Daily Current Affairs  23 – Oct – 24

Daily Current Affairs  23 – Oct – 24

1. India Strengthens Navy with Fourth Nuclear Submarine –

• India’s fourth nuclear-powered ballistic missile submarine (SSBN), designated S4*, was officially launched into the water at the Ship Building Centre in Visakhapatnam, according to official sources.
• This advanced submarine represents a significant leap in capability and size compared to its predecessor, INS Arihant (S2), which primarily served as a technology demonstrator under the Advanced Technology Vessel program.
• The fourth nuclear-powered ballistic missile submarine (SSBN), codenamed S4*, was launched on October 16, 2024.

2. India-Pakistan Extend Kartarpur Corridor Agreement for Five Years –

• In a significant diplomatic development, India and Pakistan have agreed to renew their pact on the Kartarpur Sahib Corridor for an additional five years, just days after External Affairs Minister S. Jaishankar’s visit to Islamabad, where he met with Pakistan Prime Minister Shehbaz Sharif and Deputy Prime Minister Mohammad Ishaq Dar.
• The original agreement, which facilitates the visit of Indian pilgrims to Gurdwara Darbar Sahib in Pakistan, was set to expire on October 24. The Ministry of External Affairs (MEA) confirmed the extension, stating it will ensure uninterrupted operation of the corridor for pilgrims.
• The 4 km-long Kartarpur Corridor provides visa-free access for Indian Sikh pilgrims to visit Gurdwara Darbar Sahib, the final resting place of Sikhism’s founder, Guru Nanak Dev. India has urged Pakistan to waive the US$ 20 service charge imposed on each pilgrim, reflecting ongoing concerns regarding pilgrimage costs.

3. IMF Maintains India’s GDP Growth at 7% for FY25, 6.5% for FY26 –

• The International Monetary Fund (IMF) has maintained its growth projections for India, forecasting the economy to expand by 7% in FY25 and 6.5% in FY26. According to the IMF, the post-pandemic recovery, fueled by pent-up demand, has largely run its course as the economy now aligns with its potential growth trajectory.
• This steady outlook reflects India’s resilience amid global economic uncertainties. The IMF retained India’s GDP growth forecasts at 7% for FY25 and 6.5% for FY26.
• Pent-up demand from the pandemic has largely been exhausted, as the economy reconnects with its potential growth. The RBI also maintained its FY24 growth projection at 7.2%, citing strong consumption and investment momentum.

4. Paytm Receives NPCI Nod to Onboard New UPI Users After RBI Restrictions –

• Paytm has received approval from the National Payments Corporation of India (NPCI) to onboard new UPI users, ending a nine-month embargo imposed by the Reserve Bank of India (RBI). This decision is expected to increase Paytm’s UPI transaction volumes and boost its market position.
• In January 2024, the RBI restricted Paytm Payments Bank Limited (PPBL) from adding new UPI users due to supervisory concerns. The company’s UPI market share dropped from 13% to 7%.
• In March, Paytm was permitted to operate as a Third-Party Application Provider (TPAP) using four banks—SBI, Axis Bank, HDFC Bank, and YES Bank—but without onboarding new users.

5. United Nations Day 2024 –

• The United Nations Day, celebrated annually on October 24, marks the anniversary of the entry into force of the United Nations Charter in 1945.
• This day is a global celebration of the UN’s mission to promote peace, security, human rights, and development around the world.
• In 2024, the United Nations Day once again serves as a reminder of the organization’s pivotal role in addressing global challenges and fostering international cooperation.