Daily Current Affairs and GK | 12 November 2024

Topic: National News

1. Government has approved fire services projects worth Rs 725 cr for three states.

• A high-level committee headed by Union Home Minister Amit Shah approved three projects worth Rs 725.62 crore for the expansion and modernisation of fire services in Chhattisgarh, Odisha and West Bengal.
• Rs 376.76 crore for West Bengal, Rs 201.10 crore for Odisha and Rs 147.76 crore for Chhattisgarh have been approved under the 'Expansion and Modernisation of Fire Services'.
• The government has allocated a total of Rs 5,000 crore under the National Disaster Response Fund (NDRF) for 'Expansion and Modernisation of Fire Services' in the states.
• 15 states with a total outlay of Rs 2,542.12 crore had already been approved.
• Rs 14,878.40 crore has been allocated from the State Disaster Response Fund (SDRF) to 26 states.
• Rs 4,637.66 crore from the National Disaster Response Fund (NDRF) to 15 states, and Rs 1,385.45 crore from the State Disaster Mitigation Fund (SDMF) to 11 states.

Topic: State News/Uttar Pradesh

2. Chief Minister Yogi Adityanath launched the state’s first double-decker electric bus.

• Chief Minister Yogi Adityanath launched the state’s first double-decker electric bus at the Aakanksha Haat programme at Indira Gandhi Pratishthan in Lucknow.
• Its main aim is to provide a bus service that will help in reducing traffic problems and ensure environment conservation in urban areas.
• The government will also provide a 50 per cent discount on tickets for women passengers travelling in the double-decker electric bus service.
• 65 passengers could travel in this bus and passengers would be provided with a 10 per cent concession on digital payments.

Topic: Defence

3. The first-ever space exercise ‘Antariksha Abhyas-2024’ inaugurated in New Delhi on 11 November.

• To deal with the increasing threats to space-based assets and services, the first three-day space exercise 'Antariksha Abhyas – 2024' is being conducted by the Defense Space Agency of Integrated Defense Personnel Headquarters from 11 to 13 November 2024.
• Exercise Antariksha Abhyas is the first of its kind special event and will pave the way to meet national strategic objectives in the space domain and help integrate India's space capabilities in military operations.
• The aim of this space exercise is to provide a better understanding of space based assets and services and to understand the process related dependencies in the space sector amongst the stakeholders.
• Apart from these, it also aims to identify procedural issues for operations in case of disruption or interruption of space based services.
• It will include participants from Army, Navy and Air Force personnel as well as Defence Space Agency and its affiliated units.

(Source: News on AIR)

Topic: International Appointment

4. Tayyab Ikram re-elected President of the International Hockey Federation.

• On 9 November, incumbent President Tayyib Ikram has been re-elected for another term as President of the International Hockey Federation (FIH) at the 49th FIH Statutory Congress in Muscat, Oman.
• Pakistan-born Ikram took over for a two-year term in 2022 after Narinder Batra resigned midway through his tenure.
• The current term will be his first full four-year term.
• Danae Andrada (URU), Alberto Daniel Budski (ARG), and Erik Cornelissen (NED) were re-elected, and Katrin Kauschke (GER) was elected as an ordinary member of the FIH Executive Board.
• International Hockey Federation is the international governing body of indoor field hockey and field hockey. It is headquartered in Lausanne, Switzerland.

Topic: Reports and Indices/Rankings

5. Hindalco ranked as the world's most sustainable aluminium company.

• For the fifth consecutive year, Hindalco Industries Ltd., the metals major of the Aditya Birla Group, has been ranked as the World’s Most Sustainable Aluminium Company.
• In the 2024 edition of the S&P Global Corporate Sustainability Assessment (CSA) rankings, Hindalco was the only aluminium company to secure the top position.
• The company said in a statement that it got a total of 87 points (as on October 30, 2024), which is 9 points better than 2023.
• It is 22 points ahead of its nearest competitor.
• The DJSI World Index consists of the top 10% of the largest 2,500 companies by market capitalization in the S&P Global Broad Market Index based on long-term economic and ESG factors.
• Hindalco achieved the 100th percentile in most aspects of the three dimensions of Environmental, Social and Governance (ESG) aspects.

Topic: Reports and Indices/Rankings

6. Dubai topped the Middle East and rose to fifth place globally in the '2024 Global City Index'.

• Dubai is the highest-ranked city in the Middle East and Africa in the '2024 Global City Index' released by Brand Finance, leading the region for the second year in a row.
• London, Paris, and New York City retain top 3 spots in second annual Brand Finance Global City Index.
• Dubai has also risen to fifth place globally, surpassing global cities such as Singapore, Los Angeles, Sydney, San Francisco and Amsterdam.
• The city also made a significant jump in local and remote work opportunities, moving up from 24th to fourth place.
• Due to its strategic role as an international trade hub and strong economy, Dubai was ranked as the second most important city globally.
• Scoring 86 out of 100, Dubai's overall performance across key indicators highlights its economic resilience and strategic vision.

Topic: International News

7. Russian Business centre will open in New Delhi.

• The Russian Embassy in India will inaugurate the Russian Business Center.
• This is an initiative led by the Business Council for Cooperation with India and Synergy Corporation, New Delhi.
• The objective of opening the center are developing business ties between India and Russia, promoting export cooperation and providing a platform for interaction between business communities.
• The center will have a co-working space for events, regional business missions, forums, conferences and seminars.
• The plenary session of the Russian-Indian Business Forum will be held in Mumbai.
• It will focus on deepening economic and business relations between the two nations.
• In the past two years, bilateral trade between India and Russia has surpassed the USD 30 billion target set for 2025.
• International North-South Transport Corridor and the Chennai-Vladivostok Eastern Maritime Corridor are the key connectivity initiatives that are central to strengthening ties.

Topic: Personality in News

8. Varadarao Kamalakara Rao passed away at the age of 88.

• He is a world-renowned Mridangam scholar. He received the Central Sangeet Natak Akademi Award years ago.
• He was a disciple of Palgat Mani Ayer. He became a Mridanga Vidwan at an early age.
• He received the President Medal from the Sarvepalli Radhakrishnan during his college days.

(Source: News on AIR)

Topic: Corporates/Companies

9. RBI and SEBI introduced a framework for the reclassification of FPI to FDI.

• The Reserve Bank of India (RBI) introduced a framework to allow foreign portfolio investors to convert their investments to foreign direct investment (FDI).
• FPI can be converted into equity holdings in Indian companies after the 10% investment limit.
• Currently, FPIs can hold a maximum of 10% of an Indian company’s total paid-up equity capital.
• After the 10% investment, FPIs have two choices divesting the surplus shares or reclassifying them as FDI.
• RBI’s new framework mandates that this reclassification will be finalized within five trading days from the date of settlement of the trades causing the breach.
• Reclassification will be not allowed in sectors where FDI is restricted.
• SEBI said that if an FPI fails to divest its excess holdings within five trading days, the entire investment shall be considered as an investment under the FDI.

Topic: Summits/ Conferences/ Meetings

10. Union Minister Dharmendra Pradhan inaugurated the national workshop on Higher & Technical Education.

• Education Minister Dharmendra Pradhan inaugurated a two-day national workshop on Higher and Technical Education.
• Its main aim is to disseminate various approaches and methodologies to implement National Education Policy (NEP) 2020.
• The workshop will encourage NEP’s adoption in state institutions and will pave the way for a more robust, inclusive, and globally competitive education system.
• During this two-day workshop, 14 technical sessions on the themes of NEP 2020 Implementation.

Topic: Summit/Conference/Meeting

11. On November 11, the annual United Nations Climate Change Conference (COP29) began in Baku, Azerbaijan.

• The two-week-long event, called the 'Finance COP', will focus on securing a new climate finance target for countries most vulnerable to climate impacts.
• For India and the global South, access to finance, technology and energy resources remains critical to meeting climate goals and protecting communities on the frontlines of climate change.
• So far, India has played a key role in shaping the global climate finance framework to provide immediate financing needed for mitigation and adaptation efforts.
• India will seek to achieve a new Collective Quantified Target (NCQG) for climate finance at Baku, beyond the old $100 billion annual target set in 2009.
• The Economic Survey of India 2023-24 indicates that India will need about $2.5 trillion by 2030 to meet its commitments under the Paris Agreement.

(Source: News on AIR)

Topic: Personality in News

12. Veteran Tamil actor Delhi Ganesh passed away at the age of 80.

• Renowned Tamil actor Delhi Ganesh, known for his versatility in supporting roles in an illustrious career spanning four decades, passed away on November 9 due to health complications.

• Delhi Ganesh's career, marked by his ability to play a diverse range of roles – from comical to villainous and poignant supporting characters – has seen him appear in over 400 films.
• He shared the screen with Tamil cinema legends like Rajinikanth and Kamal Haasan and earned a respected position in the industry.
• Delhi Ganesh's contribution to Tamil cinema has been recognised with several awards, including the Tamil Nadu State Film Award Special Prize for Pasi (1979) and the prestigious Kalaimamani Award in 1994.

(Source: News on AIR)

Topic: Government Schemes and Initiatives

13. National MSME Cluster Outreach Programme has been launched by Union Minister for Finance Nirmala Sitharaman.

• Union Minister Nirmala Sitharaman launched a national program to boost financial access for Micro, Small, and Medium Enterprises (MSMEs).
• It has been organized jointly by the Department of Financial Services (DFS), the Ministry of Finance, the Government of India, and the Small Industries Development Bank of India (SIDBI).
• The main aim of the program is to ensure access to financial services and promote the growth of Micro, Small and Medium Enterprises (MSMEs).
• The Union Finance Minister also virtually inaugurated six new SIDBI branches in Karnataka.
• SIDBI signed a Memorandum of Understanding (MoU) with the Peenya Industries Association to support MSMEs through capacity building, credit facilities, and knowledge-sharing.
• The Union Finance Minister also distributed sanction letters to 11 MSME customers of SIDBI, aggregating to Rs. 25.75 crore.

Topic: MoUs/Agreements

14. Russia and North Korea signed a treaty to establish a comprehensive strategic partnership.

• Russian President Vladimir Putin has signed a treaty with North Korea to establish a comprehensive strategic partnership.
• The treaty was originally signed by the top leaders of the two countries in Pyongyang on June 19.
• It was ratified by the lower house of parliament on October 24. comprehensive strategic partnership Russia’s upper house of parliament approved the bill on November 6.
• Under this agreement, Russia and North Korea have committed to developing a sustained partnership based on mutual respect for sovereignty, territorial integrity, non-interference in internal affairs, equality, and other principles of international law.
• Under this treaty, if either country faces an armed attack, then immediate military and other forms of assistance will be provided.
• The treaty will come into effect upon the exchange of ratification instruments.