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CURRENT AFFAIRS : BANKING & FINANCE

India’s forex reserves rise to the highest level in 21 months

India’s foreign exchange (forex) reserves have reached the highest level in the last 21 months.

Key Highlights :

Foreign exchange (forex) reserves increased $2.759 billion to $623.20 billion in the week ended December 29, 2023.
The rise in reserves was primarily attributed to increases in Foreign Currency Assets (FCA) and gold holdings.
Foreign currency assets (FCA) saw an increase of $1.869 billion, while gold holdings increased by $853 million during the specified week.
Foreign currency assets (FCA) encompass multi-currency assets held in multi-asset portfolios, including investments in securities, deposits with commercial banks overseas, and deposits with other central banks and the BIS (Bank for International Settlements).
Special Drawing Rights (SDRs) and investments in SDR-denominated notes issued by the IMF increased by $38 million.
However, the Reserve Tranche Position in the IMF declined by -$2 million during the specified period.
India’s forex reserves have witnessed a cumulative increase of $44.751 billion since the end of March 2023.

CURRENT AFFAIRS: NATIONAL NEWS

DPIIT organises Startup India Innovation Week 2024

The Department for Promotion of Industry and Internal Trade (DPIIT) is organising the Startup India Innovation Week 2024 from 10^th January to bring together the country’s startups, entrepreneurs, investors, policymakers, and other stakeholders.
The Startup India initiative was launched by the Prime Minister Narendra Modi on 16th January 2016 to build a strong ecosystem for nurturing innovation, boosting startups, and encouraging investments in the startup ecosystem of the country.
Commerce and Industry Ministry said, the Indian startup ecosystem has grown from strength to strength over the years.
It said the number of recognised startups has increased to over one lakh 17 lakh thousand from about four hundred startups in 2016.

Land Ports Authority Releases Report on Gender-Inclusive Framework for Cross-Border Trade in India

Land Ports Authority of India (LPAI) has released a report on ‘Engendering Land Ports in India’ in New Delhi.
The main objective of the report is to develop a framework for gender inclusive cross border trade and tourism through land Ports in the country.
Chairman of LPAI Aditya Mishra, a step towards making a gender-positive environment.
The Land Ports Authority of India will implement the recommendation of the reports to make land Ports more gender neutral.

Shri Nitin Gadkari inaugurates, lays foundation stones of 29 highway projects worth Rs. 4,000 crore in Punjab

Union Minister for Road Transport & Highways, Shri Nitin Gadkari inaugurated 29 National Highway projects with an investment of more than Rs 4,000 crore in Hoshiarpur, Punjab.
The Union Minister of State for Commerce and Industry, Shri Som Prakash, Punjab BJP State President Shri Sunil Kumar along with MPs, MLAs and officials were also present on the occasion.
The implementation of the projects inaugurated and foundation stone laid will improve the infrastructure, which will lead to overall economic development of the implementation area and improve the quality of life of the population.
There will be seamless and free movement of traffic which will also improve the efficiency of freight transportation.

Key Highlights

Construction of 4-laning of this section including Phagwara and Hoshiarpur bypass will provide 100 kmph high-speed connectivity between Phagwara and Hoshiarpur and reduce travel time from 1 hour to 30 minutes.
Phagwara and Hoshiarpur bypass will reduce congestion in the urban area and will provide direct connectivity to Hoshiarpur through National Highway 44 (GT Road). Construction of 4-lane Ladowal Bypass connecting GT Road and National Highway 5 in Ludhiana will provide direct connectivity of Ludhiana-Ferozepur Highway to Delhi-Jalandhar Highway (National Highway 44).
Through this program organized, Shri Gadkari announced other new projects in terms of road connectivity.
In this, construction of 45 km, 4-lane bypass at Mukerian, Dasuiya and Bhogpur on Jalandhar to Pathankot route at a cost of Rs 1600 crore and 30 km, 4-lane bypass from Tanda to Hoshiarpur at a cost of Rs 800 crore was announced.

PM to inaugurate 27th National Youth Festival in Nashik, Maharashtra on 12th January

Prime Minister Shri Narendra Modi will inaugurate the 27th National Youth Festival in Nashik, Maharashtra on 12th January and will address the youth of the nation.
This year, National Youth Day will be celebrated by all field organisations of the Department of Youth Affairs in districts pan-India in collaboration with multiple Government departments.
‘MY Bharat’ volunteers throughout the country, with support from NSS units, NYKS and many educational institutions will coordinate their energies to carry out activities to volunteer for India.
Youth Clubs will also bring their vibrant energy to the celebration, ensuring a truly inclusive atmosphere.
More than 88,000 volunteers will participate in the campaign.
Volunteers are registered for these events through the MY Bharat digital platform (https://mybharat.gov.in).
Road safety awareness events will be conducted at major cities and 750 districts headquarters of the country on 12th January.
Trained Road Safety volunteers will be flagged off by Central/State Ministers, local MPs or MLAs, marking a commitment to building a safer tomorrow through an intensive campaign.
These volunteers will be deployed to assist in handling traffic in traffic choke points and also conduct road safety awareness activities.

Phase 1 of Great Nicobar trans-shipment hub project to cost ₹18,000 cr

The first phase of the proposed greenfield port at Galathea Bay in Great Nicobar Island is expected to be built at a cost of ₹18,000 crore.
The Ministry of Ports, Shipping and Waterways plans to start the tendering process for the same over the next 30-40 days.
The first phase will have a capacity of 4 million TEUs (twenty equivalent units) and the port will have a “deep draft” of over 20 metres allowing access to larger vessels.
The Galathea Bay port project is to be developed on a public–private partnership basis targeting international container trans-shipment movement and is estimated to cost ₹43,000 crore .
It will come up in four phases having a total capacity of 16 million TEUs when ready, expectedly by 2058.

ITC joins hands with Microsoft, Skymet to insulate tobacco farmers from weather vagaries

ITC, a prominent Indian conglomerate, has joined forces with Microsoft and Skymet to address the escalating challenges faced by tobacco farmers in India due to climate change.
To combat the challenges posed by climate change, ITC has formulated a comprehensive program in collaboration with Microsoft and Skymet.
This initiative incorporates cutting-edge technologies such as drones, AI, and data analytics to provide accurate weather forecasts, crop advisories, hotspot mapping, and nutritional supplementation.
The negative effects of climate change on agriculture are well documented, and the tobacco industry is no exception, with an estimated loss of 800-900 crore in export profits.

CURRENT AFFAIRS : STATE NEWS

Assam Government Initiates ‘Gunotsav 2024’ to Assess Performance of 40 Lakh Students in Government Schools

‘Gunotsav 2024’ has been launched by the Assam Government for holistic assessment of students’ performance.
It has been launched for holistic assessment of the performance of about 40 lakh students of 43,498 government schools in 35 districts of the state.

About Gunotsav :

Gunotsav, an initiative of the Government of Assam, is covering all government primary and secondary schools in the state.
The services of 18,098 external evaluators will be used for this evaluation process, starting in all the primary and secondary schools of the state.
This diverse group of evaluators will include the chief minister, MLAs, the chief secretary, and college teachers, Government Officers among others to visit schools as external evaluators.
This evaluation process in schools will continue in three phases till February 8, which started on 3 January 2024.
The first phase will cover 12 districts from January 3 to 6,2024 the second phase will cover 13 districts from January 10 to 12, and the final phase will cover the remaining 10 districts from February 6 to 8, 2024.
‘Gunotsav 2024’ will identify learning gaps in each child and ensure quality education with grade-specific outcomes.
‘Gunotsav’ encourages the active participation of all stakeholders, including teachers, students, administrators, and local communities.
The engagement of these key players is expected to foster accountability and contribute to the overall enhancement of the quality of education.
Additionally, the assessment will evaluate schools’ performance across various domains, including scholastic and co-scholastic aspects, infrastructure availability and utilization, and community participation.
‘Gunotsav’ was organized for the first time in 2017.

About Assam :

Governor : Gulab Chand Kataria
Chief Minister : Himanta Biswa Sarma
Capital: Guwahati
National Park: Kaziranga National Park, Manas National Park, Nameri National Park
Wildlife Sanctuary: Garampani Wildlife Sanctuary, Laokhowa Wildlife Sanctuary, Bornadi Wildlife Sanctuary

Mayurbhanj’s Red Ant Chutney in Odisha Secures Geographical Indication (GI) Tag

The Similipal kai chutney made with red weaver ants by the tribal people of Odisha’s Mayurbhanj district (Odisha) received the geographical identity tag.
The application was made by The Mayurbhanj Kai Society Ltd in 2020 for registration in Class 30 under sub-section (1) of section 13 of Geographical Indications of Goods (Registration and Protection) Act, 1999.

About Similipal Kai Chutney :

The savoury chutney is popular in Mayurbhanj region for its healing properties and also deemed important for nutritional security of the tribal people.
Many indigenous people from Mayurbhanj district venture into nearby forest to collect kai pimpudi (red weaver ant).
Around 500 tribal families have been eking out a living by collecting and selling these insects and a chutney made with them.

Health benefits :

The scientists of OUAT Bhubaneswar analysed the red weaver ants and found it contains valuable proteins, calcium, zinc, vitamin B-12, iron, magnesium, potassium, sodium, copper, amino acids, among others.
Consuming the species can help boost the immune system and prevent diseases.
The rate of kilogram of live kai pimpudi is around Rs 400-600 and that of the chutney is Rs 1,000.

About Red Weaver Ants :

The red weaver ants are indigenous to Mayurbhanj and are found in abundance in the jungles of every block area of the district, including in the Similipal Tiger Reserve, throughout the year.
The red weaver ants form colonies with multiple nests in trees.
Each nest is made of leaves stitched together with the silk produced by their larvae.
They mostly lodge in trees like mango, sal, jambu and jackfruit.
The nests are strong enough against wind and impermeable to water.
Kai’s nests are usually elliptical in shape and range in size from single small leaf folded and bound onto itself to large nest consisting of many leaves and measure over half a metre in length.
The Kai families consist of three categories of members -workers, major workers and queens.
Workers and major workers are mostly orange coloured.
Workers are 5-6 millimetres long, major workers are 8-10 mm long with strong legs and large mandibles and queens are 20-25 mm long and greenish brown coloured.

Note :

Darjeeling tea was the first Indian product to get a GI tag in 2004.

About GI Tag :

A GI, a kind of Intellectual Property Rights (IPR), is primarily an agricultural, natural or manufactured product (handicraft and industrial goods) originating from a definite geographical territory.
A GI is a label that is applied to products that have a specific geographical origin and that have characteristics related to a particular location.
The tag is valid for a period of 10 years after which it is renewed.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Canara Bank’s Chief General Manager, P Santhosh, appointed as MD & CEO of National Asset Reconstruction Company Limited, Natarajan Sundar resigns as MD

P Santhosh, Chief General Manager at Canara Bank, appointed as Managing Director (MD) and Chief Executive Officer (CEO) of National Asset Reconstruction Company Limited (NARCL).
Natarajan Sundar, the former MD and CEO of NARCL, resigned from the post.
Natarajan Sundar is the second person among NARCL’s top management to resign from the post before completing their tenure.
In August,2023 Karnam Sekar, chairman of NARCL, resigned ahead of his term without specifying any reason.

About P Santhosh :

He carries over three decades of experience in the banking sector, spanning across Corporate & Wholesale Banking, Corporate Credit, International Banking, Project Finance, etc.
During his stint at SBI, Sundar held the position of Deputy Managing Director (DMD) and was working as Chief Credit Officer for the Bank.
A total of 10 Public Sector Banks (PSBs) have transferred Non-Performing Assets of over Rs 11,617 crore to NARCL between January and November last year.

About NARCL :

Headquarters : Mumbai, Maharashtra
Chairman : Diwakar Gupta
MD & CEO : P Santhosh
Canara Bank is the sponsor bank of NARCL with over a 10% stake.
Public sector banks are major shareholders of NARCL.

Vice Admiral Dinesh K. Tripathi Assumes Role as the New Vice Chief of the Naval Staff

Vice Admiral Dinesh K Tripathi assumed the charge of Vice Chief of the Indian Navy.
Vice Admiral Dinesh K Tripathi has taken the place of Vice Admiral Sanjay J Singh, who became Flag Officer Commanding-in-Chief of the Western Naval Command.

About Dinesh K Tripathi :

Dinesh K Tripathi joined the Indian Navy on 1 July 1985.
He was serving as the Flag Officer Commanding-in-Chief of the Western Naval Command.
He is an alumnus of the National Defence Academy, Khadakwasla.
A Communication and Electronic Warfare specialist, he served on frontline warships of the Navy as Signal Communication Officer and Electronic Warfare Officer, and later as the Executive Officer and Principal Warfare Officer of Guided Missile Destroyer INS Mumbai.
He commanded Indian Naval Ships Vinash, Kirch and
He has also held various important operational and staff appointments which include Fleet Operations Officer of the Western Fleet at Mumbai, Director of Naval Operations, Principal Director Network Centric Operations and Principal Director Naval Plans at New Delhi.
On promotion to the rank of Rear Admiral, he served as Assistant Chief of Naval Staff (Policy and Plans) at NHQ and as the Flag Officer Commanding Eastern Fleet.
He was the Director General of Naval Operations from July 2020 to May 2021, a period that witnessed a high tempo of Naval Maritime Operations.
He ensured that the Navy remained a ‘Combat Ready, Credible, Cohesive and Future Proof Force, ready to address a host of complex security challenges despite all round severity of COVID Pandemic.
Later, from June 21 to Feb 23, the Flag Officer served as the Chief of Personnel.
Vice Admiral Tripathi is a recipient of Ati Vishisht Seva Medal and Nausena Medal for devotion to duty.

Raghuram Iyer appointed as Chief Executive Officer by Indian Olympic Association

Indian Olympic Association (IOA) appointed Indian Premier League side Rajasthan Royals’ former official Raghuram Iyer as its Chief Executive Officer (CEO), a year after it was due and following repeated reminders from the IOC.
Iyer was appointed as its CEO after a “meticulous selection process conducted by the nomination committee”.
The appointment followed a meticulous selection process conducted by the nomination committee.
As CEO, Raghuram Iyer is designated as an ex-officio member of the Executive Council without voting rights.
Before Iyer’s appointment, the joint secretary and All India Football Federation (AIFF) president Kalyan Chaubey had been discharging the functions of the CEO.
Iyer had served as CEO of IPL sides Rajasthan Royals and Rising Pune Supergiants.
The appointment aligns with a new rule drafted by a Supreme Court-constituted panel, mandating the IOA to appoint a CEO to perform the functions of the erstwhile secretary general.

Eligibility Criteria :

One of the eligibility criteria for the post of CEO is that the candidate should be a “management professional with an experience of no less than 10 years as the CEO of a company/entity with an annual turnover of no less than Rs 25 crore.”
Article 15.3 of the amended IOA constitution also says that “the CEO shall be proposed by a nomination committee comprising the IOA president, chairman of the Athletes’ Commission and one IOC member from India”.
The CEO will be an ex-officio member of the Executive Council without voting rights.
He is not an elected member but a salaried official.

About IOA :

Established : 1927
Headquarters : New Delhi, Delhi
President : P. T. Usha
The Indian Olympic Association (IOA) or Indian Olympic Committee (IOC) is responsible for selecting athletes to represent India at the Olympic Games, Asian Games and other international sports competitions, and managing Indian teams at these events.

Nadia Calviño Becomes the First Female President of the European Investment Bank (EIB)

Nadia Calviño assumed the role of President of the European Investment Bank (EIB).
Calviño takes over from Werner Hoyer, who had been president of the Bank since 2012
The 8th president of the European Union (EU) bank, Calviño is the first woman to lead the institution.
She is also the first Spaniard to head the Bank.

About Nadia Calviño :

Nadia María Calviño Santamaría, born on October 3, 1968, in A Coruña, Galicia, Spain.
Calviño began her career in various roles within the Ministry of Economy and later, in 2006, joined the European Commission.
She held various positions within different directorates-general and, in 2014, was appointed Director-General for Budget (DG BUDG).
Calviño, a Spanish economist and civil servant, served as the First Deputy Prime Minister of Spain from July 2021 and as the Minister of Economy from 2018 to December 2023 under Prime Minister Pedro Sánchez.
In the 15th legislature starting in November 2023, she continued her government role as the First Deputy Prime Minister and Minister of Economy, Trade, and Enterprise.

About EIB :

Founded : 1958
Headquarters : Luxembourg
President : Nadia Calviño Santamaría
The European Investment Bank is the European Union’s investment bank and is owned by the 27 member states.
It is the largest multilateral financial institution in the world.

China appoints former top naval commander Dong Jun as new defence minister

China named naval commander General Dong Jun as the new defence minister, two months after the summary dismissal of General Li Shangfu without any explanation.

About Dong Jun :

Dong, formerly the commander of the Chinese navy, was promoted to the rank of general in September 2021, making him one of the highest-ranking officers in active service.
Dong has served as the deputy commander of the military’s Southern Theater Command, which includes the operations in the controversial South China Sea, where China faces territorial disputes with other countries including Taiwan.
Before becoming the navy’s top commander in 2021, he served in the Northern Sea Fleet, now a regular player in joint drills with the Russian Navy, the Eastern Sea Fleet, which focuses on potential conflicts with Japan, as well as the Southern Command Theatre, which oversees the South China Sea.
The appointments for the top defence posts are cleared by President Xi, who is also the head of the Central Military Commission (CMC), besides being the General Secretary of the ruling Communist Party of China (CPC).

About China :

President: Xi Jinping
Capital: Beijing
Currency : Renminbi

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Introduces New Design for Admirals’ Epaulettes Inspired by Chhatrapati Shivaji Maharaj

The Indian Navy unveiled a new design for Admirals’ epaulettes, drawing inspiration from the legacy of Chhatrapati Shivaji Maharaj.
The unveiling of the epaulettes, a shoulder piece worn to show the rank of an officer, came three-and-a-half weeks after Prime Minister Narendra Modi made an announcement on it.