Current Affairs

On 16 October 2024, the Cabinet Committee on Economic Affairs (CCEA), chaired by PM Modi, approved an increase in the Minimum Support Prices (MSP) for all mandated Rabi crops for the 2025-26 marketing season.

The highest MSP increase is for rapeseed and mustard at Rs 300 per quintal, followed by lentils (masur) at Rs 275 per quintal. MSP for gram, wheat, safflower, and barley is increase of Rs.210 per quintal, Rs.150 per quintal, Rs.140 per quintal and Rs.130 per quintal respectively. The new MSP of wheat for 2025-26 marketing season is 2425.

This decision ensures farmers get at least 1.5 times the all-India weighted average cost of production, with expected margins ranging from 50% to 105%. It aims to provide fair prices to farmers and encourage crop diversification.

On 16 October 2024, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved a 3% increase in Dearness Allowance (DA) for central government employees and Dearness Relief (DR) for pensioners, effective from 1 July 2024. This raises the DA and DR from 50% to 53% of the basic pay/pension, aiming to offset the effects of inflation.

The increase benefits around 49.18 lakh employees and 64.89 lakh pensioners, with a total financial burden of ₹9,448.35 crore annually. Employees will also receive arrears for July, August, and September with their revised payments. DA/DR adjustments are made biannually based on inflation data.

India and the US have signed a contract for the procurement of 31 MQ-9B Predator drones, marking a major step in strengthening India’s defense capabilities. The deal includes tri-service acquisition of the MQ-9B Sky Guardian and Sea Guardian drones.

The Ministry of Defence, along with Defence Secretary Giridhar Aramane, formalized the agreement in New Delhi. A separate contract with General Atomics Global India ensures maintenance and repair within India.

These next-generation drones, with an operational altitude above 40,000 feet and a speed of 400 km/h, will enhance India’s intelligence, surveillance, and strike capabilities, proving to be a significant asset for the defense forces.

On 15 October 2024, Paramesh Sivamani assumed charge as the 26th Director General of the Indian Coast Guard. A specialist in navigation and direction, he has commanded all major vessels of the Coast Guard.

He is an alumnus of the National Defence College, New Delhi, and the Defence Services Staff College, Wellington. Mr. Sivamani has received several prestigious honors, including the Tatrakshak Medal in 2014, the President’s Tatrakshak Medal in 2019, and the Director General Coast Guard Commendation in 2012, recognizing his distinguished service.

On October 14, 2024, the Indian Navy achieved a major milestone with the launch of Samarthak, the first vessel under its Multi-Purpose Vessel (MPV) project. Built by L&T Shipyard at Kattupalli, the launch reflects India’s progress in indigenous shipbuilding. The ceremony was presided over by Chief of Naval Staff Admiral Dinesh K. Tripathi.

Samarthak, meaning “Supporter,” is a versatile vessel designed for towing, launching and recovering targets, operating unmanned vehicles, and testing indigenous weapons. The 106-meter-long vessel can reach speeds of up to 15 knots. This project, contracted on March 25, 2022, marks the Navy’s ongoing efforts to enhance self-reliance in maritime defense and strengthen indigenous shipbuilding capabilities through collaboration with private Indian shipyards.

The government has approved the upgradation of Hindustan Aeronautics Limited (HAL) to the status of the 14th Maharatna Central Public Sector Enterprise (CPSE). The announcement was made by the Department of Public Enterprises, stating that Finance Minister Nirmala Sitharaman gave the final approval.

The decision followed recommendations from the Inter-Ministerial Committee, chaired by the Finance Secretary, and the Apex Committee, led by the Cabinet Secretary.

Renowned industrialist Ratan Tata passed away peacefully in Mumbai on 9 October 2024 at the age of 86. His demise marks the end of an era that witnessed the Tata Group’s meteoric rise to prominence.

Tata, who served as the chairman of the Tata Group from 1991 to 2012, is credited with transforming the conglomerate into a global industrial powerhouse. Under his leadership, the Tata Group expanded its operations into diverse sectors such as automobiles, steel, hospitality, and information technology.

The Central Government has extended the tenure of Mr. M. Rajeshwar Rao as Deputy Governor of the Reserve Bank of India for one more year, starting from October 9, 2024, or until further orders.

This is his second one-year extension, following his initial appointment in October 2020 for a three-year term. Mr. Rao will continue overseeing the Department of Regulation, Department of Communication, Enforcement Department, Legal Department, and Risk Monitoring Department.

On October 7, 2024, India successfully conducted three flight tests of the indigenously developed Very Short Range Air Defence System (VSHORADS) missiles at the Pokhran firing ranges in Rajasthan. These tests, conducted by the Defence Research and Development Organisation (DRDO), were part of development trials aimed at enhancing India’s ability to counter aerial threats, including enemy aircraft and drones.

Defence Minister Rajnath Singh praised the success, highlighting the technological edge the VSHORADS system will provide to the Indian Armed Forces. This advanced, 4th-generation weapon system is expected to replace the aging Russian Igla missiles, addressing the long-standing need for modernization in India’s short-range air defense. Two private companies have been key partners in the project, reflecting India’s growing focus on indigenous defense technology development.