The Union Cabinet on Wednesday approved the development of the National Maritime Heritage Complex (NMHC) at Lothal, Gujarat. The project will be completed in two phases. The Cabinet also accorded in-principle approval for Phase 1B and Phase 2, as per master plan by raising funds through voluntary resources/ contributions and their execution after raising of the funds.

The construction of the Light House Museum under Phase 1B will be funded by the Directorate General of Lighthouses and Lightships (DGLL).

A separate society will be set up, for the development of future phases, to be governed by a Governing Council headed by the Minister of Ports, Shipping & Waterways, under Societies Registration Act, 1860 for implementation, development, management, and operation of NMHC at Lothal, Gujarat. The phase 1A of the project is under implementation with more than 60% physical progress and is planned to be completed by 2025. Phases 1A and 1B of the project are to be developed in EPC mode and Phase 2 of project will be developed through land subleasing/ PPP to establish NMHC as a world class heritage museum.

The Indian women’s team made history by securing a monumental bronze medal at the Asian Table Tennis Championships in Astana, Kazakhstan. This is country’s first-ever medal in the women’s team category. During the semifinals, India registered a 1-3 loss to Japan while in the other semifinal, China lost to Hong Kong by 3-0. In this competition, both losing semifinalists are awarded bronze medals.

In the semifinals, Ayhika Mukherjee lost to Miwa Harimoto in a tightly contested opening singles game by 2-3. Manika Batra however brought back India into the tie with a 3-0 win over Satsuki Odo. In the next game, Suthirtha Mukherjee lost to Mima Ito by 3-0 and Harimoto won against Manika 3-1 to win the tie for Japan.

India had confirmed its medal with a thrilling 3-2 win over South Korea in the quarterfinals yesterday.

The Indian men’s team entered the semi-finals following a 3-1 win over Kazakhstan securing a medal. Manav Thakkar gave India a winning start, recording a straight-game victory over Kirill Gerassimenko in the opening game.

The team will next take on the winner of the quarter-final between Hong Kong and Chinese Taipei.

The Indian Olympic Association (IOA) on Wednesday announced the tentative dates for the 38th edition of the National Games, set to take place in Uttarakhand from January 28 to February 14 next year.

The picturesque state of Uttarakhand, renowned for its natural beauty and rich culture, is gearing up to host the multi-disciplinary event for the first time. The IOA and the Government of Uttarakhand are working closely to ensure that the 38th National Games will offer an exceptional experience for athletes, officials, and spectators alike.

In a statement, the IOA said, "The Indian Olympic Association (IOA) is pleased to announce that the 38th edition of the National Games will be held in Uttarakhand from 28 January to 14 February 2025 (subject to the approval of IOA's General Assembly, which is scheduled to meet in New Delhi on 25 October 2024). The Games, which will see participation from athletes across the nation, will showcase the best of Indian sporting talent across a wide variety of disciplines."

In order to promote the growing popularity of UPI, RBI has proposed to increase the transaction limit through UPI Lite to Rs 1,000 and wallet limit to Rs 5,000. Currently, the transaction limit through UPI Lite is Rs 500 and Rs 2,000. RBI will soon issue guidelines in this regard.

'UPI 123 Pay' facility now available in 12 languages
Giving information about the decision taken in the three-day bi-monthly Monetary Policy Committee (MPC) review, RBI Governor Shaktikanta Das on Wednesday said that with continuous innovation and acceptance, UPI has changed the country's financial landscape by making digital payments easy and inclusive. He said that suitable amendments will be made in RBI's framework related to UPI Lite to facilitate small value payments through offline digital means. Apart from this, 'UPI 123 Pay' facility will now be available in 12 languages.

UPI wallet limit increased from Rs.2000 to Rs.5000
Shaktikanta Das further said that in order to further encourage the use of UPI and make it more inclusive, it has been proposed to increase the per transaction limit in UPI 123 Pay from Rs.5000 to Rs.10000. Along with this, it has been decided to increase the limit of UPI wallet from Rs.2000 to Rs.5000 and the per transaction limit will also be increased to Rs.1000. He said that like UPI and Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement System (RTGS) will also have the facility of verification of account holder's name before finalizing the fund transfer.

RITES Ltd., a PSU transport infrastructure consultancy, has signed a Memorandum of Understanding (MoU) with Etihad Rail.

The MoU will help in exploring synergies in developing railways and related infrastructure services in the UAE and the broader region.

The partnership aims at leveraging the strengths of both entities to explore collaborative opportunities for supply/leasing of rolling stock, consultancy and project management for railway projects, and services such as repairing rolling stock and operation & maintenance of railway infrastructure to ensure more efficient and modernized rail services in the UAE and across the region.

Deforestation continued last year at a rate far beyond pledges to end the practice by 2030, according to a major study published on Tuesday.

Forests nearly the size of Ireland were lost in 2023, according to two dozen research organisations, NGOs and advocacy groups, with 15.7 million acres of trees felled and burned. This “significantly exceeded” levels that would have kept the world on track to eliminate deforestation by the end of the decade, a commitment made in 2021 by more than 140 leaders. Forests are home to 80% of the world’s terrestrial plant and animal species and crucial for regulating water cycles and sequestering CO2, the main greenhouse gas responsible for global warming.

“Globally, deforestation has gotten worse, not better, since the beginning of the decade,” said Ivan Palmegiani, a biodiversity and land use consultant at Climate Focus and lead author of the Forest Declaration Assessment report.

The Reserve Bank of India (RBI) has projected a real GDP growth of 7.2% for the fiscal year 2024-25, along with an expected moderation in Consumer Price Index (CPI) inflation to 4.5%, following the Monetary Policy Committee (MPC) meeting held on Wednesday.

RBI Governor Shaktikanta Das said that GDP growth is projected at 7% for Q2, increasing to 7.4% in both Q3 and Q4. For the first quarter of the next financial year (2025-26), growth is anticipated to be 7.3%, with risks evenly balanced across various economic indicators.

Das emphasized that this growth trajectory is supported by strong quarterly performances, notably fueled by a revival in private consumption and an uptick in investments. “Real GDP grew by 6.7 percent in Q1 of FY25, led by a resurgence in private consumption and the highest investment share in GDP since 2012-2013,” he said, although he noted a contraction in government expenditure during the same period.

India has taken a monumental step in astrophysics with the inauguration of the Major Atmospheric Cherenkov Experiment (MACE) Observatory in Hanle, Ladakh.

Dr. Ajit Kumar Mohanty, Secretary of the Department of Atomic Energy (DAE) and Chairman of the Atomic Energy Commission, officially opened the facility marking a significant milestone in India's scientific achievements.

MACE stands as Asia's largest imaging Cherenkov telescope and, at an altitude of approximately 4,300 meters, is the highest of its kind globally.

An Imaging Cherenkov Observatory is a facility designed to detect and observe Cherenkov radiation produced by high-energy cosmic particles, such as gamma rays or cosmic rays, when they interact with Earth's atmosphere.

In a historic maritime engagement, Indian Navy and Italian Navy carried out the maiden exercise by Carrier Strike Groups (CSG) of both the sides, off Goa coast from October 1 to 6.

The sea phase of the exercise, held on October 5 and 6, was led by the carriers INS Vikramaditya and ITS Cavour, along with INS Visakhapatnam and ITS Alpino, the Indian Navy said.

The Italian CSG, commanded by Rear Admiral Giancarlo Ciappina, left Italy’s Taranto on June 1 and has been on an operational campaign in the Indo-Pacific region. It comprises aircraft carrier ITS Cavour, multi-mission frigate ITS Alpino, and multi-purpose patrol boat ITS Montecuccoli.

Ratan Tata, the chairman emeritus of Tata Sons, has died, the group announced in a statement on Wednesday. He was 86. Ratan Tata, who ran the conglomerate for more than 20 years as chairman, had been undergoing intensive care in a Mumbai hospital since Monday.

"It is with a profound sense of loss that we bid farewell to Mr. Ratan Naval Tata, a truly uncommon leader whose immeasurable contributions have shaped not only the Tata Group but also the very fabric of our nation," said N Chandrasekaran, Chairman, Tata Sons, in a late night statement.

On Monday, the industrialist had in a social media post dismissed speculation surrounding his health and had said he was undergoing routine medical investigations due to his age.

Prime Minister Narendra Modi paid tribute to Ratan Tata, calling him a visionary business leader, compassionate soul, extraordinary human being.