Daily Current Affairs 7th November, 2023

Daily Current Affairs 7 November for Banking/Insurance/SSC and other related exams.

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NATIONAL NEWS

‘Surat’ Becomes The First Navy Warship To Be Named After A City In Gujarat
The crest of Indian Navy’s latest guided missile destroyer ‘Surat’ was unveiled by Chief Minister Bhupendra Patel in the presence of the Chief of Naval Staff Admiral R Hari Kumar and other senior officers at a ceremony held in Surat city.

• This is the first warship to be named after a city of Gujarat, and in a first, the unveiling of the crest of a warship was held in the very city after which it has been named, a Defence release said.
• The crest of the under-construction warship depicts the famous Hazira lighthouse that was built in 1836 at the southern entrance of Khambhat and an Asiatic lion symbolising majesty and strength.

INTERNATIONAL NEWS

India among top countries with high income, wealth inequality: UNDP report
India has emerged among top countries with high income and wealth inequality but the share of the population living in multidimensional poverty fell from 25 to 15 per cent between 2015-16 and 2019-21, the UNDP said in a new report.

• The 2024 Asia-Pacific Human Development Report, launched paints a qualified picture of long-term progress but also persistent disparity and widespread disruption, foreseeing a turbulent development landscape and urgently calling for new directions to boost human development.
• In India, between 2000 and 2022, per capita income soared from $442 to $2,389. And between 2004 and 2019, poverty rates (based on the international poverty measure of $2.15 per day) plummeted from 40 to 10 percent. Moreover, between 2015-16 and 2019-21, the share of the population living in multidimensional poverty fell from 25 to 15 percent.
• Titled ‘Making our Future: New Directions for Human Development in Asia and the Pacific’, the new report argues that unmet aspirations, heightened human insecurity, and a potentially more turbulent future create an urgent need for change.

BANKING & FINANCE

India First Life Gets GIFT City IFSC Registration
India First Life Insurance said it has received the registration to undertake life insurance business in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC). The registration will enable India First Life to expand its reach globally, the company said in a statement.

• Gujarat International Finance Tec (GIFT) City is the only entity to operate as an International Financial Services Centre (IFSC) in the country, akin to a special economic zone for financial services.

BUSINESS & ECONOMY

Bharat Botanics announces opening of India’s largest cold press facility
Bharat Botanics announced the opening of its wood-pressed cold oil processing facility in Gondal, Rajkot Gujarat. This 16,000 square feet automated facility is one of its kind, promoting 100% hygiene and transparency,marking a significant step towards healthier living, sustainability, and providing healthy edible oils for every customer it serves.

• Bharat Botanics offers various Natural Product Range includes a variety of wood-pressed oils, such as Groundnut oil, Coconut (Kopra) Oil, Sesame (Til) Oil, Mustard (Rai) Oil, Castor (Arandia) Oil, Sunflower (Surajmukhi) Oil, Safflower Oil, Almond Oil, and many more. These oils elevate culinary excellence, promote heart health, regulate blood pressure, nourish skin, boost immunity, and enrich the overall lifestyle.

Tata Play Fiber gets India’s first WiFi6-ready broadband network from Nokia
Nokia has teamed up with broadband provider Tata Play Fiber to roll out India’s first WiFi6-ready broadband network, the companies said.

• As part of the deal, the Finnish gear maker will provide Tata Play Fiber with a variety of fiber-to-the-home (FTTH) and WiFi equipment, including optical line terminal (OLT) and optical network terminal (ONT) with WiFi6 and mesh beacons to bolster the broadband network’s presence in India.

Fitch raises India’s mid-term potential growth rate to 6.2%
Fitch Ratings has raised its mid-term potential growth estimate for India by 0.7 percentage points to 6.2% for 2019-2027, citing higher employment, larger working-age population and increased labour productivity expected during the period. The rating agency also lowered estimates for China in its report on 10 emerging markets (EMs).

• The agency also made shock level adjustments to the estimated level of potential GDP in 2020 and 2021 for Mexico, South Africa, India and Indonesia, with downward adjustments to the level of potential GDP by a cumulative 7% for both India and Indonesia.
• Fitch made upward revisions to Brazil, Mexico, Indonesia, Poland and Turkiye relative to its previous estimates, primarily due to the swift recovery in labour force participation rates following sharp declines in 2020.

SPORTS

In Chess, R Vaishali and Vidit Gujrathi win FIDE Grand Swiss Women’s and Open titles in UK 
In Chess, R Vaishali drew her last-round game against Mongolia’s Batkhuyag Munguntuul to win FIDE Women’s Grand Swiss 2023 at the Isle of Man in UK. Vidit Gujrathi beat Alexandr Predke of Serbia to record his seventh victory in the event and take the top spot in open section.

• Both players also qualified for the prestigious Candidates tournament to be played in April next year in Canada. Both Vaishali and Vidit ended with identical 8.5 points apiece and stayed a half point clear of nearest rivals.
• While Vaishali got richer by over 20 lakh rupees, Vidit took home a whopping prize purse of over 66 lakh rupees.Vaishali became the first Indian to win the Grand Swiss and will have her task cut out in the Candidates alongside India’s first woman Grandmaster – Koneru Humpy .

Sultan of Johor Cup 2023: Indian Hockey Team Wins Bronze Medal
India’s junior men’s team beat Pakistan 6-5 in penalty shootout (3-3 draw in regulation time) to finish its campaign with a bronze medal at the Sultan of Johor Cup at the Taman Daya Hockey Stadium in Johor Bahru, Malaysia.

• Defending champion India bounced back from its 3-6 loss to Germany in the semifinals, defeating Pakistan to clinch its ninth medal in 11 editions of the under-21 tournament.
• India led 1-0 at half-time courtesy an 11th-minute strike from Arun Sahani. Sufyan Khan scored the equaliser for Pakistan in the 33rd minute but CB Poovanna restored the Indian Colts’ lead nine minutes later.

AWARDS

India conferred AFC President’s Recognition bronze award for grassroots football
The All India Football Federation, the governing body of Indian football, won the AFC President’s Recognition in the bronze category for its grassroots programmes at the AFC Annual Awards in Doha. This was the second medal for India, with the previous coming in 2014.

• The AIFF initiated numerous special projects as part of this endeavour, including the AIFF Blue Cubs programme, Blue Cubs Coaching Courses, Blue Cubs Leagues, Blue Cubs Football Schools, AIFF Grassroots Awards, AIFF Institutional League for Non-Professional Entities, AIFF Project Diamond and several other projects at the grassroots level.
• Australia won the AFC President’s Recognition Award for grassroots football in the gold category, and Guam bagged the award in the silver category.
• Meanwhile, Kim Min-jae, the Bayern Munich defender, won the AFC Asian International Player of the Year. Last season, Kim Min played a crucial role in helping his previous club Napoli win the Scudetto title.
• Saudi Arabian midfielder Salem Al Dawsari, on the other hand, was conferred with the 2022 AFC Player of the Year, while Australia’s Samantha Kerr bagged the Women’s Player of the Year award.
• Japan national team coach Hajime Moriyasu won the AFC Men’s Coach of the Year due to his team’s exceptional performance at the 2022 FIFA World Cup in Qatar. Shui Qingxia was named the AFC Women’s Coach of the Year.

Bangladesh PM Hasina appears on Time Cover, says tough to overthrow her
Bangladesh Prime Minister Sheikh Hasina(76), who has appeared on the cover page of Time magazine, in an interview asserted it is difficult to overthrow her government through a democratic system.

• At 76 years old, Bangladesh Prime Minister Sheikh Hasina has earned a prominent place in global politics. Elections in Bangladesh are scheduled in January 2024.
• In office since 2009, after an earlier term from 1996 to 2001, she has been credited with subduing both resurgent Islamists and a once meddlesome military, Time said.

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