01st-02nd January, 2024

1. Finance Ministry has imposed a definitive anti-dumping duty on imports of ‘Wheel Loaders‘ from China.
2. Minister of External Affairs S Jaishankar has visited Russia from 25-29 December as a part of high-level exchange between India and Russia.
3. Pro-talks faction of the United Liberation Front of Assam (ULFA) has signed a tripartite Memorandum of Settlement (peace pact) with the Central Government and the Assam government.
4. Uttar Pradesh has ranked 1st in country in Inter-Operable Criminal Justice System (ICJS) for 3rd consecutive year.
5. Lucknow in Uttar Pradesh will be developed as first Artificial Intelligence (AI) city of India.
6. Punjab Chief Minister Bhagwant Mann has released new website for resolving issues of Non Resident Indians (NRIs).
7. Leh Ladakh in India and Lam Dong in Vietnam have launched historic cultural exchange and tourism collaboration.
8. Department of Empowerment of Persons with Disabilities (Divyangjan), Ministry of Social Justice and Empowerment has organised ‘Divya Kala Mela’ from 29th December 2023 – 7th January 2024 in Surat, Gujrat.
9. Gujarat has set Guiness World Record for the most people performing Surya Namaskar simultaneously.
10. Reserve Bank of India (RBI) ****has extended the deadline for introduction of new penal charges regime by 3 months upto April 1, 2024.
11. Bandhan Bank has introduced ‘INSPIRE’ program designed exclusively for senior citizens.
12. Central government has appointed former Niti Aayog vice chairman and Columbia University professor Arvind Panagariya as the chairman of the 16th Finance Commission.
13. Indian economy is expected to comfortably surpass the government’s growth estimate of 6.5% in FY24 as per the Finance Ministry said in its Half-Yearly Economic Review 2023-24 report.
14. India and United Arab Emirates (UAE) have commenced joint military exercise ‘Desert Cyclone’ in Mahajan, Rajasthan.
15. Indian Space Research Organisation (ISRO) has launched its first polarimetry mission X-ray Polarimeter Satellite (XPoSat).
16. January 1– Global Family Day
17. January 1– 66th Foundation Day of Defence Research and Development Organisation
18. Magnus Carlsen has won Gold medal in men category and Koneru Humpy from India has won silver in women category 2023 International Chess Federation (FIDE) World Rapid Chess title held at Samarkand, Uzbekistan.
19. Indian teenager Anahat Singh has won girls’ under-19 title at 2023 Scottish Junior Open Sqash held in Edinburgh, Scotland.
20. Australian cricket player David Warner has retired from one-day international (ODI) cricket format.
21. Felix Tshisekedi has been elected as the President of Democratic Republic of Congo.
22. Appointments Committee of the Cabinet (ACC) has approved the appointment of Vivek Srivastava as Director General of Fire Service, Civil Defence & Home Guards under the Ministry of Home Affairs.

National News

1. Finance Ministry has imposed a definitive anti-dumping duty on imports of ‘Wheel Loaders‘ from China.

• Key points–
  • This anti-dumping duty will remain valid for a period of five years, unless it is revoked earlier.
  • The duty ranges from 18.84% to 82.71% of the CIF value in US dollars, depending on the producer.
  • What is Wheel Loader?
  • It is a piece of heavy machinery used to load and carry materials across a job site.

2. Minister of External Affairs S Jaishankar has visited Russia from 25-29 December as a part of high-level exchange between India and Russia.
   • Key highlights of the visit–
     • Three agreements were signed, covering the Kudankulam Nuclear Power Plant, pharmaceuticals, healthcare, and Foreign Office Consultations.
   • About Kudankulam Nuclear Power Plant-
     • It is the biggest powerplant in India, located 650km south of Chennai, in the Tirunelveli district of Tamil Nadu, India. Source: mea
3. Pro-talks faction of the United Liberation Front of Assam (ULFA) has signed a tripartite Memorandum of Settlement (peace pact) with the Central Government and the Assam government.
   • Key points–
     • ULFA was formed in 1979 and it is the oldest insurgent group in Assam.
     • It was labelled a terrorist organisation and banned in India since 1990.
     • Faction has demanded constitutional and political reforms for the protection of identity and resources for indigenous people of Assam. Source: India Today

State News

1. Uttar Pradesh has ranked 1st in country in Inter-Operable Criminal Justice System (ICJS) for 3rd consecutive year.
   • More about ICJS–
     • ICJS platform facilitates the seamless transfer of data and information among various pillars of criminal justice system worldwide.
     • It was conceptualized by Supreme court’s e -committee and implemented by Ministry of Home Affairs.
     • Mainly the data related to crime and criminals is exchanged between courts, police, jails and forensic laboratories through single window system.
   • Rankings of Various States in ICJS–

2. Lucknow in Uttar Pradesh will be developed as first Artificial Intelligence (AI) city of India.
   • More about AI city–
     • AI city will include research centres and educational institutions which will be integrated with cutting edge technology.
     • Nodal agency for the project is UP Electronics Corporation Limited.
     • Expression of Interest (EoI) is issued for inviting real estate developers to build and operate AI city.
     • As per EoIdeveloper will receive financial support in the form of alluring financial incentives –
       • A one-time capital expenditure support of 25% up to Rs 20 crore for IT Park and Rs 100 crore for IT City
       • 100% stamp duty exemption in accordance with the IT and ITeS Policy, 2022 Source: DNA
3. Punjab Chief Minister Bhagwant Mann has released new website for resolving issues of Non Resident Indians (NRIs).
   • Key features of website–
     • URL – nri.punjab.gov.in
     • Purpose – NRIs can access various government services with a single click and get their documents attested easily on the website.
     • Website contains information about NRI police, State Commission for NRIs, and NRI Sabha.
     • NRIs can learn about and avail government scheme benefits and get legal, administrative, and general support through helpline, email, and WhatsApp. Source: ET
4. Leh Ladakh in India and Lam Dong in Vietnam have launched historic cultural exchange and tourism collaboration.
   • Key points–
     • Lam Dong boasts a temperate climate and rich cultural heritage will act as a potential tourist spot.
     • Samten Hills Dalat, a Buddhist siteis home to the world’s largest prayer wheel.
     • Samten Hills Dalat serves as a symbol of friendship and cultural diplomacy. Source: Business Standard
5. Department of Empowerment of Persons with Disabilities (Divyangjan), Ministry of Social Justice and Empowerment has organised ‘Divya Kala Mela’ from 29th December 2023 – 7th January 2024 in Surat, Gujrat.
   • Objective-
     • To provide a platform for marketing and showcasing the products and skills of Divyangjan (PwD) from various parts of the country. Sourc: PIB
6. Gujarat has set Guiness World Record for the most people performing Surya Namaskar simultaneously.
   • Key points–
     • Over 4,000 participants across 108 locations and 51 different categories have performed Surya Namaskar.
     • Record-breaking event was held at the majestic Modhera Sun Temple. Source: livemint

Banking and Economy

1. Reserve Bank of India (RBI) has extended the deadline for introduction of new penal charges regime by 3 months upto April 1, 2024.
   • Key points –
     • The original effective date for these changes was January 1, 2024.
     • The extension applies to new loans, and regulated entities (banks) must implement the new instructions for all fresh loans taken from April 1, 2024, onwards.
     • For existing loans, the transition to the new penal charges regime should happen on the next review/renewal date on or after April 1, 2024, but no later than June 30, 2024.
     • These guidelines were introduced to prevent banks from using penal charges as a way to increase revenue instead of promoting credit discipline among borrowers.
     • Penalties for loans granted to individual borrowers for non-business purposes should not exceed those applicable to non-individual borrowers for similar non-compliance.
     • These guidelines do not apply to credit cards, as they are covered under specific directions for that product.
       Source: livemint
2. Bandhan Bank has introduced ‘INSPIRE’ program designed exclusively for senior citizens.
   • Key features of ‘INSPIRE’ program–
     • Senior citizens will receive various perks, including preferential interest rates, priority banking services, and doorstep banking facilities, from the bank.
     • The bank also provides life care benefits, such as exclusive discounts on medication purchases, diagnostic services, and medical treatments.
     • Senior citizens can take advantage of fixed deposit interest rates of up to 8.35% for a 500-day tenure.
     • For tax-saver fixed deposits, senior citizens can enjoy a 7.5% per annum interest rate.

3. Central government has appointed former Niti Aayog vice chairman and Columbia University professor Arvind Panagariya as the chairman of the 16th Finance Commission.
   • Key points–
     • Commission will recommend the tax revenue sharing formula between the Centre and the States for the 5-year period beginning April 2026.
     • October 2025 is the deadline set for the Commission to submit its recommendations.
     • Commission is tasked with evaluating the existing financing arrangements for Disaster Management initiatives and propose measures to enhance the States’ consolidated funds to better support disaster management efforts.
     • It is also suggest states to supplement resources available to Panchayats and Municipalities for effective disaster response at the grassroots level.

4. Indian economy is expected to comfortably surpass the government’s growth estimate of 6.5% in FY24 as per the Finance Ministry’s Half-Yearly Economic Review 2023-24 report.
   • Key points-
     • Real GDP grew by 7.7% in the first half of FY24, which is primarily driven by strong domestic consumption and investment.
     • Private Final Consumption Expenditure (PFCE) has increased by 4.5%, contributing to 60.4% of the GDP.
     • India became the fastest-growing major economy in the first half of FY24 due to better-than-expected growth in Q2.
     • Headline inflation is on a declining trend and projected to average 5.4% in FY24.
     • Core inflation remains stable at 4.1%, while food inflation stood at 8.7% in November 2023.
     • Urban unemployment rate has decreased from 7.2% in Q2 FY23 to 6.6% in Q2 FY24.
     • Net payroll additions under EPFO has grew by 18.9% in H1 FY24, showing broad-based growth across age groups.
     • Net tax revenue has increased by 11.2% YoY to ₹13 lakh crore (Apr-Oct 2023).
     • Direct taxes displayed robust collections, with a 17.4% YoY growth in corporate taxes.
     • GST collections have reflected the momentum of economic activity, with a 12% YoY increase in November 2023.
     • Merchandise exports have contracted by 8.8% in H1 FY24.
     • Overall trade deficit has reduced to $39.9 billion in H1 FY24 from $75.3 billion in H1 FY23. Source: livemint

Defence News

1. India and United Arab Emirates (UAE) have commenced joint military exercise ‘Desert Cyclone’ in Mahajan, Rajasthan.
   • Objectives–
     • To improve interoperability in Sub-conventional Operations including Fighting in Built-Up Area (FIBUA) in desert/ semi desert terrain under Chapter VII of the United Nations Charter on Peace Keeping Operations.
     • To improve cooperation and interoperability between both the sides during Peace Keeping Operations.
   • Key points–
     • Exercise is scheduled to take place from 2nd to 15th January 2024.
     • Participating Forces-
       • UAE contingent is represented by troops from the Zayed First Brigade.
       • Indian Army contingent comprising 45 personnel is being represented by Mechanised Infantry Regiment.
         Source: PIB

      

Science and Technology

1. Indian Space Research Organisation (ISRO) has launched its first polarimetry mission X-ray Polarimeter Satellite (XPoSat).
   • Key points about XPoSat–
     • X-ray Polarimeter Satellite (XPoSat) is India’s maiden mission dedicated to analysing the polarisation of X-rays emanating from bright celestial sources in the medium frequency band.
     • It is the world’s second satellite-based mission dedicated to making X-ray polarimetry measurements.
     • It carries two payloads, including Indian X-ray Polarimeter (POLIX) and X-ray Spectroscopy and Timing (XSPECT).
     • Payloads have been built by Raman Research Institute and UR Rao Satellite Centre, both located in Bengaluru.
     • It has an estimated mission life of about five years during which XPoSat will observe sources that emit polarised X-rays.
     • This mission will help us broaden our understanding of the space.
   • What is the polarisation of X-rays?
     • X-rays comprise electric and magnetic waves that are constantly in motion, and being sinusoidal waves, they do not follow a patterned direction of motion.
     • Whereas, a polarised X-ray is both organised and has two waves vibrating in the same direction.

Source: Indian Express

Important Days

1. January 1– Global Family Day; Theme– Embracing Diversity, Strengthening Families
   Source: Quint
2. January 1– 66th Foundation Day of Defence Research and Development Organisation

Source: DRDO

Sports

1. Magnus Carlsen has won Gold medal in men category and Koneru Humpy from India has won silver in women category of 2023 International Chess Federation (FIDE) World Rapid Chess title held at Samarkand, Uzbekistan.
   • Medal tally for Men–

• Medal tally for women–

2. Indian teenager Anahat Singh has won girls’ under-19 title at 2023 Scottish Junior Open Sqash held in Edinburgh, Scotland.
   • Key points–
     • Anahat has defeated Robyn McAlpine of Scotland to win the title.
     • Subhash Chaudhary of India has won in under-15 category and Shresth Iyer has won in under-13 category. Source: Deccan Herald
3. Australian cricket player David Warner has retired from one-day international (ODI) cricket format. Source: ET

Miscellaneous

1. Felix Tshisekedi has been elected as the President of Democratic Republic of Congo.
   Source: BBC
2. Appointments Committee of the Cabinet (ACC) has approved the appointment of Vivek Srivastava as Director General of Fire Service, Civil Defence & Home Guards under the Ministry of Home Affairs.
   Source: PSW

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