The Hindu Review October 2023 PDF

Current Affairs | October 2023 1 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 Contents The Most Important Current Affairs...

Current Affairs | October 2023 1 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 Contents The Most Important Current Affairs May 2023.................................................................................... 3 Banking and Financial Current Affairs.................................................................................................. 8 Economy Current Affairs..................................................................................................................... 11 Business Current Affairs..................................................................................................................... 12 International Current Affairs.............................................................................................................. 14 National Current Affairs..................................................................................................................... 17 States Current Affairs......................................................................................................................... 19 Schemes and Committees.................................................................................................................. 22 Agreement/Memorandum of Understanding (MoU)......................................................................... 23 New Appointments: International...................................................................................................... 24 Ranks and Reports Current Affairs..................................................................................................... 24 Sports Current Affairs......................................................................................................................... 25 Summits And Conferences.................................................................................................................. 28 Important Days................................................................................................................................... 30 Defence Current Affairs...................................................................................................................... 31 Awards Current Affairs....................................................................................................................... 33 Science and Technology...................................................................................................................... 35 Books & Authors................................................................................................................................. 36 Miscellaneous Current Affairs............................................................................................................ 36 Obituaries Current Affairs.................................................................................................................. 37 Static Current Affairs.......................................................................................................................... 38 2 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 The Most Important Current Affairs May 2023 Bihar Caste Census Reveals Demographic Insights 7. Large-Scale Data Collection: o The caste survey encompassed 17 socio-economic The Bihar government recently released the results of its caste indicators, including caste. survey, shedding light on the state’s demographic composition. o It was conducted in three phases, involving approximately While it is important to note that no detailed analysis has been 2.64 lakh enumerators documenting data from 29 million conducted yet, the survey provides valuable data on caste registered households. distribution in Bihar. o A total of 214 castes were identified and assigned individual codes. Bihar Caste Census: Key Demographic Breakdowns 8. Implications for Reservations: Here are the key findings from the Bihar caste survey: o The survey’s findings may open the door to challenging the 1.OBCs and EBCs Dominate: 50% ceiling on reservations in the state. o Extremely Backward Class (EBC) comprises 36.01% of the 9. Government Initiatives: population. o The Bihar government launched the two-phase caste o Other Backward Class (OBC) constitutes 27.13% of the survey in January, recording both economic status and population. caste data for around 12.70 crore people in the state. 2. Scheduled Castes and Tribes: 10. Comparison with Previous Data: o The Union Government had conducted a caste survey in o Scheduled Caste (SC) population stands at 19.65%. 2011 (SECC-2011), but the data was never made public. o Scheduled Tribe (ST) population is 1.68%. 3. General Caste and Yadavs: Nobel Prize 2023 Winners List o General Caste population is 15.52%. Nobel Prize 2023 Winners List o Yadavs represent 14% of the population. The Nobel Prize 2023 Winners List represents a diverse range of fields and disciplines, but they are all united by their 4. Religious Composition: extraordinary contributions to humanity. Their work has had a o Hindus make up 82% of the population. profound impact on our understanding of the world around us o Muslims account for 17.71%. and on our ability to solve some of the most pressing challenges of our time. Additional Insights: The Nobel Prize is the world’s most prestigious award, honoring The survey also provides insights into specific caste groups: individuals and organizations for outstanding achievements in 6. Yadavs, Kushwahas, and Kurmis: physics, chemistry, medicine, literature, peace, and economics. The prizes are awarded annually by the Nobel Foundation, o Among OBCs, Yadavs constitute 14.26%. based on the will of Swedish industrialist and inventor Alfred o Kushwaha and Kurmi castes make up 4.27% and 2.87%, Nobel. The Nobel Prize amount for 2023 is set at Swedish respectively. kronor (SEK) 11.0 million per full Nobel Prize. Check Out the Nobel Prize 2023 Winners List Nobel Prize Category Winners Date Achievements Katalin Karikó and Drew 2 Physiology or Medicine For their pioneering work on mRNA vaccines Weissman October For experimental methods that generate attosecond Pierre Agostini, Ferenc Krausz 3 Physics pulses of light for the study of electron dynamics in and Anne L’Huillier October matter Moungi G. Bawendi, Louis E. 4 Chemistry For the discovery and synthesis of quantum dots Brus and Alexei I. Ekimov October 5 For his innovative plays and prose which give voice to the Literature Jon Fosse October unsayable For her fight against the oppression of women in Iran 6 Peace Narges Mohammadi and her fight to promote human rights and freedom for October all The Sveriges Riksbank Prize 9 for having advanced our understanding of women’s Claudia Goldin in Economic Sciences October labour market outcomes 3 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 GST Council clears a few measures to boost foreign trade III. Changes in GST Rates for Services: 7. Exemptions for Government Services: The 52nd GST Council meeting took place under the leadership Services provided to Central/State/UT governments, of Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman. The meeting covered various important decisions local authorities, and services like water supply, public and recommendations related to changes in GST tax rates, health, sanitation, conservancy, solid waste trade facilitation measures, and compliance streamlining. management, slum improvement, and upgradation supplied to Governmental Authorities will be exempt Recommendations on GST Rates for Goods and Services from GST. Changes in GST Rates for Goods 8. Job Work Services for Barley Processing: 1. Food Preparation of Millet Flour: Job work services for processing barley into malt will The GST rates for food preparations made from millet have a 5% GST rate, similar to job work related to food flour have been adjusted. and food products. If sold loose, it will have a 0% GST rate, and if sold pre- 9. GST on Bus Transportation Services via ECOs: packaged, it will have a 5% GST rate. Bus operators organized as companies may be 2. Imitation Zari Thread: excluded from paying GST under section 9(5) of the Imitation zari threads made from metallized polyester CGST Act, 2017, for bus transportation services via or plastic film will be taxed at a 5% GST rate. Electronic Commerce Operators (ECOs). However, there will be no refund on the 10. District Mineral Foundations Trusts (DMFT): polyester/plastic film used.3 DMFTs set up by State Governments will be considered 3. Foreign Going Vessels: Governmental Authorities and eligible for GST Foreign going vessels converting to coastal runs will be exemptions. subject to 5% IGST. 11. GST on Indian Railways: Conditional IGST exemption is recommended for these All goods and services supplied by Indian Railways will vessels, provided they reconvert to foreign going be taxed under Forward Charge Mechanism to allow vessels within six months. them to avail Input Tax Credit (ITC). II. Other Changes Related to Goods: Trade Facilitation Measures 4. Extra Neutral Alcohol (ENA) i) Amnesty Scheme for Filing Appeals: ENA used for manufacturing alcoholic liquor for human An amnesty scheme will be introduced for taxable consumption will be excluded from GST. persons who couldn’t file appeals against demand 5. Molasses: orders within the allowable time frame. The GST rate on molasses will be reduced from 28% to They can now file appeals against such orders until 5%. January 31, 2024, by paying 12.5% of the disputed tax, This will help mills have more liquidity for clearing cane with at least 20% being debited from their Electronic dues to sugarcane farmers and reduce cattle feed Cash Ledger. manufacturing costs. ii) Clarifications on Taxability of Personal Guarantees: 6. Rectified Spirit for Industrial Use: Clarifications will be provided regarding the taxability A new 8-digit HS code will be created for rectified of personal guarantees offered by directors to banks spirit used for industrial purposes, with an 18% GST and corporate guarantees provided for related rate. persons, including those by holding companies to subsidiaries. iii) Automatic Restoration of Provisionally Attached Property: Properties provisionally attached will be automatically released after one year, eliminating the need for a separate order from the Commissioner. iv) Clarifications on Place of Supply: A circular will be issued to clarify the place of supply for various services, including transportation of goods, advertising services, and co-location services. v) Clarification on Export of Services: A circular will be issued to clarify the admissibility of export remittances received in Special INR Vostro accounts for the consideration of supply of services to qualify as export of services. 4 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 vi) Supplies to SEZ Units/Developers: NSO Released Periodic Labour Force Survey (PLFS) Annual Amendments will be made to allow suppliers to Special Report 2022-2023 Economic Zone (SEZ) developers or units to supply The PLFS (Periodic Labour Force Survey), by the NSO (National goods or services to them on payment of integrated tax, with a refund route. Statistical Office), has released its results for the period of April to June 2023. The report indicates a notable decrease in the Other Measures Related to Law and Procedures: country’s unemployment rate, a rise in the Labor Force i) Alignment of CGST Act with Tribunal Reforms Act: Participation Rate (LFPR), and an improvement in the Worker- Amendments will be made to the CGST Act to align the Population Ratio (WPR). provisions with the Tribunal Reforms Act, including This survey, which sampled data from 5,639 first-stage sampling eligibility criteria and age limits for the appointment of units (FSUs) and 1,67,916 individuals across 44,190 urban judicial members and Presidents. households, provides valuable insights into the changing ii) Amendment in ISD Procedure: dynamics of India’s labor market. The Input Service Distributor (ISD) procedure will be made mandatory for distributing Input Tax Credit (ITC) Positive Shift in Labor Force Participation in certain cases. Rules will be amended accordingly. One of the key takeaways from the PLFS is the increase in the iii) Automatic Restoration of Provisionally Attached Property: Labor Force Participation Rate (LFPR) for individuals aged 15 After one year, properties provisionally attached will years and above. In urban areas, the LFPR has risen from 47.5% be automatically released without the need for a in April-June 2022 to 48.8% in the same period of 2023. This separate order from the Commissioner. data reflects a promising trend, indicating growing participation in the labor force. Global Hunger Index 2023: India’s Decline to 111th Place Gender Disparity in Labor Force Participation In the latest Global Hunger Index (GHI) for 2023, India has been The Ministry of Statistics and Programme Implementation ranked 111 out of 125 countries, marking a decline from its noted that while the LFPR remained relatively steady at 73.5% 107th position in 2022. The GHI is an annual assessment of for males during this period, there was a notable increase for hunger levels globally, published by Irish NGO Concern females, with their LFPR going up from 20.9% to 23.2%. Worldwide and German NGO Welt Hunger Hilfe. Worker-Population Ratio on the Rise Key Findings of Global Hunger Index 2023 The Worker-Population Ratio (WPR) is another important The GHI 2023 report highlights that India has the highest child wasting rate in the world, standing at 18.7 percent indicator of the health of a nation’s labor market. In urban during 2018–22, which signifies acute undernutrition. areas, the WPR increased from 43.9% in April-June 2022 to The rate of undernourishment in India is reported at 16.6 45.5% in the same months of 2023 for individuals aged 15 years percent, and the under-five mortality rate is 3.1 percent. and above. The prevalence of anemia among women aged between 15 A Promising Shift in Employment and 24 years in India is alarmingly high at 58.1 percent. The rise in WPR signifies a positive trend in the proportion of India’s overall GHI score is 28.7, categorizing the hunger the working-age population that is employed. The data shows situation in the country as “serious.” that this improvement was seen in both genders, with the WPR Comparison with Neighbors: A Comparative Lens for males increasing from 68.3% to 69.2%, and for females, it In comparison to neighboring countries, India’s GHI ranking rose from 18.9% to 21.1%. appears stark: Decreasing Unemployment Rate India: 111th Perhaps the most encouraging finding from the PLFS is the Pakistan: 102nd decreasing trend in the Unemployment Rate (UR) for individuals Bangladesh: 81st aged 15 years and above. In urban areas, the UR decreased Nepal: 69th from 7.6% in April-June 2022 to 6.6% in the same period of Sri Lanka: 60th 2023. India’s ranking pales in comparison to its neighbors, raising concerns about the nation’s ability to tackle hunger effectively. Balanced Decline in Unemployment Top and Worst Performers in Global Hunger Index 2023: The report highlights that this decline was observed in both Belarus, Bosnia & Herzegovina, Chile, China and Croatia male and female unemployment rates. For males, the UR are the top five countries in GHI 2023. dropped from 7.1% to 5.9%, while for females, it decreased Chad, Niger, Lesotho, Congo, Yemen, Madagascar, and from 9.5% to 9.1%. This decline in unemployment is a positive Central African Republic are the countries ranked at the sign for the Indian labor market, indicating that more people bottom of the index. are finding gainful employment. 5 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 Comparing to Pre-Pandemic Levels Cyber and Economic Safety at Average Levels The government claims that the improvements in these key In the domains of cyber safety and economic safety, India’s labor market indicators in urban areas are not just positive but performance remains middling, with rankings of 56 and 55, also surpass pre-pandemic levels. Comparing the data to the respectively. While the nation boasts a reasonably robust cyber period between April-June 2018 and October-December 2019, infrastructure (13th position) and a decent response capacity the LFPR ranged from 46.2% to 47.8%, while in the latest (19th position), there is room for improvement. report, it reached 48.8%. India’s Cost-Effective Advantage Pre-Pandemic Labor Market Recovery: Robust Gains Despite its remote work challenges, India remains one of the Similarly, the WPR was between 41.8% and 44.1% before the most cost-effective destinations, with the third-lowest cost of pandemic, but now it stands at 45.5%. The Unemployment Rate living. However, its healthcare system ranks poorly at 93, ranged between 7.8% and 9.7% in the pre-pandemic period, potentially impacting the well-being of remote workers. while the latest survey indicates a lower rate of 6.6%. According to the government, this is notably lower than the Top 10 Countries Leading in Remote Work unemployment rates observed in the quarters covered in the Meanwhile, The top 10 countries which scored the highest on pre-pandemic period. the Global Remote Work Index (GRWI) are 1. Denmark, Indications of Recovery and Growth 2. Netherlands, The decrease in the unemployment rate, the rise in the Labor 3. Germany, Force Participation Rate, and the increase in the Worker- 4. Spain, Population Ratio are indicative of an improving job market. 5. Sweden, Moreover, the government’s claim that these indicators have 6. Portugal, surpassed pre-pandemic levels suggests that India’s labor market has not only recovered but is also on a growth 7. Estonia, trajectory. These trends can be seen as a positive sign for the 8. Lithuania, country’s economic stability and the well-being of its citizens. 9. Ireland, and 10. Slovakia. Global Remote Work Index, India among world’s worst countries Gaganyaan TV-D1 Mission In a significant shift in the global remote work landscape, India In a historic moment for India’s ambitious human space has been ranked 64th out of 108 countries in the Global mission, the Test Vehicle-D1 (TV-D1), designed for the ISRO’s Remote Work Index (GRWI). This marks a substantial decline of Gaganyaan program, successfully took flight from Sriharikota, 15 places from the previous year, raising concerns about the Island in Andhra Pradesh. The launch, which marked a country’s readiness for remote work. significant milestone in India’s space endeavors, was not without its share of challenges. Global Remote Work Index (GRWI) Criteria The GRWI, developed and published by cybersecurity firm Mission Objectives and Significance NordLayer, evaluates countries based on four fundamental The TV-D1 launch aimed to achieve several critical mission criteria crucial for remote work success: objectives, bringing India closer to realizing its dream of sending 1. Cyber Safety humans into space. These objectives included: 2. Economic Safety 3. Digital and Physical Infrastructure 1. Flight Demonstration and Evaluation of Test Vehicle 4. Social Safety Subsystems The TV-D1 mission allowed for a comprehensive India’s Weaknesses in Digital and Physical Infrastructure assessment of the various subsystems that make up the India’s remote work challenges are largely rooted in subpar test vehicle. This evaluation is crucial in ensuring the safety digital and physical infrastructure. The nation ranked 77th in and reliability of future human spaceflights. this category, indicating that its e-infrastructure is among the 2. Crew Escape System Evaluation least developed globally (95th position). India’s internet One of the paramount concerns in human space missions is services, although widely available, are plagued by issues of the safety of the crew in case of an emergency. TV-D1 cost (78th) and quality (70th), hampering remote work provided a platform for the evaluation of the Crew Escape efficiency. System (CES), which encompasses various separation Social Safety Concerns and Isolation systems to ensure a safe escape for astronauts. India’s social safety indicators have raised concerns, with the 3. Crew Module Characteristics Assessment nation appearing to be one of the most isolating countries Understanding the characteristics of the Crew Module (CM) worldwide. This is attributed to a low personal rights index (88) is vital for the success of future missions. TV-D1 helped and an environment lacking inclusiveness (65), which can hinder gather critical data about the CM’s performance, improving the remote work experience. our knowledge of its behavior during the flight. 6 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 4. Deceleration System Demonstration at Higher Altitudes Vision India@2047: Key Objectives and Timeline As missions venture into deeper space, deceleration systems become increasingly important. TV-D1 demonstrated the deceleration system’s capabilities at higher altitudes, adding to the knowledge base for future missions. Technical Challenges and Resilience The road to this historic launch was not without its share of challenges. Initially scheduled for 8 a.m., the liftoff was postponed due to adverse weather conditions and poor Objective: The primary objective of the plan is to ensure visibility. The delay, however, was not the end of the hurdles. India’s development into a developed nation by 2047 and Technical glitches further pushed the launch time, eventually avoid the middle-income trap, which has affected several taking place at 10 a.m. These challenges underscore the countries at similar stages of development. resilience and determination of India’s space program in the Leadership: Niti Aayog, a government think tank, has been face of adversity. working on this plan for nearly two years. It was presented The Test Vehicle-D1 and Its Significance to Cabinet Secretary Rajiv Gauba in October. The TV-D1, a single-stage liquid rocket developed for this critical Consultation: In November, consultations will be held with abort mission, played a pivotal role in simulating an abort thought leaders, including prominent corporate figures scenario during the ascent trajectory. It corresponded to a such as Tim Cook, Sundar Pichai, Gautam Adani, Mukesh Mach number of 1.2, mirroring conditions anticipated in the Ambani, K.M. Birla, N. Chandrasekharan, and Indra Nooyi, Gaganyaan mission. The payloads onboard included the Crew to gather their insights and expertise. Module (CM) and Crew Escape Systems (CES) with their fast- Draft Plan: The draft version of the plan is expected to be acting solid motors, alongside the CM fairing (CMF) and ready by December. Several Indian states are also in the Interface Adapters. process of preparing their own development roadmaps. In summary, the successful TV-D1 launch not only signifies a remarkable achievement for India’s space program but also Economic Targets reaffirms the nation’s commitment to exploring the possibilities Economic Growth: The plan envisions making India a $30 of human space travel. As India moves closer to its goal of trillion economy by 2047, a significant increase from its launching astronauts into space, this mission paves the way for current economic size. This ambitious goal aims to position a brighter future in space exploration. India as one of the world’s leading economies. Per Capita Income: To ensure prosperity for its citizens, the “Vision India@2047: Transforming India into a Developed plan targets a per-capita income ranging from $18,000 to Nation by 2047” $20,000. This represents a substantial increase from the current income levels. The Indian government is working on a comprehensive national vision plan, known as ‘Vision India@2047’, aimed at Addressing Middle-Income Trap transforming the country into a developed nation by 2047. The Concern: The plan acknowledges the risk of falling into the plan is designed to prevent India from falling into the middle- middle-income trap, where economic growth slows down income trap and focuses on various aspects of economic and significantly after reaching a certain income level. This issue social development. is exemplified by countries like Argentina that have struggled to advance economically. Challenges Overcome: India has made progress in addressing longstanding challenges such as poverty, infrastructure development (roads, electricity, and water), and these issues are expected to be resolved in the coming years. Next Level: The plan’s focus is on propelling India to the next level of development to avoid stagnation in economic growth. Regional Development and Disparities Regional Cleavages: The plan also aims to address regional disparities in economic development. While some parts of India are witnessing rapid growth, others, particularly in the East and North, are lagging behind. 7 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 Balanced Growth: Achieving balanced and inclusive growth remarkable achievement places Messi three Ballons d’Or ahead across all regions of India is considered crucial for the of his rival Cristiano Ronaldo, who last won the award in 2017. country’s overall development. Messi has now been a top-three finalist for this prestigious Global Dominance in Business accolade a total of 14 times, with five instances as the runner- Global Presence: The plan emphasizes the need for Indian up. firms to dominate various sectors on the global stage. Before this, Messi’s teammate in the World Cup-winning Despite India’s economic growth, none of the world’s Argentine squad, Emiliano Martinez, was recognized with the largest banks, contractors, legal, consultancy, or Lev Yashin Award for the world’s best goalkeeper. Aitana accountancy firms are from India. Bonmati, a key player in Spain’s Women’s World Cup victory Promoting Sectors: The plan explores ways to promote and a Barcelona midfielder, claimed the women’s Ballon d’Or. certain sectors and companies to become global Messi, who secured his inaugural Ballon d’Or in 2009 and held a champions, thereby enhancing India’s presence in the four-year consecutive streak until 2012, was the runner-up to global business landscape. Haaland at the UEFA awards back in August. Skill Development and Global Demand Ballon d’Or 2023: All award winners – Complete list Skill Sets: Developing the skill sets required by India’s Award Winner young population to meet global demands is a priority. The Lionel Messi (Inter Miami, plan recognizes the need to align educational and training Ballon d’Or Argentina) programs with global market requirements. Aitana Bonmatí (FC Nursing Sector: India’s potential to fulfill global demands, Ballon d’Or Feminin Barcelona Femení, Spain) such as in the nursing sector, is noted. However, there is a need to ensure that educational institutions meet Kopa Trophy for the best male U- Jude Bellingham (Real international standards to facilitate the export of skilled 21 player Madrid, England) professionals. Yachine Trophy for the best male Emiliano Martínez (Aston goalkeeper Villa, Argentina) Lionel Messi wins eighth Ballon d’Or 2023 Gerd Müller Trophy for the Erling Haaland highest-scoring male striker (Manchester City, Norway) Lionel Messi wins eighth Ballon d’Or 2023 Lionel Messi and Aitana Bonmati have been honored as the Sócrates Award to acknowledge Vinicius Junior (Real humanitarian work Madrid, Brazil) 2023 Ballon d’Or recipients. Messi secures his eighth Ballon d’Or, setting a new record, thanks to his pivotal role in leading Manchester City and FC Club of the Year Argentina to their first World Cup victory since 1986. This Barcelona Femení Banking and Financial Current Affairs In a recent announcement, the government has decided to In a significant development, Centre has decided to extend keep the interest rate on General Provident Fund (GPF) the tenure of Mr. Dinesh Khara as the Chairman of the savings unchanged at 7.1% for the October-December State Bank of India (SBI), the nation’s largest lender, until quarter. This marks the 15th successive quarter where the August of the following year. (Click to read complete government has maintained the status quo, ensuring article) stability for government employees’ retirement savings. In a recent announcement, the Reserve Bank of India (RBI) (Click to read complete article) underscored the significance of addressing high inflation to In a groundbreaking move aimed at enhancing accessibility maintain macroeconomic stability and sustainable growth. and convenience in availing banking services, the State RBI Governor Shaktikanta Das emphasized the central Bank of India (SBI) has introduced the ‘Mobile Handheld bank’s commitment to achieving a durable 4% inflation Device‘ for its Financial Inclusion (FI) customers. This target while keeping benchmark interest rates unchanged pioneering initiative, unveiled by the Chairman of SBI, Shri for the fourth consecutive meeting. (Click to read complete Dinesh Khara, seeks to empower financial inclusion and article) extend essential banking services to the masses. (Click to The Reserve Bank of India (RBI) has made an important read complete article) announcement regarding gold loans offered by urban The Reserve Bank of India (RBI) has taken a significant step cooperative banks (UCBs). They have decided to double by forming an external working group (WG) to address the the lending limits for gold loans under a specific repayment expected credit loss (ECL) framework for loan loss scheme. RBI has decided to increase the existing limit for provisioning. This initiative aims to gather independent gold loans under a scheme called “bullet repayment” from insights into the intricacies of this substantial shift in the Rs 2 lakh to Rs 4 lakh for urban cooperative banks. (Click to banking sector. (Click to read complete article) read complete article) 8 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 To support the Indian government’s Digital India initiative, The Reserve Bank of India (RBI) has recently taken a the State Bank of India (SBI) introduced a new card called significant regulatory action by canceling the Certificate of NAV-eCash on the Indian Navy’s aircraft carrier, INS Registration of Chennai-based Ind Bank Housing Ltd. This Vikramaditya. The launch took place on October 1, 2021, move has raised eyebrows in the financial sector, as Ind at Karwar. (Click to read complete article) Bank Housing Ltd had major shareholders in the form of YES Bank, a prominent financial institution in India, has Indian Bank and HUDCO (Housing and Urban Development taken a significant leap forward in the digital commerce Corporation Ltd), who held a 51 percent and 25 percent stake in the housing finance company, respectively. (Click space by introducing the ONDC Network Gift Card. This to read complete article) move makes YES Bank the first bank in the country to issue ICICI Bank has recently launched ‘iFinance,’ a revolutionary such a card. In partnership with the Open Network for feature that is set to change the way millions of customers, Digital Commerce (ONDC), this initiative aims to transform including retail clients and sole proprietors, manage their the shopping experience for Indian consumers. (Click to finances. This innovative service empowers customers to read complete article) consolidate their savings and current accounts from New Delhi, October 10, 2023 – The Insurance Regulatory multiple banks into one convenient location. (Click to read and Development Authority of India (IRDAI) has announced complete article) its ambitious plan to deploy ‘Bima Vahaks’ in every Gram The Reserve Bank of India (RBI) has taken a stern stance on Panchayat across the country by December 31, 2024. (Click non-compliance with its regulatory directives by imposing to read complete article) penalties on Union Bank of India, RBL Bank, and Bajaj Outlook Group is excited to announce the launch of its Finance, all of which have faced penalties for various highly anticipated retirement planning event, “40After40,” breaches of RBI’s regulatory guidelines. (Click to read in association with IDFC FIRST Bank. This two-day event complete article) and expo will take place at the Jio World Convention Centre The Asian Development Bank (ADB) has given the green in Mumbai on January 23-24, 2024. “40After40” aims to be light for a $181 million loan to enhance the quality of life in a comprehensive platform for all retirement-related the peri-urban areas around Ahmedabad, a city in the state discussions, offering panel discussions, expert chats, of Gujarat, India. The aim is to improve urban living masterclasses, interactions with financial planners, and conditions and mobility in these rapidly growing areas. (Click to read complete article) product presentations. (Click to read complete article) The Competition Commission of India (CCI) has given its The Reserve Bank of India (RBI) has taken a significant step approval for the merger of the Infrastructure Development to address supervisory concerns by ordering Bank of Finance Company (IDFC) and IDFC First Bank. This approval Baroda (BoB) to immediately halt the onboarding of new was communicated through a regulatory filing on October customers onto their mobile app, ‘bob World‘. This action 17, 2023. (Click to read complete article) comes in the wake of material deficiencies discovered by The Reserve Bank of India (RBI) has taken strict measures the RBI during the customer onboarding process. (Click to against two prominent banking institutions, Kotak read complete article) Mahindra Bank and ICICI Bank, by imposing significant The Securities and Exchange Board of India (SEBI) has penalties. The penalties were levied due to non- launched an investigation into the relationship between compliance with various regulatory norms, reflecting the the Adani Group, a prominent Indian conglomerate, and RBI’s commitment to maintaining the integrity and the Gulf Asia Trade & Investment fund based in the British transparency of the Indian banking sector. Kotak Mahindra Virgin Islands. (Click to read complete article) Bank, a well-known player in the Indian banking industry, Bank of Baroda’s board approved a plan to raise up to Rs faced a penalty of Rs 3.95 crore from the RBI. This action 10,000 crore through long-term bonds. These funds will be was taken primarily due to a series of serious violations. used to support infrastructure development and affordable (Click to read complete article) housing. (Click to read complete article) The Reserve Bank of India (RBI) has recently made significant revisions to its master direction on Know Your Bharti Group has announced its acquisition of French Customer (KYC) for regulated entities. These changes insurer AXA’s 49% stake in Bharti AXA Life Insurance Co. incorporate amendments to the Prevention of Money This move marks the consolidation of a venture that was Laundering rules and, importantly, deal with the jointly run for nearly two decades. (Click to read complete requirement of beneficial owner (BO) identification for article) partnership firms. Under the revised norms, the definition The Reserve Bank of India (RBI) imposed a significant fine of “Principal Officer” has been clarified. A Principal Officer of ₹5.39 crore on Paytm Payments Bank, highlighting is now defined as an officer at the management level various instances of non-compliance with the RBI’s nominated by the regulated entity (RE). This change aims guidelines. The penalties were levied for failing to adhere to provide greater clarity regarding the individuals to specific provisions concerning Know Your Customer responsible for furnishing information. It ensures that (KYC) protocols, cybersecurity measures, and other senior management is held accountable for compliance regulatory requirements. (Click to read complete article) with KYC regulations. (Click to read complete article) 9 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 On the occasion of the 106th birth anniversary of its The Reserve Bank of India (RBI) has recently taken visionary founder, K.P Hormis yesterday, the Federal Bank regulatory action against L&T Finance Limited by imposing recently inaugurated the ‘Mookkannoor Mission,’ a a monetary penalty of ₹2.50 crore (Rupees Two crore Fifty groundbreaking initiative designed to drive change and lakh only) on the company. This decision comes in the wake progress in the village of Mookkannoor, located in the of a statutory inspection of L&T Finance Limited, which covered its financial position as of March 31, 2021, and Ernakulam district of Kerala. This initiative is a testament March 31, 2022. (Click to read complete article) to the bank’s commitment to community development, Illegal instant loan apps have become a significant problem environmental sustainability, and digital transformation, in India, leading to financial scams and even driving some aligning perfectly with the ideals of its illustrious founder. victims to suicide. These apps offer quick money but (Click to read complete article) compromise users’ privacy and security. To address this, Krishna Srinivasan, Director of IMF Asia & Pacific the Ministry of Electronics and Information Technology Department, has stated that India’s contribution to global (MeitY) in India has proposed a solution. (Click to read economic growth will increase from its current 16% to 18% complete article) within the next five years. He emphasized that India’s rapid Reserve Bank of India (RBI) has issued a crucial circular. economic growth is a significant factor in this rise. (Click to This directive places the onus on private banks and wholly- read complete article) owned subsidiaries of foreign banks to establish a robust Reserve Bank of India (RBI) has established a sub-office in senior management team. The primary objective is to Itanagar, Arunachal Pradesh, bolstering its commitment to effectively steer these institutions through the present and financial inclusion and development in the region. Dr. emerging obstacles. (Click to read complete article) The Indian government recently announced changes in the Michael Debabrata Patra, Deputy Governor of RBI, subsidy rates for key fertilisers, affecting nitrogen (N), inaugurated the sub-office on October 20, 2023, marking a phosphorus (P), potassium (K), and sulphur (S). Despite milestone in the central bank’s regional presence. (Click to global price increases, the government aims to maintain read complete article) affordable fertiliser prices for Indian farmers. (Click to read Kotak Mahindra Bank has received the Reserve Bank of complete article) India’s (RBI) approval to acquire 100% stake in micro- The Reserve Bank of India (RBI) has informed lenders, lender Sonata Finance. This acquisition marks a crucial step financial institutions, and credit bureaus that they must for Kotak Mahindra Bank in expanding its footprint in the resolve complaints filed by customers within 30 days or microfinance sector. (Click to read complete article) face a fine of ₹100 per day to ensure that customers’ The Reserve Bank of India has taken a significant step in complaints related to credit information are addressed the digital transformation of the nation’s financial promptly. (Click to read complete article) landscape by initiating a pilot run to test the E-Rupee, a On October 26, foreign institutional investors (FIIs) Central Bank Digital Currency (CBDC), for inter-bank continued their selling spree in the Indian stock market, while domestic institutional investors (DIIs) emerged as borrowing. The E-Rupee pilot project is a remarkable net buyers. This trend occurred on the day of the monthly endeavor that seeks to harness the potential of blockchain Futures and Options (F&O) expiry, with the domestic technology and digital currency to revolutionize the way markets settling lower for the sixth day in a row. FIIs: inter-bank transactions are conducted in India. The pilot According to data from the National Stock Exchange (NSE), project is believed to have been introduced via nine FIIs collectively bought ₹10,239.05 crore worth of Indian prominent banks, which were already part of the G-Sec equities, but they also sold ₹17,941.58 crore. This resulted pilot. (Click to read complete article) in a net outflow of ₹7,702.53 crore. FIIs have been selling RBL Bank, a prominent player in the Indian banking sector, Indian equities due to factors like rising US bond yields and has announced the launch of its cutting-edge digital the strength of the dollar index, which have negatively banking product, the GO Savings Account. This account impacted market sentiment. DIIs: In contrast, DIIs were net introduces a novel subscription-based model, which buyers on this day, infusing ₹13,600.71 crore into Indian combines simplicity and high-value benefits for customers stocks and offloading ₹7,042.26 crore. This translated to a net inflow of ₹6,558.45 crore. (Click to read complete seeking modern banking solutions. (Click to read complete article) article) The Reserve Bank of India (RBI) has granted in-principle HDFC Bank, a leading financial institution, has introduced authorization to Zaakpay, the secure payment gateway its cutting-edge digital platform, XpressWay, to streamline arm of MobiKwik to operate as a payment aggregator. This and expedite its banking products and services. This authorization paves the way for Zaakpay to onboard new innovation empowers customers to enjoy a more rapid and merchants onto its platform, facilitating quick and easy hassle-free banking experience. (Click to read complete processing of online payments. (Click to read complete article) article) 10 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 The Reserve Bank of India (RBI) has conducted a review of Fincare Small Finance Bank (Fincare SFB) is set to merge bulk deposit limits for financial institutions, specifically with AU Small Finance Bank (AU SFB) starting from focusing on Regional Rural Banks (RRBs). As a result, the February 1, 2024, pending necessary approvals and bulk deposit limit for RRBs has been significantly increased regulatory endorsements. This significant merger aims to create a robust financial institution with enhanced from Rs 15 lakh to Rs 1 crore. This adjustment carries capabilities and a broader reach. Under the merger significant implications for the operational framework of agreement, shareholders of Fincare SFB will receive 579 RRBs and aims to create a more equitable banking shares in AU SFB for every 2,000 shares they hold in Fincare landscape. (Click to read complete article) SFB. (Click to read complete article) Economy Current Affairs In September 2023, India’s Gross Goods and Services Tax based index by S&P Global Market Intelligence. This index, (GST) revenues witnessed a significant slowdown, growing known as the Purchasing Managers’ Index (PMI), climbed at the slowest pace in 27 months. The growth rate dropped to 61, up from 60.1 in August. Despite this growth, job to 10.2% from the previous months’ approximately 10.8%. creation was moderate. (Click to read complete article) This decline, although notable, was coupled with some The Ministry of Statistics and Programme Implementation intriguing state-wise variations in GST collections. Despite (MoSPI) released its quarterly bulletin of the Periodic the slowdown, GST collections improved by 2.3% over Labour Force Survey (PLFS), shedding light on the urban August, reaching ₹1,62,712 crore. (Click to read complete unemployment situation in India during the first quarter of article) the fiscal year. In the April-June quarter of this fiscal year, Despite substantial external challenges, India’s economy the urban unemployment rate in India dropped to 6.6%. remains robust, prompting the World Bank to maintain its (Click to read complete article) growth forecast for the fiscal year 2023-24 at 6.3%. This According to the data, released by the Controller General decision reflects India’s remarkable resilience within a of Accounts, the fiscal deficit for the April-August period in demanding global environment. (Click to read complete FY24 stood at Rs 6.42 trillion. This accounts for 36 per cent article) of the full-year target of Rs 17.87 trillion. Comparatively, In September, India’s manufacturing sector saw a notable during the same period in FY23, the fiscal deficit was 32.6 slowdown, reaching a five-month low, as reported by the per cent of the full-year target. (Click to read complete seasonally adjusted S&P Global India Manufacturing article) Purchasing Managers’ Index (PMI). This index slipped to India has witnessed a remarkable increase in its net direct 57.5 from 58.6 in August, indicating a deceleration in tax collections, with a substantial growth rate of 21.8% activity. A PMI reading of 50 represents no change in amounting to ₹9.57 lakh crore by October 9. This surge has activity levels. (Click to read complete article) exceeded over half of the annual Budget estimates. The The World Bank, in its latest India Development Update, boost is primarily attributed to a 32.5% rise in personal has revised its retail inflation forecast for India for the fiscal income tax revenues and a 12.4% increase in corporate year 2023-24. The new projection stands at 5.9 percent, up taxes. (Click to read complete article) from the earlier estimate of 5.2 percent made in April. This In its October 2023 World Economic Outlook (WEO) upward revision is attributed to certain factors which report, the International Monetary Fund (IMF) raised caused a sharp increase in food prices in July 2023. (Click to India’s economic growth forecast for the fiscal year 2023- read complete article) 24. The growth projection was increased from 6.1% to 6.3% In its latest trade and development report, the UN due to stronger-than-expected consumption during April- Conference on Trade and Development (UNCTAD) has June. The report also highlighted India’s resilient domestic revised India’s economic growth forecast for 2023 upward economic activity and the positive impact of robust to 6.6% from the earlier projection of 6%. However, the domestic demand, contrasting global economic trends. report also anticipates a slowdown in India’s growth to (Click to read complete article) 6.2% in 2024. Furthermore, the UNCTAD highlights In September, India experienced a notable drop in retail concerns about the global economic outlook, with a inflation, marking a significant shift from the peak levels deceleration to 2.4% in 2023, followed by a marginal seen 15 months earlier. This decline, attributed largely to improvement to 2.5% in 2024. (Click to read complete softer vegetable prices, brought the Consumer Price Index article) (CPI) to a three-month low. Despite this decrease, inflation In September, the services sector in India experienced a remained above the 4% target set by the central bank, significant boost in both domestic and international hindering potential rate adjustments. (Click to read demand, reaching a 13-year high, according to a survey- complete article) 11 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 India has shown remarkable resilience amidst global decision could potentially affect global sugar prices and challenges, as per the latest India Development Update raise concerns about increased food price inflation (IDU) by the World Bank. Despite a tough global worldwide. (Click to read complete article) environment, India’s economy grew at 7.2% in FY22/23, The Union Government recently took a significant step to making it one of the fastest-growing major economies. benefit Central government employees and pensioners by (Click to read complete article) increasing the Dearness Allowance (DA) and Dearness India’s Wholesale Price Index (WPI) remained in the Relief (DR) by 4%. This increase will be effective from July negative zone for the sixth consecutive month in 1, 2023. (Click to read complete article) September, standing at -0.26 percent. This means that India’s economy is on the rise! By 2030, its Gross Domestic prices for goods at the wholesale level continued to Product (GDP) is predicted to reach a whopping $7.3 decrease. (Click to read complete article) trillion, making it the second-largest economy in the Asia- The Federation of Indian Chambers of Commerce and Pacific region, just after China. (Click to read complete article) Industry (FICCI) recently unveiled its latest Economic Euro Zone businesses faced a significant setback this Outlook Survey, providing insights into the anticipated October, with a widespread drop in demand, raising growth of India’s economy in the upcoming fiscal year, concerns about a possible recession. The Purchasing FY24. The survey, conducted in September 2023, brings Managers’ Index (PMI) for the region fell sharply, together eminent economists from the banking, financial indicating economic challenges. The PMI for services hit a services, and industry sectors to provide a comprehensive 32-month low, indicating a sharp decline in demand. analysis of the economic landscape. The survey’s central Manufacturing also suffered, with a prolonged period projection foresees a 6.3% growth in the Indian economy below the growth threshold. (Click to read complete for FY24. (Click to read complete article) article) Prime Minister Narendra Modi inaugurated a series of The International Monetary Fund (IMF) has recently significant maritime projects, including the unveiling of a unveiled its latest economic projections, revealing that long-term vision document for the blue economy. These global growth is expected to remain at 3 percent in 2023 initiatives are aligned with the ‘Amrit Kaal Vision 2047’ for and further decline to 2.9 percent in 2024, marking one of the Indian maritime blue economy. (Click to read the lowest growth rates in decades. In its “Navigating complete article) Global Divergences” report for October 2023, the IMF India has decided to extend its restrictions on sugar exports outlines the key factors contributing to this subdued beyond October in an effort to stabilize domestic prices, outlook and highlights the significant challenges the global particularly in the lead-up to key state elections. This economy faces. (Click to read complete article) Business Current Affairs Beverage company Coca-Cola India made a significant In a meeting with the Export Promotion Councils, the announcement on Wednesday, unveiling its latest Union Minister of Commerce & Industry, Consumer Affairs, sustainability initiative with the launch of fully recycled PET Food & Public Distribution and Textiles Shri Piyush Goyal bottles for its flagship Coca-Cola brand. This initiative is set unveiled a significant initiative to issue system-based to make a positive impact on both the environment and the automatic ‘Status Holder’ certificates under the Foreign Indian consumer market. (Click to read complete article) Trade Policy (FTP) 2023. This transformative step not only reduces compliance burden and promotes ease of doing REC Limited, a prominent Non-Banking Financial Company business but also underscores the importance of (NBFC) specializing in Power Sector Financing and government collaboration. (Click to read complete article) Development, announced the launch of its latest digital The stock price of Adani Ports and Special Economic Zone innovation, the ‘SUGAM REC‘ mobile application. This (APSEZ), an entity under the Gautam Adani-led group, exclusive app has been specifically designed to cater to the experienced a significant decline of over 5 percent on NSE needs of investors interested in REC’s 54EC Capital Gain (National Stock Exchange) amid certain events affecting the Tax Exemption Bonds. With ‘SUGAM,’ REC aims to simplify region. APSEZ operates the Haifa port in Israel and has the investment process and enhance the overall experience emphasized its vigilance in ensuring business continuity for both existing and prospective investors. (Click to read despite the challenges faced. (Click to read complete complete article) article) 12 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 Microsoft has successfully completed its acquisition of NLC India, a Navratna public sector company, has unveiled Activision Blizzard, the renowned developer behind popular its latest venture into the renewable energy sector. On a video game franchises like Call of Duty and World of mission to bolster India’s green energy capacity, the Warcraft. This monumental deal, valued at $69 billion, company has established a wholly-owned subsidiary known signifies Microsoft’s largest-ever acquisition in its history, as NLC India Green Energy Limited (NIGEL). The subsidiary surpassing the $26 billion purchase of LinkedIn in 2016 and is set to play a pivotal role in the country’s sustainable the $7.5 billion acquisition of Bethesda in 2021. Notably, energy journey, focusing on the expansion of renewable this acquisition also represents Microsoft’s most significant energy projects and technological innovations. (Click to foray into the gaming industry. (Click to read complete read complete article) article) In a strategic move to expand its renewable energy Indian Oil Corporation’s board has given the green light for portfolio and reduce its reliance on fossil fuels, the state- an equity investment of ₹1,660.15 crore, securing a 50% owned Oil and Natural Gas Corporation (ONGC) has stake in the joint venture company Indian Oil NTPC Green successfully secured a bid to acquire PTC India Ltd’s wind Energy. This strategic move aligns with their commitment power unit for Rs 925 crore. This acquisition marks ONGC’s to renewable energy initiatives. (Click to read complete continued effort to diversify its business interests beyond article) its core hydrocarbon operations. (Click to read complete The prominent Indian food tech company, Zomato, has article) introduced a hyperlocal delivery service called ‘Xtreme‘. Zomato has taken a big step to support its women delivery This service aims to leverage the extensive fleet of over 3 partners by introducing a maternity insurance plan. The lakh two-wheeler delivery executives that Zomato has at its goal is to make the Zomato community more welcoming and helpful for these women and their families during disposal. Xtreme is designed to cater to the needs of both pregnancy. This initiative is the first of its kind in the small and large businesses for the intracity delivery of industry. (Click to read complete article) small packages. (Click to read complete article) Swan Energy, a Mumbai-based conglomerate, recently In a significant move to empower the retailer community in acquired Reliance Naval and Engineering through its the states of Odisha and Uttar Pradesh, the National Skill special purpose vehicle, Hazel Infra, solidifying its position Development Corporation (NSDC), operating under the in the commercial and naval defence vessel manufacturing Ministry of Skill Development & Entrepreneurship and ship repairing segments. The move aligns with the (MSDE), has joined forces with Coca-Cola India. (Click to government’s Atmanirbhar Bharat initiative, emphasizing read complete article) self-reliance in shipbuilding. (Click to read complete article) The Indian government has announced its plans to divest Tata Motors has secured a significant ₹766 crore 7% equity in Housing and Urban Development Corp. Ltd arbitration award from the West Bengal Industrial (Hudco) via an offer for sale (OFS) scheduled for October Development Corp. Ltd (WBIDC), concluding a prolonged 18-19. This strategic move is expected to generate dispute stemming from the closure of its Singur plant in approximately ₹1,100 crore in revenue. (Click to read 2008. This plant was intended for manufacturing the Nano, complete article) the world’s most affordable car. (Click to read complete The Cabinet Committee on Economic Affairs (CCEA) has article) given the green light to the Green Energy Corridor (GEC) Phase-II – Inter-State Transmission System (ISTS) for a massive 13-gigawatt (GW) Renewable Energy (RE) project in Ladakh. This ambitious project is poised to reshape the renewable energy landscape in India. (Click to read complete article) Tata Motors, a prominent name in the Indian automotive sector, announced a significant move that would reshape the country’s logistics landscape. The company revealed its plan to acquire a 27% stake in Freight Tiger, a software-as- a-service (SaaS) platform specializing in end-to-end logistics solutions. This strategic partnership represents a crucial step in advancing efficiency within the truck and freight ecosystem in India. (Click to read complete article) 13 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 International Current Affairs Indonesian President Joko Widodo officially inaugurated BAPS Swaminarayan Akshardham, the largest Hindu Southeast Asia’s first high-speed railway on Monday, temple in the United States, celebrated its grand opening marking a significant milestone for the nation’s on Sunday, October 8, in Robbinsville, New Jersey. This infrastructure development. The ambitious project, known architectural marvel is not only a testament to the vibrant as the “Whoosh” high-speed railway, is a key component of Hindu community in the US but also a symbol of the China’s Belt and Road Initiative and is poised to enduring spirit of artistry, spirituality, and human dramatically reduce travel times between two vital dedication. (Click to read complete article) Indonesian cities. (Click to read complete article) India and Tanzania are set to boost their bilateral Pakistan’s inflation rate surged to 31.4% year-on-year in cooperation as Tanzanian President Samia Suluhu Hassan September, driven by soaring fuel and energy prices. This visits India after an eight-year gap. The visit aims to elevate alarming increase followed a high of 27.4% in August, their relations to a strategic partnership and enhance trade highlighting the severe economic challenges faced by the and investment ties. Tanzanian Foreign Minister January nation. (Click to read complete article) Yusuf Makamba anticipates the signing of 15 agreements The tallest statue of the ‘Architect of the Indian covering various areas of cooperation. (Click to read Constitution,’ B.R. Ambedkar, known as the ‘Statue of complete article) Equality,’ is set to be unveiled in Maryland on October 14. India and Switzerland recently celebrated 75 years of their This statue of Ambedkar is an integral component of the Ambedkar International Center (AIC), currently under enduring friendship and fruitful collaboration in a beautiful construction on a 13-acre plot in Accokeek city, Maryland. Kumaon village nestled in the Uttarakhand region of India. (Click to read complete article) The three-day event, aptly named ‘Swiss Himalayan Uganda Airlines announced a significant milestone in its Bounty,’ unfolded last week at a charming homestay in operations by commencing direct flight services between Satoli village, positioned at an altitude of 6,000 feet near Mumbai’s Chhatrapati Shivaji Maharaj International Mukteshwar in the Nainital district. This celebration saw Airport and Entebbe International Airport in Uganda. This the convergence of participants representing various NGOs, development marks a historic moment as it reconnects stakeholders, and beneficiaries of the longstanding India and Uganda with a non-stop air service after more partnership between these two nations. (Click to read than 50 years of hiatus. The maiden flight for this route, UR complete article) 430, is scheduled to take off from Entebbe on 7 October, Bangladesh Prime Minister Sheikh Hasina marked a historic with the return flight, UR 431, departing from Mumbai on 8 moment in the country’s infrastructure development by October. (Click to read complete article) inaugurating the 82-km Padma Bridge Rail Link. This The eurozone economy likely contracted in the third significant project, executed under China’s Belt and Road quarter of the year. Demand in the region saw a significant Initiative (BRI), is poised to transform Bangladesh’s decline in September, marking the fastest pace of decrease connectivity and economic landscape. (Click to read in nearly three years. The final Composite Purchasing complete article) Managers’ Index (PMI), compiled by S&P Global and India and China held their 20th corps commander-level considered a reliable indicator of overall economic health, meeting at the Chushul-Moldo border in Ladakh. Both inched up to 47.2 in September, compared to August’s countries engaged in a series of diplomatic discussions to 46.7. (Click to read complete article) address the persisting issues along the Line of Actual Bangladesh recently received its first shipment of uranium Control (LAC) in eastern Ladakh. These talks, held at the from Russia, which will be used to fuel the country’s Corps Commander level, aimed to foster an open and Rooppur nuclear power plant. The plant, financed and constructive atmosphere, fostering an early and mutually constructed by Russia’s Rosatom, is a significant project acceptable resolution. While these discussions did not yield aimed at enhancing Bangladesh’s electrical grid and a clear breakthrough, they emphasized the commitment of supporting its growing economy. (Click to read complete article) both nations to peaceful dialogue and negotiation. (Click to read complete article) Russian President Vladimir Putin recently announced the successful testing of a new nuclear-powered missile called Russian President Vladimir Putin embarked on his first “Burevestnik” during a speech that covered various topics, foreign trip since the International Criminal Court (ICC) including nuclear weapons and international relations. This issued an arrest warrant for him in March, raising missile, known as “Storm Petrel,” has raised concerns and international attention and scrutiny. The visit took place in questions about its capabilities and reliability. (Click to read Kyrgyzstan, a Central Asian nation historically tied to complete article) Moscow. (Click to read complete article) 14 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 Sri Lanka’s State Minister of Finance, Shehan Semasinghe, Israel tested its new laser-based ‘Iron Beam’ missile has announced the country’s intentions to renegotiate its defence system. The system is designed to destroy short- free trade agreements (FTAs) with key bilateral partners. range rockets, artillery, and mortar bombs. The system This move is part of Sri Lanka’s strategy to boost its could also intercept unmanned aerial vehicles (UAVs). It economic growth and reduce external debt by promoting has a range of up to 7 km. Iron Beam constitutes the sixth element of Israel’s integrated missile defense system, in market access, foreign direct investment, and export- addition to Arrow 2, Arrow 3, David’s Sling, and Iron oriented initiatives. (Click to read complete article) Dome. (Click to read complete article) In a historic event, a 19-foot tall statue of Dr. B.R. The U.S. Pentagon has released a report on China’s military Ambedkar, the principal architect of India’s Constitution, power, indicating that China is expanding its nuclear was formally inaugurated in a suburb of Maryland, weapons arsenal at a faster rate than previously estimated. Washington. This statue is being considered as the tallest This report also suggests that China may be drawing of its kind outside of India and holds significant importance lessons from Russia’s conflict in Ukraine for potential for both Indian-Americans and the Indian diaspora around scenarios related to Taiwan. (Click to read complete the world. (Click to read complete article) article) The Indian Ocean Rim Association (IORA) recently Recently, External Affairs Minister S Jaishankar embarked convened its Council of Ministers meeting in Colombo on on a significant official visit to Vietnam. This visit marked October 11, drawing interest from countries worldwide. not only the strengthening of bilateral relations but also a celebration of the enduring principles and values adopted With 23 member nations and 11 dialogue partners, IORA by Mahatma Gandhi and Rabindranath Tagore. The visit plays a crucial role in fostering regional cooperation around underscored the deep-rooted connections between India the Indian Ocean. (Click to read complete article) and Vietnam and the shared commitment to addressing India and Vietnam, two countries with deep-rooted global issues. (Click to read complete article) historical connections dating back almost two millennia, Japan has recently achieved a significant milestone in the have been forging an enduring bond rooted in Buddhism. realm of defense technology. On October 17, the Japanese This relationship has been further solidified by literary Maritime Self-Defense Force (JMSDF) in collaboration with exchanges and cultural influences. In a recent diplomatic the Acquisition Technology & Logistics Agency (ATLA), a gesture, India’s External Affairs Minister, S. Jaishankar, division of the Japanese Ministry of Defense, successfully inaugurated a bust of Nobel Laureate writer and poet test-fired a medium-caliber maritime electromagnetic Rabindranath Tagore in Bac Ninh city, symbolizing the railgun from an offshore platform. (Click to read complete historical and cultural ties between the two nations. (Click article) to read complete article) In a significant development, the United States has imposed sanctions on three Chinese companies for their Poland’s recent parliamentary elections marked a alleged involvement in supplying missile components to significant turning point, ending eight years of populist rule Pakistan. These sanctions were issued under Executive by the Law and Justice (PiS) party. The liberal opposition, Order 13382, which focuses on entities involved in the led by former EU chief Donald Tusk, emerged victorious, proliferation of weapons of mass destruction and their promising a fresh era for the nation. (Click to read delivery systems. (Click to read complete article) complete article) Sri Lanka, in a bid to revitalize its tourism sector, has taken An age-old sea route between India and Sri Lanka has been a significant step by waiving visa fees for tourists from rejuvenated with the inauguration of a passenger ferry seven countries, including India. This move aims to attract service from Nagapattinam in Tamil Nadu to more visitors and help the country recover from recent Kankesanthurai in Jaffna, Northern Sri Lanka. This initiative economic challenges. (Click to read complete article) aims to bolster bilateral ties, boost tourism, and increase China and Bhutan are working towards resolving their people-to-people relations while benefiting local traders on longstanding border disputes. Bhutan’s foreign minister visited Beijing for talks with his Chinese counterpart, both shores. (Click to read complete article) indicating progress in the negotiation process. (Click to United States President Joe Biden is set to visit Israel amid read complete article) an ongoing conflict with Hamas fighters. The trip was The India-Canada relationship faced difficulties due to a confirmed by US Secretary of State Anthony Blinken, and dispute over the killing of a Sikh separatist in British the White House released an official statement Columbia. Canadian Prime Minister Justin Trudeau alleged emphasizing strong support for Israel. (Click to read that Indian agents were involved in the incident, causing complete article) tension. (Click to read complete article) 15 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | October 2023 Republican Congressman Mike Johnson from Louisiana has rotating monarchy system, marks a significant transition for been elected as the Speaker of the House of the nation. (Click to read complete article) Representatives, marking the end of three weeks of The United Nations, under the leadership of Secretary- political uncertainty in the United States. (Click to read General Antonio Guterres, has taken a significant step complete article) toward managing the opportunities and challenges posed China’s Defense Minister, Li Shangfu, was recently by artificial intelligence (AI). Guterres emphasized the vast removed from his position in a surprising turn of events. potential of AI for positive transformation, yet His disappearance from public view two months earlier had acknowledged the pressing need to address associated sparked rumors about his fate. Li’s removal follows a series risks. To facilitate international cooperation and consensus of unexplained personnel changes in China’s government, on AI governance, a 39-member advisory body has been raising questions about how power is concentrated and established, comprising tech industry leaders, government party discipline is enforced under Chinese leader Xi officials, and academics from diverse backgrounds. (Click to Jinping. (Click to read complete article) read complete article) China is embarking on a groundbreaking endeavor by FATF announced the removal of several countries from its constructing an immense telescope in the western Pacific ‘grey list.’ These countries include the Cayman Islands, Ocean. The primary mission of this massive facility is to Panama, Jordan, and Albania. This development is a detect elusive particles known as “ghost particles” or testament to the significant progress these nations have neutrinos. This ambitious undertaking will result in the made in enhancing their AML/CFT systems, ultimately world’s largest neutrino-detecting telescope. (Click to addressing the strategic deficiencies identified by FATF. read complete article) While several countries celebrated their removal from the Slovakia’s newly appointed Prime Minister, Robert Fico, ‘grey list,’ FATF added Bulgaria to the list. (Click to read has taken office for the fourth time amidst promises to complete article) prioritize Slovakian interests, reduce military aid to Norway has embarked on a significant initiative to support Ukraine, and curb immigr