Table of Contents
National News
India-UAE Investment Pact: Reducing Arbitration Time and Expanding Protection
India has recently signed a Bilateral Investment Treaty (BIT) with the United Arab Emirates (UAE) aimed at enhancing investor confidence and fostering stronger economic ties. One of the key changes in this agreement is the reduction of the arbitration period for foreign investors from five years to three years. This new provision allows investors to seek international arbitration if disputes are unresolved by the Indian judicial system within the stipulated timeframe. The BIT, effective from August 31, 2024, also extends protections to shares and bonds, broadening the scope of investments covered compared to the previous agreement.
Democracy in Action, Haryana and Jammu & Kashmir Voters Give Their Mandate
The recently concluded Assembly elections of Haryana and Jammu and Kashmir and the Election Commission announced the result on 8th October, 2024. In Jammu and kashmir alliance led by INC-NC and in Haryana BJP party won the mandate from the people. The elected governments will assume the office for the next five years.
International News
Hurricane Milton Approaches: Residents Evacuate Tampa Bay Area
As Hurricane Milton threatens the Florida coast, residents of the Tampa Bay region are evacuating in droves, fearing a potentially catastrophic storm. With preparations underway to safeguard against dangerous storm surges, severe winds, and possible tornadoes, officials are urging residents to evacuate while they still can. Craig Fugate, former FEMA director, emphasized the urgency: “Today’s the last day to get ready.” Meanwhile, Florida Governor Ron DeSantis announced the deployment of over 300 dump trucks to clear debris from Hurricane Helene, highlighting the ongoing challenges the state faces.
Protests Erupt in Pakistan Following 40% Tax Hike Under IMF Bailout
Pakistan is witnessing widespread protests after the government raised taxes by 40% as part of a $7 billion bailout deal with the International Monetary Fund (IMF). This move, aimed at stabilizing a faltering economy plagued by high inflation and depleted foreign reserves, has pushed many citizens to the brink, exacerbating an already critical cost of living crisis. As basic necessities become increasingly unaffordable, the population’s patience wears thin, posing a significant challenge for Prime Minister Shehbaz Sharif’s coalition government.
Bangladesh Forms Nine-Member Constitution Reform Commission
Bangladesh’s interim government has established a nine-member Constitution Reform Commission, headed by Bangladeshi-American professor Ali Riaz, to review and propose reforms within 90 days. The commission, formed after Prime Minister Sheikh Hasina resigned, aims to create a more representative and democratic framework. Members include professors, legal experts, and student representatives, with student Mahfuj Alam serving as special assistant to Chief Adviser Muhammad Yunus. The commission is part of broader reforms announced by Yunus, which include commissions for judiciary, police, electoral system, public administration, and anti-corruption.
Economy News
UP’s Rural Women Drive Rs 27,000 Crore in Financial Transactions
Enterprising rural women in Uttar Pradesh, working as BC Sakhis, have facilitated Rs 27,000 crore in financial transactions over the past four and a half years. BC Sakhis, appointed under a nationwide women empowerment initiative, are part of self-help groups (SHGs) providing banking services in rural, unbanked areas. Uttar Pradesh leads the nation in the number of BC Sakhis, followed by Madhya Pradesh and Rajasthan. These women have earned Rs 75 crore in commission, making significant contributions to financial inclusion.
RBI Monetary Policy Meeting 2024: Repo Rate Unchanged and Other Key Outcomes
The Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 6.5% for the tenth consecutive time. This decision reflects a shift in the monetary policy stance from ‘withdrawal of accommodation’ to ‘neutral.’ As a result, all external benchmark lending rates linked to the repo rate will remain stable, providing relief to borrowers as their equated monthly instalments (EMIs) will not rise.
RBI Intervention Stabilizes Rupee Below 84 Against the Dollar
The Indian rupee has shown resilience against the US dollar, settling at 83.97 due to active intervention from the Reserve Bank of India (RBI). Despite ongoing pressure from foreign portfolio outflows, rising crude oil prices, and a strengthening dollar index, the RBI’s strategies have kept the rupee from breaching the psychologically significant 84 mark. Market experts believe that RBI’s presence in various currency markets has been crucial in preventing a sharp depreciation.
Defence News
Indian Navy Commissions New Deep-Water Survey Vessel
The Indian Navy has received its latest large Survey Vessel for deep water hydrographic mapping specially designed, Nirdeshak (Yard 3026), second of four Survey Vessel (Large) ships, steered by the Indian Navy’s Warship Design Bureau and being built at Garden Reach Shipbuilders & Engineers (GRSE), Kolkata was delivered to the Indian Navy.
Awards News
Celebrating Excellence in Indian Cinema at the National Film Awards
The Ministry of Information and Broadcasting confers the prestigious National Film Awards along with cinema’s highest honor, the Dadasaheb Phalke Award each year. The 70th National Film Awards were conferred on 8 October 2024 by Hon. President Draupadi Murmu.
Baker, Hassabis, Jumper Awarded Nobel 2024 in Chemistry for Pioneering Protein Research
The 2024 Nobel Prize in Chemistry has been awarded to David Baker for his innovative work in computational protein design and to Demis Hassabis and John M. Jumper for their groundbreaking AI-based protein structure prediction. These discoveries, recognized by the Royal Swedish Academy of Sciences, represent major advancements in understanding and designing proteins.
Sports News
The End of an Era: Andrés Iniesta Announces Retirement
Andrés Iniesta, The Spaniard, maestro of the game announced retirement from professional football after a long 22 years serving in the field. The player who represented the National team of Spain and FC Barcelona, one of the best clubs in the world.
Important Days
World Mental Health Day 2024
World Mental Health Day, observed annually on October 10, was first initiated in 1992 by the World Federation for Mental Health (WFMH). This global observance aims to raise awareness about mental health issues and mobilize efforts in support of mental health care worldwide.
Celebrating World Post Day: Honoring Postal Services
World Post Day is celebrated each year on 9 October. The event was declared by the 1969 Universal Postal Congress in Tokyo as a means to mark the anniversary of the Universal Postal Union’s (UPU) creation in 1874.
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