National News

Fresh Oil Discovery In Krishna-Godavari Basin By ONGC

• A groundbreaking development in India's energy sector was recently unveiled by the Indian government, announcing a fresh oil discovery in the Krishna-Godavari Basin.
• The discovery, led by the state-owned Oil and Natural Gas Corporation (ONGC), is situated near Kakinada's coastline in the Bay of Bengal.
• Extracted from the Krishna Godavari Deep-Water Block 98/2, approximately 30 kilometers off the coast of Kakinada in Andhra Pradesh, this new crude discovery marks a pivotal moment in India's energy landscape.
• Union Petroleum Minister Hardeep Singh Puri anticipates that production will reach 45,000 barrels per day by mid-2024, contributing around 7% to India's total crude oil production.

State News

Maharashtra Government Declares New Atpadi Conservation Reserve In Sangli District

• The Government of Maharashtra has recently declared the establishment of the 'Atpadi Conservation Reserve' in the Atpadi region of Sangli district.
• This reserve, showcasing a diverse range of flora and fauna, encompasses semi-evergreen, moist deciduous, and dry deciduous forest covers.
• Home to 36 tree species, 116 herb species, 15 shrub species, 14 vine species, and 1 parasitic plant, the Atpadi Conservation Reserve aims to preserve the habitats of various mammals, including wolves, jackals, deer, foxes, civets, and rabbits. This initiative plays a crucial role in safeguarding wildlife corridors.

International News

International Camel Festival Kicked Off In Bikaner, Rajasthan

• In the culturally rich district of Bikaner, Rajasthan, the three-day International Camel Festival kicked off with great fervor.
• The streets were adorned with the vibrant hues of decorated camels, traditional robes, and women in colorful costumes.
• The Heritage Walk, starting from Rampuriya Haveli, featured enthusiastic participation from folk artists, providing an authentic glimpse into the rich local culture through traditional songs, Rammats, and captivating dances.

Economic Development

Shanghai’s NDB Commits $500 Million Loan For Gujarat’s Infrastructure Development

• During the Vibrant Gujarat Summit, the Shanghai-based New Development Bank (NDB) pledged a substantial $500 million loan to the Gujarat government.
• Allocated to the Mukhayamantri Gram Sadak Yojana, this financial infusion will facilitate the construction of approximately 1,200 kilometers of roads, enhancing connectivity and accessibility across the state.
• Beyond financial support, NDB aims to contribute knowledge and expertise, emphasizing the adoption of cutting-edge technology and environmentally conscious practices in reinforcing the rural road network.

Defence News

DRDO Achieves Success In Akash-NG Missile Flight Test

• The Defence Research and Development Organisation (DRDO) achieved a significant milestone with the successful flight test of the New Generation AKASH (AKASH-NG) missile.
• Conducted off the coast of Odisha at the Integrated Test Range (ITR), Chandipur, the test demonstrated the system's capability to intercept high-speed unmanned aerial targets at very low altitudes.
• The AKASH-NG missile system, equipped with an indigenously developed Radio Frequency Seeker, Launcher, Multi-Function Radar, and Command, Control, and Communication system, successfully intercepted and destroyed the designated target.

Indian Army To Observe 2024 As The Year Of Technology Absorption

• In a significant move towards modernization and operational efficiency, the Indian Army declared 2024 as the "Year of Technology Absorption.”
• Under the initiative, Project SAMBHAV, an end-to-end secure, network-agnostic mobile ecosystem operating on state-of-the-art 5G technology, aims to provide secure communication with instant connectivity on the move.
• The Army also focuses on requesting 4G connectivity at 355 identified posts and infrastructure improvements at forward airfields, villages, helipads, and underground storage facilities.

International Collaboration

Joint Exercise ‘Sahyog Kaijin’ Between Indian And Japanese Coast Guards

• The Indian and Japanese Coast Guards conducted a successful joint exercise named 'Sahyog Kaijin' off the coast of Chennai.
• This exercise, part of the ongoing collaboration between the two countries under the Memorandum of Cooperation (MoC) signed in 2006, focused on enhancing interoperability and sharing best practices in maritime law enforcement, search and rescue operations, and pollution response at sea.
• This joint exercise underscores the strong maritime cooperation between India and Japan, contributing to further strengthening their ties and mutual understanding.

Economy News

India’s Outward FDI Plummeted To $2.25 Billion In December 2023: RBI Data

• In December 2023, India experienced a significant downturn in its outward Foreign Direct Investment (FDI) commitments, plummeting to $2.25 billion, according to the Reserve Bank of India (RBI) data.
• The equity commitments witnessed a notable decline, falling to $646.7 million, and debt commitments decreased to $625.91 million.
• Guarantees for overseas units also saw a substantial decline to $978.19 million. These statistics highlight a considerable decrease compared to the previous year, showcasing a dynamic shift in India's outbound investment landscape.

India’s Retail Inflation Reaches 4-Month High At 5.69% In December

• India's headline retail inflation reached a four-month high of 5.69% in December, as disclosed by the Ministry of Statistics and Programme Implementation.
• Despite surpassing the previous month's figure, it fell short of economists' predictions. The Consumer Price Index (CPI) showed a month-on-month decrease of 0.3%.
• This unexpected dip in core inflation, excluding food and fuel, to 3.9% provides relief to policymakers ahead of crucial financial decisions, maintaining the 6.5% policy repo rate for the past five meetings.

Banking News

RBI Penalizes Three Banks For Violations: Dhanlaxmi, Punjab And Sind, ESAF

• The Reserve Bank of India (RBI) recently imposed monetary penalties on Dhanlaxmi Bank, Punjab and Sind Bank, and ESAF Small Finance Bank.
• Dhanlaxmi Bank faced penalties for procedural lapses related to term deposit accounts, while Punjab and Sind Bank were penalized for insufficient due diligence on project viability.
• ESAF Small Finance Bank received penalties for allowing additional savings accounts for Basic Savings Bank Deposit account holders.
• These actions underline the importance of adherence to banking regulations and due diligence in financial operations.

SBI Launches Green Rupee Term Deposit (SGRTD)

• State Bank of India (SBI), India's largest bank, introduced the SBI Green Rupee Term Deposit (SGRTD), a special fixed deposit scheme dedicated to supporting environmentally-friendly projects.
• This initiative aligns with the growing emphasis on green finance, contributing to the development of an eco-friendly financial ecosystem in India.
• The SGRTD allows individuals to contribute to sustainable initiatives, reflecting SBI's commitment to environmental responsibility.

NPCI Launches UPI-PayNow Linkage For Cross-Border Remittances Between India And Singapore

• The National Payments Corporation of India (NPCI) launched the UPI-PayNow linkage, facilitating direct remittances between India and Singapore.
• This collaboration aims to enhance financial inclusion and convenience in cross-border transactions.
• The involvement of additional banks like Bank of Baroda and HDFC Bank in the UPI-PayNow linkage further emphasizes the commitment to seamless cross-border transactions, fostering stronger ties between India and Singapore.

Government Approves 1-Year Extension For RBI Deputy Governor Michael Patra

• The Indian government approved a one-year extension for RBI Deputy Governor Michael Patra, showcasing confidence in his leadership and expertise.
• This decision, officially approved by the Appointments Committee of the Cabinet (ACC), reflects the government's recognition of Patra's crucial role in steering important departments within the RBI.
• This extension is effective from January 15, 2024, or until further orders, highlighting the government's continuity approach in key positions.

Business News

Tata Consumer Products Acquires 100% Stake In Capital Foods For ₹5,100 Crore

• Tata Consumer Products Ltd (TCPL) announced the acquisition of a 100% stake in Capital Foods, known for brands such as ‘Ching’s Secret’ and ‘Smith & Jones,’ for ₹5,100 crore.
• This strategic move aligns with TCPL's vision to diversify its product offerings within the packaged foods sector.
• Capital Foods, a prominent player in this domain, brings robust brands and a diverse product range, positioning TCPL to tap into rapidly growing and high-margin segments.

Schemes News

‘Yuva Nidhi’ Scheme Launched For Jobless Youth In Shivamogga, Karnataka

• In Karnataka, Chief Minister Siddaramaiah unveiled the 'Yuva Nidhi' scheme, the fifth poll guarantee of the Congress party.
• Launched in Shivamogga, this initiative aims to provide unemployment assistance to graduates and diploma holders who completed their degrees during the academic year 2022-23.
• Under the scheme, the government commits to providing Rs 3,000 per month to degree holders and Rs 1,500 per month to diploma holders who have been unable to secure employment in the last six months and are not pursuing higher studies.
• This scheme addresses the pressing issue of unemployment among the youth, providing a financial safety net during challenging times.

Ranks & Reports News

Hyderabad Ranks 9th Cleanest; Siddipet Tops In South India

• Hyderabad, the capital of Telangana, secured the ninth position in cleanliness among cities with a population exceeding one lakh in the Swachh Survekshan Awards 2023.
• Notably, Siddipet, another city in Telangana, clinched the national award for being the cleanest city in south India within the 50,000-1 lakh population category.
• Greater Hyderabad achieved a remarkable five-star rating for sanitation, a first for a Telangana city with a population exceeding one lakh. Additionally, it earned recertification as a 'water+' city, highlighting its commitment to sustainable water management practices.

Awards News

NICMAR Hyderabad Achieves Platinum Certification Under IGBC Green Campus Rating

• The National Institute of Construction Management and Research (NICMAR) in Hyderabad achieved Platinum certification under the Indian Green Building Council (IGBC) Green Campus Rating program.
• This recognition underscores NICMAR Hyderabad's dedication to sustainability and eco-friendly practices.
• Situated in Shamirpet, the institute combines cultural heritage with modern educational approaches, offering state-of-the-art infrastructure, well-equipped classrooms, a richly stocked library, comfortable accommodation, and extensive learning resources.

Savita Kanswal Posthumously Honored With Tenzing Norgay Award

• Savita Kanswal, the first Indian woman mountaineer to conquer both Mount Everest and Mount Makalu in 16 days, received the posthumous Tenzing Norgay National Adventure Award from President Draupadi Murmu.
• Savita's extraordinary achievement showcased not only her physical prowess but also her unwavering determination.
• Despite her untimely demise in 2022 during a mountaineering expedition, her historic feat continues to inspire.

Appointments News

Manish Jain’s Appointment As Country Managing Director For Experian India

• Experian, a global leader in information services, appointed Manish Jain as the Country Managing Director for its operations in India.
• With over two and a half decades of experience in the financial services and technology sectors, Jain brings leadership from his previous roles, including Co-Founder and CEO of Excelrate.
• His extensive experience in the credit bureau industry positions him as a thought leader and a valuable addition to Experian.

Agreements News

IIT Madras To Establish New Campus In Kandy, Sri Lanka

• The Indian Institute of Technology Madras (IIT Madras) is set to establish a new campus in Kandy, Sri Lanka, as announced in the Budget 2024 by Sri Lankan President Ranil
• This strategic initiative aims to provide affordable higher education to Sri Lankan students, enhancing the educational landscape in Sri Lanka.
• The new campus in Kandy, known for its rich cultural and historical significance, reflects IIT Madras's commitment to global education.

Security Agreement Signed Between Ukraine And Britain In Kyiv

• A historic security agreement was signed between Ukraine and Britain in Kyiv, with Ukrainian President Volodymyr Zelenskiy and British Prime Minister Rishi Sunak putting pen to paper.
• The accord, in effect until Ukraine joins NATO, signifies a strong alliance. Zelenskiy emphasized its historical importance and its potential impact on Ukraine’s defense capabilities, expressing optimism about increased financial aid from the United States.

Sports News

Tim Southee Achieves Historic Milestone In T20 Internationals

• Tim Southee, New Zealand's veteran pace bowler, achieved a historic milestone by becoming the first bowler to take 150 wickets in T20 Internationals.
• His impressive performance in the match against Pakistan in Auckland contributed to New Zealand's 46-run victory.
• Southee's remarkable career in T20 Internationals positions him as the most successful bowler in this format.

Science & Technology News

Mitsubishi Heavy Launches H-IIA Rocket Carrying Japan’s Spy Satellite

• Mitsubishi Heavy Industries successfully launched an H-IIA rocket carrying Japan’s Information-Gathering Satellite “Optical-8”.
• The launch from the Tanegashima Space Center marked the 48th mission for the H-IIA rocket, highlighting its reliability.
• The payload, “Optical-8”, serves as an information-gathering satellite, emphasizing the advancements in Japan's space exploration and national security capabilities.

Miscellaneous News

Ganga Sagar Mela 2024: India’s Second Largest Fair

• The Ganga Sagar Mela in Sagardwip, West Bengal, has earned the distinction of being the second-largest fair in India, second only to the revered Kumbh Mela.
• Aligned with the celebration of Makar Sankranti, this annual fair holds cultural and religious significance.
• Pilgrims gather to immerse themselves in the holy waters of the Ganga River, symbolizing a sacred cleansing ritual.
• The Ganga Sagar Mela, held during the winter season, amplifies the cultural and religious importance of the gathering.