NATIONAL UPDATES:
1. India’s First Gati Shakti Research Chair to be
established at IIM Shillong: The country’s first ‘Gati Shakti Research Chair’ will
be established at the Indian
Institute of Management (IIM), Shillong. The Ministry of Ports, Shipping
and Waterways (MoPSW) has collaborated with IIM-Shillong to set up India’s
first ‘Gati Shakti Research Chair’. This initiative aims to discuss the
multimodal logistics development strategy focused on connecting the North
Eastern Region (NER) with wider national and international regions to fortify
the local economy. Through an MoA, IIM Shillong aims to contribute
significantly to comprehensive research efforts, envisioning a significant
impact not only within the Northeast region but also on a national scale.
2. SJVN commissions 50 MW Gujrai Solar Power Station in
Uttar Pradesh: SJVN
Limited, a Mini Ratna, Category-I and Schedule ‘A’ Central public sector
enterprise under the administrative control of Ministry of Power, Government of
India, has begun the successful
commercial operation of its 50 MW Gujrai Solar Power Station in Kanpur Dehat,
Uttar Pradesh. With this milestone, the total installed power capacity
of SJVN stands at 2,277 MW. The 50 MW Gujrai Solar Power Station has been
executed by SJVN through its renewable arm, SJVN Green Energy Limited (SGEL) at
a cost of Rs 281 crores. The annual revenue from energy generated is expected
to be approximately Rs 32 crores. The project will generate 107 million units
in the first year and the cumulative energy generation over a period of 25
years is estimated to be 2,477 million units.
3. Kalyani Steels signs MoU with Odisha govt to set up
manufacturing unit: Kalyani Steel Ltd has
signed an MoU with the Odisha
government to set up a manufacturing facility with an investment of Rs 11,750
crore. The project for manufacturing titanium metal, aerospace and
automotive components and advanced speciality steel at Gajamara in Dhenkanal
district will create 10,000 job opportunities. The project would catalyze the
growth of micro, small and medium enterprises (MSMEs), spurring the development
of a vibrant ecosystem of ancillary industries and OEM (original equipment
manufacturer) suppliers, providing many more employment opportunities.
4. 24 February – Central Excise Day: Central Excise Day is observed every year on 24 February. The day commemorates the establishment of the
Central Excise and Salt Act, which came into effect in 1944. On this day, we
also honour the contributions of the Central Board of Indirect Taxes and
Customs (CBIC) to the Indian economy. CBIC is the administrative authority for
its subordinate organizations, which include Central Excise and Central GST
Commissionerates, Central Revenues Control Laboratory, and Custom Houses.
INTERNATIONAL UPDATES:
1. PFC ties with Italian export credit agency SACE to
boost India-Italy cooperation: State-owned Power Finance Corporation (PFC) has become the first
government firm to collaborate with SACE, an Italian export credit
agency, to boost the cooperation between the two countries. PFC is partnering
with SACE, the export credit agency of Italy, for an innovative ECA-backed
financing facility under its ‘Push Strategy’ initiative. This proposed
partnership will position PFC as the first government-owned entity in India to
partner with SACE under this initiative. Through this structure, PFC will
benefit from an 80 per cent guarantee from SACE, with HSBC acting as a coordinating
bank, lead arranger and facility agent for the financing of up to 200 million
euros.
2. Geeta Batra is 1st Woman Director of World Bank Body: Geeta Batra, an India-born economist, has been named as the new Director of the Independent Evaluation Office
(IEO) of the World Bank’s Global Environment Facility (GEF). This
appointment marks a significant milestone, as Batra becomes the first woman
from a developing country to assume this prestigious role. Batra, 57, is
currently the chief evaluator and deputy director for evaluation at the GEF
IEO, affiliated to the World Bank. Batra’s name was unanimously recommended for
the coveted position at the 66th GEF council meeting held in Washington.
3. 23 February – World Understanding and Peace Day: World Understanding
and Peace Day is every year on 23
February. This day is celebrated to promote peace, empathy and
cooperation between people of various origins and cultures. In 1905, Paul P.
Harris assembled a meeting with three of his friends in Chicago. This was the
first meeting for the development of Rotary International. In 1910, the first
Rotary Clubs in America were founded, mainly in Seattle, San Francisco,
Oakland, and in Los Angeles. The club soon spread to the world and became one
of the significant associations. Subsequently, the name of the association was
changed to Rotating International. Rotary International’s objective is
worldwide peacebuilding and positive goals.
OTHER UPDATES:
DEFENCE
1. Bhupinder Kumar (IAS) appointed as DCR of J&K and Ladakh:
The Central Government has approved the appointment of Bhupinder
Kumar (IAS) for the post of Director of Census Operations (DCO)/Director of
Citizen Registration (DCR) (Deputy Secretary level) of Jammu & Kashmir and
Ladakh. Kumar has been appointed to the post under the Central Staffing Scheme
on additional charge basis with effect from the date of taking over charge of
the post and for a period up to December 31, 2025 or until further orders,
whichever is earlier. Kumar is a 2011-batch Indian Administrative Service (IAS)
officer of AGMUT cadre.
2. India – Japan Joint Exercise “DHARMA GUARDIAN” begins
in Rajasthan: The 5th edition of
Joint Military Exercise ‘DHARMA GUARDIAN’ between the Indian Army and the
Japan Ground Self Defence Force commenced at Mahajan Field Firing Ranges
in Rajasthan. The Exercise is scheduled to be conducted from 25th February to
9th March 2024. Exercise ‘DHARMA GUARDIAN’ is an annual exercise and conducted
alternatively in India and Japan. The contingent of both sides comprises of 40
personnel each. The Japanese contingent is represented by troops from the 34th
Infantry Regiment and the Indian Army contingent is represented by a Battalion
from the Rajputana Rifles.
BANKING AND FINANCE
1. Zurich Insurance to acquire 70% stake in Kotak
General: Private sector lender Kotak Mahindra Bank has
informed the exchanges that Zurich Insurance will acquire a 70 per cent
stake in the bank’s general insurance arm, Kotak Mahindra General Insurance,
for Rs 5,560 crore, in a single tranche. In November 2023, the bank had
announced the sale of a 51 per cent stake in Kotak Mahindra General Insurance
to Zurich Insurance for Rs 4,051 crore through a combination of fresh capital
infusion and share purchase, followed by a 19 per cent stake sale within a
period of three years. The proposed 70 per cent acquisition is subject to
regulatory approval from the Reserve Bank of India (RBI) and the Insurance
Regulatory and Development Authority of India (IRDAI).
2. India’s GDP to grow at around 6.75-6.8% in FY25: BoB: The Bank of Baroda (BoB) has projected India’s gross domestic product (GDP) to grow at around 6.75 to 6.8 per cent in FY25 and 6.8 per cent for the current financial year. The IMF has projected the Indian economy to grow at 6.7 per cent for the current fiscal, upgrading the estimates by 40 basis points from its previous forecast in Oct 2023. The International Monetary Fund (IMF) has projected the Indian economy to grow at 6.7 per cent for the current fiscal, upgrading the estimates by 40 basis points from its previous forecast in October 2023.
