Current Affairs Today 9th January 2025 Daily GK Update

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09/01/2025

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Daily Current Affairs 9th January 2025 Daily GK Update

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National News

NSDC partners with Axis My India to map skill demand and supply across India

The National Skill Development Corporation (NSDC) has partnered with pollster Axis My India to boost a push bridge the skills gaps across India and meet a projected demand for millions of jobs in developed economies over the next five years.
The collaboration seeks to leverage data-driven insights to map skill demand and supply, improve the effectiveness of skill development initiatives, and increase participation rates, particularly in underserved regions.
NSDC is a public-private partnership organisation under the Ministry of Skill Development and Entrepreneurship (MSDE). The partnership will identify potential workers for upgrading their skills.

Recent MoU

DPIIT signs MoU with HDFC Bank to strengthen startup ecosystem and foster innovation
Gati Shakti Vishwavidyalaya and Indian Navy sign MoU for Logistics related Education, Research and Training
MoD inks contract worth ₹1207 Cr with Cochin Shipyard Limited for Short Refit and Dry Docking of INS Vikramaditya
Mines Ministry signs MoU with International Energy Agency on Cooperation in the Area of Critical Mineral
NTPC and Indian Army Join Hands for Round-the-Clock Power Supply using Green Hydrogen
Reliance, Nvidia partner to build large-scale AI infrastructure in India

Prez Subianto to be Republic Day chief guest

Indonesian President Prabowo Subianto has formally accepted New Delhi’s invitation to be the chief guest for the 2025 Republic Day parade.
The choice of Subianto as the first guest of third term of Prime Minister Modi signals the importance India attaches to the bilateral relationship with Indonesia and its Act East policy. The visit is expected to see both sides stepping up their strategic cooperation and defence ties.
India’s first Republic Day guest was from Indonesia, President Sukarno, a key ally of country’s Prime Minister Jawaharlal Nehru during the golden years of the non-aligned movement.
India and Indonesia have shared over two thousand years of strong cultural and commercial connections, with Hindu, Buddhist, and Muslim traditions spreading from India to Indonesia. Indonesia’s folk art and theater are deeply influenced by stories from the Ramayana and Mahabharata.

About Indonesia

Capital – Jakarta
Currency – Rupiah
Official language – Indonesian
President – Prabowo Subianto

IREDA achieves ‘Excellent’ rating for 4th consecutive year in MoU performance

Indian Renewable Energy Development Agency Limited (IREDA) has achieved ‘Excellent’ rating for the performance MoU signed with the Ministry of New & Renewable Energy (MNRE) for the financial year 2023-24, with a score of 98.24.
This marks the fourth consecutive year that IREDA has received ‘Excellent’ rating, showcasing its unwavering commitment to operational excellence and highest standards of corporate governance.
In the previous three years, IREDA consistently delivered exceptional results, achieving an ‘Excellent’ rating with scores of 93.50 in FY 2022-23, 96.54 in FY 2021-22 and 96.93 in FY 2020-21.

Government launches PLI scheme 1.1 for specialty steel

Union Minister of Steel and Heavy Industries, H. D. Kumaraswamy, has launched the second round of the Production Linked Incentive (PLI) scheme for specialty steel, termed PLI Scheme 1.1. The new scheme aims to boost domestic production and reduce dependence on imports.
PLI Scheme 1.1 covers five product categories, similar to the original scheme, and has been introduced following requests from industry participants for certain relaxations.
The scheme will remain open for applications from January 6 to January 31, 2025. The minister expressed optimism that this revised round would see active participation from industry players, contributing to strengthening India’s position as a global steel powerhouse.
Changes introduced in PLI Scheme 1.1, based on industry feedback, include reducing the threshold for investment and capacity requirements in certain sub-categories, such as cold-rolled grain-oriented steel (CRGO), a high-value product used in power transformers.
PLI Scheme 1.1 will be implemented during the production period from FY 2025-26 to FY 2029-30.
The five product categories covered under PLI Scheme 1.1 include Coated/Plated Steel Products, High Strength/Wear Resistant Steel, Specialty Rails, Alloy Steel Products & Steel Wires, and Electrical Steel. These products have applications across diverse sectors such as white goods, automobiles, infrastructure, and power transformers.
The total budgetary allocation for the PLI scheme remains at Rs. 6,322 crore, with changes to the scheme designed to make it more investor-friendly. Notably, companies investing in augmenting existing capacities will be allowed to participate, with the investment threshold reduced by 50% in such cases.
The first round of the PLI scheme, notified in July 2021, saw 44 projects from 26 companies, with a committed investment of Rs. 27,106 crore and the creation of 24 million tonnes of downstream capacity.
As of November 2024, actual investment stood at Rs. 18,300 crore, generating around 8,300 direct jobs. The Ministry of Steel estimates that Rs. 2,000 crore in incentives will be disbursed to participants in the first round.

Banking and Financial

RBI lifts curbs on Ashirvad Micro Finance, DMI Finance

The Reserve Bank of India (RBI) lifted the supervisory restrictions imposed on two non-banking financial companies (NBFCs) – Asirvad Micro Finance Limited and DMI Finance Private Limited.
On October 17, 2024, the RBI directed the two entities to cease and desist from sanction and disbursal of loans, effective from close of business as of October 21, 2024.
Asirvad Micro Finance Limited, a microfinance institution (MFI) registered in Chennai, and DMI Finance Private Limited, an investment and credit company (ICC) based in New Delhi, faced the restrictions due to non-compliance with regulatory guidelines.

Bajaj Broking partners with Tamilnad Mercantile Bank to launch 3-in-1 account solution

Bajaj Broking, the broking arm of Bajaj Finance Ltd., has partnered with Tamilnad Mercantile Bank (TMB) to introduce a comprehensive 3-in-1 account solution, integrating banking, broking, and investment services on a single platform.
The collaboration aims to offer Tamilnad Mercantile Bank customers a seamless online trading experience through Bajaj Broking’s platform. The 3-in-1 account will simplify fund transfers, reduce paperwork, and provide a tech-driven interface for investments across a wide range of financial products.
With this partnership, Bajaj Broking seeks to expand its digital services while TMB aims to strengthen its offerings in the investment space. The companies aim to leverage their respective strengths to deliver client-centric solutions and unlock new business opportunities.
As part of its growth strategy, Bajaj Broking is expanding its physical footprint across India. The company plans to increase its branch network to more than 50 locations by March 2025, focusing on a mix of metro cities and Tier 2 and Tier 3 markets.
Managing Director of Bajaj Broking -Manish Jain
Managing Director & CEO of Tamilnad Mercantile Bank – Salee S.Nair

Govt sees India’s GDP growth hitting a 4-year low of 6.4% in FY25

India’s Gross Domestic Product (GDP) is projected to grow at 6.4% in the fiscal year 2024-25, marking a four-year low and a sharp decline from the 2% growth recorded in FY24, according to first advance estimates released by the government.
The projection is lower than the recent Reserve Bank estimate of 6.6 percent for the current fiscal year ending March 2025.
Releasing the first advance estimates of national income for 2024-25, the NSO said, “real GDP has been estimated to grow by 6.4 percent in FY2024-25 as compared to the growth rate of 8.2 percent in Provisional Estimate (PE) of GDP for FY2023-24”.
The data also revealed that real Gross Value Added (GVA) is expected to expand by 6.4% in FY25, down from 7.2% in FY24. In contrast, nominal GVA is projected to grow at 9.3% in FY25, slightly higher than the 8.5% growth in the previous fiscal year.

Bank of Baroda Expands Employee Assistance Program to Promote Emotional and Mental Well-being

Bank of Baroda, one of India’s leading public sector banks, enhanced its “Employee Assistance Program” (EAP) to prioritise the emotional, mental, and psychological well-being of its over 75,000 employees and their families.
Partnering with Truworth Wellness, the Bank has introduced an upgraded version of the EAP, reinforcing its commitment to a supportive work environment.
The initiative focuses on addressing diverse emotional wellness needs through a range of holistic and technology-driven solutions:
- Confidential and Personalised Counseling
- Multi-Mode Accessibility.
- Digital Support
- Enhanced Tools
With this initiative, Bank of Baroda continues to set benchmarks in fostering a holistic wellness culture, strengthening its position as an employee-centric organization.

Edelweiss Financial Services Launches Rs. 2,000 Million Public Issue of Secured Redeemable NCDs

Edelweiss Financial Services Limited (EFSL) has announced the public issue of Secured Redeemable Non-Convertible Debentures (NCDs) with a total issue size of up to Rs. 2,000 million. The offering includes a base issue of Rs. 1,000 million and a green shoe option to retain an additional Rs. 1,000 million.
The NCDs, priced at Rs. 1,000 each, will be available in twelve series with tenures of 24, 36, 60, and 120 months. Investors can choose from fixed coupons with annual, monthly, or cumulative interest payment options, offering an effective annual yield ranging from 9.50% to 11.00% per annum.
EFSL plans to allocate at least 75% of the funds raised to repay or prepay existing borrowings (interest and principal), with the remainder earmarked for general corporate purposes, subject to regulatory limits set by SEBI.
The NCDs have been rated “CRISIL A+/Negative,” reflecting the company’s moderate credit risk profile with a negative outlook.
The debentures will be listed on the Bombay Stock Exchange (BSE) to enhance liquidity for investors.
The public issue is being managed by Trust Investment Advisors Private Limited, Nuvama Wealth Management Limited, and Tipsons Consultancy Services Private Limited.
Notably, Nuvama Wealth Management Limited, an associate of the issuer, will only participate in the marketing of the issue in compliance with SEBI regulations.

Appointment

V Narayanan appointed as next ISRO chief

V Narayanan, a distinguished scientist at the Indian Space Research Organisation (ISRO), is set to become the next chairman, succeeding S. Somanath on January 14, 2025.
Currently, he serves as the Director of the Liquid Propulsion Systems Centre (LPSC), where he has made substantial contributions to India’s space endeavours over nearly four decades.
Narayanan joined ISRO in 1984 and has held various pivotal roles throughout his career. His expertise in rocket and spacecraft propulsion has been instrumental in several key projects.
Somanath assumed charge as the Secretary of the Department of Space on January 14, 2022, for a three-year term.
Narayanan, a distinguished Scientist at the ISRO, has nearly four decades of experience and has held various key positions within the Indian space organisation.
Narayanan’s expertise lies in rocket and spacecraft propulsion. He was the Project Director for the C25 Cryogenic Project of the GSLV Mk Ill vehicle. Under his leadership, the team successfully developed the C25 Stage, a vital component of GSLV Mk III.
In 1989, he completed his M.Tech in Cryogenic Engineering with First Rank at IIT-Kharagpur and joined the Cryogenic Propulsion area in the Liquid Propulsion Systems Centre (LPSC).

About Indian Space Research Organization (ISRO)

Founded – 15 August 1969
Headquarters – Bangalore, Karnataka
Founder / 1st Chairman – Vikram Sarabhai
10th Chairman – V Narayanan (replace S. Somanath)
Aryabhata India’s first satellites Launched on 19 April 1975

State Bank of India Names Baldev Prakash as DMD & Group Chief Risk Officer

State Bank of India has appointed Baldev Prakash as the deputy managing director and group chief risk officer.
Earlier, Prakash was on deputation to Jammu and Kashmir Bank as managing director and chief executive officer, whose three-year term ended in December.
Shiva Om Dikshit has been entrusted with a new responsibility as deputy managing director, operations-channel management.

Recent Appointment in Banking & Insurance Sector

CEO of ITI Asset Management (ITI AML) – Jatinder Pal Singh (replace Hitesh Thakkar)
Non-executive Chairman of Bandhan Bank – Anup Kumar Sinha (reappointment)
CEO of DBS Bank India – Rajat Verma (replace Surojit Shome)
MD & CEO of J&K Bank – Amitava Chatterjee (replace Baldev Prakash)
MD of State Bank of India (SBI) – Ram Mohan Rao Amaras
Chairman of Indian REITs Association – Alok Aggarwal

EXIM Bank Raises $1 Billion Through Overseas Bond Issuance

EXIM Bank has successfully raised $1 billion (approximately Rs. 8,570 crore) through overseas bond issuance at highly competitive rates, marking a significant milestone for Indian issuers in global capital markets.
The funds will be used to support the bank’s ongoing and new initiatives worldwide. The issuance was priced at US Treasury yields plus 1%, with a negative new issue concession of 0.05%.
The bond issue witnessed significant interest globally, with 50% of investors from Asia, 32% from Europe, the Middle East, and Africa, and 18% from the United States.
Asset and fund managers dominated the subscription pool, accounting for nearly two-thirds of the investors, followed by banks (18%), insurance and pension funds (16%), and other institutions.
Managing Directorof EXIM Bank – Harsha Bangari.
Deputy Managing Director of EXIM Bank -Deepali Agrawal

Tuhin Kanta Pandey appointed revenue secretary; Arunish Chawla takes over as DIPAM secretary

The Appointments Committee of the Cabinet (ACC) has approved the appointment of Tuhin Kanta Pandey has been appointed as Secretary, Department of Revenue, Ministry of Finance.
He is currently serving as Secretary, Department of Investment and Public Asset Management (DIPAM). Meanwhile, Pandey will continue to hold the designation of Finance Secretary.
In a corresponding move, Arunish Chawla, presently the Secretary, Department of Revenue, Ministry of Finance, has been appointed as Secretary, Department of Investment and Public Asset Management (DIPAM), succeeding Tuhin Kanta Pandey.
Additionally, Chawla has been given the additional charge of Secretary, Department of Public Enterprises, Ministry of Finance, and Secretary, Ministry of Culture.

Other Important Secretaries

Finance Secretary – Tuhin Kanta Pandey
Ministry of Corporate Affairs Secretary – Deepti Gaur Mukherjee
Foreign Secretary – Vikram Misri
Home Secretary – Govind Mohan
Cabinet Secretary – T V Somanathan
Secretary of DPIIT – Amardeep Singh Bhatia
Expenditure Secretary – Manoj Govil
Defence Secretary – Rajesh Kumar Singh

Mahama sworn in as Ghana’s president

John Mahama has been sworn in for a second term as Ghana’s president at a ceremony in the capital Accra.
Mahama won 56 percent of the vote in the nation’s presidential election on December 9, defeating ruling party candidate and Vice President Mahamudu Bawumia, who secured 41 percent.
Mahama takes over from outgoing President Nana Akufo-Addo, who served two terms in power.

Newly Appointed Prime Minister & President

President of Moldova – Ms Maia Sandu
PM of Tonga – Aisake Valu Eke
PM of France – Francois Bayrou
President of Georgia – Mikheil Kavelashvili
Interim Prime Minister of Syria – Mohammad al-Bashir

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Current Affairs Today 9th January 2025 Daily GK Update