Cabinet Approvals on 1st February 2024On February 1, 2024, the Union Cabinet chaired by Prime Minister (PM) Narendra Modi approved the following schemes and initiatives:
i.Extension of Animal Husbandry Infrastructure Development Fund(AHIDF).
ii.Extension of Scheme of Sugar Subsidy for Antyodya Anna Yojna (AAY) Families under the Public Distribution Scheme (PDS).
iii.Continuation of Scheme for Rebate of State and Central Taxes and Levies for export of Apparel/Garments.
iv.Approves marketing margin for the supply of Domestic gas to Fertilizer(Urea) for the Period May 2009 – November 2015.
v.Signing and ratification of the Bilateral Investment Treaty between India and the United Arab Emirates(UAE).
About the United Arab Emirates(UAE).
President- Mohamed bin Zayed Al Nahyan
Capital- Abu Dhabi
Currency- Emirati Dirham (AED)

IIRF’s Top MBA Colleges in India 2024: IIM-Ahmedabad Ranked First in Government Colleges CategoryAccording to the Indian Institutional Ranking Framework(IIRF)’s Top Master of Business Administration (MBA) Colleges in India – 2024, the Indian Institute of Management (IIM), Ahmedabad (Gujarat), has topped among the Top Government MBA colleges in India. 

• In the 2024 MBA Colleges ranking, Xavier Labour Relations Institute (XLRI), Jamshedpur (Jharkhand), has topped among the Top Private MBA colleges in India.

Note: IIM Ahmedabad has emerged as the top-ranked college (Overall among Government & Private) in India, based on an overall index score of 937.24.
Click here to view full ranking list

INCOIS Celebrates Silver Jubilee: Launched new satellite data facility & Unveiled special postal stampOn 3rd February 2024, Indian National Centre for Ocean Information Services (INCOIS) launched a new Satellite Data Acquisition and Processing Facility and unveiled a special postal stamp “INCOIS My Stamp” as a part of its INCOIS Foundation day – Silver Jubilee (25 years) celebration held in Hyderabad, Telangana.

• INCOIS, a unit of Earth System Science Organisation (ESSO), was established as an autonomous body in 1999 under the Ministry of Earth Sciences (MoES).

The celebration was held as a part of the Indian Ocean Regional Decade Conference 2024 held from 1st to 3rd February 2024 at INCOIS in Hyderabad, Telangana.
Key People:
Ravichandran, Secretary of MoES, Vijay Kumar Saraswat, Member of NITI Aayog (National Institution for Transforming India) and Distinguished scientists were present during the event.
Satellite Data Facility:
i.The new cutting-edge satellite data acquisition and processing facility (Oceansat3 and X/L band ground station) is designed to handle data from Oceansat3 and other advanced satellites.

• Oceansat3 is a satellite designed for ocean observation and data acquisition.

ii.This is in line with INCOIS’s effort to stay at the forefront of technology and enhancing its oceanographic data capabilities.
INCOIS My Stamp:
P.V.S. Reddy, Chief Post Master General for Telangana circle, presented the special stamp “INCOIS My Stamp” to Tummala Srinivasa Kumar, Director of INCOIS.
The stamp symbolizes the INCOIS’s contributions to ocean science and service.
Note: During the event, INCOIS released the book titled “INCOIS 25-Year Journey” (Hindi and English) bilingual retrospectives of the institute’s 25-year journey.
Indian Ocean Regional Decade Conference 2024:
Decade Collaborative Centre for the Indian Ocean Region (DCC-IOR) organised the “Indian Ocean Regional Decade Conference 2024: Bridging Billions to Barcelona” at INCOIS in Hyderabad, Telangana.

• The conference was held under the Ambit of the United Nations’s Decade of Ocean Science for Sustainable Development (2021-2030).
• This is an official prelude to the 2024 Ocean Decade Conference which will be held from 10 – 12 April 2024 in Barcelona, Spain.

The conference was sponsored by MoES and technical support was provided by the Intergovernmental Oceanographic Commission (IOC) of  United Nations Educational, Scientific and Cultural Organization (UNESCO).
About Indian National Centre for Ocean Information Services (INCOIS):
Director – Tummala Srinivasa Kumar
Headquarters – Hyderabad, Telangana
Established in 1999

Mukesh Ambani Tops Among Indians and Ranks 2nd Globally on the Brand Guardianship Index 2024Mukesh Ambani, Chairman, and Managing Director (CMD) of Reliance Industries Limited (RIL), has been ranked 1st among all Indians and 2nd globally in the Brand Guardianship Index (BGI) 2024 compiled by Brand Finance, the world’s leading brand valuation firm. Brand Finance’s survey gave Mukesh Ambani a BGI score of 80.3.

• Huateng Ma, Chairman, and Chief Executive Officer (CEO) of Chinese internet giant Tencent Holdings recognised as the world’s leading CEO in the 2024 BGI, for his guardianship of the WeChat brand with a BGI score of 81.6.
• NVIDIA CEO Jensen Huang ranked 3rd globally followed by Apple Inc‘s Tim Cook (4th), and TATA Sons‘ Natarajan Chandrasekaran (5th).

About Brand Finance:
Chairman and CEO– David Haigh
Headquarters– London, United Kingdom
Founded in– 1996

Exim Bank Received Rs 9,013.72 from MEA after Invoking GoI GuaranteesThe Ministry of External Affairs (MEA) has provided Rs 9,013.72 crore to the Export-Import Bank of India (Exim Bank) after the bank invoked Government of India (GoI) guarantees on decade-old loans extended to some African countries.

• These loans were classified as “doubtful debts”  in Financial Year(FY) 2023-24.

Background:
i.The Department of Economic Affairs (DEA) under the Ministry of Finance (MoF) has supported Lines of Credit (LOCs) to foreign countries under the Indian Development and Economic Assistance Scheme (IDEAS).
ii.These countries include Asia (excluding Bangladesh, Nepal, and Bhutan) Africa, the Commonwealth of Independent States (CIS) region and the Latin American region.
iii. Since 2003-04, LoC is supported by EXIM Bank.
Key Points:
i.Exim Bank had to invoke guarantees due to non-performing assets (NPAs) of the loans given to African countries.
ii.Once guarantees are invoked, the funds are paid out of the Guarantee Redemption Fund established in the Public Account of India since 1999-2000.
Additional Funds:
i.MEA has also allocated Rs 4,383.40 crore for FY25 for potential future guarantees.
ii.An amount of Rs 4,655 crore was sanctioned as an advance from the Contingency Fund of India (CFI).
About Export-Import Bank of India (Exim Bank):
Managing Director(MD) – Harsha Bangari
Headquarters – Mumbai, Maharashtra
Established in – 1982

CRISIL Report: Indian Economy to Grow at 6.7% between Fiscals 2024-2031 According to the CRISIL (formerly Credit Rating Information Services of India Limited) report titled “Indian Economy: Capital as Growth Driver”, Indian economy is expected to grow at an average rate of 6.7% per year between fiscals 2024 and 2031. This is slightly higher than the pre-pandemic decadal  average of 6.6%.

• Capital was identified as the key contributor, stemming from the government’s investment-driven strategy post-pandemic.

Key Points:
i.After a robust 7.3% growth in fiscal year 2023, CRISIL projects a moderation to 6.4% fiscal year 2024, attributing it to cyclical factors.
ii.In 2024, Global economy is expected to decelerate, and the impacts of the Reserve Bank of India’s (RBI) rate hikes on domestic demand will become apparent.
iii.Additionally, the report emphasises the importance of monitoring the Middle East conflict’s impact on energy and logistics costs.
iv.According to the report, In India, the inflation level of 5.7% in December 2023 was driven solely by volatile vegetable prices and food-grain inflation.

• It keeps RBI cautious towards achieving the 4% inflation target.
• Core inflation decline and fuel price deflation are positive, but high food price levels of the food items, which have substantial weight in the consumer price index (CPI), pose a transmission risk to non-food components.

Government Initiatives:
i.The government’s increased capital expenditure and interest-free loans to states drive the capital-led growth strategy.
ii.The focus on infrastructure build-up aims to counteract the private sector’s initial hesitancy towards investments.
Global Dynamics:
i.The expected rate cut by the United States of America (US) Federal Reserve raises uncertainties.
ii.Strong US labour market data and persistent inflation challenge the anticipated timing and extent of the rate cuts in 2024.

Nangolo Mbumba Took Oath as Interim President of Namibia Following the Death of Hage Gottfried GeingobNangolo Mbumba, the Republic of Namibia’s former Vice President (VP), took oath as the interim President, following the sudden death of his predecessor, Hage Gottfried Geingob, at the age of 82.

• He will be serving the post till the conduct of new election in later 2024.

About Nangolo Mbumba:
i.Nangolo Mbumba is a member of the South West Africa People’s Organization (SWAPO).
ii.He served as the second VP of Namibia since 2018.
iii.Prior to that, he acted as secretary-general of SWAPO from 2017.
iv.He also been as Union Minister of Namibia since 1993 holding various portfolios such as Minister of Agriculture, Water and Rural Development, Minister of Finance, Minister of Information and Broadcasting, Minister of Education and Minister of Safety and Security.
About Hage Geingob:
i.Hage Geingob became the first Prime Minister(PM) of Namibia in 1990 and served in that position until 2002.
ii.He is also a member of the Namibian political party SWAPO.
iii.He was again appointed as PM in 2012 until winning the 2014 Presidential election.
iv.In 2015, he was made the 3rd President of Namibia.
iv.In 2019, he was re-elected for another five-year term and served the post till his death.
Other Appointment:
Netumbo Nandi-Ndaitwah, who previously served as the Deputy Prime Minister and Minister of International Relations and Cooperation, was appointed as the new vice president of Namibia.
About Republic of Namibia:
President – Nangolo Mbumba
Capital- Windhoek
Currency – Namibian Dollar

China Launched Jielong-3 with 9 Satellites and Long March-2C with 11 Geely-02 SatellitesThe China Aerospace Science and Technology Corporation’s (CASC) Jielong-3, or Smart Dragon-3 rocket, successfully launched nine satellites into the Sun-Synchronous Orbit (SSO), off the coast of Yangjiang in southern Guangdong province, China.

• The launch was coordinated by the Taiyuan Satellite Launch Center, and it was the third successful mission for the Smart Dragon-3 launch vehicle.

About China:
President– Xi Jinping
Premier– Li Qiang
Capital– Beijing
Currency– Chinese yuan renminbi

Indian Navy received the First 25T BP Tug ‘Yard 305 – Mahabali’ 
On 2nd February 2024, the first 25T Bollard Pull (BP) Tug, named ‘Yard 305 – Mahabali’ was delivered to the Indian Navy (IN) at Naval Ship Repair Yard (NSRY) in Kochi, Kerala in the presence of Rear Admiral Subir Mukherjee, Admiral Superintendent of NSRY (Kochi).
Background:
i.The contract for construction and delivery of three 25T BP Tugs was concluded with M/s Shoft Shipyard Pvt Ltd (M/s SSPL), a Thane (Maharashtra) based Micro, Small & Medium Enterprises (MSME), in November 2021.
ii.The three 25T BP Tug are: Yard 305 – Mahabali, Yard 306 – Baljeet and Yard 307 – Bajran. These Tugs are built under the classification rules of the Indian Register of Shipping (IRS).
Benefits: These tugs will improve the operational commitments of the IN by facilitating assistance to Naval ships and submarines during berthing and un-berthing, turning and manoeuvring in confined waters. This will also provide afloat firefighting assistance to ships and will have the capability to conduct limited Search and Rescue Operations.

Indian Navy Commissioned Survey Vessel INS Sandhayak (Yard 3025) in Visakhapatnam
On 3rd February 2024, the Indian Navy (IN) commissioned the Indian Naval Ship (INS) Sandhayak (Yard 3025), the first of four Survey Vessel Large (SVL) ships, at the Naval Dockyard, Visakhapatnam, Andhra Pradesh, in the presence of Union Minister Rajnath Singh, Ministry of Defence (MoD), and Indian Navy Chief Admiral R. Hari Kumar.

• The contract for building four SVL ships was signed between the MoD and Garden Reach Shipbuilders & Engineers Limited (GRSE).
• The ship was launched in 2021.
• It is equipped with state-of-the-art hydrographic equipment including Deep & Shallow Water Multibeam Echo-Sounders, Autonomous Underwater Vehicle, Remotely Operated Vehicle, Side scan sonars, Data Acquisition and Processing System, satellite-based positioning systems and terrestrial survey equipment.
• SVL ships are 110 meters long, and 16 meters wide with a displacement of 3,400 tons.
• The other three SVL are Nirdeshak (Yard 3026), Ikshak (Yard 3027), and Sanshodhak (Yard 3028)

CDS Anil Chauhan unveils Book ‘Artificial Intelligence and National Security’ at Defence Lit Fest in Pune
Chief of Defence Staff General Anil Chauhan unveiled a book titled ‘Artificial Intelligence and National Security’, written by Amit Sinha and Vijay Khare and published by Pentagon Press at the Defence Literature Festival, “Kalam and Kavach,” in Pune(Maharashtra).

• The book ‘AI and National Security’ explains about the application of Artificial Intelligence (AI) in national security. It also examines India’s AI development in comparison with global powers and insights into government initiatives.
• The first edition of the Defence Literature Festival, Kalam and Kavach was organised by Army Southern Command along with Pentagon Press.
• Another book titled“Ukraine, Gaza, Taiwan…… A World at War” written by Ajay Singh was released at the event.

Vice President Jagdeep Dhankhar launched a Book “Transforming HARYANA” by Kuldip Chand Agnihotri
Jagdeep Dhankhar, Vice President (VP) of India, released the book titled “Transforming HARYANA: 9 Incredible Years of Haryana Government” edited by Kuldip Chand Agnihotri, Former Vice-Chancellor, Central University of Himachal Pradesh, Dharamshala, Himachal Pradesh.

• The hindi translation of the book under the title “हरियाणा सरकार के 9 अतुलनीय वर्ष: एक नए एवं जीवंत हरियाणा का उदय“(9 Incredible Years of Haryana Government: Emergence of a New and Vibrant Haryana) was also released. The book was translated by litterateur and writer Dr. Shamim Sharma.

Key People: The book was launched in the presence of Manohar Lal Khattar, Chief Minister (CM) of Haryana and Bandaru Dattatreya, Governor of Haryana.
About the book:
i.The book was published by OakBridge Publishing Private Limited.
ii.The foreword of the book is written by Ram Nath Kovind, Former (14th) President of India (2017 to 2022).
iii.The book features 3 types of articles.

• Articles by scholars expressing their opinion on various schemes of the Haryana government.
• Articles by officers of Haryana government regarding implementation of the schemes.
• Articles by scholars working in the academic field explaining the long-term impacts of these schemes.

International Day of Human Fraternity 2024- February 4 The United Nations (UN) International Day of Human Fraternity is annually observed across the globe on 4 February to promote peace, tolerance, inclusion, understanding, and solidarity between all people of diverse faiths.
International Day of Human Fraternity falls in the middle of World Interfaith Harmony Week (WIHW), an annual event observed during the 1st week of February, since 2010.

• 4 February 2024 marks the observance of the 4th International Day of Human Fraternity.

Background:
i.On 21 December 2020, the United Nations General Assembly (UNGA) adopted the resolution A/RES/75/200 and proclaimed the 4 February of every as the International Day of Human Fraternity.
ii.The 1st ever International Day of Human Fraternity was observed on 4 February 2021.
About United Nations Alliance of Civilizations (UNAOC):
High Representative– H.E. Mr. Miguel Ángel Moratinos
Headquarters–  New York, United States of America (USA)
Established in 2005

World Cancer Day 2024- February 4 World Cancer Day (WCD) is annually observed across the globe on 4 February to raise awareness of fundamental cancer issues and to encourage its prevention, detection, and treatment.
WCD is an international campaign that aims to remember and honour those affected by cancer, and to take action to change the future of cancer.

• The campaign theme of WCD 2022-2024 is, ‘Close the Care Gap’. 2024 marks the 3rd and final year of the campaign.
• The campaign theme of WCD 2024 is, “Close the Care Gap: Together, we challenge those in power.”

Cancer Ribbon: A lavender ribbon is usually a sign of support for those living with all types of cancer.

• The official colours of World Cancer Day are blue and orange.

Background:
i.On 4 February 2000, WCD was established by the Charter of Paris Against Cancer.
ii.The Charter comprising 10 articles was adopted at the World Summit Against Cancer for the New Millennium in Paris, France.
iii.Under Article X, the Charter officially proclaimed World Cancer Day and was decided to observe on 4 February of each year.
iv.The 1st WCD was observed on February 4, 2000.