CURRENT AFFAIRS 14 October, 2024

CURRENT AFFAIRS 14 October, 2024

1. NOBEL IN ECONOMICS 2024 AWARDED TO ACEMOGLU, JOHNSON, AND ROBINSON –

• 2024 Nobel laureates in the economic sciences are Daron Acemoglu, Simon Johnson and James Robinson – have demonstrated the importance of societal institutions for a country’s prosperity. Societies with a poor rule of law and institutions that exploit the population do not generate growth or change for the better.

Winners Name-

1. Daron Acemoglu
2. Simon Johnson
3. James A. Robinson

• Topic- For studies of how institutions are formed and affect prosperity
• Societies with poor rule of law and exploitative institutions tend to stagnate economically, while those with inclusive institutions promote growth and development.

2. PM GATISHAKTI: THREE YEARS OF INFRASTRUCTURE TRANSFORMATION –

• The PM GatiShakti National Master Plan, launched on October 13, 2021, by Prime Minister Narendra Modi, marks three years of transformative achievements in India’s infrastructure landscape.
• The initiative has significantly improved project execution by integrating data from over 44 central ministries and 36 states and union territories, leading to reduced logistics costs and enhanced service delivery.
• As of now, over 200 major infrastructure projects have been assessed, focusing on multimodal connectivity and efficient resource allocation.

3. HAL BECOMES 14TH MAHARATNA COMPANY –

• Hindustan Aeronautics Limited (HAL) has been upgraded to the status of Maharatna, making it the 14th Central Public Sector Enterprise (CPSE) to receive this prestigious classification from the Government of India.
• This announcement, made on October 12, enhances HAL’s operational autonomy and financial capabilities, allowing it to invest up to 15% of its net worth in projects and up to ₹5,000 crore in foreign ventures without government approval. The stock price responded positively, trading at ₹4,510, reflecting a 1.42% increase.
• HAL joins the ranks of other Maharatna PSUs such as NTPC, ONGC, BHEL, and Indian Oil Corporation, which have shown substantial operational success.
• To qualify for Maharatna status, CPSEs must first hold Navratna status and meet stringent financial criteria, including:
• Average Annual Turnover: Exceeding ₹25,000 crore.
• Average Annual Net Worth: More than ₹15,000 crore.
• Average Annual Net Profit: Over ₹5,000 crore for the past three years

4. J AND K SET FOR NEW GOVERNMENT AS PRESIDENT’S RULE IS LIFTED –

• The Central Government has officially revoked President’s Rule in Jammu and Kashmir, paving the way for the appointment of a new Chief Minister. In a notification issued by President Droupadi Murmu, the revocation was enacted under the powers granted by the Jammu and Kashmir Reorganisation Act, 2019, and relevant constitutional provisions.
• On October 13, 2024, the President’s Rule in Jammu and Kashmir was officially revoked, clearing the way for the formation of a new government in the Union Territory.
• A gazette notification was issued by the Union Home Ministry, marking a significant political development in the region.
• The revocation was carried out under Section 73 of the Jammu and Kashmir Reorganisation Act, 2019, in conjunction with Articles 239 and 239A of the Constitution of India.
• This move was formalized in an order signed by President Droupadi Murmu, taking effect immediately before the appointment of the Chief Minister.

5. RSS MARKS 100 YEARS ON VIJAYADASHAMI –

• The Rashtriya Swayamsevak Sangh (RSS), the world’s largest voluntary organization, is entering its 100th year on the auspicious occasion of Vijayadashami. Founded on this very day in 1925, also known as Dussehra, the RSS has grown exponentially over the past nine decades, expanding its reach across India and abroad.
• Prime Minister Narendra Modi praised the Rashtriya Swayamsevak Sangh (RSS) on its centenary, acknowledging its significant contribution to nation-building.
• In a post on X, Modi urged his followers to listen to RSS chief Mohan Bhagwat’s annual Vijayadashami address, describing it as a “must-listen” speech.
• Modi extended heartfelt congratulations to all RSS volunteers, emphasizing the historic milestone and uninterrupted journey of the organization dedicated to “Maa Bharti.”
• The PM stated that the RSS’s dedication to the nation would inspire generations and energize the pursuit of a “Viksit Bharat” (Developed India).