Current Affairs October 30th & 31st 2022| Current Affairs News

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CURRENT AFFAIRS: IMPORTANT DAYS

World Savings Day: 31st October

• World Savings Day 2022 is observed on the 31st of October 2022. (30th October in India)
• World Savings Day 2022 theme set up by the International Savings Bank Congress is “Saving prepares you for a better future”
• World Savings Day, also called World Thrift Day, was first established in the year 1924 during the first International Savings Bank Congress.
• The Congress started on October 24.
• On the last day of Congress exactly on October 30, the Congress decided to celebrate World Savings day every year to insist on the importance of saving money and also to insist on the method of saving money through banks and other modes.
• However, the Establishment lost its importance after the First World War.
• Then later the Day gained importance after the second world war.
• The Day is officially celebrated on October 31st every year.
• But in India, it is celebrated on October 30 since the former Prime Minister Mrs. Indhra Gandhi died on October 31st.

Halloween Day: 31st October

• Halloween Day 2022 is observed on the 31st of October 2022.
• Halloween Day 2022 theme is “Carving of Pumpkin.”
• On this Day People set a campfire on the hilltop to show that bad evils are burnt and the people wear different kinds of masks to show that ghosts will go back from their place after seeing them.
• People who died on the day of the Samhain festival believed that their souls returned to their homes.
• People who died that year believed that they would go to another world.
• Halloween had its origin in the festival of Samhain among the Celts of ancient Britain and Ireland.
• The Observance of Halloween is mainly non-religious.
• The Next day, November 1 is believed to be a new calendar year.
• That date was considered the beginning of the winter period.

National Unity Day: 31st October

• National Unity Day 2022 is observed on the 31st of October 2022.
• The National Unity Day 2022 was first started in the year 2014 by our Honourable Prime Minister Narendra Modi to honor the birth anniversary of Sardar Vallabhbhai Patel on 31st October 1875.
• He made a huge contribution to bringing all the scattered states into one nation after independence.
• He was also the first deputy Prime Minister and Home Minister of India.
• National unity Day is also called Rashtriya Ekta Diwas Day.
• The same day the Statue of Unity was opened in 2018 by our Prime Minister in remembrance of Sardar Vallabhbhai Patel.
• It was the highest statue in the world.
• Shanghai Cooperation Organisation announced the Statue of Unity as the eighth World Wonder.
• Hereafter 31st October National Unity Day 2022 will also be called and celebrated as Rashtriya Ekta Diwas Day 2022.

CURRENT AFFAIRS: NATIONAL NEWS

Nirmala Sitharaman inaugurates a new IIFT campus in Andhra Pradesh:

• The nation’s finance minister, Smt Nirmala Sitharaman, officially inaugurated the third campus of the Indian Institute of Foreign Trade (IIFT) at the Jawaharlal Nehru Technological University (JNTU) -K campus in Kakinada.
• She emphasized the importance of the IIFT campus to the country’s development.
• She emphasized the importance of IIFT in terms of research and policy development for the Ministry of Commerce’s growth.
• The state government has set aside 25 acres of land in U. Kothapalli Mandal, close to the sea coast in the Kakinada Special Economic Zone, for the development of the IIFT permanent campus.
• The IIFT officials submitted an application to the Ministry of Commerce and Industry for a grant of Rs. 229 crores, and the sanction order is eagerly awaited.
• Representatives from the Ministry of Commerce and Industry, Consumer Affairs Piyush Goyal (Union Minister), MPs, Ministers, MLAs, and other government entities were present.

CURRENT AFFAIRS: BUSINESS NEWS

India’s foreign reserves have reached a new low, forcing the RBI to spend $118 billion to protect the INR:

• India’s foreign exchange reserves (Forex Reserves) fell to a level not seen in more than two years, as the country’s central bank, the Reserve Bank of India (RBI), defended the rupee’s fall while ignoring the serious threat posed by dwindling foreign exchange reserves.
• According to the RBI’s Weekly Statistical Supplement, the decline in foreign currency reserves can be attributed to a decline in Foreign Currency Assets (FCA), which account for a sizable share of overall reserves.
• FCA is the outcome of the appreciation or devaluation of non-US currencies held in foreign exchange reserves, such as the euro, pound, and yen, represented in dollars.
• During the week ending October 21, the rupee fell for the sixth consecutive week, reaching an all-time low and breaching the 83 per dollar threshold.
• It fell 0.4% for the week and closed at 82.6750.
• It fell by almost 4% in the six weeks that ended on October 21.
• According to Reserve Bank of India data, the third largest economy in Asia’s foreign exchange reserves fell by $3.85 billion to $524.52 billion in the week ending October 21.
• Spot foreign exchange reserves have fallen from a record high of $642.45 billion on September 3 of last year to a low of $607 billion at the end of March.

Shiprocket is the first inter-city logistics company to join the ONDC Network:

• Shiprocket is the first inter-city logistics company to connect to the ONDC network, allowing vendors from all industries to transport products to cities and towns across India.
• Shiprocket, a provider of shipping and logistics solutions, went operational on the government’s Open Network for Digital Commerce (ONDC) and completed its first successful transaction.
• Shiprocket claims to be the first inter-city logistics company to connect to the ONDC network, allowing retailers from all segments to transport products to cities and towns throughout India.

About Shiprocket:

• Shiprocket, which has over 100,000 clients, will allow sellers from 24,000 pin codes to choose delivery partners to send products across India via both cash-on-delivery and pre-paid alternatives.

About ONDC:

• ONDC is a private non-profit Section 8 company established by the Government of India’s Department for Promotion of Industry and Internal Trade (DPIIT) to develop open e-commerce.

CURRENT AFFAIRS: STATE NEWS

PM Modi to visit Arunachal Pradesh to inaugurate Donyi Polo airport        

• Prime Minister Shri Narendra Modi visited Arunachal Pradesh on October 30, 2022, to inaugurate the Donyi Polo Airport, at Hollongi near Itanagar. 

About the airport :

• The Donyi Polo airport, which was built by the Airport Authority of India (AAI) at an estimated cost of Rs 645 crore, has 8 check-in desks and can accommodate up to 300 people at peak times.
• The airport, spanning an area of 4,100 sq m, is equipped with all modern facilities
• It is suitable for the operations of Airbus-a320 type of
• The first airport built in Arunachal Pradesh, which was used for a successful test landing by low-cost carrier Indigo Airlines, was opened on October 18, 2022.
• Recently, commercial airlines giant – IndiGo conducted a successful test of flight landing at the newly built Donyi Polo airport at Hollongi near Itanagar in Arunachal Pradesh.

About Arunachal Pradesh :

• Governor: B. D. Mishra
• Chief minister: Pema Khandu
• Capital: Itanagar

Goa Govt to Launch a Common App for Entire Taxi Industry

• The Goa government will introduce a mobile application that would serve as a centralized platform for the entire taxi industry in
• The mobile app would be introduced to unite all taxi operators on a single platform.
• Earlier, the government launched a ‘Multimodal transport App’ to give choices to visitors at affordable rates for last-mile connectivity.

About Goa :

• Governor: P. S. Sreedharan Pillai
• Chief Minister : Pramod Sawant
• Capital: Panaji
• Airport: Dabolim International Airport

CURRENT AFFAIRS: BANKING & FINANCE

RBI lifts ban on new branches by Tamilnad Mercantile Bank

• The Reserve Bank of India (RBI) has lifted its 3-year ban on 101-year-old Tamilnad Mercantile Bank (TMB) on opening new branches
• This comes in the backdrop of the bank’s shares getting listed in the Indian Stock Exchanges on September 15, 2022.

About TMB :

• Founded: 11 May 1921
• Headquarters: Thoothukudi, Tamil Nadu, India
• MD & CEO: K V Rama Moorthy
• At present, it has 509 branches – 106 rural, 247 semi-urban, 80 urban, and 76 metropolitans.

About RBI :

• Established: 1 April 1935
• Headquarters: Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors: Mahesh Kumar Jain, Rajeshwar Rao, Michael Patra, and T. Rabi Shankar

IRDAI sets up a consultative committee to increase health insurance coverage

• The Insurance Regulatory and Development Authority of India (IRDAI) has constituted a 15-member committee for 2 years, to give suggestions for increasing health insurance coverage in India.
• The 15-member committee is headed by Rakesh Joshi, a member at IRDAI, & it will have representatives from the healthcare and insurance industries.

Other Committee Members :

• From the healthcare industry, Devi Prasad Shetty, chairman of Narayana Health; Naresh Trehan, chairman and managing director (MD) of Medanta Heart Institute; Alexander Thomas, national president of Association of Healthcare Providers India; Arati Verma, senior vice president of Max Healthcare, and Ajay Nair.
• From the insurance industry, Neerja Kapur, chairman and MD of New India Assurance; Bhargav Dasgupta, MD, and CEO of ICICI Lombard General Insurance, Mayank Bathwal, CEO of Aditya Birla Health Insurance, and Vibha Padalkar, MD and CEO of HDFC Life,
• The committee will also have representation from the third-party administrators (TPA) with Nayan Shah, CEO, of Paramount Health Services & Insurance TPA, and Vikram Chhatwal, CEO, Medi-Assist Insurance as members.

About the Committee :

• The Committee will identify challenges in carrying out the health insurance business and make recommendations to facilitate ease.
• According to the IRDAI, health insurance premiums posted 9% year-on-year (YoY) growth in H1FY23, compared to 28.8% growth in the same period in FY22.

About IRDAI :

• Founded: 1999
• Headquarters: Hyderabad, Telangana
• Chairperson: Debasish Panda
• IRDAI is a regulatory body under the jurisdiction of the Ministry of Finance, Government of India, and is tasked with regulating and licensing the insurance and reinsurance industries in India.
• It was constituted by the Insurance Regulatory and Development Authority Act, of 1999, following the recommendations of the Malhotra Committee

NAREDCO sets up NFC to help builders in getting funds

• National Real Estate Development Council (NAREDCO), under the Ministry of Housing and Urban Affairs (MoHUA), has formed a Finance Committee (NFC) on the sidelines of NAREDCO 24th Annual General Meeting to enable developers easy access to funds based on merit and viability of the projects.

Key Highlights :

• The Committee will operate as one-stop-shop, aggregating financing options from multiple large financial institutions.
• Merchant bankers, Resurgent India Limited will be actively associated with the NFC.
• The NFC will also support large-scale projects to access funds via financial institutions and educate members to enhance their credit ratings.
• NAREDCO members can submit their applications online for further processing with minimum documentation.
• The Committee & NAREDCO have partnered with financial institutions to limit the processing and in-principle approval time to 15-30 days for an application.

About NAREDCO :

• Founded: 1998
• Headquarters: New Delhi, Delhi, India
• Director General: Alok Gupta
• It was established as a self-regulatory body under the aegis of the Housing And Urban Affairs Government of India.

About MoHUA :

• Cabinet Minister: Hardeep Singh Puri
• Minister of State : Kaushal Kishore

IRDAI forms a 24-member panel to develop insurance coverage for the rural population

• The Insurance Regulatory and Development Authority of India (IRDAI) has set up a 24-member committee to develop and suggest an affordable and comprehensive cover for the rural population.
• The committee will be headed by Thomas M Devasia, Member (non-life).
• The insurance regulator has also asked the committee to develop and suggest a constitution and operation of a preferably, women-centric distribution channel to focus on reaching untapped/ rural areas of Bima Vahak & recommend the regulatory framework.
• The committee will explore and recommend how to bring about synergies in the working and operations of Bima Vahak, Bima Vistaar, and the digital platform – Bima Sugam.
• IRDAI announced that the latest developments in technology like artificial intelligence (AI) and machine learning (ML) can be gainfully utilized by creating a digital platform to reach the last mile.

Northern Arc Capital Raises $50 Mn To Offer Customized Solutions To Businesses     

• Northern Arc Capital, a non-banking finance company (NBFC), has raised $50 million (about ₹400 crores) through non-convertible debentures (NCDs) from the Dutch entrepreneurial development bank FMO.
• The fintech lender will deploy half of its proceeds to serve MSMEs (micro, small and medium enterprises) and women entrepreneurs. 

Key Highlights :

• The long-term nature of the facility will help Northern Arc provide customized credit solutions to these customers both directly and through partners
• As per Northern Arc, the use of proceeds will address three critical UN Sustainable Development Goals (SDGs).
• These SDG are SDG8 (Decent Work and Economic Growth), SDG 5 (Gender Equality), and SDG 10 (Reduced Inequality).
• Northern Arc has raised funds from a slew of international investors including USDFC (United States International Development Finance Corporation), ADB (Asian Development Bank), Proparco, Calvert Impact Capital, and JICA.

About NCDs : 

• NCDs are financial instruments that are not convertible into shares or equities.
• They are used for raising long-term funds. 
• In comparison to convertible debentures, NCDs provide higher returns.

About Northern Arc Capital :

• Founded: 2008
• Headquarters: Chennai, Tamil Nadu
• MD and CEO : Ashish Mehrotra
• Northern Arc provides credit facilities to MSMEs, Indian households, financial institutions, and emerging businesses.

India needs dedicated wing to release Green GDP estimates – RBI article

• RBI in its estimation of Green GDP for India article, India needs to set up a dedicated wing in the Ministry of Environment, Forest and Climate Change (MoEF&CC) that will be responsible for providing the time-series database required for estimation of Green GDP and releasing estimates of Green GDP for India periodically regularly.
• Green GDP takes into account estimates for environmental degradation, depletion of natural resources, and savings of resources and environment into the national income accounts.
• There is also a need for a user-friendly data dissemination platform on the lines of the Organisation for Economic Co-operation and Development (OECD) and the

India GDP growth expected to decline to 5.7% in 2022: UNCTAD

• According to the forecast by the United Nations Conference on Trade and Development (UNCTAD) Trade and Development Report 2022, India’s economic growth is expected to decline to 5.7% this year from 8.2% in 2021, citing higher financing costs and weaker public expenditures.
• India’s GDP will further decelerate to 4.7% growth in 2023.
• UNCTAD projected the global economy is projected to grow at 2.5% in 2022, decelerating further to 2.2% in 2023.

About UNCTAD :

• Established: 30 December 1964
• Headquarters: Geneva, Switzerland
• Secretary General: Rebeca Grynspan

RBI placed Kerala-based private bank Dhanlaxmi bank under Monitoring

• The Reserve Bank of India (RBI) had placed Thrissur (Kerala)-based private bank Dhanlaxmi Bank under tight monitoring with its financial position coming under greater public scrutiny.
• The Bank’s capital-to-risk weighted assets/capital adequacy ratio (CRAR) fell to around 13% at the end of March 2022, down from 14.5% a year earlier, prompting the RBI to assess the bank’s financial health.
• Earlier, Dhanlaxmi Bank’s capital adequacy has fallen below the required levels and it has even been placed under the RBI’s prompt corrective action framework (PCA) to deal with serious deteriorations in its financial position.

About PCA Framework :

• The PCA framework was introduced by the Reserve Bank of India (RBI) in 2002 as a structured early intervention mechanism.
• The framework applies only to commercial banks (does not cover cooperative banks and Non-Banking Financial Companies (NBFCs)).

Key Highlights :

• The RBI has specified certain regulatory trigger points concerning 3 parameters –

1. capital-to-risk weighted assets/capital adequacy ratio (CRAR)
2. net non-performing assets (NPA)
3. return on assets (RoA).

About CRAR :

• It is the most important financial ratio used by investors and analysts.
• The ratio measures a bank’s financial stability by measuring its available capital as a percentage of its risk-weighted credit exposure.
• Banks are required to keep their CRAR at 9% or higher under Basel-III

About NPA :

• An NPA is a loan or advance for which the principal or interest payment remained overdue for 90 days.

About RoA :

• RoA is a type of profitability ratio that measures the returns generated by a company or financial institution on its assets.

About Dhanlaxmi Bank Ltd :

• Founded: 14 November 1927
• Headquarters: Thrissur, Kerala, India
• MD & CEO: J. K. Shivan

CURRENT AFFAIRS: AWARDS AND HONOURS

RRR was named Best International Film at the Saturn Awards 2022:

• The film RRR, directed by SS Rajamouli and recently released in Japan, has won its first major international award.
• The biggie took home the award for ‘Best International Film’ at the Saturn Awards 2022, which were held in Los Angeles.
• RRR is a period drama starring Jr NTR and Ram Charan as parallel leads.
• RRR, which earned nearly Rs 1,200 crore at the worldwide box office, has received its first major international award.
• At the Saturn Awards 2022, SS Rajamouli’s magnum opus won the award for ‘Best International Film.
• RRR defeated Downton Abbey: A New Era, Eiffel, I’m Your Man, Riders of Justice, and Silent Night to win the award for the best international film at the 2022 Academy Awards.
• Notably, RRR was nominated for best film direction and best action/adventure film.
• In the first, SS Rajamouli was beaten by Matt Reeves, who won for The Batman.

CURRENT AFFAIRS: BOOKS AND AUTHOR

Shri Hardeep Singh Puri wrote, “Delhi University – Celebrating 100 Glorious Years.”

• Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas and Housing and Urban Affairs in the Government of India (GOI), has written a new book titled “DELHI UNIVERSITY: Celebrating 100 Glorious Years.”
• Rupa Publications India is the publisher of the book.
• The book’s foreword was written by Indian actor Amitabh Bachchan.
• This book highlights the perspectives of 15 contributors, including some of the university’s most distinguished alumni and faculty.
• The book Delhi University: Celebrating 100 Glorious Years is an eclectic collection of personal essays and reflections from some of the university’s most illustrious former students and faculty, including Amitabh Bachchan, Kiren Rijiju, Dinesh Singh, Meenakshi Gopinath, Shashi Tharoor, Bibek Debroy, Imtiaz Ali, Raian Karanjawala, Sanjeev Sanyal, Arnab Goswami

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Emami onboards Akshay Kumar as a brand ambassador for BoroPlus Cream

• Packaged goods company Emami Limited has roped in Bollywood actor Akshay Kumar as the new brand ambassador for its BoroPlus Ayurvedic Antiseptic Cream.
• The BoroPlus range comprises skincare products such as antiseptic creams, body lotions, aloe vera gels, soaps, petroleum jelly, and
• He received the Padma Shri, India’s fourth-highest civilian honor, from the Government of India in 2009.

CURRENT AFFAIRS: ACQUISITIONS & MERGERS

KKR to Acquire 100% Stake in Ness Digital Engineering

• Global investment firm Kohlberg Kravis Roberts & Co. I.p (KKR & Co.Inc) had signed an agreement to acquire a 100% stake in Ness Digital Engineering (Ness), a US-based digital services transformation company from The Rohatyn Group (TRG).
• The deal is valued at over $500 million.

Key Highlights :

• Ness adds to KKR’s global portfolio of technology investments, which includes
• Cloudera, a leading provider of enterprise-grade, hybrid data management software in the United States
• Yayoi, is a software developer, distributor, and support service provider for small-and-medium-sized enterprises in Japan
• Probe CX, a provider of outsourced customer experience and business process outsourcing solutions in Australia
• MYOB, a leading Australian online business management company
• Jio is a next-generation technology platform that provides digital services across India.

About Ness :

• Founded: 1998
• Headquarters: Teaneck, New Jersey
• CEO : Ranjit Tinaikar
• Ness is a leading provider of end-to-end digital transformation services that specializes in building digital software products and platforms.

About KKR :

• Founded: 1976
• Headquarters: New York, U.S
• Co-Executive Chairman: Henry R. Kravis, George R. Roberts
• CEO of KKR India: Gaurav Trehan

About TRG :

• Founded: 2002
• Headquarters: New York, United States
• Managing Director: Tom Kucera

CURRENT AFFAIRS: DEFENCE NEWS

India Navy conducts Singapore-India Maritime Bilateral Exercise ‘Simbex’ – 2022 at Visakhapatnam

• The Indian Navy is hosting the 29th edition of the Singapore-India Maritime Bilateral Exercise (SIMBEX) from 26 to 30 October 2022 at Visakhapatnam, Andhra Pradesh (AP).
• Rear Admiral Sean Wat Jianwen, Fleet Commander, of the Republic of Singapore Navy called on  Vice Admiral Biswajit  Dasgupta, Flag Officer Commanding-in-Chief, Eastern Naval Command, and Rear Admiral Sanjay Bhalla, Flag Officer Commanding Eastern Fleet.

About SIMBEX-2022 :

• SIMBEX-2022 is being conducted in two phases – Harbour Phase at Visakhapatnam from 26 to 27 October 2022 followed by the Sea Phase in the Bay of Bengal from 28 to 30 October 2022. 
• Two ships from the Republic of Singapore Navy, RSS Stalwart (a Formidable Class Frigate) and RSS Vigilance (a Victory Class Corvette) arrived at Visakhapatnam for participation in the exercise
• The Harbour Phase witnessed extensive professional and sporting interactions between the two navies including cross-deck visits, Subject Matter Expert Exchanges (SMEE), and planning meetings.

About SIMBEX :

• SIMBEX series of exercises began in 1994 and were initially known as Exercise Lion King.
• The exercise exemplifies the high level of cooperation between India and Singapore in the maritime domain.
• It also highlights the commitment and contribution of the two nations toward enhancing maritime security in the Indian Ocean Region.

About MoD :

• Union Minister: Rajnath Singh
• Minister of State: Ajay Bhatt
• Defence Secretary: Dr. Ajay Kumar

India & US militaries conducted the ‘Tiger Triumph’ exercise at Visakhapatnam, AP

• The Second edition of India and the United States Tri-Service HARD (Humanitarian Assistance & Disaster Relief) Exercise Tiger Triumph was conducted in Visakhapatnam, Andhra Pradesh (AP).
• The Indian Navy led by Rear Admiral Manish Sharma, Chief Staff Officer HQENC (Headquarters, Eastern Naval Command), Visakhapatnam, AP.
• The US Navy was led by Major General Chris McPhillips, Director INDOPACOM (Indo Pacific Command).

Aim :

• To improve interoperability between India and the US and create a multinational command and control model for humanitarian assistance in the Indian Ocean Region (IOR).

About Tiger Triumph :

• It is a joint exercise for a comprehensive effort to provide disaster relief services to a third country hit by a super cyclone.
• It is the first tri-services exercise between the US and India.
• The 2022 exercise was focused on staff planning, with an emphasis on processes for streamlining diplomatic, operational, and logistical coordination.
• 50 individuals from India and the United States took part in this exercise.
• The 2022 Tiger Triumph marks the 3rd time this year that the Indian and the US militaries are involved in a joint exercise in Visakhapatnam.
• The first such exercise was conducted at Visakhapatnam in November 2019.

Other Exercise :

• In February 2022, the US participated in an India-led bi-annual Milan exercise for the first time. 
• In August 2022, the USS (United States Ship) Frank Cable visited Visakhapatnam, during which time, the US sailors and their Indian counterparts took part in briefings.
• In September 2022, the QUAD countries (US, India, Japan, and Australia) signed the “Guidelines for the Quad Partnership on Humanitarian Assistance and Disaster Relief (HADR) in the Indo-Pacific”.

India & US to carry out mega military exercise Yudh Abhyas in Uttarakhand

• India and the US will conduct a fortnight-long mega-military exercise Yudh Abhyas in Uttarakhand’s Auli in October 2022.
• The 18th edition of the exercise is scheduled to take place from October 14 to 31, 2022.

Aim :

• To enhance understanding, cooperation, and interoperability between the armies of India and the US with several complex drills being planned
• The last edition of the exercise took place in October 2021 in Alaska in the US.

About the exercise :

• The “Yudh Abhyas” exercise is taking place in the backdrop of India’s lingering border row with China in eastern Ladakh.
• In June 2016, the US designated India a “Major Defence Partner”.

Some Agreements signed between India & US :

• In 2016, the Logistics Exchange Memorandum of Agreement (LEMOA) was signed between India & US which allows their militaries to use each other’s bases for the repair and replenishment of supplies as well as provides for deeper cooperation.
• In 2018, COMCASA (Communications Compatibility and Security Agreement) was signed which allows for interoperability between the two militaries and provides for the sale of high-end technology from the US to India.
• In 2020, BECA (Basic Exchange and Cooperation Agreement) was signed to further boost bilateral defense ties.
• It provides for sharing of high-end military technology, logistics, and geospatial maps between the two countries.

PM Modi to lay foundation stone of C-295MW transport aircraft manufacturing project for IAF at Vadodara

• Prime Minister Shri Narendra Modi will lay the foundation stone of a C-295 MW transport aircraft manufacturing project for the Indian Air Force (IAF) at Vadodara in Gujarat on 30 Oct 2022.
• This state-of-the-art transport aircraft of 5 to 10 tons capacity is going to be manufactured for the first time in India.
• The aircraft will replace the aging Avro aircraft of IAF.
• This is the first project of its kind in which a military aircraft will be manufactured in India by a private company.
• The aircraft will strengthen the logistic capabilities of the IAF.

Key Highlights :

• 16 aircraft will be handed over the in-flight condition and 40 such aircraft will be manufactured in India by Tata Advanced Systems Ltd, and Tata Consultancy Services.
• In September 2021, the Cabinet Committee on Security approved the procurement of 56 C-295MW transport aircraft from M/s Airbus Defence and Space S.A., Spain.
• The first 16 fly-away aircraft are scheduled to be delivered between September 2023 and August 2025.
• The first Made in India aircraft is expected to be delivered in September 2026.
• The total cost of the project will be Rs. 21,935 crores.
• This aircraft can also be used for civilian purposes.
• All 56-transport aircraft will have indigenous electronic warfare suites of Indian DPSUs – Bharat Electronics Ltd and Bharat  Dynamics Limited.

Garuda Aerospace & Lockheed Martin Canada sign MoU to collaborate on drones, drone systems

• Garuda Aerospace and Lockheed Martin Canada CDL Systems have signed a memorandum of understanding (MoU) to integrate Garuda Aerospace’s Made-In-India drones with Lockheed Martin Canada CDL Systems’ advanced uncrewed aerial systems (UAS) software solutions for defense and commercial purposes.
• Prime Minister, Shri Narendra Modi launched 100 Garuda drones in 100 locations across India and MS Dhoni became its brand ambassador.

Key Highlights :

• Both companies will “work closely” to build a strong data processing capability and co-develop algorithms for drone-based applications that can be used in agriculture, mining, large-scale mapping, and industrial inspection.
• The vision is to launch 25,000 such drones in 2022 & 1,00,000 drones in 2023, and 1 drone in each village by 2024-2025.
• Garuda is also working with HiiLSE Drones, a Malaysian drone company, to set up a drone factory in Malaysia.
• In August 2022 Garuda announced a partnership with Harare Institute of Technology and Nyangani Virtual University to offer drones-as-a-service (DraaS) to the agriculture sector in

About Garuda Aerospace Private Limited :

• Founded: 2015
• Headquarters: Chennai, Tamil Nadu
• Founder and chief executive officer: Agnishwar Jayaprakash

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Indian scientists develop first indigenous Overhauser Magnetometer

• A group of Indian scientists from the Indian Institute of Geomagnetism (IIG), an autonomous research institution under the Department of Science & Technology (DST), Government of India, have developed the first indigenous Overhauser (OVH) Magnetometer, one of the most accurate magnetometers extensively used by all magnetic observatories around the

About Overhauser (OVH) Magnetometer :

• OVH magnetometers are known for their higher accuracy, higher sensitivity, and efficient power consumption and hence find applications in all magnetic observatories worldwide as well as in international space programs.
• It has so far been imported for such purposes in India.
• To reduce dependence on imports, the IIG has developed these magnetometers as part of its technology development program.
• Currently, the sensor is being tested for its long-term stability.
• The group is further excited to adapt their sensor for the outer space environment to support the existing Indian space research program.
• The underlying mechanism of Dynamic Nuclear Polarization (DNP), would also be of potential help to developing a sensitive magnetic resonance imaging (MRI) instrument.
• Experiments with the sensor installed at the Alibag Magnetic Observatory (MO) for geomagnetic sampling found that the sensor reproduced the geomagnetic diurnal variations accurately and precisely showed the signatures of various space weather events such as geomagnetic storms, impulses, etc.
• The performance of this magnetometer is at par with a commercial OVH sensor that is currently installed at the magnetic observatories of

Benefits of OVH magnetometers

• OVH magnetometers reduce the cost of sampling and sensing experiments essential for geomagnetic sampling.
• The sensor installed at Alibag Magnetic Observatory (MO) can absolve India’s dependence on commercial OVH magnetometers for performing geomagnetic field measurements.

New technology for retrofitting non-earthquake-resistant buildings – SC-URBM

• Researchers have found a solution for retrofitting old non-earthquake-resistant buildings with a technology that can prevent major damage to such buildings from earthquakes without compromising their strength.
• The technology called semi-confined unreinforced brick masonry (SC-URBM) can resolve the problem of the spread of settlements in earthquake-prone areas with constructions that have been built without following earthquake-preventive building codes.
• Researchers found that SC-URBM can significantly enhance the energy dissipation capacity and ductility of the retrofitted building without compromising its strength found by researchers from the Indian Institute of Technology, Kanpur, Uttar Pradesh (UP).
• A Pseudo Dynamic Testing Facility (PDTF) is used for the test of that technology by the Department of Science and Technology (DST), GoI.
• The technology provides better integral action of the confining elements and load-bearing walls to achieve enhanced seismic performance. 

• The results were published in the ASCE Journal of Structural Engineering.

Daily CA on October 30 & 31:

• World Savings Day 2022 is observed on the 31st of October 2022. (30th October in India)
• Halloween Day 2022 is observed on the 31st of October 2022.
• National Unity Day 2022 is observed on the 31st of October 2022.
• The nation’s finance minister, Smt Nirmala Sitharaman, officially inaugurated the third campus of the Indian Institute of Foreign Trade (IIFT) at the Jawaharlal Nehru Technological University (JNTU) -K campus in Kakinada.
• India’s foreign exchange reserves (Forex Reserves) fell to a level not seen in more than two years, as the country’s central bank, the Reserve Bank of India (RBI), defended the rupee’s fall while ignoring the serious threat posed by dwindling foreign exchange reserves.
• Shiprocket is the first inter-city logistics company to connect to the ONDC network, allowing vendors from all industries to transport products to cities and towns across India.
• The film RRR, directed by SS Rajamouli and recently released in Japan, has won its first major international award.
• Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas and Housing and Urban Affairs in the Government of India (GOI), has written a new book titled “DELHI UNIVERSITY: Celebrating 100 Glorious Years.”
• Prime Minister Shri Narendra Modi visited Arunachal Pradesh on October 30, 2022, to inaugurate the Donyi Polo Airport, at Hollongi near Itanagar. 
• The Goa government will introduce a mobile application that would serve as a centralized platform for the entire taxi industry in
• The Reserve Bank of India (RBI) has lifted its 3-year ban on 101-year-old Tamilnad Mercantile Bank (TMB) on opening new branches
• The Insurance Regulatory and Development Authority of India (IRDAI) has constituted a 15-member committee for 2 years, to give suggestions for increasing health insurance coverage in
• National Real Estate Development Council (NAREDCO), under the Ministry of Housing and Urban Affairs (MoHUA), has formed a Finance Committee (NFC) on the sidelines of NAREDCO 24th Annual General Meeting to enable developers easy access to funds based on merit and viability of the projects.
• The Insurance Regulatory and Development Authority of India (IRDAI) has set up a 24-member committee to develop and suggest an affordable and comprehensive cover for the rural population.
• Northern Arc Capital, a non-banking finance company (NBFC), has raised $50 million (about ₹400 crores) through non-convertible debentures (NCDs) from the Dutch entrepreneurial development bank FMO.
• RBI in its estimation of Green GDP for India article, India needs to set up a dedicated wing in the Ministry of Environment, Forest and Climate Change (MoEF&CC) that will be responsible for providing the time-series database required for estimation of Green GDP and releasing estimates of Green GDP for India periodically regularly.
• According to the forecast by the United Nations Conference on Trade and Development (UNCTAD) Trade and Development Report 2022, India’s economic growth is expected to decline to 5.7% this year from 8.2% in 2021, citing higher financing costs and weaker public expenditures.
• The Reserve Bank of India (RBI) had placed Thrissur (Kerala)-based private bank Dhanlaxmi Bank under tight monitoring with its financial position coming under greater public scrutiny.
• Packaged goods company Emami Limited has roped in Bollywood actor Akshay Kumar as the new brand ambassador for its BoroPlus Ayurvedic Antiseptic Cream.
• Global investment firm Kohlberg Kravis Roberts & Co. I.p (KKR & Co.Inc) had signed an agreement to acquire a 100% stake in Ness Digital Engineering (Ness), a US-based digital services transformation company from The Rohatyn Group (TRG).
• The Indian Navy is hosting the 29th edition of the Singapore-India Maritime Bilateral Exercise (SIMBEX) from 26 to 30 October 2022 at Visakhapatnam, Andhra Pradesh (AP).
• The Second edition of India and the United States Tri-Service HARD (Humanitarian Assistance & Disaster Relief) Exercise Tiger Triumph was conducted in Visakhapatnam, Andhra Pradesh (AP).
• India and the US will conduct a fortnight-long mega-military exercise Yudh Abhyas in Uttarakhand’s Auli in October 2022.
• Prime Minister Shri Narendra Modi will lay the foundation stone of a C-295 MW transport aircraft manufacturing project for the Indian Air Force (IAF) at Vadodara in Gujarat on 30 Oct 2022.
• Garuda Aerospace and Lockheed Martin Canada CDL Systems have signed a memorandum of understanding (MoU) to integrate Garuda Aerospace’s Made-In-India drones with Lockheed Martin Canada CDL Systems’ advanced uncrewed aerial systems (UAS) software solutions for defense and commercial purposes.
• A group of Indian scientists from the Indian Institute of Geomagnetism (IIG), an autonomous research institution under the Department of Science & Technology (DST), Government of India, have developed the first indigenous Overhauser (OVH) Magnetometer, one of the most accurate magnetometers extensively used by all magnetic observatories around the
• Researchers have found a solution for retrofitting old non-earthquake-resistant buildings with a technology that can prevent major damage to such buildings from earthquakes without compromising their strength.