Daily Current Affairs and GK | 2 and 3 October 2024

Topic: Sports

1. The first-ever Kho Kho World Cup will be hosted by India in 2025.

• It has been announced by the Kho-Kho Federation of India (KKFI) and the International Kho-Kho Federation that the first Kho-Kho World Cup will be held in India in 2025.

• 24 countries from 6 continents will take part in this event, and 16 men's and as many women's teams will participate in it.
• Ahead of the World Cup, KKFI plans to take it to 200 schools in 10 cities to promote the sport.
• A membership drive for school students will also be run by the federation , aiming to register at least 50 lakh players ahead of the mega tournament.
• The tournament will feature a week-long series of matches featuring top-level athletes from around the world.
• The aim of the Kho-Kho World Cup is to take this indigenous Indian sport to the international level.
• Kho-kho has its roots in India, and the World Cup will highlight the rich cultural heritage and competitive spirit of the sport.
• Starting from mud, the sport has now reached the mat and has a presence in 54 countries across the world.

(Source: News on AIR)

Topic: National News

2. BharatGen project launched by India for generative AI in local languages.

• On September 30, an initiative called BharatGen was launched by India to make generative AI available to citizens in various Indian languages.
• Science and Technology Minister Jitendra Singh said it is the world's first state-funded project of its kind.
• This initiative, run by IIT Bombay under the National Mission on Interdisciplinary Cyber-Physical Systems (NM-ICPS), will create generative AI systems.
• It will be able to generate high-quality text and multimodal content in various Indian languages.
• The initiative was launched by Principal Scientific Advisor A K Sood, among others.
• Four thematic hubs (T-Hubs) for quantum computing, quantum communication, quantum sensing and metrology, and quantum materials and devices were also launched by Sood under the National Quantum Mission (NQM).
• These centres will be at the forefront of research and innovation, and will set the stage for India's leadership in quantum computing, communications, sensing and materials.
• The four T-Hubs have been established at the IISc Bengaluru, IIT Madras, as well as the Centre for Development of Telematics New Delhi, IIT Bombay and IIT Delhi.
• These include 17 technical groups from 17 states and two union territories.
• Each T-Hub will operate under a Hub-Spoke-Spike model, supporting a cluster-based network of research projects (spokes) and individual research groups (spikes) along with these central hubs.
• This will enhance coordination among research institutions and enable them to pool resources and expertise.

Topic: Summit/Conference/Meeting

3. The 2024 edition of the annual apex level international conference IPRD started in New Delhi on 3 September.

• The 2024 edition of the Indo-Pacific Regional Dialogue (IPRD), the annual apex-level international conference of the Indian Navy, is being held in New Delhi from 3 to 5 October.
• The three-day conference' theme is “Resource Geopolitics and Security in the Indo-Pacific.”
• IPRD is the flagship expression of the Indian Navy's international engagement at the strategic level, addressing overall maritime security issues in the Indo-Pacific region.
• This year's conference will focus on how traditional and newly-identified marine resources are influencing contemporary geopolitics and how they will shape it in the future.
• Offshore energy resources such as hydrocarbons are expected to continue to have geopolitical importance.

(Source: News on AIR)

Topic: International News

4. Iran declared war on Israel by firing 181 missiles.

• On October 1, the Israeli military said Iran had fired missiles at Israel, and air raid sirens sounded across the country and almost 10 million people were ordered to stay near bomb shelters.
• Israeli police reported a suspected “terrorist” shooting in Jaffa, south of Tel Aviv, resulting in several casualties.
• Four people were killed and seven others were injured in the attack.
• Israel and the United States have warned that if Iran attacks there will be serious consequences.
• The alerts come a day after rocket and missile attacks from Lebanon, and as Israel said it had launched a limited ground operation in southern Lebanon.
• Also in April, Iran had launched an unprecedented direct attack on Israel, but very few of its missiles reached their targets.
• Many were shot down by the US-led coalition, while others failed to launch or crashed in flight.

Topic: Important Days

5. Gandhi Jayanti 2024: 2 October

• Every year on October 2, Gandhi Jayanti is celebrated.
• This year this day is the 155th birth anniversary of Mahatma Gandhi.
• International Day of Non-Violence is observed on 2 October to commemorate the birthday of Mahatma Gandhi.
• On 15 June 2007, the United Nations General Assembly declared 2 October as the International Day of Non-Violence.
• Mahatma Gandhi:
  • Mahatma Gandhi, Father of the Nation, was a lawyer, political ethicist, activist, and writer.
  • His full name was Mohandas Karamchand Gandhi.
  • He was born in Porbandar, Gujarat on 2nd October 1869.
  • He was an ardent follower of Satyagraha and Ahimsa.
  • His notable works: Hind Swaraj, My Experiments with Truth, Harijan (Gujarati Newspaper), Young India (English Newspaper)
  • He founded the Harijan Sevak Sangh in 1932.
  • Times Magazine named Mahatma Gandhi as the Man of the Year in 1930.

Topic: National Appointment

6. A.K. Saxena took over the additional charge of the post of CMD in RINL.

• On September 30, 2024, MOIL CMD Shri Ajit Kumar Saxena assumed additional charge of CMD of RINL, the corporate entity of Visakhapatnam Steel Plant.

• Saxena is presently the Chairman and Managing Director (CMD) of MOIL, a public sector undertaking under the Ministry of Steel.
• RINL CMD Atul Bhatt is on personal leave from September 9 to November 30, which is also the date of his retirement.
• Rashtriya Ispat Nigam Limited (RINL) is a steel manufacturing company under the Ministry of Steel.
• It owns and operates a 7.5 million tonne capacity plant at Visakhapatnam, Andhra Pradesh.

Topic: Summits/ Conferences/ Meetings

7. India Army to host Chanakya Defence Dialogue 2024.

• The Indian Army and the Centre for Land Warfare Studies (CLAWS) will host the Chanakya Defense Dialogue 2024.
• It will be conducted on the 24-25 October on the theme of “Drivers in Nation Building: Fuelling Growth through Comprehensive Security”.
• This defence dialogue will facilitate in-depth discussions, and foster strategic partnerships.
• It will provide a platform for national and international leaders, policymakers, and subject matter experts to share their expertise.
• It will reflect the Indian Army’s vision of a resilient, secure, and prosperous Bharat in 2047.
• The COAS shared his thoughts on the theme "Pillars of Security: Powering India's Path to Viksit Bharat by 2047" in a Fireside Chat.

(Source: PIB)

Topic: National News

8. PM Modi inaugurated ‘Jamaica Marg’ in Delhi.

• Prime Minister Narendra Modi named the road in front of the Jamaica High Commission as ‘Jamaica Marg’.
• The unveiling of Jamaica Marg is a reminder of the global reach of India's diplomatic efforts.
• Both countries leaders met at Hyderabad House in New Delhi.
• They discussed various aspects of the India-Jamaica partnership, including further cooperation in sports and cultural exchanges.
• Jamaica Prime Minister Holness was on an official visit to India from September 30 to October 3, 2024.
• Both countries also advocated for reform of multilateral institutions, including the UN Security Council.
• They also focused on areas like south-south collaboration, including India's flagship Indian technical and economic cooperation program.

Topic: Summits/ Conferences/ Meetings

9. 26th Water, Energy, Technology, and Environment Exhibition (WETEX) 2024 started at the Dubai World Trade Centre.

• The 26th Water, Energy, Technology, and Environment Exhibition (WETEX) 2024 started at the Dubai World Trade Centre on 1st October.
• 29 leading companies are participating in the Indian pavilion.
• The event is organized by the Dubai Electricity and Water Authority (DEWA).
• Cutting-edge innovations in renewable energy, water treatment, and environmental technologies issues were discussed.
• WETEX 2024 featured 16 international pavilions from 14 countries.
• The event will serve as a vital platform for companies to showcase their latest innovations.
• India's growing self-reliance in water treatment technologies, exports in this sector have been surging by 200–300% annually.

Topic: State News/Telangana

10. Telangana becomes the first state to get NITI Aayog’s Women Entrepreneurship Platform chapter.

• NITI Aayog launched the first State Chapter of Women Entrepreneurship Platform (WEP).
• NITI Aayog in association with WE Hub and the Telangana government, launched the first State Chapter of Women Entrepreneurship Platform (WEP).
• The platform aims to promote and support women entrepreneurs across sectors.
• The Women Entrepreneurship Platform (WEP) Hub will be the nodal agency for all WEP activities in the State.
• It will provide those resources, tools, and a robust network to enhance their business growth.
• WEP will provide customized support like digital skills, access to financial services, mentorship and market linkages.
• WE Hub is a first-of-its-kind incubation centre in India exclusively for women entrepreneurs.

Topic: Government Schemes and Initiatives

11. PM E-DRIVE Scheme has been launched by Union Minister H. D. Kumaraswamy.

• Union Minister H.D. Kumaraswamy launched the PM E-DRIVE Scheme in New Delhi.
• This initiative will accelerate electric vehicle (EV) adoption and boost domestic innovation.
• This scheme has been launched with a financial outlay of ten thousand nine hundred crore rupees for two years.
• 3680 crore rupees have been allocated for e-two-wheelers, e-three-wheelers, e-ambulances, e-trucks, and emerging EVs.
• 2000 crore has been allocated for installing fast chargers, including various other allocations for electric vehicles.
• Aadhar-authenticated e-vouchers will be introduced by the government for EV buyers to avail the demand incentives.

Topic: Indian Economy

12. The reconstitution of the Monetary Policy Committee has been notified by the government.

• The Governor of the RBI is the ex-officio Chairperson of the Monetary Policy Committee.
• The Deputy Governor of RBI, in charge of monetary policy, is also the ex-officio member of the committee.
• One officer of the RBI to be nominated by the Central Board is also the ex-officio member of the committee.
• Professor Ram Singh, Economist Saugata Bhattacharya, and Dr Nagesh Kumar have been appointed as the members of the committee.
• Professor Ram Singh is Director of Delhi School of Economics.
• Dr Nagesh Kumar is Director and Chief Executive of the Institute for Studies in Industrial Development.
• The members of committee (Professor Ram Singh, Economist Saugata Bhattacharya, and Dr Nagesh Kumar) shall hold office for four years, with immediate effect or until further orders, whichever is earlier.
• Professor Ram Singh, Economist Saugata Bhattacharya, and Dr Nagesh Kumar will replace Ashima Goyal, Shashanka Bhide, and Jayanth R Varma.

Topic: Indian Economy

13. India’s current account deficit increased to 1.1% of GDP.

• The current account deficit increased marginally to $9.8 billion in the Q1 of FY25 from $8.9 billion (1%) in the year-ago period.
• This increase was mainly because of increase in merchandise trade deficit.
• India recorded a current account surplus of $4.6 billion (0.5% of GDP) in the fourth quarter (Q4) of FY24.
• In the reporting quarter, merchandise trade deficit increased to $65.1 billion against $56.7 billion in the year-ago quarter.
• Oil and gold caused increased in merchandise trade deficit and increase in other non-oil imports.
• Net service receipts increased from $35.1 billion to $39.7 billion in Q1FY25.
• From $27.1 billion in Q1FY24 to $29.5 billion in Q1FY25, private transfer receipts grew.
• Remittances from Indians working abroad are mostly represented by private transfer receipts.
• The primary income account's net outflow increased from $10.2 billion in Q1FY24 to $10.7 billion in Q1FY25.
• Payments of investment income are shown in the primary income account's net outgo.
• Inflows of net foreign direct investment (FDI) rose from $4.7 billion in Q1FY24 to $6.3 billion in Q1FY25.
• In Q1FY25, net inflows to India under external commercial borrowings (ECBs) totalled $1.8 billion.
• A country experiences current account deficit (CAD) when the value of the goods and services it imports surpasses the value of the goods and services it exports.

Topic: Economy/Banking/Finance

14. New framework to curb excessive speculation in stock market has been announced by SEBI.

• The framework will be implemented in phased manner starting from 20 November.
• SEBI has announced six key changes to the index derivative trading framework.
• The contract size has been increased from Rs 5 lakh to Rs 15 lakh. This is the first revision of contract size in nine years.
• The measures include raising margin requirements and mandating the upfront collection of option premiums from buyers.
• The new rules will limit weekly expiries to one benchmark per exchange, and remove the calendar spread treatment on expiry days.
• The new rules will bring intraday monitoring of position limits. This requirement will be effective from April 2025.
• The measures ae aimed at raising the entry barriers for retail participants.
• They will be implemented in phases. Three of the six changes will become effective from 20 November.
• Additional extreme loss margin (ELM) of 2 per cent for short options contracts will be imposed by SEBI with effect from 20 November.