Table of Contents
International News
Israel Joins Asian Development Bank (ADB) as 69th Member Country
In a significant development for international financial cooperation, Israel has become the newest non-regional member of the Asian Development Bank (ADB). The Manila-based lender announced the news on Friday, marking a major step for Israel in enhancing its global strategic ties and economic outreach. Israel officially joined the Asian Development Bank (ADB) as its 69th member and 20th nonregional member, after fulfilling all necessary membership requirements.
Egypt Declared Malaria-Free: A Milestone in Public Health
Egypt has reached a significant public health milestone by being officially declared ‘malaria-free’ by the World Health Organization (WHO) on October 20, 2024. This achievement makes Egypt the second country in the world to receive this certification in 2024, following Cabo Verde.
Maldives President Introduces UPI Payment Service to Boost Economy
Maldives President Mohamed Muizzu has announced the introduction of India’s Unified Payments Interface (UPI) to enhance the country’s economy by improving financial inclusion and transaction efficiency. This initiative is part of a broader strategy to strengthen ties with India following Muizzu’s previous stance against Indian military presence in the Maldives.
A consortium led by TradeNet Maldives Corporation will manage the rollout, with government oversight from various ministries to ensure successful implementation.
Vietnam Elects Military Leader Luong Cuong as President
Vietnam’s parliament elected army general Luong Cuong as the new state president, marking a significant move to restore stability after a period of political upheaval. The 67-year-old Cuong succeeds To Lam, who briefly held the presidency before assuming the more powerful role of party chief following the death of general secretary Nguyen Phu Trong in July.
Defence News
India Strengthens Navy with Fourth Nuclear Submarine
India’s fourth nuclear-powered ballistic missile submarine (SSBN), designated S4*, was officially launched into the water at the Ship Building Centre in Visakhapatnam, according to official sources. This advanced submarine represents a significant leap in capability and size compared to its predecessor, INS Arihant (S2), which primarily served as a technology demonstrator under the Advanced Technology Vessel program.
Swavlamban 2024: Advancing Naval Innovation and Indigenisation
The Curtain Raiser Press Conference for Swavlamban 2024, the third edition of the Indian Navy’s Naval Innovation and Indigenisation Organisation (NIIO) Seminar, took place in New Delhi on October 22, 2024. Chaired by Vice Admiral Krishna Swaminathan, Vice Chief of Naval Staff (VCNS), the event highlighted the Navy’s commitment to showcasing significant advancements in innovation and indigenisation aimed at bolstering India’s defense capabilities. Scheduled for October 28-29, 2024, at Bharat Mandapam, Swavlamban 2024 promises to be a larger and more impactful gathering.
Justice Yahya Afridi Selected as Pakistan’s Next Chief Justice Amid Political Unrest
A special parliamentary committee in Pakistan has appointed Justice Yahya Afridi as the next Chief Justice, bypassing the traditional seniority principle. This decision follows the 26th Constitutional Amendment, which granted the committee the authority to appoint the top judge, replacing the seniority-based elevation system. Afridi was chosen over two senior judges, Mansoor Ali Shah and Munib Akhtar, sparking concerns about deepening political turmoil.
State News
Odisha Govt Increases Casual Leave for Women Employees
In a significant move, the Odisha government has announced an increase in the casual leave (CL) entitlement for women employees, granting an additional 12 days annually, effective immediately. This brings their total CL to 27 days, compared to 15 days for male employees. Chief Minister Mohan Charan Majhi directed the increase, following Deputy CM Pravati Parida’s earlier Independence Day announcement of one paid menstrual leave per month for women staff.
Agreements News
India-Pakistan Extend Kartarpur Corridor Agreement for Five Years
In a significant diplomatic development, India and Pakistan have agreed to renew their pact on the Kartarpur Sahib Corridor for an additional five years, just days after External Affairs Minister S. Jaishankar’s visit to Islamabad, where he met with Pakistan Prime Minister Shehbaz Sharif and Deputy Prime Minister Mohammad Ishaq Dar.
Banking News
Freo Secures IRDAI License to Expand Insurance Offerings
Freo, the digital finance application, has received a corporate agent license from the Insurance Regulatory and Development Authority of India (IRDAI), allowing it to offer a range of customized insurance products to its 25 million users. This initiative comes amid India’s low insurance penetration rate of approximately 4.2%, which is significantly below the global average of 7%. With a commitment to “Insurance For All By 2047,” Freo aims to provide affordable and intuitive insurance solutions to address the needs of its diverse user base, particularly in Tier II and III cities.
RBI Updates Alert List of Unauthorized Forex Trading Platforms
The Reserve Bank of India (RBI) has expanded its ‘Alert List’ of unauthorized forex trading platforms by adding 13 new entities, bringing the total to 88. This list includes names of entities not authorized to deal in forex under the Foreign Exchange Management Act, 1999 (FEMA) or to operate electronic trading platforms (ETPs) for forex transactions. Some notable additions to the list include TDFX, Inefex, and Ranger Capital. The RBI emphasized that this Alert List also includes entities promoting unauthorized platforms through advertisements or claiming to offer training/advisory services.
Economy News
India’s Economic Growth Projected at 7-7.2% for FY25
Deloitte India’s latest Economic Outlook projects that India’s economy will grow between 7.0% and 7.2% in the fiscal year 2024-25, despite a recent slowdown where GDP expanded by only 6.7% year-on-year in Q1 of FY25. This growth is driven by favorable domestic conditions, including strong manufacturing activity, stable oil prices, and anticipated easing of U.S. monetary policy, which could boost capital inflows. The Reserve Bank of India (RBI) supports this outlook with a growth projection of 7.2%, reflecting confidence in India’s economic resilience.
IMF Maintains India’s GDP Growth at 7% for FY25, 6.5% for FY26
The International Monetary Fund (IMF) has maintained its growth projections for India, forecasting the economy to expand by 7% in FY25 and 6.5% in FY26. According to the IMF, the post-pandemic recovery, fueled by pent-up demand, has largely run its course as the economy now aligns with its potential growth trajectory. This steady outlook reflects India’s resilience amid global economic uncertainties.
Important Days News
Disarmament Week 2024: 24-30 October
Disarmament Week, starting annually on October 24, coincides with the anniversary of the founding of the United Nations. The week-long observance is dedicated to raising awareness about the importance of disarmament and promoting international dialogue to reduce the spread and impact of weapons. It was first called for in the Final Document of the UN General Assembly’s 1978 Special Session on Disarmament (resolution S-10/2) and reinforced in 1995 by the General Assembly’s invitation (resolution 50/72 B, 12 December 1995) to governments and NGOs to actively participate.
Global Media and Information Literacy Week 2024, 24-31 October
Global Media and Information Literacy Week is an annual event observed from 24th to 31st October to raise awareness and celebrate the progress achieved towards Media and Information Literacy for all. During Global Media and Information Literacy Week, stakeholders around the world organize events and UNESCO co-hosts with a Member State the global conference gathering the Media and Information Literacy community.
United Nations Day 2024: Date, Theme, History, and Significance
The United Nations Day, celebrated annually on October 24, marks the anniversary of the entry into force of the United Nations Charter in 1945. This day is a global celebration of the UN’s mission to promote peace, security, human rights, and development around the world. In 2024, the United Nations Day once again serves as a reminder of the organization’s pivotal role in addressing global challenges and fostering international cooperation.
World Development Information Day 2024: Date, Theme, History, and Significance
World Development Information Day is celebrated every year on October 24, coinciding with United Nations Day. This observance was established by the United Nations General Assembly in 1972, with the primary goal of drawing global attention to development issues and promoting the dissemination of information that supports international cooperation for development. As we approach 2024, the significance of this day continues to grow, highlighting the importance of mobilizing public opinion in support of sustainable development and economic progress worldwide.
Sports News
Karnataka Triumphs at 24th National Para-Swimming Championship
The 24th National Para-Swimming Championship concluded with Karnataka emerging as the overall champion, amassing an impressive 392 points. The competition saw a fierce battle for the top spots, with Maharashtra finishing a close second with 378 points, and Rajasthan securing third place with 248 points.
Deepika Kumari Wins Silver at 2024 Archery World Cup Final in Mexico
In a remarkable achievement, Deepika Kumari, a four-time Olympian from India, secured the silver medal in the women’s recurve event at the 2024 Archery World Cup Final held on October 20, 2024, in Tlaxcala, Mexico. She faced off against Li Jiaman of China in the final but lost the match 6-0. Li Jiaman, who was part of China’s silver medal-winning team at the Paris 2024 Olympics, claimed the gold.
Summits and Conferences News
Colombia Hosts COP16 Nearly 200 Countries Engage in Dialogue
The two-week United Nations Biodiversity Conference (COP16) commenced today in Colombia, bringing together environmental leaders from nearly 200 countries to evaluate historic commitments aimed at halting and reversing the loss of biodiversity. This significant gathering follows the signing of the Kunming-Montreal Global Biodiversity Framework by 196 countries, an ambitious treaty designed to protect the planet’s diverse ecosystems.
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