30 November 2023 Current Affairs, Banking and Economy updates

Current Affairs

Appointments

First woman in India from Armed Forces as Aide de Camp(ADC) to Governor

of Mizoram

Squadron Leader Manisha Padhi was appointed as the Aide-De-Camp (ADC) to

the Governor of Mizoram, Hari Babu Kambhampati.

This appointment of Manisha Padhi marks India’s first female Indian Armed
Forces officer to serve as ADC to the governor of the country.

‘Aide-de-camp is an officer in the armed forces who helps an officer of higher

rank.’

The service chiefs, including the chief of the Army, Navy, and Air Staff, usually
have three aides-de-camp.

The President has five aides-de-camp. These five aides-de-camp officers

include three from the Army and one each from the Navy and the Air Force.

Awards

SKOCH Gold Award 2023

Power Grid Corporation of India Limited was conferred the prestigious SKOCH
Gold Award 2023.

This award is a notable recognition of the company’s achievement in the power

sector. The prestigious award was conferred upon PGCIL in recognition of the
revolutionary Pugalur Thrissur 2000 MW Voltage Source Converter High
Voltage Direct Current (HVDC) System that it developed.

The Material prepared by Dr. (Prof) Veeraswamy Amara (Lecturer in current Affairs, Banking and
General Studies)
Suganthy Sundararaj Receives PRSI National Award for Outstanding
Contributions to Healthcare Communications

Suganthy Sundararaj, Regional Head, Public Relations was honoured with

the PRSI National Award for Outstanding Contributions to the Public Relations
Society of India and the public relations industry.

The Award recognizes her dedication to the communications and public

relations industry and her stellar role in shaping the strategic management of
the public relations function in the healthcare domain.

Defence

DAC Approves AoNs for Various Acquisition Proposals worth Rs.2.23 Lakh
Crore

The Defence Acquisition Council (DAC), under the chairmanship of Defence

minister Rajnath Singh on November 30, 2023, accorded approval in respect
of Acceptance of Necessity (AoNs) for various Capital Acquisition Proposals
amounting to Rs 2.23 lakh crore, of which, acquisition worth Rs 2.20 lakh crore
(98% of total AoN amount) will be sourced from domestic industries.

This will give a substantial boost to the Indian Defence Industry

towards the aim of achieving the goal of ‘Aatmanirbharta’.

The Council approved the procurement of 2 types of Anti-tank Munitions

namely, Area Denial Munition (ADM) Type-2 and Type-3, which are capable of
neutralising Tanks and Armoured personnel carriers and enemy personnel.
A state-of-the-art Towed Gun System was also approved to replace the Indian
Field Gun , which has completed its service life.

The AoN was also accorded for a ‘155 mm Nubless projectile’ for use in 155
mm Artillery guns which will enhance the lethality and safety of the projectiles.
The procurement and integration of Automatic Target Tracker and Digital
Basaltic Computer for T-90 Tanks under the Buy (India) category have also been
accorded.

The Material prepared by Dr. (Prof) Veeraswamy Amara (Lecturer in current Affairs, Banking and
General Studies)
Simultaneous Launch Of First Three ASW SWC Ships At CSL, Kochi

Mahe, Malvan and Mangrol, the first three ships of 08 x ASW Shallow Water
Craft (CSL) project being built by CSL, Kochi for the Indian Navy, were launched
on 30 Nov 23 at CSL, Kochi.

Simultaneous launch of three ships of the same class highlights our strides in
indigenous shipbuilding, towards ‘Aatmanirbhar Bharat’.

The first ship of the project is planned to be delivered in 2024. The ASW SWC
ships will have over 80% indigenous content, thereby ensuring that large scale
defence production is executed by Indian manufacturing units, generating
employment and capability enhancement within the country.

Tata Advanced Systems & Satellogic Ink Deal To Build LEO Satellites In India

Aerospace and defence solutions provider Tata Advanced Systems Ltd (TASL)
said it has entered into a collaboration with Satellogic Inc for establishing and
developing local space technology capabilities in India.

The partnership with Satellogic -- a leader in sub-metre resolution Earth

Observation (EO) data collection, is a first step in the company's satellite
strategy.

TASL and Satellogic will collaborate on the development of a new satellite

design and work together to integrate multiple payloads on a single satellite
that will generate a diverse range of data over India.

National

Vision India @2047’ being prepared for ‘Viksit Bharat’: NITI Aayog CEO

NITI Aayog CEO BVR Subrahmanyam said a vision document is being prepared
for India to become a developed economy of about USD 30 trillion by 2047.

The draft 'Vision India @2047' document will outline the institutional and
structural changes/ reforms that will be needed for the country to become a
developed nation by 2047.

The Material prepared by Dr. (Prof) Veeraswamy Amara (Lecturer in current Affairs, Banking and
General Studies)
In 2023, NITI Aayog was entrusted with the task of consolidating the 10
sectoral thematic visions into a combined vision for Viksit Bharat @2047.

Economies with a GNI (Gross National Income) per capita between USD 1,036
and USD 4,045 are defined as lower middle-income economies and those with
a GNI per capita between USD 4,046 and USD 12,535 are defined as upper
middle-income economies.

According to him, the vision document will also identify sectors, technologies
where India can be a world leader/ global champion. It will suggest measures
to leverage India's market size and the country's regional disparities.

Second phase of the Kashi Tamil Sangamam programme

The second phase of the Kashi Tamil Sangamam programme will be held from
the 17th to the 30th of December 2023

In this regard, the registration portal was launched by IIT Madras.

The Ministry said that the programme aims to take forward the objective of
reviving the living bonds between Varanasi and Tamil Nadu by facilitating
people to people connect across different walks of life.

కాశీ తమిళ సంగమం ఫేజ్-2 డిసంబర్ 17 నండి 30, 2023 వరకు

జరుగుతంది

Space

India’s space economy has potential to reach ₹35,200 crore ($44 billion) by
2033

Indian National Space Promotion and Authorization Centre (IN-SPACe)

unveiled the decadal vision and strategy for the Indian space economy
IN-SPACe is the single-window, autonomous, nodal agency under the
Department of Space. The decadal vision and strategy was developed by IN-
SPACe and ISRO along with other stakeholders.

The Material prepared by Dr. (Prof) Veeraswamy Amara (Lecturer in current Affairs, Banking and
General Studies)
At present, the Indian space economy is valued at around ₹6,700 crore ($8.4
billion) with a 2% share in the global space economy.

As per IN-SPACe’s projection, India’s space economy has the potential to reach
₹35,200 crore ($44 billion) by 2033 with about 8% of the global share.

At present, the share of the domestic market is ₹6,400 crore ($8.1 billion).

The export market share is ₹2,400 crore ($0.3 billion). The aim is to increase
the domestic share to ₹26,400 crore ($33 billion), and the export share to
₹88,000 crore ($11 billion).

Besides, an investment of ₹17,600 crore ($22 billion) is envisioned in the next

10 years

Summits

COP28 Kicks Off

COP28 Kicks Off in Dubai with Visionary Leadership and Urgent Climate Appeals
On 30 November 2023, the 28th Conference of the Parties (COP28) to the
United Nations Framework Convention on Climate Change (UNFCCC)
commenced in Dubai, marking a pivotal moment in the global fight against the
escalating climate crisis.

World leaders, policymakers, and climate experts from 198 parties have
gathered for the two-week conference, which runs from November 30 to
December 12, 2023, to address urgent concerns and set ambitious goals for
climate action.

COP28 opens against the backdrop of extreme weather events, rising sea
levels, and biodiversity loss.

With the latest IPCC report underscoring the need for urgent action to limit
global warming to 1.5 degrees Celsius, COP28 is poised to deliver concrete
outcomes.

The Material prepared by Dr. (Prof) Veeraswamy Amara (Lecturer in current Affairs, Banking and
General Studies)
The conference's three main pillars include accelerating industrial
decarbonization, ensuring a fair transition to green energy, and fostering
innovation for effective climate action.

Sultan Al Jaber, on his first day as COP28 President, expressed gratitude to

predecessors and emphasized unity among diverse nations.

Al Jaber is the UAE's special envoy for climate change, and the president-
designate of the COP28 climate talks. is an Emirati politician who is the minister
of industry and advanced technology of the United Arab Emirates, head of the
Abu Dhabi National Oil Company, and chairman of Masdar.

Hosting COP28 in the UAE, he acknowledged the urgent need for a paradigm
shift, starting with an ambitious global stocktake to unify climate elements.

Al Jaber urged collective responsibility, flexibility, and ambitious stocktaking,

emphasizing the UAE's values of collaboration, optimism, and determination.

Addressing fossil fuels, he advocated unconventional approaches, highlighting

the crucial role of finance and pledging to bridge the gap between
development and climate action.

Al Jaber concluded by urging renewed determination, recognizing the pivotal

impact of current actions on the planet's future.

In his COP27 farewell, President Sameh Shoukry ( foreign minister of Egypt)

expressed profound gratitude for support during challenging times,
emphasizing COP27's achievements in implementing crucial elements of the
global climate agenda.

He highlighted the establishment of funding arrangements, including the Fund

Launch and Adjust Transition Work program, showcasing unwavering
commitment to global climate action.

The Material prepared by Dr. (Prof) Veeraswamy Amara (Lecturer in current Affairs, Banking and
General Studies)
International

8th wonder of the world

Angkor Wat, located in the heart of Cambodia, has recently earned the prestigious
title of the 8th wonder of the world, surpassing Italy’s Pompeii.
This UNESCO World Heritage Site is not only the largest religious structure in the
world but also a testament to architectural brilliance and cultural significance.

Originally constructed in the 12th century by King Suryavarman II, the temple
was dedicated to the Hindu deity Vishnu.

Over time, it transformed into a major Buddhist temple, reflecting the

transition from Hinduism to Buddhism.

The site is renowned for its statue of eight-armed Vishnu, revered as a

protecting deity by the locals.

Built in the 12th century, Angkor Wat’s history is marked by its transformation
from a Hindu temple to a Buddhist sanctuary.

Sports

Vaishali Rameshbabu becomes India’s 84th Chess Grandmaster

22 year old Indian Chess player Vaishali Rameshbabu became India’s 84th
Grandmaster(GM) by crossing the 2500 Elo live ratings during the ongoing 4th
edition of the Llobregat Open Chess Tournament (Llobregat Open 2023) from
30th November 2023 to 8th December 2023 in Barcelona, Spain.

She is the third Indian female, after Koneru Humpy (2002) and Harika
Dronavalli (2011), to get the GM title.

Vaishali and her brother Praggnanandhaa became the world’s first sister-
brother pair to be GrandMasters

Important Days
The Material prepared by Dr. (Prof) Veeraswamy Amara (Lecturer in current Affairs, Banking and
General Studies)
United Nations Day of Remembrance for All Victims of Chemical Warfare

The United Nations Day of Remembrance for All Victims of Chemical Warfare is
annually observed across the globe on 30 November to pay tribute to the
victims, who lost their lives or suffered from chemical warfare.

The Day also reaffirms the commitment of the Organisation for the Prohibition
of Chemical Weapons (OPCW) to eliminate the chemical weapons threat and
promote the goals of peace, security, and multilateralism.

Facts of Organisation for the Prohibition of Chemical Weapons (OPCW):

OPCW is the implementing body for the CWC, which entered into force on 29
April 1997.

OPCW member states account for 98% of the global population, and the
Executive Council consists of 41 OPCW Member States.

In recognition of its extensive efforts to eliminate chemical weapons, the

OPCW was awarded the Nobel Peace Prize.

Headquarters– The Hague, Netherlands

Director-General– Ambassador Fernando Arias

Banking
Cash versus Digital Payment Transactions in India: Decoding the Currency
Demand Paradox”

Despite a slowdown in the post-COVID surge in digital transactions, the

demand for cash in the country persists, according to a research paper by RBI
economists.

The paper, titled “Cash versus Digital Payment Transactions in India:

Decoding the Currency Demand Paradox,” says that cash continues to be
preferred as a savings instrument due to its ‘store of value’ and for
precautionary purposes.
The Material prepared by Dr. (Prof) Veeraswamy Amara (Lecturer in current Affairs, Banking and
General Studies)
As the economy grows, the demand for cash will increase, says the paper.

This paper finds that the sustained growth in currency demand is influenced by
the precautionary and store-of-value motives, while the use of cash as a
payment medium continues to fall.

Federal Bank, NeML tie-up to Streamline E-Procurement, E-Auction

A Memorandum of Understanding (MoU) was signed between the Federal

Bank Limited and NCDEX eMarkets Limited (NeML) to strengthen the
integration of e-procurement and e-auction systems.

This partnership will facilitate an advanced e-procurement solution and

streamline e-procurement and e-auction systems for Central and State
Government organizations.

Under this initiative, farmers’ list crop details on NeML’s platform, with the
government purchasing them at the Minimum Support Price.

Federal Bank’s host-to-host integration with NeML’s e-procurement platform

will enable a secure payment processing system.

NeML’s eAuction solution offers a price-discovery mechanism, benefiting the

Government of India by providing a robust price-discovery mechanism for
various commodities.

NeML holds major market share in transparent price discovery across more
than 90 commodities.

IDFC FIRST Private Hurun India’s Top 200 Self-made Entrepreneurs of the
Millennia 2023

The Material prepared by Dr. (Prof) Veeraswamy Amara (Lecturer in current Affairs, Banking and
General Studies)
IDFC FIRST Private Banking and Hurun India have launched the first edition
of ‘IDFC FIRST Private Hurun India’s Top 200 Self-made Entrepreneurs of the
Millennia 2023’, a list of the 200 most valuable companies in India founded
after the year 2000.

The maiden edition saw DMart’s Radhakishan Damani top the charts with
a Market Cap of Rs 238,188 crore followed by Flipkart’s Binny and Sachin
Bansal with Rs 119,472 crore and Zomato’s Deepinder Goyal with Rs 86,853
crore.

The Reserve Bank of India (RBI) imposed a penalty of Rs 10,000 each on Bank
of America, N.A., and HDFC Bank Ltd for violations of certain norms

Bank of America was penalized for violating reporting requirements under the
Liberalised Remittance Scheme of FEMA 1999.

This action comes as a consequence of non-compliance with the Reserve Bank

of India’s instructions, indicating a lapse in adherence to regulatory guidelines.

HDFC Bank Ltd also faced a penalty of Rs.10,000 for violating directions related
to the acceptance of deposits from non-residents. The penalty reflects a
deviation from the regulatory framework established by the RBI, emphasizing
the importance of adherence to guidelines in the banking sector.

The RBI extended penalties to five cooperative banks, highlighting instances of

non-compliance with various regulatory norms. The penalized cooperative
banks include:

The Patliputra Central Cooperative Bank, Bihar

The Balasore Bhadrak Central Co-operative Bank, Odisha

The Dhrangadhra People’s Cooperative Bank,Gujarat

Patan Nagarik Sahakari Bank Ltd., Patan, Gujarat

The Mandal Nagarik Sahakari Bank, Gujarat

The Material prepared by Dr. (Prof) Veeraswamy Amara (Lecturer in current Affairs, Banking and
General Studies)
Economy
SEBI proposes changes for special situation funds

The Securities and Exchange Board of India (SEBI) recently put forth a proposal
aiming to amend the regulatory framework governing a segment of alternative
investment funds (AIF) known as special situation funds (SSFs).

This revamp is designed to empower SSFs in acquiring stressed loans and fostering
the resolution of distressed assets in India.

Special situation funds a sub-classification under Category I AIF introduced by SEBI

in January 2022, were envisioned to exclusively invest in stressed assets.

These funds were created to tackle the mounting challenges posed by stressed
loans in the Indian financial ecosystem.

They were intended to act as a supplementary source of risk capital alongside

asset reconstruction companies (ARCs) in the resolution of stressed loans faced by
banks, non-banking financial companies (NBFCs), and other institutions.

IndiGo Launched GPT-4-Powered Chatbot, 6Eskai, Revolutionizing Customer

Service In Indian Aviation

IndiGo, the India’s largest airline, announced on Monday the launch of its
Artificial Intelligence (AI)-powered chat assistant named “6Eskai.”

This innovative tool is designed to cater to customer inquiries in a diverse range

of languages, marking a significant step forward in enhancing customer service
in the aviation industry.

6Eskai addresses queries in ten languages, reducing customer service agent

workload by 75%.

The Material prepared by Dr. (Prof) Veeraswamy Amara (Lecturer in current Affairs, Banking and
General Studies)
This innovative chatbot, developed in collaboration with Microsoft, is poised to
reshape the passenger experience by efficiently handling customer queries in
ten different languages.

With a staggering 1.7 trillion parameters, 6Eskai is well-equipped to address a

wide range of passenger inquiries, promising to reduce the workload of
customer service agents by a remarkable 75%.

AMD Inaugurates its largest Global Design Centre in Bengaluru

AMD, a leading company in high-performance and adaptive computing, has

opened its largest global design center in Bengaluru.

This marks a significant step in their commitment to expanding research,

development, and engineering operations in India.
Known as the AMD Technostar campus, it is part of the company's USD 400
million investment in India over the next five years.

The campus will serve as a center of excellence for developing high-

performance CPUs for data centers and PCs, GPUs for data centers and gaming,
and SoCs and FPGAs for embedded devices.

India's economy exhibited remarkable resilience, posting a robust growth rate

of 7.6% in the second quarter of the fiscal year 2023-24 (Q2FY24).

This places India firmly as the fastest-growing major economy globally, as per
the recent GDP data unveiled by the Ministry of Statistics and Programme
Implementation on November 30, 2023.

The substantial uptick in GDP was primarily propelled by robust performances

in key sectors, including manufacturing, mining, and construction.

Notably, government spending played a pivotal role in bolstering economic

expansion during this period.

Real GDP, adjusted for constant prices (2011-12), reached ₹41.74 lakh crore in
Q2FY24, marking a significant 7.6% growth compared to the previous year’s
6.2% in the same quarter.

The Material prepared by Dr. (Prof) Veeraswamy Amara (Lecturer in current Affairs, Banking and
General Studies)
Nominal GDP, at current prices, surged to ₹71.66 lakh crore in Q2 2023-24,
reflecting a growth of 9.1% from the previous year. However, this pace was
slightly slower than the remarkable 17.2% expansion seen in Q2 2022-23.
The Q2 GDP growth surpassed both market expectations and the Reserve Bank
of India’s (RBI) projections.

The RBI had maintained a more conservative outlook, anticipating a real GDP
growth of 6.5% for the fiscal year 2023-24.

GST Revenue in NOV 2023

GST Revenue collection for November 2023, at ₹1,67,929 lakh crore records
highest growth rate of 15% Y-o-Y

The gross GST revenue collected in the month of November, 2023 is ₹1,67,929
crore out of which CGST is ₹30,420 crore, SGST is ₹38,226 crore, IGST
is ₹87,009 crore (including ₹39,198 crore collected on import of goods) and
cess is ₹12,274 crore (including ₹ 1,036 crore collected on import of goods).

The government settled ₹37,878 crore to CGST and ₹31,557 crore to SGST from
IGST.

The total revenue of Centre and the States in the month of November, 2023
after regular settlement is ₹68,297 crore for CGST and ₹69,783 crore for the
SGST.

The revenues for the month of November, 2023 are 15% higher than the GST
revenues in the same month last year and highest for any month year-on-year
during 2023-24, upto November 2023.

2023, నవంబర్ నెలలో ూ స్థ ల ల జీఎస్ట ీ ఆదాయం రూ.1,67,929 కోట్లు

నమోదయంది. అందులో స్టజీఎస్ట ీ రూ.30,420 కోట్లు కాగా, ఎస్టఎ ీ స్ట ీ రూ. 38,226
కోట్లు, ఐజీఎస్ట ీ రూ.87,009 కోట్లు (వస్తువుల దిగుమతిపై సేకరంచిన రూ.
39,198 కోట్తో
ు కలిపి) సేకరంచారు. సస్ రూ. 12,274 కోట్లు (వస్తు వుల
దిగుమతిపై సేకరంచిన ₹ 1,036 కోస్థట్తో ు కలిపి) అయంది.

The Material prepared by Dr. (Prof) Veeraswamy Amara (Lecturer in current Affairs, Banking and
General Studies)
ఐజీఎస్ట ీ నండి స్టజీఎస్టకి ీ రూ. 37,878 కోట్లు, ఎస్టఎ
ీ స్టకి
ీ రూ. 31,557 కోట్లు
ప్రభుతవ ం సటిల్ చేసంది. రెగుు లర్ సటిల్మ ంట్ తర్వవ త 2023, నవంబర్
లో కంప్దం, మరయు ర్వష్ట్రీల మొతుం ఆదాయం స్టజీఎస్టకి ీ రూ. 68,297
కోట్లు, ఎస్టఎ
ీ స్టకి
ీ రూ. 69,783 కోట్లు ఆదాయం తేలింది.

2023, నవంబర నెల ఆదాయాలు గత సంవతస రం ఇదే నెలలో జీఎస్ట ీ ర్వబడి

కంటే 15% ఎకుు వగా ఉన్నా య. 2023-24లో నవంబర్ 2023 వరకు ఏ
నెలలోనైన్న అతు ధికంగా ఉన్నా య. ఈ నెలలో దేశీయంగా వచేే
ఆదాయాలు లావాదేవీలు (సేవల దిగుమతితో సహా) గత సంవతస రం ఇదే
నెలలో ఈ మూలాల నండి వచిే న ఆదాయాల కంటే 20 శాతం ఎకుు వ.

2023-24 ఆర లక సంవతస రంలో ూ స్థ ల ల జీఎస్ట ీ వూ ళ్లు రూ.1.60 లక్షల కోట్ ు

మారుు న అధిగమించడం ఇది ఆరవసార. నవంబర్, 2023తో ముగిసే 2023-
24 ఆర లక సంవతస రం [రూ.13,32,440 కోట్లు, సగట్లన నెలకు రూ.1.66 లక్షల
కోట్లు)లో… 2023, నవంబర్ తో ముగిసే 2022-23 ఆర లక సంవతస ర్వనికి ూ స్థ ల ల
జీఎస్ట ీ సేకరణ కంటే 11.9 శాతం ఎకుు వ [ రూ.11,90,920 కోట్లు, సగట్లన
నెలకు రూ. 1.49 లక్షల కోట్లు].

India’s GDP growth expected to slow to 6.3% in FY24 : OECD

According to the Organization for Economic Cooperation and Development

(OECD) Economic Outlook November 2023 titled ‘Restoring growth’, the real
Gross Domestic Product (GDP) growth of India is expected to be at 6.3% in
financial year (FY) 2023-24.

The report also pointed out that the economy will slow down to 6.1% in FY25
due to adverse weather-related events and the weakening international
outlook.

CCI Approves Atlas 2022 Holdings Stake Increase in Vodafone Group Plc

The Competition Commission of India (CCI) has granted approval for the
proposed acquisition by Atlas 2022 Holdings Limited, allowing it to increase its
stake in Vodafone from the current 14.6% to below 25%.

The Material prepared by Dr. (Prof) Veeraswamy Amara (Lecturer in current Affairs, Banking and
General Studies)