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CURRENT AFFAIRS : BANKING & FINANCE

Bajaj Becomes Third Most Valued Financial Group  

• India's financial sector is primarily controlled by large government-owned and private-sector banks like State Bank of India (SBI), HDFC Bank, and ICICI Bank.
• These institutions dominate across areas like lending, insurance, and asset management.

Key Highlights :

• Bajaj Group's Rise:Bajaj Group has emerged as the third-largest financial group in India by market capitalization (mcap), surpassing the SBI Group.
• The high profitability of Bajaj Group's financial arms (Bajaj Finserv, Bajaj Finance, Bajaj Housing Finance) has fueled its rise.
• Bajaj Housing Finance IPO:Bajaj Housing Finance, listed, more than doubled its market capitalisation on its IPO day.
• Its stock price surged from the IPO price of ₹825 to ₹1,637.4 on the BSE.
• This added ₹1.36 trillion to the Bajaj Group's total market capitalisation.
• Market Capitalisation (Mcap):The four listed financial entities of Bajaj Group (Bajaj Holdings, Bajaj Finserv, Bajaj Finance, Bajaj Housing Finance) have a combined mcap of ₹10.36 trillion.
• Bajaj Group's mcap surpassed that of SBI Group's ₹9.6 trillion.
• Comparison with Competitors:HDFC Group leads with an mcap of ₹15.75 trillion, followed by ICICI Group with ₹11.95 trillion.
• Bajaj Group is now third, with an mcap of ₹10.36 trillion, followed by SBI Group with ₹9.60 trillion.
• Asset and Profit Comparison:Despite Bajaj Group’s high market capitalization, its total assets (₹9.33 trillion) are significantly lower than SBI Group (₹64.29 trillion).
• Bajaj Group's net profit is ₹15,445 crore, compared to SBI Group’s ₹67,103 crore.

Top 5 Financial Groups by Mcap:

1. HDFC Group: ₹15.75 trillion
2. ICICI Group: ₹11.95 trillion
3. Bajaj Group: ₹10.36 trillion
4. SBI Group: ₹9.60 trillion
5. Axis Bank: ₹3.85 trillion

Punjab & Sind Bank to Raise Up to ₹3,000 Crore Through Infrastructure Bonds, Appoints Bankers      

• Public sector lender, Punjab & Sind Bank plans to raise up to ₹3,000 crore through infrastructure bonds as a cost-effective option amid increasing competition for deposits.

Key Highlights :

• Sector Trend:Public sector banks, including Punjab & Sind Bank, are actively raising funds through infrastructure bonds in FY25.
• Other banks:State Bank of India (SBI) raised ₹20,000 crore in two tranches through 15-year infra bonds.
• Canara Bank raised ₹10,000 crore via 10-year infra bonds at a 7.4% rate.
• Bank of India raised ₹5,000 crore through 10-year bonds at 7.54%.
• Bond Rating:CRISIL has assigned a "AA/Stable" rating to the proposed infrastructure bonds of Punjab & Sind Bank.
• Domestic Bond Yields:Bond yields softened in August and September 2024, with the 10-year Indian government security (G-sec) yield ranging between 6.76% and 6.87%.
• Benefits of Infra Bonds for Banks:Infrastructure bonds are exempt from regulatory reserve requirements like:
• Statutory Liquidity Ratio (SLR) of 18%.
• Cash Reserve Ratio (CRR) of 4.5%.
• Priority Sector Lending (PSL) requirements.
• Fundraising Approvals:Punjab & Sind Bank has approvals for an overall fundraising plan of ₹10,000 crore, including:
• ₹2,000 crore through Qualified Institutional Placement (QIP) for equity.
• ₹5,000 crore via infra bonds.
• ₹3,000 crore through Tier 1 and Tier 2 bonds.
• The bank is in the process of appointing merchant bankers for the QIP.
• Infrastructure Loan Book Growth:The bank's infrastructure loan book grew by 16.65% year-on-year, reaching ₹15,274 crore in June 2024, comprising 19.02% of the total credit.
• Sector Distribution:The Energy sector has the largest share in the infrastructure loan book at ₹5,462 crore, followed by roads and ports at ₹3,390 crore.

About Punjab and Sind Bank :

• Established : 24 June 1908
• Headquarters : New Delhi, India
• MD & CEO : Swarup Kumar Saha

Jan-Dhan: A New Avenue for Public Sector Banks to Attract Deposits      

• State-owned banks are targeting Jan-Dhan accounts to enhance deposit mobilization amid rising credit growth and the shift of household savings to higher-yielding instruments.
• The Reserve Bank of India (RBI) and the Finance Ministry have raised concerns about sluggish deposit growth (11.3%) compared to credit growth (15%) as of August 23, 2024, which may lead to asset-liability management issues for banks.
• Banks are exploring untapped areas to mobilize deposits without engaging in an interest rate war.
• This includes targeting low-value segments within Jan-Dhan accounts.

Untapped Potential (Jan-Dhan Accounts)

Key Highlights :

• State Bank of India (SBI):SBI is focusing on Jan-Dhan account holders and other lower segments to increase its deposit base.
• SBI is employing bank correspondents to facilitate deposits from these accounts.
• Canara Bank Initiatives:Canara Bank has made Jan-Dhan accounts a key performance area for its staff, aiming to mobilize ₹14,000 crore by FY25, with current deposits at ₹11,000 crore.
• The bank focuses on cross-selling products and services to enhance account holder engagement.
• Bank of Maharashtra Approach:The bank is analyzing pin codes to establish customer service points for Jan-Dhan account holders.
• This strategy has been effective in increasing deposits and cross-selling additional services.

Jan-Dhan Scheme Overview:

• Launched to provide banking access to unbanked segments through basic savings accounts.
• Features include no minimum balance requirement, interest on deposits, and the issuance of a RuPay debit card.

Asian Development Bank Recommends Pakistan Implement Indian ULLAS Scheme to Improve Education System   

• The Asian Development Bank (ADB) advised Pakistan to adopt India's ULLAS (Understanding of Lifelong Learning for All in Society) scheme to address its dysfunctional education system and provide quality training to its citizens.
• Pakistan requested financial support from the ADB to improve its education system and address the issue of educating 26 million out-of-school children.

About India's ULLAS Scheme:

• ULLAS was launched by the Government of India in July 2023 to assist non-literates and adults who missed formal schooling.
• The scheme aims to provide foundational literacy and numeracy, along with critical life skills such as financial literacy, digital literacy, healthcare awareness, and family welfare.

Key Highlights :

• Indian Prime Minister Narendra Modi approved ULLAS as a centrally-sponsored scheme for a five-year period to promote the goal of "Education for All."
• The recommendation came just before the scheduled visit of ADB President Masatsugu Asakawa to Pakistan.
• Pakistan declared an education emergency on International Literacy Day to address the challenge of educating millions of out-of-school children.
• Pakistan's Education System Issues:The Planning Commission's District Education Performance Index Report 2023 highlighted that Pakistan's education system is dysfunctional, with 134 districts (except Islamabad) lagging in learning outcomes and public financing.
• The report also emphasized a human resource crisis where people are entering the job market with little or no education.

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)

Indian Overseas Bank Wins Rajbhasha Kirti Puraskar for Second Consecutive YearIndian Overseas Bank Wins Rajbhasha Kirti Puraskar for Second Consecutive Year  

• Indian Overseas Bank (IOB) won the Rajbhasha Kirti Pratham Puraskar for the second consecutive year in the Official Language Implementation category for 2023-24.
• The award is presented by the Ministry of Home Affairs to recognize efforts in promoting the Hindi language and official language policies.
• The award was presented by Union Home Minister Amit Shah to IOB's Managing Director and CEO, Ajay Kumar Srivastava, in New Delhi.
• The recognition highlights IOB's commitment to enhancing the use of the Hindi language and improving the implementation of official language policies across its operations.
• Indian Overseas Bank operates 3,264 branches and has a network of 3,500 ATMs along with 7,251 business correspondents.
• The bank also provides services in Singapore, Hong Kong, Thailand, and Sri Lanka.

Purpose of the Award:

• The Rajbhasha Kirti Puraskar scheme was introduced by the Ministry of Home Affairs to encourage the implementation of official language policies among various entities, including ministries, departments, public sector undertakings, and nationalized banks.

About IOB :

• Established : 10 February 1937
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Ajay Kumar Srivastava
• Tagline : Good people to grow with

CURRENT AFFAIRS: NATIONAL NEWS

National Pension System Vatsalya (NPS Vatsalya) Scheme

• The National Pension System Vatsalya (NPS Vatsalya) scheme was launched by Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, as part of the Union Budget 2024-25.
• It is a forward-looking initiative that encourages early financial planning and long-term wealth accumulation for minors, contributing to the government’s goal of fostering intergenerational equity and financial security.

Key Highlights:

• Objective: To instill a culture of disciplined saving and secure long-term financial stability for minors.
• Target Audience: Minors up to the age of 18.
• Administration: Regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
• Launch Date: July 23, 2024.

Key Features of NPS Vatsalya:

1. Contribution Structure:
   • Minimum Investment: ₹1,000 per month with no upper limit.
   • Account Management: Parents or guardians manage the account until the child reaches 18, at which point it transitions to the child.
   • Wealth Accumulation: Encourages long-term savings with compounding benefits.
2. Account Creation:
   • Accounts can be created through registered Points of Presence (PoPs) such as major banks, India Post, and pension funds.
   • Both online (via the eNPS platform) and physical modes are available.
3. Investment Options:
   • Default Choice: Moderate Life Cycle Fund (LC-50), with 50% equity allocation.
   • Auto Choice: Three lifecycle fund options:
     • Aggressive LC-75: Up to 75% equity for high growth.
     • Moderate LC-50: 50% equity for balanced growth.
     • Conservative LC-25: 25% equity for a low-risk approach.
   • Active Choice: Guardians can allocate funds across four asset classes:
     • Up to 75% equity for growth potential.
     • Up to 100% in corporate debt or government securities for stability.
     • 5% in alternate assets for diversification.

4. Transition at 18 Years:
   • Upon reaching 18, the account transitions to the NPS Tier-I (All Citizen) model.
   • A fresh KYC must be completed within three months of turning 18.
   • The account continues under the NPS model, offering similar benefits and exit norms.

Integration of EPFO and e-Shram Databases to Track Workforce Formalisation

• The Union Labour Ministry is set to integrate the databases of the e-Shram portal and the Employees Provident Fund Organisation (EPFO) to monitor better and understand the trends in workforce formalisation.
• This move is a crucial step in tracking the transition of workers from the unorganised sector to the formal sector and vice versa.
• By linking these databases, the government aims to collect real-time data that will assist in the design of more targeted welfare policies.

Key Highlights:

1. Objective: To observe real-time movements between the unorganised and formal sectors and to shape welfare policies accordingly.
2. Integration Benefits:
   • Track when unorganised workers become formalised by receiving a UAN (Universal Account Number) under EPFO.
   • Aid in the development of welfare schemes tailored to specific workforce transitions.
3. Expansion of e-Shram Portal:
   • The e-Shram database, which includes 300 million unorganised workers, is being integrated with various central and state welfare schemes.
   • Ten central schemes have already been integrated, including:
     • PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi)
     • Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)
     • Pradhan Mantri Awas Yojana (PMAY) Gramin and Urban
     • National Career Service portal
     • Pradhan Mantri Shram Yogi Maandhan
     • National Disability and Widow Pension Schemes
     • PM Matisya Sampada Yojana (PMMSY)
     • Skill India Digital Hub (SIDH)

4. Future Plans:
   • Further expansion of e-Shram as a single-window platform for workers across India.
   • Real-time data on formalisation trends will help track UAN generation under EPFO, providing insight into the shift of unorganised workers to the formal sector.

Monthly Labour Force Surveys (PLFS) to be Launched by MoSPI from January

• In response to the increasing demand for more frequent labour market data, the Ministry of Statistics and Programme Implementation (MoSPI) will introduce monthly Periodic Labour Force Surveys (PLFS) for both rural and urban areas starting January 2025.
• This development aims to provide more timely and frequent insights into the labour force across India.

Key Highlights:

1. Introduction of Monthly PLFS:
   • The Ministry will release monthly PLFS data for both rural and urban areas from January.
   • A back series of data for at least the previous 12 months will also be provided, adjusted for higher standard error in the new series.
2. Sampling and Standard Error:
   • Due to a smaller sample size in the monthly surveys, the standard error will be slightly higher than in the quarterly and annual surveys.
   • Despite this, officials assure that the robustness of data will remain strong, with standard errors lower than other available employment surveys in the market.
3. Methodological Changes:
   • The new sampling methodology has been updated to ensure representativeness on a monthly basis. Previously, the data was representative only on a quarterly basis.
   • Standard error measures how accurately the sample mean represents the population mean, indicating the variation between samples and the overall population.
4. National Sample Survey Office (NSSO) and PLFS:
   • The PLFS was launched in April 2017 by the NSSO under MoSPI to provide details on labour force indicators such as Labour Force Participation Rate (LFPR), Worker Population Ratio (WPR), and Unemployment Rate (UR).
   • Currently, PLFS rural data is released annually, while urban PLFS data is released quarterly with an annual report.
5. Comparison with Other Surveys:
   • The monthly PLFS aims to address the gap left by other employment surveys like those by the Centre for Monitoring Indian Economy (CMIE), which are released weekly and monthly.
   • Despite the higher standard error, the MoSPI's PLFS data is expected to maintain a lower error margin compared to other surveys, ensuring more accurate and reliable labour data.

India Announces $7.5 Million Support Package for Cervical Cancer

• During the Quad Cancer Moonshot event, Prime Minister Narendra Modi announced a $7.5 million support package for sampling kits, detection kits, and vaccines to aid countries in their fight against cervical cancer.
• This announcement was made at the Quad Leaders’ Summit in Wilmington, Delaware, hosted by U.S. President Joe Biden.

Key Highlights:

1. Support Package Details:
   • $7.5 million allocated for sampling kits, detection kits, and vaccines.
   • Emphasis on India’s experience and expertise in cancer care.
2. Integrated Approach:
   • PM Modi stressed the need for an integrated approach to prevention, screening, diagnosis, and treatment to effectively reduce the cancer burden.
3. Collaboration and Contributions:
   • India will cooperate in radiotherapy treatment and capacity building.
   • Announcement of 40 million vaccine doses for Indo-Pacific countries under GAVI and Quad initiatives.
   • Modi stated that these vaccines will bring hope to millions, highlighting the human-centric approach of the Quad.
4. Cancer Moonshot Initiative:
   • The Cancer Moonshot is a White House initiative aimed at enhancing leadership in cancer care, facilitating collaborations, and advancing progress across the cancer care continuum.
   • The initiative has already launched over 95 new programs and engaged numerous organizations in collaborative efforts.
5. Focus on Accessibility:
   • PM Modi thanked President Biden for organizing the event, emphasizing a shared commitment to providing affordable, accessible, and quality healthcare.
   • During the COVID-19 pandemic, the Quad initiated the Quad Vaccine initiative for the Indo-Pacific, now extending to tackle cervical cancer.
6. India's Achievements:
   • India has developed its own vaccine for cervical cancer and is implementing cost-effective screening programs.
   • The country operates the world’s largest health insurance scheme and has established centers for affordable medicine access.
7. Strengthening U.S.-India Collaboration:
   • The S. Embassy in New Delhi facilitated the inaugural U.S.-India Cancer Moonshot Dialogue, focusing on enhancing biomedical research cooperation and developing global health solutions.

Mumbai's Road Network Transformation: A ₹58,000 Crore Ring Road Project

• The Mumbai Metropolitan Region Development Authority (MMRDA) has initiated a transformative plan to enhance Mumbai's road network through a ₹58,000 crore project that aims to construct a series of ring roads.
• This initiative is designed to alleviate the city’s notorious traffic congestion and improve travel times, ultimately reshaping Mumbai's transport landscape over the next five years.

Key Highlights:

1. Project Overview:
   • Construction of over 90 kilometres of new roads, bridges, and tunnels to create a comprehensive network around Mumbai.
2. Connectivity Goals:
   • The plan aims to provide seamless access to regions including the Gujarat border in the north, Konkan Maharashtra in the south, and Western Maharashtra.
   • Focus on rerouting heavy traffic away from Mumbai’s congested core for more efficient travel.
3. Collaborative Effort:
   • The project involves collaboration between MMRDA, Brihanmumbai Municipal Corporation (BMC), Maharashtra State Road Development Corporation (MSRDC), and National Highways Authority of India (NHAI).
4. Ring Roads Development:
   • Central to the plan are seven outer and inner ring roads, currently in various stages of tendering and development, aimed at achieving the MMRDA’s vision of “Mumbai in Minutes.”
   • The target is to reduce travel time across the city to under one hour, with MMRDA Commissioner Dr. Sanjay Mukherjee stating, “It should not take more than 59 minutes to travel from one end of the city to the other.”
5. Toll Infrastructure:
   • New roads will be designed as toll roads to relieve pressure on existing infrastructure and meet growing traffic demands.
6. Addressing Connectivity Challenges:
   • The project aims to improve east-west connectivity, which has lagged behind the more prominent north-south routes in Mumbai’s transport network.
7. Key Projects Included:
   • Versova-Bandra Sea Link
   • Versova-Dahisar and Mira Bhayander-Dahisar Link Road
   • Alibaug-Virar Multi Modal Corridor
   • Vadodara-Mumbai Expressway
8. Geographic and Demographic Context:
   • Mumbai’s unique geography, surrounded by water on three sides, along with its dense population, puts immense pressure on current transport systems.
   • The new ring roads will traverse diverse terrains, including sea, creek, forests, and urban highways, using tunnels and elevated bridges.
9. Economic Impact:
   • The project is part of a larger ₹3 lakh crore infrastructure push, attracting international funding from agencies like the Japan International Cooperation Agency.
   • Expected to ease congestion, spur economic growth, and enhance urban development, thereby strengthening Mumbai's status as a global metropolis and boosting its contribution to India’s GDP.

Cabinet Approves Centrally Sponsored Wildlife Conservation Scheme

• The Cabinet, during its meeting, approved a significant centrally sponsored scheme focused on wildlife conservation, as announced by the Environment Ministry.
• This initiative includes critical components like Project Tiger, Project Elephant, and Development of Wildlife Habitat.

Key Highlights:

Key Components of the Scheme:

• Project Tiger: ₹1,575 crore allocated
• Project Elephant: ₹182.58 crore allocated
• Development of Wildlife Habitat: ₹845.4 crore allocated

Objectives:

• To boost technological interventions in wildlife habitats over the current and next financial year.
• To ensure the dual growth of economy and ecology, emphasizing government commitment to wildlife conservation.

Technological Innovations:

• Project Tiger employs the M-STrIPES mobile application for ecological data collection, used extensively during the 2022 All-India Tiger Estimation.
• The estimation utilizes camera traps and Artificial Intelligence (AI) for species identification.
• Conservation genetics is being used for the translocation of tigers based on genetic composition.

Additional Initiatives:

• Project Dolphin will use equipment like Remotely Operated Vehicles (ROVs) for dolphin enumeration.
• Project Lion will be strengthened according to the “Lion @ 2047” vision document.
• The Project Elephant component will implement information and communication technology to address human-elephant conflicts.

Expected Benefits:

• The scheme aims to benefit 55 tiger reserves, 33 elephant reserves, and 718 protected areas, bolstering forest health against climate change and ensuring water security.
• It also focuses on keystone species like tigers, elephants, cheetahs, snow leopards, and lions, which are indicators of ecosystem health.

CURRENT AFFAIRS: BUSINESS NEWS

India's Economic Growth in FY25 Projected to Reach 7.2%: MoSPI

• India's economy is projected to achieve a growth rate of 7.2% in FY25, with potential to surpass this estimate, as reported by a senior official from the Ministry of Statistics and Programme Implementation (MoSPI).
• Although the Q1FY25 growth was recorded at 6.7%, it is expected that higher growth rates in the following quarters will compensate for the initial slowdown, possibly leading to upward revisions in Q1 data.

Key Factors Driving Economic Growth:

1. Improved Monsoon and Lower Inflation:
   • The combination of a better monsoon and declining inflation is expected to boost consumer spending and enhance manufacturing output in the coming quarters.
2. High-Frequency Economic Indicators:
   • GST Collections: GST collections have averaged a 10.1% growth between April and August FY25, and are projected to grow by over 11% for the full year, indicating strong consumption activity in the economy.
   • Index of Industrial Production (IIP): The IIP growth rate has averaged 5.2% during April-July FY25, showing a healthy level of factory output, which is expected to rise further in the upcoming months.
3. Rising Consumption Demand:
   • Rural Demand: The revival of rural demand is already underway, supported by easing inflation, which is expected to stimulate household consumption.
   • FMCG Sector Growth: Fast-moving consumer goods (FMCG) demand is accelerating, with companies targeting older consumers by introducing health-focused products.
   • E-commerce Hiring: Major e-commerce platforms are ramping up hiring ahead of the festive season, not only in metropolitan areas but also in tier 2 and 3 cities, further boosting consumption.

CURRENT AFFAIRS : STATE NEWS

Union Minister Jitan Ram Manjhi Virtually Inaugurates Centre for Rural Enterprise Acceleration through Technology (CREATE) in Leh                         

• Union Minister for MSME, Shri Jitan Ram Manjhi, inaugurated the CREATE facility in Leh through virtual mode.
• The Centre aims to enhance local productivity, improve product quality, boost economic potential, and improve livelihoods for local communities.

Key Facilities and Training Offered:

• Pashmina Wool Roving Facility: To support the local Pashmina wool industry.
• Training for Essential Oil Extraction: Development of production facilities for extracting essential oils from roses and other flowers.
• Training for Bio-processing: Development of production facilities for bio-processing available fruits and other raw materials.
• Impact on Local Communities:The initiatives under CREATE are expected to contribute significantly to the economic development of the region and empower local communities.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Marxist leader Anura Dissanayake elected as Sri Lanka's president

• Anura Kumara Dissanayake, leader of the Marxist Janatha Vimukthi Peramuna (JVP) and National People's Power (NPP), won the Sri Lankan presidential election.
• He was declared the winner after an unprecedented second round of counting by the Election Commission.
• He is Sri Lanka's 9th president and the first Marxist to hold the position.

Vote Breakdown:

• In the first round of counting, Dissanayake secured 5.63 million votes (42.31%).
• His closest rival, Sajith Premadasa of Samagi Jana Balawegaya (SJB), received 4.36 million votes (32.8%).
• Incumbent President Ranil Wickremesinghe was eliminated after securing only 2.29 million votes (17.27%).

Election Background:

• The election was the first since mass protests ousted former President Gotabaya Rajapaksa in 2022 amid an economic crisis.
• No candidate secured over 50% of votes in the first round, leading to a second round of counting, a first in Sri Lankan electoral history.

About Anura Kumara Dissanayake  :

• Dissanayake is a science graduate from Kelaniya University and hails from rural Thambuttegama in the North Central province.
• He joined the JVP in 1987 during its anti-Indian rebellion.
• He has held various political roles, including Minister of Agriculture (2004), Parliamentary Group Leader (2008), Chief Opposition Whip (2015-2019).
• Dissanayake's victory marked a significant shift for the JVP, a party that once led two armed rebellions (1971, 1987-1990) and faced severe state crackdowns.

NPP's Rising Popularity:

• The NPP's popularity surged after securing only 3% of the vote in the 2019 presidential election.
• The party rebranded itself in 2019, distancing from its violent past and broadening its appeal.

About Sri Lanka :

• Capital : Sri Jayawardenepura KotteColombo
• Currency : Sri Lankan rupee

Centre Announces Appointments of Chief Justices in 8 High Courts  

• The Centre notified the appointment of Chief Justices in eight High Courts.
• These include the High Courts of Delhi, Himachal Pradesh, Kerala, Jammu and Kashmir, Madhya Pradesh, Meghalaya, Madras (Tamil Nadu) and Jharkhand.
• The appointments came after the Supreme Court Collegium (September 17, 2024) amended some of its July 11, 2024 recommendations.

List of 8 New Appointments :

CURRENT AFFAIRS : DEFENCE NEWS

Defence Research and Development Organisation Hands Over High-Altitude Sustenance Technologies to Power Grid Corporation of India Limited     

• The Defence Institute of Physiology and Allied Sciences (DIPAS), a leading laboratory under the Defence Research and Development Organisation (DRDO) handed over critical high-altitude sustenance technologies to the Power Grid Corporation of India Ltd (PGCIL) during an orientation workshop on September 21, 2024, at PGCIL’s regional headquarters in Jammu.
• This workshop was organised to prepare employees for high-altitude operations as part of the 5000 MW Pang-Kaithal High Voltage Direct Current (HVDC) Project in Ladakh.
• The Pang-Kaithal HVDC Project, located at an altitude of 15,760 feet, is a significant step towards energy security in the region of Ladakh and the wider integration of solar power into India’s national grid.
• Director of DIPAS Dr. Rajeev Varshney chaired the induction program, alongside Chief General Manager Shri Amit Sharma (i/c) of the Pang-Kaithal HVDC Project, PGCIL.
• Senior scientists from DRDO and officials from PGCIL were present at the workshop.
• The technologies transferred by DIPAS will support PGCIL in the high-altitude sustenance of its workforce during the project.
• Earlier, DRDO signed a MoU with PGCIL to provide technical knowledge on high-altitude induction and sustenance.
• DIPAS, known for its pioneering work in high-altitude research, has previously formulated acclimatisation protocols for the Indian Army in the Himalayan region.
• The laboratory has developed a range of solutions for high-altitude conditions, including nutritional ration scales, protective clothing, non-conventional energy-based shelters, and cold-injury prevention creams.

About DRDO :

• Established : 1958
• Headquarters : New Delhi, India
• Chairman : Sameer V. Kamat

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Newly Discovered Asteroid 2024 PT5 to Temporarily Orbit Earth from September 29 to November 25, 2024

• Newly discovered asteroid named 2024 PT5 will temporarily be captured by Earth's gravity and orbit the planet from September 29 to November 25, 2024.
• After this, it will return to a heliocentric orbit (orbit around the sun).

Key Highlights :

• Origin of Asteroid 2024 PT5:The asteroid originated from the Arjuna asteroid belt, which consists of small asteroids with orbits similar to Earth's orbit around the sun.
• Discovery & Observations:Astronomers first spotted the asteroid on August 7, 2024 using the NASA-funded ATLAS observatory in South Africa.
• The asteroid is estimated to be about 37 feet (11 metres) in diameter, but its size could range from 16 to 138 feet (5 to 42 metres).
• Mini-Moon Characteristics:Mini-moons are space objects temporarily captured by a planet's gravity, unlike permanent moons.
• Asteroid 2024 PT5 will orbit about 2.6 million miles (4.2 million kilometers) away from Earth, about 10 times the distance between Earth and the Moon.
• No danger of collision with Earth over the next few decades.
• Previous Mini-Moon:In 2020, astronomers identified another mini-moon named 2020 CD3, which orbited Earth for over a year, making it a long-capture mini-moon.
• 2024 PT5 is classified as a short-capture mini-moon, as its event is much shorter.
• Occurrence of Mini-Moon Events:Short-capture mini-moon events like 2024 PT5 occur several times per decade.
• Long-capture mini-moon events are rare, occurring every 10 to 20 years.
• Asteroid Speed and Proximity:Mini-moons like 2024 PT5 approach Earth within 2.8 million miles (4.5 million kilometers) at speeds under 2,237 miles per hour (3,600 kilometers per hour).

CURRENT AFFAIRS: AWARDS AND HONOURS

DIG Subrato Ghosh Honored with ‘CHRO of the Year Award’ at HRMC Awards 2024

• Garden Reach Shipbuilders & Engineers Limited's (GRSE) Director (Personnel), DIG Subrato Ghosh (ICG Retd.), received the prestigious ‘CHRO of the Year Award’ at the 23rd Edition of the Asia Pacific HRMC Awards 2024, held at Taj MG Road, Bengaluru

Key Highlights:

1. Recognition: Celebrated for outstanding leadership and exceptional people management skills.
2. Visionary HR Strategies: Acknowledged for fostering a culture of innovation and excellence at GRSE.
3. Impact: The HRMC awards honour industry leaders who contribute to organizational growth and progress.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India Signs Agreements under the Indo-Pacific Economic Framework (IPEF)

• During Prime Minister Narendra Modi’s three-day visit to the U.S. for the Quad Summit, India signed two significant agreements under the Indo-Pacific Economic Framework (IPEF), focusing on clean energy, anti-corruption, and trade transparency.
• These agreements aim to foster a “clean” and “fair economy,” enhancing India's sustainability efforts and collaboration with IPEF member countries, including the S., Australia, Brunei Darussalam, Fiji, Indonesia, Japan, and Korea.

Key Highlights:

1. Agreements Overview:
   • Signed on 21 September in Delaware.
   • Targeted at creating a sustainable and transparent economic environment.
2. India’s Role in Global Partnerships:
   • Signifies India's increasing involvement in global economic partnerships, particularly in the Indo-Pacific.
   • Aligns with global priorities of climate action, transparent governance, and fair trade practices.
3. Strengthening Global Value Chains:
   • The agreements aim to enhance India’s participation in global value chains and support its transition to a greener economy.
   • India is now a signatory to three out of the four IPEF pillars.
4. IPEF Structure:
   • Launched in Tokyo on 23 May 2022, comprising 14 partner countries.
   • Structured around four pillars: trade, supply-chain resilience, clean economy, and fair economy.
5. Clean Economy Pact (Pillar III):
   • Focuses on cooperation in clean energy and climate-friendly technologies.
   • Promotes technical cooperation, workforce development, and capacity building across sectors.
   • Aims to deploy green technologies and accelerate energy transition and climate resilience.
6. Economic Benefits for India:
   • The agreement is expected to benefit Indian industries, especially micro, small, and medium enterprises (MSMEs).
   • Facilitates integration of Indian companies into global value chains.
7. Financial Support Mechanisms:
   • The IPEF Catalytic Capital Fund aims to attract $3.3 billion in private investments, initially backed by $33 million from member countries.
   • The Partnership for Global Infrastructure (PGI) Investment Accelerator has secured $300 million to support energy transition and climate investments.
8. Opportunities in Renewable Energy:
   • India aims to benefit significantly from these initiatives, particularly in renewable energy and green technologies.
   • At the first Investor Forum in Singapore, $23 billion in priority infrastructure projects were identified, with $4 billion allocated for Indian renewable energy firms.
9. Key Collaboration:
   • A memorandum of understanding was signed between Indian, Singaporean, and Japanese companies for a green ammonia plant in Thoothukudi, Tamil Nadu.
   • Sembcorp will invest ₹36,238 crore in this project, marking a significant milestone in India’s green energy ambitions.

CURRENT AFFAIRS: SPORTS NEWS

India Wins First Gold Medal in Women’s Section at 2024 Chess Olympiad

• India achieved a historic victory by securing its first-ever gold medal in the women's section of the 2024 Chess Olympiad, held at the SYMA Sports and Conference Centre in Budapest, Hungary.

Key Highlights:

• Final Round Victory: In the decisive final round, Divya Deshmukh, Vantika Agrawal, and Harika Dronavalli won their matches, while Vaishali contributed with a draw.
• Support from the USA: India's triumph was bolstered by the USA's 2-2 draw against title-chasing Kazakhstan, preventing them from overtaking India.
• Medal Standings: Kazakhstan finished with the silver medal, and the USA took home the bronze.

Performance Overview:

• India demonstrated remarkable consistency throughout the tournament, winning nine out of eleven rounds and remaining unbeaten for the first seven rounds.
• The only setback came in a loss to Poland, where India fell 5-2.5. This was followed by a draw against the USA in the ninth round.
• The team was led by Abhijit Kunte, whose guidance was instrumental in their success.

Additional Achievements:

• The Indian men's team also celebrated a first-ever gold medal at the 45th Olympiad, marking a double success for Indian chess.
• India retained the Gaprindashvili Trophy, awarded to the team with the best overall performance across both open and women's sections.
• Prior to this gold medal, India's best result in the women's section was a bronze medal at the 2022 Olympiad in Mahabalipuram.

CURRENT AFFAIRS: IMPORTANT DAYS

World Rivers Day 2024: September 22

• World Rivers Day is celebrated on the fourth Sunday of September of every year.
• This year World Rivers Day falls on the 22nd of September.

Theme: ‘Waterways of Life’

• The theme for World Rivers Day 2024 is ‘Waterways of Life,’ emphasising the essential role rivers play in ecosystems, wildlife, agriculture, and communities.
  This year’s theme highlights the crucial role rivers play in supporting ecosystems, wildlife, agriculture, and communities.

History and Significance:

• Established by: Mark Angelo, a prominent river advocate.
• Inauguration: Recognized by the United Nations in 2005 as part of the Water for Life Decade.
• The first World Rivers Day was celebrated in 2005, marking a significant global event.
• People in more than 60 countries celebrated this day by organizing several programs for the welfare of the river.

Daily CA One-Liner: September 24

• India's financial sector is primarily controlled by large government-owned and private-sector banks like State Bank of India (SBI), HDFC Bank, and ICICI Bank.
• Public sector lender, Punjab & Sind Bank plans to raise up to ₹3,000 crore through infrastructure bonds as a cost-effective option amid increasing competition for deposits.
• State-owned banks are targeting Jan-Dhan accounts to enhance deposit mobilization amid rising credit growth and the shift of household savings to higher-yielding instruments.
• The Asian Development Bank (ADB) advised Pakistan to adopt India's ULLAS (Understanding of Lifelong Learning for All in Society) scheme to address its dysfunctional education system and provide quality training to its citizens.
• Indian Overseas Bank (IOB) won the Rajbhasha Kirti Pratham Puraskar for the second consecutive year in the Official Language Implementation category for 2023-24.
• Union Minister for MSME, Shri Jitan Ram Manjhi, inaugurated the CREATE facility in Leh through virtual mode.
• Anura Kumara Dissanayake, leader of the Marxist Janatha Vimukthi Peramuna (JVP) and National People's Power (NPP), won the Sri Lankan presidential election.
• The Centre notified the appointment of Chief Justices in eight High Courts.These include the High Courts of Delhi, Himachal Pradesh, Kerala, Jammu and Kashmir, Madhya Pradesh, Meghalaya, Madras (Tamil Nadu) and Jharkhand.
• The Defence Institute of Physiology and Allied Sciences (DIPAS), a leading laboratory under the Defence Research and Development Organisation (DRDO) handed over critical high-altitude sustenance technologies to the Power Grid Corporation of India Ltd (PGCIL) during an orientation workshop on September 21, 2024, at PGCIL’s regional headquarters in Jammu.
• Newly discovered asteroid named 2024 PT5 will temporarily be captured by Earth's gravity and orbit the planet from September 29 to November 25, 2024.
• The National Pension System Vatsalya (NPS Vatsalya) scheme was launched by Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, as part of the Union Budget 2024-25
• The Union Labour Ministry is set to integrate the databases of the e-Shram portal and the Employees Provident Fund Organisation (EPFO) to monitor better and understand the trends in workforce formalisation
• In response to the increasing demand for more frequent labour market data, the Ministry of Statistics and Programme Implementation (MoSPI) will introduce monthly Periodic Labour Force Surveys (PLFS) for both rural and urban areas starting January 2025
• During the Quad Cancer Moonshot event, Prime Minister Narendra Modi announced a $7.5 million support package for sampling kits, detection kits, and vaccines to aid countries in their fight against cervical cancer.
• The Mumbai Metropolitan Region Development Authority (MMRDA) has initiated a transformative plan to enhance Mumbai's road network through a ₹58,000 crore project that aims to construct a series of ring roads.
• The Cabinet, during its meeting, approved a significant centrally sponsored scheme focused on wildlife conservation, as announced by the Environment Ministry.
• India's economy is projected to achieve a growth rate of 7.2% in FY25, with potential to surpass this estimate, as reported by a senior official from the Ministry of Statistics and Programme Implementation (MoSPI).
• Garden Reach Shipbuilders & Engineers Limited (GRSE) Director (Personnel), DIG Subrato Ghosh (ICG Retd.), received the prestigious ‘CHRO of the Year Award’ at the 23rd Edition of the Asia Pacific HRMC Awards 2024, held at Taj MG Road, Bengaluru
• During Prime Minister Narendra Modi’s three-day visit to the U.S. for the Quad Summit, India signed two significant agreements under the Indo-Pacific Economic Framework (IPEF), focusing on clean energy, anti-corruption, and trade transparency
• India achieved a historic victory by securing its first-ever gold medal in the women's section of the 2024 Chess Olympiad, held at the SYMA Sports and Conference Centre in Budapest, Hungary.
• World Rivers Day is celebrated on the fourth Sunday of September of every year.