January 03, 2024

NATIONAL
India upgrades Scorpene submarines
⇢ The Ministry of Defence has signed two contracts worth ₹2,867 crore related to
Scorpene-class submarines.
Contractor Contract Value (₹ crore) Purpose
Mazagon Dock 1,990 Construction and
Shipbuilders Ltd (MDL), integration of an
Mumbai indigenous Air
Independent Propulsion
(AIP) module
Naval Group, France 877 Integration of an Electronic
Heavyweight Torpedo
(EHWT) developed by
DRDO
⇢ The AIP technology is indigenously developed by DRDO and its Naval Materials
Research Laboratory (NMRL), Thane.
⇢ EHWT developed by DRDO, is a cutting-edge weapon system.
Mazagon Dock Shipbuilders Limited (MDL):
Chairman & Managing Director (CMD) – Sanjeev Singhal
Headquarters- Mumbai, Maharashtra
Established- 1934

Crop insurance schemes extended

⇢ The central government has extended the PM Fasal Bima Yojana (PMFBY) and the
Restructured Weather Based Crop Insurance Scheme (RWBCIS) until 2026.

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⇢ The total outlay for both schemes has been increased to ₹69,515.7 crore.
⇢ A separate Fund for Innovation and Technology (FIAT) with a corpus of ₹824.77
crore has been created to support technological initiatives.
⇢ These initiatives include:
 Yield Estimation System using Technology (YES-TECH)
 Weather Information and Network Data Systems (WINDS)
⇢ YES-TECH uses remote sensing technology for yield estimation, with a minimum
30% weightage given to technology-based estimates.
⇢ YES-TECH is currently being implemented in nine major states.
⇢ Madhya Pradesh has fully adopted technology-based yield estimation.
⇢ WINDS aims to establish Automatic Weather Stations (AWS) at the block level, and
Automatic Rain Gauges (ARGs) at the panchayat level.
⇢ WINDS will increase network density fivefold to generate hyper-local weather data.
⇢ WINDS is being implemented in nine major states.
⇢ PMFBY is India’s largest crop insurance scheme and the third largest globally in
terms of total premiums.
⇢ PMFBY is being implemented in around 23 states and UTs.

Omkareshwar Solar Project Inaugurated

⇢ PM Narendra Modi inaugurated the Omkareshwar Floating Solar Project in
Khandwa, Madhya Pradesh.
⇢ The project aims to reduce carbon emissions and contribute to the GoI’s mission of
net-zero carbon emissions by 2070.
⇢ He also laid the foundation stone for 1153 Atal Gram Sushasan buildings.
⇢ A ₹100 commemorative coin and stamp were released to mark the 100th birth
anniversary of former PM Atal Bihari Vajpayee.
Madhya Pradesh:
Chief Minister – Mohan Yadav
Governor– Mangubhai C. Patel
Capital– Bhopal
National Parks– Pench National Park , Kanha National Park, , Panna National Park, and
Bandhavgarh National Park

No-detention policy scrapped

⇢ The central government has withdrawn the ‘no-detention’ policy for students of
Classes 5 and 8 to enhance learning outcomes.
⇢ Schools can now hold back students who fail in the year-end exams.

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Bio-bitumen highway inaugurated
⇢ Union Minister Nitin Gadkari inaugurated India’s first bio-bitumen-based
National Highway stretch on NH-44 at Mansar in Nagpur, Maharashtra.
⇢ The stretch uses lignin-based bio-bitumen technology for flexible pavement
construction.
⇢ The technology was developed by Praj Industries in collaboration with CSIR –
Central Road Research Institute (CRRI), National Highways Authority of India
(NHAI), and Oriental.
⇢ Lignin reduces greenhouse gas emissions by 70% compared to fossil-based
bitumen.
Explanation for 'Lignin' - Lignin is a complex organic polymer that is a major
component of the cell walls of plants. Think of it like a natural glue that holds wood
fibers together. In this context, lignin is used as a sustainable alternative to bitumen, a
petroleum product used in road construction. Using lignin-based bio-bitumen reduces
our reliance on fossil fuels and helps the environment.

ECONOMY
India's FY25 GDP growth forecast
⇢ According to the November 2024 Monthly Economic Review from the Ministry of
Finance, India's FY25 GDP growth is estimated at 6.5%.
⇢ The GDP growth in Q2 FY25 was 5.4%.

GST Council Meeting

⇢ The 55th GST Council meeting was held in Jaisalmer, Rajasthan.
⇢ Several key decisions were taken in the meeting, including changes to GST rates and
exemptions.
Item Old GST Rate New GST Rate
Fortified Rice Kernels (FRK) 18% 5%
Sale of old and used 12% 18%
vehicles (for registered
persons, on supplier’s
margin)
Autoclaved Aerated - 12%
Concrete (ACC) blocks
(containing over 50% fly
ash)

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 Ready-to-eat popcorn (not - 5%
pre-packaged and labelled)
Ready-to-eat popcorn - 12%
(pre-packaged and
labelled)
Caramel popcorn - 18%
⇢ Gene therapy and pepper/raisins supplied by an agriculturist/farmer are exempted
from GST.
⇢ IGST exemption extended to systems used for manufacturing Long Range Surface-
to-Air Missile (LRSAM).
⇢ Compensation cess rate reduced to 0.1% on supplies to merchant exporters.
⇢ The definition of ‘pre-packaged and labelled’ amended to include commodities
intended for retail sale (≤25kg or 25 liters).
⇢ RBI-regulated Payment Aggregators handling transactions <₹2,000 are exempted
from indirect tax.
Explanation for 'Fly ash content' - Fly ash content refers to the proportion of fly ash
present in a material. Fly ash is a byproduct of coal combustion in power plants. It is a
fine powder containing silica, alumina, and other compounds. In the context of
Autoclaved Aerated Concrete (ACC) blocks, fly ash content signifies the percentage of fly
ash used in the manufacturing process. A higher fly ash content usually indicates a more
sustainable and environmentally friendly product because it reduces the need for other
materials and utilizes a waste product.

BANKING
RBI proposes facility for accounts
⇢ RBI has proposed a lookup facility for beneficiary accounts in Real-Time Gross
Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems.
⇢ The facility is similar to UPI and Immediate Payments Service (IMPS).
⇢ The aim is to prevent fraud.
⇢ Currently, remitters cannot see the beneficiary name before doing a transaction on
NEFT and RTGS.
⇢ Member banks are instructed to make the facility available by April 2025.

RBI penalizes IndusInd Bank

⇢ RBI has imposed a fine of ₹27.3 lakh on IndusInd Bank for non-compliance with
regulatory norms.

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⇢ RBI has imposed a fine of ₹20 lakh on Manappuram Finance for non-compliance
with regulatory norms.
Manappuram Finance Limited:
Managing Director (MD) & Chief Executive Officer (CEO) – V.P. Nandakumar
Headquarters – Thirissur, Kerala
Incorporated – 1992
IndusInd Bank Limited:
Managing Director (MD) & Chief Executive Officer (CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established – 1994

M2P Fintech partners with SBI

⇢ M2P Fintech has partnered with the SBI to enhance the prepaid payment system in
India for seamless and secure payment experience.

Federal Bank partners with Ecofy

⇢ Federal Bank has partnered with Ecofy, India’s first green-only NBFC.
⇢ The partnership aims to offer financing solutions for MSMEs for rooftop solar
installations.
⇢ The initiative targets financing 3,600 kW of rooftop solar annually.
⇢ This is expected to reduce over 2,500 tons of CO2 emissions every year.

Indian Bank fined in Sri Lanka

⇢ The Central Bank of Sri Lanka: Financial Intelligence Unit has imposed a fine of ₹5.85
lakh on the Indian Bank.
⇢ The reason for the fine is the bank's failure to comply with financial transaction
reporting norms.
⇢ The Bank has two branches in Sri Lanka: Colombo and Jaffna.

AGREEMENTS
SIA-India partners with GSSTI
⇢ The Satcom Industry Association India (SIA-India), New Delhi has signed an MoU
with the Ghana Space Science and Technology Institute (GSSTI).

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⇢ The MoU aims to foster collaboration in satellite communications and the space
industry.
Ghana:
President- Nana Addo Dankwa Akufo-Addo
Capital- Accra
Currency- Ghanaian Cedi (GHS)

Tata Power Partners for Solar Adoption

⇢ Tata Power Renewable Energy Ltd (TPREL) has partnered with Canara Bank.
⇢ The partnership aims to promote rooftop solar systems under the 'PM Surya Ghar
Scheme'.
⇢ The collaboration will provide easy financing options for households to adopt solar
energy.
PM surya Ghar: Muft Bijli Yojana:

Scheme name PM Surya Ghar: Muft Bijili Yojana

Launched on February 2024
Objective To boost sustainable development and ensure the well – being of
people by offering free electicity.
Outlay ₹75,021 crores
Benefit Provide up to 300 units of free electricity every month
Subsidy ₹30,000 subsidy for a 1 KW system
₹60,000 for 2 KW systems
₹78,000 for 3 KW system or higher.

INTERNATIONAL
India-China border talks
⇢ National Security Advisor Ajit Doval and Chinese Foreign Minister Wang Yi concluded
the 23rd round of Special Representatives dialogue in Beijing, China.
⇢ Both leaders reached a six-point agreement on maintaining peace at the border
and stable bilateral relations.
⇢ They have agreed to strengthen cross-border exchanges and cooperation, including
resuming Indian pilgrims’ visits to Tibet, cross-border river cooperation, and
Nathula border trade.
China:
President- Xi Jinping
Capital- Beijing

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Currency- Renminbi(RMB) or Chinese yuan (CNY)

BUSINESS
BluJ Aero partners with Blade India
⇢ BluJ Aero, an advanced air mobility startup, has signed an MoU with Blade India
for the purchase of 60 vertical take-off and landing (VTOL) aircraft.
⇢ The unmanned hydrogen-electric powered (H2eVTOL) BluJ REACH aircraft has a
target range of up to 300 km.
⇢ It can carry a payload of up to 100 kg.
⇢ It has an uptime of 12-16 hours.
⇢ Blade India, established in 2019, is a joint venture between Blade USA and Hunch
Ventures.

SCIENCE
South Korea launches surveillance satellite
⇢ South Korea launched its third surveillance satellite, equipped with Synthetic
Aperture Radar (SAR) technology.
⇢ The launch was part of the “425 Project”.
⇢ A SpaceX Falcon 9 rocket was used for the launch from Vandenberg Space Force
Base in California, USA.
⇢ The project aims to deploy a network of five medium-to-large surveillance satellites.

ISRO's SpaDeX mission successful

⇢ ISRO successfully launched the Space Docking Experiment (SpaDeX) mission
using the PSLV C60 rocket from the Satish Dhawan Space Centre (SDSC),
Sriharikota.
⇢ The mission involves two satellites:
 SDX01 (Chaser) and
 SDX02 (Target)
⇢ Each weighing around 220 kg.
⇢ The satellites were placed in a 475 km circular orbit.

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⇢ The docking process will involve progressively reducing the inter-satellite distance
from 20 km to 3 m.
⇢ The mission also includes 24 PS4-Orbital Experiment Module (POEM-4) payloads.
⇢ India is the fourth country in the World to develop space docking technology after
Russia, USA and china.

STATE
Punjab achieves 100% piped water supply
⇢ Punjab is the fifth Indian state to achieve 100% piped water supply to rural
households under the ‘Har Ghar Jal’ scheme.
⇢ 15 major canal water projects are under construction to address water quality and
scarcity issues.
⇢ These projects cover 1,706 villages.
⇢ The total cost of these projects is ₹2,174 crore.
⇢ These projects will benefit 25 lakh people and 4 lakh families.
⇢ Har Ghar Jal is a scheme launched by the Ministry of Jal Shakti (MoJS) as part of the
Jal Jeevan Mission (JJM) in 2019.
⇢ Goa ,D&NH and D&D became the first ‘Har Ghar Jal’ certified State and UT in the
country
100% tap water supply certified states 100% tap water supply reported states
and Union Territories (UTs) and UTs
Puducherry; Telangana,
Goa; Himachal Pradesh (HP),
Andaman and Nicobar (A&N) Islands; Mizoram,
Dadra & Nagar Haveli (D&NH) and Daman Gujarat
and Diu (D&D);
Arunachal Pradesh (AR);
Haryana and
Punjab

APPOINTMENTS
New CEO for DBS Bank India
⇢ Rajat Verma has been appointed as the CEO of DBS Bank India.

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⇢ He will succeed Surojit Shome.

New PM for Iceland

⇢ Kristrun Mjoll Frostadottir has been appointed as the Prime Minister of Iceland.
⇢ She succeeds Bjarni Benediktsson.
Iceland:
President- Guðni Th. Jóhannesson
Prime Minister (PM) – Kristrun Mjoll Frostadottir
Capital- Reykjavík
Currency- Icelandic króna (ISK)

New UIDAI CEO appointed

⇢ Bhuvnesh Kumar, Additional Secretary at the Ministry of Electronics and
Information Technology (MEITY), has taken charge as the CEO of the Unique
Identification Authority of India (UIDAI).
⇢ He succeeds Amit Agrawal.

SPORTS
Riya Shirish Thatte wins gold at NSCC
⇢ Riya Shirish Thatte won the women’s 25m pistol event at the 67th National
Shooting Championship Competitions (NSCC) held in Bhopal, Madhya Pradesh.
⇢ She defeated Simranpreet Kaur Brar by 7-2 in the final.
Rank Player Place
1 Riya Shirish Thatte Aurangabad, Maharashtra
2 Simranpreet Kaur Brar Punjab
3 Rahi Sarnobat Maharashtra

BOOKS
New book on food and economics
⇢ Abhijit Vinayak Banerjee, a Nobel laureate, launched his book titled “Chhaunk on
Food, Economics and Society” at the Apeejay Kolkata Literary Festival (AKLF).

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⇢ The book was co-authored by Cheyenne Olivier and published by Juggernaut
Publication.
⇢ The book explores Indian culinary traditions.

Deepa Malik's memoir

⇢ HarperCollins India will publish “BRING IT ON: The Incredible Story of My Life”,
the autobiography of Dr Deepa Malik.
⇢ Dr Deepa Malik is India’s first-ever female Paralympic medalist (Silver medal in
ShotPut at the 2016 Rio Paralympics).
⇢ She has won 23 international medals.

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