Daily Current Affairs and GK | 23 October 2024

Topic: Indian Economy

1. IMF projected India’s GDP growth to be 7%.

• The International Monetary Fund (IMF) maintained its projection for India’s GDP growth at 7% for the current fiscal year.
• IMF’s World Economic Outlook (WEO) forecasted India’s growth rate to moderate to 6.5% in the fiscal year 2025-26.
• The GDP growth projection has decreased from 8.2 per cent in 2023 to 7 per cent in 2024 and 6.5 per cent in 2025.
• However, China’s growth outlook 2024 was lowered to 4.8% from 5%.
• IMF also updated the forecast for the US. It raised the 2024 growth estimate to 2.8%, up from the previous forecast of 2.6%.
• Global growth will remain steady at 3.2% for both 2024 and 2025.
• During the annual meetings, the IMF called for reforms with the World Bank during its annual meetings.

Topic: Awards and Prizes

2. Steel Authority of India Limited (SAIL) has received SHRM - HR Excellence Awards.

• SAIL has received these awards for ‘Excellence in Inclusion, Equity & Diversity’ and ‘Excellence in Managing the Distributed Workforce’ categories.
• It has received these awards at the SHRM India Annual Conference 2024 held in New Delhi, recently.
• The awards are a testimony to HR practices and initiatives being carried out across SAIL.
• Steel Authority of India Limited (SAIL) was established in 1954. It is the largest steel-producing company in India.
• It is a Public Sector Undertaking under the Ministry of Steel. Its headquarters is in New Delhi.

Topic: Summits/ Conferences/ Meetings

3. Shri Amit Shah addressed 14th All India Home Guards and Civil Defence Conference in Gandhinagar, Gujarat.

• Prime Minister Shri Narendra Modi has made a commitment to make India a fully developed country by 2047, according to Shri Amit Shah's address.
• He further said that the Home Guards and Civil Defence's service and security aspects can help fulfil the objective to creating a developed India.
• The Union Home Minister stated that there will be in-depth talks on a number of topics pertaining to the bolstering of Civil Defence and Home Guards during this two-day conference.
• He mentioned that the Civil Defence Act was passed in 1968 and that the Civil Defence Directorate was founded in 1962.
• He stated that 27 members of the Home Guards and Civil Defence died while protecting the people during the pandemic.

Topic: Economy/Banking/Finance

4. Paytm has received National Payments Corporation of India (NPCI) approval to onboard new UPI users.

• However, approval is subject to the adherence to all procedural guidelines and circulars.
• In March, the NPCI granted nod to Paytm to take part in UPI as a Third-Party Application Provider.
• The NPCI permitted Paytm to continue UPI transactions through four banks.
• The four banks were SBI, Axis Bank, HDFC Bank and YES Bank.
• On January 31, RBI had directed Paytm Payments Bank (PPBL) to stop accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments.
• RBI cited persistent non-compliance and continued material supervisory concerns.
• One97 Communications is the parent company of Paytm, which is a fintech firm.

Topic: Defence

5. India's fourth nuclear submarine was launched into water.

• India's fourth nuclear-powered ballistic missile submarine (SSBN), called S4*, was launched last week at the Ship Building Centre in Visakhapatnam.
• The submarine is larger and more capable than the first submarine INS Arihant (S2), originally a technology demonstrator developed under the Advanced Technology Vessel programme.
• On October 16, the S4* was launched at SBC and features significant indigenous content, with extensive contribution from Indian industry.
• The S4* is larger and can carry multiple K-4 submarine-launched ballistic missiles (SLBMs).
• Currently, India has two SSBNs in operation.
• First SSBNs, INS Arihant was inducted into service in August 2016.
• The second SSBN, INS Arighaat (S3) was commissioned in late August 2024.
• The third SSBN Aridaman (S4) is currently undergoing sea trials and is expected to be inducted into service by 2025.
• Apart from this, the Cabinet Committee on Security (CCS) approved plans to build two nuclear-powered attack submarines for the Indian Navy on October 9.
• Its aim is to strengthen deterrence in the Indo-Pacific region.

Topic: Indian Economy

6. To promote exports, India has removed export tax on parboiled rice.

• The central government said in an official order on October 22 that it has abolished the export tax on parboiled rice.
• Stocks have risen in India, the world's biggest grain exporter, and the country is expected to have a bumper harvest after abundant monsoon rains.
• The decision to remove the tax follows the move last month to reduce the duty from 20% to 10% to boost exports.
• The government also approved the resumption of exports of non-basmati white rice in September 2024.
• Large consignments of rice from India will increase overall global supply and soften international prices by forcing other major exporters - such as Pakistan, Thailand and Vietnam - to reduce their rates.

Topic: MoUs/Agreements

7. India and Pakistan have agreed to extend Sri Kartarpur Sahib Corridor Agreement for further five years.

• The agreement was signed on 24th October 2019. This was valid for five years.
• This was signed to facilitate the visit of pilgrims from India to Gurdwara Darbar Sahib Kartarpur, Narowal, Pakistan through the Kartarpur Sahib Corridor.
• This Agreement's renewal will guarantee the Corridor's continuous operation so that pilgrims from India can use it to travel to Pakistan to visit the sacred Gurdwara.
• India has once again requested Pakistan to refrain from charging pilgrims any fees or levies in response to their repeated appeals for the elimination of the $20 service charge that Pakistan imposes on each pilgrim per visit.
• The Kartarpur Corridor is a visa-free border crossing and religious corridor.
• It connects the Gurdwara Darbar Sahib, near Narowal in Pakistan to Gurudwara Dera Baba Nanak, Gurdaspur district, Punjab, India.

Topic: Summits/ Conferences/ Meetings

8. PM Modi reached in Kazan city of Russia to take part in the 16th BRICS Summit.

• The Summit is being held under the Chairmanship of Russia from October 22-24.
• The theme of the Summit is Strengthening Multilateralism for Just Global Development and Security. 
• According to Ministry of External Affairs (MEA), the summit will provide an important platform for leaders to discuss key global issues.
• This visit marks, PM Modi’s second visit to Russia this year.
• He earlier travelled to Moscow in July to attend the 22nd India-Russia Annual Summit.
• He was awarded Russia’s highest civilian award, the Order of St. Andrew the Apostle.
• The first BRIC Summit was held in Russia’s Yekaterinburg in 2009.
• South Africa attended the 3rd BRICS Summit in Sanya in 2011.
• Five new members were added to BRICS in 2024. These new members were Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.

Topic: Environment and Ecology

9. Food and Agriculture Organization (FAO) members adopted the Rome Declaration on Water Scarcity in Agriculture.

• Rome Declaration on Water Scarcity in Agriculture aims to resolve the water scarcity and climate crisis.
• The Water Scarcity in Agriculture (WASAG) initiative was launched at the United Nations Climate Conference in 2016 to support countries in addressing water scarcity challenges.
• Under this declaration, the countries have committed to mobilize greater political support in terms of policies, legal, and institutional frameworks.
• They will also work on accessing finance and responsible water governance to address the effects of water scarcity and climate change,
• On the occasion of the High-level Rome Water Dialogue, the declaration has been launched.
• The theme of this year’s annual World Food Forum (WFF) was ‘Good food for all, for today and tomorrow’.
• Global Family Farming Forum and the International Fund for Agricultural Development (IFAD) were also launched at the WFF.

Topic: Summits/ Conferences/ Meetings

10. National-level Amaravati Drone Summit 2024 begin in Amaravati.

• Chief Minister N Chandrababu Naidu and Union Minister for Civil Aviation K Ram Mohan Naidu inaugurated the two-day national-level Amaravati Drone Summit 2024.
• Its main aim is to attract investments in drone manufacturing and to create a platform to foster discussions on the future of drone technology.
• India’s largest drone show with over 5000 drones has been organized on the banks of River Krishna in Vijayawada.
• The Andhra Pradesh government aims to use this summit to position the state as the drone capital of the country.

(Source: News on AIR)

Topic: Indian Economy

11. RBI said that India's real GDP growth rate is likely to be 7.2% in FY 2024-25.

• Reserve Bank of India Governor Shaktikanta Das has said India's growth remains intact as its fundamental drivers - consumption and investment demand - are gathering pace.
• Mr Das said in the RBI's monthly bulletin, India's real GDP growth rate is likely to be 7.2% in FY 2024-25.
• He said private consumption prospects look bright due to improved agricultural scenario and rural demand.
• The continued surge in services would also support urban demand, he added.
• Government expenditure of the Centre and the states is expected to increase in line with budget estimates.
• According to the RBI document, CPI inflation is projected at 4.5% for 2024-25.

Topic: State News/ Odisha

12. The 18^th Pravasi Bharatiya Divas will be hosted by Odisha in Bhubaneswar from 8th to 10th of January, 2025.

• The proposal sent by the Union External Affairs Ministry in this regard has been approved by Odisha Chief Minister Mohan Charan Majhi.
• This event will be attended by President Draupadi Murmu, Prime Minister Narendra Modi, several Union ministers and the Odisha Chief Minister among other dignitaries.
• Pravasi Bharatiya Divas (PBD) is celebrated every year on 9th January.
• Pravasi Bharatiya Divas is celebrated to commemorate the arrival of Father of the Nation Mahatma Gandhi to India from South Africa on January 9, 1915.
• India has been celebrating Pravasi Bharatiya Divas since 2003 to mark the contribution of the overseas Indian community to the development of the country.
• From 2003 till 2015, the PBD Convention was held every year. After 2015, its format was changed to once in two years.
• The 17th PBD Convention was held at Indore in Madhya Pradesh in 2023.

Topic: Indian Economy

13. Finance Minister Nirmala Sitharaman approved the creation of the Chief General Manager post in five more nationalized banks.

• These banks include the Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab and Sind Bank, and UCO Bank.
• The Finance Minister has also approved an increase in the existing number of CGMs in the banks that already have the posts.
• The number of CGM posts in 11 Nationalized Banks has been increased from 80 to 144.
• The number of posts has been revised based on the business structure of the banks with the ratio of one CGM for every four General Managers.
• This step has been taken due to the demands being received from various banks and also due to the substantial growth in business.

Topic: Infrastructure and Energy

14. According to GTRI, solar imports might reach $30 billion a year as India works towards its 2030 renewable goals.

• India increased its solar capacity by 15 GW in 2023–2024 and the total stood at 90.8 GW by September.
• Compared to merely 2.8 GW in 2014, this is a substantial increase.
• The necessity for India to establish an independent solar manufacturing ecosystem has been underlined by the think tank Global Trade Research Initiative (GTRI).
• According to GTRI, the nation has to raise installations to 65–70 GW each year in order to meet the 500 GW target by 2030.
• It is anticipated that more than 80% of this capacity will come from solar energy.
• China supplied 62.6% of the $7 billion worth of solar equipment that India imported in 2023–2024.
• 80 per cent of solar modules and 97 percent of polysilicon are produced in China.
• Only 15% of India's solar production is locally value-added. Nearly 90% of the modules are assembled from imported cells.
• China continues to be India's top supplier of solar equipment, with Vietnam, Malaysia, and Thailand coming in second, third and fourth.