International News

BRICS Welcomes New Members: Saudi Arabia, Egypt, UAE, Iran, And Ethiopia

• On January 1, a historic development unfolded as Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia officially joined the BRICS group, expanding its membership to ten nations.
• This expansion, initially scheduled for the 15th BRICS summit in August 2023 in Johannesburg, South Africa, aims to bolster the group's global influence.
• Notably, Argentina, initially invited, opted out in December. The newly enlarged BRICS now encompasses a collective population of 3.5 billion and an economy surpassing $28.5 trillion, constituting approximately 28% of the global economy.
• While this growth signals a potential geopolitical shift, analysts remain uncertain about its impact on decision-making and overall group dynamics.

State News

Champai Soren: The Next Chief Minister Of Jharkhand

• In a significant political development, Champai Soren has been declared the next Chief Minister of Jharkhand, succeeding Hemant Soren.
• Born in November 1956 in Jilinggora village, Seraikela-Kharsawan district, Champai Soren's political journey is deeply rooted in his early life experiences and his active participation in the movement for the creation of the state of Jharkhand.
• Serving as a legislator from the Serikela assembly constituency since 1991, his dedication to the JMM and his pivotal role in the Jharkhand movement have earned him the moniker 'Jharkhand Tiger.'

IIT Indore’s Ujjain Satellite Campus Secures Central Government Approval

• Madhya Pradesh CM Mohan Yadav's announcement of central government approval for IIT Indore's Ujjain satellite campus marks a pivotal moment for education and skill development.
• The approval underscores the government's commitment to enhancing educational opportunities.
• Spanning 100 acres, the satellite center in Ujjain, as outlined in the first Detailed Project Report (DPR) by IIT Indore, will focus on international-level research and advanced education, establishing itself as a pioneering educational institution in the nation.

Tamil Nadu Achieves Record With Highest Number Of Ramsar Sites In India

• Tamil Nadu has set an environmental milestone by securing two additional Ramsar sites, bringing its total to 16—the highest in India.
• The Longwood Shola Reserve Forest in The Nilgiris and the Karaivetti Bird Sanctuary in Ariyalur are recent additions, emphasizing the state's commitment to ecological conservation.
• This accomplishment stands as a testament to Tamil Nadu's rich biodiversity and the state government's unwavering dedication to its preservation.

Assam Cabinet Approves Bill For Tourism Sector Growth

• Under the leadership of Chief Minister Himanta Biswa Sarma, Assam is making strides in key decisions, notably the Assam Tourism Development and Registration Bill 2024 and the Mising Autonomous Council Amendment Bill 2024.
• The former, set for introduction in the upcoming Legislative Assembly session, aims to regulate and boost tourism.
• The latter expands council representation, showcasing Sarma's inclusive governance approach. Under this amendment, the number of elected members will increase from 36 to 40, while the count of nominated members will rise from 4 to 5.
• These decisions highlight Assam's proactive stance in fostering both tourism and inclusive governance.

Defence News

Delhi’s Beating Retreat: A Spectacle Of Tradition And Music

• Witnessed at the iconic Vijay Chowk on January 29, the Beating Retreat ceremony, symbolizing the conclusion of Republic Day celebrations, commenced amidst melodious strains of music.
• Adding to the event's vintage charm was the traditional 'buggy' that transported President and Supreme Commander of the Armed Forces, Droupadi Murmu, to the location.
• This ceremony, originating in the early 1950s through Major Roberts of the Indian Army, has evolved into a grand spectacle over the years. It showcases the unity, discipline, and musical prowess of India’s military and paramilitary forces.

INS Sandhayak: A New Chapter In India’s Naval Mapping And Surveillance

• On February 3, a historic event unfolds at Visakhapatnam’s Naval Dockyard as Defence Minister Rajnath Singh presides over the commissioning ceremony of INS Sandhayak.
• Crafted by the GRSE in Kolkata, this 110-meter-long vessel, with an impressive 80% indigenous content, signifies a new era in India’s naval mapping and surveillance capabilities.
• Propelled by robust diesel engines, INS Sandhayak boasts speeds exceeding 18 Knots and an endurance of over 25 days, positioning it well for extended missions.

Preeti Rajak Becomes Indian Army’s First Female Subedar

• Havildar Preeti Rajak, an accomplished trap shooter in the Indian Army, achieves a historic milestone by ascending to the esteemed rank of Subedar.
• As the first woman in the Indian Army to hold this prestigious position, Rajak's promotion marks a significant stride for women in the armed forces.
• Beginning her journey with the Corps of Military Police in December 2022, Rajak earned her place through exceptional performance in trap shooting, establishing the foundation for her trailblazing career.

Economy News

Interim Budget 2024-2025 Speech Of Nirmala Sitharaman

• Guided by the visionary leadership of Hon’ble Prime Minister Shri Narendra Modi, the government has navigated significant challenges, implementing structural reforms and pro-people programs under the motto of ‘Sabka Saath, Sabka Vikas’.
• The transformation of the Indian economy has instilled renewed hope and optimism, with tangible benefits fostering confidence and widespread support for inclusive growth.
• In the second term, under Hon’ble Prime Minister Modi's continued leadership, the government remains committed to building a prosperous nation with comprehensive development for all.

Union Budget 2024 Detailed Sector Wise, Defence, Education, Railway And Income Tax

• The Union Government, in the Budget for the fiscal year 2024-25, demonstrates a robust commitment to economic growth through substantial investments in infrastructure development.
• With an estimated total expenditure of 47.65 Lakh Crore, the Budget places significant emphasis on capital expenditure, reaching 11.11 Lakh Crore—a commendable increase of 16.9% over the Revised Estimates for 2023-24.
• Allocating 11.11 Lakh Crore for capital expenditure, the Budget forecasts an effective capital expenditure of 14.96 Lakh Crore, showcasing a substantial increase of 17.7% over the Revised Estimates for 2023-24.

Differences Between Interim Budget Vs Full Budget

• With the 2024 Lok Sabha elections looming on the political horizon, discussions about India's financial planning have taken center stage.
• The distinctions between the interim budget and the full union budget, crucial fiscal documents shaping the nation's economic trajectory, are pivotal in this discourse.
• The interim budget serves as a temporary financial plan presented when the incumbent government's term is ending or during a transition of power.
• In contrast, the full union budget represents the comprehensive financial roadmap for the entire fiscal year, covering revenue generation, expenditure allocation, and policy initiatives.

GST Collection Soars 10% In January To Record ₹1.72 Lakh Crore, Marking Second-Highest Ever

• Achieving a commendable financial feat, the Centre reported a 10.4% surge in Goods and Services Tax (GST) revenue for January, reaching an impressive ₹1,72,129 crore.
• This milestone marks the second-highest GST collection ever recorded, surpassing the ₹1.7 lakh crore benchmark for the third time in the fiscal year 2023-24.
• The Ministry of Finance attributes this robust growth to a significant year-on-year increase, showcasing a notable rise from the ₹1,55,922 crore collected in January 2023.

India’s Core Sector Growth Slumps To 14-Month Low At 3.8% In December 2023

• India’s core sector output growth plummeted to a 14-month low of 3.8% YoY in December, as reported by the Ministry of Commerce and Industry.
• This sharp decline from the previous month’s 7.9% was attributed to a high base and a slowdown in six constituent sectors.
• Notably, only fertilizers (5.8%) and cement (1.3%) sectors saw an output acceleration in December. Core sector output remained 18.9% higher than pre-Covid levels (February 2020) in December 2023.
• Infrastructure sector recovery persisted, with combined capital outlay of the union and 15 states growing 79.8% YoY to Rs 1.06 trillion.

Banking News

RBI Imposes Major Restrictions On Paytm Payments Bank: Operations Limited Post-February 29

• In a significant move, the Reserve Bank of India (RBI) has imposed major business restrictions on Paytm Payments Bank, effective from February 29.
• The directive prohibits Paytm Payments Bank from accepting fresh deposits, credit transactions, or top-ups in customer accounts, including prepaid instruments such as wallets and FASTags, after February 29.
• While the Paytm app is expected to continue normal operations, services linked to the Paytm Bank will only be available until February 29 or until the exhaustion of the available balance.
• The central bank has terminated the nodal accounts of Paytm’s parent company, One97 Communications Ltd., and Paytm Payments Bank Ltd., as part of the regulatory measures.

Business News

India’s First Beachside Startup Fest In Mangalore On Feb 16

• The inaugural Mangalore Beachside Startup Fest, scheduled from February 16th to 18th, marks a significant milestone in the region’s entrepreneurial landscape.
• Under the banner of Tapasya Beach Festival (TBF), this event focuses on nurturing and promoting nascent ventures, serving as a catalyst for the burgeoning startup ecosystem in Mangalore.
• The fest offers students the opportunity to showcase innovative ideas, with approximately 20 startups expected to present groundbreaking innovations across various domains.

Important Days News

Indian Coast Guard Day 2024

• Celebrated annually on February 1st, Indian Coast Guard Day pays tribute to the valour, dedication, and service of the personnel safeguarding the country’s maritime interests.
• In 2024, the Indian Coast Guard commemorates its 48th Raising Day, marking nearly half a century of commitment to the nation’s coastal defence.
• While the theme for the celebration is yet to be announced, it will undoubtedly reflect the Coast Guard’s commitment to innovation, excellence, and enhanced maritime cooperation.

Awards News

Three Indian Scientists To Be Honored With Prestigious UK Prize In London

• The prestigious Blavatnik Awards will recognize the exceptional contributions of Rahul R Nair, Mehul Malik, Tanmay Bharat, and other early career scientists at a black-tie gala in London on February 27.
• Totaling 480,000 pounds in grants, these awards underscore the importance of recognition and research funding in propelling scientific breakthroughs.
• Rahul R Nair receives the Laureate in Physical Sciences & Engineering for pioneering work in developing innovative membranes. Professor Mehul Malik’s work harnesses high-dimensional entanglement for robust quantum networks, promising secure data transmission over long distances.
• Tanmay Bharat, a structural microbiologist, utilizes cryo-electron tomography to uncover atomic-level details of cell surface molecules.