Daily Current Affairs and GK | 16 November 2024

Topic: Defence

1. On November 14, flight test of 75 km guided Pinaka rocket system successfully completed by DRDO.

• On 14 November 2024, DRDO announced the successful completion of the guided Pinaka multi-barrel rocket (MBRL) system's flight tests under Provisional Staff Qualitative Requirements (PSQR) validation trials, clearing the way for its induction.
• This increases the range of Pinaka to more than 75 km.
• The flight tests were conducted in three phases at various field firing ranges.
• During these trials, the rockets were extensively tested to evaluate PSQR parameters like range, accuracy, stability and fire rate against multiple targets in salvo mode.
• Twelve rockets from each production agency have been test fired from two serving Pinaka launchers upgraded by the launcher production agencies.
• The Indian Army has four Pinaka regiments in service and six more on order.
• The Pinaka Mk1 has a range of 38 kilometres and several extended range variants are being developed. It can fire a variety of ammunition.
• Eventually, the plan is to extend its range to 120 kilometres and then to 300 kilometres.

Topic: State News/ Ladakh

2. World's first high altitude para sports centre to be built in Leh.

• The Ladakh Autonomous Hill Development Council (LAHDC) in Leh in collaboration with Aditya Mehta Foundation (AMF) has taken a significant step to set up the world's first high altitude para sports centre to support para-athletes.
• The facility aims to enhance the capabilities and confidence of Indian para-athletes in preparation for the 2028 Paralympics.
• Recently, LAHDC, Leh and AMF signed MoU, which is an important step for Indian sports at the international level.
• Till the new facility becomes operational, AMF will identify and provide support to 15 children with special needs (CWSN) from the Leh-Ladakh region.
• The Leh centre will offer a wide range of para sports training, including archery, athletics, badminton, cycling, judo, swimming, wheelchair basketball and more.
• Additionally, winter para sports such as alpine skiing, biathlon and wheelchair curling will be an integral part of the programme.

Topic: Government Schemes and Initiatives

3. Special dolphin ambulance to be launched under Clean Ganga Mission.

• The apex body for cleaning the holy river, the National Mission for Clean Ganga (NMCG), is going to launch a special dolphin ambulance to rescue injured aquatic animals.
• Cleaning up the Ganga involves preserving its rich biodiversity, especially its endangered dolphins.
• The Ganges Dolphin, marked as the National Aquatic Animal of India, is also found in the river systems of India, Bangladesh and Nepal.
• A special vehicle will be developed to help dolphins in distress under an ambitious project approved for the conservation of Ganga River Dolphins.
• The project titled ‘Advancing Rescue Systems for Conservation of Stranded Gangetic River Dolphins’ has an estimated budget of Rs 1 crore.
• The project will focus on raising awareness for dolphin conservation and community capacity building through training.
• Besides this, the NMCG also approved a “novel and highly important” project for conservation of endangered turtles in the Ganga basin in Uttar Pradesh during its board meeting.

Topic: Banking System

4. RBI has announced that SBI, HDFC Bank and ICICI Bank will continue to be identified as Domestic Systemically Important Banks (D-SIBs).

• The banks which are identified as D-SIB shall maintain additional Common Equity Tier 1 (CET1) in addition to the capital conservation buffer.
• RBI has released the 2024 list of D-SIBs. It has prescribed additional CET 1 requirement of 0.80% for SBI, 0.40% for HDFC Bank, and 0.20% for ICICI Bank, as a percentage of their Risk Weighted Assets (RWAs).
• According to RBI, higher D-SIB surcharge will be applicable for SBI and HDFC from April 01, 2025.
• Within the CRAR (capital to risk-weighted assets ratio) of 11.5% for banks, the CET-1 is at 5.5%.
• SBI and ICICI Banks were classified as D-SIBs in 2015 and 2016.
• HDFC Bank was classified as D-SIB in 2017 along with SBI and ICICI Bank.
• Interconnectedness, substitutability and complexity are the indicators used for identifying a Bank as a D-SIB.

Topic: National News

5. PM Modi will go on 6-day visit to Nigeria, Brazil and Guyana on 16 November 2024.

• PM Modi will first go to Nigeria at the invitation of Bola Ahmed Tinubu, who is Nigerian President.
• This will be first visit by an Indian Prime Minister to Nigeria in 17 years.
• During his two-day stay in Nigeria, PM Modi will also address a gathering of the Indian community in Nigeria.
• Strategic partnership between India and Nigeria goes back to year 2007.
• Over 2000 Indian companies have invested more than 27 billion dollars in several important sectors in Nigeria.
• From Nigeria, PM Modi will go to the Brazilian city of Rio De Janeiro on the 18th November to attend G20 Summit.
• G20 Summit will be hosted by President of Brazil, Luiz Inácio Lula da Silva.
• Along with Brazil and South Africa, India is part of the G20 Troika.
• From the 19th to 21st of November, PM Modi will carry out a state visit to Guyana.
• This will be first visit to Guyana by an Indian Prime Minister since 1968.
• In 2023, the President of Guyana, Dr. Mohamed Irfaan Ali, came to India as the Chief Guest at the 17th Pravasi Bharatiya Divas at Indore, MP. 
• During his visit, Prime Minister Modi will address the Parliament of Guyana and address a gathering of the Indian diaspora.
• PM will also take part in the Second CARICOM-India Summit in Guyana’s Georgetown.
• Caribbean Community (CARICOM):
  • It is an intergovernmental organisation founded in 1973. It consists of 15 member states in the Caribbean region.
  • Its primary objective is to promote economic integration and cooperation among the members.

Topic: National News

6. NITI Aayog’s Women Entrepreneurship Platform (WEP) has partnered with Urban Company to support women MSMEs.

• Under its award to reward initiative, NITI Aayog’s WEP launched a pilot program with Urban Company.
• The pilot program has been launched to support women MSMEs to scale up their businesses in the beauty and wellness sector.
• The program is focused on providing support to women entrepreneurs owning local salons and parlors.
• The training will be offered to women entrepreneurs across six key ecosystem needs of entrepreneurial growth.
• These are skilling, legal and compliance, access to finance, market, and business development services along with mentorship and networking.
• According to Mission Director of WEP Anna Roy, this collaboration with Urban Company is a key step toward creating a strong and healthy ecosystem for women in the beauty and wellness sector.
• Award to reward is a WEP flagship initiative to support and recognize women entrepreneurs.

Topic: Indian Economy

7. India's GDP is expected to rise at 6.5–7% until FY 2026–2027, according to S&P Global Ratings.

• In its most recent global bank outlook report, S&P Global Ratings predicted that India's GDP will expand by 6.5% to 7% per year during the next three fiscal years, ending in 2027.
• Infrastructure development and rising consumption will be the main drivers of this GDP growth.
• The report states that the resilience of India's financial institutions will be supported by structural improvements and promising economic prospects.
• According to the report, improved bank capitalisation and increased demand should accelerate the growth of bank loans.
• In the medium run, the financial system will be strengthened by the RBI's regulatory crackdown.
• Last month, RBI Governor Shaktikanta Das also predicted that real GDP growth in India will likely reach 7.2% in FY 2024–2025.
• However, the S&P Global analysis noted that growth linked to capital expenditures could be delayed by outside factors.
• S&P Global Ratings is a division of S&P Global. It is a leading credit rating agency.

Topic: International News

8. In Sri Lanka, the NPP has won the parliamentary election by a wide margin.

• The ruling National People's Power (NPP) of Sri Lanka has registered a landslide victory, gaining a two-thirds majority in the Parliament.
• In the 225-member house, the left-wing coalition secured 159 seats.
• With 40 seats, Sajith Premadasa's Samagi Jana Balawegaya, the largest opposition party, came at second place.
• Arasu Kadchi, an Ilankai Tamil, won eight seats.
• Only five seats were won by the New Democratic Front, which was allied with former President Ranil Wickremasinghe.
• In Sri Lanka, Parliamentary elections were held on 14 November 2024.
• Anura Kumara Dissanayake is the 10th and current president of Sri Lanka.
• The National People's Power (NPP) or Jathika Jana Balawegaya (JJB) includes 21 political parties and other organisations.
• President Anura Kumara Dissanayake is the current leader of the electoral coalition (NPP).

Topic: Awards and Prizes

9. Hyderabad Airport won global recognition for digital innovations.

• At the 'Airport Excellence Awards' held during the Saudi Airport Exhibition 2024, GMR Hyderabad International Airport Limited (GHIAL) has received international accolades for its advancements in digital innovation.
• On November 12, the awards ceremony was held at the Riyadh International Convention and Exhibition Centre (RICEC), celebrating leading global innovations in the aviation industry.
• GHIAL's 'Digital Twin' received the award in the Innovation & Technology and Facility Management categories.
• One of GHIAL’s other innovations, the ‘Smart Shopping Trolley’, was adjudged the runner-up in the Airport Revenue Management category.
• The digital twin at RGIA creates a virtual replica of the physical airport.
• Through real-time data integration from CCTV, sensors and IoT devices, this advanced model offers a holistic, data-driven view of airport operations, from terminal functionality to passenger flow and resource management.

Topic: National Appointment

10. Arvinder Singh Sahney has been appointed Chairman of Indian Oil Corporation with effect from November 13.

• He replaced Director (Marketing) V. Sathish Kumar, who was holding the additional charge of Chairman after the completion of the tenure of S.M. Vaidya.
• Before to this appointment, he was the Petrochemical Vertical Head of the National Oil Marketing Company.
• Mr. Sahney has over three decades of experience in the Refinery and Petrochemical sector.
• Sahney has extensive experience having worked in five of Indian Oil's nine refineries.
• Indian Oil Corporation Limited (IOC):

• It is a Maharatna PSU that was formed in 1959. It is the largest commercial oil company in India.
• Headquarters of IOC: New Delhi

Topic: Banking System

11. State Bank of India has sought $1.25 billion in India's biggest bank loan in 2024.

• State Bank of India is looking to raise up to $1.25 billion for a five-year loan, which would be the largest dollar-denominated loan from India's financial sector in 2024.
• CTBC Bank, HSBC Holdings PLC and Taipei Fubon Bank are arranging the five-year loan, which carries an interest margin of 92.5 basis points over the risk-free secured overnight financing rate.
• SBI is raising this facility for general corporate purposes through its branch in Gujarat International Finance Tec-City, the country's newest financial hub.
• In 2024, State Bank of India is joining a growing list of local borrowers raising foreign currency loans, with non-banking financial companies (NBFCs) or "shadow banks" leading the way due to tighter domestic regulations.
• Despite a surge in activity, India’s dollar debt has fallen 27% this year to $14.2 billion, weighed down by low borrowings from large companies, according to data compiled by Bloomberg.
• According to data compiled by Bloomberg, the state bank raised a $750 million, three-year loan in July.

Topic: Important Days

12. National Press Day 2024: 16 November

• National Press Day is observed annually on 16 November to commemorate the setting up of the Press Council of India (PCI) in 1966.
• It is observed as a day to recognize the importance of the free and responsible press in a democratic society.
• The theme for National Press Day 2024 is “Changing nature of the press”.
• Press Council of India was formed on 4 July 1966 on the recommendations of the First Press Commission.
• The Press Council of India is a statutory and quasi-judicial body. It was re-established in the year 1979 under the Press Council Act, 1978.
• Justice Ranjana Prakash Desai is the current chairperson of the Press Council of India.

Topic: Government Schemes and Initiatives

13. Union Government has launched the Partnerships for Accelerated Innovation and Research (PAIR) programme.

• Partnerships for Accelerated Innovation and Research (PAIR) program will enhance the quality of research-oriented higher education in the country.
• The PAIR program will promote research excellence in central and state public universities via a mentorship-driven hub and spoke model.
• Under the hub and spoke model, such universities will be paired where research is at a nascent stage.
• The PAIR program will act as a catalyst for transformative research in universities. It will provide the necessary mentorship to elevate overall research standards.
• Hub institutions will include the top 25 NIRF overall ranking as well as Institutions of National Importance within the top 50 NIRF overall ranking.
• Every PAIR network would consist of one hub and up to seven spoke institutions.
• Only one proposal per hub institution will be allowed with the involvement of multi-departmental faculty teams from spoke institutions.
• The program’s main objective is to promote innovation in emerging institutions by leveraging mentorship from high-ranking institutions.

Topic: Art and Culture

14. Asia’s largest open-air trade fair ‘Bali Jatra’ started in Odisha.

• Bali Jatra, Asia’s largest open-air trade fair, is observed to celebrate Odisha’s ancient sea-trading history.
• This year’s fair started on the full moon day of Kartika and will end on 22nd November.
• It is observed in the memory of Odisha’s old tradition of traders sailing to distant lands in boats called Boitas from the Mahanadi River during Kartika Purnima.
• Cultural groups from Odisha and other states will perform dances like Odissi, Chhau, Bihu, Mahari, Gotipua, etc. on this occasion.

(Source: News on AIR)