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CURRENT AFFAIRS: BANKING & FINANCE

Skydo Receives Reserve Bank of India Nod to Operate as a Payment Aggregator-Cross Border Entity

• Skydo Technologies, a cross-border payments company, has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity.
• This authorization strengthens Skydo's mission of making cross-border payments compliant, seamless, and cost-effective for Indian exporters.
• Skydo currently serves over 12,000 exporters in India, processing over $250 million in annual export payments.

Key Highlights:

• Skydo provides a comprehensive solution for exporters, including:
• Transparent pricing with no markup on live mid-market forex rates.
• Digital onboarding with instant KYC.
• Dedicated customer support.
• Fast settlements.
• Streamlined regulatory compliance with instant issuance of Foreign Inward Remittance Advice (FIRA).
• Future Plans and Expansion:Srivatsan Sridhar, Co-Founder and CEO of Skydo, expressed plans to scale payments volume 10x over the next 18-24 months.
• Movin Jain, Co-founder of Skydo, highlighted plans to introduce new offerings beyond payments, such as credit, tax compliance, Treasury Services, and EDPMS reconciliation.
• Recent Achievements:Skydo recently secured Payment Service Provider (PSP) approval from Amazon, enabling it to process payments for exporters participating in Amazon's Global Selling program.

What is Payment Aggregator Cross Border (PA-CB)?

• Payment Aggregator Cross Border (PA-CB) refers specifically to the facilitation of cross-border online payments for the import and export of permissible goods and services.
• The RBI categorizes PA-CB activities into three main categories: export-only PA-CB, import-only PA-CB, and export and import PA-CB.

Deloitte Projects Indian Economy to Grow 6.5-6.8% in FY 2024-25

• Deloitte India revised its 2024-25 GDP growth projection to 6.5-6.8% amid global trade uncertainties.
• The economy faces challenges with lower-than-expected Q2 growth (5.4%), lagging government capex, election uncertainties, and high inflation.
• However, strong rural consumption and a thriving services sector show
• The Indian economy faces a slowing growth-high inflation conundrum, with food prices remaining a key concern.
• India needs to adapt to the evolving global landscape and harness its domestic strengths to drive sustainable growth.

Key Challenges:

• Weaker-than-expected gross fixed capital formation due to election uncertainties and weather-related disruptions.
• Lagging government capex.
• Tempered global growth outlook.
• Potential shifts in trade regulations.
• More stringent monetary policies.

Resilience:

• Strong rural consumption.
• Thriving services sector.
• Rising share of high-value manufacturing exports.
• Resilient capital markets despite FII outflows.
• Inflation Concerns

About Deloitte:

• Founded: 1845
• Founder: William Welch Deloitte
• Headquarters: London, England
• Chairperson: Anna Marks
• CEO : Joseph B. Ucuzoglu

Shriram Life Insurance Introduces Shriram Life Sunishchit Laabh Plan

• Shriram Life Insurance has launched Shriram Life Sunishchit Laabh, a non-participating individual savings plan that guarantees high returns of up to 668% of the total premium paid.

Key Highlights :

• Terms & Benefits:The plan offers flexible entry options for individuals aged 30 days to 60 years, with a minimum ticket size starting at 30,000 annually, Rs. 15,500 half-yearly, Rs. 8,000 quarterly, and Rs. 3,000 monthly.
• It features flexible maturity income payout options, including tax-free payouts for up to 40 years (until a maximum age of 101), ensuring long-term income even during retirement.
• The plan also offers death benefits up to 160 times the annualized premium, and customers can modify the payout modes during the policy term.
• Ideal for retirement planning, children's education, family protection, or creating a long-term financial safety net, the plan also includes loyalty rewards and optional riders.
• Shriram Life Insurance provides term, endowment, ULIPs, and annuities at affordable premiums for both rural and urban middle-class customers, with an in-force policyholder base of over 12 lakh.

About Shriram Life Insurance:

• Founded: 2005
• Headquarters: Hyderabad, India

TATA AIG Launches CyberEdge: A Comprehensive Cyber Insurance Solution for Indian Businesses

• TATA AIG General Insurance Company, a leading general insurance provider, has introduced CyberEdge, a new cyber insurance solution designed to protect businesses of all sizes against a wide array of cyber risks.
• The policy offers robust financial and operational support, covering forensic investigations, legal fees, data recovery, extortion payments, and losses from business interruptions.
• With a strong commitment to enhancing cybersecurity resilience, CyberEdge aims to capture 25% of the cyber insurance market in the coming 5years.
• A recent report by Prahar highlighted that 79 million cyberattacks were recorded in India in 2023 and the threat landscape is rapidly evolving.
• The report also projected that these attacks could surge to 1 trillion annually by

Key Features of CyberEdge Include:

• First Response Cover:
• Provides immediate access to Tata AIG’s panel of incident response experts 24/7/365 during a cyber incident.
• The first 24 hours are critical, and the First Response service ensures best-in-class legal and IT forensics within 2 hours of contacting the dedicated hotline.
• Bricking Recovery Expenses: Covers the costs of replacing damaged equipment and helps resume normal business operations if a cyber incident renders your computer system inoperable.
• Comprehensive Network Loss Calculation: Allows the client to choose Gross Profit or Net Profit basis, based on the method best suited for their business and Additionally, policy also covers third-party forensic accounting firm’s professional fees to calculate the loss.
• Wider Computer System Protection: Coverage extends to BYOD (Bring Your Own Device), OT Systems, Industrial Control System, and SCADA systems.
• Network Interruption Coverage: Addresses interruptions up to 120 days post-incident, including the proactive mitigation cost.
• Insured Events: Under the Network Interruption section, the policy covers security and system failures, including voluntary or regulatory shutdowns, and OSP-related security and system failures (if opted).
• Mitigation Costs and Loss Prevention Services: Extends cover beyond indemnity by offering Loss Prevention Services with no extra premium.
• Coverage for Cyber Crimes: Protects against losses resulting from cyber-related crimes.
• Multimedia Activity Protection: Covers liabilities from digital media content published on websites or social platforms.

About TATA AIG General Insurance Company:

• Founded : 2001
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Neelesh Garg
• Owner : Tata Sons (51%), American International Group (49%)
• TATA AIG General Insurance Company Limited is a joint venture company between TATA Group and American International Group (AIG).

IDFC First Bank Partners with RuPay to Unveil FIRST EA₹N RuPay Credit Card

• IDFC FIRST Bank, in collaboration with RuPay, has launched the transformative UPI-enabled RuPay Credit Card named ‘FIRST EA₹N’.
• This innovative product is a Fixed Deposit (FD)–backed virtual credit card designed to democratize credit access while offering rewarding benefits for users.
• The FIRST EA₹N RuPay Credit Card enables customers to seamlessly access credit via UPI, a feature that stands out in the financial services industry.
• Backed by an FD, the card ensures universal eligibility, eliminating barriers for those who might face difficulties obtaining traditional credit cards.
• Customers can apply online and instantly access the card, enabling convenient and rewarding transactions.

Key Features and Benefits of the Card:

• Seamless UPI Integration: Cardholders can use the card for UPI transactions at over 60 million UPI-enabled merchants across India.
• Instant Card Issuance: The virtual credit card is issued instantly, allowing immediate use with UPI integration.
• Inclusive Access:The FD-backed model ensures availability for all customers, providing credit access to individuals new to credit products.
• Rewarding Transactions:Users earn up to 1% cashback on UPI transactions made through the IDFC FIRST Bank app and 0.5% cashback on transactions through other UPI apps, as well as on insurance, utility bills, and e-commerce purchases.
• Exclusive Launch Offer:New cardholders receive 100% cashback (up to ₹500) on their first UPI transaction within 15 days of card activation, effectively covering the first year’s fees.
• Fixed Deposit Benefits:Customers earn an attractive 7.25% annual interest rate on a one-year FD linked to the card.

Comprehensive Protection and Additional Benefits:

• Complimentary roadside assistance worth ₹1,399.
• Lost card liability covers up to ₹25,000.
• Personal accident insurance cover of ₹2,00,000.

About IDFC FIRST Bank:

• Founded: 2015
• Headquarters: Mumbai, Maharashtra, India
• Managing Director & CEO: V. Vaidyanathan
• Tagline : Always You First
• Merger: IDFC Bank merged with Capital First in 2018

CURRENT AFFAIRS: NATIONAL NEWS

Jawaharlal Nehru Port Authority’s ₹2,000 Crore Expansion: Boosting India’s Port Infrastructure and Economic Growth

• Union Minister Shri Sarbananda Sonowal launched projects worth ₹2,000 crore at the Jawaharlal Nehru Port (JNPA), Mumbai.
• Key launches include:
  • A solar-powered boat.
  • Two indigenously developed 70T tugs.
  • Three fire tenders to enhance port safety and efficiency.

Performance Milestones

• JNPA’s Achievements:
  • India’s largest port, with 10+ million TEUs capacity as of January 2025.
  • Handled its highest-ever container volume of 05 million TEUs in 2024, operating at over 90% capacity.
  • Achieved 11% annual growth (Year-on-Year).
• Capacity Expansion:
  • Commissioning of Phase 2 of Bharat Mumbai Container Terminal (BMCT) in January 2025, adding 2.4 million TEUs capacity.
  • Upgradation of Nhava Sheva Freeport Terminal (NSFT) expected to further increase capacity to 10.4 million TEUs by 2027.

Strategic MoUs Signed

1. Vadhavan Port Project:
   • VPPL & Reliance Industries Limited:
     • Development of a Liquid Jetty and allocation of 50 acres of land under a PPP model, with an investment of ₹645 crore, to begin by 2030.
   • VPPL & DBKKVD:
     • Implementation of an integrated agricultural and horticultural plan for villages in Dahanu and Palghar.
   • VPPL & HUDCO:
     • Funding commitment of ₹25,000 crore by HUDCO for new port and PPP projects, aligning with sustainable infrastructure development goals.

2. Agro Processing Facility:
   • A state-of-the-art facility with an investment of ₹284 crore was launched at JNPA, spanning 27 acres to support agricultural trade infrastructure.
   • Designed to handle 2 million tonnes of cargo annually, it includes processing, sorting, packing, and laboratory facilities.
   • The facility will serve Maharashtra, Madhya Pradesh, and Gujarat, promoting seamless export-import trade.
3. Warehousing Facility:
   • An investment of ₹300 crore for temperature-controlled warehousing and Container Freight Station (CFS) facilities, expected to handle 1,20,000 TEUs annually.
4. Education and Community Development:
   • Bhoomi Pujan was performed for a CBSE School building within the port premises, emphasizing community development through education.

JNPA SEZ: India's First Port-Based Multi-Product SEZ

• Spread over 38 hectares, JNPA SEZ is making strides in industrial development.
• Out of 163 hectares of leasable land, 124 hectares have been allotted to 54 units, with 10 operational units and one Free Trade Warehousing Zone (FTWZ).
• Current investment in operational plots: ₹623 crore.
• Proposed investment by plot-holders: ₹1,700 crore.
• Leading investors include Welspun One, DP World, and Fine Organics.
• EXIM Trade at JNPA SEZ:
  • FY 2023-24: 8,051 TEUs and ₹13,939 crore.
  • FY 2024-25 (up to Dec 2024): 13,906 TEUs and ₹7,314 crore.

Union Minister Shri  Rajiv Ranjan Singh to Inaugurate Livestock Conclave in Shillong

• The Department of Animal Husbandry & Dairying, under the Ministry of Fisheries, Animal Husbandry & Dairying, is hosting a two-day conclave titled “Dialogue for Holistic Development of Livestock Sector in North East India” in Shillong, Meghalaya, on 23rd–24th January 2025.

Event Details

• Inauguration: By Union Minister Shri Rajiv Ranjan Singh (Lalan Singh), FAHD & Panchayati Raj.
• Special Guests:
  • S.P. Singh Baghel, Minister of State for FAHD and Panchayati Raj.
  • Shri George Kurian, Minister of State for FAHD & Minority Affairs.
  • Shri Conrad K. Sangma, Chief Minister of Meghalaya.
• Participants:
  • Ministers from NER states’ Animal Husbandry & Dairy Development departments.
  • Senior officials, including Ms. Alka Upadhyaya, Secretary, Department of Animal Husbandry & Dairying.
  • Stakeholders from industries, NGOs, scientists, researchers, and entrepreneurs.

Purpose and Objectives

The conclave aims to:

• Discuss strategies for holistic livestock development in the Northeast Region (NER).
• Assess the current status and challenges faced by the sector.
• Explore opportunities for growth through value chain strengthening, technology interventions, and policy support.
• Facilitate knowledge sharing and capacity building among farmers, entrepreneurs, and policymakers.
• Promote sustainable and inclusive farming practices aligned with the One Health approach.

Projects and MOUs

• Dedication of new projects to benefit NER residents.
• Signing of MOUs with industry partners to encourage investment in the livestock sector.

Government Initiatives Highlighted

The Government of India’s flagship schemes for livestock development:

• Animal Husbandry Infrastructure Development Fund (AHIDF).
• Entrepreneurship Development Programme (EDP) under the National Livestock Mission (NLM).
• Rashtriya Gokul Mission (RGM).
• National Programme for Dairy Development (NPDD).

India Launches Diamond Imprest Authorization Scheme to Revitalize Diamond Sector

• The Department of Commerce and Industry has introduced the Diamond Imprest Authorization (DIA) Scheme, effective April 1, 2025, to boost the global competitiveness of India’s diamond industry.
• The scheme aims to streamline duty-free imports of small diamonds, promote value addition, and boost exports, particularly benefiting MSME exporters.
• A press release on the scheme was issued on January 21, 2025.

Key Features of the DIA Scheme:

1. Allows duty-free import of natural cut and polished diamonds less than ¼ carat (25 cents).
2. Requires an export obligation with a value addition of 10%.
3. Available to diamond exporters with Two Star Export House status and above, and annual exports of at least US$15 million.

Rationale and Objectives

The DIA Scheme directly responds to beneficiation policies adopted by several diamond-mining countries (e.g., Botswana, Namibia, Angola), which require diamond manufacturers to establish local cutting and polishing facilities. The scheme aims to:

• Maintain India’s Global Leadership:Retain India’s position as a leader across the entire diamond value chain.
• Level the Playing Field:Provide a competitive advantage for Indian diamond exporters, especially MSMEs, allowing them to compete with larger international players.
• Prevent Investment Flight:Discourage Indian diamantaires from relocating investments to diamond-mining countries.
• Generate Employment:Create more employment opportunities, particularly for diamond assorters and in the processing of semi-finished diamonds.
• Protect Domestic Industry:Safeguard the domestic diamond processing industry and associated jobs.

Expected Outcomes:

The DIA Scheme is expected to:

• Reinforce India’s Global Position:Strengthen India’s standing in the global diamond trade while adhering to international standards and promoting ease of doing business.
• Create Skilled Jobs:Generate employment opportunities for skilled diamond craftsmen.
• Increase Diamond Exports:Drive growth in exports of cut and polished diamonds from India.
• Revitalize the Industry:Address the current decline in diamond exports and prevent further job losses within the sector.

India Prepares for eVTOL Air Taxi Revolution with Regulatory Sandbox and Trial Sites

• The Centre has begun identifying trial sites for air taxis or electric-vertical take off and landing (eVTOL) aircraft.
• eVTOL (Electric Vertical Take-Off and Landing) aircraft represent a cutting-edge solution to urban congestion.
• These electric-powered aircraft can take off and land vertically, like helicopters, and transition to forward flight using tilt rotors.
• Promising rapid commutes, eVTOLs are designed to offer sustainable and efficient alternatives to traditional transportation.

India’s Progress Towards Air Taxis

1. Identifying Trial Sites:
   • The Centre has initiated visits to states like Gujarat to identify potential trial sites for eVTOL testing.
   • A regulatory sandbox is being developed to allow safe testing of new eVTOL technologies in sites with no habitation, equipped with runways and charging facilities.
2. Government and Industry Collaboration:
   • An expert team comprising officials from the DGCA, Ministry of Civil Aviation, Airports Authority of India, and industry leaders is overseeing these initiatives.
   • Six working groups have been formed to address key regulatory aspects, such as:
     • Vertiport development.
     • Aircraft certification.
     • Crew licensing.
     • Air traffic management and maintenance protocols.

Industry Developments

1. IndiGo and Archer Aviation Partnership:
   • IndiGo’s parent company, InterGlobe Enterprises, announced a collaboration with Archer Aviation to introduce air taxi services in India by 2026.
   • Plans include financing for up to 200 Midnight aircraft.
2. Archer Aviation’s Achievements:
   • Received a key certification from the Federal Aviation Authority (FAA) for its Midnight aircraft in 2024.
   • Plans to launch air taxi services in Abu Dhabi by Q4 2025.
   • The Midnight aircraft, designed for a pilot and four passengers, can travel 20-50 miles per trip at speeds up to 150 mph, requiring only 10-20 minutes of charging.
3. Global Innovations:
   • Brazilian company Eve Air Mobility and Airbus are actively testing prototypes of their eVTOL aircraft.
   • Airbus began remote flight testing of its CityAirbus NextGen in December 2023.

10th Anniversary of Beti Bachao Beti Padhao: Empowering India's Girl Child for a Viksit Bharat

• The Ministry of Women and Child Development is marking the 10th anniversary of the Beti Bachao Beti Padhao (BBBP) scheme, a decade-long effort to protect, educate, and empower the girl child in India.
• The anniversary celebration aligns with India’s vision for Viksit Bharat 2047 and the global shift from Women’s Development to Women-Led Development, a theme emphasized during India’s G20 Presidency and now embraced by Brazil’s G20 Presidency.

Inaugural Event

• Date: 22nd January 2025
• Venue: Vigyan Bhawan, New Delhi
• The event will be graced by:
  • Union Minister of Health and Family Affairs Shri P. Nadda.
  • Union Minister of Women and Child Development Annpurna Devi.
  • Minister of State, Smt. Savitri Thakur.

Key Participants

• Women Officers: From armed forces, para-military forces, and Delhi Police.
• Government Representatives: Deputy Secretary and above levels from Central Ministries.
• Stakeholders: Girl students, Anganwadi workers, and representatives from state and district levels.
• International Organizations: Representatives from UNICEF, UN Women, UNDP, UNFPA, World Bank, and The German Agency for International Cooperation (GIZ).

BBBP’s Impactful Achievements

• National Sex Ratio at Birth (SRB) has improved from 918 in 2014-15 to 930 in 2023-24.
• Girls’ Enrollment in Secondary Education has risen from 75.51% in 2014-15 to 78% in 2023-24.
• Institutional Deliveries increased from 61% to 97.3%.
• First Trimester Antenatal Care registrations increased from 61% to 80.5%.

Notable Initiatives and Campaigns:

• Yashaswini Bike Expedition: Showcasing women empowerment.
• Kanya Shiksha Pravesh Utsav: Re-enrolled over 100,000 out-of-school girls.
• Collaboration with Doree TV Show: Raised awareness about girl child abandonment.
• National Conference on Skilling: Betiyan Bane Kushal: Promoted workforce participation among girls.

India Aims for 500 GW Renewable Energy Capacity by 2030, Focuses on Energy Self-Reliance

• Union Minister Pralhad Joshi reaffirmed the government’s commitment to increase renewable energy production to 500 GW by 2030 and ensure that 50% of India's energy requirement comes from renewable sources.
• The minister emphasized that both central and state governments are working rapidly to meet these ambitious targets.

India’s Energy Future

• Joshi highlighted that India’s energy requirement is expected to double by 2032.
• India has progressed from being the 11th largest economy a decade ago to now being one of the top five economies globally, with aspirations to become the third-largest economy

Global Environmental Trends

• The minister noted that the COP 2026 Climate Change Conference plans to introduce green taxes on industrial fossil fuel use in several countries to reduce carbon emissions.
• He stressed the importance of encouraging renewable energy to keep Indian products competitive internationally and combat global warming.

State-Level Initiatives

• Rajasthan Chief Minister Bhajanlal Sharma highlighted the state’s efforts toward energy security and sustainable development, including the Rajasthan Clean Energy Policy 2024, which targets the establishment of 125 GW of renewable energy projects by 2030.
• Rajasthan has received investment proposals worth ₹35 lakh crore, with ₹28 lakh crore directed at the energy sector. This will create large-scale employment opportunities in solar and wind energy production.

Notable Programs in Rajasthan

• Rajasthan is a leader in Kusum Yojana, aiming to meet agricultural electricity needs with solar energy.
• Under the Pradhan Mantri Suryaghar Yojana, the state is installing rooftop solar plants in 5 lakh homes, with 25,000 homes already equipped.
• The state has also issued 489 MW LOAs for solar projects and is working on the development of a 2000 MW solar park to boost renewable energy capacity.

Government Unveils Draft Guidelines for E-Commerce Self-Regulation to Protect Consumers

• The Indian government has introduced draft guidelines aimed at ensuring self-regulation by e-commerce platforms to protect consumers from fraudulent practices in India’s rapidly growing digital shopping
• The guidelines, titled "E-commerce – Principles and Guidelines for Self-Governance," were prepared by the Bureau of Indian Standards (BIS) under the supervision of the Food and Consumer Affairs Ministry.

Key Provisions in the Guidelines

1. Seller Reviews and Accuracy of Listings:
   • E-commerce platforms are required to periodically review sellers to ensure the accuracy of product listings and maintain consumer trust.
2. Consumer Reviews and Ratings:
   • All consumer reviews and ratings must adhere to IS 19000:2022 standards, covering the collection, moderation, and publication of online consumer reviews to ensure transparency and authenticity.
3. Data Protection:
   • Strict compliance with data protection laws is emphasized, ensuring the safeguarding of consumer information across all e-commerce platforms.

CURRENT AFFAIRS: STATE NEWS

After Tamil Nadu, Kerala passes resolution urging Centre to scrap University Grants Commission (UGC) regulations

• Kerala Chief Minister Pinarayi Vijayan presented 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.
• The resolution was passed
• In support, Higher Education Minister R Bindu mentioned that Kerala is coordinating with other states, including Tamil Nadu, which also passed a similar resolution earlier this month, highlighting concerns over increased powers for Governors in appointing Vice Chancellors.

Key Points from the Resolution:

• Federal Structure Concerns: Vijayan emphasized that universities function based on state laws, and imposing central regulations without consultation could undermine India's federal framework.
• Role of State Governments: He reminded that under the 42nd Constitutional Amendment Act (1977), states hold significant responsibilities in establishing and overseeing universities, including funding most of their operations.
• Exclusion of States: The draft UGC norms were criticized for excluding state governments from key appointments, such as Vice Chancellor positions, and for provisions that could commercialize higher education.
• Call for Reconsideration: The Kerala assembly has unanimously called for the Central Government to reconsider the draft regulations and to hold consultations with all relevant stakeholders before finalizing new guidelines.

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

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATION

Donald J Trump was sworn in as the 47th president of the United States, marking his remarkable return to power for a second term of four years

• Donald Trump, who took oath as the 47th US President on January 20, 2025.
• The 78-year-old Republican leader storms back to the White House with a strongman persona and a vision of an all-powerful presidency with a promise to aggressively reset US policies in a range of domains, including immigration, tariffs and energy.
• Donald Trump is the 45th and 47th President of the United States, serving from 2017-2021 and re-elected in

Other Appointments :

• JD Vance was sworn in as the vice president ahead of Trump.
• Usha Vance became the first Indian-American and Hindu Second Lady after her husband J.D. Vance was sworn in as the 50th Vice President of the US.
• Supreme Court Justice Brett Kavanaugh, a mentor to Usha Vance, administered the oath to her husband.
• External Affairs Minister S Jaishankar attended the inauguration ceremony as Prime Minister Narendra Modi's special envoy.
• Trump declared a national energy emergency to lower energy costs and ramp up oil and gas production in the US.
• Trump pulled the US out of the World Health Organization on his first day in office, echoing his earlier stance during the COVID-19 pandemic.
• Trump also withdrew the US from the Paris Climate Agreement.
• India and other countries might take this as an opportunity to step up their commitment to clean energy.

CURRENT AFFAIRS: DEFENCE NEWS

Defence Research and Development Organisation Initiates Development of Long-Duration Scramjet-Powered Hypersonic Technology

• Defence Research & Development Laboratory (DRDL), Hyderabad, has developed Supersonic Combustion Ramjet (Scramjet) powered hypersonic technology.
• DRDL successfully conducted an Active Cooled Scramjet Combustor ground test for 120 seconds, a first in India, demonstrating ignition and stable combustion, which are critical for hypersonic vehicles.
• Hypersonic missiles travel at speeds greater than Mach 5 (over 5,400 km/hr), capable of bypassing Air Defence Systems and delivering rapid, high-impact strikes.
• Nations such as the USA, Russia, India, and China are actively pursuing this advanced technology.

Key Highlights:

• Scramjets, key to hypersonic vehicles, are air-breathing engines that sustain combustion at supersonic speeds without moving parts.
• Ignition in scramjet engines is described as “keeping a candle lit in a hurricane.”
• DRDL achieved significant technical advancements, including innovative flame stabilization techniques to maintain flame at air speeds exceeding 1.5 km/s and advanced Computational Fluid Dynamics (CFD) tools for performance prediction.
• Indigenous development of endothermic scramjet fuel, in collaboration with the industry, offers dual benefits of improved cooling and ease of ignition.
• The development of advanced Thermal Barrier Coating (TBC) jointly with the DST Laboratory is another milestone.
• The ceramic TBC withstands extreme hypersonic temperatures, operating beyond the melting point of steel, and is applied using specialized deposition methods to enhance performance and durability.

About DRDO:

• Established: 1958
• Headquarters: New Delhi, India
• Chairman: Dr. Samir V Kamat

Ministry of Defence Signs ₹1,561 Crore Deal with Heavy Vehicles Factory for 47 T-72 Bridge Laying Tanks for Indian Army

• The Ministry of Defence (MoD) has signed a ₹1,561 crore contract with Heavy Vehicles Factory (HVF) for the procurement of 47 T-72 Bridge Laying Tanks (BLT) for the Indian Army.
• Heavy Vehicles Factory (HVF) is a unit of Armoured Vehicle Nigam Limited (AVNL).
• The contract was signed in the presence of Defence Secretary Rajesh Kumar Singh and senior officials of the ministry, HVF, and AVNL.

Key Highlights:

• The BLT is critical equipment used to launch bridges during offensive and defensive operations by mechanised forces.
• It provides integral bridging capability to the tank and armoured vehicle fleet, enhancing battlefield mobility and offensive capabilities of the Indian Army.
• This procurement strengthens the operational readiness of the Indian Army and reinforces its mobility solutions during combat.
• Bridging system consisting of lunching mechanism, bridge super structure, hydraulics, auxiliary system and electronic control
• BLT T-72 carries a prefabricated steel bridge of 20m span which can be launched over an obstacle in shortest time and to facilitate crossing of vehicles.

About Ministry of Defence:

• Cabinet Minister: Rajnath Singh
• Minister of State (MoS): Ajay Bhatt

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Solar Group Tests India’s First Indigenous Micro-Missile Drone System ‘Bhargavastra’

• India has successfully tested its 1st indigenously developed micro-missile system, Bhargavastra, designed to counter the growing threat of swarm drones.
• The tests were conducted at the Gopalpur Seaward Firing Ranges on January 12 and 13, where the system successfully hit designated virtual targets over 5 kilometres away, offering a cost-effective and innovative solution to neutralize large-scale drone attacks.
• Developed by Economic Explosives Ltd (EEL), a subsidiary of the Solar Group, Bhargavastra is equipped with advanced capabilities, including detecting small incoming drones at a range of over 6 kilometres.
• It neutralizes threats using guided micro-munitions, ensuring precision and effectiveness.
• The system is mountable on mobile platforms for rapid deployment and operates seamlessly across diverse terrains, including high-altitude areas, meeting the unique operational needs of India’s armed forces.
• The company highlighted Bhargavastra's versatility, stating that it delivers hard kills against enemy UAVs at an affordable cost.
• An additional soft-kill layer is being integrated to make the system a comprehensive solution for all UAV threats.
• The system can also integrate with the armed forces' existing network for network-centric warfare.

Key Features of Bhargavastra:

• Equipped with a Command-and-Control Centre using advanced C4I (Command, Control, Communications, Computers, and Intelligence)
• Radar capable of detecting medium to large UAVs up to 10 kilometres and small drones at 6 kilometres.
• Features an Electro-Optical/Infrared (EO/IR) system for precise detection of low Radar Cross-Section (RCS)
• Provides situational awareness and evaluates threats from individuals or swarms of drones.

Telangana signs Memorandum of Understanding with Skyroot for integrated, private rocket manufacturing, integration and testing facility

• Skyroot Aerospace has signed a Memorandum of Understanding (MoU) with the Telangana government to set up an integrated private rocket manufacturing, integration, and testing facility.
• The new project will involve an investment of around Rs 500 crore, making it one of the largest private-sector rocket manufacturing facilities in India.
• The MoU was signed at the World Economic Forum summit in Davos, overseen by Chief Minister A. Revanth Reddy and IT & Industries Minister D. Sridhar Babu.
• The investment aligns with Telangana's strategic focus on boosting its space and aerospace sectors, with Hyderabad being positioned as a key hub for private sector space work.
• Skyroot Aerospace is a Hyderabad-based space technology firm, and its partnership with the Telangana government is seen as a significant boost for the state's vision of "TelanganaRising" and "HyderabadRising".

About Skyroot Aerospace:

• Headquarters: Hyderabad, Telangana, India
• Co-founder & CEO: Pawan Kumar Chandana
• Founded: 2018

CURRENT AFFAIRS: BUSINESS NEWS

India Cements Posts ₹116.52 Crore Q3 Profit, Boosted by Investment Sale

• India Cements Ltd reported a consolidated net profit of ₹116.52 crore in Q3 FY25, a significant improvement from a net loss of ₹6.58 crore in the same period last fiscal.
• The profit was largely driven by gains from the sale of investments amounting to ₹584.23 crore.
• Revenue Decline:
  • Consolidated revenue from operations stood at ₹940.81 crore, down from ₹1,113.06 crore in the corresponding period last year.
• Increased Expenses:
  • Total expenses for the quarter rose to ₹1,259.53 crore, compared to ₹1,182.70 crore in the year-ago period.

Operational Performance

• Cement Capacity Utilisation:
  • Achieved 57% capacity utilisation during the quarter.
• Domestic Sales Growth:
  • Domestic sales volume increased by 5%, reflecting an uptick in demand.

Strategic Developments

• UltraTech Stake Acquisition:
  • On December 24, 2024, Aditya Birla Group firm UltraTech acquired a 32.72% stake in India Cements, marking a strategic move in the cement industry.

Deloitte India Revises GDP Growth Projections Amid Economic Uncertainties

• Deloitte India has revised its GDP growth forecast for 2024-25 to 6.5-6.8%, with 6.7-7.3% expected in the following year.
• The adjustment comes as a response to global trade uncertainties and investment risks affecting India’s growth outlook.

Challenges in Q2 2024-25

• Q2 2024-25 GDP growth stood at 5.4% year-over-year, falling short of market expectations.
• The RBI lowered its growth forecast to 6.6%, while the NSO survey estimated 6.4% growth for the current fiscal year.

Factors Affecting Growth

• Election uncertainties and weather-related disruptions in construction and manufacturing led to weaker-than-expected gross fixed capital formation.
• The government’s capex stood at just 37.3% of annual targets in the first half, compared to 49% last year.

Inflation and Economic Dilemma

• India faces a growth-inflation dilemma, with food prices continuing to remain a concern for policymakers.
• Retail inflation remains high, prompting the RBI to keep the repo rate elevated at 5% to keep inflation under control.

CURRENT AFFAIRS: MOUS AND AGREEMENT

JSW Group Commits ₹3 Lakh Crore Investment to Boost Maharashtra's Industrial and Green Growth

• JSW Group has announced plans to invest ₹3 lakh crore across various sectors in Maharashtra, including in the naxal-infested Gadchiroli
• The commitment was formalized through a Memorandum of Understanding (MoU) signed with the Maharashtra government at the World Economic Forum (WEF)

Key Areas of Investment

• The investment will cover multiple sectors, including:
  • Renewable Energy
  • Infrastructure
  • Cement
  • Lithium-Ion Batteries
  • Solar Modules
  • Steel manufacturing with clean green technology
  • Electric vehicle (EV) manufacturing and high-performance EV batteries

Focus on Sustainable Growth

• JSW Chairman Sajjan Jindal emphasized that this investment will contribute to India’s green transition, driving innovation, sustainable technologies, clean mobility, and renewable energy solutions.
• The commitment aligns with Maharashtra’s ‘Green Maharashtra’ mission, focusing on creating a sustainable and eco-friendly industrial environment.

Economic Impact and Employment

• This investment is expected to generate 10,000 new jobs in the regions of Chhatrapati Sambhajinagar, Gadchiroli, and Nagpur.
• Maharashtra Chief Minister Devendra Fadnavis hailed this MoU as a pivotal step in transforming Gadchiroli into India's 'steel city', further solidifying Maharashtra’s position as a leading industrial and economic hub.

7th India-France Maritime Cooperation Dialogue Strengthens Ties for Maritime Security and Blue Economy

• The 7th India-France Maritime Cooperation Dialogue was held on 14 January 2025 in New Delhi.
• The dialogue was co-chaired by:
• Shri Pavan Kapoor, Deputy National Security Advisor, National Security Council Secretariat, India.
• Alice Rufo, Director General for International Relations and Strategy, Ministry for the Armed Forces, France.

Enhancing Cooperation in the Indian Ocean Region

• India and France reaffirmed their shared vision for maritime security, which is central to their Strategic Partnership.
• The two nations emphasized the importance of upholding international law, multilateralism, sovereignty, and freedom of navigation.
• Commitment to Maritime Security: Both countries highlighted their commitment to protecting sea lanes of communication and collaborating between their maritime assets and organisations.

Joint Strategic Vision for Indian Ocean Region

• India and France reiterated their shared vision, first expressed in the 2018 Joint Strategic Vision of India-France Cooperation in the Indian Ocean Region, aiming for a free and open Indian Ocean Region.
• France welcomed India’s participation in the Combined Maritime Forces and expressed interest in India’s leadership of the Combined Task Forces.

Ministry of Defence Signs ₹1,560.52 Crore Contract for 47 Tank-72 Bridge Laying Tanks

• The Ministry of Defence (MoD) has signed a ₹1,560.52 crore contract with Heavy Vehicles Factory (HVF), a unit of Armoured Vehicle Nigam Limited (AVNL), for the procurement of 47 Tank-72 Bridge Laying Tanks (BLT) for the Indian Army.
• The contract was finalized on January 21, 2025, in the presence of Defence Secretary Shri Rajesh Kumar Singh in New Delhi.

Purpose of the Tank-72 BLTs

• The Tank-72 BLT is a vital asset used to launch bridges during offensive and defensive operations by Mechanised Forces.
• It enhances the battlefield mobility and offensive capability of the Tank and Armoured Vehicle fleet by providing critical bridging capabilities.

Indigenous Development and Make-in-India Push

• The procurement is part of the Buy (Indian-Indigenously Designed Developed and Manufactured) category, supporting India’s Make-in-India initiative in the defence sector.
• This move will boost indigenous manufacturing, promote the economy, and create employment opportunities within the country.

Reliance and VPPL Collaborate on Vadhvan Port Project; JNPA Boosts Capacity with ₹2,000 Crore Expansion

• Reliance Industries (RIL) has signed an MoU with Vadhvan Port Project Limited (VPPL) for the allocation of a liquid jetty and 50 acres of land at Vadhvan Port under the Public-Private Partnership (PPP)
• Investment Value: The estimated investment for this project is ₹645 crore, expected to begin by 2030.

HUDCO's Contribution to Port Development

• The Housing and Urban Development Corporation (HUDCO), in partnership with VPPL, has committed to funding of up to ₹25,000 crore for the development of new ports and PPP projects.

Other Recent MoUs and Developments

• In December 2024, Terminal Investment Ltd Sàrl (TIL), a Switzerland-based terminal operator, signed an MoU to invest ₹20,000 crore in constructing Vadhvan Port.
• VPPL awarded a ₹1,648 crore EPC contract to ITD Cementation India Ltd for the development of 200 hectares in the near-shore area of Vadhvan Port.
• The total investment for the Vadhvan Port Project is pegged at ₹76,220 crore, and the project is set to be completed within 18 months.

Vadhvan Port Project Overview

• Equity Distribution: 74% equity in the project is held by Jawaharlal Nehru Port Authority (JNPA), with the remaining by Maharashtra Maritime Board (MMB).
• Once completed, Vadhvan Port will become India's 13th major and largest container port.
• The first phase of the project is expected to be finished by 2029, with a total cargo-handling capacity of 298 million metric tonnes (MMT) per annum, including 2 million TEUs.
• The port, which will be an all-weather deep-draft greenfield port, is located in Palghar district, Maharashtra, and is being developed under a landlord model with terminals built through PPP.

JNPA’s Ongoing Capacity Expansion

• Union Minister Sarbananda Sonowal also launched projects worth ₹2,000 crore aimed at expanding the capacity of JNPA.
• The port achieved a historic high in 2024, handling 7.05 million TEUs and experiencing an 11% annual growth.
• The second phase of Bharat Mumbai Container Terminal (BMCT), launched in January 2025, added 2.4 million TEUs to the port’s capacity.
• Upgrades to Nhava Sheva Freeport Terminal (NSFT) in 2025 are expected to further increase capacity, with projections indicating a total of 10.4 million TEUs.

JNPA Special Economic Zone (SEZ)

• The JNPA SEZ spans 277.38 hectares of prime land, with 163 hectares available for lease.
• As of now, 124 hectares have been allotted to 54 units, with 10 units and one Free Trade Warehousing Zone (FTWZ) in operation.
• Investments: Existing investment in operational plots stands at ₹623 crore, while proposed investment is ₹1,700 crore.
• Exim Trade Growth: JNPA SEZ’s Exim trade grew from 8,051 TEUs and ₹13,939 crore in FY24 to 13,906 TEUs and ₹7,314 crore in FY25 (as of December 2024).

CURRENT AFFAIRS: RANKING AND INDEX

Elon Musk Tops the Forbes Billionaires List for 2025, Tech Moguls Lead Wealth Surge

• Elon Musk remains the world’s richest person in 2025, with a net worth of $433.9 billion, primarily from Tesla and SpaceX.
• Jeff Bezos follows at #2 with $239.4 billion from Amazon.
• Mark Zuckerberg, Meta founder, moves up to the #3 spot, surpassing Larry Ellison of Oracle.
• The top 10 richest people collectively represent a significant portion of the $10 trillion combined wealth, largely driven by US technology stocks.

Top 10 Richest People: Forbes Billionaires List 2025

Rank	Name	Net Worth (USD)	Source of Wealth	Country
1	Elon Musk	$433.9 B	Tesla, SpaceX	United States
2	Jeff Bezos	$239.4 B	Amazon	United States
3	Mark Zuckerberg	$211.8 B	Facebook	United States
4	Larry Ellison	$204.6 B	Oracle	United States
5	Bernard Arnault & Family	$181.3 B	LVMH	France
6	Larry Page	$161.4 B	Google	United States
7	Sergey Brin	$154.0 B	Google	United States
8	Warren Buffett	$146.2 B	Berkshire Hathaway	United States
9	Steve Ballmer	$126.0 B	Microsoft	United States
10	Jensen Huang	$120.2 B	NVIDIA	United States

Notable Trends

• The United States continues to lead with 813 billionaires, followed by China with 473, and India ranking third with 200 billionaires.
• The collective wealth of the tech leaders such as Larry Ellison, Jeff Bezos, and Google’s Larry Page and Sergey Brin contributed heavily to the overall wealth surge.
• These eight tech moguls alone accounted for over $600 billion of the $1.5 trillion increase in the wealth of the world’s wealthiest, as per the Bloomberg Billionaires Index.

CURRENT AFFAIRS: SPORTS NEWS

India Clinches PD Champions Trophy 2025 with Dominant Win Over England

• The Indian Physical Disability (PD) Cricket Team achieved a landmark victory by winning the PD Champions Trophy 2025, defeating England by 79 runs in the final.
• The match was held at the FTZ Cricket Grounds, Katunayake, near Colombo.

Match Summary:

• India’s Batting Performance:
  • After opting to bat, India set a commanding total of 197/4 in 20 overs.
  • Star batsman Yogendra Bhadoria delivered a breathtaking performance, scoring 73 runs off 40 balls at a strike rate of 182.50, smashing 4 boundaries and 5 sixes.
• England’s Chase:
  • England was bowled out for 118 runs, falling short by 79 runs.
• India’s Bowling Excellence:
  • Radhika Prasad starred with the ball, claiming 4 wickets for 19 runs in just 3.2 overs.
  • Captain Vikrant Keni contributed with an economical spell of 2/15 in 3 overs, showcasing his all-round prowess.
  • Ravindra Sante kept the pressure on England with figures

CURRENT AFFAIRS: IMPORTANT DAYS

Netaji Subhas Chandra Bose Jayanti: 23rd January

• Netaji Subhas Chandra Bose Jayanti is observed on the 23rd of January 2025.

History

• In Cuttack, Orissa/Odisha, on January 23, 1897, Netaji Subhas Chandra Bose was born. Janakinath Bose and Prabhavati Dutt were his parents.
• With the motto "Delhi Chalo," Netaji organized and oversaw a 5,000-man army known as the Azad Hind Fauj (Indian National Army) in Southeast Asia during World War II in 1942.
• To win over the people in his native Bengal, he also started a new political party called "the Forward Bloc."
• According to reports, on August 18, 1945, a plane crash near Tohuku, Japanese Taiwan, caused Netaji to suffer third-degree burns.
• Although the authorities announced his death in 2017, there are still several rumors about his whereabouts.
• The posthumous 125th birthday of Netaji Subhas Chandra Bose will be commemorated starting on January 23, 2021, according to a press announcement from the Indian government's Ministry of Culture on January 19, 2021.
• To honor Netaji's sacrifice and enormous contribution to the Indian independence cause, this event was given the name Parakram Diwas (or Parakram Divas), which means "Day of Courage" or "Day of Valor."

Daily CA One- Liner: January 23

• Skydo Technologies, a cross-border payments company, has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity.
• Deloitte India revised its 2024-25 GDP growth projection to 6.5-6.8% amid global trade uncertainties.
• Shriram Life Insurance has launched Shriram Life Sunishchit Laabh, a non-participating individual savings plan that guarantees high returns of up to 668% of the total premium paid.
• TATA AIG General Insurance Company, a leading general insurance provider, has introduced CyberEdge, a new cyber insurance solution designed to protect businesses of all sizes against a wide array of cyber risks.
• IDFC FIRST Bank, in collaboration with RuPay, has launched the transformative UPI-enabled RuPay Credit Card named ‘FIRST EA₹N’.
• Kerala Chief Minister Pinarayi Vijayan presented 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.
• Donald Trump, who took oath as the 47th US President on January 20, 2025.
• Defence Research & Development Laboratory (DRDL), Hyderabad, has developed Supersonic Combustion Ramjet (Scramjet) powered hypersonic technology.
• The Ministry of Defence (MoD) has signed a ₹1,561 crore contract with Heavy Vehicles Factory (HVF) for the procurement of 47 T-72 Bridge Laying Tanks (BLT) for the Indian Army.
• India has successfully tested its 1st indigenously developed micro-missile system, Bhargavastra, designed to counter the growing threat of swarm drones.
• Skyroot Aerospace has signed a Memorandum of Understanding (MoU) with the Telangana government to set up an integrated private rocket manufacturing, integration, and testing facility.
• Union Minister Shri Sarbananda Sonowal launched projects worth ₹2,000 crore at the Jawaharlal Nehru Port (JNPA), Mumbai.
• The Department of Animal Husbandry & Dairying, under the Ministry of Fisheries, Animal Husbandry & Dairying, is hosting a two-day conclave titled “Dialogue for Holistic Development of Livestock Sector in North East India” in Shillong, Meghalaya, on 23rd–24th January 2025
• The Department of Commerce and Industry has introduced the Diamond Imprest Authorization (DIA) Scheme, effective April 1, 2025, to boost the global competitiveness of India’s diamond industry
• The Centre has begun identifying trial sites for air taxis or electric-vertical take off and landing (eVTOL) aircraft.
• The Ministry of Women and Child Development is marking the 10th anniversary of the Beti Bachao Beti Padhao (BBBP) scheme, a decade-long effort to protect, educate, and empower the girl child in India.
• Union Minister Pralhad Joshi reaffirmed the government’s commitment to increase renewable energy production to 500 GW by 2030 and ensure that 50% of India's energy requirement comes from renewable sources.
• The Indian government has introduced draft guidelines aimed at ensuring self-regulation by e-commerce platforms to protect consumers from fraudulent practices in India’s rapidly growing digital shopping
• India Cements Ltd reported a consolidated net profit of ₹116.52 crore in Q3 FY25, a significant improvement from a net loss of ₹6.58 crore in the same period last fiscal.
• Deloitte India has revised its GDP growth forecast for 2024-25 to 6.5-6.8%, with 6.7-7.3% expected in the following year.
• JSW Group has announced plans to invest ₹3 lakh crore across various sectors in Maharashtra, including in the naxal-infested Gadchiroli
• The 7th India-France Maritime Cooperation Dialogue was held on 14 January 2025 in New Delhi.
• The Ministry of Defence (MoD) has signed a ₹1,560.52 crore contract with Heavy Vehicles Factory (HVF), a unit of Armoured Vehicle Nigam Limited (AVNL), for the procurement of 47 Tank-72 Bridge Laying Tanks (BLT) for the Indian Army.
• Reliance Industries (RIL) has signed an MoU with Vadhvan Port Project Limited (VPPL) for the allocation of a liquid jetty and 50 acres of land at Vadhvan Port under the Public-Private Partnership (PPP)
• Elon Musk remains the world’s richest person in 2025, with a net worth of $433.9 billion, primarily from Tesla and SpaceX.
• The Indian Physical Disability (PD) Cricket Team achieved a landmark victory by winning the PD Champions Trophy 2025, defeating England by 79 runs in the final.
• Netaji Subhas Chandra Bose Jayanti is observed on the 23rd of January 2025.