National News

Union Cabinet Accepts the Recommendations on Simultaneous Elections (One Nation One Election – ONOE)

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has accepted the recommendations of the High-Level Committee on Simultaneous Elections.
• The committee was chaired by former President Ram Nath Kovind.
• This move aims to streamline the election process across the country.
• The initiative is expected to reduce the cost and logistical challenges associated with frequent elections.

Science and Technology News

Cabinet gave approval for CHANDRAYAAN-4 Mission

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the Chandrayaan-4 mission.
• The mission aims to develop and demonstrate technologies for returning to Earth after landing on the Moon.
• It will also involve collecting lunar samples and analyzing them on Earth.
• The total cost of the mission is Rs 2104.06 crore, and it will be completed within 36 months.

Science and Technology News

India’s Own Space Station for Scientific research to be established with the launch of its first module in 2028

• The Union Cabinet has approved the building of the first unit of the Bharatiya Anatriksh Station (BAS).
• This project extends the scope of the Gaganyaan program.
• The first module is set to be launched in 2028.
• The space station will be used for scientific research.

Science and Technology News

After Moon and Mars, India sights science goals on Venus

• The Union Cabinet has approved the development of the Venus Orbiter Mission (VOM).
• This mission is a significant step towards exploring and studying Venus.
• It aligns with the Government’s vision of expanding space exploration beyond the Moon and Mars.
• The mission will involve significant participation from industry and academia.

Science and Technology News

New Re-usable Low-cost launch vehicle for Bharat

• The Union Cabinet has approved the development of the Next Generation Launch Vehicle (NGLV).
• This vehicle will be a significant step towards establishing and operating the Bharatiya Antariksh Station.
• It will also contribute to developing the capability for an Indian crewed landing on the Moon by 2040.
• The project aims to reduce the cost of space missions.

Summit and Conference News

India and European Union agree to deepen cooperation in Sustainable Water Management

• India and the European Union (EU) have agreed to enhance cooperation in sustainable water management.
• This agreement was made at the 6th EU-India Water Forum.
• The forum was held on the sidelines of the 8th India Water Week in New Delhi.
• The collaboration aims to address water management challenges and promote sustainable practices.

Rank and Reports News

India Becomes 6th Largest Market in MSCI ACWI

• India has become the sixth largest market in the MSCI All Country World Investable Market Index (ACWI IMI).
• India’s weight in the index stands at 2.35%, surpassing China’s 2.24%.
• France is just 3 basis points ahead of India in the index.
• India is now the largest emerging market in the MSCI ACWI IMI for the first time.

Science and Technology News

Cabinet Gives Nod to Bio-RIDE Scheme to Support R&D in Biotechnology

• The Union Cabinet has approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme.
• The scheme aims to boost biotechnology research, innovation, and entrepreneurship.
• It has an outlay of ₹9,197 crore for the 15th Finance Commission period (2021-22 to 2025-26).
• The initiative is expected to drive significant advancements in the biotechnology sector.

International News

India’s Exports to China Fall Faster Than to Other Partners

• India’s exports to China contracted by 22.44% to $1 billion in August.
• Overall exports declined by 9% to $34.7 billion.
• The decline is attributed to muted demand, geopolitical issues, and logistics challenges.
• Despite the contraction, China remains India’s fifth-largest export market.

National News

Cabinet Clears ‘One Nation, One Poll’ and Major Agriculture-Space Proposals

• The Union Cabinet has approved several key proposals with a total outlay exceeding ₹60,000 crore.
• The ‘One Nation, One Poll’ policy, enabling simultaneous elections across India, received approval.
• The PM-AASHA scheme was revamped with a ₹35,000 crore budget to ensure Minimum Support Prices (MSP) for farmers.
• A ₹24,474.53 crore subsidy on phosphatic and potassic (P&K) fertilizers for the 2024-25 rabi season was also sanctioned.

Rank and Reports News

India is set to become the Third-largest Economy by 2030-31

• India is on track to become the third largest economy by fiscal 2030-31.
• This projection is driven by a robust annual growth rate of 6.7%.
• The credit rating agency S&P Global highlighted this in its report titled “India Forward Emerging Perspectives.”
• The report underscores India’s economic potential and growth trajectory.

National News

Modi 3.0 Government Sanctions Rs 12,554 Crore for Disaster Relief

• The Central government has allocated Rs 12,554 crore for disaster relief and rehabilitation.
• This funding is aimed at supporting states affected by natural disasters.
• The allocation includes contributions from multiple disaster relief and mitigation funds.
• The initiative underscores the government’s commitment to disaster management and relief efforts.

Banking and Finance News

Atal Pension Yojana (APY) Subscribers at 69 Million, Corpus at Rs 35,149 Crore

• About 7 crore people have subscribed to the Atal Pension Yojana (APY).
• The scheme has accumulated a corpus of Rs 35,149 crore.
• Launched in 2015, APY provides a guaranteed minimum pension ranging from Rs 1,000 to Rs 5,000 per month.
• In case of the subscriber’s death, the pension is extended to the spouse for life, and upon the demise of both, the nominee receives the entire corpus.