Current Affairs Today 6th January 2025 Daily GK Update

Daily Current Affairs 6th January 2025 Daily GK Update

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National News

DPIIT Partners With Stride Ventures To Accelerate Growth And Global Expansion of Indian Startups

• The Department for Promotion of Industry and Internal Trade (DPIIT) has partnered with Stride Ventures, a venture debt firm, to catalyse the growth of Indian startups and widen their global footprint.
• The partnership will drive economic transformation and firm India’s position as a leader in innovation and manufacturing.
• As part of the collaboration, Stride Ventures will focus on identifying startups with high growth potential, offering funding, market access, and policy support to Indian startups aiming to expand globally and global startups entering India.

India’s Rural Poverty Down To 4.86% From 25.7% In 12 Years: SBI Report

• India’s rural poverty ratio has registered a dramatic decline to 4.86 per cent in the financial year 2023-24 from 25.7 per cent in 2011-12 while urban poverty has fallen to 4.09 per cent from 4.6 per cent during this period, according to an SBI Research report.
• At an aggregate level, we believe poverty rates in India could now be in the range of 4 per cent-4.5 per cent with almost minimal existence of extreme poverty.
• The sharp decline in the rural poverty ratio is on account of higher consumption growth in the lowest 0-5 per cent decile with significant Government support and such support is important as we also find that change in food prices has significant impact on not just food expenditures, but overall expenditure in general.
• Based on 2023-24 fractile distribution, the sample proportion for poverty in rural areas is 4.86 per cent and 4.09 per cent in urban areas in FY24. This is also significantly lower than FY23 estimates of rural poverty at 7.2 per cent and urban poverty at 4.6 per cent.
• The difference between rural and urban monthly per capita consumption expenditure (MPCE) is now at 69.7 per cent, a rapid decline from 88.2 per cent in 2009-10. This is mostly due to the initiatives the Government has taken in terms of Direct Benefit Transfers, building rural infrastructure, augmenting farmers’ income and improving rural livelihood significantly.

DFS Secretary launches revamped ‘BAANKNET’ portal for e-auction of properties as one-stop destination

• Financial Services Secretary M Nagaraju has launched the revamped ‘Baanknet’ portal for e-auction of properties including commercial properties, industrial land, shops, vehicles, and agricultural and non-agricultural land.
• This platform consolidates information on e-auction properties from all Public Sector Banks (PSBs) and offers a one-stop destination for buyers and investors to discover a wide range of assets.
• The listings include residential properties such as flats, independent houses, and open plots, as well as commercial properties, industrial land and buildings, shops, vehicles, plant and machinery, agricultural and non-agricultural land.
• By gathering all these details in one place, it simplifies the process of finding and participating in property e-auctions, making it easier for buyers and investors to identify valuable opportunities.
• Sharma brings over 20 years of experience in driving social impact and leading program development, resource mobilisation, and stakeholder engagement.

India provides $5 Lakh aid to earthquake-hit Vanuatu

• The government of India has announced an aid of $ 5 lakh to the quake-hit tiny Pacific Ocean country Vanuatu. The aid will be used to support relief, rehabilitation, and reconstruction efforts in the country.
• The South Pacific Ocean island nation of Vanuatu was hit by successive earthquakes on 17 December and again on 22 December 2024.
• The first earthquake of 7.3 magnitude hit the country on 17 December which led to the death of around 14 persons and injury to over 200 people. The country declared a dawn-to-dusk curfew across the country to cope with the death and devastation caused by the earthquake. The second earthquake of 6.1 magnitude struck the country again on 22 December 2024 causing panic in the country..
• The successive earthquakes have caused massive damage to several commercial and residential buildings, embassies and a hospital collapsed as a result of the powerful earthquake.

About Vanuatu

• Vanuatu is an island nation in the southwestern Pacific Ocean. It consists of 13 main islands and many smaller islands. It is located about 800 km west of Fiji and 1,770 km east of Australia.
• Vanuatu gained independence in 1980.
• Capital – Port-Vila
• Prime Minister -Charlot Salwai
• Currency- Vatu

Jammu is to be the 69th Railway Division of the Indian Railway

• The Railway Ministry will set up a new division with headquarters at Jammu under the Northern Railway Zone by reorganising the Firozpur division.
• The proposed Jammu division will include five sections: Pathankot-Jammu-Udhampur (now martyr Captain Tushar Mahajan), Srinagar-Baramulla, Bhogpur Sirwal-Pathankot, Batala (excluding)-Pathankot, and Pathankot-Joginder Nagar.
• Currently, the Indian Railways has 68 divisions and when the notification is issued by the Indian Railways, Jammu will be the 69th division of the Indian Railways.
• India has the fourth largest rail network in the world after the United States of America, China, and Russia.
• However, the Indian railways is the world’s largest railway system under single management and the largest employer with around 1.25 million employees.
• To manage the vast network the Indian Railway has divided its operation into 17 Zones and within the Zones the network is divided into divisions. Northern Zone is the largest zone of the Indian railways.
• The Jammu Division will be under the Northern Railway Zone. It will be formed by reorganising the existing Firzorpur division and it will manage the 742.1 km network.

India world’s sixth largest exporter of Textile & Apparel in 2023

• According to the government of India, the country will emerge as the 6th largest exporter of textiles and apparel in the world in 2023. The share of the country in the world’s textiles and apparel market was 3.9 % in 2023.
• China remains the largest exporter of textiles and apparel in the world followed by the European Union and Bangladesh.
• The export of textiles, apparel, and handicrafts during April-October month of the financial year 2024-25 was USD 21.358 billion. The total import during the period was USD 5.425 billion.
• The total exports of textiles, apparel, and handicraft were USD 21.358 billion during the April-October period of FY 2025.
• The growth in the export of all these commodities as compared to April-October FY 24 was 7 %. All the major commodities registered positive growth in exports except the wool and handloom sectors, which declined by 19% and 6% respectively.

The top five export commodities in the textile, apparel, and handicrafts were as follows

• Ready Made Garments. The total export during the period was USD 8.733 billion. Share in total exports 41%. Growth as compared to last year same period 12%.
• Cotton Textiles- USD 7.082 billion. Share in total export 33%. Growth 1%
• Manmade Textiles- USD 3.105. Share in total export 15%. Growth rate of 5%.
• Silk products – USD 98 million. Share in total export 0.45 %. Growth rate of 40%.
• Wool and Woollen Textiles – USD 95 million. Share in total export around 0.4 %. Negative growth of 19 %

Banking and Financial

RBI approves merger of National Co-operative Bank with Cosmos Co-operative Bank

• Reserve Bank of India has approved the voluntary merger of The National Co-operative Bank Ltd., Bangalore (Karnataka) with Cosmos Co-operative Bank Limited (Maharashtra).
• The Scheme of Amalgamation has been sanctioned in exercise of the powers conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949. The Scheme will come into force with effect from January 6, 2025.
• The branches of The National Co-operative Bank Ltd., Bangalore (Karnataka) will function as branches of Cosmos Co-operative Bank Limited (Maharashtra) with effect from January 6, 2025.
• National Cooperative Bank Ltd. has a total of 13 branches— 12 in Bangalore and one in Mysore.
• Mumbai-based Maratha Sahakari Bank (with 7 branches) and Sahebrao Deshmukh Sahakari Bank (with 11 branches) merged into Cosmos Bank in the financial year ended March 2024.

SBI launches Har Ghar Lakhpati RD scheme, SBI Patrons FD deposit scheme for these senior citizens

• The State Bank of India (SBI), has launched two new deposit schemes for customers. The two new deposit schemes are: Har Ghar Lakhpati and SBI Patrons.
• ‘Har Ghar Lakhpati’ is a pre-calculated recurring deposit scheme designed to help customers to accumulate Rs 1 lakh or multiples thereof.
• The new scheme simplifies the process of achieving financial goals, allowing customers to plan and save effectively. This product is also available to minors, encouraging early financial planning and savings habits.
• SBI has also introduced ‘SBI Patrons,’ for select senior citizens. This is a specialized fixed deposit scheme tailored for senior citizens aged 80 years and above. The new SBI scheme offers enhanced interest rates, recognizing the long-standing relationship many senior customers have with the bank. ‘SBI Patrons’ is available to both existing and new FD investors.
• SBI has launched other deposit schemes offering higher FD rates to its customers. For instance, SBI We-care deposit scheme offers senior citizens an interest rate of 7.50% for tenor of 5 years to less than 10 years. Similarly, SBI 444 days FD scheme (Amrit Vrishti) offers senior citizens interest rate of 7.75%. The scheme is available till March 31, 2025.
• SBI Amrit Kalash, an FD scheme with 400 days offers interest rate of 7.60% to senior citizens. The scheme is also available till March 31, 2025.

Punjab & Sind Bank to roll out instant loan scheme for MSMEs based on GST return

• State-owned Punjab & Sind Bank will launch instant loan scheme up to Rs 25 lakh for the MSME sector during this month as part of its initiative to push credit through its digital platform.
• As part of its transformative agenda, the bank has already introduced digital home loan and vehicle loan schemes under which in-principle approval to an application is given within 15 minutes.
• The journey from applying the loan to sanction, for both the segments i.e. PSB e-Apna Ghar and PSB e-Apna Vahan (launched last month), is based on Straight Through Process (STP) which runs on a pre-defined Business Rule Engine (BRE).
• This automated approach eliminates manual intervention at the processing and sanctioning stage, enhancing the speed, efficiency, and customer experience.

Appointment

IAS Ashutosh Agnihotri Appointed Chairman & MD of Food Corporation of India

• IAS officer Ashutosh Agnihotri, currently serving as the Additional Secretary in the Department of Home, Ministry of Home Affairs, has been appointed as the Chairman and Managing Director (CMD) of the Food Corporation of India (FCI).
• A 1999-batch IAS officer from the Assam-Meghalaya cadre, Agnihotri brings a wealth of administrative experience and expertise in administrative roles.
• The Food Corporation of India, established in 1965, plays a pivotal role in the country’s food security by procuring, storing, and distributing essential food grains under the Public Distribution System (PDS). The organization also supports farmers by ensuring minimum support prices and maintaining buffer stocks to stabilize prices in the market.

About Food Corporation of India

• Founded- 14 January 1965
• Headquarters- New Delhi
• Founder- Government of India
• CMD – Ashutosh Agnihotri
• Owner- Ministry of Consumer Affairs, Food and Public Distribution, GoI

Nasscom foundation names Jyoti Sharma as CEO

• Nasscom foundation has appointed Jyoti Sharma as its new Chief Executive Officer (CEO), succeeding Nidhi Bhasin.
• Sharma brings over 20 years of experience in driving social impact and leading program development, resource mobilisation, and stakeholder engagement.
• Established in 2001, nasscom foundation is a not-for-profit organisation representing the Indian tech industry.

Devajit Saikia appointed as Secretary of BCCI

• Devajit Saikia has been appointed as the Chief Secretary of the Board of Control for Cricket in India (BCCI).
• While, Prabhtej Singh Bhatia was appointed as treasurer of BCCI.
• Saikia, the board’s joint secretary, has been serving as the acting secretary after Jay Shah took over as International Cricket Council (ICC) Chair in December. His elevation will leave the jt secretary’s post vacant for which elections will subsequently be held.
• Saikia is the advocate-general of Assam. A former first-class cricketer with four domestic caps for Assam, under him the Assam Cricket Association hosted IPL matches in Guwahati as well as warm-up matches of the 2023 ODI World Cup.

Recent Appointment

• CEO of Nasscom foundation – Jyoti Sharma (replace Nidhi Bhasin)
• Chief of Directorate General of Civil Aviation (DGCA) – Faiz Ahmed Kidwai
• Additional Secretary in the Ministry of Power – Akash Tripathi
• Additional Secretary & Mission Director, Jal Jeevan Mission – Kamal Kishore Soan

Important day

5 January – National Bird Day

• National Bird Day is celebrated every year on January 5.
• The day is celebrated every year to raise awareness about the importance of birds and their habitats. The day also emphasizes the ecological importance of birds and the need to conserve them.
• Theme 2024 – Protecting Our Birds, Protecting Our Future
• National Bird Day was first established in 2002 by the Avian Welfare Coalition. The day not only draws attention to the pressing issues of bird extinction and habitat destruction but also encourages individuals and organisations to engage in efforts to conserve bird populations.

6 January – World Day of War Orphans

• World Day of War Orphans is observed annually on January 6.
• The day raises awareness about the plight of children orphaned due to wars and conflicts, emphasizing their need for care, protection, and support.
• The day encourages global efforts to provide education, healthcare, and safe environments for children affected by war.
• World Day of War Orphans was founded by the French organisation SOS Enfants en Détresses. The day focuses on the lives of children impacted by war and aims to improve their future.

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