Current Affairs - October 27, 2024 Current Affairs

Cyclone Dana, recognized as the inaugural cyclone of the post-monsoon season in 2024, was named by Qatar. The World Meteorological Organization (WMO) highlights that the name 'Dana' translates to 'generosity' in Arabic and is associated with valuable pearls. This naming convention reflects the practice of countries assigning names to cyclones based on specific criteria. Cyclone Dana is the third cyclonic event in the North Indian Ocean for 2024 and emphasizes Qatar's involvement in meteorological activities within the region, showcasing its significance in global weather monitoring and naming conventions.

Amitabh Chaudhry has been re-appointed as the Managing Director and Chief Executive Officer of Axis Bank for a new term effective from January 1, 2025, to December 31, 2027. His re-appointment was approved by shareholders at the bank’s 30th Annual General Meeting in July, with final approval granted by the Reserve Bank of India on October 24, 2024. Chaudhry has been at the helm since 2019 and has significantly contributed to expanding the bank’s retail services and enhancing its digital capabilities, thereby strengthening its competitive position in the market.

The Indian Council for Cultural Relations (ICCR) organized a conference in Colombo to discuss the initiative of granting Pali the status of a classical language to the Indian government. This conference brought together Buddhist monks and scholars, highlighting ICCR's commitment to promoting Indian culture and strengthening international ties. Colombo, being the location of this important cultural event, underscores the significance of Sri Lanka in fostering Buddhist scholarship and cultural exchange within the region, aligning with ICCR's broader objectives of enhancing cultural relations globally.

The 21st Livestock Census, launched by Union Minister Rajiv Ranjan Singh on October 25, 2024, will be conducted until February 2025. This initiative, costing ₹200 crore, aims to collect precise data to aid the government in formulating effective policies for animal health security and the growth of the livestock sector. Accurate data collection is essential for developing strategies that enhance animal health and promote sustainable growth in this important sector of the economy.

The 17th Urban Mobility India Conference & Expo 2024 was inaugurated by Chief Minister Shri Bhupendra Patel in Gandhinagar, Gujarat. This significant event, running from October 25 to 27, 2024, brought together over 2,000 professionals and academics to discuss and innovate urban transport solutions in India. The theme of the conference, “Standardisation and Optimisation of Urban Transport Solutions,” aims to enhance urban mobility through integrated strategies. The participation of key government officials and the focus on sustainable transport principles highlight the commitment to improving urban infrastructure and mobility in India's growing economy.

The Chanakya Defence Dialogue 2024 was held in New Delhi at the Manekshaw Centre, organized by the Indian Army. The theme of this year’s dialogue, “Drivers in Nation Building: Fueling Growth Through Comprehensive Security,” highlighted the crucial role of security and strategic partnerships in supporting national development. This two-day event brought together a diverse group of stakeholders, including policymakers, defence experts, and international representatives, to discuss how comprehensive security measures contribute to national growth. Discussions aligned with India’s long-term goal, “Viksit Bharat @2047,” aiming to build a secure, prosperous India by 2047.

The 34th Capacity Building Programme (CBP) for Maldivian civil servants was held in New Delhi, and organized by India’s National Centre for Good Governance (NCGG) in partnership with the Ministry of External Affairs. This program is part of a broader Memorandum of Understanding (MoU) between India and the Maldives to enhance governance and administrative capabilities within the Maldivian civil service. Conducted from October 14–25, 2024, the training underscores India’s commitment to supporting regional governance and fostering closer ties with the Maldives, building upon previous cooperative initiatives.

The National Institute of Public Finance and Policy (NIPFP) has revised India's GDP growth forecast for FY25 to a range of 6.9-7.1%. This adjustment reflects a notable moderation in growth observed during the June quarter, largely due to a significant contraction in net exports and reduced government consumption, influenced by the election model code of conduct. Previously, NIPFP had estimated a higher growth range of 7.1-7.4%. The downgrade highlights the challenges facing the economy, including a reported 19.5% decrease in capital expenditure during the April-August 2024 period compared to the previous year.

Nvidia has recently overtaken Apple to become the world's most valuable company, reaching a market value of $3.53 trillion, slightly above Apple's $3.52 trillion. This significant shift in market value is attributed to the remarkable surge in Nvidia's stock price, driven by the increasing demand for its advanced supercomputing AI chips. Nvidia's rise to the top reflects the growing importance of artificial intelligence and technology in the current market landscape, as the valuations of major tech firms continue to fluctuate closely, highlighting a highly competitive environment among industry leaders.

Airbus recently inaugurated its India and South Asia Headquarters and Training Centre in the National Capital Region (NCR), signifying a substantial investment in India's aerospace sector. This state-of-the-art facility, equipped with A320 simulators, aims to train up to 800 pilots and 200 technicians annually, supporting India's growing aviation needs. Airbus CEO Michael Schoellhorn emphasized the importance of this centre as the core of Airbus’s mission in India, aligning with the country's aviation expansion plans and Airbus's ongoing collaborations with Indian aerospace entities, including partnerships with Air India and future development projects in Bengaluru.

World Day for Audiovisual Heritage is celebrated on October 27 each year. Established by UNESCO in 2005, this day highlights the essential work done by preservation professionals and institutions worldwide to safeguard audiovisual records—films, recordings, and broadcasts—that form an important part of our collective history. The observance reminds us of the fragility of these materials and the necessity of preserving them to maintain access for future generations. It also brings awareness to the risk of chemical decay and technological obsolescence that endanger audiovisual heritage.