director of Cricket (IPL).
• Previous Leadership Changes: The franchise parted ways with Ricky Ponting (former head coach) and Sourav Ganguly (former Director of Cricket).
• Potential Mentor: Names like Zaheer Khan and Yuvraj Singh are being considered for the mentor role, though Zaheer has already joined the Lucknow Super Giants. Former Indian pacer Munaf Patel is also in the running for the bowling coach position.
• Ganguly's Role:
  • Ganguly will continue as Director of Cricket (WPL) for the next two years.
  • He will actively participate in the IPL mega auction and help build the IPL team.
• Future Management Shift: The management roles will switch when JSW Sports takes over the men's team in 2027, while business operations will remain under the Delhi Capitals' management team.

CURRENT AFFAIRS: OBITUARY

Israel kills Hamas chief: Yahya Sinwar

• Israel’s Foreign Minister confirmed that Israeli troops in Gaza have killed Hamas’ top leader Yahya Sinwar, a chief architect of Hamas’ attack on Israel on October 7, 2023that sparked the Israel-Hamas war.

Who was Yahya Sinwar?

• Yahya Sinwar was a prominent leader of Hamas, a Palestinian militant organization that governs the Gaza Strip and is designated as a terrorist organization by many countries, including Israel, the United States, and the European Union.
• Born in 1962 in the Khan Younis refugee camp in southern Gaza, Sinwar grew up in a family that was expelled from Ashkelon during the 1948 Palestinian Nakba.

Early Life and Rise in Hamas

• Sinwar became active in the Muslim Brotherhood during the early 1980s and was involved in protests against Israeli occupation.
• He founded Hamas’s Internal Security Force, Al Majd, responsible for handling internal security, identifying Israeli agents, and eliminating Palestinian collaborators.

Role and Death

• As the leader of Hamas in Gaza, Sinwar was a key figure in shaping the organization’s policies and operations. On October 17, 2024, the Israel Defence Forces (IDF) announced that Sinwar was killed in a targeted ground operation in southern Gaza, with his identity confirmed through DNA testing.

Daily CA One- Liner: October 19

• Indian Railways has unveiled a significant update to its advanced train ticket reservation system, allowing passengers to book tickets 60 days in advance starting from November 1, 2024.
• A Constitution Bench of the Supreme Court, in a 4:1 majority judgment, has upheld the constitutionality of Section 6A of the Citizenship Act, 1955, which allows immigrants from Bangladesh residing in Assam to secure Indian citizenship
• The Directorate General of Civil Aviation (DGCA) has issued a completion certificate for the landing and takeoff calibration at Noida Airport, setting the stage for runway trials to commence shortly.
• The Delhi Development Authority (DDA) is nearing completion of its Urban Extension Road (UER)-II Project, set to fully operationalize by December this year, with a total cost of Rs 3,600 Crore funded by DDA.
• Prime Minister Narendra Modi chaired a high-level meeting in Chandigarh with Chief Ministers and Deputy Chief Ministers from the National Democratic Alliance (NDA).
• The Central Government, led by Labour Minister Mansukh Mandaviya, is working on a framework to provide social security for gig and platform workers without placing them under the traditional employer-employee model
• Asia Index, a subsidiary of BSE, has introduced a new thematic index called the BSE Premium Consumption Index, aimed at enabling investors to tap into the future of consumption in India
• Nikita Porwal, from Ujjain, Madhya Pradesh, has been crowned Femina Miss India World 2024.
• The Delhi Development Authority (DDA) has revised its membership fees for 17 sports complexes, including the popular Siri Fort complex, effective November 1
• In a strategic decision, the co-owners of Delhi Capitals, the JSW Group and GMR Group, have implemented a two-year rotational management system for their men's and women's teams in the IPL and Women's Premier League (WPL).
• S&P Global Ratings reports that India is set to be the third-largest global economy by 2030, up from its current position as the fifth-largest.
• The Reserve Bank of India (RBI) conducted a buyback auction, accepting bids worth Rs 24,934.4 crore, just under the notified amount of Rs 25,000 crore.
• The Reserve Bank of India (RBI) has taken significant action against four Non-Banking Financial Companies (NBFCs): Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, Navi Finserv Limited. These NBFCs have been directed to halt loan sanction and disbursement activities from the close of business on October 21, 2024.
• The new labour rules in Saudi Arabia — under a digital platform called Musaned — will benefit at least 10 African countries and 9 Asian countries including India, Bangladesh, Pakistan, Vietnam, Philippines and Sri Lanka.
• In Jharkhand, the honorarium for women under the Maiyaan Samman Yojana will be increased from Rs 1,000 to Rs 2,500, effective December 2024.
• The Karnataka government, led by CM Siddaramaiah, has renamed all government residential schools in the state Maharishi Valmiki Residential Schools.
• The Uttarakhand Madrasa Education Board (UMEB) has announced a plan to introduce Sanskrit as a compulsory subject in 416 registered madrassas across the state, benefiting over 70,000 students.
• Paramesh Sivamani, who specialises in navigation and direction, has taken over as the 26th director general of the Indian Coast Guard.
• MS Dhoni, former Indian cricket captain, announced that his association with Garuda Aerospace, an IPO-bound drone company, continues to flourish. Dhoni, who is both a brand ambassador and stakeholder in the company,
• Israel’s Foreign Minister confirmed that Israeli troops in Gaza have killed Hamas’ top leader Yahya Sinwar, a chief architect of Hamas’ attack on Israel on October 7, 2023that sparked the Israel-Hamas war.