Today's Current Affairs 5th October 2023

INTERNATIONAL

Euro zone economy likely contracted in Q3

• Recent data and surveys suggest that the eurozone economy likely contracted in the third quarter of the year. Demand in the region saw a significant decline in September, marking the fastest pace of decrease in nearly three years.
• The final Composite Purchasing Managers’ Index (PMI), compiled by S&P Global and considered a reliable indicator of overall economic health, inched up to 47.2 in September.
• Compared to August’s 46.7. However, this figure remained below the critical 50-mark, indicating a fourth consecutive month of economic contraction. While it slightly exceeded a preliminary estimate of 47.1, it still points to economic challenges.

 NATIONAL

Government of India notifies constitution of National Turmeric Board

• The Union government of India has notified the constitution of the national turmeric board, which will focus on the development and growth of turmeric and turmeric products in the country. Turmeric is majorly cultivated in Tamil Nadu, Telangana state, Karnataka, MP, Odisha, Bengal and Gujarat.
• India is the largest producer, consumer and exporter of turmeric in the world. It enjoys 62 per cent share in the global turmeric market. During 2022-23, 1.534 lakh tonnes of turmeric and products to the tune of $207.45 million were exported to Bangladesh, UAE, the USA and Malaysia. With the focused activities of the board, it is expected that turmeric exports will reach ` one billion by 2030.

HAL hands over first LCA trainer to IAF, 7 more to come by March 2024

• State-run aircraft manufacturer Hindustan Aeronautics Limited (HAL) recently delivered the first trainer version of the Light Combat Aircraft (LCA) Tejas to the Indian Air Force (IAF). This milestone is significant, as the twin-seater Tejas trainer will play a crucial role in training IAF pilots and can also serve as a fighter aircraft when needed.
• The Tejas trainer aircraft is part of an earlier order for 40 Mk-1 jets, which includes both the Initial Operational Clearance (IOC) and the more advanced Final Operational Clearance (FOC) configurations. Out of these 40 aircraft, the IAF has already inducted 32 single-seater jets and established two LCA squadrons. The remaining eight aircraft are trainers. HAL has committed to delivering seven more twin-seater aircraft to the IAF by March 2024. 

Two-Day Literature Festival To Be Held in Bengaluru on 7 to 8 October

• The Neev Literature Festival 2023 is scheduled to take place on October 7th and 8th, 2023, at the Neev Academy in Yemalur, Bengaluru. This year, the theme of the event is ‘What is childhood without stories?’. In the aftermath of the pandemic, children’s lives have undergone a significant transformation. They now grapple with issues such as artificial intelligence, globalization, mental health challenges, shifting values, and numerous other factors. Consequently, the festival endeavors to address and respond to these changes.
• The Neev Literature Festival was initiated in 2017, followed by the introduction of the Neev Book Award in 2018. The goal was to discover and present exceptional children’s books that center around Indian experiences and stories. Over the years, the festival has delved into thought-provoking themes such as ‘Partition: Memory and Memorialization’, ‘Peripheries: Boundaries on the Edge, Boundaries Within’, and ‘Embracing Diversity’.

 APPOINTMENTS AND RESIGNATIONS

RBI appointed Muneesh Kapur as its new executive director

• The Reserve Bank of India (RBI) has announced the appointment of Muneesh Kapur as an Executive Director (ED) starting from October 3, 2023.
• This significant appointment brings Mr. Kapur into a key leadership position within the central bank.
• Before his promotion to the role of Executive Director, Muneesh Kapur held the position of Adviser-in-Charge within the Monetary Policy Department.
• Additionally, he served as the Secretary to the Monetary Policy Committee (MPC), where he played a crucial role in shaping the nation’s monetary policy.
• In his new capacity as Executive Director, Muneesh Kapur will assume responsibility for overseeing the operations of the Department of Economic and Policy Research.

Former HDFC Bank chief Aditya Puri joins Deloitte as senior adviser

• Former managing director and CEO of HDFC Bank Aditya Puri joined Deloitte Touche Tohmatsu India LLP as senior adviser.
• Puri would leverage his expertise and experience to help drive a tech-enabled transformation in the financial services sector and champion initiatives aimed at boosting financial inclusion across India, Deloitte said in a statement.
• Puri was appointed CEO of HDFC Bank in 1994 and retired after 26 years of service. In June, Deloitte announced the appointment of Manoj Kohli, former CEO of Bharati Airtel and Softbank India, as senior adviser.

 RANKING

Global infrastructure faces annual losses of over USD 300 bn amid worsening climate impacts: CDRI report

• The Coalition for Disaster Resilient Infrastructure (CDRI) has released a biennial report highlighting the alarming annual losses in global infrastructure due to the worsening impacts of climate change and disasters.
• The global annual average loss (AAL) in principal infrastructure sectors due to disasters and climate change stands between USD 301 and USD 330 billion.
• When including health and education infrastructure, along with building stock, this range increases significantly to USD 732 to USD 845 billion. Approximately half of this contingent liability is held by LMICs.

 BANKING AND ECONOMY

India's Sept diesel exports to Europe highest so far in '23

• In September 2023, India witnessed a remarkable surge in its diesel exports to Europe, reaching their highest levels for the year. This surge was driven by a combination of factors, including reduced supplies from West Asia and the United States (US) due to the autumn refinery maintenance season and robust demand in Europe.
• India’s diesel exports to Europe in September reached approximately 333,000 barrels per day (bpd), marking a substantial increase of nearly 47 percent from August.
• This surge was even more impressive when compared to the same month the previous year, with a year-on-year increase of 57 percent, according to data provided by Vortexa.

 Government Maintains GPF Rate at 7.1%

• In a recent announcement, the government has decided to keep the interest rate on General Provident Fund (GPF) savings unchanged at 7.1% for the October-December quarter. This marks the 15th successive quarter where the government has maintained the status quo, ensuring stability for government employees’ retirement savings.
• The Finance Ministry officially notified the retention of the 7.1% interest rate.
• The last adjustment to the GPF rate occurred in the first quarter of 2020-21 when it was reduced from 7.9% to 7.1%.

UNCTAD expects global economic growth for 2023 to slow down to 2.4%

• The UN Conference on Trade and Development (UNCTAD) has revised India’s economic growth forecast for 2023 upward to 6.6% from the earlier projection of 6%. However, the report also anticipates a slowdown in India’s growth to 6.2% in 2024.
• Furthermore, the UNCTAD highlights concerns about the global economic outlook, with a deceleration to 2.4% in 2023, followed by a marginal improvement to 2.5% in 2024.
• UNCTAD revises India’s 2023 economic growth forecast to 6.6%, up from the previous estimate of 6%.
• Predicts a slight decline in India’s growth to 6.2% for the year 2024.