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CURRENT AFFAIRS: BANKING & FINANCE

Economic Survey 2024-2025: Overview and Preparation

• The Economic Survey 2025provides a comprehensive review of India’s economic performance over the past year and sets the tone for future policy directions.
• It is traditionally presented in Parliament on January 31,2025 a day before the Union Budget.
• Finance Minister Nirmala Sitharamanis expected to table the survey in the Lok Sabha in 2025.
• The survey is prepared under the guidance of the Chief Economic Adviser (CEA)to the Government of India.
• As of January 2025,  V. Anantha Nageswaranholds the position of CEA.
• Nageswaran was appointed in January 2022and plays a key role in analyzing economic trends and advising the government on policy matters.
• The Economic Survey reviews performance across sectors like GDP, inflation, employment, agriculture, industry, and services.

Key highlights of the Economic Survey 2025 :

1. GDP Growth:
   • Real GDP growth estimated at 6.4% for FY25, with projections of 6.3% to 6.8% for FY26.
   • Broad-based resilience in gross value added (GVA) at 6.4%.
2. Structural Reforms:
   • Emphasis on grassroots-level reforms and deregulation to boost medium-term growth and global competitiveness.
   • Systematic deregulation to empower SMEs and improve ease of doing business.
3. Inflation Management:
   • Retail inflation declined from 5.4% in FY24to 4.9% in FY25 (April–December 2024), with expectations to align with the 4% target by FY26.
4. Infrastructure Investment:
   • Steady growth in capital expenditure (capex), with private sector participation crucial for infrastructure development.
   • Railway expansion, highway construction, and renewable energy capacity saw significant progress.
5. Banking Sector Health:
   • Gross non-performing assets (GNPA) of scheduled commercial banks fell to a 12-year low of 2.6%.
   • Credit growth outpaced nominal GDP growth, reflecting a sustainable credit environment.
6. Export Growth:
   • Overall exports grew by 6%, with service exports rising by 11.6%in the first nine months of FY25.
   • India ranks 7th globallyin services exports, with a 4.3% share.
7. Digital Economy and AI:
   • The digital economy presents opportunities for job creation, though challenges like infrastructure and resource use hinder large-scale AI adoption.
   • Focus on "Augmented Intelligence" to enhance human-machine collaboration.
8. Social Services and Education:
   • Government spending on social services grew at 15% annuallyfrom FY21 to FY25.
   • Unemployment rate declined to 3.2% in 2023-24, reflecting improved job opportunities.
   • Implementation of the National Education Policy (NEP) 2020through various schemes.
9. Healthcare:
   • Government health expenditure increased from 29.0% to 48.0%, reducing out-of-pocket expenses from 62.6% to 39.4%.
   • Ayushman Bharat PM-JAYsaved over ₹1.25 lakh crore in healthcare costs.
10. Agriculture:
    • Agriculture contributes 16% to GDP, with strong performance in horticulture, livestock, and fisheries.
    • Kharif foodgrain productionprojected at 1647.05 LMT, an increase of 89.37 LMT from the previous year.
11. Manufacturing and Industry:
    • Industrial growth projected at 6.2% in FY25, driven by electricity and construction.
    • PLI schemesand investments in electronics, pharmaceuticals, and automobiles boosted domestic production.
12. Climate and Environment:
    • India’s non-fossil fuel capacity reached 46.8%of total installed capacity.
    • Lifestyle for Environment (LiFE)initiative aims to save USD 440 billion globally by 2030.
13. External Sector and FDI:
    • FDI inflowsrose by 17.9% to USD 55.6 billion in FY25.
    • Forex reserves stood at USD 640.3 billion, covering 10.9 months of imports.
14. Medium-Term Outlook:
    • India aims for 8% growthto achieve Viksit Bharat by 2047.
    • Challenges include geopolitical tensions, global trade risks, and energy transition dependencies.

About Ministry of Finance:

• Cabinet Minister: Nirmala Sitharaman
• State Minister: Pankaj Chaudhary

Exto India Technologies Selected by Reserve Bank of India to Test Offline Payment Solutions in Retail Payments Sandbox

• The Reserve Bank of India (RBI) has launched a regulatory sandbox for testing ‘On Tap’ applications under the theme ‘Retail Payments’.
• Exto India Technologies Private. Limited. was selected for the Test Phase and evaluated an offline digital payment product.
• The product uses Distributed Ledger Technology (DLT) combined with private biometric authorization to enable offline card-to-card and card-to-phone transactions.
• The innovation integrates cryptography of distributed ledgers, on-card biometric authentication, and time-limited balances to prevent double spending.
• The product has been successfully tested and found acceptable under the Regulatory Sandbox (RS).
• It may be considered for adoption by Regulated Entities, subject to compliance with regulatory requirements.

What is a regulatory sandbox?

• Regulatory sandbox refers to live testing of new products or services in a controlled regulatory environment.
• It acts as a "safe space" for business as the regulators may or may not permit certain relaxations for the limited purpose of testing.
• The concept of regulatory sandboxes was first introduced in 2016 by the UK’s Financial Conduct Authority (FCA), marking the beginning of a global trend in fintech innovation.
• The Reserve Bank of India (RBI) launched its regulatory sandbox in 2019.

Recent News:

• As of January 2025, to combat financial fraud, the RBI has mandated that banks use the '1600xx' number series for all transactional calls and '140xx' for promotional calls. 

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Sanjay Malhotra

India Post Payments Bank (IPPB) and PNB MetLife India Insurance Forge Bancassurance Partnership to Enhance Life Insurance Accessibility Across India

• India Post Payments Bank (IPPB) and PNB MetLife India Insurance Company Limited (PNB MetLife) have launched a bancassurance partnership to expand life insurance accessibility across India.
• The collaboration will leverage IPPB's network of 650 outlets and its customer base of 110 million to promote financial inclusion.

What is bancassurance?

• Bank assurance, also known as bancassurance, is a partnership between a bank and an insurance company to sell insurance products to the bank's customers.
• The concept of bancassurance originated in
• Bancassurance in India began in

Recent News:

• In January 2025, PNB MetLife partnered with Saraswat Co-Operative Bank to offer a wide range of life insurance products to the bank's 30 lakh customers across India.

About IPPB:

• Founded: 2018
• Headquarters: New Delhi, India
• Tagline: "Aapka Bank, Aapke Dwaar" (Your Bank at Your Doorstep)
• IPPB is a payments bank that operates under the Department of Posts, Ministry of Communications.

About PNB MetLife:

• Founded: 2001
• Headquarters:Mumbai, Maharashtra
• MD & CEO: Sameer Bansal

Financial Intelligence Unit-India Imposes ₹9.27 Crore Penalty on Bybit Fintech Limited for Prevention of Money Laundering Act Violations.

• The Financial Intelligence Unit-India (FIU-IND) has imposed a monetary penalty of ₹9,27,00,000 (Nine crore twenty-seven lakh rupees) on Bybit Fintech Limited for violations under the Prevention of Money Laundering Act (PMLA), 2002.

Key Highlights:

• Bybit is a Virtual Digital Asset Service Provider (VDA SP), classified as a 'reporting entity' under Section 2(1)(wa) of the PMLA.
• Bybit failed to secure mandatory registration with FIU-IND while expanding its services in the Indian market, leading to continuous non-compliance.
• Due to these violations, FIU-IND ordered the blocking of Bybit's websites under the Information Technology Act, 2000, through the Ministry of Electronics and Communication Technology (MEITY).
• FIU-IND had issued Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) guidelines for Virtual Digital Assets on March 10, 2023.
• A detailed registration circular for Virtual Digital Asset Service Providers was issued on October 17, 2023.

Recent News:

• In January 2025, the Financial Intelligence Unit-India (FIU-IND) and the Insurance Regulatory and Development Authority of India (Irdai) signed a Memorandum of Understanding (MoU) for sharing of intelligence and information to check money laundering.

About FIU (Financial Intelligence Unit - India):

• Established:November 18, 2004
• Headquarters:New Delhi, India
• Parent Organization:Ministry of Finance, Government of India

Visa Teams Up with Elon Musk's X to Introduce 'X Money' Accounts Later This Year

• X (formerly Twitter) is moving towards becoming an "everything app," a concept Musk has envisioned for years, and is partnering with Visa to launch real-time payments in 2024, introducing a new digital wallet service called "X Money Account" for peer-to-peer payments.
• The service will be powered by Visa Direct for real-time money transfers.
• Users can transfer funds to their bank accounts.
• Musk’s idea of an "everything app" dates back to the late 1990s with com, which later merged into PayPal.
• He envisioned a multi-functional platform similar to China’s WeChat, which includes messaging, video, streaming, and payments.
• Other tech giants like Meta (Facebook, Instagram) have integrated shopping, games, and dating features into their platforms.

Kotak Mutual Fund launches India’s first Morgan Stanley Capital International India exchange-traded fund (ETF)

• Kotak Mahindra Asset Management Company (Kotak Mutual Fund) has launched the Kotak MSCI India exchange-traded fund (ETF), India’s 1st-ever fund replicating the MSCI India Index, offering investors a unique opportunity to gain exposure to India’s thriving economy.
• The fund, open for public subscription from January 29 to February 12, 2025.
• The Morgan Stanley Capital International (MSCI) index is an index used by global investors to track India’s growth story.
• It comprises 156 companies from the large and mid-cap segments of the Indian market.
• The MSCI India Index, covering 85% of the Indian equity universe, offers broad diversification across key sectors like Consumer Discretionary, Finance, Healthcare, and Real Estate, making it an attractive option for both domestic and international investors.

What is an ETF?

• An exchange-traded fund (ETF) is a collection of investments such as equities or bonds.
• ETFs will let you invest in a large number of securities at once, and they often have cheaper fees than other types of funds.

CURRENT AFFAIRS: NATIONAL NEWS

Union Budget 2025-26: Key Highlights & Major Reforms

• The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman.
• The government has presented the Union Budget 2025-26 with the theme “Sabka Vikas.”
• It marks her eighth consecutive budget presentation, including six annual and two interim budgets.
• Sitharaman has presented the most number of budgets among her predecessors, surpassing figures like Manmohan Singh, Arun Jaitley, Chidambaram, Yashwant Sinha, and Morarji Desai.
• Nirmala Sitharaman’s Budget 2025 saree featured a border with Madhubani art, representing India’s cultural heritage.
• The saree was a tribute to the 2021 Padma Shri awardee Dulari Devi, a renowned Madhubani artist.
• Madhubani Art: The saree showcased the intricate geometric patterns, floral motifs, and depictions of nature and mythology characteristic of Madhubani art, originating from the Mithila region of Bihar.
• Union Budget 2025-26 Focus area: zero poverty, quality education, affordable healthcare, skilled employment, women’s economic participation, and farmers’ prosperity.

Key Highlights of the Budget 2025 :

Budget Estimates 2025-26

• Total receipts (excluding borrowings): ₹34.96 lakh crore
• Total expenditure: ₹50.65 lakh crore
• Net tax receipts: ₹28.37 lakh crore
• Fiscal deficit: 4.4% of GDP
• Gross market borrowings: ₹14.82 lakh crore
• Capital expenditure: ₹11.21 lakh crore (3.1% of GDP)

Agriculture: First Engine of Development

• Prime Minister Dhan-Dhaanya Krishi Yojana: Developing 100 Agri-Districts to benefit 7 crore farmers.
• Aatmanirbharta in Pulses: 6-year mission to boost Tur, Urad, and Masoor
• National Mission on High-Yielding Seeds: Enhancing seed research & productivity.
• Makhana Board in Bihar: Strengthening production, processing, and marketing.
• Fisheries Growth: Sustainable fisheries framework for Andaman & Nicobar and Lakshadweep Islands.
• Mission for Cotton Productivity: 5-year plan to improve cotton yields and promote extra-long staple cotton.
• Kisan Credit Card (KCC) Loans: Limit increased from ₹3 lakh to ₹5 lakh.
• Urea Plant in Assam: New plant at Namrup with 12.7 lakh metric tons capacity.

MSMEs: Second Engine of Development

• Revised MSME Classification: Investment & turnover limits doubled.
• Credit Cards for Micro Enterprises: ₹5 lakh limit, 10 lakh cards to be issued in the first year.
• Fund of Funds for Startups: ₹10,000 crore allocated.
• Support for First-time Entrepreneurs: ₹2 crore term-loans for 5 lakh SC/ST & women entrepreneurs.
• Focus Product Scheme for Footwear & Leather: Generating 22 lakh jobs, targeting ₹4 lakh crore turnover.
• Toy Manufacturing Boost: India to become a global toy hub.
  Manufacturing Mission: Strengthening Make in India with support for small, medium, and large industries.

Investment & Infrastructure Growth

• Saksham Anganwadi & Poshan 2.0: Increased nutrition support
• Atal Tinkering Labs: 50,000 labs in government schools over 5 years.
• Broadband in Schools & PHCs: Connectivity under BharatNet
  Medical Education Expansion: 10,000 additional MBBS seats in 2025-26, aiming for 75,000 in 5 years.
• Cancer Care Expansion: 200 Day Care Cancer Centres in district hospitals by 2025-26.
• Urban Employment Scheme: Socio-economic support for urban workers.
• PM SVANidhi Expansion: UPI-linked credit cards with ₹30,000 limit for street vendors.
• Gig Worker Welfare: Healthcare & identity cards under PM Jan Arogya Yojana.

Major Infrastructure & Economic Reforms

• Public-Private Partnership (PPP) Projects: 3-year pipeline for infrastructure investments.
  50-year Interest-Free Loans for States: ₹1.5 lakh crore
• Asset Monetization Plan 2025-30: ₹10 lakh crore for reinvestment in new projects.
• Jal Jeevan Mission Extended to 2028.
• Nuclear Energy Mission: ₹20,000 crore for research & development of Small Modular Reactors (SMRs).
• Maritime Development Fund: ₹25,000 crore investment in ports & shipping.
• UDAN Scheme Expansion: 120 new regional destinations, 4 crore passengers in 10 years.
• New Greenfield Airport in Bihar.

Tax Reforms & Relief

Direct Tax Changes

• No Income Tax for income up to ₹12 lakh under the new regime.
• Salaried taxpayers get ₹12.75 lakh exemption due to standard deduction.
• New Tax Slabs:
  • ₹0 - ₹4 lakh: Nil
  • ₹4 - ₹8 lakh: 5%
  • ₹8 - ₹12 lakh: 10%
  • ₹12 - ₹16 lakh: 15%
  • ₹16 - ₹20 lakh: 20%
  • ₹20 - ₹24 lakh: 25%
  • Above ₹24 lakh: 30%
• TDS Limit Increases:
  • Senior citizens: Interest deduction limit raised to ₹1 lakh.
  • Rent TDS limit: Increased from ₹2.4 lakh to ₹6 lakh.
  • Foreign Remittances (LRS): TCS threshold raised from ₹7 lakh to ₹10 lakh.

Indirect Tax Reforms & Customs Tariff Changes

• Rationalized Customs Tariffs: Only 8 tariff slabs remain for ease of doing business.
  Duty Exemptions on Life-Saving Medicines: 36 essential drugs fully exempted from Basic Customs Duty (BCD).

Electronics & Lithium-Ion Battery Boost:

• Interactive Flat Panel Display duty raised from 10% to 20%.
• EV battery & mobile phone battery manufacturing gets 35 additional exemptions.
  Shipping Sector Support: Duty exemptions extended for shipbuilding materials.
• Telecom Boost: Carrier-grade Ethernet switch duty lowered from 20% to 10%.

Export Promotion:

• Handicrafts Export Period Extended to one year.
• Leather Industry Boost: BCD on wet blue leather fully exempted.
• Marine Sector: Duty on Frozen Fish Paste reduced from 30% to 5%.
  Railway Maintenance, Repair & Overhaul (MRO) Benefits: Extended tax benefits.

Employment & Innovation Investments

• ₹20,000 crore for R&D and innovation in private sectors.
  Deep Tech Fund of Funds: To boost next-gen startups.
• PM Research Fellowship: 10,000 fellowships in IITs & IISc.
• National Geospatial Mission: Strengthening mapping & infrastructure data.

Export Growth & Trade Promotion

• Export Promotion Mission: Set sectoral targets for MSMEs & major industries.
• BharatTradeNet: Unified digital platform for trade documentation & financing.
• Boost to Global Capability Centres (GCCs) in Tier-2 cities.

Financial Sector & Regulatory Reforms

• FDI in Insurance: Increased from 74% to 100%.
  Grameen Credit Score: New framework for rural financial inclusion.
  Pension Sector Reforms: New regulatory forum for pension products.
  Jan Vishwas Bill 2.0: Decriminalizing 100+ business laws.

New Schemes Announced

• PM SVANIDHI: Enhanced loans via UPI-linked credit cards (₹30,000 limit).
• Gyan Bharatam Mission: Survey and conservation of one crore manuscripts.
• Nuclear Energy Mission: ₹20,000 crore allocated for Small Modular Reactors R&D.
• Modified UDAN Scheme: 120 new regional air connectivity destinations.
• ₹15,000 crore SWAMIH Fund: To complete 1 lakh stalled housing units.
• Gig Workers Support: Identity cards, registration on the e-Shram portal, and healthcare under PM Jan Arogya Yojana.

India Adds 4 New Wetland Sites to the Ramsar List: Strengthening Conservation Efforts

• India has recently expanded its Ramsar Wetland Sites by adding four new wetlands—Sakkarakottai Bird Sanctuary and Therthangal Bird Sanctuary in Tamil Nadu, Khecheopalri Wetland in Sikkim, and Udhwa Lake in Jharkhand.
• With these additions, the total number of Ramsar sites in India has now reached 89, making India the country with the highest number of Ramsar sites in Asia, ahead of China (82 sites).
• Globally, India ranks third, following the United Kingdom (175) and Mexico (142).

Key Highlights:

• Total Ramsar Sites in India: 89
• India’s Ranking: Third-largest in the world
• Leading State: Tamil Nadu with 20 Ramsar sites
• First-ever Recognition for Jharkhand and Sikkim: The addition of Udhwa Lake (Jharkhand) and Khecheopalri Wetland (Sikkim) marks the first Ramsar sites in both states.

About the Newly Added Ramsar Sites:

1. Sakkarakottai Bird Sanctuary, Tamil Nadu
   • Location: Ramanathapuram District, Tamil Nadu
   • Area:49 hectares
2. Therthangal Bird Sanctuary, Tamil Nadu
   • Location: Ramanathapuram Taluk, Tamil Nadu
   • Area:5 hectares
3. Khecheopalri Wetland, Sikkim
   • Location: Khecheopalri Village, West Sikkim
   • Area:56 hectares
4. Udhwa Lake, Jharkhand
   • Location: Sahebganj District, Jharkhand
   • Area: 565 hectares

Ramsar Convention on Wetlands:

The Ramsar Convention, established in 1971 in Ramsar, Iran, is an international treaty aimed at protecting wetlands of global significance.

• India ratified the Ramsar Convention on 1st February 1982.
• India’s first Ramsar sites were Keoladeo National Park (Rajasthan) and Chilika Lake (Odisha) in 1981.
• Largest Ramsar site in India: Sunderban (West Bengal)
• Smallest Ramsar site in India: Renuka Lake (Himachal Pradesh)

RECENT NEWS

• In January 2025, Indore and Udaipur achieved a significant milestone by becoming the first two cities from India to join the global list of accredited Wetland Cities under the Ramsar Convention on Wetlands.

Union Government Approves Rs 3,027 Crore for Disaster Mitigation Projects Across India

• In a significant move to bolster disaster preparedness and resilience, the Union Home Ministry, under the leadership of Amit Shah, has approved Rs 3,027.86 crore for disaster mitigation projects in multiple states, including Meghalaya.
• The funds, allocated through the National Disaster Mitigation Fund (NDMF), aim to address challenges posed by lightning strikes, droughts, and forest fires.

Key Highlights:

• Beneficiary States: Including Meghalaya, Andhra Pradesh, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, Uttar Pradesh, and West Bengal.
• Approval by High-Level Committee (HLC): Led by Amit Shah, with Nirmala Sitharaman, Shivraj Singh Chouhan, and the Vice Chairman of NITI Aayog.

Disaster Mitigation Projects in Detail:

1. Lightning Safety Project

• Funding Approved: Rs 186.78 crore for 50 lightning-prone districts in 10 states.
• Objective: To implement lightning safety measures, including lightning arresters and early warning systems, to reduce fatalities and property damage.
• States Covered: Meghalaya, Andhra Pradesh, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, Uttar Pradesh, and West Bengal.

2. Drought Relief and Irrigation Support

• Funding Approved: Rs 2,022.16 crore for 12 drought-prone states.
• Central Share: Rs 1,200 crore for enhancing irrigation systems, water conservation, and drought relief.
• States Covered: Andhra Pradesh, Bihar, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Tamil Nadu, Telangana, and Uttar Pradesh.
• Objective: To improve resilience against water shortages and agricultural distress in drought-affected areas.

3. Forest Fire Risk Management

• Funding Approved: Rs 818.92 crore for 144 high-priority districts in 19 states.
• Central Share: Rs 690.63 crore for forest fire prevention activities, such as fire breaks, fire surveillance systems, and controlled burns.
• States Covered: 19 states, with a particular focus on areas vulnerable to forest fires.
• Objective: To reduce forest fire risks and minimize their impact on the environment and human settlements.

RECENT NEWS

• Union Home Minister and Minister of Cooperation, Shri Amit Shah, will launch the BHARATPOL portal developed by the Central Bureau of Investigation (CBI) on January 7, 2025, at Bharat Mandapam, New Delhi.
• In January 2025, Union Home Minister and Minister of Cooperation, Shri Amit Shah, released the book ‘Jammu Kashmir & Ladakh Through the Ages: A Visual Narrative of Continuities and Linkages‘ in New Delhi.

About Meghalaya

• Capital: Shillong
• Chief minister: Conrad Sangma
• Governor: C. H. Vijayashankar

Indian Railways Launches ‘SwaRail’ SuperApp for Seamless Travel Experience

• The Ministry of Railways has unveiled its new SuperApp ‘SwaRail’, designed to be a one-stop solution for all railway-related services.
• Currently in its beta testing phase, the app is available for download on the Google Play Store and Apple App Store.
• The key focus of this app is to enhance user experience through a seamless interface, integrating various railway services into a single platform, thereby reducing the need for multiple apps and saving space on user devices.
• Developed by: Centre for Railway Information Systems (CRIS)
• Integration: Combines several public-facing Indian Railways services into one platform
• Key Services Offered:
  • Reserved and Unreserved Ticket Booking
  • Train and PNR Status Enquiries
  • Parcel and Freight Enquiries
  • Food Orders on Trains
  • Rail Madad for Complaint Management

Unique Features of the SwaRail SuperApp:

1. Single Sign-On

Users can access all services through a single login. The same credentials used for other Indian Railways apps, like IRCTC RailConnect and UTS Mobile App, will work seamlessly with the SwaRail app.

2. All-in-One App

The SuperApp consolidates multiple railway services into a single platform. Reserved and unreserved ticket bookings, train movement tracking, and PNR status checks, which were previously spread across separate apps, are now unified.

3. Integrated Services

The app provides comprehensive and cohesive information. For instance, a PNR enquiry will also show the relevant train schedule and details, eliminating the need for separate searches.

4. Easy Onboarding

Users can log in using their existing RailConnect or UTS credentials, simplifying the registration and onboarding process for both new and existing users.

5. Multiple Login Options

To enhance user experience, multiple login methods are offered, including m-PIN and biometric authentication for added security and convenience.

About the SuperApp:

• The SwaRail SuperApp integrates multiple services, including ticket booking, train status, food orders, and customer support via Rail Madad, making it a comprehensive solution for Indian Railways users.
• The single sign-on feature allows users to access all services with one set of credentials, simplifying their experience and reducing the need for multiple passwords.
• Once logged in, users can easily manage their R-Wallet, which stores funds for ticket bookings and is linked to previous balances from the UTS Mobile App.
• Additionally, users can log in as guests using their mobile number and OTP for quick access to specific services.

India to Host BRICS Youth Council Entrepreneurship Working Group Meeting in March 2025

• The Department of Youth Affairs, under the Ministry of Youth Affairs and Sports, Government of India, is organizing the BRICS Youth Council Entrepreneurship Working Group Meeting from 3rd to 7th March 2025.
• The central theme of the meeting is “Youth Entrepreneurship for Sustainable Growth”, with approximately 45 youth representatives from BRICS countries expected to participate.

Key Events Held So Far:

1. 15th January 2025: Miranda House, Delhi University
2. 17th January 2025: Mata Sundri College for Women, Delhi
3. 24th January 2025: IIM Jammu, Jammu & Kashmir
4. 28th January 2025: NFSU, Gandhinagar, Gujarat

Upcoming Run-Up Events:

1. 4th February 2025: KIIT, Odisha
2. 7th February 2025: IIT Guwahati, Assam
3. 11th February 2025: IISc, Bangalore, Karnataka

Recent News

• On January 17, 2025, Nigeria was officially admitted as a partner country of the BRICS bloc, which includes Brazil, Russia, India, China, and South Africa.
• Indonesia has officially become a full member (10th) of the BRICS group of emerging economies. Brazil, holding the presidency of BRICS for 2025, announced this development, noting that Indonesia’s candidacy was endorsed by BRICS leaders at the Johannesburg summit in 2023.

CURRENT AFFAIRS: INTERNATIONAL NEWS

Sri Lanka records highest deflation in 65 years                                 

• Sri Lanka's 12-month consumer prices deflated by 4.0% in December 2024, while the Colombo Consumer Price Index (CCPI) increased by 0.5%, reaching 192.6 points, similar to April 2023 levels.
• The central bank's deflationary policies since late 2022, including pegged exchange rate management and mopping up inflows, halted inflation from September 2022.
• The Sri Lankan rupee appreciated from 360 to 300, reducing the prices of traded goods, fuel, and electricity.
• Inflation has risen only 1.7% since September 2022, with quarterly inflation in the second half of 2024 staying below 2%, lower than the central bank’s 5% target.
• The S. Federal Reserve’s deflationary policy also helped stabilize global commodity prices, including coal.
• Sri Lanka's inflation is now at developed country levels, last seen before 1978, when the country lost a credible monetary anchor.
• The nation defaulted in 2022 after three currency crises over a decade, attributed to flexible inflation targeting without a clean float.

About Sri Lanka:

• Capital: Sri Jayawardenepura Kotte (Administrative), Colombo (Commercial)
• Currency: Sri Lankan Rupee (LKR)
• President: Anura Kumara Dissanayake
• Prime Minister: Harini Amarasuriya

CURRENT AFFAIRS: STATE NEWS

Kerala to Implement E-Way Bill for Gold from January 20, 2025

• The Goods and Services Tax Network (GSTN) has introduced a new E-Way Bill (EWB) feature exclusively for gold in Kerala, effective January 20, 2025.
• This initiative aims to regulate the intrastate movement of gold while preventing tax evasion in the sector.
• The new feature applies to goods classified under Chapter 71 of the Harmonized System of Nomenclature (HSN), excluding imitation jewellery (HSN 7117).
• The Government of Kerala has issued a notification making it mandatory for taxpayers to generate an EWB for gold transportation within the state.
• The EWB system for gold is applicable only for intrastate movement and does not cover imitation jewellery (HSN 7117).
• Taxpayers can continue generating EWBs for imitation jewellery using the standard EWB system.
• The GSTN clarified that this feature is designed to assist taxpayers in compliance while enhancing tracking and accountability in the gold trade.
• This initiative is expected to curb tax evasion and improve transparency in Kerala’s high-value gold sector.

Recent News:

• In January 2025, Kerala Chief Minister Pinarayi Vijayanpresented a resolution in the Kerala Legislative Assembly, urging the Centre to withdraw the 2025 University Grants Commission (UGC) draft regulations and introduce new norms after engaging in discussions with state governments and academic experts.

About Kerala:

• Chief Minister: Pinarayi Vijayan
• Governor: Rajendra Vishwanath Arlekar
• Capital: Thiruvananthapuram
• National Parks: Eravikulam National Park, Periyar Wildlife Sanctuary, Silent Valley National Park, Parambikulam Tiger Reserve
• Wildlife Sanctuaries: Wayanad Wildlife Sanctuary, Idukki Wildlife Sanctuary, Chilika Lake Wildlife Sanctuary

Jammu & Kashmir Introduces Geo-Tagging for Chinar Trees Under “Tree Aadhaar” Mission

• The Jammu & Kashmir government has launched the “Tree Aadhaar” mission to conserve the declining chinar trees.
• The initiative involves conducting a census and assigning a unique identity to each chinar tree for better monitoring and protection.
• The chinar tree is the state tree of Jammu & Kashmir, now a Union Territory.
• The oldest surviving chinar tree, around 700 years old, is located in Chattergam village, Budgam, central Kashmir, and was planted by a Sufi saint.
• So far, 28,560 chinar trees have been enumerated and geo-tagged, out of an estimated 32,000 to 33,000 trees.
• A metallic QR code is being placed on chinar trees, allowing users to scan and access information on 25 parameters.

Recent News:

• In January 2025, Jammu & Kashmir’s Lieutenant Governor Manoj Sinha Honored with Maharaja Hari Singh Award

About Jammu & Kashmir:

• Chief Minister: Omar Abdullah
• Lieutenant Governor: Manoj Sinha
• Capital: Srinagar (Summer), Jammu (Winter)
• National Parks: Dachigam National Park, Hemis National Park, Kishtwar National Park
• Wildlife Sanctuaries: Overa-Aru Wildlife Sanctuary, Gulmarg Wildlife Sanctuary, Nandini Wildlife Sanctuary, Surinsar-Mansar Wildlife Sanctuary

New Delhi World Book Fair 2025 begins on February 1, 2025 at Bharat Mandapam, celebrating India’s 'Republic@75'

• The New Delhi World Book Fair 2025 will be held fromFebruary 1 to 9, 2025, at Bharat Mandapam, Pragati Maidan, New Delhi (Halls 2-6, Ground Floor).
• The event will be inaugurated by President Droupadi Murmu, who will also serve as the chief guest.
• The theme for this year’s fair is "Republic@75," highlighting nation-building, governance, freedom, equality, and social justice.
• Several renowned personalities, including Shashi Tharoor, Kumar Vishwas, Pankaj Tripathi, Prakash Jha, and Pushpesh Pant, will participate in discussions and cultural programs.
• The event will feature a vast collection of books, cultural performances, and discussions on democratic values and constitutional principles.

Recent News:

• The 7th India-France Maritime Cooperation Dialoguewas held on 14 January 2025 in New Delhi.

About Delhi:

• Chief Minister: Atishi Marlena
• Lieutenant Governor: Vinai Kumar Saxena
• Capital: New Delhi
• Wildlife Sanctuaries: Asola Bhatti Wildlife Sanctuary, Yamuna Biodiversity Park, Aravalli Biodiversity Park

Andhra Pradesh Launches ‘Mana Mitra’, India’s First WhatsApp-Based Governance Platform for Digital Public Services

• The Andhra Pradesh government has launched ‘Mana Mitra’, a WhatsApp-based governance platform aimed at providing citizens with digital access to government services.
• The initiative, introduced by State Education and IT Minister Nara Lokesh, is designed to simplify processes like obtaining certificates, paying bills, and accessing civic services.
• The platform allows residents to access various government services by sending a simple “Hi” message to an official WhatsApp number.
• The government plans to connect 36 departments in the first phase, with 161 services available initially.
• Blockchain technology and AI-based automation will be incorporated in future upgrades, enhancing digital governance with features like AI bots and voice-enabled services.
• The second phase of the platform will expand to include 360 services.
• The QR code feature will allow users to verify certificates and prevent fraud.
• The initiative follows an agreement with Meta, signed in October 2023.

Recent News:

• In December 2024, Senior IAS officer K Vijayanand has been appointed as the new Chief Secretary of Andhra Pradesh, succeeding Neerabh Kumar Prasad.

About Andhra Pradesh:

• Chief Minister: N. Chandrababu Naidu
• Governor: S. Abdul Nazeer
• Capital: Amaravati
• National Parks: Sri Venkateswara National Park, Papikonda National Park
• Wildlife Sanctuaries: Coringa Wildlife Sanctuary, Pulicat Lake Bird Sanctuary, Kambalakonda Wildlife Sanctuary, Rollapadu Wildlife Sanctuary, Krishna Wildlife Sanctuary

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Indian Space Research Organisation appoints M. Mohan as director of Liquid Propulsion Systems Centre in Thiruvananthapuram

• Mohan has been appointed as the director of the Liquid Propulsion Systems Centre (LPSC) in Thiruvananthapuram, Kerala.
• He succeeds Narayanan and is currently serving as Director (Projects) at the Vikram Sarabhai Space Centre (VSSC).

About M. Mohan:

• Mohan previously served as the director of the Human Space Flight Centre from June 2023 to June 2024.
• He has held key roles as Project Director for the Cryogenic Upper Stage (CUS) and the Space Capsule Recovery Project (SRE-2).
• He was also the System Leader for the Moon Impact Probe (MIP) project in the Chandrayaan-1 mission.
• His contributions to ISRO have been recognized with the ISRO Performance Excellence Award (2016) and the ISRO Merit Award (2010).

About ISRO:

• Established: 1958
• Headquarters: New Delhi, India
• Chairman: V. Narayanan

CURRENT AFFAIRS: DEFENCE

Defence Research and Development Organisation, IIT Hyderabad unveil India’s largest metal 3D printing machine for rocket components

• A significant breakthrough in Large Area Additive Manufacturing (LAAM) has been achieved at the DRDO-Industry-Academia Centre of Excellence (DIA-CoE) at IIT Hyderabad.
• The project is a collaboration between IIT Hyderabad, DRDO’s Defence Research & Development Laboratory (DRDL), and industry partners.

Key Highlights:

• The LAAM system uses Powder-based Directed Energy Deposition (DED) technology for manufacturing rocket components.
• The indigenously designed machine has a build volume of 1m x 1m x 3m, making it one of India’s largest metal additive manufacturing machines.
• It employs Laser and Blown-Powder Direct Energy Deposition technology and features dual heads for thermal balancing and speed enhancement.
• A major milestone was achieved with the successful fabrication of a 1-meter-high component, marking progress in large-scale additive manufacturing.

Recent News:

• In January 2025, DRDO's HIMKAVACH multi-layer cold weather clothing system passed user trials, designed to protect military personnel in extreme temperatures from +20°C to -60°C.

About DRDO:

• Founded: 1958
• Headquarters: New Delhi, India
• Parent Ministry: Ministry of Defence, Government of India
• Chairman: Dr. Samir V. Kamat

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

First Indian on Private International Space Station Mission: Indian Air Force Group Captain Shubhanshu Shukla Makes History

• Indian Air Force Group Captain Shubhanshu Shukla is set to become the 1st Indian astronaut to travel to the International Space Station (ISS) on a private mission in 2025.

Key Highlights:

• The mission is led by NASA astronaut Peggy Whitson, with Shubhanshu Shukla serving as the mission pilot.
• He is also the astronaut-designate for India’s human spaceflight program, Gaganyaan.
• He will board the SpaceX Dragon spacecraft from Kennedy Space Center, Florida, as part of Axiom Mission 4 (Ax-4), a joint venture between NASA and ISRO.
• Ax-4 will include astronauts from India, Poland, and Hungary, marking the first such international collaboration in over 40 years.
• The astronauts will spend 14 days aboard the ISS, conducting scientific experiments, educational outreach, and commercial activities with NASA and ISRO.
• Rakesh Sharma was the first Indian to travel to space in 1984 aboard the Soviet Soyuz T-11 mission under the Interkosmos program.

About Axiom Mission 4:

• Axiom Mission 4 (or Ax-4) is a private spaceflight to the International Space Station.
• The flight will launch no earlier than April 2025 and last about 14 days.
• It will be operated by Axiom Spaceand use a SpaceX Crew Dragon spacecraft.
• The mission will launch from either the Kennedy Space Center’s LC-39Aor Cape Canaveral Space Force Station’s SLC-40 launch facilities in
• It will use a Falcon 9 rocket to place the Crew Dragon spacecraft into low-Earth orbit (LEO).

CURRENT AFFAIRS: APPS & PORTALS

Barmer District (Rajasthan) Administration Launches ‘MY NREGA App’ for Transparent Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) Operations

• In a significant step toward improving the Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) process, Barmer District (Rajasthan) Collector IAS Tina Dabi and Chief Executive Officer (CEO) IAS Siddharth Palanichamy launched the ‘MY NREGA App’.
• Developed under the leadership of the Zila Parishad CEO, the app aims to make the employment demand process more efficient, allowing MNREGA workers to apply for jobs from their homes instead of visiting Gram Panchayats.

Key Highlights:

• The app was officially introduced at Daruda Gram Panchayat, with MNREGA Commissioner Pushpa Satyani and Additional Commissioner Jugalkishore Meena joining the event virtually.
• The officials praised the initiative, highlighting its potential to be replicated across other districts to enhance accessibility and efficiency in rural employment schemes.
• Until now, MNREGA workers had to physically visit their Gram Panchayats to submit Form No. 6 for employment requests, often facing delays due to bureaucratic processes.
• With the MY NREGA App, workers can now apply for jobs digitally, eliminating the need for travel and paperwork.
• The app allows for real-time tracking of applications and ensures faster processing at the district level.
• The app, which allows any family member to apply for work on behalf of others, was developed with a user-friendly interface.
• The launch event saw enthusiastic participation from local MNREGA workers, particularly women, who downloaded the app from the Google Play Store and submitted their employment applications.

CURRENT AFFAIRS: SPORTS NEWS

India to Participate in the 9th Asian Winter Games 2025: A Landmark Move for Winter Sports

• The Government of India has approved the participation of an 88-member Indian contingent in the 9th Asian Winter Games (AWG), set to be held from 7th to 14th February 2025 in Harbin, China.
• This marks a significant step towards promoting winter sports in India, with the Indian contingent consisting of 59 athletes and 29 team officials.

Key Highlights:

Financial Support and Scheme Details:

• For the First Time: The Government of India has provided full financial support to athletes under the Assistance to National Sports Federations (ANSF) Scheme.
• Sports Covered: Support is extended to athletes competing in Alpine Skiing, Cross-Country Skiing, Figure Skating, Short Track Speed Skating, and Speed Skating (Long Track).
• Objective: This move emphasizes the government’s commitment to supporting winter sports and providing Indian athletes with opportunities to compete at the highest levels in Asia.

Paris Paralympics medalist Rubina Francis, Union Sports Minister to join Fit India Sundays on Cycle event

• The Fit India Sundays on Cycle initiative will continue with Union Minister of Youth Affairs & Sports, Dr. Mansukh Mandaviya, leading a diverse group of riders.
• Rubina Francis, a Paris Paralympics bronze medalist in the P2 10m air pistol SH1 event, will also participate in the ride.

Key Highlights:

• Event: Fit India Sundays on Cycle
• Theme: Combating Obesity in India
• Location: Starting and ending at Major Dhyanchand Stadium, National Capital
• Participants: Over 250 riders, including Mansukh Mandaviya, Rubina Francis, doctors, nutritionists, students from Bharati College Delhi, Soniya Vihar Water Sports Club members, and social activist Mahesh Kumar

The Theme: Combating Obesity

• The theme of this cycling ride focuses on the need to address obesity, which is becoming a growing concern across all age groups in India.
• The initiative follows the call by Hon'ble Prime Minister Shri Narendra Modi, who emphasized the need to fight obesity during the 38th National Games opening ceremony in Dehradun.

CURRENT AFFAIRS: IMPORTANT DAYS

International Development Week 2025: 2nd to 8th February

• International Development Week 2025 is celebrated from 2nd to 8th February 2025 (first full week of February).

International Development Week: History

• International Development Week is a national event promoted by the Canadian International Development Agency (CIDA).
• The Agency is concentrating more and more of its bilateral (country to country) aid in a group of 20 countries of focus.
• International Development Week was initiated in 1990 by the Canadian International Development Agency (CIDA).
• CIDA was established in 1968 to administer the bulk of Canada's official development assistance (ODA) program.
• CIDA works in concert with its development partners, fragile states and countries in crisis, countries of focus, and the Canadian population and institutions.
• IDW explored several dimensions of development with participation from high commissions and consulates, non-government organizations, York research centers, colleges, Faculties, and student groups.
• The first event of IDW was held in 1998.

World Wetlands Day 2025: 2nd February

• World Wetlands Day is celebrated on 2nd February every year.
• Aim to raise global awareness about the vital role of wetlands for people and the planet.
• The Convention on Wetlands was adopted in 1971.
• This year is especially significant as World Wetlands Day 2025 will be observed as a United Nations international day for the second time.
• On August 30 last year, the United Nations General Assembly adopted a resolution to mark the day.
• The day is celebrated to mark the date of the adoption of the Convention on Wetlands on February 2, 1971, in the Iranian city of Ramsar on the shores of the Caspian Sea.
• World Wetlands Day was first celebrated in 1997.

Daily CA One- Liner: February 2 & 3

• The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman.
• India has recently expanded its Ramsar Wetland Sites by adding four new wetlands—Sakkarakottai Bird Sanctuary and Therthangal Bird Sanctuary in Tamil Nadu, Khecheopalri Wetland in Sikkim, and Udhwa Lake in Jharkhand
• In a significant move to bolster disaster preparedness and resilience, the Union Home Ministry, under the leadership of Amit Shah, has approved Rs 3,027.86 crore for disaster mitigation projects in multiple states, including Meghalaya
• The Ministry of Railways has unveiled its new SuperApp ‘SwaRail’, designed to be a one-stop solution for all railway-related services
• The Department of Youth Affairs, under the Ministry of Youth Affairs and Sports, Government of India, is organizing the BRICS Youth Council Entrepreneurship Working Group Meeting from 3rd to 7th March 2025
• The Government of India has approved the participation of an 88-member Indian contingent in the 9th Asian Winter Games (AWG), set to be held from 7th to 14th February 2025 in Harbin, China.
• The Fit India Sundays on Cycle initiative will continue with Union Minister of Youth Affairs & Sports, Dr. Mansukh Mandaviya, leading a diverse group of riders.
• The Economic Survey 2025,is traditionally presented in Parliament on January 31, a day before the Union Budget. The survey is prepared under the guidance of the Chief Economic Adviser (CEA) to the Government of India.
• The Reserve Bank of India (RBI) has launched a regulatory sandbox for testing ‘On Tap’ applications under the theme ‘Retail Payments’.
• India Post Payments Bank (IPPB) and PNB MetLife India Insurance Company Limited (PNB MetLife) have launched a bancassurance partnership to expand life insurance accessibility across India.
• The Financial Intelligence Unit-India (FIU-IND) has imposed a monetary penalty of ₹9,27,00,000 (Nine crore twenty-seven lakh rupees) on Bybit Fintech Limited for violations under the Prevention of Money Laundering Act (PMLA), 2002.
• X (formerly Twitter) is moving towards becoming an "everything app," a concept Musk has envisioned for years. The platform is partnering with Visa to launch real-time payments in 2024.
• Kotak Mahindra Asset Management Company (Kotak Mutual Fund) has launched the Kotak MSCI India exchange-traded fund (ETF), India’s 1st-ever fund replicating the MSCI India Index, offering investors a unique opportunity to gain exposure to India’s thriving economy.
• Sri Lanka's 12-month consumer prices deflated by 4.0% in December 2024, while the Colombo Consumer Price Index (CCPI) increased by 0.5%, reaching 6 points, similar to April 2023 levels.
• The Goods and Services Tax Network (GSTN) has introduced a new E-Way Bill (EWB) feature exclusively for gold in Kerala, effective January 20, 2025.
• The Jammu & Kashmir government has launched the “Tree Aadhaar” mission to conserve the declining chinar trees.
• The New Delhi World Book Fair 2025 will be held fromFebruary 1 to 9, 2025, at Bharat Mandapam, Pragati Maidan, New Delhi (Halls 2-6, Ground Floor).
• The Andhra Pradesh government has launched ‘Mana Mitra’, a WhatsApp-based governance platform aimed at providing citizens with digital access to government services.
• Mohan has been appointed as the director of the Liquid Propulsion Systems Centre (LPSC) in Thiruvananthapuram, Kerala.
• A significant breakthrough in Large Area Additive Manufacturing (LAAM) has been achieved at the DRDO-Industry-Academia Centre of Excellence (DIA-CoE) at IIT Hyderabad.
• Indian Air Force Group Captain Shubhanshu Shukla is set to become the 1st Indian astronaut to travel to the International Space Station (ISS) on a private mission in 2025.
• In a significant step toward improving the Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) process, Barmer District (Rajasthan) Collector IAS Tina Dabi and Chief Executive Officer (CEO) IAS Siddharth Palanichamy launched the ‘MY NREGA App’.
• International Development Week 2025 is celebrated from 2nd to 8th February 2025 (first full week of February).
• World Wetlands Day is celebrated on 2nd February every year.