CURRENT AFFAIRS 09 October, 2024

CURRENT AFFAIRS 09 October, 2024

1. BAKER, HASSABIS, JUMPER AWARDED NOBEL 2024 IN CHEMISTRY FOR PIONEERING PROTEIN RESEARCH –

• The 2024 Nobel Prize in Chemistry has been awarded to David Baker for his innovative work in computational protein design and to Demis Hassabis and John M. Jumper for their groundbreaking AI-based protein structure prediction.
• These discoveries, recognized by the Royal Swedish Academy of Sciences, represent major advancements in understanding and designing proteins.

Awarded by- The Royal Swedish Academy of Sciences

Winners-

• Half of the prize awarded to David Baker (University of Washington, Seattle, WA, USA).
• The other half was awarded jointly to Demis Hassabis (Google DeepMind, London, UK), John M. Jumper (Google DeepMind, London, UK)

2. BANGLADESH FORMS NINE-MEMBER CONSTITUTION REFORM COMMISSION –

• Bangladesh’s interim government has established a nine-member Constitution Reform Commission, headed by Bangladeshi-American professor Ali Riaz, to review and propose reforms within 90 days.
• The commission, formed after Prime Minister Sheikh Hasina resigned, aims to create a more representative and democratic framework. Members include professors, legal experts, and student representatives, with student Mahfuj Alam serving as special assistant to Chief Adviser Muhammad Yunus.
• The commission is part of broader reforms announced by Yunus, which include commissions for judiciary, police, electoral system, public administration, and anti-corruption.

3. PROTESTS ERUPT IN PAKISTAN FOLLOWING 40% TAX HIKE UNDER IMF BAILOUT –

• Pakistan is witnessing widespread protests after the government raised taxes by 40% as part of a $7 billion bailout deal with the International Monetary Fund (IMF).
• This move, aimed at stabilizing a faltering economy plagued by high inflation and depleted foreign reserves, has pushed many citizens to the brink, exacerbating an already critical cost of living crisis.
• As basic necessities become increasingly unaffordable, the population’s patience wears thin, posing a significant challenge for Prime Minister Shehbaz Sharif’s coalition government.

4. RBI MONETARY POLICY MEETING 2024: REPO RATE UNCHANGED –

• The Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 6.5% for the tenth consecutive time. This decision reflects a shift in the monetary policy stance from ‘withdrawal of accommodation’ to ‘neutral.’ As a result, all external benchmark lending rates linked to the repo rate will remain stable, providing relief to borrowers as their equated monthly instalments (EMIs) will not rise.

Here’s a summary of the key details from the RBI MPC meeting held from October 7-9, 2024-

• Repo Rate Decision: The Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5%. This marks the 10th consecutive time the rate has been held steady.
• Monetary Policy Stance: The Monetary Policy Committee (MPC) shifted its stance from “withdrawal of accommodation” to a “neutral” position. This change allows for flexibility in adjusting interest rates based on inflation trends.
• MPC Voting: The decision to maintain the repo rate was reached with a majority vote of 5 out of 6 members in favor.
• Inflation Projections: The RBI forecasted inflation for the third quarter of FY25 at 4.8% and a decline to 4.2% in the fourth quarter. Retail inflation for FY25 was projected at 4.5%, assuming normal monsoon conditions. The inflation rate for Q1FY26 is expected to be 4.3%, slightly above the 4% target.
• Economic Growth Estimates: The RBI maintained its GDP growth estimate for FY25 at 7.2%. Growth estimates for specific quarters are: 7.0% for Q2FY25, 7.4% for Q3FY25, 7.4% for Q4FY25, and 7.3% for Q1FY26.
• Reverse Repo Rate and Other Rates: The reverse repo rate was maintained at 3.35%. The Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) rates remained unchanged at 6.25% and 6.75%, respectively.

5. JOHN J. HOPFIELD AND GEOFFREY E. HINTON AWARDED NOBEL PRIZE 2024 IN PHYSICS –

• The Royal Swedish Academy of Sciences has awarded the Nobel Prize in Physics 2024 to John J. Hopfield from Princeton University, USA, and Geoffrey E. Hinton from the University of Toronto, Canada.
• They are being honored for their foundational discoveries and inventions that have advanced the field of machine learning, particularly through the development of artificial neural networks.

Nobel Prize 2024 in Physics – Winner’s Name

1. John J. Hopfield
2. Geoffrey E. Hinton

• Topic- For foundational discoveries and inventions that enable machine learning with artificial neural networks
• This year’s two Nobel Laureates in Physics have used tools from physics to develop methods that are the foundation of today’s powerful machine learning. John Hopfield created an associative memory that can store and reconstruct images and other types of patterns in data.