Current Affairs - October 26, 2024 Current Affairs

The European Investment Bank (EIB) has committed to providing a ₹2,800 crore loan to support the development of Bengaluru's suburban railway. The announcement was made by EIB Vice President Nicola Beer and Karnataka Rail Director Awadhesh Maheta at the Urban Mobility India conference in Gandhinagar. The loan will be disbursed over five years, contributing to India's urban mobility and workforce inclusivity goals. Notably, India is the largest EIB transport financing recipient outside Europe, reflecting the country's focus on upgrading its transportation infrastructure. This investment aims to enhance Bengaluru's connectivity, reduce congestion, and promote sustainable urban growth.

The Union Budget 2024-25 raised the Mudra loan limit under the Pradhan Mantri Mudra Yojana (PMMY) from Rs 10 lakh to Rs 20 lakh. This increase includes the introduction of a new "Tarun Plus" category, aimed at supporting entrepreneurs who have successfully repaid previous loans under the "Tarun" category. Loans up to this amount are also covered by the Credit Guarantee Fund for Micro Units, helping to boost credit access and financial support for small business owners and micro-entrepreneurs.

The Indian Navy launched the seventh Anti-Submarine Warfare Shallow Water Craft (ASW SWC), named 'Abhay,' on October 25 at L&T, Kattupalli. 'Abhay' is built by GRSE as part of an eight-ship contract with the Ministry of Defense (MoD) to replace the Abhay-class ASW corvettes. Notably, over 80% of the materials used in its construction are indigenous, supporting the Aatmanirbhar Bharat initiative and promoting self-reliance in defense shipbuilding. This development enhances local production and employment opportunities in the defence sector.

The 17th Urban Mobility India Conference and Expo was inaugurated by Chief Minister Bhupendra Patel in Gandhinagar, Gujarat. This three-day event focuses on the theme of "Standardization and Optimization" in urban transport. It showcases various initiatives aimed at promoting clean urban mobility, including the Bus Rapid Transit System (BRTS) in Ahmedabad, metro networks, and the implementation of electric and CNG buses through the Mukhyamantri Shaheri Bus Parivahan Yojana and the PM eBus Sewa Scheme. These initiatives are crucial for enhancing sustainable transportation in urban areas.

Everest 1.0 is a groundbreaking AI model launched by Hanooman AI at the NVIDIA GEN AI Summit in Mumbai. As India's first multi-lingual and multi-modal foundational AI model, Everest 1.0 supports 35 languages and performs various tasks such as text, image, code, and voice generation. With plans to expand to 90 languages, this innovative platform enhances data sovereignty and security for critical sectors like BFSI, defence, and more. Everest 1.0's capabilities position Hanooman AI as a pioneer in India's growing AI ecosystem, offering a robust foundation for AI-driven applications.

The National Centre for Good Governance successfully conducted the 34th Capacity Building Program for 35 Maldivian civil servants, including senior officials, in New Delhi. The two-week program, which began on October 14, was organized in collaboration with India's External Affairs Ministry. This initiative marks the second program in Phase 2 of the renewed training program, demonstrating India's commitment to strengthening bilateral ties and capacity building in the Maldives. Such programs foster cooperation, knowledge sharing, and people-to-people connections between the two nations.

DPIIT has collaborated with HCLSoftware to boost the growth of Indian manufacturing startups through its Manufacturing Incubation Initiative. This strategic partnership leverages HCL SYNC to provide global exposure to innovative startups, facilitating their entry into international markets. The initiative aligns with the 'Make in India' vision, aiming to foster entrepreneurship, innovation, and self-reliance in the manufacturing sector. By joining forces, DPIIT and HCLSoftware seek to create a conducive ecosystem for startups to flourish, driving economic growth and industrial development in India. Key officials, including DPIIT Joint Secretary Sanjiv Singh and Director Dr. Sumeet K. Jarangal, have emphasized the initiative's potential impact.

Larsen & Toubro (L&T) has secured a significant order from ITER for a nuclear fusion project based in France. This project involves L&T’s expertise in assembling advanced components for the Vacuum Vessel, a crucial part of ITER’s Tokamak fusion reactor, which is essential for nuclear fusion experiments. Through this collaboration, formalized by an MoU, L&T will contribute to pioneering advancements in fusion technology, supporting global efforts in sustainable energy innovation.

The Asia Clean Energy Summit (ACES) 2024 took place in Singapore, bringing together industry leaders to discuss clean energy innovations and initiatives. Gavin Adda, CEO of Peak Energy, addressed the summit, highlighting his company's impressive 5.5GW development pipeline. Peak Energy's projects span South Korea, Japan, and Australia, showcasing its commitment to renewable energy. Notable projects include the 100MW Haesolar in South Korea, a 28MW solar project in Japan, and a 291MWh battery storage facility in Australia. Singapore's reputation as a hub for sustainability and clean energy makes it an ideal host for ACES.

NTPC and the Indian Army are jointly developing a pioneering solar hydrogen microgrid in Chushul, Ladakh, to replace diesel generators and provide clean energy to off-grid Army locations. Defence Minister Rajnath Singh inaugurated the project via video conferencing. This innovative green hydrogen microgrid is designed to operate autonomously, even in extreme winter conditions, ensuring a reliable and sustainable power supply. The collaboration aims to reduce carbon footprint and promote eco-friendly energy solutions in remote areas, demonstrating India's commitment to renewable energy and environmental sustainability. Ladakh's unique geography makes it an ideal location for harnessing solar energy.

India and Germany have strengthened their bilateral ties by signing MoUs and agreements in multiple areas, including green hydrogen, innovation, and technology, during a meeting between PM Modi and Chancellor Scholz in New Delhi. Key agreements include the exchange of classified information, a legal assistance treaty, and skill development cooperation. Notably, bilateral trade between the two nations reached $33 billion in 2023, with German investments approaching $15 billion. This collaboration highlights the growing partnership between India and Germany in various sectors.

The 18th NFDC Film Bazaar will be held in Goa from November 20-24, concurrently with the International Film Festival of India. This esteemed event brings together filmmakers from around the world, showcasing a diverse range of multilingual stories. This year's selection features 21 films and 8 web series from 7 nations, including India, Bangladesh, Nepal, Australia, United Kingdom, Germany, and Hong Kong. Industry professionals will gather to explore co-production opportunities, celebrating the rich cultural landscape of global cinema. Goa's vibrant cultural backdrop provides an ideal setting for this premier film event.