1 & 2 October 2023 Current Affairs – The Day’s Top News | GKSERIES

Current Affairs is the most important area in all competitive exams. But the difficulty level is very high. That’s why; many aspirants get confused, how to select Current Affairs for Preparation of Competitive Examination? In this Post, Daily Current Affairs 1 & 2 October 2023, we have tried to cover each and every point and also included all important facts from National/ International news that are useful for upcoming competitive examinations such as UPSC, SSC, Railway, State Govt. etc.

Dr Dinesh Dasa takes oath of Office and Secrecy as Member, UPSC

Dr. Dinesh Dasa, an eminent scholar with a rich background in forestry and public service, recently took the oath of office and secrecy as a Member of the Union Public Service Commission (UPSC).

The ceremony, administered by UPSC Chairman Dr. Manoj Soni, marks a significant milestone in Dr. Dasa’s distinguished career. This article delves into Dr. Dasa’s impressive qualifications, his impactful tenure as Chairman of the Gujarat Public Service Commission, and his contributions to the realm of public service examinations.

Eurozone Inflation Hits Two-Year Low

Inflation in the Eurozone has dropped to its lowest level in almost two years, providing potential relief for the European Central Bank (ECB) and raising questions about the continuation of its rate-hiking cycle.

Inflation Figures and Forecasts

• Official data from Eurostat reveals that consumer prices in the 20-nation Eurozone rose at an annual rate of 4.3 percent in September, down from 5.2 percent in August. This marks the lowest level of inflation since October 2021.
• Analysts had anticipated a slower decline in inflation, with a consensus forecast of 4.5 percent for September, according to data firm FactSet. However, it’s important to note that inflation remains well above the ECB’s target of two percent.

Implications for ECB’s Rate-Hiking Cycle

• The decline in inflation has raised hopes among investors that the ECB may reconsider its ongoing rate-hiking cycle. The central bank had been raising interest rates in response to elevated inflation, but this has had repercussions across the Eurozone economy.
• Core inflation, which excludes volatile elements like energy, food, alcohol, and tobacco prices, also decreased from 5.3 percent in August to 4.5 percent in September. Core inflation is a critical factor for the ECB’s policy decisions.
• Some economists, like Jack Allen-Reynolds from Capital Economics, suggest that the ECB may have completed its interest rate increases. However, they predict that rate cuts are unlikely until late 2024.
• ECB Chief Christine Lagarde defended the rate hikes, stating that they were necessary to combat inflation, despite acknowledging the associated difficulties.
• Notably, European governments, including France, have voiced opposition to further rate hikes by the ECB.

Factors Influencing Inflation Trends

• Inflation has been on a downward trajectory since reaching its peak at 10.6 percent in October 2022, primarily due to the economic repercussions of Russia’s war on Ukraine across Europe.
• Economists caution against expecting a rapid decline in inflation to reach the ECB’s target. Factors such as higher energy and wage costs could keep inflation elevated.
• Rising oil prices are a concern, with expectations that they may contribute to higher inflation at the beginning of the next year.
• However, energy prices in the Eurozone decreased in September, falling by 4.7 percent, following a 3.3 percent drop in the previous month.
• The increase in food and drink prices also slowed, with a rate of 8.8 percent in September compared to 9.7 percent in August, according to Eurostat.
• The Netherlands was the only Eurozone country where consumer prices actually fell, dropping by 0.3 percent, according to Eurostat figures. Meanwhile, Germany saw a notable reduction in inflation from 6.4 percent in August to 4.3 percent in September, as per Eurostat data.

World Habitat Day 2023, Date, Theme, History and Signficance

World Habitat Day, observed on the first Monday of October each year, serves as a global platform to contemplate the state of our habitats and emphasize the fundamental right of every individual to have access to adequate shelter.

This year World Habitat Day observed on 2nd October. In the year 2023, this day takes on a special significance as urban economies around the world grapple with unprecedented challenges.

Against the backdrop of a declining global economy, exacerbated by the lingering effects of the COVID-19 pandemic and conflicts, World Habitat Day 2023 focuses on the theme of “Resilient Urban Economies: Cities as Drivers of Growth and Recovery.” This article delves into the importance of World Habitat Day, its history, and the critical theme for 2023.

India’s Core Sector Records Robust Growth in August, Highest in 14 Months

In a significant economic development, India’s core sector witnessed impressive growth in August, reaching a 14-month high of 12.1%. This remarkable surge in core sector performance is attributed to several key factors, primarily the favorable base effect. In this report, we delve into the details of this growth, including the sectors driving it and the broader implications for India’s industrial landscape.

August Core Sector Growth Surges:

• In August, India’s eight core industries experienced a remarkable growth rate of 12.1%, marking a substantial increase from the previous year when core sector growth was at 4.2%.
• This robust growth is a positive sign for the Indian economy, indicating a strong recovery and revival of essential infrastructure sectors.

Key Sectors Driving Growth:

• Five of the eight core sectors played a pivotal role in driving this growth: cement (18.9%), coal (17.9%), electricity (14.9%), steel (10.9%), and natural gas (10.0%).
• The production in coal and electricity industries witnessed its highest growth in 14 months, while cement and natural gas sectors saw their most significant growth in nine and 18 months, respectively.
• The refinery products sector also displayed substantial growth at 9.5%, a 14-month high compared to 3.6% in July.
• Crude oil output increased by 2.1% year-on-year, maintaining its upward trajectory from July. It had experienced a rise for the first time in 14 months during July.
• The only sector that saw a dip in output growth in August was fertilizers, with a growth rate of 1.8%, down from 3.3% in July.

April-August Performance:

• For the period of April to August, the core sector exhibited a growth rate of 7.7%. While this is a positive sign, it is worth noting that this growth is slightly down from the 10.0% growth observed in the first five months of the previous fiscal year (2022-23).

Revised July Figures:

• The growth figure for July was revised upwards from 8.0% to 8.4%, indicating a more robust performance than initially reported.

Significance of Core Sector Growth:

• India’s eight core sectors collectively account for more than 40% of the weight of the Index of Industrial Production (IIP).
• As a result, the performance of these core sectors serves as a leading indicator of overall industrial growth in the country.
• In July, India’s industrial output expanded by 5.7%, a five-month high, surpassing the consensus estimate of 5%, reinforcing the importance of core sector growth in assessing the broader industrial landscape.

Upcoming IIP Data:

• The Index of Industrial Production (IIP) data for August is scheduled for release on October 12. This data will provide further insights into the overall health of India’s industrial sector and its trajectory in the coming months.

Marico’s Saugata Gupta named as ASCI Chairman

Saugata Gupta, Managing Director and Chief Executive Officer of Marico Ltd, has been appointed new Chairman of the Advertising Standards Council of India (ASCI), at the board meeting of the self-regulatory body. Gupta’s association with ASCI spans several years, including two years on the Board of Governors and four years as a special invitee on the Board of Governors.

Partha Sinha, president of response, Bennett Coleman & Company Limited, was elected vice chairman, and Sudhanshu Vats, deputy managing director, Pidilite Industries Ltd, was appointed honorary treasurer.

Government Increases Windfall Tax on Crude Petroleum

In a recent move, the Indian government has announced significant changes to its tax policies related to the petroleum industry. These changes include an increase in the special additional excise duty (SAED) on domestically produced crude petroleum, as well as reductions in levies on diesel and Aviation Turbine Fuel (ATF). Here are the key details:

1. Windfall Tax on Domestic Crude Oil

Effective from September 30, 2023, the government has raised the windfall tax on domestically produced crude oil to Rs 12,100 per tonne. This marks an increase from the previous rate of Rs 10,000 per tonne, which was set during the last fortnightly review on September 15, 2023. The windfall tax is intended to capture excessive profits in the crude petroleum sector.

2. Reduction in Diesel Duty

As part of these changes, the government has decided to reduce the SAED on the export of diesel. The duty on diesel will be lowered to Rs 5 per litre, down from the previous rate of Rs 5.50 per litre. This adjustment aims to make diesel more affordable for consumers and businesses.

3. Decrease in Aviation Turbine Fuel (ATF) Duty

In a move that will benefit the aviation industry, the SAED on Aviation Turbine Fuel (ATF) is set to decrease. Effective from the upcoming Saturday, the duty on ATF will be reduced to Rs 2.5 per litre, down from the previous rate of Rs 3.5 per litre. This reduction is expected to lower operational costs for airlines.

4. No Change in Petrol SAED

It’s important to note that the SAED on petrol will remain unchanged, with no additional duty imposed on petrol.

Asian Games 2023, Rohan Bopanna and Rutuja Bhosale wins gold in Tennis

Rohan Bopanna and Rutuja Bhosale claimed mixed doubles gold with a 2-6 6-3 10-4 win over Chinese Taipei’s Yu-hsiou Hsu and Hao-ching Chan. It was India’s second medal in tennis at the continental event after Ramkumar Ramanathan and Saketh Myneni had won a silver in men’s doubles.

Bhosale raised her game in nick of time while seasoned Bopanna stayed solid with his big serves as India came from a set down to beat Chinese Taipei’s Tsung-hao Huang and En-shuo Liang 2-6, 6-3, 10-4 in the title clash. India’s two-medal show in tennis is the country’s worst at the Asian Games since the turn of the century.

Key points

• Rohan Bopanna began the match with a terrific service game. However, Tsung-hao Huang and Liang En-shuo won two breaks in a row and held their serve to go 5-1 up, and eventually seal the first set 6-2.
• Rohan Bopanna and Rutuja Bhosale fought back well in the second set and there was nothing separating both teams in the opening seven games. The Indian pair, however, levelled up with a decisive break in the eighth game and took the set 6-3 to induce a match tie break.
• Rutuja Bhosale won her maiden Asian Games medal while Rohan Bopanna added to his gold medal from Jakarta 2018. This was India’s second medal in tennis at the Asian Games 2023, following a silver in the men’s doubles event.
• India have now won seven medals in the mixed doubles category – including three gold – at the Asian Games. Leander Paes-Sania Mirza at Doha 2006 and Saketh Myneni-Sania Mirza at Incheon 2014 are the other mixed doubles champions.

Delhi CM Arvind Kejriwal Unveils 15-Point Winter Action Plan to Combat Air Pollution

Delhi Chief Minister, Arvind Kejriwal, has unveiled a comprehensive 15-point winter action plan aimed at addressing air pollution in the national capital, just in time for the festive season.

This initiative is a response to the pressing need for cleaner air in Delhi, which has seen some improvements in air quality metrics, including reductions in PM 2.5 and PM 10 levels.

K.N. Shanth Kumar Elected Chairman of Press Trust of India (PTI) Board

In a significant development within the realm of Indian journalism, K.N. Shanth Kumar, a seasoned media professional, has been elected as the Chairman of the Press Trust of India’s Board of Directors for a one-year term. This announcement came following the Annual General Meeting of PTI’s Board of Directors, held at the news agency’s headquarters in New Delhi on a Friday.

Change in Leadership

Mr. Shanth Kumar’s election marks a transition in PTI’s leadership, as he takes over from Aveek Sarkar, who had served as Chairman for two consecutive terms. This shift in leadership is expected to bring fresh perspectives and ideas to the helm of India’s largest and oldest private news agency.

Key Appointments

In addition to Mr. Shanth Kumar’s election as Chairman, Praveen Someshwar, the Chief Executive Officer of Hindustan Times, has been elected as the Vice-Chairman of PTI’s Board of Directors. These appointments are set to shape the strategic direction of PTI in the coming year.

A Distinguished Career

K.N. Shanth Kumar, aged 62, brings with him a wealth of experience in the field of media management. He has been associated with The Printers (Mysore) Pvt. Ltd. since 1983, serving in various roles over the years. His contributions to the media landscape extend beyond his current role at PTI; he has previously served as Chairman of the Audit Bureau of Circulation (ABC) and been a dedicated member of the Executive Committee of the Indian Newspaper Society (INS) for more than two decades.

This marks Mr. Shanth Kumar’s second term as Chairman of the PTI Board, with his previous stint occurring from 2013 to 2014.

About Press Trust of India (PTI)

Press Trust of India, founded just two weeks after India gained independence in 1947, holds the distinction of being the country’s largest and oldest private news agency. It was established by a consortium of newspapers, which continue to be its owners. Notably, the shareholders do not receive any portion of the company’s profits; instead, these funds are reinvested to support the ongoing development and modernization of the news agency.

K.N. Shanth Kumar’s election as Chairman signals a new era for PTI, with the promise of continued commitment to providing reliable and timely news to the nation.

As India’s media landscape evolves, these leadership changes are poised to influence the trajectory of PTI and shape its role in the ever-changing world of journalism.

Ruixiang Zhang Awarded 2023 SASTRA Ramanujan Prize in Mathematics

Mathematician Ruixiang Zhang, an Assistant Professor at the University of California, Berkeley, USA, has been selected as the recipient of the prestigious 2023 SASTRA Ramanujan Prize. This award recognizes his remarkable contributions to the field of mathematics.

The prize, which includes a cash award of $10,000, will be presented during an international conference in Number Theory, held in the hometown of the renowned mathematician Srinivasa Ramanujan, at SASTRA University in Kumbakonam during the third week of December.

On Seventh Day of the Asian Games, India won five medals.

India won two Gold medals, Two Silver medals and one Bronze medal on the seventh day of the Asian Games in Hangzhou, China.

India’s total medal tally reached 38 medals with 10 Gold, 14 Silver and 14 Bronze.

In the men’s 10,000m final, Kartik Kumar and Gulveer Singh won silver and bronze medals respectively.

India won the men’s team semi-final by defeating Korea by 3-2 in the badminton.

Bopanna and Rutuja Bhosale won gold in the mixed doubles tennis final.

In the men’s team squash event, the Indian trio of Saurav Ghosal, Abhay Singh, and Mahesh Mangaonkar won gold medal.

Sarabjot Singh and Divya TS won silver in the 10m air pistol mixed team final.

Preeti and Lovlina Borgohai entered into semi-finals of their respective boxing categories, which ensured medal for India.

Nikhat Zareen has already qualified for the semi-final.

Nitin Gupta’s tenure as CBDT chairman has been extended till 2024.

The government has decided to extend the tenure of Nitin Gupta as chairman of the Central Board of Direct Taxes (CBDT), till June 30, 2024.

The Appointments Committee of the Cabinet (ACC) has approved the reappointment of Nitin Gupta as the CBDT Chairman.

He was scheduled to retire on September 30.

He is a 1986-batch Indian Revenue Service (IRS) officer of the Income-tax department.

As per the government notification, the service period of Nitin Gupta has been extended on a ‘Contract Basis’.

Central Board of Direct Taxes (CBDT):

It is a statutory body under the Central Revenue Act, 1963. It is the administrative body of the Income Tax Department.

It deals with matters related to levy and collection of direct taxes like personal income tax, corporate tax, etc.

CBDT is headed by the Chairman and comprises six members. Its headquarters are in New Delhi.

Manipur Government distributed One-time financial assistance to people living in relief camps.

Under the Special Scheme for Education of Children of Labour Card Holders staying in Relief Camps, Manipur Chief Minister N. Biren Singh distributed one-time financial assistance of Rs 5000 to beneficiaries.

The government provided 5000 rupees to labour card holders staying in relief camps to educate their children.

The Chief Minister said that people whose houses had burnt will be built by the government.

People whose houses have not burned or razed to the ground in the violence have started resettling in their original places.

According to the Manipur Government, 12,694 displaced children living in relief camps across the state. Out of them, 100 are severely traumatized and they need professional counselling.

In the ethnic violence, 50,650 men, women and children of different communities were displaced and they are now living in 350 camps.

Around 12000 people have taken shelter in Mizoram.

Appointment of Gokul Subramaniam as Chairman of Intel India

Intel Corporation, the leading digital chip maker headquartered in the United States, has elected Gokul Subramaniam as the President of Intel India.

An Overview of the News

Gokul Subramaniam’s responsibilities in his new role include overseeing Intel’s engineering and design operations in India.

His duties include fostering innovation, enhancing cross-group efficiencies and ensuring successful execution of Intel products from Indian facilities.

It is noteworthy that he will continue to lead client platforms and systems within the Client Computing Group (CCG).

In June 2023, Nivrutti Rai, former country head of Intel India and vice president of Foundry Services, resigned from her post.

Subsequently, in July 2023, he took up the role of Managing Director (MD) and Chief Executive Officer (CEO) at Invest India, an investment promotion and facilitation agency run by the Government of India.

About Intel Corporation

It is commonly called Intel, is a technology company and multinational corporation based in Santa Clara, California.

It has the distinction of being one of the world’s leading semiconductor chip manufacturers, recognized for substantial revenue generation in the industry.

Established – July 18, 1968

Founders – Gordon Moore, Robert Noyce and Arthur Rock

President -Frank D. Yeary

CEO – Pat Gelsinger