Current Affairs 5 October 2024 By 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 5 October 2024, 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.

India’s foreign exchange reserves have exceeded $700 billion for the first time, reaching $704.89 billion in the week ending September 27, 2024. This marks a record increase of $12.58 billion, with foreign currency assets (FCAs) rising by $10.4 billion to $616 billion and gold reserves increasing by $2 billion to $65.7 billion. The surge is attributed to RBI’s dollar purchases and favorable valuation adjustments, driven by declining U.S. Treasury yields, a weakening dollar, and rising gold prices.

Key Global Standing

With this achievement, India joins China, Japan, and Switzerland as the only economies to have surpassed $700 billion in forex reserves. This growth has been bolstered by robust economic fundamentals, increased foreign inflows, and RBI’s proactive market interventions.

Future Outlook

India’s reserves are projected to continue rising, potentially reaching $745 billion by March 2026, further strengthening RBI’s control over the rupee’s valuation in global markets.

Components of Forex Reserves

• Gold Reserves: Increased by $2.184 billion to $65.796 billion.
• Special Drawing Rights (SDRs): Up by $8 million to $18.547 billion.
• IMF Reserve Position: Decreased by $71 million to $4.387 billion.

Investment Inflows and Stability

So far in 2024, foreign inflows have hit $30 billion, bolstered by investments in local debt. This has positioned India’s reserves to cover over a year of projected imports, providing stability against external shocks. Analysts expect reserves to reach $745 billion by March 2026, enhancing the RBI’s ability to manage currency volatility.

Historical Context and Future Projections

Since 2013, when India faced significant capital outflows, macroeconomic improvements and effective inflation control have led to a steady accumulation of forex reserves. The RBI’s proactive stance ensures a less volatile rupee, making Indian assets increasingly attractive to foreign investors.

The United Kingdom and Mauritius reached an historical agreement to cede sovereignty of the Chagos Islands, a strategically significant archipelago in the Indian Ocean to hand over to Mauritius. The agreement allows Mauritius to regain sovereignty while ensuring the continued operation of the U.S. military base on Diego Garcia.

Under Former PM Rishi Sunak government’s time negotiations were started for this agreement in 2022 and after 11 rounds of negotiations with the last government and with 2 rounds of negotiations with the present government made to finalize the decision.

Key Points of the Agreement

Historic Agreement: 

• The UK and Mauritius have reached a significant political agreement on the sovereignty of the Chagos Archipelago, including Diego Garcia.

Negotiation Process: 

• After two years of negotiations, the agreement reflects the nation’s commitment to peaceful resolution and the rule of law, addressing outstanding disputes including the displacement of Chagossians.

Sovereignty Transfer: 

• The UK will recognize Mauritius as the sovereign power over the Chagos Archipelago under a treaty to be finalized, ensuring the military base on Diego Garcia continues for 99 years.

Resettlement: 

• Mauritius will be able to resettle Chagossians on islands other than Diego Garcia. A UK-funded trust will support the welfare of the displaced population.

Economic and Environmental Cooperation: 

• The UK will offer financial support, including indexed annual payments, and collaborate with Mauritius on infrastructure projects, environmental protection, and maritime security.

Partnership for Security: 

• Both countries will work together to maintain maritime security, tackle illegal fishing, and protect the environment in the region.

Global Support: 

• The agreement was backed by international partners, including the U.S. and India.

Strategic Significance

• The base’s location in the Indian Ocean plays a pivotal role in regional and global security.
• It makes it essential for both Western alliances and countering China’s expanding influence in the region.

Indian trio wins team Gold medal at ISSF Junior World Championship 2024 in 25 Men’s Rapid Fire Pistol event. The competition was held in Lima, Peru. The trio was Raajwardan Patil, Mukesh Nelavalli and Harsimar Singh Rattha.

Raajwardan and Mukesh did make the individual final, but finished fourth and fifth, even as the qualification topper Thomas Chinours (584) of France placed sixth.

Raajwardhan Paatil finished third in the qualifying round with a score of 579-17x and was followed by Mukesh Nelavalli, who shot 579-15x for fourth place. Harsimar Singh Rattha was 13th with 564-10x.

The combined score of 1722-42x shot by the three Indian shooters saw them win the gold medal ahead of France (1701-44x) and Poland (1701-36x).

The Indian trio had a total of 1722 to comfortably finish ahead of France and Poland in the race for team gold.

USA and Italy followed with two gold medals each, apart from the silver and bronze medals.

The redrawing of borders between Italy and Switzerland is a striking response to the rapid melting of glaciers caused by climate change. As global temperatures rise, glaciers in the Alps are shrinking, leading to shifts in natural watershed lines that have historically defined the frontier between these two countries. This agreement, made official by Switzerland on September 27, 2024, follows a recommendation from a commission formed in 2023 to assess climate impacts on glaciers. Italy is expected to approve the changes soon, which primarily affect regions around the Matterhorn.

India has witnessed significant employment growth over the years. With employment increasing by nearly 36%, adding around 17 million jobs during 2016-17 and 2022-23, India’s economic trajectory demonstrates sustained job creation across key sectors. With a robust democracy, dynamic economy, and a culture that celebrates unity in diversity, India’s journey toward becoming a global powerhouse continues to inspire the world.

Employment in India has grown by 36%, adding around 17 million jobs between 2016-17 and 2022-23.

This growth showcases a sustained trend of job creation across various sectors, contradicting the notion of “jobless growth.”

Nepal, India, and Bangladesh have recently entered into a significant tripartite agreement aimed at facilitating cross-border electricity trade, marking a notable step in regional energy cooperation. This agreement allows Nepal to export its surplus electricity to Bangladesh via India during the rainy season, specifically from June 15 to November 15 each year. In the initial phase, Nepal is set to export 40 MW of hydroelectricity, leveraging India’s infrastructure for transmission. The agreed rate per unit of electricity is fixed at 6.4 cents, with Nepal expected to generate approximately USD 9.2 million annually from this trade.

On October 2, 2024, the Asian Development Bank (ADB) approved a $162 million loan to enhance tourism development in Himachal Pradesh. This funding, aimed at reviving the tourism economy in the five districts severely affected by the pandemic—Hamirpur, Kangra, Kullu, Mandi, and Shimla—will support the Sustainable and Inclusive Tourism Development Project. The project targets the promotion of heritage and cultural sites while developing new infrastructure, ultimately unlocking the state’s tourism potential.

To enhance citizen safety, Ahmedabad Police is establishing a state-of-the-art Command and Control Centre equipped with advanced technologies, marking a significant upgrade in public security measures. This initiative reflects a growing trend in urban policing that integrates modern technology for improved operational efficiency and crime control.

The centre will feature three monitors for each officer, allowing simultaneous surveillance of three locations. This setup aims to bolster operational efficiency, particularly in monitoring criminal activities through CCTV.

A notable aspect of this facility is the integration of Artificial Intelligence (AI). The AI system will enable the police to track social media for potential threats and identify suspects swiftly. It will assist in monitoring suspicious activities in real-time, thus improving crime prevention efforts.