Defence Ministry clears Rs 5000 crore deal to manufacture 7.5 lakh AK-203 assault rifles in India
Defence Current Affairs: Defence Ministry on November 23, 2021 approved a Rs 5,000 crore deal with Russia to manufacture 7.5 lakh AK-203 assault rifles in Uttar Pradesh's Amethi. The approval has come through just ahead of Russian President Vladimir Putin's visit to India.
The AK-203 assault rifles deal is expected to be signed during the Russian President's visit. It was cleared by the defence acquisition council. The only step left now is resolving the issues on the transfer of technology.
Cryptocurrency ban in India: Govt to introduce bill to ban all private cryptocurrencies
The Government of India will introduce a ‘Cryptocurrency Bill, 2021’ in India to ban all the private cryptocurrencies in the country. However, it will provide certain exceptions to facilitate the underlying technology of Cryptocurrency.
‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ will be among the 26 new bills that will be introduced by the Government of India for the Winter Session of Parliament starting from November 29, 2021.
Biden Democracy Summit
The President of the United States Joe Biden has invited more than 100 countries to a virtual summit on democracy to be held on December 9-10, 2021. The invite list of the democracy summit includes India and Taiwan but excludes China, a move which is bound to anger the country.
The virtual democracy summit was a campaign pledge by the US President, who placed the struggle between the democracies and the autocratic governments at the heart of his foreign policy. The Summit for Democracy will be taking place ahead of an in-person meeting at its second edition in 2022.
ICICI Bank launches online platform for Indian exporters and importers
ICICI Bank has announced the launch of an online platform ‘Trade Emerge’ for exporters and importers across India.
Trade Emerge platform will offer comprehensive digital banking and value-added services to the companies engaged in export and import in India.
It is a first-of-its-kind initiative that will bring together end-to-end digital banking and value-added services on a single platform.
‘Mai Eto Bhi Chalaungi Or Ghar Bhi’ initiative launched in Hyderabad
Rajeev YSR, Vice President, Eto (e-rickshaws) announced that in a move to empower women, the government has launched ‘Mai Eto Bhi Chalaungi Or Ghar Bhi’ initiative to help women earn. Women will be able to take Eto on rent for 36 months, earn and then get the opportunity of buying it at the end of 3 years.
‘Tactical Urbanism Trials’ inaugurated in Delhi
The Transport Minister of Delhi, Kailash Gahlot, has inaugurated the ‘Tactical Urbanism Trials’ to improve road safety in the National Capital. The Minister informed that the government has taken 20 locations into consideration as these locations have a case of fatal accidents. If it goes well, the State Government will launch it at 20 different locations in Delhi.
Union Minister Nitin Gadkari to lay foundation stones for 25 National Highways Projects in Jammu
The Minister for Road Transport and Highways Nitin Gadkari will lay the foundation stone for 25 National Highway projects in Jammu on November 24, 2021. The project is of a total length of 257 kms and with an investment of Rs. 11,721 crore rupees.
India releasing 5 million barrels of crude oil from its strategic reserves
For the first time ever, India plans to release about 5 million barrels of crude oil from its Strategic Petroleum Reserves ‘in parallel and in consultation with’ the US, China, Japan and South Korea to bring down global crude oil prices, said the Oil Ministry. The US will release 50 million barrels of crude oil from its reserve. This is the first of its kind coordinated release of crude oil from strategic reserves globally. The development comes in with the US to bring down global crude oil prices which crossed $85 per barrel in October 2021.
Jagannath Temple: Odisha CM Naveen Patnaik lays foundation stone for Puri heritage corridor project
The Chief Minister of Odisha Naveen Patnaik on November 24, 2021, laid the foundation stone of the ‘Shree Mandira Parikrama’ Project (Heritage Corridor Project) near Shri Jagannath Temple in Puri. After laying the foundation stone, Chief Minister Patnaik said that it is a historic day for all Jagannath Bhakts all over the world and is indeed a sacred day for the people of the state.
The foundation stone for Puri’s Srimandir Parikrama project was laid on the culmination of the three-day-long ‘Mahayajna’ near the boundary wall of Lord Jagannath Temple. The rituals of ‘Mahayajna’ as the ‘Karta’ were performed by ‘Gajapari Maharaj’-the titular king of Puri, considered the first servitor of Lord Jagannath.
Chief Minister Patnaik also felicitated 10 people who donated their ancestral land, adjacent to Jagannath Temple, for the project.
Odisha cabinet approves Odisha Electronics Policy 2021
Odisha State Cabinet headed by Chief Minister Naveen Patnaik on November 23, 2021, approved ‘Odisha Electronics Policy 2021’ to promote Odisha as an attractive destination for the electronics industry as well as promote electronics manufacturing in the state. The Odisha Electronics Policy 2021 will continue till March 31, 2026, or until replaced by another scheme.
Lira collapses to record low
Turkish Lira tumbled to a record low against the US dollar on November 24, 2021 increasing worries about Turkey's monetary policy.
The Lira fell down to an all-time low of 13.45 against the US dollar on November 23rd and weakened as far as 13.15 on November 24th before moving slightly up to 13.05.
Lira's tumble comes amid worries over soaring inflation and another economic fallout. The currency has hit record lows in 11 consecutive sessions, falling by nearly 43 percent since the start of the year. The currency saw an almost 24% decline since the beginning of last week.
Sweden elects Magdalena Andersson as first-ever female Prime Minister
Sweden’s Parliament on November 24, 2021, has elected Magdalena Andersson, Social Democratic Party leader and Finance Minister, as the first female Prime Minister of Sweden. The decision came after Andersson clinched a last-minute deal securing the key support.
Magdalena Andersson will succeed the outgoing PM Stefan Lofven after a total of 117 members of Parliament voted for Andersson. 57 members abstained from voting while 174 voted against and one was absent.
INS Vela to be commissioned into Indian Navy on November 25
INS Vela is set to be commissioned into the Indian Navy on November 25, 2021, by Navy Chief Admiral Karambir Singh will commission INS Vela at the Naval Dockyard in Mumbai. The fourth of six Stealth Scorpene-class Submarines INS Vela will be commissioned amid increased Chinese naval presence in the Indian Ocean region. Commissioning of INS Vela comes after the commissioning of an indigenously designed stealth-guided missile destroyer INS Visakhapatnam on November 21, 2021.
Social Democrat Olaf Scholz likely to be next German Chancellor
Social Democrat Olaf Scholz is likely to be the next German chancellor after the leaders of three parties sealed a coalition deal. The pact if approved by the parties will pave way for a three-way coalition government comprising the Social Democrats (SPD), Greens and liberal Free Democrats (FDP).
The coalition government is likely to be formed in the beginning of December, marking an end to 16 years of conservative-led rule. Angela Merkel's conservative party narrowly lost to the Social Democrats in the 2021 German National Elections.
Mega military exercise Sagar Shakti held in Kutch from November 19 to 22
A four-day mega military exercise Sagar Shakti was conducted in the Creek sector of the Kutch peninsula from November 19 to 22, 2021, to test India’s combat capability and readiness to confront any multidimensional security threat.
The Sagar Shakti exercise involved the Indian Army, Indian Navy, Indian Air Force, Indian Coast Guard, Border Security Force (BSF), Gujarat Police, and the Marine Police. The Indian Army’s Southern Command organized the exercise.
Trilateral exercise ‘Dosti’ between India, Maldives, Sri Lanka being held from November 20 to 24
The 15th edition of India, Maldives, and Sri Lanka biennial Trilateral Exercise ‘Dosti’ is being held in the Maldives from November 20 to 24, 2021. This marks 30 years since the initiation of the exercise.
Indian Coast Guard vessels ICGS Vajra, ICGS Apoorva, and Sri Lanka Coast Guard vessels SLCGS Suraksha have arrived in the Maldives for the trilateral exercise Dosti.
Kisan Credit Card scheme to be extended to fishermen: Minister of State Fisheries L Murugan
While addressing the Fishermen Convention, Union Minister of State for Fisheries, Animal Husbandry & Dairying L Murugan on November 22, 2021, said that the Kisan Credit Card scheme will be extended to fishermen to offer them loans at low-interest rates.
Bangavax, first native COVID vaccine of Bangladesh receives approval for human trials
Bangladesh’s first homegrown COVID-19 vaccine Bangavax has received approval from the Bangladesh Medical Research Council (BMRC) for human trials. Bangavax was previously known as Bancovid.
