National News

PM visit to Jharkhand, Gujarat, and Odisha from 15-17 September 2024

• Prime Minister Narendra Modi visited Jharkhand, Gujarat, and Odisha from 15-17 September 2024.
• PM Modi flagged off the Tatanagar-Patna Vande Bharat train at Tatanagar Junction Railway Station, Jharkhand.
• He laid the foundation stone and dedicated various Railway Projects worth over Rs 660 crore in Tatanagar, Jharkhand.
• PM Modi inaugurated Phase II of the Ahmedabad Metro Rail Project and the 4th Global Renewable Energy Investor’s Meet and Expo (RE-INVEST).
• He virtually flagged off India’s first Namo Bharat Rapid Rail between Ahmedabad and Bhuj from the Bhuj railway station.

Science and Technology News

MoES Secretary M Ravichandran Unveiled Integrated Ocean Energy Atlas of INCOIS

• Dr. M Ravichandran, Secretary of the Ministry of Earth Sciences (MoES), launched the Integrated Ocean Energy Atlas of the Indian EEZ.
• The Atlas, developed by the Indian National Centre for Ocean Information Services (INCOIS), highlights renewable energy potential within India’s EEZ.
• It identifies areas with high energy generation potential, serving as a vital resource for policymakers, industries, and researchers.
• The Atlas provides annual, monthly, and daily energy estimates of ocean energy components, accessible via a Web GIS interface at 5-kilometer grid resolution.
• It estimates 9.2 lakh Terawatt-hours (TWh) of annual ocean energy for five sectors within the Indian EEZ.

Banking and Finance News

MoL&E Increases PF Withdrawal Limit to Rs 1 Lakh from Rs 50,000

• On 17th September 2024, Union Minister Dr. Mansukh Mandaviya announced an increase in the PF withdrawal limit to Rs 1 lakh from Rs 50,000.
• Employees who have not completed six months in their current job are now eligible to withdraw amounts, which was earlier prohibited.
• The Government of India is working on a proposal to increase the income ceiling under the EPFO and ESIC from the current Rs 15,000 per month and Rs 21,000 respectively.
• This move aims to provide greater financial flexibility to employees for personal financial needs.

International News

India-Kuwait Ties: ICCR & GUST Sign MoU to Teach Hindi

• The Indian Council for Cultural Relations (ICCR) and the Gulf University for Science and Technology (GUST) in Kuwait signed an MoU to establish ICCR’s first Chair of Indian Studies in Kuwait.
• The agreement was signed by Ambassador of India to Kuwait Dr. Adarsh Swaika and GUST President Professor Bassam Alameddine.
• An expert Indian academician will be appointed to teach Hindi at GUST for up to three years.
• This initiative marks a significant step in promoting Hindi and India-related studies in Kuwait.

Summit and Conference News

ICAIRE Classified as a UNESCO Category 2 Center at the Global AI Summit in Riyadh, Saudi Arabia

• The Saudi Data and Artificial Intelligence Authority (SDAIA) and UNESCO announced the classification of the International Center for Artificial Intelligence Research and Ethics (ICAIRE) as a Category 2 center under UNESCO.
• This classification was announced during the 3rd Global AI Summit held from September 10-12, 2024, in Riyadh, Saudi Arabia.
• The classification highlights Saudi Arabia’s leadership in AI ethics and its commitment to the UN Sustainable Development Goals (SDGs).
• Saudi Arabia was an early adopter of UNESCO’s AI ethics recommendations, endorsed by 193 countries in November 2021.

Banking and Finance News

IDFC First Bank Limited Launched ‘Ashva’ & ‘Mayura’ Credit Cards

• IDFC First Bank launched two new credit cards, ‘Ashva’ and ‘Mayura’, under the premium credit card segment.
• The IDFC First Ashva credit card is a premiere metal credit card designed for affluent customers, powered by the Visa network.
• The IDFC First Mayura credit card combines modern travel benefits with a design inspired by Indian heritage, specifically the peacock.
• The Reserve Bank of India (RBI) approved the re-appointment of V. Vaidyanathan as Managing Director (MD) and Chief Executive Officer (CEO) of IDFC First Bank Limited for three years, effective from 19th December 2024 to 18th December 2027.

State News

ADB Approves USD 50mn Loan for Water Resource Management and Climate Resilience in Meghalaya

• The Asian Development Bank (ADB) approved a USD 50 million loan for the ‘Climate-Adaptative Community-Based Water-Harvesting Project’ in Meghalaya, India.
• The project focuses on improving water access and supporting communities in adapting to climate change through sustainable Water-Harvesting Systems (WHS).
• It involves the construction of 532 water-storage facilities across 12 districts, designed for climate resilience.
• The project will develop 3,000 hectares of command area to ensure reliable irrigation for farmers and introduce micro-irrigation systems in the Garo, Jaintia, and Khasi regions.

Banking and Finance News

SEBI Amended Issue and Listing Non-Convertible Securities Rules to Streamline Public Issuance of Debt Securities

• On 18th September 2024, SEBI amended the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021.
• The amendment aims to streamline the process of public issuance of debt securities and simplify disclosure requirements.
• SEBI reduced the time period for seeking public comments on draft offer documents from 7 working days to 1 day for listed issuers and 5 days for others.
• Issuers now have discretion regarding advertisement of public issues through electronic modes, subject to a window advertisement in newspapers.

Banking and Finance News

SBI Sanctions Thermal Project Loan of Rs. 10,050 Cr to DVC to Develop 1600 MW USCTPP in Koderma

• The State Bank of India (SBI) sanctioned a Rupee term loan facility of Rs 10,050 crores to Damodar Valley Corporation (DVC) for developing a 1600 MW Ultra Super Critical Thermal Power Project (USCTPP) in Koderma, Jharkhand.
• The project involves the construction of two units of 800MW each and aligns with India’s long-term energy goals.
• The loan agreement was exchanged by senior officials from SBI and DVC, including Ashwini Kumar Tewari, MD (Corporate Banking & Subsidiaries), SBI, and Arup Sarkar, Member Finance, DVC.
• The project is identified by the Ministry of Power (MoP) for capacity addition by 2030.

Rank and Reports News

S&P Global Report: India on Track to Become World’s 3rd Largest Economy by FY31 & Projected Annual Growth of 6.7%

• According to S&P Global’s report “India Forward: Emerging Perspectives,” India is on track to become the 3rd largest economy by FY31.
• The report projects an annual growth rate of 6.7% for India, with GDP growth of 8.2% in FY24 and 6.8% in FY25.
• Sustained reforms are crucial for improving business transactions, logistics, boosting private sector investment, and reducing reliance on public capital.
• The report highlights the need for continuous economic reforms to maintain growth momentum.

State News

Karnataka, Gujarat, and TN, Biggest Gainers from 1990s Reforms: EAC – PM

• According to a working paper by the Economic Advisory Council to the Prime Minister (EAC-PM), Karnataka, Gujarat, and Tamil Nadu are the biggest gainers from the 1990s reforms.
• The paper focuses on the relative performance of states, measured using share in India’s GDP and relative per capita income.
• States like Karnataka, Gujarat, Delhi, Andhra Pradesh, Telangana, and Haryana have increased their shares in the national GDP.
• In contrast, states like West Bengal, Uttar Pradesh, Uttarakhand, Bihar, Punjab, and Assam have seen a decline in their shares in India’s overall GDP.

Awards and Recognitions News

Bollywood Producer Vinod Bachchan Honored with Global Prestige Award at the UK Parliament

• Renowned Bollywood film producer Vinod Bachchan was honored with the Global Prestige Award at the House of Lords, UK Parliament.
• The award recognizes his outstanding contribution to the Indian film industry and promoting Indian culture globally.
• Vinod Bachchan produced Bollywood hits such as Tanu Weds Manu, Zila Ghaziabad, Ginny Weds Sunny, and Shaadi Mein Zaroor Aana.
• The award ceremony was attended by Lord Bellamy KC and Lord Rami Ranger CBE, a distinguished Member of Parliament.

Appointments and Resignations News

Jitendra J Jadhav Assumed Charge as DG of Aeronautical Development Agency

• Jitendra J Jadhav assumed charge as the Director General (DG) of the Aeronautical Development Agency (ADA).
• He has been holding additional charge of Program Director (Combat Aircraft) and Director of the ADA since September 2022.
• Jadhav joined ADA in 1999 and has about 37 years of experience in combat aircraft design and development.
• He served as Director of the Council of Scientific & Industrial Research - National Aerospace Laboratories (CSIR-NAL) from 2016-2022.

Important Days News

International Day of Peace 2024 – September 21

• The United Nations’ International Day of Peace (IDP) is observed annually on 21 September to strengthen the ideals of peace.
• The 2024 theme of IDP is “Cultivating a Culture of Peace.”
• 2024 marks the 25th anniversary of the UNGA’s adoption of the Declaration and Programme of Action on a Culture of Peace.
• The first IDP was observed on 21 September 1982.

Important Days News

World Alzheimer’s Day 2024 – September 21

• World Alzheimer’s Day (WAD) is observed annually on 21 September to raise awareness about Alzheimer’s disease and other forms of dementia.
• WAD is observed during World Alzheimer’s Month, an international campaign by Alzheimer’s Disease International (ADI).
• The 2024 World Alzheimer’s Month campaign centers around the taglines ‘Time to act on dementia, Time to act on Alzheimer’s.’
• World Alzheimer’s Day was launched on 21 September 1994 at ADI’s annual conference in Edinburgh, Scotland.

Important Days News

International Red Panda Day 2024 – September 21

• International Red Panda Day (IRPD) is observed annually on the 3rd Saturday of September to raise awareness about the conservation of red pandas.
• IRPD 2024 was observed on 21 September 2024.
• The day aims to educate people about the threats red pandas face in the wild and encourage conservation efforts.
• The first-ever IRPD was observed on 18 September 2010, launched by the Red Panda Network (RPN).

Important Days News

International Coastal Cleanup Day 2024 – September 21

• International Coastal Cleanup (ICC) Day is observed annually on the 3rd Saturday of September to raise awareness about coastal cleanliness.
• ICC Day 2024 was observed on 21 September 2024.
• The theme of International Coastal Cleanup Day 2024 is #SeaTheChange.
• The first-ever ICC event was hosted in 1986 by members of Ocean Conservancy on the west coast of Washington state, USA.