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 6 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.
Anirban Mukherjee has been appointed as Global CEO PayU
Anirban Mukherjee has been appointed as CEO of PayU, replaced Amrish Rau
He will join the Prosus leadership team and report directly to Ervin Tu, Prosus and Naspers Interim CEO.
He will be responsible for overall business operations of PayU
This comes just two months after Netherlands-based investment firm Prosus announced that the fintech arm PayU is selling a part of its business to Israel’s Rapyd.
India, Japan launch $600 million fund for environment projects
India’s National Investment and Infrastructure Fund and Japan Bank for International Cooperation jointly launched a $600 million fund for climate and environment projects.
The Indian gov will contribute 49% to the target corpus and remaining 51% will be contributed by JBIC.
Objective: To invest in environmental sustainability and low carbon emission strategies and
Aim: To play the role of being a partner of choice to further enhance Japanese investments into India
World Teachers Day 2023, History, Significance, Theme
World Teachers’ Day, observed annually on October 5th, is a global celebration dedicated to honoring the invaluable contributions of teachers to society. This day serves as an opportunity to recognize the vital role teachers play in shaping the future and to address the challenges they face. In this article, we will delve into the history, significance, and the 2023 celebrations of World Teachers’ Day.
World Teachers’ Day 2023 Theme
The theme for World Teachers’ Day 2023 is “The Teachers We Need for the Education We Want: The Global Imperative to Reverse the Teacher Shortage”.
History of World Teachers’ Day
1966: A Milestone Year
- In 1966, UNESCO and the International Labor Organization (ILO) joined forces to convene the Special Intergovernmental Conference on the Status of Teachers in Paris.
- The conference led to the adoption of the UNESCO/ILO Recommendation concerning the Status of Teachers, a seminal document that delineates the rights and responsibilities of teachers, as well as standards for their preparation, recruitment, employment, and working conditions.
Inaugural Celebration
- World Teachers’ Day was inaugurated on October 5, 1994, marking the 30th anniversary of the 1966 conference.
- Since then, it has grown into a globally recognized annual event that honors teachers and their contributions to education.
Significance of World Teachers’ Day
Celebrating Educational Transformation
World Teachers’ Day is a momentous occasion to celebrate how teachers are catalysts for educational transformation.
Teachers have the unique opportunity to make a lasting impact on the lives of their students, shaping sustainable futures and finding personal fulfillment in their vocation.
Addressing Global Teacher Shortages
- The world currently faces an unprecedented global teacher shortage.
- Working conditions and the status of teachers have declined, exacerbating the shortage.
- The 2023 theme, “The teachers we need for the education we want: The global imperative to reverse the teacher shortage,” highlights the urgency of reversing this trend.
Objectives
- Advocate for a dignified and valued teaching profession.
- Analyze the challenges faced by teachers.
- Showcase inspiring practices to attract, retain, and motivate educators.
- Examine the ways in which education systems and communities recognize, appreciate, and support teachers.
Partnerships
World Teachers’ Day is co-convened in partnership with the International Labor Organization (ILO), UNICEF, and Education International (EI).
Nobel Prize in Chemistry 2023 awarded to Bawendi, Louis and Alexei
The Nobel Prize 2023 in Chemistry has been awarded to Moungi G Bawendi, Louis E Brus, and Alexei I Ekimov “for the discovery and synthesis of quantum dots.”
The Royal Swedish Academy of Sciences rewards the discovery and development of quantum dots, nanoparticles so tiny that their size determines their properties.
The Nobel Laureates in Chemistry 2023 have succeeded in producing particles so small that their properties are determined by quantum phenomena.
Ministry of Tourism inaugurates PATA Travel Mart 2023 in New Delhi
The 46th edition of the Pacific Asia Travel Association (PATA) Travel Mart 2023 is being organized by the Ministry of Tourism at the International Exhibition-cum-Convention Centre (IECC) in New Delhi.
The Mart is being organized from October 4th to 6th 2023.
It is an opportunity to highlight unique destinations and members to develop networks , learn and socialize for delegates from all over the world and for business to expand.
Second malaria vaccine to win global approval is cheaper and easier to make
The World Health Organization has validated a second malaria vaccine to protect children against the deadly disease, which killed 619,000 people in 2021.
According to Researchers the vaccine, known as R21, is easier to make than the first-approved malaria vaccine, called RTS,S, and will be cheaper per dose.
R21 met the WHO’s target of 75% efficacy at preventing the disease in a trial with 4,800 children who received three doses before a seasonal malaria peak.
India’s Diesel Exports To Europe Reached Their Peak In September 2023
In September 2023, India witnessed a remarkable surge in its diesel exports to Europe, reaching their highest levels for the year. This surge was driven by a combination of factors, including reduced supplies from West Asia and the United States (US) due to the autumn refinery maintenance season and robust demand in Europe. Data from energy cargo tracker Vortexa sheds light on this significant development.
A Surge in Diesel Exports
India’s diesel exports to Europe in September reached approximately 333,000 barrels per day (bpd), marking a substantial increase of nearly 47 percent from August. This surge was even more impressive when compared to the same month the previous year, with a year-on-year increase of 57 percent, according to data provided by Vortexa.
Private Refiners Take the Lead
Among the notable insights from the data is that export-oriented private sector refiners played a pivotal role in this surge. Companies such as Reliance Industries Ltd (RIL) and Nayara Energy Ltd (NEL) accounted for the lion’s share of diesel exports to Europe in September.
East-West Diesel Arbitrage Opportunity
The East-West diesel arbitrage, which had been largely closed for several months, suddenly re-emerged as a lucrative opportunity. The primary drivers behind this resurgence were the constrained supplies from the Middle East and the US due to autumn refinery maintenance and robust demand in Europe. Serena Huang, Head of Asia-Pacific Analysis at Vortexa, emphasized these factors.
Strong Diesel Cracks and Profitability
Diesel cracks, or margins, in the international markets had been robust for several months due to supply constraints. Indian refiners had been exporting diesel to Asian hubs like Singapore due to lower freight costs compared to Europe. However, as the price difference between Asian and European diesel widened significantly, exports to Europe became more financially appealing.
India’s Growing Role in the Global Energy Market
India, as the world’s third-largest consumer of crude oil, has become a net exporter of petroleum products due to its substantial refining capacity, exceeding domestic demand. The country’s increased purchases of discounted Russian oil following the 2022 invasion of Ukraine have further elevated its role in the global crude oil and refined products supply landscape.
Challenges Ahead
Despite the strong diesel market, India’s fuel exports may temporarily slow down due to maintenance shutdowns at various refineries, including units at RIL’s massive Jamnagar facility. Additionally, with the festival season from October to December driving up domestic fuel demand in India, refiners are likely to prioritize domestic consumption over exports.
Russia’s Impact on Diesel Imports
Russia, the world’s second-largest diesel exporter, imposed a temporary ban on diesel and petrol exports on September 21, 2023, in an effort to address fuel shortages within the country. While analysts expect this ban to be short-lived, its impact on European diesel cracks remains uncertain. The reduction in Russian diesel exports has disrupted the supply chain, potentially leading to shifts in diesel trade patterns.
As a result, countries like Turkey and Saudi Arabia, major buyers of Russian diesel, may be compelled to curtail exports to Europe. Moreover, the diversion of some diesel supplies from the US to Brazil, another significant consumer of Russian diesel, could further complicate the European diesel market.
Hyderabad’s new solar-covered cycle track illuminates the city
Hyderabad inaugurated a 23-km long cycle track with a solar roof, much on the lines of the Daejeon and Sejong bike highways in South Korea, making it India’s first solar-covered cycle track.
Telangana Municipal Minister K T Rama Rao laid the foundation for the cycle track along the service road of Outer Ring Road.
The panels have the potential to generate 16MW of electricity, equivalent to powering 32,000 streetlights or illuminating 800 kilometers of city streets.
RBI Appoints Muneesh Kapur as Executive Director
The Reserve Bank of India (RBI) has announced the appointment of Muneesh Kapur as an Executive Director (ED) starting from October 3, 2023. This significant appointment brings Mr. Kapur into a key leadership position within the central bank.
Previous Role and Experience
Before his promotion to the role of Executive Director, Muneesh Kapur held the position of Adviser-in-Charge within the Monetary Policy Department. Additionally, he served as the Secretary to the Monetary Policy Committee (MPC), where he played a crucial role in shaping the nation’s monetary policy.
New Responsibilities
In his new capacity as Executive Director, Muneesh Kapur will assume responsibility for overseeing the operations of the Department of Economic and Policy Research. This department plays a pivotal role in formulating economic policies and conducting research crucial to the RBI’s decision-making processes.
Extensive Experience in RBI
Muneesh Kapur’s career in the Reserve Bank spans nearly three decades, during which he has actively contributed to various facets of macroeconomic policy and research. His expertise has been particularly notable in the Department of Economic Policy and Research and the Monetary Policy Department.
International Experience
In addition to his domestic roles, Mr. Kapur served as an Adviser to the Executive Director at the International Monetary Fund (IMF) from 2012 to 2015. This international exposure further enriches his qualifications and perspectives in the realm of economic and monetary policy.
Himachal launches unique scheme for care of vulnerable sections of society
Himachal Pradesh CM Sukhvinder Singh Sukhu launched the “Mukhyamantri Sukh Ashraya Yojana” from the Ridge Shimla to support orphans.
Aim: To provide comprehensive support to orphans, specially-abled children, destitute women, and elderly people in the state.
In a first-of-its-kind initiative in the country, the state government took a decision to adopt the orphans, the specially-abled children as the ‘children of the state’ and work for their upliftment.
UNCTAD Raises India’s 2023 Growth Estimate to 6.6%
In its latest trade and development report, the UN Conference on Trade and Development (UNCTAD) has revised India’s economic growth forecast for 2023 upward to 6.6% from the earlier projection of 6%. However, the report also anticipates a slowdown in India’s growth to 6.2% in 2024. Furthermore, the UNCTAD highlights concerns about the global economic outlook, with a deceleration to 2.4% in 2023, followed by a marginal improvement to 2.5% in 2024.
India’s Economic Growth Projection:
- UNCTAD revises India’s 2023 economic growth forecast to 6.6%, up from the previous estimate of 6%.
- Predicts a slight decline in India’s growth to 6.2% for the year 2024.
Global Economic Outlook:
- Anticipates a global economic output growth slowdown to 2.4% in 2023.
- Expects a modest uptick in global growth to 2.5% in 2024.
Need for Policy Changes and Institutional Reforms:
- UNCTAD emphasizes the importance of policy changes and institutional reforms to prevent a lost decade in the global economy.
- Urges leading central banks and policymakers to adopt a new policy direction to address economic challenges.
India surpasses Japan and UK in global mobile speed ranking
India has beaten developed countries like the UK and Japan and ranked 47th in the mobile Okla Speedtest Global Index
According to Ookla Speedtest data, India’s median download speed has improved remarkably, increasing by 3.59 times since 5G was launched in the country.
5G speeds in India are particularly impressive compared to those on 4G; in August 2023
Here are top-5 countries with fastest mobile speed as per Ookla:
UAE
Qatar
Kuwait
Norway
Denmark
Neeraj Chopra bagged gold in Javelin Throw in Asian Games 2023
Neeraj Chopra secured the gold medal and Kishore Kumar Jena clinched the silver in the Men’s Javelin Throw competition at the Asian Games 2023, held at Hangzhou.
Japan’s Roderick Genki Dean secured the bronze medal
Other Winners:
India won gold in the compound archery mixed team final
India wonbronze in the 35km race walk mixed team final.
Lovlina Borgohain won silver in women’s 75 kg boxing final.
Parveen settled for bronze in the 57kg women’s boxing semifinal.
Nobel Prize in Literature 2023 awarded to Jon Fosse
The Nobel Prize in Literature 2023 was awarded to Norwegian author Jon Fosse or Jon Olav Fosse, “for his innovative plays and prose which give voice to the unsayable”. The Nobel Prize in Literature is awarded by the Swedish Academy, Stockholm, Sweden. The Nobel Prize amount for 2023 is set at Swedish kronor (SEK) 11.0 million per full Nobel Prize.
About the Jon Fosse
Jon Fosse, born in 1959, is widely considered one of the most important writers of our time. For almost forty years he has written novels, plays, poems, stories, essays, and children’s books. His award-winning work has been translated into more than fifty languages, and his plays have been staged over a thousand times all over the world.
Fosse’s first novel, Raudt, svart (Red, Black), was published in 1983, but he considers a short story Han (He), published in a student newspaper in 1981, as his actual literary debut. Already there are many characteristic features of Fosse’s writing: repetition, inner monologue, and a musical, evocative style. Fosse continued to publish prose, poetry, and children’s books through the Eighties, but his breakthrough as an author came with the 1989 novel Naustet (Boathouse).
About the Nobel Prize in Literature 2023
The Nobel Prize in Literature has been awarded 115 times to 119 Nobel Prize laureates between 1901 and 2022. The Nobel medal in literature was designed by Swedish sculptor and engraver Erik Lindberg and represents a young man sitting under a laurel tree who, enchanted, listens to and writes down the song of the Muse.
Awaiting announcements: Peace and Economics
The anticipation continues as we await the announcements of the Nobel Prizes in Peace and Economic Sciences, scheduled until October 9. The Peace Prize will be revealed on Friday, at 2:30pm, and the Economic Sciences Prize on Monday at 3:15pm.
DRI’s ‘Operation Kachchhap’ Rescues 955 Live Baby Gangetic Turtles
The Directorate of Revenue Intelligence (DRI) caught 6 persons with 955 live baby Gangetic turtles of different species at Nagpur, Bhopal, and Chennai.
Intelligence was developed by the officers of DRI about a syndicate involved in illegal trafficking and trading of ‘’Turtles of Ganges’’,
Some turtles are specified as vulnerable/ near threatened species under the IUCN Red List and Schedule I and II of the Wildlife (Protection) Act, 1972.
RBI revealed its fourth bi-monthly Monetary Policy
The Reserve Bank of India (RBI) has revealed its fourth bi-monthly monetary policy on October 6. The Monetary Policy Committee (MPC), led by RBI Governor Shaktikanta Das, held a three-day meeting starting from October 4. The central bank has decided to maintain the repo rate at 6.50% and has adopted a stance of ‘withdrawal of accommodation.’
GDP growth forecast for FY24 unchanged at 6.5%
RBI kept GDP growth forecast for FY24 unchanged at 6.5%.
- Q2FY24 GDP growth forecast unchanged at 6.5%
- Q3FY24 unchanged at 6.0%
- Q4FY24 GDP growth forecast unchanged at 5.7%
- CPI inflation forecast for April-June 2024, or Q1FY25 unchanged at 6.6%
RBI Repo Rate: Consequently, the various rates are as under
- Policy Repo Rate: 6.50%
- Standing Deposit Facility (SDF): 6.25%
- Marginal Standing Facility Rate: 6.75%
- Bank Rate: 6.75%
- Fixed Reverse Repo Rate: 3.35%
- CRR: 4.50%
- SLR: 18.00%
MPC voted to remain focused on withdrawal of accommodation by 5 votes to 1.
The Composition of the MPC
Section 45ZB of the amended RBI Act, 1934, mandates the formation of an empowered six-member Monetary Policy Committee, officially constituted by the Central Government through notification in the Official Gazette. The inaugural MPC came into being on September 29, 2016.
Current MPC Members (As of October 5, 2020)
The Central Government, through an official Gazette notification dated October 5, 2020, appointed the following individuals as members of the MPC:
- Governor of the Reserve Bank of India (Chairperson, ex officio).
- Deputy Governor of the Reserve Bank of India, responsible for Monetary Policy (Member, ex officio).
- One officer of the Reserve Bank of India nominated by the Central Board (Member, ex officio).
- Prof. Ashima Goyal, Professor, Indira Gandhi Institute of Development Research (Member).
- Prof. Jayanth R. Varma, Professor, Indian Institute of Management, Ahmedabad (Member).
- Dr. Shashanka Bhide, Senior Advisor, National Council of Applied Economic Research, Delhi (Member).
(Note: Members 4 to 6 hold office for a period of four years or until further orders, whichever is earlier.)
The Role of MPC
Setting the Policy Repo Rate
The MPC is tasked with determining the policy repo rate, a crucial tool for achieving the inflation target set by the RBI.
Meeting Frequency and Quorum
The MPC convenes a minimum of four times annually, with a quorum of four members required for the meeting to proceed.
Voting and Decision-Making
Each member of the MPC holds one vote, and in cases of tied votes, the Governor possesses a casting vote. Furthermore, each member is required to provide a statement explaining their vote in favor of or against a proposed resolution.
Instruments of Monetary Policy
The RBI employs various direct and indirect instruments to implement its monetary policies, ensuring economic stability and liquidity management.
- Repo Rate
The repo rate is the interest rate at which the RBI provides liquidity under the Liquidity Adjustment Facility (LAF) to participants, with government and approved securities as collateral.
- Standing Deposit Facility (SDF) Rate
The SDF rate, positioned 25 basis points below the policy repo rate, is the rate at which the RBI accepts uncollateralized overnight deposits from LAF participants.
- Marginal Standing Facility (MSF) Rate
The MSF rate, set 25 basis points above the policy repo rate, allows banks to borrow from the RBI on an overnight basis, using their Statutory Liquidity Ratio (SLR) portfolio as collateral.
- Liquidity Adjustment Facility (LAF)
The LAF encompasses the RBI’s operations to inject or absorb liquidity from the banking system, utilizing various instruments such as repo/reverse repos, SDF, and MSF, along with other tools like open market operations (OMOs), forex swaps, and market stabilization schemes (MSS).
- LAF Corridor and Main Liquidity Management Tool
The LAF corridor, with the MSF rate as the upper limit and the SDF rate as the lower limit, employs the policy repo rate as the central rate. A 14-day term repo/reverse repo auction operation serves as the primary tool for managing frictional liquidity requirements.
- Fine Tuning Operations
To address unanticipated liquidity changes, the RBI conducts fine-tuning operations, including overnight and longer-term repo/reverse repo auctions.
- Reverse Repo Rate
The reverse repo rate is the interest rate at which the RBI absorbs liquidity from banks using eligible government securities as collateral.
- Bank Rate
The bank rate facilitates the purchase or rediscounting of bills of exchange and commercial papers by the RBI. It also serves as a penal rate for banks with shortfalls in meeting reserve requirements.
- Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR)
CRR and SLR are reserve ratios banks are required to maintain with the RBI, contributing to liquidity control.
- Open Market Operations (OMOs)
OMOs involve the outright purchase/sale of government securities by the RBI to inject or absorb durable liquidity in the banking system.
