• Nations must prepare to deal with stablecoins: FM

Context: Innovations in cryptocurrency are transforming landscape of money and capital flows, and they may force nations to adapt to new monetary architectures or risk exclusion, says Sitharaman.

• Hinting at a possible shift in India’s cryptocurrency policy, Union Finance Minister Nirmala Sitharaman said countries would have to “prepare to engage” with stablecoins whether they welcome the change or not.
• “Innovations like stablecoins are transforming the landscape of money and capital flows,” Ms. Sitharaman said in her inaugural address at the Kautilya Economic Conclave here.
• “These shifts may force nations to make binary choices: adapt to new monetary architectures or risk exclusion,” she said.
• “Such developments underscore the scale of the transformation under way. They also remind us that no nation can insulate itself from systemic change. Whether we welcome these shifts or not, we must prepare to engage with them.”
• Stablecoins are a type of cryptocurrency that attempt to maintain stable prices as they are pegged to an underlying asset, such as a basket of currencies or precious metals.
• The remarks come at a time when the Finance Ministry and the Reserve Bank of India (RBI) have both voiced their reservations about private cryptocurrencies, also referred to as virtual digital assets. India has not legalised these products in terms of regulation, but it does tax transactions that involve them.
• The RBI, on the other hand, has lobbied hard to ban virtual digital assets outright, while simultaneously launching pilot projects of its own Central Bank Digital Currency (CBDC).

Legal backing

• CBDCs are cryptocurrencies issued by central banks and have the same legal backing as official currency.
• The Finance Minister said India’s capacity to absorb external shocks was strong and that its economic leverage was evolving. “Wars and strategic rivalries are redrawing the boundaries of cooperation and conflict,” Ms. Sitharaman said.
• “Alliances that once appeared solid are being tested, and new coalitions are emerging. For India, these dynamics highlight both vulnerability and resilience.”
• However, despite this reliance, she also cautioned that there was no time for complacency. “Just as eternal vigilance is the price of liberty, eternal performance is the price of strategic independence,” she said.
• “There is no room for complacency or self-congratulation beyond a quiet confidence in our abilities to take the right decisions and execute them,” the Finance Minister added.

• NK region gets surplus rainwhile it was deficient in south

Context: The south-west monsoon, which spans from June 1 to September 30, has withdrawn, leaving deficient rain in the south and surplus in north, presenting a picture of contrast. It averaged out as ‘’normal’’ overall in Karnataka.

• Mysuru and Chamarajanagar are the only two of the 31 districts in the State to record deficient rain during the season, while in the rest of Karnataka, the rains were higher than the seasonal average.
• Reflective of the uneven spatial distribution of rains, several districts of North Karnataka, which were on the deficient side till the first week of September, ended the season with excess, according to Karnataka State Natural Disaster Monitoring Centre (KSNDMC).
• Mysuru received 324 mm of rainfall from June 1 to September 30, which was 23% below seasonal average for the district. Similarly, Chamarajanagar district received 211 mm of rainfall, which is 34% below normal. Even Kodagu, which is the catchment area for the river Cauvery, received 2,176 mm of rainfall this year which is 1% below the long period average.
• However, any rainfall which is up to 19% above long period average and 19% below long period average is categorised as normal and, hence, Kodagu is under green or normal category.

Copious rains

• In sharp contrast, several districts in North Karnataka received copious rains, resulting in swollen rivers and extensive flooding.
• The downpour in districts such as Vijayapura, Kalaburagi Bidar, Yadgir, etc., was higher than normal over the four-month monsoon period.
• But both Vijayapura and Kalaburagi districts received heavy rains in September, and not only was the shortfall of the earlier weeks bridged, but these districts were categorised under “large excess” category, the only two in the State.
• While Vijayapura received 239 mm of rain in September, it was 61% higher than long period average. Kalaburagi received 285 mm and it was 63% higher than the long-term average for the month, according to KSNDMC.
• Only two districts, Mysuru and Chamarajanagar, were under deficient category, as per KSNDMC while 23 districts were under ‘’normal’’, and 6 districts under ‘’excess’’ category.

• Shakti scheme gets world recognition

Context: Shakti scheme, the flagship women-empowerment initiative of the State government, has achieved another global milestone by entering the International Book of Records – World Record of Excellence. Over 500 crore free tickets have been issued since the launch of the scheme, which offers free bus travel for women.

• This recognition comes close on the heels of the scheme being listed in the Golden Book of World Records. Launched on June 11, 2023, as the first of the Congress government’s five guarantees, the Shakti scheme allows women, including transgender persons and students, to travel free of cost on non-premium State-run buses.
• Transport Minister Ramalinga Reddy expressed gratitude to the officers, employees, and labour union leaders of the four State Road Transport Corporations for their role in this achievement. He said, “The scheme has empowered women not just economically but also socially and professionally, providing them greater mobility and opportunities.”
• Mr. Reddy noted that the successful implementation of the initiative across the State highlights its wide impact. “It is a matter of pride that the scheme has now another world record to its credit. I extend my congratulations to all women passengers,” he said.

• Doddahatti Bore Gowda is best film; Rakshit Shetty, Archana Jois are best actor and actress

Context: The Karnataka government has announced the State Film Awards for 2021, with Doddahatti Bore Gowda winning the best film and Rakshit Shetty taking home the best actor award for his performance in Charlie 777. KGF-fame Archana Jois was named best actress for her role in Mute.

• Produced by Rajarajeshwari Combines and directed by Raghukesh M., Doddahatti Bore Gowda was chosen for the top honour by a jury headed by senior journalist Sadashiva Shenoy.
• Charlie 777, produced by Paramvah Studios and directed by Kiranraj K., has been declared second best film, while Bisilu Kudure, directed by Hridaya Shiva, won the third best film award. The award for best social concern film went to Bharatada Prajegalaada Naavu, directed and produced by Krishnamurthy Chamaram.
• Puneeth Rajkumar’s Yuvarathna has been adjudged best popular entertaining film. Pramod won the best supporting actor for Ratnan Prapancha, while Umashree was named best supporting actress for the same film.
• Ravi Santhehaklu received the award for best art direction for Bhajarangi 2 and Nagarjuna Sharma has been honoured as best lyricist for his song in Charlie 777. The best playback singer (Male) award went to Aneesh Keshav Rao for Sri Jagannatha Dasaru, while Sahana M. Bharadwaj was recognised as best playback singer (Female) for Dandi.
• The jury also made special mentions, with Bhairavi recognised as a film of merit; Yogi G. Raju being awarded for costume design in Bhajarangi 2, and Shivakumar honoured for his make-up work in Thayi Kastur Gandhi. Shivakumar S. has been named the best production executive for his work in Pogaru.

• Amid tensions with Russia, Poland to join NATO fuel network

Context: A quarter of a century after it joined NATO and amid rising tension on its eastern frontier, Poland will finally join the alliance‘s fuel pipeline network.

• The Western allies operate a 10,000-km network of European pipelines, bringing fuel and lubricants for tanks and aircraft to where troops might need them in time of war.
• But the system was set up during the Cold War, when Poland was still a member of the opposing Warsaw Pact, and NATO’s pipelines still do not reach its bases closer to the borders with Russia and Belarus.
• Poland has been considering joining the NATO Pipeline System (NPS) for many years, and, the Defence Ministry and national pipeline operator PERN unveiled a €4.7-billion-euro to do so.
• “This is one of the largest investments in the security of the Polish state in the last 30 years,” Deputy Defence Minister Cezary Tomczyk told reporters at the signing ceremony.
• Warsaw, plans to build a 300-km pipeline from Germany to its military base in Bydgoszcz, in north-central Poland and home to NATO’s “joint force training centre” and several support units.

• Mullally appointed first woman to lead the Church of England

Context: A 63-year-old former nurse, Sarah Mullally, was named as the first female Archbishop of Canterbury, pledging to improve safety at the Church of England following an abuse scandal that ousted her predecessor.

• The former midwife becomes the first woman to lead the centuries-old mother church of the world’s 85-million strong Anglican community.
• Her nomination by a committee tasked with finding a successor to Justin Welby, who stepped down earlier this year, was approved by King Charles III, the U.K. government said.
• Ms. Mullally acknowledged the “huge responsibility” of her new role and vowed to “confront the dynamics of power” that had led the church to cover up the abuse of dozens of boys and young men several decades ago.
• She cautioned that it would “not be easy”, due to a “history of safeguarding failures” that has “left a legacy of deep harm and mistrust” in the Church of England. “We must all be willing to have light shone on our actions, regardless of our role in the church,” she said during an appearance at Canterbury Cathedral in southeast England.
• The Church of England became the country’s state establishment church following King Henry VIII’s split from the Roman Catholic Church in the 1530s.

WEIGHTLIFTING: Mirabai braves thumb issue to claim silver

Despite a right thumb issue, a resilient Indian weightlifter Mirabai Chanu landed her third World championships medal as she claimed a silver in the new 48kg weight class in Forde, Norway.

The Tokyo Olympics silver medallist, who finished fourth in Paris 2024, lifted 84kg in snatch while failing twice in her attempt for 87kg. Mirabai, who had managed 111kg in Paris, registered 115kg — preceded by efforts of 109kg and 112kg — in clean and jerk to total 199kg. She was third in snatch and second in clean and jerk.

North Korean gold medallist Ri Song Gum aggregated 213kg. Thai Thanyathon Sukcharoen was third with 198kg in a field featuring two inexperienced Chinese.

Mirabai, the 2017 champion in 48kg, was delighted with her second Worlds silver, including one in 49kg in 2022.

“It was a big challenge to compete in the new weight without knowing much about the opponents. I had problems in controlling my body weight,” Mirabai, who lifted 193kg in the Commonwealth championships in late August, told The Hindu.

“This performance has given me confidence for the Asian Games. My snatch needs some work.”

Coach Vijay Sharma said Mirabai’s Worlds experience would help her in the Asian Games, where she would like to open her account next year.

“It was a preparatory event for the Asian Games as top seven were from our continent. We had a target of a 200kg-plus total. The thumb issue has been troubling her for two months. Still it was good. With this clean and jerk effort, she would have won a medal in Paris,” said Sharma.

“Mirabai should increase 10kg, including seven-eight kg in snatch, to ensure an Asiad medal. The thumb is not a big issue. She needs to de-load and take it easy for two months,” he added.

PARA ATHLETICS:

Nishad, Simran make it a golden day for India

The former breaks the jinx by winning the high jump T47 while the latter retains her 100m T12 title with a new personal best of 11.95 seconds; Preethi, Pradeep bag bronze

Nishad Kumar broke the jinx, winning his maiden world title after a series of second-placed finishes in style with a new Asian record of 2.14m, on a productive day seven of the World Para Athletics Championships here on Friday. On the track, Simran Sharma retained her title in the 100m T12 with a new personal best (PB) of 11.95 seconds.

On a day stray dog attacks on athletes and officials took the spotlight, Nishad, runner-up in the high jump T47 at the Tokyo and Paris Paralympics and the last two World championships in 2023 and 2024, looked assured every time he took off and had little trouble clearing all the pre-set marks in his first attempt itself. Once the gold was assured, he aimed for the world record but faltered at 2.18m.

In the process, he finally got the better of three-time world and paralympic champion Roderick Townsend of USA, who started at 2.03m but that was the only mark he cleared here to finish third behind Turkey’s Abdullah Ilgaz.

Simran, meanwhile, had little competition improving on her PB, going under the 12-second mark for the first time ever. Running with a new guide in Umar Saifi in their first international competition together, Simran became India’s sixth gold and 15th medallist in the ongoing competition.

Preethi Pal, however, could only manage a season’s best of 30.03s for a second world bronze in the 200m T35 while Pardeep Kumar finished third in the discus throw F64. Swiss Catherine Debrunner completed her quintet of world titles in the 400m T53, winning her fifth gold in as many events here.

The results: Men: 100m T11: Athanasios Ghavelas with guide Dimitrios Chrysafis (Gre, 10.96s); 100m T36: Kirill Glazyrin (NPA, 11.73s); 100m T54: Athiwat Paeng-Nuea (Tha, 13.66s); 400m T12: Fakhriddin Khamraev (Uzb, 50.11s); 400 T13: Max Marzillier (Ger, 49s); 800 T53: Pongsakorn Paeyo (Tha, 1:35.76); Long Jump T37: Brian Impellizzeri (Arg, 6.63m); Long Jump T64: Markus Rehm (Ger, 8.43m); High Jump T47: Nishad Kumar (2.14m), Ram Pal (5th, 1.94m).

Discus Throw F11: Hassan Bajoulvand (Iri, 41.70m), Monu Ghangas (9th, 32.65m); Discus Throw F44: Andres Neira (Col, 60.26m), Sagar Thayat (4th, 51.93m), Devender Kumar (6th, 50.12m), Pardeep (8th, 46.14m); Discus Throw F64: Ivan Katanusic (Cro, 55.12m), Pardeep Kumar (3rd, 46.23m), Sharvan Kumar (5th, 44.11m); Shot Put F35: Seyed Javanmardi (Iri, 17.17m); Shot Put F46: Greg Stewart (Can, 16.68m), Sachin Khilari (4th, 15.03m), Mohd. Yasser (6th, 14.73m), Parveen (8th, 14.24m).

Women: 100m T12: Simran Sharma with guide Umar Saifi (11.95s); 200m T35: Qianqian Guo (Chn, 29.50s), Preeti Pal (3rd, 30.03s) SB; 200m T36: Danielle Aitchison (Nzl, 27.18s).

400m T53: Catherine Debrunner (Sui, 50.58s); 400m T54: Lea Bayekula (Bel, 50.99s); Long Jump T64: Fleur Jong (Ned, 6.81m); Shot Put F33: Svetlana Krivenok (NPA, 8.14m) new CR.

Shot Put F44: Arelle Middleton (USA, 12.95m); Shot Put F64: Faustyna Kotlowska (Pol, 10,88m), Dayawanti (6th, 7.90m) PB; Discus Throw F41: Raoua Tlili (Tun, 33.81m).