Today's Current Affairs 5th September 2023

INTERNATIONAL

Bangladesh witness highest dengue death rate in the world

• In Bangladesh, A total of 37 dengue patients died in the last two days, taking the death toll to 634 this year. On September 2, Bangladesh recorded 21 dengue-related deaths, the highest number in a single day this year.
• Now, Bangladesh ranks second globally in dengue-related cases as Brazil is in first position but when it comes to the death rate, the South American nation lags behind Bangladesh.
• A press release of the Directorate General of Health Services (DGHS) said that a total of 8,845 dengue patients are undergoing treatment at different hospitals.
• The DGHS statement says that with the new cases, the total number of patients rose to 1,30,302. Among the total dengue positive cases, 49,495 are female and 80,807 are male and of the total deaths, 369 are female and 265 male.

Germany to provide 191 million euros for sustainable development of Bangladesh

• Germany will provide 191 million euros to Bangladesh for sustainable development projects and women empowerment, Dhaka Tribune reported. In this regard, Germany and Bangladesh signed two bilateral agreements on Sunday with the projects focused on Green and Just Energy Transition, Sustainable Urban Development, Sustainable Supply Chains, Biodiversity and Women Empowerment as well as the support for Host and Displaced Communities in Cox´s Bazar.
• The German embassy stated that the total volume of the agreements is Euros 191 million of which Euros 55 million will be available for Technical Cooperation (TC) and Euros 136 million for Financial Cooperation (FC).

 NATIONAL

Himachal Pradesh plans policy to develop electric charging stations

• Chief Minister Sukhvinder Singh Sukhu has announced the Himachal Pradesh Government’s intention to implement a robust policy aimed at fostering the growth of electric vehicle (EV) charging infrastructure across the state. This policy is designed to enhance accessibility, convenience, and employment prospects in the emerging e-mobility sector.
• During a meeting in Shimla, Chief Minister Sukhu underscored that the policy would provide substantial incentives, including a 50% subsidy, to private operators interested in establishing EV charging stations.
• He said, “The state administration is ready to introduce a comprehensive policy aimed at advancing the establishment of EV charging stations within the state. This policy will encompass various aspects, such as accessibility, convenience, and the creation of job opportunities. Private operators will be encouraged through a 50% subsidy for the establishment of EV charging stations.”

Himachal Pradesh CM launches SAMBAL Yojana to empower divyang children

• Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu on Monday launched the Mukhya Mantri Sporting Abilities, Rebuilding Aspirations and Livelihood Scheme (SABAL) from his home assembly segment Nadaun in this district.
• The chief minister also announced to set up a 'Rajya Chayan Aayog' in place of the now-dissolved Himachal Pradesh Staff Selection Commission in Hamirpur within the next two months to ensure fairness in the selection criteria of candidates.
• The SABAL scheme intends to take care of specially-abled children in around 400 schools across Hamirpur, Solan and Shimla districts.
• Sukhu said the Sabal Yojana is aimed at improving the lives of specially-abled children in the state. The initiative focuses on providing essential facilities and opportunities for them, a statement issued here said.

IMPORTANT DAYS

Teacher’s Day 2023: September 5th

• National Teachers’ Day in India is celebrated on September 5th every year. It is a day to honor and celebrate the contributions of teachers to society. The day is also observed as a tribute to the memory of Dr. Sarvepalli Radhakrishnan, the second President of India from 1962 to 1967. Dr. Radhakrishnan was a scholar, philosopher, and teacher. He was also a strong advocate for education and believed that teachers played a vital role in shaping the future of the nation. In 1962, when his students asked him to celebrate his birthday, he requested that they instead observe September 5th as Teachers’ Day. This year Teacher’s Day 2023 is celebrated on Monday.
• On National Teachers’ Day, schools and educational institutions hold special events to honor teachers. Teachers are given gifts, flowers, and other tokens of appreciation. Students also perform cultural programs and give speeches to express their gratitude to their teachers. National Teachers’ Day is a day to reflect on the importance of teachers in our lives. Teachers are the ones who help us learn and grow, and they deserve our respect and appreciation.

 SUMMIT'S & MOU's

BEL Inks MoU With IAI To Exploit Short-Range Air Defence Systems

• Navratna Defence PSU Bharat Electronics Limited (BEL) and Israel Aerospace Industries (IAI), Israel’s leading aerospace and defense company, have recently signed a Memorandum of Understanding (MoU) aimed at enhancing cooperation in addressing India’s requirements in the domain of Short Range Air Defence Systems. The Memorandum of Understanding was officially signed in Bengaluru.
• The partnership between BEL and IAI is not a new development; these two entities share a long history of association. They have been engaged in various joint development, production, and product support programs for the Indian Defense forces. This MoU is yet another milestone in their collaboration, signaling their commitment to further solidify their synergy.
• The MoU between BEL and IAI aligns perfectly with the ‘Atmanirbhar Bharat‘ (Self-Reliant India) and ‘Make in India‘ policies of the Government of India. These policies emphasize the importance of domestic manufacturing and self-sufficiency in defense capabilities. By pooling their strengths and expertise, BEL and IAI aim to contribute significantly to these national objectives.

Education ministry, Meta partner on digital skilling, entrepreneurship

• The Ministry of Skill Development and Entrepreneurship, the Ministry of Education, and Meta (formerly known as Facebook) have teamed together in a three-year alliance in a significant move intended to strengthen India’s digital capabilities. This ground-breaking program, titled “Education to Entrepreneurship: Empowering a Generation of Students, Educators, and Entrepreneurs,” aims to provide aspiring and established business owners with crucial digital marketing knowledge. It is aimed at a mind-boggling 5 lakh people.
• At the core of this collaboration is the mission to democratize digital skills, making them accessible to every corner of the nation.
• By utilizing Meta’s popular platforms such as Facebook, WhatsApp, and Instagram, the partnership will offer training in digital marketing skills in seven regional languages.
• This move aligns with India’s vision of becoming a global leader in skill development and technology adoption.

 AWARDS & RECOGNITION

Mumbai Professor Satyajit Majumdar honoured with Dr V G Patel Memorial Award 2023

• Mumbai Professor Satyajit Majumdar, dean of School of Management and Labour Studies from Tata Institute of Social Sciences (TISS), has received the ‘Dr V G Patel Memorial Award-2023 for Entrepreneurship Trainer, Educator and Mentor’ for his work in promoting and strengthening entrepreneurship in India. Patel is widely acknowledged as the Father of the Entrepreneurship Movement in India.
• Majumdar’s name was chosen among 400 applicants from 26 states by a jury nominated by the Entrepreneurship Development Institute of India (EDII), Ahmedabad. Over the last two decades, Majumdar 63, has played an important role in the development of entrepreneurship, especially in the social sector. Along with his team, he has mentored more than 350 startups, including 40 in Jammu and Kashmir and group startups in Jhabua, West Bengal. Since joining TISS in 2010, Majumdar’s main role has been to build an ecosystem for entrepreneurship. In 2012, TISS started a separate entrepreneurship cell under his leadership.

BANKING AND ECONOMY

India GDP forecast after Q1 data ‘surprises positively’: Morgan Stanley

• In light of a positive surprise in the April-June quarter data, Morgan Stanley, the multinational investment bank, has revised its economic growth forecast for India for the fiscal year 2024. The bank has raised its projection from an earlier estimate of 6.2 percent to a more optimistic 6.4 percent. This upward revision is attributed to the strong performance of the Indian economy, driven primarily by robust domestic demand.
• The GDP growth rate for India during the first quarter of fiscal year 2024 surpassed expectations, coming in at 7.8 percent, higher than Morgan Stanley’s initial forecast of 7.4 percent. This positive surprise can be attributed to a more significant-than-anticipated growth in private consumption, as stated in a Morgan Stanley report.
• Morgan Stanley highlights the sustained momentum in domestic demand as a significant driver of India’s economic growth. This momentum has led to GDP numbers exceeding expectations for two consecutive quarters. Factors contributing to this trend include strong Goods and Services Tax (GST) collections, credit growth, and a robust Purchasing Managers’ Index (PMI).

Bad Bank Chairman Karnam Sekar reportedly quit over proposals to merge with IDRCL

• Karnam Sekar, Chairman of the National Asset Reconstruction Company of India (NARCL) tendered his resignation due to disagreements concerning the institution’s structure and operations. This resignation follows a proposal for merging NARCL with India Debt Resolution Company Ltd (IDRCL).
• The proposal to merge NARCL and IDRCL was initiated by IDRCL, which is headed by former State Bank of India managing director Diwakar Gupta. The suggestion was brought before the Finance Ministry with the aim of optimizing business opportunities and reducing costs through consolidation.
• Under the current structure, NARCL serves as the ‘principal entity,’ responsible for acquiring and aggregating bad loan accounts from banks. In contrast, IDRCL operates as a resolution agent, focusing on the loan resolution process. The merger would potentially reshape this division of responsibilities, leading to concerns and debates about the optimal structure of these entities.
• NARCL is registered with the Reserve Bank of India as an Asset Reconstruction Company under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. NARCL’s primary objective is to address and resolve stressed loan assets exceeding ₹500 crore each, with a total value of approximately ₹2 lakh crore.