Business – Economy and Defense Latest Current Affairs January 2024
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Business and Economy Current Affairs
IMF upgraded India’s GDP growth estimate to 6.7% for FY 2023-24
• India remains the fastest-growing economy among major economies, with a GDP expansion of 7.2% in FY23.
• IMF raised India’s GDP growth estimate for the current financial year to 6.7%, up from 6.3%.
• The medium-term GDP growth forecast for India increased to 6.5% for 2025 and 2026.
• Strong public investment and positive labor market outcomes are cited as contributing factors.
GDP to grow 7%-plus, touch $5 tn in 3 years: says Finance Ministry
• The Ministry of Finance brought a report titled ‘The Indian economy — A review’
• The Indian economy is likely to grow at over 7 per cent in the coming years and is expected to become the third-largest economy in the world in the next three years, with a GDP of $5 trillion.
• The increasing domestic demand along with supply-side measures such as investment in infrastructure are major reasons.
Ola launches e-Bike taxi service in Delhi & Hyderabad
• Ola Mobility has launched its new e-bike taxi service in Delhi and Hyderabad. The company will deploy 10,000 electric scooters in both cities in the coming months.
• Ola launched its e-bike taxi service in Bangalore on a pilot basis in September 2023. Within 3 months, company saw a 40% market expansion, with over 1.75 million rides.
• Ola has set up 200 charging stations in Bangalore.
Business – Economy and Defense Latest Current Affairs January 2024
Zomato received the nod from the RBI for online payment aggregator.
• RBI grants final approval to Zomato on January 24 to operate as online payment aggregators.
• The latest additions bring the total count to 11 entities authorized by the regulator for online aggregation services in India.
• Zomato emphasizes leveraging financial service licenses to enhance offerings within its ecosystem, rather than entering fintech as a standalone player.
Zydus Lifesciences secured USFDA approval for generic medicine
• Zydus Lifesciences receives approval from the USFDA to market Lacosamide Tablets, a generic anti-epileptic medication.
• Lacosamide is used to treat partial-onset seizures and primary generalized tonic-clonic seizures.
• The medication will be manufactured at Zydus Lifesciences’ formulation manufacturing facility in Moraiya, Ahmedabad.
AI startup Krutrim became India’s first unicorn in 2024
• Bhavish Aggarwal’s startup Krutrim raised $50 million in funding.
• It achieved $1 billion valuation, becoming India’s first AI unicorn.
• Krutrim launched just a month ago as a large language AI model.
• Krutrim, which means “artificial” in Sanskrit, is also in the process of developing data centers across the country, aiming to create a supercomputer ecosystem for AI development in India.
Bank of Baroda raises Rs 5,000 Crore via 10-year infrastructure bonds.
• Bank of Baroda, a state-owned lender, has announced the successful raising of Rs 5,000 crore through the issuance of 10-year infrastructure bonds at a coupon rate of 7.57 percent.
• The bank received a robust response with a total of 128 bids amounting to Rs 14,950 crore against the targeted issue size of Rs 5,000 crore.
WhatsApp channels surpasses 500 million monthly active users
• Mark Zuckerberg revealed that WhatsApp Channels has achieved a remarkable milestone, crossing 500 million monthly active users within the first 7 weeks of its launch.
• WhatsApp Channels introduces a new way for users to receive information from individuals, organizations, and teams they follow on the platform.
• The platform has also launched its official WhatsApp Channel
AIIB: India’s largest Renewable Energy Infrastructure Investment Trust
• The Asian Infrastructure Investment Bank has invested INR4.86 billion in India’s largest renewable energy Infrastructure Investment Trust (InvIT), Sustainable Energy Infra Trust (SEIT).
• AIIB is promoting InvITs as an infrastructure asset class in India, supporting increased private capital mobilization for green infrastructure and aiding in the achievement of Net Zero targets.
LIC unveiled ‘Jeevan Dhara II’ deferred annuity plan.
• LIC Chairman Siddhartha Mohanty introduces Jeevan Dhara II, a non-participating deferred annuity plan.
• The plan offers 11 diverse annuity options catering to individual financial preferences and goals with a flexible entry age of 20 years.
• Loan facility available during or after deferment, particularly under annuity options with a return of premium/purchase price.
NSE retains position as the world’s largest exchange in 2023.
• National Stock Exchange (NSE) Maintains Global Derivative Exchange Dominance for Fifth Consecutive Year in 2023
• Ranked 3rd globally in the equity segment by the number of trades, reinforcing its significant presence.
• NSE Group, comprising NSE and NSE International Exchange, reaffirms its top position based on statistics from Futures Industry Association (FIA).
LIC surpassed SBI to become most valuable PSU, market cap ₹5.8 Lakh Cr
• Life Insurance Corporation of India (LIC) achieves a milestone by surpassing State Bank of India (SBI) in market capitalization
• LIC’s share price rises over 2%, reaching 52-week highs of ₹919.45, pushing market cap beyond ₹5.8 Lakh Crore
• Article explores LIC’s impressive comeback, journey since listing, and factors contributing to its remarkable revival
Ambani surpassed $100 Billion, became Asia’s wealthiest man
- • Mukesh Ambani’s fortune crosses $100 billion, reclaiming the top spot in Asia.
- • A 22% surge in Reliance Industries Limited (RIL) shares, driven by strong quarterly profits, contributes to Ambani’s $2.8 billion net worth gain in 24 hours.
- • In a week, Ambani overtakes Gautam Adani, who briefly held the title, showcasing the dynamic shifts in wealth among India’s business magnates.
Zerodha fund house introduced India’s First Growth Liquid ETF
• The ETF mirrors the Nifty 1D Rate Index, focusing on returns from overnight market lending, primarily investing in TREPS on the CCIL platform.
• A seasoned financial professional oversees the fund, which carries relatively low credit and interest rate risk
• Zerodha aims to attract retail investors, offering growth NAV and taxation only upon ETF sale.
Tamil Nadu Global Investors Meet 2024: attracts ₹6.6 lakh crore
• Tata Power has decided to capital expenditure of ₹50,000 crore to ₹60,000 crore
• First Solar has decided to increase its existing $700 million investment to nearly $1 billion.
• Hyundai announced an additional ₹6,000 crore investment in addition to ₹20,000 crore
• Vietnamese EV VinFast will set up a plant in Tuticorin with an investment of $2 billion.
• Saint-Gobain – ₹3,400 crore
India exported products worth over 60 lakh crore in FY 2022-23
• India’s total exports exceeded 60 lakh crore in the 2022-2023 financial year, said Commerce and Industry Minister Piyush Goyal.
• Goyal emphasized high-quality standards to drive India towards becoming a developed nation and revealed that 4.5 lakh articles are hallmarked daily across over 340 districts.
• He highlighted that toy imports have dropped by 52% compared to 2014.
Indian economy to grow at 7.3 percent in this year, NSO report
• The National Statistical Office predicted that India’s economy will grow by a strong 7.3% in the Financial Year 2023-24, building on last year’s growth rate of 7.2%.
• The construction sector is projected to experience double-digit growth of 10.7%, with all sectors estimated to grow over 6%, barring Agriculture and Allied areas at 1.8%.
Adani regained title of Asia’s Richest Person, surpassed Ambani.
• Adani’s resurgence in wealth is attributed to significant growth in the shares of his company, fueled by a favorable verdict from the Supreme Court regarding the Adani-Hindenburg controversy.
• As of January 5, Gautam Adani holds the title of richest person, with a net worth of $97.6 billion, surpassing Mukesh Ambani, who is now second in the Bloomberg Index with a net worth of $97 billion.
Adani investment in Telangana, for Data Centre and Aerospace Park.
• Adani Group, led by CEO Karan Adani and Adani Aerospace CEO Asish Rajvansh, collaborates with Telangana’s CM Reddy.
• Telangana government assures necessary amenities, infrastructure, and subsidies to support Adani’s initiatives, fostering industrial growth and generating employment.
• Adani Group representatives express commitment to continue existing projects and establish new industries.
UPI payments rose by 42% to ₹18 Lakh Crore in 2023
• UPI transaction value increased by 42% year-on-year to Rs 18 lakh crore in December 2023 with volume up 54% to 1202 crore.
• Average daily UPI transactions hit 40 crore, stepping towards the NPCI’s target of 100 crore in three years.
• Fastag transactions also grew in December, with volume rising 13% YoY to 34.8 crore, and the value up 19% to Rs 5,861 crore.
Binny Bansal ventures into e-commerce again with ‘OppDoor’.
• Binny Bansal, the co-founder of Flipkart, has announced the launch of his new startup called ‘OppDoor’
• The company, previously known as Three State Ventures Pte Ltd, operated as a venture capital firm before the rebranding.
• OppDoor’s primary goal is to support e-commerce companies in expanding their global operations by providing end-to-end solutions. Business – Economy and Defense Latest Current Affairs January 2024
NSE’s investor base surged to 8.5 Crore in 2023; Maharashtra leads
• NSE investor base grows by 22% to reach 8.54 crore in 2023, highlighting increased retail investor participation.
• Maharashtra leads with 1.49 crore investors, followed by Uttar Pradesh with 90 lakh, Gujarat with 77 lakh, and West Bengal with 48 lakh registered investors.
• Nifty delivered 20% return in 2023; India’s market capitalization surpassed $4 trillion in December 2023.
India’s December GST collections surged 10.3% to Rs 1.64 Trillion.
• GST collections for December 2023 reach Rs 164,882 crore, exhibiting a substantial 10.3% increase from the same period in 2022.
• This marks the seventh month in the current fiscal year with collections surpassing Rs 1.6 trillion.
• Central GST stands at Rs 30,443 crore, State GST at Rs 37,935 crore, Integrated GST at Rs 84,255 crore, and cess at Rs 12,249 crore.
Defense Current Affairs
Business – Economy and Defense Latest Current Affairs January 2024
Army introduced fitness guidelines to enhance physical standards
• New policy implemented in Indian Army to address declining physical standards and rise of lifestyle diseases among officers.
• Officers from the rank of Brigadier or higher now oversee assessments, replacing the previous system led by Commanding officers.
• Policy includes quarterly physical activity testing, Battle Physical Efficiency Test, Physical Proficiency Test & swimming proficiency exam.
Indian Navy warship rescues hijacked Iranian vessel in Gulf of Aden
• INS Sumitra responded to a distress call involving the hijacking of a fishing vessel (FV) Iman flying the Iranian flag while conducting anti-piracy operations off the east coast of Somalia and the Gulf of Aden.
• About twelve of the Indian Navy’s warships are presently in the Arabian Sea and Gulf of Aden conducting anti-piracy and maritime security operations.
India-Saudi Arabia Joint Military Ex. ‘Sada Tanseeq’ commenced
• India-Saudi Arabia Joint Military Exercise SADA TANSEEQ took place in Mahajan, Rajasthan.
• It was aimed at training troops for Joint Operations in Semi-Desert terrain under UN Chapter VII.
• Included Mobile Vehicle Check Post, Cordon & Search Operation, fostering camaraderie.
• A battalion from the Brigade of the Guards represented from Indian Army in this exercise.
INS Visakhapatnam to aid MV marlin luanda after houthi missile attack
• Indian Navy’s INS Visakhapatnam swiftly responds to a distress call from MV Marlin Luanda struck by a missile in the Gulf of Aden.
• A guided missile destroyer deploys a firefighting team to assist 22 Indian and one Bangladeshi crew members amid a blaze on the tanker.
• The latest incident underscores the escalating threat posed by Houthi militants in the strategic shipping route.
NATO commences largest military exercise, “Steadfast Defender 2024”
• NATO launches Steadfast Defender 2024, marking its most extensive military exercise since the Cold War, involving over 90,000 troops, more than 50 ships, and various aircraft.
• Steadfast Defender 2024 marks the implementation of NATO’s first defense plans in decades, outlining responses to potential aggression, particularly from Russia.
BrahMos supersonic cruise missile system exports to begin
• India would commence the export of BrahMos cruise missile ground systems within 10 days, with missiles expected in Philippines by March 2024, according to DRDO chairman Dr. Samir V Kamat.
• The BrahMos export to the Philippines, at a value of USD 375 million, is India’s most substantial defence export contract to date with any foreign country.
Indian Navy launched LSAM 19, 5th Barge in ACTCM Project.
• The Indian Navy launches ‘Ammunition Cum Torpedo Cum Missile Barge, LSAM 19 (Yard 129),’ the 5th Barge in the 11-part ACTCM Barge Project, at M/s Suryadipta Projects Pvt Ltd, Thane.
• MSME Shipyard, M/s Suryadipta Projects Pvt Ltd, undertakes the construction of these indigenously designed Barges.
• The contract between the Ministry of Defence and Suryadipta Projects was signed on March 5, 2021.Business – Economy and Defense Latest Current Affairs January 2024
IAF conducted Ex. Desert Knight along with French and UAE Air Forces
• The IAF conducted Exercise Desert Knight with the French Air and Space Force and UAE Air Force at the Al Dhafra air base, UAE.
• The exercise focused on enhancing synergy and interoperability, facilitating the exchange of operational knowledge and best practices.
• The exercise indicates growing diplomatic and military interactions in the region and showcases IAF’s prowess.
DRDO to showcase Nari Shakti & indigenous technologies at RD Parade
• DRDO plans to display multiple advanced technologies in the 75th Republic Day Parade, themed “Women power in protecting the nation in all 5 dimensions.”
• The technologies include Missiles (MPATGM, ASAT, Agni-5), Defense Systems (VSHORADS, NASM-SR, HELINA), and Aircrafts (Tejas, ‘Uttam’ AESAR).
• The participation symbolizes India’s capabilities in cutting-edge defense technologies.
French marching contingent at RD Parade has members from India & Nepal
• A 95-member French Foreign Legion contingent, including six Indians and six Nepalis, will march at the Republic Day parade in India.
• Two Rafale jets and one Airbus-330 aircraft from French Air and Space Force will be part of the flypast.
• The parade will debut an all-women tri-services contingent and showcase drone jammers and an advanced radio frequency monitoring system.
14th All India Police Commando Competition: Visakhapatnam
• The 14th edition of the All India Police Commando competition commences at the A.P. Police Greyhounds training facility in Visakhapatnam.
• Inaugurated by Commissioner of Police A. Ravi Shankar, the event draws elite commando forces from 16 states.
• Forces such as SOG from Odisha and Chhattisgarh, C-60 from Maharashtra, and paramilitary forces like BSF, CRPF, and Assam Rifles, among others.
India – Kyrgyzstan joint forces exercise ‘KHANJAR’: Himachal Pradesh
• The 11th Edition annual joint exercise, ‘KHANJAR’, kicks off at the Special Forces Training School in Bakloh, Himachal Pradesh, reinforcing military collaboration between India and Kyrgyzstan.
• With troops from The Parachute Regiment (Special Forces) representing India and the Scorpion Brigade representing Kyrgyzstan, the exercise strengthens defense ties and fosters bilateral relations.
India-Egypt Joint Special Forces Exercise ‘CYCLONE’: Anshas, Egypt.
• The 2nd edition of Exercise CYCLONE commences, featuring a contingent of 25 Indian Army personnel from The Parachute Regiment (Special Forces) alongside Egyptian counterparts.
• Aimed at familiarizing both sides with operating procedures in desert/semi-desert terrains, the exercise focuses on special operations under Chapter VII of the United Nations Charter.
Vice Admiral Sanjay Jasjit Singh took charge of Western Naval Command
• Vice Admiral Sanjay Jasjit Singh assumed the role of Flag Officer Commanding-in-Chief, Western Naval Command (WNC).
• Before this, Singh served as the Vice Chief of Naval Staff, boasting a versatile naval career of about 38 years.
• Singh has held notable positions such as Assistant Chief of Naval Staff, Flag Officer Sea Training, Western Fleet Commander, and more.
Vice Chief Admiral SJ Singh honored in Delhi.
• Vice Admiral SJ Singh received Guard of Honor in Delhi as he concludes his tenure as Vice Chief of Naval Staff.
• He Set to Lead as Western Navy Commander.
• He lays a wreath at the National War Memorial.
• Admiral Dinesh K Tripathi appointed as the next Vice Chief of the Indian Navy
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