Daily Current Affairs 04th November 2024, Important News Headlines (Daily GK Update)

National News

India May to Welcome Indonesia’s President on Republic Day 2025

New Delhi is considering inviting Indonesia’s newly elected President, Prabowo Subianto, as the chief guest for its Republic Day 2025 celebrations, according to sources. This potential invitation underscores a growing partnership between India and Indonesia, with plans for high-level meetings, defense cooperation, and possibly even the participation of the Indonesian military in the Republic Day parade.

NSE Launches Multilingual Mobile App and Website

On the occasion of Diwali and to mark its 30th anniversary, the National Stock Exchange of India (NSE) has launched its official mobile app, NSEIndia, and expanded its corporate website to support a total of 12 languages. This initiative aims to create a more inclusive financial ecosystem for millions of investors across India, allowing them to access market information in their preferred regional languages.

India Commits to 30% Protected Areas in Updated Biodiversity Plan

India has unveiled its updated National Biodiversity Strategy and Action Plan (NBSAP) during the 16th UN Biodiversity Conference in Cali, Colombia, committing to protect at least 30% of its terrestrial, inland water, and coastal marine areas by 2030. This ambitious target aligns with the Kunming-Montreal Global Biodiversity Framework (KM-GBF), adopted at the previous conference in 2022, which aims for global protection of 30% of land and ocean areas while restoring degraded ecosystems crucial for providing clean water and air.

Economy News

Canara Bank Aims for ₹6,000 Crore Recovery in H2 FY25

State-owned Canara Bank is setting a significant target for loan recovery, aiming to recoup approximately ₹6,000 crore from bad loans in the second half of the current fiscal year (H2 FY25). This strategic goal reflects the bank’s ongoing efforts to improve asset quality while building on its recent financial performance.

Banking News

SEBI Proposes Reforms to Enhance Flexibility and Protection for REITs and InvITs

The Securities and Exchange Board of India (SEBI) has introduced a range of proposed changes for Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs), and Small and Medium REITs (SM REITs) aimed at enhancing market flexibility and investor protection. This aligns with SEBI’s ongoing efforts to strengthen governance, reduce financial risk, and improve operational efficiency in these investment structures.

SEBI’s New Securitisation Rules: Key Investor Safeguards

The Securities and Exchange Board of India (SEBI) has proposed significant changes to the securitisation framework to bolster investor protection and streamline regulatory requirements. The proposal includes a minimum investment threshold, limitations on investor participation, mandatory dematerialisation, and liquidity safeguards. Public feedback is invited until November 16, 2024, as SEBI aims to build on its 2008 framework and the Reserve Bank of India’s (RBI) 2021 securitisation guidelines.

SBI Mutual Fund Surpasses ₹10 Lakh Crore AUM, Leading the Industry

SBI Mutual Fund (SBI MF) has made headlines by becoming the first fund house in India to surpass the ₹10 lakh crore mark in assets under management (AUM), reaching ₹10.99 lakh crore in the September quarter, a notable increase from ₹9.88 lakh crore in June. This achievement places SBI MF ahead of its closest competitors, ICICI Mutual Fund and HDFC Mutual Fund, which have AUMs of ₹8.41 lakh crore and ₹7.47 lakh crore, respectively.

State News

Karnataka Embraces Bali Padyami Festival

Karnataka is celebrating the Bali Padyami festival (Bali Pratipada) on marking the fourth day of Deepavali. This festival commemorates the return of the Asura king, Bali Chakravarty, from Pathala Loka to Bhuloka, a journey made possible by the boon granted to him by Lord Vishnu during his Vamana Avatar.

Appointments News

Itaru Otani Appointed as Chairman of India Yamaha Motor

India Yamaha Motor has appointed Itaru Otani as its new Chairman, a significant move aimed at enhancing the company’s presence in India’s dynamic two-wheeler market. With over 30 years of experience at Yamaha Motor Company, Otani brings a wealth of expertise from leadership positions in diverse global markets, including Australia, Brazil, and Japan. His appointment signals a strategic shift to align Yamaha’s offerings with the evolving preferences of Indian consumers, focusing on innovative and stylish products that cater to local demands.

Summits & Conferences

ILO’s 352nd Governing Body Meeting Kicks Off in Geneva

The 352nd Governing Body meeting of the International Labour Organisation (ILO) is currently taking place in Geneva. This important gathering began on October 28 and will run until November 7, bringing together representatives from member countries to discuss key labor issues and strategies for improving working conditions globally.

Science & Technology News

ISRO Begins Groundbreaking Analogue Space Mission in Leh

ISRO announced the launch of its analogue space mission in Leh, Ladakh. This innovative mission aims to simulate life in an interplanetary habitat, addressing the challenges associated with establishing a base station beyond Earth. Through this initiative, ISRO seeks to gather insights and prepare for future space exploration endeavors.

Ranks & Reports

Global AI Preparedness India’s Position Among Leading Nations

Artificial intelligence (AI) is revolutionizing the global economy, reshaping labor markets, industries, and societal dynamics. This transformation brings vast opportunities along with complex challenges. According to a forecast by Grand View Research, the global AI market is expected to grow at a robust compound annual growth rate (CAGR) of 36.6% from 2024 to 2030, highlighting AI’s expanding role in various sectors.

Significant Rise Himalayan Glacial Lakes Increase 10.81% from 2011 to 2024

A recent government report indicates that glacial lakes and water bodies in the Himalayan region have experienced a 10.81% increase in area from 2011 to 2024, primarily driven by climate change. This expansion raises concerns about the heightened risk of glacial lake outburst floods (GLOFs). The report, accessed by PTI from the Central Water Commission (CWC), highlights that lakes in India have seen an even more significant growth, with a surface area increase of 33.7%.

Miscellaneous News

Collins Dictionary Names “Brat” 2024 Word of the Year

In a reflection of evolving social attitudes and pop culture influences, Collins Dictionary announced “brat” as its Word of the Year for 2024. The word, redefined by British singer Charli XCX and popularized through her album of the same name, has come to represent a “confident, independent, and hedonistic attitude.” Originally used to describe a misbehaving child, “brat” now embodies a culturally resonant spirit of self-expression and rebellion that resonates globally, with notable support from US presidential candidate Kamala Harris.

Important Days

Celebrating 50 Years Coal India’s Foundation Day

Coal India Limited (CIL) celebrated its 50th Foundation Day on 1st November, marking a significant milestone as it entered its golden jubilee year. The day began with a respectful tribute at the Coal Martyrs’ Memorial, where CIL’s Chairman PM Prasad, along with Functional Directors and the Chief Vigilance Officer, honored the contributions and sacrifices of coal industry workers throughout the decades.