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Daily Current Affairs – October 24 & 25, 2023

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Daily Current Affairs - Banking - October 24 & 25, 2023

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National News

Aadi Mahotsav

  • Union Tribal Affairs Minister Arjun Munda and Gujarat Chief Minister Bhupendra Patel inaugurated the Aadi Mahotsav – the National Tribal Festival in Ahmedabad, Gujarat.
  • The theme of the festival is ‘Celebration of Tribal Entrepreneurship, Crafts, Culture and Commerce’. 
  • The event is being organized by the Tribal Cooperative Marketing Development Federation of India Limited (TRIFED), Ministry of Tribal Affairs, from 25th October to 3rd November at Ahmedabad, Vastrapur.
  • The Aadi Mahotsav serves as a unique symbiotic bridge to embark on a journey through the tapestry of India’s indigenous heritage.
  • In this event, over 100 stalls will showcase the kaleidoscope of India’s tribal culture, craftsmanship, culinary artistry, and economic endeavors.
  • This Aadi Mahotsav will also showcase handicrafts, handloom, pottery, jewellery, and millet grown by Tribals.
  • There will be 74 stalls featuring organic and craft items, adding an extra layer of diversity to the already extensive array of tribal offerings.
  • Four stalls representing various cuisines will be established to promote tribal food, wherein, the Dangi dish will stand as a prominent culinary attraction.
  • 15 stalls will be dedicated to Van Dhan Vikas Kendra (VDVK) products crafted from mushrooms, mahua flowers, nagali millets, mango pickles, bamboo articles and wild honey.
  • Tribal Co-operative Marketing Development Federation of India (TRIFED) – 1987 (Founded) – New Delhi (HQ) – Ramsinh Rathwa (Chairman)

International News

7th ‘Future Investment Initiative’

  • Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution, and Textiles, Piyush Goyal attended the 7th Edition of Future Investment Initiative (FII) in Riyadh, Saudi Arabia.
  • Shri Piyush Goyal will co-chair a conclave session on the theme “From Risk to Opportunity: Strategies for Emerging Economies in the New Industrial Policy Era” along with the Kingdom of Saudi Arabia (KSA) Investment Minister.
  • He will interact with the Indian community that forms an influential part of the Saudi economy.
  • He is also expected to meet business leaders and leading CEOs from across the world.
  • FII Institute is a global nonprofit foundation, launched by KSA.
  • It aims to gather Government and business leaders from around the world to discuss new pathways for investment with the goal to create a global “Impact On Humanity”.
  • Its four areas of focus are Artificial Intelligence (AI) & Robotics, Education, Healthcare, and Sustainability.
  • Theme for the 7th Edition of FII is “The New Compass” an interactive program designed to help investors recalibrate the pathways for their companies and for the global economy, while developing new strategies for understanding the greatest challenges and opportunities of this new era.
  • Saudi Arabia – Riyadh (Capital) – Saudi riyal (Currency) – Salman (King) – Mohammed bin Salman (Crown Prince & Prime Minister) – Arabic (Language)

State News

Amit Shah inaugurated IFFCO's Nano DAP (Liquid) plant

  • Union Home Minister and Minister of Cooperation Shri Amit Shah inaugurated IFFCO’s Nano DAP (Liquid) Plant at Kalol in Gandhinagar, Gujarat.
  • IFFCO’s Kalol unit will produce about 42 lakh bottles of green technology based Nano DAP which will definitely benefit the farmers.
  • Indian Farmers Fertiliser Cooperative Limited (IFFCO) – 03/11/1967 (Founded) – New Delhi (HQ) – Dr U S Awasthi (MD & CEO)

International Purple Fest

  • Goa Chief Minister Pramod Sawant announced that the state will host the International Purple Fest, an event celebrating the inclusiveness and empowerment of persons with disabilities, from January 8 to 13, 2024.
  • India’s First-of-its-kind inclusive festival that celebrates persons with disabilities, invites you to a world of boundless possibilities, where unity takes center stage, and diversity is celebrated with open arms.
  • Brought to you by the Office of the State Commissioner of Persons with Disabilities, & Directorate of Social Welfare, Government of Goa and Department of Empowerment of Persons with Disabilities, Ministry of Social Justice and Empowerment.
  • At the heart of the International Purple Fest are our esteemed 22 Purple Ambassadors, each representing one of the 21 types of disabilities listed under the RPwD Act, 2016, along with the significant inclusion of Spinal Cord Injury.
  • Purple is often associated with power, dignity, and independence.
  • These qualities align with the goals of the disability rights movement, which seeks to empower individuals with disabilities and promote their equal participation in society.
  • Goa – Panaji (Capital)– Pramod Sawant (CM) – PS Sreedharan Pillai (Governor) – Konkani (Language)

Banking and Finance

ADB approved $400 million loan to India

  • The Asian Development Bank (ADB) has approved a $400-million policy-based loan to India for sub-programme 2 of the Sustainable Urban Development and Service Delivery Programme.
  • The programme aims to support the government’s reform agenda for improving the quality of urban life through the creation of high-quality infrastructure, assured public services, and efficient governance systems.
  • While sub-programme 1, approved in 2021, established national-level policies and guidelines to improve urban services, sub-programme 2 is supporting investment planning and reform actions at the state and urban local body (ULB) levels.
  • Asian Development Bank (ADB) – 19/12/1966 (Founded) – Mandaluyong, Philippines (HQ) – Masatsugu Asakawa (President) – 68 countries

ADB Loan to Madhya Pradesh

  • The Asian Development Bank (ADB) has granted approval for a $175 million loan to enhance road connectivity and climate resilience in Madhya Pradesh, India.
  • ADB has played a pivotal role in supporting the development of road networks in Madhya Pradesh since 2002.
  • The project’s key features involve upgrading approximately 500 kilometres of state highways and major district roads to a standard two-lane design.

Business and Economy

India is 3rd Largest Economy

  • S&P Global Market Intelligence had projected that India will become the world’s third-largest economy, overtaking Germany and Japan, by 2030 on the strength of its youthful demographic profile and rapidly rising urban household incomes.
  • Now India is in fifth position.
  • That will result in India becoming the second-largest economy in the Asia-Pacific region, after China.
  • Only the US is a bigger economy than China now.

Science and Technology

Moon’s Age

  • Lunar dust collected by Apollo 17 astronauts in the 1970s has revealed that the moon is 40 million years older than previously believed.
  • After landing on the moon on December 11, 1972, NASA astronauts Eugene Cernan and Harrison Schmitt collected rocks and dust from the lunar surface.
  • A new analysis of that sample detected zircon crystals and dated them to 4.46 billion years old.
  • Previous estimates put the moon, formed by a massive celestial collision, at 4.425 billion years old.
  • The findings were published in the journal Geochemical Perspectives Letters.
  • National Aeronautics and Space Administration (NASA) – 29/07/1958 (Founded) – Washington DC (HQ) – Bill Nelson (Administrator)

Skyroot Aerospace unveiled its first commercial rocket

  • Skyroot Aerospace, the city-based rocket firm, is getting ready to launch its first commercial rocket ‘Vikram 1’, which is seven-storied high and has a payload capacity of up to 300 kgs, early next year.
  • Already both Indian and global satellite firms have come on board for having their respective ‘nano or cube satellites’ on it.
  • Vikram 1 will be the multi-stage launch vehicle to the low earth orbit and will be a scaled up version of our first successful rocket launch ‘Vikram S’ last year (November 2022), where we had successfully tested our technology becoming the first private firm in the country to have the capability to launch the rocket into space.
  • Union Minister of State for Space, Science and Technology, Atomic Energy and PMO Dr. Jitendra Singh had opened the new 60,000 sq. ft. Max-Q facility and also unveiled the Vikram 1 all-carbon-fibre bodied rocket that can place multiple satellites in orbit and features 3D printed liquid engines.
  • Skyroot Aerospace Private Limited – 12/06/2018 (Founded) – Hyderabad (HQ) – Pawan Kumar Chandana (Co-founder, CEO & CTO)


Envoys of five nations present credentials to the President of India

  • H.E. Mr Evagoras Vryonides, High Commissioner of the Republic of Cyprus
  • H.E. Mr Nikolay Hristov Yankov, Ambassador of the Republic of Bulgaria
  • H.E. Mr Herve Delphin, Ambassador of European Union
  • H.E. Mr Thierry Mathou, Ambassador of France
  • H.E. Mrs Ana Taban, Ambassador of the Republic of Moldova

Chief financial officer of Vedanta

  • Veteran finance professional Ajay Goel rejoined Vedanta as the new chief financial officer (CFO).
  • His appointment is effective from October 30.
  • This is his second stint with Vedanta as the out-going CFO Sonal Shrivastava quit in five months.
  • His previous stint with Vedanta was as the acting CFO from October 2021 to April 2023.
  • In the interim, he served as the CFO at the troubled ed-tech company Byju’s.
  • Vedanta Limited – 1979 (Founded) – Mumbai (HQ) – Anil Agarwal (Non-Executive Chairman)


International Energy Agency (IEA) latest world energy outlook report

  • According to the latest world energy outlook report by International Energy Agency (IEA).
  • The project pipeline of the production linked incentive (PLI) scheme, under which India is offering around $2.5 billion for expanding solar PV module manufacturing, suggests that its domestic production capacity can surpass 70 gigawatts (GW) by 2027.
  • it also added that India, which accounts for 3% of the global solar PV market, is expected to meet its 2030 target to have half of its electricity capacity be non-fossil well before the end of the decade.
  • Solar manufacturing today is highly concentrated in just five countries accounting for over 90% of global capacity.
  • China is far and away the largest, with the capacity to produce solar modules with an output of over 500 GW every year, equivalent to 80% of world manufacturing capacity.
  • The other four are Viet Nam (5% of the global market), India (3%), Malaysia (3%) and Thailand (2%).
  • The next five leading solar manufacturers — the USA, Korea, Cambodia, Türkiye and Chinese Taipei — each account for around 1% of the global total, as does the European Union.
  • International Energy Agency (IEA) – November 1974 (Founded) – Paris, France (HQ) – Fatih Birol (Executive Director)


Dr Birendra Nath Dutta Passed Away

  • Dr Birendra Nath Dutta passed away at 90.
  • Born in 1933, Dr. Birendra Nath Dutta received his Ph.D. degree from Gauhati University in 1974 for His doctoral thesis, titled ‘A Study of the Folk Culture of the Goalpara District of Assam,’ showcased his passion and dedication to preserving and promoting the rich cultural heritage of Assam.
  • He served as the President of the Asam Sahitya Sabha, a prominent literary organization in Assam, from 2003 to 2005.
  • He was honored with several prestigious awards, which included the Padma Shri Award in 2009, the Mahapurush Shri Shri Madhavadeva Award in 2006, the Ajan Pir Award in 2008, the Leo Advertising Silpi Sanman in 2010, the Manik Chandra Chowdhury Memorial Award in 2011, and the Tagore Ratna Award of Sangeet Natak Akademi in 2011.

Important Days

International Snow Leopard Day 2023

  • International Snow Leopard Day is annually observed on October 23.
  • The day is celebrated to raise awareness for conservation and protection of Snow Leopard an endangered cat species.
  • The day was Established in 2014.

World Polio Day 2023

  • World Polio Day is annually observed on October 24.
  • The day is celebrated to raise awareness of the importance of polio vaccination to protect every child from this devastating disease, and to celebrate the many parents, professionals and volunteers whose contributions make polio eradication achievable.
  • In 2002, WHO European Region was declared polio-free and from that time on October 24 every year, the World Polio Day is celebrated annually.
  • World Health Organization (WHO) – 07/04/1948 (Founded) – Geneva, Switzerland (HQ) – Tedros Adhanom (Director-General)

World Development Information Day

  • World Development Information Day is annually observed on October 24.
  • The day is celebrated to raise public awareness about development problems and the need for international cooperation to solve them.
  • In 1972, the United Nation General Assembly established World Development Information Day to draw the attention of the world to development problems and the need to strengthen international cooperation to solve them (resolution 3038(XXVII)).
  • The Assembly decided that the date for the Day should coincide with United Nations Day, 24 October, which was also the date of the adoption, in 1970, of the International Development Strategy for the Second United Nations Development Decade.
  • United Nations General Assembly – 1945 (Founded) –  New York City (HQ) – Dennis Francis (President)

United Nations Day

  • United Nations Day is annually observed on October 24.
  • The day commemorates the establishment of United Nations on 24 October 1945.
  • United Nations (UN) – 24/10/1945 (Founded) – New York (HQ) – António Guterres (Secretary General) –       193 member states & 2 observer states

Global Media and Information Literacy Week

  • Global Media and Information Literacy Week is annually observed on October 24-31 by United Nations Educational, Scientific and Cultural Organization.
  • The week is a major occasion for mobilizing worldwide stakeholders to raise awareness in order to increase national take-up and celebrate the progress achieved towards Media and Information Literacy for All – underlining the importance of this Global Week.
  • First observed in 2011.
  • Theme – “Media and Information Literacy in Digital Spaces: A Collective Global Agenda”
  • United Nations Educational, Scientific and Cultural Organization (UNESCO) – 16/11/1945 (Founded) – Paris, France (HQ) – Audrey Azoulay (Director-General)

UN Disarmament Week

  • UN Disarmament Week is annually observed on October 24-30 organised by United Nations Office for Disarmament Affairs.
  • The day is celebrated to raise awareness of the significance of disarmament and advocating for the elimination of nuclear weapons and other weapons of mass destruction.
  • The week was established by United Nation General Assembly in 1978.
  • United Nations Office for Disarmament Affairs (UNODA) – 1998 (Founded) – Izumi Nakamitsu (United Nations Under-Secretary-General)


Exercise Harimau Shakti-2023

  • The joint bilateral training exercise, “Exercise Harimau Shakti 2023,” has begun between the Indian and Malaysian Armies.
  • The exercise, taking place in Umroi Cantonment, India, involves troops from the 5th Royal Battalion of the Malaysian Army and a Battalion of the Rajput Regiment from the Indian Army.
  • The previous edition of the exercise was conducted in Pulai, Kluang, Malaysia in November 2022.
  • The exercise will engage approximately 120 personnel from both sides with both contingents establishing a joint command post and an integrated surveillance grid along with a Joint Surveillance Centre.
  • Both sides will rehearse the employment of joint forces in jungle, semi-urban, urban environments.
  • In addition, intelligence collection, collation and dissemination drills will also be rehearsed.
  • The exercise will also witness the employment of drones/UAVs and helicopters.
  • Both sides will also practice casualty management and evacuation drills, discuss logistics management and practice survival training at the battalion level.
  • The training will focus primarily on a high degree of physical fitness, conduct of drills at the tactical level and sharing of best practices with each other.
  • The exercise will culminate with a 48-hour-long validation exercise in a semi-urban area.
  • The exercise had been conducted since 2012.
  • Malaysia – Kuala Lumpur (Capital) – Ringgit (Currency) – Abdullah (Monarch) – Anwar Ibrahim (Prime Minister) – Malay (Language)

Daily Current Affairs - October 24 & 25, 2023 - Consolidated

  • Aadi Mahotsav
  • 7th ‘Future Investment Initiative’
  • Amit Shah inaugurated IFFCO’s Nano DAP (Liquid) plant
  • International Purple Fest
  • ADB approved $400 million loan to India
  • ADB Loan to Madhya Pradesh
  • India is 3rd Largest Economy
  • Moon’s Age
  • Skyroot Aerospace unveiled its first commercial rocket
  • Envoys of five nations present credentials to the President of India
  • Chief financial officer of Vedanta
  • International Energy Agency (IEA) latest world energy outlook report
  • Dr Birendra Nath Dutta Passed Away
  • International Snow Leopard Day 2023
  • World Polio Day 2023
  • World Development Information Day
  • United Nations Day
  • Global Media and Information Literacy Week
  • UN Disarmament Week
  • Exercise Harimau Shakti-2023

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