3rd October, 2024 Current Affairs

NATIONAL
India Signs High Seas Treaty to Protect Marine Life

• India has officially signed the Biodiversity Beyond National Jurisdiction (BBNJ) Agreement, known as the High Seas Treaty, which aims to promote the conservation of marine genetic resources and ensure the fair and equitable sharing of benefits. External Affairs Minister S. Jaishankar highlighted the significance of the treaty in a post on X, stating that it represents a crucial step towards maintaining the health and resilience of oceans.
• This international accord, established under the United Nations Convention on the Law of the Sea (UNCLOS), targets the high seas, which encompass nearly two-thirds (64%) of the ocean and are home to some of the most ecologically vital yet critically threatened areas on Earth.
• The BBNJ Agreement seeks to address urgent concerns regarding the long-term protection of marine biodiversity in high seas. It establishes precise mechanisms for sustainable use of marine biological diversity through international cooperation. The treaty prohibits parties from claiming or exercising sovereign rights over marine resources from the high seas, thereby ensuring fair sharing of benefits.

India Joins Leadership of Global Anti-Corruption Alliance

• India has been elected to the 15-member GlobE Steering Committee, which focuses on combating corruption and asset recovery. This decision was made during a plenary session in Beijing on September 26, 2024, following a multistage voting process. As a member of the Steering Committee, India is poised to play a pivotal role in shaping the global anti-corruption agenda, leveraging its experience and expertise in the field.
• The GlobE Network originated as an initiative from the G-20, supported by India in 2020. The Central Bureau of Investigation (CBI) has highlighted that India’s participation will be instrumental in tackling corruption globally.

Also Read: Top 30 MCQs on Ministries and Their Portfolios 2024: Who handles the Ministry of Heavy Industries?

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INTERNATIONAL
Italy Hosts G7 Call to Address Middle East Crisis

• Italian Prime Minister Giorgia Meloni convened a call of G7 leaders to discuss the escalating crisis in the Middle East. Italy, holding the rotating presidency of the G7, emphasized its commitment to finding a diplomatic solution amidst growing tensions, particularly focusing on the Israeli-Lebanese border and Iran’s missile attack on Israel.
• Italy highlighted the need for the full implementation of U.N. Resolution 1701, which brought an end to the 2006 Israel-Hezbollah conflict. Meloni has called on the U.N. Security Council to consider enhancing the mandate of the UNIFIL peacekeeping force, where Italy is a key contributor, to stabilize the Israel-Lebanon border.

NATO to Establish Northern Land Command in Eastern Finland

• NATO plans to set up a new land command in Finland near the Russian border in 2025, to lead land force operations in northern Europe during potential military conflicts. Finland, which joined NATO last year after Russia’s invasion of Ukraine in 2022, is preparing for the alliance’s presence on its territory.
• Finnish Defence Minister Antti Hakkanen announced the proposal to establish the command at Finland’s Army Headquarters in Mikkeli. The center, named the Multi Corps Land Component Command, will work under NATO’s U.S.-based Norfolk Joint Force Command and Finland’s own land force command.
• Finland and Sweden, which also joined NATO this year, agreed that Sweden would coordinate visits of foreign NATO troops and international drills in northern Finland. However, Finland is not planning to host a permanent multinational force similar to those in the Baltic states, due to the strength of its own forces.

ECONOMY
RBI Monetary Policy Committee Reshuffling: A Comprehensive Analysis

• The Indian government has made a significant move in monetary policy governance by appointing three new external members to the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC).
• The Indian economy is showing signs of moderation, leading to calls for interest rate cuts. However, RBI Governor Shaktikanta Das has maintained a cautious stance, emphasizing the need to see inflation consistently at the 4% target before considering rate reductions.
• The MPC consists of six members
• Three members are RBI representatives, including the Governor
• Three are external members.

SEBI Introduces New Asset Class and Liberalizes MF Lite Framework

• The Securities and Exchange Board of India (SEBI) has announced the introduction of a new asset class and a liberalized Mutual Funds Lite (MF Lite) framework, aimed at enhancing the investment landscape in India. This decision was made during the SEBI board meeting, which was notably the first after recent allegations against SEBI chairperson Madhabi Puri Buch.
• SEBI has approved a relaxed regulatory framework, allowing existing AMCs with both active and passive schemes to separate their passive schemes into different entities. This enables distinct management of active and passive schemes under a common sponsor. Additionally, existing AMCs can continue to manage their passive schemes under the current MF regulations, with relaxed disclosure and regulatory requirements applicable to them.

AWARDS
Mithun Chakraborty to Receive Dadasaheb Phalke Award

• Veteran actor Mithun Chakraborty, known for his versatile contributions to Indian cinema, will be honoured with the prestigious Dadasaheb Phalke Award at the 70th National Film Awards ceremony on October 8, 2024.
• Mithun Chakraborty made his debut with the 1976 film Mrigayaa, winning the National Award for Best Actor. He gained immense popularity with the 1982 film Disco Dancer and starred in several other hits such as Surakshaa, Pyar Jhukta Nahin, Dance Dance, and Agneepath. He has won three National Film Awards and continues to be a household name, balancing both Bollywood and Bengali cinema.
• In 2024, Mithun Chakraborty was also honoured with the Padma Bhushan Award, solidifying his status as a cultural icon.

SPORTS
India to Host Historic First-Ever Kho Kho World Cup in 2025

• Kho Kho Federation of India (KKFI) in collaboration with the International Kho Kho Federation revealed plans to organize the inaugural Kho Kho World Cup in India come 2025. This historic event marks a significant milestone in the journey of this traditional Indian sport toward global recognition.

Kho Kho’s journey represents a remarkable evolution:

• Deep roots in Indian cultural heritage
• Transition from traditional mud grounds to professional mats
• Expansion into a globally recognized sport
• The World Cup serves not just as a competitive event, but as a celebration of the sport’s rich history and its successful modernization while retaining its cultural essence.