Daily Current Affairs 18th November, 2023

Daily Current Affairs 18 November for Banking/Insurance/SSC and other related exams.

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Prez Murmu inaugurates two-day International Conference-cum-Exhibition on Aerospace and Aviation in 2047 in New Delhi
President Droupadi Murmu inaugurated the two-day International Conference-cum-Exhibition on ‘Aerospace and Aviation in 2047’ in New Delhi. The exhibition has been organised by the Aeronautical Society of India (AeSI) to commemorate its 75 years of excellence.

  • The event will also include the release of a Compendium on 75 years of aerospace and aviation journey in India as well as the Vision Document 2047.
  • The two-day International Conference-cum-Exhibition will focus on India’s journey in the field over the last 75 years, showcasing the achievements, technological advancements and the role of great visionaries. It will be attended by one thousand 500 delegates including dignitaries, international experts, scientists, industrialists, academia, start-ups and students.

PM Narendra Modi inaugurates Global South Centre of Excellence
Prime Minister Narendra Modi inaugurated a global centre for excellence for the Global South countries called DAKSHIN at the inaugural session of the Second Voice of Global South Summit . The Prime Minister noted that he had proposed setting up the centre during the first Voice of Global South Summit in January this year.

  • Known as DAKSHIN, the initiative follows PM Modi’s proposal during the inaugural Voice of Global South Summit in January and reinforces India’s commitment to the Global South.
  • Addressing the virtual session, PM Modi also highlighted India’s pledge to launch a satellite for weather and climate monitoring, a commitment put forth during the G20 Summit.

NITI Aayog Appoints Four Distinguished Fellows under Fellowship Guidelines
NITI Aayog, the premier policy think tank of the Government of India, recently appointed four Distinguished Fellows for a period of one year. The four new members of NITI Aayog will bring along significant work experience, coupled with their understanding and expertise of key social, economic and technical issues.

  • The four distinguished individuals joining the ranks of NITI Aayog are:(i)   Prof. (Dr.) Anoop Singh, (ii)   Dr. O.P Agarwal, (iii)Dr. Ajai Chowdhry and (iv) Sh. V. Lakshmikumaran. 


Japan, India most favoured markets in Asia Pacific region: BofA survey
Japan and India are the most favoured markets in the Asia Pacific region, reveals the fund manager survey (FMS) conducted by Bank of America (BofA).

  • Japan (net 45 per cent overweight) cements its place at the top of the preference stack, followed by India (25 per cent), while Thailand (net 13 per cent underweight), China, and Australia (net 9 per cent underweight, each) remain unloved.
  • The global FMS also showed while investors remained cautious on macro, they have turned bullish on interest rates. Many said the investor playbook for 2024 revolves around soft landing, lower rates, weaker US dollar, and large cap technology stocks. Many said they would average China and then leverage. FMS showed investors have cut cash from 5.3 per cent to 4.7 per cent, lowest in two years. Also, the survey also showed fund managers moved to the biggest bond overweight since March 2009.


Indian banks’ NPAs to drop to 3.5%, net interest margin to 2.9% by FY25: S&P Global
Indian banks’ weak loans (better known as non-performing assets or NPAs) is projected to drop to 4.5 per cent at the end of Fiscal Year 2023-24, and to 3.5 per cent at the end of Fiscal Year 2024-25, S&P Global said. It does not expect interest rates to rise much in the near future.

  • We project the banking sector’s weak loans will decline to 3-3.5 per cent of gross loans by March 31, 2025, on the back of a structural improvement, including healthy corporate balance sheets, tighter underwriting standards, and improved risk-management practices,” S&P Global Ratings said in its report on Global Banks’ Country-By-Country Outlook 2024 titled ‘Forewarned is Forearmed.’
  • Further, it forecast that credit cost would normalise to 1.2 per cent for the next couple of years.  After raising the policy repo rate by 2.5 per cent, the RBI Governor-led Monetary Policy Committee (MPC) has hit the pause button in four successive reviews, and is expected to continue the same when it meets next month.


Union Minister Ashwini Vaishnaw announces around Rs 3,000 cr to be invested in IT hardware sector under (PLI) Scheme 2.0
Minister of Electronics and Information Technology Ashwini Vaishnaw announced that around 3 thousand crore rupees will be invested by 27 companies in the IT hardware sector under the Production Linked Incentive (PLI) Scheme 2.0. Briefing the media in New Delhi.

  • Mr. Vaishnaw said that out of these companies, 23 will start the production of servers, laptops, and tablets immediately and the rest will do so within the next 90 days.
  • Appreciating this significant milestone, the minister said that these productions will also create nearly two lakh employment opportunities. He further added, India will reach 3 hundred million dollars of electronics production in the coming times.

India is the third largest producer of unicorns with 72 companies valued at $195.75 billion
India ranks third with 72 unicorn companies, with a total valuation of $195.75 billion. The country’s unicorns make a substantial 5 per cent contribution to the total global unicorn valuation, according to research by Journalistic Org. The first Indian company to make an appearance in global rankings is BYJU’s, which stands at 36th place with a valuation of $11.50 billion.

  • Despite a lower average valuation per unicorn at $2.72 billion compared to some counterparts, India’s unicorns make a substantial 5 per cent contribution to the total global unicorn valuation. This places India in league with the UK, emphasising its significance in the international start-up arena.
  • China has the second-highest number of unicorn companies, with a combined valuation of $641.67 billion, accounting for 17 per cent of the total valuation of all unicorn companies in China. ByteDance – the parent company of TikTok – is the highest-valued company in China, and is valued at over $225 billion.


Pedro Sánchez re-elected as President of Spain
Spain’s Pedro Sánchez was reelected as prime minister by the nation’s parliament, when he leveraged a controversial amnesty deal to get the critical support from Catalan separatists to stay in power.

  • Sánchez, Spain’s Socialist leader since 2018, was backed by 179 lawmakers in the 350-seat lower house of parliament to form a new minority leftist coalition government. Only right-wing opposition deputies voted against him.


Virat Kohli’s wax statue to be installed in Jaipur Wax Museum
A statue of star cricketer Virat Kohli will be installed in the Wax Museum at Nahargarh Fort in Jaipur.

  • This decision was taken after India’s victory in the semi-finals of the Cricket World Cup and Virat Kohli completing 50 centuries in one-day cricket.
  • The first look of the wax statue, i.e., the clay model is ready and in the next one month, the complete statue will be made and installed in the museum. Virat Kohli’s image is that of an aggressive cricketer, hence the aggressive look has been chosen for the statue also.


Cyclone Midhili to make landfall along Bangladesh Coast
The Northeast Bay of Bengal is currently under the influence of a cyclonic storm named “Midhili,” causing widespread concern and disruptions in the region.

  • Government authorities in several northeastern states have issued alerts following substantial rainfall, and the impact of the storm has been felt across various areas, affecting not only daily life but also cultural events.

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