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Current Affairs 25 September 2023
1. Singapore is now the world’s freest economy
- Singapore has dethroned Hong Kong to become the world’s freest
economy, according to a report released by Canadian think tank Fraser Institute. For the first time since the Economic Freedom of the World Index started in 1970, Hong Kong slipped to second place from the number one spot — and its score is about to drop even further. - Some of the tenets used to gauge economic freedom index are measured based on ease of international trade, freedom to enter and compete in markets, as well as business regulations, amongst other yardsticks.
Foot Note:
About Singapore:
Capital: Singapore
Prime Minister: Lee Hsien Loong
President: Tharman Shanmugaratnam
2. Prime Minister Modi to lay foundation stone of International Cricket Stadium in Varanasi
- Prime Minister Narendra Modi is scheduled to visit Varanasi to
commence the construction of an international cricket stadium in his electoral constituency. Uttar Pradesh Chief Minister Yogi Adityanath praised this visit, considering it a significant event in the history of Kashi, and shared the details of Modi's agenda for the trip. - The stadium will be built in a 30-acre area at a cost of Rs.450 crore. The Uttar Pradesh government said that it has spent Rs.121 crore to acquire the land for the stadium, while the BCCI will spend Rs.330 crore on its construction. The stadium is likely to be completed by December 2025.
Foot Note:
About Varanasi:
Chief Minister: Yogi Adityanath
Governor: Anandiben Patel
3. JP Morgan to add G-Secs to its emerging market index
- In a development that could help India attract $21 billion (Rs 1.7
lakh crore) worth of investments from the next fiscal, global financial firm JP Morgan stated that it plans to include Indian government bonds (IGBs) or government securities (G-Secs) into its benchmark Emerging Market index. - This is the first time Indian G-Secs have been added to a major global bond index.The inclusion of the IGBs will be staggered over a 10-month period from June 28, 2024 to March 31, 2025.
4. PM Modi to inaugurate two day International Lawyers Conference in Delhi
- Prime Minister Narendra Modi called upon the legal fraternity to
create a global legal framework to tackle the misuse of cyber terrorism and money laundering. Inaugurating a two-day International Lawyers Conference in New Delhi this morning, the Prime Minister said whether it is cyber terrorism, money laundering, artificial intelligence, or its misuse, the world needs a global framework to tackle these issues. He added that it is not one government that can do this but the legal frameworks of different countries that need to join together. - The Prime Minister said that when threats are global the way to deal with them should also be global.The Prime Minister mentioned the simplicity of language and law.
5. Pakistan’s General Elections To Be Held In January 2024
- The Election Commission of Pakistan announced that general
elections would be held in the last week of January 2024. Initially scheduled for October this year, the polls have been pushed back by the early exit of the Shehbaz Sharif government and a subsequent census. - The preliminary list of constituencies will be published on September 27. Local media reports indicate that the final list of constituencies will be released on November 30 after complaints and comments regarding the preliminary lists have been heard.
Foot Note:
About Pakistan:
Capital: Islamabad
Prime Minister: Mr. Anwaar-ul-Haq Kakar
President: Arif Alvi
6. Foreign ministers of Quad nations meet on sidelines of UN General Assembly
- The foreign ministers of the Quad nations--Australia, India, Japan
and the United States--met in New York on the sidelines of the 78th session of the UN General Assembly. - The four top diplomats reaffirmed their commitment to a “free and open Indo-Pacific" and advancing a vision for “a region that is peaceful and prosperous, stable and secure, free from intimidation and coercion, and where disputes are settled in accordance with international law."
Foot Note:
About Quad:
Established: 2007
About United Nations:
Headquarters: New York
Founded: 24 October 1945
7. Finance Ministry is comfortable with 6.5% baseline GDP growth estimate for FY24
- The report highlights potential risks from stock market corrections
and geopolitical developments but expects a relatively contained impact on India’s economic activity.The Indian economy grew by 7.2 per cent last fiscal but growth is expected to slow down in the current fiscal due to the global slowdown. - The economy however, grew at a higher than anticipated rate of 7.8% in the first quarter of 2023-24, raising growth projections by private agencies for the fiscal. However, most agencies still remain cautious about GDP growth with forecasts at less than 6.5%.
8. Axis Bank Launched ‘NEO For Business’ Banking Platform For MSMEs
- Axis Bank announces the launch of ‘NEO for Business’, a
distinctive Transaction Banking platform specially curated for Indian Micro, Small, and Medium Enterprises (MSMEs). This is a first-of-its-kind comprehensive digital proposition that caters to the real, current, and emerging Transaction Banking needs of MSMEs. - ‘NEO by Axis Bank’ was launched as a platform for our corporate banking customers offering a complete suite of digital banking products and services. Within this platform, our newly launched ‘NEO for Business’ is a one-stop solution for the business requirements of MSMEs.
Foot Note:
About Axis Bank:
Headquarters: Mumbai
Founded: 3 December 1993
MD & CEO: Mr Amitabh Choudhary
9. ICCR to organise 4th Edition of Indo-Latin American Cultural Festival on 28 & 29 September in New Delhi
- Indian Council for Cultural Relations (ICCR) will organise the 4th
Edition of the Indo-Latin America Cultural Festival on the 28th and the 29th of September in New Delhi. The festival is being organised in association with the Embassies of Colombia, Ecuador, and Chile. - Director General of ICCR Kumar Tuhin informed that artists from three countries- Chile, Colombia, and Ecuador will participate in the festival. He added that ambassadors, academicians, and other artists are also expected to join the festival.
Foot Note:
About Indian Council for Cultural Relations:
Headquarters: New Delhi
Founded: 9 April 1950
President: Vinay Sahasrabuddhe
10. Odisha scientist Swati Nayak wins Norman Borlaug Award
- The Norman Borlaug Field Award 2023 is presented by the World
Food Prize Foundation in memory of the Nobel awardee Dr. Norman Borlaug, for outstanding achievements in international agriculture and food production by individuals under 40. Nayak speaks to businessline about the importance of the award, her work with the agricultural community and more. - Local communities in Odisha, Indian agricultural scientist Swati Nayak became the third Indian agriculture scientist to win the prestigious Norman Borlaug Field Award 2023.
Foot Note:
About Odisha :
Capital : Bhubaneswar
Chief Minister : Naveen Patnaik
Governor : Ganeshi Lal
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