Daily Current Affairs and GK | 10 October 2023

Topic: Banking System

1. RBI doubled bullet repayment gold loan limits for urban co-op banks to Rs 4 lakh.

• The doubling of lending limits for gold loans under the bullet repayment scheme for urban cooperative banks to Rs 4 lakh has been announced by the RBI.
• The existing limit for gold loans under the bullet repayment scheme has been increased from Rs 2 lakh to Rs 4 lakh for Urban Cooperative Banks (UCBs), who have met the overall target and sub-targets under the Priority Sector Lending (PSL).
• In 2007, RBI allowed bullet repayment of gold loans up to ₹1 lakh. This was increased in 2014 to ₹2 lakh and the repayment was limited to 12 months.
• Under the bullet repayment scheme, the borrower repays interest and the principal amount at the end of a loan tenure without worrying about repayment during the loan tenure.
• RBI governor also announced that non-bank lenders in the 'middle and base layers' will be permitted to use Credit Risk Mitigation instruments for reducing their counterparty exposure under the credit concentration norms.

Topic: Important Days

2. India is celebrating 10 October as Good Manufacturing Practice Day.

• The government along with Indian Drugs Manufacturers’ Association (IDMA) is celebrating the current Good Manufacturing Practice (cGMP) day on 10th October 2023.
• cGMP day is being celebrated for the first time. This day is dedicated to entire pharmaceutical industry to create awareness on the cGMP guidelines.
• GMP rules prescribe essential standards to enhance product quality.
• Presently, GMP under Schedule M of the Drugs and Cosmetic Rule is under revision.
• The number of drug manufacturing units in India is around 10,500. Out of these, only 2,000 have WHO GMP certification.
• In the proposed amendment in Schedule M of Drugs and Cosmetics Rules, 1945, a period of six months is given for large companies (with a turnover exceeding ₹250 crore) to implement upgraded GMP standards.
• On the other hand, a period of 12 months is given for MSMEs (below ₹250 crore) to implement upgraded GMP standards.

Topic: Environment and Ecology

3. European Union has approved world’s first green bond standards.

• These standards are meant for companies issuing green bonds to help investors select sustainable companies.
• These standards will help avoid greenwashing or misleading climate-friendly claims.
• Europe is the world's biggest issuer of green bonds. It accounted for more than half of global volume in 2021.
• Companies who want the EU to classify their bonds as "green" are required to identify the purpose of the bond's proceeds.
• Companies would have to allocate at least 85% of funds raised to activities in line with the EU's "taxonomy" of sustainable activities.
• Green bonds are financial instruments. They generate proceeds for investment in environmentally sustainable and climate-suitable projects.

Topic: Committees/Commissions/Taskforces

4. 16th National Agricultural Science Congress is being held from 10 October 2023 in Kochi.

• Union Fisheries Minister Parshottam Rupala inaugurated this congress on 10 October 2023.
• The aim of the congress is to produce a scientific discourse around transforming India’s agri-food systems into sustainable enterprises.
• The agri science congress is being held for the first time in Kerala.
• It is organised by the National Academy of Agricultural Sciences (NAAS).
• It is hosted by the ICAR-Central Marine Fisheries Research Institute.
• During the Congress, there will be 10 thematic sessions on agriculture and allied areas.

Topic: MoUs and Agreements

5. 6 MoUs have been signed between India and Tanzania.

• On October 9, India and Tanzania announced the elevation of their relations to a strategic partnership and agreed on a five-year roadmap to significantly expand defense cooperation.
• Tanzanian President Samia Suluhu Hassan paid a state visit to India from 8 to 10 October 2023.
• During her visit, six MoUs were signed in the fields of sports, maritime industry, and cultural exchanges.
• This also includes setting up an industrial park in Tanzania, sharing successful digital solutions implemented at the population scale for digital transformation, and sharing white shipping information.
• PM Modi stated that both sides are also working on an agreement to increase trade in local currencies.
• The PM said on the five-year roadmap that it will add new dimensions to cooperation in areas such as military training, the maritime sector, and the defense industry.

(Source: News on AIR)

Topic: Defence

6. The annual joint HADR exercise 2023 (CHAKRAVAT 2023) is being conducted in Goa.

• The Annual Joint HADR Exercise (AJHE) is a result of the directive of the Hon'ble Prime Minister announced during the Joint Commanders' Conference-2015.
• Since its first edition in 2015, the annual joint HADR exercise, CHAKRAVAT, has transformed itself into a multi-agency effort.
• It involves the participation of the three services, paramilitary forces as well as a number of disaster response organisations, NGOs, academic institutions and international organisations.
• Since 2016, the exercise has been conducted by the Indian Army, Indian Navy (IN), and Indian Air Force (IAF) on a rotation basis.
• The last edition of the exercise was conducted by the IAF in Agra.
• From 09 to 11 Oct, the 2023 edition of the exercise is being conducted by the Indian Navy at Goa.
• The 2023 edition will further coordinate efforts at the national level among all stakeholders, as well as see the participation of eight countries in the Indian Ocean region.
• AJHE-23, planned for three days, includes a seminar, a table-top exercise, and a multi-agency capacity demonstration.
• The Logo of this year's exercise depicts the crests and insignia of all participating agencies and the flags of all countries in a single unit, indicating that HADR will depend on joint and integrated action by all agencies.

(Source: PIB)

Topic: Indian Economy

7. India’s unemployment rate declined to 6.6% in urban areas in the first (April-June) quarter of this fiscal.

• The quarterly bulletin of PLFS released by the Ministry of Statistics and Programme Implementation on 09 October, 2023 showed this.
• The unemployment rate for urban areas was at the lowest level since the launch of the Periodic Labour Force Survey (PLFS) bulletin in 2018.
• The urban unemployment rate, based on the current weekly status for persons above 15 years for males decreased to 5.9% in the April-June quarter from 6.0% in the previous quarter and 7.1% in the year-ago period.
• In the case of females, this rate declined to 9.1% in April-June from 9.2% in the previous quarter and 9.5% in the year-ago period.
• Employment of males and females increased in self-employed categories like helper in household enterprise.
• In the case of youth for urban females in the age group 15-29 years, the unemployment rate increased to 23.4% in April-June from 22.9% in the previous quarter.
• In the case of urban males in the 15-29 years age group, the unemployment rate increased to 15.9% in April-June from 15.6% in the previous quarter.
• About 14 states/UTs have shown a higher urban unemployment rate than the national average.
• These states/UTs include Himachal Pradesh (13.8%), Rajasthan (11.7%), Chhattisgarh (11.2%), Jammu and Kashmir (10.9%) and Kerala (10%).
• Delhi (2.7%), Gujarat (2.8%), West Bengal (4.4%), and Bihar (6.1%) are states/UTs which recorded a lower than national average unemployment rate.
• A sharp increase was seen in the unemployment rate during the lockdown in 2020 during the first wave of the pandemic.
• The unemployment rate for urban females in the 15-29 years age group stood at 36% in April-June 2020.
• The unemployment rate for urban males in the 15-29 years age group stood at 34.3% in April-June 2020.
• The key labour market indicators are Labour Force Participation Rate (LFPR), Worker Population Ratio (WPR) and unemployment rates.
• All key indicators improved in urban areas in the April-June quarter for persons aged 15 years and above compared to the pre-pandemic period.
• LFPR during April-June 2023 was 48.8%. This is higher than the LFPR observed in the quarters covered in the pre-pandemic period.
• WPR during April-June 2023 was 45.5%. This is higher than the WPR observed in the quarters covered in the pre-pandemic period.

Topic: Defence

8. Indian Navy has launched a '360 degree appraisal mechanism'.

• It has introduced a '360 degree appraisal mechanism' for promotion boards to address the limitations of the current top-down approach.
• Under the new mechanism, an officer's professional knowledge, leadership attributes, suitability in war/crisis, and potential for higher ranks will be assessed through large-scale surveys from peers and subordinates.
• Inputs obtained from the surveys will be analyzed by a Board of Officers, headed by a Flag Officer.
• This will also be provided as feedback to the officers for behavioural changes and improvements.
• The Indian Navy aims to adopt best practices. It aims to maintain a combat-ready and future-proof force.

Topic: Government Schemes and Initiatives

9. Government introduced the SHRESHTA scheme for residential education for SC students.

• The Ministry of Social Justice & Empowerment has launched the "Scheme for Residential Education for Students in High Schools in Targeted Areas" (SHRESHTA).
• The main objective of ‘SHRESTHA’ is to expand the reach of government initiatives related to education in the SC-dominant areas.
• The scheme's main aim is to collaborate with grant-in-aid institutions run by non-governmental organizations (NGOs).
• The residential high schools will offer high-quality education.
• SHRESHTA aims to create an environment conducive to the socio-economic upliftment and holistic development of SC students.
• Meritorious SC students from States/Union Territories are selected through the National Entrance Test for SHRESTHA (NETS).
• These selected students are admitted to the best private residential schools affiliated with CBSE/State Boards in the 9th and 11th grades.
• Around 3000 SC students are selected every year under this initiative.

Topic: Space and IT

10. ISRO carried out a trajectory correction manoeuvre on Aditya-L1.

• The Indian Space Research Organisation (ISRO) announced that it successfully performed Trajectory Correction Manoeuvre (TCM).
• ISRO said that TCM was performed to correct the trajectory. TCM ensures that the spacecraft is on its intended path towards the Halo orbit.
• Aditya-L1 spacecraft is moving towards the Lagrangian 1 (L1) point which lies between the sun-earth line.
• L1 is about 1.5 million km from the earth. It is approximately 1% of the earth-sun distance.
• Aditya-L1 is expected to arrive at the L1 point by January 2024.
• Aditya-L1 is the first Indian space-based observatory to study the Sun.
• Aditya L1 was successfully launched on September 2 from Satish Dhawan Space Centre (SDSC) in Sriharikota.

Topic: International News

11. Least developed countries have set expectations for COP28 with the Dakar Declaration.

• Ministers from the world’s 46 least developed countries (LDC) issued a joint Dakar Declaration on Climate Change 2023.
• Under this, they have outlined their expectations and priorities for the 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change.
• The Dakar Declaration called for urgent global emissions reductions, increased climate finance, and a strong outcome for the operation of the new Loss and Damage Fund.
• From November 30 to December 12, 2023, the COP28 will be convened in Dubai, United Arab Emirates.
• LDCs account for over 14% of the global population, but they account for only 1% of emissions from fossil fuels and industrial processes.
• They also stressed the IPCC AR6 findings, which show that global greenhouse gas emissions continue to increase and global warming is rapidly approaching 1.5°C.
• According to the declaration, developed countries must present a clear road map for at least doubling adaptation finance delivered by 2025.
• They demanded that a New Collective Quantified Goal on Climate Finance should provide new and additional resources and be several times the current $100 billion per year limit.
• According to the declaration, the UNFCCC centralized carbon market mechanism should also be operational by 2024.
• It includes recognizing the specific needs and special circumstances of LDCs, as well as the implementation of Article 6 of the Paris Agreement capacity building program.

Topic: Important Days

12. World Mental Health Day 2023: 10 October

• Every year on 10 October, World Mental Health Day is observed.
• It is observed to promote global mental health education and to spread awareness.
• It gives an opportunity for all stakeholders working on mental health issues to discuss their work.
• The theme of the World Mental Health Day 2023 is 'Mental health is a universal human right'.
• On October 10, 1992, World Mental Health Day was observed for the first time.
• This day was started by Deputy Secretary General Richard Hunter.

(Source: News on AIR)

Topic: Awards and Prizes

13. Claudia Goldin won the Nobel Economics Prize in 2023.

• The Nobel Memorial Prize in Economic Sciences 2023 will be awarded to Claudia Goldin.
• She has received the award “for having advanced our understanding of women's labour market outcomes".
• She is only the third woman to win the Nobel economics prize. Elinor Ostrom and Esther Duflo are the two women who have received the Nobel Economics Prize.
• Understanding women’s role in the labour market is important for society.
• Claudia Goldin’s research increased understanding of the underlying factors, which have to be addressed in the future.
• The economics award was created in 1968 by Sweden’s central bank. It is formally known as the Bank of Sweden Prize in Economic Sciences.
• The prizes will be awarded in ceremonies in December in Oslo and Stockholm. The prize money is a cash award of 11 million Swedish kronor (about $1 million).
• Winners also receive an 18-carat gold medal and diploma.

(Source: News on AIR)

Topic: Indian Polity

14. Election Commission announced dates for assembly elections in five states.

• The date of assembly elections of Mizoram, Chhattisgarh, Madhya Pradesh, Rajasthan and Telangana have been announced.
• The election will be conducted in Chhattisgarh in two phases on the 7th and 17th of November.
• The voting will take place on 17th November in Madhya Pradesh.
• The polls in Rajasthan will be conducted on 23rd November for which notification will be issued on 30th October.
• The voting for the Telangana assembly will be held on 30th November
• In Mizoram, the polling will be held on 7th November.
• There are 679 assembly seats in these five states and 16 crore electors. 60 lakh voters will cast their vote for the first time.
• The results of these elections will be announced on 3rd December.
• 17 thousand 734 Model polling stations will be made in these states.
• 940 inter-state border check posts will be set up in five states to check any cross-border movement of illicit cash, liquor, freebies, and drugs.
• The Model Code of Conduct has come into force with the announcement of poll dates.
• The Election Commission has the power of superintendence, direction and control of elections of State legislatures.