Indian Army Declares 2024 as the “Year of Technology Absorption” for Transformative ChangeThe Indian Army has officially declared 2024 as the “Year of Technology Absorption“, symbolising a dedicated commitment to integrating cutting-edge technologies, fostering development, and promoting innovation.

• The objective is to transform the Indian Army into a modern and agile force, with a strong emphasis on indigenization.

Note: The year 2023 was declared as the “Year of Transformation.”
Technology:
i.Technology is recognized as a catalyst for transformative change and fostering self-reliance within the Indian Army.
ii.The Army aims to leverage in-house expertise to innovate solutions for operational and logistic requirements, collaborating with the domestic defense industry.
Modern Forces:
i.Indian Army’s step towards transforming into a modern force with a redefined operational philosophy move encompasses various aspects, including:

• The induction of drones and counter-drone systems;
• Restructuring across infantry, artillery, and armored battalions; and
• The establishment of Command Cyber Operations Support Wings (CCOSWs).

ii.CCOSWs are being organised into 4 verticals:

• Computer Emergency Response Team for immediate response to emergencies;
• Cyber Security Section for auditing Computers and Networks;
• Security Operations Control for monitoring and analysis of Networks; and
• Test and Evaluation Section for testing new applications/software.

iii.Beyond technological integration, the Indian Army aims to bridge conventional asymmetries prevalent in its current structure.
Cyberspace Capabilities:
i.The Indian Army emphasises exploring capabilities in the cyberspace domain.
ii.Indian Army personnel are undergoing training to adeptly engage in the cyber domain through Project SAMBHAV (Secure Army Mobile Bharat Version).

• SAMBHAV introduces a secure end-to-end mobile ecosystem powered by advanced 5G technology.

iii.Indian Army has already inducted 2500 SAMBHAV handsets, indigenously developed in close collaboration with National Centres of Excellence and industry.
iv.The Army is also trying to create a pool of specialist officers through the Territorial Army (TA).

• This approach extends to cyber experts, who will be inducted into the TA through civil-military infusion.

Haldia Petrochemicals Becomes India’s First BSI Certified ISO 27001:2022 Petrochemical FirmHaldia Petrochemicals Limited (HPL) has become the first International Organization for Standardization (ISO) / International Electrotechnical Commission (IEC) 27001:2022 certified petrochemical organisation in India.

• The certification was awarded by the United Kingdom (UK) based certification body, British Standards Institution (BSI) in a ceremony held in Kolkata, West Bengal (WB).

Key Points:
i.The certification highlights HPLs commitment to a secure and reliable digital environment for a seamless exchange of information across internal and external stakeholders.
ii.This certification also demonstrated its ability to protect sensitive information and ensure the confidentiality, integrity, and availability of valuable data and systems.
ii.The digitally transformed HPL empowers employees with cutting-edge tools specifically designed to their needs, thereby increasing teamwork and a digital culture that encourages creativity and efficiency.
About ISO/IEC 27001:2022
i.ISO/IEC 27001:2022 is the latest iteration of the Information Security Management System (ISMS) program published in October 2022.

• It was initially published as a “Code of Practice” in February 2022.

ii.It outlines the best practices for protecting vital intellectual property and information assets.
iii.It also aligns the information security posture of an organisation with the digitalization of business practices and the accompanying threats.
About British Standards Institution (BSI):
BSI is the world’s first Standards Body and founding member of ISO.
Chief Executive– Susan Taylor Martin
Founded by – Sir John Wolfe-Barry 
Established in – 1901
About Haldia Petrochemicals Limited (HPL):
Chief Executive Officer(CEO) – Navanit Narayan
Headquarters –  Kolkata, West Bengal (WB)
Established in – 1985

LPAI Releases Report on Gender-Inclusive Framework for Cross-Border Trade in IndiaThe Land Ports Authority of India (LPAI), working under the aegis of Ministry of Home Affairs (MoHA), released a report title ‘Engendering Land Ports in India’, which highlights LPAI’s target to make all land ports gender friendly in the next 3 years.

• The study aims for gender-inclusive framework for cross-border trade and tourism through land ports in India. Land Ports are also known as Integrated Check Posts(IPCs).

Note: LPAI is responsible for developing and managing facilities for the cross-border movement of goods and passengers at designated points along India’s international borders.
About the Study:
i.The study maps the existing infrastructure and services at select land ports to understand the gaps in promoting women’s participation in cross-border trade and tourism.
ii.Purpose: To recommend action areas and intitiatives to make land ports gender responsive.
Key Points:
i.The report provided insights to the gender assessment undertaken at three selected land ports in India viz. ICP Agartala (Tripura), ICP Petrapole (West Bengal), and ICP Raxual (Bihar).
ii.It highlighted the importance of gender responsiveness of land ports, and policy reforms, women-friendly eco-system under the purview of LPAI for promoting cross-border trade in Bhutan, Bangladesh, Northeast India and Nepal (BBIN) region.
Key Findings:
i.ICP Agartala and ICP Petrapole, 2 of the 3 land ports with gender audit scores of 0.59 and 0.55 were assessed as satisfying minimum requirements for gender responsiveness.
ii.ICP Raxual with the score of 0.39 is considered to be approaching minimum requirements.
iii.All three land ports fell short of satisfying the minimum standards for gender responsiveness within the institutional mechanism.
iv.Around 71% of the women surveyed reported satisfaction with the facilities at the land ports, with 23% being adequately satisfied and only 6% reporting as not being satisfied.
v.In terms of safety, all the women surveyed reported feeling almost or very safe.

Maharashtra’s Pench Tiger Reserve Becomes India’s First Dark Sky Park
The Pench Tiger Reserve (PTR) in Maharashtra has been designated as India’s first Dark Sky Park and Asia’s fifth park for protecting the night sky and preventing light pollution, making the place ideal for astronomy enthusiasts.

• The Dark Sky Place certification focuses on lighting policy, dark sky-friendly retrofits, outreach and education, and monitoring the night sky.
• A night observatory has also been inaugurated under the innovation scheme of the district planning committee (DPC) fund. It is noted that the area near Bagholi has been reserved for stargazing.
• The Pench Tiger Reserve, named after the Pench River, is spread across the two states of Maharashtra and Madhya Pradesh.

SBI Inks Pact with MoRD to Provide Loan Credit Facility to SHGsMinistry of Rural Development (MoRD) and State Bank of India (SBI) have signed a Memorandum of Understanding (MoU) to provide loans to rural Self-Help Groups (SHGs).
i.SBI unveils Specialised financial product:

• SBI launched Svyam Siddha, a specialised financial product developed exclusively for women Self-Help Groups (SHGs).
• Training Toolkit Package was launched to encourage SHG women entrepreneurs to get access to formal financial assistance in form of loans.
• It is developed in collaboration with International Finance Corporation (IFC) under World Bank aided National Rural Economic Transformation Project (NRETP).

About State Bank of India:
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra
Established in – 1955

Indian Bank in Collaboration with Three Other Entities launches Indian Bank One Co-Branded Credit CardIndian Bank in partnership with firms namely FPL Technologies Private Limited, Visa & National Payments Corporation of India (NPCI) has launched the ‘Indian Bank One co-branded credit card’ to offer customized features to Indian consumers.

• The metal credit card is powered by Visa and RuPay contactless technology.

About the card:
i.The co-branded card will be issued by Indian Bank and managed by FPL Technologies.
ii.By operating in two networks, the card aims to introduce a new paradigm in credit accessibility and usability.
iii.The card comes with Zero Joining Fees, Zero Annual Fees and Zero Rewards Redemption Fees.
iv.The card can be used across the globe with a 1% forex fee.
v.The card offers features like tracking transactions in real-time, managing expenses, converting purchases into Equated Monthly Installment (EMI), redeeming rewards, making Unified Payments Interface (UPI) payments, planning monthly budgets, adjusting credit limits, and facilitating seamless payments.
vi.The Cardholder can control all aspects of the credit card through the OneCard mobile application.
Note: OneCard is a co-branded credit card issued by, Reserve Bank of India (RBI) approved Banks and Financial Institutions in partnership with OneCard. OneReward is the reward program of OneCard.
About Indian Bank:
Managing Director(MD) and Chief Executive Officer(CEO) –  Shanti Lal Jain
Headquarters –  Chennai, Tamil Nadu
Established in – 1907
Tagline – Your own bank

SBI Launches Green Rupee Term-Deposit FD Scheme to Support Green Finance Ecosystem
The State Bank of India (SBI) launched a special Fixed Deposit (FD) scheme named SBI Green Rupee Term Deposit (SGRTD), to mobilise funds for environment-friendly projects and initiatives. The SGRTD scheme is open to Resident individuals, Non-individuals, and Non-Resident Indians (NRIs).

• The SGRTD scheme offers 3 distinct tenors: 1,111 days, 1,777 days, and 2,222 days. It is initially available through SBI’s branch network.
• The interest rate on SGRTD will be 10 Basis Points (BPS) lower than the card rate for retail and bulk Deposits for respective tenors.
• Senior Citizens/ Staff/ Staff Senior Citizens are eligible for an additional interest rate over the applicable rate for the public excluding NRI Senior Citizens NRI Staff.

Note: Green deposits are interest-bearing deposits, received by a Regulated Entity (RE) for a fixed period, and the earmarked proceeds from green deposits are specifically for green finance.

PFC Gets RBI Approval to Set-up Wholly-owned Finance Company in Gujarat
Power Finance Corporation (PFC), a Maharatna Central Public Sector Enterprises (CPSEs) has received approval from the Reserve Bank of India (RBI) to establish a wholly-owned finance company at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT-City), Gujarat.

• This establishment opens up new business opportunities for PFC and contributes to the growth of India’s power sector.
• The GIFT City platform is said to provide a favorable environment for international lending activities and world-class infrastructure.
• PFC is an infrastructure finance company under the administrative control of the Ministry of Power.
• PFC is also registered as a Systematically Important Non-Banking Financial Company (SI-NBFC) with the RBI.

ILO Report Increases Global Unemployment Rate to 5.2% in 2024The International Labour Organization (ILO) has released a report titled “World Employment and Social Outlook: Trends 2024”. The report projected slight increase in the global unemployment rate to 5.2% in year 2024 as compared to 5.1% in year 2023.
Report highlighted that unemployment will increase mostly in developed economies.
Key Findings of the Report:
i.The report predicted that the number of unemployed individuals will increase by 2 million at global level in 2024.
ii.As per the report, both the unemployment rate and job rate has decreased to pre-pandemic levels.
Note: Job Rate means numbers of persons without employment are interested in finding a job.
iii.It projected both the labour market outlook and global unemployment will deteriorate further.
iv.The report predicted informal work rate to remain same around 58% of the global workforce in 2024.
v.The report cautioned that real disposable income and real wages are prone to sudden price shocks during the period of slow productivity growth.
vi.Disposable incomes have declined in most of the G-20 countries and it is unlikely to recover quickly.
vii.The report predicted informal work rate to remain same around 58% of the global workforce in 2024.
viii.The report highlighted that labour productivity has decreased to the lowest level as compared to previous decade despite technological advances and increased investment.
Main reasons cited by the report for decrease in labour productivity:
i.Large amount of investments were made in less productive sectors such as services and construction.
ii.Skill shortages and supremacy of large digital monopolies obstructs faster technological adoption especially in developing countries.
iii.Sectors with a predominance of low productivity firms.
Key Findings related to High-Income and Low-Income Countries:
i.ILO report revealed jobs growth rate for high-income countries in 2023 was 8.2% while, for low-income countries jobs growth rate was 20.5% in 2023.
ii.For high-income countries, employment growth is expected to turn negative in 2024 and only slight growth can be expected in 2025.
iii.Unemployment rate remain constant for high-income countries at 4.5 %( 2023) while for low-income countries was 5.7 %( 2023).
About International Labour Organisation (ILO):
Director-General –  Gilbert Fossoun Houngbo
Headquarters – Geneva, Switzerland
Established – 1919
Member nations – 187

India’s GDP to surpass USD 4 trillion in 2024-25: PHDCCI reportAccording to a PHD Chamber of Commerce and Industry (PHDCCI) report, India’s Gross domestic product (GDP) is expected to surpass USD 4 trillion in 2024-2025 and reach USD 5 trillion by 2026-2027.

• It also projected India’s GDP to reach USD 7 trillion by 2030, as India is committed to attaining the status of a developed economy by 2047 under the initiative of ‘Viksit Bharat’.

Key Points:
i.The retail inflation in India is expected to be around 4.5% on average in 2024.
ii.The report recommended the Government to focus more on the informal sector because sometimes the reforms are not made at the ground level.
iii.It also recommends enhancing banking system resilience to support small business growth in line with demand trends.
iv.As per the report, the growth promising sectors will be Agriculture and food processing, Infrastructure, Textile and Apparel, Pharmaceutical, Defence Manufacturing, Electronics and Fintech.
v.PHDCCI also expects the Reserve Bank of India (RBI) to reduce the repo rate by 100 basis points in a calibrated manner by the end of 2024. The repo rate will be brought to the level of 5.5% by the end of 2024.
Assessment:
The analysis is based on lead macroeconomic indicators, including GDP Growth, Export Growth, Gross National Savings, Total Investments and Debt of GDP Ratio.
The analysis for the report has been conducted for four sets of periods, Pre Pandemic Years (2018, 2019), Pandemic Years (2020, 2021), Post Pandemic Years (2022,2023) and Futuristic Outlook Years (2024,2025).

Narayana Health Received IRDAI Approval to Launch Health Insurance Business Bengaluru(Karnataka)-based Narayana Health Insurance Limited (Narayana One Health), a subsidiary of Narayana Hrudayalaya Limited, has received a license from the Insurance Regulatory and Development Authority of India (IRDAI) to operate independently as a health insurance company.

• The approval from IRDAI will allow the healthcare provider to diversify its business into the health insurance business through the subsidiary and also offer integrated healthcare.

Points to note:
i.The IRDAI in its 124th meeting held on 28 December 2023 has granted a Certificate of Registration to a new health insurer Narayana Health Insurance Limited to carry out health insurance business in India after a gap of 5 years.
ii.Post the approval, the number of Standalone Health Insurance Companies (SAHI) rose to 6 from the existing 5.
iii.This was the 5th approval from IRDAI in the calendar year 2023 in any line of insurance business.
Key Points:
i.The license will be renewed on an annual basis in terms of IRDAI (Registration of Indian Insurance Companies) Regulations, 2000.
ii.Narayana Health operates a network of 38 multi-specialty and super specialty hospitals, heart centers, and primary care facilities across India.

• It also has an international hospital (Included) in the Cayman Islands, a British overseas territory located in the Western Caribbean Sea.

Global Recognition:
Narayana Health stands as the first healthcare group in India and the 6th globally to secure an Enterprise Accreditation from the Joint Commission International (JCI).

• JCI’s accreditation extends to 8 individual hospitals within the Narayana Health group.

About Narayana Health
Founder and Chairman– Dr. Devi Prasad Shetty
Headquarters– Bengaluru, Karnataka
Established in– 2000

DRDO Conducts Successful Flight-test of New Generation AKASH Missile off Odisha coast On 12th January 2024, The Defence Research and Development Organisation (DRDO) successfully conducted a flight test of the New Generation AKASH (AKASH-NG) missile from the Integrated Test Range (ITR) in Chandipur off the coast of Odisha.

• The AKASH-NG system is a state-of-the-art missile system, capable of intercepting high-speed, agile aerial threats.

Key People: The flight test was witnessed by senior officials from DRDO, Indian Air Force (IAF), Bharat Dynamics Limited (BDL) and Bharat Electronics Limited (BEL).
Details of the Test:
i.The missile was tested against a high-speed unmanned aerial target at a very low altitude.
ii.The weapon system effectively intercepted and destroyed the high-speed unmanned aerial target during the flight test.
iii.The flight test validated the seamless integration and functioning of the entire weapon system which includes indigenously developed Radio Frequency Seeker, Launcher, Multi-Function Radar, Command, Control, and Communication system.
iv.The system performance was also validated through the data captured by Radars, Telemetry, and Electro-Optical Tracking Systems deployed by ITR, Chandipur.
Akash Weapon System:
i.It is indigenously designed and developed by the DRDO and produced by defense public sector units and other industries.
ii.It has been in service for over 10 years, with multiple advanced versions of the missile under development by the Akash Team.
iii.It has been inducted and is operational with the Indian Air Force (IAF) as well as the Indian Army (IA).
About Defence Research and Development Organisation (DRDO):
It is the Research and Development (R&D) wing of the Ministry of Defence(MoD), Government of India.
Chairman – Dr Samir Vankatpati Kamat
Headquarters– New Delhi, Delhi
Established in– 1958

Mitsubishi Heavy Industries Launches H-IIA Rocket Carrying Japan’s IGS
Mitsubishi Heavy Industries Limited has launched an H-IIA rocket carrying Japan’s Cabinet Satellite Information Center’s Information-Gathering Satellite (IGS) “Optical-8” into a 500-kilometre-altitude sun-synchronous orbit (SSO) from Tanegashima Space Centre (TNSC) in Japan on 12th January 2024.

• It was the 48th launch from the H-IIA launch vehicle since it was developed by the Japan Aerospace Exploration Agency (JAXA) in 2001.
• TheIGS satellites serve “both Japan’s national defense and civil natural disaster monitoring and capture high-resolution images at night and in bad weather.
• Japan plans to retire the H-IIA after two more launches and replace it with an H3 rocket.

New butterfly species ‘Cigaritis Conjuncta’ Discovered in Bramhagiri Wildlife SanctuaryResearchers from the National Centre for Biological Sciences (NCBS) in Bengaluru, Karnataka, have discovered a new butterfly species Cigaritis conjuncta (also known as Conjoined Silverline butterfly) in Bramhagiri Wildlife Sanctuary in Kodagu district (also known as Coorg), Karnataka.
i.The new species is named after its most “unique” feature: the “conjoined” bands on its wings.
ii.The findings about the new species were published in ‘Zootaxa’, a peer-reviewed international journal on 10th January 2023.
Cigaritis Conjuncta:
i.The species ‘Cigaritis conjuncta’ belongs to the butterfly family ‘Lycaenidae’ in the order Lepidoptera.
ii.Features:

• Males have “dark shining blue” wings with some black edges and the females have “dark brown” wings with some “orange-red” patches.
• Both have a “pale yellow” coloring with “silver lines” and “conjoined” bands.
• The species live in “mid-elevation evergreen forests” and are most active “on sunny days,”
• The new species were distinguished from other congeners in India and Sri Lanka by its coloring, wing pattern and other physical features.

About the discovery:
i.The butterflies were first seen in the Iruppu Falls area of the Brahmagiri Wildlife Sanctuary in Kodagu in 2008. The species was studied extensively when a large number of them were spotted in the Honey Valley in Kodagy in 2021.
ii.The new species is described based on the five male and four female specimens from Honey Valley, Kodagu District(a part of the Western Ghats biodiversity hotspot)
Note: The research team includes Krushnamegh Kunte, Ashok Sengupta, Ujwala Pawar, and Viraj Nawge.

Assam CM unveils ‘Mukhya Mantri Mahila Udyamita Abhiyan’ scheme to assist women of SGH The Chief Minister (CM) of Assam Himanta Biswa Sarma launched a ‘Mukhya Mantri Mahila Udyamita Abhiyan’ scheme to develop 4 million Self-Help-Group (SHG) women as rural micro-entrepreneurs and help them become ‘lakhpati baidos (elder sister)’.

• The outlay of the scheme is Rs 4,000 crore and will be offered to SHG members who are committed to personal business plan along with their group activity.

About Mukhya Mantri Mahila Udyamita Abhiyan:
i.Under the scheme, eligible women gets Rs 35,000 over three years.

• Phase I – Each eligible woman will get Rs 10,000 in the first year (Entrepreneurship Fund).
• Phase II –  Loam amount of Rs 25,000 will be availed to the SHG Members from the bank over the next two years.
• Rs 25,000 will be split into two halves for which Rs 12,500 is of government’s money (Capital Subsidy, non-refundable) and Rs 12,500 of the bank must be repaid.