Daily Current Affairs 05th October 2024, Important News Headlines (Daily GK Update)

National News

Cabinet Endorses National Mission to Enhance Oilseed Production

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the National Mission on Edible Oils – Oilseeds (NMEO-Oilseeds), a landmark initiative aimed at boosting domestic oilseed production and achieving self-reliance (Atmanirbhar Bharat) in edible oils.

13,822 Jan Aushadhi Kendras Established Nationwide

The government has established 13,822 Jan Aushadhi Kendras across the country under the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) till 30th September of 2024. These Kendras have also achieved record sales of 200 Crore rupees in the last month, which is the highest monthly sales in the history of the PMBJP.

International News

Italy and Switzerland Redraw Alpine Borders

The redrawing of borders between Italy and Switzerland is a striking response to the rapid melting of glaciers caused by climate change. As global temperatures rise, glaciers in the Alps are shrinking, leading to shifts in natural watershed lines that have historically defined the frontier between these two countries. This agreement, made official by Switzerland on September 27, 2024, follows a recommendation from a commission formed in 2023 to assess climate impacts on glaciers. Italy is expected to approve the changes soon, which primarily affect regions around the Matterhorn.

Nepal, India, and Bangladesh Sign Historic Electricity Trade Agreement

Nepal, India, and Bangladesh have recently entered into a significant tripartite agreement aimed at facilitating cross-border electricity trade, marking a notable step in regional energy cooperation. This agreement allows Nepal to export its surplus electricity to Bangladesh via India during the rainy season, specifically from June 15 to November 15 each year. In the initial phase, Nepal is set to export 40 MW of hydroelectricity, leveraging India’s infrastructure for transmission. The agreed rate per unit of electricity is fixed at 6.4 cents, with Nepal expected to generate approximately USD 9.2 million annually from this trade.

Agreements News

UK Agrees to Transfer Chagos Islands Sovereignty to Mauritius

The United Kingdom and Mauritius reached an historical agreement to cede sovereignty of the Chagos Islands, a strategically significant archipelago in the Indian Ocean to hand over to Mauritius. The agreement allows Mauritius to regain sovereignty while ensuring the continued operation of the U.S. military base on Diego Garcia.

Department of Posts and Amazon Unite to Enhance Delivery Services

The Department of Posts (DoP), with its deep reach, and Amazon, one of the world’s largest e-commerce companies, together seek to empower India’s growing e-commerce sector by enhancing logistical capabilities, supporting job creation, and contributing to economic growth, signed a Memorandum of Understanding (MoU).

Economy News

India’s Forex Reserves Surpass $700 Billion Milestone for the First Time

India’s foreign exchange reserves have exceeded $700 billion for the first time, reaching $704.89 billion in the week ending September 27, 2024. This marks a record increase of $12.58 billion, with foreign currency assets (FCAs) rising by $10.4 billion to $616 billion and gold reserves increasing by $2 billion to $65.7 billion. The surge is attributed to RBI’s dollar purchases and favorable valuation adjustments, driven by declining U.S. Treasury yields, a weakening dollar, and rising gold prices.

Employment in India Up by 36% : Center Reports

India has witnessed significant employment growth over the years. With employment increasing by nearly 36%, adding around 17 million jobs during 2016-17 and 2022-23, India’s economic trajectory demonstrates sustained job creation across key sectors. With a robust democracy, dynamic economy, and a culture that celebrates unity in diversity, India’s journey toward becoming a global powerhouse continues to inspire the world.

Business News

Power Finance Corporation Secures Record USD 1.265 Billion Loan

PFC (Power Finance Corporation), a Maharatna company and leading NBFC in the Indian power and infrastructure sector, announced the successful closing of issuance of the largest-ever foreign currency term loan from an Indian PSU amounting to USD 1.265 billion. This landmark transaction was executed through a facility agreement with multiple banks based in IFSC GIFT City, Gandhinagar.

Appointments News

Aviral Jain Joins RBI as Executive Director

The Reserve Bank of India (RBI) has appointed Aviral Jain as Executive Director (ED) with effect from October 01, 2024. Prior to being promoted to ED, Jain was serving as Regional Director for Maharashtra. As Executive Director, he will look after the several departments for the smooth functioning of RBI.

State News

Ahmedabad Police Unveils AI-Enhanced Command and Control Centre

To enhance citizen safety, Ahmedabad Police is establishing a state-of-the-art Command and Control Centre equipped with advanced technologies, marking a significant upgrade in public security measures. This initiative reflects a growing trend in urban policing that integrates modern technology for improved operational efficiency and crime control.

Summits and Conference News

EAM Jaishankar to Visit Pakistan for SCO Meeting After 9 Years

External Affairs Minister S. Jaishankar will lead India’s delegation to Pakistan for the Shanghai Cooperation Organisation’s (SCO) Heads of Government meeting in Islamabad on October 15-16, 2024. This marks the first visit by an Indian External Affairs Minister to Pakistan since Sushma Swaraj attended a conference in 2015. The visit is focused on the SCO’s regional cooperation agenda, with no bilateral meetings confirmed as of now, according to the Ministry of External Affairs.

Banking News

Federal Bank Teams Up with Bhashini to Add Vernacular Support to Chatbot Feddy

Federal Bank has signed an MoU with Bhashini, an AI-powered language translation platform, to integrate vernacular language support into its AI chatbot, Feddy. This collaboration, inspired by the Reserve Bank Innovation Hub’s (RBIH) initiative for local language banking, aims to make banking services more inclusive and accessible across India. The enhancement allows Feddy to assist users in 14 Indian languages, including Hindi, Bengali, Tamil, and Marathi, among others. This move is seen as a crucial step toward bridging language barriers in financial services.

ADB Approves $162 Million Loan to Boost Sustainable Tourism Development

On October 2, 2024, the Asian Development Bank (ADB) approved a $162 million loan to enhance tourism development in Himachal Pradesh. This funding, aimed at reviving the tourism economy in the five districts severely affected by the pandemic—Hamirpur, Kangra, Kullu, Mandi, and Shimla—will support the Sustainable and Inclusive Tourism Development Project. The project targets the promotion of heritage and cultural sites while developing new infrastructure, ultimately unlocking the state’s tourism potential.

Sports News

Gold Glory: Indian Men’s Team Triumphs in Rapid Fire Pistol

Indian trio wins team Gold medal at ISSF Junior World Championship 2024 in 25 Men’s Rapid Fire Pistol event. The competition was held in Lima, Peru. The trio was Raajwardan Patil, Mukesh Nelavalli and Harsimar Singh Rattha. 

Mumbai Clinches 15th Irani Cup Title After 27-Year Wait

Irani cup title finally returning to Mumbai after the drought of 27 years. Ajinkya Rahane led reigning Ranji champion team has drawn the match after taking the first innings lead against the Rest of India in a 5 day match. In which they stood victorious due to courtesy of the first innings lead.

Important Days

World Teachers’ Day 2024 Observed Every year on October 5th

Every year on October 5th, the world comes together to celebrate World Teachers’ Day, a momentous occasion dedicated to recognizing and honouring the invaluable contributions of educators worldwide. This day serves as a reminder of the profound impact teachers have on shaping not just individual lives, but the very fabric of society. Teachers, often regarded as second parents, guide students through crucial developmental stages, imparting not only knowledge but also essential life skills and values. Theme: “Valuing Teacher Voices: Towards a New Social Contract for Education”.

Obituaries News

Veteran Actor Mohanraj, Iconic ‘Keerikkadan Jose’, Passes Away at 70

Veteran Malayalam actor Mohanraj, famed for his unforgettable villainous role as “Keerikkadan Jose’‘ in the classic film Kireedam, passed away on October 3, 2024, at his residence in Kanjirankulam. Known for his remarkable contributions to the Malayalam film industry, Mohanraj’s demise was confirmed by actor-director P Dinesh Panicker on Facebook, where he reminisced about their collaboration in various films. Mohanraj’s portrayal of ‘Keerikkadan Jose’ solidified his status as a sought-after villain, a legacy that will remain in the hearts of audiences and the film fraternity.