JANUARY 2024

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Contents
1 GA IN NEWS ........................................................................................................................................7
FIRST IN NEWS .......................................................................................................................................7
GOVERNMENT INITIATIVES ...............................................................................................................10
SUMMITS AND CONFERENCES ...........................................................................................................17
MOUs AND AGREEMENTS ...................................................................................................................19
BANKING AND FINANCE .....................................................................................................................28
DEFENCE EXERCISES/ INITIATIVES/ TECHNOLOGY.......................................................................30
SCIENCE & TECHNOLOGY ...................................................................................................................32
SPORTS ..................................................................................................................................................37
AWARDS................................................................................................................................................39
APPOINTMENT .....................................................................................................................................45
PERSONS IN NEWS...............................................................................................................................49
BOOKS AND AUTHORS ........................................................................................................................54
Fairs and Festivals................................................................................................................................55
PLACES IN NEWS .................................................................................................................................58
DAYS IN NEWS......................................................................................................................................63
MISCELLANEOUS .................................................................................................................................65
2 GA + ESI.............................................................................................................................................69

......................................................................................................................69
SOCIAL SECTOR IN INDIA - HEALTH..................................................................................................69
2.1 National Sickle Cell Anaemia Elimination Mission ......................................................................69
SOCIAL SECTOR IN INDIA- EDUCATION ............................................................................................70
2.2 Prerana: An Experiential Learning program ................................................................................70
2.3 PAiSA Portal Dashboard and PM SVANidhi Mission Monitoring Portal .....................................70
SUSTAINABLE DEVELOPMENT AND ENVIRONMENT .....................................................................72
2.4 Climate Conference 2024 ............................................................................................................72
2.5 Framework for Voluntary Carbon Market in Agriculture Sector and Accreditation Protocol of
Agroforestry Nurseries ..........................................................................................................................72
2.6 SBI Green Bonds ..........................................................................................................................73
SOCIAL JUSTICE ....................................................................................................................................73
2.7 Svyam Siddha ..............................................................................................................................73

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2.8 Alliance for Global Good- Gender Equity and Equality ...............................................................74
2.9 NITI Aayog's Discussion Paper on Multidimensional Poverty in India since 2005-06 ................74
2.10 National Minimum Standards and Protocol for Crèches (Operation and Management) .......75
GLOBALIZATION ..................................................................................................................................75
2.11 ICD-11: Traditional Medicine Module 2 ..................................................................................75
2.12 Indian Standards Institute (ISI) Certification ...........................................................................76
2.13 UPI-PayNow .............................................................................................................................76
2.14 India-United States Trade Policy Forum ..................................................................................77
2.15 Compendium on Millets ..........................................................................................................77
INDIAN POLITICAL SYSTEM ...............................................................................................................78
2.16 North Eastern Development Finance Corporation Ltd ............................................................78
2.17 10th Phase of Sagar Parikrama ................................................................................................78
2.18 EPFO Pension on Higher Wages ..............................................................................................79
2.19 Viksit Bharat Sankalp Yatra ......................................................................................................79
2.20 Sagar Parikrama Yatra Phase- XII .............................................................................................80
2.21 Swachh Survekshan Awards 2023 ...........................................................................................81
2.22 Citizenship Amendment Act (CAA) ..........................................................................................81
2.23 UNESCO's World Heritage Committee Session in India ..........................................................82
2.24 India Meteorological Department (IMD) .................................................................................83
2.25 FASTag......................................................................................................................................83
2.26 Leadership in Panchayats for Strategic Rural Transformation (LEAP–START) ........................84
2.27 Trade Connect ePlatform.........................................................................................................84
2.28 16th Finance Commission ........................................................................................................85
2.29 PFRDA-TRACE (Tracking Reporting Analytics & Compliance E-Platform) ...............................85
2.30 Parvatmala Pariyojana .............................................................................................................86
INDUSTRIAL DEVELOPMENTS IN INDIA ...........................................................................................86
2.31 Open Network for Digital Commerce (ONDC) .........................................................................86
MEASUREMENT OF GROWTH ............................................................................................................87
2.32 Income Tax Returns (ITRs) .......................................................................................................87
2.33 GST Collection ..........................................................................................................................87
2.34 First Advance Estimates of National Income for 2023-24 .......................................................88
2.35 E-way bills ................................................................................................................................88

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 .....................................................................................................89
SOCIAL SECTORS IN INDIA - HEALTH................................................................................................89
2.36 New Good Manufacturing Practices (GMP) For Drug Manufacturing ....................................89
2.37 Mosquirix Vaccine....................................................................................................................89
SOCIAL SECTOR - EDUCATION ...........................................................................................................90
2.38 My School-My Pride Campaign ...............................................................................................90
2.39 New Rules for Coaching Centres .............................................................................................90
2.40 Study Material in Indian Languages Digitally ..........................................................................91
SUSTAINABLE DEVELOPMENT AND ENVIRONMENT .....................................................................91
2.41 Green Fuels Alliance India (GFAI) ............................................................................................91
2.42 5-year GBP Sustainable Development Bond ...........................................................................92
2.43 Plastic Waste Reduction-Linked Bond .....................................................................................92
SOCIAL JUSTICE ....................................................................................................................................93
2.44 Amendment to Central Civil Services (Pension) Rules, 2021 ..................................................93
INDIAN POLITICAL SYSTEM ...............................................................................................................93
2.45 Vision India@2047 ...................................................................................................................93
2.46 Bharat Atta ...............................................................................................................................94
2.47 River Cruise Tourism Roadmap, 2047 .....................................................................................95
2.48 Fertilizer Subsidy ......................................................................................................................96
2.49 COFI Sub-Committee on Fisheries Management ....................................................................96
2.50 Employees' Provident Fund Organization (EPFO) Regulations ...............................................97
2.51 National Language Translation Mission (NLTM) .....................................................................97
GLOBALIZATION ..................................................................................................................................98
2.52 Expansion of BRICS Membership .............................................................................................98
2.53 19th NAM (Non-Aligned Movement) Summit.........................................................................99
2.54 European Free Trade Association (EFTA) ..............................................................................100
2.55 WHO Guidelines for Multi-Modal Generative AI in Healthcare ............................................100
MEASUREMENT OF GROWTH ..........................................................................................................101
2.56 India’s GDP Growth................................................................................................................101
2.57 NSO estimates India's GDP growth at 7.3%...........................................................................102
2.58 India's Economic Growth Projection .....................................................................................102

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3 GA + FINANCE ................................................................................................................................103

.................................................................................................................103
RECENT DEVELOPMENTS IN FINANCIAL SECTOR ........................................................................103
3.1 India Post Payments Bank (IPPB) ..............................................................................................103
3.2 Yen Denominated Green Bonds ................................................................................................103
3.3 Paytm Payments Bank Ltd (PPBL) .............................................................................................104
3.4 GIFT City ....................................................................................................................................105
PRIMARY AND SECONDARY MARKET .............................................................................................105
3.5 Foreign Portfolio Investors (FPIs) in India .................................................................................105
3.6 SEBI Authorized Short-Selling for Investors Across All Categories ...........................................106
3.7 Indian Securities Get First ETF in Gulf .......................................................................................107
3.8 Spot-bitcoin ETFs .......................................................................................................................107
3.9 India's Fully Accessible Route (FAR) Bonds ...............................................................................108
3.10 GIFT City .................................................................................................................................108
3.11 Protection and Indemnity (P&I) Entity ..................................................................................109
3.12 Listing in Indian securities market .........................................................................................109
3.13 Mutual fund Industry .............................................................................................................110
3.14 SEBI Circular on Short-Selling ................................................................................................110
3.15 SEBI's Easier Listing Norms Proposal .....................................................................................111
3.16 Zerodha Nifty 1D Rate Liquid ETF ..........................................................................................112
3.17 National Stock Exchange (NSE) of India.................................................................................112
3.18 Launch of CDSL’s Multi-lingual Initiatives..............................................................................114
3.19 Voluntary Blocking of Trading Accounts................................................................................115
3.20 Sebi Circular ...........................................................................................................................115
BANKING SYSTEM IN INDIA .............................................................................................................116
3.21 New Penal Charges Regime for Loan Defaults ......................................................................116
3.22 RBI’s New Guidelines For The Declaration Of Dividends ......................................................117
3.23 RBI Circular On Inoperative Bank Accounts...........................................................................118
3.24 RBI Circular on Lenders Investing in AIFs...............................................................................119
3.25 RBI guidelines on bank classification of unclaimed deposits ................................................120
3.26 RBI’s Framework on Green Deposits .....................................................................................120

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 FINTECH..............................................................................................................................................122
3.27 UPI versus e-rupee? ...............................................................................................................122
RECENT DEVELOPMENTS IN FINANCIAL SECTOR ........................................................................123
3.28 India's Foreign Exchange (FOREX) Reserves ..........................................................................123
3.29 Goods and Services Tax (GST) Evasion ..................................................................................124
3.30 Goods and Services Tax (GST) Collection ..............................................................................124
3.31 House Rent Allowance (HRA) Tax Exemptions ......................................................................125
3.32 Windfall Profit Tax .................................................................................................................125
3.33 Income Tax Department’s Advisories Put NRIs On Notice On High Value Deals ..................126
3.34 Inverted Duty Structure .........................................................................................................127
3.1 International Financial Services Centre (IFSC) ..........................................................................128
3.35 SFBs (Small Finance Banks) ....................................................................................................128
Quick Revision........................................................................................................................................129

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 1 GA IN NEWS
FIRST IN NEWS

S.No News Key Facts

• Reliance Industries has

First Indian Company to
pioneered the chemical
Chemically Recycle Plastic
recycling of plastic waste-
Waste
based pyrolysis oil into
International Sustainability
1.
and Carbon Certification
(ISCC)-Plus certified circular
polymers, namely CircuRepol
(Polypropylene) and
CircuRelene (Polyethylene).

• Inauguration of 'PRASADAM' in Ujjain, Madhya Pradesh under Healthy &

'PRASADAM' - India's First
Healthy & Hygienic Food
Street Initiative
2.
Hygienic Food Street initiative.
• Entities Involved in launching the initiative:
o Ministry of Health & Family Welfare.
• Purpose of the initiative or programme:
o To provide citizens with access to healthy and hygienic food.
• Other Key Launches:
o Launch of the Mannhit app for mental health screening.
o Release of “The DART Book” by Food Safety and Standards Authority of
India (FSSAI) for checking common food adulterations at home.
o Introduction of a mobile food testing van, Food Safety on Wheels (FSW),
for awareness and adulteration testing.

• Purpose:
o To nurture creativity and entrepreneurship in AI and related
technologies.

India's first AI city in Additional Information:

3.
Lucknow
• Part of UP's goal to become a $1 trillion economy in the next 5 years.
• UP: Sixth-largest state in India's IT ecosystem.
• Global AI market: $137 billion in 2022, with a projected CAGR of 37.3% from
2023 to 2030.

India's first Anti-Stress

• Name of the Wearable: 'GoRoga'
wearable
• Developed By: GlobalSpace Technologies Ltd., in collaboration with RogaLife,
USA.
4. • Manufactured and patented in US as RogaLife and developed in India
under the 'Make in India' initiative.
• Purpose:
o To provide a solution for dealing with stress and anxiety using non-
invasive brain stimulation (NIBS) technology.

India’s first all-girls Sainik • Name: Samvid Gurukulam Girls Sainik School
5.
School • Location: Vatsalya Gram Parisar, Vrindavan, Mathura, Uttar Pradesh.

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 • It offers a CBSE curriculum with military training.
• With a capacity for 120 seats, admission is through a written test and e-
counselling.
• It is first of its kind, part of initiative to establish 100 new Sainik Schools
in partnership with NGOs/Private/State Government Schools across all
State/Union Territories.
• 42 have been set up, in addition to the existing 33 Sainik Schools.
• Student Strength: The school has approximately 870 students.
• Do you know?
o The decision to admit girl children to Sainik schools was approved by
Defence Ministry in 2019, starting from academic session 2021-22,
following successful pilot project at Sainik School Chhingchhip in
Mizoram.
• 100 new Sainik schools aligns with the objectives of providing quality
education in line with the National Education Policy 2020.

• Launched By: CSIR-Central Road Research Institute (CSIR-CRRI)

India’s First National Highway
6.
Steel Slag Road Section
• Supported by: NITI AAYOG, JSW Steel Ltd. and National Highways Authority
of India (NHAI).
• Aim: To transform the waste of steel industries into wealth by using
processed steel slag aggregates for building stronger and eco-friendly
national highways.
• Location: NH-66 Mumbai-Goa National Highway.

• Established at Pench Tiger Reserve (PTR) in Maharashtra.

• Purpose: To protect the night sky, prevent light pollution, and provide an
ideal environment for astronomy enthusiasts.

India's First and Asia’s 5th About Pench Tiger Reserve:

7. • Spread into Madhya Pradesh and
Dark Sky Park
Maharashtra.
• It is the setting for Rudyard Kipling's
fictional works, "The Jungle Book" and
"The Second Jungle Book."

• Launched by: Assam State Transport Corporation (ASTC) and Bikozee

Ecotech Pvt. Ltd..
Baayu' Electric Bike Taxi
8. • Supported by: NITI Aayog's Shoonya Zero pollution mobility campaign.
Service
• It is India's first app-based 100% electric and decentralized bike taxi
service.

• Entities Involved: Punjab Police in collaboration with MapMyIndia.

• A part of the preparations for flagship project, 'Sadak Suraksha Force'.
Punjab Becomes 1st State to
o Objective of Sadak Suraksha Force: To improve traffic management and
9. Map All Accident-Prone Sites
reduce road accident fatalities.
on Mappls App
• Purpose: To map all 784 accident black spots across Punjab on the
Mappls App, developed by MapMyIndia.

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First ISO 27001:2022
10. certified petrochemical
company in India
First Indian bank to conduct
11. export finance transaction on
RXIL's ITFS platform
12. Regenerative Tourism Model
Neuralink's First Human
13.
Implant
1st India-Finland High Level
14.
Dialogue
• Company Name: Haldia Petrochemicals Ltd
(HPL)
• Certification awarded by the British
Standards Institution (BSI).
• Certification demonstrates HPL's
commitment to maintaining a secure
information security governance structure.
• Head Office of HPL: Kolkata.
• Yes Bank is the first Indian Bank to execute an export finance transaction
on the International Trade Financing Services Platform (ITFS) platform
of Receivables Exchange of India Limited (RXIL).
• Objective: To facilitate arranging credit for exporters and importers
from both Indian and Global Institutions.
• This is in line with the commitment to digitalization and fostering cross-
border business.
About ITFS:
• ITFS in International Financial Services Centre (IFSC), Gujarat
International Finance Tech-city (GIFT) City Gujarat, is established to tap
into global capital flows for India’s development needs.
About RXIL:
• India’s first Trade Receivables electronic Discounting System (TReDS)
exchange platform, RXIL is a joint venture promoted by Small Industries
Development Bank of India (SIDBI) and NSE (National Stock Exchange).
• Established in 2016.
• It facilitates financial growth in the country by providing MSMEs the access
to credit.
• Launched by: Goa government (first state in India).
• Purpose: To redefine tourism by promoting environmental restoration,
cultural preservation, and community empowerment.
• Centered around “Ekadasha Teertha” campaign focusing on 11 places of
worship in Goa, known as the Rome of the East, to utilize the potential of the
state’s history and heritage.
Miscellaneous Information:
• Goa government has also unveiled the GOA (Global Opportunities
Aggregators) initiative to drive technological enhancement in the state.
• Objective: To develop and implement a brain-computer interface (BCI)
capable of enabling individuals to control computers and mobile devices
using their thoughts.
• The device, named "Telepathy," is roughly the size of a large coin and is
designed to be implanted in the skull.
Neuralink is a technology company, based in US, building a device “designed to
connect human brains directly to computers.
• Organizing Body: Co-chaired by Ministry of Education (India), and Ministry
of Education and Culture (Finland).
• This year marks 75 years of diplomatic relations between India and
Finland.
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 GOVERNMENT INITIATIVES

S.No Initiative Key Facts

Inauguration of Kochi-
Lakshadweep Islands
• Entities Involved in launching the initiative:
Submarine Optical Fiber
o Department of Telecommunications
Connection (KLI-SOFC)
o Bharat Sanchar Nigam Limited (BSNL) - Project Executing Agency.
Project
o M/s NEC Corporation India Pvt Ltd
• Purpose of the initiative or programme:
1. o To provide high-speed internet connectivity and a comprehensive
communication infrastructure to the Lakshadweep islands.
• For the first time since independence, Lakshadweep will be connected
through Submarine Optic Fibre Cable.
• The project is funded by Universal Services Obligation Fund (USOF),
Department of Telecommunications.

• Entities Involved in launching the initiative:

o Ministry of Electronics & Information Technology (MeitY)
o ERNET India (Education and Research Network)
• Purpose of the initiative or programme:
Launch of ERNET: India's AI-
o To offer a range of services to educational institutes in India, including
Enabled Integrated Web
domain registration, DNS, Website as a Service (WaaS), and Learning
2. Portal for Educational
Management as a Service (LMaaS).
Institutes

Miscellaneous Information

• ERNET India, a not-for-profit scientific society under MeitY, is the

exclusive domain registrar for education and research institutes with
domain names ending in ‘ac.in’, ‘edu.in’, and ‘res.in’.

• Name of the initiative: 'SMART 2.0' (Scope for Mainstreaming Ayurveda

Research among Teaching professionals).
• Entities Involved in launching the initiative:
o Central Council for Research in Ayurvedic Sciences (CCRAS)
o National Commission for Indian System of Medicine (NCISM)
• Purpose of the initiative or programme:
o To facilitate robust clinical studies in priority areas of Ayurveda
Launch of 'SMART 2.0' through collaborative efforts with academic institutions and hospitals
3. nationwide.
• Building upon the 'SMART 1.0' program, which covered around 10 diseases
with participation from 38 colleges, 'SMART 2.0' aims to expand its reach and
impact.

Miscellaneous Information:

• CCRAS, operating under the Ministry of Ayush, aims to formulate,

coordinate, develop, and promote research in Ayurveda on scientific lines.

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Pariksha Pe Charcha 2024
(PPC2024)
4.
Inter-Operable Criminal
5. Justice System (ICJS)
Platform
National Single Window
6. System (NSWS) for Medical
Devices Management
Regulation of Blood
7. Processing Fees by Hospitals
and Blood Banks
Export of Raw Cane Sugar to
8.
the US
• Organized by: Department of School Education & Literacy, Ministry of
Education.
• Purpose of the initiative or programme:
o To provide a platform for students, parents, and teachers to interact
with Prime Minister Narendra Modi, discussing examination-related
anxieties and life after school.
• The 7th edition of PPC has recorded over 1 crore registrations.
• Scheduled for 29 January 2024 at Bharat Mandapam, ITPO, Pragati Maidan,
New Delhi.
• Pariksha Pe Charcha is part of broader ‘Exam Warriors’ movement led by
Prime Minister Narendra Modi, aimed at creating a stress-free atmosphere for
youngsters.
• Ranking of Uttar Pradesh: First for the third consecutive year in recording
the highest entry rate on the ICJS platform.
o Followed by Madhya Pradesh and Bihar.
• Conceptualized by: Ministry of Home Affairs, Ministry of Information
Technology and Department of Justice, under guidance of e-Committee of the
Supreme Court.
• Functionality of ICJS Platform:
o Facilitates transfer of data and information among various components
of the criminal justice system nationwide.
• Entities Involved in launching the initiative:
o Central Drugs Standard Control Organisation (CDSCO)
• Purpose of the initiative or programme:
o To streamline the import, clinical investigations, and testing of medical
devices in India.
• Developed by Tata Consultancy Services (TCS).
• Announced in the Budget speech of 2020.
• Drugs Controller General of India (DCGI) has issued guidelines directing
hospitals and blood banks to only charge processing fees for blood.
• Objective: To curb malpractices in private hospitals regarding blood supply
and pricing.
• Entities Involved:
o Directorate General of Foreign
Trade (DGFT)
o Agricultural and Processed Food
Products Export Development
Authority (APEDA)
• Purpose:
o To facilitate the export of 8,606
tonnes of raw cane sugar to the US
under the Tariff Rate Quota
(TRQ) scheme for the fiscal year
2024.
• Export period: 1 October 2023 to 30
September 2024.
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 Additional Information:

• India has a preferential quota arrangement for sugar export with the US
and the European Union, operated by APEDA.
• About TRQ: A mechanism that allows the import of a set quantity of
specific products at relatively lower customs duties.

Transshipment Hub at Great • Entities Involved:

Nicobar o Ministry of Shipping, Ports and Inland Waterways of India
• Project will handle 16 million containers annually and is planned in four
9. phases.
• Implementation Model: Public-Private Partnership (PPP).
• Strategic Importance:
o More than 75% of India's transshipment cargo is currently handled by
ports outside the country.

• West Bengal government declared:

o State Day: Bengali New Year Day ('Poila Boisakh'), to be observed as
‘Bangla Divas’.
o State Song: Banglar Mati
Banglar Jal (Penned in
State Day and State Song of 1905 by Rabindranath
10. Bengal Tagore).
o Duration of State Song: 1
minute and 59 seconds.
• Tagore’s song is linked to the
Bangabhanga Rodh
movement opposing the
partition of Bengal in 1905.

• Formed By: Manipur

State Government.
• Purpose: To decide on
whether the Chin Kuki
community would remain
All-Tribe Committee for on the Scheduled Tribes
11. Scheduled Tribe Status list of the state.
Reconsideration • Kuki is a collective name
of various tribes of
Manipur and Chin is one
of those.

• Entities Involved: ONGC Videsh Ltd (OVL), the overseas arm of ONGC (Oil
Incorporation of OVL and Natural Gas Corporation).
12. Overseas IFSC Ltd in • Purpose: To establish a treasury hub, OVL Overseas IFSC Ltd, for
Gujarat’s GIFT City consolidating funds and raising additional capital for overseas ventures and
investments.

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 About ONGC Videsh:

• One of 14 Navratana enterprises.

• Owns participating interests in 32 oil and gas assets in 15 countries.
• India’s second-largest petroleum company after ONGC.

• Launched By: Department of Pension and Pensioners Welfare (DOPPW) in

2016.
• Aim: To document the administrative history of India through written
narratives of retired officials.
ANUBHAV Awards Scheme,
13. • Anubhav Portal: launched in 2015.
2024
• Participation: Retiring Central Government employees/pensioners, 8
months prior to retirement and up to 1 year after retirement.
• 54 Anubhav awards conferred from 2016 to 2023.
• 7th Anubhav Award Ceremony will be held in 2024.

• Purpose: To transform India's ports, shipping, and waterways sector by

boosting capacity-building and self-sufficiency.
• Projects include:
o Country’s largest Dry Dock at Cochin Shipyard Ltd (CSL).
o International Ship Repair Facility (ISRF) of CSL - India’s first fully
developed ship repair ecosystem, and biggest shipbuilding & ship repair
Inauguration of facility in South Asia.
14. Infrastructure Projects in • Indian Oil Corp Ltd's LPG Import Terminal at Puthuvypeen.
Kochi, Kerala

Additional Information:

• Under its Green Vessels Transition Programme, CSL to build 8 Green

Vessels for Inland Waterways Authority of India (IWAI) in which 2 are already
delivered and rest will be delivered in due time.

• Entities Involved:
o Indian Institute of Technology (IIT)
Madras.
o Sri Lanka's Education Ministry.
IIT Madras Campus in Kandy,
15. • Part of the Sri Lankan Budget 2024.
Sri Lanka

• Purpose: Aimed at addressing the influx of Myanmar soldiers and ensuring

border security.
• Indian Government (GoI) has announced the decision to build a fence along
the entire 1,643 km India-Myanmar border.
Strengthening of the India-
16. o Plans include fencing a 300-km unfenced boundary.
Myanmar Border
• GoI is also planning to end free movement between the two countries.
o “Free movement regime (FMR)” currently allows people on both sides
to travel 16 km into each other’s territory without a visa.
• FMR was implemented in 2018 as part of government’s Act East policy.

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 • Launched by: Department of Justice (DoJ), Ministry of Law and Justice.
• Objective: To commemorate the 75th Year of India as a Republic.
• Aim: To reaffirm the collective commitment to the principles of the
Constitution of India.
• Launch of Nyay Setu: A unified legal interface for legal information.
• Release of achievement booklet of the Scheme on Access to Justice ‘DISHA’
(Designing Innovative Solutions for Holistic Access to Justice).
• Formal collaboration of DoJ with Bhashini and IGNOU to enhance
‘Hamara Samvidhan, Hamara
17. accessibility to justice and educational opportunities in the field of law.
Samman' Campaign
• Campaign includes various activities:
o Sabko Nyay –Har Ghar Nyaya: To connect villagers and exalt them to
read Sabko Nyay pledge.
o Nav Bharat Nav Sankalp: To encourage the masses to embrace the
resolutions of Panch Pran by reading the Panch Pran Pledge.
• Vidhi Jagriti Abhiyan: To involve the students to carry the message Panch
Pran in the villages adopted by the Law colleges, under the Pro Bono Club
scheme.

• Entities Involved: Delhi Government

in collaboration with the Open
Network for Digital Commerce
(ONDC).
• Developed by Juspay Technologies
and backed by the Beckn
Foundation.
18. Launch of Namma Yatri App • Purpose: To provide a ride-booking
app, improving first and last-mile
connectivity in Delhi.
• Aim to onboard 50,000 auto drivers
over the next 3 months.
• App operates on a zero-commission model.
• Initially launched in Kochi as “Yatri” in 2020 and already operational in 7
cities in the ONDC network.

• Why in News: Covered total 172 trips and carried 96491 tourists in 2023.
• Purpose: To showcase India's rich cultural heritage and magnificent
historical places through theme-based tourist circuit trains.
• Coverage: Tourist destinations across 24 States/Union Territories.
‘Bharat Gaurav' Tourist • Major Tourist Circuits:
19.
Trains o Shri Ram-Janaki Yatra
o Shri Jagannath Yatra
o “Garvi Gujarat” tour
o Ambedkar Circuit
o North East tour

• Objective: To foster an environment where each child's unique

individuality is celebrated, encouraged, and expressed fully.
7th 'Pariksha Pe Charcha'
20. • Focus: Addressing students', parents', and teachers' challenges and
(PPC) 2024
aspirations.
• 1st edition of Pariksha pe Charcha was held in 2018.

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21. Bharat 5G Portal
Introduction of new currency
22.
notes by Pakistan
Project 'Shaurya Sankalan:
23. Digital Archiving of Military
History'
Inauguration of Kaushal
24.
Bhawan
"Build for Billions"
25.
Accelerator Program
26. Ayush Diksha Centre
• Launched by: Department of Telecommunications (DoT).
• Portal acts as a one-stop solution for quantum, Proof of Concepts
(PoCs)/Pilots, 5G, and 6G-related works.
• Future Tech-Experts Registration Portal: Launched in collaboration with
PanIIT USA to aid and guide the Indian Telecom ecosystem.
o PanIIT Alumni India (Pan IIT) is an umbrella organization, representing
alumni of all Indian Institutes of Technology (IITs).
• Launched during 'Bharat Telecom 2024 - An Exclusive International
Business Expo.'
o Organized by: Telecom Equipment and Services Export Promotion
Council (TEPC) in collaboration with DoT.
• 100 5G Use Case Labs: Awarded to educational institutions to build
competencies in 5G technologies.
• Implementation Agency: Telecommunications Consultants India Limited
(TCIL).
• Purpose: To combat the menace of counterfeit currencies.
• Security Features: Incorporation of distinct security numbers and
designs.
• Launched by: Indian Army
• Purpose: To preserve the Indian Army's glorious past for posterity by
archiving content related to declassified records of significant historical
conflicts and operations.
• Digital Archive Kiosk: Established at the United Services Institute of
India, New Delhi, to house the digitized content.
• Location: New Delhi, India
• Objective: Kaushal Bhawan symbolizes India's dedication to youth
empowerment through skill development.
• Aims to build capacity and prepare a future-ready workforce.
• Launched by: Business incubator DLabs at the Indian School of Business
(ISB), in partnership with the Reserve Bank Innovation Hub (RBIH) and
Union Bank of India.
• A 50-day, equity-free accelerator program designed to support fintech
startups.
• Launched by Union Minister of Ayush, within the campus of the Central
Ayurveda Research Institute, Bhubaneswar.
• To work under: Central Council for Research in Ayurvedic Sciences
(CCRAS), an autonomous body under Ministry of Ayush.
• Purpose: To develop human resources for future Ayush professionals
and to promote an integrated medicine approach.
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Global Hydrogen Trading
27.
Mechanism
"Centre of Excellence in
Intelligent Internet of Things
28. Sensors" and "India
Innovation Centre for
Graphene"
29. VICHAAR Series of Lectures
Ministry of Electronics and
Information Technology
30.
(MeitY’s) Republic Day
Tableau
All India Institute of Speech
31. and Hearing (AIISH) Satellite
Centre
• Entities Involved in launching:
o Indian Gas Exchange (IGX) and state-owned Gujarat State Petroleum
Corporation (GSPC).
• Purpose: To set up a global hydrogen trading mechanism and attract global
institutions to trade at GIFT City Special Economic Zone, a notified
International Financial Services Centre (IFSC) in India.
• Initiative includes launch of the Global Hydrogen Price Index.
• Launched by: Ministry of Electronics and Information Technology (MeitY),
• Collaboration of MeitY:
o With Government of Kerala for Centre of Excellence in Intelligent
Internet of Things Sensors.
o To catalyze the development of sensors within the realm of
Intelligent IoT (IIoT) systems.
o With Government of Kerala and Tata Steel for India Innovation Centre
for Graphene.
o And, to foster research and development (R&D), product
innovation, and capacity building in the area of Graphene and 2D
material systems.
• Established at Maker Village, Kochi, Kerala.
• Technical Partners: Digital University Kerala (formerly IIITMK) and Centre
for Materials for Electronics Technology (CMET)-Thrissur.
• Introduction of Hardtech 2024, Maker Village’s annual flagship
programme, aimed at bringing stakeholders together in the field of
electronics hardware design and manufacturing.
• Launched by: Ministry of Development of North Eastern Region (MDoNER)
• Purpose: Fortnightly lecture series to foster high-quality interactions
and insights on developmental issues, challenges, and possibilities in
North Eastern States.
• Theme of Tableau: Safe &
Trustworthy AI for Social
Empowerment
• Purpose: To showcase India's
advancements in leveraging
Artificial Intelligence (AI) for social
good.
• Theme for 75th Republic Day Parade: "Viksit Bharat."
• AI's Economic Impact: Expected to add USD $967 billion to the Indian
economy by 2035.
• Foundation laid by: Union Minister of Health and Family Welfare, along
with inauguration of a Super Specialty Block at Ganesh Shankar Vidyarthi
Memorial (GSVM) Medical College in Kanpur.
• Purpose: To enhance healthcare services in Uttar Pradesh.
• AIISH Satellite Centre:
• First state-of-the-art centre in North India, focusing on training doctors
and providing care in speech and hearing disorders.
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 • Organised by:
o Department of Agricultural Research and Education (DARE)
o Indian Council of Agricultural Research (ICAR)
32. Kisan Mela
• Purpose: To promote the cultivation of medicinal and aromatic plants
(MAPs) as a viable option for doubling farmers' income
• Held in Anand, Gujarat.

• Entities Involved in launching the initiative:

o Central Council for Research in Siddha (CCRS) and National Institute of
Siddha (NIS), under Ministry of Ayush.
• 20-day transformative expedition, covering approximately 3333 KM
from New Delhi to Kanyakumari, seeks to showcase the benefits and
Siddha Wellness Rally & importance of Siddha medicine across 8 states/UTs.
33. Awareness Campaign
(SWARC)
About Siddha Medicine:

• It aims for the equilibrium of 3 vital forces - Vali, Azhal, and Aiyam, for
a disease-free life, underlining the principle that 'food itself is medicine
and medicine itself is food'.

• Launched by: Ministry of Youth Affairs and Sports, under Fit India Mission.
• Partnership with: GOQii, a major stakeholder in the fitness sector
• Purpose: To promote fitness and healthy living through inspiring stories
and accomplishments of India's sporting heroes.
Fit India Champions Podcast
34.
Series

Additional Information:
• Fit India Movement was initiated in 2019 to encourage the adoption of
healthy lifestyles across India.

• Launched by: The Indian Army, specifically the Dagger Division.

• Contributed by: Acclaimed artist Rouble Nagi.
• Purpose: To provide an innovative and interactive space for visitors to
35. India Selfie Point
capture and share memorable moments while visiting the remote border
region of Uri in Baramulla district, near the Line of Control in Jammu and
Kashmir.

• Launched by: Capacity Building Commission (CBC) in collaboration with

Young Scientists Induction
36.
Training Programme
Office of the Principal Scientific Adviser (Office of PSA) to the Government of
India.
• Location: Indian Institute of Management Visakhapatnam (IIM-V).
• Purpose: First-of-its-kind training programme to refine the capacities of
young scientists and science administrators in managing Science &
Technology (S&T) programs, projects, products, and people.

SUMMITS AND CONFERENCES

S.No Focus Area Key Outcomes

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 10th Vibrant Gujarat Global
Summit (VGGS) 2024
• Held In: January, 2024.
• Location: Gandhinagar, Gujarat, India.
• Participating Countries: 34 partner countries confirmed including 21 new
1. partners like Russia, Singapore, Timor Leste, Saudi Arabia, and nine African
countries.
o Canada, a regular VGGS partner since 2011, is not listed among the
partner countries this year.
o Singapore returns as a significant partner after 2017.

CES (Consumer Electronics • Organised by: Consumer Technology Association (CTA)

Show) 2024 • Focus: CES is the only trade show that showcases the entire tech landscape
at one event.
2.
• Held in Las Vegas, USA in January, 2024.
• Access Restrictions: Restricted to individuals aged 18 or older who are
affiliated with the consumer technology industry.

• Venue: Gandhinagar, Gujarat.

• Organized by: Government of Gujarat since 2003 (Biennially).
10th edition of Vibrant • Theme for 2024: 'Gateway to the Future'.
Gujarat Global Summit • Celebrates "20 Years of Vibrant Gujarat as the Summit of Success".
• Participation of 35 partner countries and 14 partner organizations.
3. • Chief Guest: UAE President Mohamed Bin Zayed.
• MoUs signed for 41,299 projects worth Rs 26.33 lakh crore.
• With this, Gujarat has secured MoUs for investments surpassing Rs 45 lakh
crore in the last 2 summits.
• Mukhyamantri Gram Sadak Yojana in Gujarat will receive a $500 million loan
from the New Development Bank (NDB).

• Venue: Tezpur, Assam.

• Organizing Body: Bathou Mahasabha.
• The focus was on the Bathou religion of the Bodo community and its
integration into the lifestyle of the community.
13th Triennial Bathou
4. Additional Information:
Mahasabha Conference
• The Assam government has declared the 2nd Tuesday of the month of Magh
as a holiday for Bathou Puja.
• Bodo language was accorded the status of associate official language of
Assam.

• Venue: Indian Institute of Technology (IIT) Hyderabad.

• Organised by: Ministry of Education.
• Objective: To promote Viksit Bharat (Developed India) by 2047, focusing
5. 2nd edition of IInvenTiv
on research, innovation, and entrepreneurship.
• Goal: To establish India as a global innovation leader, guided by the motto
'Jai Vigyan, Jai Anusandhan' (Hail Science, Hail Research).

• Location: Goa, India

National Consultative • Organized By: Indian Institute of Public Administration (IIPA) and Union
Workshop on ‘Status of Ministry of Panchayati Raj.
6.
Devolution of Powers to • Objective: To advance the process of Devolution to Panchayats.
Panchayats’ • Devolution Index: Idea was suggested to assess the progress and
effectiveness of power devolution to Panchayats.

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 • 6 dimensions of devolution were explored: Framework, Functions,
Finances, Functionaries, Capacity building, and Accountability.

• Venue: Hyderabad.
• Partner States: Telangana, Maharashtra, Gujarat, Andhra Pradesh, Madhya
Pradesh, Haryana, Karnataka, Odisha, and Tamil Nadu.
• Key Displays: Air India’s A 350 (the first aircraft of its kind in India) and
Display of Boeing 777 X (first time in India).
7. Wings India 2024
• Airbus Initiatives: Delivers on ‘Skill India’ with a joint venture with Air India
to launch a pilot training centre and partnership with GMR company to train
maintenance crew.
• The biennial aviation event aims to bring together business leaders
and policymakers to showcase India’s strengths in the aviation space.

• Organized by: National Telecommunications Institute for Policy Research,

Workshop on “5G Use Case
8. Labs: Awareness and Pre-
Commissioning Readiness”
Innovation and Training (NTIPRIT), Department of Telecommunications
(DoT), Ghaziabad.
• Venue: IIT Roorkee
• Aim: generating awareness about 5G technology use cases and the 5G Use
Case Lab
Additional Information:
• 5G Use Case Lab being set up in IIT Roorkee with funding from DoT.
• The Prime Minister of India has awarded setting up of 100 5G Labs across
India during the 2023 India Mobile Congress.

MOUs AND AGREEMENTS

S.No Signing Entities Key Facts

• Purpose of the MoU:

Khadi and Village Industries
1. Commission (KVIC)
And Quality Council of India (QCI)
o To enhance the quality of Khadi products, empower artisans, and
introduce a 'Made in India' label for Khadi, significantly boosting
the industry.
• QCI will assist KVIC through various interventions, including third-
party assessment frameworks and capacity-building for artisans.
• MoU was signed at Kochrab Ashram, Ahmedabad.
o It was Mahatma Gandhi’s first ashram after returning from
South Africa in 1915.

Power Finance Corporation Ltd. • Purpose of the MoU:

(PFC) o To provide comprehensive financial backing of Rs. 25,000 Crore
2. for Gujarat's power infrastructure projects.
And Government of Gujarat (GoG)
• Aim: To create around 10,000 employment opportunities in the state.

• Purpose of the MoU:

o To extend loans up to ₹35,000 crore to finance multi-modal
3.
infrastructure projects executed by RVNL over the next five
years.

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 REC Limited (Rural Electrification
Corporation Limited)
And Rail Vikas Nigam Limited
(RVNL)
National Highways Authority of
India (NHAI)
4. And National Remote Sensing
Centre (NRSC
REC Power Development and
5.
Consultancy Limited (RECPDCL)
and Government of Gujarat
Government of India
And Republic of Guyana
6.
Coal India Limited (CIL)
7. And Educational Consultants India
Limited (EdCIL)
Additional Information:
• REC Limited is a Maharatna CPSE established in 1969 under the
Ministry of Power, specializing in long-term financial solutions for the
power and non-power infrastructure sectors.
• RVNL, classified as a "Schedule 'A' Navratna" CPSE under the
Ministry of Railways.
• Purpose of the MoU:
o To develop and report a "Green Cover Index" for the extensive
network of National Highways in India over a period of three
years, aligning with the Green Highways Policy initiated in 2015.
• The findings of the index will facilitate comparison and ranking of
various National Highways for timely and periodic intervention.
• Green cover would be estimated for every 1 km length of the National
Highways.
• Purpose of the MoU:
o To implement the Smart Metering project in Paschim Gujarat
Vij Company Ltd. (PGVCL) as part of Phase 1 of the Revamped
Distribution Sector Scheme (RDSS).
Miscellaneous Information:
• REC Limited is the parent company of RECPDCL.
• Purpose of the MoU:
o To foster cooperation in
the hydrocarbon sector
between India and Guyana.
o To cooperate in clean
energy, biofuels, and
renewables such as solar
energy.
• It offers opportunities for
Indian companies to
participate in the
Exploration and Production
(E&P) sector of Guyana.
• Time Period: 5 years with automatic renewal, unless terminated.
• Purpose of the MoU:
o To incorporate Information and Communication Technology
(ICT) in education to uplift the standard in the 11 coal mining
districts of Jharkhand within a period of three years.
Additional Information:
• EdCIL (India) Ltd is known for its consultancy and project
management expertise.
• CIL accounts for over 80% of India's domestic coal output.
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Indian Railways (IR)
And Confederation of Indian
8.
Industry (CII)
Indian Space Research
Organization (ISRO)
9.
And Mauritius Research and
Innovation Council (MRIC)
10. India and Pakistan
11. India and Tanzania
Indian Defense Minister Visited
United Kingdom (UK)
12.
NTPC Green Energy Ltd. (NGEL)
Gujarat Pipavav Port Ltd. (GPPL)
13.
• Purpose of the MoU:
o To help Indian Railways in reducing energy and water
consumption.
• This is the third consecutive MoU between IR and CII, initially started
in July 2016, with the aim to support Indian Railways in achieving its
"Net Zero Carbon Emission" target by 2030.
• Purpose of the MoU:
o Establishment of a cooperation framework for small satellite
development and use of MRIC’s Ground Station.
o Project will be funded by the Government of India.
• Historical Context:
o ISRO established a ground station in Mauritius in 1986.
o The current cooperation is governed by an agreement signed in
2009, superseding the 1986 agreement.
• Why in News: India and Pakistan conduct annual mandatory exchange
of list of nuclear installations on January 1.
• 1988 Agreement: Prohibiting attacks on each other's nuclear facilities.
• Agreement came into force in 1991.
• This year's exchange is the 33rd consecutive one, with the first
exchange having occurred on January 1, 1992.
• Purpose of the MoU:
o To deepen defense cooperation between India and Tanzania
o To enhance India's strategic presence in the western part of the
Indian Ocean.
• The two sides held a first ever India-Tanzania Joint Exclusive
Economic Zone (EEZ) surveillance exercise in July, 2023.
• Memorandum of
Understanding (MoU) was
signed on a bilateral
international cadet
exchange program.
• Letter of Arrangement was
signed for collaboration in
research and development
(R&D) between India's Defence Research and Development
Organisation (DRDO) and UK's Defence Science and Technology
Laboratory (DSTL).
• UK will send its Royal Navy’s Littoral Response Group task force
and Carrier Strike Group to the Indian Ocean region in 2024 and 2025
for joint training with the Indian Navy.
• Purpose of the MoU:
o Development of a green hydrogen and production of Green
Ammonia for both export and domestic markets.
• Exploration of developing Pipavav Port as an anchor port for
offshore wind farms in Gujarat.
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India Post Payments Bank (IPPB)
14.
And Hindustan Zinc Limited (HZL)
India and United Arab Emirates
(UAE)
15.
India and the Czech Republic
16.
17.
NTPC Green Energy Ltd. (NGEL)
Gujarat State Petroleum
18.
Corporation Ltd. (GSPC)
NLC India Ltd and BHEL (Bharat
Heavy Electricals Limited)
19.
India and Argentina
20.
• Purpose of the MoU: To provide financial inclusion services to
Corporate Social Responsibility (CSR) beneficiaries and foster
economic growth in rural Rajasthan.
• Target Beneficiaries: Over 3.5 lakh individuals, including SHG (self
Help Group) women, farmers, and youth.
About India Post Payments Bank:
• Established in 2018 under the Department of Posts, Ministry of
Communication.
• Purpose of the MoU:
o Investment cooperation in healthcare, development of food
parks, and renewable energy.
DP World and the Gujarat government signed an MoU for green port
development in Gujarat.
Additional Information:
• India and UAE have signed Comprehensive Economic Partnership
Agreement (CEPA) in 2022.
• Purpose of the MoU:
o Focus on startup and innovation, cybersecurity, digital
domains, artificial intelligence, defense, nuclear energy, and
circular economy.
Decided to elevate relations in innovative sectors to a Strategic
Partnership level.
Additional Information:
• Indian Space Research Organisation (ISRO) had successfully launched
the Czech nanosatellite, VZLUSAT-1, in 2017.
• Purpose of the MoU:
o Blending of Green Hydrogen in GSPC’s gas networks.
Setting up Green Hydrogen fuelling stations in Gujarat.
• Purpose: To set up a Pit Head Green Field Thermal Power Plant
(TPP) of 2,400 MW (3 x 800 MW) capacity in Jharsuguda District,
Odisha.
• Entire power is allocated to Tamil Nadu, Odisha, Kerala, and
Puducherry, with power purchase agreements (PPAs).
• NLC India Ltd is a Navratna Company under Ministry of Coal.
• Entities Involved in the MoU:
o Indian Entity: Khanij Bidesh India Limited (KABIL).
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GAIL (India) Ltd.
21. And Vitol Asia Pte Ltd
Odisha Government and National
Dairy Development Board
22.
Indian Coast Guard and Steel
Authority of India Ltd (SAIL)
23.
Google India Digital Services and
National Payments Corporation of
India (NPCI)
24.
o Argentinian
Entity: Catamarca
Minera y
Energética
Sociedad del Estado
(CAMYEN SE).
• Purpose: First-ever
such project by an
Indian government
company, focussing on
lithium exploration and mining in Argentina.
• Purpose: To secure approximately 1 million metric tonnes of liquefied
natural gas (LNG) annually for 10 years, starting in 2026.
• First in a series of deals by GAIL to diversify its LNG imports beyond
Qatar, to avoid supply disruptions.
• Vitol is a Switzerland-based, Dutch multinational energy.
• GAIL: 70% market share in gas transmission and over 50% in gas
trading in India.
• Purpose: To establish a production facility for Anthrax and
Enterotoxaemia (ENT) vaccines in Ganjam district, Odisha.
• NDDB will provide consultancy and supervisory services for setting
up the Good Manufacturing Practice (GMP) unit.
• New GMP unit will comply with WHO (World Health Organisation)
norms and the Drugs and Cosmetics Act 1940 of India.
Additional Information:
• Anthrax is an infectious bacterial disease that affects animals,
especially cattle and sheep.
• ENT vaccine is used to treat kidney disease in sheep and goats.
• Purpose: To enhance Indigenous Content (IC) in shipbuilding
through the supply of indigenous marine grade steel.
SAIL will facilitate the supply of indigenous steel to Indian shipyards
for Indian Coast Guard ships.
• Purpose: To expand the global footprint of the Unified Payments
Interface (UPI).
• NPCI International, international arm of NPCI, is working to deploy UPI
and RuPay outside India.
Additional Information:
• India’s UPI has been expanded in Singapore, France, Sri Lanka, and
UAE.
• NPCI has enabled transactions from mobile numbers of 10
countries, including Singapore, Australia, Canada, Hong Kong, Oman,
Qatar, USA, Saudi Arabia, UAE, and the UK.
• PhonePe launched support for UPI transactions in UAE, Singapore,
Mauritius, Nepal, and Bhutan with local QR codes.
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 India and Netherlands, Dominican • Entities Involved:
Republic and Ecuador o Central Drugs Standard Control Organization (CDSCO), Ministry
of Health and Family Welfare, Government of India.
25.
o Respective health regulatory authorities of the 3 countries.
Purpose: To establish frameworks for cooperation in the field of Medical
products Regulation.

India and Kenya • The MoU is focused on sharing successful digital solutions
implemented at a population scale for digital transformation.
26. • MoU Period: 3 years.

India and European Commission • Purpose: To strengthen cooperation in enhancing the

semiconductor ecosystem, including its supply chain and innovation.
• The MoU is under the framework of the EU-India Trade and
27.
Technology Council (TTC).
• MoU will remain effective until the objectives are achieved or until
one side discontinues its participation.

• Purpose: To promote
cooperation in sharing
successful digital
28. India and Cuba solutions (notably
India Stack) for digital
transformation at a
population scale.

REC Limited and National • Purpose: To collaborate on funding solutions for Renewable Energy
Investment and Infrastructure Projects and large-scale infrastructure projects in India.
29. Fund Limited (NIIFL)

• MoU on co-development, co-designing, and co-production of

various defense items.
• MoU also covers the defense aspects of the space sector.
• MoU for Satellite Launches: NewSpace India Ltd (NSIL) and
India and France Arianespace.
30. • Another MoU was signed on Health sector cooperation.
• A 5-year Schengen visa provision announced for Indian students
completing their Masters in France.
• 2026: India-France Year of Innovation.
• India is considering the purchase of 26 Rafale M fighters for the
Indian Navy's first indigenous aircraft carrier, the INS Vikrant.

• Purpose: To welcome 30,000 Indian students to France by 2030.

• Launch of "French for All, French for a Better Future" initiative for
learning French in public schools.
31. • Expansion of the Alliance Française network for French language
India and France learning.
• Creation of international classes for students to join French
universities without necessarily speaking French.

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NTPC Green Energy Limited (NGEL)
and State of Maharashtra
32.
Sony Corporation and Zee
Entertainment Enterprises
33.
Ministry of Defence and Mazagon
Dock Shipbuilders (MDL)
34.
Karnataka Government and
Various Global Firms
35.
Madhya Pradesh (MP)
Rajasthan
Ministry of Jal Shakti
36.
Foxconn and HCL Group
37.
• In 2018, France launched "Campus France" program to provide
information and support to Indian students interested in studying
in France.
• Purpose: Development of Green Hydrogen and derivatives (Green
Ammonia, Green Methanol) up to 1-million-ton capacity per annum
in Maharashtra.
o Implementation of Pumped Storage Projects of 2 GW.
o Development of renewable energy projects with or without
storage up to 5 GW.
• MoU Period: 5 Years.
• NTPC’s Renewable Energy Goal: Building renewable energy capacity
of 60 GW by 2032.
• Sony terminated the merger plans.
• According to Sony's termination notice, Zee failed to meet certain
financial thresholds.
• Purpose: Acquisition of 14 Fast Patrol Vessels (FPVs) for the Indian
Coast Guard (ICG) to enhance maritime security.
• Indigenously designed, developed, and manufactured under the Buy
(Indian-IDDM) category.
• Purpose: 8 MoUs To bring ₹23,000 crore of investment into
Karnataka.
• Signed at World Economic Forum Annual Meet 2024 at Davos,
Switzerland.
• Notable agreements include:
o Web Werks: ₹20,000 crore investment for a hyper-scale data
center.
• Microsoft: Commitment to digital skilling interventions.
• Purpose: Focus on the implementation of the Modified Parbati-
Kalisindh-Chambal-ERCP (PKC-ERCP) Link Project, integrating the
original PKC with the Eastern Rajasthan Canal Project (ERCP) of
Rajasthan.
• Part of National Perspective Plan for the interlinking of rivers (ILR)
program aimed at optimal and economic utilization of the Chambal
basin's water resources.
• Aim: To address water deficit in 13 districts in eastern Rajasthan and
parts of Madhya Pradesh.
• Purpose: Non-binding Agreement to establish semiconductor
assembly and testing unit in India.
• Foxconn will have a 40% stake in the joint venture.
• Operational Model: "build-operate-localize" (BOL) model.
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Indian Army and Ministry of
Electronics and Information
38. Technology (MeitY)
• Purpose: To integrate advanced technology into the Indian Army's
operational framework, focusing on indigenous 5G solutions, AI-
driven tools, cybersecurity measures, and digital infrastructure
enhancements.
• Notable projects:
o Software for reading the Enemy’s Electronic Order of Battle
(ORBAT)
o Situational Awareness Module for the Army (SAMA)
• Integration of Army with Security Operations Centre 2.0, a top
command facility focusing on cybersecurity

Maharashtra Government and
Various Investors
39.
• Purpose: To secure investments for the state of Maharashtra with
the ambitious target of becoming a USD 1 trillion economy.
• Investment Details: Signed MoUs worth Rs 3.53 lakh crore (USD 44
billion).
• Signed at World Economic Forum Annual Meet 2024 at Davos,
Switzerland.

India and Oman • Purpose: To promote cooperation in the field of Information

40. Technology.
• Duration: 3 years.

• Entities Involved:
o Council of Scientific & Industrial Research - Human Resource
Development Centre (CSIR-HRDC), Ghaziabad.
CSIR-HRDC and Four Sector Skill o 4 Sector Skill Councils
41. Councils • Purpose: To strengthen the skill ecosystem in the country.
• MoUs are linked to the “CSIR Integrated Skill Initiative” launched in
2016, aimed at equipping young minds with necessary
technological skills through exposure to CSIR laboratories.

India and the Dominican Republic • Purpose: To establish a Joint Economic and Trade Committee
(JETCO) aimed at strengthening economic ties and facilitating trade and
42. industry.
• Bilateral trade in 2022-23: USD 690 million, with the trade balance
favoring the Dominican Republic.

Google Pay and NPCI International • Purpose: To expand the Unified Payments Interface (UPI) to
Payments countries beyond India.
43. • NPCI International, as the international arm of National Payments
Corporation of India (NPCI), focuses on deploying UPI and the RuPay
card payments system outside India.

Armed Forces Medical Services • Purpose: To collaborate in areas of combined research and
(AFMS) and AIIMS, New Delhi academic activities and a faculty exchange program between AFMS
44. and All India Institute of Medical Sciences (AIIMS).

• Objective: To focus on supporting renewable energy projects in

India through co-lending and loan syndication.
IREDA and Indian Overseas Bank
45.

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 About IREDA:

• Indian Renewable Energy Development Agency Ltd. (IREDA), a

state-owned non-banking financial institution, under Ministry
of New and Renewable Energy, plays a crucial role in promoting,
developing, and extending financial assistance for projects
related to new and renewable energy sources.

• Entities Involved:
o Urban Youth Unit at National Institute of Urban Affairs (NIUA)
o YuWaah – UNICEF (United Nations Children's Fund)
• Purpose: To empower young people for active participation in
urban governance and civic participation.
• Over the next 3 years, organizations will co-create and implement
46. UNICEF's YuWaah and NIUA scalable youth-driven solutions to address the challenges faced by cities.
• Implementation of UNICEF’s U-Report chatbot to capture real-time
data from young people on ‘cities for youth’ to support action research
outcomes and co-create solutions.
• Launch of ‘My Dream City’ publication, a compilation of visionary
ideas from young people.

• Entities Involved in the MoU:

o ACME Group: A Gurgaon-based company.
o IHI Corporation: A Japanese integrated heavy industry company.
• Purpose: To formalize the supply of 0.4 million metric tons per
ACME Group and IHI Corporation annum (MMTPA) of green ammonia from ACME Group's Gopalpur
project in Odisha to IHI Corporation on a long-term basis.
47. • The pact aims to compete with blue ammonia supplies.

Additional Information:

• Blue ammonia is made from nitrogen and “blue” hydrogen derived

from natural gas feedstocks, with the carbon dioxide by-product
from hydrogen production captured and stored.
• Green ammonia is produced using renewable energy sources.

India and Oman • Purpose: To enhance bilateral defence engagements, focusing on the
procurement of Defence Material and Equipment.
• MoU is part of India-Oman Joint Vision Document entitled ‘A
48.
Partnership for the Future’, adopted in December 2023.
• Announced at 12th Joint Military Cooperation Committee (JMCC)
meeting, held in Oman.

• Entities Involved in the MoU:

South Eastern Coalfields Ltd (SECL)
and HLL Lifecare Ltd
49.
o SECL: A Chhattisgarh-based Coal India subsidiary.
o HLL Lifecare Ltd: A Public Sector Undertaking (PSU) under the
Ministry of Health & Family Welfare.
• Purpose: To set up AMRIT (Affordable Medicines and Reliable
Implants for Treatment) Pharmacy stores in SECL hospitals.
• AMRIT Scheme:
o Launched in 2015 by the Ministry of Health and Family Welfare.
o Aims to provide medicines for various diseases at highly
subsidized rates to the public.
• This marks SECL as the first coal company to introduce AMRIT
Pharmacies.

27 | P a g e
 • Entities Involved in the MoU:
o National Highways Authority of India (NHAI): Seeks to develop a
NHAI and Geological Survey of
50. robust National Highways network.
India
• Geological Survey of India (GSI): To provide geotechnical consultancy
services to NHAI.

BANKING AND FINANCE

S.No Program / Initiative Key Facts

Stock Reshuffle • Done By: Association of Mutual Funds in India (AMFI)

• Jio Financial: Upgraded to the large-cap segment.
• Tata Tech, JSW Infra and IREDA: Mid-cap segment.
• Large-cap threshold: ₹67,000 crore.
• Mid-cap cut-off: ₹22,000 crore.

1. About AMFI:

• Established on: August 22, 1995, as a non-profit organization.

• Aim: To develop the Indian Mutual Fund Industry on professional, healthy, and
ethical lines.
• All 42 Asset Management Companies registered with SEBI are members of
AMFI.

India's First Credit Pass • Launched/Developed By: Bajaj Finserv.

• Objective: For real-time credit health monitoring of users in India.
• Features:
o Integrated with CIBIL (Credit Information Bureau (India) Limited),
2.
India's largest credit bureau.
o Offers users a unique 12-digit number to each user.

• Reasons for Penalties: Various lapses including

o Non-compliance with Reserve Bank of India (RBI) directions on loans and
Monetary Penalties Imposed
advances to directors
by RBI on Co-operative
3. o Placement of deposits with other banks
Banks
o KYC directions, and interest rate norms
• Exercise of Powers: Penalties were imposed under provisions of the Banking
Regulation Act, 1949.

• Life Insurance Corporation of India (LIC) plans to acquire up to 10 percent

equity stake in a company promoted by the National Housing Bank (NHB).
LIC's Equity Stake
Acquisition in NHB • Company will focus on residential mortgage-backed securities (RMBS).
Promoted RMBS Entity About RMBS:
4.
• RMBS are debt-based assets backed by interest paid on residential loans.
• These securities are secured against a large pool of residential mortgages.
o Investors receive interest and principal payments from the pooled
mortgages monthly.

28 | P a g e
 LIC Surpasses SBI in Market • LIC: 9th most valued companies in India,
5. with SBI at the tenth.
Capitalization

• Why in News: Merger has been approved by Competition Commission of

India (CCI).
6. Merger between Fincare
Small Finance Bank and AU • Surviving entity post-merger: AU Small Finance Bank Limited (AU).
Small Finance Bank Objective: To consolidate the operations and services of both entities.

Money2India Canada App • Launched by: ICICI Bank Canada.

• Allows instant money transfer from any bank in Canada to any bank in India
7. without the need to open an account with ICICI Bank Canada.
• Transaction Limit: CAD (Canadian Dollars) 30,000 in a single transaction.

Collaboration between DBS
Bank India and StartupTN
8.
• Objective: To focus on supporting early-stage startups in Tier II and III
towns, aiming to foster entrepreneurship across Tamil Nadu.
• StartupTN is the nodal agency of the Tamil Nadu government with the goal
to encourage the creation of more than 10,000 new startups by 2026.
• DBS Bank India will provide a host of value-added services through its
network of accelerators, incubators, and ecosystem enablers.

AIIB Investment in • Asian Infrastructure Investment Bank (AIIB) has invested INR 4.86 billion in
Sustainable Energy Infra SEIT, to support renewable energy infrastructure in India.
Trust (SEIT) • This marks AIIB’s 2nd investment in Infrastructure Investment Trusts
(InvITs) in India, following an investment in Oriental Structural Engineers
9. InvIT aimed at financing roads and highways.
SEIT Overview:
• India's largest renewable energy Infrastructure Investment Trust.
• Co-sponsored by Mahindra Susten Private Limited.
• Launched by: IndusInd Bank and National Payments Corporation of India
(NPCI)
10. IndusInd Bank Samman • Objective: To provide a seamless and rewarding experience for government
RuPay Credit Card employees.
Innovative Aspect: Combines RuPay credit card functionalities with UPI.
• Zomato Payment Pvt Ltd (ZPPL) has been granted approval by the Reserve
Zomato's Approval as Online
Bank of India (RBI) to operate as an 'Online Payment Aggregator' in India.
Payment Aggregator
• Payment aggregators are third-party service providers that facilitate
11.
merchants to accept payments from customers by integrating these services
into their websites or applications.
• Zomato joins other players such as Razorpay, Tata Pay, and Cashfree.

IndusInd Bank Samman
12. RuPay Credit Card
Exercise to prepare ‘Vision
13.
2049’ document
• Launched by: IndusInd Bank with the National Payments Corporation of India
(NPCI).
• The product has been launched exclusively for government employees.
• It is equipped with Unified Payments Interface (UPI) functionality.
• To be developed by: Strategy Perspective Planning and Monitoring
Committee of Institute of Chartered Accountants of India (ICAI), in partnership
with IIM Ahmedabad.
• Purpose: to position itself as a globally recognised leader in the accounting
profession.

29 | P a g e
 • Aim: to empower chartered accountants as catalysts for economic progress,
fostering a dynamic environment that seamlessly integrates with India’s
overarching objectives.

About ICAI/ CA Institute

• It is the world’s largest accounting body.
• ICAI will celebrate its 100th year of existence in the year 2049.
• Establishment: 1949; Headquarters: New Delhi
• Established under: Chartered Accountants Act, 1949
• Ministry: Ministry of Corporate Affairs

DEFENCE EXERCISES/ INITIATIVES/ TECHNOLOGY

S.No Exercise/ Technology Key Facts

• Venue: in Mahajan, Thar Desert, Rajasthan.

• Participants: India and the United Arab Emirates (UAE)
o UAE contingent represented by troops from Zayed First Brigade. The
Desert Cyclone 2024 Indian Army contingent represented mainly by a Battalion from the
Mechanized Infantry Regiment.
• Aim: To enhance interoperability in Sub-conventional Operations including
Fighting in Built-Up Area (FIBUA) in desert/ semi desert terrain under
Chapter VII of the United Nations Charter on Peace Keeping Operations.
1. The Exercise will enhance cooperation and interoperability during Peace
Keeping Operations.
• This is the inaugural edition of this joint military exercise.

Additional Information:

• India-UAE Joint Air Forces exercise: Desert Eagle Exercise-II, at Al-Dhafra

base in Abu Dhabi.
• Bilateral Naval exercise: ‘Zayed Talwar’.
• India and the UAE established diplomatic relations in 1972.

• India's first indigenously manufactured UAV, also known as Elbit Hermes

900.
• Developed by: Adani Defence
Drishti 10 Starliner
and Aerospace for the Indian
Unmanned Aerial Vehicle
Navy.
(UAV)
o Produced in partnership
with Israel's Elbit
2. Systems, with 70%
indigenization
• About UAV:
o Based on the Elbits Hermes 900 MALE (Medium Altitude Long Range)
platform.
Only all-weather military platform with NATO's (North Atlantic Treaty
Organization) STANAG 4671 certification.

• Successful flight-test of the New Generation AKASH (AKASH-NG) Surface to

Successful Flight-Test of Air Missile (SAM) at the Integrated Test Range (ITR), Chandipur, off the
3. coast of Odisha.
Akash-NG Missile
• Indigenously designed and developed by: Defence Research and
Development Organisation (DRDO).

30 | P a g e
 • The AKASH-NG system is designed to intercept high-speed, agile aerial
threats.
• Range: 80 km.

• Decommissioned in: January, 2024 after 40 years of service.

Indian Navy Ships Cheetah,
4.
Guldar, and Kumbhir
• Final Base: Andaman and Nicobar Command.
• Builder: Gdynia Shipyard, Poland.
• Class: Polnocny class Landing Ships.
o Commissioning Years: 1984 (Cheetah), 1985 (Guldar), and 1986
(Kumbhir).

• Maiden Indian Navy – Royal Thai Navy Bilateral Exercise.

5. Ex-Ayutthaya o Along with this, 36th edition of Indo-Thai Coordinated Patrol (Indo-
Thai CORPAT) was also held in December, 2023.

• 'Ugram' is an indigenous assault rifle developed in collaboration between

DRDO’s ARDE (Defence Research and Development Organisation -
Launch of 'Ugram' Assault Armament Research and Development Establishment) and a private firm.
6.
Rifle • Designed to meet the operational requirements of the Indian armed
forces, paramilitary forces, and state police forces.

• Venue: Guam, a US island territory in the Western Pacific.

• Participating Countries: Navies of United States, Australia, South Korea,
7. Exercise Sea Dragon-24 Japan, and India.
• Focus on enhancing Anti-Submarine Warfare (ASW) capabilities.
o This was the 4th edition of this exercise organized by US Navy.
• Venue: Bakloh, Himachal Pradesh.
• Participating Countries: India and Kyrgyzstan.
11th edition of Exercise
8. • Conducted annually and alternately in both countries.
KHANJAR
o Aim: To exchange experiences and best practices in Counter
Terrorism and Special Forces Operations.
• Venue: Anshas, Egypt.
• Participating Countries: India and Egypt.
2nd edition of Exercise • First edition: Conducted in 2023 in India.
9.
CYCLONE o Aims to acquaint both sides with each other's operating procedures
in the backdrop of Special Operations in desert/semi-desert terrain
under Chapter VII of the United Nations Charter.
• Why in News: Inaugural edition of the India-Saudi Arabia Joint Military
Exercise.
10. 'SADA TANSEEQ' • Venue: Mahajan, Rajasthan.
• Aim: To train troops from both sides for Joint Operations in semi-desert
terrain under Chapter VII of the United Nations Charter.
• INS Sumitra conducted two successful anti-piracy operations off the East
Coast of Somalia, rescuing members from two hijacked fishing vessels, FV
Anti-Piracy Operations by INS Iman and FV Al Naeemi.
11.
Sumitra • INS Sumitra is an indigenous Offshore Patrol Vessel of the Indian Navy,
deployed for Anti-Piracy and Maritime Security Operations in East of
Somalia and Gulf of Aden.
• Code-named as: Sahyog Kaijin.
Joint Defense Exercise • Venue: Bay of Bengal.
12. between India and Japan • MoU for cooperation in this regard was signed in 2006.
Coast Guards • Focus on pollution response training, firefighting, search and rescue, and
maritime law enforcement activities.

31 | P a g e
 • Venue: Arabian Sea.
• Participating Countries: Indian Air Force (IAF), French Air and Space Force
13. Exercise Desert Knight (FASF), and United Arab Emirates (UAE) Air Force.
• Focus on enhancing synergy and interoperability between the three air
forces.
• Name: SAMBHAV (Secure Army Mobile Bharat Version)
• It is an "end-to-end secure mobile ecosystem" to provide secure
communication.
SAMBHAV Initiative by the
14. • 35,000 5G-Ready Handsets to be deployed in 2 phases by May, 2024.
Indian Army
• Cyber Defence Triad: Encompassing people, process, and technology to
address the challenges and opportunities presented by the proliferation of
networks and IT infrastructure.
• Why in News: Flagging off of Astra Missiles for supply to the Indian Air
Force (IAF).
• About Astra Missile:
o Indigenously developed beyond visual range (BVR) air-to-air
15. Astra Missile
missile.
o Developed by Defence Research and Development Organisation (DRDO)
and manufactured by Bharat Dynamics Limited (BDL) for the IAF.
• Range: Over 100 kilometers.
• Venue: Across Pir Panjal Mountain ranges in Union Territory of Jammu and
Kashmir.
• Launched by: Indian Army and supported by other security forces.
16. Operation Sarvashakti
• Objective: A large-scale anti-terror operation.
• Operation is modeled after Operation Sarpvinash, launched in 2003 to
eliminate terrorists from the same region.

SCIENCE & TECHNOLOGY

S.No Technology in News Key Facts

• Launched / developed by: Indian Space Research Organisation (ISRO)

• Milestone Achievement: Successfully positioned India’s maiden solar mission,
Aditya-L1, at Lagrange Point 1 (L1) for an unobstructed view of the Sun.
Aditya-L1 Mission
• Launch Details: Launched from Sriharikota's Satish Dhawan Space Centre
using PSLV-C57.
• Mission Lifetime: 5 years.
1.
• Journey Details: Reached in 125 days.

Did You Know?

• Lagrangian Point 1 (L1): A stable point in space offering a constant view of the
Sun, where gravitational forces between the Earth and the Sun reach
equilibrium.

• WordPad will not be installed on clean installs of Windows 11 starting

from the current build.
• Microsoft classifies WordPad as a 'deprecated
Discontinuation of WordPad
2. Windows feature,' meaning it's no longer in active
by Microsoft
development.
• WordPad has been a part of every Windows
operating system since 1995.

32 | P a g e
 Polar Bear Death Due to Bird
Flu in Alaska • First reported case of a polar bear dying due to bird flu (H5N1) in Alaska
(USA).
• Polar Bears' Status: 'Vulnerable' on the International Union for Conservation
3. of Nature (IUCN) Red List.
• H5N1 Virus Outbreak:
o The current outbreak began in 2021 and spread to Antarctica.
o Spreads primarily through wild aquatic birds but also threatens
domestic poultry and other bird species.

• Launched By:
o NewSpace India Ltd (NSIL), the commercial arm of the Indian Space
Research Organisation (ISRO), in partnership with SpaceX.
• Purpose of the Initiative:
o To launch the communication satellite GSAT-20 (renamed as GSAT-
N2) on SpaceX’s Falcon-9 rocket (For the 1st time).
4. Launch of GSAT-20 Satellite Additional Information:

• NSIL is mandated to build, launch, own, and operate satellites in a 'demand-

driven mode'.
o Presently, NSIL owns and operates 11 communication satellites in
orbit.
• Falcon 9 is the world’s first orbital class reusable rocket.

• Launched/Developed By:
First Set of Starlink Satellites o SpaceX in collaboration with T-Mobile US and other global wireless
5. with Direct-to-Cell providers.
Capabilities • Purpose of the Initiative:
o To launch satellites capable of beaming phone signals directly to
smartphones from space.
NASA's Juno Spacecraft • Why in News: Spacecraft made the closest flyby of Jupiter’s moon Io in over 20
years on December 30.
• Launched/Developed By: NASA (National Aeronautics and Space
Administration) in 2011.
• Mission Life: September 2025, or until the spacecraft’s end of life.
6.
• Purpose of the Initiative:
o To conduct a detailed study of Jupiter’s moon Io.
• Mission has also performed close flybys of Jupiter's icy moons Ganymede
and Europa.
• The Juno mission is part of NASA’s New Frontiers Program.

• Launched / developed by: Indian Space Research Organisation (ISRO)

XPoSat (X-ray Polarimeter
Satellite) Mission
7.
• Launch Date: January 1, 2024 (First Mission of ISRO in 2024)
• Objective: It is India’s maiden mission dedicated to analyzing the polarization
of X-rays from celestial sources in medium frequency band.
• Launch Vehicle: PSLV-C58 rocket, marking its 60th mission.
• Launch Site: Satish Dhawan Space Centre, Sriharikota, Andhra Pradesh.
• Orbit and Duration: It was placed in circular orbit of 650 km with an
estimated mission life of about 5 years.
• Payloads: 2 payload - Indian X-ray Polarimeter (POLIX) and X-ray Spectroscopy
and Timing (XSPECT), built by Raman Research Institute and UR Rao
Satellite Centre, Bengaluru.

33 | P a g e
 o POLIX is the world’s first instrument designed for the medium X-
ray band, and XSPECT is designed for fast timing and high
spectroscopic resolution in a soft X-ray energy band.
• Significance:
o It's the world's 2nd satellite-based mission dedicated to make X-ray
polarimetry measurements and will observe polarized X-rays from
sources like magnetars or neutron stars.
o XPoSat complements NASA's IXPE by offering an expanded
observational energy band (8 to 30 keV).
• By studying polarized X-rays from various celestial sources, aiding in
unraveling some of unknown mysteries of Universe.

AI Odyssey
• Launched/developed by: Microsoft
8. • Aim/Objective: Month-long program to train 100,000 developers in India in
AI technologies and tools.

• Asteroid Details: First spotted in 2007, later lost track of and declared a “lost
Asteroid 2007 FT3
asteroid.”
• Initial Concerns: A November 2023 report suggested a possibility of collision
with Earth in 2024.
9.
• National Aeronautics and Space Administration (NASA) has now refuted
claims of the asteroid's potential impact on Earth in 2024.
• Distance for Close Approaches: Defined as within 30 million miles of Earth's
orbit.

• Why in News: First American

commercial lunar lander mission
suffered a propulsion system failure,
Peregrine Mission One
soon after the launch.
• Launched by: National Aeronautics and
Space Administration (NASA) and
10. Astrobotic, on a rocket named as
Vulcan Centaur (developed by United
Launch Alliance).
• Launched on: 8 January, 2024, from
Florida.
• Purpose: To deliver payloads to the Moon's surface or orbit as part of NASA's
Artemis program.

• Name of the initiative/programme: Maiden Antarctic Expedition

Collaboration under the Colombo Security Conclave (CSC).
• Organized by: National Centre for Polar and Ocean Research, Goa.
• Participating Countries: Scientists from Mauritius and Bangladesh
• Purpose: To participate in India's 43rd Antarctic expedition and do
collaborative research in various disciplines pertaining to polar science.
Antarctic Expedition
11.
Collaboration Additional Information:

• Previous Collaboration: Scientists from CSC nations embarked onboard

'Sagar Nidhi' for a scientific expedition in the Indian Ocean Region in June
2023.
• Ministry of Earth Sciences’ Fleet: Includes 6 ships – Sagar Nidhi, Sagar
Manjusha, Sagar Kanya, Sagar Sampada, Sagar Tara, and Sagar Anveshika – used
for various ocean studies and applications.

34 | P a g e
 Thirty Meter Telescope
(TMT) Project • Why in News: Indian Delegation Visits Hawaii to Discuss Progress of TMT
project.
• Location: Mauna Kea, Hawaii, USA.
12. • Project Details: TMT is a 30-meter diameter primary mirror optical and
infrared telescope.
India is a Founder-Member Partner of the TMT project since 2014.

• Developed by: NASA (National Aeronautics and Space Administration)

• Mission Postponement: Postponed to September 2026.
• Artemis II Delay: Precursor mission, now scheduled for September 2025.
13. Artemis III Mission
o Aims to test life support systems in a 10-day moon orbit expedition.
• Program's Purpose: NASA's return to manned lunar landing missions since the
last Apollo mission in 1972.

• Conducted by: Indian Space Research Organisation (ISRO).

Polymer Electrolyte • Conducted onboard the orbital platform POEM3, which was part of the PSLV-
14. Membrane Fuel Cell based C58 mission.
Power System (FCPS) Test • Objective: To assess the operation of the Polymer Electrolyte Membrane Fuel
Cell in space and to collect data for designing systems for future space missions.

• Launched by: Japan Aerospace Exploration Agency (JAXA).

• Nicknamed “the Moon Sniper.”
• Launched on a Mitsubishi Heavy H2A rocket in September, 2023.
• Japan became the 5th country to successfully land on the moon.
Smart Lander for
o Others include Russia, USA, China and India.
15. Investigating Moon (SLIM)
• Objective of lander: To analyze the mineral olivine on the lunar surface.
mission
Additional Information:

• Japan’s Hayabusa2 spacecraft, launched in 2014, touched down twice on the

asteroid Ryugu, collecting samples that were returned to Earth in 2020.
Why in News: National Aeronautics and Space Administration (NASA) successfully
re-established communication with the Ingenuity helicopter on Mars after an
unexpected interruption.
About Ingenuity:
NASA's Mars Helicopter
16. • Ingenuity, a small drone-like rotorcraft, landed on Mars in 2021 alongside
Ingenuity
the Perseverance rover.
• It achieved the first autonomous flight by a motorized craft on another
planet.
It has exceeded its original goal of conducting 5 flights over 30 days.

• For the first time, a laser beam was transmitted and reflected between a
NASA (National Aeronautics and Space Administration) Lunar Reconnaissance
ISRO's Vikram Lander on the Orbiter (LRO) and Indian Space Research Organisation (ISRO's) Chandrayaan-
Moon 3's Vikram module (Laser Retroreflector Array Device) on the Moon.
• Objective: To precisely locate targets on the moon’s surface.
• Vikram lander is positioned near Manzinus crater.
17.
LRO’s altimeter, Lunar Orbiter Laser Altimeter (LOLA), is the only laser
instrument orbiting the Moon currently.
About LRO Mission:

• LRO mission was launched in 2009 through United Launch Alliance Atlas V
rocket to focus on lunar science and exploration.

35 | P a g e
 • Why in News: 2 Arogya Maitri Disaster Management Cube-BHISHM mobile
hospitals was deployed in Ayodhya.
• Designed indigenously under Project BHISHM – Bharat Health Initiative for
Sahyog, Hita and Maitri.
BHISHM Cube of Project
18. • Jointly developed by: Ministry of Health, Ministry of Defence and the National
Arogya Maitri
Security Council.
• It is the World's First Portable Hospital.
BHISHM Cube is tailored to treat up to 200 casualties, and can be deployed
within 12 minutes during humanitarian crises.

• Launched by: Iranian Space Organisation.

• Launched into an orbit approximately 750 kilometers (466 miles) above
19. Sorayya Satellite Earth's surface, the highest orbit achieved by Iran.
• Launched using Qaem 100, a three-stage solid-fuel rocket developed by Iran's
elite military Revolutionary Guards.

• Launched by: NASA (National Aeronautics and Space Administration) and

Lockheed Martin Skunk Works.
X-59 Quiet Supersonic • X-59 is designed to fly at 1.4 times the speed of sound, or approximately
20.
Aircraft 1,480 km/h.
• It is part of NASA's Quesst mission, aimed at revolutionizing air travel by
demonstrating the feasibility of quieter supersonic flight over land.

• Refers to North Korea's unmanned nuclear-capable underwater attack

21. Haeil-5-23
drones.

• Launched 3 satellites: Mahda, Kayhan 2, and Hatef.

Iran's Satellite Launch Using
22. • Simorgh (Phoenix) rocket: 2-stage, liquid-fueled rocket designed to place
Simorgh Rocket
satellites into a low Earth orbit.

• Launched by: Japan Aerospace Exploration Agency (JAXA)

SLIM (Smart Lander for
23.
Investigating Moon)
• Why in News: Successfully resumed operations after initially facing issues
with its solar batteries.
• Objective: To test new landing technology for precise moon landings,
targeting a landing zone of just 100 meters compared to the usual 10 kilometers.
• Landing Site: Near Shioli crater.

• A new astronomical satellite, named after Albert Einstein.

• Launched by a Long March-2C rocket.
"Einstein Probe" Satellite • Aim: To reveal more about the violent and little-known aspects of the
24.
Launch by China cosmos through its advanced X-ray detection capabilities.
• Collaboration with the European Space Agency and Max Planck Institute
for Extraterrestrial Physics in Germany.

• Launched by: National Aeronautics and Space Administration, Axiom Space

and SpaceX.
25. Axiom Mission 3 (Ax-3) • Launched on a SpaceX Falcon 9 rocket.
• 3rd private crew mission to the ISS (International Space Station).
• Crew includes Turkey's first astronaut.

• Launched by: Indian Space Research Organisation (ISRO)

Second Generation Distress • Enhanced Capabilities: Advanced version of the original Distress Alert
26.
Alert Transmitter (DAT-SG) Transmitter operational since 2010.
• Objective: To send emergency messages from fishing boats at sea.

36 | P a g e
 • Support System: Sagarmitra Network Management System at INMCC
(Indian Mission Control Centre).

SPORTS

S.No Sports Event and Venue Key Facts

• Winners:
o Men’s Section: Magnus Carlsen (7th Title)
o Women’s Section: Valentina Gunina (1st Title)
World Blitz Chess
• Indian Players:
Championship 2023
o Men’s Section: Arjun Erigaisi (7th Position) and Nihal Sarin (43rd
Position).
1. o Women's section: D. Harika (7th Position).

About the Event:

• Location: Samarkand, Uzbekistan.

• Held in December, 2023.
• Championship occurs annually under the auspices of FIDE (International
Chess Federation) since 2012 except for 2020.

• Winner and Runner Up:

o Overall Champion: Madhya Pradesh.
o Beach Soccer Gold: Lakshadweep.
• About the Event:
2. Beach Games 2024, Diu o Venue: Ghoghla Beach, Diu (Blue flag certified).
o Participants: Aged under 21 years from 28 States/Union Territories.
o Held in: January, 2024.
o Marks the first multi-sports beach games in India.
Vision: Integrating beach sports into India's sporting identity.

• Held in January, 2024, in Tura, Meghalaya.

• Participants took part in the 3 traditional games:
5th Edition of the Meghalaya o Mawpoin (A Khasi traditional game)
3.
Games o Rah Mukhrah (A Jaintia traditional Game)
o Wa'pong Sika (A Garo traditional game)
• First time in history that Meghalaya Games are being held outside Shillong.

• Winner: Karnataka
• Runner Up: Mumbai
• Prakhar Chaturvedi of Karnataka broke Yuvraj Singh's 24-year-old record
by scoring an unbeaten 404 runs in the final.
o Yuvraj Singh's 1999 record of 358 runs for Punjab against Bihar.
o Chaturvedi's 404 is the second-highest individual score in the
Under-19 Cooch Behar tournament after Vijay Zol's 451 for Maharashtra in the 2011-12
4. season.
Trophy
• First player to score 400 in the final of the Cooch Behar Trophy.

About trophy:
• Named after the Maharaja of Cooch Behar.
• Inception in the 1945-46 as school competition until 1986-87, it
transitioned to an under-19 format in the following season (1987-88).

37 | P a g e
 • Winner and Runner Up: Germany won the United Cup title, defeating Poland
5. United Cup 2024 in the final.
• The United Cup in Sydney showcased high-level tennis.

6th Khelo India Youth Games o Inauguration in Chennai, Tamil Nadu.

2023 o Organised by: Ministry of Youth Affairs and Sports.
o Participation in 26 sports disciplines.
o Aimed at promoting grassroots sports development.
o First time being held in South India, across Chennai, Madurai, Trichy, and
6. Coimbatore.
o Silambam, a traditional Tamil Nadu sport, introduced as a demonstration
sport.
o Mascot: Veera Mangai Velu Nachiyar, an Indian queen who waged a war
against British colonial rule.
• Logo incorporates the figure of poet Thiruvalluvar.

7. Indian Premier League (IPL)
Asian Shotgun
8.
Championships 2024
9. Australian Open 2024
4th Edition of Khelo India
10.
Winter Games 2024
o Why in News: Tata Group retained the IPL title rights for the 2024-28
seasons.
o Tata Group replaced Vivo as the title sponsor in 2022 for the 2022-2023
seasons.
o Previous title sponsors include DLF, Pepsi, Vivo, and Dream11.
o Winner and Runner Up in Men’s Trap:
o Gold: Mohammad Eyranvand of Iran.
o Silver: Yuhao Guo from the People's Republic of China.
o Bronze: India’s Lakshay Sheoran (Missed out on a Paris 2024 Olympic
quota).
o India has secured a total of 17 quotas in shooting for the Paris 2024
Olympics.
o Women's trap team event:
o Gold: China.
Silver: India (Manisha Keer, Shreyasi Singh and Bhavya Tripathi)
o Why in News: Rohan Bopanna, with his partner Matthew Ebden, clinched
the men's doubles title, making him the oldest Grand Slam winner at the
age of 43.
o It was his maiden Grand Slam men's doubles title victory.
o Also recently achieved the World No. 1 ranking in ATP men's doubles.
o ATP Tour is a worldwide top-tier tennis tour for men organized by the
Association of Tennis Professionals.
o Headquarters: London, United Kingdom
o Founded in: 1972
o Other Wins: Mixed doubles title at the 2017 French Open with his partner
Gabriela Dabrowski.
o Awarded Padma Shri becoming the oldest first-time World No.1 in men's
doubles in 2024.
Oldest ever female grand slam winner: Serena Williams.
o Mascot: Snow leopard, named ‘Sheen-e She’ or Shan.
o Logo: Features the Indian tricolor and a Dharmachakra on a hilltop in
Chanspa, Leh.
o Ministry: Union Ministry for Youth Affairs & Sports.
17. Hosts: Union Territories of Ladakh (1st time) and Jammu & Kashmir.

38 | P a g e
 o Gold: USA
2022 Beijing Winter Olympic o Silver: Japan
11. Team Figure Skating o Bronze: Russia
Competition 18. Cause of Delay: Disqualification of Kamila Valieva (Russian Player) for
doping.
o Winner: Korean pair (First time), Kang Min Hyuk and Seo Sang Jae
o Runner Up: Indian duo, Satwiksairaj Rankireddy and Chirag Shetty.
o 3rd consecutive defeat in a tournament final for Satwik and Chirag,
following China Masters and the Malaysia Open.
India Open Badminton 2024 o However, they reclaimed the No.1 rank in the world.
12.
Men's Doubles Final o Other Wins at India Open 2024:
o Men’s Singles: Shi Yu Qi
o Women’s Singles: TAI Tzu Ying
o Women’s Doubles: Mayu Matsumoto and Wakana Nagahara
19. Held in New Delhi.
o Given By: FIFA (Fédération internationale de football association)
o Lionel Messi: Best FIFA Men's Player for the 3rd time in 4 years.
o This is his 8th individual award by FIFA.
o Aitana Bonmati: Best FIFA Women's Player
o Pep Guardiola: Best FIFA Men's Coach.
o Sarina Wiegman: Best FIFA Women's Coach for 4th time.
13. The Best FIFA Awards 2023 o Ederson: Best FIFA Men's Goalkeeper
o Mary Earps: 1st two-time winner of Best FIFA Women’s Goalkeeper award.
o FIFA Fair Play Award: Brazil national team.
o FIFA Puskas Award: Guilherme Madruga
o The FIFA Special Award: Marta
20. Best goal scored in women’s football will receive the ‘Marta Award’
starting from 2025.
o Trophies were distributed to the winners at the closing ceremony of KIYG
2023 in Chennai (Tamil Nadu).
o 1st position – Maharashtra (158 medals)
Khelo India Youth Games o 2nd position – Tamil Nadu (98 medals)
14.
(KIYG) 2023 o 3rd position – Haryana (103 medals)
21. Note: Tamil Nadu stands at 2nd place as it
won more gold medals.

AWARDS

S.No Award/Milestone Key Facts

Rashtriya Khel • Given By: Ministry of Youth Affairs & Sports.

1. Protsahan Puruskar • Given To:
2023 o Jain Deemed to be University, Bengaluru, for "Identification and nurturing of
budding/young talent."

39 | P a g e
 o Odisha Mining Corporate Limited for "Encouragement to sports through
Corporate Social Responsibility."

About the Award:

• It is awarded to corporate entities, Sports Control Boards, NGOs, and sports

bodies at the State and National level for their role in sports promotion and
development.
• Part of the 6 core awards constituting India’s National Sports Awards:
o Major Dhyan Chand Khel Ratna Award
o Arjuna Award
o Dronacharya Award
o Major Dhyan Chand Award
o Maulana Abul Kalam Azad Trophy

Pubity Athlete Of The

Year 2023 • Given By:
o Pubity, an online community with over 20 channels, including Pubity Sport.
• Given To:
o Indian cricket star Virat Kohli.
2. • Purpose of Receiving the Award:
o For his exceptional performance in cricket throughout the year 2023.
• Key Facts About the Recipient (Virat Kohli):
o Became the highest run-getter in a single edition of the ODI World Cup
with 765 runs.

• Given By: The President of India.

• Tenzing Norgay National Adventure Awards-2022 –
o Mountaineer Praveen Singh (Lifetime Achievement)
o Late Savita Kanswal (Land Adventure) - First Indian woman to climb both
Mt. Everest and Mt. Makalu within a remarkable 16-day period.
o Tulsi Chaitanya Mothukari (Water Adventure)
o Anshu Kumar Tiwari (Air Adventure)
• Rashtriya Khel Protsahan Puruskar-2023
o Odisha Mining Corporation Limited
o JAIN (Deemed-to-be University)
• Major Dhyan Chand Khel Ratna Award Recipients: Satwiksairaj Rankireddy and
Chirag Shetty (Badminton).
• 26 Arjuna Award Recipients: Mohammed Shami (cricket), Ojas Pravin Deotale
3. Sports and Adventure (archery), Aditi Gopichand Swami (archery) and others.
Awards 2023 • Dronacharya Award Recipients:
o Regular Category: Ganesh Prabhakaran (mallakhamb), Mahavir Saini (para-
athletics), RB Ramesh (chess) etc.
o Lifetime Category: Jaskirat Singh Grewal (golf), Bhaskaran E (kabaddi),
Jayanta Kumar Pushilal (table tennis).
• Dhyan Chand Award for Lifetime Achievement Recipients: Kavitha Selvaraj
(kabaddi), Manjusha Kanwar (badminton), Vineet Kumar Sharma (hockey).
• MAKA Trophy Winners:
o Guru Nanak Dev University, Amritsar (Winner)
o Lovely Professional University, Punjab (1st runner-up)
• Kurukshetra University, Kurukshetra (2nd runner-up)
• Did You Know: The ceremony, usually held on August 29 to commemorate Major
Dhyan Chand's birth anniversary.

40 | P a g e
 • Held At: California, USA
• Given By: Held for the first time in 80 years without the involvement of the
Hollywood Foreign Press Association (dissolved in 2023).
• Christopher Nolan's "Oppenheimer" won:
o Best Motion Picture Drama
81st Golden Globe o Best Director (Christopher Nolan)
4.
Awards 2024 o Best Drama Actor (Cillian Murphy)
o Best Original Score (Ludwig Göransson)
o Best Supporting Actor (Robert Downey Jr.)
• Best Actress in a Dramatic Film: Lily Gladstone for "Killers of the Flower Moon".
• Notably, Gladstone is the first Indigenous winner in this category and began her
acceptance remarks by speaking in the Blackfeet language.
• Presented by: Union Minister of State (Independent Charge) Science &
Indian of the Year Award
Technology.
2023
• Given To: Team ISRO (Indian Space Research Organisation) in ‘Outstanding
Achievement’" category.
• Reasons for Receiving the Award: Recognized for ISRO's remarkable
5. contributions to space exploration.
About Award:
• Established in 2006 by CNN-News18.
• The award program, in its 13th year, honors notable contributions across various
professions.
• Launched By: Council of Scientific and Industrial Research (CSIR) under the
Ministry of Science and Technology.
• Aim: To recognize outstanding contributions in the fields of Science,
Technology, and Innovation.
• A total of 56 awards in 13 domains across the four categories:
1. Vigyan Ratna (VR)
2. Vigyan Shri (VS)
First-ever Rashtriya
3. Vigyan Yuva: Shanti Swarup Bhatnagar (VY-SSB)
6. Vigyan Puraskar (RVP)
4. Vigyan Team (VT)
2024
• Nominations on the Award Portal of the Ministry of Home Affairs.
• Award Announcement Date: May 11, 2024 (National Technology Day).
• Award Ceremony Date: August 23, 2024 (National Science Day).
• Special Exemption for 2024: Age limit under Vigyan Yuva - Shanti Swarup
Bhatnagar relaxed by 1 year for nominations received during the year 2024 (up
to 46 years).
Award Committee: Headed by the principal scientific adviser (PSA).
• Held in Los Angeles (USA).
• Top Winners:
75th Creative Arts Emmy o The Last of Us: 8 awards (highest number of wins by a fiction programme)
Awards 2023 o Outstanding Actor in a Short Form Comedy or Drama Series: Tim Robinson -
I Think You Should Leave with Tim Robinson (Netflix)
o Outstanding Actress in a Short Form Comedy or Drama Series: Jasmine Guy -
7.
Chronicles of Jessica Wu (Tubi)
o Outstanding Main Title Design: The Last of Us (HBO Max)
o Outstanding Motion Design: Ms. Marvel (Disney+)
• Notable Winners:
• Barack Obama won his second Emmy for best narrator for "Working: What We
Do All Day."

8. • International Sports Personality of the Year: FIFA (International Federation of

Association Football) President Gianni Infantino.

41 | P a g e
 o Recognized for his contributions to developing football through various
means, including the implementation of Video Assistant Referee (VAR)
Mohammed Bin Rashid technology.
Al Maktoum Creative • Highest international honor, acknowledging innovators who develop sport and
Sports Awards 2023 increase fair competition.
About the Award:
• Established in 2009 and inspired by Sheikh Mohammed bin Rashid Al
Maktoum’s love of sport.
• Recognizes individual achievement in a broad range of sport-related fields.
• International recipients have been eligible since 2012.
Additional Relevant Information:
• The UAE has hosted 8 FIFA tournaments in the past 21 years and is set to host
the FIFA Beach Soccer World Cup 2024 in 2024.

• Given By: SCOPE (Standing Conference of Public Enterprises), an apex body of

REC Receives SCOPE Public Sector Enterprises (PSEs).
9. Excellence Award for • Given To: REC Limited.
Digitalization Purpose: Award recognizes REC Limited's commitment to digitalizing its
workplace and promoting best practices in establishing a paperless office.
About REC Limited:
• A Maharatna Central Public Sector Enterprise under the Ministry of Power and
is registered with RBI (Reserve Bank of India) as Non-Banking Finance Company
10. (NBFC), and Infrastructure Financing Company (IFC).
About SCOPE:
Established in 1973, it promotes competitiveness and excellence in the
PSE sector, recognizing exemplary performances of Public Sector Enterprises.

NHPC Honoured with • Given To: NHPC Limited (National Hydroelectric Power Corporation).
11. SCOPE’s 'Commendation Purpose: Awarded for NHPC Limited's effective implementation of the Right to
Certificate’ Information (RTI) Act.

• Given By: President of India.

• Given To: 19 children from 18 states/Union Territories, including 2
aspirational districts.
• Purpose: To recognize and celebrate the exceptional achievements of children
Pradhan Mantri (aged 5 to 18 years) in various fields.
12. • 6 Categories: Art and Culture, Bravery, Innovation, Science and Technology, Social
Rashtriya Bal Puraskar
Service, and Sports.
• List of awardees Includes:
o Aaditya Vijay Bramhane (posthumous, Maharashtra, Bravery)
o Anushka Pathak (Uttar Pradesh, Art & Culture)
Aryan Singh (Rajasthan, Science & Technology), etc.
• Given By: Institute of Chartered Accountants of India (ICAI).
o Organized by ICAI since 1958.
• Given To: REC Limited, Only company awarded in ‘Financial Services Sector
(Other than Banking and Insurance)’ category.
Purpose: Recognized for excellence in financial reporting for the financial year
ICAI Award for 2022-23.
13. Excellence in Financial Additional Information:
Reporting • Other Awards Received by REC Limited: ‘Golden Peacock Award’ for risk
management and 'Best Central PSU' Award in the Financial Services category at
the Dun & Bradstreet PSU Awards 2023.
About REC Limited:
• REC Limited is a Maharatna Public Sector Unit under the Ministry of Power.
Established in 1969.

42 | P a g e
 o Given To: NCC Directorate Maharashtra for the 20th time overall and 3rd
Prime Minister’s Banner consecutive year.
14. 2024 o Purpose: For standing first overall at the Republic Day Camp 2024.
About the Award: A prestigious recognition, celebrating outstanding performance and
excellence among the NCC contingents from across India.

o Given By: Top Employers Institute

o Given To: NTPC Limited (National Thermal Power Corporation)
15. Top Employer 2024
22. Purpose: Recognition for excellence in HR (Human Resource) best
practices.
o Given To: 19 children, including 9 boys and 10 girls.
23. Artificial Intelligence was utilized for 1st time in the selection process.

About the Award:

o Instituted by: Ministry of Women and Child Development.
o Announced annually on December 26 (Veer Bal Diwas).
o Maximum number of awards given is 25.
Pradhan Mantri
o Objectives:
16. Rashtriya Bal Puraskar-
o Tribute to bravery of Sahibzada Zorawar Singh and Sahibzada Fateh Singh
2024
o Inspiring citizens to appreciate the capabilities of children in nation-building
o Category of Awards:
o Child Bravery Award: To acknowledge selfless service in the face of risk to
her/his own life
24. Child Excellence Award: To acknowledge outstanding achievements in
Sports, Social Service, Science & Technology, Environment, Arts & Culture,
innovations.
o Name of the Award: 'Best Airport of the Year'
o Given By: Wings India forum 2024,
o Asia’s largest civil aviation exhibition.
o Organized by: Union Civil Aviation Ministry, Airports Authority of India, and
Federation of Indian Chamber of Commerce and Industry.
o Theme: "Connecting India to the World in Amrit Kaal: Setting the stage for
Wings India Awards Indian Civil Aviation @2047".
17. 2024 o Given To:
o Bengaluru’s Kempegowda International Airport and New Delhi’s Airport
(general category).
o Karnataka's Mangaluru International Airport (under-5 million passenger
category).
Purpose: Recognizes airports for their operational excellence, sustainability
initiatives, and passenger-centric innovations.

o Organised By: Board of Control for Cricket in India (BCCI).

o Given To: Distinguished individuals in Indian cricket for various categories.
o Colonel CK Nayadu Lifetime Achievement Award: Ravi Shastri and Farokh
Engineer.
o Best International Cricketer (Men): Shubman Gill, 4th Indian to top
2nd Edition of Naman International Cricket Council (ICC) batting rankings in ODIs (One-Day
18.
Awards 2024 Internationals).
o Polly Umrigar Award for Best Men’s Cricketer of the Year: Shubman Gill (2022-
23), Mohammed Shami (2019-20) etc.
o Best International Cricketer (Women): Deepti Sharma and Smriti Mandhana.
25. Dilip Sardesai Award (2022-23): Yashasvi Jaiswal for highest runs and R
Ashwin for highest wickets.

43 | P a g e
 o Given By: The Government of India
o Given To: 132 individuals across 3 categories:
o Padma Vibhushan (5 recipients)
o Padma Bhushan (17 recipients)
o Padma Shri (110 recipients), for their exceptional contributions in various
fields.
o This includes 2 duo cases (where the award is counted as one), 30 women, 8
Foreigners/NRI/PIO/OCI, and 9 Posthumous awardees.
o 5 Padma Vibhushan Awardees:
o M. Venkaiah Naidu, Former Vice-President.
o Chiranjeevi, Actor.
o Vyjayantimala Bali, Actor.
o Padma Subrahmanyam, Bharatanatyam Dancer.
o Bindeshwar Pathak, Founder of Sulabh International (Posthumous).
o Padma Bhushan Awardees Include:
o M. Fathima Beevi, the first female judge of the Supreme Court of India
(Posthumous).
o Young Liu, chairman of Taiwan’s Foxconn Group.
19. Padma Awards 2024
o Usha Uthup, Singer.
o Hormusji N. Cama, Senior publisher of Bombay Samachar.
o Padma Shri Awardees Highlighted:
o India's first woman mahout Parbati Baruah, famous as "Hasti Kanya".
o Charlotte Chopin (France) for Yoga.
o Microbiologist Yazdi Maneksha Italia, pioneer of India's Sickle Cell Anaemia
Control Program.
o Sangthankima, Runs the largest orphanage in Aizawl, Mizoram.
26. Sports awardees: Rohan Bopanna (Tennis), Joshna Chinappa (Squash) etc.
About the Awards:
o Established in 1954
o Padma Awards, India's highest civilian honours, are presented annually on
Republic Day eve.
o Padma Vibhushan (for exceptional and distinguished service)
o Padma Bhushan (distinguished service of high order)
o Padma Shri (distinguished service in any field)
27. Recommendations are made by Padma Awards Committee, constituted by
Prime Minister every year.
• Given By: President Droupadi Murmu
• Purpose: To honor India's armed forces for their bravery and service during
peacetime.
• Ashok Chakra: India's highest peacetime gallantry award.
• Kirti Chakra: 2nd-highest peacetime gallantry award
• Shaurya Chakra: 3rd-highest peacetime gallantry award.
Republic Day Gallantry • Kirti Chakra Awardees (6):
20.
Awards 2024 o Major Digvijay Singh Rawat, 21st Battalion (Parachute Regiment, Special
Forces)
o Captain Anshuman Singh, 26th battalion of the Punjab Regiment (Army
Medical Corps) - Posthumously
• Shaurya Chakra Awardees (16):
o Naib Subedar Baria Sanjay Kumar Bhamar Singh, Mahar Regiment
Captain MV Pranjal, 63rd battalion of Rashtriya Rifles – Posthumously
• Given By: Government of India.
Subhash Chandra Bose
• Given To: 60 Parachute Field Hospital, Uttar Pradesh (institutional category).
21. Aapda Prabandhan
• Purpose: Recognized for its exceptional work in Disaster Management, both
Puraskar-2024
nationally and internationally.

44 | P a g e
 • Announcement: Annually on 23rd January, the birth anniversary of Netaji
Subhash Chandra Bose.

APPOINTMENT

S.No Person Key Facts

Ritesh Pai • Appointment News:

o Ritesh Pai appointed as CEO of PhonePe's International Payments Business.
• Previous Experience:
1. o Formerly served as chief digital officer at Yes Bank.
• PhonePe is the first Indian fintech app to launch the service (in 2023) that will
allow the Indian users travelling abroad to pay foreign merchants using Unified
Payments Interface (UPI).

• Appointment News:
o Sanjiv Aggarwal appointed as CEO and Managing Director of National
Sanjiv Aggarwal Investment and Infrastructure Fund Limited (NIIFL).
• Succeeds Rajiv Dhar, who served as interim CEO and MD.

2. • About NIIF:
o Government-backed quasi-sovereign wealth fund founded in 2015.
o NIIF is 49% owned by the government.
o It manages over $4.9 billion of equity capital commitments across its four
funds—master fund, fund of funds, strategic opportunities fund, and India-
Japan Fund.

Felix Tshisekedi
• Why in News:
3. o Re-elected as President of the Democratic Republic of Congo for the 2nd term.
• Opposition frontrunner: Moise Katumbi.

Nadia Calviño
• Why in News:
o Appointed as the first woman and first Spaniard President of the European
Investment Bank (EIB).
4.
• Predecessor: Werner Hoyer.
• About Nadia Calviño:
o Served as the first vice-president of the government of Spain.

Richard Lobo

• Why in News:
5. o Appointed as the Global Chief People Officer at Tech Mahindra.
• Previously served as the Executive Vice President at Infosys.

45 | P a g e
 • Why in News:
o Karan Adani: Appointed as Managing Director of Adani Ports and Special
Karan Adani Economic Zone Ltd (APSEZ).
6. o Ashwani Gupta: Appointed as the new CEO of APSEZ.
And Ashwani Gupta • APSEZ operates 14 ports along India’s coastline and two ports outside India.
• APSEZ is the largest and most diversified private rail operator in India through
its subsidiary, Adani Logistics Ltd.

Succes Masra
• Why in News: Appointed as Prime Minister of Chad's Transitional Government.
• Appointment announced by: Mahamat Ahmad Alhabo, Chad’s new secretary-
7.
general of the presidency.
• He played a significant role in a recent referendum on a new constitution.

Geetika Mehta

8. • Why in News: Appointment as Nivea India's Managing Director.

Sunil Taldar

9. • Why in News: Appointment as Chief Executive Officer (CEO) of Airtel Africa Plc.

Gwanggu Lee

• Why in News: Appointment as Managing Director (MD) and Chief Executive

10.
Officer (CEO) of Kia India.

Ms. Aruna Nayar

• Why in News: Appointed as Secretary of the Railway Board, taking charge on

January 6, 2024.
11.
• First Indian Railway Personnel Service (IRPS) officer to be empanelled as
Secretary in IRMS Level-16.

• Why in News: Appointed as youngest and first openly gay Prime Minister of
France by President Emmanuel Macron.
12. Gabriel Attal • Replaced Elisabeth Borne.
• Previously served as France's Minister of Education and National Youth since July
2023.

46 | P a g e
 • Bold decisions: Includes controversial ban on the wearing of the Muslim Abaya in
French public schools.

• Why in News: Appointment as CEO of JetBlue Airways

Joanna Geraghty • Predecessor: Robin Hayes
13. • JetBlue Airways is a major U.S. airline.
• Geraghty is the first woman to lead a major U.S.
carrier.

Lai Ching-te
• Appointment: President-elect of Taiwan, officially known as the Republic of
China.
14. o A member of the Democratic Progressive Party (DPP), which has secured an
unprecedented 3rd consecutive 4-year term.
• Predecessor: Tsai Ing-wen.

• Why in News: Appointment as the interim Managing Director and Chief

Executive Officer of National Asset Reconstruction of India Ltd (NARCL).
• Predecessor: Natarajan Sundar.
15. P Santhosh
• NARCL operates alongside India Debt Resolution Company (IDRCL) as twin
entities, with NARCL functioning as the principal entity for asset reconstruction and
IDRCL as a resolution agent.

Ravindra Kumar
Tyagi

• Why in News: Appointment as Chairman and Managing Director (CMD) of Power

Grid Corporation of India Limited (POWERGRID).
16.
• POWERGRID: Maharatna Central Public Sector Undertakings (CPSUs) under
the Ministry of Power.

• Why in News: Appointment as Chief Executive Officer (CEO) and Managing

Director (MD) of National Investment and Infrastructure Fund Limited (NIIFL).
• Predecessor: Rajiv Dhar.
Sanjiv Aggarwal • During Rajiv Dhar's tenure, NIIFL launched its first bilateral fund, the India-
Japan Fund.

17.

About NIIFL:
• A quasi-sovereign wealth fund, 49% owned by the government.
• Manages 4 funds—master fund, fund of funds, strategic opportunities fund, and
India-Japan Fund.

47 | P a g e
 Raghuram Iyer
• Why in News: Appointment as Chief Executive Officer (CEO) of the Indian
Olympic Association (IOA).
18.
CEO will be an ex-officio member of the IOA's Executive Council without voting
rights.

Justice Bhushan
• Why in News: Nominated for the post of Chairman of the Supreme Court Legal
Ramakrishna Gavai
Services Committee (SCLSC).
• Nomination made by: National Legal Services Authority.
19. • Predecessor: Justice Sanjiv Khanna.
• SCLSC operates under framework of the Legal Services Authority Act, 1987,
and National Legal Services Authority Rules, 1995. It is tasked with providing
legal services and support.

Murray Auchincloss

• He was appointed as the permanent Chief Executive Officer (CEO) of BP

20. (British Petroleum).
• Predecessor: Bernard Looney.

Daljit Singh
Chaudhary
• Why in News: Appointment as the Director General of the Sashastra Seema Bal
(SSB).
21.
• Predecessor: Rashmi Shukla.
• SSB is responsible for guarding India's frontiers with Nepal and Bhutan.

• Why in News: Appointment as the President of the Asia Society

• Asia Society: US-based think tank established to focus on Asia, enhancing
22. Kang Kyung-wha
understanding and bridge-building.
• About Kang Kyung-wha: Former South Korean Foreign Minister.

• Why in News: Appointment as Chairman and Managing Director of Blue

23. Vir S Advani
Star Ltd.

• Why in News: Sworn in as the President of Guatemala.

24. Bernardo Arevalo
• Predecessor: Alejandro Giammattei.

48 | P a g e
 PERSONS IN NEWS

S.No Personality Key Facts

Shri Dhanjibhai
Senghani

• Why in News: Shri Dhanjibhai Senghani, former MLA of Mandvi (Gujarat), passed
1.
away.

Prabir Majumdar
• Why in News:
o Passed away after a brief illness.
2.
• Key Facts About the Person:
o He was a member of the Indian football team at the 1974 Asian Games.

Warren Buffett
• Why in News: Warren Buffett Tops the Chronicle of Philanthropy's Annual List
2023 with the largest charitable donation.
3. • He is the Chairperson of Berkshire Hathaway.
• Donated $541.5 million to the Susan Thompson Buffett Foundation.
o The foundation focuses on women's reproductive health.

Crown Prince Frederik

of Denmark

4. • Why in News: He is set to ascend the Danish throne after Queen Margrethe II.

Sheikh Hasina
• Why in News:
o Victory for a historic fourth consecutive term and fifth overall term in the
Parliamentary elections of Bangladesh.
5. • General election was boycotted by the main opposition Bangladesh Nationalist
Party (BNP).
o Due to Sheikh Hasina's refusal to resign for a neutral government to
oversee the vote.

Muhammad Yunus • Why in News:

o He has been sentenced to six months in jail by a Bangladeshi court for
violating labor laws.
6. • Background and Achievements:
o Known as the 'Banker to the Poor,' Yunus won the Nobel Peace Prize in 2006.
o He pioneered microfinance loans through Grameen Bank, helping
impoverished people.

49 | P a g e
 o His concept of microcredit projects led to the formal establishment of
Grameen Bank in 1983.

Professor Ved Prakash

• He recently passed away.
Nanda
• Key Facts:
o He served as a distinguished professor of International Law at the Denver
University, Colorado.
o He was Chairman of Board at Hindu University of America.
7.
o Served as Sanghchalak of Hindu Swayamsevak Sangh (HSS) in US.
o He was awarded with Padma Bhushan in 2018 for his outstanding
contributions to literature and education.
• Additionally, he received the Gandhi, King, Ikeda Award for Community Peace
Building and other awards for his impact in international law.

Ustad Rashid Khan

• Why in News: Recently passed away.
• A renowned figure in Hindustani classical music (Rampur-Sahaswan gayaki)
8. • Awards Received: Padma Shri, Sangeet Natak Akademi Award, Padma Bhushan,
Banga Bibhushan, and Sangeet Mahasamman.
• Birth Place: Badayun, Uttar Pradesh.

H.E. Tshering Tobgay

• Why in News:
o Re-elected as Prime Minister of Bhutan.
9. • Earlier, served as Prime Minister of Bhutan from 2013 to 2018.
• He was the Leader of the Opposition in Bhutan's first parliament established in
2008.

Pandit Hariram Dwivedi

• Why in News: Demise of Pandit Hariram Dwivedi.

10. • He was a Noted Hindi and Bhojpuri Poet, Lyricist, and Litterateur.
• His noted poetry collections: "Anganaiya" and “Jeevandayini Ganga”.

Phiroz Vandrevala

• Why in News: Death at the age of 70.

11.
• Former Executive Director on the board of Tata Consultancy Services (TCS).

50 | P a g e
 Dr. Prabha Atre
• Why in News: Demise of Dr. Prabha Atre: Renowned classical singer.
• Profession: Known for her association with the Kirana Gharana.
o Known as “Swarayoginee” in the music world.
12. • Birthdate: September 1932 in Pune.
• Awards: Recipient of three Padma awards (Padma Shri, Padma Bhushan, Padma
Vibhushan).
• Held a world record for releasing 11 books on music.

Munawwar Rana • Why in News: Passed away due to cardiac arrest.

• Contributions to Urdu Literature: Renowned for his ghazals.
13. • Awards and Honors: Received the Sahitya Akademi Award in 2014 for his poem
'Shahdaba', Maati Ratan Samman in 2012 etc.
• Famous Works: Poem 'Maa' and Sher (couplets) on motherhood.

David Warner

• Why in News: Retirement from One-Day International (ODI) and Test cricket.
14.
• An integral part of Australian cricket since his debut in 2009.

Mario Zagallo

• Why in News: Passing away at the age of 92.

• He was a renowned Brazilian football player and coach.
15.
• Only person to ever win four World Cup titles, two as a player (1958, 1962), one
as a coach (1970), and another as an assistant coach (1994).

Shawn Barber

• Why in News: Passed away.

• He was a renowned pole-vaulting athlete from Canada.
16.
• He became the pole vault world champion in 2015, giving Canada its first medal
in this event at the world level and its first athletics world title since 2003.

Ajit Singh Gill

• Why in News: Passed away.
• He was Singapore’s oldest Olympian and former national Hockey and Cricket
17. player.
• He participated in the 1956 Melbourne Olympics, marking Singapore hockey’s
first and only appearance at the Games.

• Why in News: Awarded Assam's highest civilian award, Assam Baibhav.

• Why Awarded: He played a significant role in concluding the long-standing Ayodhya
dispute during his tenure.
18. Ranjan Gogoi
About Ranjan Gogoi:
• Served as the 46th Chief Justice of India (CJI).
• First judge from the North East to occupy the office of Chief Justice of India.

51 | P a g e
 Additional Points:
• 2nd highest state civilian award: Assam Saurav.
• 3rd highest state civilian award: Assam Gaurav.

Sue Redfern
• Why in News: First ICC-appointed (International Cricket Council) female neutral
umpire in a bilateral series, specifically between Australia and South Africa.
19.
• Aimed at ensuring neutrality in matches and supporting the long-term
development of female umpires.

Shri Karpoori Thakur

• Why in News: Posthumous awarding of Bharat Ratna.
• 49th recipient and the 15th to be accorded this honor posthumously.
• 100th birth celebration of Late Thakur in 2024.
20.
• Served twice as Chief Minister of Bihar.
• Credited for enforcing total prohibition of alcohol in Bihar in 1970.
• Karpuri Gram: Village, where he was born in Samastipur district.
Norman Jewison
• Why in News: Passed away.
• A Canadian-born director and a 3-time Oscar nominee and received a lifetime
achievement Academy Award in 1999.
21.
• "In the Heat of the Night" won the best picture Oscar in 1967.
• Autobiography: "This Terrible Business Has Been Good to Me," discusses racism
and injustice.

Michael Patra

• Why in News: Extension of tenure as the Deputy Governor of the Reserve Bank
of India (RBI) for another year.
22.
• He is in charge of the monetary policy department and a member of the rate-
setting Monetary Policy Committee (MPC).

• Why in News: Passed away.

Shri Harishankar
23. • He was former Deputy Chief Minister and Speaker of the Rajasthan Legislative
Bhabra
Assembly.

President Emmanuel
Macron
• Why in News: Chief guest of the 75th Republic Day celebrations.
• In 2016, France was the first foreign marching contingent at the Republic Day
parade.
24.
• 25th anniversary of the India-France Strategic Partnership: 2024.
• He was the 6th French leader (5th president) to be the chief guest at India’s
Republic Day.

52 | P a g e
 • Did You Know: Indian Prime Minister also participated as the chief guest at the
25.
French Bastille Day parade in July, 2023.

• Why in News: For taking oath as the Chief Minister of Bihar for the 9th time.
26. Nitish Kumar • Bihar Assembly consists of 243 seats.
• He is the leader of Janta Dal (United) party.

• Why in News: Re-elected as the President of Comoros for the 4th term.
27. Azali Assoumani • He is also the Chairperson of the African Union, a union consisting of 55 member
states in Africa.

• Why in News: Passed away.

• He developed India's first oral contraceptive pill 'Saheli' (Centchroman).
Dr. Nitya Anand • He served as the former director of the Central Drug Research Institute (CDRI).

28.
• About Saheli:
o Introduced in 1986
o First and only once-weekly, non-steroidal, non-hormonal oral contraceptive pill.
o Incorporated into the National Family Programme of India in 2016.
• Dr. Nitya Anand was a Padma Shri recipient.

• Why in News: Centenary celebration of Bose's colossal work in theoretical

physics.
• Known for his work in 1924 on quantum statistics including Bose-Einstein
29. Satyendra Nath Bose condensation, quantum superconductivity, and quantum information theory.
• S.N. Bose National Centre for Basic Sciences:
o Established in 1986 under the Department of Science and Technology.
o Centre honors Bose’s work in theoretical physics.
Dexter Scott King

• Why in News: Passed away.

30.
• About Dexter Scott King:
o Son of American civil rights activist Rev. Martin Luther King Jr.
• Authored a memoir, “Growing Up King.”

• Why in News: Sworn in as Malaysia’s new king.

31. Sultan Ibrahim Iskandar • Predecessor: Sultan Abdullah Sultan Ahmad Shah.
• Malaysia has a unique rotating system among 9 ethnic Malay state rulers.

53 | P a g e
 • Why in News: Elected as the new Chief Minister of Jharkhand.
• Predecessor: Hemant Soren.

32. Champai Soren

• About Champai Soren:

o Aligned with the Jharkhand Mukti Morcha (JMM).
o Known as the ‘Jharkhand Tiger’.
• A five-time MLA from Seraikela.

• Why in News: Reappointed as the President of the Asian Cricket Council (ACC)
for a 3rd consecutive term.
• Became the youngest administrator to be re-appointed as the ACC president.
33. Jay Shah • Became 1st person to secure two consecutive terms as ACC president.
• About Asian Cricket Council (ACC):
• Responsible for organizing cricket tournaments and promoting the sport across the
Asian region.
Frederik X

• Why in News: Proclaimed the new King of Denmark following the abdication of his
mother, Queen Margrethe II, marking Denmark’s first royal abdication in nearly
34.
900 years.
• The Danish monarchy is the oldest in Europe.

• He scored his 5th T20 international century in just 64 balls, becoming the first
35. Rohit Sharma
and only player to reach this milestone in international T20 cricket.

Preesha Chakraborty • Why in News: She has been named in the 'world’s brightest' students list by the
Johns Hopkins Center for Talented Youth.
• She is a nine-year-old Indian-American schoolgirl.
36. • she was honoured for her outstanding performance on the Scholastic Assessment
Test (SAT), American College Testing (ACT), and School and College Ability Test,
conducted by Johns Hopkins Center
• She is based out of Fremont, California
Sheryl Sandberg

• Why in News: She has decided to step down from the board of Meta Platforms Inc.
37.
• She is the director and former Chief Operating Officer (COO) of Meta Platforms Inc.

BOOKS AND AUTHORS

S.No Book Title Author and Key Facts

• Author of the Book: Vairamuthu, a renowned poet and writer
1. Maha Kavithai
• The book explores the five elements: soil, wind, fire, sky, and water.

54 | P a g e
 o It references these elements as poetic devices, akin to ancient Tamil literary
work, "Tolkappiyam."
• His other works: "Kaviranjan Kathai."

• Author of the Book: Dr. Manorama Mishra.

2. Sanskriti ke Ayaam • Theme of the Book: Focused on Indian culture and its spiritual foundations.
• Published by the National Book Trust.

• Author: Sharmistha Mukherjee

Pranab My Father: A • Theme: Book offers a fascinating glimpse into the illustrious life of former
3.
Daughter Remembers President (13th President of India), Pranab Mukherjee.

Four Stars of Destiny

4. • Author: Ex-Army Chief General Naravane.

• The autobiography has been delayed.

• Author of the Book: Arup Kr Dutta.

• Released at Srimanta Sankardeva Kalakshetra in Guwahati.
o A grand exposition of the life and culture of the people of Assam, of its diverse
"Assam's Braveheart - ethnic groups and sub-groups, Named after the great unifier of
5. Assam, Srimanta Sankaradeva.
Lachit Barphukan"
• Book focuses on the life of Lachit Barphukan, a 17th-century war hero
(particularly in the battle of Saraighat) from Assam.
• Translated into 23 Indian languages, it aims to inspire the youth.

Fertilising the Future: • Author of the Book: Dr. Mansukh Mandaviya.

Bharat's March Towards • Book highlights India's progress towards becoming self-reliant in the field of
6.
Fertiliser Self- fertilisers.
Sufficiency • Hindi Version: 'Urvarak-Atmanirbharta ki Raah.'

Conversations with
Aurangzeb

• Author: Charu Nivedita (Tamil Writer)

• Translator of the Book in English: Nandini Krishnan
7.
• Book reimagines the story of Aurangzeb, the Mughal emperor, in an
unconventional manner.

Fairs and Festivals

S.No Name Key Facts

• Organized at: Bharat Mandapam, New Delhi.

1. AtmaNirbhar Bharat Utsav 2024 • Held between 3-10 January 2024, under ‘AtmaNirbhar Bharat’
initiative.
• 'Urban Square': An exhibition of Ministry of Housing & Urban Affairs.

55 | P a g e
 • 'PM Vishwakarma' Pavilion: By Ministry of Micro, Small, and
Medium Enterprises (MSME).

• Organized by: People of Rajapara village in Kamrup district, under the

Rabha Hasong Autonomous Council (RHAC)
• It takes place near Chandubi Lake in Assam's Kamrup district.
2. Chandubi Festival
• Objective: To draw attention to restoring the ecosystem of Chandubi
Lake.
• Held Annually from January 1 to January 5 for the past 14 years.

• Organised by: Trade Promotion Council of India in Greater Noida

Indus Food 2024 Exhibition (Uttar Pradesh).
• Supported by: Ministry of Commerce and Industries and Ministry of
3. Micro, Small and Medium Enterprises
• Purpose: To showcase India's vibrant and diverse food ecosystem.
• It is South Asia’s largest integrated food & beverages (F&B) show.
• First-ever Indusfood Inno vation Zone (IIZ) was also held in 2024.

• Organized by: Ministry of Science and Technology, Ministry of Earth

9th India International Science
4.
Festival (IISF) 2023
Sciences, Council of Scientific and Industrial Research (CSIR),
Department of Biotechnology (DBT), Department of Space, Department
of Atomic Energy, Vijnana Bharati and Government of Haryana.
• Purpose: To commemorate the world of science and make it
accessible to all.
• Theme: “Science and Technology Public Outreach in Amrit Kaal.”
• Held at: Faridabad (Haryana) in January (2024).
• Being held annually since 2015.
• Vigyanika - Science Literature Festival was also presented.
o Aim: To showcase India's scientific prowess.
• Coordinated by: CSIR-National Institute of Science Communication and
Policy Research (NIScPR), National Innovation Foundation-India (NIF),
and Vijnana Bharati (VIBHA).

• Organized by: Directorate of Social Welfare (Government of Goa) and

International Purple Fest – Goa Entertainment Society of Goa.
2024 • Supported by: Ministry of Social Justice and Empowerment.
• Purpose: To showcase the talents of Persons with Disabilities
5. (PwDs) through performances in music, dance, and entertainment.
• Features the Purple Anthem titled ‘Dhumal.’
• Inclusion of 22 Purple Ambassadors, each representing one of the 21
types of disabilities listed under the Rights of PwD Act, 2016, and
Spinal Cord Injury.

• Organized by: Department of School Education and Literacy and

National Council of Educational Research and Training (NCERT).
6. National Kala Utsav 2023-24 • An initiative of the Ministry of Education (MoE) under Rashtriya
Madhyamik Shiksha.
• Guided by: National Curriculum Framework 2005 (NCF-2005).

56 | P a g e
 • Purpose: To promote arts in education by nurturing and showcasing
the artistic talent of school students at the secondary stage.
• Held in January, 2024, in New Delhi.

• Organised by: Department of

Empowerment of Persons with
Disabilities (Divyangjan)
{DEPwD}, Ministry of Social
Justice & Empowerment.
• Supported by: National
Divyangjan Finance and
7. 13th Divya Kala Mela 2024
Development Corporation
(NDFDC).
• Held in: January, 2024, in
Nagpur, Maharashtra.
• Objective: Offers a significant
platform for marketing and showcasing the skills and products of
Divyangjan.

• Venue: Nashik, Maharashtra.

• Theme: 'Viksit Bharat @ 2047 -
Yuva ke liye, Yuva ke dwara'.
• Organized by: Ministry of
Youth Affairs and Sports on
National Youth Day (January
12).
8. 27th National Youth Festival
• Objective: To showcases the
youth power of the country
and encourages the youth to
contribute to making India
developed by 2047.
• Began in 1995 as a major activity under the programme of National
Integration Camp (NIC).

• Magh Bihu (also known as Bhogali Bihu): Harvest festival of Assam.

o It is celebrated on 15th January.
• Pongal: Harvest festival of Tamil community, celebrated on 15th
Lohri, Makar Sankranti, Magh January.
9. • Lohri: Harvest festival celebrated in North India on 13th January.
Bihu, and Pongal
• Makar Sankranti: Days hereon become longer, and the Sun moves
northward, and this is the reason it is called Uttarayan.
• Celebrated on 14th January.

• Organized by: Gujarat Tourism in Ahmedabad.

10. 33rd International Kite Festival • Objective: To offer a platform for kite flyers to demonstrate their skills
and engage in a vibrant cultural experience.

9th Pakke Paga Hornbill Festival • Organized in Arunachal Pradesh’s Pakke Kessang district.
11. • Supported by the Arunachal Pradesh government and various local
(PPHF)
communities, including the Nyishi tribe.

57 | P a g e
 • Aims to protect and conserve hornbills, which are critically
endangered birds.
• Declared a 'state festival' in 2019.
• First-ever PPHF was held in 2015.
• Theme for 2024: "Domutoh Domutoh, Paga hum Domutoh," (Let Our
Hornbills Remain) in Nyishi.
• Pakke Tiger Reserve in Arunachal Pradesh is home to 4 species of
hornbills.

• A Hindu Tamil festival celebrated in Tamil Nadu and South India, as

well as in Malaysia and Singapore.
• Commemorates Lord Murugan's victory over the demon
12. Thaipoosam Festival
Surapadman.
• Celebrated on the Pusam star during the full moon in the Thai month.
• Thaipoosam 2024 was celebrated on January 25th.

• Part of Republic Day celebrations since early 1950s, when Major

Roberts of the Indian Army indigenously developed the unique
ceremony of display by the massed bands.
13. Beating Retreat Ceremony • Event Description: A centuries-old military tradition dating back to
the time when troops disengaged from battle at sunset.
• Notable Performances: CRPF’s (Central Reserve Police Force)
women-led band, a first at the event.

• Venue: Madrid, Spain

• Organizing Body: IFEMA (Institución Ferial de Madrid; "Fair Institution
of Madrid")
• Incredible India pavilion was inaugurated by Ministry of Tourism.
44th FITUR (Global Travel • FITUR is a crucial global meeting point for tourism professionals,
14.
Exhibition) being held annually since 1981.
• Partner Country for FITUR 2024: Ecuador
• FITUR is also a platform for the UNWTO (United Nations World
Tourism Organisation) to release its first assessment of
international tourism for the year.

• Entities Involved in launching the initiative:

o Ministry of Science and Technology, Ministry of Earth Sciences,
Department of Space, Department of Atomic Energy, in association
with Vijnana Bharati
• Purpose: To showcase India's scientific achievements and foster
international collaboration in the fields of Science, Technology, and
9th India International Science
15. Innovation (STI).
Festival (IISF-2023)
• Theme – ‘science and technology public outreach in Amrit Kaal.’
• International Participation: From 21 countries.
• Venue: Faridabad, Haryana, at Campus of Translational Health Science
and Technology Institute (THSTI) and Regional Centre for
Biotechnology (RCB).
• Being held since 2015.

PLACES IN NEWS

S.No Place Key Facts

58 | P a g e
 Ayodhya Airport, Uttar
Pradesh
• Why in News: It has been upgraded to international status and renamed as
1. “Maharishi Valmiki International Airport, Ayodhyadham”.
• Maharishi Valmiki: Composed the epic Ramayana.

Bhitarkanika National • Why in News:

Park, Odisha o The Ministry of Tourism (MoT) and Ministry of Environment, Forest &
Climate Change (MoEF&CC), launched a training programme under the
Amrit Dharohar Capacity Building Scheme at Bhitarkanika National Park.
2.
• Bhitarkanika National Park is recognized for its nature-tourism potential and
is one of the Ramsar Sites in India.
• The training programme aims to enhance livelihood opportunities for local
communities by harnessing the park's tourism potential.

• Why in News: Prime Minister Narendra Modi's recent visit to Lakshadweep

Lakshadweep has significantly increased public interest in the Union Territory.

• About Lakshadweep:
3. o Lakshadweep, India's smallest Union Territory, is an archipelago
consisting of 36 islands known for its scenic beauty and cultural uniqueness.
o Capital: Kavaratti.
o Entry to the islands is restricted, requiring a permit issued by the
Lakshadweep Administration.
o Some important islands: Agatti, Bangaram and Kavaratti.
• Reliance Industries Ltd's (RIL) Jamnagar refinery is the largest and most
complex single-site refinery globally.
• Gujarat contributes to around 75% of India's total dye and intermediates
manufacturing.
Gujarat as India's 'Petro
4. • Gujarat Petroleum, Chemicals and Petrochemicals Investment Region
Capital'
(PCPIR) is one of the 4 PCPIRs declared by Ministry of Chemicals and Fertilizers
under PCPIR Policy 2007.
o OPaL (ONGC Petro Additions Limited) facility at PCPIR is one of South
Asia's largest petrochemical complexes.
• Why in News: PM addressed public function at Agatti Airport, emphasizing
government's commitment to archipelago's development.
Agatti Airport, • Importance: Lakshadweep is an archipelago of coral islands in the Indian
Lakshadweep Ocean, known for its stunning natural beauty, strategic location, and unique
cultural heritage. It historically faced developmental challenges due to their
geographical isolation.
• PM highlighted several recent developmental initiatives-
o Initiation of tuna fish exportation from Lakshadweep.
5. o Inauguration of a solar plant and aviation fuel depot to meet the energy
needs of Lakshadweep.
o Tapped water connections to all houses in Agatti Island.
o The Kochi-Lakshadweep Islands Submarine Optical Fiber
Connection (KLI - SOFC) project has been completed, significantly
enhancing internet speed and connectivity in the islands.
• Dedicated a Low Temperature Thermal Desalination (LTTD) plant at Kadmat
and a solar power plant at Kavaratti to the nation, aiming to improve clean
drinking water availability and reduce dependency on diesel-based power.

59 | P a g e
 • Why in News:
o The commencement of the first oil production from the deep-water block
KG-DWN-98/2 by Oil and Natural Gas Corporation (ONGC).
Krishna Godavari basin
6. • Location: Located off the Bay of Bengal near the Kakinada coast.
(KG-DWN-98/2 Block)
• Expected Production: 45,000 barrels of oil and over 10 million cubic meters of
gas per day.
• Project is expected to add 7% to the national oil and gas production.
• Name of the Bridge: Atal Bihari Vajpayee Sewri-Nhava Sheva Atal Setu, named
after former Prime Minister Atal Bihari Vajpayee.
Atal Setu, India’s Longest • Also known as the Mumbai Trans Harbour Link (MTHL).
7. Sea Bridge, Inaugurated • Total length: 21.8 km.
• Connects South Mumbai to Navi Mumbai (between Sewri and Nhava Sheva).
• Total cost: ₹18,000 crore.

• Why in News: Oil and Natural Gas Corporation (ONGC) discovered two
significant natural gas reserves in the Mahanadi basin block.
• First discovery has been named Utkal.

Mahanadi Basin Block,

8. Bay of Bengal
Additional Information:
• India imports nearly half of its gas needs.
• India targets to increase the share of natural gas in its energy basket to
15% by 2030.

• Why in News: President of India visited Baljek Airport, Tura, Meghalaya.

9. Tura, Meghalaya Nearly every rural household in Meghalaya includes a woman who is a member
of an SHG (Self-help Group).

• Why in News: Prime Minister (PM) visited Arichalmunai (Dhanushkodi) as part

of his Ramayana-connect tour in Tamil Nadu.
• Arichalmunai is believed to be the location where Ram Setu (Adam's Bridge)
was built.
Arichalmunai, Tamil
10. • PM also visited:
Nadu
o Kothandaramaswamy Temple (Rameswaram): Dedicated to
Kothandarama (Lord Ram with a bow and arrow).
o Sri Ranganathaswamy Temple, Srirangam.
• Arulmigu Ramanathaswamy Temple, Rameswaram.
• Location: Vijaywada, Andhra Pradesh.
• Statue's Height: 206 feet.
• Materials Used: Stainless steel and bronze.
World's Tallest Statue of • Named the “Statue of Social Justice”.
Dr. B.R. Ambedkar • Shorter compared to the Statue of Unity (597 feet).
• Second tallest Ambedkar statue: 175 feet statue in Telangana.
11. • Tallest Ambedkar statue outside India: Maryland, USA.

About Dr. Bhim Rao Ambedkar (Babasaheb):

• Chairman of the Constituent Assembly’s Drafting Committee - "Architect of the
Indian Constitution."
• Birth: 1891.
• Death: 1956, after embracing Buddhism in 1956.

60 | P a g e
 • Why in News: Kachchhi Kharek, an indigenous variety of dates from Kutch, has
been granted a Geographical Indication (GI) tag.
• Kachchhi Kharek have a diverse range of characteristics due to seedling
propagation.
• GI tag awarded by: Controller General of Patents, Designs, and Trade Marks
12. Kutch, Gujarat
(CGPDT).
• 2nd fruit from Gujarat to receive a GI tag, following the Gir kesar mango.
• Kachchhi Kharek dates are harvested at the khalal stage, unique to Kutch,
where they are crisp and red or yellow.
Kutch accounts for more than 85% of total date palm cultivation in India.

• Why in News: UNDP (United Nations Development Program) and the European
Union awarded grants in Enga Province for combating climate change,
Enga Province, Papua
13. deforestation, and food insecurity.
New Guinea
• This is done under the ‘Strengthening Integrated Sustainable Land
Management’ project.

• Why in News: Cape Verde has been certified as malaria-free by the World Health
Organization (WHO).
• 3rd country in the WHO African region, following Mauritius and Algeria.
14. Cape Verde (Cabo Verde) • Cabo Verde joins 43 countries and 1 territory to get this certification.
• WHO's certification process requires evidence that the chain of indigenous
malaria transmission by Anopheles mosquitoes has been interrupted for at
least 3 consecutive years.

• Why in News: Visit by Indian Prime Minister and President of France.

• About the Place:
Jantar Mantar in Jaipur,
15. o A UNESCO World Heritage Site (Date of Inscription: 2010).
Rajasthan
• An astronomical observatory, built by Maharaja Sawai Jai Singh II in the early
18th century.

• Why in News: Execution of Kenneth Eugene Smith using nitrogen gas.

16. Alabama, United States 37. The state's use of pure nitrogen gas for execution is a shift from the
traditional method of lethal injection, first introduced in the U.S. in 1982.

38. Why in News: Japan is the most searched country for travel in 2024,
17. Japan
topping Airbnb's list of trending international destinations for the year.

• Why in News: India has nominated them for UNESCO World Heritage
recognition in 2024-25.
• It includes 12 forts (11 in Maharashtra and Gingee Fort in Tamil Nadu).
o Out of these 12, 8 forts are protected by Archaeological Survey of India.
• It is the 6th cultural property nominated from Maharashtra.
Maratha Military • Developed between the 17th and 19th centuries by the Maratha rulers.
18. Landscapes of India • India already has 42 World Heritage sites.
o 34 are cultural sites, 7 are natural sites whereas 1 is mixed site.
• List of UNESCO World Heritage Sites in Maharashtra:
o Cultural Category
✓ Ellora Caves (1983)
✓ Ajanta Caves (1983)

61 | P a g e
 ✓ Elephanta Caves (1987)
✓ Chhatrapati Shivaji Maharaj Terminus (1997)
✓ Victorian Gothic and Art Deco Ensembles of Mumbai (2018)
39. Natural Category: Western Ghats (2012)

• Why in News: Tower 22 was attacked by a drone.

Tower 22 Military
19. 22. Strategic Location: Situated at the northeastern point where Jordan's
Outpost, Jordan
borders meet Syria and Iraq.

• Why in News: Successful diversion of the Chenab River at the Ratle Hydro
Electric Project site.
Ratle Hydro Electric • Project Details: Located on the River Chenab in Jammu & Kashmir.
20. Project, Jammu & o Scheduled commissioning by: 2026.
Kashmir 23. Executed by Ratle Hydroelectric Power Corporation Limited (RHPCL), a
Joint Venture of NHPC Limited and the Government of Jammu & Kashmir
(51:49% respectively).
• Why in News: India and Bhutan are in talks to expand and develop Gelephu
Airport, located near Bhutan's boundary with India.
• Gelephu is strategically located for connecting South Asia with Southeast
21. Gelephu Airport, Bhutan Asian countries.
• Bhutan has 4 airports: Paro, Gelephu, Bathapalathang, and Yongphulla.
24. Paro Airport: Built by Indian Border Roads Organisation in 1968,
currently operates all international flights from Bhutan.

• Why in News: A Varanasi court allowed Hindu devotees to offer prayers in the
22. Vyas Ji Ka Tehkhana 'Vyas Ji Ka Tehkhana' area inside the Gyanvapi mosque complex.
25. It is a site of historical and religious significance for Hindus.

• Why in News: Inauguration of solar power stations at 5 significant locations.

• These sites include:
Egyptian World Heritage o Giza Plateau’s Visitor Center
23. Sites and Museums o Manial Palace in Cairo
o Sharm El Sheikh Museum etc.
26. Collaboration and Funding: Supported by Global Environment Facility
(GEF) and funded by the European Union through the UNDP.
• Why in News: Prime Minister Narendra Modi visited the Temple and took a holy
dip at 'Agni Tirtham.'
Sri Arulmigu
o Temple is associated with Lord Shiva and is one of the Char Dhams and
Ramanathaswamy
24. one of the 12 Jyotirlingas.
Temple, Rameswaram
(Tamil Nadu) • PM also sought blessings from an elephant named 'Andal' at the Sri
Ranganathaswamy Temple in Sri Rangam (Tamil Nadu).
27. He became the 1st Prime Minister to visit the Sri Ranganathaswamy Temple.

• Why in News: Vadnagar, a site in the semi-arid region of Gujarat, has provided
significant archaeological, botanical, and isotopic data spanning 2000 years.
25. Vadnagar 28. Research Findings: A team from the Birbal Sahni Institute of
Palaeosciences presented a 2500-year human occupation sequence at
Vadnagar.

62 | P a g e

S.No Days
International Braille Day
1 •
2024
2 Earth's Rotation Day
18th Pravasi Bharatiya
3 o Organized by: Ministry of External Affairs.
Divas 2024
4 World Hindi Day
National Youth Day 2024
5
6 76th Army Day
7 National Startup Day
DAYS IN NEWS
Themes & Misc.
• Celebrated on: Annually on January 4, in recognition of the birth of Louis
Braille (the inventor of braille).
Objective: To enhance Braille literacy and fostering self-reliance among
visually impaired and divyangjan individuals.
• Theme: “Empowering Through Inclusion and Diversity.”
• Date of Celebration: January 8.
• Celebrates the discovery that our planet rotates on its axis every 24 hours.
• It's also a day to learn more about French physicist, Leon Foucault, whose
“Foucault pendulum” provided experimental proof that Earth rotates on its axis.
• Date of Celebration: January 9, commemorating Mahatma Gandhi's return from
South Africa to India in 1915.
• Additional Details:
o Celebrated annually since 2003.
o Also known as ‘Non-Resident Indian (NRI)’ Day.
o Revised in 2015 to be celebrated every two years.
• Pravasi Bharatiya Samman Awards: Given to NRIs and PIOs (Persons of
Indian Origin) for their achievements in various fields.
• Date of Celebration: January 10
• In 1949, Hindi was spoken for the first time in the United Nations General
Assembly. In 2006, the first Vishwa Hindi Diwas was observed by the then
Prime Minister of the country – Dr. Manmohan Singh. Since then, January 10
has been observed as World Hindi Day everywhere.
• Date of Celebration: Annually on January 12 since 1984.
• Commemorates the birth anniversary of Swami Vivekananda.
• Organized by: Department of Youth Affairs.
• Declamation competitions on the theme "MYBharat- Viksit Bharat@2047- By
the Youth, For the Youth."
• Theme for 2024: “Arise, Awake, and Realise the Power You Hold.”
• Date of Celebration: January 15.
• Significance: Honoring the extraordinary courage, unwavering commitment,
and sacrifices of Army personnel.
• Commemorates the first Indian Commander-in-Chief of the Indian Army,
General K.M. Cariappa, who later became a Field Marshal.
• Indian Army has declared 2024 as the “Year of Technology Absorption”
for Transformative Change.
• Date of Celebration: January 16.
• Instituted in 2022 to mark the foundation day of Startup India and promote
entrepreneurship.
• Part of the National Startup Week (January 10-16), under the Department for
Promotion of Industry and Internal Trade (DPIIT).
• India: 3rd largest startup ecosystem globally, moving up 40th position in
Global Innovation Index.
63 | P a g e
 • Date of Celebration: January 21.
• States were officially established in 1972 following the enactment of the
52nd foundation year for North-Eastern Areas (Reorganisation) Act of 1971.
8 Manipur, Meghalaya, and • Manipur and Tripura were princely states absorbed into India in 1949, while
Tripura Meghalaya was part of Assam after Independence.
• Meghalaya got a state anthem, composed by (L) Neil Nongkynrih, founder of
the Shillong Chamber Choir.
• Date of Celebration: 23rd January, since 2021.
Parakram Diwas
• Objective: To commemorate the birth anniversary of Netaji Subhas Chandra
Bose.
• Red Fort has a museum dedicated to Netaji and INA (Indian National Army),
9 inaugurated in 2019.
• In 2021, the inaugural event took place at Victoria Memorial Hall, Kolkata.
• In 2022, a hologram statue of Netaji was unveiled at India Gate.
• In 2023, 21 largest unnamed islands of Andaman & Nicobar Islands were
named after the 21 Param Vir Chakra awardees.
• Date of Celebration: 26th January 2024
• Theme: ‘India – Mother of Democracy’ and ‘Viksit Bharat’ (Developed India).
• For the first time, parade was led by 100 women artists, showcasing their
10 75th Republic Day of India proficiency in playing Indian musical instruments.
• The 'Anant Sutra—The Endless Thread' textile installation by the Ministry of
Culture featured at Kartavya Path, displaying nearly 1,900 sarees from various
regions of India.
• Date of Celebration: January 25, 2024
• Theme: 'Nothing Like Voting, I Vote for Sure'
• Started in 2011 to mark Election Commission of India's foundation day.
• ECI celebrates its 75th year of service to the nation on this day.
11 14th National Voters’ Day • Launch of the logo and tagline “Chunav ka Parv, Desh Ka Garv” for the voter
awareness campaign for Lok Sabha Elections 2024.
• A short film on voter awareness, ‘My Vote My Duty,’ was unveiled.
• Best Electoral Practices Awards for 2023 were presented.
• Release of a commemorative postage stamp themed "Inclusive Elections".
• Date of Celebration: 25th January 2024.
54th Statehood Day of • It emerged as the 18th state of India on January 25, 1971.
12
Himachal Pradesh • 2024 marked the 1st time the Statehood Day function was hosted in the
Dharampur assembly constituency.
• Date: January 30, 2024 (Martyrs' Day)
• Mahatma Gandhi was assassinated by Nathuram Godse at Gandhi Smriti on
Mahatma Gandhi's 76th January 30, 1948.
13
Death Anniversary • Raj Ghat is a marble platform where he was cremated on January 31, 1948.
• His birth anniversary is observed as the International Day of Non-Violence,
designated by the United Nations General Assembly in 2007.
• Date of Celebration: January 24.
• Celebrated to spread awareness about the inequalities faced by girls and
National Girl Child Day promote their rights, education, health, and nutrition.
14
2024 • Pradhan Mantri Rashtriya Bal Puraskar 2024 had 10 out of 19 winners as
girls.
• Established by Ministry of Women and Child Development in 2008.
• Date of Celebration: 24 January 2024
• Theme: "Learning for Lasting Peace".
6th International Day of • United Nations General Assembly proclaimed 24 January as International
15
Education Day of Education in 2018 to celebrate education's role in peace and
development.
• Sustainable Development Goal 4

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 o Aims to ensure inclusive and equitable quality education and promote
lifelong learning opportunities for all by 2030.
• Today, 250 million children and adolescents are out of school and 763
million adults are illiterate (As per United Nations Educational, Scientific and
Cultural Organization).
• Date of Celebration: January 24 since 2017.
75th Uttar Pradesh
16 • Significance: Marking the renaming of the United Province to Uttar Pradesh
Foundation Day
on January 24, 1950.
• Date of Celebration: January 19, annually.
• Objective: To honor the selfless service of the National Disaster Response
Force (NDRF).
• History:
17 NDRF Raising Day 2024
o Formed in 2006. following the enactment of the Disaster Management Act,
2005.
o Motto: "Aapada Seva Sadaiv Sarvatra."
• It is the world's largest force devoted to disaster response.
• Date of Celebration: Traditionally on the last Sunday of January globally, but in
India, it coincides with Mahatma Gandhi’s Punyatithi on January 30 every year.
18 World Leprosy Day • Objective: To raise awareness about the stigma associated with leprosy and to
educate people that leprosy is caused by bacteria and can be easily treated.
• Leprosy is classified as a neglected tropical disease (NTD).
• Theme: "Sustainable Journeys, Timeless Memories."
• Celebration Date: Annually on 25 January.
19 National Tourism Day 2024 • First time celebrated in 1948.
• Objective: To promote tourism as a means to economic growth and to preserve
the country's cultural legacy.

MISCELLANEOUS

S.No News Key Facts

• India Ratings and Research: Revised to 6.7%, up from 6.2%.
• Global inflation is projected to decline to 6.9% in 2023 and 5.8% in 2024.
India's GDP Growth Forecast
1. • Reserve Bank of India (RBI’s) projection: 7%.
for FY2023-24
• India's current account deficit is projected to narrow to 1.3% of GDP in
FY24 from 2.0% in FY23.
• Granted By: Geographical Indications Registry in Chennai under
Geographical Indications of Goods (Registration and Protection) Act,
1999.
• Purpose: To recognize and protect the unique cultural heritage and skilled
craftsmanship of various Indian states.
• Arunachal Pradesh: Adi Kekir (Ginger), Handmade Carpets, and Wancho
Geographical Indication (GI) Wooden Craft.
2.
Tags • Odisha: Lanjia Saura paintings, Dongaria Kondh shawl, Khajuri Guda (date
palm jaggery), Dhenkanal Magji, Similipal Kai Chutney, Koraput Kalajeera
Rice and Nayagarh Kanteimundi Brinjal.
• West Bengal: Tangail Saree, Garad Saree, Korial saree, Kalonunia Rice, and
Sundarban Honey.
• Gujarat: Kachchhi Kharek.
• Jammu Kashmir: Ramban Anardana.
• Founder: Binny Bansal, co-founder of Flipkart.
Launch of Startup ‘OppDoor’
3. • Services Offered: End-to-end solutions including design, product, human
resource, and backend support to e-Commerce enterprises.

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 • Over 50,000 people performed Surya Namaskar simultaneously at 108
'Surya Namaskar' Guinness venues in Gujarat.
4.
world record • The event symbolized the importance of health awareness and the
adoption of yoga for a healthy lifestyle.
• Objective: To expand permissible business activities for individuals carrying
Visitor Visa reforms by visitor visas to the UK.
5.
United Kingdom • Effective from January 31, 2024, the changes allow visitors to continue
work for an overseas employer while in the UK.
Permanent Visa Waiver • Objective: To boost tourism between Thailand and China, strengthening
6.
between Thailand and China mutual benefits and diplomatic relations.
Tesla overtaken by China’s
BYD

• BYD Co. of China has become the top EV (Electric Vehicle) maker in the
7.
World.

• Over 50,000 people performed 'Surya Namaskar' simultaneously at 108

Gujarat welcomes 2024 with venues.
'Surya Namaskar' Guinness • The main event was organised in the presence of Chief Minister at Modhera
world record Sun Temple in Mehsana district.
• Surya Namaskar is an ancient Yogic practice of paying respect to rising
8. sun and comprises different postures or Asanas.
• Do you know?
o Modhera Sun Temple is Hindu temple dedicated to the solar deity
Surya situated on the bank of the river Pushpavati.
• It was built after 1026-27 CE during the reign of Bhima I of the Chaulukya
dynasty.
• British Minister of State for the Middle East, South Asia launched a heat
mitigation project in Tamil Nadu to address heat-related deaths and
ecosystem loss.
UK-funded Sustainability
9. o Also Initiated an Electronic and Battery Waste Management project
Projects
to reduce battery waste.
• MoU was signed between the UK's Abertay University and India's Ecole
Intuit Lab for shared teaching, research, and innovation.
• Statistical Handbook-2023: Published by the Directorate of Economics &
Statistics, containing socio-economic data of Delhi.
• Delhi’s Per Capita Income: ₹4,44,768 in FY24.
10. Statistical Handbook-2023
o Highest in India and 158% higher than the national average.
• Minimum Wage: Highest in the country with ₹17,494 for unskilled,
₹19,279 for semi-skilled, and ₹21,215 for skilled workers.
• Board of Control for Cricket in India (BCCI) announced Campa and
Official Partner of Team India Atomberg Technologies as official partners for Team India.
11.
(Cricket) • Purpose of the MoU: Partnership for BCCI Domestic and International
Season 2024-2026.
• The UK's (United Kingdom) Border Force Agency plans to trial passport-
free travel at British airports in 2024.
Facial Recognition Systems at
12. • Objective: To replace requirement of carrying a passport.
UK Airports
• Current eGates system will be upgraded to identify passengers
through facial recognition.
• Entities Involved: Israel and India.
Desalination Program in
13. • This is in line with Israel’s support for promotion of tourism in
Lakshadweep
Lakshadweep.
14. • Entities Involved: Government of India.

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 • Purpose: To adjust the windfall tax on petroleum crude in response to
market conditions and refining margins.
About Windfall Tax:
• A higher tax imposed on specific industries when they make unusual and
above-average profits.
• Levied in the form of Special Additional Excise Duty (SAED).
Reduction of Windfall Tax on
• Reviewed every fortnight based on average oil prices in the preceding 2
Petroleum Crude
weeks.
• India initially imposed a windfall tax on crude oil producers in July, 2022.
• Levied on domestic crude oil if rates of the global benchmark rise above
USD 75 per barrel.
• Levied on export of diesel, ATF, and petrol if product cracks (or
margins) rise above USD 20 per barrel.
• Announced by: Finance Ministry, considering emerging trends in oil
markets.
• Plan involved a 50-billion-rupee
($601.78 million) investment to fill
parts of the strategic reserves at
15. Mangalore and Visakhapatnam to
Deferral of India's Strategic
protect against supply disruptions.
Petroleum Reserve Plan
3 strategic petroleum reserves in South India:
Vishakhapatnam in Andhra Pradesh,
Mangalore and Padur in Karnataka.

• Why in News: Storm Isha has caused extensive damages.

• Isha is the 9th named storm since September, 2023.
16. United Kingdom and Ireland
• Ireland's national meteorological service: Met Eireann.
• Dublin Airport (Ireland) was badly affected.
• Done by: Australian Government.
• Purpose: Decision to scrap the
Significant Investor Visas (SIV)
program was made to address
Scrapping the "Golden Visa" concerns over poor economic
17. outcomes, corruption, and the
Programme
misuse of the program.

• Organised by: Assam Government.

• Purpose: To revive and preserve Assam's traditional buffalo and bull
Traditional Buffalo Fight fights during Magh Bihu celebrations.
18. • Held in Ahatguri, Morigaon district, after a hiatus of 9 years.
'Moh-Juj'
• Ahatguri has organized buffalo fights since 1972, with the practice
discontinued post-2014 due to the Supreme Court ban.

• Purpose: To strengthen cultural, literary, and linguistic ties between Iran

Inclusion of Farsi as a and India.
19. • Classical languages in India's New Education Policy: Tamil, Sanskrit,
Classical language
Kannada, Malayalam, Odia, Pali, Prakrit, and now Persian.

• Developed by: Indian Renewable Energy Development Agency (IREDA),

Release of Vigilance Journal under the administrative control of the Ministry of New and Renewable
20.
'Pahal' Energy.
• Objective: To enhance transparency and accountability.
21. Launch of 'Icon of the Seas' • Launched by: Royal Caribbean

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 • It is the world's largest cruise ship.
• Inaugural Voyage: From the Port of Miami (USA).
• It takes the title from ‘Wonder of the Seas’.
• Key Launches:
o Digital Supreme Court Reports (Digi SCR): To make Supreme Court
judgments since 1950 available to citizens free of cost and in electronic
format.
o Digital Courts 2.0: A part of the e-Courts project, to make court records
available to Judges of district courts in electronic form, integrating AI
for transcribing speech to text in real-time.
• First woman to be a judge of the Supreme Court of India, Justice M Fathima
Diamond Jubilee of Supreme
22. Beevi, was awarded the Padma Bhushan posthumously in 2024.
Court
o First Muslim woman to be appointed to the higher judiciary in India.
o First woman to be elevated to the Supreme Court of an Asian country.
• Supreme Court of India was inaugurated in the Parliament building as no
such building existed on January 28, 1950.
• Original Constitution of 1950 had a Chief Justice of India and 7 puisne
judges.
• Subsequently, Indian Parliament increased the number of judges 6 times
since 1950 to 34 (present strength) in 2019.
• Why in News: Clinched the first spot at the 75th Republic Day Parade
2024.
• Theme: 'India: Mother of Democracy.'
• Announced by Indira Gandhi National Centre for the Arts (IGNCA).
23. Ministry of Culture's Tableau
• Use of the Anamorphic technique.
• Anamorphosis art is a visual arts perspective technique that involves
creating an image that from one angle looks distorted, but from a particular
angle or mirror the image appears normal.
Apple becomes World's
24. Leading Smartphone Brand in • Apple has surpassed Samsung to become the top smartphone seller in 2023.
2023
• Done by: Canadian Government
• Purpose: To address the strain on Canada's housing and infrastructure.
Cap on New International • A national application intake cap will be set for new international student
25.
Student Visas visas for two years starting in 2024.
• Indian students form the largest cohort of international students in
Canada.
• Why in News: Pran Pratishtha ceremony of "Balak Ram" Idol on January
Shri Ramjanmbhoomi 22, 2024.
26.
Temple, Ayodhya • "Balak Ram" embodies the child form of Lord Ram, aged 5 years, and has
been sculpted by Mysuru sculptor Arun Yogiraj from Krishna Shila.
• Entities Involved:
o International Union for Conservation of Nature (IUCN)
• Purpose: To address the decline in the population of the Himalayan Wolf
First-ever IUCN assessment of (Vulnerable on IUCN Red List), with an estimated population of 2,275-
27.
the Himalayan Wolf 3,792 mature individuals in the wild.
o To enhance conservation in its natural habitat across the Himalayan
range of Nepal, India, and Tibetan Plateau.
• The Himalayan Wolf was confirmed as a genetically unique lineage in 2018.

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2 GA + ESI

SOCIAL SECTOR IN INDIA - HEALTH

2.1 National Sickle Cell Anaemia Elimination Mission

Why in News
• Over 1 crore individuals have been screened for Sickle Cell Disease (SCD) under the Mission.

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 SOCIAL SECTOR IN INDIA- EDUCATION
2.2 Prerana: An Experiential Learning program

Why in news?
• The Ministry of Education has recently launched the 'Prerana: An Experiential Learning program' to
empower students with leadership qualities.

2.3 PAiSA Portal Dashboard and PM SVANidhi Mission Monitoring Portal

Why in news?
• The Minister of Housing and Urban Affairs recently inaugurated a seminar on Grievance Redressal
Committee for Street Vendors.
• The seminar organized by the Ministry of Housing and Urban Affairs.
o Venue: India Habitat Centre, New Delhi
• It was aimed to sensitize States and Union territories on robust Grievance Redressal
Committees under the Street Vendors Act, 2014.

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 • The event featured a presentation on the Street Vendors Act, 2014, and a panel discussion on
strengthening grievance redressal mechanisms for street vendors.
• It served as a platform for capacity building among State officials and GRC members to address
challenges faced by street vendors and ensure the protection of their rights.
• Two websites in the form of refreshed PAiSA Portal Dashboard and PM SVANidhi Mission
Monitoring Portal were launched to support and empower street vendors across nation.
• Notable achievements include the formation of 4,342 Town Vending Committees, demarcation of
13,403 vending zones, construction of 1,350 vending markets, and issuance of 38.06 lakh Certificates
of Vending.

PAiSA Portal Dashboard

• Launch Year: 2018
• Ministry: Ministry of Housing and Urban Affairs.
• Aim/Objective: To provide real-time progress
updates on the mission and scheme, fostering
transparency and accountability for the Street
Vendors Act, 2014.
• Features:
o It was designed and developed by
Allahabad Bank which is the Nodal bank.
o PAiSA is an acronym for “Portal for
Affordable Credit and Interest
Subvention Access”.
o It is a centralized electronic platform for
processing interest subvention on bank
loans to beneficiaries under Deendayal
Antyodaya Yojana – National Urban
Livelihoods Mission (DAY-NULM).
o It connects directly with beneficiaries
and assists in ensuring better transparency and efficient delivery of services towards
beneficiaries under DAY-NULM.

PM SVANidhi Mission Monitoring Portal

• Launch Year: June 01, 2020.
• Ministry: Ministry of Housing and Urban Affairs.
• Developed by: Small Industries Development Bank of India (SIDBI).
• Aim: To address challenges faced by street vendors and help to resume businesses adversely
impacted by the Covid-19 pandemic.
• Features:
o Provision of loans to street vendors, fostering economic sustainability, contributing to
vibrant urban spaces, and providing real-time mission monitoring.
o Street vendors can apply for the PM SVANidhi scheme through an online portal,
facilitating a streamlined application process.
• Target: To support more than 57.83 lakh street vendors with 1st term loan, more than 16.23 lakh
with 2nd term loan, and 2.16 lakh with 3rd term loan.

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 SUSTAINABLE DEVELOPMENT AND ENVIRONMENT
2.4 Climate Conference 2024

Why in News
• The Climate Conference 2024 was recently organised in Mumbai, Maharashtra.

Key Highlights
• Concept of ECOMARK labelling was highlighted.

About Climate Conference 2024

• Ministry: Ministry of Environment, Forest and Climate Change, Government of India.
• Organized under the Green Climate Fund Readiness Programme with UNDP (United Nations
Development Programme) India and Avaana Capital.
• Theme: ‘Decoding the Green Transition for India.’
• Aim/Objective:
o To mobilize financial and technical resources for climate action.
o To leverage government efforts in developing innovative climate services and
adaptation technologies.

About Green Climate Fund Readiness Programme

• Establishment of Green Climate Fund (GCF): 2010 as part of the United Nations Framework
Convention on Climate Change (UNFCCC).
• Focus Areas of Programme: To build institutional capacity for direct access to funds and
engaging the private sector in climate change mitigation and adaptation strategies.
• Access: Available to all developing country Parties to the UNFCCC, with at least 50% of
readiness support aimed at particularly vulnerable countries.

About ECOMARK
• Launched in 1991 for easy identification of environment-
friendly products.
• Nodal Ministry: Ministry of Environment, Forest and
Climate Change.

2.5 Framework for Voluntary Carbon Market in Agriculture Sector and

Accreditation Protocol of Agroforestry Nurseries

Why in News
• Recently launched by the Ministry of Agriculture and Farmers’ Welfare in collaboration with
the Ministry of Tribal Affairs.

Key Highlights
• Framework aims to accelerate the adoption of environment-friendly agricultural practices
and enhance farmers' income through participation in the voluntary carbon market.
• Protocol aims to promote agroforestry and ensure the production and certification of quality
planting material.

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2.6 SBI Green Bonds

Why in News
• State Bank of India (SBI) has successfully raised $250 million through the issuance of green
bonds.

Key Highlights
• SBI issued the green bonds via private placement through its London branch.
• Part of SBI's $10 billion medium-term note programme.
• Maturity Date: December, 2028.
• Proceeds from the issuance will be allocated towards eligible green projects in line with SBI’s
Environmental, Social, and Governance (ESG) Financing framework.
• Rated BBB- by S&P and priced at 1.20% over the Secured Overnight Financing Rate (SOFR).
• Features: Bonds are senior, unsecured, floating rate notes that provide a financial instrument
for investors to contribute to environmentally sustainable projects.
• Mitsubishi UFJ Financial Group Inc coordinated and placed SBI’s green bond issuance.
• Bonds have been listed on the India International Exchange.

Key Terminologies
• Environmental, Social, and Governance (ESG) Financing Framework: A set of criteria used to
guide investments in sustainable and socially responsible projects, focusing on environmental
conservation, social responsibility, and governance practices.

SOCIAL JUSTICE
2.7 Svyam Siddha

Why in News
• A Memorandum of Understanding (MoU) was signed between DAY-NRLM and State Bank of India
(SBI) for 'Svyam Siddha'.

Key Highlights
• Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM) will facilitate
loan applications and oversee loan repayments through its field cadre.
• Launch of Training Toolkit Package: To enhance capacities of State Rural Livelihoods Missions
(SRLMs) to increase access to formal finance for SHG (Self-Help Group) members.
o Developed With: International Finance Corporation (IFC) under World Bank-funded
National Rural Economic Transformation Project (NRETP).

About Svyam Siddha

• Aim/Objective: A financial product by SBI to provide loans up to Rs. 5 lakhs to SHG women
entrepreneurs.
• Features: Includes simplified loan application procedures, reduced documentation, and a focus on
quick processing.

Miscellaneous Points
• Aligned with Vision of 2 Crore Lakhpati Didis from SHG women.

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2.8 Alliance for Global Good- Gender Equity and Equality

Why in News
• India launched the "Alliance for Global Good- Gender Equity and Equality" at 54th World
Economic Forum's (WEF) Annual Meeting in Davos.
Key Highlights
• First ever women leadership lounge (We Lead lounge) was hosted by Confederation of Indian
Industry (CII) and Bill and Melinda Gates Foundation (BMGF) at WEF meeting.
o To facilitate discussion on the themes of “Women-led Development”.

About Alliance for Global Good- Gender Equity and Equality

• Launch Year: 2024
• Ministry: Ministry of Women and Child Development
• Implementing Agency: CII Centre for Women Leadership
• Developed by:
o Supported by the Bill and Melinda Gates Foundation;
o World Economic Forum as a ‘Network Partner’
o Invest India as an 'Institutional Partner'
• Aim/Objective: To bring together global best practices and investments in women’s health,
education, and enterprise.
• Part of the G20 (Group of 20) Leaders' Declaration (New Delhi Leaders’ Declaration).
• Territorial Coverage: Global outreach.

2.9 NITI Aayog's Discussion Paper on Multidimensional Poverty in India since

2005-06

Why in News
• Reduction in Poverty: 24.82 crore Indians have escaped multidimensional poverty in the last 9
years.

Key Highlights
• State-wise Performance: Uttar Pradesh, Bihar, Madhya Pradesh, and Rajasthan saw the largest
declines.
• SDG Achievement: India is on track to achieve the Sustainable Development Goal Target 1.2
ahead of the 2030 deadline.
• 10.66% Annual Rate of Decline in poverty headcount ratio between 2015-16 and 2019-21,
compared to earlier periods between 2005-06 and 2015-16.
• Inter-State Disparities: Reduction in poverty indicates a decrease in inter-state disparities.
• Highest levels of deprivation in Cooking Fuel (43.90%) and Housing (41.37%) indicators.
• Lowest deprivation levels in Child & Adolescent Mortality (2.06%).
• State with highest % of population who are multidimensionally poor in 2019-21: Bihar
(33.76%)

About Multidimensional Poverty Index

• Implementing Agency: NITI Aayog, with technical inputs from Oxford Policy and Human
Development Initiative (OPHI) and United Nations Development Programme (UNDP).
• Developed by: The National MPI uses the Alkire Foster methodology.
• It covers 12 indicators, in contrast to the global MPI's 10 indicators.

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 • 12 Indicators: Nutrition, child and adolescent
mortality, maternal health, years of schooling, school
attendance, cooking fuel, sanitation, drinking water,
electricity, housing, assets, and bank accounts.
• Poverty Goals: NITI Aayog aims to reduce
multidimensional poverty to below 1%.
• Data Sources: National Family Health Surveys 4 (2015-
16) and 5 (2019-21).
• World Bank Poverty Line: World Bank's international
poverty line is set at USD 2.15 per day.

Key Terminologies
• Sustainable Development Goals (SDGs): A collection of 17 global goals set by the United Nations
General Assembly in 2015 for the year 2030.
• Target 1.2 - By 2030, reduce at least by 50% of men, women and children of all ages living in poverty
in all its dimensions.

2.10 National Minimum Standards and Protocol for Crèches (Operation and
Management)

Why in News
• This has been released by the Ministry of Women & Child Development to guide entities in
setting up crèches.

Key Highlights
• Joint event by the Ministry of Women & Child Development and Ministry of Labour & Employment
titled “सक्षम नारी सशक्त भारत - Women in the Workforce for Viksit Bharat” held in New Delhi.
• Launch of employer rating survey within the Employees’ Provident Fund Organisation.
• Features: Guidelines focus on ensuring quality care in crèches for children, enabling women to
participate more freely in the workforce.
• It covers standardizing operational and management aspects of crèches, enhancing safety, and
promoting developmental activities for children.
• Participation of women in the workforce has increased to 37% in 2022.

GLOBALIZATION
2.11 ICD-11: Traditional Medicine Module 2

Why in News
• The World Health Organization (WHO) launched ICD-11, Traditional Medicine Module 2.

Key Highlights
• WHO's ICD-11 (11th revision of International Classification of Diseases) Traditional Medicine Module
2 includes disease terminology from Ayurveda, Siddha, and Unani systems.
o To lead to global uniformity in these traditional medicines.
• Developed by: Ministry of Ayush and World Health Organization.

About ICD-11
• ICD-11: A global standard for reporting diseases and health conditions.

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 • Adopted by: 72nd World Health Assembly in 2019, came into effect in January, 2022.
• Features:
o Legally mandated health data standard.
o Enables the counting of traditional medicine services and encounters for the first time.

2.12 Indian Standards Institute (ISI) Certification

Why in News
• India plans to grant ISI certification to Nepal-made cement, pavers blocks, and
electrical products.

Key Highlights
• Objective: To cement a strategic relationship and counter China's influence in Nepal.
• India's imports from Nepal: Decreased from $1.3 billion (FY22) to $838 million (FY23).
• Indian exports to Nepal: Decreased from $5.42 billion to $4.7 billion from 2022 to 2023.

About ISI Certification

• Ministry: Ministry of Consumer Affairs
• Implementing Agency: Bureau of Indian Standards (BIS).
• Aim/Objective: To ensure that imported products meet Indian standards and quality
requirements.
• Features:
o Mandatory quality validation for foreign goods in Indian markets.
o ISI Mark: A standards compliance mark in use since 1955.
o Developed by: Indian Standards Institute, now part of BIS.

2.13 UPI-PayNow

Why in News
• Users of UPI (Unified Payments Interface) apps can now receive
remittances from Singapore directly into their bank accounts.

About UPI-PayNow
• Launch Date: UPI-PayNow integrated in February, 2023.
• Result of collaboration between Reserve Bank of India (RBI) and
Monetary Authority of Singapore (MAS).
• Aim/Objective: To facilitate remittances from Indian diaspora in
Singapore to India through UPI, cellphone number, or Virtual
Payment Address (VPA).
• Features:
o Real-time fund transfer throughout the year.
o Daily Transaction Limit: ₹60,000.
o Permitted Transaction Purposes: Person to Person (P2P) remittances for “Maintenance of
Relatives Abroad” & “Gift”.
o Liberalised Remittance Scheme (LRS) limits apply to the UPI-PayNow linkage for allowed
purposes.

Key Terms
• PayNow: A peer-to-peer funds transfer service available to retail customers of participating banks
in Singapore.

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2.14 India-United States Trade Policy Forum

Why in News
• The India-United States Trade Policy Forum (TPF) is in
news for its 14th Ministerial-level meeting held in New
Delhi.

Key Highlights
• Establishment of a Joint Facilitative Mechanism (JFM) for mitigating non-tariff barriers, including
mutual recognition of International Laboratory results.
• Conformity Assessment Bodies Recognition: A pathway for mutual recognition from accredited
bodies, under International Laboratory Accreditation Cooperation (ILAC) and International
Accreditation Forum (IAF) arrangements, is established to certify standard-compliant products,
reducing duplicative testing and compliance costs.
• Resolution of the ban on Indian wild-caught shrimps exports to the US, with the introduction of
the Turtle Excluder Device (TED).
• Bilateral trade: Surpassed $200 billion in 2023.
• Acknowledgement of historic settlement of all 7 longstanding bilateral trade disputes at the
World Trade Organization (WTO).

About India-United States Trade Policy Forum

• Launch Year: 2010
• Aim/Objective: To fortify resilient bilateral trade and elevate the overall economic partnership.

Key Terms
• Turtle Excluder Device (TED): A device used in shrimp trawling to allow captured sea turtles to
escape.

2.15 Compendium on Millets

Why in News
• NITI Aayog and World Food Programme (WFP) have launched a Compendium of Inspiring
Stories on Millets Mainstreaming.

Key Highlights
• The compendium showcases field stories from Asian and African countries, including India.
• Aim: To aid capacity building and scaling up best practices in the adoption of millets.
• The launch aligns with the International Year of Millet (2023).
• Part of the Mapping and Exchange of Good Practices (MEGP) Initiative for Millets
Mainstreaming initiated in 2022.

Miscellaneous Points
• Millets (like Bajra, Jowar, Ragi) are one of the oldest foods known to humans and were among
the first crops to be domesticated in India.

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 INDIAN POLITICAL SYSTEM
2.16 North Eastern Development Finance Corporation Ltd

Why in News
• The North Eastern Development Finance Corporation Ltd (NEDFi) is in the news for sanctioning
₹766.47 crores and disbursing ₹547.11 crores for 5,338 projects in the North Eastern Region,
marking a significant boost to local entrepreneurship and development.
Key Highlights
• Assam received the most considerable portion.
• Empowerment of Women: More than 90% of the beneficiaries of certain schemes are women,
indicating a strong focus on women's empowerment.
About North Eastern Development Finance Corporation Ltd
• Launch Year: Registered under the Companies Act 1956 on 9th August 1995.
• Ministry: Ministry of Development of North Eastern Region
• Aim/Objective: To provide financial assistance to micro, small, medium, and large enterprises
in the North Eastern Region and also offer microfinance through MFI (Microfinance
Institutions)/NGOs (Non-Governmental Organisations).
• Schemes & Funds:
o The NEDFi Micro Finance Scheme and NEDFi Micro-Lending Scheme have been
instrumental in aiding small borrowers and micro-entrepreneurs.
o The North-East Venture Fund (NEVF), set up by NEDFi, has committed ₹100 crore with
contributions from the Ministry of Development of North Eastern Region, NEDFi, and SIDBI.
• Territorial Coverage: All states within North Eastern Region of India.
• Beneficiaries: Entrepreneurs, startups, and small borrowers in the North Eastern Region.
Key Terminologies
• Microfinance: A type of banking service provided to unemployed or low-income individuals or
groups who have no other access to financial services.
• Venture Fund: A fund set up to invest in startups and small businesses with strong growth potential.
• Micro-credit: Very small loans given to impoverished borrowers who typically lack collateral,
steady employment, or a verifiable credit history.

2.17 10th Phase of Sagar Parikrama

Why in News
• The 10th phase of Sagar Parikrama has commenced from Chennai Port, aiming to interact with
and support the fishing communities along the Indian coast.

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Key Highlights
• The 10th phase will travel through coastal districts of Andhra Pradesh and Puducherry.

About Sagar Parikrama

• Ministry: Ministry of Fisheries, Animal Husbandry & Dairying
• Aim/Objective:
o To interact with fishermen at their doorsteps, understand their plight, and ensure that
government best practices and initiatives reach beneficiaries.
o To encourage sustainable fishing and facilitate the economic upliftment of the fishing
community.
Miscellaneous Points
• First phase of “Sagar Parikrama” started from Mandvi, Gujarat on 5th March 2022.
• 10 phases of Sagar Parikrama have covered: Gujarat, Daman & Diu, Maharashtra, Goa, Karnataka,
Andaman & Nicobar, Kerala, Tamil Nadu, Andhra Pradesh and Puducherry.

2.18 EPFO Pension on Higher Wages

Why in News
• EPFO has extended the deadline for employers to upload wage details for Pension on Higher
Wages till May 2024.

Key Highlights
• More than 3.6 lakh applications are still pending with employers for processing.

About EPFO Pension on Higher Wages

• Ministry: Ministry of Labour and Employment
• Aim/Objective: To allow eligible pensioners/members to apply for a pension based on their
higher wages in compliance with the Supreme Court order.
• Features:
o Online facility for submitting applications for validation of option/joint options for pension
on higher wages.
• Timeline:
o Launched in February 2023.
• Background: The initiative was in response to the Supreme Court order dated October 4, 2022.

Key Terms
• EPFO (Employees' Provident Fund Organisation): A statutory body responsible for the regulation
and management of provident funds in India.

2.19 Viksit Bharat Sankalp Yatra

Why in News
• Viksit Bharat Sankalp Yatra has crossed a major milestone of 10 crore participants in a short span
of just 50 days.
• Over 7.5 crore individuals have pledged their "Sankalp" – a commitment to building a Viksit Bharat
by 2047.
Note: For more details about the “Viksit Bharat Sankalp Yatra”, Kindly refer to December month
CurrentTap magazine.

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2.20 Sagar Parikrama Yatra Phase- XII

Why in News
• Sagar Parikrama Yatra Phase-XII reached West Bengal in January 2024.

Key Highlights
• Sagar Parikrama Phase-XII commenced in Digha, Purba Medinipur district of West Bengal.
• Partnership: Involvement of National Fisheries Development Board, Fishermen Association, and
Government of West Bengal.
• The benefits of schemes like Pradhan Mantri Matsya Sampada Yojana (PMMSY) and Kisan Credit
Card (KCC) were highlighted.
• Projects worth approximately Rs 150 crore have been sanctioned under PMMSY, benefiting around
750 fishermen in the district and the distribution of about 16,000 KCCs.
• Development of Shankarpur Fishing Harbour: A project worth approximately Rs 45 crore has
been sanctioned for Shankarpur Fishing Harbour.
• Visits and interactions were conducted at various coastal regions including Petuaghat Fishing
Harbour, Bakkhali, and Ganga Sagar.

About Sagar Parikrama Yatra

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2.21 Swachh Survekshan Awards 2023

Why in News
• The Swachh Survekshan Awards 2023 were conferred.

Key Highlights
• For the first time, Surat joined Indore as the "Cleanest City."
o Indore bagged the title for 7th time.
• Cleanest Cantonment: Mhow (Madhya Pradesh).
• Cleanest Ganga Towns: Varanasi and Prayagraj.
• Best Performing States: Maharashtra, Madhya Pradesh and Chhattisgarh.
• Best Safaimitra Surakshit Sheher: Chandigarh.
• Release of Swachh Bharat Mission anthem for 2024: “Naya Sankalp Hai, Naya Prakalp Hai,” Sung
by Kailash Kher.
• Small Cities Performance (<1 Lakh Population):
o First: Sasvad (Maharashtra)
o Second: Patan (Chhattisgarh)
o Third: Lonavala (Maharashtra)
• Audiovisual presentation of the "Ek Tareekh Ek Ghanta Ek Saath" campaign.
• Swachh Survekshan 2023 Dashboard: Launched by the President of India.
• 20 zonal awards were bestowed upon medium and small cities.

About Swachh Survekshan Awards 2023

• Ministry: Ministry of Housing and Urban Affairs
• Theme: “Waste to Wealth.”
• Aim/Objective: Annual assessment to foster cleanliness and sanitation across the country.
• Evaluation based on 46 indicators.
• Annual awards, launched in 2016 as a
part of the Swachh Bharat Mission-
Urban.

Miscellaneous Points
• ODF Status: Every city in India has
achieved Open Defecation Free (ODF)
status.
• Swachh Survekshan has evolved into
the world's largest annual survey.
• Waste Management Improvement:
Scientific processing of waste increased
from 15-16% in 2014 to almost 76%.

2.22 Citizenship Amendment Act (CAA)

Why in News
• CAA is set to be implemented soon, with the government ready to notify its rules.

About Citizenship Amendment Act

• Launch Year: 2019
• Ministry: Ministry of Home Affairs

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 • Amendment to India's Citizenship Act of 1955.
• Aim/Objective: To expedite the process of granting Indian nationality to persecuted Hindus,
Sikhs, Jains, Buddhists, Parsis, and Christians from Bangladesh, Pakistan, and Afghanistan.
• Deadline: Limited to those who came to India before December 31, 2014.

2.23 UNESCO's World Heritage Committee Session in India

Why in News
• India is set to chair and host UNESCO's (United Nations Educational, Scientific and Cultural
Organization) World Heritage Committee for the first time in July 2024.

Key Highlights
• The 46th session of UNESCO's World Heritage Committee will be held in New Delhi.
• World Heritage Committee:
o Meets annually.
o Responsible for:
✓ Implementation of the World Heritage Convention
✓ Defines the use of the World Heritage Fund
✓ Allocates financial assistance upon requests
from States Parties
✓ Inscriptions or deletions of properties on the
World Heritage List and the List of World
Heritage in Danger
o Committee Membership:
✓ Terms last 6 years, with most States Parties
voluntarily serving only 4 years for broader
participation.
✓ Current 21 Member States include Argentina,
Belgium, Bulgaria, Greece, India, and several
others.
o Strategic Objectives - "Five Cs":
✓ Credibility: Strengthening the credibility of the
World Heritage List.
✓ Conservation: Ensuring effective conservation
of World Heritage properties.
✓ Capacity-building: Promoting measures for
understanding and implementing the World
Heritage Convention.
✓ Communication: Increasing public awareness
and support for World Heritage.
✓ Communities: Enhancing the role of
communities in the implementation of the
World Heritage Convention.
About UNESCO
• Officially established in November 1945 at the United
Nations Conference (ECO/CONF) in London with 44
countries participating.
• Headquarters: Paris, France.
• Membership: 194 Members and 12 Associate Members.

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 • Aim/Objective: UNESCO, a United Nations agency, aims to foster global cooperation in education,
arts, science, and culture to promote world peace.

2.24 India Meteorological Department (IMD)

Why in News
• IMD is currently in the news for celebrating a significant milestone of 150 years of service.

Key Initiatives Launched

• Release of Souvenir on Evolution of IMD and its services since 1875.
• Indigenously developed Decision Support System (DSS): Known as the Weather Analysis and
Forecast Enabling System (WAFES)
o To aid in decision-making for severe weather phenomena and their socio-economic
impact.
o It provides real-time information for various sectors such as Urban, Power, Hydrology,
Health, Energy, Agriculture, Transport and Tourism under the "UPHHEATT" initiative.
• Panchayat Mausam Seva for Farmers: A collaborative effort between IMD, Ministry of Earth
Sciences, Ministry of Panchayati Raj, and Green Alert Mausam Sewa.
o Provides weather forecasts in English, Hindi, and 12 regional languages to every
panchayat, aiding farmers in planning agricultural activities.
• MAUSAM App: Integrated GIS based interactive mobile app for all weather-related services.
• Mausamgram: To access detailed weather forecasts for chosen location with a simple click on the
map.
o Available through the Mobile App “Mausam”, under the vision "Har Har Mausam, Har Ghar
Mausam."
• National Framework of Climate Services (NFCS): To enhance the utilization of climate
information in various sectors.
o IMD prepares the climatology of basic meteorological parameters and updates in every 10
years.

About India Meteorological Department

• Established in: 1875
• Ministry: Ministry of Earth Sciences.
• Headquarters: New Delhi
• Aim/Objective: To provide meteorological services for weather forecasting,
climate research, and protection of life and property against natural disasters.

2.25 FASTag

Why in News
• FASTag is in the news due to NHAI's (National Highways Authority of India) 'One Vehicle, One
FASTag' initiative, mandating the deactivation of FASTags with incomplete Know Your Customer
(KYC) post January 2024.

Key Highlights
• Objective of this Initiative: To discourage the use of a single FASTag for multiple vehicles or
linking multiple FASTags to one vehicle.
• Users are encouraged to complete the KYC process for their latest FASTag as per RBI (Reserve
Bank of India) guidelines.

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 • FASTag has a penetration rate of around 98% with over 8 crore
users.

About FASTag
• Launch Year: Introduced in 2014 and was made mandatory for
every vehicle in 2019.
• Ministry: Ministry of Road Transport & Highways.
• Developed by: National Payments Corporation of India (NPCI).
• Implementing Agency: National Highways Authority of India (NHAI).
• Aim/Objective: To enhance the efficiency of the Electronic Toll Collection system and ensure
seamless movement at Toll Plazas.
• Technology Utilization: Radio Frequency Identification (RFID) technology.
• Validity Period of FASTag: 5 years.

Key Terminologies
• RFID (Radio-Frequency Identification): A technology that uses electromagnetic fields to
automatically identify and track tags attached to objects, like vehicles in this case.

2.26 Leadership in Panchayats for Strategic Rural Transformation (LEAP–START)

Why in News
• The LEAP–START program, a leadership and management development initiative for
Panchayati Raj Institutions, was inaugurated at Indian Institute of Management Ahmedabad
(IIMA).

About Leadership in Panchayats for Strategic Rural Transformation (LEAP–START)

• Launch Year: 2024.
• Ministry: Ministry of Panchayati Raj
• Implementing Agency: Indian Institute of Management Ahmedabad (IIMA)
• Aim: To empower Panchayats as role models in effective local self-governance, and to facilitate
strategic rural transformation.
• Features:
o Training in leadership and management
o Collaboration for knowledge exchange
o Comprehensive curriculum for Panchayat representatives
o The program is residential and spans over 5 days.
• Target Beneficiaries: Elected representatives and functionaries of Panchayati Raj Institutions.

2.27 Trade Connect ePlatform

Why in News
• The Trade Connect ePlatform was announced recently during the second meeting of the
reconstituted Board of Trade (BoT).

About Trade Connect ePlatform:

• Launch Year: 2024
• Ministry: Ministry of Commerce and Industry

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 • Aim/Objective: To connect Indian exporters and entrepreneurs with stakeholders in
international trade and facilitate new exporters, particularly Micro, Small and Medium
Enterprises (MSME) traders.

About Reconstituted Board of Trade

• In 2022, government nominated 29 non-official members.
• Chaired by: Union Minister of Commerce and Industry
• Participants: 135 members including from public and private sectors.
• Aim: To discuss ways on boosting manufacturing and exports.
• Focus: On achieving a $2 trillion export target by 2030.

2.28 16th Finance Commission

Why in News
• Government of India has appointed members to the Sixteenth Finance Commission (FC).
Key Highlights
• 16th FC was constituted on December 31, 2023.
• Chairman: Shri Arvind Panagariya, former Vice-Chairman of NITI Aayog.
• Following members were appointed with the approval of the President of India:
• Shri Ajay Narayan Jha – Full-time member
• Smt. Annie George Mathew - Full-time member
• Dr. Niranjan Rajadhyaksha - Full-time member
• Dr. Soumya Kanti Ghosh – Part-time member
• Commission's recommendations are awaited by October 31, 2025, for a 5-year award period
starting April 1, 2026.
Note: 16th FC has been covered in November 2023 month’s CurrentTap magazine.

2.29 PFRDA-TRACE (Tracking Reporting Analytics & Compliance E-Platform)

Why in News
• Pension Fund Regulatory and Development Authority (PFRDA) has initiated the tendering
process for the PFRDA-TRACE project.

Key Highlights
• PFRDA, under the Ministry of Finance, is inviting bids for the selection of a System Integrator
(SI) for the design, development, implementation, and maintenance of PFRDA-TRACE as part of its
Technology Architecture (TARCH) project.
o This initiative marks the 2nd phase of the TARCH project.
• Objective: To provide a comprehensive tool for intermediaries to submit regulatory and
supervisory compliance reports, enhancing the efficiency and transparency of the reporting
process.

Key Terminologies
• System Integrator (SI): A business entity responsible for the procurement, installation, and
integration of various components of a complex system, ensuring they work together effectively.
• Technology Architecture (TARCH) Project: PFRDA has decided to digitise and automate its
operations through Technology Architecture (TARCH) Project, which is envisioned to be a modular
and API (Application Programming Interface) based platform.

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2.30 Parvatmala Pariyojana

Why in News
• Union Minister for Road Transport and Highways announced the identification of over 200
projects under the National Ropeways Development Programme, "Parvatmala Pariyojana," with a
budget of Rs 1.25 lakh crore over the next 5 years.

Key Highlights
• Aims at boosting tourism and public transport in hilly and urban areas.
• Parvatmala pariyojana was announced in Union Budget 2022-23.
• Government provides 60% construction support under Hybrid Annuity Mode (HAM) for
ropeways to attract private investment, compared to 40% support provided under National
Highways.

Additional Points
• "Symposium-Cum-Exhibition" event was aimed at industry collaborations and promoting 'Make
in India' in the ropeway sector.
• Awards for two ropeway projects: Bijli Mahadev Ropeway Project (Himachal Pradesh) and
Dhosi Hill Ropeway project (Haryana).
• MoU signed between National Highways Logistics Management Limited (NHLML) and IIT
Roorkee to create a center of excellence for ropeways and other innovative mobility systems.

Key Terminologies
• Hybrid Annuity Mode (HAM): A public-private partnership model where the government provides
partial funding in the form of fixed annuity payments for infrastructure projects.

INDUSTRIAL DEVELOPMENTS IN INDIA

2.31 Open Network for Digital Commerce (ONDC)

Why in News
• ONDC conducted its first international
transaction with Singapore-based
business-to-business network, Proxtera.

Key Highlights
• In December (2023), ONDC crossed 5
million transactions in ride-hailing and e-
commerce.
• McKinsey report predicts a 5-fold rise in
India's digital consumption to $340 billion through ONDC.

About ONDC
• Incorporated as: Non-profit organization under Section 8 of Companies Act (2013) in December
2021.
• Founding Members: Quality Council of India and Protean eGov Technologies Limited.
• Aim/Objective: To democratize and decentralize e-commerce, enabling merchants to make
products available globally and boost exports.
• Expected to boost e-commerce penetration in India from 4-5% to 25%.

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 • Inclusive Approach: Opportunity to include over 12 million sellers in India.
o Only 0.125% are currently enabled for e-commerce.

MEASUREMENT OF GROWTH
2.32 Income Tax Returns (ITRs)

Why in News
• India achieves a record number of 8.18 crore Income Tax Returns filed by the end of December,
2023, marking a 9% increase from the previous year (2022).

Key Highlights
• The Central Board of Direct Taxes (CBDT) acknowledged the taxpayers' due diligence in
comparing their financial transactions using Annual Information Statement (AIS) and
Taxpayer Information Summary (TIS).

About Income Tax Returns (ITRs)

• Ministry: Ministry of Finance
• Implementing Agency: Income Tax Department
• Features: Introduction of the TIN 2.0 (Tax Information Network) platform for e-payment of
taxes, extensive outreach efforts to encourage early filing, and support through the e-filing
Helpdesk for taxpayers' queries.

Key Terms
• Annual Information Statement (AIS): A comprehensive view of financial transactions for
taxpayers as available in the Income Tax Department database.
• Taxpayer Information Summary (TIS): A detailed summary providing an aggregated view for the
ease of filing returns for taxpayers.
• TIN 2.0: A digital e-pay tax payment platform that provides user-friendly options for e-payment of
taxes and ensures real-time credit of taxes to taxpayers.
• Central Board of Direct Taxes (CBDT): The national authority of India responsible for
administering the direct tax laws through the Income Tax Department.

2.33 GST Collection

Why in News
• December 2023 saw GST revenues cross ₹1,64,800 crore, marking a 10.3% year-on-year growth.

Key Highlights
• Revenue from Domestic Transactions: 13% increase from these sources compared to the same
month last year.
• December 2023 collection marks the 6th highest since the GST regime's rollout in 2017.
• State Performance: 13 states recorded revenue growth at or above the national average of
13% for domestic revenues, with Arunachal Pradesh leading at 44%.
• GST Compensation Cess: The GST regime levies compensation cess on luxury goods and sin
products, which is slated to end on March 31, 2026.

Miscellaneous Points

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 • Fiscal Confidence: The consistent performance above ₹1.6 lakh crore is providing fiscal confidence
amid global challenges, with festive periods and continued settlement of past dues contributing
to growth.

Key Terms
• GST Compensation Cess: Intended to compensate states for any loss of revenue due to the
implementation of GST.

2.34 First Advance Estimates of National Income for 2023-24

Why in News
• First Advance Estimates of National Income for 2023-24 has been released by the National
Statistical Office (NSO).

Key Highlights
• India's real GDP growth for FY 2023-24 is estimated at 7.3%, slightly higher than the RBI's
(Reserve Bank of India) projection of 7%.
• Nominal GDP growth is pegged at 8.9%, below the 10.5% Budget estimate.
• The GDP growth for the first half of the year was 7.7%, with an estimated 6.9%-7% growth in the
second half.
• Gross Value Added (GVA) growth is expected to be 6.9% in 2023-24.
• Private final consumption expenditure's share in GDP is expected to drop to 56.9%.

Miscellaneous Points
• Experts caution that the fiscal deficit could breach this year's target of 5.9% of GDP.
• Consumption growth at 4.4% is a concern. (Slowest consumption growth in the past two decades,
barring the pandemic year of 2020-21)

Key Terminologies
• Fiscal Deficit: The difference between the government's total revenue and its total expenditure,
excluding the money it's borrowed.
• Gross Value Added (GVA): Measures the value of goods and services produced in an area, industry,
or sector of an economy, minus the costs of inputs and raw materials.

2.35 E-way bills

Why in News
• E-way bills generated in December (2023) rose to 95 million, second-highest monthly figure.

Key Highlights
• This follows a historic high of over 100 million e-way bills in October due to festive demand.
• GST revenue in December: ₹1.65 trillion (fiscal average - ₹1.66 trillion).

About E-way Bills

• Launched on 1st April 2018.
• Aim/Objective: Digital permit for movement of goods, mandatory under the GST (Goods and
Services Tax) regime in India.
• Features:
o Generated for inter-state and intra-state transportation of goods worth more than ₹50,000,
as per Rule 138 of the CGST Rules, 2017.

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 o The increase or decrease in the number of e-way bills generated reflects the level of economic
activity and supply chain movements.

SOCIAL SECTORS IN INDIA - HEALTH

2.36 New Good Manufacturing Practices (GMP) For Drug Manufacturing

Why in News?
• The Union Health Ministry has notified new Good Manufacturing Practices (GMP) for drug
manufacturing in India, following overseas deaths linked to Indian syrups and eye drops which
were allegedly found to be contaminated.
• The draft guidelines were first released in 2018.

About New Good Manufacturing Practices (GMP) For Drug Manufacturing

• Launch Year: 2023.
• Nodal Ministry: Union Health Ministry.
• Implementing Agency: Pharmaceutical companies in India.
• Developed by: Union Health Ministry in consultation with industry experts.
• Aim: To ensure the quality of drugs manufactured in India and prevent incidents of
contamination.
• Features:
o Good Manufacturing Practices (GMP) are standards that ensure products are
consistently produced and controlled according to quality standards.
o Aligns Indian pharmaceutical standards with those of the World Health Organization's
(WHO) Good Manufacturing Practices.
o Emphasizes quality control, proper documentation and IT systems to prevent data
tampering.
o Includes guidelines for a variety of products - biological and plant-derived.
o Mandates regular quality reviews and thorough investigation of any defects.
o Establishes a recall mechanism for defective products. A procedure for withdrawal of a
drug from the market in case of identified defects or potential health risks.
o Large pharmaceutical companies with a turnover of more than Rs 250 crore are
required to implement these guidelines within six months.
o Smaller and medium-sized manufacturers with a turnover of less than Rs 250 crore
have been given a year to comply.

2.37 Mosquirix Vaccine

Why in News
• Cameroon will be the first country to routinely administer the new malaria vaccine to children.

Key Highlights
• Aim: To vaccinate about 250,000 children in 2024 and 2025.

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 • Gavi, the vaccine alliance, is assisting Cameroon with the vaccine procurement.
• Target Demographic: All children aged 6 months as of 31 December 2023.

About Mosquirix
• Developed by: GlaxoSmithKline.
• Also known as: RTS,S/AS01 (RTS,S)
• Features: 30% effective, requires 4 doses.

Miscellaneous Points
• Another vaccine, R21/Matrix-M, developed by Oxford University is
cheaper, requires 3 doses, and can be produced at a larger scale by
India’s Serum Institute.

SOCIAL SECTOR - EDUCATION

2.38 My School-My Pride
Campaign

Why in News
• Himachal Pradesh has launched
this campaign in alignment with the
National Education Policy (NEP)-
2020.

2.39 New Rules for Coaching

Centres

Why in News
• The Ministry of Education
announced new rules for coaching
centres to ensure student safety and
well-being.

Key Rules
• Objective: To address student stress,
suicides, and accidents caused by
unregulated coaching centres; ensure
safety and well-being of students.
• New guidelines restrict enrolment to students below 16 years or those who have not passed
Class X Board exams.
• Coaching centres are prohibited from making false claims about ranks or marks in competitive
exams.
• Registration of new and existing centres is required within three months of the guidelines'
implementation.
• Hiring tutors convicted of offences involving moral turpitude is not allowed.

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 • Coaching centres must employ tutors with a minimum
qualification of graduation.
• Penalties for charging excessive fees or other malpractices
include fines up to Rs 1 lakh or cancellation of registration.
• Implementation by: Government of States and union territories
• Centres are required to have a counselling system.
• Fees must be refundable on a pro-rata basis within 10 days for
students leaving a course midway, including hostel and mess fees.
• A proper grievance redressal system must be in place.
• Coaching centres must follow infrastructure requirements,
including a minimum of one square metre area allocated to each
student during class.
• No evaluation check/examination on the day after the weekly off.
• Coaching classes should not be more than 5 hours in a day.
• Complaints filed shall be disposed of within 30 days by the competent authority.

2.40 Study Material in Indian Languages Digitally

Why in News
• Ministry of Education (MoE) has directed educational institutions to provide study materials in
Indian languages digitally within the next 3 years.

Key Highlights
• Directive applies to all school and higher education regulators such as UGC (University Grants
Commission), AICTE (All India Council for Technical Education), and heads of INIs (Institute of
National Importance) like IITs (Indian Institutes of Technology), CUs (Central Universities),
and NITs (National Institute of Technology).
• Objective: To provide students the opportunity to study in their own language for better learning
outcomes.
• Decision aligns with the National Education Policy (NEP) to promote multilingualism in education
at every level.
• Initiative includes translating Engineering, Medical, Law, UG, PG, and Skill books through the
Anuvadini AI-based App, available on the ekumbh portal.
• Study materials in over 30 languages are available on DIKSHA (Digital Infrastructure for
Knowledge Sharing).
• Competitive exams like JEE (Joint Entrance Exam), NEET (National Eligibility cum Entrance Test),
Common University Entrance Test (CUET) are conducted in 13 Indian languages.

SUSTAINABLE DEVELOPMENT AND ENVIRONMENT

2.41 Green Fuels Alliance India (GFAI)

Why in News
• GFAI initiative has been announced recently at the Global Investors Meet (GIM) 2024.

Miscellaneous Points

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 • Denmark has topped,
while India has secured
7th rank in the Climate
Change Performance
Index 2024.

Key Terms
• Carbon Neutrality: A
state of net-zero carbon
dioxide emissions
achieved by balancing
emissions with carbon
removal or eliminating
emissions altogether.

2.42 5-year GBP Sustainable Development Bond

Why in News
• The World Bank has launched a 5-year British pound sterling (GBP) sustainable development
bond, raising GBP 1.5 billion.

Key Highlights
• Issuer: World Bank (International Bank for Reconstruction and Development, IBRD).
• Amount: GBP 1.5 billion.
• Maturity Date: October 2028.
• Coupon: 3.875% per annum.
• Yield: 3.889% annually.
• Listing: Luxembourg Stock Exchange.
• Objective: To support the World Bank’s mission of funding sustainable development solutions in its
member countries.
• This bond issuance marks the largest sterling benchmark bond for Supranational Sovereign
and Agency (SSA) issuers since the World Bank’s issuance in January 2022.

Key Terminologies
• Benchmark Bond: A bond that provides a standard or benchmark against which the performance
of other bonds can be measured.
• Supranational Sovereign and Agency (SSA): Organizations formed through international
agreements between sovereign states, often issuing debt for development projects.

2.43 Plastic Waste Reduction-Linked Bond

Why in News
• The World Bank priced a $100 million principal-protected Plastic Waste Reduction-Linked
Bond to support plastic waste reduction and recycling in vulnerable communities, particularly
in Ghana and Indonesia.

Key Highlights
• Term: 7-year term.
• Aim: To mobilize private capital for climate and develop impact projects focussing on reducing
plastic waste leakage into nature and oceans.

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 • Bond's financial returns are linked to Plastic Waste Collection Credits, Plastic Waste Recycling
Credits, and Verified Carbon Units expected to be generated by the selected projects.
• Citi acted as Lead Manager.
• It introduces a financial model where investors forgo part of the ordinary coupon payments
to fund plastic collection and recycling projects managed by Plastic Collective UK.
• Investors are expected to receive annual coupons composed of a fixed amount plus payments
linked to the sale of plastic and carbon credits produced by the projects.
• Maturity date: January, 2031.
• Specified Denomination - USD 100,000.

Key Terminologies
• Principal-Protected Bond: A type of bond that guarantees the return of the invested principal to
the investor, minimizing the risk of principal loss.

SOCIAL JUSTICE
2.44 Amendment to Central Civil Services (Pension) Rules, 2021

Why in News?
• The Department of Pension & Pensioners’ Welfare has amended the Central Civil Services
(Pension) Rules, 2021 recently.

About Pension Rules Amendment

• The amendment pertains to Rule 50 of the CCS (Pension) Rules, 2021.
• This change allows a female government servant/pensioner to nominate her child/children
for family pension in cases of marital discord leading to legal proceedings.
• Situations include pending divorce proceedings, cases filed under Protection of Women from
Domestic Violence Act, Dowry Prohibition Act, or under Indian Penal Code (IPC).
• The female government servant/pensioner can make a written request for this change to the
Head of Office.
• The family pension will be disbursed according to the new rules in the event of the death of
the female government servant/pensioner during such proceedings.
• The Ministry of Personnel, Public Grievances & Pensions described this amendment as progressive
and significantly empowering for women employees/pensioners.

About CCS Pension Rules

• Launch Year: 2021
• Nodal Ministry: Ministry of Personnel, Public Grievances & Pensions.
• Developed by: Department of Pension & Pensioners’ Welfare.
• Aim: To empower government employees and pensioners by offering them timely social security
benefits in the form of pension.

INDIAN POLITICAL SYSTEM

2.45 Vision India@2047

Why in News?
• The Indian government has announced its ambitious Vision 2047, which targets the construction
of up to 50,000km of expressways across the country.

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Key Highlights

• Vision 2047 aims to provide access to expressways within 100-125 km from any point in India,
critical for faster travel, reduced fuel consumption, and lower logistics costs.
• The plan includes transitioning from the Bharatmala highway development program to a more
ambitious expressway development strategy.
o As of now, contracts for 27,384km of
roads under Bharatmala phase I have
been awarded. Vision 2047 will
incorporate and align with remaining
projects from Bharatmala phases. QuickFact
o The first phase of Bharatmala aimed to The Union government has appointed the
construct 34,800km of highways, with Boston Consulting Group (BCG) to help prepare a
phase 2 planned for over 5,000km of Vision 2047 document that will set India’s medium-
access-controlled highways. term goals and priorities for becoming a developed
• The length of high-speed corridors in India
economy in the next quarter of a century.
has increased from 353km in 2014 to
3,913km. More than 6,217km of roads were
completed up to December 2023.
• New guidelines for standardizing wayside amenities and satellite-based tolling on highways are
being finalized.
• The toll revenue from national highways reached ₹18,450 crore till December, against the FY24
target of ₹24,977 crore.
• Vision 2047 reflects a significant shift in India's infrastructure development approach, prioritizing
expressway construction.

About Vision India@2047

• It is a project initiated by NITI Aayog, the apex policy think tank of India, to create a blueprint for
India’s development in the next 25 years.
• The project aims to make India a global leader in innovation and technology, a model of human
development and social welfare, and a champion of environmental sustainability.
• Objectives:

o To commemorate the 100th year of independence, the Central government has started
work on a vision plan for a ‘future-ready India’.
o Achieving a USD 30 trillion economy with a per-capita income of USD 18,000-20,000 and
strong public finances and a robust financial sector.
o Building world-class infrastructure and facilities in both rural and urban areas.
o Eliminating unnecessary interference by the government in the lives of citizens and
promoting digital economy and governance.
o Developing 3-4 global champions in every sector by merger or restructuring and boosting
indigenous industry and innovation.
o Becoming self-reliant in defence and space sectors and enhancing India’s role in the
world.
o Fostering green growth and climate action by increasing renewable energy capacity and
reducing carbon emissions.
o Empowering the youth with skills and education and creating more employment
opportunities.
o Partnering with foreign R&D organizations to build top 10 labs in the country and
bringing at least 10 Indian institutions among the top 100 globally.

2.46 Bharat Atta

Why in News

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 • Food Corporation of India (FCI) allocated 300,000 tonnes of wheat for conversion into flour
and selling it at a subsidised rate under the "Bharat Atta" brand.

Key Highlights
• Aimed at combating inflation, FCI will continue this
monthly allocation till at least March.
• FCI's current wheat buffer stock is 15.9 million tonnes.
• Additional Products: Bharat Dal (Chana dal) at Rs. 60 per
Kg., at subsidized rates to control price rise.

About Bharat Atta

• Launch Year: 2023
• Ministry: Ministry of Consumer Affairs, Food & Public
Distribution
• Implementing Agency: Food Corporation of India
• Aim/Objective: To offer wheat flour at a subsidised rate to
combat food inflation and provide relief from high prices.
• Features:
o Conversion of wheat into atta and distribution through cooperatives like NAFED, NCCF,
and Kendriya Bhandar.
o Wheat provided to cooperatives at ₹21.5 per kg.

2.47 River Cruise Tourism Roadmap, 2047

Why in News?
• Shipping and Ports Minister has recently
announced a ₹45,000 crore investment plan to
develop river cruise tourism. QuickFact
• The decision was made at the inaugural Inland During 3rd Global Maritime India Summit 2023
Waterways Development Council (IWDC) meeting (Oct 2023) held in Mumbai the ‘Amrit Kaal
in Kolkata. Vision 2047,’ unveiled. It outlines India’s plans
• The IWDC meeting serves as a platform for strategic for its maritime blue economy.
planning and collaboration among various
stakeholders in the waterways sector.
• 'Harit Nauka' guidelines and the 'River Cruise Tourism Roadmap, 2047' were launched.

About River Cruise Tourism Roadmap, 2047

• Initiative by: Ministry of Ports, Shipping & Waterways.
• Objective: To develop inland waterways and river cruise tourism, harnessing the potential of
India's blue economy.
• Features:
o Investment Plan: The plan includes ₹35,000 crore for cruise vessels and ₹10,000 crore
for terminal infrastructure, targeting significant growth in river cruise tourism.
o Government's Vision: Aligned with the Maritime India Vision 2030 and Maritime Amrit Kaal
Vision 2047, the initiatives aim to increase inland waterway transportation's modal
share to 5% and cargo volume to over 500 MTPA.

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 o Expansion of Waterway Capacity: Plans to expand operational waterway capacity from 8
to 26 for river cruise tourism and increase cruise circuits with night stays from 17 to
80.
o Increase in River Cruise Terminals: The number of river cruise terminals is projected to
grow from 15 to 185.
o Key Projects: Multimodal terminals at Varanasi, Sahibganj, and Haldia.
o Harit Nauka- Guidelines for Green Transition of Inland Vessels: Furthering passenger
transport through waterways in an environment-friendly and sustainable manner by
promoting the adoption of low-emission fuel as propulsion fuel for inland vessel
operations (Green Vessels).

Key Terminologies
• Blue Economy: Economic activities related to oceans, seas, and coasts, focusing on sustainable
use of ocean resources for economic growth.
• Inland Water Transport (IWT):
o The use of rivers, lakes, and canals for transporting goods and passengers.
o India has about 14,500 km of navigable waterways which comprise of rivers, canals,
backwaters, creeks, etc.
o However, inland water transports (IWT) accounts for less than 1% of its freight traffic,
compared to 35% in Bangladesh and 20% in Germany.
o There are 111 officially notified Inland National Waterways (NWs) in India identified for
purposes of inland water transport, as per The National Waterways Act, 2016.

2.48 Fertilizer Subsidy

Why in News
• The government's fertilizer subsidy bill is expected to decrease in FY24 due to lower
international prices and reduced urea imports.

Key Highlights
• The fertilizer subsidy bill in FY24 is projected to ₹1.7-1.8 trillion, almost 34% less than FY23.
• Urea imports are lower this fiscal, with increased domestic production and use of nano-liquid
urea.
• The government has reduced the transport subsidy on domestic fertilizer movement by almost
half to Rs 5,000 crore through the 'One Nation One Fertiliser' initiative.

2.49 COFI Sub-Committee on Fisheries Management

Why in News
• India has been elected as the First Vice Chair of the Committee on Fisheries (COFI) Sub-
Committee on Fisheries Management.

Key Highlights
• This role marks the first time in 57 years that India will serve as a member of the FAO (Food and
Agricultural Organisation) Fisheries Bureau on 'Capture Fisheries'.

About COFI Sub-Committee on Fisheries Management

• Launch Year: 2022, during the 35th session of the FAO Committee on Fisheries (COFI), held in
Rome (Italy).
• Objective: To address issues on international fishing and aquaculture, provide policy guidance
on fisheries management, recognize global challenges, and promote collective solutions.
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 • Features:
o Works closely with the two other COFI sub-
committees: the Sub-Committee on Aquaculture
and the Sub-Committee on Fish Trade.
o Part of the broader FAO Committee on
Fisheries (COFI), established in 1965 as an
intergovernmental forum.
o It makes recommendations to the FAO Council
or its Director-General.
o It advances the FAO Code of Conduct for
Responsible Fisheries.

2.50 Employees' Provident Fund Organization

(EPFO) Regulations

Why in News
• The EPFO has announced the removal of Aadhaar Card as an acceptable document for date of
birth verification as per UIDAI's directive.

Key Highlights
• UIDAI's (Unique Identification Authority of India) Directive (2023) observed the misuse of
Aadhaar as proof of date of birth.
• Aadhaar, as per the Aadhaar Act, 2016, is an identity verifier, not a birth date proof.

About EPFO
• EPFO is a statutory body, Employees' Provident Funds Act, 1952, under the Ministry of Labour
and Employment.
• Act is now referred as Employees' Provident Funds & Miscellaneous Provisions Act, 1952 which
extends to the whole of India.
• One of the World's largest Social Security Organisations in terms of clientele and the volume of
financial transactions undertaken.

2.51 National Language Translation Mission (NLTM)

Why in News
• CoRover.ai has unveiled BharatGPT, India's first indigenous Generative AI Large Language Model
(LLM), which is a significant development under the National Language Translation Mission
(NLTM).

Key Highlights
• BharatGPT aims to cater to over 130 crore users.
• The platform supports voice modality in more than 12 Indian languages and text modality in
22 languages, in collaboration with the National Hub of Language Technology (NHLT), which is
implementing National Language Translation Mission (NLTM).

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About National Language Translation Mission (NLTM)
• Ministry: Ministry of Electronics and Information
Technology (MeitY), announced in Budget 2021.
• Implementing Agency: National Hub of Language
Technology (NHLT)
• Aim/Objective: To facilitate language translation and
make digital tools accessible in multiple Indian languages,
thereby breaking language barriers and enhancing
communication across the country.
• Proposed by: Prime Minister’s Science, Technology, and
Innovation Advisory Council (PM-STIAC).

GLOBALIZATION
2.52 Expansion of BRICS Membership

Why in News?
• The BRICS bloc, originally comprising Brazil, Russia, India, China, and South Africa, has expanded to
include 5 new full members: Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
• The decision was made as Moscow assumed the presidency of BRICS.
• Argentina, initially slated to join, withdrew from becoming a member following an
announcement by its new President.
• The Russian presidency of BRICS in 2024 will focus on multilateralism for equitable global
development and security, encompassing politics, economy, finance, culture, and humanitarian
contacts.
• Over 200 events are planned across various Russian cities as part of the chairmanship, culminating
in the BRICS Summit in Kazan in October.

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2.53 19th NAM (Non-Aligned Movement) Summit

Why in News
• Recently, 19th NAM Summit was held in Kampala, Uganda.

Key Highlights
• Theme: 'Deepening Cooperation for Shared Global Affluence.'
• Current Chair of the NAM: Uganda from 2024-2027
• Alongside NAM, India participated in the 'G-77 Third South Summit' in Kampala.
o Theme: ‘Leaving No One Behind’.
o Objective: To increase cooperation among 134 member States of the Group of 77 (G-77) in
a more competitive world.
o 2nd G-77 South Summit was convened in Qatar (2005), and 1st in Cuba (2000).

About Non-Aligned Movement (NAM)

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 • Founded in: 1961.
• Initiated by: India, Ghana, Egypt, Indonesia and Yugoslavia.
• A group of 25 countries formally established the NAM at the group’s
first Summit, in Belgrade, Yugoslavia.
• Formed during the Cold War, NAM was established as a path for
nations to avoid alignment with the USA or USSR.
• Features: NAM is characterized by its principles of mutual respect,
non-aggression, and cooperation for mutual benefit.
• NAM does not have a formal founding charter or treaty, nor does it
have a permanent secretariat.
• Observer countries: 18
• Observer organizations: 10
Key Terms
• G-77: A coalition of developing nations at the UN, designed to promote its members' collective
economic interests and create an enhanced joint negotiating capacity.

2.54 European Free Trade Association (EFTA)

Why in News
• EFTA is nearing a trade agreement with India.

Key Highlights
• Negotiations, ongoing since 2008, aim to boost economic ties through the Trade and Economic
Partnership Agreement (TEPA).
• Agreement includes trade in goods, intellectual property rights, services, investment promotion,
sustainable development, and trade facilitation.
• India’s exports to EFTA in 2022-23: $1.92 billion,
• India’s imports from EFTA in 2022-23: $16.74 billion.

About European Free Trade Association (EFTA)

• Established in 1960.
• An inter-governmental organization aiming to promote free trade and economic integration
among its members.
• Current member countries: Iceland, Liechtenstein, Norway, and Switzerland.
• Notably, EFTA is separate from the European Union (EU).
• EFTA Council is the highest governing body of EFTA.
• Headquarters in Geneva deals with the management and negotiation of free trade agreements with
non-EU countries.

2.55 WHO Guidelines for Multi-Modal Generative AI in Healthcare

Why in News
• The World Health Organization (WHO) has released guidelines for the ethical use and
governance of large multi-modal models (LMM) in healthcare.

Key Highlights
• Guidelines address the rapidly growing use of AI-driven models in healthcare.
• Guidelines identify 5 broad applications of LMMs in healthcare including diagnosis, patient-
guided use, administrative tasks, education, and research.

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 • 6 core principles identified by WHO are:
o Protect autonomy
o Promote human well-being, human safety, and the public interest
o Ensure transparency, explainability, and intelligibility
o Foster responsibility and accountability
o Ensure inclusiveness and equity
o Promote AI that is responsive and sustainable
• Key recommendations for governments include:
o Investing in public infrastructure, like computing power and public datasets, that adhere to
ethical principles
o Using laws and regulations to ensure LMMs meet ethical obligations and human rights
standards
o Assigning regulatory agencies to assess and approve LMMs for healthcare use
o Introducing mandatory post-release audits and impact assessments

Key Terms
• LMMs: A type of fast growing generative artificial intelligence (AI) technology, that is unique in their
mimicry of human communication and ability to carry out tasks they were not explicitly
programmed to perform.
• Some Examples: ChatGPT, Bard etc.

MEASUREMENT OF GROWTH
2.56 India’s GDP Growth

Why in News?
• India’s GDP growth is projected at 7.3% for FY24 by the government, surpassing the RBI's
revised estimate of 7%.
• Government's forecasts for FY24 are based on data available from April-November 2023.

Key Highlights
• The government's projection is aided by strong investment growth and robust performance in
manufacturing, construction and certain service sectors.
• India remains the fastest-growing major economy, following a 7.2% growth in FY23.
• The IMF and World Bank predict a 6.3% growth rate for the Indian economy in FY24.
• Investments in fixed assets are expected to expand over 10%, with government spending
rising by 4%.
• The RBI had revised its growth forecast from 6.5% to 7% due to strong growth in the first two
quarters of the current fiscal.
• Real GDP in FY24 is estimated at ₹171.79 trillion, compared to ₹160.06 trillion in FY23.
• Nominal GDP growth for FY24 is estimated at 8.9%, lower than the 10.5% projected in the union
budget.
• Gross Fixed Capital Formation (GFCF) is expected to rise by 10.3% and Private Final Consumption
Expenditure (PFCE) at 4.4%.
• Government Final Consumption Expenditure (GFCE) is projected to grow by 4%.
• The trade deficit is anticipated to increase significantly.

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Key Terminologies
• Gross Domestic Product (GDP): The total value of goods and services produced within a country's
borders in a specific time period.
o Real GDP: GDP adjusted for inflation, reflecting the value of all goods and services produced
by an economy in a given year.
o Nominal GDP: GDP measured at current market prices, not adjusted for inflation.
• Gross Fixed Capital Formation (GFCF): Net increase in physical assets within measured period.
• Private Final Consumption Expenditure (PFCE): The expenditure by households on goods and
services.
• Government Final Consumption Expenditure (GFCE): The government expenditure on goods and
services that are consumed by households.

2.57 NSO estimates India's GDP growth at 7.3%

Why in News?
• The National Statistical Office (NSO) estimates India's GDP growth at 7.3% for the fiscal year
2024.
• The NSO's estimates are critical for the upcoming interim Budget presentation on February 1
for FY24-25.

Key Highlights
• Projected GDP growth rate for FY24 is 7.3%, with nominal GDP growth estimated at 8.9%.
• Growth projection is a deceleration from the previous fiscal year's 16.1% nominal growth.
• The Indian economy recorded a 7.6% growth in the September quarter and 7.8% in the
previous quarter.
• The Gross Value Added (GVA) growth for FY24 is anticipated to be 6.9%.
• The RBI had revised its GDP growth forecast for FY24 to 7% from an earlier 6.5%.
• The government's estimates are based on data from April to November 2023.
• The first advance estimate uses the benchmark indicator method based on provisional data and
high-frequency indicators like consumer inflation, IIP, fiscal estimates and company financials. Used
for policy formulation and budgetary planning.
• Government expenditure, which was high in the first eight months of FY24, is expected to slow
down in the last quarter.
• Corporate capex is showing signs of weakening, while non-corporate capex is picking up.

Key Terminologies
• Gross Value Added (GVA): Measures the value of goods and services produced in an economy,
minus the cost of inputs and raw materials.
• Benchmark Indicator Method: A method used for estimating GDP growth, which employs various
economic indicators.
• Index of Industrial Production (IIP): An index that tracks manufacturing and industrial activity in
the economy.

2.58 India's Economic Growth Projection

Why in News
• Reserve Bank of India (RBI) projected that the Indian economy is likely to achieve a growth rate
of 7% in the next fiscal year 2024-25 (FY25).

Key Highlights
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 • RBI cited strong domestic demand as a factor for India remaining the fastest-growing major
economy.
• Real GDP growth: Expected at 7.2% in FY24.
• Expected Average CPI (Consumer Price Index)
inflation in FY25: 4.5%.
o RBI has been tasked by the government to
ensure retail inflation remains at 4% with a
margin of 2% on either side.
• RBI highlighted the potential for a global economic
'soft landing'.

3 GA + FINANCE

RECENT DEVELOPMENTS IN FINANCIAL SECTOR

3.1 India Post Payments Bank (IPPB)

Why in News
• IPPB is in the news for achieving a significant milestone of serving 8 crore customers.

About India Post Payments Bank

• Pilot Project Launch: 2017, in Ranchi and Raipur.
• Nationwide Launch: September, 2018.
• Headquarters: Located in New Delhi.
• Ministry: Department of Posts, Ministry of Communication.
• Features:
o Leverages India Stack for Paperless, Cashless, and Presence-less banking
o Offers banking solutions through intuitive interfaces in 13 languages
o Committed to promoting a less cash economy and contributing to Digital India.
• Network: Comprises 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal
employees.

Key Terminologies
• India Stack: A set of APIs (Application Programming Interface) that allows governments, businesses,
startups, and developers to utilize a unique digital infrastructure to solve India's hard problems
towards presence-less, paperless, and cashless service delivery.

3.2 Yen Denominated Green Bonds

Why in News

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 • REC Limited has issued its first Yen Denominated Green Bonds, marking the largest Yen-
denominated issuance from India and the first such initiative by an Indian Public Sector
Undertaking (PSU).

Key Highlights
• Successfully issued Japanese Yen (JPY) 61.1 billion Green bonds.
• Bonds are part of its US$ 10 billion Global Medium Term Notes Programme.
• Maturities of 5-year, 5.25-year, and 10-year with yields of 1.76%, 1.79%, and 2.20%, respectively.
• It is the largest Euro-Yen issuance in South and South East
Asia and the largest non-sovereign Yen-denominated
issuance from the same regions.
• Objective: To finance eligible green projects under the
Reserve Bank of India's external commercial borrowings
guidelines.
• Bond Ratings: Baa3/BBB–/BBB+ (Moody's/Fitch/JCR).
• They will be listed exclusively on Global Securities Market of India International Exchange (India
INX) and NSE IFSC in GIFT City, Gujarat.
• Joint lead managers for the issue include DBS Bank, Mizuho, MUFG, and SMBC Nikko.
• Implementing Agency: REC Limited, a Maharatna Central Public Sector Enterprise, under the
Ministry of Power. This is REC's 11th foray into the international bond market.

3.3 Paytm Payments Bank Ltd (PPBL)

Why in News
• Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank Ltd (PPBL), following
audit reports indicating non-compliance and supervisory concerns.

Key Highlights
• PPBL is prohibited from accepting any deposits or top-ups in customer accounts, including
wallets and FASTags, after February.
• This has been done under section 35A of the Banking Regulation Act, 1949.
• RBI has also directed the termination of the Nodal Accounts of One97 Communications and
Paytm Payments Services Ltd by the end of February.
• Settlement of all pipeline transactions and nodal accounts should be completed by March 15,
2024.

About Paytm Payments Bank Ltd (PPBL)

• Launch Year: Operations started in May 2017.
• Ownership Stake: One97 Communications Ltd holds a 49% stake and Vijay Shekhar Sharma owns
remaining 51%.
• Aim/Objective: To offer banking and financial services, particularly focusing on digital payments
and inclusion.

Key Terminologies
• Banking Regulation Act, 1949: A legislation enacted by the Government of India to regulate
banking firms in India.
o It provides a framework under which banks operate and are supervised in the country.

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3.4 GIFT City

Why in News
• Indian government has enabled direct listing of securities by public Indian companies on
International Exchanges of Gujarat International Finance Tec-City (GIFT City).

Key Highlights
• Amendments to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, have
been made in this regard.
• Ministry of Corporate Affairs issued the Companies (Listing of Equity Shares in Permissible
Jurisdictions) Rules, 2024.
• This regulatory framework allows unlisted public Indian companies to list their shares on
permitted international exchanges within GIFT-IFSC (International Financial Services Centres).
• Permitted Stock Exchanges: India International Exchange and NSE International Exchange at
GIFT-IFSC.
• Objective: To boost foreign investment and broaden the investor base for Indian companies.
• International Financial Services Centres Authority (IFSCA) is the regulatory body supervising
the international stock exchanges at GIFT-IFSC.
• Investors from countries sharing a land border with India, such as China, Bangladesh, Pakistan,
Nepal, Bhutan, and Myanmar, need central government approval to hold equity shares in public
Indian companies.
• Direct Listing: The process by which a company lists its securities directly on a stock exchange,
bypassing the traditional initial public offering (IPO) process.
• It allows companies to access capital markets without issuing new shares, providing a pathway for
public trading of shares.

PRIMARY AND SECONDARY MARKET

3.5 Foreign Portfolio Investors (FPIs) in India

Why in News?
• Foreign Portfolio Investors (FPIs) have made a strong start in 2024 by investing over $1 billion in
the first week, continuing the positive trend seen in 2023.

Key Highlights
• Record Inflows: FPIs injected over $1 billion in the first week of 2024, with ₹4,773 crore into
equities and ₹3,999 crore into debt.
• 2023 Performance: 2023 witnessed the highest-ever yearly inflow of $21 billion by FPIs,
reversing the $17 billion selling in 2022. The highest-ever FPI flow into debt securities at ₹68,663
crore.
• December 2023 Inflows: $8 billion in equities and $2 billion in debt.

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 • Emerging Markets Potential: Falling interest rates and a cooling US dollar could boost inflows into
emerging markets, including India.
• Most-Preferred Destination: India saw significant inflows from FPIs in 2023, with 75% of the $21
billion coming through India-dedicated funds.
• Ownership Levels: Despite strong inflows, FPI ownership of Indian markets is near a decadal low
at 18.1% of BSE-500 stocks.
• Debt Attraction: 2024 is likely to see higher FPI inflows into debt, especially with the inclusion of
Indian sovereign debt in global bond indices.

Key Terminologies
• FPI (Foreign Portfolio Investment): Investments by individuals or institutions in foreign financial
assets, including stocks and bonds.
• Emerging Markets (EMs): Financial markets of developing countries, which offer growth potential
but also come with higher risks.
• Debt Securities: Financial instruments representing a loan made by an investor to a borrower,
typically corporate or governmental.
• BSE-500: An index representing 500 of the top stocks listed on the Bombay Stock Exchange in India.

3.6 SEBI Authorized Short-Selling for Investors Across All Categories

Why in News?
• The Securities and Exchange Board of India (SEBI) has recently authorized short-selling for
investors across all categories, including stocks in the futures and options (F&O) segment.

Key Highlights
• SEBI's decision now allows short-selling for all investors, but explicitly prohibits naked short-
selling.
• Stocks traded in the Futures and Options (F&O) segment are eligible for short-selling.
• Institutional investors are barred from day trading; their transactions will be grossed at the
custodian level, but settled on a net basis with the stock exchanges.
• SEBI may periodically review and update the list of stocks eligible for short-selling.
• Mandatory disclosures are required from institutional investors at the time of order placement
and from retail investors by the end of the trading day.
• SEBI requires stock exchanges to implement uniform deterrent provisions against brokers
failing to deliver securities at settlement.
• A Securities Lending and Borrowing (SLB) scheme will be established to support short selling.
• Brokers must report scrip-wise short-sell positions to stock exchanges before the next trading day.

Key Terminologies
• Short Selling:
o Short selling - also known as “shorting,” “selling short” or “going short”—refers to the
sale of a security or financial instrument that the seller has borrowed.
o The short seller believes that the borrowed security's price will decline, enabling it to
be bought back at a lower price for a profit.
o The difference between the price at which security was sold and price at which it was
purchased represents the short seller’s profit—or loss, as the case may be.
o Naked Short Selling: Selling a stock without having arrangement for its borrowing, not
permitted by SEBI.

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 • Futures and Options (F&O): A segment of the stock market dealing with derivative instruments
like futures and options contracts.
• Securities Lending and Borrowing (SLB) Scheme:
o A scheme that allows the borrowing of securities to facilitate settlement of short selling
transactions.
o SLB is a legally approved medium for lending and borrowing of securities.
o Originally formed by SEBI in May 1997 and last modified in Nov 2012.

3.7 Indian Securities Get First ETF in Gulf

Why in News
• The launch of the first regional exchange-traded fund (ETF) in the UAE, tracking Indian equities,
has made headlines.

About Indian Securities Get First ETF in Gulf

• Aim/Objective: Provide investors in the UAE with an opportunity to invest in Shariah-compliant
Indian equities.
• Name: Chimera S&P India Shariah ETF.
• Developed by: Lunate Capital LLC.
• Features:
o Focus on Shariah-compliant Indian equities.
o Tracks the performance of the S&P India Shariah Liquid 35/20 Capped Index.
o Targets the large expatriate Indian population in the UAE.
• Financial Commitment: UAE's consideration of investing up to $50 billion in India.

Miscellaneous Points
• Strategic Initiatives: The formation of 2PointZero, integrating Lunate and Chimera Investments
into Abu Dhabi’s $244 billion International Holding Co. (IHC)
o A unit of IHC, has formed a joint venture with the Adani Group in India, focusing on
artificial intelligence and other technologies.

Key Terms
• Exchange-Traded Fund (ETF): An investment fund traded on stock exchanges, much like stocks,
that holds assets such as stocks, commodities, or bonds.
• Index Tracking: A strategy where a fund's portfolio is designed to match or track the components
of a market index.

3.8 Spot-bitcoin ETFs

Why in News
• First 11 spot bitcoin ETFs (Exchange-traded Fund) were approved by the US Securities and
Exchange Commission's (SEC) in January, 2024.
o Including those by BlackRock, Vanguard and Franklin Templeton.

About Spot-bitcoin ETFs

• Aim/Objective: To provide investors direct exposure to bitcoin through brokerage accounts,
unlike derivative contracts.
• Features:
o Invests directly in bitcoins rather than in bitcoin futures.
o Promises higher liquidity and greater stability in crypto prices.

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 o Unlike typical ETFs, these funds will use cash to create and redeem new shares, rather
than in-kind transactions involving bitcoin.
• Tax Advantages for Indian Investors:
o Capital gains are potentially lower than the flat 30% for crypto assets.
o Exempt from the 1% Tax Deducted at Source (TDS) applicable on domestic crypto
transactions in India.
o Investments subject to a 20% Tax Collected at Source (TCS) under the Liberalised
Remittance Scheme (LRS) for amounts over Rs 7 lakh.

3.9 India's Fully Accessible Route (FAR) Bonds

Why in News
• Bloomberg Index Services proposed the inclusion of India's Fully Accessible Route (FAR) bonds
in the Bloomberg Emerging Market Local Currency Index from September 2024.

Key Highlights
• This inclusion is expected to attract billions of dollars into India's sovereign debt market.
• The bonds will be capped at a 10% weight within the Bloomberg Emerging Market 10% Country
Capped Index.
• After full integration, Indian rupee will become the 3rd largest currency component in the
Bloomberg EM Local Currency Index, following Chinese Renminbi and South Korean Won.
• As of November 2023, the index would include 32 Indian securities, representing 6.99% of a $5.96
trillion index.
• In 2023, foreign portfolio investors pumped a record $7.1 billion into Indian government bonds.
• Clearing Corporation of India Ltd. data indicated that foreign investors bought a net ₹35,000 crore
($4.2 billion) in bonds between October and December 2023, bringing full-year inflows to ₹59,800
crore, the highest level since 2017.
• JP Morgan is also set to include Indian government bonds in its Government Bond Index-
Emerging Markets (GBI-EM) index from June 2024.

About Indian FAR bonds

• In April 2020, Reserve Bank of India introduced securities exempt from foreign investment
restrictions under the "Fully Accessible Route" (FAR).

3.10 GIFT City

Why in News
• The International Financial Services Centres Authority (IFSCA) expert panel proposed a
special carve-out for mutual funds investing in GIFT City.

Key Highlights
• Currently, mutual funds' investments are capped at $7 billion globally, with a $1 billion limit
per fund for foreign securities.
• The proposal, if implemented, will ensure investments in Indian companies in GIFT (Gujarat
International Finance Tec-City) City are not counted as overseas investments.

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 • The government is facilitating direct listing of Indian firms in GIFT
City, initially for derivatives trading.
• Objective: To deepen liquidity in GIFT City and provide greater
investment opportunities for domestic funds.

About IFSCA
• Established in: 2020, under International Financial Services
Centres Authority Act, 2019.
• Headquartered in GIFT City, Gandhinagar, Gujarat.
• Role: Serves as a unified authority for the development and
regulation of financial products, services, and institutions in the
International Financial Services Centre (IFSC) in India.
o GIFT IFSC is India's first international financial services
centre.
• Before its establishment, its business was regulated by domestic
financial regulators, namely RBI, SEBI, PFRDA, and IRDAI.

Miscellaneous Points
• The Ministry of Corporate Affairs allowed certain unlisted firms
to list overseas, starting with GIFT City.

3.11 Protection and Indemnity (P&I) Entity

Why in News
• India plans to establish its own P&I entity, named the India Club, to provide insurance to ships
operating along Indian coasts and waterways.

Key Highlights
• The India Club is proposed as a mutual insurance association for the Indian shipping industry.
• Currently, Indian shipping industry relies on global P&I clubs.
o 90% of the world's ocean-going ships covered by 13 major P&I clubs under the
International Group of P&I Clubs.
• In 2018, State-run New India Assurance Co entered the marine insurance segment, offering
protection and indemnity cover to local vessels on domestic routes.
About Protection and Indemnity (P&I) Entity
• Aim/Objective: To reduce India's reliance on global P&I clubs and protect against vulnerabilities
due to international sanctions.
• Payment Method in P&I Clubs: Instead of an insurance premium, members pay a ‘call’ which is a
sum of money put into the club’s pool.

3.12 Listing in Indian securities market

Why in News
• The Securities and Exchange Board of India (SEBI) has recommended interim measures to
improve ease of doing business for listed companies.

Key Recommendations
• SEBI's expert committee chaired by S.K Mohanty.

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 • To allow certain public investors to contribute to the minimum public shareholding (MPS)
without being classified as promoters.
o Current SEBI rules require promoters to hold at least 20% shareholding post-listing.
• Provision for non-individual shareholders holding 5% or more post-offer equity share capital
to contribute to MPS, up to a maximum of 10%, without being identified as promoters.
• To ease the criteria for refiling offer documents for IPOs.
• Market Capitalization-Based Ranking: Listing regulations for companies should be based on the
average market capitalization over the last 6 months, rather than on a single day.
• Limiting Committee Membership for Directors: Count of maximum membership and
chairmanship in committees should be limited to only listed companies, excluding positions at
unlisted public companies.
• Extended Timeline for Filling Key Managerial Personnel Vacancies: 6 months.
• Uniform Timeline for Board Meeting Intimations to Stock Exchanges: 2 working days for all
types of events.
• Issue of Capital and Disclosure Requirements (ICDR) Regulation Changes: Equity shares,
acquired by promoters on conversion of convertible securities within one year prior to filing draft
papers for an IPO, should be eligible for the minimum promoters’ contribution.

Key Terms
• Minimum Public Shareholding (MPS): The minimum percentage of a company's shares that must
be publicly owned post-listing as per regulatory requirements.
• Initial Public Offering (IPO): The process by which a private company offers its shares to the public
for the first time.
• Draft Red Herring Prospectus (DRHP): A preliminary registration document filed by a company
with Sebi, detailing the IPO.

3.13 Mutual fund Industry

Why in News
o Mutual fund Industry’s assets under management (AUM) crossed Rs 50 lakh crore for the first
time ever in December 2023

Key Highlights
o Reported by: Association of Mutual Funds in India (AMFI).
o Annual Growth: AUM increased by around Rs 11 lakh crore in 2023.
• Unique Mutual Fund Investors: More than doubled over the last 5 years, from 1.91 crore in
December 2018 to 4.21 crore in December 2023.

3.14 SEBI Circular on Short-Selling

Why in News?
• The Securities and Exchange Board of India (SEBI) has recently authorized short-selling for
investors across all categories, including stocks in the futures and options (F&O) segment.

Key Guidelines
• SEBI has issued circular allowing institutions to short-sell equities and committed to
establishing a lending and borrowing scheme for securities.
• The circular permits short-selling in the futures & options (F&O) segment but continues to ban
naked short selling.

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 • Institutions involved in short-selling must declare their intention when placing orders and
cannot square off positions intraday.
• The process of short selling involves borrowing stock, selling it, and buying it back at a lower price.
• SEBI's plan includes a mechanism for institutions to lend stocks, which has implications for tax
and transparency.
• Brokerages must collect and upload short-sell data to stock exchanges for publication.
• Potential challenges, including loss of confidentiality in short sales and the impact on market
practices like short squeezes.
• Potential benefits of a well-functioning short-selling mechanism for market development and
price discovery.

Key Terminologies
• Intraday square off:
o It involves closing positions within the same trading day, while delivery square off
extends beyond the trading day like for days, week or even month.
o Thus intraday square off depends on technical research and targets quick profits &
avoids overnight risks.
• Short Squeeze:
o A short squeeze is an unusual condition that triggers rapidly rising prices in a stock or
other tradable security.
o It occurs when a security has a significant amount of short sellers, meaning lots of investors
are betting on its price falling.
o The short squeeze begins when the price jumps higher unexpectedly and gains
momentum as a significant measure of the short sellers decides to cut losses and exit their
positions.
Note: Short Selling Term explained in the first week of January 2024.

3.15 SEBI's Easier Listing Norms Proposal

Why in News?
• A SEBI expert committee has proposed recommendations for easier listing norms, including
interim measures to facilitate minimum public shareholding (MPS) requirements and revisions in
IPO filing processes.

About Easier Listing Norms Proposal

• Initiative by: Securities and Exchange Board of India (SEBI).
• Objective: To simplify the listing process for companies and make it more flexible for
companies with various funding backgrounds.
• Key Guidelines:
o Public Investors Contribution: Proposed allowing certain non-individual shareholders
to contribute towards MPS without being classified as promoters.
o Easing IPO Document Refilling Conditions: Recommended easing norms that trigger
refilling of initial public offering (IPO) documents, providing flexibility in issue size.
o Minimum Shareholding by Promoters: SEBI rules currently require promoters to hold at
least 20% of shareholding post-listing, which is challenging for companies with multiple
funding rounds pre-listing.
o Inclusion of Non-Individual Shareholders: Certain non-individual shareholders holding
5% or more of the post-offer equity may contribute towards MPS without being
identified as promoters, subject to a 10% maximum.

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 o Flexibility in Offer for Sale Size: The offer for sale size can be based on either the
estimated issue size in Rupee value or the number of shares, not both.
o Deadline for Responses: Market participants can send their responses on the consultation
paper by February 1.
o Impact: Expected to facilitate easier and more practical paths for companies seeking to
list on stock exchanges.

Key Terminologies
• Minimum Public Shareholding (MPS):
o The minimum percentage of a company’s paid-up equity share capital that should be
held by non-promoter shareholders.
o The MPS rule requires all listed companies in India to ensure that at least 25% of their
equity shares are held by non-promoters (public).
o Implemented after change of Securities Contracts Regulation Rules by SEBI in 2010.
o Under it promoters with a strangle-hold on listed companies were asked to
compulsorily sell down their stake by placing shares with institutions or issuing rights or
bonus shares.
• Initial Public Offering (IPO):
o The process through which a private company or corporation can become public by
selling its stocks to the general public.
o IPOs provide companies with an opportunity to obtain equity capital from public
investors by offering shares through the primary market.

3.16 Zerodha Nifty 1D Rate Liquid ETF

Why in News
• Recently launched by Zerodha Mutual Fund.

Key Highlights
• An open-ended ETF replicating the Nifty 1D Rate Index.
o Nifty 1D Rate Index measures the returns generated by market participants lending in the
overnight market.
• It primarily invests in TREPS (Treasury Bills Repurchase) traded on the CCIL (Clearing
Corporation of India Ltd) platform.
• Investments are made in short-term debt products backed by treasury bills, implying relatively
low credit risk and low-interest rate risk.
• The fund facilitates a seamless transition between equity and cash within the same
settlement, suitable for various types of investors.
• ETF offers a Growth NAV (Net Asset Value), which is easier to track and taxes returns only when
the ETF is sold.
• ETF is designed to have a lower ticket size, starting with a NAV of 100, to enable more retail
investors.
• Minimum application amount: Rs 500.
• Fund is managed by Apurv Parikh.
• There is no entry or exit loads for this scheme.

3.17 National Stock Exchange (NSE) of India

Why in News

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 • NSE emerged as the world's largest derivative exchange in 2023 by the number of contracts
traded for the 5th consecutive year, as per Futures Industry Association (FIA).
• Ranked 3rd globally in the equity segment by number of trades in 2023, as per World Federation
of Exchanges (WFE).

Major Milestones of NSE in 2023

• Market capitalization of listed companies surpassed USD 4 trillion.
• SME (Small and Medium Enterprises) listed companies surpassed the ₹1,00,000 crore mark.
• Nifty 50 index crossed the 20,000 index levels for the first time.
• Number of unique registered investors on the exchange crossed 8.5 crore.
• Continuous growth in several clients traded for 10 consecutive years from 2014 to 2023 in the
equity segment.
• Record high turnover in the equity segment: ₹167,942.47 crores
• Record high turnover in equity derivatives segment: ₹381,623.12 crores.

Key Initiatives by NSE

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 • Implementation of T+1 settlement transition for all
securities.
• Shortened timeline for listing securities in the
primary market to T+3 days.
• Introduction of Social Stock Exchange (SSE) segment
to support social enterprises (NPOs – ‘Non-Profit
Organisations’).
• Introduction of instruments like Zero Coupon Zero
Principal Bonds.
• Launched 21 new commodity derivatives contracts
in the commodity derivatives segment, including
options on futures contracts on underlying assets like
WTI crude oil, natural gas, gold, silver, and base metals.

3.18 Launch of CDSL’s Multi-lingual Initiatives

Why in News
• SEBI (Securities and Exchange Board of India) has launched two multi-lingual initiatives by
Central Depository Services Ltd (CDSL).

Key Launches by CDSL

• 'Apka CAS – Apki Zubaani':
o Initiative for multilingual investor Consolidated Account Statements (CAS).
o To enable investors to receive statements in their preferred language among 23
covered Indian languages.
• ‘CDSL Buddy Sahayta 24*7’:
o A unique multi-lingual chatbot, initially available in 4 languages.

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 o To assist investors on the CDSL website.
• A report titled ‘Reimagine Digital Trust in Capital Markets’
in collaboration with KPMG (Klynveld Peat Marwick Goerdeler).
o Focus on digital trust, global financial
interconnectedness, and resilience against emerging
cyber threats.
• Completion of 'Neev':
o A 25-city pan-India financial literacy campaign.
o To deepen market awareness and education,
especially among armed forces and rural areas.
• Objective: To increase inclusivity and accessibility in the
capital market by offering services in multiple Indian languages.
• Initiatives were launched as part of CDSL's silver jubilee year (25 years of operation).

3.19 Voluntary Blocking of Trading Accounts

Why in News
• Securities and Exchange Board of India (SEBI) plans to implement a facility for clients to
voluntarily freeze or block their trading accounts.

Key Highlights
• Brokers' Industry Standards Forum (ISF) will collaborate with stock exchanges to lay down this
framework by April, 2024.
• Guidelines issued under the framework will be implemented by July, 2024.
• The framework will detail communication methods for clients to request account blocking,
acknowledgment issuance, and processing timelines.
• SEBI also directed stock exchanges to monitor clients' funds with stock brokers, ensuring that
clients' funds always match or exceed the ledger balance.
• Currently, voluntary blocking/freezing of demat accounts is already available for investors.

3.20 Sebi Circular

Why in News
• The Securities and Exchange Board of India (Sebi) has issued a circular introducing a framework
for the offer for sale (OFS) of shares to employees through stock exchanges.

Key Highlights
• Circular allows promoters of eligible companies to sell shares to employees via stock exchanges
within 2 weeks from the OFS transaction.
• Circular mandates promoters to disclose the number of shares offered to employees and any
discount provided in the OFS notice to the stock exchange.
• Objective: To facilitate a more efficient, cost-effective method for the offer for sale of shares
to employees and broadening the employee base that can benefit from such offers.
• New System allowing OFS to employees to be conducted on T+1 day alongside the retail category
under a new category named 'Employee'.
• A specific number of shares must be reserved for staff in the employee OFS.
• The bid book for the 'Employee' category will be segregated from the retail category book for
the purpose of allotment.
• Each employee is eligible for an allotment of equity shares up to Rs 2 lakh.

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 • In case of under-subscription in the employee portion, unsubscribed portion may be
allotted to employees whose bid amount is more than Rs 2 lakh on a proportionate basis, with
the total allotment to an employee not exceeding Rs 5 lakh.
• Promoters must transfer the total shares of OFS on T-1 day, including the shares reserved for
the employee category, to the designated clearing corporation.
• Employees are allowed to bid through the 'Employee' category as well as other categories,
adhering to applicable limits.

Key Terminologies
• Offer for Sale (OFS): A mechanism through which promoters of publicly traded companies can
sell their shares to the public through the stock exchange platform.
• Cut-off Price: The price at which shares are allocated to bidders in an OFS, determined based
on the bids received on the T+1 day.

BANKING SYSTEM IN INDIA

3.21 New Penal Charges Regime for Loan Defaults

Why in News?
• The Reserve Bank of India (RBI) has postponed the implementation of the new penal charges
regime for loan defaults from January 1, 2024, to April 1, 2024.

About New Penal Charges Regime for Loan Defaults

• Launch Year: 2024.
• Implementing Agency: Regulated entities (banks) under RBI.
• Developed by: Reserve Bank of India (RBI).
• Aim/Objective: To regulate penal charges imposed by banks on borrowers for defaults,
ensuring fairness and discipline.
• Features:
o The new penal charges regime is now scheduled to be implemented for new loans from
April 1, 2024.
o Existing loans are to be migrated to this regime by June 30, 2024.
o The penalty for non-compliance will be in the form of penal charges and not penal
interest.
o Penal charges will be reasonable, commensurate with the non-compliance, and non-
discriminatory within loan categories.
o Different rules apply to individual and non-individual borrowers.
o Banks are required to follow a board-approved policy for imposing penal charges.
o These instructions do not apply to credit cards.
• Significance:
o The shift in the implementation timeline was made to prevent banks from using penal
charges primarily as a revenue generation tool.

Key Terminologies
• Penal Charges Regime: A set of rules and guidelines governing the imposition of additional charges
on borrowers for non-compliance or defaults.
• Regulated Entities (REs): Financial institutions like banks that are regulated by RBI.
• Capitalization of Charges: Adding unpaid charges to the principal amount of a loan, leading to
interest being charged on the increased principal.

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3.22 RBI’s New Guidelines For The Declaration Of Dividends

Why in News?
• The Reserve Bank of India (RBI) has proposed new draft guidelines for the declaration of
dividends by banks and the remittance of profits by foreign bank branches, effective from the
fiscal year 2024-25.
• Feedback is invited until January 31, post which the guidelines are expected to be finalized.

About New Rules on Dividend Payouts by Banks

• Launch Year: 2024.

• Regulating Body: Reserve Bank of India (RBI).
• Objective: To ensure prudent and sustainable dividend declaration practices among banks
aligned with Basel III standards, the revised prompt corrective action (PCA) framework.
• Applicability:
o All commercial banks (including regional rural banks, local area banks, small finance banks,
and payments banks).
o New capital adequacy and net NPA norms would also apply to branches of foreign banks
remitting net profit/surplus to their head offices.
• Banks should meet the following prudential requirements to be eligible to declare dividends or
remit profits:
o Capital adequacy requirement for each of the last 3 financial years including-
✓ Minimum common equity tier (CET) 1 ratio of 5.5%, capital conservation buffer
(CCB) (comprising common equity) of 2.5%, minimum tier 1 capital of 7%
✓ Minimum total capital of 9% for commercial banks (excluding regional rural
banks, local area banks, small finance banks, and payments banks).
✓ For small finance banks, a minimum (CET) of 6% and minimum total capital
(CRAR) of 15% is essential.
o Net NPA criteria: Dividends can only be declared for a financial year if the net non-
performing assets (NPAs) ratio is less than 6% for that specific year.
o Other criteria:
✓ RBI also stated that banks must be in compliance with provisions for asset
impairment and employee benefits, transfer of profits to statutory reserves, and
other regulatory requirements.
✓ Reserve Bank should not have placed any explicit restrictions on the bank for the
declaration of dividends or remittance of profits for eligibility to pay out
dividends.
✓ Banks eligible to declare dividends should only pay dividend on equity shares.
✓ Exceptional profits/income or qualified financial statements indicating
overstatement of net profit must be adjusted in determining the dividend payout
ratio.
✓ Any excess remittance by foreign banks would have to be immediately covered
by the head office of the foreign bank.
o Dividend payout ratio cap depending on the level of net NPAs:
✓ 50% if net NPA is zero
✓ 40% if net NPA is less than 1%
✓ 35% if net NPA is greater than or equal to 1% but less than 2%
✓ 25% if net NPA is greater than or equal to 2% but less than 4%
✓ 15% if net NPA is greater than or equal to 4% but less than 6%

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 • Timeline: Applicable from the fiscal year 2024-25.

Key Terminologies
• Capital Adequacy Requirement: The mandatory capital that banks must hold as a precaution
against credit risk, market risk, and operational risk.
• Prompt Corrective Action (PCA) Framework: A framework used by central banks to intervene in
banks that become undercapitalized due to poor asset quality and other issues.
• Net Non-Performing Assets (NPAs): Net value of loans where borrowers have failed to make their
interest or principal payments for an extended period.
• Dividend Payout Ratio: The ratio between the amount of dividend payable and the net profit of the
bank.
• Basel III Standards: A set of international banking regulations developed by the Basel Committee
on Banking Supervision to strengthen regulation, supervision, and risk management within the
banking sector.

3.23 RBI Circular On Inoperative Bank Accounts

Why in News?
• The Reserve Bank of India (RBI) has issued a circular providing clarifications and comprehensive
guidelines regarding inoperative bank accounts.

About RBI Circular on Inoperative Bank Account

• Launch Year: 2024.
• Regulating Body: Reserve Bank of India (RBI).
• Aim/Objective: To streamline the process of dealing with inoperative accounts and to protect
the interests of depositors.
• Key Guidelines:
o Definition of Inoperative Account: A savings or current account will be considered
inoperative if there are no customer-induced transactions for over 2 years.
o Handling of Unoperated Accounts: If an account remains unoperated for 10 years, the
credit balance is to be transferred to the Depositor Education and Awareness (DEA) Fund
Scheme maintained by the RBI.
o Activation of Inoperative Accounts: Banks will activate inoperative accounts and
unclaimed deposits, including those under freeze by various agencies, adhering to KYC
guidelines provided in the Master Direction dated Feb 25, 2016.
o Process for Activation: Banks are required to provide information on their websites and
branches about the process for activation of inoperative accounts and unclaimed deposits.
o Charges and Penal Fees: No penal charges will be levied for non-maintenance of
minimum balances in inoperative accounts. There will also be no charges for the
activation of inoperative accounts.
• Effective Date: These guidelines will come into effect from April 1, 2024.
• Significance:
o The clarification and new guidelines will reduce confusion and simplify the management
of inoperative accounts for both banks and account holders.
o Will enhance consumer protection and transparency in handling inoperative accounts.

Key Terminologies
• Depositor Education and Awareness Fund (DEA) Fund Scheme:

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 o A fund where banks transfer the credit balance of accounts that have been inoperative
for 10 years or more.
o Pursuant to the Banking Laws (Amendment) Act, 2012, Section 26A has been inserted in
the Banking Regulation Act, 1949 that empowers the Reserve Bank to establish a fund
called Depositor Education and Awareness Fund (DEA Fund).
• KYC Guidelines: 'Know Your Customer' guidelines that banks must adhere to while dealing with
customers, especially in the context of reactivating accounts.

3.24 RBI Circular on Lenders Investing in AIFs

Why in News?
• The Reserve Bank of India (RBI) has issued circular imposing restrictions on regulated entities
(REs) from investing in units of Alternative Investment Funds (AIFs) that indirectly finance
debtor companies of these entities.

About RBI Circular on Lenders Investing in AIFs

• Issued by: Reserve Bank of India (RBI).
• Aim: To prevent the indirect continuation of exposure (evergreening) by REs including Non-
Banking Financial Companies (NBFCs) to debtor companies through investments in AIFs.
• Key Guidelines:
o Definition of 'Debtor Company': Includes any company to which the RE currently has or
had exposure in terms of loans or investments within the preceding 12 months.
o Investment Prohibitions: REs are prohibited from investing in AIFs that have
downstream investments in debtor companies of the REs.
o Requirement for Existing Investments: REs with existing investments in such AIFs must
liquidate these investments within 30 days from the date of the downstream investment
by the AIF or from the date of the circular.
o Provisioning Requirements: If unable to liquidate as required, REs must make a 100%
provision on such investments.
• Challenges Highlighted:
o Potential misclassification of all AIF investments as 'evergreening.'
o Increased due diligence and internal controls, possibly discouraging REs from investing in
AIFs.
o Disadvantage for genuine domestic institutional capital compared to foreign
institutional investors.
o Practical difficulties in liquidating AIF investments, especially for close-ended Category
1/2 AIFs.
o Difficulty in finding buyers for the AIF units and potential issues for REs acting as
sponsors to these AIFs as per SEBI regulations.
• Impact: Intended to ensure transparency and prevent the manipulation of financial books by
REs through indirect investments.
• Significance:
o Address RBI’s concerns about financial manipulation but may lead to unintended
consequences affecting the investment environment.

Key Terminologies
• Regulated Entities (REs): Financial institutions like banks and NBFCs regulated by RBI.
• Alternative Investment Funds (AIFs): Funds established or incorporated in India for the purpose
of pooling capital from Indian and foreign investors.

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 • Evergreening of Loans: A practice where banks give new loans to help borrowers repay
existing loans, artificially keeping default rates low.
• Non-Convertible Debentures (NCDs): Fixed-income instruments that cannot be converted into
shares or equity.

3.25 RBI guidelines on bank classification of unclaimed deposits

Why in News?
• The Reserve Bank of India (RBI) has released comprehensive guidelines for banks regarding the
classification and handling of inoperative accounts and unclaimed deposits.

Key Guidelines
• Periodic Review: Banks are required to
conduct an annual review of accounts
with no customer-induced transactions
for more than a year.
QuickFact
• Prevention of Fraud: Measures must be
• RBI launched “100 Days 100 Pays" campaign in June
taken to prevent fraud in inoperative
2022, under which banks must trace and settle top
accounts and unclaimed deposits.
100 unclaimed deposits of every bank in every
• Grievance Redressal: Banks should
district.
establish a grievance redressal
• The deadline for the scheme, which was to end on 8
mechanism for resolving complaints
September, has now been extended to 1 April 2024.
related to these accounts.
• Tracing Customers: Banks should make
efforts to trace the customers of inoperative accounts, including nominees or legal heirs, for
account re-activation, claims settlement, or closure.
• Classification of Zero Balance Accounts: Banks shall not classify zero balance accounts as
‘inoperative’ if they remain non-operative for more than two years.
• Concurrent Audit: Amounts in reactivated inoperative accounts or unclaimed deposits will be
put under concurrent audit.
• Monitoring of Reactivated Accounts: Transactions in reactivated accounts will be monitored for
at least 6 months at higher levels.
• Transfer to DEA Fund: Unclaimed deposits after 10 years are transferred to the depositor
education and awareness (DEA) fund maintained by RBI.
• Significance:
o Will streamline the process of managing inoperative accounts and unclaimed deposits
and to enhance consumer protection.
o Will improve the management of unclaimed deposits and ensure consumer protection
and financial transparency.

Key Terminologies
• Inoperative Account: An account with no customer-induced transactions for a specified period.
• Unclaimed Deposit: Funds in bank accounts that have not been claimed or operated upon for an
extended period.
• Depositor Education and Awareness (DEA) Fund: A fund where banks transfer the credit balance
of accounts that have been inoperative for a long period.

3.26 RBI’s Framework on Green Deposits

Why in News?
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 • The Reserve Bank of India (RBI) has released guidelines for green deposits, outlining key
provisions for financial institutions and investors interested in such deposits.

About RBI’s Framework on Green Deposits

• Regulating Body: Reserve Bank of India (RBI).
• Aim: To promote environmentally sustainable projects through the use of green deposits.
• Key Guidelines
o Purpose of Green Deposits: Financial institutions are encouraged to raise green deposits
to finance environmentally beneficial projects.
o Investment in Liquid Instruments: With
maturity up to one year until the funds are
allocated to green activities/projects.
o Order of Financing: Banks must raise green These green bonds will also help in attaining
deposits first before financing green ambitious targets decided by the
activities/projects. This framework applies government, for instance achieving 500
to green deposits raised on or after June 1, gigawatt of renewable energy capacity by the
year 2030 and net zero carbon emissions by
2023.
2070.
o Premature Withdrawals: There are no
restrictions on premature withdrawal of green deposits, and banks will adhere to
guidelines specified in the master circular.
o Penalty and Allocation: No penalty is imposed for non-allocation of proceeds towards
green activities/projects.
o Investment in Sovereign Green Bonds: Investments in sovereign green bonds are
covered under the green deposit framework.
o Overdraft Facilities: Banks can offer overdraft facilities against green deposits, subject to
RBI instructions.
o Currency and Insurance: Green deposits cannot be denominated in foreign currency
and are covered by Deposit Insurance and Credit Guarantee Corporation (DICGC).
• Significance:
o Guidelines are part of a broader effort to integrate environmental considerations into the
financial sector.
o The initiative is expected to boost green financing and support projects that have a
positive environmental impact.

Key Terminologies
• Green Deposits: Deposits raised by financial institutions specifically for funding green and
sustainable projects.
• Sovereign Green Bonds:
o Like any other debt instrument except for the fact that the issuer of the green bond
pledges to use its proceeds to finance projects that will have a positive impact on the
climate and environment.
o Green bonds debuted in 2007.
o Green bonds can be issued by countries, companies and multilateral organisations and
provide investors with fixed income payments.

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 FINTECH
3.27 UPI versus e-rupee?

Why in News?
• The Unified Payments Interface (UPI) continues its significant growth in India, raising questions
about its impact on the country's e-rupee project.

Key Highlights
• UPI recorded 118 billion transactions in 2023, a 60% increase from 2022.
• The total value of these transactions was ₹182 trillion, marking a 44% increase.
• UPI growth indicates a decrease in cash dependence in India since its inception in 2016.
• UPI's success is partly attributed to improved telecom connectivity and the integration of Jan
Dhan bank accounts, Aadhaar identity numbers, and mobile phones.
• India's digital public infrastructure, including UPI, has gained global recognition.
• The success of UPI poses questions about the future and impact of India's e-rupee project.

About UPI and E- Rupee

Aspect UPI (Unified Payments Interface) E-Rupee (Digital Rupee)

A digital platform for financial A Central Bank Digital Currency (CBDC) issued
Nature transactions. by the central bank.
National Payments Corporation of India
Launched by (NPCI). Reserve Bank of India (RBI).
Launch Year 2016. 1 December 2022.
To enable instant money transfer
between bank accounts via mobile
Purpose phones. To provide a digital alternative to physical cash.
Facilitates real-time bank-to-bank
Functionality money transfers. Acts as legal tender in electronic form.
Transaction Transfers money from one bank account Involves the exchange of digital tokens
Process to other using mobile devices. representing currency.
Settlement according to the bank's cycle Instant/immediate settlement like physical
Settlement (not always instant). currency exchange.
Could offer some degree of anonymity
Anonymity Transactions are not anonymous. depending on product design.
Denomination-based, similar to physical
Form Factor Amount-based transactions. currency.
No interest earned as it is a transfer
mechanism. Funds in bank accounts No interest earned on the digital currency itself,
Interest earn interest. similar to physical cash.
Requires a bank account and a mobile Accessibility details will depend on the
Accessibility device. implementation by RBI.
Widely used across India for various
Usage types of payments. Still under exploration and development.
Impact on
Cash Aims to reduce cash dependency further by
Dependency Has reduced cash dependency in India. providing a digital alternative to cash.

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 RECENT DEVELOPMENTS IN FINANCIAL SECTOR
3.28 India's Foreign Exchange (FOREX) Reserves

Why in News?
• India's foreign exchange reserves have increased to $623.20 billion, marking a 22-month high.

Key Highlights
• The Reserve Bank of India (RBI) reported a rise of $2.759 billion in forex reserves for the last
week of December.
• Previously, there was an increase of $4.47 billion for the week earlier.
• The rise includes a $1.87 billion increase in Foreign Currency Assets (FCAs), now totaling $551.62
billion. When denominated in dollars, FCAs encompass impact of appreciation or depreciation of
non-US currencies such as euro, pound, and yen.
• Gold reserves grew by $853 million to $48.33 billion.
• Special drawing rights (SDRs) experienced a surge of $38 million, totaling $18.37 billion.
• The reserve position in the International Monetary Fund (IMF) saw a slight decrease, declining
by $2 million to $4.89 billion.
• India's forex reserves have increased by $44.751 billion since March-end 2023.
• India Ratings and Research (Ind-Ra) anticipates capital account flows to improve in FY24,
leading to a net addition in forex reserves and supporting rupee stability.
• RBI's forex market intervention aims to control rupee volatility, with the rupee expected to
average 83.05/USD in FY24.
• Declined from an all-time high of $645 billion in October 2021, primarily due to the RBI's
efforts to defend the rupee amid global pressures.

About India's Forex Reserves

• Managed by: the Reserve Bank of India
• Objective: To stabilize the Indian rupee, manage economic indicators, and maintain a healthy
balance of payments position.
• Features:
• Forex reserves include FCAs, Gold Reserves, SDRs and Reserve Position in IMF.
• Used by RBI for market interventions, such as selling dollars to prevent steep depreciation
of the rupee.
• Helps in managing market conditions and curbing fluctuations in exchange rates.
• FCA comprises multi-currency assets, including securities, deposits with other central banks,
the BIS and commercial banks overseas.

Key Terminologies
• Foreign Exchange Reserves: Assets held on reserve by a central bank in foreign currencies, used to
back liabilities and influence monetary policy.
• Foreign Currency Assets (FCAs): Assets in foreign currencies that central banks and monetary
authorities hold.
• Special Drawing Rights (SDRs): An international type of monetary reserve currency created by the
International Monetary Fund.
• International Monetary Fund (IMF): An international organization working to foster global
monetary cooperation and financial stability.

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3.29 Goods and Services Tax (GST) Evasion

Why in News?
• GST evasion of over ₹44,000 crore has been detected since May 2022, highlighting a significant
issue of tax compliance.

Key Highlights
• Detection of Bogus Firms: 29,273 bogus firms involved in suspected tax credit evasion were
unearthed. Highest number of fake firms detected in Maharashtra, Rajasthan, Delhi, and Uttar
Pradesh.
• Evasion techniques: Fake registrations and issuance of bogus invoices for passing off fake ITC
have become a serious problem, as fraudulent people engage in dubious and complex
transactions, causing revenue loss to the Government.
• Financial Impact: The effort has saved ₹4,646 crore, including ₹3,802 crore by blocking input tax
credit and ₹844 crore through recovery.
• Quarterly Findings: In the quarter ending December 2023, 4,153 bogus firms involving suspected
input tax credit evasion of around Rs. 12,036 crore were detected.
• Government Measures:
o Like sequential filing of GST returns, system-generated intimation for reconciliation of
the gap in tax liability, data analytics for tax evasion detection.
o Pilot projects for biometric-based Aadhar authentication at registration have been
launched in the States of Gujarat, Puducherry, and Andhra Pradesh.

Key Terminologies
• GST (Goods and Services Tax): An indirect tax used in India on the supply of goods and services,
replacing many existing national and state tax systems.
• Input Tax Credit: A mechanism in the GST framework allowing businesses to reduce their tax
liability by the amount of GST paid on the purchase of goods and services used for business
purposes.

3.30 Goods and Services Tax (GST) Collection

Why in News?
• India's GST collection in December rose by 10% year-on-year (YoY) to ₹1.65 lakh crore,
indicating healthy revenue growth but showing a slight decline from the previous month.

Key Highlights
• December GST Collections: ₹1.65 lakh crore, which is a 10.3% increase from December of the
previous year but a 2% decrease from ₹1.68 lakh crore collected in November.
• GST Collection Trend: The December figure is the lowest since October, with the peak collection
of ₹1.72 trillion in October and a record ₹1.87 trillion in April.
• Fiscal Year Performance: From April to December of this fiscal year, gross GST collections grew
by 12% compared to the same period last year, totaling ₹14.97 trillion.
• Tax Distribution: After settling interstate sales taxes, the central government collected ₹70,501
crore, while states received ₹71,587 crore in December.
• Expert Analysis: Experts suggest that a 12% growth in GST revenue aligns closely with the
nominal GDP growth rate for this fiscal. They also anticipate additional revenue from GST audits
and enforcement measures.

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 • Revenue Growth in Major States: Large state economies like Maharashtra, Uttar Pradesh,
Karnataka, and Tamil Nadu reported revenue growth ranging from 12-19%.

3.31 House Rent Allowance (HRA) Tax Exemptions

Why in News?
• Pre-Budget Expectations 2024 include a recommendation for Bengaluru to be considered a
metro city for HRA exemption.

Key Highlights
• Bengaluru is not classified as a metro city for house rent allowance (HRA) tax exemptions under
income tax laws, limiting the tax-exempt HRA to 40% of basic salary for its residents.
• Bengaluru residents can claim only 40% of their basic salary as tax-exempt HRA, as opposed to
50% allowed in 4 designated metro cities: Delhi, Mumbai, Chennai & Kolkata
• This discrepancy is due to the outdated classification in the Income Tax Act, which hasn't been
updated since the early 1990s.
• Bengaluru cost of living and housing expenses are comparable to those in designated metro
cities. Bengaluru, despite its growth and high living costs, is not classified as a metro city for HRA
purposes.
• Experts and professionals are calling for an updated HRA metro cities list to reflect
contemporary urban realities.
• Income Tax Department provides tax exemptions on house rent allowances, with different rates for
metro and non-metro cities.
• Current HRA tax exemption rates are 50% for metro cities and 40% for non-metro
cities.

Key Terminologies
• House Rent Allowance (HRA):
o Under Income Tax Rules, 1962 that govern various aspects of taxation in India, it is a
component of a salary that is allocated by an employer to an employee to meet the cost
of renting a home.
o As per Income Tax Act, specific cities (currently Delhi, Mumbai, Chennai and Kolkata) where
higher HRA exemptions are applicable.

3.32 Windfall Profit Tax

Why in News?
• There are calls for India to abolish its windfall profit tax on oil to promote policy stability and
allow for more predictable market operations.
• Centre has increased the windfall tax on crude oil while reducing the tax on diesel and aviation
turbine fuel.

Key Highlights
• India recently increased its windfall profit tax on locally produced crude oil to ₹2,300 ($27.63)
per tonne from ₹1,300.
• The Centre slashed the windfall tax on crude oil from Rs 5,000 per tonne to Rs 1,300 per tonne
and on Diesel it was cut to Rs 0.5 per litre from Rs 1 per litre in December earlier.
• This frequent adjustment of the tax rate adds an element of volatility that impacts the financial
forecasting accuracy for oil businesses and investors.

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 • Government's intervention in the oil market should be minimized to allow demand and supply
to interact freely.
• Despite geopolitical tensions, oil prices have remained relatively stable.
• With calm crude prices and strong US shale supplies, an oil shock seems unlikely, suggesting a
lesser need for the windfall tax.

Key Terminologies
• Windfall Profit Tax:
o A tax imposed on companies that make unusually high profits due to favorable economic
conditions, particularly in commodities like oil.
o The tax was initially introduced in response to the oil price spike in 2022.
o It undergoes fortnightly revisions, contingent upon the fluctuations in international crude
and product prices.
o It is imposed on domestically produced crude oil when the rates of the global
benchmark exceed $75 per barrel.

3.33 Income Tax Department’s Advisories Put NRIs On Notice On High Value Deals

Why in News?
• The Income Tax Department in India has issued advisories to non-resident Indians (NRIs)
regarding the confirmation of their high-value transactions and non-filing of income tax returns
(ITRs) for the fiscal year 2022-23.
• The move is part of the Income Tax Department's broader efforts to monitor and enforce tax
compliance, especially among NRIs with financial interests in India.

Key Advisories
• Scope of Advisories: The advisories target NRIs who have conducted high-value transactions,
including those who have opened FCNR (foreign currency non-resident) accounts and/or
NRE/NRO deposits.
• Potential Consequences: Failure to respond could
lead to the issuance of notices for assessments or
reassessments, and possibly detailed scrutiny.
• Issues Identified: QuickFact
o The advisories could result from duplicate • The NRI status in India is attained by
entries in Form 26 AS or investments in joint people who are Indian citizens but stay
accounts. in India for less than 182 days.
o Some NRIs might not have converted their • This includes people who are Indian
bank accounts into non-resident accounts. citizens but leave India for employment
o Taxable incomes such as dividends may have or are crew members of an Indian ship.
been received by NRIs. For them, the 60-days' minimum period
• Response Mechanism: NRIs are advised to file an is extended to 182 days.
online response on the IT portal, which currently
offers limited options and lacks space for detailed
explanations.
• Challenges in Reporting:
o Issues arise in reporting FCNR deposits held in foreign currency, as banks report these in
rupees to the Central Board of Direct Taxes (CBDT) using a notional rupee rate.
o Differentiating between multiple FCNR, NRE, and NRO deposits for reporting purposes poses
difficulties.

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 • Expert Opinion: Suggestions have been made for changes in the reporting mechanism to ease the
inconvenience for non-resident assessee.

Key Terminologies
• Non-Residential External (NRE) Account:
o NRE Account can be opened and maintained by NRIs with earnings originating from
the respective individual’s country of residence but shall be held in Indian rupee
denominations.
o Withdrawals can be made in the currency in which the NRI resides and therefore there
is a possibility of amount fluctuation.
o Income from the NRE account is tax-free as the principal and interest amounts are
exempted from taxation.
• Non-Residential Ordinary (NRO) Account:
o An NRO Account can be opened with income earned from within India.
o The source of income can either be rent, dividends, etc.
o Even though deposits can be in INR or any other foreign currency, the withdrawals can
only be in Indian rupees in an NRO account.
o Interest earned on the income in an NRO account is liable for taxation.
• Foreign Currency Non-Residential (FCNR) Account:
o Under this, NRIs or POI can make these deposits in the currency of their country of
residence and shall be held in that account in any one of the foreign currencies
prescribed by RBI.
o Income from the FCNR account is tax-free as the principal and interest amounts are
exempted from taxation.
o The rate of interest does not fluctuate in an FCNR (Foreign Currency Non-Resident)
account because of the deposits and withdrawals made in foreign currencies.

3.34 Inverted Duty Structure

Why in News?
• The Indian government is planning to address the inverted duty structure in key sectors such
as textiles, leather, and engineering goods in the upcoming Union Budget for FY25.

Key Highlights
• Focus on Inverted Duty Structure: The government aims to rectify the situation where raw
materials face higher taxation than finished products in sectors like textiles, leather, and
engineering goods.
• Impact on Competitiveness: The current tax structure undermines the competitiveness of
Indian manufacturers by making domestically-produced goods costlier than imported finished
products.
• Consultation with Niti Aayog: The finance ministry is likely to consult with the federal think tank
Niti Aayog, which is examining the tax issues, including the inverted duty structure.
• Potential Solutions: Possible solutions include adjusting input and output GST rates and
allowing specific industries to claim cash refunds from accumulated input tax credit.
• Trade Deficit Trends: India's goods trade deficit saw a significant drop in November, primarily
due to a decrease in imports.
• Challenges for the Government: Balancing revenue implications with the need to keep
industries competitive.

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 • Impact: Expected to boost domestic industries by making their products more affordable and
competitive.

Key Terminologies
• Inverted Duty Structure:
o An inverted duty structure comes up in a situation where import duties on input goods
or raw materials are higher than on finished goods.
o GST rate paid on purchases is more than the GST rate payable on sales.
o When manufacturers cannot set off the taxes paid on raw materials against tax on the
final product, excess tax paid on inputs gets built into the price of the product.
o This makes an Indian-made product more expensive than the imported finished product,
affecting the competitiveness of Indian makers.
o The issue is acute in sectors like textiles and apparels.

3.1 International Financial Services Centre (IFSC)

Why in News
• Government of India has recently expanded the range of financial services allowed at IFSC.

Key Highlights
• Expansion includes services like book-keeping, accounting, taxation, and financial crime
compliance.
• These services must be offered by units in an IFSC regulated by the International Financial
Services Centres Authority (IFSCA).
• Services are to be provided to non-residents and should not
involve splitting or reconstructing existing businesses in India.
• Government prohibits units from transferring or receiving
contracts from their group entities in India.
• IFSC now includes financial crime compliance services,
particularly those related to compliance with anti-money
laundering measures and counter-financing of terrorism.

3.35 SFBs (Small Finance Banks)

Why in News
• Reserve Bank of India (RBI) has increased the minimum capital requirement for small finance
banks (SFBs) from Rs 100 crore to Rs 200 crore.

Key Highlights
• Payments Banks are now allowed to convert into SFBs after five years of operation, subject to
eligibility.
• Primary (Urban) Co-operative Banks (UCBs) transitioning into SFBs must initially have a net
worth of Rs 100 crore, to be increased to Rs 200 crore within five years.
• Net worth of all currently operating SFBs exceeds Rs 200 crore.
• SFBs will be given scheduled bank status immediately upon commencement of operations and
have general permission to open banking outlets.

About SFBs
• Launch Year: RBI first issued guidelines for licensing of SFBs in the private sector in 2014.

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• Agency: RBI is the regulatory authority overseeing the licensing and operation of SFBs.
• Objective: To provide basic banking services to unserved and underserved sections.
• Features:
o Subject to prudential norms similar to commercial banks, including CRR and SLR
requirements.
• Registered as public limited companies under the Companies Act, 2013.
• Governed by Banking Regulations Act, 1949; RBI Act, 1934 and other relevant Statutes.

Quick Revision
• The Ministry of Education has launched the 'Prerana: An Experiential Learning program' to empower
students with leadership qualities. A week-long residential program for selected students of class IX to XII
developed by IIT Gandhi Nagar.
• Two websites in the form of refreshed PAiSA Portal Dashboard and PM SVANidhi Mission Monitoring
Portal were launched in a seminar on Grievance Redressal Committee for Street Vendors to support and
empower street vendors across nation.
• New Good Manufacturing Practices (GMP) for drug manufacturing in India:
o Large pharmaceutical companies with a turnover of more than Rs 250 crore are required to
implement these guidelines within six months.
o Smaller and medium-sized manufacturers with a turnover of less than Rs 250 crore have been
given a year to comply.
• The Department of Pension & Pensioners’ Welfare has amended the Central Civil Services (Pension)
Rules, 2021 to allow a female government servant/pensioner to nominate her child/children for family
pension in cases of marital discord leading to legal proceedings.
• The Indian government has announced its ambitious Vision 2047, which targets the construction of up to
50,000km of expressways across the country.
• The BRICS bloc, originally comprising Brazil, Russia, India, China, and South Africa, has expanded to include
5 new full members: Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
• India’s GDP growth is projected at 7.3% for FY24 by the government, surpassing the RBI's revised
estimate of 7%.
• The National Statistical Office (NSO) estimates India's GDP growth at 7.3% for the fiscal year 2024.
• FPIs injected over $1 billion in the first week of 2024, with ₹4,773 crore into equities and ₹3,999 crore
into debt. 2023 witnessed the highest-ever yearly inflow of $21 billion by FPIs, reversing the $17 billion
selling in 2022. The highest-ever FPI flow into debt securities at ₹68,663 crore.
• The Securities and Exchange Board of India (SEBI) has recently authorized short-selling for investors
across all categories, including stocks in the futures and options (F&O) segment.
• The Reserve Bank of India (RBI) has postponed the implementation of the new penal charges regime for
loan defaults from January 1, 2024, to April 1, 2024.
• The Reserve Bank of India (RBI) has proposed new draft guidelines for the declaration of dividends by
banks and the remittance of profits by foreign bank branches, effective from the fiscal year 2024-25.
• As per Reserve Bank of India (RBI) circular savings or current account will be considered inoperative if
there are no customer-induced transactions for over 2 years.
• India's foreign exchange reserves have increased to $623.20 billion, marking a 22-month high.
o Foreign Currency Assets (FCAs), now totaling $551.62 billion.
o Gold reserves grew to $48.33 billion.
o Special drawing rights (SDRs) totaling $18.37 billion.

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 o The reserve position in the International Monetary Fund (IMF) saw a slight decrease to $4.89
billion.
• GST evasion of over ₹44,000 crore has been detected since May 2022, highlighting a significant issue of
tax compliance.
• India's GST collection in December rose by 10% year-on-year (YoY) to ₹1.65 lakh crore, indicating healthy
revenue growth but showing a slight decline from the previous month.
• House Rent Allowance (HRA):
o Under Income Tax Rules, 1962 that govern various aspects of taxation in India, it is a component
of a salary that is allocated by an employer to an employee to meet the cost of renting a home.
o As per Income Tax Act, specific cities (currently Delhi, Mumbai, Chennai and Kolkata) where higher
HRA exemptions are applicable.
• India recently increased its windfall profit tax on locally produced crude oil to ₹2,300 ($27.63) per tonne
from ₹1,300.
• India has launched the "Alliance for Global Good- Gender Equity and Equality" during the 54th
World Economic Forum's (WEF) Annual Meeting in Davos.
o Objective: To bring together global best practices and investments in women’s health,
education, and enterprise.
• NITI Aayog's recent discussion paper on multidimensional poverty in India since 2005-06:
o Over the past 9 years, 24.82 crore Indians have escaped multidimensional poverty.
o Uttar Pradesh, Bihar, Madhya Pradesh, and Rajasthan have seen the largest declines in
multidimensional poverty
o India is on track to achieve Sustainable Development Goal Target 1.2 ahead of the 2030
deadline.
o Highest levels of deprivation are in cooking fuel (43.90%) and housing (41.37%)
indicators, while lowest deprivation levels are in child and adolescent mortality (2.06%).
o State with the Highest Poverty Rate: Bihar
o World Bank's international poverty line is set at USD 2.15 per day.
• About the Multidimensional Poverty Index (MPI):
o National MPI is implemented by NITI Aayog, Oxford Policy, Human Development Initiative
(OPHI) and United Nations Development Programme (UNDP).
• NITI Aayog and the World Food Programme (WFP) have jointly launched a Compendium of
Inspiring Stories on Millets Mainstreaming.
o Part of the Mapping and Exchange of Good Practices (MEGP) Initiative for Millets
Mainstreaming, which was initiated in 2022.
• Leadership in Panchayats for Strategic Rural Transformation (LEAP–START) program was
inaugurated at the Indian Institute of Management Ahmedabad (IIMA).
o Launched in 2024, by the Ministry of Panchayati Raj and is implemented by IIMA.
o Aim: To empower Panchayats to serve as role models in effective local self-governance and
facilitate strategic rural transformation.
• Trade Connect ePlatform was announced during the second meeting of the reconstituted Board of
Trade (BoT).
o Launched in 2024, it falls under the Ministry of Commerce and Industry.
o Objective: to connect Indian exporters and entrepreneurs with stakeholders in
international trade.
• Himachal Pradesh has launched the "My School-My Pride" campaign, aligning with the National
Education Policy (NEP) 2020.
• Ministry of Education has introduced new rules for coaching centres aimed at ensuring the safety
and well-being of students.

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 o Restricting enrolment to students above 16 years or those who have passed Class X Board
exams.
o Requiring registration of new and existing centres within three months of the guidelines'
implementation.
o Mandating refundable fees on a pro-rata basis within 10 days for students leaving a
course midway, including hostel and mess fees.
o Limiting coaching classes to a maximum of 5 hours in a day.
o Requiring complaints to be disposed of within 30 days by the competent authority.
• Ministry of Education (MoE) has instructed educational institutions to digitize study materials in
Indian languages over the next 3 years.
o To enable students to study in their native languages to enhance learning outcomes.
o Initiative includes translating Engineering, Medical, Law, UG, PG, and Skill books using the
Anuvadini AI-based App available on the ekumbh portal.
• Cameroon will become the first country to routinely administer the new malaria vaccine,
Mosquirix, to children.
o Target demographic: all children aged 6 months as of December 31, 2023.
o Mosquirix (RTS,S/AS01) was developed by GlaxoSmithKline, has an efficacy of 30%.
o Another vaccine, R21/Matrix-M, developed by Oxford University, is cheaper, requires 3
doses, and can be produced at a larger scale by India’s Serum Institute.
• The government's fertilizer subsidy bill for FY24 is expected to decrease to ₹1.7-1.8 trillion due
to lower international prices and reduced urea imports.
• India has been elected as the First Vice Chair of the Committee on Fisheries (COFI) Sub-
Committee on Fisheries Management.
o First time in 57 years that India will serve as a member of the FAO (Food and Agricultural
Organisation) Fisheries Bureau on 'Capture Fisheries.'
o COFI Sub-Committee on Fisheries Management: Established in 2022 during the 35th session
of the FAO Committee on Fisheries (COFI) in Rome, Italy.
• Employees' Provident Fund Organization (EPFO) has announced the removal of the Aadhaar Card
as an acceptable document for date of birth verification, following UIDAI's directive.
• CoRover.ai has introduced BharatGPT, India's first indigenous Generative AI Large Language
Model (LLM), as part of the National Language Translation Mission (NLTM).
o It supports voice modality in more than 12 Indian languages and text modality in 22 languages,
in collaboration with the National Hub of Language Technology (NHLT), which is
implementing NLTM.
• 19th Non-Aligned Movement (NAM) Summit recently took place in Kampala, Uganda.
o Theme: 'Deepening Cooperation for Shared Global Affluence.'
o Uganda is the current Chair of NAM, holding the position from 2024-2027.
• In addition to NAM, India also participated in the 'G-77 Third South Summit' in Kampala.
o Theme: ‘Leaving No One Behind’
• Non-Aligned Movement (NAM):
o Founded in 1961 by India, Ghana, Egypt, Indonesia, and Yugoslavia.
o Established during the Cold War as a way for nations to avoid alignment with the USA or USSR.
• European Free Trade Association (EFTA) is close to finalizing a trade agreement with India.
o Negotiations for the Trade and Economic Partnership Agreement (TEPA) have been
ongoing since 2008.
o EFTA, established in 1960, promotes free trade and economic integration among its
members: Iceland, Liechtenstein, Norway, and Switzerland.

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• WHO released guidelines for ethical use and governance of large multi-modal models (LMMs)
in healthcare.
• Green Fuels Alliance India (GFAI) initiative was recently announced at the Global Investors Meet
(GIM) 2024.
o In the Climate Change Performance Index 2024, Denmark ranked first, and India secured
the 7th position.
• World Bank issued a 5-year GBP sustainable development bond, raising GBP 1.5 billion.
o Maturity Date: October 2028.
o Largest sterling benchmark bond for Supranational Sovereign and Agency (SSA) issuers
since January 2022.
• Reserve Bank of India (RBI) forecasts India's economic growth at 7% for fiscal year 2024-25
(FY25).
o Real GDP growth is projected at 7.2% for FY24.
• REC Limited issued Japanese Yen 61.1 billion Green bonds.
o Largest Yen-denominated issuance from India and first by an Indian PSU
o Largest Euro-Yen issuance in South and South East Asia
o Largest non-sovereign Yen-denominated issuance from South and South East Asia
• Zerodha Mutual Fund recently launched the Zerodha Nifty 1D Rate Liquid ETF.
o An open-ended ETF replicating the Nifty 1D Rate Index, which tracks returns from lending in
the overnight market.
o Investments are in short-term debt products, mainly backed by treasury bills.
• NSE ranked as the world's largest derivative exchange in 2023 (5th consecutive year) by contracts
traded, according to FIA.
o Ranked 3rd globally in the equity segment by number of trades in 2023, per WFE.
o Nifty 50 index crossed the 20,000 level for the first time.
o Implemented T+1 settlement for all securities.
o Reduced primary market security listing timeline to T+3 days.
• SEBI launched two multi-lingual initiatives by Central Depository Services Ltd (CDSL).
o Launched during CDSL's 25th anniversary
o ‘Apka CAS – Apki Zubaani' and ‘CDSL Buddy Sahayta 24*7’.
• SEBI plans a facility for clients to voluntarily freeze or block trading accounts.
o Brokers' Industry Standards Forum (ISF) to collaborate with stock exchanges for
framework by April 2024.
• Indian government recently expanded financial services at IFSCs.
• Services must be offered by IFSCA-regulated units and for non-residents only.
• The Ministry of Agriculture and Farmers' Welfare, in partnership with the Ministry of Tribal Affairs,
has introduced a new Framework for the Voluntary Carbon Market in the Agriculture Sector.
o Objective: To boost the adoption of eco-friendly agricultural practices and increase
farmers' income by involving them in the voluntary carbon market.
• Additionally, an Accreditation Protocol has been launched, which focuses on promoting
agroforestry and ensuring the production and certification of high-quality planting material.
• State Bank of India (SBI) has raised $250 million through the issuance of green bonds.
o Issued via private placement through SBI's London branch as part of its $10 billion medium-
term note programme.
o Set to mature in December 2028.
o To support eligible green projects in accordance with SBI's Environmental, Social, and
Governance (ESG) Financing framework.
o Listed on the India International Exchange.

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• National Minimum Standards and Protocol for Crèches (Operation and Management) to provide
guidance for establishing crèches.
o Released during a joint event by the Ministry of Women & Child Development and the Ministry
of Labour & Employment, titled "सक्षम नारी सशक्त भारत - Women in the Workforce for
Viksit Bharat," held in New Delhi.
o Aims to ensure high-quality care in crèches, enabling women to participate more freely in the
workforce.
• Government of India has appointed members to the Sixteenth Finance Commission (16th FC).
o Constituted on December 31, 2023.
o Shri Arvind Panagariya serves as the Chairman.
o Recommendations are expected by October 31, 2025, and will be applicable for a 5-year
award period starting from April 1, 2026.
• The Pension Fund Regulatory and Development Authority (PFRDA) has initiated the tendering
process for the PFRDA-TRACE (Tracking Reporting Analytics & Compliance E-Platform) project.
o The objective is to provide a comprehensive tool for intermediaries to submit regulatory
and supervisory compliance reports.
• The Union Minister for Road Transport and Highways has announced the identification of over 200
projects under the National Ropeways Development Programme, known as "Parvatmala
Pariyojana."
o This program is allocated a budget of Rs 1.25 lakh crore over the next 5 years and is aimed
at enhancing tourism and improving public transport in hilly and urban areas.
• The World Bank has issued a $100 million principal-protected Plastic Waste Reduction-Linked
Bond.
o This bond has a 7-year term and aims to attract private capital for climate projects that
concentrate on reducing plastic waste leakage into natural environments and oceans.
• Paytm Payments Bank Ltd (PPBL) has come under the spotlight as the Reserve Bank of India (RBI)
imposed restrictions on the bank.
o Under the authority of section 35A of the Banking Regulation Act, 1949, PPBL is prohibited
from accepting any deposits or top-ups in customer accounts, including wallets and FASTags,
starting from February.
• The Indian government has allowed public Indian companies to directly list their securities on
International Exchanges located within the Gujarat International Finance Tec-City (GIFT City).
o These changes were made through amendments to the Foreign Exchange Management
(Non-debt Instruments) Rules, 2019.
o The Ministry of Corporate Affairs issued the Companies (Listing of Equity Shares in
Permissible Jurisdictions) Rules, 2024, to facilitate this regulatory framework.
• The Securities and Exchange Board of India (Sebi) has issued a circular introducing a framework
for the offer for sale (OFS) of shares to employees through stock exchanges.
• The Reserve Bank of India (RBI) has raised the minimum capital requirement for small finance
banks (SFBs) from Rs 100 crore to Rs 200 crore.

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