1. Paul Milgrom and Robert Wilson win Nobel
American economists Paul Milgrom and Robert Wilson have been awarded the 2020 Nobel Prize in economics.
Milgrom and Wilson, who are professors at Stanford University in California, were recognized for theoretical discoveries that improved how auctions work.
They also designed auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies.
2. India’s health budget 4th lowest in world
India ranked 129 out of 158 countries in the Commitment to Reducing Inequality (CRI) Index by Oxfam.
India spent just 4 per cent of its budget on health going into the pandemic — fourth lowest in the world.
In fact, just 26 of the 158 countries surveyed for 2020’s index were spending the recommended 15 per cent of their budgets on health to fight COVID.
3. Six Indian drug companies to set up a cluster
Six generic drug makers have signed a deal with the Hidalgo state of Mexico to set up a large pharmaceutical cluster for production and logistics.
These firms are Dr Reddy’s Laboratories,
Zydus Cadila, Glenmark Pharmaceuticals, Torrent Pharmaceuticals, Hetero Drugs and Ackerman Pharma.
The move is expected to help them penetrate neighbouring Latin American markets.
4. Alembic Pharma arm inks pact with Curon
Alembic Pharma associate company, Rhizen Pharmaceuticals, has entered an exclusive license agreement with Curon Biopharmaceutical.
The agreement is for the development and
commercialisation of Tenalisib, used in the treatment of cancer, in Greater China.
Rhizen Pharmaceuticals is a Switzerland-based privately-held clinical-stage biopharmaceutical company.
5. OnePlus co-founder Carl Pei quits
The co-founder of OnePlus Carl Pei has left the company ahead of the flagship OnePlus 8T series and the affordable Nord N10 series launch.
Pei is starting a new venture and is in talks with investors to raise capital.
Pei and Pete Lau started OnePlus back in 2012 and have led the company from a tiny smartphone brand to one that leads in several markets, including India.
6. Los Angeles Lakers wins 17th NBA Championship
The Los Angeles Lakers are NBA champions, defeating the Miami Heat 106-93 in Game 6 of the NBA Finals on 11 Oct 2020.
This was the Lakers’ first NBA Finals appearance since 2010 when the late Kobe Bryant won his fifth and final NBA title.
It’s the fourth championship for LeBron James, in his 10th NBA Finals. He became the NBA’s all-time leader in playoff games played, at 260.
7. Harish Kotecha wins lifetime Achievement award
Indian-origin philanthropist Harish Kotecha has been awarded the prestigious Sandra Neese Lifetime Achievement Award.
He was awarded in recognition of his work in the US for meeting the needs of children and youth experiencing homelessness.
The lifetime achievement award from the National Association for the Education of Homeless Children and Youth (NAEHCY) was presented to him on 9 Oct’20.
8. World’s largest vivid pink diamond
One of the world’s largest fancy vivid purple-pink diamonds from Russia will be sold at Sotheby’s Geneva Magnificent Jewels and Noble Jewels auction on November 11, 2020.
The 14.83-carat diamond, named “The Spirit of the Rose,” is the largest vivid purple-pink diamond ever offered at auction. It is estimated to be worth USD 23-38 million.
9. RBI raises banks’ aggregate exposure limit
The RBI has raised banks’ maximum aggregate retail exposure limit to entities with turnover up to 50 crores to 37.5 crores, up from 5 crores.
This has been done in a bid to increase credit flow to small businesses. The risk weight of 75% will apply to all fresh exposures and also to existing exposures where incremental exposure may be taken by the banks up to the revised limit of 37.5 cr.
10. Delhi’s air quality hits ‘very poor’ level
Delhi’s air quality has reached the ‘very poor’ category. The city recorded an air quality index (AQI) of 304, which falls in the very poor category.
The 24-hour average AQI was 261 on 12 Oct 2020, the worst since Feb 2020. An AQI between 0-50 is considered ‘good’, 51-100 is ‘satisfactory’, 101-200 ‘moderate’, 201-300 ‘poor’, 301-400 ‘very poor’ and 401-500 is marked as ‘severe/hazardous!
11. Paytm launches same-day bank settlement
Paytm has announced the launch of same-day settlement facility for all kinds of fund transfers on its payment gateway.
This will help business partners to settle money transfers anytime in their bank account
on the same day of receiving payment, without waiting for the next day.
This feature will help businesses that depend
upon immediate availability of funds to pay down-stream partners.
12. Godrej Properties buys land in Bengaluru
Godrej Properties has bought about 15-acre
land in Bengaluru to develop a housing project.
It has entered into an outright transaction to purchase a well-located land parcel in Sarjapur, Bengaluru.
This project will offer around 1.6 million square feet of potential saleable area comprising of residential apartments of various configurations.
13. IIT Madras develops wrapping material
IIT Madras has developed an antimicrobial food wrapping material. The novel material is biodegradable and can prevent the contamination of packaged food by bacteria during storage.
It can reduce plastic waste when disposing of the wrappers. The anti-bacterial wrapper when disposed degrades four to 98 per cent within 21 days, depending on the moisture in the environment.
14. RBI announces portfolios of deputy Governors
The RBI has reallocated portfolios of deputy governors, with the department of regulation entrusted to the newly-appointed M Rajeshwar Rao.
Rao was executive director of the Reserve
Bank before being elevated to the post of the deputy governor.
Rao was appointed to the post vacated by NS Vishwanathan, who stepped down three months ahead of his extended tenure on health grounds.
15. CM Chang passes away
Nagaland Minister for Environment, Forest and Climate Change and Justice and Law CM Chang passed away in Oct 2020.
He died of COVID-19. He was the sitting MLA of NDPP from 51-Noksen Assembly Constituency.
He is the first MLA in the state to die of COVID-19. He was elected to the Lok Sabha in 2009 and had served the state govt in various capacities as an IAS officer.
16. 300 million US dollar loan to Rajasthan
India and the Asian Development Bank (ADB) have signed a 300 million US dollar loan.
It has been signed to finance inclusive and sustainable water supply and sanitation infrastructure and services in 14 secondary towns of the state of Rajasthan.
The project aims at providing better quality and more sustainable Water Supply and Sanitation (WSS) services in the project towns.
17. Arunachal Pradesh on country’s aviation map
Arunachal Pradesh will feature on country’s aviation map with a greenfield airport at Hollongi, 15 kilometres from Itanagar.
The terminal will be an energy-efficient building provisioned with Rain Water Harvesting system and sustainable landscape.
The new domestic airport, with an area of 4,100 square metres, will be able to handle 200 passengers during peak hours.
18. BMC launches mass drive
In a bid to contain the spread of COVID ahead of the festive season, Brihanmumbai Municipal Corporation has launched a mass drive against those not wearing face masks.
It will penalise nearly 20,000 such citizens each day. The drive will continue for at least a month. It was observed that a large number of citizens do not wear face masks and this can lead to the situation getting difficult.
19. Pakistan on ‘enhanced follow-up list’: FATF
The Financial Action Task Force’s (FATF) Asia Pacific Group (APG) on Money Laundering has reprimanded Pakistan for its slow progress on the technical recommendations of the FATF to fight terror financing.
Pakistan will remain in the enhanced follow-up list. The APG stated that the insufficient progress made by the country fails to justify a re-rating.
20. 7th Justice Ministers’ Meeting
The 7th Meeting of Ministers of Justice of the Shanghai Cooperation Organization (SCO) Member States will be hosted by Union Minister of Law and Justice Ravi Shankar Prasad on 16th October 2020.
Secretary, Department of Legal Affairs, Ministry of Law and Justice Anoop Kumar Mendiratta will also host the Second Meeting of the Experts Working Group on 13th and 14th of October, 2020.
21. Vinod Kumar Singh passes away
Bihar Minister for backward and extremely backward class welfare Vinod Kumar Singh passed away in Oct 2020 due to post-COVID complications.
Mr Singh was a BJP MLA from Pranpur constituency in Katihar district, had tested positive for COVID-19 on June 28, 2020, and subsequently recovered.
He was dedicated to the empowerment of the poor and underprivileged.
22. NIT Tiruchirappalli signs MoU with C-DAC Pune
National Institute of Technology, Tiruchirappalli has signed an MoU with Centre for Development of Advanced Computing (C-DAC), Pune.
It will install a state of the art supercomputer in the process of becoming part of the National Supercomputing Mission of the Govt of India.
A total of 10 Centrally Funded Institutions have been inducted into NSM including IISc, Bangalore and seven IITs.
23. RKA starts nation-wide campaign
Rashtriya Kamdhenu Aayog (RKA) has started a nation-wide campaign to celebrate Kamdhenu Deepawali Abhiyan on the occasion of Diwali.
Through this campaign, the RKA is promoting extensive use of cow-dung and products during this Diwali Festival.
RKA aims at reaching 11 crore families to ignite 33 crores Diyas made of cow-dung during this year’s Deepawali festival.
24. Autobiography of Dr. Balasaheb Vikhe Patil
PM Narendra Modi released the autobiography of Dr Balasaheb Vikhe Patil on 13 Oct 2020.
He renamed Pravara Rural Education Society as ‘Loknete Dr Balasaheb Vikhe Patil Pravara Rural Education Society.
Dr Balasaheb Vikhe Patil served as Member of Lok Sabha for multiple terms. His autobiography is titled ‘Deh Vechwa Karani’ which means ‘dedicating one’s life for a noble cause
25. Argentina: 1st to approve use of GMO wheat
Argentina has formally become the first country in the world to approve the use of drought-resistant genetically modified (GMO) wheat.
Bioceres’ HB4 wheat is resistant to drought and tolerates the herbicide glufosinate sodium, a combination that can help boost yields on dry years. Many farm groups in Argentina objected to the government’s approval of the product.
26. Festival advance for government employees
Finance Minister Nirmala Sitharaman has announced two special schemes for government staff in a bid to boost consumer demand.
These are-a Leave Travel Concession-related cash voucher and a festival advance.
Employees of central and state governments, as well as public sector companies, will be able to use these schemes to spend money on festivals of their choice till March 31, 2021.
27. ₹37,000 crore additional capital expenditure
An additional budget of 325,000 crores will be provided as capital expenditure to develop roads, defence, water supply, urban development and domestically produced capital equipment, to boost economic growth.
The government will also give 12,000 crores in interest-free, 50-year loan to states for capital projects.
initially, 50% of the amount will be given to states.
28. ‘Applied Ai Research Centre’ launched
Intel has partnered with IIT-Hyderabad, Public Health Foundation of India (PHFI) and Telangana govt to set up a new ‘Applied Artificial Intelligence (Ai) Research Centre!
It will focus on leveraging Ai to solve challenges in key sectors like healthcare and smart mobility. PHFI is the founding healthcare partner in this initiative.
29. Telangana to set up paddy purchasing centres
Telangana Cabinet has decided to set up 6,000 paddy purchasing centres in villages, in a bid to ensure that farmers do not face problems in the view of the ongoing pandemic,
The cabinet urged the farmers to sell their Paddy at the Village centres. It also urged the farmers to ensure that the moisture percentage of the Paddy should not be more than 17 per cent and bring it to the Centres.
30. ‘Oversight Committees’ in Odisha
The Odisha Government has decided to constitute ‘Oversight Committees’ at the district level.
They will audit quality care in COVID facilities as well as death review due to the disease in both Government and Private hospitals.
They will be headed by an officer authorised by the Collectors/Municipal Commissioners.
31. Sadyr Japarov: New PM of Kyrgyzstan
The members of Kyrgyzstan parliament have approved the appointment of Sadyr Japarov as the new PM.
This comes amid a political crisis in the nation after the parliamentary elections were declared invalid, following violent protests.
The political deadlock in Kyrgyzstan has been encouraged by a divided opposition which has failed to agree upon the new leader of the provisional govt.
32. International Day for Disaster Risk Reduction
International Day for Disaster Risk Reduction is observed every year on 13 October.
It was started in 1989, after a call by the United Nations General Assembly for a day to promote a global culture of risk-awareness and disaster reduction.
The Day celebrates how people and communities around the world are reducing their exposure to disasters and raising awareness about it.
33. EXIM bank extends support to Greater Male
A team from the EXIM Bank of India has signed a Line of Credit Agreement for USD 400 mn to fund the Greater Male Connectivity Project (GMCP).
India’s support for the project was announced
during the virtual meeting between External Affairs Minister Dr S Jaishankar and Foreign Minister Abdulla Shahid on 13 Aug’20. This will be the single-largest infrastructure project in the Maldives.
34. JSW energy to invest in 2 wind power projects
JSW Energy Limited has sought 3,150 acres of land from the Karnataka government to set up two wind energy power projects. These are at an estimated investment of 78,860 crores.
One of the projects will be set up on 1,350 acres spread across Ballari and Davangere at a cost of 3,900 crores and will have the capacity to produce 600 MW captive wind electric power generation.
35. ‘Tree Transplantation Policy’ in Delhi
Delhi Chief Minister Arvind Kejriwal has launched first-of-its-kind tree transplantation policy to preserve trees for a clean and green Delhi.
Now rather cutting the old tree, the government will transplant the tree to another place by using the latest scientific techniques.
Under this policy, 80% of trees uprooted for any construction/development project, must be transplanted elsewhere.
36. Tamil Nadu CM signs 14 MoUs worth 10,055 cr
Tamil Nadu CM Edappadi K. Palaniswami has signed 14 MoUs entailing investments to the tune of 10, 055 crores with potential to generate employment for over 7,000 people.
These projects will be implemented in
Chennai, Chengalpattu, Kancheepuram, Tirunelveli, Thoothukudi, Tenkasi, Ramanathapuram, Tiruppur and Tiruvannamalai districts.
Out of these 14, 10 MoUs were exchanged physically.
37. Carlton Chapman passes away
Former Indian footballer Carlton Chapman passed away in October 2020.
Featuring alongside other greats like I M Vijayan, Jo Paul and Raman Vijayan at FC Kochi in 1997-98 season, Chapman went on to win the 1997 South Asian Football Federation Gold Cup.
He is remembered for scoring a hat trick for the Kolkata club against Al Zawra of Iraq in Asian Cup Winners Cup.