NATIONAL UPDATES:
1. Kotak Mahindra Prime appoints Shahrukh Todiwala as new MD & CEO: Kotak Mahindra Prime, a subsidiary of Kotak Mahindra Bank (KMB), has appointed Shahrukh Todiwala as the new MD, CEO of the company.Todiwala succeeds Vyomesh Kapasi, who will now take over as the head of product-consumer bank vertical at KMB.
2. NITI Aayog CEO Subrahmanyam’s tenure extended by one year: The Centre has extended the tenure of NITI Aayog Chief Executive Officer (CEO) B V R Subrahmanyam by one year.Subrahmanyam, a 1987-batch retired Indian Administrative Service (IAS) officer ofChhattisgarhcadre, was in February 2023 appointed to the post for a period of two years.The Appointments Committee of the Cabinet has approved extension in Subrahmanyam’s tenure as NITI Aayog CEO for a period of one year beyond February 24, 2025.
3. Soyabean Market Trends and Government Procurement Challenges: In recent months, the Indian soyabean market has faced challenges despite government interventions. The central government has procured 20 lakh tonnes of soyabean, yet wholesale prices remain stagnant. This situation raises questions about the effectiveness of procurement strategies and market dynamics. Contrary to expectations, the wholesale market in Latur, Maharashtra, has seen prices drop. During November and December, the price per quintal hovered around Rs 4,200, lower than previous averages. This decline suggests a disconnect between government procurement efforts and market realities. Traders express concerns that prices may not recover soon, especially with government stocks still in play.
INTERNATIONAL UPDATES:
1. Brazil Joins OPEC+ Forum to Balance Oil Production and Energy Transition Goals: Brazil has joined the OPEC+ Forum as an observer, signaling a calculated move to balance its role as a major oil producer with its energy transition ambitions.The decision by the National Council for Energy Policy, allows Brazil to participate in discussions without committing to policies like production cuts or price controls.As the world’s seventh-largest oil producer, Brazil pumps 4.3 million barrels of crude daily, contributing 4% of global output. In 2024, crude oil became the country’s top export, accounting for 13.3% of total sales and surpassing soybeans.OPEC+, which includes 23 countries producing nearly 40% of the world’s crude oil, coordinates production policies to stabilize markets.OPEC members comprise Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela. OPEC+ members include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan. OPEC and OPEC+ members accounted for 53% of global crude oil production in 2023, compared to 60% in 2016. Brazil’s crude oil output represented 4% of global oil production in 2023.
2. Mount Fentale Volcano Emits Methan: Mount Fentale has been emitting methane at an alarming rate. Starting from 31 January, emissions peaked at 58 metric tonnes per hour. This is far greater than typical volcanic emissions, which usually consist of carbon dioxide and sulfur dioxide. Methane is known to be 28 times more effective at trapping heat than carbon dioxide over a century. Mount Fentale is not known for frequent eruptions. Its last recorded eruption was in 1820, which resulted in lava flow. Historical records indicate earlier eruptions, including one in the 13th century that devastated an Abyssinian town. Recent signs of volcanic activity, such as magma intrusion, were noted as early as September 2024.
3. India’s Role in UN Peacekeeping Missions: India has long been contributor to United Nations (UN) peacekeeping missions. Recently, External Affairs Minister S. Jaishankar reaffirmed India’s commitment to supporting Global South nations in enhancing their peacekeeping capacities. This commitment includes training and capacity-building initiatives, particularly for women peacekeepers. India’s extensive involvement in peacekeeping reflects its dedication to maintaining international peace and security.
OTHER UPDATES:
DEFENCE
1. Indian Army Enhances CBRN Defence with ACADA Systems: The Indian Army has recently contracted 223 Automatic Chemical Agent Detection and Alarm (ACADA) systems from L&T Limited. This procurement, valued at ₹80.43 crore, is part of a broader initiative to modernise the army’s capabilities against chemical warfare threats. The ACADA systems are designed by the Defence Research and Development Organisation (DRDO) and will boost the army’s chemical, biological, radiological, and nuclear (CBRN) defence capabilities. ACADA features two IMS cells for continuous and simultaneous monitoring of toxic agents. It is portable and can be easily deployed in various environments. The system includes audio and visual alarms to alert personnel in case of detection. Additionally, it can be mounted on vehicles for enhanced mobility.
2. Naval Anti-Ship Missile Short Range (NASM-SR): Recently, the Defence Research and Development Organisation (DRDO) and the Indian Navy successfully conducted flight trials of the Naval Anti-Ship Missile Short Range (NASM-SR) at the Integrated Test Range in Chandipur, Odisha. This milestone marks advancement in India’s defence capabilities. The trials showcased the missile’s sophisticated features, particularly its “Man-in-Loop” capability, which allows for in-flight retargeting. The missile was launched from an Indian Naval Seaking helicopter. During the trials, it first locked onto a large target within a designated search area. In the terminal phase, the pilot retargeted it to a smaller concealed target. This demonstrated the missile’s ability to accurately hit targets while in sea-skimming mode at maximum range.
SCIENCE AND TECHNOLOGY
1. Why is Mars Red? : For years, scientists believed that the Mars’ red hue was solely due to iron minerals rusting in dry conditions. However, new research indicates a wetter history for Mars. This research combines spacecraft data from the European Space Agency (ESA) and NASA with advanced laboratory experiments. The findings suggest that ferrihydrite, an iron oxide requiring water to form, is key to understanding Mars’ distinctive colour. Researchers employed a combination of ground-based and orbital observations. They used analytical techniques similar to those of orbiting spacecraft to recreate Martian dust. By grinding minerals into fine powders, they simulated the dust particles found on Mars. This method allowed them to match their synthetic dust’s properties with those of actual Martian samples.
BANKING AND FINANCE
1. Recent Penalties imposed on Banks by RBI: Nainital Bank Ltd (₹40 lakh ) – for non-compliance with certain directions on ‘Interest Rate on Advances’ and ‘Customer Service in BanksUjjivan Small Finance Bank (₹70 lakh) – for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions.’Shriram Finance (₹80 lakh) – for non-compliance with certain provisions, including Know Your Customer (KYC) guidelines and directions on ‘Data Format for Furnishing of Credit Information to Credit Information Companies.’
Equitas Small Finance Bank (Rs 65 lakh) – for deficiencies in regulatory compliancesIndia Post Payments Bank (26.70 lakh) – for deficiencies in regulatory compliances.
AWARDS AND HONOURS
1. Sunil Bharti Mittal receives Honorary Knighthood by British High Commission: Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, has received the insignia of the Knight Commander of the Most Excellent Order of the British Empire (KBE).This honor follows the announcement in 2024 that His Majesty The King had graciously conferred the Honorary Knighthoodupon Mittal for his significant contributions to UK-India business relations, as stated by the British High Commission in New Delhi.The KBE is one of the highest honors awarded to foreign nationals in recognition of exceptional contributions to various fields, and Mittal’s leadership has undoubtedly had a profound impact on India-UK relations.
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