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Daily Current Affairs 6th and 7th January 2024 Daily GK Update
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National News
NHAI collaborates with NRSC to develop ‘Green Cover Index’
- The National Highways Authority of India (NHAI) has inked a MoU with ISRO’s National Remote Sensing Centre (NRSC) to develop and report a ‘Green Cover Index’ for the extensive network of the Indian National Highways.
- NHAI’s collaboration with the Indian Space Research Organization’s (ISRO) satellite centre data will take three years to map the entire highway network, promoting environmental awareness and sustainable development.
- The tech-enabled Green Cover Index
- The NRSC will undertake a comprehensive pan-India estimation of green cover, referred to as the ‘Green Cover Index’ for National Highways using high-resolution satellite imagery.
- The index will witness the use of emerging technologies to enhance in-situ data collection, supplement plantation management, and monitoring, including performance audits conducted by NHAI.
- Besides, the innovative approach promises to be a robust and reliable mechanism, providing a time-saving and cost-effective solution to generate a macro-level estimate along national highways.
Recent MoU
- TGL and Flipkart sign MoU for supply chain decarbonization
- Bharat Electronics Secures ₹445 Cr Deal For UP Dial 112 Project
- Ministry of Rural Development signed with JioMart to Self-Help Groups’ Products
- Tata Power ties up with Indian Oil to set up over 500 EV charging stations
- RITES signed pact with CFM Mozambique for 10 diesel locomotive supply
REC limited signs with RVN to finance multi-modal.
- REC Limited, a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power, has signed a MoU with Rail Vikas Nigam Limited (RVNL) to extend financial support of up to Rs. 35,000 crore for infrastructure projects over the next five years.
- The agreement encompasses a wide spectrum of projects, including multi-modal logistics hubs, rail infrastructure, road development, port facilities, and metro projects that RVNL is venturing into.
- REC Limited, established in 1969, is a “Maharatna” Central Public Sector Enterprise (CPSE) that operates under the Ministry of Power.
- REC has traditionally focused on the power infrastructure sector, covering generation, transmission, distribution, renewable energy, and emerging technologies like electric vehicles, battery storage, and green hydrogen.
- Rail Vikas Nigam Limited (RVNL), classified as a “Schedule ‘A’ Navratna” CPSE under the Ministry of Railways, plays a crucial role in fulfilling around 30 percent of Indian Railways’ infrastructure needs.
- Beyond railway projects, RVNL has ventured into road development, port facilities, irrigation, and metro projects, often interconnected with railway infrastructure.
UP distributed loans over Rs 6 lakh crore to boost MSME sector
- The Yogi government has distributed loans totaling Rs 6,55,684 crore in the last six and a half years to boost the Micro, Small, and Medium Enterprises (MSME) sector in Uttar Pradesh.
- The sector has provided employment to 2.5 crore youths during the period. The government has been providing loans to aspiring entrepreneurs every year, with the amount exceeding the target each time.
- The MSME sector, which was dying of neglect during the previous governments, got a fresh lease of life when Chief Minister Yogi Adityanath took over in 2017 and launched various initiatives such as the One District, One Product (ODOP) scheme, Mukhyamantri Gramodyog Rojgar Yojana, Mukhyamantri Yuva Swarojgar Yojana and Vishwakarma Shram Samman Yojana among others.
- The objective of the Yogi government behind these schemes is to make the state’s youth, women, and small businesses self-reliant, which has so far benefited scores of artisans, craftsmen, and small entrepreneurs in the state
- In the financial year 2017-18, the Yogi government set a target of providing a loan of Rs 31,330 crores to the MSME sector but distributed Rs 46,594 crores, which was 149 percent of the target. Similarly, in the financial year 2018-19, against the target of Rs 41,402 crores, the government disbursed loans of Rs 57,809 crores, up 140 percent.
About Uttar Pradesh
- Capital – Lucknow
- Chief Minister – Yogi Adityanath
- Governor – Anandiben Patel
Ayodhya to host International Kite Festival ahead of Ram Temple consecration
- Ahead of the Ram Temple consecration ceremony scheduled for January 22, the Uttar Pradesh government will host an International Kite Festival here.
- The Ayodhya Development Authority (ADA) has initiated preparations for the festival, which is likely to take place between January 19 and 21, providing renowned kite flyers from both within the country and around the world with an opportunity to showcase their art.
- To organize this festival on a grand scale, inspiration is being taken from various kite festivals being held in the country and abroad.
- A visitors’ area would be designed with seating arrangements for 750 people along with a VVIP lounge to accommodate 50 special invitees to the event.
International News
EAM Jaishankar to represent India at Uganda NAM Summit in January 2024
- India’s External Affairs Minister Dr S Jaishankar will represent India at the upcoming Non-Aligned Movement (NAM) Summit in Uganda’s capital Kampala January 2024.
- Scheduled from January 17 to 20, 2024, the 19th edition of the NAM summit will be preceded by a crucial foreign ministerial meeting from January 15.
- Additionally, the African country will host the Third South Summits and G77 meeting from January 21 to 23.
- At the 2019 NAM summit in Azerbaijan, and the 2016 NAM Venezuela summits, India was represented at the Vice President level.
- Uganda will be the chair of the NAM grouping from 2024-2027. The African country was chosen to host the 19th Non-Aligned Movement Summit on October 19, 2019, during the meeting held in Baku, Azerbaijan.
- The membership of NAM today comprises 53 countries from Africa, 40 from Asia, 26 from Latin America and the Caribbean, and one from Europe (Belarus).
- There are 18 countries and 10 international organizations that are Observers at NAM. The grouping is 2nd only to the UN in terms of membership of countries, making it one of the largest groupings on the planet.
About Uganda
- Capital – Kampala
- Currency – Ugandan shilling
- Official languages- Swahili, English
- Prime minister– Robinah Nabbanja
- President – Yoweri Museveni
Banking and Financial
REC Limited and Bank of Baroda join hands to finance Power, Infra, and Logistics Projects
- State-owned REC Ltd has inked an initial pact with Bank of Baroda to jointly offer loans for power, infrastructure and logistics projects in India over the next three years.
- Both entities endeavour to champion initiatives that will invigorate economic development and enhance accessibility to essential services nationwide.
- The MoU was signed in the presence of Vivek Kumar Dewangan, Chairperson and Managing Director of REC, and Debadatta Chand, Managing Director & CEO of Bank of Baroda, along with Lalit Tyagi, Executive Director at Bank of Baroda.
Recent MoUs Signed in Banking Sector
- NABARD and ADB jointly launch climate action initiative in India with Bill and Melinda Gates Foundation
- SBI to sign $165 million LoC with World Bank for rooftop solar projects
- Karur Vysya Bank, HDFC Life enter into corporate agency tie-up
- Aditya Birla Sun Life collaborates with IDFC First Bank for financial solutions
- Kotak Mahindra Bank partners with IIT Kanpur to launch Kotak School of Sustainability
SBI raises $250 mn via Green Bonds to fund sustainable projects
- State Bank of India (SBI) has raised USD 250 million through issuance of the Green Notes to fund sustainable projects.
- The bank has concluded the successful placement of USD 250 million senior unsecured Green floating rate notes, referred to as ‘The Green Notes’.
- This issuance, maturing on December 29, 2028, is part of SBI’s USD 10 billion medium-term note programme and was conducted through a private placement facilitated by its London branch.
- Green Notes were issued on a floating rate basis of 1.20 per cent above the Secured Overnight Financing Rate (SOFR) and have been listed on the India International Exchange.
- Continuing its commitment towards sustainable development, proceeds will be allocated to eligible green projects according to the Bank’s ESG Financing Framework.
About State Bank of India (SBI)
- Founded – 1 July 1955
- Headquarters – Mumbai, Maharashtra
- Chairman – Dinesh Kumar Khara
- The presidency Banks of Bengal, Bombay and Madras with merged in 1921 to Imperial Bank of India.
- Tagline – (1) Pure Banking Nothing Else
(2) With you all the way
(3) A bank of the common man
(4) The banker to every Indian
(5) The Nation banks on us
Appointment
P Santhosh appoints as MD & CEO of NARCL
- Chief General Manager of Canara Bank, P Santhosh has been appointed as the Managing Director of National Asset Reconstruction Company (NARCL).
- He succeeds Natarajan Sundar, who resigned from the post.
- Canara Bank is the sponsor bank of NARCL with over a 10 percent stake. Public sector banks are major shareholders of NARCL.
- A total of 10 Public Sector Banks (PSBs) have transferred Non-Performing Assets of over Rs 11,617 crore to NARCL between January and November last year.
- Sundar was with State Bank of India before taking charge at NARCL.
- During his stint at SBI, Sundar held the position of Deputy Managing Director (DMD) and was working as Chief Credit Officer for the Bank.
- He carries over three decades of experience in the banking sector, spanning across Corporate and wholesale Banking, Corporate Credit, International Banking, Project Finance, etc.
Recent Appointment in Banking & Insurance Sector
- MD & CEO of Kotak Mahindra Bank – Ashok Vaswani (replace Dipak Gupta)
- Chairman of 16th Finance Commission – Arvind Panagariya (15th Finance Commission – N K Singh)
- Secretary of 16th Finance Commission – Ritvik Ranjanam Pandey
- Chief Risk Officer of LIC – S Sunder Krishnan (replace Pratap Chandra Paikray)
- Part-time Chairman of Kotak Mahindra Bank – CS Rajan (replace Prakash Apte)
Shashi Singh appointed as new president of AIRIA
- Shashi Singh has been elected as the president of the All India Rubber Industries Association (AIRIA), the apex body for rubber industries in India.
- Singh will be succeeding Ramesh Kejriwal as the President of AIRIA, playing a pivotal role in steering the association forward.
- Prior to assuming the role of President, Shashi Singh held the position of senior vice president within AIRIA.
- His extensive involvement in the association includes serving on various committees and acting as the chief convener for the western region, overseeing the organization the National Rubber Conference in 2019.
- Zafar Ahmed, Managing Director of New India Rubber Works Pvt Ltd, has been elected as the senior vice-president of AIRIA for 2023-24.
- Indra Parekh has been elected as the vice president of the Association.
Vice Admiral Dinesh K. Tripathi appointed as Vice Chief of the Naval Staff
- Vice-Admiral Dinesh K. Tripathi took over as the Vice-Chief of the Naval Staff (VCNS).
- Vice-Admiral Sanjay Jasjit Singh took over from him as the Flag Officer Commanding-in-Chief (FOCINC), Western Naval Command, at INS Shikra in Mumbai.
- The Chief of the Naval Staff, Admiral R. Hari Kumar, is set to step down on superannuation on April 30 when Vice-Admiral Tripathi will be the senior-most Naval officer.
Recent Appointment in Defence Sector
- Flag Officer Commanding-in-Chief, Western Naval Command (WNC) – Sanjay Jasjit Singh (replace Dinesh K Tripathi)
- DG of the Central Industrial Security Force (CISF) – Nina Singh (first woman Director)
- DG of the Indo-Tibetan Border Police (ITBP) – Rahul Rasgotra (replace Anish Dayal Singh)
- DG of the Central Reserve Police Force (CRPF) – Anish Dayal Singh
- DG of the Fire Service – Vivek Srivastava
Sanjiv Aggarwal appoints as MD & CEO of IIFL
- Government-backed National Investment and Infrastructure Fund Limited has appointed Sanjiv Aggarwal as its chief executive officer and managing director.
- Aggarwal succeeds Rajiv Dhar, who served as interim CEO and MD from May 2023.
- Aggarwal had previous stints with Citigroup and ANZ Investment Bank in the Indian energy and infrastructure sectors.
- The National Infrastructure and Investment Fund (NIIF) is India’s first-ever sovereign wealth fund (SWF). The state-owned fund was set up by the Indian Government in the year 2015.
- NIIF, which is 49% owned by the government, manages over $4.9 billion of equity capital commitments across its four funds—master fund, fund of funds, strategic opportunities fund, and India-Japan Fund.
Raghuram Iyer appointed as CEO of Indian Olympic Association
- The Indian Olympic Association has appointed Raghuram Iyer as the Chief Executive Officer.
- The appointment, long-awaited and in response to reminders from the International Olympic Committee (IOC), brings a wealth of experience to the forefront.
- Iyer was selected unanimously for the post by the IOA Nomination Committee after thorough interviews and careful consideration of the shortlisted candidates.
- Raghuram Iyer comes with a rich experience in the sports management field, having served as the CEO of Indian Premier League (IPL) sides Rajasthan Royals, Lucknow Super Giants and Rising Pune Supergiant.
- Iyer has also worked with Indian Super League (ISL) club ATK Mohun Bagan in football and Ultimate Table Tennis (UTT) franchise RPSG Mavericks.
Recent Appointment
- MD & CEO of National Investment and Infrastructure Fund Limited (NIFFL) – Sanjiv Aggarwal (replace Rajiv Dhar
- President of All India Rubber Industries Association (AIRIA) – Shashi Singh (Ramesh Kejriwal)
- Senior VP of AIRIA – Zafar Ahmed
- Vice president of AIRIA -Indra Parekh
- India’s Permanent Representative to UN – Arindam Bagchi
Important day
6 January – World Day of War Orphans
- World Day of War Orphans is observed every year on January 6 to highlight the plight of children orphaned by wars and conflicts.
- The day aims to raise awareness about the trauma experienced by orphans and the social, psychological and physical obstacles they often need to overcome to lead a normal life.
- The World Day of War Orphans was founded by the French organisation SOS Enfants en Detresses. The organisation works to help children in distress.
- Organizations like UNICEF, the Red Cross, and various NGOs have been actively involved in supporting war orphans by providing assistance, advocating for their rights, and working to ensure their well-being and integration into societies.
5 January – National Birds Day
- The United States of America (USA) declares January 5 as National Bird Day to raise awareness of the significance of birds to our ecosystem.
- The day is set apart to make all of us understand that birds are not made to be caught or had as showpieces in our homes, rather, they are nature’s lovely creatures that deserve to live with complete freedom.
- Theme 2023 – Right To Fight
- The day was first observed by the Avian Welfare Coalition, which is involved in the cause of promoting awareness about birds that are caught or end up in captivity for either monetary profit or for human entertainment.
- National Birds Day has been celebrated in America since 2002. This date was picked in light of the fact that it likewise is the day for the yearly Christmas Bird Count.
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