Daily Current Affairs and GK | 31 October 2024

Topic: National News

1. Union Minister Piyush Goyal will take part in 8th edition of future investment initiative in Riyadh.

• Future Investment Initiative brings together leaders, investors, and thinkers from around the world.
• India and Saudi Arabia have a history of deep economic, cultural, and strategic ties.
• Initiatives like the Delhi Declaration in 2006 and the Riyadh Declaration in 2010 laid the groundwork for cooperation, especially in energy.
• Strategic Partnership Council, which is instrumental in overseeing joint initiatives, was formed in the year 2019.
• The council’s economic wing is co-chaired by the Indian Commerce Minister and Saudi Arabia’s Energy Minister.
• Saudi Arabia was India's fifth-largest trading partner in the fiscal year 2023–2024.
• Nearly USD 43 billion was exchanged between the two countries.
• India exports food, textiles, and engineering items while imports mostly petrochemicals and crude oil.
• 14% of India's imports of crude oil come from Saudi Arabia.

Topic: Defence

2. Goa Shipyard Limited (GSL) launched two indigenous fast patrol vessels built for the Indian Coast Guard.

• Indian Coast Guard Director General (DG) Paramesh Sivamani's wife Priya Paramesh ceremoniously launched the vessels - Adamya and Akshar.
• These fast patrol vessels are designed in-house by GSL to meet specific operational needs of Coast Guard.
• These vessels have a length of 52 metres, breadth of 8 metres, and displacement of 320 tonnes.
• These vessels are optimised for protecting offshore assets, island territories, and conducting surveillance operations.
• GSL is constructing eight fast patrol vessels (FPVs) for the Indian Coast Guard.
• Defence Secretary Giridhar Aramane laid the keel for both Adamya and Akshar FPVs on August 25, 2023.
• Using the shipyard's state-of-the-art ship-lift system, two ships were launched simultaneously for the first time in GSL's history.

Topic: Banking System

3. RBI increased gold reserves to 855 metric tonnes.

• India’s total gold reserves held by the Reserve Bank of India (RBI) reached 854.73 metric tonnes.
• 510.46 metric tonnes have been stored domestically within India, while 324.01 metric tons are kept in safe custody at the Bank of England and the Bank for International Settlements (BIS).
• 20.26 metric tonnes of gold are maintained in the form of deposits to support liquidity and financial stability.
• Till September 2024, gold constituted 9.32 percent of total reserves, up from 8.15 percent at the end of March 2024.
• As of June 2024, India’s foreign exchange reserves covered 11.2 months of imports. It has decreased from 11.3 months in March.
• Short-term debt has also increased from 19.7% of reserves in March to 20.3% by June.
• India’s International Investment Position (IIP) showed an increase in external assets by $108.4 billion and liabilities by $97.7 billion year-over-year.

Topic: Art and Culture

4. Sandstone replicas of Konark wheel have been installed at Rashtrapati Bhavan.

• Four sandstone replicas of the Konark wheel have been installed at the Rashtrapati Bhavan Cultural Centre and the Amrit Udyan.
• The Konark wheel replicas will show and promote India’s rich cultural heritage.
• This initiative is part of several steps taken to introduce traditional cultural and historical elements in the Rashtrapati Bhavan.
• The Konark Sun Temple is a UNESCO World Heritage Site. It is a great example of Odisha temple architecture.
• It was built in the shape of a colossal chariot carrying the Sun god.
• Konark Wheel consists of 8 wider spokes and 8 inner spokes, and it is 9 feet in diameter. The distance between two wider spokes is 3 hours (180 minutes).

Topic: Corporates/Companies

5. NTPC Ltd developed an Indigenous Catalyst for Methanol production from Flue Gas CO2.

• NTPC Ltd in association with the Indian Institute of Petroleum (IIP), Dehradun, has developed an Indigenous Catalyst for Hydrogenation of CO2 to Methanol.
• NETRA, the R&D wing of NTPC, has developed this Indigenous catalyst.
• A catalyst is an essential component of any chemical synthesis.
• NTPC has taken many steps towards its commitment towards greenhouse gas (GHG) reduction.
• The purity of methanol produced by this catalyst is more than 99%.
• 1 mole of CO2 and 3 moles of H2 passed through the fix bed downflow reactor.

Topic: Important Days

6. National Unity Day: 31 October

• National Unity Day is observed in India on 31 October.
• It is celebrated to mark the birth anniversary of Vallabhbhai Patel.
• It was introduced by the Government of India in 2014.
• On the eve of Rashtriya Ekta Diwas, Union Health Minister Shri JP Nadda Leads the Pledge for National Unity.
• Vallabhbhai Patel played a key role in the national integration of independent India.
• The government is also celebrating the 150th birth anniversary of Sardar Vallabhbhai Patel with a two-year-long nationwide programme.

Topic: Personality in News

7. Freedom fighter Pasumpon Muthuramalingar’s 116th birthday was celebrated as Guru Pooja.

• Union Minister of State for Information and Broadcasting Dr L Murugan paid tributes to Muthuramalingar.
• Chief Minister M.K. Stalin said that Muthuramalingar was a legendary warrior in all respects, and the state government had built memorials in honour of him.
• He is remembered for his bold stance in making a sacrificial contribution to the freedom struggle.
• Pasumpon Muthuramalinga Thevar was elected three times to the national parliamentary constituency.
• The birth anniversary of Muthuramalinga Thevar is celebrated as Thevar Jayanthi.
• Thevar attended the 52nd annual session of the Indian National Congress held in Tripuri in March 1939.
• Muthuramalingam Thevar strongly supported the Temple Entry Authorisation and Indemnity Act.

Topic: Indian Economy

8. In September 2024, India’s core sectors output has grown by 2%.

• According to Ministry of Commerce data, India’s eight core sectors’ output has grown by 2% in September 2024 on an annual basis.
• During April-September of this fiscal, the growth of core sectors was 4.2%.
• The growth in production of cement, refinery products, coal, fertilisers and steel was positive in September 2024.
• The cement production has increased 7.1% in September 2024 in comparison to the same month of last year.
• Refinery products increased by 5.8% in September 2024 in comparison to the same month of last year.
• Coal sector and fertilisers increased by 2.6% and 1.9%, respectively, in September 2024 in comparison to the same month of last year.
• Steel production increased by 1.5% in September 2024 in comparison to the same month of last year.
• Crude oil sector and natural gas declined by 3.9% and 1.3%, respectively, when compared to the same month of last year.

Topic: National News

9. Grand Deepotsav held on the banks of Saryu river in Ayodhya.

• According to UP CM Yogi Adityanath, this year 500-year wait ended on 22 January and Lord Ram returned to the newly constructed temple.
• Union Minister of culture and tourism Gajendra Singh Shekhawat, and Chief Minister of state Yogi Adityanath were present at the occasion.
• Before Deepotsav, they released the book written by Ayodhya Mayor.
• By burning more than 25 lakh diyas (earthen lamps) at the Saryu River's ghats in Ayodhya, the Uttar Pradesh government set a world record.
• The world record for the greatest display of 25,12,585 earthen lamps on the 55 ghats of the Saryu river was set in Ayodhya.
• This year, 1,121 batuks performed the largest aarti collectively on the Saryu ghats, setting another world record.
• Since Yogi Adityanath took office, this was Ayodhya's eighth consecutive Deepotsav.
• Since Lord Rama's consecration ceremony at the Ram Janmabhoomi Temple, this was the first Deepotsav.

Topic: Environment and Ecology

10. Nature Coalition has been launched by countries at UN COP16 talks.

• At the U.N. COP16 biodiversity talks, Colombia launched a coalition with 20 other countries.
• Leaders cautioned that the rapid destruction of the environment risks humanity’s extinction.
• In Cali (Columbia), the summit of about 200 countries is underway. It is tasked with figuring out how to halt the decline of nature by 2030. 
• The coalition includes countries from four continents including Mexico, Sweden, Uganda and Chile.
• The coalition does not include any country from Asia-Pacific.
• The coalition is open to countries that agree to principles aimed at changing humanity’s relationship with nature.
• The summit seeks to implement 23 goals to stop nature loss by 2030.
• These goals were laid out in the 2022 Kunming-Montreal Global Biodiversity Framework.
• This includes mobilizing $200 billion annually for conservation and preserving 30% of the Earth.

Topic: National Appointments

11. The name of Ashok Chandra has been recommended by FSIB for the position of MD and CEO of Punjab National Bank.

• Ashok Chandra is currently working as Executive Director of Canara Bank.
• He started his career with erstwhile Corporation Bank in 1991 as Probationary Officer.
• He is also a Certified Associate of Indian Institute of Bankers.
• He will replace Atul Kumar Goel. Goel will retire in December.
• FSIB recommendation would require the final approval of the Appointments Committee of the Cabinet headed by PM.
• Financial Services Institutions Bureau (FSIB) selects the chiefs of public sector banks.
• FSIB is headed by former secretary, Department of Personnel and Training (DoPT), Bhanu Pratap Sharma.

Topic: State News/Karnataka

12. Karnataka government has launched two flagship start-up programs.

• ELEVATE 2024 and Karnataka Accelerator Network (KAN) initiatives have been launched by the Karnataka government.
• The Elevate 2024 scheme has been designed for early-stage startups. It is a grant-in-aid seed fund scheme.
• It provides grants of up to ₹50 lakh per start-up.
• It also supports incubation, mentorship, incentives, and access to venture capital networks.
• This scheme is a gateway to avail various benefits under the Karnataka Startup Policy 2022-27.
• About 302 start-ups will benefit from the program over six cohorts in three years.
• Karnataka Accelerator Network (KAN) is an acceleration network for providing mentorship, market access, and funding opportunities for growth-stage start-ups across Karnataka.
• Karnataka is the first state to implement such a comprehensive scheme for startups.

Topic: MoUs/Agreements

13. Indian Railways & Transport Ministry in Switzerland joined hands to enhance technical cooperation.

• The Indian Railways signed a Memorandum of Understanding (MoU) with the Department of Environment, Transport and Communications of Switzerland.
• The main aim of the MoU is to enhance technical cooperation between both countries.
• The MoU will provide a comprehensive framework for collaboration with the Indian Railways in various areas, including technology sharing, track maintenance, management and construction.
• This MoU is in line with the government’s commitment to modernizing Indian Railways.