Current Affairs - October 29, 2024 Current Affairs

India's first Writers’ Village has been inaugurated in Thano village near Dehradun, with the aim of fostering literary and artistic talent, following the vision of Atal Bihari Vajpayee. The inauguration was celebrated with a three-day International Literature, Art, and Culture Festival that attracted representatives from over 65 countries, highlighting its international significance. The village features essential amenities such as a library, a yoga centre, and a Himalayan museum, all designed to promote creativity and preserve cultural heritage. This initiative underscores a commitment to nurturing a vibrant literary community and enhancing the cultural landscape of India.

Brazil has joined India in opting out of China's Belt and Road Initiative (BRI), a multi-billion-dollar infrastructure project. This decision, led by President Luiz Inácio Lula da Silva, reflects Brazil's cautious stance on joining China's influential global initiative. Instead, Brazil aims to establish stronger economic ties with China through selective collaboration, aligning Chinese investments with its own infrastructure projects. This strategic shift in foreign policy preserves Brazil's autonomy while exploring "synergy" with BRI-linked investment funds. The move has significant implications for global geopolitics and Brazil's relationships with China and other BRICS nations.

Slice, a fintech firm, has successfully merged with North East Small Finance Bank, integrating its operations, assets, and brands. Approved by the Reserve Bank of India (RBI), this merger aims to enhance customer experience, introduce new banking products, and strengthen banking services in India's northeastern region. The combined entity will offer savings accounts, credit services, and other banking products, leveraging the strengths of both organizations. Slice's CEO, Rajan Bajaj, emphasized the importance of exceptional customer experience and strong governance in the merged entity.

Solex Energy has collaborated with the State Bank of India (SBI) to facilitate financing for solar projects aimed at commercial, industrial, and institutional clients. Under the Surya Shakti Solar Finance Scheme, SBI will provide loans up to ₹10 crore, helping to make solar energy more affordable and accessible. This partnership will allow Solex Energy to expand solar solutions by supporting clients with site assessments, design, and approvals, while SBI ensures a streamlined loan application process via its digital platform, enhancing solar adoption in India.

The State Bank of India (SBI) has received the prestigious 'Best Bank in India' award for 2024 from Global Finance Magazine at its 31st Annual Best Bank Awards. SBI was recognized for its exceptional customer service and commitment to financial inclusion. With an extensive network of over 22,500 branches and 62,000 ATMs, SBI has also been driving digital growth through its innovative YONO platform. This award underscores SBI's leadership in India's banking sector, highlighting its dedication to customer satisfaction and financial accessibility. The award was accepted by SBI Chairman Shri C.S. Setty.

Ayurveda Day 2024 will be celebrated on October 29, aligning with Dhanvantari Jayanti, a day that honours Lord Dhanvantari, regarded as the divine physician in Ayurveda. Observed globally, Ayurveda Day emphasizes the relevance of ancient Ayurvedic practices in addressing modern health challenges and promoting holistic well-being. The theme for 2024, "Ayurveda Innovations for Global Health," showcases Ayurveda’s role in managing global health concerns, such as chronic diseases and climate-related health issues, making this day significant in spreading awareness about Ayurvedic medicine worldwide.

Vipin Kumar, a 1996-batch IAS officer from the Bihar cadre, has officially assumed the role of Chairman of the Airports Authority of India (AAI). His previous position was as the Additional Secretary in the Department of School Education & Literacy under the Ministry of Education, indicating a strong background in administrative roles. This new appointment places Kumar in a pivotal position to oversee and enhance the aviation sector in India, reflecting the government's focus on infrastructure and development in the aviation industry. His experience will be essential for guiding AAI's strategic initiatives moving forward.

The State Bank of India (SBI) and India Exim Bank are addressing the trade finance gap to support businesses in African countries. This initiative aims to enhance capacity, particularly for smaller businesses, and facilitate trade by funding local banks in Africa through syndications. The Trade Assistance Programme (TAP) also supports commercial banks in financing cross-border trade. By bridging the trade finance gap, SBI and India Exim Bank promote economic cooperation and growth between India and African nations. This strategic move strengthens bilateral trade relationships and fosters business development in the region.

The International Day of Care and Support is observed annually on October 29 to recognize the vital contributions of caregivers and promote supportive laws and programs. This day acknowledges the significance of both paid and unpaid care work, emphasizing the importance of valuing care workers as essential contributors to society and the economy. The observance also aims to reduce and redistribute unpaid care work, promoting gender balance and economic opportunities for women. By celebrating care and compassion, this day fosters stronger, more inclusive communities worldwide.

Aandhi village in Jaipur, Rajasthan, is pioneering a zero-waste model by leveraging green technology to convert various types of waste into valuable resources. The initiative utilizes cutting-edge technologies such as Organic Waste Bio-Methanation Plants, Vermifiltration, Constructed Wetlands, and a Resource Recovery Centre. Notably, a 100 Kg Bio-Methanation Plant at the local government school generates biogas and electricity, supplemented by solar power. This innovative approach sets a benchmark for sustainable waste management and environmental conservation in rural India, promoting eco-friendly practices and community-led development.

Rajasthan has launched the Rajasthan Investment Promotion Scheme (RIPS) 2024 to attract private investment and stimulate economic growth. This initiative offers enhanced financial incentives across various sectors, building upon the previous RIPS 2022. The scheme's introduction precedes the 'Rising Rajasthan' Global Investment Summit 2024, scheduled to take place in Jaipur from December 9 to 11, aiming to draw domestic and international investors. The RIPS 2024 includes benefits for renewable energy projects, such as solar captive power plants, and targets sectors like Aero & Space, Defence, and Agri-Tech. This strategic move positions Rajasthan as a competitive hub for industries and fosters balanced economic development.

GAIL (India) Limited and VERBIO India have signed an MoU to develop projects that convert agricultural residue into compressed biogas (CBG). This partnership focuses on creating clean energy while reducing greenhouse gas emissions and supporting rural income by utilizing agricultural waste. The initiative aligns with India's climate objectives and aims to enhance renewable bioenergy production across the country. Additionally, GAIL and VERBIO will explore forming a joint venture and conducting feasibility studies to establish new greenfield CBG plants in India.