Current Affairs november-8th-2023
National News
Bharat Botanics Sets Up India's Largest Cold Oil Production Facility in Gujarat
- Bharat Botanics has recently announced the opening of a state-of-the-art wood-pressed Cold Oil processing facility in Gondal, Rajkot, Gujarat.
- This advanced 16,000 square feet automated facility is a unique venture that prioritizes hygiene and transparency, promoting the production of 100% natural, chemical-free edible oils.
- This initiative is a significant stride towards a healthier India that values chemical-free, natural oils.
- Bharat Botanics, a leading brand in the wood-pressed edible oil sector, is renowned for its commitment to purity, environmental responsibility, and supporting local communities.
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Parshottam Rupala Inaugurates Department of Animal Husbandry and Dairying Pavilion
- Shri Parshottam Rupala, the Minister for Fisheries, Animal Husbandry, and Dairying, inaugurated the pavilion of the Department of Animal Husbandry and Dairying during the World Food India event 2023.
- This pavilion serves as a comprehensive showcase of major schemes, initiatives, and innovative technologies in the livestock and dairy sector.
- With participation from a diverse range of stakeholders, including the National Dairy Development Board, start-ups, and companies dedicated to animal husbandry and dairy, the pavilion reflects the sector's dynamism and evolution.
- It also offers engaging features like a "Selfie Point" and live demonstrations of innovative products, making it an interactive and informative experience for visitors.
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International News
India and Bhutan Strengthen Bilateral Ties with New Initiatives
- During a recent meeting between Prime Minister Narendra Modi and Bhutan King Jigme Khesar Namgyel Wangchuck, both nations engaged in discussions covering trade, technology, and cross-border connectivity.
- A "final location survey" for a proposed rail link between Kokrajhar in Assam, India, and Gelephu in Bhutan was agreed upon, with India providing support for its construction.
- Furthermore, India will assist in upgrading the existing land customs station at Dadgiri in Assam, converting it into an integrated check post to facilitate trade.
- Similar enhancements will be made at Gelephu on the Bhutanese side to bolster trade infrastructure, demonstrating the commitment to stronger cross-border ties.
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IIT Madras Establishes First International Campus on Zanzibar Island in Tanzania
- IIT Madras has achieved a notable milestone by opening its first international campus on the picturesque Zanzibar Island in East Africa.
- This campus introduces Bachelor of Science (BS) and Master of Technology (MTech) programs with a focus on Data Science and Artificial Intelligence (AI).
- These programs are accessible to students of all nationalities, fostering a diverse learning environment that promotes global perspectives and cross-cultural collaboration.
Banking News
RBI Phases Out Incremental Cash Reserve Ratio (I-CRR)
- The Reserve Bank of India (RBI) has introduced a plan to gradually discontinue the Incremental Cash Reserve Ratio (I-CRR) in response to evolving liquidity conditions.
- This phased approach aims to ensure the stability of the financial system and the smooth operation of money markets. The release of I-CRR funds will occur in three phases, with 25% being released on September 9, another 25% on September 23, and the remaining 50% on October 7.
- The I-CRR, introduced by RBI Governor Shaktikanta Das, required scheduled banks to maintain a 10% reserve ratio on the increase in their net demand and time liabilities (NDTL) between May 19, 2023, and July 28, 2023. This initiative was designed to absorb surplus liquidity in the banking system.
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HSBC India Introduces E-Bank Guarantees to Modernize Trade Finance
- HSBC India, in collaboration with the National E-Governance Services Ltd (NeSL), has launched electronic bank guarantee services to replace traditional paper-based systems.
- This digital solution is accessible to both MSMEs and corporate clients and aims to digitize the trade finance sector, eliminating the need for paper-based bank guarantees.
- The process includes e-stamping and e-signing, streamlining the issuance of guarantees and enabling applicants to access their bank guarantees instantly through the NeSL portal.
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Business News
Mundra Port Achieves Milestone as India's First Port to Handle 16.1 Million Tonnes of Cargo
- Mundra Port, part of Adani Ports and Special Economic Zone (APSEZ), has set a significant record by becoming India's first port to handle 16.1 million tonnes of cargo.
- This achievement is a testament to the port's strategic location, exceptional infrastructure, and consistent growth.
- Notably, Mundra Port crossed the 100 million metric ton mark in just 210 days, surpassing its previous record of 231 days from the previous year.
- Alongside its impressive growth in cargo volume, the port experienced double-digit growth in containers (10%) and in liquids and gas (14%), showcasing its versatility and efficiency in handling various types of cargo.
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IndiaFirst Life Becomes the First Life Insurance Company to Obtain GIFT City IFSC Registration
- IndiaFirst Life, a Mumbai-based life insurance company, has attained a significant milestone by securing registration within the GIFT City International Financial Services Centre (IFSC).
- This achievement positions IndiaFirst Life to expand its services beyond the borders of India.
- GIFT City serves as a unique entity operating as an International Financial Services Centre, tailored for financial services and functioning like a special economic zone. This strategic location opens up new opportunities for IndiaFirst Life in the international financial landscape.
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Important Days News
National Cancer Awareness Day 2023
- National Cancer Awareness Day, observed annually on November 7th, plays a crucial role in raising public awareness about the significance of early cancer detection, prevention strategies, and critical aspects of cancer treatment in India.
- Initiated in 2014, this observance emphasizes the urgency of addressing the cancer epidemic, focusing on early detection, prevention, and treatment to mobilize society in the battle against this life-threatening disease.
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Summits & Conferences News
1st Global AI Safety Summit Concludes in the UK
- The AI Safety Summit 2023, hosted at Bletchley Park, Buckinghamshire, on November 1 and 2, marked a significant global event with a focus on assessing the risks associated with cutting-edge AI models and formulating strategies to enhance AI safety for the public good.
- A primary objective of the summit was to establish global coordination and standards in AI safety, leading to the historic signing of the "Bletchley Declaration" by 28 countries, including major players like the US, UK, and China.
- This declaration outlines plans for increased transparency from AI developers regarding safety practices and encourages scientific collaboration to better understand AI's potential risks.
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Appointments News
Heeralal Samariya Appointed as the New Chief Information Commissioner
- Shri Heeralal Samariya has been officially appointed as the Chief Information Commissioner in the Central Information Commission, assuming his new role on November 6, 2023.
- A swearing-in ceremony was held at the Central Information Commission to mark this occasion, during which Shri Heeralal Samariya administered the oath of office to the newly appointed Information Commissioners.
- Prior to his appointment, Anandi Ramalingam held the position of Chairman & Managing Director at Bharat Electronics Ltd. under the Ministry of Defence, Government of India.
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Agreements News
APEDA Partners with Lulu Hypermarket to Boost Indian Agri-Product Exports
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- The Agricultural and Processed Food Products Export Development Authority (APEDA) has signed a Memorandum of Understanding (MoU) with the renowned global retail giant, Lulu Hypermarket LLC, to promote the export of Indian agricultural products, with a particular focus on Millets, to the Gulf Cooperation Countries (GCCs).
- The collaboration with LuLu Group International (LLC) aims to expand the global reach of Indian agricultural products, making them more accessible to consumers around the world through Lulu Group's extensive international network of stores.
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Sports News
Max Verstappen Wins Brazilian Grand Prix 2023
- Max Verstappen secured a well-deserved victory at the Brazilian Grand Prix 2023, held at the Interlagos Circuit in São Paulo.
- Representing Red Bull Racing, Verstappen demonstrated exceptional control and skill as he led the race from start to finish, solidifying his status as one of the elite drivers in Formula 1.
- His teammate, Sergio Perez, also of Red Bull Racing, delivered an impressive performance, securing the fourth position and maintaining his position in the ongoing competition for the runner-up spot in the championship against Mercedes' Lewis Hamilton.
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India Claims Top Titles at the FIDE Grand Swiss Chess Event
- India celebrated a historic moment as both Vidit Gujrathi and Vaishali emerged victorious at the Grand Swiss tournament held at the Isle of Man.
- Their victories secured coveted spots in the Candidates tournament, set to take place in Toronto early next year.
- The Grand Swiss tournament is renowned for offering prestigious qualifying spots, attracting top chess talents from around the world.
- Vidit Gujrathi and Vaishali's remarkable performances showcased their strategic brilliance and resilience in the face of formidable competitors.
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Science & Technology News
IIT Kanpur Launches Center of Excellence "ATMAN" to Monitor Air Quality
- The Indian Institute of Technology Kanpur (IITK) has established a Center of Excellence (CoE) named ATMAN (Advanced Technologies for Monitoring Air-quality iNdicators).
- This CoE focuses on achieving self-reliance in air quality monitoring and management. It combines indigenous air quality sensor fabrication with artificial intelligence and machine learning models to ensure precise and reliable air quality information.
- The initiative evaluates health risks associated with air pollutants and reviews air quality standards, contributing significantly to efforts to combat air pollution.
