Today's Current Affairs 29th September 2023

INTERNATIONAL

India, UN launch capacity building initiative to boost growth in Global South

• In a groundbreaking move, India and the United Nations have jointly introduced a significant capacity-building initiative known as the “India-UN Capacity Building Initiative.”
• The announcement of this initiative took place during the “India-UN for the Global South-Delivering for Development” event on September 23 in New York. The event was attended by prominent figures, including India’s External Affairs Minister, Dr. S. Jaishankar, and Dennis Francis, President of the 78th General Assembly.

Taiwan unveils first domestically built submarine as China threat grows

• Taiwan, a self-governing island in East Asia, has recently unveiled its first domestically-made submarine, named the Haikun, in a move to bolster its defenses against the ever-present threat of a possible Chinese attack. President Tsai Ing-wen presided over the launch ceremony in the port city of Kaohsiung, marking a significant milestone in Taiwan’s military capabilities.
• Taiwan, officially known as the Republic of China, is a democratic island nation that China regards as a renegade province.
• The Chinese government has consistently asserted its intent to reunify Taiwan with the mainland, by force if necessary. This enduring dispute has been a long-standing source of regional tension.

Russia to hike defence spending by almost 70% in 2024: Ministry

• In a move that underscores Russia’s unwavering commitment to its military endeavors, the country is poised to substantially increase its defense spending by nearly 70% in 2024. This financial shift, as revealed in a document published by the Russian Finance Ministry, comes as Moscow continues to allocate significant resources to support its extensive offensive operations in Ukraine.
• In an environment characterized by persistently high inflation and a depreciating ruble, Russia has intensified its arms production and funneled substantial investments into its military infrastructure.
• The document in question outlines a staggering surge in defense spending, projecting an increase of over 68% compared to the previous year. This uptick will result in defense expenditure reaching nearly 10.8 trillion rubles, which translates to approximately $111.15 billion.

 NATIONAL

Tourism Minister Satpal Maharaj inaugurates country’s 1st Cartography Museum in Mussoorie

• The Minister of Tourism and Culture of Uttarakhand, Satpal Maharaj, inaugurated the George Everest Cartography Museum in the picturesque town of Mussoorie, Uttarakhand, on the occasion of World Tourism Day.
• Cartography is about exploring and making maps. It uses science, art, and technical skills to show real or imagined places in a way that helps us understand where things are located.
• This estate can be found in the Hathipaon region of the hill town. Sir Everest lived in this house from 1832 to 1843, and it was one of the first houses built in Mussoorie. With the assistance of the Asian Development Bank (ADB), the tourism department has recently refurbished it, with a budget of Rs 23.5 crore.

Power demand reaches five-year high in September amid reduced rains: Report

• In a recent report by CRISIL MI&A (Market Intelligence and Advisory), India’s power demand for September 2023 reached an impressive five-year high. India’s power demand in September witnessed remarkable year-on-year growth, reaching 140-142 billion units (BUs), marking a five-year high.
• Despite this, the demand in September was about seven percent lower than the previous month, primarily due to exceptionally dry conditions in August, one of the driest months in 122 years.
• India experienced two consecutive months of all-time high peak power demand, with 238 GW in August followed by an even higher 240 GW in September.

SPORTS

T20I World Records broken by Nepal against Mongolia in Asian Games Men T20I

• Nepal cricket team rewrote the record books in the Asian Games 2023, achieving remarkable milestones in T20 International cricket. Nepal’s extraordinary performance in the tournament led them to become the first team ever to cross the 300-run mark in T20Is.
• At just 19 years old, Kushal Malla, a talented left-handed batter, etched his name in cricket history by smashing the fastest-ever T20I century. Malla achieved this remarkable feat in a mere 34 balls, surpassing the joint previous record held by David Miller and Rohit Sharma, which stood at 35 balls.
• In this breathtaking match, Nepal amassed an astonishing total of 314/3 in their allotted 20 overs. This remarkable scoreline not only secured their victory but also set a new record for the highest-ever total in T20I cricket. This feat overshadowed Afghanistan’s previous record of 278/3 against Ireland in 2019.
• Nepal’s innings was punctuated by a sensational display of power-hitting, as they smashed a total of 26 sixes. This staggering number of maximums in a single inning marked a new world record, showcasing the team’s aggressive and fearless approach to T20 cricket.
• Nepal’s No. 5 batter, Dipendra Singh Airee, also made headlines with his explosive batting. Airee blazed his way to a nine-ball fifty, a feat that surpassed the 16-year-old record set by Yuvraj Singh, who had taken 12 balls to reach his half-century in a World T20 match against England in 2007.

SCIENCE AND TECHNOLOGY

International scientists make refined map of world’s '8th continent' Zealandia submerged in Pacific Ocean

• A dedicated team of international geologists and seismologists has embarked on a mission to chart the depths of Zealandia, a relatively unknown landmass submerged beneath the Pacific Ocean. Their efforts have resulted in the creation of an updated and highly detailed map that sheds light on the continent’s intriguing geological features.
• Zealandia, often referred to as the eighth continent, remains shrouded in oceanic mystery, with a staggering 94% of its expanse concealed beneath the sea’s surface. The remaining 6% peeks above the waves, encompassing islands such as New Zealand and its neighboring isles.

 OBITUARY

Michael Gambon, Dumbledore in 'Harry Potter,' dies at 82

• The world of acting mourns the loss of a legendary talent, as Michael Gambon, renowned for his portrayal of Professor Dumbledore in the Harry Potter film series, has passed away at the age of 82.
• Born in Ireland on October 19, 1940, Gambon was raised in London. Gambon’s breakthrough in the world of acting came in 1980 when he delivered a mesmerizing performance in Bertolt Brecht’s “Life of Galileo” at London’s National Theatre.
• It was this performance that prompted actor Ralph Richardson to famously refer to him as “the great Gambon.” Even though he had previously enjoyed modest success in plays by Alan Ayckbourn and Harold Pinter, it was this portrayal that truly catapulted him into the spotlight.

 SUMMITS AND MOU’S

Google and HP join hands to make chromebooks under Rs 20,000-30000 for students

• In a significant development, HP has announced a partnership with Google to manufacture Chromebooks in India, with production set to commence on October 2. This collaboration aims to make affordable computing devices accessible to Indian students and support the government’s “Make in India” initiative.
• The Chromebook devices will be manufactured at the Flex Facility near Chennai, where HP has been producing laptops and desktops since August 2020.
• Chromebooks from Google have gained popularity in the global education sector and are also gaining traction in India. Local manufacturing of these Chromebooks, which fall within the price range of Rs 20,000–30,000, is expected to open doors for HP to secure orders from government schools. Additionally, HP aims to compete with the 9-inch tablet market by introducing its 11-inch Chromebooks.

 BANKING AND ECONOMY

RBI imposes penalty on Saraswat Co-operative Bank, Bassein Catholic Co-operative Bank, Rajkot Nagarik Sahakari Bank

• The Reserve Bank of India (RBI), in its ongoing commitment to maintain the integrity and adherence to banking regulations, has imposed monetary penalties on three co-operative banks. These banks, namely Saraswat Co-operative Bank Limited, Bassein Catholic Co-operative Bank Ltd, and Rajkot Nagarik Sahakari Bank Ltd, were found to have deficiencies in regulatory compliance.
• Saraswat Co-operative Bank Limited, headquartered in Mumbai, has been penalized with a monetary penalty of ₹23 lakh.
• The bank has contravene various provisions of the Banking Regulation Act, 1949 (BR Act), and the directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms/concerns in which they are interested.’

Bank credit growth to dip to 13-13.5% this year from 15.9% in FY23: CRISIL

• In a recent analysis, Crisil, a leading research and ratings agency, has provided a comprehensive overview of the projected trends in India’s bank credit growth for the fiscal year 2023-24 (FY24). Several factors have been identified that contribute to the anticipated decline in credit expansion. Here’s a breakdown of their insights and predictions:

1. Slower Economic Growth:

Previous Year’s GDP Growth: 7.2%

Predicted Current Year’s GDP Growth: 6%

The slower economic growth rate is a key factor affecting credit expansion.