22nd November, 2024

1. EPFO Celebrates 72nd Foundation Day with Key Releases & Award Ceremony
2. SC permits LMV licence holders to drive transport vehicles up to 7500 kg
3. Advanced Air Mobility Can Drive Growth and Connectivity in India: WEF & MoCA Report
4. SEBI Directed QSBs to Offer UPI Mechanism, 3-in-1 Trading Facility to Investors from 1st February 2025
5. Moody’s: Indian Economy is in Sweet Spot, Projects India’s GDP at 7.2% in 2024
6. Nepal Powers Up Bangladesh: First Energy Export via Indian Grid
7. HCL, MECL & JNARDDC Under Ministry of Mines bags award for performance during National Learning Week
8. GHIAL Receives Global Recognition for Aviation Innovations at Saudi Airport Excellence Awards 2024
9. L&T to Acquire 21% Stake in E2E Networks Through Two-Part Rs 1,407 Crore Deal
10. India Tour of South Africa T20 Series 2024: India won the 4-match series 3-1
11. Indian Boxer Mandeep Jangra Wins WBF’s Super Featherweight World Title
12. India to host 2036 Olympics, submits “Letter of Intent” to IOC
13. Thomas Mathew released his new book “Ratan Tata: A Life”, a biography of Ratan Tata
14. President of India released Three Key Publications of the Supreme CourT
15. National Naturopathy Day – November 18 2024
16. India Hosts First Global Cooperative Conference in 130 Years
17. Karimganj District Gets New Name Sribhumi, Says CM Sarma
18. Armenia Becomes 104th Full Member of International Solar Alliance
19. Indian Army Chief Named Honorary General of Nepali Army
20. India’s First Constitution Museum Inaugurated at O.P. Jindal University
21. Bihar to Host Khelo India Youth Games and Para Games in 2025
22. EPFO to Activate UAN via Aadhaar OTP
23. Italy Clinches Fifth Billie Jean King Cup Title with Paolini’s Dominance
24. Alistair Brownlee Retires: A Triathlon Legend Bids Farewell
25. Tata Power Signs Historic $4.25B Agreement with ADB
26. Eden Gardens to Honour Jhulan Goswami with Stand
27. DPIIT Approves Hinduja Group’s IIHL Acquisition of Reliance Capital
28. SEBI Abolishes 1% Security Deposit Mandate for Public Issues
29. Tamil Nadu’s AI Mission: Centre of Excellence to Boost Startups and Academia
30. National Philosophy Day 2024

National News

1. Supreme Court Rules on Light Motor Vehicle Licenses
   • What:
     • The Supreme Court of India ruled that drivers with a light motor vehicle (LMV) license can drive transport vehicles weighing under 7,500 kg without needing additional authorization.
   • Why:
     • The ruling clarifies the licensing requirements under the Motor Vehicles Act, 1988, and aims to streamline regulations for drivers of lighter transport vehicles.
   • Tell me more:
     • A five-judge bench, led by Chief Justice D.Y. Chandrachud, examined the definitions in the Motor Vehicles Act and concluded that no separate license is needed for transport vehicles under 7,500 kg.
     • The court emphasized that this interpretation aligns with legislative intent and does not compromise road safety.
     • The decision addresses concerns raised by insurance companies regarding potential risks associated with unqualified drivers operating these vehicles.

2. India Launches Trilateral Power Transaction with Nepal and Bangladesh
   • What:
     • India, along with Nepal and Bangladesh, inaugurated the first trilateral power transaction, allowing electricity to flow from Nepal to Bangladesh through the Indian grid.
   • Why:
     • This initiative aims to enhance energy connectivity in the region and support long-term electricity trade among the three countries.
   • Tell me more:
     • India will facilitate the export of up to 40 MW of electricity from Nepal to Bangladesh, particularly during the rainy season from June 15 to November 15.
     • The agreement for this transaction was signed last month between NTPC Vidyut Vyapar Nigam, Nepal Electricity Authority (NEA), and Bangladesh Power Development Board.
     • NEA estimates that it will earn approximately $9.2 million from exporting electricity over five months.
       Source: TOI
3. Ministry of Mines Celebrates National Learning Week Success
   • What:
     • The Ministry of Mines successfully participated in the National Learning Week (NLW), promoting learning through the iGOT portal.
   • Why:
     • The initiative aims to enhance learning and development among government employees, aligning with the Mission Karmayogi program for civil service training.
   • Tell me more:
     • NLW was launched by Prime Minister Narendra Modi on October 19, 2024, and ran for nine days, concluding on October 27, 2024.
     • Three organizations under the Ministry of Mines—Hindustan Copper Limited (HCL), Mineral Exploration and Consultancy Limited (MECL), and Jawaharlal Nehru Aluminium Research Development and Design Centre (JNARDDC)—were awarded for achieving the “Minimum 4-hour Learning Goal.”

• The awards were presented by Union Minister of State for Personnel, Dr. Jitendra Singh, during a ceremony on November 14, 2024.

4. President Murmu Launches Publications on Justice System
   • What:
     • President Droupadi Murmu released three publications of the Supreme Court focused on the justice delivery system in India.
   • Tell me more:
     • The event took place at Rashtrapati Bhavan, where President Murmu emphasized the importance of equality and equal justice as guiding principles for the judiciary.
     • The publications include “Justice for the Nation: Reflections on 75 years of Supreme Court,” “Prisons in India: Mapping Prison Manuals and Measures for Reformation and Decongestion,” and “Legal Aid through Law Schools: A Report on working of Legal Aid Cells in India.”
     • Chief Justice D.Y. Chandrachud highlighted the importance of understanding ground realities for effective laws and policies.

5. India to Host UN International Year of Cooperatives 2025
   • What:
     • Prime Minister Narendra Modi will launch the ‘United Nations International Year of Cooperatives 2025’ at the International Cooperative Alliance’s global conference to be held in New Delhi.
   • Tell me more:
     • This is the first time in 130 years that the ICA General Assembly and Global Cooperative Conference will be hosted by India, scheduled from November 25 to 30.
     • A commemorative stamp for the International Year of Cooperatives will also be released during the event.
     • The theme of the conference is “Cooperatives Build Prosperity for All,” aligning with India’s slogan “Sahkar se Samriddhi” (Prosperity through Cooperation).

6. India’s First Constitution Museum Inaugurated
   • What:
     • India’s first Constitution Museum was inaugurated at O.P. Jindal Global University.
     • The inauguration was attended by Law Minister Arjun Ram Meghwal and Lok Sabha Speaker Om Birla.
   • Why:
     • The museum aims to educate current and future generations about the Constitution’s framing and its guiding principles.
     • It serves as a tribute to the vision of the founding fathers, commemorating the 75th anniversary of the Constitution’s adoption.
   • Tell me more:
     • OP Jindal University’s Chancellor: Naveen Jindal
       Source: ET

State News

1. Assam Renames Karimganj District to Sribhumi
   • The Assam government has officially renamed Karimganj district to Sribhumi and Karimganj town to Sribhumi town.
     Source: BS
2. Tamil Nadu to Establish Centre of Excellence for AI
   • What:
     • The Tamil Nadu government will set up a Centre of Excellence (CoE) for Artificial Intelligence (AI), which will include an AI lab.
     • This facility will be available to startups, academics, and other organizations at a subsidized fee.
   • Why:
     • The initiative aims to promote research and development in AI and facilitate ease of doing business in the state.
     • It reflects the government’s commitment to integrating AI into various sectors, including healthcare and agriculture.
       Source: HBL

International News

1. Armenia Joins International Solar Alliance as 104th Member
   • What:
     • Armenia has officially become the 104th full member of the International Solar Alliance (ISA).
   • Tell me more:
     • Armenia’s Instrument of Ratification was handed over during a meeting in New Delhi.
     • The ISA was established on November 30, 2015, by Prime Minister Narendra Modi and former French President Francois Hollande.
     • The organization aims to mobilize over USD 1,000 billion in investments needed by 2030 for solar energy projects.
       Source: ANI

Banking and Economy

1. EPFO Celebrates 72nd Foundation Day in New Delhi
   • What:
     • The Employees’ Provident Fund Organisation (EPFO) celebrated its 72nd Foundation Day at the Dr. Ambedkar International Centre in New Delhi.
   • Tell me more:
     • The event was inaugurated by Union Minister Dr. Mansukh Mandaviya, with other dignitaries including Ms. Sumita Dawra and Sh. Ramesh Krishnamurthi present.
     • Dr. Mandaviya emphasized the importance of robust IT systems, grievance management, and member-centric service delivery.
     • The Bhavishya Nidhi Awards 2024 were presented to recognize excellence in various categories such as grievance management and innovation.

2. Sebi Mandates UPI for Stockbrokers by 2025
   • What:
     • The Securities and Exchange Board of India (Sebi) has mandated that all qualified stockbrokers provide clients with a Unified Payments Interface (UPI) for blocking funds or offer a 3-in-1 trading system by February 1, 2025.
   • Why:
     • This requirement aims to enhance investor protection, streamline trading processes, and mitigate risks associated with defaults by trading members.
   • Tell me more:
     • The UPI block mechanism allows investors to set aside funds in their bank accounts for stock trading instead of transferring them to a trading member.
     • The 3-in-1 account integrates trading, demat, and bank accounts, automatically blocking necessary funds for buy orders and securities for sell orders.
     • The initiative is part of Sebi’s efforts to improve the efficiency and safety of the trading environment in India.

3. L&T to Acquire 21% Stake in E2E Networks
   • What:
     • Larsen & Toubro (L&T) announced it will acquire a 21% stake in E2E Networks Ltd for ₹1,407.02 crore.
   • Why:
     • This acquisition aims to enhance L&T’s presence in the cloud and AI services sectors, which are key growth areas in technology.
   • Tell me more:
     • L&T will invest ₹1,079.27 crore for a 15% stake through preferential allotment and ₹327.75 crore for an additional 6% stake via secondary acquisition.
     • The acquisition is expected to be completed by December 31, 2024.
     • L&T will remain a minority shareholder and will not acquire control over E2E Networks.
     • E2E Networks is an Indian cloud services company based in Delhi.
       Source: ET
4. Government Directs UAN Activation for Employment Linked Incentive
   • What:
     • The Central Government has directed Ministries and Departments to ensure payments of subsidies through Aadhaar Payment Bridge.
     • The Ministry of Labour & Employment has instructed EPFO to activate the Universal Account Number (UAN) for employees to benefit from the Employment Linked Incentive (ELI) Scheme.
   • Why:
     • The activation of UAN aims to maximize benefits for employers and employees under the ELI Scheme announced in the Union Budget 2024-25.
     • Using Aadhaar simplifies government processes, enhances transparency, and ensures beneficiaries receive their entitlements smoothly.
   • Tell me more:
     • Employers must complete UAN activation through Aadhaar-based OTP for all new employees by November 30, 2024.
     • UAN activation allows employees to access EPFO’s online services, manage Provident Fund accounts, and submit claims without visiting EPFO offices.
     • The process will eventually include biometric authentication using face-recognition technology.

5. Tata Power Partners with ADB for Clean Energy Projects
   • What:
     • Tata Power has signed a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) to finance clean energy projects in India, totaling approximately $4.25 billion.
   • Why:
     • This partnership aims to support India’s goal of achieving 500 GW of non-fossil fuel-based power capacity by 2030.
     • It seeks to address challenges related to energy storage and grid stability, which are essential for the effective use of solar and wind energy.
   • Tell me more:
     • The projects under this agreement include a 966 MW solar-wind hybrid project, a pumped hydro storage project, and advancements in battery storage technologies.
     • The announcement was made during the COP29 climate conference in Baku, Azerbaijan, which emphasizes renewable energy initiatives.
     • ADB will also fund capital expenditures to improve Tata Power’s distribution networks.

6. Hinduja Group Firm IIHL Approved to Acquire Reliance Capital
   • What:
     • The Department for Promotion of Industry and Internal Trade (DPIIT) has approved the Hinduja Group firm IndusInd International Holdings Ltd (IIHL) for the acquisition of Reliance Capital Ltd (RCAP).
   • Why:
     • DPIIT approval was necessary due to some shareholders of IIHL being residents of Hong Kong, which is a region sharing a land border with India.
     • The approval is crucial for moving forward with the resolution plan and completing the acquisition by the deadline of January 31, 2025.
   • Tell me more:
     • Reliance Capital has a significant debt of over Rs 40,000 crore, and failure to meet the acquisition deadline would require IIHL to return Rs 3,000 crore raised for the deal.

7. Sebi Removes 1% Security Deposit Requirement for Public Issues
   • What:
     • The Securities and Exchange Board of India (Sebi) has abolished the mandatory requirement of a 1% security deposit for companies launching public issues.
     • This change is effective immediately and aims to simplify the process for issuer companies.
   • Why:
     • The removal of the security deposit is intended to facilitate ease of doing business for companies looking to issue equity shares.
   • Tell me more:
     • Previously, companies had to deposit an amount equal to 1% of the issue size with stock exchanges, which was refunded after the public offering.
     • The previous requirement was put in place to ensure that issuers could address investor complaints related to public issues, but this is no longer seen as necessary due to recent reforms.
     • Sebi had proposed this change in a consultation paper in February, highlighting that modern payment methods and dematerialized allotments have reduced concerns about post-issue complaints.
     • The new framework includes application processes like ASBA (Application Supported by Blocked Amount) and UPI payment methods.
     • The original security deposit requirement was established under the Sebi (Issue of Capital and Disclosure Requirements) Regulations, 2018.
       Source: BS

Reports and Indices

1. WEF Report Highlights Advanced Air Mobility Potential
   • What:
     • The World Economic Forum (WEF) released a report titled “Skyways to the Future: Operational Concepts for Advanced Air Mobility in India,” highlighting the potential of Advanced Air Mobility (AAM) solutions.
   • Why:
     • The report aims to address traffic congestion, improve accessibility, and create economic opportunities in India through the integration of AAM into the existing transport system.
   • Tell me more:
     • The report suggests establishing urban and rural vertiports and integrating AAM into India’s multimodal transport system.
     • It discusses the use of electric vertical take-off and landing (eVTOL) and short take-off and landing (STOL) aircraft for on-demand passenger and cargo transport.
     • AAM is seen as a solution for densely populated cities like Mumbai, Bengaluru, Kolkata, and Delhi, where traffic congestion leads to significant economic losses.

Source: ET

GDP Forecasts

1. Moody’s Projects 7.2% Growth for Indian Economy
   • What:
     • Moody’s Ratings has projected that the Indian economy will grow by 7.2% in 2024, driven by increased household spending and easing inflation pressures.
   • Why:
     • The forecast aims to provide insights into India’s economic recovery and potential growth opportunities in the coming years.
   • Tell me more:
     • Moody’s expects growth rates of 6.6% in 2025 and 6.5% in 2026.
     • Retail inflation reached a 14-month peak of 6.21%, primarily due to rising vegetable prices, but is expected to align with the central bank’s target as food costs stabilize.

Source: TOI

Defence News

1. Indian Army Chief Honored by Nepali Army
   • What:
     • Indian Army Chief Gen Upendra Dwivedi has been conferred the honorary rank of General of the Nepali Army.
   • Why:
     • This honor reflects the strong historical, cultural, and military ties between India and Nepal.
   • Tell me more:
     • General Dwivedi visited Kathmandu for a five-day official visit at the invitation of General Ashok Raj Sigdel, Chief of the Army Staff of the Nepali Army.
     • The tradition of honorary generalships between the two armies dates back to the 1950s, with exchanges occurring every three years.
     • The exchange symbolizes mutual respect and enduring friendship, emphasizing military cooperation and shared strategic interests.
       Source: ANI

Important Days

1. National Philosophy Day – November 21
   • National Philosophy Day, observed every year on the third Thursday of November.
     Source: IT
2. 7th Naturopathy Day – November 18
   • What:
     • The National Institute of Naturopathy (NIN) launched a campaign for Healthy Ageing and Longevity to celebrate the 7th Naturopathy Day on November 18, 2024.
     • The campaign emphasizes Gandhian principles of Nature Cure and sustainable living.
   • Why:
     • This initiative aims to address the projected increase in India’s elderly population, which is expected to rise from 153 million to 347 million by 2050.
   • Tell me more:
     • NIN organized health camps at 35 old age homes in Pune, reaching around 1,500 elderly individuals with services such as yoga sessions and naturopathy treatments.
     • The campaign’s motto is ‘Turn to Nature for Physical Health’ and ‘Return to Community for Emotional and Mental Health’.
     • An Inter-Collegiate Intellectual Meet is scheduled for January 10–11, 2025, in Pune, bringing together students from yoga and naturopathy colleges.

Source: PIB

Sports

1. India Defeats South Africa by 135 Runs in T20
   • India won the fourth T20 International against South Africa by 135 runs at the Wanderers Stadium in Johannesburg.
   • Tilak Verma was named the Player of the Match for his outstanding performance.
   • This match marked India’s successful completion of the T20 series against South Africa.
     Source: NOA
2. Mandeep Jangra Wins WBF Super Featherweight Title
   • What:
     • Indian boxer Mandeep Jangra won the World Boxing Federation’s (WBF) super featherweight world title by defeating British boxer Conor McIntosh.
   • Tell me more:
     • The match took place in the Cayman Islands.
     • Mandeep previously won a silver medal at the Commonwealth Games in 2014 and has transitioned successfully from amateur to professional boxing.

3. India Submits Bid to Host 2036 Olympics
   • What:
     • India has submitted a ‘Letter of Intent’ to the International Olympic Committee (IOC) to host the 2036 Olympic and Paralympic Games.
   • Tell me more:
     • The Indian Olympic Association (IOA) submitted the LOI on October 1, 2024, after months of informal discussions with the IOC.
     • The next phase will involve a ‘Targeted Dialogue’ where India may need to submit a formal bid.
     • India’s previous experience includes hosting the Commonwealth Games in 2010.
       Source: LM

4. Bihar to Host Khelo India Youth Games 2025
   • What:
     • Bihar will host the Khelo India Youth Games in April 2025.
     • The Khelo India Para Games will also take place in Bihar, following the Youth Games.
   • Tell me more:
     • There will be a 10 to 15 days gap between the Youth Games and the Para Games.
     • The first edition of the Para Games was held in Delhi last year.
     • Bihar recently hosted the Women’s Asian Champions Trophy in hockey.

5. Italy Wins Billie Jean King Cup for Fifth Time
   • What:
     • Italy won the Billie Jean King Cup, defeating Slovakia 2-0 in the final.
     • This victory marks Italy’s fifth title in this prestigious tournament.
   • Tell me more:
     • This is Italy’s first Billie Jean King Cup win since 2013.
     • The Billie Jean King Cup is the premier international team competition in women’s tennis, launched as the Federation Cup in 1963 to celebrate the 50th anniversary of the International Tennis Federation (ITF).
       Source: TOI
6. Alistair Brownlee Retires from Professional Triathlon
   • Alistair Brownlee, two-time Olympic triathlon gold medallist, has announced his retirement from professional triathlon.
   • Brownlee is the only male triathlete to win two individual Olympic golds.
   • He was appointed to the IOC Athletes’ Commission in 2022 and will continue in this role post-retirement.
     Source: OC

   
   
7. Jhulan Goswami to Have Stand Named at Eden Gardens
   • What:
     • A stand at Eden Gardens will be named in honor of legendary Indian cricketer Jhulan Goswami.
     • The proposal to rename the ‘B’ Block is by the Cricket Association of Bengal (CAB) and will be unveiled during the India-England T20I match on January 22, 2025.
   • Tell me more:
     • Jhulan Goswami is a former Indian pacer who holds the record for the most wickets in women’s international cricket, with a total of 355 wickets.
     • During her career, she took 44 wickets in Tests, 255 in ODIs, and 56 in T20Is.
     • Goswami expressed her gratitude for this honor, stating it is a monumental recognition for any cricketer.

Source: ET

Miscellaneous

1. Ratan Tata’s Biography Released Posthumously
   • A biography of Ratan Tata, titled “Ratan Tata: A Life,” has been released, detailing his life and contributions to India.
   • The author, Thomas Mathew, is a retired bureaucrat with a background in law and international relations.
     Source: BS

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