NATIONAL UPDATES:
1. NSDC partners with Axis My India to map skill demand and supply across India: The National Skill Development Corporation (NSDC) has partnered with pollster Axis My India to boost a push bridge the skills gaps across India and meet a projected demand for millions of jobs in developed economies over the next five years.The collaboration seeks to leverage data-driven insights to map skill demand and supply, improve the effectiveness of skill development initiatives, and increase participation rates, particularly in underserved regions.NSDC is a public-private partnership organisation under the Ministry of Skill Development and Entrepreneurship (MSDE). The partnership will identify potential workers for upgrading their skills.
2. Prez Subianto to be Republic Day chief guest: Indonesian President Prabowo Subianto has formally accepted New Delhi’s invitation to be the chief guest for the 2025 Republic Day parade.
The choice of Subianto as the first guest of third term of Prime Minister Modi signals the importance India attaches to the bilateral relationship with Indonesia and its Act East policy. The visit is expected to see both sides stepping up their strategic cooperation and defence ties.India’s first Republic Day guest was from Indonesia, President Sukarno, a key ally of country’s Prime Minister Jawaharlal Nehru during the golden years of the non-aligned movement.India and Indonesia have shared over two thousand years of strong cultural and commercial connections, with Hindu, Buddhist, and Muslim traditions spreading from India to Indonesia. Indonesia’s folk art and theater are deeply influenced by stories from the Ramayana and Mahabharata.
3. IREDA achieves ‘Excellent’ rating for 4th consecutive year in MoU performance: Indian Renewable Energy Development Agency Limited (IREDA) has achieved ‘Excellent’ rating for the performance MoU signed with the Ministry of New & Renewable Energy (MNRE) for the financial year 2023-24, with a score of 98.24.This marks the fourth consecutive year that IREDA has received ‘Excellent’ rating, showcasing its unwavering commitment to operational excellence and highest standards of corporate governance.In the previous three years, IREDA consistently delivered exceptional results, achieving an ‘Excellent’ rating with scores of 93.50 in FY 2022-23, 96.54 in FY 2021-22 and 96.93 in FY 2020-21.
4. Government launches PLI scheme 1.1 for specialty steel: Union Minister of Steel and Heavy Industries, H. D. Kumaraswamy, has launched the second round of the Production Linked Incentive (PLI) scheme for specialty steel, termed PLI Scheme 1.1. The new scheme aims to boost domestic production and reduce dependence on imports.PLI Scheme 1.1 covers five product categories, similar to the original scheme, and has been introduced following requests from industry participants for certain relaxations.The scheme will remain open for applications from January 6 to January 31, 2025. The minister expressed optimism that this revised round would see active participation from industry players, contributing to strengthening India’s position as a global steel powerhouse.
5. State Bank of India Names Baldev Prakash as DMD & Group Chief Risk Officer: State Bank of India has appointed Baldev Prakash as the deputy managing director and group chief risk officer.
Earlier, Prakash was on deputation to Jammu and Kashmir Bank as managing director and chief executive officer, whose three-year term ended in December.Shiva Om Dikshit has been entrusted with a new responsibility as deputy managing director, operations-channel management.
6. Tuhin Kanta Pandey appointed revenue secretary; Arunish Chawla takes over as DIPAM secretary: The Appointments Committee of the Cabinet (ACC) has approved the appointment of Tuhin Kanta Pandey has been appointed as Secretary, Department of Revenue, Ministry of Finance.He is currently serving as Secretary, Department of Investment and Public Asset Management (DIPAM). Meanwhile, Pandey will continue to hold the designation of Finance Secretary.In a corresponding move, Arunish Chawla, presently the Secretary, Department of Revenue, Ministry of Finance, has been appointed as Secretary, Department of Investment and Public Asset Management (DIPAM), succeeding Tuhin Kanta Pandey.Additionally, Chawla has been given the additional charge of Secretary, Department of Public Enterprises, Ministry of Finance, and Secretary, Ministry of Culture.
INTERNATIONAL UPDATES:
1. EXIM Bank Raises $1 Billion Through Overseas Bond Issuance: EXIM Bank has successfully raised $1 billion (approximately Rs. 8,570 crore) through overseas bond issuance at highly competitive rates, marking a significant milestone for Indian issuers in global capital markets.The funds will be used to support the bank’s ongoing and new initiatives worldwide. The issuance was priced at US Treasury yields plus 1%, with a negative new issue concession of 0.05%.The bond issue witnessed significant interest globally, with 50% of investors from Asia, 32% from Europe, the Middle East, and Africa, and 18% from the United States.Asset and fund managers dominated the subscription pool, accounting for nearly two-thirds of the investors, followed by banks (18%), insurance and pension funds (16%), and other institutions.
2. Mahama sworn in as Ghana’s president: John Mahama has been sworn in for a second term as Ghana’s president at a ceremony in the capital Accra.Mahama won 56 percent of the vote in the nation’s presidential election on December 9, defeating ruling party candidate and Vice President Mahamudu Bawumia, who secured 41 percent. Mahama takes over from outgoing President Nana Akufo-Addo, who served two terms in power.
OTHER UPDATES:
DEFENCE
1. US, India to Co-Produce Sonobuoys: In recent developments, India and the United States have announced a strategic partnership aimed at co-producing sonobuoys for Undersea Domain Awareness (UDA) within the Indian Navy. This initiative reflects both nations’ concerns regarding the increasing Chinese naval presence in the Indian Ocean Region. The cooperation was brought into light during U.S. National Security Advisor Jake Sullivan’s visit to India, which focused on enhancing defence innovation and industrial collaboration. UDA encompasses the ability to monitor and understand activities in the underwater environment. It is vital for national security, especially in regions threatened by hostile naval forces. The partnership aims to boost India’s capabilities in this domain, ensuring maritime safety and security.
SCIENCE AND TECHNOLOGY
1. V Narayanan appointed as next ISRO chief: V Narayanan, a distinguished scientist at the Indian Space Research Organisation (ISRO), is set to become the next chairman, succeeding S. Somanath on January 14, 2025.Currently, he serves as the Director of the Liquid Propulsion Systems Centre (LPSC), where he has made substantial contributions to India’s space endeavours over nearly four decades.Narayanan joined ISRO in 1984 and has held various pivotal roles throughout his career. His expertise in rocket and spacecraft propulsion has been instrumental in several key projects.
Somanath assumed charge as the Secretary of the Department of Space on January 14, 2022, for a three-year term.
BANKING AND FINANCE
1. RBI lifts curbs on Ashirvad Micro Finance, DMI Finance: The Reserve Bank of India (RBI) lifted the supervisory restrictions imposed on two non-banking financial companies (NBFCs) – Asirvad Micro Finance Limited and DMI Finance Private Limited.On October 17, 2024, the RBI directed the two entities to cease and desist from sanction and disbursal of loans, effective from close of business as of October 21, 2024.Asirvad Micro Finance Limited, a microfinance institution (MFI) registered in Chennai, and DMI Finance Private Limited, an investment and credit company (ICC) based in New Delhi, faced the restrictions due to non-compliance with regulatory guidelines.
2. Bajaj Broking partners with Tamilnad Mercantile Bank to launch 3-in-1 account solution: Bajaj Broking, the broking arm of Bajaj Finance Ltd., has partnered with Tamilnad Mercantile Bank (TMB) to introduce a comprehensive 3-in-1 account solution, integrating banking, broking, and investment services on a single platform.The collaboration aims to offer Tamilnad Mercantile Bank customers a seamless online trading experience through Bajaj Broking’s platform. The 3-in-1 account will simplify fund transfers, reduce paperwork, and provide a tech-driven interface for investments across a wide range of financial products.With this partnership, Bajaj Broking seeks to expand its digital services while TMB aims to strengthen its offerings in the investment space. The companies aim to leverage their respective strengths to deliver client-centric solutions and unlock new business opportunities.
3. Govt sees India’s GDP growth hitting a 4-year low of 6.4% in FY25: India’s Gross Domestic Product (GDP) is projected to grow at 6.4% in the fiscal year 2024-25, marking a four-year low and a sharp decline from the 2% growth recorded in FY24, according to first advance estimates released by the government.The projection is lower than the recent Reserve Bank estimate of 6.6 percent for the current fiscal year ending March 2025.Releasing the first advance estimates of national income for 2024-25, the NSO said, “real GDP has been estimated to grow by 6.4 percent in FY2024-25 as compared to the growth rate of 8.2 percent in Provisional Estimate (PE) of GDP for FY2023-24”.The data also revealed that real Gross Value Added (GVA) is expected to expand by 6.4% in FY25, down from 7.2% in FY24. In contrast, nominal GVA is projected to grow at 9.3% in FY25, slightly higher than the 8.5% growth in the previous fiscal year.
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