NATIONAL UPDATES:
1. Central govt approves fire services projects worth Rs 725 cr for 3 states: A high-level committee, headed by Union Home Minister Amit Shah, has approved three projects worth Rs 725.62 crore for the expansion and modernisation of fire services in Chhattisgarh, Odisha and West Bengal. The committee has approved Rs 376.76 crore for West Bengal, Rs 201.10 crore for Odisha and Rs 147.76 crore for Chhattisgarh under the ‘Expansion and Modernisation of Fire Services’ in the states. The high-level committee comprised of Finance Minister Nirmala Sitharaman, Agriculture Minister Shivraj Singh Chouhan and Vice Chairman NITI Aayog Suman K Bery as members. The central government has allocated a total of Rs 5,000 crore under the National Disaster Response Fund (NDRF) for ‘Expansion and Modernisation of Fire Services’ in the states.
2. India’s first ever tri-service space exercise Antariksha Abhyas begins in Delhi: In a first, the tri-service exercise ‘Antariksha Abhyas 2024’, a three-day exercise aiming to secure India’s national strategic objectives in space, begins in Delhi.The exercise is being conducted by the Defence Space Agency of Headquarters Integrated Defence Staff.The exercise is expected to help secure national strategic objectives in space and integrate India’s space capability into military operations.The Space Exercise aims to provide enhanced understanding of space-based assets and services and to gain understanding of operational dependency on the space segment between stakeholders.Specialist branches under Headquarters Integrated Defence Staff viz Defence Cyber Agency, Defence Intelligence Agency and Strategic Forces Command would also be active participants in the exercise. Representatives from the Isro and the DRDO will also take part in this exercise.
3. Tata Power, Noida International Airport sign Rs 550 crore deal for renewable energy: Tata Power will invest Rs 550 crore to develop solar and wind power capacities and related infrastructure to supply clean energy to Noida International Airport.Tata Power entered into a partnership with Noida International Airport (NIA) to supply renewable energy to the upcoming airport in Jewar in Uttar Pradesh’s Gautam Buddha Nagar district.Tata Power Trading Company Limited (TPTCL) will be at the forefront of this partnership, managing the complete renewable energy portfolio interface and ensuring NIA’s clean energy needs are met through a comprehensive Power Purchase Agreement (PPA).Under the deal, Tata Power Trading Company Ltd. will supply 10.8 MW of wind power to NIA, with secured assets from Tata Power Renewable Energy Ltd. (TPREL). In addition, TPREL will develop, operate, and maintain a 13 MW onsite solar power capacity.
4. Amazon launches facility in Bengaluru to train school students in tech: Amazon India has launched a facility in Bengaluru that will provide “underserved” school students free, hands-on learning in robotics, computing, artificial intelligence (AI) and 3D printing.For beginners, there are three- to four-hour programmes to learn basic robotics and coding.Six-hour programmes will over two days “dive deeper” into advanced robotics, programming, prototyping and design. For the most advanced students, there are multi-month programmes. Makerspace has areas where students can build and test their robot.Students can book online sessions that will have groups of up to 40 participants.Makerspace has 3D printers, lathes, power tools, electronics equipment and kits for international competitions. Mentors and Amazon volunteers will help students develop skills in coding, problem-solving and design.
5. Ministry of Textiles approves 12 research projects worth INR 13 Crores under the National Technical Textiles Mission: The 10th Mission Steering Group under the chairmanship of Union Minister of Textiles has approved 12 research projects of value INR 13.3 Cr. under the National Technical Textiles Mission.The research projects were approved across key strategic areas of geotextiles, sustainable and smart textiles, composites, etc.The approved projects were proposed by eminent research bodies and institutions including IITs, NITs, CRRI, etc. The total number of approved research projects under the Mission now stands at 168 with a total value of approx. INR 509 Cr.National Technical Textiles Mission is a flagship scheme of Ministry of Textiles focused on developing the research and development capabilities of the local industry, especially in the areas of high performance fibre development.
6. Jyotiraditya Scindia inaugurates SATRC-25 in New Delhi: The 25th Meeting of SATRC-25 (South Asian Telecommunication Regulators’ Council) was inaugurated by the Union Minister for Communications Jyotiraditya Scindia.The meeting is held annually to discuss and coordinate regulatory and other issues related to the telecommunication and Information and Communication Technology (ICT) sectors common for the regulators of SATRC Members.The 25th Meeting of the SATRC has been organised by the Asia-Pacific Telecommunity. It is being hosted by the Telecom Regulatory Authority of India (TRAI) in New Delhi.The Telecom sector regulators of 9 countries -Afghanistan, Bangladesh, Bhutan, India, Iran, Maldives, Nepal, Pakistan, and Sri Lanka are attending the 25th meeting of the South Asian Telecommunication Regulators’ Council.
INTERNATIONAL UPDATES:
1. Govt extends tenure of Foreign Secretary Vikram Misri till 2026: The government has extended the tenure of foreign secretary Vikram Misri till 14th July 2026. The Appointments Committee of the Cabinet has approved the extension.Misri assumed the charge as Foreign Secretary on 15th July this year.A career diplomat from the 1989 batch of the Indian Foreign Service, Ambassador Misri has served in various capacities at the Ministry of External Affairs, in the Prime Minister’s Office and in various Indian Missions abroad in Europe, Africa, Asia and North America.
2. Navin Ramgoolam elected as the PM of Mauritius: Navin Ramgoolam has been elected as the Prime Minister of Mauritius.Prime Minister of Mauritius Pravind Jugnauth has reportedly accepted that his coalition, L’Alliance Lepep, has suffered a “huge defeat” following Sunday’s parliamentary election.Navin Ramgoolam, 77, leader of the Alliance of Change coalition, is set to become the next leader of the Indian Ocean archipelago.
3. 13 November – World Kindness Day: World Kindness Day is commemorated annually on November 13 and aims to promote several acts that inspire compassion, empathy, and goodwill around the world.This day urges people around the world to perform acts of kindness whether great or small, to help create a more peaceful world.World Kindness Day is a relatively new commemoration which began in 1998 following the formation of the World Kindness Movement (WKM). The World Kindness Movement (WKM) is a worldwide non-governmental organisation with no political or religious affiliation.
OTHER UPDATES:
SCIENCE AND TECHNOLOGY
1. IIT Madras partners with ISRO to establish Research Centre to study Spacecraft & launch vehicle Thermal Management: Indian Institute of Technology Madras (IIT Madras) has collaborated with Indian Space Research Organisation (ISRO) to establish a Centre of Excellence for research in ‘Fluid and Thermal Sciences’.The ISRO would be providing a seed funding of ₹1.84 crore towards establishing this centre.This centre will act as a nodal centre for spacecraft and launch vehicle-related thermal management research activities of ISRO. Thermal problems regarding design, analysis and testing of various components could be performed by leveraging the expertise of IIT Madras faculty.The projects under the MoU will cover critical areas, including spacecraft thermal management, combustion instability in hybrid rockets, and cryo-tank thermodynamics. The Centre will enhance collaboration between ISRO scientists and IIT Madras faculty, fostering innovation in fluid and thermal sciences.
BANKING AND FINANCE
1. Retail inflation at a 14-month high, rises to 6.21% in October: The Consumer Price Index (CPI) based inflation reached a 14-month high of 6.21 percent in October, up from 5.49 percent in August, indicating persistent price pressures across sectors, according to the data of Ministry of Statistics and Programme Implementation (MoSPI).In comparison, retail inflation stood at 3.65% in August 2024 and 3.54% in July 2024.Inflation in October climbed above the Reserve Bank of India’s (RBI) 6% tolerance threshold, marking the first breach of this level in 14 months since August 2023. The Reserve Bank of India (RBI) aims to keep inflation within a range of 2-6 percent, with a medium-term target of 4 percent.The data shows higher inflation in rural areas at 6.68 percent compared to 5.62 percent in urban regions.The Consumer Food Price Index (CFPI) recorded a significant year-on-year (Y-o-Y) inflation rate of 10.87 percent, driven largely by rising prices of vegetables, fruits, oils and fats. In September, food inflation stood at 9.24 percent.
2. PSBs show strong performance in the First Half of FY 2024-25 with 11% Y-o-Y growth: The Union Finance Ministry said that aggregate business of public sector banks (PSBs) has shown strong growth of 11 per cent in the first half of the financial year 2024-25 (H1FY25) to touch Rs 236 trillion. The operating and net profit were also robust.At Rs 1.5 trillion, operating profit grew by 14.4 per cent year-on-year (Y-o-Y) while the net profit saw an impressive 25.6 per cent jump at Rs 85,520 crore in the first half of FY25.The global credit and deposit portfolio of PSBs grew by 12.9 per cent and 9.5 per cent Y-o-Y to Rs 102.29 trillion and Rs 133.75 trillion respectively.The Gross and Net NPA stood at 3.12% and 0.63% as on Sep-24 (Gross and Net NPA declined by 108 bps and 34 bps respectively YoY).The Capital to RWA assets ratio (CRAR) stood at 15.43% in Sep-24 against the regulatory requirement of 11.5%.
3. ICICI Prudential Multi-Asset Fund turns Rs 10 lakh into Rs 7.5 cr in 22 yrs: ICICI Prudential Multi-Asset Fund, one of India’s largest and most successful multi-asset allocation funds, has achieved a remarkable milestone—completing 22 years of robust performance. With a closing Asset Under Management (AUM) of Rs 50,495.58 crores as of September 30, 2024.The fund now holds a dominant share of 48.29% in the multi-asset allocation category, solidifying its position as a preferred choice for investors seeking diversified, long-term growth.An initial lump sum investment of Rs 10 lakh made at the fund’s inception would have grown to approximately Rs 7.26 crore by September 30, 2024, reflecting a Compounded Annual Growth Rate (CAGR) of 21.58%. In comparison, a similar investment in the fund’s benchmark—composed of Nifty 200 TRI (65%), Nifty Composite Debt Index (25%), Domestic Price of Gold (6%), Domestic Price of Silver (1%), and iCOMDEX Composite Index (3%)—would have amounted to around Rs 3.36 crore, yielding a CAGR of 17.39%.
AWARDS AND HONOURS
1. Australian filmmaker Phillip Noyce to receive Satyajit Ray Lifetime Achievement Award at IFFI 2024: Veteran Australian filmmaker Phillip Noyce, known for his work on Clear and Present Danger, Salt, and Rabbit-Proof Fence, will receive the Satyajit Ray Lifetime Achievement Award at the 55th International Film Festival of India (IFFI).The festival, which will be held in Goa from November 20-28, 2024, has Australia as its Country of Focus this year.The festival will open with the Asian premiere of Better Man, a biographical film about British pop star Robbie Williams, directed by Michael Gracey.IFFI will also feature six new theatres and introduce “IFFiesta,” an entertainment zone along Goa’s riverfront.Theme of 55th International Film Festival of India (IFFI) – Young Filmmakers – The Future is Now
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