Daily Current Affairs January 07 & 08 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI Implements Measures to Safeguard Individual Investors from Losses in Case of Issuer Default on Short-Term Financial Instruments

• The Reserve Bank of India (RBI) has taken this step to make sure that individual investors’ losses are minimised if issuers default on short-term financial instruments.
• These Directions shall come into force with effect from April 01, 2024.

Key Highlights :

• Individual Investor Limits : Individual investors’ investment in short-term Commercial Papers (CPs) and Non-Convertible Debentures (NCDs) is now capped at 25% of the issue size.
• Previously, there were no specific limits for individual investors’ investments in such instruments.
• Applicability of the Rule : The 25% limit applies to the total subscription by all individuals, including Hindu Undivided Families (HUF), in any primary issuance of CPs or NCDs.
• Information Disclosure by Issuers : Moreover, issuers of non-convertible debentures (NCDs) and commercial papers (CPs) are required to provide information on any payment default via a variety of means.
• The RBI’s amended master instruction on CPs and NCDs of original or initial maturity up to one year stipulates that the issuers’ websites may be used as one of the means for publicly disseminating such information.
• Issuance Criteria : CPs and NCDs are issued in multiples of ₹5 lakh initially, and in denominations of at least ₹5 lakh afterward.
• Expanded Issuer Categories : The category of CP and NCD issuers has been expanded by RBI to include Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs).
• New Entrants for CP Issuance : CPs can also be issued by cooperative societies and limited liability partnerships with a minimum net-worth of ₹100 crore

Definition of CP and NCD :

• CP is an unsecured money market instrument issued in the form of a promissory note.
• In the RBI’s circular, NCD is defined as a secured money market instrument with an original or initial maturity of up to one year.
• Default Notification Requirements : When an issuer fails to repay a coupon or redemption, either fully or partially, of a CP and/or NCD, they must notify the IPA (Issuing and Paying Agent) of the situation by 5 p.m. on the default date.
• The Debenture Trustee should also be informed of the details in the case of NCDs.
• Refund Mechanism for Defaults : According to the RBI, the issuer may choose to refund debts under a defaulted CP or NCD directly to the investor or through the IPA or Debenture Trustee.
• Partial Repayments : Additionally, investors should get any partial repayments of a CP/NCD in accordance with the amount they invested in these instruments.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Swaminathan Janakiraman, Michael Patra, M. Rajeshwar Rao, T Rabi Sankar

Paytm Enters Partnership with Ayodhya Nagar Nigam to Facilitate Mobile Payments Across the City                              

• One97 Communications which owns the brand Paytm signed a memorandum of understanding (MoU) with Ayodhya Nagar Nigam, to enable Nagar Nigam facilities with mobile payments using Paytm pioneered QR code, Soundbox and card machines.
• This is aimed at providing seamless mobile payment services during the inauguration of the Ram Mandir in the city.
• With this, the company will enable mobile payments at various departments in collaboration with Ayodhya Nagar Nigam.
• Through this MoU, the company will also deploy Paytm card machines at cash collection centres under State Nagar Nigam departments.
• This MoU was signed in presence of Girish Pati Tripathi, Mayor, Ayodhya Nagar Nigam.

About Paytm :

• Founded : August 2010
• Headquarters : Noida, Uttar Pradesh, India
• Founder & CEO : Vijay Shekhar Sharma

Finance Ministry Greenlights an Additional Rs 1,500 Crore for FAME-II Scheme                                      

• The Union Finance Ministry has approved an additional Rs 1,500 crore for the second phase of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) program.
• The decision to allocate additional funds was made to address concerns that the existing budget might be exhausted before the scheme concludes in March 2024, given the robust sales of electric vehicles (EVs).

Key Highlights :

• Proposal Approval : A proposal to increase the FAME-II outlay from Rs 10,000 crore to Rs 11,500 crore was approved by the department of expenditure (DoE) on January 2, 2024.
• Utilization of Funds : Until December 26, the government had utilized Rs 8,948 crore of the Rs 10,000 crore allocated funds under the FAME-II scheme.
• Enhanced Vehicle Support Objectives : Supplementary funds injection has led to an increase in the government’s vehicle support objectives for all categories except buses.
• Revised Targets : The target for supporting the number of vehicles has been raised from 1.56 million to 1.74 million.
• The target for electric two-wheelers (e2Ws) increased by 50% to 1.55 million.
• The target for electric three-wheelers (e3Ws) was reduced by 68% to 155,536.
• The target for electric four-wheelers (e4Ws) was reduced by 13% to 30,461.
• The target for buses increased to 7,262 units from 7,090.
• EV Penetration and Sales : EV penetration in the country increased to 6.3 per cent in 2023 against 4.8 per cent in 2022.
• The country has seen EV sales exceed one million for two consecutive years.
• Anticipated Sales Growth : In 2024, the industry anticipates that sales of e2Ws alone will surpass the one-million mark.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Bhagwat Karad, Pankaj Choudhary

CURRENT AFFAIRS: NATIONAL NEWS

Union Minister Sarbananda Sonowal to chair first Inland Waterways Development Council Meeting in Kolkata

• Union Ports, Shipping and Waterways Minister Sarbananda Sonowal will chair the first Inland Waterways Development Council Meeting in Kolkata.
• During the meeting, Mr Sonowal will unveil groundbreaking initiatives, including Harit Nauka – Guidelines for Green Transition of Inland Vessels and the River Cruise Tourism Roadmap 2047.
• The Ministry has set a target to elevate the modal share of Inland Water Transportation from the current two per cent to five per cent, aligning with the goals outlined in the Maritime India Vision 2030.
• The establishment of the Inland Waterways Development Council in October last year underscores the government’s commitment to the comprehensive development of inland waterways and the associated Inland Water Transport ecosystem for improved cargo efficiency, passenger movement and river cruise tourism.

SVAMITVA Scheme wins Best Innovation Award for Innovation Sandbox presentation during Public Policy Dialogues–2024 at Indian School of Business, Hyderabad

• The Ministry of Panchayati Raj participated in the Innovation Sandbox presentation and showcased the “Digital Transformation Initiatives in Land Governance through SVAMITVA Scheme” detailing the processes followed by States to digitalize land governance systems transparently and efficiently.
• The Ministry of Panchayati Raj has been conferred with the prestigious 1st Prize in the Innovation Sandbox presentation for “Digital Transformation Initiatives in Land Governance through SVAMITVA Scheme” at the second annual three-day “Public Policy Dialogues” Conclave of the Bharti Institute of Public Policy (BIPP), Indian School of Business (ISB), Hyderabad during 3rd January – 5th January 2024.
• The Ministry of Panchayati Raj’s innovative efforts in leveraging technology to enhance the efficacy and accountability in the implementation of SVAMITVA Scheme were acknowledged as outstanding and transformative on previous occasions as well.
• SVAMITVA Scheme had won the prestigious Gold Prize in National Awards for e-Governance 2023 in the category “Use of Emerging Technology for Providing Citizen-Centric Services” organized by the Department of Administrative Reforms and Public Grievances (DARPG), Ministry of Personnel, Public Grievances and Pensions at Indore, Madhya Pradesh in October 2023.

Background:

• SVAMITVA Scheme of the Ministry of Panchayati Raj is a Central Sector Scheme that has significantly contributed to the empowerment of rural communities in India.
• By leveraging cutting-edge drone surveys and GIS mapping technology, the scheme ensures accurate demarcation of land parcels, thereby mitigating disputes and providing individuals with property records of rights i.e. SVAMITVA Property Cards, thereby facilitating monetization of properties, enabling bank loans and comprehensive village-level planning.
• This integration of technology not only streamlines the documentation process but also marks a significant step towards a more transparent and efficient land administration system, fostering socio-economic progress in rural areas.

Scheme

• The scheme with target year of completion of its implementation 2024–25, has achieved many milestones.
• The drone survey has been completed in 2.90 lakh villages and 1.66 crore property cards have been prepared for 1.06 lakh villages so far.
• The scheme has been saturated with the generation of property cards of all inhabited villages of Haryana, Uttarakhand, Puducherry, Andaman and Nicobar Islands and Goa.

Shri Nitin Gadkari inaugurates and lays the foundation stone of 12 National Highway projects with a total length of 105 km worth over Rs 1464 Crore in Kerala

• Shri Nitin Gadkari inaugurated and laid the foundation stone of 12 National Highway projects with a total length of 105 km, worth over ₹1464 Crore, in the presence of Union MoS Shri V. Muraleedharan, Kerala PWD Minister Shri. P. A. Mohammed Riyas , MP from Kasargod Shri Rajmohan Unnithan, MLAs, and Senior Officials in Kasargod, Kerala.
• The proposed projects aim to enhance seamless connectivity between Tamil Nadu and Kerala, ensuring swift and trouble-free transportation.
• This initiative holds the promise of reducing overall transportation costs.
• Furthermore, a focus on eliminating black spots on National Highways is anticipated to contribute to a significant decrease in road accidents.
• The undertaking is poised to generate substantial employment opportunities, both directly and indirectly, fostering socio-economic growth in Kerala.
• Additionally, the improved accessibility to Munnar is expected to boost tourism potential, while the construction of a high-level bridge will eliminate a 27 km detour during floods, streamlining travel and benefiting the export of key Kerala products.

PM inaugurates Kochi-Lakshadweep Islands Submarine Optical Fibre Connection

• Prime Minister, Shri Narendra Modi, in Kavaratti, Lakshadweep, inaugurated the Kochi-Lakshadweep islands submarine optical fibre connection (KLI-SOFC) project among various developmental projects worth more than Rs 1,150 crore covering a wide range of sectors including technology, energy, water resources, healthcare and education.
• It is the submarine cable connectivity project from the Mainland (Kochi) to eleven Lakshadweep Islands namely, Kavaratti, Agatti, Amini, Kadmat, Chetlet, Kalpeni, Minicoy, Androth, Kiltan, Bangaram and Bitra has been extended.
• The project is funded by the Universal Services Obligation Fund (USOF), Department of Telecommunication.
• Bharat Sanchar Nigam Limited (BSNL) was the Project Executing Agency and the work was awarded to M/s NEC Corporation India Pvt Ltd through the Global Open Tendering process.
• The major activities related to the project include Marine Route Survey, Submarine Cable laying, Civil Construction of CLS stations, Installation, Testing and Commissioning of End Terminals (SLTE).
• The KLI-SOFC project will lead to an increase in internet speed unlocking new possibilities & and opportunities.
• For the first time since independence, Lakshadweep will be connected through Submarine Optic Fibre Cable.
• The dedicated submarine OFC will ensure a paradigm shift in communication infrastructure in the Lakshadweep islands, enabling faster and more reliable internet services, telemedicine, e-governance, educational initiatives, digital banking, digital currency usage, digital literacy etc.
• Total link distance: 1,868 kilometres. Total cost of project : Rs 1072 crore plus taxes.

Election Commission tweaks rules for allocation of symbols to unrecognised political parties

• The Election Commission of India introduced new regulations for allocating symbols to Registered Unrecognised Political Parties (RUPPs).
• Now, these parties must provide:
• audited accounts from the last three financial years,
• expenditure statements from the last two elections, and
• the signature of the authorized party official along with their symbol application.
• Article 324 of the Indian Constitution grants the ECI the authority to register political parties.
• The registration of all political parties is governed by the provisions of Section 29A of the Representation of the People Act, 1951.
• According to the ECI, any party seeking registration must file an application (to the Secretary to the ECI) within 30 days of its formation.
• The Election Commission of India (ECI) is responsible for the allotment of symbols.
• This is done under The Election Symbols (Reservation and Allotment) Order, 1968.
• The new rules would come into effect from January 11 this year.

Amit Shah launches portal for procurement of pulses

• To register farmers for selling the dal and receiving payments directly into their bank accounts, Cooperation Minister Amit Shah launched a procurement portal e-samridhi for tur dal.
• He appealed to the farmers to adopt pulses and make the country self-reliant in the pulses sector before January 1, 2028 so that India does not have to import even a single kilogram of pulses.
• This portal will help to streamline the entire process for tur dal growers in Maharashtra, Andhra Pradesh, Telangana, Gujarat, Karnataka and Jharkhand.
• The portal was launched at a national symposium on ‘self-reliance in pulses’.
• This will ensure that tur dal producers get better prices for their crops.
• Cooperative National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) and National Cooperative Consumers’ Federation of India Limited (NCCF) undertake procurement of pulses on behalf of the government in order to maintain a buffer stock.
• After the launch, the Minister said before the sowing operation, tur farmers can register on the portal to sell their produce to NAFED and NCCF at minimum support price (MSP).

Objectives

• Pulses will be purchased for buffer stock from the farmers registered on the portal and minimum support price or market price will be paid to farmers.
• Farmers can register on the portal directly or through Primary Agriculture Credit Societies (PACS) and Farmers Producer Organisation (FPO).
• The main aim of the portal is to reduce dependence on imports by purchasing 80 per cent of the buffer stock directly from farmers.
• Pulses production has increased in the last ten years to 26.05 million tonnes in 2022-23 from 19.2 million tonnes in 2013-14 crop year (July-June), due to more than two times increase in the minimum support price.

CURRENT AFFAIRS : INTERNATIONAL NEWS

South Korea launches ‘workation’ visa for foreigners                        

• South Korea introduced a new visa for foreigners allowing them to visit the country on a working holiday or workation.
• The “workation” or “digital nomad” visa allows foreign nationals to visit South Korea on a working holiday.

Who is eligible for South Korea’s ‘workation’ visa?

• Foreign nationals with an annual income twice as much as South Korea’s per capita gross national income will be eligible to apply for the visa.
• It will be given to those having a work experience of over a year in one industry and are eligible for remote work.
• Moreover, the applicants must also have medical insurance of over 100 million won (₹63,62,655.45) and must cover medical treatment and repatriation fees.
• The visa will also be allowed to the families of these employees.
• The visa, which is valid for a year and renewable for up to two years, can be issued at South Korean embassies, and those currently residing in the country under a temporary visa can also apply for it if they meet the requirements. (Currently, foreign nationals interested in working and travelling in Korea need a tourist visa, which is limited to stays of less than 90 days).
• The people who are awarded this visa cannot be hired by any company in South Korea to work or undertake any profit-making activity.

About South Korea :

• President : Yoon Suk Yeol
• Prime Minister : Han Duck-soo
• Capital : Seoul
• Currency : Korean Republic won

CURRENT AFFAIRS : STATE NEWS

Vinfast Announces Plans to Establish Electric Vehicle (EV) Manufacturing Facility in Tamil Nadu’s Thoothukudi             

• VinFast, Vietnam’s leading automaker and electric vehicle (EV) manufacturer, is set to establish an EV and battery manufacturing facility in Thoothukudi, near Chennai.
• The facility in Thoothukudi is planned to have the capacity to produce 150,000 electric vehicles (EVs) in the first phase.

Key Highlights :

• Total Investment : The total investment in the 400-acre facility is expected to reach as much as $1 billion or potentially even more.
• Global Expansion Strategy : VinFast, the EV arm of Vingroup (Vietnam’s largest conglomerate), had previously announced plans to build assembly factories in India and Indonesia.
• These factories were projected to have annual capacities of 50,000 cars each, with an initial capital expenditure of up to $200 million.
• Financial Performance : In August,2023 following its listing on Nasdaq, VinFast temporarily became the world’s third-most valuable carmaker.

About VinFast :

• Founded : 2017
• VinFast currently has a manufacturing facility in Hai Phong in Vietnam.
• VinFast announced that for its next phase of development starting in 2024, it plans to roll out dealership networks in new market clusters including India.

About Tamil Nadu :

• Governor: R. N. Ravi
• Chief minister: M. K. Stalin
• Capital: Chennai
• Dance : Bharatnatyam, Karakattam
• National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of Mannar Marine National Park
• Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird Sanctuary
• Tiger Reserve: Anamalai Tiger Reserve
• Biosphere Reserve : Agasthyamalai Biosphere Reserve

Himachal Pradesh Government Notifies Granting Scheduled Tribe (ST) Status to Hatti Community                            

• The Himachal Pradesh (HP) government has issued a notification granting Scheduled Tribes (ST) status to the Hatti community in the Transgiri area of Sirmaur district.
• Members of the Hatti community, residing in 154 panchayats, had been demonstrating against the state government for not implementing the Constitution (Scheduled Tribes) Order (Second Amendment) Act, 2023, and notifying the community as ST.
• The Constitution (Scheduled Tribes) Order (Second Amendment) Bill, 2023, was passed by Parliament, and the President notified it on August 4, 2023.

About Hattis :

• The Hattis, a close-knit community, primarily engage in selling homegrown crops, vegetables, meat, and wool.
• Hattis live in 154 panchayat areas and members of the community numbered 2.5 lakh in the 2011 Census.
• The present population of the Hattis is around 3 lakh.
• The Hattis are governed by a traditional council called ‘khumbli’.

Key Highlights :

• Rajiv Gandhi Swarozgar Start-Up Yojna – Phase 2 : The state Cabinet has also decided to start the Phase-2 of the Rajiv Gandhi Swarozgar Start-Up Yojna to give loans and encourage people aged between 21 to 45 years to take up businesses related to installation of solar power plants.
• The scheme focuses on the installation of solar power plants with capacities ranging from 100 kW to 500 kW, thereby contributing substantially to the state’s renewable energy targets.
• The beneficiary of the scheme will have to pay 10% of the amount as security deposit whereas 70% bank loan will be facilitated by the government.
• The government will also provide 30% equity.
• The Cabinet approved the ‘Sarkar Gaon Ke Dwar’ program, scheduled to be held from January 8 to 12, 2024 throughout the state.

CURRENT AFFAIRS: BUSINESS NEWS

Toy exports from India increased 239% over last 8 years

• According to a case study on “Success Story of Made in India Toys” released by the DPIIT, the Indian Toy industry witnessed a rise of 239% in exports (and a decline in imports by 52%) in 2022-23 as compared to 2014-15.
• Toys exports from India increased 239% from $96 million in 2014-15 to $326 million in 2022-23.
• Toys imports declined 52% from $332 million to $159 million in the same period.
• The study was conducted by IIM Lucknow on behalf of the Department for Promotion of Industry and Internal Trade (DPIIT).
• About 12% compounded annual growth rate is expected in toy sector in the next eight years.
• It is likely that toy exports will increase to $3 billion by 2028.
• The Ministry of MSME is supporting 19 Toy clusters under the Scheme of Funds for the Regeneration of Traditional Industries (SFURTI).
• The Ministry of Textiles is providing designing and tooling support to 13 Toy clusters.
• Several promotional initiatives have also been undertaken to promote indigenous toys and encourage innovation, including the Indian Toy Fair 2021, Toycathon, etc.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Shashi Singh Elected as President of All India Rubber Industries Association (AIRIA)                                   

• Shashi Singh has been elected as the new president of the All India Rubber Industries Association (AIRIA), the apex body for rubber industries in India.
• Shashi Singh will be succeeding Mr. Ramesh Kejriwal as the President of AIRIA, playing a pivotal role in steering the association forward.
• Before assuming the role of President, Mr. Shashi Singh was the Senior Vice President within AIRIA.
• The elections were held during the Annual General Meeting held on December 23, 2023, in Mumbai, Maharashtra.

Other Appointments :

• Zafar Ahmed, Managing Director of New India Rubber Works Pvt Ltd, has been elected as the senior vice-president of AIRIA for 2023-24.
• Indra Parekh has been elected as the vice president of the Association.

About Shashi Singh :

• With two decades of dedicated service to the rubber industry, Singh, who has held various positions within AIRIA, is poised to bring continuity and innovation to the association’s activities.
• His extensive involvement in the association includes serving on various committees and acting as the chief convener for the western region, overseeing the organization of the National Rubber Conference in 2019.

About AIRIA :

• Established : 1945
• Headquarters : Mumbai, Maharashtra
• It is the largest not-for-profit non-government body for the rubber industry and trade.

Kuwait emir appoints Sheikh Mohammed Sabah al-Salem al-Sabah as prime minister of Kuwait                          

• Kuwait’s new emir Sheikh Meshal al-Ahmad al-Sabah appointed Sheikh Mohammed Sabah al-Salem al-Sabah as the country’s prime minister (PM) of kuwait.
• He succeeds Sheikh Ahmad Nawaf AI Ahmad AI Sabah.

About Sheikh Mohammed Sabah al-Salem al-Sabah :

• Sheikh Mohammed Sabah al-Salem al-Sabah is a Kuwaiti politician, economist, and diplomat.
• In 1993 he was appointed as the ambassador of Kuwait to the United States, serving until 14 February 2001, at which point he became the Minister of Foreign Affairs.
• He held the position of Minister of Finance from January 2003 until July 2003.
• On 11 February 2006, he was appointed Deputy Prime Minister, continuing also as the Minister of Foreign Affairs.

About Kuwait :

• Emir : Mishal Al-Ahmad Al-Jaber Al-Sabah
• Prime Minister : Mohammad Sabah Al-Salem Al-Sabah
• Capital : Kuwait City
• Currency : Kuwaiti dinar

CURRENT AFFAIRS: MOUS AND AGREEMENT

ArcelorMittal partners with IIT Madras to create Hyperloop facility in TN

• Steel giant ArcelorMittal has partnered with the Indian Institute of Technology, Madras to build “Asia’s first” Hyperloop test track facility.
• The companies, ArcelorMittal and ArcelorMittal Nippon Steel India (AM/NS), are providing foundational steel materials as well as engineering, design, and project management expertise to support the construction of Asia’s first Hyperloop test track at the 163-acre Discovery campus of IIT Madras, located at Thaiyur on the outskirts of Chennai.
• ArcelorMittal is collaborating with the IIT Madras’s Hyperloop Technology teams — Avishkar Hyperloop, a student team, and TuTr Hyperloop, a startup incubated in IIT Madras, for the project.
• The Ministry of Railways is also a key partner.
• ArcelorMittal and AM/NS will supply 400 tonnes of steel for the fabrication of a 400-metre vacuum tube at the site, while engineers from AMDEC, the design and engineering arm of ArcelorMittal, will help oversee the project.
• The test facility is expected to be operational by the end of Q1, 2024.

CURRENT AFFAIRS: SPORTS NEWS

Union Sports Minister Anurag Thakur inaugurates the Beach Games held at Ghoghala Beach in UTs of Diu

• Beach Games was inaugurated by Union Sports Minister Anurag Singh Thakur at Ghoghla Beach in the Diu.
• The beach games, which started on January 4, will be played till January 11.
• Due to this festival, beach games will also be promoted in other beach states and union territories of the country.
• Organizing this festival will establish new dimensions and will also promote culture and tourism in the Union Territory.
• More than twelve hundred players are participating in these competitions from States and Union Territories.
• Beach Games includes a total of eight different sports.
• These include beach volleyball, pencak silat, beach boxing, beach soccer, and sea swimming along with traditional sports such as Malakhambah, beach kabaddi, and tug of war.
• Since its theme is dolphins, dolphins have also been featured in various game paintings and banners.
• The closing ceremony will be held at INS Khukri Memorial.

CURRENT AFFAIRS : OBITUARIES

Brazil’s 4-time FIFA World Cup champion Mario Zagallo passed away              

• Mario Zagallo, who won two World Cups as a player, one as a coach and another as an assistant coach for Brazil, has passed away at the age of 92.

About Mario Zagallo :

• Zagallo began his career as a striker with Rio’s America and later also played for Flamengo and Botafogo, one of the few Brazilian clubs which rivalled Pele’s Santos in the 1960s.
• He holds the record for World Cup titles in general with four titles in total.
• He also holds the record for World Cup finals with six participations.
• He was the first person to win the FIFA World Cup as both a manager and as a player, winning the competition in 1958 and 1962 as a player, in 1970 as manager., and in 1994 as assistant manager.
• Zagallo also coached Brazil in 1974 (finishing fourth) and in 1998 (finishing as runners-up) and was a technical assistant in 2006.
• He was the first of three men, along with Germany’s Franz Beckenbauer and France’s Didier Deschamps to have won the World Cup as a player and as a manager, and the only one who had done it more than twice.
• He was named the 9th Greatest Manager of All Time by World Soccer Magazine in 2013
• He was the last surviving Brazilian player who participated in the 1958 World Cup final.

Awards & Honors :

• In 1992, Zagallo received the FIFA Order of Merit, the highest honour awarded by FIFA, for his contributions to football

Daily CA One- Liner: January 7 & 8

• Union Ports, Shipping and Waterways Minister Sarbananda Sonowal will chair the first Inland Waterways Development Council Meeting in Kolkata.
• The Ministry of Panchayati Raj participated in the Innovation Sandbox presentation and showcased the “Digital Transformation Initiatives in Land Governance through SVAMITVA Scheme” detailing the processes followed by States to digitalize land governance systems transparently and efficiently.
• Shri Nitin Gadkari inaugurated and laid the foundation stone of 12 National Highway projects with a total length of 105 km, worth over ₹1464 Crore, in the presence of Union MoS Shri V. Muraleedharan, Kerala PWD Minister Shri. P. A. Mohammed Riyas , MP from Kasargod Shri Rajmohan Unnithan, MLAs, and Senior Officials in Kasargod, Kerala.
• Prime Minister, Shri Narendra Modi, in Kavaratti, Lakshadweep, inaugurated the Kochi-Lakshadweep islands submarine optical fibre connection (KLI-SOFC) project among various developmental projects worth more than Rs 1,150 crore covering a wide range of sectors including technology, energy, water resources, healthcare and education.
• The Election Commission of India introduced new regulations for allocating symbols to Registered Unrecognised Political Parties (RUPPs).
• To register farmers for selling the dal and receiving payments directly into their bank accounts, Cooperation Minister Amit Shah launched a procurement portal e-samridhi for tur dal
• Tesla rival Vietnam’s VinFast Auto is setting up an electric vehicle (EV) and battery manufacturing facility at Thoothukudi, near Chennai, which will have the capacity to produce 150,000 EVs in the first phase
• According to a case study on “Success Story of Made in India Toys” released by the DPIIT, the Indian Toy industry witnessed a rise of 239% in exports (and a decline in imports by 52%) in 2022-23 as compared to 2014-15
• Steel giant ArcelorMittal has partnered with the Indian Institute of Technology, Madras to build “Asia’s first” Hyperloop test track facility
• Beach Games was inaugurated by Union Sports Minister Anurag Singh Thakur at Ghoghla Beach in the Diu
• The Reserve Bank of India (RBI) has taken this step to make sure that individual investors’ losses are minimised if issuers default on short-term financial instruments.
• One97 Communications that owns the brand Paytm signed a memorandum of understanding (MoU) with Ayodhya Nagar Nigam, to enable Nagar Nigam facilities with mobile payments using Paytm pioneered QR code, Soundbox and card machines.
• The Union Finance Ministry has approved an additional Rs 1,500 crore for the second phase of the Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) program.
• South Korea introduced a new visa for foreigners allowing them to visit the country on a working holiday or workation.
• The Himachal Pradesh (HP) government has issued a notification granting Scheduled Tribes (ST) status to the Hatti community in the Transgiri area of Sirmaur district.
• Shashi Singh has been elected as the new president of the All India Rubber Industries Association (AIRIA), the apex body for rubber industries in India.
• Kuwait’s new emir Sheikh Meshal al-Ahmad al-Sabah appointed Sheikh Mohammed Sabah al-Salem al-Sabah as the country’s prime minister (PM) of kuwait.
• Mario Zagallo, who won two World Cups as a player, one as a coach and another as an assistant coach for Brazil, has passed away at the age of 92