Daily Current Affairs January 12th & 13th 2025 | Latest News | Download PDF

By Ameena Ameena - Jan 13 2025

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CURRENT AFFAIRS : BANKING & FINANCE

Securities and Exchange Board of India Chairperson Madhabi Puri Buch Predicts 21% Increase in Capital Market Fundraising to ₹14.7 Lakh Crore in FY2025  

  • As per Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch, total capital market fundraising in FY2025 is expected to rise by 21% to ₹14.7 lakh crore from ₹11.8 lakh crore in FY2024.

Key Highlights :

  • Fundraising in FY2024 (April-December):In the first nine months of FY2024 (April-December), total resources mobilized from the domestic capital market amounted to ₹10.7 lakh crore.
    • ₹7.3 lakh crore was raised through the primary debt market.
    • ₹3.3 lakh crore was raised through equity.
  • Capital Market Fundraising Projections for FY2025:SEBI projects total capital mobilization for FY2025 to exceed ₹14 lakh crore, with an additional ₹1 lakh crore expected to be raised through equity in the January-March (Q4) quarter.
  • By the end of FY2025, equity fundraising is expected to total ₹4.3 lakh crore.
  • Reduction in Rights Issue Processing Time:SEBI has reduced the total processing time for rights issues from 317 days to 26 days to encourage more fundraising through this method.
  • A rights issue allows companies to offer additional shares at a reduced price to existing shareholders.
  • Low but Growing Potential for InvITs, REITs, and Municipal Bonds:Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs), along with municipal bonds, have seen low fundraising, but their potential for raising funds is high over the coming years.
  • ₹10,000 crore was raised through InvITs and REITs in the first nine months of FY2024.
  • Role of Bond Market:The domestic bond market contributes ₹60 for every ₹100 lent by the banking system to corporate India, highlighting its importance in capital formation.
  • The primary bond market is strong, but the secondary market sees moderate traction due to the predominance of buy-and-hold investors.
  • Resilience of Domestic Market and Role of Domestic Institutional Investors (DIIs):Domestic Institutional Investors (DIIs) play a crucial role in stabilizing the market during times of volatility caused by foreign flows, adding resilience to the domestic capital market.

About SEBI :

  • Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
  • Headquarters : Mumbai, Maharashtra
  • Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
  • SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Reserve Bank of India’s Variable Rate Repo Auctions Receive Strong Response as Liquidity Deficit Worsens  

  • As of January 9, 2025, the banking system is facing a liquidity deficit of approximately ₹2 lakh crore.
  • The deficit is primarily due to the RBI’s intervention in the foreign exchange market to prevent further depreciation of the rupee and slow government spending.

Key Highlights :

  • Impact on Call Money Rates:The liquidity deficit has pushed call money rates above the repo rate of 6.5%.
  • The weighted average rate (WAR) in the call money market rose to 6.88% on January 9, up from 6.83% on the previous day.
  • RBI’s Intervention:The RBI conducted a Variable Rate Repo (VRR) auction to inject liquidity into the banking system.
    • ₹2.77 lakh crore in bids were received, with the RBI accepting ₹2.25 lakh crore at a WAR of 6.55%.
  • The RBI also conducted a 4-day VRR auction for ₹50,000 crore, receiving bids totaling ₹74,480 crore, of which ₹50,005 crore was accepted at a WAR of 6.54%.
  • RBI’s Efforts to Address Liquidity Mismatch:The RBI is actively managing liquidity by offering more liquidity to address short-term mismatches in the banking system.
  • The central bank’s intervention aims to stabilize liquidity conditions and ensure that financial markets function smoothly.
  • Pressures on the Rupee and Liquidity:Pressure on Rupee: The liquidity deficit is partly caused by the RBI’s intervention in the foreign exchange market, which drains liquidity.
  • Government Securities Buyback: The RBI’s buyback of government securities (G-Secs) of ₹1.1 lakh crore has injected liquidity into the system but is offset by increasing government bond issuances in FY25.
  • Rising G-Sec Yields: The rise in G-Sec yields, particularly the benchmark 10-year bond yields at 7.29%, is putting further pressure on liquidity and contributing to upward pressure on yields.

Securities and Exchange Board of India suggests increasing foreign portfolio investors disclosure threshold to Rs 50,000 crore

  • The Securities and Exchange Board of India (SEBI) has proposed raising the investment threshold for granular disclosures by foreign portfolio investors (FPIs).
  • The current threshold of Rs 25,000 crore will be increased to Rs 50,000 crore for FPIs to provide detailed disclosures of their holdings.

Key Highlights :

  • Existing Disclosure Framework:Under the existing framework (introduced in August 2023), FPIs with more than 50% of their Indian equity assets under management (AUM) in a single corporate group or with total equity AUM exceeding Rs 25,000 crore are required to provide granular disclosures of their holdings.
  • This measure was introduced to address concerns about circumventing minimum public shareholding (MPS) norms and other regulations.
  • Objective of Granular Disclosures:The purpose of granular disclosures is to prevent round-tripping by certain promoters using the FPI route to avoid regulatory norms.
  • Rationale for Doubling the Threshold:Sebi has justified raising the threshold by citing the substantial rise in daily market turnover, which increases market liquidity and reflects the need for adjustments in regulations.
  • The increased market liquidity and the recent depreciation of the rupee have been noted as contributing factors.
  • Public Consultation:Sebi has invited public comments on the proposed changes, with the deadline for feedback set for January 31, 2025.
  • Impact on Foreign Portfolio Investors:FPIs holding over Rs 50,000 crore in equity AUM will be required to disclose granular details about their investors, stakeholders, and entities exercising ownership or control.

Liquidity Management May Be Prioritized Over Rate Cuts in February Monetary Policy Committee

  • Foreign banks and wealth managers are divided on whether the RBI will start easing its monetary policy in February.
  • Some have pushed back their expectations for a repo rate cut to the April-June 2025 period, citing tight liquidity conditions

Key Highlights :

  • Expectations for CRR Cut: Economists from Standard Chartered Bank anticipate that the RBI may prioritize liquidity management over reducing the repo rate.
  • They expect the RBI to implement a 50 basis points cut in the Cash Reserve Ratio (CRR) during the February MPC meeting to address liquidity concerns.
  • Forecasts for Repo Rate Cuts: Barclays Research predicts that the RBI may begin its easing cycle with a 25 basis points repo rate cut in February.
  • Barclays also expects a total of 100 basis points of cuts by March 2026.
  • Growth and GDP Forecasts: Barclays has revised its real GDP growth forecast for FY24-25 to 6.2% (down from 6.5%) due to slower-than-expected growth in H1 FY24-25, but expects an improvement in H2 with a growth rate of 7% in FY25-26.
  • Fiscal Deficit Outlook: Barclays expects the FY24-25 fiscal deficit to be 4.7% of GDP, slightly below the budgeted target, with a larger-than-expected RBI dividend helping to offset shortfalls in corporate tax revenue and disinvestment proceeds.
  • HSBC’s Expectations: HSBC forecasts two 25 basis points rate cuts in February and April, bringing the policy rate to 6% for the rest of 2025.
  • HSBC remains bullish on India’s growth prospects, expecting it to become the third-largest economy by 2029.
  • Inflation and Monetary Policy Outlook: Barclays believes the RBI will move towards the 2-6% CPI inflation range and gradually shift from a focus on 4% inflation targets to accommodating broader monetary policy objectives.

Reserve Bank of India reveals results of the third edition of its Global Hackathon – HaRBInger 2024   

  • The Reserve Bank of India (RBI) announced the names of the winners of the third edition of its Global Hackathon with the themes ‘Zero Financial Frauds’ and ‘Being Divyang.
  • Participation and Response:The hackathon received 534 proposals in total.
  • 39 proposals were submitted by teams from outside India, including countries like the United States, United Kingdom, Hong Kong, Singapore, Brazil, Morocco, and others.
  • Finalists and Selection Criteria:A total of 28 finalists presented their solutions to an independent jury.
  • The winners were selected based on several parameters such as comprehensiveness, innovation, feasibility, scalability, and compliance.
  • Winners of the Hackathon:
    • FPL Technologies
    • Xaults Technologies
    • Epifi Technologies
    • NapID Cybersec
    • H Vision India (Hasin Vaidya)
    • Rupya Darshini (Parthiban R, Jebaraj V, and Gobika S)
    • VisAst (Krimisha Deore)
  • Prize Money:Winners: Each winner of a problem statement received INR 40 lakh.
  • Best All-Woman Team: A special prize of INR 20 lakh was awarded to the best all-woman team across all problem statements.
  • Shortlisted Teams: Each team shortlisted for solution development received a stipend of INR 5 lakh to cover prototype development costs.

About RBI :

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

State Bank of India Chief C S Setty Advocates for Unified System to Monitor SME Fund Utilization   

  • State Bank of India (SBI) chairman C S Setty has suggested creating a common mechanism to track the utilization of funds raised by Small and Medium Enterprises (SMEs) through debt and equity.
  • This mechanism aims to provide comfort to lenders and investors and enhance the competitiveness of pricing.
  • The system would ensure that funds are used for the intended purposes, minimizing risks related to misallocation.

Key Highlights :

  • Need for Separate Market Infrastructure:C S Setty proposed the establishment of a separate market infrastructure institution with the authority to track the use of borrowed funds and equity capital raised by SMEs.
  • This idea stems from the challenge that small businesses, often family-run, have weak distinctions between business and household finances, making it difficult to track fund usage.
  • Challenges in Credit Decisions for MSMEs:Credit decisions for MSMEs are complicated due to a lack of credit information and information asymmetry.
  • Recent advancements in data availability, such as GST and bureau data, have made lending to MSMEs easier.
  • Data analytics, along with fintech and banks using publicly available data, have helped build credit profiles for MSMEs.
  • Call for Repository to Improve Investment Decisions:Setty highlighted the need to formalize and collate the disparate sources of MSME data into a centralized repository.
  • A unified repository will allow investors to make informed decisions and improve access to capital for MSMEs.
  • Contribution of MSMEs to India’s Economy:MSMEs contribute to nearly one-third of India’s nominal GDP and account for 40% of exports.
  • MSMEs are also significant job creators, playing a vital role in the economy.
  • Emerging Issues in Climate Finance:Setty emphasized the emerging challenges related to climate finance and the green transition.
  • The annual green financing requirement could be around 2.5% of GDP to address climate-related infrastructure gaps.
  • To meet net-zero commitments by 2070, an estimated $10.1 trillion is needed, with the majority required for power sector transformation.

About SBI :

  • Founded : 1 July 1955
  • Headquarters : Mumbai, Maharashtra, India
  • Chairman : Challa Sreenivasulu Setty

KredX obtains Reserve Bank of India approval to launch Trade Receivables Discounting System platform for supply chain financing   

  • KredX, a supply chain finance platform, has announced that it has received final approval from the Reserve Bank of India (RBI) to commercially launch its Trade Receivables Discounting System (TReDS) platform under the brand name DTX (Domestic Trade Exchange).
  • With this, KredX becomes the fifth RBI-regulated TReDS platform in India, marking a significant milestone in its journey to revolutionise supply chain financing.

About KredX :

  • Founded in 2015 as India’s first supply chain finance platform, KredX is working with over 70,000 MSME suppliers and large corporations across the country.
  • This regulatory approval builds on KredX’s list of achievements, including being one of the first companies to receive the International Financial Services Centre Authority (IFSCA) licence.
  • With both the TReDS (DTX) and ITFS (GTX) licences, KredX is strategically positioned to influence both domestic and cross-border trade financing markets.
  • CEO & Co-founder : Manish Kumar

About TReDS Platform :

  • TReDS (Trade Receivables Discounting System) is an online platform that allows micro, small, and medium enterprises (MSMEs) to discount their invoices.
  • It was launched in 2018 by the Reserve Bank of India (RBI).
  • There are currently four operational TReDS platforms in India, including:
  • Receivables Exchange of India Ltd (RXIL): Joint venture of SIDBI and NSE.
  • M1xchange, Invoicemart, and C2treds are the other three platforms.
  • TReDS platform has 4 participant sellers, buyers, financiers and insurance companies.

PhonePe Introduces Exclusive Insurance for Maha Kumbh Mela Visitors    

  • PhonePe has introduced a unique insurance coverage specifically for travelers attending the Maha Kumbh Mela, which will take place in Prayagraj, Uttar Pradesh from January 13 to February 26, 2025.
  • Coverage Details: The insurance plan is offered in two variants:
  1. Rs. 59 per traveler for individuals traveling by train or bus.
  2. Rs. 99 per traveler for those traveling by domestic flights.
  • Sum Insured: The total sum insured is up to Rs. 1 lakh.
  • Benefits:Hospitalization cover: Up to Rs. 50,000.
  • Outpatient Department (OPD) cover: Up to Rs. 1,500.
  • Personal accident cover: Covers Death, Permanent Total Disability (PTD), and Permanent Partial Disability (PPD) up to Rs. 1 lakh.
  • Target Audience: The insurance is designed for the broad spectrum of travelers attending the Maha Kumbh Mela, which is one of the largest spiritual gatherings in the world.

About PhonePe :

  • Founded : 2015
  • Headquarters : Bengaluru, Karnataka, India
  • CEO : Sameer Nigam

Equitas Small Finance Bank raises savings account interest rates to a maximum of 7.8%                              

  • Equitas Small Finance Bank has revised interest rates for savings accounts, effective from January 10, 2025.

New Slabs for Savings Account:

  • Up to ₹1 lakh: Interest rate is 3.00%.
  • ₹1 lakh to ₹10 lakh: Interest rate is 5.00%.
  • ₹10 lakh to ₹25 lakh: New interest rate of 7.00%.
  • ₹25 lakh to ₹1 crore: New interest rate of 7.25%.
  • ₹1 crore to ₹25 crore: Interest rate of 7.50%.
  • Above ₹25 crore: Existing interest rate of 7.80% remains unchanged.
  • Deposit Insurance: Equitas Small Finance Bank deposits are covered by the DICGC (Deposit Insurance and Credit Guarantee Corporation) scheme, which insures deposits up to ₹5 lakh.
  • Target Audience: The interest rate hike is primarily beneficial for customers with balances above ₹10 lakh, with higher rates for larger balances.
  • Impact on Bank’s Customer Base: The new slabs encourage customers with larger savings to deposit funds in the bank for higher returns.

About Equitas Small Finance Bank :

  • Founded : 2007
  • Headquarters : Chennai, Tamil Nadu
  • MD & CEO : Vasudevan P N

RBI Innovation Hub and IIMA Ventures launch Swanari TechSprint 3.0 to promote women-focused fintech startups in India    

  • The Reserve Bank Innovation Hub and IIMA Ventures launched Swanari TechSprint 3.0, a programme aimed at fostering women-centric fintech startups in India.
  • Programme Objective: The program aims to foster innovation in fintech by encouraging the development of solutions addressing the unique financial needs of women.
  • Theme: “Women-centric Financial Solutions,” with the overarching goal of enabling “Frictionless Finance for Every Woman in India.”
  • Role of RBIH: The Reserve Bank Innovation Hub (RBIH) is a wholly-owned subsidiary of the Reserve Bank of India (RBI) that drives initiatives to promote financial inclusion and innovation.
  • Support for Startups: The program provides strategic resources, mentorship, grants, and funding to selected startups developing women-centric financial products.
  • Program Structure: Swanari TechSprint 3.0 includes a 2-month high engagement phase, followed by ongoing portfolio support for startups.
  • Eligibility: Innovators, startups, entrepreneurs, and tech providers working on financial solutions for women’s inclusion are eligible, provided they have a demonstrable prototype or MVP.
  • Funding: A collective pool of over INR 2 crores has been allocated to support the development and piloting of innovative solutions.

CURRENT AFFAIRS: NATIONAL NEWS

Union Minister Piyush Goyal Launches Bharat Cleantech Manufacturing Platform

  • Union Minister of Commerce & Industry Shri Piyush Goyal unveiled the Bharat Cleantech Manufacturing Platform at the Bharat Climate Forum 2025 in New Delhi.
  • This initiative aims to strengthen India’s value chains in the solar, wind, hydrogen, and battery storage sectors, marking a significant step toward India’s sustainability goals.

Key Highlights from the Launch:

  1. Call for Self-Sustenance:
    • Shri Goyal emphasized that Product Linked Incentives (PLIs) and subsidies are only short-term measures to kickstart the clean energy sector.
    • He stressed the need for the sector to become self-reliant and independent of government support.
  2. Encouragement for Innovation and Scale:
    • The platform will enable Indian firms to:
      • Collaborate and co-innovate.
      • Access financing, share ideas, and exchange technologies.
    • This collaboration is expected to position India as a global leader in sustainability and cleantech.
  3. Progress on Renewable Energy Goals:
    • India is well on track to achieve 500 GW of clean energy capacity by 2030, a target set by Prime Minister Narendra Modi.
    • India has already surpassed its 2022 renewable energy goals, achieving 200 GW of clean energy capacity.
  4. Global Leadership in Renewable Energy:
    • Shri Goyal highlighted India’s largest interconnected grid as a testament to the country’s leadership in clean energy.
    • He credited Prime Minister Modi’s focus on transparency, fair auctions, and scale of implementation for the affordability and success of solar power in India.

3S Approach: Speed, Scale, and Skill

Shri Goyal emphasized the Government’s adoption of the 3S strategy—Speed, Scale, and Skill—to propel India’s renewable energy initiatives, ensuring rapid progress and global competitiveness.

MP, Karnataka, Maharashtra among states seeing higher women voter turnout

  • Andhra Pradesh, Assam, Chhattisgarh, Karnataka, Madhya Pradesh, Maharashtra, and Odisha reported increasing women voter turnout ratios in 2024, primarily due to implementing women-centric schemes.

Key Findings by SBI Research:

  1. Incremental Women Voter Turnout:
    • Women-centric schemes contributed to an increase of 18 million women voters in 2024 compared to 2019.
  2. Factors Behind Increased Participation:
    • Government Schemes:
      • Mudra Yojana: Promoting women entrepreneurship.
      • Pradhan Mantri Awas Yojana (PMAY): Housing initiatives benefiting women.
    • Improved Infrastructure:
      • Better electricity supply.
      • Enhanced access to potable water.
  3. Link Between Economic Empowerment and Electoral Participation:
    • States with higher PM Jan Dhan Yojana (PMJDY) and Mudra loan accounts for women correlated with increased women voter turnout.

States with Declined Turnout:

  • Despite the positive national trend, women’s voter turnout declined in Uttar Pradesh, Punjab, Rajasthan, West Bengal, Gujarat, and Haryana.

Union Minister Ashwini Vaishnaw Announces Amrit Bharat Version 2.0 Trains and Updates on Key Rail Projects

  • Union Railway Minister Ashwini Vaishnaw unveiled the upcoming Amrit Bharat Version 2.0 trains, which will focus on upgraded passenger amenities.
  • Manufacturing Timeline: Fifty trains will be produced within two years.
  • Production Facilities: Integral Coach Factory (ICF) in Chennai and Rail Coach Factory (RCF) in Kapurtala, Punjab, will manufacture these trainsets.
  • Target Demographic: Designed for low-income and lower-middle-income families, providing affordable long-distance travel options.
  • Amenities: Upgrades include ergonomically designed seats, modular toilets, and general coaches with facilities on par with premium coaches.
  • Objective: The initiative aligns with the principle of ‘Sabka Saath, Sabka Vikas’, promoting inclusivity in rail services.

Features of the Amrit Bharat Express:

  • Service Type: A non-air-conditioned, low-cost sleeper-cum-unreserved service.
  • Routes: Connects cities over 800 km apart or requiring more than 10 hours of travel time.
  • Inauguration: The first Amrit Bharat train was launched by Prime Minister Narendra Modi last year.

Updates on Pamban Bridge:

  • Project Status: The Pamban Bridge, connecting the Indian mainland to Rameshwaram Island, is complete, and train services will commence soon.
  • Design Clarification: The Commissioner of Railway Safety (CRS) had raised concerns about the bridge’s planning and execution.
    • The Minister explained that the Pamban Bridge is a unique, once-in-a-lifetime project requiring custom designs validated by international experts, rather than the standard RDSO design.
    • Corrosion and other issues highlighted by CRS have been resolved, ensuring safety.

India to Participate in AI and FDI Session at WEF 2025 in Davos

  • India will take part in a session on Artificial Intelligence (AI) and Foreign Direct Investment (FDI) at the World Economic Forum’s (WEF) 55th annual meeting, scheduled from January 20-24, 2025, in Davos-Klosters, Switzerland.
  • The session, titled AI and FDI: Challenges and Opportunities for Sustainable Investment, is co-organized by Invest India and WAIPA and supported by the World Investment for Development Alliance (WIDA).

Key Highlights of India’s Participation

  1. Theme of WEF 2025:
    • The overarching theme for this year is “Collaboration for the Intelligent Age”, focusing on advancements in AI, frontier technologies, renewable energy, and global partnerships.
  2. Organizing Bodies:
    • The session is supported by WIDA, a global platform comprising 13 organizations, emphasizing sustainable investment in the context of AI.
  3. Indian Delegation:
    • Led by prominent ministers, including:
      • Ashwini Vaishnaw (Information and Broadcasting)
      • CR Patil (Jal Shakti)
      • K. Rammohan Naidu (Civil Aviation)
      • Chirag Paswan (Food Processing Industries)
      • Jayant Chaudhary (Skill Development)
  4. India’s Milestones:
    • India has surpassed USD 1 trillion in FDI inflows since April 2000, underscoring its position as a prime global investment destination.
    • The inflows reflect India’s strategic policy initiatives, robust business ecosystem, and enhanced global competitiveness.

India’s Vision at WEF 2025

The Ministry of Commerce and Industry highlighted that India’s participation aligns with its progress in:

  • Advancing AI and frontier technologies.
  • Expanding renewable energy capacities.
  • Fostering global partnerships for sustainable growth.

150th Year Celebration of India Meteorological Department (IMD)

  • The India Meteorological Department (IMD) is celebrating its 150th anniversary as the principal government agency for meteorology and related subjects.
  • A series of events will be organized to mark this significant milestone, starting from 15th January 2024, with the grand celebration on 15th January 2025 at Bharat Mandapam, New Delhi.

Key Highlights:

  1. Event Timeline:
    • The celebrations will begin with a curtain raiser on 15th January 2024, continuing through the year and culminating on 15th January 2025, the official 150th anniversary of IMD’s establishment.
  2. Objectives of the Celebration:
    • Showcase IMD’s achievements over the past 150 years.
    • Highlight IMD’s role in climate resilience and scientific advancements in India.
    • Demonstrate how IMD, along with other MoES institutions, is leading the scientific journey in the modern era.
  3. Main Program:
    • The central event will take place at Bharat Mandapam, New Delhi, on 15th January 2025.
    • It will be attended by scientists, engineers, disaster managers, and experts from both government and non-government organizations.
  4. Participation and Attendance:
    • The event is expected to attract around 3000 participants, including Union Ministers and representatives from various states.

CURRENT AFFAIRS : INTERNATIONAL NEWS

UAE initiates educational campaign in Gaza as part of Operation Chivalrous Knight 3  

  • The UAE launched a campaign in Gaza under Operation Chivalrous Knight 3 to support education in the region.
  • Purpose: The campaign aims to provide school bags and educational supplies to children, helping them continue their education amidst challenging humanitarian conditions.
  • Campaign Supplies: The aid includes school bags, notebooks, pens, stationery, and other necessary educational materials.
  • Humanitarian Efforts: This initiative is part of the UAE’s broader humanitarian efforts to alleviate living burdens for Palestinian families and improve the quality of life for children in Gaza.
  • Collaborating Organizations: The campaign is executed with the help of the Emirates Red Crescent (ERC), Zayed Charitable & Humanitarian Foundation, Khalifa bin Zayed Al Nahyan Foundation, and Sharjah Charity International.
  • Long-Term Impact: The goal is to enhance educational opportunities for Palestinian children, who are seen as pivotal in shaping a better future for the region.

CURRENT AFFAIRS: BUSINESS NEWS

India’s Economic Growth Projection for 2025: 6.6% Expansion

  • The Indian economy is expected to grow by 6.6% in 2025, driven by strong private consumption and investment, according to the UN World Economic Situation and Prospects 2025 report.

Key Highlights from the UN Report:

  1. South Asia’s Robust Growth:
    • Economic growth in South Asia is forecast to remain strong, with a 5.7% growth in 2025 and 6.0% in 2026, primarily propelled by India’s strong performance.
    • Other regional economies like Bhutan, Nepal, and Sri Lanka are also expected to experience economic recovery.
  2. India’s Projected Growth:
    • India is expected to grow at 6.6% in 2025 after a 6.8% growth in 2024.
    • The country’s economy is forecast to return to 6.8% growth in 2026.
  3. Drivers of Growth:
    • Private consumption and investment are expected to be the primary contributors to India’s economic growth.
    • Significant capital expenditure on infrastructure development is likely to create strong multiplier effects on growth.
    • Strong export growth in sectors like pharmaceuticals and electronics will further boost the economy.
    • Manufacturing and services sectors are expected to continue their expansion, further supporting economic growth.

Syrma SGS Technology to Manufacture MSI Laptops in India

  • In a significant move to boost local manufacturing, Syrma SGS Technology Limited will begin assembling MSI laptops in India, catering to the Indian market.
  • This partnership aligns with India’s Make in India initiative, with plans to localize MSI’s production in phases.

Key Highlights:

  1. Manufacturing Location and Process:
    • The collaboration will start with laptop assembly at Syrma SGS’s Chennai facility.
    • Phased localization of MSI’s manufacturing in India is planned for the future.
  2. Strengthening the Indian Ecosystem:
    • This partnership aims to strengthen India’s manufacturing ecosystem, providing a boost to the local electronics industry.
    • It also supports the government’s efforts to encourage domestic production of electronics, including laptops.
  3. Commitment to ‘Make in India’:
    • MSI, a global leader in electronics, has selected Syrma SGS as its manufacturing partner.
    • The collaboration supports MSI’s ‘Make in India’ initiative, making premium MSI laptops more accessible to Indian consumers.
  4. Syrma SGS’s Role:
    • Syrma SGS, with over 40 years of experience, is an established player in the ‘Make in India’ initiative and an approved manufacturer under the IT Hardware PLI scheme.
    • They specialize in high-quality, scalable manufacturing, with a portfolio that includes memory, SSDs, motherboards, and full system integration.
  5. Global Competitiveness:
    • MSI’s India NB General Manager, John Hung, emphasized that the partnership ensures global competitiveness while being locally produced, bringing innovative laptops closer to Indian consumers.
    • Satendra Singh, CEO of Syrma SGS, echoed the company’s commitment to delivering cutting-edge, locally produced laptops to the Indian market.

Ariqt Opens Global Innovation Hub in Hyderabad

  • Ariqt, a Netherlands-based AI-driven technology company, has launched its Global Innovation Hub (GIH) in Hyderabad, marking its entry into the Indian market.
  • The facility will focus on AI-driven innovations and research and development across sectors like fintech, agriculture, sports, cybersecurity, travel, and supply chain.

Key Highlights:

  1. Expansion Plans:
    • Ariqt plans to hire over 300 engineering professionals in Phase 1 of its expansion within the next two years.
  2. Focus Areas:
    • The GIH will concentrate on developing solutions in multiple sectors, enhancing innovation and technology applications in fintech, agriculture, sports, cybersecurity, and more.
  3. Role of Telangana:
    • Telangana IT & Industries Minister Duddilla Sridhar Babu highlighted Telangana’s rapid emergence as a global hub for innovation, with over 6,000 startups, 1,500 mid-tier software companies, and $30 billion in IT exports.
    • He emphasized the role of small and mid-sized enterprise GCCs (Global Capability Centers) in driving growth, job creation, and the development of fresh talent.
  4. Ariqt’s Decision to Settle in Hyderabad:
    • Ariqt Founder & CEO, Rupesh Kumar, praised Hyderabad’s thriving ecosystem and the government’s leadership in making the city an ideal location for innovation and growth.
    • The decision to launch the hub underscores Ariqt’s vision to create impactful AI innovations and contribute to the global technological landscape.

CURRENT AFFAIRS: AWARDS AND HONOURS

Dr. Krishna Ella Conferred INSA Fellowship for 2025

  • Dr. Krishna Ella, co-founder and executive chairman of Bharat Biotech, has been awarded the Indian National Science Academy (INSA) India Fellowship for 2025.
  • This prestigious honor acknowledges his exceptional contributions to:
  • Development of new vaccine technologies.
  • Advancements in existing vaccine methodologies.
  • Pioneering discoveries in biotechnology.

Significance of the Fellowship:

  • Dr. Ella’s fellowship commenced on January 1, 2025.
  • As an INSA fellow, he gains the privilege to vote in general meetings and nominate individuals for fellowships and awards.
  • He joins a distinguished group that includes eminent personalities like Dr. S. Somanath (ISRO), Dr. Anil Kakodkar, Dr. V. K. Saraswat, and Kris Gopalakrishnan (Infosys co-founder).

Dr. Krishna Ella’s Achievements and Contributions

  1. Bharat Biotech Highlights:
    • Founded in 1996, the company has developed 18 vaccines and delivered over nine billion doses to 125+ countries.
    • Notable contributions during the COVID-19 pandemic:
      • Covaxin: India’s first indigenous COVID-19 vaccine.
      • iNCOVACC: A groundbreaking intranasal vaccine.
  2. Commitment to Public Health:
    • In his address at INSA’s 90th anniversary general meeting in Chennai, Dr. Ella spoke on “Science in Translation”, emphasizing the importance of strengthening India’s biotech ecosystem.

About INSA:

  • Founded in 1935, INSA promotes scientific research and its practical applications in India.
  • It coordinates with scientific institutions, safeguards scientists’ interests, and highlights India’s achievements on global platforms.
  • For the first time in its history, INSA included industry leaders among its 61 fellowship recipients this year.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Infosys Partners with Andhra Pradesh for Skill Census Program

  • Infosys has announced its collaboration with the Andhra Pradesh Skill Development Corporation (APSDC) to implement an ambitious skill census program aimed at enhancing employment opportunities in the state.
  • The initiative seeks to assess and develop skills among the state’s youth, leveraging advanced digital platforms and AI-powered tools.

Key Highlights of the Initiative

  1. Partnership Details:
    • Infosys will provide a digital platform powered by generative AI for pre-certification of candidates’ skills, irrespective of financial constraints.
    • The Memorandum of Understanding (MoU) was signed in the presence of Nara Lokesh, Minister for Education, IT, and Electronics.
  2. Corporate Social Responsibility (CSR):
    • Infosys is supporting the data pre-validation process under its CSR initiatives, ensuring streamlined skill training aligned with market demands.
  3. Skill Development Goals:
    • Infosys aims to assist in creating 20 lakh jobs in Andhra Pradesh over the next five years.
    • The digital platform will validate the existing skills of the 3.59 crore individuals aged 15-59 in the state.
  4. Digital Learning Pathways:
    • Infosys will connect students to personalized learning pathways through its Springboard platform.
    • Free online courses and workshops will be offered to aspirants to enhance their skills and meet industry demands.
  5. Implementation in Educational Institutions:
    • Infosys will provide support for integrating the digital platform into the state’s skill census framework.
    • Assessment tools will be implemented in educational institutions to gauge and develop students’ competencies.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

For the first time, the selection process for the next Chief Election Commissioner expands its scope    

  • For the first time, the appointment of the Chief Election Commissioner (CEC) will move beyond the traditional seniority-based approach.
  • The Chief Election Commissioner and Other Election Commissioners (Appointment, Conditions of Service and Term of Office) Act, 2023 has introduced new mechanisms to widen the scope of selection.

Key Highlights :

  • Article 324 of the Indian Constitution specifies that while the CEC and ECs will be appointed by the President, this is subject to Parliamentary law (if such law exists).
  • The Chief Election Commissioner and other Election Commissioners (Appointment, Conditions of Service and Term of Office) Act, which came into force in December 2023, was first used to appoint Gyanesh Kumar and S S Sandhu as Election Commissioners in March 2024 to fill up the vacancies created following the resignation of Arun Goel and retirement of Anup Chandra Pandey.
  • With Chief Election Commissioner Rajiv Kumar demitting office on February 18, 2025 on attaining the age of 65, the law will be applied for the first time to appoint a CEC.
  • Before the new law on the appointment of CEC and ECs came into force, the election commissioners were appointed by the President on the government’s recommendation.
  • And as per convention, the senior-most Election Commissioner was elevated as CEC.
  • But this time, the PM-led panel will decide on a new EC. Between Gyanesh Kumar and Sandhu, the former is senior.
  • Gyanesh Kumar has a tenure till January 26, 2029 when he turns 65.
  • Even as Gyanesh Kumar remains a potential candidate for the top post, the Act gives the selection committee the option of considering names from outside the Election Commission.
  • According to the law, a search committee headed by the law minister and comprising two Union secretaries will prepare a panel of five names for the selection committee to take a call.
  • The selection committee, headed by the prime minister and comprising a Union minister named by the PM and the Leader of Opposition in Lok Sabha, will recommend a name to the president for appointment as CEC or election commissioner.
  • According to Section 6 of the law, the selection panel has the power to consider even those not short-listed by the law minister-led search committee.
  • Members of the Election Commission will hold office for six years, or until they attain the age of 65 years, whichever is earlier.
  • Members of the Commission cannot be re-appointed.
  • If an EC is appointed as a CEC, the overall period of the term may not be more than six years.

Venezuela’s Maduro Takes Oath for Third Term Following Disputed Elections    

  • Nicolás Maduro was sworn in for a third presidential term in Venezuela, following disputed presidential elections held in July 2024.
  • He took the oath of office before Venezuela’s parliament, promising a period of peace, prosperity, equality, and new democracy for his third term.
  • Maduro’s victory in the election was declared by the National Electoral Council (CNE), which is closely aligned with his government.
  • The official results of the July 2024 election have been widely rejected by the opposition and the international community, with allegations of a rigged outcome.
  • Countries such as Brazil and Colombia have refused to recognize the election result.
  • The opposition, along with international powers like the US, rejected Maduro’s victory, instead recognizing Edmundo González as the legitimate president-elect.
  • González fled Venezuela in September 2024 and is currently residing in Spain.
  • The Venezuelan government has issued an arrest warrant for Edmundo González, offering a $100,000 reward for information leading to his detention.

About Venezuela  :

  • Capital : Caracas
  • Currency : Venezuelan bolívar (VED)

POCO appoints Akshay Kumar as brand ambassador ahead of X7 series launch   

  • Bollywood actor Akshay Kumar has been appointed as the brand ambassador for POCO India.
  • The partnership reflects POCO’s commitment to redefining technology for India’s youth.
  • The announcement comes ahead of the POCO X7 series launch.
  • Akshay Kumar’s association aligns with the POCO X7 series campaign theme “Xceed Your Limits,” which encourages users to push boundaries and strive for excellence.
  • POCO, formerly known as Poco by Xiaomi, is a Chinese brand owned by Xiaomi, specializing in smartphones.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

ICAR-NBAGR acknowledges the Gaddi dog, an indigenous breed from the Himalayas    

  • The Indian Council of Agricultural Research – National Bureau of Animal Genetic Resources (ICAR-NBAGR) has recognized the Gaddi dog, an indigenous breed from the Himalayas.
  • The Gaddi is the fourth indigenous canine breed to be registered after:
  1. Rajapalayam (Tamil Nadu)
  2. Chippiparai (Tamil Nadu)
  3. Mudhol Hound (Karnataka)

About Gaddi dog :

  • The Gaddi is spread across the Himalayan range from Jammu and Kashmir to Arunachal Pradesh.
  • It is also known as the Bhote Kukur or Bhotia dog.
  • The breed is named after the Gaddi shepherds of Himachal Pradesh and has been used by them to guard their flocks of sheep and goats from predators.
  • Its ability to fight and fend off carnivores such as the Snow Leopard has also earned it the nickname of the ‘Indian Panther Hound’ or ‘Indian leopard Hound’.

India’s SSI Mantra performs two robotic cardiac surgeries via telesurgery over 286 kilometers   

  • In a groundbreaking achievement, India’s indigenous surgical robotic system, SSI Mantra, successfully conducted two robotic cardiac surgeries via telesurgery over a distance of 286 kilometers.
  • The surgeries were remotely performed at Manipal Hospital in Jaipur by Dr. Sudhir Srivastava, operating from Gurugram, using the advanced SSI Mantra 3 Surgical Robotic System.

Key highlights :

  • Telerobotic Procedure :The first procedure, a Telerobotic-assisted Internal Mammary Artery Harvesting, was successfully completed in just 58 minutes.
  • World-First Surgery : This was followed by another world-first: a robotic beating heart totally endoscopic coronary artery bypass (TECAB), considered one of the most complex cardiac surgical procedures.
  • SSI Mantra 3 Surgical Robotic System : Developed by SS Innovations, the SSI Mantra 3 Surgical Robotic System is the only robotic system worldwide to receive regulatory approval for telesurgery and tele-proctoring.
  • Regulatory Approval:Its recent approval by the Central Drugs Standard Control Organization (CDSCO) paves the way for remote surgeries and medical education, allowing healthcare professionals to collaborate across distances.

Indian Space Research Organisation to Launch Communication Satellite for US Firm AST SpaceMobile

  • The Indian Space Research Organisation (ISRO) will launch a communication satellite for US-based firm AST SpaceMobile in March 2025.
  • The satellite will provide space-based cellular broadband services for smartphones.
  • The commercial LVM3-M5 mission will deploy BlueBird Block-2 satellites under a contract with AST SpaceMobile.
  • Leadership Change in ISRO:V Narayanan is set to succeed S Somanath as ISRO Chairman on January 14, 2025.
  • Narayanan has outlined a strategic roadmap for expanding ISRO’s global presence.
  • Upcoming ISRO Missions:
  • February 2025:
    • GSLV-F15 Mission: Will launch the NVS-02 navigation satellite to enhance the NavIC constellation and India’s navigation capabilities.
    • GSLV-F16 Mission: Will launch NISAR (NASA-ISRO Satellite for Advanced Radar), a joint Earth observation satellite developed in collaboration with NASA. It will provide critical data on agriculture, natural disasters, and climate monitoring.
  • March 2025: The LVM3-M5 mission will launch AST SpaceMobile’s communication satellite.
  • Significance of NISAR:NISAR is equipped with advanced radar imaging technology and will help monitor Earth’s climate and natural resources.
  • It will play a key role in agriculture, disaster management, and climate studies.
  • ISRO’s Growing International Collaborations:The NISAR satellite launch reflects the growing collaboration between ISRO and NASA.
  • ISRO’s expanding portfolio of commercial and scientific missions highlights its global positioning in space research and technology.

About ISRO :

  • Founded : 15 August 1969
  • Headquarters : Bangalore, Karnataka

CURRENT AFFAIRS: IMPORTANT DAYS

National Youth Day: 12th January

  • National Youth Day 2025 is observed on the 12th January 2025.
  • On January 12, 1984, the Indian government declared Swami Vivekananda’s birthday as National Youth Day for the first time.
  • Since then, the day is celebrated nationwide as National Youth Day.
  • The government’s primary motivation for making the decision was to improve the quality of life for the people of the country by urging young people to draw inspiration from Swami Vivekananda’s life and accomplishments to revive youngsters’ enduring vitality and boost the economy of the country.

Daily CA One- Liner: January 12 & 13

  • Union Minister of Commerce & Industry Shri Piyush Goyal unveiled the Bharat Cleantech Manufacturing Platform at the Bharat Climate Forum 2025 in New Delhi.
  • Andhra Pradesh, Assam, Chhattisgarh, Karnataka, Madhya Pradesh, Maharashtra, and Odisha reported increasing women voter turnout ratios in 2024, primarily due to implementing women-centric schemes
  • Union Railway Minister Ashwini Vaishnaw unveiled the upcoming Amrit Bharat Version 2.0 trains, which will focus on upgraded passenger amenities.
  • India will take part in a session on Artificial Intelligence (AI) and Foreign Direct Investment (FDI) at the World Economic Forum’s (WEF) 55th annual meeting, scheduled from January 20-24, 2025, in Davos-Klosters, Switzerland.
  • The India Meteorological Department (IMD) is celebrating its 150th anniversary as the principal government agency for meteorology and related subjects.
  • The Indian economy is expected to grow by 6.6% in 2025, driven by strong private consumption and investment, according to the UN World Economic Situation and Prospects 2025 report.
  • In a significant move to boost local manufacturing, Syrma SGS Technology Limited will begin assembling MSI laptops in India, catering to the Indian market.
  • Ariqt, a Netherlands-based AI-driven technology company, has launched its Global Innovation Hub (GIH) in Hyderabad, marking its entry into the Indian market.
  • Krishna Ella, co-founder and executive chairman of Bharat Biotech, has been awarded the Indian National Science Academy (INSA) India Fellowship for 2025.
  • Infosys has announced its collaboration with the Andhra Pradesh Skill Development Corporation (APSDC) to implement an ambitious skill census program aimed at enhancing employment opportunities in the state.
  • As per Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch, total capital market fundraising in FY2025 is expected to rise by 21% to ₹14.7 lakh crore from ₹11.8 lakh crore in FY2024.
  • As of January 9, 2025, the banking system is facing a liquidity deficit of approximately ₹2 lakh crore.
  • The Securities and Exchange Board of India (SEBI) has proposed raising the investment threshold for granular disclosures by foreign portfolio investors (FPIs).
  • Foreign banks and wealth managers are divided on whether the RBI will start easing its monetary policy in February.
  • The Reserve Bank of India (RBI) announced the names of the winners of the third edition of its Global Hackathon with the themes ‘Zero Financial Frauds’ and ‘Being Divyang.
  • State Bank of India (SBI) chairman C S Setty has suggested creating a common mechanism to track the utilization of funds raised by Small and Medium Enterprises (SMEs) through debt and equity.
  • KredX, a supply chain finance platform, has announced that it has received final approval from the Reserve Bank of India (RBI) to commercially launch its Trade Receivables Discounting System (TReDS) platform under the brand name DTX (Domestic Trade Exchange).
  • PhonePe has introduced a unique insurance coverage specifically for travelers attending the Maha Kumbh Mela, which will take place in Prayagraj, Uttar Pradesh from January 13 to February 26, 2025.
  • Equitas Small Finance Bank has revised interest rates for savings accounts, effective from January 10, 2025.
  • The Reserve Bank Innovation Hub and IIMA Ventures launched Swanari TechSprint 3.0, a programme aimed at fostering women-centric fintech startups in India.
  • The UAE launched a campaign in Gaza under Operation Chivalrous Knight 3 to support education in the region.
  • For the first time, the appointment of the Chief Election Commissioner (CEC) will move beyond the traditional seniority-based approach.
  • Nicolás Maduro was sworn in for a third presidential term in Venezuela, following disputed presidential elections held in July 2024.
  • Bollywood actor Akshay Kumar has been appointed as the brand ambassador for POCO India.
  • The Indian Council of Agricultural Research – National Bureau of Animal Genetic Resources (ICAR-NBAGR) has recognized the Gaddi dog, an indigenous breed from the Himalayas.
  • In a groundbreaking achievement, India’s indigenous surgical robotic system, SSI Mantra, successfully conducted two robotic cardiac surgeries via telesurgery over a distance of 286 kilometers.
  • The Indian Space Research Organisation (ISRO) will launch a communication satellite for US-based firm AST SpaceMobile in March 2025.
  • National Youth Day 2025 is observed on the 12th January 2025

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