Daily Current Affairs January 16 & 17 2024 | Latest News | Download PDF

By rihana rihana - Jan 18 2024

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CURRENT AFFAIRS : BANKING & FINANCE

United States International Development Finance Corporation and India’s National Infrastructure Investment Fund Collaborate to Establish $1 Billion Fund for Financing Renewable Energy Projects

  • The United States International Development Finance Corporation (USIDFC) and India’s National Infrastructure Investment Fund (NIIF) are “working on the possibility of creating a fund” that would invest in renewable energy and green projects in India.
  • The idea is to create a fund with the USIDFC and NIIF bringing in $500 million each and getting more from other investors.
  • NIIF is a “collaborative investment platform” for international and Indian investors, anchored by the Government of India, which manages funds with investments in different asset classes and diversified sectors that generate attractive risk-adjusted returns.
  • NIIF manages over $44.9 billion of equity capital commitments across its 4 funds – Master Fund, Private Markets Fund, Strategic Opportunities Fund, and India-Japan Fund.
  • USIDFC has an exposure of $4 billion in India, which is 10 percent of its global exposure.

About National Investment and Infrastructure Fund (NIIF) :

  • NIIF is India’s first sovereign wealth fund set up by the Government of India in 2015.
  • It is an investor-owned fund manager, anchored by the Government of India (GoI) in collaboration with leading global and domestic institutional investors.
  • NIIF’s mandate includes investing in areas such as energy, transportation, housing, water, waste management and other infrastructure-related sectors in India.

Functioning :

  • It is being operationalized by establishing three Alternative Investment Funds (AIFs) under the SEBI Regulations.
  • The proposed corpus of NIIF is 40,000 Crores funded 49% from Government of India.
  • Rest from strategic anchor partners (Overseas sovereign/quasi-sovereign/multilateral/bilateral investors).

NIIF and Three Funds :

  • NIIF currently manages three funds each with its distinctive investment mandate.
  1. Master Fund: A fund focused on creating scalable sectoral platforms in core infrastructure and in collaboration with strong and reputed operating and financial partners.
  2. Fund of Funds: A fund focused on anchoring and investing incredible and reputed third-party managers with a strong track record across diversified sectors within infrastructure services and allied sectors.
  3. Strategic Investment Fund: A fund focused on investing in strategic assets and projects with longer-term horizons across various stages of development.

About USIDFC :

  • Founded : December 20, 2019
  • Headquarters : Washington, D.C, United States of America
  • CEO : Scott Nathan
  • The USIDFC is a development finance institution and agency of the United States federal government.

Direct Tax Collections at ₹14.70 Lakh Crore Reach 81% of Budget Estimates for FY24

  • Net direct tax collections have reached approximately 81% of the Budget Estimate during the period from April 1 to January 10 in the current fiscal year.

Key Highlights :

  • The current trend suggests that direct tax collections may surpass the Budget target by an estimated ₹80,000-90,000 crore.
  • The Budget target for direct tax collections in the current fiscal year is ₹18.23 lakh crore.
  • Corporate income tax (CIT) and personal income tax (PIT) are included in Direct Taxes.
  • According to the Central Board of Direct Taxes (CBDT), direct tax collection, net of refunds, stands at ₹14.70-lakh crore.
  • This collection is 19.4% more than the net collections for the corresponding period of last year.

Definition of Direct Tax :

  • A direct tax is a tax that a person or organization pays directly to the entity that imposed it.
  • Examples include income tax, real property tax, personal property tax, and taxes on assets, all of which are paid by an individual taxpayer directly to the government.

World Bank keeps India’s FY25 GDP growth estimate unchanged at 6.4%

  • The World Bank has maintained its economic growth projection for India in the fiscal year 2024-25 at 6.4 percent.

Key Highlights :

  • Basis of Unchanged Projection : The unchanged projection is attributed to factors such as strong domestic demand, increased public infrastructure spending, and robust growth in private-sector credit.
  • Concerns about Private Consumption Growth : The World Bank anticipates a potential tapering off in private consumption growth for India.
  • This is attributed to factors like high food inflation and diminishing pent-up demand.
  • India’s Growth Rate Ranking : In its biannual ‘Global Economic Prospects’ report, the World Bank said India was likely to maintain the fastest growth rate among the world’s largest economies, but its post-pandemic recovery was expected to slow, with estimated growth of 6.3 per cent in FY24, before recovering gradually to 6.5 per cent in FY26.
  • World Economy Growth Forecast : The Washington-based organisation forecast that the world economy will expand 2.4 per cent this year.
  • Non-Inclusion of NSO’s First Advance Estimates : The World Bank’s forecast for India does not take into account the National Statistical Office’s (NSO) first advance estimates.NSO’s estimates had projected a higher growth rate of 7.3 percent for India in FY24.
  • Comparison with RBI’s Estimate : The NSO’s projection is higher than the Reserve Bank of India’s (RBI) estimate of 7 percent, assuming an investment-led recovery.

About World Bank :

  • Established : July 7, 1944
  • Headquarters : Washington, D.C., United States
  • President : Ajay Banga
  • The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.

Reserve Bank of India imposes monetary penalty on Punjab and Sind Bank

  • The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1 crore on Punjab and Sind Bank for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’.
  • This penalty has been imposed in the exercise of powers vested in RBI conferred under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 51(1) of the Banking Regulation Act, 1949.
  • This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background :

  • The Statutory Inspection for Supervisory Evaluation (lSE 2022) of the bank was conducted by RBI with reference to its financial position as of March 31, 2022.
  • The examination of the Risk Assessment Report / Inspection Report pertaining to ISE 2022, and all related correspondence in that regard, revealed, inter alia, non-compliance with the aforesaid direction by the bank, to the extent it sanctioned a term loan to a Corporation

(i) in lieu of or to substitute budgetary resources envisaged for certain projects;

(ii) without undertaking due diligence on the viability and bankability of the projects to ensure that revenue streams from the projects were sufficient to take care of the debt servicing obligations;

(iii) the repayment / servicing of which was made out of budgetary resources.

About Punjab & Sind Bank :

  • Founded : 24 June 1908
  • Headquarters : New Delhi.
  • MD & CEO : Swarup Kumar Saha

E Magazine

CURRENT AFFAIRS: NATIONAL NEWS

Union Minister Rao Inderjit Singh launches the MPLADS e-SAKSHI Mobile Application for the Revised Fund Flow Procedure under the MPLAD Scheme

  • The Minister of State (Independent Charge) of the Ministry of Statistics and Programme Implementation (MoSPI) Rao Inderjit Singh launched the MPLADS e-SAKSHI Mobile Application for revised fund flow procedure under the MPLAD Scheme, at Khurshid Lal Bhawan, New Delhi.
  • The launching event was attended by various dignitaries, including the Chief Statistician of India-cum-Secretary, Additional Secretary, and other senior officers of the Ministry, as well as senior officials of SBI and TCS.
  • The objective of the MPLAD Scheme is to enable the Members of Parliament (MPs) to recommend works of a developmental nature with emphasis on the creation of durable community assets based on locally felt needs.
  • The revised set of guidelines aims to broaden the scope of the Scheme to enable the MPs to recommend the developmental works as per the changing needs of the community; with an emphasis on improving the functioning, implementation and monitoring of the MPLAD scheme.
  • The launching of the e-SAKSHI mobile application for Members of Parliament (MPs) under the MPLAD scheme will bring forth a myriad of benefits, revolutionizing the way they engage with and manage development projects in their constituencies.
  • The mobile app would offer convenience and accessibility, allowing MPs to propose, track, and oversee the projects at their fingertips.
  • This real-time access enhances decision-making processes, enabling swift responses to emerging needs or issues.
  • The application will streamline the communication between MPs and relevant authorities, facilitating a more efficient exchange of information.

Prime Minister dedicates infrastructure projects worth more than ₹4,000 crores in Kochi, Kerala

  • Indian Prime Minister, Shri Narendra Modi inaugurated three major infrastructure projects worth more than Rs 4,000s crore in Kochi, Kerala.
  • The projects being inaugurated include the New Dry Dock (NDD) at Cochin Shipyard Limited (CSL), the International Ship Repair Facility (ISRF) of CSL, and LPG Import Terminal of Indian Oil Corporation Limited at Puthuvypeen, Kochi.
  • These major infrastructure projects are in line with the Prime Minister’s vision to transform India’s ports, shipping, and waterways sector, and build capacity and self-sufficiency in it.
  • The Union Minister of Ports, Shipping & Waterways and Ayush, Shri Sarbananda Sonowal joined the Prime Minister, Shri Narendra Modi when these four projects were dedicated to the nation here at CSL

Overall Mineral Production Increases by 6.8% in November 2023

  • The index of mineral production of the mining and quarrying sector for November 2023 (Base: 2011-12=100) at 131.1, is 6.8 % higher as compared to the level in the month of November, 2022.
  • As per the provisional statistics of Indian Bureau of Mines (IBM) ,the cumulative growth for the period April- November, 2023-24 over the corresponding period of previous year is 9.1 % per cent.      

Key Highlights

  • Production level of important minerals in November, 2023 were: Coal 845 lakh tonne, Lignite 33 lakh tonne, Natural gas (utilized) 2991 million cu. m., Petroleum (crude) 24 lakh tonne, Bauxite 2174 thousand tonne, Chromite 135 thousand tonne, Copper conc. 9 thousand tonne , Gold 85 kg, Iron ore 250 lakh tonne, Lead conc. 29 thousand tonne, Manganese ore 287 thousand tonne, Zinc conc. 136 thousand tonne, Limestone 352 lakh tonne, Phosphorite 101 thousand tonne, and Magnesite 98 thousand tonne.
  • Important minerals showing positive growth during November, 2023 over November, 2022 include: Magnesite (14.1%), Coal (11%), Iron Ore (8%), Natural gas (U) (7.6%), Limestone(6.5%), Manganese Ore (4.7%), Lignite(2%) and Zinc Conc.(1.7%) and Other important minerals showing negative growth include: Petroleum(crude) (-0.4%), Bauxite (-2.4%), Lead Conc.(-4.6%), Copper Conc.(-5.3%) , Gold (-35.6%), Chromite (-44.6%), Phosphorite (-50.7%) and Diamond (-92.9%).

Union Minister Dr. Jitendra Singh to inaugurate 9th Indian International Science Festival in Haryana

  • Minister of State for Science and Technology Dr Jitendra Singh will inaugurate the 9th Indian International Science Festival in Faridabad, Haryana.
  • The primary objective of this festival is to commemorate the world of science, making it accessible to all.
  • It will continue till 20th January, which aims to engage the public with science and celebrate the joy of science.
  • The Department of Science and Technology informed that during the festival, 17 different events are being organized keeping in mind different sections of the society like young students, women scientists, toy manufacturers, social organizations, science teachers and start-ups. School, College students and general public can visit the festival through registration.
  • The department said that in the era defined by technological leaps, India emerges as a global frontrunner, showcasing its unparalleled prowess on the international stage.
  • From the ground-breaking Mars Orbiter Mission to the awe-inspiring Chandrayaan expeditions, India is not just keeping pace with technological advancements, it is leading the charge.

Vice President Jagdeep Dhankhar releases book titled ‘Fertilising the Future: Bharat’s March Towards Fertilizer Self-Sufficiency

  • Vice President Jagdeep Dhankhar released the book ‘Fertilising the Future: Bharat’s March Towards Fertilizer Self-Sufficiency’ written by Chemicals and Fertilizers Minister Dr. Mansukh Mandaviya.
  • Sharing about the book release in a social media post, Dr. Mandaviya expressed his gratitude to the Vice President.
  • The Hindi version of the book is titled ‘Urvarak-Atmanirbharta ki Raah.’ Mandaviya further added, the book delineates the journey of making India self reliant in the fertilizer sector under the leadership of Prime Minister Narendra Modi and the revolutionary changes that have taken place till date.

Government May Extend Concessional 15 Pc Tax For New Manufacturing Units By One Year

  • Industry seeks an extension to sunset period for getting the concessional tax rate of 15% for companies that set up Greenfield manufacturing units.
  • Industry bodies have petitioned the Finance Ministry for a three-year extension to the concessional tax regime.
  • The concessional tax regime ends on 31 March 2024.
  • Despite the tax rates that are concessional (15% for newly established manufacturing enterprises and 22% for all other corporates), the net growth in corporate income tax collections in January was 12.37% higher than the previous year.
  • The government revenues have been positively impacted by the lower or concessional tax rates.
  • The industrial and manufacturing sector, especially MSMEs have also benefitted from the lower or concessional tax rates.
  • The industry is in favour of extending the sunset period by at least three years.
  • Under Section 115BAB, a tax rate of 15% (17.16% after surcharge and cess) was declared in 2019 for newly established manufacturing enterprises.
  • The deadline to avail of lower rates was originally set for March 31, 2023, but it was later extended by a year.

PM Modi releases first instalment of PM-JANMAN to 1 lakh beneficiaries

  • PM Modi released the first instalment to 1 lakh beneficiaries of PMAY-G under the PM-JANMAN scheme.
  • PM Modi released the first instalment of Pradhan Mantri Awas Yojana – Gramin under the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN).
  • PM Modi released ₹540 crores as the first instalment of funding.
  • Since the launch of the PM-JANMAN scheme, had sanctioned projects worth over ₹4,700 crore through 9 ministries under the PM-JANMAN package.
  • PM-JANMAN was launched for the socio-economic welfare of Particularly Vulnerable Tribal Groups (PVTGs) in November 2023.
  • It has a budget of around 24,0004 crore rupees.
  • It focuses on 11 critical interventions through nine ministries.
  • It aims to improve the socio-economic conditions of the PVTGs by saturating PVTG households and habitations with basic facilities.
  • Safe housing, clean water to drink, better access to healthcare, nutrition, education, energy, road and telecom connectivity, and chances for sustainable livelihood are some of these facilities.
  • Pradhan Mantri Awaas Yojana- Gramin (PMAY-G) was launched by the Ministry of Rural Development.
  • Under the PMAY- G, the beneficiaries are provided financial assistance of Rs 1.2 lakh in plains and Rs 1.3 lakh in hilly states-Northeastern states and union territories (UTs) of Jammu & Kashmir and Ladakh-as well as difficult areas and Integrated Action Plan (IAP) districts.
  • Beneficiaries are based on housing deprivation parameters of Socio-Economic and Caste Census (SECC), 2011 and are subjected to 13-point exclusion criteria followed by Gram Sabha verification.
  • This scheme is meant for people who do not own a house and people who live in kutcha houses or houses which are severely damaged.
  • At present, the minimum size of the houses to be built under the PMAY-G scheme has been increased to 25 sq. mt. from 20 sq. mt.

CURRENT AFFAIRS: INTERNATIONAL NEWS

Ukraine and Britain sign security agreement in Kyiv

  • British Prime Minister Rishi Sunak has signed a new security agreement with Ukraine’s president and announced an increase in military funding for the war-wracked country during a visit to Kyiv.
  • Britain, one of Ukraine’s closest allies during the Russian invasion, will increase its support in the next financial year to 2.5 billion pounds ($3.2bn), an increase of 200 million pounds ($255m) on the previous two years, Sunak stated.
  • The funding would cover long-range missiles, air defence, artillery ammunition and maritime security.
  • Ukrainian President Volodymyr Zelenskyy stated Ukraine and Britain also signed an “unprecedented security agreement”, an accord that would remain in effect until Ukraine joins the NATO military alliance.
  • “This is not simply a declaration. This is a reality that will come to fruition as a result of our cooperation, including security commitments from a major global power, the United Kingdom.
  • If the UK and other countries had provided such a level of guarantees after 1991, there would have been no Russian aggression at all,” Zelenskyy wrote on the social media platform X.
  • He added that the common goal was to ensure that an attack on Ukraine “will never happen again” once the war ends.

We Lead to Credible India: Indian lounges dominate World Economic Forum in Davos                       

  • The World Economic Forum (WEF) is holding its Annual Meeting from January 15 to 19 in Davos, Switzerland.
  • Attendees include António Guterres, UN Secretary-General, Ajay Banga, President of the World Bank Group, Tedros Adhanom Ghebreyesus, Director-General of the World Health Organisation, and political leaders from India, the US, China, France and Sri Lanka, among others.

World Economic Forum:

  • German professor Klaus Schwab founded the WEF. He was a mechanical engineering graduate who then earned a Master of Public Administration degree from the John F. Kennedy School of Government at Harvard University.
  • From 1972 to 2003, Schwab was a professor of business policy at the University of Geneva.
  • He founded WEF in 1971, originally known as the European Management Forum. It introduced the concept of “stakeholder capitalism.” According to Schwab, “It is a form of capitalism in which companies do not only optimize short-term profits for shareholders, but seek long-term value creation, by taking into account the needs of all their stakeholders, and society at large.”
  • The WEF website says of the idea: “A company should serve all its stakeholders, not just its shareholders: employees, suppliers, and the community it is part of.” As an extension of this, business, government and civil society leaders have made their way to the high Alps “to consider the major global issues of the day and to brainstorm on solutions to address these challenges,” it adds.

What happens at WEF?

  • Initially, Professor Schwab focused the meetings on how European firms could catch up with US management practices. Events in 1973, namely the collapse of the Bretton Woods fixed exchange rate mechanism and the Arab-Israeli War, saw the Annual Meeting expand its focus from management to economic and social issues.
  • Two years later, the organisation introduced a system of membership for ‘the 1,000 leading companies of the world’. The European Management Forum was the first non-governmental institution to initiate a partnership with China’s economic development commissions in 1979 – the same year China and the US established diplomatic ties.
  • Davos brings together some 3,000 participants (including paying members and selected invitees), among whom are investors, business leaders, political leaders, economists, celebrities and journalists, for up to five days to discuss global issues across 500 Thus, the WEF has become a forum for various stakeholders to meet and discuss global and regional socio-economic issues.

WEF Meeting at Davos

  • The WEF is largely funded by its partnering These are generally global enterprises with annual turnover greater than $5 billion. Davos was the setting for Thomas Mann’s novel The Magic Mountain.
  • The book is the story of a young man who goes to Davos to stay at a sanatorium for three weeks and ends up spending seven years there.
  • Relaxed in its serene environs, it seeks to cut through the many distractions of global politics to succeed in its mission to create a more prosperous global economy.

What else happens at WEF:

  • In the past, it has been used as a location for pivotal international diplomacy as leaders can break tensions in the town. The WEF website states that North and South Korea held their first ministerial-level meetings in Davos.
  • At the same Meeting, East German Prime Minister Hans Modrow and German Chancellor Helmut Kohl met to discuss German reunification.
  • In 1992, South African President de Klerk met Nelson Mandelaand Zulu prince Mangosuthu Buthelezi at the Annual Meeting, their first joint appearance outside South Africa and a milestone in the country’s political transition.
  • In 1998, participants emphasised the need to include major developing countries in the process. One idea was to set up a body to include 20 countries – half developed economies and the other developing ones. Such a meeting of what became known as the G20was held in Bonn, Germany, later that year. Participation was restricted to finance ministers and its scope was limited to global finance.
  • The G20 meeting was eventually elevated to a summit. This happened in 2008 when the US hosted a G20 summit in Washington DC to address the impact of the global economic crisis.
  • The WEF also went on to regularly publish global rankings and indices, such as the Global Competitiveness Reportand the Global Gender Gap Report.

CURRENT AFFAIRS: STATE NEWS

Modi inaugurates NACIN complex in Andhra Pradesh    

  • Prime Minister Narendra Modi will be inaugurating the new campus of National Academy of Customs, Indirect Taxes & Narcotics (NACIN) at Palasamudram in Andhra Pradesh’s Sri Sathya Sai
  • He will be interacting with the Officer Trainees of the 74th and 75th batch of Indian Revenue Service (Custom and Indirect Taxes) as well as the Officer Trainees of the Royal Civil Service of Bhutan.
  • He will be visiting the Antiques Smuggling Study Centre, Narcotics Study Centre and Wildlife Crime Detection Centre at NACIN and will also plant a sapling and interact with construction workers.
  • The PM will also be releasing a book titled Flora of Palasamudram.
  • Andhra Pradesh Governor S A Nazeer, Chief Minister Y S Jagan Mohan Reddy and Union Finance Minister Nirmala Seetharaman are also likely to participate in the programme.

About NACIN:

  • NACIN is an apex training institute by the Government of India which plays a pivotal role in training officers of various countries in the department of customs, drug laws and environment protection.
  • It has been imparting in-service training to the officers of Government of India across several departments including Customs, Central Excise, Service Tax, Drug Laws, Anti-Money laundering, Weapons of Mass Destruction, Fake Indian Currency Notes, Currency Notes, Ozone Depleting Substance (ODS), Intellectual Property Right (IPR)

Here are five things about the institute:

Organisation:  

  • NACIN is a training institute by the Government of India under the administrative control of the Central Board of Excise & Customs (CBEC), Department of Revenue, Ministry of Finance, Government of India.

Vision:

  • NACIN has a vision to create an institution of excellence where people can achieve full potential in their academic, creative, personal, physical, moral and spiritual development.

Mission:

  • The mission of NACIN is to meet the requirements of the Excise and Customs Department and to contribute to strengthening the nation.

Aim:

  • NACIN aims at looking out of the box and the ability to read and find out the fine things that often escape the less trained and inexperienced eyes.
  • It aims at creating dynamism by making a habit of not accepting things, especially the systems that promote stagnation and corruption.
  • NACIN also aims at skill management by learning, unlearning and relearning along with the changing time.
  • The institute aims at making people want to take decisions without haste or delay and is dedicated to instill professionalism in officer trainees.

Idea:

  • The institution operates on a set of powerful ideals.
  • The purpose is not to fill the minds of young officers with an endless accumulation of raw facts. Instead, its idea is to infuse a new dynamic and composite perspective in the minds of the trainees.
  • The institute believes in continuous modernisation and restructuring.

About Andhra Pradesh:

  • Governor: Abdul Nazeer
  • Chief minister: YS Jagan Mohan Reddy
  • Capital: Amaravati
  • National Park : Nagarjunasagar Srisailam Tiger Reserve, Papikonda National Park, Rajiv Gandhi (Rameswaram) National Park, Sri Venkateswara Wildlife Sanctuary, National Park
  • Wildlife Sanctuaries : Gundla Brahmeswaram Wildlife Sanctuary, Coringa Wildlife Sanctuary, Koundinya Wildlife Sanctuary, Krishna Wildlife Sanctuary, Pulicat Lake Wildlife Sanctuary

Maharashtra Pench Tiger Reserve becomes India’s first Dark Sky Park

  • The Pench Tiger Reserve (PTR) in Maharashtrahas been marked as India’s first Dark Sky Park and the fifth such park in Asia for protecting the night sky and preventing light pollution, making the facility ideal for astronomy enthusiasts.
  • The International Union for Conservation of Nature(IUCN) emphasises on the recognition of the intrinsic value of the night sky as a natural, cultural, and historical resource.
  • The IUCN also highlights the need to preserve natural darkness for the sake of nature conservation, ecological integrity in protected areas, and the well-being of communities in healthy cities, stated Prabhu Nath Shukla, deputy director of PTR Maharashtra.
  • The escalating global threat of light pollutionposes a substantial risk to this invaluable resource, he stated in a release.
  • The Dark and Quiet Skies for Science and Society Working Group, led by the International Astronomical Union, has recommended the establishment of ‘Dark Sky Oases’ by national and local governments, Shukla
  • He stated the Dark Sky Place certification focuses on lighting policy, dark sky-friendly retrofits, outreach and education, and monitoring the night sky.
  • The reserve has inaugurated a night observatory with the district planning committee (DPC) fund, the official stated, adding that the area near Bagholihas been earmarked for stargazing.
  • As part of the measures, more than 100 street and community lights in Wagholi, Sillari, Pipariya and Khapa villages of the Paoni UC Range buffer area have been replaced with lights facing the ground to mitigate light pollution, he stated.

About Pench Tiger Reserve:

  • Pench Tiger Reserve or Pench National Park is one of the premier tiger reserves of India and the first one to straddle across two states – Madhya Pradesh and Maharashtra. 
  • The fictional works of Rudyard Kipling, The Jungle Book and The Second Jungle Book, are set in the region. Kipling himself never visited the area, instead basing his descriptions on other locations in India.

What is a Dark Sky Park?

  • A dark-sky preserve is an area, usually surrounding a park or observatory, that restricts artificial light pollution.
  • The purpose of the dark-sky movement is generally to promote astronomy.
  • The Indian Astronomical Observatory(IAO), a high-altitude astronomy station located in Hanle, and operated by the Indian Institute of Astrophysics, is India’s first dark-sky preserve.
  • It is Situated in the Western Himalayasat an elevation of 4,500 meters (14,764 ft), the IAO is one of the world’s highest-located sites for optical, infrared and gamma-ray telescopes.

About Maharashtra:

  • Governor: Ramesh Bais
  • Chief minister: Eknath Shinde
  • Capital: Mumbai
  • National Park : Sanjay Gandhi (Borivali) National Park, Nawegaon National Park, Pench (Jawaharlal Nehru) National Park , Gugamal National Park, Tadoba National Park

Haryana CM Inaugurates 2nd Panchkula Book Fair with ‘Knowledge and Electricity’ Theme

  • Haryana Chief Minister Manohar Lal inaugurated the 2nd Panchkula Book Fair, organized by six departments under the aegis of power companies in Panchkula.
  • The National Book Trust also has a special contribution in this fair.
  • The theme of the book fair is “Haryana illuminates with the light of knowledge, knowledge flows through electricity”.
  • Nearly 100 publishers have put stalls in the fair, in which books of Hindi, English, Urdu, Sanskrit, Punjabi, among others are available. The book fair will continue till 22 January.
  • Addressing the event, Haryana Chief Minister stated that the coordination of language in books is akin to the mutual relationship between body and soul.
  • He stated that books not only enhance knowledge but also free us from mental stress.
  • He stated that in ancient times, ‘Shruti Gyaan’ was used to impart knowledge to the future generations.

About Haryana:

  • Governor: Bandaru Dattatreya
  • Chief minister: Manohar Lal Khattar
  • Capital: Chandigarh
  • National Park : Sultanpur National Park, Kalesar National Park
  • Wildlife Sanctuaries: Morni Hills (Khol-Hi-Raitan) Wildlife Sanctuary & Bir Shikargarh Wildlife Sanctuary, Chhilchhila Lake Wildlife Sanctuary, Khaparwas Wildlife Sanctuary

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Denmark’s King Frederik X takes the throne as his mother Queen Margrethe II steps down after 52 years        

  • Denmark’s King Frederik X ascended the throne, succeeding his mother, Queen Margrethe II, who formally abdicated after 52 years as monarch, with big crowds gathered in the capital to witness history.
  • Margrethe, 83, stunned the nation on New Year’s Eve when she announced she planned to become the first Danish monarch in nearly 900 years to voluntarily relinquish the throne.
  • The succession was formalized the moment Margrethe signed the declaration of her abdication during a meeting of the Council of State at parliament, the royal palace stated.
  • Denmark, one of the oldest monarchies in the world, does not have a coronation.
  • The meeting was attended by government representatives, Margrethe, Frederik, 55, his Australian-born wife Mary, 51, who is now queen, and their oldest son Christian, 18, who is the new heir to the throne.
  • About an hour after the signing, Prime Minister Mette Frederiksen was due to proclaim the new king on the balcony of the parliament and Frederik gave a short speech.

Royal Power Couple

  • Margrethe, who in the past had stated she would remain on the throne for life, did not give an exact reason for her decision to step down but said that a major back surgery she underwent in February last year had made her consider her future.
  • “It could be that she thinks Prince Frederik is prepared to take over now,” said Lars Hovbakke Sorensen, a historian and associate professor at University College Absalon in Denmark.
  • “He’s 55, and maybe the queen wanted to avoid a situation where you would have a very, very old king, as you saw with Prince Charles.”
  • The British king was 73 when he ascended the throne after his mother Queen Elizabeth died in September 2022 aged 96.
  • The new king and queen take the throne at a time of huge public support and enthusiasm for the monarchy.
  • The most recent survey done after Margrethe announced she would abdicate indicated that 82% of Danes expect Frederik to do well or very well in his new role, while 86% said the same about Mary.

Reformist Arevalo sworn in as Guatemala president after opponents delay inauguration

  • Anti-corruption crusader Bernardo Arevalo was sworn in as Guatemala’s president after a chaotic inauguration that was delayed for hours by a last-ditch attempt by Congress opponents to weaken his authority.
  • The latest in a series of legislative setbacks triggered by opponents underscored the challenges Arevalo faces as leader of Central America’s most populous nation, to which he has pledged to bring sweeping reforms and tackle the rising cost of living and violence, key drivers of migration to the United States.
  • Arevalo won August elections by a landslide and about 9 hours after his inauguration was scheduled to start, he took the oath as president, replacing conservative politician Alejandro Giammattei whose government has been engulfed in corruption scandals.
  • Giammattei skipped the ceremony. Arevalo’s unexpected election victory was seen as a watershed moment for Guatemala, where the 65-year-old has cast himself as a democracy advocate and the leader of a progressive movement bent on reshaping a political landscape long dominated by conservative parties.
  • A career diplomat, sociologist and son of a former president, Arevalo has faced steady opposition from established political parties such as those of Giammattei, whose allies have repeatedly tried to undermine his election victory.
  • Guatemala’s attorney general, an ally of Giammattei, has made several attempts to hinder Arevalo’s transition to the presidency, including trying to strip Arevalo and his vice president of legal immunity, attempting to suspend his Semilla party and annul the election.
  • The attorney general’s office has defended its actions as within the framework of Guatemala’s laws, but the political infighting has highlighted to many Guatemalans the limitations Arevalo’s administration faces.
  • In addition to tackling domestic issues, the government of Arevalo and Vice President Karin Herrera will have to balance demands by the United States to stem migration amid record-high remittances that keep the local economy afloat.
  • Acting on U.S. pressure, Giammattei often deployed the police and the military to stop migrants, and they used heavy-handed tactics such as launching tear gas at the crowds.
  • In his inauguration speech, Arevalo stated his government was committed to treating migrants crossing Guatemala’s territory with “dignity, respect, compassion, in the same way we will demand that Guatemalan migrants are treated abroad.”.

Andhra Pradesh Congress Chief Rudraraju Gidugu resigns, YS Sharmila likely to take over               

  • Andhra Pradesh Congress Committee (APCC) Chief Rudraraju Gidugu stepped down from the post.
  • However, sources have stated that he will continue his journey with the grand old party until further orders from the high command.
  • Earlier this month, YS Sharmila, the sister of Andhra Pradesh Chief Minister Jaganmohan Reddy and daughter of former Chief Minister YS Rajasekhar Reddy, joined Congress after merging her party, YSR Telangana Party, into Congress.
  • As per the sources, she is likely to be appointed as the APCC President and will be made to face off with her brother, Reddy, in the Lok Sabha polls.
  • She was inducted into the party by Congress president Mallikarjun Kharge in the presence of former party president Rahul Gandhi and other senior leaders, including the general secretary of the organisation, KC Venugopal.
  • Speaking on the occasion, Sharmila stated it gave her immense pleasure that the YSR Telangana Party had merged with the Congress. She stated her father, the late YS Rajasekhar Reddy, not only served the Congress party his entire life but also gave his life serving the party.
  • Sharmila stated that she had decided to join the Congress as it was the only true and largest secular party in the country. She stated it always upheld the culture of India, serving all sections and uniting the people of India.
  • Sharmila added that she was deeply pained and anguished over what happened in Manipur. She stated this can always happen if a party like Congress is not in power.
  • She went on to disclose that it was her father’s dream to see Rahul Gandhi as the Prime Minister of India, and she was glad that she was going to be a part of making that happen.
  • YS Sharmila stated that whatever role the Congress party will give her, she will perform it with loyalty, integrity and diligence.

BP appoints interim CEO Murray Auchincloss as permanent boss following Bernard Looney’s exit

  • Energy giant BP appointed interim boss Murray Auchincloss as permanent CEO on January 17.
  • The development came four months after Bernard Looney’s sudden resignation on September 12 over undisclosed relationships with employees.
  • Murray Auchincloss indicated that he would continue a strategy aimed at slashing carbon emissions, building up its renewables and clean fuel capacity and cutting oil and gas output by
  • Murray Auchincloss headed BP’s finances under
  • BP shares started the day 1 percent lower while Shell was down by 2 percent. Amid a recent wave of consolidation, there is speculation that BP could be an acquisition target as the stock has underperformed rivals since Looney’s departure.
  • In February last year, Murray Auchincloss played a key role in formulating changes that Looney made to the company’s strategy.
  • These changes included slowing down BP’s retreat from oil and gas and reducing spending on renewables in an effort to improve returns.
  • Moreover, Murray Auchincloss’ partner is a BP employee.
  • He disclosed the relationship status before becoming CFO in 2020. The new CEO will receive an annual salary of 1.45 million pounds ($1.83 million) plus bonus.
  • The process to appoint a person to the permanent role of CFO continues while Kate Thomson continues to serve as interim CFO, a spokesperson informed.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India Signs Agreement for Lithium Exploration & Mining Project in Argentina

  • Ministry of Mines, Government of India has achieved a significant milestone with the signing of an agreement between Khanij Bidesh India Limited (KABIL) and the state-owned enterprise of Catamarca province of Argentina CATAMARCA MINERA Y ENERGÉTICA SOCIEDAD DEL ESTADO (CAMYE N SE) at Catamarca, Argentina.
  • This is the first ever lithium exploration and mining project by a Government Company of India.
  • KABIL will start exploration and development of 5 lithium brine blocks viz 1.
  • Cortadera-I, 2. Cortadera-VII, 3. Cortadera-VIII, 4. Cateo-2022-01810132 and 5.
  • KABIL is also preparing to set up a branch office at Catamarca, Argentina.
  • The project cost is about 200 crores.
  • Argentina is the part of “Lithium Triangle” along with Chile and Bolivia with more than half of world’s total lithium resources and having the distinction of having 2nd largest lithium resources, 3rd largest lithium reserves and 4th largest production in world.
  • Khanij Bidesh India Limited (KABIL), is a joint venture between NALCO, Hindustan Copper, and Mineral Exploration.

CURRENT AFFAIRS: SPORTS NEWS

Indian Shooter Yogesh Singh Wins Gold in Men’s 25m Centre Fire Pistol at Asia Olympic Qualifiers

  • Indian shooters continued with winning gold in the Asia Olympic Qualifiers with Yogesh Singh winning the top prize in individual as well as team event of the men’s 25m centre fire pistol competition in Jakarta, Indonesia.
  • Yogesh claimed the individual gold medal after shooting 573, finishing ahead of silver winner Muad Al Balushi of Oman (570) and Indonesia’s Anang Yulianto (567).
  • The other two Indian participants in the event, Pankaj Yadav (567) and Akshay Jain (564), ended fourth and sixth.
  • The Indian trio aggregated 1704 to bag the team gold ahead of shooters from Oman and Indonesia.
  • In women’s event, the Indian trio of Shreyasi, Manisha Keer and Bhavya Tripathi, however, won the silver medal in the women’s trap team event with a total of 328, finishing behind China and ahead of Kazakhstan.

Argentine superstar Lionel Messi once again bags The Best FIFA Men’s Player Award

  • Argentine superstar Lionel Messi has once again bagged The Best FIFA Men’s Player.
  • The announcement was made at the Best FIFA Football Awards ceremony in London.
  • Messi came out on top in the voting leaving behind the other finalists, Erling Haaland and Kylian Mbappe.
  • This is the 3rd time in the last 4 years that Messi has got the award.
  • Spain and Barcelona striker Aitana Bonmati was bestowed with the Best FIFA Women’s Player Award.
  • Manchester City coach Pep Guardiola won the Best Men’s Manager award while England coach Sarina Wiegman claimed the award for the Best Woman Coach for a record fourth time.
  • Manchester City stopper Ederson won the Best Men’s Goalkeeper while Mary Earps, the Manchester United and England No. 1, won the Women’s Goalkeeper award in the ceremony in London.

Rameshbabu Praggnanandhaa surpasses Viswanathan Anand to become India’s number-one Chess player

  • India Chess Wizard Rameshbabu Praggnanandhaa defeated World Chess Champion Ding Liren in the Tata Steel Masters in Wijk aan Zee, in the Netherlands.
  • As a result of this victory, Praggnanandhaa became only the second Indian after Vishwanathan Anand to defeat a reigning champion.
  • He also overtook Anand to become India’s new number one Chess player in terms of live ratings.

CURRENT AFFAIRS: OBITUARIES

Urdu poet Munawwar Rana passes away

  • Noted Urdu poet Munawwar Rana passed away at the Sanjay Gandhi PostGraduate Institute of Medical Sciences in Lucknow.
  • He was Born on November 26, 1952, he left a mark on Indian literature and his work, “Shahdaba”, earned him the prestigious Sahitya Akademi Award in 2014 but he returned it due to political reasons.
  • During the anti-CAA (Citizenship Amendment Act), his daughter and he supported the protesters. He was also in the news during the farmers’ agitation for purportedly controversial remarks.
  • Munawwar Rana suffered infection in the lungs and throat in 2017 and was also receiving treatment regularly due to kidney problems for which he had to undergo dialysis.

Rallying-Spanish rider Falcon dies after Dakar Rally crash

  • Spanish motorcycle rider Carles Falcon has died more than a week after crashing in the Dakar Rally in Saudi Arabia, his team stated.
  • Falcon, 45, had been in an induced coma since he was flown to hospital with severe injuries from a fall during the second stage on Jan 7.
  • Race director David Castera told reporters at the time that the rider, who was competing in the endurance event for the second time, had lacked a pulse but was resuscitated by the first doctor to arrive on the scene.
  • Falcon, from Tarragona, was competing in the unassisted bikers category.
  • The gruelling event, being held entirely in Saudi Arabia for the fifth time, has claimed many lives since the first Paris-Dakar rally was held in
  • Falcon was the 33rd competitor to die, but first since
  • Last year’s only fatality was a 69-year-old Italian spectator, Livio Sassinotti, who was hit by a truck while taking photographs behind a sand dune.

Veteran classical singer Swarayogini Dr Prabha Atre dies at 91

  • Veteran classical singer Swarayogini Dr. Prabha Atre, a representative of the Kirana Gharana, passed away at the age of 91 in Pune.
  • Her demise, attributed to a cardiac arrest, marks a significant loss in the music world.
  • Atre, a recipient of all three Padma awards, was not only an acclaimed classical vocalist but also excelled as an academician, researcher, composer, and author, holding a doctorate in music.
  • Prabha Atre, honored with the Padma Vibhushan in 2022, Padma Shri in 1990, and Padma Bhushan in 2002, leaves behind a legacy that extends beyond her contributions to classical music.
  • The loss is deeply felt, considering her multifaceted persona and unparalleled achievements in both music and academia.

Daily CA One- Liner: January 16 & 17

  • The Minister of State (Independent Charge) of the Ministry of Statistics and Programme Implementation (MoSPI) Rao Inderjit Singh launched the MPLADS e-SAKSHI Mobile Application for revised fund flow procedure under the MPLAD Scheme, at Khurshid Lal Bhawan, New Delhi
  • The Prime Minister, Shri Narendra Modi inaugurated three major infrastructure projects worth more than Rs 4,000s crore in Kochi, Kerala
  • The index of mineral production of the mining and quarrying sector for November 2023 (Base: 2011-12=100) at 131.1, is 6.8 % higher as compared to the level in the month of November, 2022
  • Minister of State for Science and Technology Dr Jitendra Singh will inaugurate the 9th Indian International Science Festival in Faridabad, Haryana
  • Vice President Jagdeep Dhankhar released the book ‘Fertilising the Future: Bharat’s March Towards Fertilizer Self-Sufficiency’ written by Chemicals and Fertilizers Minister Dr. Mansukh Mandaviya.
  • Industry seeks an extension to sunset period for getting the concessional tax rate of 15% for companies that set up Greenfield manufacturing units
  • PM Modi released the first installment to 1 lakh beneficiaries of PMAY-G under the PM-JANMAN scheme
  • Ministry of Mines, Government of India has achieved a significant milestone with the signing of an agreement between Khanij Bidesh India Limited (KABIL) and the state-owned enterprise of Catamarca province of Argentina CATAMARCA MINERA Y ENERGÉTICA SOCIEDAD DEL ESTADO (CAMYE N SE) at Catamarca, Argentina.
  • Indian shooters continued with winning gold in the Asia Olympic Qualifiers with Yogesh Singh winning the top prize in individual as well as team event of the men’s 25m centre fire pistol competition in Jakarta, Indonesia
  • Argentine superstar Lionel Messi has once again bagged The Best FIFA Men’s Player.
  • The United States International Development Finance Corporation (USIDFC) and India’s National Infrastructure Investment Fund (NIIF) are “working on the possibility of creating a fund” that would invest in renewable energy and green projects in India.
  • Net direct tax collections have reached approximately 81% of the Budget Estimate during the period from April 1 to January 10 in the current fiscal year.
  • The World Bank has maintained its economic growth projection for India in the fiscal year 2024-25 at 6.4 percent.
  • The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1 crore on Punjab and Sind Bank for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’.
  • British Prime Minister Rishi Sunak has signed a new security agreement with Ukraine’s president and announced an increase in military funding for the war-wracked country during a visit to Kyiv.
  • The World Economic Forum (WEF) is holding its Annual Meeting from January 15 to 19 in Davos, Switzerland.
  • Prime Minister Narendra Modi will be inaugurating the new campus of National Academy of Customs, Indirect Taxes & Narcotics (NACIN) at Palasamudram in Andhra Pradesh’s Sri Sathya Sai
  • The Pench Tiger Reserve (PTR) in Maharashtrahas been marked as India’s first Dark Sky Park and the fifth such park in Asia for protecting the night sky and preventing light pollution, making the facility ideal for astronomy enthusiasts.
  • Haryana Chief Minister Manohar Lal inaugurated the 2nd Panchkula Book Fair, organized by six departments under the aegis of power companies in Panchkula.
  • Prime Minister Narendra Modi dedicated to the Nation three major infrastructure projects worth over 4000 crore rupees at Kochi in Kerala.
  • Denmark’s King Frederik X ascended the throne, succeeding his mother, Queen Margrethe II, who formally abdicated after 52 years as monarch, with big crowds gathered in the capital to witness history.
  • Anti-corruption crusader Bernardo Arevalo was sworn in as Guatemala’s president after a chaotic inauguration that was delayed for hours by a last-ditch attempt by Congress opponents to weaken his authority.
  • Andhra Pradesh Congress Committee (APCC) Chief Rudraraju Gidugu stepped down from the post.
  • Energy giant BP appointed interim boss Murray Auchincloss as permanent CEO on January 17.
  • Noted Urdu poet Munawwar Rana passed away at the Sanjay Gandhi PostGraduate Institute of Medical Sciences in Lucknow.
  • Spanish motorcycle rider Carles Falcon has died more than a week after crashing in the Dakar Rally in Saudi Arabia, his team stated.
  • Veteran classical singer Swarayogini Dr. Prabha Atre, a representative of the Kirana Gharana, passed away at the age of 91 in Pune.
  • India Chess Wizard Rameshbabu Praggnanandhaa defeated World Chess Champion Ding Liren in the Tata Steel Masters in Wijk aan Zee, in the Netherlands

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