National News

63rd Central Geological Programming Board (CGPB) Meeting Convened In Bhopal

• The 63rd Central Geological Programming Board (CGPB) Meeting recently convened in Bhopal, Madhya Pradesh, with Shri V.L. Kantha Rao, Secretary of the Ministry of Mines, at the helm.
• During this gathering, the proposed Annual Programme for the upcoming Field Season in the year 2024-25 was presented, encompassing approximately 1055 scientific programs by the Geological Survey of India (GSI).
• Emphasis was placed on collaboration with universities, agencies, and sponsorship from various entities, including IITs, NGRI, DRDO, NRSC-ISRO, among others.
• Additionally, the meeting stressed the need for the implementation of exploration projects through NMET funding by State Governments.

Nirmala Sitharaman To Become 2nd FM To Present 6 Consecutive Union Budgets

• In another noteworthy event, Finance Minister Nirmala Sitharaman is set to make history as the second Finance Minister to present six consecutive Union Budgets.
• The impending presentation on February 1, 2024, marks the interim Budget for the fiscal year 2024-25, commonly referred to as a vote-on-account.
• This interim Budget is crucial in authorizing government expenditures until the arrival of a new administration after the general elections scheduled for April-May.
• Prime Minister Morarji Desai, holding the record for presenting the highest number of Budgets by any Finance Minister, presented six consecutive Budgets, including one interim Budget.

International News

Maersk Reveals World’s Largest Ship Fueled By Methanol

• Maersk, a maritime industry giant, has recently unveiled the Ane Maersk, the world's largest container vessel fueled by green methanol derived from green hydrogen.
• With an impressive capacity to carry 16,000 20ft shipping containers (TEU), the Ane Maersk surpasses its predecessor, the Laura Maersk, by nearly eightfold.
• This groundbreaking development marks a significant step towards a sustainable future in maritime transportation, ushering in a new era of eco-friendly practices.

Alabama Conducts First Nitrogen Gas Execution In US

• Alabama made headlines with the execution of Kenneth Smith, the first person in the United States to be executed by nitrogen gas.
• This groundbreaking event, aimed at providing a more painless and humane alternative to lethal injection, positions Alabama as a pioneer in adopting nitrogen gas for capital punishment, joining the ranks of only a few states to approve this controversial method.

Economy News

Zomato Payments Secures RBI Approval As Online Payment Aggregator

• In a substantial development, Zomato Payments Private Limited, a subsidiary of the popular food delivery platform Zomato, secured the payment aggregator (PA) license from the Reserve Bank of India (RBI).
• Dated January 24, 2024, this approval empowers Zomato Payments to facilitate ecommerce transactions through its platform.
• Established on August 4, 2021, Zomato Payments aimed to function as a payment aggregator and issuer of pre-paid instruments.
• Last year, Zomato collaborated with ICICI Bank to introduce its Unified Payments Interface (UPI) offering, Zomato Pay, with the goal of reducing dependency on other platforms such as Google Pay, PhonePe, and Paytm.

ICRA Upgrades FY24 Bank Credit Growth Forecast To 15%: Record Incremental Growth Anticipated

• In a noteworthy turn of events, ICRA has revised its bank credit growth estimates for FY24, anticipating a substantial surge to 14.9-15.3%, surpassing the previous projection of 12.8-13.0%.
• This optimistic outlook is attributed to the robust performance in the retail segment and non-banking finance companies (NBFCs), as stated by Anil Gupta, Senior Vice President at ICRA.
• The incremental credit is poised to reach an unprecedented Rs 20.4-20.9 trillion, marking the highest-ever growth in bank credit, exceeding the previous high of Rs 18.2 trillion in FY23.

Business News

Air India Fined Rs 1.1 Cr By Regulator For Safety Rule Violation

• Air India, a Tata Group subsidiary, has incurred a hefty fine of Rs 1.1 crore from the Directorate General of Civil Aviation (DGCA), the country's aviation regulator, for safety rule violations.
• The penalty was imposed following a pilot's report highlighting insufficient emergency oxygen supply on Air India's B777 aircraft, crucial for long-range flights.
• Last October, a pilot filed a complaint with the DGCA, asserting that Air India, a Tata Group-run airline, failed to provide adequate emergency oxygen on its B777 aircraft.
• Subsequent investigations by the DGCA validated the pilot's concerns, resulting in the imposition of the fine.

RBI Greenlights LIC’s Acquisition Of 9.99% Stake In HDFC Bank

• In a significant development, the Reserve Bank of India (RBI) has given the green light to Life Insurance Corporation of India (LIC) for acquiring up to a 9.99% aggregate holding in HDFC Bank, the nation's largest private sector bank.
• LIC has been advised to acquire the major shareholding in HDFC Bank within one year, concluding by January 24, 2025.
• The RBI specifies that LIC must ensure its aggregate holding in HDFC Bank does not exceed 9.99% of the paid-up share capital or voting rights at any given time.

Cabinet Approves Rs 8,500 Crore Viability Gap Funding Scheme For Coal Gasification

• On January 24, 2024, the Union Cabinet approved a groundbreaking Viability Gap Funding (VGF) scheme, allocating Rs 8,500 crores for Coal Gasification Projects.
• This strategic move is a pivotal step towards realizing the government's ambitious mission to gasify 100 million tonnes of coal by 2030.
• The VGF scheme is meticulously designed, dividing the funding into three categories. Government-owned companies leading three key projects are poised to receive a substantial grant of Rs 4,050 crores.

Krutrim, Ola Founder’s AI Start-Up Emerges As India’s First AI Unicorn

• In a groundbreaking move for the Indian tech landscape, Bhavish Aggarwal, the visionary behind Ola, has successfully raised $50 million for his latest venture, Krutrim.
• Co-founded by Aggarwal, Krutrim has swiftly emerged as a prominent player in the realm of Artificial Intelligence. Renowned for his innovative contributions through Ola and Ola Electric, Aggarwal now brings his tech prowess to the AI domain with Krutrim.
• The recent funding round, led by Matrix Partners India and other key investors, has propelled Krutrim to unicorn status.
• With a valuation of $1 billion, Krutrim is poised to make significant strides in reshaping the landscape of artificial intelligence.

Important Days News

International Day Of Commemoration In Memory Of The Victims Of The Holocaust 2024

• The International Day of Commemoration in Memory of the Victims of the Holocaust is an annual observance designated by the United Nations General Assembly to remember and honor the six million Jewish victims and millions of other victims of Nazism during World War II.
• Recognized on January 27, this day serves as a poignant reminder of the horrors of the Holocaust and the enduring need to combat hatred, bigotry, and racism in all its forms.
• The chosen date marks the anniversary of the liberation of Auschwitz-Birkenau, the largest Nazi death camp, in 1945.

International Day of Clean Energy 2024:

• On January 26, the International Day of Clean Energy is commemorated to emphasize the significance of renewable energy for a sustainable future.
• This day serves as a reminder of clean energy's vital role in combating climate change, reducing carbon emissions, and ensuring a healthier planet for future generations.
• The observance provides a timely opportunity to reflect on progress in renewable energy, celebrate achievements, and encourage further innovation and investment in this sector.

International Customs Day 2024:

• Annually celebrated on January 26, International Customs Day is dedicated to recognizing and appreciating the crucial role played by customs agencies worldwide.
• Originating in 1953 with the Customs Cooperation Council (now the World Customs Organization), this day honors the work of customs officials.
• The World Customs Organization, established in 1994 and comprising 182 member states, fosters international cooperation in customs matters.

National Geographic Day 2024:

• Celebrated on January 27 every year, National Geographic Day honors the rich history and contributions of the National Geographic Society in geography, natural science, and exploration.
• Founded on January 27, 1888, the society's mission is to increase and diffuse geographic knowledge.
• Renowned for its expeditions, research, and the iconic National Geographic Magazine, the society has become one of the world's largest nonprofit scientific and educational organizations.

Schemes News

Pradhan Mantri Suryoday Yojana:

• In a significant move, REC Ltd has been designated as the nodal agency for the ambitious Pradhan Mantri Suryoday Yojana.
• Announced by Prime Minister Narendra Modi on January 22, this initiative aims to install rooftop solar panels in one crore households.
• With a target of achieving 40 GW of rooftop solar installations by 2026, REC is appointed as the overall program implementation agency by the Ministry of New and Renewable Energy (MNRE), underscoring its pivotal role in driving the initiative.

Agreements News

India’s ACME And IHI Green Ammonia Supply Pact:

• ACME Group and Japan’s IHI Corporation have signed a historic deal for the supply of 0.4 million metric tons per annum (MMTPA) of green ammonia from Odisha, India, to Japan.
• This partnership, outlined in a term sheet, emphasizes a comprehensive collaboration along the green ammonia value chain.
• The agreement, witnessed by Union Minister R. K. Singh and Ambassador Hiroshi Suzuki, signifies India's major role in green hydrogen and green ammonia production, highlighting its global significance.

Sports News

Rohan Bopanna's Historic Achievement:

• At the age of 43, Indian tennis star Rohan Bopanna has made history by becoming the oldest player to claim the No. 1 spot in the men’s doubles rankings.
• This milestone was achieved after his quarter-final victory at the 2024 Australian Open, partnering with Australia’s Matthew Ebden.
• Bopanna's accomplishment surpasses the previous record held by American tennis player Mike Bryan, reinforcing his status as a tennis legend.