Daily Current Affairs November 10th & 11th 2024

 

CURRENT AFFAIRS: BANKING & FINANCE

Cashfree Payments Pilots Cross Border Payments

• Months after receiving the Payment Aggregator Cross Border (PA-CB) licence, Cashfree Payments has launched a pilot program enabling overseas customers to transact with key Indian merchants using UPI and RuPay options, typically restricted to domestic use.

Key Partnerships with Major Indian Brands

Cashfree has partnered with several well-known Indian brands, including:

• Swiggy (foodtech)
• Zepto (quick commerce)
• Nature’s Basket (premium grocery)
• Nykaa (beauty and fashion)
• Bookmyshow (online ticketing)
• Redbus (travel reservations)
• Vedantu (edtech)

These partnerships aim to expand the availability of cross-border payments for UPI and RuPay users.

CEO’s Perspective on Cross-Border Transactions

• Akash Sinha, CEO of Cashfree, highlighted the convenience offered to SaaS customers handling payments of $10,000–$20,000 and above, where credit card fees may not be cost-effective.
• With Cashfree’s solution, merchants receive an account that simplifies the process, allowing money to be seamlessly collected from overseas customers.

Company Background and Recent Achievements

• Founded in 2015 by Akash Sinha and Reeju Datta, Cashfree Payments provides a full-stack digital payments solution and recently received the Prepaid Payment Instrument (PPI) licence from the Reserve Bank of India (RBI).
• This license supports purchases and fund transfers with a preloaded value.

Financial Overview (FY24)

In the financial year 2023-24 (FY24):

• Net Loss: Increased by 2.17% to INR 136 Cr from INR 133.1 Cr in FY23.
• Operating Revenue: Grew by 4.19% to INR 639.3 Cr from INR 613.6 Cr in FY23.

IRDAI Chairman Calls For 100% FDI In Insurance

• Debasish Panda, Chairman of the Insurance Regulatory and Development Authority of India (IRDAI), recently proposed allowing 100% foreign direct investment (FDI) in the insurance sector to accelerate the goal of achieving ‘insurance for all’ by 2027.

Key Highlights from Panda’s Address

• Need for Capital:
  • Panda emphasized that insurance is a capital-intensive industry, which requires substantial financial input to grow.
  • Achieving broader insurance penetration will necessitate more players and significant capital influx.
• Current FDI Cap:
  • Presently, the FDI limit stands at 74% for general, life, and health insurance sectors.
  • Panda highlighted that opening up 100% FDI would allow foreign companies to invest directly without requiring an Indian partner, which could boost competition and innovation.
• Potential Benefits of Full FDI:
  • Opening up to 100% FDI could increase the number of market players, drive competition, and ultimately enhance insurance accessibility across the country.
  • This move could also supplement domestic investments, preventing the crowding out of local capital.

Supporting India’s Long-term Vision

• Panda linked the expansion of the insurance sector to India’s larger vision of a ‘Viksit Bharat’ by 2047 (a fully developed India), indicating that universal insurance will play a pivotal role in social and economic growth.

Role of Bima Sugam Digital Platform

• The Bima Sugam digital platform, an initiative by IRDAI, aims to be a comprehensive public infrastructure to simplify policy access and management for policyholders.
• Panda noted that Bima Sugam would be instrumental in transforming the insurance sector, making policies more accessible, user-friendly, and transparent for all citizens.

RBI imposes penalty on South Indian Bank

• The Reserve Bank of India (RBI) has imposed a penalty of Rs 59.20 lakh on South Indian Bank due to non-compliance with directives on interest rate on deposits and customer service standards.

Reasons for the Penalty

• Non-Compliance in Customer Notification:
  • South Indian Bank failed to notify certain customers via SMS, e-mail, or letter regarding penal charges levied for non-maintenance of minimum/average minimum balance.
• Improper Lien Marking:
  • The bank placed liens against specific Non-Resident External (NRE) savings accounts, which was found to be against RBI’s regulatory norms.

Supervisory Inspection and Findings

• A statutory inspection was conducted by the RBI, based on the bank’s financial status as of March 31, 2023.
• Following the inspection, RBI issued a notice based on supervisory findings indicating non-compliance.
• After considering South Indian Bank’s responses and oral submissions, the RBI concluded that the bank had indeed violated regulatory directives, justifying the monetary penalty.

CURRENT AFFAIRS: NATIONAL NEWS

India’s Progress and Challenges in Achieving TB Elimination by 2025

• In 2018, Prime Minister Narendra Modi committed to “eliminating” TB in India by 2025, five years ahead of the UN SDG target of 2030.
• SDG targets by 2030 include:
  • 90% reduction in TB deaths and 80% reduction in TB incidence compared to 2015.
• WHO’s End TB Strategy milestones for 2025:

1. • • 75% reduction in TB deaths and 50% reduction in TB incidence from 2015 levels.
2. Progress and Current Standing:
   • India has achieved a 17.7% decline in TB incidence from 2015 to 2023, surpassing the global average decline of 8.3%.
   • However, as per the WHO Global TB Report 2024, India is unlikely to meet the 2025 WHO milestones.
3. National Tuberculosis Elimination Programme (NTEP):
   • NTEP has implemented the National Strategic Plan (NSP) 2017-2025, focusing on:
     • Expanded diagnostic access through sputum smear and nucleic acid amplification tests.
     • Comprehensive care packages and decentralized TB services.
     • An increase in TB Preventive Treatment (TPT) access, with approximately 15 lakh beneficiaries receiving shorter treatment regimens.
4. Enhanced Patient Support and Community Involvement:
   • Direct Benefit Transfers (DBT) under Ni-kshay Poshan Yojana provide financial support, with Rs. 2,781 crores disbursed to 1 crore beneficiaries.
   • Pradhan Mantri TB Mukt Bharat Abhiyaan (PMTBMBA) launched in 2022 to encourage community engagement; over 1.5 lakh Ni-kshay Mitras have committed to supporting TB-affected individuals.
   • Initiatives to support vulnerable populations and address comorbid conditions like malnutrition, diabetes, HIV, and substance abuse.
5. Collaborative Efforts and Cross-Sector Partnerships:
   • NTEP has partnered with multiple ministries to address factors influencing TB treatment outcomes.
   • Commitment from state governments and community support under initiatives like PMTBMBA aim to strengthen patient support systems and community-based TB control.

Strategies for Advancing TB Elimination:

• Scaling up BCG vaccination studies for adults.
• Increasing access to molecular diagnostic testing for TB.
• Expanding TPT programs with shorter treatment options.
• Decentralizing TB service delivery to reach more rural areas through “Ayushman Arogya Mandirs.”
• Strengthening community support networks with continuous advocacy and social mobilization.

Commemorative Postage Stamp Released for Vadtal Temple’s 200th Anniversary

• To commemorate the 200th anniversary of Vadtal Temple, a special stamp was released to honor its pivotal role in the Shree Swaminarayan Sampradaya.
• The temple serves as the spiritual capital of the Shree Swaminarayan Sampradaya, which has spread across the world.
• This temple was built on the command of Bhagwan Shree Swaminarayan by Sadguru Shree Brahmanand Swami and Sadguru Shree Aksharanand Swami.

Key Highlights of the Event:

1. Event Date and Location:
   • Date: November 9, 2024
   • Location: Vadtal, District Kheda, Gujarat
2. Significant Guests:
   • Chief Guest: Shri Bhupendrabhai Patel, Hon’ble Chief Minister of Gujarat
   • Other Dignitaries: Acharya Maharaj 1008 Shri Rakeshprasad Ji, Dr. Shri Santvallabhswami (Chief Executive Kothari of Vadtladham Mandir), Shri Dineshkumar Sharma (Postmaster General, Vadodara), along with other religious leaders and devotees.
3. Commemorative Stamp:
   • The stamp was released to mark the 200th anniversary (Dwishatabdi Mahotsav) of the Vadtal Temple.
   • Design of the Stamp: Created by Shri Sh. Jairaj T.G., it features the Vadtal Dham Temple, highlighting its traditional lotus-shaped architecture with nine golden domes, symbolizing harmony among all religions.
4. Significance of Vadtal Temple:
   • The temple, established by Sadguru Shree Brahmanand Swami and Sadguru Shree Aksharanand Swami under the guidance of Bhagwan Shree Swaminarayan, is a pivotal site for the Shree Swaminarayan Sampradaya.
   • Known as the spiritual capital of the Sampradaya, the temple continues to be a source of inspiration and devotion for millions globally.
5. Stamp Symbolism:
   • The stamp honors the rich heritage and the transformative impact of Vadtal Temple, symbolizing its contribution to religious harmony and spiritual growth.

Launch of National MSME Cluster Outreach Programme by Union Finance Minister Nirmala Sitharaman

• Union Minister for Finance and Corporate Affairs Nirmala Sitharaman launched the National MSME Cluster Outreach Programme, organised jointly by the Department of Financial Services (DFS), Ministry of Finance, Government of India, and Small Industries Development Bank of India (SIDBI).

Key Highlights of the Event:

1. Event Overview:
   • Date: November 9, 2024
   • Location: Bengaluru, Karnataka
   • The National MSME Cluster Outreach Programme was launched by Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman.
   • The programme was organized jointly by the Department of Financial Services (DFS), Ministry of Finance, Government of India, and Small Industries Development Bank of India (SIDBI).
2. Key Guests and Speakers:
   • Union Minister for MSMEs: Shri Jitan Ram Manjhi (virtual address from Gaya, Bihar)
   • Union Minister of State for Finance: Shri Pankaj Chaudhary
   • Union Minister of State for MSMEs: Sushri Shobha Karandlaje
   • SIDBI Leadership: Shri Manoj Mittal, CMD of SIDBI
   • Banking Officials: Senior officials from Public Sector Banks and NABARD
3. Objective of the Programme:
   • The initiative aims to promote the growth of Micro, Small, and Medium Enterprises (MSMEs) across India by ensuring access to financial services.
   • The programme connects 150 MSME clusters virtually, bringing together MSMEs and senior banking officials to discuss financial solutions and growth strategies.
4. Key Announcements:
   • Inauguration of New SIDBI Branches: Smt. Sitharaman virtually inaugurated six new SIDBI branches across Karnataka—in Tumakuru, Raichur, Shivamogga, Kalaburagi, Mangaluru, and Vijayapura. This move is aimed at expanding SIDBI’s reach and providing financial support to local MSMEs.
   • Inauguration of Nari Shakti Branches: Four Nari Shakti Branches of Union Bank of India were inaugurated at Bengaluru, Chennai, Jaipur, and Visakhapatnam to empower women entrepreneurs.
   • Learning Centre by Canara Bank: A new Learning Centre was inaugurated by Canara Bank at Bagaluru, Bengaluru to offer training and skill-building programs for MSME entrepreneurs.
5. Financial Support Targets:
   • Smt. Sitharaman set the target for Scheduled Commercial Banks and NBFCs to provide additional MSME credit of Rs. 1.54 lakh crore in the current financial year.
   • Future credit targets were set for the upcoming financial years:
     • Rs. 5.75 lakh crore in FY 2024-25
     • Rs. 6.21 lakh crore in FY 2025-26
     • Rs. 7 lakh crore in FY 2026-27
6. Support for Rural MSMEs:
   • Shri Jitan Ram Manjhi emphasized the importance of providing more credit to small enterprises in rural areas, particularly through banks.
7. Memorandum of Understanding (MoU):
   • SIDBI signed an MoU with the Peenya Industries Association to collaborate in capacity building, credit facilities, and knowledge-sharing to support MSMEs.
8. Sanction Letters Distributed:
   • Smt. Sitharaman distributed sanction letters to 11 MSME customers of SIDBI, amounting to Rs. 25.75 crore, supporting sectors ranging from traditional industries to aerospace and quantum technology.
   • She also handed over sanction letters for Rs. 11 crore to Nari Shakti Branch of Union Bank of India for empowering women entrepreneurs.
   • Five borrowers of Canara Bank under the newly launched Tarun Plus category of PMMY also received their sanction letters, benefitting from the increased loan limit under the Pradhan Mantri Mudra Yojna (PMMY), which has been raised from Rs. 10 lakh to Rs. 20 lakh.

CURRENT AFFAIRS: INTERNATIONAL

EC signs agreement on electoral cooperation with Uzbeki poll body

Overview of the Agreement

• Event: Signing of an electoral cooperation agreement between the Election Commission of India (ECI) and Uzbekistan’s Central Election Commission.
• Location: Tashkent, during Chief Election Commissioner Rajiv Kumar’s visit as an international observer for Uzbekistan’s elections on October 27.

Purpose of the Memorandum of Understanding (MoU)

• Objective: To strengthen and deepen cooperation between India and Uzbekistan’s Election Management Bodies (EMBs).
• Mutual Benefit: Designed to enhance electoral processes and exchange best practices to benefit both democracies.

Background of India-Uzbekistan Electoral Cooperation

• Previous Engagements: History of mutual cooperation, with officials from each country participating as observers in each other’s elections.
• Recent Participation: A four-member Uzbek delegation, led by Khusanova Mukhtabar, observed India’s Lok Sabha elections earlier this year.

International Engagement and Collaboration

• Global Interaction: India and Uzbekistan’s EMBs actively engage in forums like:
  • Association of World Election Bodies
  • Association of Asian Election Authorities
• ECI’s Global Network: The ECI has signed MoUs with 30 EMBs around the world, promoting international collaboration.
• Support from The International Institute for Democracy & Electoral Assistance: Partnership aimed at fostering sustainable democracy globally.

Significance of the Agreement

• Enhanced Electoral Processes: The collaboration is expected to strengthen democratic frameworks and improve electoral practices in both India and Uzbekistan.
• Sharing Best Practices: Facilitates an exchange of expertise and resources between the two countries.

About the Election Commission of India (ECI)

• Establishment: A permanent, independent constitutional body under the Constitution of India to conduct free and fair elections.
• Role: Functions as an All-India body, serving both Central and State governments to ensure transparent electoral processes across the nation.

Discovery of Al-Natah: Ancient Fortified Town in Saudi Arabia

Overview of the Discovery

• Site: Al-Natah, a fortified town hidden within the Khaybar oasis in northwest Saudi Arabia.
• Age: Approximately 4,000 years old, dating back to around 2400–2000 BCE.
• Project Leaders: Led by Dr. Guillaume Charloux (CNRS) and Dr. Munirah AlMushawh (Royal Commission for AlUla).
• Publication: Findings published in the scientific journal PLOS ONE.

Significance of the Discovery

• Urban Transition: Al-Natah is a significant indicator of the shift from nomadic to settled lifestyles in ancient Arabia.
• Fortification: The town was enclosed by a 14.5-kilometer wall and spanned 2.6 hectares, supporting up to 500 residents.
• Urban Planning: The town featured multi-story dwellings and was divided into residential and funerary zones, indicating an early form of urban planning and social structure.

Socio-Economic Insights

• Agricultural Hub: Unlike previously held beliefs that societies in this region were predominantly nomadic, Al-Natah was likely a center for agricultural production and trade.
• Community Structure: The town sustained a cooperative society, demonstrating the inhabitants’ adaptation to the arid environment through collective effort.

Research and Vision 2030 Goals

• Khaybar Longue Durée Archaeological Project: The discovery is part of an ongoing project aimed at exploring Saudi Arabia’s ancient past.
• Vision 2030 Alignment: The project aligns with Saudi Arabia’s Vision 2030 by emphasizing the preservation and promotion of the Kingdom’s cultural heritage.

Implications of Al-Natah’s Discovery

• Challenges Assumptions: Alters perceptions of early Arabian societies, showing a complex socio-economic structure based on agriculture and urbanization during the Bronze Age.
• Historical Continuity: Al-Natah likely remained inhabited until 1500 BCE or possibly 1300 BCE, with potential interruptions, showcasing the durability of early settlements in the region.

CURRENT AFFAIRS: STATE

Madhya Pradesh Increases Women’s Reservation to 35% in All Government Jobs

Reservation Increase Details

• New Reservation Percentage: 35% for women in all government jobs across Madhya Pradesh.
• Previous Reservation: Previously set at 33%.
• Categories Covered: The reservation applies to SC, ST, OBC, and General categories, with 35% of reserved posts allocated to women candidates within each category.

Approval Process

• Cabinet Approval: Proposal approved in a cabinet meeting chaired by Chief Minister Dr. Mohan Yadav.
• Background: Originally announced by former Chief Minister Shivraj Singh Chauhan prior to last year’s assembly elections, but was delayed due to the election process.
• Notification: A gazette notification has been published to formalize the reservation increase.

Impact and Significance

• Enhanced Opportunities: This increase aims to empower women by providing greater access to government jobs across all social categories.
• Policy Support for Gender Equality: Reflects Madhya Pradesh’s commitment to gender inclusivity and equal opportunities in public employment.

LG Ladakh inaugurates 4th LG Cup Horse Polo-2024 tourney

Event Inauguration

• Occasion: 4th LG Cup Horse Polo Tournament 2024
• Location: Newly constructed Goshan Polo Stadium in Drass, Ladakh
• Inaugurated by: Lieutenant Governor of Ladakh, Brigadier (Dr) BD Mishra (Retd)
• Organized by: Department of Youth Services and Sports, UT Ladakh

Goshan Polo Stadium

• Construction Cost: Rs 6.84 crore
• Significance: The stadium aims to support local sports infrastructure and reduce reliance on external training facilities.

Lt Governor’s Address and Initiatives

• Acknowledgments: Recognized efforts of organizers, players, and attendees in promoting horse polo in Ladakh.
• Cultural Value: Highlighted horse polo’s importance in Ladakhi culture and its role in enhancing skills and player-horse coordination.
• Youth Development: Emphasized Ladakh’s commitment to youth sports.
• Women’s Empowerment Initiative: Announced a program where 12 girls from Kargil are being sent to Delhi for horse riding and polo training with the President’s Body Guard.

Opening Ceremony

• Ceremony Highlights: The Lt Governor began the opening match between Himalayan-A and Himalayan-B with a throw-in ceremony.

Remarks from LAHDC Kargil Chairman

• Speaker: Chairman/CEC of LAHDC Kargil, Dr. Mohd Jaffer Akhoon
• Polo’s Significance: Stressed the historical importance of polo in Ladakh and the need for local infrastructure.
• Acknowledgments: Expressed gratitude to Prime Minister Narendra Modi, Home Minister Amit Shah, and the Lt Governor for granting district status to Drass.

CURRENT AFFAIRS: BUSINESS NEWS

Hindalco Crowned World’s Most Sustainable Aluminium Company for Fifth Year in a Row

• Hindalco Industries Ltd., the flagship metals company of the Aditya Birla Group, has once again been ranked as the World’s Most Sustainable Aluminium Company in the 2024 S&P Global Corporate Sustainability Assessment (CSA).
• Hindalco secured an overall score of 87 points, marking a 9-point increase from the previous year and placing it 22 points ahead of its nearest competitor.

1. Commitment to ESG Standards:
   • Hindalco achieved 100th percentile scores across Environmental, Social, and Governance (ESG) dimensions, including:
     • Climate strategy and environmental reporting
     • Water risk management
     • Waste management and resource consumption
     • Cybersecurity, community engagement, and employee development

2. Environmental Achievements:
   • The company leads in climate action and emissions reduction, implementing projects like the 100 MW carbon-free power project in Odisha, recognized at COP28 with the ‘Energy Transition Changemaker’ award.
   • Hindalco reported a 19.54% reduction in specific GHG emissions since FY 2011-12 and aims to source 30% of its energy from renewables by 2030.
   • In FY24, Hindalco recycled 85% of its operational waste, with three units receiving zero-waste-to-landfill certification.
3. Social Contributions:
   • With a score of 89% in the social category, Hindalco is 26 points ahead of its closest peer.
   • The company invested INR 154 crore in FY24 for community initiatives, benefiting over 2.5 million people.
4. Governance Leadership:
   • Hindalco achieved an 84% score in governance, prioritizing transparency, accountability, and ESG oversight through its Risk Management and ESG Committee.
5. Sustainability Leadership with Global Impact:
   • Hindalco’s US-based subsidiary Novelis processed 2.3 million tonnes of recycled aluminium in FY24, significantly reducing carbon emissions and reinforcing Hindalco’s position as a leader in sustainable aluminium production.

About S&P Global’s DJSI:

• The Dow Jones Sustainability Indices (DJSI) ranks publicly listed companies on environmental, social, and governance (ESG) criteria. Only the most sustainable companies per industry are included, and the S&P Global Corporate Sustainability Assessment (CSA) evaluates over 10,000 companies worldwide.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATION

Emami’s Agarwal New FICCI President 

• Harsha Vardhan Agarwal has been announced as the President-Elect of the Federation of Indian Chambers of Commerce & Industry (FICCI) at the FICCI National Executive Committee Meeting held in New Delhi.
• Agarwal will succeed Anish Shah as President following the 97th Annual General Meeting on November 21.

Background and Contributions of Harsha Vardhan Agarwal

• Current Role at FICCI:
  • Agarwal is presently the Senior Vice President of FICCI and has been actively involved in shaping policy initiatives and representing industry interests.
• Leadership at Emami Group:
  • As a second-generation leader of the Emami Group—a diversified conglomerate valued at USD 3.1 billion—Agarwal serves as Vice Chairman and Managing Director of Emami Limited, primarily focusing on the FMCG sector.
  • He is part of the company’s strategic think-tank, where he plays a significant role in the growth and development of the Emami Group.
• Recognition:
  • In 2016, Agarwal was recognized as one of India’s Hottest Young Business Leaders in the ‘FORTY UNDER 40’ list by The Economic Times and Spencer Stuart, highlighting his influence in the Indian business landscape.

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Zimbabwe’s Milestone in Space Technology: The Launch of ZIMSAT-2

Overview of the Launch

• Satellite Name: ZIMSAT-2
• Launch Date: 1 AM, from the Vostochny Cosmodrome in Russia
• Launch Vehicle: Soyuz-2.1 spacecraft
• Collaborators: Zimbabwe National Geo-Spatial and Space Agency (ZINGSA) and Southwest State University in Russia

Key Features and Capabilities of ZIMSAT-2

• Type: Low Earth observation satellite
• Primary Equipment: High-resolution multispectral camera
• Applications:
  • Agriculture: Improving crop monitoring and management
  • Resource Exploration: Mapping valuable natural resources
  • Environmental Monitoring: Tracking and analyzing environmental changes

Successful Deployment and Functionality

• Orbit Confirmation: Ministry of Higher and Tertiary Education confirmed ZIMSAT-2’s orbit and functionality
• Subsystem Performance: Initial telemetry data shows optimal performance of all subsystems

National Development Impact

• Agricultural Enhancement: Provides detailed data to support Zimbabwe’s agriculture sector
• Environmental Benefits: Enhances disaster management and helps in effective resource mapping
• Scientific Commitment: The launch strengthens Zimbabwe’s focus on innovation and space technology

Capacity Building and Local Contributions

• Local Expertise: Zimbabwean engineers actively contributed to the design and construction of ZIMSAT-2
• Education and Collaboration: PhD students studying in Russia were involved, continuing Zimbabwe’s investment in STEM

Economic Development and Future Prospects

• Economic Insights: Dr. Painos Gweme, Coordinator of ZINGSA, emphasized the economic advantages, especially in agriculture and mining
• Future Plans: This achievement sets the stage for further space initiatives and international collaboration in satellite technology

Significance for Zimbabwe

• The launch of ZIMSAT-2 highlights Zimbabwe’s advancement in space technology and its commitment to harnessing this technology for national growth.
• ZIMSAT-2’s capabilities pave the way for improved resource management, national development, and technological self-reliance.

CURRENT AFFAIRS: DEFENCE

CDS Gen Anil Chauhan inaugurates the 2nd Edition of the Indian Military Heritage Festival

Inauguration and Objectives

• Chief of Defence Staff General Anil Chauhan inaugurated the 2nd annual Indian Military Heritage Festival (IMHF) in New Delhi.
• Held on November 08-09, 2024, the festival is designed to engage global and Indian think tanks, corporations, non-profits, and scholars with a focus on:
  • National Security
  • Foreign Policy
  • Military History and Heritage

Project ‘Shaurya Gatha’

• Launched by General Chauhan in collaboration with the Department of Military Affairs and the USI of India.
• Aims to preserve and promote India’s military heritage through education and tourism initiatives.

Prominent Military Publications Released

• “Because of This: A History of the Indo-Pak Air War December 1971” by Air Marshal Vikram Singh (Retd).
• “Valour and Honour” – a joint publication by the Indian Army and the USI of India.
• “War-wounded, Disabled Soldiers, and Cadets” – a collaborative effort between the USI and the War Wounded Federation.

DRDO Photo Exhibition

• Defence Research and Development Organisation (DRDO) organized a photo exhibition showcasing:
  • Achievements in Defence Innovation
  • Contributions to the Atmanirbhar Bharat initiative for self-reliance in defence technology.

Participation of NCC Cadets and Service Stalls

• NCC Cadets from the Delhi NCR region actively participated in the event.
• Informative stalls from the Indian Army, Navy, and Air Force presented:
  • Service Roles
  • Career Opportunities for Youth

Festival’s Broader Impact

• Despite India’s extensive military history, much of it remains under-recognized.
• The Indian Military Heritage Festival aims to bridge the awareness gap about India’s:
  • Military Traditions
  • Contemporary Security Concerns
  • Efforts for Military Self-Reliance under the Aatmanirbhar Bharat initiative.
• Adds a significant dimension to India’s cultural calendar, encouraging national discourse on military heritage and security.

India, Australia launch 3rd edition of joint military exercise

• The 3rd edition of the joint military exercise AUSTRAHIND between India and Australia began at the Foreign Training Node in Pune, Maharashtra.
• The exercise, scheduled from November 8 to 21, alternates between the two nations, with the previous edition held in Australia in December 2023.

Key Details of Exercise AUSTRAHIND

• Indian Contingent:
  • 140 personnel from the DOGRA Regiment and 14 members of the Indian Air Force are participating in the exercise.
• Australian Contingent:
  • 120 personnel from the 13th Light Horse Regiment, 10th Brigade, 2nd Division of the Australian Army are joining the exercise, reflecting the strong military collaboration between the two countries.

Objective of the Exercise

The primary goal of AUSTRAHIND is to:

• Enhance military cooperation and interoperability between the two nations.
• Focus on joint sub-conventional operations in semi-urban and semi-desert environments.
• Operate under the framework of Chapter VII of the UN mandate, with a strong emphasis on counter-terrorism strategies.

Structure of the Exercise

• Phase 1: Combat Conditioning and Tactical Training:
  • Includes rigorous physical training, joint planning sessions, and tactical drills aimed at improving the combat readiness of the troops.
• Phase 2: Validation Phase:
  • Involves the rehearsal of key tactical scenarios such as:
    • Counter-terrorism operations including raids and “Search and Destroy” missions.
    • Establishing a Joint Operations Centre and coordinating joint counter-terrorism efforts.
    • Securing helipads and employing drones for surveillance, as well as counter-drone measures.
    • Special Heli-Borne Operations.

Significance and Benefits

• AUSTRAHIND provides both armies with an opportunity to share best practices for conducting tactical operations.
• The exercise is designed to improve coordination, tactical expertise, and physical fitness among the troops, while fostering stronger camaraderie between the soldiers of India and Australia.

CURRENT AFFAIRS: SPORTS NEWS

Pankaj Advani Wins Record 28th World Billiards Title, Triumphs in Thrilling Final

• Ace Indian cueist Pankaj Advani claimed his 28th world title and seventh consecutive IBSF World Billiards Championship crown by defeating England’s Robert Hall 4-2 in Doha.
• A Hard-Fought Battle:
  • Hall took an early lead in the opening frame, but Advani quickly responded with a 147 break in the second frame.
  • The third frame was a close contest, showcasing both players’ strategic brilliance.
  • Though Hall rallied with a 151 break in the fourth frame and a 154 break in the fifth to equalize, Advani held his nerve to clinch victory with a decisive century break in the final frame.
• Mental Strength and Support:
  • Advani credited his brother, Shree Advani, a sports psychologist, for helping him stay focused, especially during tense moments.
  • He dedicated this win to his country and family, acknowledging the challenge of staying consistent through tough competition and long pandemic delays.
• A Legacy in the Making:
  • Advani’s unbeaten streak in world titles began in 2016 and continued unbroken, even after a two-year hiatus (2020, 2021) due to the Covid-19 pandemic, underscoring his enduring mastery and resilience.

CURRENT AFFAIRS: IMPORTANT DAYS

World Freedom Day: November 9

• World Freedom Day is celebrated on November 9 every year to honour the freedom fighters worldwide, democracy, and those who have fought for liberty, freedom, and basic human rights.
• Along with this, it also marks the day of the fall of the Berlin Wall in 1989.
• This day is celebrated to recognise the struggles and sacrifices of the ones who fought and are fighting for independence and human rights.
• The purpose of celebrating this day includes creating awareness about those still struggling for freedom in the various regions of the world and shedding light on the importance of an independent society.

International Week of Science and Peace (IWOSP): November 9 to 15  

• Celebrated annually from November 9 to 15, the International Week of Science and Peace (IWOSP) promotes the role of science in fostering global peace and cooperation.
• Established in 1986 during the International Year of Peace, IWOSP gained official recognition in 1988 under UN Resolution 43/61, encouraging international events focused on the peaceful applications of science.

1. Significance of UN Resolution 43/61:
   • The United Nations acknowledged IWOSP as an annual event, urging Member States, NGOs, and institutions to promote scientific cooperation for peace.
   • The resolution highlights that scientific advancements are crucial for achieving global peace, security, social progress, and environmental sustainability.
2. Science Education for Peace:
   • Science education that includes ethical responsibility cultivates a generation of innovators committed to using technology for peace.
   • Integrating Sustainable Development Goals (SDGs) in education emphasizes poverty reduction, climate action, and global health, fostering a shared vision for peace.
3. Future of IWOSP:
   • IWOSP serves as a reminder that science can be a powerful tool for solving global issues like poverty, environmental degradation, and healthcare inequalities.
   • Ethical and humanitarian-driven applications of science are essential for building a sustainable, peaceful future.

Uttarakhand Foundation Day (Uttarakhand Diwas): November 9

• Uttarakhand Foundation Day is celebrated on November 9 each year, marking the formation of the state in 2000.
• 2024 commemorates the 24th anniversary of Uttarakhand’s establishment as a distinct state in India.
• Historical Background:
  • The demand for a separate state stemmed from cultural, geographical, and administrative differences with Uttar Pradesh.
  • After years of struggle, Uttarakhand was carved out of Uttar Pradesh on November 9, 2000.
  • Originally named Uttaranchal, the state was renamed Uttarakhand in 2007 to reflect its cultural roots.
• Significance of Uttarakhand:
  • Known as the “Land of the Gods” (Devbhumi), Uttarakhand is home to numerous Hindu pilgrimage sites, including Kedarnath, Badrinath, Yamunotri, and Gangotri.
  • The state’s cultural heritage and scenic landscapes symbolize its unique identity within India.
  • Foundation Day celebrates the resilience and cultural pride of the people of Uttarakhand, honoring their journey towards achieving statehood and their continued dedication to preserving their heritage.

National Education Day: 11th November

• National Education Day 2024 is observed on the 11th of November 2024.
• National Education Day was first observed by the Ministry of Human Resource Development on November 11, 2008.
• It is observed every year after the birth anniversary of Maulana Abul Kalam Azad who was the first Educational Minister of Independent India. He served Educational Minister for over a period of Ten Years.
• The Day is celebrated to honor the First Educational Minister of India and his uncomparable contribution to the Education system of India.
• Maulana Abul Kalam Azad helped with the establishment of two major education governing bodies of India – the University Grants Commission (UGC) and the All India Council for Technical Education (AICTE).
• The First National Education Day was celebrated on 11th November 2008 at Vigyan Bhawan, New Delhi, and was first inaugurated by then President Pratibha Patil.

World Science Day for Peace and Development: 10th November

• World Science Day for Peace and Development 2024 is observed on the 10th of November 2024.
• The first World Conference on Science was held in 1999 and was coordinated by UNESCO and the International Council for Science.
• The gathering was held in Hungary, where various delegations concurred on the importance of educating the public about science. It was agreed upon by everybody that science should have a special day or week.
• In order to advance scientific literacy, conference attendees created an action plan. The Science Agenda – Framework for Action was the name of this strategy.
• The Executive Body of UNESCO endorsed Science Day for Peace and Development a year later.
• To establish a strong relationship between science and society, actions were initiated in 2001.
• People were regularly informed of the most recent advances in science and technology.
• In a similar vein, experts have stepped up to educate the public on the environmental issues facing our world and the best ways to live more sustainably. World Science Day for Peace and Development was first observed in 2002.
• Under the direction and support of UNESCO, several non-governmental organizations (NGOs), governmental organizations, research institutes, and educational institutions, including schools, colleges, and universities, gathered to commemorate this day.

Daily CA One- Liner: November 10 & 11

• In 2018, Prime Minister Narendra Modi committed to “eliminating” TB in India by 2025, five years ahead of the UN SDG target of 2030
• To commemorate the 200th anniversary of Vadtal Temple, a special stamp was released to honor its pivotal role in the Shree Swaminarayan Sampradaya.
• Union Minister for Finance and Corporate Affairs Nirmala Sitharaman launched the National MSME Cluster Outreach Programme, organised jointly by the Department of Financial Services (DFS), Ministry of Finance, Government of India, and Small Industries Development Bank of India (SIDBI).
• Hindalco Industries Ltd., the flagship metals company of the Aditya Birla Group, has once again been ranked as the World’s Most Sustainable Aluminium Company in the 2024 S&P Global Corporate Sustainability Assessment (CSA).
• Ace Indian cueist Pankaj Advani claimed his 28th world title and seventh consecutive IBSF World Billiards Championship crown by defeating England’s Robert Hall 4-2 in Doha
• Months after receiving the Payment Aggregator Cross Border (PA-CB) licence, Cashfree Payments has launched a pilot program enabling overseas customers to transact with key Indian merchants using UPI and RuPay options, typically restricted to domestic use.
• Debasish Panda, Chairman of the Insurance Regulatory and Development Authority of India (IRDAI), recently proposed allowing 100% foreign direct investment (FDI) in the insurance sector to accelerate the goal of achieving ‘insurance for all’ by 2027.
• The Reserve Bank of India (RBI) has imposed a penalty of Rs 59.20 lakh on South Indian Bank due to non-compliance with directives on interest rate on deposits and customer service standards.
• Signing of an electoral cooperation agreement between the Election Commission of India (ECI) and Uzbekistan’s Central Election Commission.
• Archaeologistshave uncovered a 4,000-year-old fortified town in northwest Saudi Arabia. The town, called al-Natah, was hidden inside Khaybar’s walled oasis, a green area in the desert.
• Madhya Pradesh Increases Women’s Reservation to 35% in All Government Jobs.
• Brigadier (Dr) BD Mishra (Retd), the Lieutenant Governor of Ladakh, inaugurated the much-awaited 4th LG Cup Horse Polo-2024 Tournament at the newly constructed Polo Stadium at Goshan, Drass.
• Emami Limited Vice Chairman and Managing Director Harsha Vardhan Agarwal has been elected as the FICCI president for 2024-25.
• Zimbabwe has launched its second satellite, ZIMSAT –2, marking another significant stride in the country’s space programme.
• Harsha Vardhan Agarwal has been announced as the President-Elect of the Federation of Indian Chambers of Commerce & Industry (FICCI) at the FICCI National Executive Committee Meeting held in New Delhi.
• Chief of Defence Staff General Anil Chauhan inaugurated the 2nd annual Indian Military Heritage Festival (IMHF) in New Delhi.
• The 3rd edition of the joint military exercise AUSTRAHIND between India and Australia began at the Foreign Training Node in Pune, Maharashtra.
• World Freedom Day is celebrated on November 9 every year
• Celebrated annually from November 9 to 15, the International Week of Science and Peace (IWOSP) promotes the role of science in fostering global peace and cooperation.
• Uttarakhand Foundation Day is celebrated on November 9 each year, marking the formation of the state in 2000.
• National Education Day was first observed by the Ministry of Human Resource Development on November 11, 2008
• World Science Day for Peace and Development 2024 is observed on the 10th of November 2024.