National News

Prime Minister Narendra Modi Elected Chairman of Shree Somnath Trust

• In a groundbreaking move, Prime Minister Narendra Modi has been elected as the chairman of the Shree Somnath Trust (SST) for a five-year term, marking a significant departure from the traditional one-year tenure for the trust's chairman.
• This decision, approved by the charity commissioner of Gujarat, underscores the importance of continuity and leadership in managing the iconic Somnath temple near Veraval.
• During the 122nd meeting of the SST's board of trustees held at Raj Bhavan in Gandhinagar, Prime Minister Modi was re-elected as chairman for a historic five-year term, the first time in the trust's 74-year history.

Finance Minister Nirmala Sitharaman Inaugurates SBI Branch in Sri Lanka

• During her three-day visit to Sri Lanka, Finance Minister Nirmala Sitharaman inaugurated a new branch of the State Bank of India (SBI) in Trincomalee and engaged in crucial discussions with her Sri Lankan counterparts as part of the 12th round of the Economic and Technology Cooperation Agreement (ETCA).
• Sitharaman's visit to Sri Lanka, marked by the opening of an SBI branch in Trincomalee and the resumption of the 12th round of ETCA talks, reflects the commitment of both nations to strengthen economic ties and enhance cooperation for mutual growth and development.

Sarbananda Sonowal Flags Off India's First International Cruise Liner

• Union Minister of Ports, Shipping & Waterways and AYUSH, Shri Sarbananda Sonowal, flagged off the maiden voyage of Costa Serena, India's first International Cruise Liner from Mumbai.
• This event marks the initiation of a transformative phase in India's cruising and tourism industry, driven by the visionary "Dekho Apna Desh" initiative of Hon'ble Prime Minister Shri Narendra Modi.

NITI Aayog Workshop on India-AU Collaboration

• NITI Aayog, in partnership with the Observer Research Foundation (ORF), organized a workshop in New Delhi focused on implementing the commitments from the New Delhi Leaders' Declaration (NDLD) signed at a recent G20 Conference.
• The workshop aimed to strengthen cooperation between India and the African Union (AU) in three key areas: inclusive growth, sustainable infrastructure, and migration management.

International News

Climate Change: Is White Hydrogen the New Saviour?

• The energy and climate change landscape has recently been electrified by the discovery of vast reserves of natural or "white" hydrogen.
• This development has sparked enthusiasm, with many seeing it as a potential game-changer in the fight against climate change.
• Amidst the excitement, it is crucial to dissect the reality behind this newfound energy source.

Business News

NBA Partners with Bhaane to Launch NBAStore.in in India

• The National Basketball Association (NBA) and Bhaane, a leading contemporary clothing brand, have joined forces in a groundbreaking multi-year partnership to introduce NBAStore.in.
• This online store caters to the burgeoning demand for official NBA merchandise in India, featuring an extensive array of items, including jerseys, apparel, headwear, footwear, basketballs, and accessories from renowned brands like Nike, New Era, Mitchell & Ness, Wilson, and NBA Fanwear by Suditi.

Banking News

RBI Imposes Penalties on Punjab National Bank and Federal Bank

• The Reserve Bank of India (RBI) took action on November 3 by announcing monetary penalties against several financial institutions for violating regulations.
• The penalties were imposed on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India to ensure compliance with regulatory requirements.

Agreements News

India and Italy Sign Mobility and Migration Partnership Agreement

• India's External Affairs Minister, Dr. S. Jaishankar, held a productive meeting with Italy's Deputy Prime Minister and Foreign Minister, Antonio Tajani, in Rome.
• The discussions revolved around strengthening the strategic partnership between India and Italy, exploring opportunities in various sectors, and addressing global issues.

India and UAE Sign MoU to Foster Educational Cooperation

• India and the United Arab Emirates (UAE) have signed a Memorandum of Understanding (MoU) aimed at bolstering their educational cooperation.
• The agreement covers various aspects, including student and faculty mobility, exchange of information, capacity development, and academic collaboration between educational institutions in both countries.

Appointments

Indian Diplomat Re-elected to Serve on UN Advisory Committee

• Senior Indian diplomat, Surendra Adhana, has been re-elected to serve on the Advisory Committee on Administrative and Budgetary Questions (ACABQ) at the United Nations for the term 2024-26.
• This re-election underscores his expertise and the confidence placed in him by the international community.
• Counsellor Surendra Adhana, representing India's Permanent Mission to the United Nations, has been re-elected to the ACABQ by acclamation.
• This re-election reflects his standing as a seasoned diplomat and his demonstrated capabilities in addressing complex budgetary and administrative matters at the United Nations.

Important Days

World Tsunami Awareness Day 2023 Observed on November 5

• Every November 5th, a global community assembles to mark World Tsunami Awareness Day, emphasizing the importance of Tsunami knowledge and awareness.
• The Current Theme for World Tsunami Awareness Day in 2023 is "Fighting Inequality for a Resilient Future," echoing the emphasis on reducing inequality during the International Day for Disaster Reduction.

International Day for Biosphere Reserve 2023 Celebrated on November 3

• On November 3, the world celebrates the International Day for Biosphere Reserves, a day established by UNESCO during its 41st General Conference in 2022.
• This occasion provides an opportunity to understand and appreciate Biosphere Reserves (BR) and their significance in preserving the delicate balance between nature and culture.

Obituaries News

NASA Apollo Astronaut Thomas Kenneth Mattingly II Passes Away at the Age of 87

• Ken Mattingly, the renowned astronaut best known for his vital role in the safe return of the damaged Apollo 13 spacecraft to Earth, has passed away at the age of 87.
• His contributions to space exploration, both on the ground and in orbit, have left an indelible mark on NASA's history.
• In 1970, he was initially assigned to be the pilot of the Apollo 13 command module but was replaced a few days before launch due to exposure to German measles, even though he did not contract the illness.

Economy News

PMI Points to Manufacturing Growth Easing to 8-Month Low

• India's manufacturing sector experienced a significant slowdown in October, with the Purchasing Managers' Index (PMI) falling to 55.5, marking an eight-month low compared to the previous month's 57.5.
• The data highlights the impact of cost pressures and subdued demand for specific products. Despite the slowdown, the October PMI reading remains above the long-run average of 53.9, representing the slowest rate of expansion since February.
• The deceleration in Manufacturing PMI for October is concerning, especially in light of recent data that revealed India's eight core sectors posted the lowest growth rate in four months in September, at 8.1 percent, contributing more than 40 percent to the Index of Industrial Production (IIP).

India's Response to the EU's Carbon Border Adjustment Mechanism Raises Concerns

• The European Union's proposed Carbon Border Adjustment Mechanism (CBAM) has stirred controversy, with India's Commerce and Industry Minister strongly criticizing it as "ill-conceived."
• CBAM applies to imported goods that are carbon-intensive and encourages non-EU countries to adopt stringent environmental regulations, reducing global carbon emissions while preventing carbon leakage. It generates revenue for supporting EU climate policies.