State News

Floating Delight in Prayagraj:

• In a groundbreaking move for the state of Uttar Pradesh, Chief Minister Yogi Adityanath recently unveiled the state's inaugural floating air-conditioned restaurant during his visit to Sangam City.
• Managed by the Uttar Pradesh State Tourism Development Corporation (UPSTDC), this innovative dining establishment is set to redefine the culinary experience for visitors along the picturesque Yamuna river.
• With a seating capacity for around 40 patrons, the floating restaurant offers a delectable array of cuisine and beverages, including sizzler steaks and refreshing mocktails.

Jharkhand's Social Security Initiative:

• Chief Minister Hemant Soren of Jharkhand has taken a significant step towards enhancing social security for marginalized communities by reducing the age limit for old-age pensions.
• This proactive decision, especially benefiting tribals and Dalits, lowers the age threshold from 60 to 50 years.
• The move aims to provide financial support to a broader segment of the population, recognizing the specific challenges faced by these communities, including a higher mortality rate and limited employment opportunities after the age of 60.

Assam's Green Revolution in Transportation:

• Assam Chief Minister Himanta Biswa Sarma has initiated a substantial move towards environmental sustainability by flagging off 200 electric buses in Guwahati.
• This endeavor signifies the state government's commitment to creating a pollution-free environment in Assam.
• CM Sarma envisions Guwahati as the country’s first city powered by a 100% green public transportation system by 2025.
• Alongside the electric bus fleet, the National Common Mobility Card (NCMC) was launched, streamlining transactions related to travel, toll taxes, and retail purchases.

International News

Putin Sets the Tone for Russia’s BRICS Chairmanship:

• Russian President Vladimir Putin marked the official commencement of Russia's 2024 BRICS Chairmanship on January 1.
• Emphasizing the motto "Strengthening Multilateralism for Equitable Global Development and Security," Putin outlined Russia's priorities in various sectors, including science, technology, healthcare, environmental protection, culture, sports, youth exchanges, and civil society.
• The overarching strategy aims to promote partnerships among the BRICS nations – Brazil, Russia, India, China, and South Africa – in politics, security, economy, finance, culture, and humanitarian contacts.

Economy News

Concerns Over India Inc’s Investment Slump:

• According to Bank of Baroda's Economic Research Department (ERD), India's corporate sector investment in the first nine months (9M) of FY24, totaling ₹10.80 lakh crore, has raised concerns as it falls below expectations.
• The analysis, based on CMIE data, indicates a cautious approach among industries, particularly in aviation, chemicals, machinery, and power sectors.
• FY24 investments stand at ₹10.80 lakh crore, significantly lower compared to ₹21.89 lakh crore in 9MFY22 and ₹13.22 lakh crore in 9MFY21.
• The latest data reveals the lowest investment figures, highlighting hesitancy in the industry, with Q3 FY24 witnessing a slight uptick at ₹2.15 lakh crore, yet considerably below figures from the past 10 quarters.

Banking News

Tata Pay's Milestone with RBI License:

• In a significant development for digital payments, Tata Pay, the digital payments app under Tata Digital, has secured a payment aggregator (PA) license from the Reserve Bank of India (RBI).
• This positions Tata Pay alongside industry leaders like Razorpay, Cashfree, and Google Pay, allowing it to efficiently handle e-commerce transactions within its subsidiary entities.
• The granting of this license enhances Tata Pay's capability to power seamless e-commerce transactions within its ecosystem, contributing to more efficient fund management.
• Other players in the digital space, such as DigiO, a Bengaluru-based identity verification startup supported by Groww, have also obtained similar licenses, enabling them to integrate payment services with their digital identification solutions.

Insights into Household Finances: RBI’s Financial Stability Report:

• The Reserve Bank of India (RBI) recently unveiled its Financial Stability Report (FSR), shedding light on the state of household financial savings and liabilities in the fiscal year 2022-23 (FY23).
• Despite a decline in gross household financial savings to 10.9% of GDP, the report underscores a limited risk of defaults by households.
• This is attributed to manageable exposure to higher mortgage payments and floating interest rates
• On the flip side, the FSR notes a significant increase in household financial liabilities, rising from 3.8% of GDP in FY22 to 5.8% in FY23.
• This surge, fueled by increased borrowings for physical asset creation, primarily in mortgages and vehicles, contrasts with a marginal moderation in financial assets to 10.9% in FY23 from 11.1% in FY22.

Business News

Ola Electric's Landmark Achievement with PLI Nod:

• Ola Electric, a prominent player in India’s electric vehicle (EV) landscape, has achieved a groundbreaking milestone by becoming the first Indian EV company to secure eligibility for the government’s Production-Linked Incentive (PLI)
• According to a recent report by ET Auto, Ola Electric successfully met the stringent eligibility criteria outlined in the PLI scheme, including a minimum of 50% domestic value addition to its electric vehicles (e2W).
• This achievement positions Ola Electric to potentially benefit from financial incentives ranging from INR 15,000 to 18,000 per unit, marking a significant step forward in the electric mobility sector.

TCS-Designed 'National Single Window System' for Medical Device Imports:

• India’s Central Drugs Standard Control Organisation (CDSCO) has unveiled the 'National Single Window System (NSWS),' a unified portal designed by Tata Consultancy Services (TCS) to simplify the import of medical devices.
• Operational from January 1, this initiative aims to create a centralized platform for investors, enhancing the ease of doing business in the medical device sector.
• The NSWS, developed by TCS in collaboration with Invest India, serves as a comprehensive one-stop-shop for all approvals related to the import of medical devices.
• It streamlines processes, facilitating applications for certificates of registration and licenses for manufacturing or importing medical devices for various purposes, such as clinical investigations, tests, evaluations, demonstrations, or training.

Important Days News

Celebrating International Mind-Body Wellness Day 2024:

• January 3 marks International Mind-Body Wellness Day, a global celebration dedicated to fostering the harmonious coexistence of physical and mental health.
• This day serves as a powerful reminder of the interconnectedness of our mind, body, and spirit, urging people worldwide to prioritize self-care, mindfulness practices, and healthy lifestyle choices.
• In the midst of our fast-paced modern lives, this observance serves as a call to pause and actively engage in behaviors that promote holistic well-being.
• Let us collectively embrace the importance of maintaining a balance between our mental and physical health for a more fulfilling and enriched life.

Schemes News

Rajasthan's Push for Unified Health Coverage:

• The newly elected BJP government in Rajasthan is taking steps to integrate its state health insurance scheme, Chiranjeevi, with the central Ayushman Bharat program.
• Pending approval from the union health ministry, the initiative aims to create the Ayushman Bharat Mukhyamantri Chiranjeevi Health Insurance Scheme.
• This unified scheme is set to maintain Chiranjeevi’s existing benefits, offering a substantial ₹25 lakh insurance cover applicable to both private and government hospitals.
• Originally introduced by former Chief Minister Ashok Gehlot of the Congress party, the Chiranjeevi scheme currently provides significantly higher coverage compared to Ayushman Bharat’s ₹5 lakh.

Ranks & Reports News

Hyderabad and Bengaluru Airports Shine Globally:

• In a recent on-time performance review by aviation analytics firm Cirium, Hyderabad and Bengaluru airports have secured the second and third ranks globally in punctuality.
• With over 84% on-time departures, these airports demonstrate a commitment to efficiency and reliability in air travel.
• IndiGo, ranking fourth among Asia Pacific airlines with over 82% on-time arrivals, plays a crucial role in contributing to punctuality at these airports. Approximately half of all flights at Bengaluru and 65% in Hyderabad are operated by IndiGo.

Agreements News

France and Germany's Financial Support for AMRUT Mission:

• France’s development agency, AFD, and Germany’s KfW Bank are in talks to extend a €100 million loan to support India’s urban infrastructure plan, specifically the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) 2.0.
• This collaborative effort follows their recent partnership on the City Investments to Innovate, Integrate and Sustain (CITIIS) 2.0 program, emphasizing their commitment to sustainable urban development in India.
• Both nations have contributed €100 million each to the CITIIS 2.0 program, highlighting their shared commitment to fostering sustainable urban development in India.

Appointments News

Leadership Transition at NIVEA India:

• Nivea India, a leading personal care products company, has appointed Geetika Mehta as its new managing director.
• Mehta, with a proven track record in developing small businesses and managing large-scale corporations, previously served as the managing director at Hershey India.
• Her nearly two-decade-long tenure at Hindustan Unilever Ltd, a major player in the consumer goods industry, showcased her diverse expertise in various divisions.

Miscellaneous News

Jammu and Kashmir Leads in Implementing PM Vishwakarma Yojana:

• Jammu and Kashmir has taken a significant step by becoming the first Union Territory (UT) to implement the PM Vishwakarma Yojana (PMVY).
• Launched by the Central government in September 2023, this initiative aims to empower artisans and craftspeople, recognizing their crucial role in preserving India’s cultural heritage.
• The official launch in J&K on January 2, 2024, marked a momentous occasion, with the commencement of the training program for the first batch of 30 trainees (Viswakarmas) specializing in ‘darzi craft’.
• This move aligns with the government's commitment to supporting and enriching the cultural legacy of skilled individuals in the region.