Quick Headlines

• A new statue of Lady Justice, replacing the older version signifying British colonial influence, has been unveiled at the Supreme Court of India. The statue is adorned in a saree and has open eyes, representing Indian cultural heritage and the recognition that everyone is seen equally in the justice system. The statue holds the scales of justice and the Constitution, denoting the impartial weighing of evidence and the supremacy of the Constitution in India's legal system. The removal of colonial symbols like the blindfold and sword signifies an effort to align the statue with Indian jurisprudence and values.

• Bollywood actress and environmental activist, Dia Mirza, has been named a jury member for the All Living Things Environmental Film Festival (ALT EFF) 2024, which is scheduled from 22nd November to 8th December. It will feature 72 films - including 38 India premieres - spotlighting environmental issues such as climate change and wildlife conservation. Mirza acknowledges her privilege to participate, underlining the festival's crucial role in promoting discussion about sustainability.

• Shri AK Saxena, the CMD of MOIL (Manganese Ore India Limited), has taken on additional duty as the CMD of RINL (Rashtriya Ispat Nigam Limited).
  

• RINL constitutes the corporate body of Visakhapatnam steel plant. Mr. Saxena's new role signifies an expansion of his responsibilities within the sector.

• Paramesh Sivamani, PTM, TM is the 26th Director General of the Indian Coast Guard (ICG). With a prestigious career spanning over 35 years, he has served in diverse roles both ashore and afloat. Sivamani specialises in Navigation and Direction, and his sea commands cover all major vessels of the ICG, including the Advanced Offshore Patrol Vessel Samar and Offshore Patrol Vessel Vishwast. His professional journey is distinguished by accomplishments and an exceptional performance record in all of his assignments.

• Aviral Jain has been appointed as the Executive Director (ED) of the Reserve Bank of India (RBI) effective from 1st October 2024. Before this promotion, he was the Regional Director for Maharashtra. In his new role as ED, Jain will oversee several departments to ensure the smooth operation of the RBI.

• Manish Tiwary, the ex-head of Amazon India, will take up the role of Managing Director at Nestlé India Limited, succeeding Suresh Narayanan, who is set to retire on 31st July 2025. Tiwary's tenure starts on 1st August 2025, marking a significant phase for Nestlé India. He brings roughly three decades of experience in consumer goods and e-commerce sectors to the role.

• Vice-Admiral Arti Sarin has become the first female naval officer to assume the director general position of the Armed Forces Medical Services (DGAFMS). Her primary goal is to promote "jointness" among the UK's tri-services - the Army, the Air Force, and the Navy. Following her appointment as the 46th DGAFMS, Sarin has emphasised the need to use the collective skills of her subordinate officers to improve the HR system in medical care.

• Claudia Sheinbaum has made history by being elected as the first woman president of Mexico, according to provisional results reported by the Mexican election commission. Sheinbaum was a frontrunner in the presidential election held on June 2, 2024, representing the ruling Morena party. Her victory, heralded by outgoing President Andrés Manuel López Obrador, also accompanied the renewal of over 20,000 political seats, spanning across the lower house, senate, and regional and municipal offices.

• Smt. Vijaya Kishore Rahatkar has been named as the new Chairperson of the National Commission for Women (NCW) by the Narendra Modi government. She is the 9th individual to hold this highly regarded position. The appointment emphasises the government's dedication to promoting women’s rights and addressing their issues in India.

• Senior diplomat Aishath Azeema has been appointed as the new Maldives Ambassador to India, replacing Ibrahim Shaheeb. This development comes a week after Maldivian President Mohamed Muizzu's first official visit to India subsequent to his election last year. Azeema's appointment signifies the Maldivian aim to reestablish and bolster relations with India, one of its closest bilateral partners, after a period marked by an "India out" policy.
  

• In September 2024, India's Gross Goods and Services Tax (GST) collections marked a 40-month low, increasing by only 6.5% to ₹1.73 lakh crore. Its net GST receipts saw the slowest growth in the current financial year, up by 3.9%. Domestic revenues rose by 5.9% while growth from imports was higher, increasing by 8%. Maharashtra leads among states in GST collections, with ₹26,369 crore. The lower GST collections are blamed on weaker growth from domestic transactions and imports. Meanwhile, GST refunds saw a significant surge, with overall refunds increasing by 31%.

• GST, a single indirect tax system, unifies various indirect taxes like excise duty, service tax, and VAT. It is levied at the consumption point, making the revenue generation state-based. Its objectives are to simplify the tax system, integrate the economy, increase efficiency and compliance, and elevate government revenues.

• India's foreign exchange reserves have fallen by $2.163 billion to a total of $688.267 billion for the week ending October 18, according to the Reserve Bank of India. This follows a significant drop of $10.746 billion the previous week, reflecting one of the sharpest decreases in the country's reserves in recent times. At the end of September, the reserves had reached a record high of $704.885 billion.

• India's current account deficit (CAD) rose to $9.7 billion, or 1.1% of GDP, in the April-June 2024 quarter from $8.9 billion (1% of GDP) in Q1 FY2024, as per the Reserve Bank of India (RBI). This modest enlargement is primarily due to an increase in the merchandise trade deficit, which ballooned to $65.1 billion from $56.7 billion. The previous January-March quarter had seen a CAD surplus of $4.6 billion (0.5% of GDP).

• The Index of Eight Core Industries (ICI), a vital barometer of economic health, fell by 1.8% in August 2024, compared to the same period in 2023. Notably, the Steel and Fertilisers sectors observed positive growth. The ICI, comprising Cement, Coal, Crude Oil, Electricity, Fertilisers, Natural Gas, Refinery Products, and Steel, represents 40.27% of the weight in the Index of Industrial Production (IIP). The final growth rate for May 2024 was 6.9%, and the cumulative growth rate from April to August 2024 was 4.6%, compared to the previous year.

• India's Wholesale Price Inflation (WPI) rose to 1.84% in September 2024, up from August's 1.31%, due to a substantial increase in food prices. The Ministry of Commerce and Industry data highlighted the principal culprits as vegetable prices, including onion, potato and tomato costs which escalated by 78.8%, 78.1%, and 74.5% respectively. Notably, the hike raised food price inflation to an 11.53% two-year high from 3.11% in August, despite deceleration in other sectors like fuel and manufactured products.

• The International Monetary Fund (IMF) has increased India's forecasted gross domestic product (GDP) for the fiscal year 2024-25 by 20 basis points to 7%. This rise in estimation from the previously calculated 6.8% highlights India’s accelerating economic growth. India's economic growth prediction for the ongoing year has also been pushed up to 7%, primarily due to significant growth in consumption, particularly in rural areas.
  

• The 16th BRICS Summit in 2024, with the theme 'Strengthening Multilateralism for Just Global Development and Security', was attended by PM Modi who took the opportunity to strengthen India's strategic partnership with Russia. The summit's key highlights included a reaffirmation of strategic cooperation, support for sustainable development, and engagement with the Global South for international cooperation. The Kazan Declaration condemned unilateral coercive measures, viewing them as disruptive to global trade and the advancement of Sustainable Development Goals, as well as undermining the UN Charter and international environmental agreements.

• The Indian Government has extended the regional air connectivity scheme, UDAN (Ude Desh ka Aam Nagrik), for another decade. Launched in October 2016, this programme led by the Ministry of Civil Aviation, aspires to offer affordable, efficient air travel for residents of smaller cities and remote regions, through the revival of neglected airstrips and airports. The government provides financial backing for airlines via a Viability Gap Funding model, offering subsidies to operate on these less-served routes, with companies who ask for the least assistance winning contracts. The scheme has set a fare limit of Rs. 2500 for a one-hour journey by aircraft or a half-hour helicopter trip covering approximately 500 km.

• The 18th Pravasi Bharatiya Divas (PBD) is set to be held in Bhubaneswar, Odisha from January 8 to 10, 2025. The Chief Minister of Odisha, Mohan Charan Majhi, has approved the proposal for the event, which will take place at Janata Maidan and celebrate the contributions of the Indian diaspora. An estimated 5,000 diaspora  members,  along  with Non-Resident Indians (NRIs) and other dignitaries, will attend the three-day global convention.

• The Government of India has named 29 new Joint Secretaries across multiple government departments, including officers from the Indian Defence Accounts Service (IDAS), Indian Railway Service of Electrical Engineers (IRSEE), and Indian Audit and Accounts Service (IA&AS). In the Ministry of Home Affairs, Praveen Kumar Rai and Rakesh Kumar Pandey from IDAS, and Rajesh Gupta from IRSEE, have been given Joint Secretary roles. Meanwhile, Indian Audit and Accounts Service officer Raj Kumar was appointed as Director (Finance) in the Central Reserve Police Force for a tenure of five years.

• The PM E-DRIVE Scheme in India, implemented from October 2024 to March 2026, aims to accelerate the adoption of electric vehicles by establishing charging infrastructure and promoting EV manufacturing. This scheme will provide subsidies based on battery power, capped at Rs 10,000 in the first year for electric two-wheelers, with other incentives for three-wheelers and the L5 category vehicles. The Scheme  also  involves  introducing e-vouchers, allowing one vehicle per Aadhaar, a requirement for manufacturers to claim incentive reimbursements. Additionally, a key measure within this initiative is installing public EV charging stations in selected cities  and  highways,  addressing  EV
  

users' range anxiety. National policies, including the National Electric Mobility Mission Plan and the FAME India Scheme, along with a reduced GST on EVs, support the ambitious target of significant EV sales penetration by 2030.