Daily Current Affairs and GK | 11 November 2023

Topic: Indian Economy

1. PFRDA will allow National Pension Scheme (NPS) account holders to withdraw up to 60% pension fund.

• Pension Fund Regulatory and Development Authority (PFRDA) issued a circulation on 27 October 2023 to alter Rule 3 and Rule 4.
• PFRDA will start Systematic Lump Sum Withdrawal (SLW) for withdrawal of money after the stipulated time.
• The SLW allows the user to withdraw the deposited money on a monthly, quarterly, half-yearly or even yearly basis till the age of 75 years according to their convenience.
• With this, pensioners will be allowed to continuously receive money.
• As a result, NPS account holder will not be burdened with expenses and will receive a fixed income post-retirement.
• The account holder will get the opportunity to choose the option once.
• The government had launched National Pension System (NPS) on 1st January 2004.
• In February 2009, NPS was made available to all citizens and unorganized sector workers were included in it.

Topic: Defence

2. Indian Navy and Bangladesh Navy conducted the BONGOSAGAR-23 in the Northern Bay of Bengal from 07 - 09 Nov 2023.

• The two navies also conducted the 5th edition of Coordinated Patrol (CORPAT) in the Northern Bay of Bengal from 07 - 09 Nov 2023.
• BONGOSAGAR-23 is the 4th edition of Bilateral Exercise between Indian Navy and Bangladesh Navy.
• Ships and aircraft from both navies carried out joint patrolling along the International Maritime Boundary Line (IMBL).
• Indian Navy Ships Kuthar, Kiltan and Maritime Patrol Aircraft (MPA) Dornier took part in the exercise.
• Bangladesh Navy Ships Abu Bakr, Abu Ubaidah and MPA also took part in the exercise.
• CORPAT-23 also included the maiden Humanitarian Assistance and Disaster Relief (HADR) drills carried out between the two navies.
• INS Kuthar is an indigenously built guided-missile Corvette.
• INS Kiltan is an indigenously built anti-submarine Corvette.
• INS Kuthar and INS Kiltan are part of the Indian Navy's Eastern Fleet based at Visakhapatnam.
• Indian Navy's Eastern Fleet functions under the operational command of the Flag Officer Commanding-in-Chief, Eastern Naval Command.

Topic: National News

3. Union Minister Dr. Mahendra Nath Pandey launched the ‘Annual Capacity Building Plan (ACBP)’ of the Ministry of Heavy Industries for 2023-24.

• The ‘Annual Capacity Building Plan (ACBP)’ outlined key strategic areas for capacity-building initiatives within the Ministry of Heavy Industries.
• Its main aim is to enhance capability across all levels to achieve maximum governance.
• It will support the PM’s vision of Mission Karmayogi (National Programme for Civil Services Capacity Building (NPCSCB) Plan).
• Bharat Heavy Electricals Limited (BHEL) successfully organized “BHEL SAMVAAD 3.0”.
• Dr. Mahendra Nath Pandey said that the five pillars of Aatmanirbhar Bharat have not only strengthened our manufacturing capabilities but also helped in reducing dependence on foreign goods.
• He lauded the indigenization efforts of BHEL and expressed happiness for the initiative taken by BHEL under the BHEL SAMVAAD.
• The star performers (suppliers/vendors) among BHEL success partners were also felicitated.

Topic: Indian Polity

4. Government released the draft of the Broadcasting Services (Regulation) Bill, 2023.

• The Broadcasting Services (Regulation) Bill 2023, provides a framework to regulate broadcasting services.
• It will replace the existing Cable Television Networks (Regulation) Act, 1995 and other policy guidelines.
• The Cable Television Networks (Regulation) Act of 1995 has been in effect for the last 30 years.
• The Broadcasting Services (Regulation) Bill 2023 will streamline regulatory processes and will cover the Over-the-Top (OTT) content and digital news.
• It will also provide contemporary definitions and provisions for emerging technologies.
• This bill will also enhance self-regulation with the introduction of Content evaluation committees and will evolve the existing Inter-Departmental Committee into a more participative and broader Broadcast Advisory Council.
• It will also introduce advisory, warning, censure and monetary penalties for operators and broadcasters.
• As per the bill, monetary penalties and fines will be linked to the financial capacity of the entity.
• It will also provide different programs and advertising codes for different broadcast network operators.

Topic: Geography

5. Japan gets a new Island after an undersea volcano eruption.

• After an undersea volcanic eruption 1,200km (745 miles) south of Tokyo, a new Island has formed.
• This new Island has emerged after a series of eruptions that started in October near Iwoto Island. It is about 100 metres in diameter.
• Tokyo University’s Earthquake Research Institute professor Fukashi Maeno said that it was a phreatomagmatic eruption.
• It is a type of eruption as a result of magma interacting with water.
• Iwoto Island is located near the new island, it was earlier known as Iwo Jima.  
• New islands are made up of ash and rock fragments that could struggle to resist constant battering by waves.
• The formation of New Island is proof that magmatic activity had returned to the area.
• The new island could grow larger and change shape if the eruptions continue.
• Earlier formed similar islands in the area have disappeared due to erosion.

Topic: Sports

6. ICC suspends Sri Lanka Cricket after government interference.

• The International Cricket Council (ICC) has suspended Sri Lanka Cricket's (SLC) membership with immediate effect for government interference in running the cricket board of Sri Lanka.
• The ICC said that Sri Lanka Cricket has breached its obligations of the requirement to manage its affairs autonomously.
• As per the ICC rule, there should be no government interference in the governance, regulation or administration of the cricket board.
• The Sri Lankan parliament has passed a resolution for sacking the cricket governing body of Sri Lanka.
• The resolution was passed by the Sri Lankan parliament with the support of both the ruling and opposition parties.
• Sri Lankan parliament passed such a resolution after the Sri Lankan team's disappointing performance in the ongoing World Cup in India.

Topic: Indian Economy

7. Industrial output growth declined to a three-month low level of 5.8% in September 2023.

• India’s industrial output growth was at a 14-month high level of 10.3% in August 2023.
• Manufacturing growth has halved to 4.5% in September 2023 from 9.3% recorded in August 2023.
• The production of consumer durables has grown just 1% in September. Non-durables grew at 2.7% in September.
• The growth in the electricity sector moderated to 9.9%. The growth in the mining sector moderated to 11.5%.
• Primary goods grew fastest at 8%. Infrastructure and construction goods grew 7.5%.
• Capital goods and Intermediate goods output grew 7.4% and 5.8%, respectively.
• In August 2023, only seven of 23 manufacturing sectors contracted. Nine sectors recorded a contraction in output in September.
• In September, the contraction in manufacturing sectors was led by furniture (-20.2%). The apparel segment contracted 17.9%
• The output in computers and electronics declined 8.9%. The chemicals sector contracted to 5.6% in September.
• India’s overall industrial output grew by 6% in the first half of the current year.

Topic: Economy/Banking/Finance

8. 1% interest rate rebate has been announced by the government to Divyang borrowers.

• The government has announced this rebate under the National Handicapped Finance and Development Corporation loan for timely repayment.
• The government has taken this decision to further enhance financial inclusion and foster economic empowerment among persons with disabilities.
• This move aims to reduce the financial burden on the divyang individuals seeking financial assistance and to encourage responsible repayment practices.
• Department of Empowerment of Persons with Disabilities Secretary Rajesh Aggarwal gave cheques to eight Divyang loan beneficiaries.
• National Handicapped Finance and Development Corporation:
  • It was set up in January 1997 as a not-for-profit company under the Ministry of Social Justice and Empowerment.
  • It provides financial assistance for a wide range of income-generating activities to disabled persons.

Topic: International News

9. The International Monetary Fund (IMF) executive board has approved a 50% quota increase.   

• The executive board has approved a proposal to make a 50% increase in the quota allocated to members in proportion to their current quotas.
• The Board of Governors will now consider and vote on the proposal.
• The proposal will be effective only after consideration and voting by the Board of Governors.
• The proposal has come after the guidance from the International Monetary and Financial Committee at the 2023 annual meetings.
• Presently, India has a quota of Special Drawing Rights (SDR) of 13,114.4 million. This means India has a share of 2.75%.
• India is the eighth-largest quota-holding country in the IMF.
• On the basis of quota, India has 132,063 votes. This denotes a share of 2.63%.
• If the increase in quota is made effective, all these will grow.

Topic: MoUs/Agreements

10. Union Skill Development Ministry and Dassault Aircraft Services India Private Limited have signed a MoU for aviation training.

• The training will be given at the Indian Institute of Skills (IIS), Kanpur.
• Union Skill Development Ministry is setting up the IIS to enhance the quality of skilling and to provide high-end skilling in new-age courses.
• The Ministry also signed a MoU with Hindustan Aeronautical Limited to provide training on computer numerical control machines.
• Minister signed one MoU with the Indian Institute of Technology (IIT), Kanpur.
• Minister of Skill Development and Entrepreneurship, Dharmendra Pradhan was present at the time of the signing of the MoUs in New Delhi.

Topic: Important Days

11. National Education Day: 11 November

• National Education Day is observed every year on November 11 across India. 
• This day has been celebrated every year since 2008 to mark the birth anniversary of Maulana Abul Kalam Azad.
• Maulana Abul Kalam Azad was the first education minister of independent India.
• He served as the education minister from August 15, 1947 to February 2, 1958.
• Maulana Abul Kalam Azad established the first Indian Institute of Technology – IIT Kharagpur.
• Maulana Azad was posthumously awarded the Bharat Ratna in 1992.

Topic: National News

12. Ministry of Information and Broadcasting approved Digital Advertisement Policy, 2023.

• Digital Advertisement Policy, 2023 will empower the Central Bureau of Communication (CBC).
• It is the advertising section of the government of India to undertake campaigns in the Digital Media Space.
• This policy will help the CBC to spread information and create awareness regarding various schemes, programmes and policies of the Government.
• The Digital Advertisement Policy 2023 has been made after discussing it with multiple stakeholders.
• It empowers the CBC to onboard New and Innovative Communication Platforms in the Digital Space with the approval of a duly constituted committee.
• This policy has also introduced competitive bidding for rate discovery and also ensures transparency and efficiency.
• It will also empower CBC to empanel Digital Media Agencies to enhance its outreach through the various platforms.
• This policy will enable CBC to empanel agencies and organisations in the OTT and Video on Demand space.
• For the first time, CBC will also be able to spread its public service campaign messages through mobile applications.

Topic: Sports

13. Sunil Narine announced his retirement from international cricket.

• West Indies cricketer Sunil Narine announced his retirement from international cricket.
• He last played for the West Indies in August 2019.
• He played for WI in 122 international games including six Tests, 65 ODIs and 51 T20Is. He also took 165 wickets during his career.
• He has been part of the Kolkata Knight Riders in the Indian Premier League (IPL).
• Australia women’s team captain Meg Lanning also announced her retirement from international cricket.
• England fast bowler David Willey will also retire from international cricket after the ongoing ODI World Cup 2023.

Topic: National News

14. CJI D Y Chandrachud inaugurated ‘Mitti Cafe' in the Supreme Court premises.

• 'Mitti Cafe' is managed by differently-abled people. It has 38 outlets in different parts of the country.
• This cafe is a joint venture entirely run by disabled persons.
• It served more than six million meals during the COVID-19 pandemic.
• CJI D Y Chandrachud urged the members of the bar to support the initiative
• The inauguration ceremony of Mitti Cafe featured a rendition of the National Anthem in sign language.
• It is a step towards promoting inclusivity and accessibility.
• The main goal is to understand the challenges faced by specially-abled individuals in their interactions with the Supreme Court of India.