Dear Readers, get to know the daily current affairs today covering all the National & International Events provided here in this article. Current Affairs is an important topic in various competitive exams like IBPS/SBI/PO/Clerk and other competitive exams. To score better in this section, be updated with the daily happenings. Check the Daily Current Affairs February 2024 updates here. Revision is very important in remembering current affairs. Candidates after learning the Daily current affairs Oct 27th & 28th 2024, can test their knowledge by attempting Current Affairs Quiz provided with answers. Daily current affairs Oct 27th & 28th 2024 covers current affairs from International & National news, Important Days, State News, Banking & Economy, Business News, Appointments & Resignation, Awards & Honour, Books & Authors, Sports News, etc.,

Daily Current Affairs PDF of October 27th & 28th 2024

Get More: Static GK Pdfs

CURRENT AFFAIRS : BANKING & FINANCE

State Bank of India Study Shows 74.2% Decline in Income Disparity Among Individuals Earning Up to Rs 5 Lakh

• A report from the State Bank of India (SBI) indicates a cumulative 74.2% decline in income disparity for individuals earning up to Rs 5 lakh annually between fiscal years 2013-14 and 2022-23.
• The report analyzed income disparity curves for assessment years (AY) 2014-15 and 2023-24, indicating a rightward shift in the income distribution curve.
• This shift signifies that people in lower income brackets are increasing their income, converging more closely to their share of the population.

Key Highlights :

• Impact on Lower Income Groups:The share of people earning up to Rs 3.5 lakh in income disparity declined from 31.8% in FY14 to 12.8% in FY21, reflecting a 19% increase in their income share relative to their population.
• The lower income group (earning less than Rs 5.5 lakh) has shown positive growth in income for all years over the last decade, except during the COVID-19 pandemic in AY20.
• Regional Tax Filing Trends:States like Maharashtra, Delhi, Gujarat, and Karnataka are nearing saturation in Income Tax Return (ITR) filings, leading to a decline in their share of the overall tax file base.
• Uttar Pradesh has emerged as the leader in increasing its share of the income tax file base, followed by Bihar, Andhra Pradesh, Punjab, and
• Direct Tax Contribution: The contribution of direct taxes to total tax revenue reached 56.7% in AY24, the highest in 14 years, reflecting improved tax compliance and a shift towards a progressive taxation regime.
• Direct Taxes to GDP Ratio: The direct taxes to GDP ratio increased to 6.64% in AY24, the highest since 2000-01.
• Increase in ITR Filings:A total of 8.6 crore ITRs were filed in AY24, a significant increase from about 7.3 crore in AY22.
• 79% of returns were filed on or before the due date in AY24, a notable improvement from 60% in AY20.
• Filing Trends: The share of returns filed after the due date (with a fine) decreased from 60% in AY20 to 21% in AY24, indicating better compliance among taxpayers.

India’s forex reserves decline by $2.16 billion, reaching $688.26 billion: Government data 

• According to the Reserve Bank of India (RBI), India's foreign exchange reserves fell by $2.163 billion to $688.267 billion for the week ending October 18, 2024.
• In the prior week, reserves had dropped by $10.746 billion, marking one of the largest declines in recent history, which brought the total to $690.43 billion.

Key Highlights :

• Earlier Reductions: In the week before that, reserves decreased by $3.709 billion to $701.176 billion.
• All-Time High: At the end of September 2023, reserves reached an all-time high of $704.885 billion.
• Foreign Currency Assets: The major component of the reserves, foreign currency assets, decreased by $3.865 billion to $598.236 billion for the reporting week.
• Impact of Exchange Rates: The valuation of foreign currency assets is influenced by the appreciation or depreciation of currencies like the euro, pound, and yen against the US dollar.
• Gold Reserves: India’s gold reserves increased by $1.786 million, bringing them to $67.444 billion during the reporting week.
• Special Drawing Rights (SDRs): The SDRs declined by $68 million to $18.271 billion.
• IMF Reserve Position: India's reserve position with the International Monetary Fund (IMF) decreased by $16 million to $4.316 billion in the same week.

Indian Banks Expanded Their International Presence in 2023-24: RBI Survey

• In 2023-24, Indian banks increased their overseas presence by expanding both their balance sheet size and the number of branches and employees.

Key Highlights :

• Increase in Overseas Staffing: Employee strength grew by 8.2% in overseas branches and 1.7% in subsidiaries.
• For foreign banks in India, the number of branches and employees rose by 0.6% and 1.4%, respectively.
• Growth in Balance Sheets: Consolidated balance sheets of Indian banks' overseas branches grew by 4.3% and subsidiaries by 0.4%, while foreign banks in India saw a 7.2% increase in USD terms.
• Deposits and Lending: Deposits in overseas branches grew by 8.8%, while lending slightly declined by 0.8%, influenced by currency fluctuations.
• Impact of Global Monetary Policy: Tightening global monetary policy led to a notable rise in interest income and expenses:
• Overseas branches: 72% increase in interest income and 87.5% in expenses.
• Foreign banks in India: 27.1% increase in interest income and 47.7% in expenses.
• Income Ratios: Total income to assets ratio for overseas branches of Indian banks rose to 6.2% in 2023-24 (from 3.9% in 2022-23), though it was lower than the ratio for subsidiaries (7.3%) and foreign banks in India (7.6%).
• Fee Income Growth: Higher interest rates boosted total income and fee income for overseas branches and foreign banks in India, while fee income declined slightly for Indian banks' overseas subsidiaries.
• Main Sources of Fee Income:For overseas branches: Fee income primarily came from credit services, trading (derivatives, stocks, securities, forex), and trade finance.
• For foreign banks in India: Key sources included trading (derivatives, stocks, forex), payment services, and trade finance.
• Top Fee-Income Generating Locations: The highest fee income was from Indian bank branches in the UK, followed by the UAE, Singapore, and Hong Kong.

Indian Bank secures ₹5,000 crore via long-term infrastructure bonds

• Chennai-based public sector lender Indian Bank has raised Rs 5,000 crore through the issuance of long-term infrastructure bonds.
• The bond issuance was highly successful, attracting bids amounting to ₹15,925 crore, which is 3.19 times the total issue size.

Key Highlights :

• Bidding Details: A total of 90 bids were received for the bond issuance, which had a base issue size of ₹2,000 crore and a greenshoe option of ₹3,000 crore.
• Coupon Rate: The bonds were accepted at a coupon rate of 12% per annum.
• Purpose of Fundraising: The raised funds will be used to support credit growth and refinance existing infrastructure projects.
• Regulatory Exemptions: The funds obtained through these bonds are exempt from the statutory liquidity ratio (SLR) and cash reserve ratio (CRR) requirements.
• Bond Specifications:Type: Senior, rated, listed, unsecured, redeemable, long-term, fully paid-up non-convertible bonds.
• Maturity: Fixed maturity of 10 years from the date of allotment.
• Rating: Rated AAA with a stable outlook by CRISIL and CARE.

Reserve Bank of India Cancels Authorization Certificate of UAE Exchange Centre

• The Reserve Bank of India (RBI) revoked the certificate of authorization (CoA) of UAE Exchange Centre LLC (UAEEC) for failing to comply with regulatory requirements.
• UAEEC was authorized as a cross-border inbound money transfer operator (customer-to-customer) as an 'Overseas Principal.'
• Following the revocation of the CoA, UAE Exchange Centre LLC is prohibited from conducting any transactions related to cross-border inbound money transfers.
• The UAE Exchange Centre is registered in Dubai, United Arab Emirates.
• The RBI emphasised that the action was taken due to non-compliance with the established regulatory framework.
• The revocation affects the ability of UAEEC to operate in the cross-border remittance market, potentially impacting customers relying on its services.

CRISIL Places Long-Term Ratings of Navi Finserv and Asirvad Under Rating Watch

• The Reserve Bank of India (RBI) took action against Navi Finserv and Asirvad Microfinance, barring them from sanctioning and disbursing loans due to excessively high interest rates charged to borrowers.
• Following the RBI's action, CRISIL placed Asirvad's long-term ratings on "rating watch with developing implications" and Navi's ratings on "watch negative."

Key Highlights :

• Entities Involved: The RBI's restrictions affected four non-banking finance companies (NBFCs), including:

1. Asirvad Microfinance
2. Arohan Financial Services (another MFI)
3. DMI Finance
4. Navi Finserv, co-founded by Sachin Bansal, offering home and personal loans.

• Concerns Over Pricing Policies: The RBI's actions were based on concerns regarding the companies' pricing policies, specifically their weighted average lending rate (WALR) and excessive interest spreads over their cost of funds.
• Navi Finserv's Engagement with RBI: Navi Finserv is in ongoing discussions with the RBI to address the restrictions and is expected to demonstrate compliance with regulatory guidelines, particularly in pricing policy and risk management.
• Monitoring Developments: CRISIL will closely monitor the situation, specifically regarding the time taken for the restrictions to be lifted and the resumption of business operations for Navi Finserv.
• Liquidity Position: Navi Finserv has unencumbered liquidity of ₹1,450 crore, sufficient to cover debt obligations for about two months.
• The company's average monthly collections over the next five months are around ₹950 crore.
• Impact on Asirvad Finance: The disbursement restrictions are expected to reduce Asirvad's overall assets under management (AUM) and profitability.
• Asirvad has on-balance sheet liquidity of ₹1,407 crore, and maintaining collection efficiency will be crucial.
• Support from Manappuram Finance: Manappuram Finance, which owns Asirvad, may provide support if needed due to the restrictions imposed.
• Bond Issuance Cancellation: Navi Finserv recently cancelled its planned bond issuance of ₹100 crore due to the regulatory actions.

About CRISIL :

• Founded : 1987
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Amish Mehta

Asian Development Bank approves USD 434.25 million loan to support solar power project in Assam

• The Asian Development Bank (ADB) has approved a USD 434.25 million (about Rs 3,600 crore) loan to increase renewable energy capacity and improve energy security in Assam.
• The project aims to increase renewable energy capacity, enhance energy security, and reduce dependence on fossil fuels in Assam.

Key Highlights :

• Renewable Energy Capacity: The initiative will help Assam develop a renewable energy roadmap to meet its solar energy target of 3,000 megawatts (MW) by 2030.
• Project Details: The Assam Solar Project includes the construction of a 500 MW grid-connected solar photovoltaic (PV) facility in the Karbi Anglong district.
• Energy Storage: The project will support the development of a grid-connected battery energy storage system to ensure grid stability and manage peak power demand.
• Public-Private Partnership (PPP): ADB will enhance Assam's PPP framework to attract private sector investment in renewable energy and build capacity for managing renewable energy PPP projects.
• Additional Capacity: An additional 250 MW solar PV facility will be developed through a PPP agreement in the Karbi Anglong district.
• Electricity Distribution Improvement: The project will improve electricity distribution by replacing overhead power distribution lines with aerial covered conductor cable and installing new distribution transformers in rural areas.
• Technical Assistance: ADB will provide an additional USD 1 million technical assistance grant from its Clean Energy Fund to support project implementation and capacity building of the Assam Power Distribution Company Limited (APDCL) and local communities.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

Reserve Bank of India Infuses Capital to Control Bank Funding Costs Amid Foreign Exchange Outflows

• The Reserve Bank of India (RBI) injected ₹25,000 crore into the banking system through a Variable Rate Repo (VRR) auction.
• This was the first operation of its kind since September 24, aiming to stabilize funding costs for banks amid increasing cash withdrawals related to festivals and foreign capital outflows.

Key Highlights :

• Context of Monetary Policy:The RBI shifted its monetary policy stance from withdrawal of accommodation to a neutral stance, allowing for potential adjustments in interest rates.
• This shift indicates the RBI's intention to provide more tolerable liquidity conditions for banks.
• Response to Market Demand:The auction attracted bids worth ₹48,700 crore from banks, indicating a high demand for liquidity despite a headline liquidity surplus.
• Impact of Foreign Portfolio Investment (FPI):India experienced a record outflow of $9.6 billion (approximately ₹80,954 crore) from foreign equity markets in October.
• This outflow put pressure on the Indian rupee, which weakened past the 84/$1 mark.
• Foreign Exchange Reserves:India's foreign exchange reserves decreased by $2.163 billion to $688.26 billion in the week ending October 18.
• This decline marks the third consecutive week of falling reserves, totalling a cumulative decrease of $16.61 billion from the record high of $704.88 billion.
• RBI's Intervention:The RBI intervenes in the currency market to prevent excessive volatility, using dollar sales to stabilize the rupee.
• However, such interventions drain liquidity from the banking system.
• Interest Rates:Following the liquidity crunch, the weighted average call rate (WACR) rose to 6.75%, exceeding the repo rate of 6.50%, indicating tightening liquidity conditions.
• Current Liquidity Status:Surplus liquidity in the banking system decreased, dropping to a one-month low of ₹57,428.30 crore, highlighting the need for RBI’s intervention to maintain balance.

World Bank Launches Innovative Debt-for-Development Swap Program

• The World Bank is launching its first-ever debt-for-development swap, intended to assist countries facing liquidity challenges by reducing debt servicing costs and redirecting funds towards development-focused projects.

Key Highlights :

• Focus Areas: Funds from this initiative are aimed at supporting critical areas such as development, life, and education projects, helping countries invest in long-term improvements rather than just debt repayment.
• Debt-for-Nature Swaps Trend: Debt swaps have recently gained popularity, especially debt-for-nature swaps, where debt savings are channelled into environmental projects.
• This approach generates savings by replacing high-cost bonds or loans with cheaper financing, typically supported by development banks.
• World Bank’s Role: Unlike other banks, this marks the World Bank’s first foray into such swaps. Its role involves:
• Facilitating cheaper financing via guarantees.
• Monitoring fund usage to ensure compliance with intended development goals.
• Target Countries: This program targets countries with liquidity not solvency issues, particularly those actively working towards debt sustainability but still encountering financial constraints.
• World Bank's Expanded Toolkit: Announced by World Bank President Ajay Banga, this initiative is part of a broader strategy to help re-profile debt for select countries, allowing them to allocate resources towards sustainable development rather than mere debt servicing.

About World Bank :

• Established : July 7, 1944
• Headquarters : Washington, D.C., United States
• President : Ajay Banga

CURRENT AFFAIRS: NATIONAL NEWS

Vishwa Samudra Engineering Secures $40 Million Funding for Varanasi Ropeway Project

• Vishwa Samudra Engineering (VSE), a Hyderabad-based firm, has secured $40 million (over ₹322 crore) in funding from Switzerland's Xport Finance to construct, operate, and maintain an urban ropeway in Varanasi, Prime Minister Narendra Modi's constituency.
• This funding will support the ambitious project to enhance urban mobility in the city.

Key Points:

1. Joint Venture with NHLML:
   • The National Highways and Logistics Management Limited (NHLML), a subsidiary of the National Highways Authority of India (NHAI), has formed a 60:40 joint venture with VSE for the ropeway project.
   • NHLML will cover 60% of the estimated project cost of ₹807 crore, while VSE will manage the remaining 40%.
2. Project Timeline and Completion:
   • The project was initially set to be completed by August 2025, but Executive Director Shivdutt Das mentioned that it might be finished ahead of schedule, with a new target of early next year.
   • Das expressed confidence, stating, "At the current pace of work, we should complete it before time."
3. Funding and Collaboration:
   • The $40 million funding from Xport Finance will be instrumental in accelerating the project, with additional technical expertise provided by Bartholet Maschinenbau of Switzerland.
   • The ropeway project follows a hybrid annuity model, where 60% of the cost is paid during the construction phase, and 40% during the operation and maintenance phase.
4. Operational and Technical Details:
   • The ropeway will span 3.75 km and is designed to transport more than 90,000 passengers daily.
   • Each gondola can accommodate 10 passengers, making it an efficient mode of urban transit for Varanasi residents and visitors.
   • VSE will oversee the maintenance of the ropeway for 15 years, ensuring long-term sustainability.
5. Growth Projections for VSE:
   • VSE boasts an order book exceeding ₹20,000 crore for the current fiscal year.
   • The company anticipates a revenue growth of over 55% in 2024-25, projecting earnings of ₹5,000 crore, compared to ₹3,200 crore in 2023-24.

IndiaAI and Meta Establish 'Srijan' Center for Generative AI at IIT Jodhpur

• IndiaAI and Meta have partnered to launch the Center for Generative AI, Srijan (सृजन) at IIT Jodhpur.
• Additionally, they have introduced the "YuvAi Initiative for Skilling and Capacity Building," in collaboration with the All India Council for Technical Education (AICTE), to promote open-source AI development in India.
• This collaboration aims to advance research, skill development, and fostering innovation in AI to support India's vision of tech sovereignty.

Key Highlights:

1. Srijan: Center for Generative AI at IIT Jodhpur:
   • Meta will support the establishment of Srijan, a center dedicated to Generative AI research at IIT Jodhpur.
   • The center will focus on the ethical and responsible development of AI technologies, fostering open science innovation.
   • It aims to empower researchers, students, and practitioners through education, capacity building, and policy advisory, ensuring responsible AI development and deployment.
2. Collaborative Innovation:
   • Shri S. Krishnan, Secretary, Ministry of Electronics and Information Technology (MeitY), emphasized that the partnership between IndiaAI, IIT Jodhpur, AICTE, and Meta will create a robust ecosystem for research, skill development, and open-source innovation.
   • The initiative aligns with India's goal of becoming a $5 trillion economy, equipping the youth to lead in the global AI arena.
3. YuvAi Initiative for Skilling and Capacity Building:
   • Meta, in collaboration with MeitY and AICTE, launched the YuvAi Initiative to bridge the AI talent gap in India.
   • The program will train 100,000 students and young developers aged 18-30 to use open-source large language models (LLMs) to address real-world challenges across sectors like healthcare, education, agriculture, and financial inclusion.
   • It will include a Gen AI Resource Hub with courses, case studies, and open datasets, as well as Unleash LLM Hackathons for innovative AI solutions.
4. Skill Development and Innovation:
   • The initiative will host Master Training Activation Workshops to introduce participants to foundational AI concepts and offer a LLM for Young Developers Course designed by Meta.
   • The AI Innovation Accelerator will identify and support 10 student-led startups experimenting with open-source AI models, offering incubation and market visibility.
   • Prof. T. G. Sitharam, Chairman, AICTE, highlighted that the initiative will mobilize institutions nationwide, fostering collaboration between academia, industry, and government to create a robust ecosystem for AI innovation.

Significance for India's AI Ecosystem:

• The partnership between Meta and IndiaAI reflects a commitment to nurturing open-source AI, supporting the development of indigenous solutions, and advancing India's position as a global leader in responsible AI technology.
• The Srijan Center and YuvAi Initiative will play a crucial role in equipping India's youth with the skills needed to lead in the AI revolution, ultimately driving inclusive growth and contributing to the nation's economic and technological advancement.

India May Miss $30 Trillion Economy Goal by 2047 Due to Female Workforce Shortfall

• India needs 400 million women in its workforce by 2047 to achieve a $30 trillion economy.
• A joint report by Magic Bus India Foundation and Bain & Company reveals that India needs to integrate 145 million women into the workforce by 2047 to meet its goal of becoming a $30 trillion economy.
• The country is projected to add only 110 million women, reaching 255 million female workers by 2047, leaving a gap of 145 million
• Current Female Labour Force Participation Rate (FLFPR) stands at 35-40%, but it must nearly double to 70% by 2047 to meet the economic goal.

1. Economic Importance of Women’s Participation:
   • Women's workforce contribution is expected to be 45% (or $14 trillion) of India's $30 trillion GDP target by 2047.
   • Increasing FLFPR is crucial to unlocking the potential economic value that women can bring to the workforce.

Launch of 21st Livestock Census and Pandemic Fund Project for Animal Health Security

• 21st Livestock Census: Launched by Union Minister Rajiv Ranjan Singh, the census will be conducted from October 2024 to February 2025 at a cost of Rs 200 crore, funded entirely by the central government.
• The census will capture data on 219 indigenous breeds across 16 species, including cattle, buffalo, yak, sheep, goat, and poultry birds.
• Over 1 lakh field officials, primarily veterinarians and para-veterinarians, will be involved, covering 30 crore households across all states and Union Territories.
• Mobile technology will be used for data collection to improve accuracy and efficiency.
• This comprehensive survey has been conducted every five years since 1919 and serves as the backbone for policy formulation in the animal husbandry sector.

1. Pandemic Fund Project:
   • Singh also launched a USD 25 million 'Pandemic Fund Project' to strengthen animal health security in India, aimed at pandemic preparedness and response.
   • Funded by the G20 Pandemic Fund, the initiative seeks to prevent zoonotic diseases, which are illnesses that can transmit from animals to humans, thus averting potential human pandemics.
   • Amitabh Kant, G20 Sherpa, emphasized the critical connection between animal health and human health, noting that this project will support the livestock industry, a key source of income for millions of Indian farmers.
2. Significance of the Livestock Census:
   • The census will focus on breed management, gender roles in livestock rearing, animal health, and productivity, aiming to control diseases like Foot and Mouth Disease (FMD) and Brucellosis by 2025, with complete eradication targeted by 2030.
   • Ministers of State S P Singh Baghel and George Kurian highlighted the importance of livestock in food security, poverty alleviation, and rural development.
   • Livestock provides livelihoods to over 2.1 crore people and contributes significantly to India's agricultural economy and GDP.

Launch of Gram Panchayat-Level Weather Forecasting Initiative

• The Indian government has launched a Weather Forecasting initiative at the Gram Panchayat level in New Delhi, aimed at enhancing disaster preparedness and empowering rural communities, particularly farmers.
• This initiative is a collaborative effort between the Ministry of Panchayati Raj, Ministry of Earth Sciences, and the India Meteorological Department (IMD).

Key Highlights:

1. Objective and Benefits:
   • The initiative aims to provide accurate weather updates to farmers and villagers, helping them plan agricultural activities and prepare for weather-related risks.
   • Forecasts will be delivered through platforms such as e-GramSwaraj, the Meri Panchayat app, and Gram Manchitra.
2. Technology and Accuracy:
   • Over the last decade, weather forecasting accuracy has improved by 40% due to advancements in space technology.
   • The government has allocated ₹2000 crore under the Mission Mausam program to enhance meteorological services.
3. Implementation and Training:
   • The program will provide a five-day weather forecast and hourly updates, empowering Panchayati Raj Institutions (PRIs) to disseminate timely information.
   • A Training Workshop was organized for over 200 participants, including elected PRI representatives and state officials, to enhance their understanding of weather forecasting tools.
4. Digital Platforms:
   • Weather data will be accessible through Meri Panchayat, eGramSwaraj, and Gram Manchitra apps, facilitating streamlined governance and transparency at the grassroots level.
   • These platforms aid in project tracking, resource management, and spatial planning.

CURRENT AFFAIRS: BUSINESS NEWS

Moody’s Upgrades Vedanta Resources Ltd (VRL) Ratings Due to Funding Access

• Moody's Ratings has upgraded the ratings on bonds of Vedanta Resources Ltd (VRL), acknowledging the company’s successful efforts to access funding.
• The rating agency raised Vedanta's corporate family rating to B3 from Caa1 and upgraded the rating on senior unsecured bonds issued by VRL and its subsidiary Vedanta Resources Finance II Plc to Caa1 from Caa2. A 'stable' outlook has been maintained.

Key Highlights:

1. Upgraded Ratings:
   • Vedanta’s corporate family rating was upgraded to B3 from Caa1.
   • Senior unsecured bonds ratings for VRL and Vedanta Resources Finance II Plc were raised to Caa1 from Caa2.
   • Moody's maintained a 'stable' outlook on these ratings.
2. Reason for Upgrade:
   • The upgrade reflects VRL’s demonstrated access to funding, as evidenced by the company successfully tapping into $300 million through its 10.875% senior notes due in September 2029.
   • VRL had earlier raised $900 million through bond issuance, which was oversubscribed by investors, showing strong market confidence.
3. Successful Fundraising Efforts:
   • VRL raised $300 million via the tap option on the existing bond issue, reflecting its ability to secure funding through additional debt instruments.
   • A tap issue allows companies to issue more bonds from an existing debt issue, providing a flexible financing option.
4. Stable Outlook and Debt Management:
   • Moody's maintained a stable outlook, expecting VRL to address its upcoming debt maturities, especially its next bond maturity in April 2026.
   • The rating agency's confidence is backed by VRL’s track record of accessing USD bond markets and successfully raising funds to manage its debt obligations.

Implications for Vedanta:

• The upgraded ratings reflect improved investor confidence in VRL's ability to manage its debts and secure funding.
• With a stable outlook, Vedanta can continue focusing on its financial strategy to address future maturities, ensuring business continuity and financial stability.
• The oversubscription of recent bond issuances highlights strong support from the market, bolstering the company’s financial flexibility.

NTPC Ltd Plans Significant Expansion in Thermal and Renewable Energy Capacity

• State-owned NTPC Ltd is set to enhance its thermal power generation capacity by an additional 6 gigawatts (GW) by the financial year 2026-27, aligning with the government’s strategy to increase thermal power generation to meet rising energy demands.
• The company also has ambitious plans for its renewable energy segment.

Key Points:

1. Thermal Capacity Expansion:
   • NTPC aims to commission 2.7 GW of thermal capacity by the end of the current financial year and an additional 1.46 GW in FY26.
   • The planned 13.6 GW expansion is in addition to the 11.16 GW of thermal capacity already under construction.
   • To ensure greater fuel security, NTPC is increasing its coal mining capacity, with an estimated coal production increase from 40 million metric tonnes in FY25 to 67 million metric tonnes by FY29.
2. Renewable Energy Initiatives:
   • Through its subsidiary NTPC Green Energy Ltd, NTPC targets to add 3 GW of renewable capacity by the end of the current financial year, with plans for an additional 5 GW by FY26 and 8 GW by FY27.
   • The company currently operates 4.3 GW of renewable energy capacity, emphasizing a progressive growth strategy and parallel initiatives in land acquisition and bidding processes.
3. IPO Plans for NTPC Green Energy Ltd:
   • NTPC is preparing for an initial public offering (IPO) for NTPC Green Energy Ltd, expected in the third quarter of FY25. The management is still finalizing the valuation for the subsidiary.
4. Financial Performance:
   • For the second quarter of FY2024-25, NTPC reported a 14% increase in consolidated net profit, reaching ₹5,380.25 crore, up from ₹4,726.40 crore in the same period last year. However, there was a slight sequential decline of 2.3%.
   • The company’s revenue from operations for the quarter was ₹44,696.30 crore, marking a marginal 1% decrease compared to ₹44,983.35 crore in the corresponding quarter of the previous fiscal year.
5. Future Outlook:
   • NTPC's management highlighted the company's ongoing efforts to secure multilateral loans for green energy initiatives, positioning NTPC Green Energy Ltd favourably for future growth in renewable energy sectors focused on Environmental, Social, and Governance (ESG) criteria.

Government Doubles Mudra Loan Limit to Boost Entrepreneurship under 'Tarun Plus'

• The government has raised the limit on Mudra loans under the Pradhan Mantri Mudra Yojana (PMMY) from Rs 10 lakh to Rs 20 lakh under a new category, ‘Tarun Plus’, to further support budding entrepreneurs and enhance the nation’s entrepreneurial ecosystem.

Key Highlights:

• Objective of Expansion: The increase in loan limit aims to “fund the unfunded” by providing financial support to emerging entrepreneurs who have successfully repaid loans in the previous ‘Tarun’ category. This aligns with the government's vision of building a robust entrepreneurial environment.
• Announcement and Implementation: Finance Minister Nirmala Sitharaman announced this in her July 2024 Union Budget. The new limit will be available specifically for those who have availed and repaid earlier loans under the ‘Tarun’ category.
• Scheme Overview: PMMY was launched on April 8, 2015 by Prime Minister Narendra Modi to provide collateral-free micro-credit to non-corporate, non-farm micro-entrepreneurs for income-generating activities. Loans under PMMY are distributed in three categories:
  • Shishu – Up to Rs 50,000
  • Kishore – Between Rs 50,000 and Rs 5 lakh
  • Tarun – Up to Rs 10 lakh
• Loan Disbursement: In 2023-24, 66.8 million loans were sanctioned, amounting to Rs 5.4 trillion. Since the scheme’s inception, over 487.8 million loans worth Rs 29.79 trillion have been issued.
• Decrease in NPAs: The non-performing assets (NPA) of public sector banks under Mudra loans have decreased to 3.4% in FY24, compared to 4.77% in 2020-21 and 4.89% in 2019-20. This is favorable compared to the gross NPA of scheduled commercial banks in India, which stood at 2.8% as of March 2024.

The ‘Tarun Plus’ category under PMMY is expected to play a significant role in driving economic growth and supporting small-scale entrepreneurship across the country.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Cabinet Committee Designates Permanent Managing Director for Agri Ministry's National Agriculture Cooperative Marketing Federation of India Limited After Recent Interim Transfer to Cooperation Ministry

• The Appointments Committee of the Cabinet (ACC) appointed Deepak Agarwal as the regular Managing Director (MD) of the National Agriculture Cooperative Marketing Federation of India Limited (NAFED) for a term of five years.
• Deepak Agarwal is a 2000-batch Indian Administrative Service (IAS) officer from the Uttar Pradesh cadre.
• The appointment of Deepak Agarwal comes shortly after the temporary assignment of the MD position to Muktanand Agrawal, a Joint Secretary in the Ministry of Cooperation, following the departure of the previous MD, Ritesh Chauhan.
• The ACC, chaired by Prime Minister Narendra Modi, is responsible for appointing senior officials to key positions within the Central government, public sector undertakings, and autonomous bodies.
• Pankaj Kumar Bansal, Additional Secretary in the Ministry of Cooperation, was appointed MD of NAFED on a temporary basis for three months or until a regular appointment was made.
• The orders for the temporary assignment were issued with the approval of the Competent Authority, which in this case was the Union Agriculture Minister Shivraj Singh Chouhan.

About NAFED :

• Founded : 2 October 1958
• Headquarters : New Delhi, India
• Chairman : Jethabhai Ahir
• NAFED plays a crucial role in agricultural marketing, supporting farmers by promoting cooperative marketing and ensuring better prices for agricultural produce.

CURRENT AFFAIRS : DEFENCE NEWS

India Set to Participate in Euronaval 2024 Defence Exhibition in France

• Euronaval 2024 is the world's largest naval defence trade show, scheduled to take place in Paris, France from November 4-7, 2024.
• International Participation:India is among 104 countries invited to attend the exhibition.
• Focus Areas:The exhibition will showcase innovative solutions aimed at:
  • Protecting naval forces and maritime infrastructure against air and surface drones.
  • Developing next-generation anti-ship missiles and missile systems designed to target multiple hostile drones.
• Themes:The event will emphasize themes such as innovation, sovereignty, and international cooperation within the naval industry.
• Industry Engagement:Key stakeholders in the naval industry, including shipbuilders, equipment manufacturers, institutions, and experts, will gather to explore the latest technological advancements that could influence future naval capabilities.
• Discussions:The exhibition will feature discussions on strategic and industrial challenges facing the naval sector.
• Opportunities:Euronaval 2024 provides a unique platform for participants to discover technological developments that will shape the navies of tomorrow.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

National Aeronautics and Space Administration Introduces New Telescope for Gravitational Wave Research in Space

• The US National Aeronautics and Space Administration (NASA) unveiled a newly developed prototype of a telescope that can be used to study gravitational waves in outer space.
• The telescope is part of a collaborative mission between NASA and the European Space Agency (ESA) known as the Laser Interferometer Space Antenna (LISA).
• The primary goal of the LISA mission is to detect and study gravitational waves through the deployment of three spacecraft arranged in a triangular formation.

Key Highlights :

• Triangular Configuration: Each side of the triangle will measure 1.6 million miles (approximately 2.57 million kilometres), with each spacecraft spaced about 2.5 million kilometres apart.
• Spacecraft Design: Each spacecraft will be equipped with two telescopes that will detect infrared laser beams transmitted from the other spacecraft.
• Heliocentric Orbit: The spacecraft will operate in a heliocentric orbit located around 50 million kilometres from Earth.
• Detection Mechanism: Researchers aim to detect gravitational waves by observing changes in the characteristic patterns of the spacecraft as they respond to gravitational waves.
• Scheduled Launch: The LISA mission is expected to be launched by 2030, aiming to enhance our understanding of gravitational waves and their sources.

About NASA :

• Established : July 29, 1958
• Headquarters : Washington, D.C, United States of America
• Administrator : Bill Nelson

CURRENT AFFAIRS: MOUS AND AGREEMENT

YouTube Expands Shopping Programme in India to Empower Creators

• YouTube has launched its Shopping Affiliate Programme in India, allowing content creators to monetize their videos by tagging products from major e-commerce platforms like Flipkart and Myntra.
• This initiative is aimed at diversifying creators' revenue streams and enhancing the shopping experience for viewers.

Key Points:

1. Affiliate Programme Overview:
   • Creators can now tag products in their videos, and they will earn revenue when viewers purchase these products through the associated retailers’ websites.
   • The programme complements the existing YouTube Shopping feature, which allows creators to promote and sell their merchandise by linking their stores directly to their YouTube channels.
2. Monetization and Engagement:
   • The affiliate programme builds on YouTube’s monetization tools such as Ads revenue, YouTube Premium, Channel Memberships, and Super Chat features.
   • This move is expected to boost product discovery and engage customers by connecting creators with their audiences in a more interactive shopping experience.
3. Creator Economy:
   • YouTube’s investment in a creator ecosystem is empowering over 110,000 Indian channels with 100,000+ subscribers as of December 2023.
   • According to the e-Conomy India report, 65% of Indian consumers trust YouTube creators more than traditional celebrities, demonstrating the potential of this programme in driving consumer trust and engagement.
4. Market Impact:
   • The collaboration with Flipkart and Myntra marks a new phase of product discovery, allowing viewers to shop for items recommended by their favourite creators seamlessly.
   • Ravi Iyer, Senior VP at Flipkart, noted that this partnership will enhance the shopping journey for customers, making it richer and more engaging through video content.

Karnataka and University of South Wales Forge Partnership for Clean Energy Innovation

• Karnataka Renewable Energy Development Limited (KREDL) has signed a Memorandum of Understanding (MoU) with the University of South Wales (UNSW) in Australia to promote innovation and support start-ups focusing on clean and renewable energy technologies.
• This partnership aims to accelerate the transition to sustainable energy and enhance collaboration between Karnataka and Australian institutions.

Key Details of the MoU:

1. Objectives:
   • To build capacity and support emerging technology start-ups in the clean energy sector.
   • To foster innovation and incubation for renewable energy technologies.
2. Duration:
   • The MoU is effective immediately upon signing and will last for five years, with provisions for extension or termination by either party.
3. Signatories:
   • The MoU was signed by Professor Colin Grant, Deputy Vice-Chancellor at UNSW Sydney, and K.P. Rudrappaiah, Managing Director of KREDL.
4. Facilitation by AIBC:
   • The Australia-India Business Council (AIBC) played a crucial role in facilitating the MoU, reinforcing the importance of strengthening bilateral trade and investment between India and Australia.

Implications of the Collaboration

• The partnership reflects Karnataka's commitment to advancing renewable energy initiatives and building global alliances to combat climate change.
• With UNSW's expertise in technology development and innovation, Karnataka aims to position itself as a hub for clean energy solutions, attracting international investments.
• The collaboration is expected to enhance sustainable development in Karnataka, positively impacting the broader economy and establishing the state as a leader in the green energy space.

India and Germany Strengthen Bilateral Relations with Multiple MoUs

• India and Germany have signed several Memoranda of Understanding (MoUs) and agreements aimed at enhancing cooperation across various sectors, including green hydrogen, innovation, and technology.
• The agreements were formalized in New Delhi during a meeting between Prime Minister Narendra Modi and German Chancellor Olaf Scholz following delegation-level talks.

Key Agreements and MoUs Signed:

1. Green Hydrogen Roadmap:
   • Both nations reiterated their commitment to the Indo-German Green Hydrogen Roadmap, emphasizing sustainable energy collaboration.
2. Mutual Protection of Classified Information:
   • An agreement was reached on the exchange and mutual protection of classified information to strengthen security cooperation.
3. Mutual Legal Assistance Treaty:
   • The countries signed a treaty aimed at mutual legal assistance in criminal matters, enhancing judicial cooperation.
4. Skill Development and Vocational Training:
   • A MoU was signed to promote cooperation in skill development and vocational education and training, focusing on workforce enhancement.
5. Joint Declarations of Intent:
   • Three joint declarations were exchanged in the following areas:
     • Employment and labor
     • Research and development on advanced materials
     • Green urban mobility partnerships

Economic Context:

• According to Foreign Secretary Vikram Misri, bilateral trade between India and Germany reached $33 billion in 2023, with cumulative German investments in India totalling nearly $15 billion.
• The leaders expressed satisfaction with the progress made in diverse sectors, indicating a robust economic partnership.

Daily CA One- Liner: October 27 & 28

• Vishwa Samudra Engineering (VSE), a Hyderabad-based firm, has secured $40 million (over ₹322 crore) in funding from Switzerland's Xport Finance to construct, operate, and maintain an urban ropeway in Varanasi, Prime Minister Narendra Modi's constituency
• IndiaAI and Meta have partnered to launch the Center for Generative AI, Srijan (सृजन) at IIT Jodhpur
• India needs 400 million women in its workforce by 2047 to achieve a $30 trillion economy.
• 21st Livestock Census: Launched by Union Minister Rajiv Ranjan Singh, the census will be conducted from October 2024 to February 2025 at a cost of Rs 200 crore, funded entirely by the central government
• The Indian government has launched a Weather Forecasting initiative at the Gram Panchayat level in New Delhi, aimed at enhancing disaster preparedness and empowering rural communities, particularly farmers
• Moody's Ratings has upgraded the ratings on bonds of Vedanta Resources Ltd (VRL), acknowledging the company’s successful efforts to access funding
• State-owned NTPC Ltd is set to enhance its thermal power generation capacity by an additional 13.6 gigawatts (GW) by the financial year 2026-27, aligning with the government’s strategy to increase thermal power generation to meet rising energy demands
• The government has raised the limit on Mudra loans under the Pradhan Mantri Mudra Yojana (PMMY) from Rs 10 lakh to Rs 20 lakh under a new category, ‘Tarun Plus’, to further support budding entrepreneurs and enhance the nation’s entrepreneurial ecosystem
• YouTube has launched its Shopping Affiliate Programme in India, allowing content creators to monetize their videos by tagging products from major e-commerce platforms like Flipkart and Myntra
• Karnataka Renewable Energy Development Limited (KREDL) has signed a Memorandum of Understanding (MoU) with the University of South Wales (UNSW) in Australia to promote innovation and support start-ups focusing on clean and renewable energy technologies
• India and Germany have signed several Memoranda of Understanding (MoUs) and agreements aimed at enhancing cooperation across various sectors, including green hydrogen, innovation, and technology
• A report from the State Bank of India (SBI) indicates a cumulative 74.2% decline in income disparity for individuals earning up to Rs 5 lakh annually between fiscal years 2013-14 and 2022-23.
• According to the Reserve Bank of India (RBI), India's foreign exchange reserves fell by $2.163 billion to $688.267 billion for the week ending October 18, 2024.
• In 2023-24, Indian banks increased their overseas presence by expanding both their balance sheet size and the number of branches and employees.
• Chennai-based public sector lender Indian Bank has raised Rs 5,000 crore through the issuance of long-term infrastructure bonds.
• The Reserve Bank of India (RBI) revoked the certificate of authorization (CoA) of UAE Exchange Centre LLC (UAEEC) for failing to comply with regulatory requirements.
• The Reserve Bank of India (RBI) took action against Navi Finserv and Asirvad Microfinance, barring them from sanctioning and disbursing loans due to excessively high interest rates charged to borrowers.
• The Asian Development Bank (ADB) has approved a USD 434.25 million (about Rs 3,600 crore) loan to increase renewable energy capacity and improve energy security in Assam.
• The Reserve Bank of India (RBI) injected ₹25,000 crore into the banking system through a Variable Rate Repo (VRR) auction.
• The World Bank is launching its first-ever debt-for-development swap, intended to assist countries facing liquidity challenges by reducing debt servicing costs and redirecting funds towards development-focused projects.
• The Appointments Committee of the Cabinet (ACC) appointed Deepak Agarwal as the regular Managing Director (MD) of the National Agriculture Cooperative Marketing Federation of India Limited (NAFED) for a term of five years.
• Euronaval 2024 is the world's largest naval defence trade show, scheduled to take place in Paris, France from November 4-7, 2024.
• The US National Aeronautics and Space Administration (NASA) unveiled a newly developed prototype of a telescope that can be used to study gravitational waves in outer space.