part 12

[Virtual Presenter] IREDA’s new retail subsidiary is permitted to handle the retail business under key government schemes such as Pradhan Mantri(P-M---)-Surya Ghar Muft Bijli Yojana (rooftop solar) and PM Kisan Urja Suraksha evam Utthaan Mahabhiyaan (PM-KUSUM) and other Business toConsumer (B2C) segments in the RE sector. Key Points: i.It will focus on emerging RE sectors such as: Electric vehicles (EVs), energy storage, green technologies, sustainability, energy efficiency, among others. ii.This new retail subsidiary marks a major milestone in IREDA’s journey towards fostering sustainable energy solutions at the grassroots level. Also, it will enable I-R-E-D-A to provide innovative financing options for both urban and rural consumers, promoting sustainable practices and reducing carbon footprints. Indian Renewable Energy Development Agency(I-R-E-D-A): I-R-E-D-A is a non banking financial institution, which is engaged in promoting, developing and extending financial support to set up sustainable projects. In April 2024, the status of I-R-E-D-A upgraded from Mini Ratna Category I Central Public Sector Enterprises (C-P-S-E-) to ‘Navratna’. Chairman and Managing Director (C-M-D--): Pradip Kumar Das Headquarters– New Delhi, Delhi Established– 1987 About Department of Investment and Public Asset Management (D-I-P-A-M): It deals with all matters related to management of Government of India (GoI)’s investments in equity including disinvestment of equity in Central Public Sector Undertakings (CPSUs). Secretary Tuhin Kanta Pandey Headquarters New Delhi, Delhi India becomes fourth country to cross 700 billion dollars in foreign reserves According to the Reserve Bank of India(R-B-I--)’s data, India’s foreign exchange reserves surpassed $700 billion for the first time ever in September 2024. This milestone makes India, the fourth country in the world , alongside China, Japan, and Switzerland, to reach this level of reserves. i.The foreign exchange reserves increased by USD 12.59 billion to hit an all time high of USD 704.885 billion in the week ended September 27,2024. ii.The Foreign Currency Assets (F-C-A--), a large component of the overall reserves, gained by USD 10.46 billion to USD 616.154 billion. The Gold reserves also increased by U-S-D 2.184 billion to USD 65.796 billion in the RBI’s data. F-C-A are maintained as a multi currency portfolio comprising major currencies, such as, U-S Dollar(U-S-D--), Euro, Pound Sterling, Japanese Yen, and are valued in terms of USD. iii.The increase in reserves is due to several factors, including USD 30 billion in foreign inflows this year, primarily driven by investments in local bonds following India’s inclusion in a significant J P Morgan index. Tata A-M-C Launches India’s 1st Index Fund Based on Nifty Capital Markets Index Tata Asset Management Company (A-M-C--) has launched the “Tata Nifty Capital Markets Index Fund”, the India’s 1st index fund to invest in companies from the Nifty Capital Markets Index to track the performance of selected companies from the Nifty 500 Index. The fund will invest in a maximum of 20 stocks from the Nifty 500 Index, representing various capital markets businesses such as financial services, asset management firms, exchanges, stockbroking companies, depositories, and clearing houses. Report Errors in the P-D-F ebooks@affairscloud.com Copyright 2014-2024 @ AffairsCloud.com 146.

[Audio] i.New Fund Offer (NFO) of Tata Nifty Capital Markets Index Fund will run from 7th to 21st October 2024. It will reopen for subscription on or before 30th October 2024. ii.The minimum investment is Rs.5000 in multiples of Rs.1 and an exit load of 0.25% of the applicable Net Asset Value (NAV) will be charged if units are redeemed within 15 days of allotment. iii.According to the Scheme Information Document (SID), the maximum permissible Total Expense Ratio (TER) under Regulation 52(6)(b) is up to 1%. LIC Reduces 1st-year Agent Payout to 28% after Surrender Value Revision Life Insurance Corporation of India (LIC) has reduced the first-year agent commission from 35% to 28% including a bonus after revising its surrender value norms and decreased from 25% to 20% without bonus. i.The new surrender norms came into effect from 1st October 2024. ii.Key changes include Upper limit for purchasing LIC's new endowment plan revised from 55 to 50 years. Increased the commission for renewal premiums from 5% to 7.5%. The minimum sum assured on the revised policies has been raised from 1 lakh to Rs.2 lakhs. Premium on life insurance products increased by an average of 8-9% iii.These modifications follow the Insurance Regulatory and Development Authority of India's (IRDAI) master circular on life insurance products (Insurance Products Regulations, 2024) issued in June 2024. India Pledged USD 300 million to WHO; USD 250 Million will be spent on CoE for Traditional Medicine India, the 6th largest global contributor to the World Health Organization (WHO), pledged over USD 300 million to support the WHO's core programmes from 2025 to 2028. Around USD 250 million will be dedicated to the establishment of the Centre of Excellence (CoE) for Traditional Medicine in Jamnagar, Gujarat. i.WHO has received contribution pledges for over USD 2.2 billion towards a USD 7.1 billion funding gap for core programmes that aims to save 40 million lives over 4 years. ii.In addition to funding the traditional medicine center, USD 38 million has been allocated for new premises for WHO's regional office, USD 10 million for digital health, and USD 4.6 million for thematic funding. iii.Countries in the WHO's South-East Asia Region have collectively committed over USD 345 million, with additional pledges expected from Indonesia and Bhutan. IRDAI Extended the Implementation deadline of IFRS 17 to FY27 The Insurance Regulatory and Development Authority of India (IRDAI) has extended the timeline for the implementation of International Financial Reporting Standard (IFRS 17) regulations by the Financial Year 2026-27 (FY27). This move will give ample time to both bank-sponsored and non-bank sponsored insurance companies for implementation of IFRS 17 regulations..

[Audio] contracts within the scope of the standard. iv.It aims to ensure that an entity provides relevant information that represents insurance contracts in a faithful manner. The information given in these contracts gives a basis for users of financial statements to examine the effect that insurance contracts have on the financial position, financial performance and cash flows of an entity. v.IFRS 17 will help international investors to compare the financials of domestic insurers with their international counterparts. These new standard accounting regulations will require domestic insurers to strengthen their disclosure needs, which will lead to greater transparency and better-decision making. About Insurance Regulatory and Development Authority of India (IRDAI): It was constituted in 1999 as an apex body to regulate and develop the insurance industry in India. Later, it was incorporated as a statutory body in April 2000 under the IRDA Act, 1999. It works under the Ministry of Finance (MoF). Chairman– Debasish Panda Headquarters-Hyderabad, Telangana ECONOMY & BUSINESS NEWS World Bank Retained India's GDP Forecast for FY25 to 7% due to Rising Private Consumption On 10th October 2024, the World Bank(WB) released a report titled "South Asia Development October 2024 Update: Women, Jobs and Growth". It has retained India's Gross Domestic Product (GDP) growth forecast for Financial Year 2024-25 (FY25) to 7% Year-on-Year (Y-o-Y). This growth projection is mainly attributed by higher agricultural production and robust employment growth from policy initiatives, which further boost the private consumption. This GDP projection of India remains unchanged from its September edition of Asian Development Outlook (ADO); it has increased by 40 basis points (bps) from its previous estimate of 6.6% (in April 2024). The World Bank has also retained India's GDP growth forecast at 6.7% for FY26 (2025-26). India-Specific: i.As per the report, India's GDP rate in FY25 will be the 2nd highest among the South Asian countries after Bhutan (7.2%) . ii.The report highlighted that these estimates are in line with India's pre-pandemic (FY17-19) average growth rate and outpaces most other major Emerging Markets and Developing Economies (EMDEs). iii.The WB's report has also estimated India's fiscal deficit to reduce by 70 bps of GDP in FY25 to 7.5% of GDP due to higher revenues from improved compliance with Goods and Services Tax (GST) and a widening of the personal income tax base. South Asia Outlook: i.The WB has also upgraded the economic outlook for all South Asian countries, except for Bangladesh and Maldives. ii.The WB has raised its growth projection for the South Asia region to 6.4% in 2024 from its previous estimate of 6.0%. It has cited certain factors like: strength of domestic demand in India and quicker recoveries in crisis-hit countries such as Sri Lanka and Pakistan, for the positive growth of South Asia. This upward projection positions South Asia as the fastest growing emerging economy region monitored by the World Bank. Report Errors in the PDF - ebooks@affairscloud.com.

[Audio] iii.The report has further estimated that South Asia's output will grow by 6.2% in 2025. This growth projection is mainly driven by strong private consumption in India, and increased tourism and hydropower exports in Bhutan, Nepal, and Sri Lanka. Gender Disparity in Employment: i.The report highlighted the persistent gender disparity in employment across the South Asia region and cited that female labor force participation in South Asia is among the lowest in the world. ii.The report showed that the overall female labor force participation rate stood at just 32% in 2023, which is significantly lower than the 77% rate for men. Also, this female labor force participation rate is quite below the 54% average in EMDEs. iii.As per the report, female labor force participation rate in most countries of the South Asian region except Bhutan, were 5% to 25% lower than in countries at similar levels. iv.The report estimated that by raising labor force participation of women to the level of men could result in a 13% to 51% boost to GDP of the South Asia region and per capita income. v.The report has outlined some key recommendations such as: legal reforms to enhance gender equality, measures to boost jog generations, and removal of barriers to women working outside the home like: lack of safe transport and quality child and elder care. About the World Bank (WB): President– Ajay Banga Headquarters– Washington, DC, the United States of America (USA) Established– 1944 WTO Reduced 2025 World Merchandise Trade Growth Forecast to 3% from 3.3% On 10th October 2024, the World Trade Organisation (WTO) released its latest bi-annual trade outlook titled "Global Trade Outlook and Statistics: October 2024". It has reduced its previous projection of world merchandise trade growth from 3.3% to 3% in 2025. While, it increased its merchandise trade growth projection for the year 2024 to 2.7%, up from its previous estimate of 2.6%. The WTO has cautioned about the escalating conflict in the West Asia region and increased economic policy uncertainty which continue to pose significant downside risks to the forecast. Key Findings: i.The report has also projected that the global Gross Domestic Product (GDP) growth at market exchange rates will remain at 2.7% for both 2024 and 2025. ii.The report highlighted that global merchandise trade witnessed a growth of 2.3% with Year-on-Year (Yo-Y) increase in the 1st half of 2024. This rebound came against the backdrop of a slump of 1.1% in 2023, driven by high inflation and increasing interest rates. iii.The report has estimated that merchandise exports of Least-Developed Countries (LDCs) will increase by 1.8% in 2024, compared to 4.6% growth registered in 2023. While, the export growth of LDCs is expected to grow by 3.7% in 2025. It has projected that LDC imports will grow by 5.9% and 5.6% in 2024 and 2025 respectively. These estimates are underpinned by GDP growth estimates for LDCs of 3.3% (in 2023), 4.3% (in 2024) and 4.7%.

[Audio] The WTO noted that exports from India and Vietnam are increasing, which indicates towards their emerging roles "connecting" economies. ii.WTO projected that Europe will register a decline of 1.4% in export volumes in 2024 meanwhile, imports will decrease by 2.3%. This similar trend has been witnessed in geopolitically aligned economies, affecting imports from the United States of America (USA), the Republic of Korea and Japan. About World Trade Organisation (WTO): Director-General (DG)- Ngozi Okonjo-Iweala Headquarters- Geneva, Switzerland Established- 1995 IMF Retained India's GDP Forecast at 7% for FY25; 6.5% for FY26 On 22nd October 2024, the International Monetary Fund (IMF) released its latest report titled 'October 2024 World Economic Outlook (WEO): Policy Pivot, Rising Threats', It has retained India's Gross Domestic Product (GDP) growth forecast at 7% and 6.5% for Financial Year 2024-25 (FY25) and FY26, respectively. These growth projections by the IMF are in line with its previous estimates made in July 2024 WEO report. As per the report, the growth outlook for India will moderate from 8.2% in FY24 to 7% in FY25, this is due to pent-up demand accumulated during the COVID-19 pandemic has been exhausted, as the economy reconnects with its potential. Global Scenario: i.The report estimated that the global growth will remain stable at 3.2% in 2024 and 2025. However, it has marginally decreased the global growth rate for 2025 by 10 basis points (bps) to 3.2% from 3.3% projected in July. ii.The report has raised its growth projection for Advanced economies for 2024 by 10 bps, from its previous estimate of 1.7% (in July 2024 WEO) to 1.8%. While, growth rate for Advanced economies will remain the same at 1.8% in 2025. iii.The report has decreased the growth forecast for Emerging Markets and Developing Economies (EMDEs) by 10 bps from 4.3% to 4.2% for both 2024 and 2025. The report observed that the growth outlook for emerging markets and developing Asia is significantly stable for the next two years, hovering at about 4.2% and steadying at 3.9% by 2029. Global Inflation: i.The report highlighted that the global inflation will continue to decline. It has projected that global headline inflation will decline from an annual average of 6.7% (in 2023) to 5.8% (in 2024) and will further decrease to 4.3% (in 2025). The report underscored that despite stable goods prices, high services price inflation still persists in various regions of the world, emphasizing the need for monetary policy adjustment. ii.The report projected India's headline inflation rate at 4.4% for FY25 and 4.1% for FY26. iii.The report has cautioned about the escalation in regional conflicts, especially in the Middle East region, could pose serious risks for commodity markets. Also, it could further prevent central banks from easing monetary policy and would pose serious challenges to fiscal policy and financial stability. IMF Report: Global Public Debt Expected to Exceed USD 100 Trillion in 2024 According to the IMF's latest report titled "{Fiscal Monitor: Putting a Lid on Public.

[Audio] This projection is 10 bps higher than in 2019, before the COVID-19 pandemic hit. The IMF's latest report has introduced a new "debt-at-risk" approach to examining the risks to debt projections. Key Findings: i.According to the report, the world's two largest economies i.e. China and the United States of America(USA) are the main drivers for increasing global public debt. ii.The report has estimated that, in a worst-case scenario, global public debt could be 115% of global GDP by 2026, which is almost 20 bps higher than the IMF's baseline estimate. iii.The report has outlined certain global factors which are driving the fluctuations in government borrowing costs across the countries and has cautioned that elevated levels of debt in major countries could increase the volatility of sovereign yields and debt risks for others. iv.According to the report, debt-at-risk varies significantly for different countries, for instance: for advance economies as a group, debt-at-risk has decreased from pandemic peaks and is estimated at 134% of GDP. While, for EMDEs debt-at-risk has increased to 88% of GDP. v.The report suggested that the size of fiscal adjustment which was between 3.0% and 4.5% of GDP, on average (almost the size of past adjustments) could help in bringing the global public debt back under the control. About International Monetary Fund(IMF): Managing Director (MD)– Kristalina Georgieva Headquarters- Washington DC, the United States of America (USA) Established – 1944 Member nations-190 AGEL and AESL join the Utilities for Net Zero Alliance to aid India's decarbonisation march Adani Green Energy Limited (AGEL) and Adani Energy Solutions Limited (AESL) have joined the Utilities for Net Zero Alliance (UNEZA), an international coalition which operates under the guidance of the International Renewable Energy Agency (IRENA) and the UN Climate Change High-Level Champions. AGEL in renewable energy and AESL in Transmission and Distribution (T&D) sector, have become the first in their respective segments in India to join UNEZA. i.Both companies have committed to achieving Net Zero by 2050, a goal in line with India's broader energy transition objectives. ii.AGEL's aims to contribute 10% of India's non-fossil fuel energy by 2030, with a target of delivering 50 GW of renewable energy capacity by then. iii.AESL, focused on enhancing grid reliability for renewable energy transmission, aims to reduce direct emissions by 72.7% by 2030. Note: UNEZA, established at COP28 (28th Conference of the Parties to the United Nations Framework Convention on Climate Change-UNFCCC) with the United Arab Emirates (UAE) Declaration of Action, aims to drive global cooperation in advancing renewable energy, grid development, and clean energy solutions. NITI Aayog Raised Asset Monetisation Target for FY25 to Rs 1.9 trillion The National Institution for Transforming India (NITI Aayog) has raised the Asset Monetisation(AM) target for Financial Year 2024-25 (FY25) by Rs 23,000 crore to Rs 1.9 trillion. This move will bring closer to achieve.

[Audio] About About Asset Monetization (AM): i.The AM is the process of creating new/alternative sources of revenue by unlocking the economic value of underutilized public assets. ii.The idea of AM was first suggested by a committee led by economist Vijay Kelkar in 2012. iii.The Core Group of Secretaries on Asset Monetisation (CGAM) was constituted by the GoI under the chairmanship of Cabinet Secretary to review and monitor the progress of transactions and resolve any structural issue related to the sectors covered under NMP. Key Points: i.NITI Aayog has estimated that combined assets of railways, power, and petroleum and natural gas will raise nearly Rs 46,000 crore. ii.NITI Aayog has observed that over the last 3 FYs, most of the Union Ministries have failed to achieve their original NMP targets but have managed to meet their revised targets, except some sectors like: railways, telecommunications, warehousing, civil aviation, and sports infrastructure. It has suggested the railways to focus on the commercial development of railway land and has recommended the civil ministry to pursue the development of 11 airports in Public-Private Partnership (PPP) model. Status of Various Ministries Covered under NMP: i.The Ministry of Railways (MoR) has monetised assets worth Rs 20,417 crore over the last 3 FYs and has achieved only 30% of its revised target. ii.The GoI has monetised assets worth Rs 8,000 crore in warehousing sector, which constitutes 38% of its targeted assets. The Ministry of Civil Aviation (MoCA) has monetised only 14% of its target asset base of Rs 2,600 crore. iii.The Ministry of Coal (MoC) has monetised assets worth Rs 1.54 trillion against its initial 4-year target of Rs 80,000 crore. Out of Rs 1.54 trillion, Rs 32,000 crore has been raised through the monetisation of mines, against revised target of Rs 7,300 crore. Points to Note: i.NMP was 1st announced by Union Finance Minister, Nirmala Sitharaman in the Union Budget (202122). ii.It was prepared by NITI Aayog in partnership with concerned Infrastructure Ministries. iii.So far, the Government of India (GoI) has monetised assets worth Rs 3.9 trillion under NMP in the 1st 3 years, ending in FY24, against the set target of Rs 4.3 trillion. iv.As per the official data of NITI Aayog released on 26th June 2024, the GoI has monetized assets worth Rs 1.56 lakh crore in FY24 as against the set target of Rs 1.8 lakh crore, which was the highest among all 4 years, under NMP. About National Institution for Transforming India (NITI Aayog): Chairperson- Narendra Modi, Prime Minister (PM) of India Chief Executive Officer (CEO)- B.V.R. Subrahmanyam Headquarters- New Delhi, Delhi Formed- 2015 InCorp Global Becomes First Firm at GIFT IFSC to Receive BATF Licence Approval Singapore based InCorp Global Pte Limited, a corporate.

[Audio] Under the IFSCA (BATF Services) Regulations, 2024, this licence authorises InCorp Global to offer BATF services to businesses beyond the Banking, Financial Services, and Insurance (BFSI) sectors. Key Points: i.The services under this licence have been standardized to align with internationally recognized benchmarks. ii. A significant aspect of the BATF regulations is the incorporation of financial crime compliance services. This development enhances the firm's capabilities in areas such as Anti-Money Laundering (AML), Countering the Financing of Terrorism, and Know Your Customer (KYC) compliance. iii.This licence allows the company to harness India's extensive talent and resources to provide tailored services to international clients, strengthening its footprint in the global market. iv.InCorp Global aims to ease the entry process for international clients into the Indian market while contributing to GIFT City's growth as a prominent financial hub. Note- InCorp Global currently serves a diverse range of clients from countries such as Australia, Belgium, Canada, France, Germany, New Zealand, Singapore, Switzerland, the United Arab Emirates (UAE), the United Kingdom (UK), and the United States of America (USA), among others. Background of the BATF Regulations: i.The BATF regulations were introduced following a government notification on January 18, 2024. These regulations define BATF services as 'financial services' as per Section 3 of the IFSCA Act, 2019. ii.This framework aims to cultivate a robust financial market ecosystem at GIFT IFSC, offering guidelines for the establishment and operation of BATF service providers while ensuring compliance with international standards and safeguarding against financial crimes. About In.Corp Global Pte Ltd. Chairman- Lennard Yong Chief Executing Officer (CEO) India – Manish Modi Headquarters– Singapore Established– 2015 MoU's & AGREEMENTS India & Nepal Signed 12 MoUs for High Impact Community Development Projects in Nepal On 27th September 2024, India and Nepal signed 12 Memorandum of Understanding (MoUs) for High Impact Community Development Projects (HICDPs) in Nepal covering key sectors such as education, health, agriculture, drinking water and culture for strengthening bilateral ties. The projects will be supported by grant assistance of NRs (Nepalese Rupees) 474 million (approximately Rs 47.4 crore) by the Government of India (GoI) Signatories: The MoUs were signed by the Embassy of India in Kathmandu, the Ministry of Federal Affairs and General Administration of Nepal, and various Project Implementing Agencies of the Government of Nepal. About the 12 HICDPs: i.The 12 HICDPs include the construction of School buildings in Okhaldhunga, Dailekh, Saptari, Morang, Chitwan, and Sunsari. Arun Multipurpose Foundation Building in Bhojpur. Water supply project in Solukhumbu. Building for the Agriculture Promotion Centre in Bajura. Health post-birthing centre in Dhading. Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2024 @ AffairsCloud.com.

[Audio] Operation theatre building for the Rapti Eye Hospital in Dang. ii.These projects will be executed by local authorities under the Government of Nepal. iii.These will improve the educational infrastructure, healthcare services, water supply, agricultural storage, and cultural amenities for local communities. Points to note: i.India has undertaken a total of 563 high-impact community development projects in Nepal since 2003. ii.490 of these projects have been completed and the remaining projects are in various stages of completion. iii.These HICDPs highlight India's commitment towards strengthening Nepal's infrastructure and contributing to the Nepal's overall development. About Nepal President- Ram Chandra Poudel Prime Minister– Khadga Prasad Sharma Oli Capital- Kathmandu Currency– Nepalese Rupee India & Seychelles Sign MoU for Collaboration in Auditing On 21 October 2024, the Comptroller and Auditor General of India (CAG) and Office of the Auditor General Auditing (OAG), Republic of Seychelles have signed a Memorandum of Understanding (MoU) in Victoria, Seychelles to boost training opportunities and information sharing between their respective Auditor General's offices. The agreement was signed by Girish Chandra Murmu, the Comptroller and Auditor General (CAG) of India, and Gamini Herath, the Auditor General of the Republic of Seychelles during the CAG Girish Chandra Murmu's official visit to Seychelles. Key Attendees: The agreement was signed in the presence of Karthik Pande, the Indian High Commissioner to Seychelles, along with representatives from both Supreme Audit Institutions (SAIs). Key Points: This agreement aims to establish a collaborative platform for the exchange of knowledge and expertise among auditing professionals and to enhance collaboration in public sector auditing. The initiative is expected to enhance transparency and improve public financial management systems in both India and Seychelles. This collaboration will focus on capacity-building initiatives, including training programs, workshops, and seminars. Key Discussions: i.During his visit, CAG Girish Chandra Murmu met with Roger Mancienne, the Speaker of the National Assembly of Seychelles, to discuss the essential role of the Auditor General's office in supporting the functions of national assemblies and parliaments globally. ii.In a separate engagement, he held discussions with Sebastian Alik Pillay, Chairperson of the Finance and Public Accounts Committee, focusing on the critical partnership between Supreme Audit Institutions (SAIs) and Public Accounts Committees to collaboratively advance the legislative mandates entrusted to them by citizens. About Republic of Seychelles: President- Wavel Ramkalawan Capital-Victoria Currency-Seychellois Rupee Report Errors in the PDF - ebooks@affairscloud.com Copyright 2014-2024 @ AffairsCloud.com 154.

[Audio] USA, Japan & South Korea Partners to Support Digital Infrastructure in India The United States of America(USA), Japan and South Korea have signed the Digital Infrastructure Growth Initiative for India Framework (DiGi Framework) to strengthen the digital infrastructure development in India. The framework was signed between US International Development Finance Corporation (DFC), the Japan Bank for International Cooperation (JBIC), and the Export-Import Bank of Korea (Korea Eximbank–KEXIM) at the DFC headquarters in Washington D.C., the USA. Signatories: Yoon Hee-sung, Chairman & President of KEXIM; Scott Nathan, Chief Executive Officer(CEO) of DFC and Hayashi Nobumitsu, Governor of JBIC were the signatories of the DiGi Framework. About DiGi Framework: i.The DiGi Framework will further the collaboration of DFC, JBIC and KEXIM with the Indian private sector to support digital infrastructure in India. ii.This will support the projects in the Information and Communications Technology(ICT) sector such as 5G, Open Radio Access Network (RAN), submarine cables, optical fibre networks, telecom towers, data centres, smart city, e-commerce, Artificial Intelligence (AI), and quantum technology. iii.The DiGi Framework will create a systematic process where DFC, JBIC, and Korea Exim bank, in partnership with the Indian private sector, can provide support to fulfil the needs of strategic digital infrastructure deals in India. It will also facilitate support to the policy dialogues with the Indian Government and private sector to promote private sector financing for digital infrastructure projects in India. About U.S. International Development Finance Corporation (DFC): Chief Executive Officer (CEO) – Scott Nathan Headquarters – Washington, D.C. Founded – December, 2019 About Japan Bank for International Cooperation (JBIC): President and CEO – Tadashi Maeda Headquarters– Tokyo, Japan Formed – October, 1999 Meghalaya & Gates Foundation signed MoU to Improve Health, Nutrition & Agriculture The Government of Meghalaya (GoM) have signed a Memorandum of Understanding with the Bill & Melinda Gates Foundation (BMGF) to work together towards improving population health outcomes of Meghalaya, particularly related to maternal and newborn health, family planning, nursing education and agriculture and livestock development. The agreement was signed by Sampath Kumar, Principal Secretary to the Meghalaya govt and M. Hari Menon, Director of the India Country Office at the Gates Foundation in the presence of Conrad K Sangma Chief Minister (CM) of Meghalaya; and Dr. M Ampareen Lyngdoh, Minister of Health & Family Welfare and Agriculture, GoM. The MoU will last for 4 years where both stakeholders shall facilitate successful delivery of the set objectives in the paper with efficiency checkups, monitoring, and evaluation. BMGF will provide both financial and technical support to improve outcomes in 12 key areas: like anaemia, neonatal health, immunisation, childhood wasting and nutrition, etc. Note : Meghalaya is only.

[Audio] Colombia becomes 17th Country to Sign Audio-Visual Co-Production Agreement with India On October 15, 2024, India and Colombia signed an Audio-Visual Co-Production Agreement to enhance collaboration in film production and strengthen cultural ties, and goodwill between the two nations. With this, Colombia becomes the 17th country to sign such an agreement with India. The Ministry of Information and Broadcasting (MIB), Government of India(GoI), has played a pivotal role in promoting these partnerships. The agreement was signed by India's Union Minister of State (MoS) Dr. Loganathan Murugan, MIB; and Jorge Enrique Rojas Rodriguez, Colombia's Vice Minister of Foreign Affairs in New Delhi(Delhi). Key Points: i.The agreement facilitates resource sharing among filmmakers, including creative, technical, financial, and marketing aspects, benefiting producers in both countries. ii.It is also expected to promote India's soft power, generate employment in the film sector, and attract foreign exchange by enhancing India's status as a filming destination. iii.The agreement ensures clear funding processes for film projects and aims to increase the export of Indian films to Colombia. Audio-Visual Co-Production Agreements India has established co-production treaties with 16 countries (now 17) over the years, leading to 29 projects in the last 5 years. These countries are: Italy (2005), the United Kingdom (2005), Germany (2007), Brazil (2007), France (2010), New Zealand (2011), Poland (2012), Spain (2012), Canada (2014), China (2014), South Korea (2015),Bangladesh (2016), Portugal (2017), Israel (2018), Russia (2019), and Australia (2023). These treaties provide filmmakers with government support and tax incentives to achieve economic and cultural goals. Financial support: i.The co-production incentive scheme provides up to 30% reimbursement of costs in India (maximum Rs 300 million), with an extra 5% for significant Indian content and another 5% for employing 15% or more Indian staff, raising total reimbursement to 40%. ii.Colombia's participation in the upcoming 55th International Film Festival of India (IFFI) in November 2024 in Panaji, Goa and India's hosting of the World Audio Visual & Entertainment Summit (WAVES) in February 2025 in New Delhi, Delhi underscore deepening cultural ties. About Colombia: President- Gustavo Petro Capital – Bogotá Currency – Colombian Peso BEL set to enter space sector, signs agreement with Canada's Reliasat Bharat Electronics Limited (BEL), a Navratna Public Sector Undertaking (PSU) under the Ministry of Defence(MoD), signed a Teaming Agreement with Reliasat Inc. Canada to collaborate in the area of space products, at BEL's Corporate Office in Bengaluru, Karnataka. The agreement was signed by Mr K V Suresh Kumar, Director (Marketing), and Gurvinder Chohan, Chief Executive Officer (CEO) of Reliasat Inc. The agreement aims to leverage the capabilities of both the companies in the domain of space. Report Errors in the PDF - ebooks@affairscloud.com Copyright.

[Audio] ISRO, IN-SPACe & NSIL sign 5 TTA with Non-Governmental Entities Indian Space Research Organisation (ISRO), Indian National Space Promotion and Authorization Centre (IN-SPACe), and NewSpace India Limited (NSIL) have signed 5 Technology Transfer Agreements (TTAs) with Non-Governmental Entities (NGEs). With this, the total number of agreements signed post space reforms becomes 75. i.The TTAs were signed with Anabond Limited, Salvo Industries Private Limited, Micropack Pvt. Ltd., and Astra Microwave Products Ltd at IN-SPACe in Bengaluru, Karnataka. ii.These agreements are part of the government initiative to grant private players access to ISRO's advanced technologies, fostering innovation and commercial applications across various sectors. iii.ISRO, IN-SPACe and NSIL will enable greater participation, foster new ventures, and strengthen India's position in the global space ecosystem. Andhra Pradesh and Karnataka signs MOU for Wildlife protection and Forest Management On 27 September 2024, Andhra Pradesh(AP) and Karnataka have entered into a Memorandum of Understanding (MoU) to address wildlife and forest management challenges at an Inter-State coordination meeting in Vijayawada, AP. Aim: To strengthen cross-border conservation efforts, mitigate human-animal conflicts, and promote sustainable forest management practices. The two states have agreed to deploy an expert team for elephant capture, mahout training programmes in running elephant camps, knowledge transfer, Standard Operating Procedures for darting, capturing (animals) , nutrition and food, and workshops and seminars. Key People: The MoU was signed by A.P. Principal Chief Conservator of Forests (PCCF) and Head of Forest Force (HoFF) Chiranjeevi Choudhary, and Karnataka PCCF and HoFF Brijesh Kumar Dixit in the presence of AP's Deputy Chief Minister(CM), K. Pawan Kalyan and Eshwar B. Khandre, Forest Minister of Karnataka. Key points: i.The Karnataka government will train 25 Mahouts and Kavadis identified by the AP government to improve their skills in handling and managing Kumki elephants. ii.Both states will establish a joint task force for wildlife conservation and protection, including efforts to prevent illegal activities such as poaching and forest degradation. iii.The MoU emphasizes collaborative efforts to conserve forests, focusing on preventing deforestation, curbing illegal logging, and promoting reforestation initiatives. iv.Both states will work together to train tribal communities in forest management and eco-friendly livelihoods, creating sustainable economic opportunities for local populations. v.The states will work together to curb illegal activities like red sanders smuggling in Andhra Pradesh and sandalwood smuggling in Karnataka. About Andhra Pradesh: Chief Minister (CM)- N. Chandrababu Naidu Governor– Syed Abdul Nazeer Capital– Amaravati National Park– Rajiv Gandhi National Park, Sri Venketeswara National Park About Karnataka: Chief Minister (CM)– Siddaramaiah Governor- Thawar Chand Gehlot Capital– Bengaluru National Park– Bandipur National Park, Anshi National Park Report Errors in the PDF - ebooks@affairscloud.com.

[Audio] Nagaland Partners with Wales for 25th Hornbill Festival The Government of Nagaland has signed Wales, a country which is a part of the United Kingdom(UK), as one of the Country Partners for the 25th Hornbill Festival. Nagaland Chief Minister(CM) Neiphiu Rio, who is on an official visit to Wales, signed an agreement with the Welsh Government, the British Council, and Wales Arts International representatives in Cardiff, Wales. This partnership marks the grand conclusion of the year-long Wales in India 2024 celebration. This partnership will strengthen bilateral ties, enhance people-to-people contact and open opportunities for the youth. Note: The Hornbill Festival is an annual festival celebrated from 1st to 10th December 2024 in Nagaland. It is a celebration of the Naga heritage and culture, and is also known as the "Festival of Festivals". DoSJE Signed MoU with NALSA to Provide Legal Aid to Marginalised People On 30th September 2024, the Department of Social Justice and Empowerment (DoSJE) under the Ministry of Social Justice and Empowerment (MoSJE) has signed a Memorandum of Understanding (MoU) with the National Legal Services Authority (NALSA) to enhance public awareness about various Acts, Rules and Schemes of DoSJE, especially those framed to support the marginalized and vulnerable sections of society in India. The agreement was signed in the presence of Union Minister Dr. Virendra Kumar Khatik, (MoSJE) and Justice Sanjiv Khanna, Judge of the Supreme Court (SC) of India & Executive Chairman of NALSA during an event held at Dr. Ambedkar International Centre in New Delhi, Delhi. Key points: i.According to the MoU, both NALSA and DoSJE will organise a series of campaigns, seminars, and events to increase the reach and impact of social welfare schemes for marginalized communities across India. ii.Under this collaboration, State Legal Services Authorities (SLSAs) and District Legal Services Authorities (DLSAs), will conduct awareness camps across India through the para-legal volunteers and panel lawyers. These camps will focus on ensuring the awareness of 5 key Acts being implemented by the DoSJE: Protection of Civil Rights Act, 1955. Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Act, 1989. The Maintenance and Welfare of Parents and Senior Citizens Act, 2007. The Transgender Persons (Protection of Rights) Act, 2019. Prohibition of Employment as Manual Scavengers and their Rehabilitation Act, 2013. SARTHIE 1.0 initiative: i.During the event, Union Minister Virendra Kumar launched SARTHIE 1.0, a joint initiative of DoSJE and NALSA aimed to empower disadvantaged communities, including Scheduled Castes (SCs), Other Backward Classes (OBCs), senior citizens, Denotified and Nomadic Tribes (DNT), among others. ii.The initiative is in line with the United Nations (UN) 2030 Agenda for Sustainable Development, mainly focusing on eradicating poverty, reducing inequality, and promoting social protection policies that ensure greater equality for all. About National Legal.