NATIONAL UPDATES:
1. Cabinet approves Rs 69,515 crore boost for PM Fasal Bima Yojana: The Union Cabinet approved the continuation of the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather Based Crop Insurance Scheme (RWBCIS) until 2025-26. The decision was made with a total outlay of Rs 69,515.71 crore.This extension ensures that farmers will continue to receive coverage for crop losses due to non-preventable natural calamities.In addition to the continuation of the schemes, the Cabinet also approved the creation of a Fund for Innovation and Technology (FIAT) with a corpus of Rs 824.77 crore.This fund will support technological initiatives, such as the YES-TECH (Yield Estimation System using Technology) and WINDS (Weather Information and Network Data Systems), aimed at enhancing the efficiency and transparency of claim settlements.
2. Groundwater recharge up by 15 billion cubic meters -Jal Shakti Ministry: The Groundwater recharge in the country has increased by 15 billion cubic meters and the groundwater extraction has declined by 3 billion cubic meters from the 2017 to 2024 period.The latest status of the groundwater recharge in the country ending 31st December 2024 was released by the Union Ministry of Jal Shakti in its Dynamic Ground Water Resource Assessment Report 2024.The groundwater assessment was carried out by the Central Ground Water Board (CGWB), under the Union Jal Shakti ministry, in collaboration with the States and Union Territories.
3. Cabinet approves extension of One-time Special Package on Di-Ammonium Phosphate beyond NBS subsidy: The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal of the Department of Fertilizers for the extension of One-time Special Package on Di-Ammonium Phosphate (DAP) beyond the NBS subsidy @ Rs 3,500 per MT for the period from 01.01.2025 till further orders to ensure sustainable availability of DAP at affordable prices to the farmers.The tentative budgetary requirement for above would be approximately upto Rs. 3,850 cr. The subsidy on P&K fertilizers is governed by NBS Scheme w.e.f 01.04.2010. Continuing top most priority in keeping farmers’ welfare in firm focus, GoI has extended a massive relief to farmers in keeping the price of Di-Ammonium Phosphate (DAP) fertilizer unchanged.
4. ITI Mutual Fund Names Jatinder Pal Singh as CEO: Jatinder Pal Singh has been appointed as Chief Executive Officer of ITI Asset Management (ITI AML).Singh succeeds Hitesh Thakkar, who has served as acting Chief Executive Officer (CEO) of ITI AML.Singh has over 25 years of experience in the mutual funds industry. He was associated with Mahindra Manulife Investment Management as a chief marketing officer from September 2015 to December 2024.
INTERNATIONAL UPDATES:
1. 2 January – World Introvert Day: World Introvert Day is celebrated on 2 January to acknowledge and appreciate the unique qualities of introverts, emphasizing their strengths and contributions to society.The day raises awareness about the misconceptions surrounding introversion and promotes acceptance of different personality types.Theme 2025 – Some peace and calm in a noisy world.World Introvert Day was initially acknowledged in 2011, gaining momentum as a chance to showcase the strengths and contributions of the wallflowers. In contrast to extroverts, they regain energy by spending time alone and typically favour deep one-on-one conversations instead of large social events.
2. 3 January – International Mind-Body Wellness Day: International Mind-Body Wellness Day is celebrated every year on 3 January.This day emphasizes the importance of achieving harmony between mental, emotional, and physical well-being.This global initiative encourages individuals to focus on their mental and physical well-being by adopting strategies that promote development and wellness.
OTHER UPDATES:
DEFENCE
1. India declares 2025 as year of defence reforms, vows ‘unprecedented’: India has declared 2025 as the ‘year of reforms’ in the defence sector and vowed “unprecedented” progress in bolstering India’s security and sovereignty in the face of 21st-century challenges.‘Year of reforms’ will be a momentous step in modernisation journey of the armed forces.The reforms aim to implement integrated theatre commands, enhancing synergy among the three services and transforming the military into a technologically advanced, combat-ready force.
BANKING AND FINANCE
1. VFS Capital seeks small finance bank licence from RBI under ‘on-tap’ scheme: Microfinance company VFS Capital has applied for a small finance bank (SFB) licence under the guidelines for ‘on tap’ licensing of SFBs in the private sector.During the quarter ended December 31, 2024, the Reserve Bank of India has received one application under the guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector dated December 5, 2019 from VFS Capital Limited.VFS Capital, previously known as Village Financial Services Private and headquartered in West Bengal, was incorporated in 1994 as a non-deposit taking non-banking financial company-microfinance institution (NBFC-MFI). It started microfinance activity in 2006 and got registered with RBI as NBFC-MFI in September 2013. VFS provides loans to individual female members mainly from rural areas in a joint liability group (JLG) with each group consisting of five members. VFS Capital makes its entire disbursements through digital mode.
2. GST collection jumps 7.3% YoY to Rs 1.77 lakh crore in December: India’s Goods and Services Tax (GST) collection grew 7.3% year-on-year (YoY) to Rs 1.77 lakh crore in December 2024. However, the figure marked a 3% decline compared to the Rs 1.82 lakh crore collected in November. The latest numbers indicate a steady growth in GST revenues but reflect a slowdown in consumption and a rise in refunds issued during the month.
3. Interest rates remain unchanged on National Small Saving Schemes: The Centre decided to maintain a status quo on the returns payable on small savings schemes for the January to March 2025 quarter, making it the fourth successive quarter that these rates have remained unchanged.
The interest rates on small savings schemes such as the Public Provident Fund (PPF) and National Savings Certificate (NSC) are reset each quarter as per a formula linked to the yields on government securities of similar maturities. The Union Ministry of Finance has reviewed the interest rates on the small saving schemes every quarter since 2016.
4. CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards : The Central Board of Indirect Taxes and Customs (CBIC) provided insights into the goods and services tax (GST) treatment of transactions involving vouchers. According to the CBIC, vouchers can be categorised into two types.The first category includes prepaid instruments, such as gift cards and digital wallets, which are recognised by the Reserve Bank of India (RBI). These vouchers are treated as ‘money’ under the GST framework, meaning transactions involving them will not be classified as either the supply of goods or services.The second category comprises non-prepaid vouchers, which do not qualify as prepaid instruments. These vouchers serve as claims to receive specific goods or services and fall under the definition of ‘actionable claims’. Similar to their prepaid counterparts, these transactions also do not count as the supply of goods or services for GST purposes.
AWARDS AND HONOURS
1. Ministry of Youth Affairs & Sports Announces National Sports Awards 2024: The Union Ministry of Youth Affairs and Sports has announced the names of the winners of the 2024 National Sports Award winner.The award winners will be felicitated by the President Droupadi Murmu in a function at the Rashtrapati Bhavan in New Delhi on 17th January 2025.The National Sports award consists of Major Dhyan Chand Khel Ratna Award, Arjuna Award, Dronacharya Award, Major Dhyan Chand Award, Maulana Abul Kalam Azad Trophy and the Rashtriya Khel Protsahan Puruskar. Major Dhyan Chand Khel Ratna is the highest sports award in the country. It was earlier known as Rajiv Gandhi Khel Ratna Award and was renamed in 2021 as Major Dhyan Chand Khel Ratna Award.
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