Today's Current Affairs 20 September 2023

INTERNATIONAL

ASEAN Kicks Off Its First-Ever Joint Military Drills in Indonesia

• Units from the countries of the Association of Southeast Asian Nations (ASEAN) recently embarked on their inaugural joint military exercises in Indonesia’s South Natuna Sea. These drills come at a time of escalating geopolitical tensions between major global powers and rising concerns over China’s activities in the South China Sea.
• The five-day military operation, taking place in the South Natuna Sea, primarily focuses on enhancing military skills. These skills encompass areas such as maritime security, patrols, and the distribution of humanitarian assistance and disaster relief. According to the Indonesian military, this exercise aims to promote regional stability and cooperation among ASEAN members.
• All ten member nations of ASEAN, including prospective member East Timor, are participating in these joint military drills. The decision to hold this collaborative exercise underscores the commitment of ASEAN countries to maintain regional stability and enhance their collective security. It also sends a strong signal of unity among member states in the face of rising geopolitical tensions.

African Union plans to launch its own credit ratings agency

• The African Union is set to launch its own credit ratings agency in the coming year as a direct response to concerns regarding what it perceives as biased credit assessments given to African nations. This move aims to provide a more balanced evaluation of lending risks associated with African countries and bolster investment in the continent.
• The African credit rating agency will primarily function within the African continent and will be financially self-sustaining. Its core objective is to offer a supplementary perspective for investors when making decisions regarding African bonds or extending private loans to African nations, according to the African Union.
• The African Union, along with its member nations’ leaders, has long criticized the “big three” credit ratings agencies—Moody’s, Fitch, and S&P Global Ratings—for what they perceive as unfair assessments of lending risks related to African countries. They argue that these agencies are often too quick to downgrade African nations, particularly during crises such as the global health pandemic.

G77+China Conference Concludes with Stress on Empowering Global South

• The two-day Summit of the G77+China recently concluded, marking a significant moment for the Global South’s aspirations in the international governance system. This summit brought together delegations from over 100 nations, including more than 30 heads of state and government.
• The Group of 77 (G77), established in 1964, consists of over 130 member nations, with its leadership rotating among member nations in Africa, Asia, and Latin America. Notably, G77 member countries collectively represent over 80 percent of the world’s population and comprise more than two-thirds of UN member nations. China, while not a member of the G77, has been actively cooperating and supporting the group’s objectives within the framework of “G77+China.”
• At the summit’s opening, UN Secretary-General Antonio Guterres affirmed the enduring importance of the Group of 77+China within the United Nations system. This acknowledgment underscores the group’s influential role in global affairs.

Gandhi Walk in Johannesburg revived after COVID-19 hiatus

• The 35th edition of the annual Gandhi Walk, a cherished event in the predominantly Indian suburb of Lenasia in Johannesburg, finally returned after being postponed for three long years due to the COVID-19 pandemic. The event witnessed the enthusiastic participation of over two thousand people who embraced the new format—a delightful six-kilometre walk, accompanied by an array of entertainment. This year’s walk was a departure from the traditional format, emphasizing enjoyment over competition.
• In 2020, barely a month before the scheduled event, as the pandemic began its relentless global spread, the Gandhi Walk Committee made a tough but wise decision to postpone the event indefinitely. This choice was made despite the Committee having already incurred significant costs in planning for an expected 4,000 registered walkers. The traditional format had catered to various fitness levels and interests, offering two distances—15km for serious athletes and 5km for families, senior citizens, and parents pushing prams.

 NATIONAL

Women's Reservation Bill Approved In PM Modi-Led Union Cabinet Meeting Amid Special Session

• On September 18, the Union Cabinet took a historic step by approving the Women Reservation Bill, which mandates a 33 percent reservation for women in both the Lok Sabha and state assemblies of India. This monumental legislation aims to ensure equal representation for women in the highest legislative bodies of the country.
• The Women Reservation Bill mandates that one-third of the seats in the Lok Sabha and state assemblies will be reserved for women candidates.
• This provision aims to promote gender equality and increase women’s representation in India’s legislative bodies.
• The Bill also proposes sub-reservation within the 33 percent quota for Scheduled Castes (SCs), Scheduled Tribes (STs), and Anglo-Indians.
• This sub-reservation recognizes the importance of addressing intersectional inequalities and promoting diversity in political representation.

 SPORTS

Deepak Chahar launches his sports brand ‘Dnine’

• Cricketer Deepak Chahar, known for his stellar performances on the cricket field, has ventured into the world of sports equipment with the launch of DNINE Sports. With an investment of ₹2.5 crore, this sports line promises to revolutionize athletic gear, offering a wide range of products catering to the needs of athletes, including professional cricketers. In this article, we explore the inception, products, and vision of DNINE Sports.
• This section delves into the origins of DNINE Sports, highlighting Deepak Chahar’s entrepreneurial journey and the decision to bootstrap the venture. It also provides insight into the company’s incorporation under the entity LCDC Athletics Private Limited, with Deepak Chahar and his father, Lokendra Singh Chahar, as co-founders.

 APPOINTMENTS AND RESIGNATIONS

RBI extends tenure of HDFC Bank MD Sashidhar Jagdishan by 3 years

• The Reserve Bank of India (RBI) has recently given its stamp of approval for the reappointment of Sashidhar Jagdishan as the Managing Director and Chief Executive Officer (CEO) of HDFC Bank. This tenure extension will see Jagdishan at the helm of the bank for an additional three years, extending his leadership until October 26, 2026. This regulatory decision comes as a significant endorsement of his leadership and strategic vision for one of India’s largest and most influential banking institutions.
• Sashidhar Jagdishan’s journey within HDFC Bank is nothing short of remarkable. He joined the bank back in 1996 as a manager within the finance function. Over the years, his dedication and commitment propelled him through the ranks. By 1999, he had become the Business Head of Finance, a role that showcased his financial acumen and leadership potential. In 2008, Jagdishan assumed the position of Chief Financial Officer (CFO), a role he excelled in, laying the foundation for his eventual ascent to the top of the organization.

SUMMITS AND MOU’S

IREDA & Bank of Maharashtra Sign A Contract To Make Funding For Renewable Energy Projects

• The Indian Renewable Energy Development Agency (IREDA) has joined forces with Bank of Maharashtra (BoM) by signing a Memorandum of Understanding (MoU) under the administrative control of the Ministry of New and Renewable Energy in the field of renewable energy sector.
• The central objective of this collaboration is to promote and facilitate co-lending and loan syndication for a diverse spectrum of renewable energy projects across India. This initiative aligns with India’s ambitious goals of reducing carbon emissions and transitioning to clean and sustainable energy sources.
• The MoU was formally inked by Bharat Singh Rajput, General Manager (Technical Services) at IREDA, and Rajesh Singh, General Manager (Retail & MSME Credit) at Bank of Maharashtra. The signing ceremony took place at IREDA’s Business Centre in New Delhi, marking a crucial milestone in the partnership.

14th World Spice Congress to promote international trade of Indian spices

• The 14th edition of the World Spice Congress (WSC) commenced in Vashi, Navi Mumbai. This three-day event is being meticulously organized by the Spices Board India, a subsidiary of the Ministry of Commerce and Industry, in collaboration with several trade bodies and export forums. India, often referred to as the ‘Spice Bowl’ of the world, is known for producing high-quality, rare, and medicinal spices. The World Spice Congress (WSC) aims to create new opportunities for the international trade of Indian spices.
• The event is not limited to traders; it also welcomes policy regulators. Special business sessions have been dedicated to promoting spice trade among G20 countries. Participants include policymakers, regulatory authorities, spice trade associations, government officials, and technical experts from key G20 nations.
• Maharashtra was chosen as the venue for WSC due to its significant spice production. The state is a leading producer of turmeric and boasts two GI-tagged turmeric varieties and one GI-tagged chilli variety. Additionally, coastal areas of Maharashtra are known for producing GI-tagged Kokum. The state serves as one of India’s largest exporting hubs for spices.

 BANKING AND ECONOMY

Upward revision: OECD raises India's FY24 GDP growth projection to 6.3%

• The Organisation for Economic Cooperation and Development (OECD) has revised its GDP growth projection for India in the fiscal year 2024, forecasting a growth rate of 6.3%. This upward revision represents a notable increase from the previous estimate of 6%. The OECD attributes India’s positive growth surprises to favorable agricultural outcomes driven by favorable weather conditions.
• While India sees an improved growth outlook, the global economy is projected to grow at a rate of 3% in 2023 and is expected to slow down further to 2.7% in 2024, as indicated in the OECD report. Despite a weaker-than-expected recovery in China, the report highlights that a significant portion of global growth in 2023-24 is expected to originate from Asia.