NATIONAL UPDATES:
1. Supreme Court Judgement on safe and legal
abortion: The Supreme Court has declared that all women have
the right to safe and legal abortions up to 24 weeks of pregnancy, no matter
their marital status. An abortion regulation that made a distinction between
married and unmarried women was “artificial and constitutionally
unsustainable,” according to a bench of Justices DY Chandrachud, JB Pardiwala,
and AS Bopanna. Key Points:
a) The bench determined that unmarried and single women with pregnancies
between 20 and 24 weeks cannot be denied access to safe and legal abortion.
b) The Medical Termination of Pregnancy Act of 1971 had made it illegal for
unmarried women who were 20–24 weeks pregnant after having consenting
intercourse to have a legal abortion.
c) In reference to the MTP Act’s pertinent provision, the court’s ruling
stated that “it seems to us that to give Rule 3B a restrictive and narrow
interpretation would render it perilously close to holding it unconstitutional,
because it would deprive unmarried women of the right to access safe and legal
abortions between 20 and 24 weeks if they face a change in their material
circumstances similar to married women.”
2. Maldives signed an MoU with India for
Hanimaadhoo International Airport Development Projects: Government of Maldives has signed an MoU with the Indian JMC Projects
for Maldives Hanimaadhoo International Airport Development Project. The worth
of project is about USD $136.6 million. It was confirmed that the project will
be financed by India’s Exim Bank. The Maldives govt is expected to build a
2.46-kilometer runway in addition to a terminal that can serve 1.3 million
passengers annually. The construction work is expected to be fully operational
by the year 2024. It is the first-ever major infrastructure project to be
undertaken outside Greater Male’ region and is funded under the USD 800 million
concessional Line of Credit (LoC) extended by the Government of India to the
Maldives.
Note: Maldives
Capital: Male; Currency: Rufiya; President: Ibrahim Mohamed Solih
Export-Import
Bank of India (EXIM Bank) Founded: 1982; Headquarters: Mumbai; MD: Harsha
Bhupendra Bangari
3. Government extends PM Garib Kalyan Anna Yojana
scheme up to December 2022: Union Cabinet has decided
to extend the Pradhan Mantri Garib Kalyan Anna Yojana scheme for a further
period of 3 months from Oct to Dec 2022. This decision will benefit 80 crore
people. 122 lakh metric tonnes foodgrains will be distributed in the next three
months with a total expenditure of more than 44 thousand crore rupees under the
7th phase of the scheme. 3 lakh 45 thousand crore rupees have been spent on
this scheme so far. Under the Pradhan Mantri Garib Kalyan Anna Yojana,
five-kilogram foodgrain is being provided to eligible beneficiary per month
free of cost. The scheme was started in March 2020 to provide food security to
poor people during the Covid-19 pandemic.
4. NHPC signed an agreement with IIT Jammu to
undertaking R&D activities: National Hydro
Electric Power Corporation (NHPC) Ltd & IIT Jammu have signed a pact for
availing services of the IIT Jammu for undertaking R&D activities in the
field of science, engineering & technology. NHPC has an established R&D
division undertaking various innovative initiatives in different fields of
construction, operation, and maintenance of hydropower projects/stations. This MoU
will further provide an impetus to the Research & Development (R&D)
activities of the company.
5. English translation of ‘Lata: Sur-Gatha’ to
release in January 2023” The English translation of
the award-winning book “Lata: Sur-Gatha” will be released in January 2023.
“Lata: A Life in Music”, originally written in Hindi by writer-poet Yatindra
Mishra, is translated by noted writer and translator Ira Pande. And now
celebrating the life and times of Lata Mangeshkar on her 93rd birth anniversary
in 2023, the book is being published in the English language announced by
publisher Penguin Random House India. The book has won the 64th National Film
Award and the MAMI Award for Best Writing on Cinema (2016–17).
6. 68th National Wildlife Week: 2nd to 8th October:
The celebration of 68th National Wildlife Week is
observed all over India from 2nd to 8th October 2022. The main objective of
this campaign is to promote the conservation and protection of animal life. It
teaches people about animal life and encourages them to save a large number of
animals by not killing them for their own food or for other purposes.
National
Wildlife Week History: The Indian Board of Wildlife established Wildlife
Week in 1952 to increase awareness about the long-term aims of wildlife protection
throughout India. Wildlife Day was first observed in 1955, but later in 1957,
it was renamed Wildlife Week. The week comprises workshops to make people of
every age comprehend the complexities of wildlife.
INTERNATIONAL UPDATES:
1. US Economy Shrinks 0.6% in April-June: Battered by surging consumer prices and rising interest rates, the US
economy shrank at a 0.6% annual rate from April through June, the government
announced, unchanged from its previous second-quarter estimate. It marked the
second consecutive quarter of economic contraction, one informal rule of thumb
for a recession. Most economists, citing a strong and resilient American job
market, believe the world’s biggest economy is not yet in a downturn. But they
worry that it might be headed for one as the Federal Reserve ratchets up
interest rates to combat inflation. Consumer spending grew at a 2% annual rate,
but that gain was offset by a drop in business inventories and housing
investment.
The US economy
has been sending out mixed signals this year. Gross domestic product, or GDP,
went backward in the first half of 2022. But the job market has stayed strong.
Employers are adding an average 438,000 jobs a month this year, on pace to be
the second-best year for hiring (behind 2021) in government records going back
to 1940. Unemployment is at 3.7%, low by historic standards. There are
currently about two jobs for every unemployed American.
2. World Habitat Day: 3rd October: The United Nations observes the first Monday of October as World
Habitat Day. This year, World Habitat Day will be observed on October 3. The
day calls to reflect on our towns, cities, and the basic right of all to have
adequate shelter. It serves as a reminder that we can shape the future of the
place we live in. This year’s theme is “Mind the Gap. Leave No One and Place
Behind”. The focus is on the growing inequalities and challenges in cities and
human settlements. These are the problems that have been aggravated due to what
the UN calls triple Cs: Coronavirus (COVID-19), Climate, and Crisis. These
triple Cs have hampered the progress made against poverty.
World
Habitat Day History: In 1985 the United Nations designated the first
Monday of October every year as World Habitat Day. The idea is to reflect on
the state of our towns and cities and the basic right of all to adequate
shelter. It is also intended to remind the world of its collective
responsibility for the future of human habitat. First celebrated in 1986,
Nairobi was the host city. The theme was “Shelter is My Right”.
OTHER UPDATES:
BANKING AND FINANCE
1. RBI Repo Rate Hike by 50 bps to 5.9%: RBI
Monetary Policy: The decision of RBI Governor Shaktikanta Das headed
the six-member Monetary Policy Committee (MPC) has been announced. The Reserve
Bank of India (RBI) has hiked the repo rate by 50 basis points to 5.90%, the
fourth straight increase in the current cycle, to tame the sustained
above-target retail inflation rate. RBI had slashed the repo rate in March 2020
with an aim to cushion the impact of covid-induced lockdown and maintained the
status quo in the benchmark interest rate for almost two years before
increasing it on May 4, 2022. The Monetary Policy Committee (MPC) met on the
28th, 29th and 30th of September 2022. The next meeting of the MPC is scheduled
during December 5-7, 2022.
RBI Repo
Rate:
Policy Repo
Rate: 5.90%
Standing Deposit
Facility (SDF): 5.65%
Marginal
Standing Facility Rate: 6.15%
Bank Rate: 6.15%
Fixed Reverse
Repo Rate: 3.35%
CRR: 4.50%
SLR: 18.00%
Key
Points of the Monetary Policy
a) Reserve Bank of India leaves inflation projection for FY23 unchanged at
6.7% on upside risks to food prices.
b) The RBI has lowered the real gross domestic product (GDP) growth
forecast for FY23 to 7% from 7.2%. Q2FY23 growth is seen at 6.3%, Q3 at 4.6%
and Q4 at 4.6% with risks broadly balanced. Growth for Q1FY24 has been revised
to 7.2%.
c) In the August policy, the RBI had left the inflation projection for this
fiscal unchanged at 5.7%, despite acknowledging that inflation had peaked.
d) Sensex declines 262.73 points to 56,147.23 ahead of the MPC meet
e) Rupee rises 14 paise to 81.59 against the US dollar in early trade
f)
The trade deficit remained near all-time highs in
July and August and the current account deficit is expected to track near a
10-year high of 5 per cent of gross domestic product (GDP).
g) The average crude oil price (Indian basket) was revised to US$100 per
barrel from US$105 earlier as global crude prices fell.
h) Forex have shrunk nearly $100 billion to $545 billion from a peak of
$642 billion a year ago and are expected to fall further.
2. Mastercard to launch ‘carbon calculator’ for
Indian consumers: Mastercard, a global payment and technology company
is set to launch Carbon Calculator features. Mastercard is in talks with Indian
Banks to launch the Carbon Calculator feature which will offer the consumers an
estimated carbon footprint for each of their purchases.
The Mastercard
Carbon Calculator will help consumers to become cause-driven. Mastercard has
started the Priceless Planet Coalition, which is a campaign to restore 100
million trees. The Cabron Calculator will let the consumers see the carbon
effect of their purchase.
Carbon
Calculator: Carbon Calculator is a service that will be
provided to banks. It is a personalized carbon footprint tracker that can tell
consumers the cumulative effect of carbon footprint across various spending
categories in a month. It has already been launched in several countries, now
it will be launched in India too. Mastercard Carbon Calculator is developed
with the collaboration of Swedish Fin-tech Doconomy and it is currently used in
25 countries. The banking partners can also embed the tracking tool in their websites
or mobile apps.
BUSINESS AND ECONOMY
1. Foreign Trade Policy 2015-20 Extended Further
for 6 Months: The Commerce Ministry announced the extension of
the existing foreign trade policy by six months. The Commerce Ministry said,
“existing Foreign Trade Policy extended by six months due to currency
volatility & global uncertainty. Geo-Political situation is not suitable
for long-term Foreign Trade Policy.” Earlier, the government had extended the
due date for the Foreign Trade Policy 2015-20 to September 30, 2022.
Need of
Foreign Trade Policy: Foreign Trade Policy provides a framework for
increasing exports of goods and services as well as generation of employment
and increasing value addition in the country. It focuses to support both the manufacturing
and services sectors, with a special emphasis on improving the ease of doing
business
2. BSE Receives SEBI’s Final Approval to Launch EGR
on its Platform: Stock exchange BSE has received final approval from
the capital markets regulator Securities and Exchange Board of India (SEBI) for
introducing the Electronic Gold Receipt (EGR) segment on its platform. The
exchange had received in-principle approval from SEBI in February after which
the exchange conducted several mock trading in the test environment for
exchange members to facilitate trading in EGRs.
EGR: The instruments representing gold will be called EGRs and will be
notified as securities, with trading, clearing and settlement features similar
to other securities that are currently available in India. SEBI board had
earlier cleared a proposal for gold exchange, wherein the yellow metal will be
traded in the form of EGRs and will help in having a transparent domestic spot
price discovery mechanism. India currently has trading only in gold derivatives
and gold ETFs, unlike several other countries which have spot exchanges for
physical trade in gold.
3. World Bank Cuts 2022 East Asia Growth Aim: Economic growth in East Asia and the Pacific will weaken sharply in
2022 due to China’s slowdown, but the pace of expansion will pick up next year,
the World Bank said. The Washington-based lender said in a report it expected
2022 growth in the East Asia and Pacific region, which includes China, to slow
to 3.2%, down from its 5.0% forecast in April, and the previous year’s growth
of 7.2%.
4. Vijay Jasuja named as Independent Director of
Stashfin: Leading Fintech platform Stashfin has appointed
BFSI (Banking, Financial Services and Insurance) expert and former MD and CEO
of SBI Cards, Vijay Jasuja as Non-Executive Independent Director. He also
served as a Director at PNB Cards. Jasuja, an industry veteran, has more than
40 years of BFSI experience in leadership positions across Indian and overseas
markets, has been the MD and CEO of SBI Cards, and director, of PNB Cards. He
has held multiple leadership positions at SBI including General Manager,
Hyderabad; General Manager (IBG), Mumbai; Country Head and CEO, Maldives and
Regional Head, Sub-Saharan Africa.
Note: CEO and
Founder of Stashfin: Tushar Aggarwal.
DEFENCE
1. Swedish Defence Maker Saab To Produce
Carl-Gustaf M4 Rocket Launchers In India: Swedish
defence firm Saab announced its plan to set up a manufacturing facility in
India for the Carl-Gustaf M4 shoulder-fired weapon system under the NDA
government’s ‘Make in India’ initiative to bolster indigenous defence
manufacturing, a company official said. Production at the new facility is
expected to begin in 2024, even though the firm is yet to reveal the location.
Key
Points:
a) A new company, Saab FFV India, will make the latest rocket launchers in
India for the Indian armed forces, along with components for users of the
weapon system around the world, the company said.
b) The facility will be the firm’s first manufacturing facility for the
Carl-Gustaf M4 weapon system outside Sweden.
c) The Carl-Gustaf weapon system has been in service with the Indian Army
since 1976, and its earlier M2 and M3 variants have been licence-produced in
India.
d) The company is looking at the 100% foreign direct investment (FDI) route
to set up the new venture, but will pursue the 74% FDI option with an Indian
partner if the former doesn’t work out.
e) The Swedish firm said it will continue its partnership with Munitions
India Limited and Advanced Weapons and Equipment India Limited, two of the
seven firms carved out of the erstwhile Ordnance Factory Board, to manufacture
the earlier M3 variant of the Carl-Gustaf weapon and ammunition.
2. INS Sunayna participated in Operation Southern Readiness: INS Sunayna entered Port Victoria Seychelles to participate in the annual training exercise Operation Southern Readiness of Combined Maritime Forces (CMF). The joint training exercise is being attended by representative delegations from USA, Italy, Australia, Canada, New Zealand and ship participation from UK, Spain & India. This marks the first participation of an Indian Navy ship in the Combined Maritime Forces exercise. It will participate in the annual training exercise Operation Southern Readiness of the CMF.
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