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CURRENT AFFAIRS: BANKING & FINANCE

Reserve Bank of India Approves Establishment of National Urban Cooperative Finance and Development Corporation (NUCFDC) to Support Urban Cooperative Banks

• Union Home Minister and Minister of Cooperation Shri Amit Shah will inaugurate the corporate office of the National Urban Cooperative Finance and Development Corporation (NUCFDC) in Mumbai on January 24, 2025.
• The event will mark the launch of several initiatives aimed at achieving Prime Minister Shri Narendra Modi's vision of "Sehkar Se Samriddhi" (Prosperity through Cooperation).

Key Highlights :

• During the occasion, Shri Amit Shah will release the annual calendar of activities for the International Year of Cooperatives 2025, highlighting efforts to promote cooperative organizations across India and enhance their global presence.
• Additionally, he will launch training programs designed to improve the operational and managerial capabilities of 10,000 newly formed multipurpose cooperative societies.
• A ranking framework for primary cooperative societies will also be introduced to enhance their transparency, efficiency, and performance.
• The NUCFDC, established with the approval of the Reserve Bank of India (RBI), aims to address challenges faced by approximately 1,500 Urban Cooperative Banks (UCBs).
• It will provide these banks with essential IT infrastructure and operational support while functioning as a self-regulatory organization under RBI supervision.
• The RBI has mandated the NUCFDC to secure a paid-up capital of ₹300 crore by February 8, 2025, within one year of its registration.
• This initiative underscores the government’s dedication to strengthening the cooperative sector and empowering urban cooperative banks, contributing to economic growth and sustainable development across the country.

About RBI :

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

Bharat Interface for Money Partners with FinTech Yatra 2025 to Boost Financial Inclusion and Digital Literacy

• Bharat Interface for Money (BHIM), powered by NPCI BHIM Services Limited (NBSL), has joined hands with FinTech Yatra 2025 to promote financial inclusion and digital literacy across India.

Key Highlights:

• Train-the-Trainer Model: Over 200 individuals from NGOs will be trained to educate communities about secure digital payment practices, with a focus on rural and remote areas.
• Mission Alignment: Rahul Handa, Chief Business Officer of NBSL, emphasized that this initiative aligns with BHIM's mission to bridge the digital divide and promote efficient digital payment solutions.
• The 10,000 km journey aims to connect fintech innovators with financial institutions, venture capitalists, and stakeholders to foster innovation in India’s financial ecosystem.

About Bharat Interface for Money:

• Headquarters (HQ): New Delhi, India
• Launched: 2016
• Chairman: Ajay Kumar Choudhary
• BHIM is an Indian state-owned mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI)

Bank of Baroda Signs Memorandum of Understanding with South Central Railway for Comprehensive Salary Package

• Bank of Baroda (BoB) has signed a Memorandum of Understanding (MoU) with South Central Railway (SCR) to provide a comprehensive salary package for over 85,000 employees across 6 states: Telangana, Andhra Pradesh, Maharashtra, Karnataka, Madhya Pradesh, and Tamil Nadu.
• The MoU, signed in the presence of senior officials from both organizations, underscores the bank's commitment to delivering tailored financial solutions to government employees.

Key Highlights:

• The initiative includes enhanced personal accident insurance coverage, free Hospicash facilities, and special offers on retail loans, debit cards, and credit cards.
• Unique benefits comprise reimbursement for girl child marriage (aged 18-25), higher education cover, and transportation of imported medicines.
• Employees will also receive personal accident insurance of up to ₹1.25 crore for on-duty accidental death and ₹1 crore for off-duty incidents, alongside a group term life insurance facility of ₹10 lakh.
• Additionally, retired employees up to 70 years of age can avail of these benefits if their pensions are routed through the Baroda Government Employee Salary Account, in accordance with the bank’s guidelines.

Recent News:

• In January 2025, Bank of Baroda (BoB) raised Rs 5,000 crore through a 10-year infrastructure bond at a coupon rate of 7.23%.

About Bank of Baroda (BoB):

• Founded: 1908
• Headquarters: Vadodara, Gujarat, India
• Managing Director & CEO: Debadatta Chand
• Tagline: "India’s International Bank"

CURRENT AFFAIRS: NATIONAL NEWS

Second BIMSTEC Expert Group Meeting on Cyber Security Cooperation Held in New Delhi

• The National Security Council Secretariat (NSCS), Government of India, organized the Second BIMSTEC Expert Group Meeting on Cyber Security Cooperation in New Delhi.
• This follows the First Meeting hosted by India in 2022, also held in New Delhi.

Key Highlights of the Meeting

1. Objective:
   • The primary goal of the meeting was to finalize an Action Plan aimed at:
     • Enhancing coordination and collaboration among BIMSTEC member states.
     • Strengthening cybersecurity in the use of ICTs (Information and Communication Technologies).

2. Scope of the Action Plan:
   • Exchange of Cyber-Related Information: Mechanisms for seamless data sharing between member states.
   • Cybercrime Prevention: Frameworks to combat cybercrime collaboratively.
   • Protection of Critical Information Infrastructures (CIIs): Strategies to secure sensitive infrastructure.
   • Incident Response: Collaborative efforts for cyber incident response.
   • International Cyber Norms: Alignment with global developments in cyber governance.
   • Implementation Timeline: The Action Plan is set to be implemented over 5 years.
3. Key Initiatives Discussed:
   • Establishing a CERT-to-CERT (Computer Emergency Response Team) cooperation mechanism.
   • Developing a Cybercrime Cooperation Framework among law enforcement agencies.
   • Capacity Building: Programs to enhance cyber security capabilities in the region.
4. India’s Contribution:
   • Presented its initiative Indian Cybercrime Coordination Centre (I4C) on “Cyber Hygiene for School Children”, highlighting awareness and prevention strategies for younger populations.
5. Outcome:
   • The meeting agreed that the implementation of the Action Plan would be a significant milestone in fostering regional cyber resilience and creating a secure cyber space for all BIMSTEC nations.

About BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation):

• Established: 1997
• Members: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, Thailand
• Headquarters: Dhaka, Bangladesh

About Indian Cybercrime Coordination Centre (I4C):

• Established: 2018
• Operates under: Ministry of Home Affairs
• Objective: Combat cybercrime and ensure cyber safety across India.

Government Approves Rs 500 Crore Capital Infusion into Industrial Finance Corporation of India for Financial Year 2024-25

• The Industrial Finance Corporation of India (IFCI) announced that the Government of India has approved a capital infusion of ₹500 crore into the company through the preferential issue of shares.
• This is a significant step to further strengthen the financial position of IFCI, which is a state-owned financial institution.

Key Highlights

1. Capital Infusion Details:
   • The Department of Financial Services has conveyed the sanction of the President of India for the release of ₹500 crore in funds for IFCI. This will be directed towards subscription to the share capital in FY 2024-25.
   • The capital infusion is part of the government’s ongoing support to IFCI, as outlined in the first Supplementary Demand for Grants for FY 2024-25, which was approved in the Lok Sabha in December 2024.
2. Increase in Government Holding:
   • With this infusion, the government's stake in IFCI is expected to increase from its current holding of 71.72% (as of September 2024).
   • The board of directors of IFCI will meet on January 29, 2025, to consider the preferential issue of equity shares to the central government, subject to approval from shareholders, stock exchanges, and other relevant regulatory authorities.
3. Consolidation of IFCI Group:
   • In November 2024, the Finance Ministry in principle approved the consolidation of the IFCI Group, which includes the merger and amalgamation of various IFCI group companies.
   • As per the proposal, the following companies will merge with IFCI Ltd:
     • StockHolding Corporation of India Ltd
     • IFCI Factors Ltd
     • IFCI Infrastructure Development Ltd
     • IIDL Realtors Ltd
   • Other subsidiaries such as StockHolding Services Ltd, IFCI Financial Services Ltd, IFIN Commodities Ltd, and IFIN Credit Ltd will merge into a single entity, which will be a direct subsidiary of the consolidated listed entity, IFCI Ltd.
4. Direct Subsidiaries:
   • Post-merger, the following companies will become direct subsidiaries of the consolidated IFCI Ltd:
     • StockHolding Document Management Services Ltd
     • StockHolding Securities IFSC Ltd
     • IFIN Securities Finance Ltd
     • IFCI Venture Capital Funds Ltd
     • MPCON Ltd

Recent News:

• In Dec 2024, Domestic financial institution IFCI announced that the government has approved Rs 500 crore capital infusion in the company through the preferential issue of shares.

About Industrial Finance Corporation of India (IFCI)

• Founded: July 1, 1948
• Headquarters: New Delhi, India
• Current Government Stake: 71.72% (as of September 2024)

IFCI Group Companies to be Merged:

• StockHolding Corporation of India Limited
• IFCI Factors Ltd
• IFCI Infrastructure Development Ltd
• IIDL Realtors Ltd
• IFCI Venture Capital Funds Ltd
• MPCON Ltd

CURRENT AFFAIRS: INTERNATIONAL NEWS

India Becomes Observer in the Eurodrone Programme Led by Airbus Defence and Space

• India has officially joined the Eurodrone programme as an observer state, marking its entry into the OCCAR-managed Medium Altitude Long Endurance (MALE) remotely piloted aircraft system (RPAS)
• The Organisation for Joint Armament Cooperation (OCCAR), based in Bonn, Germany, approved India's request made in August 2024.
• The Letter of Approval (LoA) was delivered to India’s ambassador to Germany, Ajit Gupte, by OCCAR-EA Director Joachim Sucker.

Key Highlights:

• Led by Airbus Defence and Space: Airbus, in collaboration with Leonardo (Italy), Dassault Aviation (France), and Airbus Defence and Space (Spain), is developing the Eurodrone.
• Mission Capabilities: Designed for diverse missions, including Intelligence, Surveillance, Target Acquisition and Reconnaissance (ISTAR), maritime surveillance, anti-submarine warfare, and airborne early warning.
• India’s Strategic Interest: India’s participation follows Japan, which became the first observer state in November 2023. This move reflects India’s intent to explore defence collaboration opportunities with Europe.
• Potential Benefits: Observer status enables India to engage in discussions and collaborations on common interests related to advanced defence technology and innovation.

Recent News:

• In January 2025, India joined the UN Committee of Experts on Big Data and Data Science for Official Statistics (UN-CEBD), which underscores the country's growing stature in the global statistical community and highlights its commitment to leveraging data and technology for informed decision-making.

About OCCAR:

• Established: 1996
• Head Quarters: Bonn, Germany
• Director: Joachim Sucker
• The OCCAR is a European intergovernmental organisation that facilitates and manages collaborative armament programmes through their lifecycle between the governments of Belgium, France, Germany, Italy, Spain, and the United Kingdom.

Nepal hosts First International Pashmina Festival cum Exhibition

• Nepal Pashmina Industries Association and the Confederation of Nepalese Industries hosted the first International Pashmina Festival in Nepal, showcasing over 150 domestic stalls, including 40 dedicated to pure Nepali Pashmina.
• Nepali Pashmina, branded as "Chyangra Pashmina", is recognized for its lightweight, warmth, and authentic natural fibre, derived from the undercoat of the Pashmina goat during its natural shedding season.
• Traditional methods, such as hand-spinning, handloom weaving, and natural dyeing, ensure the quality and originality of the product.
• Minister Damodar Bhandari highlighted Nepali Pashmina's global recognition, competing with leading producers like China and Mongolia.
• Chandra Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry, emphasized collaboration between the government and private sector to promote Nepali products globally, ensuring no compromise on quality.
• In India, Pashmina is primarily produced in Ladakh, Jammu, and Kashmir, while machine-woven Pashmina from Amritsar is also globally renowned.

Recent News:

• In January 2025, Yala Glacier in Nepal has retreated by 680 meters (36%) between 1974 and 2021, and is projected to vanish by the 2040s due to accelerated climate change.

About Nepal:

• Capital: Kathmandu
• Currency: Nepalese rupee (NPR)
• President: Ram Chandra Poudel
• Prime Minister: K.P. Sharma Oli

Trump Administration's Interior Department Renames Gulf of Mexico and Denali

• The Trump administration's Interior Department announced a rebranding effort.
• The Gulf of Mexico was renamed to the Gulf of America.
• Alaska's Denali was renamed back to Mount McKinley.
• These changes were part of President Trump's campaign promises and early executive actions.
• The Interior Department stated that the changes align with preserving America's historical legacy.

Key Highlights:

• Denali's previous name, Mount McKinley, honored former President William McKinley.
• In 1975, the peak was renamed Denali at Alaska's request, meaning 'tall' in the Koyukon Indigenous language.
• President Trump referenced McKinley's contributions to the nation's wealth in his inaugural address.
• The renaming of the Gulf of Mexico to the Gulf of America is unlikely to gain international acceptance, as it conflicts with centuries-old maritime references.
• Mexican President Claudia Sheinbaum humorously suggested renaming North America in response.

Recent News:

• In January 2025, Donald Trump Sworn in as 47th President of the United States and D Vance as Vice President of USA

About United States of America:

• Capital: Washington, D.C.
• Currency: United States Dollar (USD)
• President: Donald Trump
• Vice President: JD Vance

CURRENT AFFAIRS: STATE NEWS

Kerala Chief Minister Launches KaWaCHaM: Advanced Disaster Warning System

• Chief Minister Pinarayi Vijayan inaugurated the Kerala Warnings, Crisis and Hazard Management System (KaWaCHaM) at the Kerala State Disaster Management Authority (KSDMA) headquarters in Thiruvananthapuram.
• KaWaCHaM is a state-of-the-art disaster risk warning system aimed at ensuring swift rescue operations and timely alerts in disaster-prone areas.

Key Highlights:

• Real-Time Alerts: The system will provide real-time disaster warnings through sirens and strobe lights, enabling timely evacuation in affected areas.
• Network Infrastructure: Includes:
  • 126 siren-strobe light units installed across the state.
  • 93 emergency operation centres connected via VPN and a centralized data centre.
• Collaboration: Developed by KSDMA in partnership with the National Disaster Management Authority (NDMA) and the World Bank under the National Cyclone Mitigation Plan.
• Focus Areas: Provides warnings for extreme weather events such as heavy rain, strong winds, and sea surges.
• District-Level Integration: District disaster management authorities and emergency operation centres can now issue disaster warnings through sirens and messages.
• Maintenance Directive: The CM directed authorities to ensure regular maintenance of the warning system.

Recent News:

• In January 2025, 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.

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 & RESIGNATIONS

IDBI Bank Re-appoints Rakesh Sharma as Managing Director and Chief Executive Officer

• IDBI Bank has announced the reappointment of Rakesh Sharma as Managing Director (MD) and Chief Executive Officer (CEO) for another three-year term.
• The decision, approved by the Board of Directors on January 23, 2025, will be effective from March 19, 2025, after receiving the Reserve Bank of India’s (RBI) approval.

About Rakesh Sharma:

• Rakesh Sharma, a seasoned banking professional with over 40 years of experience, began his career at State Bank of India (SBI), where he held key roles in credit assignments, international banking operations, HR, and retail operations across multiple regions.
• He also served as Head of the Mid Corporate Group in Andhra Pradesh and as Chief General Manager in Bihar and Jharkhand.
• In his leadership roles, Rakesh Sharma was MD & CEO of Lakshmi Vilas Bank Ltd. from 2014 to 2015 and Canara Bank from 2015 to 2018.
• At Canara Bank, he also chaired the bank's group companies.
• He took over as MD & CEO of IDBI Bank in October 2018, where he achieved significant progress in the bank’s operational and financial performance.
• Rakesh Sharma currently serves as President of the Governing Body of Entrepreneurship Development Institute of India (EDII) and is a member of the Managing Committee of the Indian Banks’ Association (IBA).
• He is also the Non-Executive Director and Chairman of IDBI Capital Markets & Securities Ltd. and IDBI Intech Limited.

About IDBI Bank:

• Founded: 1964
• Headquarters: Mumbai, Maharashtra, India
• Managing Director & CEO: Rakesh Sharma
• Tagline: "Banking for All, Aao Sochein Bada"

Micheál Martin Confirmed as Ireland's New Prime Minister

• Fianna Fáil leader Micheál Martin has been confirmed as Prime Minister of Ireland after a vote in the Dáil, Ireland's lower house of parliament.
• The 64-year-old previously served as Prime Minister from 2020 to 2022.
• Martin's election was backed by a coalition of Fianna Fáil, Fine Gael, and independent lawmakers, marking his second term in office.
• Under the coalition agreement, Simon Harris, the outgoing Prime Minister, will return to leadership in late 2027.
• The coalition held onto power after securing 86 seats in the 174-seat Dáil during the general election in late November, falling just short of a majority.
• Sinn Féin, the main opposition party, won 39 seats, making it the second-largest party after Fianna Fáil with 48 seats.

About Ireland:

• Capital: Dublin
• Currency: Euro (EUR)
• President: Michael D. Higgins
• Prime Minister (Taoiseach): Micheál Martin

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

India to Launch First Human Underwater Submersible Under 'Deep Ocean Mission' This Year, Targets 6,000-Metre Depth by 2026

• India is set to launch its 1st human underwater submersible (Deep-Sea Manned Vehicle) this year, marking a significant milestone in the country’s scientific capabilities and the blue economy.
• This groundbreaking initiative positions India among a select group of nations with the technological prowess to undertake such an ambitious endeavor, as highlighted by Jitendra Singh, Union Minister of State for Science and Technology, during the second meeting of the Mission Steering Committee on the Deep Ocean Mission.

Key Developments:

• The submersible will initially operate at a depth of up to 500 meters, with plans to reach 6,000 meters by next year.
• This mission aligns with India’s other landmark missions, such as the Gaganyaan space mission, showcasing the country’s dual leap in scientific excellence.
• The Deep Ocean Mission aims to unlock critical resources, including minerals, rare metals, and marine biodiversity, which are essential for economic growth and environmental sustainability.
• Entirely based on indigenous technology, the mission underscores India’s self-reliance in cutting-edge science.
• Jitendra Singh emphasized that the mission’s focus is not only to explore the ocean's depths but also to build a robust blue economy that will shape India's future.
• Additionally, the mission will contribute to sustainable fisheries and biodiversity conservation, ensuring long-term benefits for the nation’s economy and scientific community.
• Despite pandemic-induced delays, the mission continues to make progress, reflecting India’s innovative spirit.
• Singh also highlighted the unique milestone where one Indian will travel to space while another ventures into the ocean’s depths, symbolizing India’s unparalleled advancements in both space and marine exploration.
• As India prepares for the launch of its first human deep-sea submersible, this mission is poised to become a beacon of hope for sustainable development and scientific discovery, unlocking the ocean's potential for a responsible and prosperous future.

About Ministry of Science & Technology:

• State Minister: Jitendra Singh
• Formed: 1971
• Head Quarters: New Delhi

CURRENT AFFAIRS: APPS & PORTALS

Government acts on spoofed calls based on reporting on Sanchar Saathi mobile App

• Fraudsters have been exploiting international spoofed calls to deceive Indian citizens by using Indian mobile numbers (+91-xxxxx) to carry out cybercrimes and financial frauds.
• While these calls appeared to originate from India, they were actually made from abroad by manipulating the Calling Line Identity (CLI), often known as the phone number.

Key Actions Taken by DoT:

• International Incoming Spoofed Calls Prevention System: DoT launched an indigenously developed system in collaboration with all Telecom Service Providers (TSPs) to block spoofed calls.
• This system has been highly effective, blocking 90% of spoofed international calls, approximately 1.35 crore calls within just 24 hours.
• The success of the system has reduced the daily spoofed calls identified with Indian numbers to about 4 lakhs, a significant drop.
• Scammers Adapt: As fraudsters adapted by using international numbers for spoofing, DoT mandated TSPs to display “International Calls” for all incoming international calls.
• This helps citizens identify calls that cannot be from trusted organizations such as DoT, TRAI, police, RBI, customs, or UIDAI.
• Blocking Malicious International Traffic: DoT instructed TSPs to block traffic from international carriers that repeatedly send spoofed CLI calls.
• Providers like Airtel, BSNL, and RJIL have blocked over 20 carriers/aggregators involved in spoofing activities.

Sanchar Saathi App:

• Public Participation: Citizens are actively contributing by exercising caution with unfamiliar international calls, especially those claiming to be from government authorities.
• Sanchar Saathi App: A new mobile app has been launched to allow citizens to easily report fraudulent calls directly from their mobile phone call logs.
• The Sanchar Saathi portal (sancharsaathi.gov.in) also provides an accessible platform for reporting such incidents.

About Department of Telecommunications (DoT):

• Founded: 1985
• Headquarters: New Delhi, India
• Minister: Jyotiraditya M. Scindia(Cabinet Minister for Communications)

Haryana Women and Child Development Minister launches app to track delivery of schemes benefits to beneficiaries

• On National Girl Child Day 2025, Haryana Women and Child Development Minister Shruti Choudhry launched the ‘Samman Sanjeevani’ app under the ‘Mahila Evam Kishori Samman Yojana’ in Chandigarh.
• The app aims to ensure timely delivery of benefits under the scheme for BPL women and girls aged 10–45 years by tracking facilities like the distribution of sanitary napkins through Anganwadi centres and schools.
• It will also collect beneficiary data and provide monthly updates.
• The Minister highlighted that the Women and Child Development Department is celebrating the 10th anniversary of the ‘Beti Bachao Beti Padhao’ scheme, with various programmes planned to promote women’s empowerment and raise awareness about the importance of daughters.
• This initiative reinforces Haryana’s commitment to enhancing the health, education, and welfare of women and girls.

Recent News:

• In December 2024, The Haryana government, under Chief Minister Nayab Singh Saini announced the Death-cum-Retirement Gratuity (DCRG) limit for state government employees had been raised by 25%.

About Haryana:

• Chief Minister: Nayab Singh Saini
• Governor: Bandaru Dattatreya
• Capital: Chandigarh
• National Parks: Sultanpur National Park, Kalesar National Park
• Wildlife Sanctuaries: Bhindawas Wildlife Sanctuary, Kalesar Wildlife Sanctuary, Nahar Wildlife Sanctuary

CURRENT AFFAIRS: MOUS AND AGREEMENT

Bureau of Energy Efficiency and The Energy and Resources Institute Launch Centre of Excellence for Energy Transition

• The Bureau of Energy Efficiency (BEE), under the Ministry of Power, Government of India, and The Energy and Resources Institute (TERI) signed a Memorandum of Understanding (MoU) to establish a Centre of Excellence for Energy Transition (CoEET).
• The Centre will be located at TERI's Institute of Energy Transition (IoET) in Hyderabad.

The signing ceremony was attended by:

• Shri Manohar Lal, Union Minister of Power and Housing & Urban Affairs
• Shri A. Revanth Reddy, Chief Minister of Telangana
• Senior officials from BEE, TERI, and the Government of Telangana

Key Highlights of the CoEET Initiative

1. Objectives and Purpose

• Promotion of Clean Energy Adoption: CoEET will act as a catalyst for advancing the global transition to a low-carbon economy through research and innovation.
• Research and Innovation Hub: The Centre will focus on capacity-building and promoting research in energy transition technologies and sustainable development.
• National and International Collaboration: BEE and TERI will collaborate with global partners to address energy transition challenges and align with international sustainability goals.
• Energy Efficiency in Power Systems: The Centre will focus on enhancing energy efficiency in generation, transmission, and distribution systems, contributing to India’s energy security

About Telangana

• Chief Minister: Shri A. Revanth Reddy
• Governor:Jishnu Dev Varma
• Notable National Parks: Mahavir Harina Vanasthali, Kasu Brahmananda Reddy, Mrugavani

Department for Promotion of Industry and Internal Trade  Signs Memorandum of Understanding with Bhaane Group to Promote Manufacturing Startups

• Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, signed a Memorandum of Understanding (MoU) with Bhaane Group, a subsidiary of Shahi Exports Private Limited, the largest manufacturer of apparel in India.
• This collaboration aims to launch incubation programs for startups specializing in manufacturing and other production sectors, with a focus on fostering relationships with international startup ecosystems.
• This is part of the Indian government’s efforts to promote new manufacturing entrepreneurs within the country.

Key Highlights of the MoU and Collaboration

1. Objectives of the Collaboration

• Fostering Innovation: The partnership will support startups by providing access to market insights, enabling them to understand foreign market dynamics.
• Global Competitiveness: The MoU aims to enhance global competitiveness for Indian businesses by connecting Indian startups with international markets.
• Supporting Startup Ecosystem: Through incubation programs, the collaboration will help emerging entrepreneurs navigate the challenges of the startup lifecycle and gain operational guidance.

2. Bhaane Group’s Role in Supporting Startups

• Market Insights and Expertise: Leveraging its experience, Bhaane Group will guide startups, helping them build a holistic understanding of international market dynamics and operational processes.
• Mentorship: The firm will provide valuable mentorship and networking opportunities, fostering mutually beneficial relationships between startups and established players in the manufacturing industry.

About Bhaane Group (Subsidiary of Shahi Exports Private Limited)

• CEO and Co-Founder: Anand Ahuja
• Notable Fact: Bhaane Group is one of India’s leading fashion retailers and manufacturers, catering to both domestic and international markets.

Taural India and Maharashtra Government Sign ₹500 Crore Memorandum of Understanding to Expand Advanced Manufacturing Facility

• In a strategic move to bolster industrial growth and self-reliance, Taural India, a leading world-class integrated aluminium foundry, has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to expand its advanced manufacturing facility in Supa, Ahilya Nagar, Maharashtra.
• The MoU was signed at the Maharashtra Pavilion during the World Economic Forum (WEF) in Davos, in the presence of Shri Devendra Fadnavis, Chief Minister of Maharashtra, along with other senior government officials.
• The agreement is a significant step toward promoting industrial growth in Tier II regions of Maharashtra.

Key Highlights of the MoU and Facility Expansion

1. Investment and Expansion:
   • The MoU outlines a significant investment of ₹500 crore aimed at expanding the Supa manufacturing plant, which will be four times larger than the existing facility.
   • This expansion is a bold step towards decentralizing industrial activities and creating employment opportunities in Tier II and III regions of Maharashtra.
2. Vision for Manufacturing Growth:
   • Bharat Gite, MD and CEO of Taural India, stated, “This MoU marks a defining moment for Taural India as we scale new heights in advanced manufacturing. The Supa plant expansion is not just about increasing capacity; it’s about decentralizing industries and empowering regional growth.”
   • The expansion aligns with Maharashtra’s vision of becoming a $1 trillion economy by leveraging innovation, local talent, and self-reliance in critical industries.
3. Supa Facility Focus:
   • The Supa facility will cater to the surging demand from sectors including energy, defence, aerospace, marine, railways, and healthcare.
   • Taural India’s current facility in Pune spans 3,00,000 sq.ft., providing aluminum sand-casting solutions from product design to delivery. The expansion will enhance its ability to meet growing customer needs across these key sectors.

About Maharashtra

• Capital: Mumbai
• Chief Minister: Shri Devendra Fadnavis
• Governor: C. P. Radhakrishnan

About WEF

• Founder: Klaus Schwab
• Headquarters: Cologny, Switzerland
• Founded: 24 January 1971

CURRENT AFFAIRS: RANKING AND INDEX

NITI Aayog Releases Fiscal Health Index: Odisha Tops, Punjab Ranks Last

• NITI Aayog released the Fiscal Health Index (FHI) for 18 major states in India, analyzing their fiscal health based on GDP contribution, demography, public expenditure, revenues, and fiscal stability.
• The index evaluates states on five key indicators: Quality of Expenditure, Revenue Mobilization, Fiscal Prudence, Debt Index, and Debt Sustainability.

Fiscal Health Index 2025 – State Rankings

Key Highlights of the Fiscal Health Index (2022-23)

1. Top Performing States:
   • Odisha topped the index with a score of 67.8, excelling in Debt Index (99.0) and Debt Sustainability (64.0). Odisha’s fiscal health reflects low fiscal deficits, a good debt profile, and strong capital outlay/GSDP ratio.
   • Other top-performing states include Chhattisgarh, Goa, Jharkhand, and Gujarat, with Maharashtra and Uttar Pradesh
2. Bottom-Performing States:
   • Punjab ranked lowest with a score of 10.7. Punjab faced significant challenges, including low Quality of Expenditure, Fiscal Prudence, and Debt Index. The state performed slightly better in Revenue Mobilization and Debt Sustainability.
   • Other states in the bottom five were Andhra Pradesh, West Bengal, Kerala, and Haryana, which also faced fiscal issues like high fiscal deficits, weak revenue generation, and poor debt profiles.
3. Fiscal Health Indicators:
   • The Fiscal Health Index is based on analysis of five indicators, each with its own sub-indices:
     • Quality of Expenditure
     • Revenue Mobilization
     • Fiscal Prudence
     • Debt Index
     • Debt Sustainability
   • Data was sourced from the Comptroller and Auditor General (CAG).
4. Challenges for Low-Ranking States:
   • Punjab, Andhra Pradesh, West Bengal, and Kerala face high debt, rising interest payments, and inefficiencies in capital expenditure. These states also struggle with weak revenue generation, reliance on non-tax revenue, and ineffective fiscal management.
   • Kerala and Punjab have particularly low scores in Quality of Expenditure and Debt Sustainability, while West Bengal faces challenges with Revenue Mobilization and Debt Index.

Notable Insights from the Report:

• Debt Management: Top states like Odisha, Chhattisgarh, Goa, and Gujarat have effective fiscal management practices, contributing to low debt-to-GDP ratios and better debt sustainability.
• Fiscal Deficits: States like Andhra Pradesh and Haryana report high fiscal deficits, which continue to strain their fiscal health.
• Improvement and Decline: While Jharkhand has shown improvement in fiscal health, Karnataka experienced a decline in rankings due to weaker performance in expenditure quality and debt management.

Comparative Analysis:

• States such as Goa, Telangana, and Maharashtra reported strong Revenue Mobilization consistently over time.
• Punjab, Kerala, and West Bengal have struggled over the past nine years with high debt and large interest payments, along with inefficiencies in capital expenditure.

About NITI Aayog:

• Established in 2015, replaced the Planning Commission.
• Headquarters: New Delhi
• CEO (2025): Shri BVR Subrahmanyam

CURRENT AFFAIRS: IMPORTANT DAYS

International Day Of Clean Energy: 26 January

• The International Day Of Clean Energy is celebrated every year on the 26th of January 2025.
• The United Nations General Assembly (UNGA) adopted the resolution A/RES/77/327 on 25 August 2023 and declared that the International Day of Clean Energy will be observed every year on 26th January.
• Clean energy plays an important role in reducing the emission of Green House Gases (GHG) and helps the world to access reliable power sources.
• International Day of Clean Energy 2025 was declared by the United Nations General Assembly (UNGA) to raise awareness and mobilize action for a just and inclusive transition to clean energy for the benefit of the people and the planet.
• 26th January also marks the founding date of the International Renewable Energy Agency (IRENA).
• In 2009, IRENA, a global intergovernmental agency was established to help countries in their energy transitions, it serves as a platform for international cooperation, and it provides information on clean energy technology and innovation.

International Holocaust Remembrance Day 2025: January 27

• International Holocaust Remembrance Day 2025 is observed every year on the 27th January.
• The UN General Assembly adopted resolution 60/7 on November 1, 2005, to designate January 27 as the International Holocaust Remembrance Day (IHRD).
• On January 27, 2006, the first commemoration of International Holocaust Remembrance Day was held at the UN Headquartered in New York City.
• After that UN Headquarters commemorates this day every year.
• While UN offices and other state offices across the world conduct their ceremonies.

World Leprosy Day: 26th January

• World Leprosy Day 2025 is observed on the last Sunday of January, i.e., 26th January 2025.

World Leprosy Day History

• The disease is also called Hansen’s disease, named after the Norwegian doctor Gerhard Henrik Armauer Hansen, who is known for identifying the bacteria that causes Leprosy.
• French philanthropist Raoul Follereau started World Leprosy Day in 1954 to raise awareness of the illness, particularly its socioeconomic effects. World Leprosy Day is observed on the last Sunday of January.
• To honor Mahatma Gandhi's unwavering compassion for those suffering from the disease, the day is marked in India on January 26, the anniversary of his passing.
• Despite being curable today and uncommon in affluent nations like the U.S., the illness still has a stigma.
• The countries with the highest incidence of incidents include Indonesia, Brazil, and India. People who are infected are frequently subjected to prejudice and exclusion, which prevents them from receiving the proper medical attention, treatment, and even basic human rights.
• Leprosy significantly impacts the world's poor populations, thus it's becoming more and more common for people to conveniently forget about it. The goal of World Leprosy Day is to raise awareness of leprosy to encourage individuals to seek treatment and lead dignified lives.

International Customs Day: 26th January

• International Customs Day 2025 is observed on the 26th January 2025.
• The European Customs Union Study Group (E.C.U.S.G.) was established by the Committee for European Economic Cooperation in 1948 to investigate the feasibility of establishing one or more inter-European customs unions.
• To increase the effectiveness of customs administrations around the world, the Customs Cooperation Council (C.C.C.) was established in 1952.
• The C.C.C.'s first session was held on January 26, 1953, and there were 17 founding members present.
• In 1983, the group established International Customs Day.
• The C.C.C. became a global organization and was renamed the W.C.O. in 1994 after decades of growth and expansion outside of Europe. The W.C.O. has its headquarters in Brussels, Belgium.

Daily CA One- Liner: January 26 & 27

• The National Security Council Secretariat (NSCS), Government of India, organized the Second BIMSTEC Expert Group Meeting on Cyber Security Cooperation in New Delhi.
• The Industrial Finance Corporation of India (IFCI) announced that the Government of India has approved a capital infusion of ₹500 crore into the company through the preferential issue of shares
• The Bureau of Energy Efficiency (BEE), under the Ministry of Power, Government of India, and The Energy and Resources Institute (TERI) signed a Memorandum of Understanding (MoU) to establish a Centre of Excellence for Energy Transition (CoEET).
• Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, signed a Memorandum of Understanding (MoU) with Bhaane Group, a subsidiary of Shahi Exports Pvt Ltd, the largest manufacturer of apparel in India
• In a strategic move to bolster industrial growth and self-reliance, Taural India, a leading world-class integrated aluminium foundry, has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to expand its advanced manufacturing facility in Supa, Ahilya Nagar, Maharashtra
• NITI Aayog released the Fiscal Health Index (FHI) for 18 major states in India, analyzing their fiscal health based on GDP contribution, demography, public expenditure, revenues, and fiscal stability
• The NUCFDC, established with the approval of the Reserve Bank of India (RBI), aims to address challenges faced by approximately 1,500 Urban Cooperative Banks (UCBs).
• BHIM, powered by NPCI BHIM Services Limited (NBSL), has joined hands with FinTech Yatra 2025 to promote financial inclusion and digital literacy across India.
• Bank of Baroda has signed a Memorandum of Understanding (MoU) with South Central Railway (SCR) to provide a comprehensive salary package for over 85,000 employees across six states: Telangana, Andhra Pradesh, Maharashtra, Karnataka, Madhya Pradesh, and Tamil Nadu.
• India has officially joined the Eurodrone programme as an observer state, marking its entry into the OCCAR-managed Medium Altitude Long Endurance (MALE) remotely piloted aircraft system (RPAS)
• Nepal Pashmina Industries Association and the Confederation of Nepalese Industries hosted the first International Pashmina Festival in Nepal, showcasing over 150 domestic stalls, including 40 dedicated to pure Nepali Pashmina.
• The Trump administration's Interior Department announced a rebranding effort. The Gulf of Mexico was renamed to the Gulf of America and Alaska's Denali was renamed back to Mount McKinley.
• Chief Minister Pinarayi Vijayan inaugurated the Kerala Warnings, Crisis and Hazard Management System (KaWaCHaM) at the Kerala State Disaster Management Authority (KSDMA) headquarters in Thiruvananthapuram.
• IDBI Bank has announced the reappointment of Rakesh Sharma as Managing Director (MD) and Chief Executive Officer (CEO) for another three-year term.
• Fianna Fáil leader Micheál Martin has been confirmed as Prime Minister of Ireland after a vote in the Dáil, Ireland's lower house of parliament.
• India is set to launch its 1st human underwater submersible (Deep-Sea Manned Vehicle) this year, marking a significant milestone in the country’s scientific capabilities and the blue economy.
• Sanchar Saathi App: A new mobile app has been launched to allow citizens to easily report fraudulent calls directly from their mobile phone call logs.
• On National Girl Child Day 2025, Haryana Women and Child Development Minister Shruti Choudhry launched the ‘Samman Sanjeevani’ app under the ‘Mahila Evam Kishori Samman Yojana’ in Chandigarh.
• The International Day Of Clean Energy is celebrated every year on the 26th of January 2025
• International Holocaust Remembrance Day 2025 is observed every year on the 27th January
• World Leprosy Day 2025 is observed on the last Sunday of January, i.e., 26th January 2025
• International Customs Day 2025 is observed on the 26th January 2025.