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14th-16th January, 2024

1st Dark Sky Park, Mukhya Mantri Mahila Udyamita Abhiyan, Information-Gathering Satellite, Gujarat International Finance Tec-City, World Employment and Social Outlook: Trends 2024, Engendering Land Ports in India, New Generation AKASH, Indian Army Day, Brahmagiri Wildlife Sanctuary

  1. Pench Tiger Reserve in Maharashtra has become 1st Dark Sky Park of India and the 5th in Asia, protecting the night sky and preventing light pollution.
  2. Chief Minister of Assam Himanta Biswa Sarma has launched ‘Mukhya Mantri Mahila Udyamita Abhiyan‘ scheme.
  3. Japan has launched an H-TIA rocket carrying Cabinet Satellite Information Center’s Information-Gathering Satellite (IGS) “Optical-8” into a 500- kilometre-altitude sun-synchronous orbit (SSO).
  4. Haldia Petrochemicals Ltd (HPL) has become the 1st ISO 27001:2022 certified petrochemical organisation in the industry by BSI (British Standards Institution).
  5. Indian Bank has partnered with FPL Technologies, NPCI, and VISA to launch the ‘Indian Bank One Co-branded Credit Card’.
  6. State Bank of India (SBI) has launched the SBI Green Rupee Term Deposit (SGRTD) scheme to mobilise funds for environment-friendly initiatives and projects, and to support the growth of a green finance ecosystem in India.
  7. Power Finance Corporation (PFC) has received approval from the Reserve Bank of India (RBI) to establish a wholly-owned finance company at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT-City), Gujarat.
  8. Narayana Health has received approval from the Insurance Regulatory and Development Authority of India (Irdai) to launch a health insurance business in India.
  9. International Labour Organization (ILO) has released a report titled “World Employment and Social Outlook: Trends 2024“.
  10. Indian economy is expected to surpass USD 4 trillion in the financial year 2024-25 and reach USD 5 trillion by the financial year 2026-27, according to a report by PHDCCI.
  11. Land Ports Authority of India (LPAI) has released a report on ‘Engendering Land Ports in India‘ in New Delhi.
  12. Defence Research and Development Organisation (DRDO) has conducted a successful flight-test of the New Generation AKASH (AKASH-NG) missile from the Integrated Test Range (ITR), Chandipur off the coast of Odisha.
  13. January 15– Indian Army Day; Theme– Year of Technology Absorption
  14. Ministry of Rural Development and State Bank of India have signed a memorandum of understanding (MoU) to facilitate enterprise financing for rural self-help groups (SHG).
  15. Brahmagiri Wildlife Sanctuary is located in Kodagu District, Karnataka State.

Table of Content

National News

  1. Pench Tiger Reserve in Maharashtra has become 1st Dark Sky Park of India and the 5th in Asia, protecting the night sky and preventing light pollution.
      • What is a Dark Sky Park?
        • A dark-sky preserve is an area, usually surrounding a park or observatory, that restricts artificial light pollution.
        • Purpose of the dark-sky movement is generally to promote astronomy.
      • Indian Astronomical Observatory (IAO), a high-altitude astronomy station located in Hanle, Ladakh and operated by the Indian Institute of Astrophysics, is 1st dark-sky preserve of India.
      • Situated in the Western Himalayas at 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.
        Source: livemint

State News

  1. Chief Minister of Assam Himanta Biswa Sarma has launched ‘Mukhya Mantri Mahila Udyamita Abhiyan‘ scheme.
      • Objective-
        • To develop 4 million Self-Help-Group (SHG) women as rural micro-entrepreneurs and help them become lakhpati baidos (elder sister)’.
      • About Mukhya Mantri Mahila Udyamita Abhiyan-
        • Under the scheme, eligible women gets Rs 35,000 over the period of 3 years.
          • Phase I – Each eligible woman will get Rs 10,000 in the first year (Entrepreneurship Fund).
          • Phase II – Loan amount of Rs 25,000 will be availed to the SHG Members from the bank over the next two years.
          • Rs 25,000 will be split into two halves for which Rs 12,500 is of government’s money (Capital Subsidy, non-refundable) and Rs 12,500 of the bank must be repaid.
        • To access the grant, beneficiaries need a government-supported business plan.
        • Beneficiaries of the scheme will have to fulfill certain socio-economic criteria-
          • women belonging to OBC category should not have more than 3 children
          • women belonging to SC/ST category should not have more than 4 children
          • SHG member with girl children must enroll them in school
            Source: Business Standard

International News

  1. Japan has launched an H-TIA rocket carrying Cabinet Satellite Information Center’s Information-Gathering Satellite (IGS) “Optical-8” into a 500- kilometre-altitude sun-synchronous orbit (SSO).
      • More about IGS-
        • It was the 48th launch of Japan’s flagship launch vehicle since 2001.
        • IGS satellites serve both Japan’s national defense and civil natural disaster monitoring and capture high-resolution images at night and in bad weather.
      • What is a Sun-Synchronous Orbit (SSO) ?
        • A Sun synchronous orbit is like a walking path in space that is designed to match the solar orbit period of planet, making its orbital plane follow the sun’s path closely.
          Source: reuters

Banking and Economy

  1. Haldia Petrochemicals Ltd (HPL) has become the 1st ISO 27001:2022 certified petrochemical organisation in the industry by BSI (British Standards Institution).
      • About ISO 27001:2022 is the standard-
        • It is the standard of ISMS (Information Security Management System) program to protect the information asset of the organization.
      • About British Standards Institution-
        • It is the first Standards Body of world and founding member of ISO from the United Kingdom.
        • It produces technical standards on various products, services, and supplies certification and standards-related services to businesses.
          Source: HPC
  2. Indian Bank has partnered with FPL Technologies, NPCI, and VISA to launch the ‘Indian Bank One Co-branded Credit Card’.
      • Objective-
        • To provide various features designed for the different needs of tech-savvy Indian consumers.
      • Key feature of card-
        • Indian Bank One co-branded credit card can be used internationally, and it charges a 1% fee for foreign currency transactions.
        • OneCard mobile app provides users with full digital control over their credit card, enabling real-time transaction tracking, expense management, and rewards redemption.
Knowledge Nuggets -
About Indian Bank-
• It is an India public sector bank.
• Headquarters- Chennai, Tamil Nadu
• Established- 1907
• MD & CEO- Shanti Lal Jain
About NPCI-
• National Payments Corporation of India is an umbrella organization for operating retail payments and settlement systems in India.
• It is an initiative of RBI and Indian Bank Association (IBA).
• It was set up under the provisions of the Payment and Settlement Systems Act, 2007.
• Headquarters- Mumbai
• Established- 2008
• MD & CEO- Dilip Asbe
Source: Hindu BusinessLine

  1. State Bank of India (SBI) has launched the SBI Green Rupee Term Deposit (SGRTD) scheme to mobilise funds for environment-friendly initiatives and projects, and to support the growth of a green finance ecosystem in India.
      • Key features of SBI Green Rupee Term Deposit-
        • It is open to resident individuals, non-individuals, and NRI customers.
        • Premature withdrawal is allowed and Loan/ overdraft facility is also available against the deposit.
        • It offers investors the flexibility to choose from three distinct tenors


TenorInterest Rate (Retail deposit) Interest Rate (Bulk Deposit)
1111 days6.65 % 6.15 %
1777 days6.65 % 6.15 %
2222 days6.40 % 5.90 %
Source: livemint

  1. Power Finance Corporation (PFC) has received approval from the Reserve Bank of India (RBI) to establish a wholly-owned finance company at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT-City), Gujarat.
      • Key points-
        • This initiative has opened up new opportunities for PFC, contributing to the growth of India’s power sector.
        • PFC operates as an infrastructure finance firm under the governance of the Ministry of Power.
        • It is registered as a Systematically Important Non-Banking Financial Company (SI-NBFC) with the RBI, and it plays an important role in the financial sector.
Knowledge Nuggets -
About Power Finance Corporation-
• It is an Indian central public sector undertaking under the ownership of the Ministry of Power, Government of India.
• It provide a range of fund based and non fund based support to Indian power sector.
• Established- 1986
• Chairman and Managing Director- Parminder Chopra
About GIFT City-
• GIFT (Gujarat International Finance Tec-City) City is located in Gandhinagar, Gujarat.
• It includes a versatile Special Economic Zone (SEZ) with India's inaugural International Financial Services Centre (IFSC) and a distinct Domestic Tariff Area (DTA).
What is a Systematically Important Non-Banking Financial Company (SI-NBFC)?
• NBFCs whose asset size is of ₹ 500 cr or more as per last audited balance sheet are considered as systemically important NBFCs.
Source: ET

  1. Narayana Health has received approval from the Insurance Regulatory and Development Authority of India (Irdai) to launch a health insurance business in India.
      • Key points-
        • IRDAI has approved the registration of Narayana Health Insurance Limited, allowing the company to operate in the health insurance sector in India after a 5-year gap.
        • After the approval, the count of Standalone Health Insurance Companies (SAHI) has increased from 5 to 6.
        • According to the annual report of IRDAI, insurance penetration in India has decreased from 4.2% in 2021-22 to 4% in 2022-23.
Knowledge Nuggets -
About IRDAI-
• It is a statutory body under the Ministry of Finance, Government of India.
• It is tasked with regulating and licensing the insurance and re-insurance industries in India.
• It was established under Insurance Regulatory and Development Authority Act, 1999.
• Headquarters- Hyderabad, Telangana
• Chairperson- Debasish Panda

Report and Indices

  1. International Labour Organization (ILO) has released a report titled “World Employment and Social Outlook: Trends 2024“.
      • Global Unemployment and Social Inequalities:
        • Report has predicted an increase in the global unemployment rate to 5.2% in year 2024 as compared to 5.1% in year 2023.
        • Growing social inequalities are identified as a significant concern.
      • Positive Economic Aspects in 2023:
        • Despite the economic slowdown, global growth in 2023 has exceeded expectations.
        • Labour markets have showed surprising resilience with strong job growth.
        • Both the unemployment rate and the jobs gap has decreased below pre-pandemic levels.

      • Real Wages and Extreme Poverty:
        • Real wages have declined in the majority of G20 countries due to failure in keeping pace with inflation.
        • In 2023, the number of workers in extreme poverty (earning less than $2.15 per day) has increased globally by about 1 million.

Knowledge Nuggets -
About International Labour Organization-
• It is a United Nations agency whose mandate is to advance social and economic justice by setting international labour standards.
• It was established as a part of the Treaty of Versailles that ended World War I, to reflect the belief that universal and lasting peace can be accomplished only if it's based on social justice.
• Headquarters- Geneva, Switzerland
• Established- 1919
• Director General- Gilbert F. Houngbo
Source: The Hindu, ILO

  1. Indian economy is expected to surpass USD 4 trillion in the financial year 2024-25 and reach USD 5 trillion by the financial year 2026-27, according to a report by PHDCCI.
      • Key observations-
        • Retail inflation is estimated to be around 4.5% on average in 2024.
        • Report has outlined that Indian economy has remained resilient despite global challenges, showing evidence of strong growth.
        • According to report India is on track to attain the status of a developed economy by 2047 under the initiative of ‘Viksit Bharat.’
        • PHDCCI expects Reserve Bank of India (RBI) to cut the repo rate by 100 basis points in a calibrated manner by the end of 2024.
        • Report has stressed the need for careful and adaptable policy actions to mitigate dangers from the global economy.
        • Report has suggested a focus on the informal sector and ground level reforms to accelerate economic growth.

Knowledge Nuggets -
About PHDCCI-
• PHD Chamber of Commerce and Industry acts as a catalyst in the promotion of industry, trade and entrepreneurship.
• PHD Chamber, through its research-based policy advocacy role, positively impacts the economic growth and development of the nation.
• It is one of the Premier Chambers in India to have been accredited with “Diamond Grade” by NABET(QCI), at national and international level.
• Established- 1905
Source: ET

  1. Land Ports Authority of India (LPAI) has released a report on ‘Engendering Land Ports in India‘ in New Delhi.
      • Objective-
        • To develop a framework for gender inclusive cross border trade and tourism through land Ports in the country.
          Source: AIR

Defence News

  1. Defence Research and Development Organisation (DRDO) has conducted a successful flight-test of the New Generation AKASH (AKASH-NG) missile from the Integrated Test Range (ITR), Chandipur off the coast of Odisha.
      • Key points-
        • Missile system has underwent a successful flight-test against a high-speed unmanned aerial target at very low altitude.
        • Flight-test has validated the functioning of the entire weapon system, including the missile with an indigenously developed Radio Frequency Seeker, Launcher, Multi-Function Radar, and Command, Control & Communication system.
        • Performance of the system has been verified through data captured by various Radars, Telemetry, and Electro Optical Tracking Systems deployed by ITR, Chandipur.

      • About AKASH-NG
        • It is a state-of-the-art missile system designed to intercept high-speed, agile aerial threats.


Knowledge Nuggets -
About Akash Missile-
• It is a medium-range mobile surface-to-air missile system developed by the Defence Research and Development Organisation and produced by Bharat Dynamics Limited.
• Produced- 2009

Source: PIB

Important Days

  1. January 15– Indian Army Day; Theme– Year of Technology Absorption
      • It is observed to remember General (later Field Marshal) KM Cariappa taking over the command of Indian Army from General Sir FRR Bucher, the last British Commander-in-Chief in 1949.
      • Chief of Army Staff has announced that the Indian Army will observe the year 2024 as the ‘Year of Technology Absorption,’ a theme that underscores the focus of Army and efforts to leverage technology as a catalyst for transformative change.
        Source: ET

Memorandum of Understanding

  1. Ministry of Rural Development and State Bank of India have signed a memorandum of understanding (MoU) to facilitate enterprise financing for rural self-help groups (SHG).
      • Key points-
        • State Bank of India has launched a financial product called Svyam Siddha, specifically designed for women entrepreneurs in self-help groups (SHGs).
        • Product is designed for loans up to Rs 5 lakhs and aims to address challenges related to extensive documentation requirements for loan applications.
        • Svyam Siddha has removed the requirement for heavy paperwork like quotes and detailed project reports.
        • The application process is simplified, requiring only a simple loan application with KYC details, which can be submitted at local SBI bank branches.
        • DAY-NRLM (Deendayal Antyodaya Yojana – National Rural Livelihoods Mission) will facilitate the loan application process and oversee loan repayment through its dedicated field cadre.
Knowledge Nuggets -
About SBI-
• State Bank of India is an Indian multinational public sector bank and financial services statutory body.
• Headquarters- Mumbai
• Established- 1955
• Chairman- Dinesh Kumar Khara
About DAY-NRLM-
• It is a centrally sponsored scheme launched by Ministry of Rural Development.
• Launched- 2011
• Objective-
o To reduce rural poverty by helping families in rural areas with various income-generating activities and better access to financial services throughout the country.

Miscellaneous

  1. Brahmagiri Wildlife Sanctuary is located in Kodagu District, Karnataka State.
      • It derives its name from the highest peak of the mountain range, Brahmagiri Peak.
      • It is famous for large density of Elephants and Sambar .
      • Established- 5 June 1974
        Source: crgt

CEO of Anujjindal.in

About Anuj Jindal

━━━━━
Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 5 years of experience in the field of Education.

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