Daily Current Affairs – October 18 & 19, 2023
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Daily Current Affairs - Banking - October 18 & 19, 2023
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National News
Amrit Kaal Vision 2047
- Prime Minister Narendra Modi unveiled ‘Amrit Kaal Vision 2047’, the long-term blueprint for the Indian maritime blue economy while inaugurating Global Maritime India Summit 2023 in Mumbai through video-conference.
- The blueprint outlines strategic initiatives aimed at enhancing port facilities, promoting sustainable practices, and facilitating international collaboration.
- He also laid the foundation stone for projects worth more than ₹23,000 crores that are aligned with the growth of India’s maritime blue economy.
- The three-day summit will discuss and deliberate key issues of the maritime sector including ports of the future; decarbonisation; coastal shipping and inland water transportation; shipbuilding; repair and recycling; finance, insurance & arbitration; maritime clusters; innovation & technology; maritime safety and security; and maritime tourism, among others.
Cabinet Approval
Minimum Support Prices for all Rabi crops for Marketing Season (MSP RMS) | |||
S.No | Crops | MSP RMS 2023-24 | MSP RMS 2024-25 |
1 | Wheat | 2125 | 2275 |
2 | Barley | 1735 | 1850 |
3 | Gram | 5335 | 5440 |
4 | Lentil (Masur) | 6000 | 6425 |
5 | Rapeseed & Mustard | 5450 | 5650 |
6 | Safflower | 5650 | 5800 |
- The Cabinet Committee on Economic Affairs, chaired by the Hon’ble Prime Minister, Shri Narendra Modi, approved the project on Green Energy Corridor (GEC) Phase-II – Inter-State Transmission System (ISTS) for 13 GW Renewable Energy Project in Ladakh.
- The project is targeted to be set up by FY 2029-30 with total estimated cost of ₹20,773.70 crores and Central Financial Assistance (CFA) at 40% of the project cost i.e. ₹8,309.48 crores.
- The cabinet also approved Productivity Linked Bonus (PLB) equivalent to 78 days’ wages for the financial year 2022-23 to all eligible non-gazetted Railway employees namely Track maintainer, Loco Pilots, Train Managers (Guards), Station Masters, Supervisors, Technicians, Technician Helpers, Pointsman, Ministerial Staff and other Group ‘C’ staff (excluding RPF/RPSF personnel).
- In recognition of this excellent performance by the Railway staff, Union Government has approved payment of PLB of ₹1968.87 crore to 11,07,346 railway employees.
- The performance of Railways in the year 2022-2023 was very good.
- Railways loaded a record cargo of 1509 Million Tonnes and carried nearly 6.5 Billion Passengers.
International Conclave on Mainstreaming Climate Change into International Fisheries Governance and Strengthening of Fisheries Management Measures in Indo-Pacific Region
- Union Minister for Fisheries, Animal Husbandry and Dairying (FAH&D) Parshottam Rupala inaugurated the ‘International Conclave on Mainstreaming Climate Change into International Fisheries Governance and Strengthening of Fisheries Management Measures in the Indo-Pacific Region’.
- The conclave is being organised by the Food and Agriculture Organisation in collaboration with the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying, and the Bay of Bengal Programme Inter-Governmental Organisation (BOBP-IGO), at Mahabalipuram, Chennai with an aim to develop guidelines for climate resilient fisheries management and formulate strategies for the integration of climate change into international fisheries governance.
- Ministry of Fisheries, Animal Husbandry and Dairying – Parshottam Rupala,Union Minister (Rajya Sabha MP,Gujarat) – Sanjeev Balyan, Minister of State (Muzaffarnagar,UP), L. Murugan, Minister of State (Rajya Sabha MP,MP)
NHAI Upgraded ATMS Standards
- National Highways Authority of India had released its updated policy to implement upgraded and forward-looking Advanced Traffic Management System (ATMS) Standards and Specifications 2023.
- Harnessing latest advancements in AI technology, the initiative will enhance road safety and digital enforcement on National Highways and Expressways with an aim to improve road safety and reduce incident response time.
- It includes replacing previous VIDS cameras with the newly introduced Video Incident Detection and Enforcement System (VIDES) to emphasize the digital enforcement of traffic rules.
- VIDES has capability to identify 14 distinct incidents including triple riding, helmet and seatbelt violations, wrong lane or direction driving, presence of animals on the highway, and pedestrian crossings.
- Depending on the detected incident, VIDES will alert route patrol vehicles or ambulances, generate e-challans, relay alerts to nearby Variable Messaging Boards, or send notifications through ‘Rajmargyatra’ mobile app to nearby travellers.
- National Highways Authority of India (NHAI) – 1995 (Founded) – New Delhi (HQ) -Santosh Kumar Yadav (Chairman)
IndiaSkills 2023-24
- Union Minister for Education and Skill Development & Entrepreneurship, Shri Dharmendra Pradhan launched the IndiaSkills 2023-24 and felicitated the World Skills 2022 Winners at Kaushal Bhawan, New Delhi.
- WorldSkills Competition is the largest skill competition in the world, held once every two years.
- It is conducted by WorldSkills International, which has 86 member countries.
- These competitions provide both a benchmark for high performance and an objective way to assess vocational excellence.
- The duration of the competition duration is 4 days spanning 16 to 22 hours.
- WorldSkills competition 2022 was conducted from September to November 2022 across Europe, North America, and East Asia comprising over 1,000 competitors from 58 countries in 61 skills.
- The competition was hosted by 15 countries in more than 20 cities.
- India participated in 50 skills and secured 11th position with 2 Silver Medals, 3 Bronze Medals and 13 Medallions for Excellence at the WSC 2022, its best ranking so far at the WorldSkills Competition.
- Indian Competitors, who represented the country at WorldSkills Competition 2022, were selected via IndiaSkills Competition 2021.
- A total of 165 IndiaSkills National Competition winners were trained for the WorldSkills Competition at designated training venues developed in line with WorldSkills standards under the mentorship of WorldSkills India Experts and trainers.
- More than 200 Industry and Academic Partners like Toyota Kirloskar, Mahindra, Saint Gobain, Larsen & Toubro, Maruti Suzuki, Infosys, IIT-Palakkad, Government Tool Room and Training Centre, National Institute of Fashion Technology, Lincoln Electric, CISCO, BMW, Volkswagen, Berger Paints and others collaborated to train India’s competitors, sponsoring approximately Rs. 20 Crore in terms of training infrastructure, subject matter expertise, international training, raw material and tool kits.
- Fifty-six competitors, 50 Experts and 11 Interpreters participated among which 19% were female (11 competitors).
- Some of the competitors also participated in new-age skills like Robot System Integration, Additive Manufacturing, Industry 4.0, Digital Construction, Mobile Application Development and Renewable Energy.a
International News
Gitex Global 2023
- Gitex Global 2023, a five-day tech extravaganza with the overarching theme, ‘The year to imagine AI in everything,’ highlighting the transformative power of smart technology in shaping Dubai’s future.
- The event serves as the epicenter for the latest innovations and trends in AI (artificial intelligence), cloud computing, Web 3.0, cybersecurity, climate technology, urban development, and more.
- Remarkably, this global tech spectacle, which began as a modest one-hall exhibition in 1981, has now evolved into the world’s largest technology and startup showcase.
- Notably, the India Pavilion, spearheaded by Nasscom, Telecom Equipment and Services Export Promotion Council (TEPC), Electronics and Computer Software Export Promotion Council.
- United Arab Emirates – Abu Dhabi (Capital) – UAE dirham (Currency) – Mohamed bin Zayed Al Nahyan (President) – Mohammed bin Rashid Al Maktoum (Prime Minister) – Ahmad Nawaf Al-Ahmad Al-Sabah (Prime Minister) – Arabic (Language)
State News
511 rural skill development centres in Maharashtra
- Prime Minister Narendra Modi will launch 511 Pramod Mahajan Grameen Kaushalya Vikas Kendras in Maharashtra via video conferencing across 34 districts.
- The Kendras will conduct skill development training programmes across various sectors to provide employment opportunities to rural youth.
- The training will be provided by empanelled industry partners and agencies under the National Skill Development Council.
- The Programme is named after the late Pramod Mahajan who was a BJP national leader.
- Maharashtra – Mumbai (Capital) – Eknath Shinde (CM) – Ramesh Bais (Governor) – Marathi (Language)
Banking and Finance
RBI Monetary Penalty
- The Reserve Bank of India (RBI) had imposed a monetary penalty of ₹12.19 crore on ICICI Bank Ltd. for contravention of sub-section (1) of Section 20 of the Banking Regulation Act, 1949 (the BR Act) read with directions issued by RBI on ‘Loans and Advances-Statutory and Other restrictions’, sub-section (2) of Section 6 and Section 8 of the BR Act read with directions issued by the RBI on ‘Financial Services provided by the Banks’, and non-compliance with the RBI directions on ‘Frauds classification and reporting by commercial banks and select Fls’.
- This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) of the BR Act.
- The Reserve Bank of India (RBI) had imposed a monetary penalty of ₹3.95 crore on Kotak Mahindra Bank Limited for non-compliance with RBI Directions on “Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks”, “Recovery Agents engaged by Banks”, “Customer Service in Banks”, and “‘Loans and Advances – Statutory and Other Restrictions’”.
- This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of Section 47A(1)(c) read with Sections 46 (4)(i) of the Banking Regulation Act, 1949.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
BimaKavach
- BimaKavach secured a direct insurance broking license from the Insurance Regulatory and Development Authority of India (IRDAI).
- The license will allow the company to market its range of insurance products and platforms tailored specifically to the needs of businesses across India.
- BimaKavach provides instant quotes for products like cyber and crime insurance to enable smoother online purchases and serviceability.
- The platform features 18 insurance products, broadly categorised into liability, asset, engineering, marine, and group health insurance.
- BimaKavach – 2021 (Founded) – Indore (HQ) – Tejas Jain (CEO)
Agreements and MoUs signed
IBM signed MoU with Ministry of Electronics and Information Technology
- IBM had signed three memorandum of understandings (MoUs) with Ministry of Electronics and Information Technology (MeitY) in areas of semiconductors, artificial intelligence (AI) and quantum computing.
- With this, both IBM and MeitY aim to collaborate to advance and accelerate AI, semiconductor and quantum innovation in India.
- The move assumes significance as India is taking decisive steps to position itself in cutting-edge new technologies.
- International Business Machines Corporation (IBM/ Big Blue) – 16/06/1911 (Founded) – New York (HQ) – Arvind Krishna (Chairman & CEO)
Summit and Conference
Global Ayurveda Summit
- Confederation of Indian Industry (CII) Kerala is organising the 5th edition of Global Ayurveda Summit and 10th edition of Kerala Health Tourism at Adlux International Convention Centre in Angamaly.
- Ayurveda Summit will create a platform for convergence of experts, thought leaders, and enthusiasts from around the world, all dedicated to unlocking the potential of holistic healing and medical value tourism.
- With a strong focus on innovation, research, and knowledge exchange, the summit will address themes such as the challenges and opportunities in the modern world, evidence-based research, emerging opportunities for start-ups in Ayurveda, AI and technology in Ayurveda, and globalising Ayurveda products and services.
- Kerala – Thiruvananthapuram (Capital) – Pinarayi Vijayan (CM) – Arif Mohammad Khan (Governor) – Malayalam (Language)
Appointments
Head of Association of Natural Rubber Producing Countries
- India has been elected Chairman of The Association of Natural Rubber Producing Countries in its 45th Assembly meetings.
- Vasanthagesan, Executive Director, Rubber Board, has taken over the reins from the previous Chairman, Dato Zailani Bin Haji Hashim, Deputy Secretary-General, Ministry of Plantations & Commodities of the Malaysian Government.
- Currently, 13 countries, including India, Bangladesh, Cambodia, China, Indonesia, Malaysia, Myanmar, Papua New Guinea, Philippines, Singapore, Sri Lanka, Thailand and Vietnam are members of the association.
- The member countries of the ANRPC account for 84% of global natural rubber production.
- India hosted the ANRPC annual meetings in Guwahati from October 9 to 13.
- Association of Natural Rubber Producing Countries – 1970 (Established) – Kuala Lumpur (HQ) – H.G. Toh (Secretary-General)
Board of International Dairy Federation (IDF)
- Dr Meenesh Shah, Chairman and Managing Director of National Dairy Development Board (NDDB), was elected to the Board of International Dairy Federation (IDF) during the General Assembly of IDF.
- International Dairy Federation (IDF) – 1903 (Founded) – Belgium (HQ) – Piercristiano Brazzale (President)
Ranks and Indices
Global Remote Work Index
- The Global Remote Work Index (GRWI) has been published by cybersecurity firm NordLayer.
- Countries were assessed based on four key criteria: cyber safety, economic safety, digital and physical infrastructure, and social safety.
- India has been ranked 64th out of 108 countries for remote work, marking a significant drop of 15 places compared to the previous year.
- The top 10 countries which scored the highest on the Global Remote Work Index (GRWI) are Denmark, Netherlands, Germany, Spain, Sweden, Portugal, Estonia, Lithuania, Ireland, and Slovakia
Global Pension Index 2023
- According to the 15th annual Mercer CFA Institute Global Pension Index (MCGPI), Netherlands had the highest overall index value (85.0), closely followed by Iceland (83.5) and Denmark (81.3) while Argentina had the lowest index value (42.3).
- India had an overall index value of 45.9 from 44.5 in 2022, ranking 45 out of the 47 retirement income systems analyzed primarily due to improvements in adequacy and sustainability sub-indices.
- This year, the Global Pension Index compares 47 retirement income systems across the globe and covers 64% of the world’s population.
- The Global Pension Index uses the weighted average of the sub-indices of adequacy, sustainability, and integrity to measure each retirement system against more than 50 indicators.
- The 2023 Global Pension Index includes three new retirement income systems: Botswana, Croatia, and Kazakhstan.
Awards and Recognitions
69th National Film Awards
- The President of India, Smt Droupadi Murmu presented the 69th National Film Awards in various categories in New Delhi.
- She also conferred Dadasaheb Phalke Lifetime Achievement Award for the year 2021 on Ms Waheeda Rehman.
Books and Authors
Book released by Hardeep Singh Puri
- Book Name: The Reverse Swing – Colonialism to Cooperation
- Author: Ashok Tandon
- Publisher: Prabhat Prakashan
- Released by: Hardeep Singh Puri
Sports News
Fastest T20 fifty by an Indian
- Ashutosh hammered his fifty off just 11 balls against Arunachal Pradesh in the Syed Mushtaq Ali Trophy in a Group C clash in Ranchi.
- Earlier Yuvraj Singh had held the record for the last 16 years, having struck a fifty off 12 balls against England in the inaugural T20 World Cup in 2007.
Defence
21st India-France Military Sub-Committee meeting
- The 21st edition of India-France Military Sub Committee (MSC) meeting was held at Air Force Station, New Delhi.
- The meeting was co-chaired from the Indian side by Air Vice Marshal Ashish Vohra, Assistant Chief of Integrated Staff, (Military Cooperation) at HQ IDS and Major General Eric Peltier, General Officer, International Military Relations of the Joint Staff from the French side.
- India-France MSC is a forum established to progress defence cooperation between both nations through regular talks at strategic and operational levels between HQ, Integrated Defence Staff and the Joint Staff HQ of French Armed Forces.
- The meeting was conducted in a friendly, warm and cordial atmosphere.
- The discussions focussed on new initiatives under the ambit of existing bilateral defence cooperation mechanism and strengthening ongoing defence engagements.
- France – Paris (Capital) – Euro (Currency) – Emmanuel Macron (President) – Élisabeth Borne (Prime Minister) – French (Language)
First Indian Coast Guard Training Ship
- The Ministry of Defence signed a contract for the construction of one Training Ship for the Indian Coast Guard with Mazagon Dock Shipbuilders Ltd at a cost of Rs 310 crore under the Buy (Indian- IDDM) category in New Delhi.
- This is the first dedicated training platform with integral helicopter capabilities that will provide basic sea training to 70 Coast Guard and other international under-trainee officers to prepare these budding mariners on the multi-dimensional maritime aspects of Coast Guard life.
- This training ship with advanced and modern high-tech surveillance and monitoring systems will provide profound insight and expertise to the ICG cadets on the challenges at sea while ensuring the security of coastline and offshore assets.
- The majority of equipment and systems will be sourced from indigenous manufacturers, including MSMEs.
- The project envisages to generate significant employment over a period of three years.
- While meeting the objectives of ‘Aatmanirbhar Bharat’, the contract would also boost the indigenous shipbuilding capability and help in bolstering maritime economic capabilities.
- Ministry of Defence – Rajnath Singh,Union Minister (Lucknow,UP) – Ajay Bhatt,Minister of State (Nainital–Udhamsingh Nagar,Uttarakhand)
Daily Current Affairs - October 18 & 19, 2023 - Consolidated
- Amrit Kaal Vision 2047
- Cabinet Approval
- International Conclave on Mainstreaming Climate Change into International Fisheries Governance and Strengthening of Fisheries Management Measures in Indo-Pacific Region
- NHAI Upgraded ATMS Standards
- IndiaSkills 2023-24
- Gitex Global 2023
- 511 rural skill development centres in Maharashtra
- RBI Monetary Penalty
- BimaKavach
- IBM signed MoU with Ministry of Electronics and Information Technology
- Global Ayurveda Summit
- Head of Association of Natural Rubber Producing Countries
- Board of International Dairy Federation (IDF)
- Global Remote Work Index
- Global Pension Index 2023
- 69th National Film Awards
- Book released by Hardeep Singh Puri
- Fastest T20 fifty by an Indian
- 21st India-France Military Sub-Committee meeting
- First Indian Coast Guard Training Ship
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