Rank and Reports News

Periodic Labour Force Survey: July 2023- June 2024: Lakshadweep, Andaman & Kerala tops in Youth Unemployment Rate

• The 7th Annual report “Periodic Labour Force Survey (PLFS) July 2023- June 2024” by the National Sample Survey Office (NSSO) reveals Lakshadweep has the highest youth unemployment rate at 36.2%.
• Youth unemployment in Lakshadweep includes 79.7% among young women and 26.2% among young men.
• Andaman and Nicobar Islands follow with a youth unemployment rate of 33.6%, and Kerala with 29.9%.
• The national average for youth unemployment stands at 10.2%, with females facing a higher rate of 11% compared to 9.8% for males.
• Madhya Pradesh has the lowest youth unemployment rate at 2.6%, followed by Gujarat at 3.1% and Jharkhand at 3.6%.

Science and Technology News

NLDSL Unveils ULIP Logistics Hackathon 2.0 and launched Track Your Transport App

• On September 25, 2024, NICDC Logistics Data Services Limited (NLDSL) launched the Unified Logistics Interface Platform (ULIP) Logistics Hackathon 2.0 in collaboration with NITI Aayog – Atal Innovation Mission (AIM) and Startup India.
• The event, chaired by Rajeev Singh Thakur, Additional Secretary of DPIIT, took place at Vanijya Bhawan in New Delhi.
• The Track Your Transport (TYT) Application, powered by ULIP, was also launched to simplify logistics and can be accessed via www.trackyourtransport.in.
• Over 1800 participants joined the launch event, both physically and virtually.
• ULIP integrates 37 systems from 10 ministries through 118 APIs, covering over 1800 data fields, and has over 1000 companies registered on its portal.

National News

Indian Railways Launches ‘Rail Rakshak Dal’ in North Western Zone for Quick Rescue Operations

• On September 24, 2024, Indian Railways established the Rail Rakshak Dal in the North Western Railway (NWR) zone as a pilot project for rapid rescue operations.
• The initiative aims to promptly respond to train accidents and support district administration during emergencies.
• Rail Rakshak Dal is formed under the supervision of Union Minister Ashwini Vaishnaw and involves physically fit railway staff trained in skills like swimming.
• This initiative reduces reliance on the National Disaster Response Force (NDRF) for rescue operations.
• The Rail Rakshak Dal will be available free of cost to stakeholders of Indian Railways during emergencies.

Rank and Reports News

SBI’s ERD Report: India’s Population Growth on a Downward Trajectory

• The State Bank of India (SBI)’s Economic Research Department (ERD) report projects India’s population growth rate to decline from 2.20% in 1971 to 1% in 2024.
• India’s population is expected to be between 138 to 142 crore in 2024.
• The median age of India is projected to increase from 24 years in 2021 to 28-29 years in 2023/24.
• The working-age population in India has been increasing since 1971 and is estimated to reach 64.4% in the upcoming Census, further expected to rise to 65.2% in 2031.
• The proportion of children aged 0 to 14 years is projected to be 24.3% in 2024, down from 30.9% in 2011.

National News

Union Minister Jyotiraditya M. Scindia Launched the ‘Ashtalakshmi Mahotsav’ Website in New Delhi

• Union Minister Jyotiraditya M. Scindia launched the official website for ‘Ashtalakshmi Mahotsav’ at Sanchar Bhawan in New Delhi.
• The website will serve as a one-stop platform for updates about the event, schedules, and participation details.
• The festival, scheduled from December 6-8, 2024, at Bharat Mandapam, Pragati Maidan, New Delhi, will showcase the culture and business potential of the Northeast region.
• The event will feature pavilions dedicated to Muga and Era silk, live demonstrations of artisanal crafts, and a focus on Geographical Indication (GI) products of the Northeast.
• Activities include a fashion show, design conclave, buyer-seller meet, and an investment round table to foster collaborations and economic impact.

Rank and Reports News

OECD Raised India’s GDP Forecast to 6.7% for FY25; 6.8% for FY26

• The Organisation for Economic and Development (OECD) raised India’s GDP growth forecast to 6.7% for FY25, up from 6.6%, and to 6.8% for FY26, up from 6.6%.
• The report also increased India’s headline inflation forecast to 4.5% for FY25, aligning with the Reserve Bank of India (RBI)’s forecast.
• Global growth is projected to remain stable at 3.2% in both 2024 and 2025, with moderate inflation.
• The report noted that headline inflation is close to target in about 4/5th of OECD nations.
• Growth rates for the US and China are projected to slow down, with the US at 2.6% in 2024 and 1.6% in 2025, and China at 4.9% in 2024 and 4.5% in 2025.

Banking and Finance News

ADB forecasts India’s economic growth at 7% for FY24 and 7.2% for FY25

• The Asian Development Bank (ADB) projects India’s GDP growth at 7% for FY24 and 7.2% for FY25.
• The report highlights that GDP growth slowed to 6.7% in Q1 FY24 but is expected to accelerate in the coming quarters.
• Government debt is projected to decrease from 58.2% of GDP in FY24 to 56.8% in FY25.
• The Current Account Deficit (CAD) is projected to be 1% of GDP in FY24 and 1.2% in FY25, down from previous forecasts.
• Consumer inflation is anticipated to rise to 4.7% in FY24 due to elevated food prices.

National News

Shankh Air, India’s Newest Airline, Gets Approval from MoCA

• Shankh Air, owned by Shankh Aviation Private Limited, received the No Objection Certificate (NOC) from the Ministry of Civil Aviation (MoCA).
• Shankh Air will be the first scheduled airline to launch from Uttar Pradesh, with hubs in Lucknow and Noida.
• The airline aims to connect major cities across India, focusing on areas with high demand and limited direct flight options.
• India is currently the third-largest domestic aviation market globally, with a 15% year-on-year increase in air passenger traffic.
• Shankh Air is yet to receive clearance from the Directorate General of Civil Aviation (DGCA) to begin operations.

Awards and Recognitions News

RINL Bagged the Prestigious CII-GBC National Energy Leader Award for the 6th Consecutive Year

• Rashtriya Ispat Nigam Limited (RINL) won the National Energy Leader Award from the Confederation of Indian Industry- Green Business Centre (CII-GBC) for the 6th consecutive year.
• The award was presented during an event held in Hyderabad, Telangana, on September 12, 2024.
• RINL also won the “Excellent Energy Efficient Unit Award” for the 8th consecutive year.
• The awards were presented by Milind Deora, Secretary, Bureau of Energy Efficiency (BEE), Ministry of Power (MoP).
• These awards recognize RINL’s consistent efforts towards energy conservation, including waste heat recovery systems and energy benchmarking.

Banking and Finance News

CCI Approves Acquisition of Vastu Housing Finance Corporation by Naspers Ventures

• The Competition Commission of India (CCI) approved the acquisition of less than 10% equity shareholding in Vastu Housing Finance Corporation Limited (VHFCL) by Naspers Ventures B.V.
• CCI also approved the acquisition of shares of Home Credit India Finance Private Limited by VS Holdings Limited, STPL Trading and Services Private Limited, and PI Opportunities Fund-II.
• Additionally, CCI approved the acquisition of 100% share capital of Sunbeam Lightweighting Solutions Private Limited by Craftsman Automation Limited.
• These approvals are part of CCI’s mandate to regulate mergers and acquisitions to ensure fair competition in the market.

Banking and Finance News

RBI approves amalgamation of The Rajapur Sahakari Bank Ltd. with The Malad Sahakari Bank Ltd.

• The Reserve Bank of India (RBI) approved the Scheme of Amalgamation of The Rajapur Sahakari Bank Limited with The Malad Sahakari Bank Limited.
• The scheme will come into force from September 23, 2024.
• The branches of The Rajapur Sahakari Bank Ltd. will function as branches of The Malad Sahakari Bank Ltd.
• This amalgamation is approved under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation (BR) Act, 1949.
• The amalgamation aims to enhance the operational efficiency and financial stability of the banks involved.

Sports News

Syria Beat India 3-0 to Win their Maiden Intercontinental Cup 2024 Football Title

• Syria won their maiden Intercontinental Cup 2024 football title by defeating India 3-0 in the final group match held at GMC Balayogi Athletic Stadium in Hyderabad, Telangana.
• This is the 4th edition of the Intercontinental Cup, organized by the All India Football Federation (AIFF).
• The tournament was a tri-nation series between India, Syria, and Mauritius, played in a round-robin format.
• Syria secured 6 points in the series by defeating Mauritius 2-0 and India 3-0.
• India won the inaugural tournament in 2018 and the 2023 edition.

Sports News

Lay’s Named Official Sponsor of FIFA World Cup 2026 & FIFA Women’s World Cup 2027

• Lay’s, a global snack brand owned by Frito-Lay, Inc., becomes the official sponsor for the FIFA World Cup 2026 and FIFA Women’s World Cup 2027.
• The FIFA World Cup 2026 will feature 48 teams and will be hosted across Canada, Mexico, and the USA.
• The FIFA Women’s World Cup 2027 will be held in Brazil.
• Lay’s will introduce “Fan of the Match” recognition at every match of both tournaments.
• The partnership includes other Frito-Lay brands like Doritos, Cheetos, Tostitos, and Ruffles.

Important Days News

World Pharmacists Day 2024 – September 25

• World Pharmacists Day (WPD) is observed annually on September 25 to recognize pharmacists’ crucial role in healthcare.
• WPD marks the anniversary of the inception of the International Pharmaceutical Federation (FIP).
• The theme for WPD 2024 is “Pharmacists: Meeting global health needs”.
• The first-ever WPD was observed on September 25, 2010.
• FIP is the global body for pharmacy, pharmaceutical sciences, and pharmaceutical education.

Important Days News

Antyodaya Diwas Day 2024 – September 25

• Antyodaya Diwas Day is observed annually on September 25 to commemorate the birth anniversary of Pandit Deendayal Upadhyaya.
• The day emphasizes Pandit Deendayal Upadhyaya’s concept of “Antyodaya”, meaning the rise and development of the last person in society.
• September 25, 2024, marks the 108th birth anniversary of Pandit Deendayal Upadhyaya.
• The Government of India declared September 25 as Antyodaya Diwas Day in 2014.
• The first Antyodaya Diwas Day was observed on September 25, 2014.