Today's Current Affairs 30th September 2023

INTERNATIONAL

Eurozone inflation hits 2-year low as US price pressures ease

• Inflation in the Eurozone has dropped to its lowest level in almost two years, providing potential relief for the European Central Bank (ECB) and raising questions about the continuation of its rate-hiking cycle.
• Official data from Eurostat reveals that consumer prices in the 20-nation Eurozone rose at an annual rate of 4.3 percent in September, down from 5.2 percent in August. This marks the lowest level of inflation since October 2021.
• Analysts had anticipated a slower decline in inflation, with a consensus forecast of 4.5 percent for September, according to data firm FactSet. However, it’s important to note that inflation remains well above the ECB’s target of two percent.

ADB’s capital adequacy reforms to increase annual commitment by 40%

• In a significant move, the Asian Development Bank (ADB) has recently endorsed capital management reforms, unleashing a substantial $100 billion fund over the next ten years. These reforms, integrated into ADB’s updated Capital Adequacy Framework (CAF), mark a vital step in addressing the multifaceted crises and climate challenges faced by Asia and the Pacific region.
• The updated CAF paves the way for ADB to extend its annual new commitments capacity to over $36 billion, indicating a notable 40% increase, approximately $10 billion more than previous capacities. These reforms are designed to tackle the region’s simultaneous crises, providing much-needed financial impetus.
• ADB President Masatsugu Asakawa emphasized the significance of these reforms, stating that they substantially enhance ADB’s ability to support critical development initiatives across Asia and the Pacific.

 NATIONAL

Delhi winter pollution Updates: CM Arvind Kejriwal announces 15-point action plan

• Delhi Chief Minister, Arvind Kejriwal, has unveiled a comprehensive 15-point winter action plan aimed at addressing air pollution in the national capital, just in time for the festive season.
• Kejriwal highlighted the decrease in PM 2.5 levels from 149 in 2014 to 103 presently, showcasing a significant improvement.
• PM 10 levels have also reduced from 324 in 2014 to 223, signifying a 30% reduction in pollution levels.
• Kejriwal emphasized the importance of public transport improvements.
• The Delhi government plans to introduce 800 electric buses to bolster the existing fleet of 7,000 government-operated buses.

 Bihar to get its second tiger reserve in Kaimur soon

• In a significant development for wildlife conservation in Bihar, the state is preparing to establish its second tiger reserve within the Kaimur district.
• The upcoming tiger reserve in Kaimur district will complement the existing Valmiki Tiger Reserve (VTR) located in the West Champaran district of Bihar. This expansion reflects the state’s commitment to safeguarding its rich wildlife heritage.
• As per recent reports, Bihar currently boasts a total tiger population of 54. This figure represents a remarkable growth in the tiger population within the state.

 OBITUARY

Ashwin Dani, non-executive director of Asian Paints, passes away at the age of 79

• The world of business recently bid farewell to a visionary leader, Ashwin Dani, the Co-founder & non-executive director of Asian Paints, who passed away on 28 September 2023 at the age of 79.
• Ashwin Dani’s association with Asian Paints was nothing short of legendary. This iconic company, which began its journey in 1942, was founded by his father and three others. Ashwin Dani joined Asian Paints in 1968, and under his leadership, the company witnessed unprecedented growth and expansion.
• One of Ashwin Dani’s most significant achievements was the global expansion of Asian Paints.

 SUMMITS AND MOU’S

D Pradhan to launch Bharatiya bhasha utsav and technology summit

• Union Minister for Education and Skill Development & Entrepreneurship Shri Dharmendra Pradhan is to launch a two-day Bharatiya Bhasha Utsav and Technology & Bharatiya Bhasha Summit, to be held on September 30th and October 1st, 2023 at New Delhi. It will set the course for a technologically enriched future for Bharatiya languages in education.
• Shri Sridhar Vembu, Chairman of the Board of Governors of IIIT-DM, Kanchipuram and CEO of Zoho Corporation, will deliver the keynote address. Eminent dignitaries, educationists, technology and language experts, and officials of the Ministry of Education will be present at the event.
• The Government of India has proposed to celebrate the birthday of renowned Tamil poet and freedom fighter Mahakavi Chinnaswami Subramania Bharati as Bharatiya Bhasha Divas (11 December). The Bharatiya Bhasha Utsav will be held from 28th September 2023 to 11th December 2023.

 BANKING AND ECONOMY

Hot, dry August spurs core sector output growth to 14-month high

• In a significant economic development, India’s core sector witnessed impressive growth in August, reaching a 14-month high of 12.1%.
• In August, India’s eight core industries experienced a remarkable growth rate of 12.1%, marking a substantial increase from the previous year when core sector growth was at 4.2%.
• This robust growth is a positive sign for the Indian economy, indicating a strong recovery and revival of essential infrastructure sectors.
• Five of the eight core sectors played a pivotal role in driving this growth: cement (18.9%), coal (17.9%), electricity (14.9%), steel (10.9%), and natural gas (10.0%).

India's fiscal deficit at Rs 6.4 lakh cr in April-Aug, 36% of full-year target: CGA

• India’s fiscal deficit for the first five months of the 2023-24 financial year has reached 36% of the full-year target, according to data from the Controller General of Accounts (CGA).
• The fiscal deficit at this point in the current financial year is higher than the previous year, standing at 32.6% of the Budget Estimates (BE) for 2022-23 during the same period.
• The Union Budget aimed to reduce the fiscal deficit to 5.9% of the gross domestic product (GDP) for 2023-24, compared to 6.4% in 2022-23.

 Government raises windfall tax on crude oil to ₹12,100 per tonne

• In a recent move, the Indian government has announced significant changes to its tax policies related to the petroleum industry. These changes include an increase in the special additional excise duty (SAED) on domestically produced crude petroleum, as well as reductions in levies on diesel and Aviation Turbine Fuel (ATF).
• Effective from September 30, 2023, the government has raised the windfall tax on domestically produced crude oil to Rs 12,100 per tonne. This marks an increase from the previous rate of Rs 10,000 per tonne, which was set during the last fortnightly review on September 15, 2023.

RBI's Swaminathan J chairs 28th Advisory committee meet in Lucknow

• The 28th Meeting of the Standing Advisory Committee to review the flow of credit to Micro, Small and Medium Enterprises - MSME sector was held under the chairmanship of RBI Deputy Governor Mr. Swaminathan J, in Lucknow.
• Emphasising the significant role of the MSME sector, particularly in the context of the goal of attaining developed economy status by 2047, the RBI Deputy Governor stressed the need for collaborative efforts on the part of all stakeholders to unlock the full potential of MSMEs.
• He also highlighted various initiatives taken by the Reserve Bank such as the Account Aggregator framework, the digital Public Tech Platform to enable delivery of frictionless credit and the regulatory sandbox on MSME lending.