Daily Current Affairs- October 9, 2023

Claudia Goldin wins Nobel Prize in Economics 2023 for her research on women and work

Claudia Goldin, a professor at Harvard University, is the third woman and the 55th recipient of the Nobel Prize in Economics, which was announced on October 9, 2023.
Goldin is recognized for her comprehensive research of women’s contribution to the labour market, which covers topics such as gender wage gap, female labor force participation, education, and family.
Goldin’s research has implications for policy making and social change, as it reveals the historical and structural factors that affect women’s economic opportunities and outcomes.
The Nobel Prize in Economics is the only one that was not originally mentioned in the will of Alfred Nobel. It was created by the Swedish Central Bank in 1968 and first awarded in 1969.

IAF unveils new ensign with crest on Air Force Day

The Indian Air Force (IAF) celebrated its 91st anniversary on October 9, 2023 in Prayagraj, Uttar Pradesh.
The IAF chief, Air Chief Marshal VR Chaudhari, released a new ensign that features the IAF crest in the top right corner.
The new ensign reflects the values and history of the IAF, which was established in 1932 and became a republic force in 1950.
The IAF crest has the national symbol, the Ashoka lion, the Himalayan eagle, the motto ‘touch the sky with glory’, and the words ‘Bhartiya Vayu Sena’.
The new ensign replaces the existing one that was adopted in 1950 and had the Indian tricolour and the IAF roundel.

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GST Council lowers tax on millet flour and molasses, exempts alcohol from GST

The GST Council, chaired by Finance Minister Nirmala Sitharaman, met on October 9, 2023 and took several decisions on tax rates and other issues.
The Council reduced the GST rate on flour containing at least 70% millets from 18% to 5% when sold in pre-packaged and labelled form, and zero when sold loose.
The Council also slashed the GST rate on molasses from 28% to 5%, which will benefit the sugar industry and the cattle feed manufacturers.
The Council recommended keeping Extra Neutral Alcohol (ENA), used for making alcoholic liquor for human consumption, outside the ambit of GST. The Law Committee will examine the necessary amendments in this regard.
The Council increased the maximum age limit for the president and members of the GST Appellate Tribunal (GSTAT) to 70 and 67 years, respectively. It also extended the last date for filing appeals against GST orders to January 31, 2024.

UK’s Indo-Pacific Minister to Visit India to Strengthen Economic Ties

Britain’s Minister for Indo-Pacific, Anne Marie-Trevelyan, is set to visit India this month to strengthen Britain’s “tilt” towards the region.
Trevelyan, who is responsible for the region, will focus on economic engagement with India during her visit.
The two nations are currently negotiating a bilateral free trade agreement (FTA) and are exploring joint projects in India’s neighbourhood, including potential renewable power projects in Sri Lanka.
Trevelyan’s visit is expected to lay the groundwork for this initiative and the selection of third countries for collaboration.
The UK government’s 2021 integrated review highlighted India’s growing importance as an international actor and emphasized the UK’s focus on India as part of its Indo-Pacific “tilt”.

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GST Council lowers tax on millet flour and molasses, exempts alcohol from GST

The GST Council, chaired by Finance Minister Nirmala Sitharaman, met on October 9, 2023 and took several decisions on tax rates and other issues.
The Council reduced the GST rate on flour containing at least 70% millets from 18% to 5% when sold in pre-packaged and labelled form, and zero when sold loose.
The Council also slashed the GST rate on molasses from 28% to 5%, which will benefit the sugar industry and the cattle feed manufacturers.
The Council recommended keeping Extra Neutral Alcohol (ENA), used for making alcoholic liquor for human consumption, outside the ambit of GST. The Law Committee will examine the necessary amendments in this regard.
The Council increased the maximum age limit for the president and members of the GST Appellate Tribunal (GSTAT) to 70 and 67 years, respectively. It also extended the last date for filing appeals against GST orders to January 31, 2024.

Iranian activist Narges Mohammadi celebrates Nobel Peace Prize in prison cell

Narges Mohammadi, a prominent rights campaigner, was awarded the Nobel Peace Prize for her fight against the oppression of women in Iran and the promotion of human rights for all.
Mohammadi learned about her prize from messages sent by fellow detainees in Tehran’s Evin prison, where she has been held since 2015 on various charges.
Mohammadi and her cellmates erupted in joy and celebrated this victory in their cell, according to her family.
Mohammadi has been arrested 13 times, convicted five times, and sentenced to a total of 31 years in prison and 154 lashes for her activism.
Mohammadi is the third woman and the 55th recipient of the Nobel Peace Prize, which was created by the Swedish Central Bank in 1968 and first awarded in 1969.

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India launches national framework for climate services to cope with extreme events

The National Framework for Climate Services (NFCS) is a major initiative by the India Meteorological Department (IMD) to provide climate information and services to various sectors and users.
The NFCS is based on the Global Framework for Climate Services (GFCS), a partnership of governments and organisations to produce and use climate data and products for decision making and adaptation.
The NFCS will focus on key sectors such as agriculture, energy, health, water and disaster management, and will also include other relevant sectors like transport and tourism.
The NFCS will aim to strengthen the observational network, improve the data quality and availability, and run weather and climate models for long-term predictions and scenarios.
The NFCS will help India to meet the challenges posed by climate change, such as extreme events, water scarcity, food insecurity, health risks and infrastructure damage.

Onsurity raises $24M to provide insurance solutions to MSMEs and startups in India

Onsurity is a startup that offers monthly subscription-based insurance solutions to micro, small and medium enterprises (MSMEs), startups and growing businesses in India.
The startup has raised $24 million in a Series B round led by the World Bank’s International Finance Corporation (IFC), along with existing investors Nexus Venture Partners and Quona Capital.
Onsurity provides health, life and accidental insurance, as well as healthcare and wellness benefits, to its enterprise customers, reaching over a million people across 26 Indian states and three union territories.
Onsurity also offers cyber risk insurance, D&O liability insurance and commercial general insurance under its Onsurity Plus product line.
Onsurity has crossed over $12 million in annual revenue and is projecting 10x growth over the next two years5. It aims to grow its customer base to over 50,000 companies and 5 million lives by 2026.

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Kenyan Kiptum Breaks Marathon World Record in Chicago

Kelvin Kiptum, a Kenyan runner, set a new men’s world record for the marathon, finishing in just two hours and 35 seconds in Chicago on Sunday.
Kiptum broke the previous record of two hours, one minute and 39 seconds, held by his compatriot Eliud Kipchoge since 2022.
Kiptum had won his first two marathons in Valencia and London earlier this year, but his performance in Chicago was unexpected and astonishing.
Kiptum became the third man to break the world record in Chicago, after Steve Jones in 1984 and Khalid Khannouchi in 1994.
In the women’s category, Dutch star Sifan Hassan won the race and set a new course record of two hours, 13 minutes and 44 seconds. Hassan is also the Olympic champion at 5,000m and 10,000m.

Indian Navy introduces 360 Degree Appraisal Mechanism for its personnel

The Indian Navy has launched a new initiative called the ‘360 Degree Appraisal Mechanism’ to evaluate its personnel from multiple sources and perspectives.
The mechanism involves a survey process that includes input from senior officers, peers and subordinates, covering various aspects of professional knowledge, leadership qualities, and potential.
The data is analyzed objectively by a Board of Officers and the feedback is shared with the officers being evaluated, enabling self-improvement and transparency.
The mechanism is based on international best practices and aims to enhance the professional and personal development of the men and women in whites.
The mechanism is part of the Indian Navy’s mission to remain a ‘Combat Ready, Credible, Cohesive, and Future-Proof Force’.

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British Filmmaker Terence Davies Dies At 77

Terence Davies was a renowned filmmaker who made films that explored themes such as LGBT life, Catholicism, and human existence.
He started his career with a series of autobiographical short films, known as “The Terence Davies Trilogy”.
He received critical acclaim for his feature films, such as ‘Distant Voices, Still Lives’, ‘The Long Day Closes’, and ‘The House of Mirth’.
He also made documentaries, such as ‘Of Time and the City’, a tribute to his hometown of Liverpool.
He passed away at home after a short illness, leaving behind a legacy of thoughtful and introspective cinema.

Closing Ceremony Marks the End of the 19th Asian Games in Hangzhou

The 19th Asian Games 2023 concluded with a spectacular closing ceremony held at the Hangzhou Olympics Stadium in China.
The event celebrated the love and unity between the participating countries, showcasing the cultural diversity and sporting excellence of the Asian nations.
Renowned hockey player P. R. Sreejesh had the honor of being India’s flag bearer during the closing ceremony, representing his country with pride on the international stage.
The official handover of the Asian Games flag, the current flag, and the torch marked the beginning of a new chapter for the Asian Games. Raja Randhir Singh, the interim president of the Olympic Council of Asia (OCA), handed over these symbols to the Japanese delegation, signifying Nagoya, Japan, as the host city for the 20th Asian Games in 2026.
India’s contingent shone at the 19th Asian Games, securing a total of 107 medals, including 28 gold, 38 silver, and 41 bronze5. This remarkable performance exceeded the nation’s previous record at the 2018 Asian Games in Jakarta, where India won 70 medals.

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Largest Hindu Temple Outside India Set Up In New Jersey

BAPS Swaminarayan Akshardham is the largest Hindu temple in the US, inaugurated on October 8, in Robbinsville, New Jersey.
The temple is a masterpiece of traditional stone architecture, hand-carved by artisans and volunteers from precious materials sourced from around the world.
The temple reflects the rich cultural heritage and diversity of Hinduism, featuring statues, carvings, and a stepwell with water from over 300 sources.
The temple is a result of over 12 years of collective effort by over 12,500 volunteers, guided by BAPS spiritual leader Mahant Swami Maharaj.
The temple is a symbol of the vibrant Hindu community in the US and a spiritual oasis for all visitors3.

Indian Navy and SBI launch NAV-eCash card for digital payments

The State Bank of India (SBI) and the Indian Navy have collaborated to introduce a new card called NAV-eCash, which enables digital payments without internet connectivity.
The card was launched on October 1, 2023, on board the Indian Navy’s aircraft carrier, INS Vikramaditya, at Karwar, Karnataka.
The card uses dual chip technology, which allows it to function as a regular debit or prepaid card in online mode, and as a cashless payment solution in offline mode.
The card is designed to replace cash transactions in challenging environments, such as warships at sea, offshore oil platforms, and remote regions.
The card is part of the Digital India initiative, which aims to promote digital financial inclusion and innovation across the country.

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India and Saudi Arabia sign MoU on green hydrogen and power grid interconnection

The MoU was signed during the MENA Climate Week 2023 in Riyadh by India’s Union Minister for Power and New & Renewable Energy, RK Singh, and Saudi Minister of Energy, Abdulaziz bin Salman Al-Saud.
The MoU aims to establish a framework for electrical interconnection between the two countries, enabling the exchange of electricity during peak demand and emergencies.
The MoU also covers co-development of projects in the renewable energy sector, co-production of green and clean hydrogen, and ensuring secure supply chains of materials essential for green hydrogen and renewable energy production.
The MoU is part of India’s commitment to reducing the emission intensity of its GDP by 45% by 2030 and achieving Net Zero emissions by 2070.
The MoU also builds on the previous agreement signed by India and Saudi Arabia on cooperation in energy, encompassing renewable energy, energy efficiency, strategic petroleum reserves, and energy security.

Army concludes 70 schemes under EP-4 worth 11000 Crore

The Emergency Procurement Power (EP) is a mechanism that allows the Indian armed forces to acquire essential equipment and technology quickly, bypassing the lengthy procurement process.
The EP was first introduced in 2016 after the Uri attack and was extended to all three branches of the military in 2020 amid tensions along the India-China border.
The EP has enabled the Army to address critical operational gaps in fields such as firepower, drone warfare, mobility, communication, and soldier protection.
The Army has finalized over 140 schemes under four tranches of EP (EP-I to IV), spending approximately Rs 17,500 crore.
In EP-IV, which ran from September 2022 to September 2023, the Army signed over 70 schemes worth nearly Rs 11,000 crore, all with Indian vendors.