Cabinet Approvals on January 18, 2024On January 18, 2024, the Union Cabinet chaired by Prime Minister (PM) of India, Narendra Modi, has approved the following proposals:
i.Creation of Posts for 16th Finance Commission (FC).
ii.Memorandum of Understanding (MoU) between India and the European Commission on Working Arrangements on Semiconductors Ecosystems
iii.MoU between India and Kenya on sharing successful Digital Solutions implemented at Population Scale for Digital Transformation.
iv.Memorandum of Intent (MoI) between India and Netherlands on cooperation in the field of Medical Products Regulation.
v.MoU between India and Ecuador on cooperation in the field of Medical Products Regulation.
vi.Equity investment by South Eastern Coalfields Limited (SECL), Mahanadi Coalfields Limited (MCL) and Coal India Limited (CIL).
About Central Drugs Standard Control Organization (CDSCO):
It is the National Regulatory Authority for drugs, medical devices and cosmetics in India.
Drugs Controller General of India– Dr. Rajeev Singh Raghuvanshi
Headquarters– New Delhi, Delhi

NFWPIS, IndiaAI & Wadhwani Foundation Signed Tripartite MoU to Leverage AI in Agri Sector A tripartite memorandum of understanding (MoU) was signed between the National Farmers’ Welfare Programme Implementation Society (NFWPIS), IndiaAI under Digital India Corporation(DIC), and the Wadhwani Foundation to accelerate the Artificial Intelligence (AI)-driven transformation in the agriculture sector.
Points to note:
i.IndiaAI is the National AI Portal of India launched on 30th May 2020. It is dedicated to create and nurture a unified AI ecosystem in India. DIC is an not-for-profit company set up by Ministry of Electronics and Information Technology (MeitY).
ii.NFWPIS is a society under the Department of Agriculture and Farmers Welfare under Ministry of Agriculture and Farmers Welfare(MoA&FW). It is the Project Monitoring Unit (PMU) for the implementation of Prime Minister (PM)-Kisan Yojana.
About the MoU:
i.As per the MoU, the Wadhwani Foundation will support the MoA&FW in formulating and executing an AI strategy and aims to establish India as a global leader in AI-driven digital agriculture aligning with the MeitY’s National Plan for AI.
ii.The foundation will support India to become a global leader in AI-driven digital agriculture transformation. This is in line in with MeitY’s National Plan for AI.
iii.The MoA&FW has established a dedicated AI cell within its structure to institutionalize the use of AI in transforming digital agriculture.
Key People: The MoU was signed in the presence of Manoj Ahuja, Secretary, MoA&FW; Prakash Kumar, CEO, Wadhwani Institute of Technology and Policy along with senior officials of MoA&FW and MeitY.
National Pest Surveillance System:
i.The MoA&FW is developing the National Pest Surveillance System, , in collaboration with the private sector.
ii.The system powered by AI and Machine Learning (ML) models will detect crop issues for timely farmer intervention and minimize potential losses.
MoA&FW’s AI Technologies:
MoA&FW is utilising several AI technologies to beneift farmers and increase overall productivites. The ministry also aims to leverage the advanced technologies to address the difficulties faced by farmers in India.
i.MoA&FW promotes the India Digital Ecosystem Architecture (InDEA) 2.0, a network approach, designed by the MeitY.
InDEA 2.0 is framework that allows governments and private sector businesses to design Information Technology(IT) architectures.
ii.MoA&FW developed ‘Kisan e-Mitra’, an AI-powered chatbot, to address farmer’s queries on the PM Kisan Samman Nidhi scheme.
This offers comprehensive solution in Hindi, Tamil, Odia, Bangla, and English to support other government programs.

PM Modi Releases Commemorative Postage stamps & Book on Ayodhya Ram TemplePrime Minister Narendra Modi has released six special commemorative postage stamps dedicated to the Shri Ram Janmabhoomi temple in Ayodhya(Uttar Pradesh) and also revealed a book with stamps issued by various countries portraying Lord Ram.
About the commemorative postage stamps:
i.The commemorative collection comprises six distinct stamps, including depictions of the Ram Janmabhoomi Temple, Lord Ganesh, Lord Hanuman, Jatayu, Kevatraj, and Ma Shabri.
ii.The miniature sheet on the Ram Janmbhoomi temple was also released, which carries six postage stamps and other designs associated with Lord Ram.
iii.The other designs of the stamps include the Ram Janmbhoomi Mandir, the revered Choupai ‘Mangal Bhavan Amangal Hari’ (lines from Tulsidas’s epic ‘Ramcharitmanas’), the sun(rays were depicted by using golden leaves), the symbol of ‘Suryavanshi’ Ram, the sacred Saryu River, and the sculptures in and around the temple.
About the stamp book:
i.This 48-page book covers stamps issued by more than 20 countries, including the United States of America, Australia, Antigua and Barbuda, Cambodia, Canada, Czech Republic, Fiji, Gibraltar, Indonesia, Sri Lanka, New Zealand, Thailand, Guyana, Grenada, Singapore, Lao PDR, Nepal, Saint Vincent and the Grenadine, and Togo, and organisations like the United Nations.
ii.The stamp book aims to showcase the international appeal and influence of Lord Ram on various societies across the globe.
Note:
The consecration ceremony (Pran Pratishtha) of Ram Janmabhoomi temple in Ayodhya is to be held on 22nd January 2024.

Cabo Verde Declared A Malaria-Free Country by WHO
The World Health Organization (WHO) has declared the Republic of Cabo Verde (also known as Cabo Verde or Cape Verde) as a Malaria-free country.

• With this Cabo Verde became the third country to be certified in the WHO African region to eradicate malaria, following Mauritius in 1973 and Algeria in 2019.
• To date, WHO has awarded the ‘malaria-free’ certification to 43 countries and 1 territory.
• WHO certifies a country as malaria-free when it demonstrates the interruption of nationwide malaria transmission for at least 3 consecutive years.

About the Republic of Cabo Verde:
President – José Maria Neves
Capital – Praia
Currency – Cape Verdean Escudo

ICICI Prudential Life Launched ICICI Pru Guaranteed Pension Plan Flexi with Benefit Enhancer ICICI Prudential Life Insurance Company Limited launched a retirement annuity plan named the ICICI Pru Guaranteed Pension Plan Flexi with “Benefit Enhancer”, offering policyholders the option to receive a 100% refund of premiums paid at any time after the purchase if they are unable to continue paying premiums.

• ICICI Pru Guaranteed Pension Plan Flexi is claiming it to be the industry’s 1st annuity plan.

Benefits:
i.It provides a loan facility to assist policyholders in overcoming unexpected financial obligations.

• It enables them to stay invested in the product and achieve their retirement planning goal.

ii.This deferred annuity plan allows policyholders to create a guaranteed lifelong income post-retirement and also offers a variety of annuity options.
Key Features:
i.The options of Premium payment frequencies can be annual, half-yearly, and monthly, while the Premium Payment Term (PPT) ranges from 5 to 15 years.
ii.The minimum entry age is 40 years (primary annuitant) and 30 years (secondary annuitant), with the maximum entry age capped at 70 years, except for the booster option.
iii.The deferment period will be for a minimum of 5 years to a maximum of 15 Years, which starts from the inception of the policy.
iv.The minimum annuity to be paid is Rs 12,000 per annum (Rs 1,000 per month)
Annuity Options:
The plan offers 7 options to choose from as per the retirement needs:

• Single Life without Return of Premium;
• Joint Life without Return of Premium;
• Single Life with Return of Premium;
• Joint Life with Return of Premium;
• Single Life with Return of Premium (ROP) on Critical Illness (CI) or Permanent Disability due to Accident (PD) or Death;
• Single Life with Booster Payouts; and
• Single Life with Accelerated Health Boosters.

Key Points:
i.In the Single plan, the Annuity begins after the chosen deferment period and the amount will be paid throughout the Annuitant’s lifetime.
ii.The Joint plan extends income to a secondary annuitant after the primary annuitant’s demise.

• The secondary annuitant can be the spouse, child, parent, or sibling, of the primary annuitant.

Premium Waiver Feature:
The joint-life option includes a waiver of the premium feature. In case of the primary annuitant’s untimely demise, all future premiums are waived, guaranteeing the secondary annuitant continues to receive a lifelong regular income.
About ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life):
Managing Director (MD) & CEO– Mr. Anup Bagchi
Headquarters– Mumbai, Maharashtra
Incorporated in – 2000
Started Operations – 2001

NSE Remains World’s Largest Derivatives Exchange in 2023 for 5th Consecutive Year; 3rd in Equity SegmentAccording to the statistics published by the Futures Industry Association (FIA), the National Stock Exchange of India Ltd (NSE) has emerged as the world’s largest derivatives exchange in 2023 in terms of the number of contracts traded. NSE has retained the title for the 5th consecutive year.

• As per the statistics maintained by the World Federation of Exchanges (WFE), NSE ranks 3rd in the world in equity segment by number of trades (electronic order book) in 2023.

Note: NSE was the first exchange in India to implement electronic or screen-based trading.
2023 Milestones:
i.A Market capitalization of listed companies exceeded USD 4 trillion;
ii.Small and Medium-sized Enterprise (SME) listed companies exceeded the Rs 1,00,000 crore mark; and
iii.For the 1st time, the Nifty 50 index exceeded the 20,000 index levels.
iv.The number of unique registered investors on the exchange exceeded 8.5 crores at the end of the calendar year 2023.
Turnovers:
i.In its equity segment, NSE witnessed continuous Year-on-Year (Y-o-Y) growth in the number of clients traded, for the 10th consecutive year from 2014 to 2023.
ii.Despite a marginal decline from 2.86 in 2022, the equity derivatives to cash market turnover ratio stands at 2.64 in 2023.
Market Evolution:
i.The equity segment completes its transition for settlement of all securities on a T+1 basis, enhancing efficiency.
ii.In the primary market, the timeline for listing of securities has been shortened to T+3 days, facilitating quicker access for investors.
Innovative Offerings:
NSE launched the Social Stock Exchange, providing a platform for social enterprises such as Non-Profit Organizations (NPOs), and Funded Philanthropic Enterprises (FPEs).

• It is to showcase their work and raise funds through the issuance of instruments such as Zero Coupon Zero Principal Bonds.

Note: This segment witnesses registrations by 42 NPOs and successful fundraising by one NPO.
Commodity Derivatives Expansion:
NSE introduced 21 new commodity derivatives contracts, including commodity options on futures contracts for commodities like WTI Crude Oil, Natural Gas, Gold, Silver, and Base metals.
International Expansion:
NSE International Exchange (NSE IX) commenced full-scale operations of the NSE IX-SGX GIFT Connect, expanding Nifty product trading to almost 21 hours, covering Asia, Europe, and the United States (US) trading hours.
About National Stock Exchange of India Limited (NSE):
NSE was incorporated in 1992; recognised as a stock exchange by the Securities and Exchange Board of India (SEBI) in April 1993; and commenced operations in 1994.
MD & CEO – Ashishkumar Chauhan
Headquarters– Mumbai, Maharashtra

Unity Bank Join Hands with Uncia for its SCF Platform Uncia ChainUnity Small Finance Bank Limited (Unity Bank) has collaborated with Uncia Technologies Private Limited for its State-of-the-Art Supply Chain Finance (SCF) Platform ‘Uncia Chain’ to facilitate efficient processing and accurate daily lending transactions.
About Uncia Chain:
i.Uncia Chain offers a feature-rich product suite that houses all business constructs of the physical supply chain industry, which looks up to its financing needs.
ii.The platform unites buyer, seller and lender under one umbrella.
iii.It provides templatized variations of all onboarding and transaction journeys that occur between above three parties.
iv.The platform acts as a highly configurable, rapid deployment framework.
v.The platform was launched at Unity Bank in less than 100 days.
About Uncia Technologies Private Limited:
Chairman – Hari Padmanabhan
Headquarters – Chennai, Tamil Nadu
Established in – 2020
About Unity Small Finance Bank Limited:
Managing Director(MD) & Chief Executive Officer (CEO) – Inderjit Camotra
Headquarters – Mumbai, Maharashtra
Established in – 2021

AIIB Invested Rs.486 Crore in SEIT for the Project MeridianAsian Infrastructure Investment Bank (AIIB) has invested INR 486 Crore (approximately USD 58.4 million) in Sustainable Energy Infra Trust (SEIT) for AIIB’s project ‘India: Project Meridian’.
Key Points:
i.SEIT is India’s largest renewable energy Infrastructure Investment Trust (InvIT).
ii.The InvIT (SEIT) has eight operating solar power generation assets of 1.54 gigawatt-peak total capacity located nationwide in India.
iii.SEIT was set up by Mahindra Susten Private Limited (MSPL), backed by Mahindra Group and Ontario Limited (a 100% subsidiary of the Ontario Teachers’ Pension Plan Board (OTPPB)).
iv.SEIT is registered under the Securities and Exchange Board of India (SEBI) InvIT Regulations.
v.SEIT focuses on renewable energy, supporting India to achieve its Net Zero targets.
About Project Meridian:
i.The project aims to support the development of InvIT as an infrastructure asset class in India by financing the InvIT’s acquisition of renewable energy assets.
ii.The total funding of the project is USD 73 million.
iii.AIIB’s Environmental and Social Policy (ESP) applies to this Project.

• This includes the Environmental and Social Exclusion List and Environmental and Social Standards.

Additional Info:
i.The above funding is AIIB’s second investment in InvITs in India.
ii.The first investment in InvITs was made in 2019 to the project India: OSE InvIT
About Asian Infrastructure Investment Bank (AIIB):
President and Chair of the Board of Directors – Jin Liqun
Headquarters –   Beijing, China
Established in  – 2016

RBI’s Economic Activity Index Nowcasts Q3FY24 growth at 7%According to an article titled ‘State of the Economy‘ in the Reserve Bank of India (RBI)’s monthly bulletin i.e.’RBI Bulletin – January 2024‘, RBI’s economic activity index (EAI) has nowcast India’s Gross Domestic Product (GDP) growth for 3rd quarter of 2023-2024 (Q3FY24)(October 2023 – December 2023) at 7%.

• This is higher than the real GDP growth projection of 6.5% for Q3FY24 in the December 2023 Monetary Policy Statement.
• However, this article do not represent the views of RBI.

Note: EAI is a nowcast (conditional forecast) that uses 27 indicators to measure growth and output by tracking GDP dynamics and documents the impact of recession on various parameters.
Key Points:
i.India’s economy remained resilient in the face of external challenges, driven by strong domestic demand.
ii.The 2023-24 fiscal year saw better-than-expected growth, supported by a shift from consumption to investment.
iii.December’s 2023 headline inflation increased slightly to 5.7%, driven by higher food inflation.
iv.Private consumption, constituting 57% of GDP, struggled amid the gradual rural economic revival.
v.The goal for 2024-25 is to maintain momentum, targeting a real GDP growth of at least 7% in a stable macroeconomic environment.

Govt of India Formed High-level Committee to Safeguard Interests of Scheduled CastesThe government of India (GoI) has formed a high-level Committee to examine administrative measures aimed at protecting the interests of the most disadvantaged groups within the Scheduled Caste (SC), like Madigas.

• The committee was constituted under the direction of Prime Minister(PM) Narendra Modi, with Rajiv Gauba, the Cabinet Secretary as its Chairman.
• This initiative is to address existing disparities within the SC communities.

Objective:
i.To ensure the fair and equitable distribution of benefits to SC communities.
ii.To address concerns raised by groups like the Madigas regarding the uneven allocation of benefits.
Composition of the Committee:
The committee will include key secretaries from Ministry of Home Affairs(MoHA); Department of Personnel and Training (DoPT); Ministry of Tribal Affairs(MoTA); Department of Legal Affairs; and Department of Social Justice and Empowerment.
Note: The committee is set to hold its inaugural meeting on 23rd January 2024.
Background:
i.States like Andhra Pradesh(AP), Telangana, and Karnataka have highlighted the need for sub-categorization of SCs on the grounds of uneven percolation of reservation benefits and welfare/developmental schemes among SCs.
ii.The matter has been presented in various courts and is currently under consideration by a 7-judge bench of the Supreme Court.

SpaceX Launched Axiom Space’s Ax-3 Mission; Launched 1st Turkish Astronaut to SpaceOn 18th January 2024, Space Exploration Technologies Corporation’s (SpaceX) Falcon 9 rocket launched Axiom Space’s Axiom Mission 3 (Ax-3) to the International Space Station (ISS) from Launch Complex 39A (LC-39A) at National Aeronautics and Space Administration (NASA)’s Kennedy Space Center in Florida, The United States of America(USA).

• The mission carried the Türkiye’s 1st astronaut, Alper Gezeravcı, along with crew members representing Spain, Italy and Sweden aboard the SpaceX’s Dragon ‘Freedom’ spacecraft.

Crew Members:
Commander– Michael López-Alegría of the USA and Spain (Axiom Space’s Chief Astronaut)
Pilot– Walter Villadei of the Italian Air Force
Mission Specialists– Alper Gezeravcı of Türkiye and Marcus Wandt of Sweden and the European Space Agency (ESA).
Note: Ax-3 is the first orbital mission for all 3.
About Ax-3:
i.This is the 3rd private astronaut mission of Houston (USA)-based company Axiom Space.
ii.This is also the first all-European commercial astronaut mission to ISS.
iii.This mission is also the 1st commercial astronaut mission to include an ESA-sponsored national astronaut(Marcus Wandt).
Additional info:
i.Michael López-Alegría, a former NASA Austronaut, was the commander of the Axiom mission 1 (Ax-1), the 1st all private austronaut mission to ISS.
ii.The Ax-3 crew will represent their nations in Low Earth Orbit(LEO) and perform scientific experiments and demonstrations of high national importance.
iii.This marks 3rd flight of Freedom and the 5th of the Falcon 9 booster. Previously Freedom has flown in space twice for Ax-1 in April 2022 and Ax-2 in May 2023.
Key Points:
i.Upon reaching space, the Ax-3 astronauts will spend about 2 weeks working as integrated residents of the orbital laboratory, conducting microgravity research and science.
ii.Experiments performed by the Ax-3 crew will include investigations into physics, human health, and outer space medicine.
About Space Exploration Technologies Corporation (SpaceX):
President & Chief Operating Officer (COO)- Gwynne Shotwell
Founder, Chief Executive Officer (CEO) & Chief Technology Officer (CTO)- Elon Musk
Headquarters– Hawthorne, California, USA
Founded in– 2002

MoS Ajay Bhatt Flagged Off Indigenous Astra Missiles For Supply to IAFThe Minister of State (MoS) Ajay Bhatt, Ministry of Defence (MoD) flagged off the indigenously developed and manufactured Astra Missiles for supply to the Indian Air Force(IAF).
About the event:
i.The flag off  ceremony was held at Bharat Dynamics Limited (BDL)’s Kanchanbagh Unit in Hyderabad, Telangana.
ii.The event was attended by Chairman & Managing Director (CMD) of BDL, Commodore A Madhavarao (Retired).
Astra Missiles:
i.Astra is a Beyond Visual Range (BVR) class of Air-to-Air Missile (AAM) system
ii.Astra is designed to be mounted on fighter aircraft.
iii.It was developed by the Defence Research and Development Organisation (DRDO) and manufactured by BDL.
iv.The missile is designed to engage and destroy highly manoeuvring supersonic aircraft.
v.The ASTRA Mk-I Weapon System, integrated with Sukhoi SU-30MkI aircraft was inducted into IAF.
vi.Specification:

• Range – 80 -110 km
• Altitude – up to 20 km
• Maximum Speed – Mach 4.5
• Length – 3840 mm

About Bharat Dynamics Limited (BDL):
Chairman & Managing Director (CMD) – Commodore A Madhavarao (Retired)
Headquarters – Hyderabad, Telangana
Established in  – 1970

North Korea tests Underwater Nuclear Weapon System ‘Haeil-5-23’
North Korean defense ministry’s think tank has tested a nuclear-capable underwater attack drone ‘Haeil-5-23’(meaning tsunami) in the East Sea, also known as the Sea of Japan. 

• The underwater drone ‘Haeil-1’ was first tested in March 2023.
• Haeil-5-23, the unmanned underwater vehicle (UUV) attacks by creating a large radioactive wave by exploding under the water.
• The test was conducted in response to the three-day joint military exercises conducted by the navies of South Korea, the United States of America (USA) and Japan.

Himalayan Wolf Classified as ‘Vulnerable’ on IUCN Red List
The Himalayan Wolf (Canis lupus; Subspecies: chanco), a crucial lupine predator in the Himalayas, is classified as ‘Vulnerable’ under criteria C2a(ii) on the global International Union for Conservation of Nature (IUCN) Red List.

• The classification is based on a population size estimate of 2,275-3,792 mature individuals, with a continuous population decline suspected due to significant threats and a lack of conservation action.
• All individuals belong to a single subpopulation that spans across the Himalayan range of Nepal and India and extends across the Tibetan Plateau.
• This is the 1st time the Himalayan wolf has been assessed by the IUCN and the assessment was done on 27 June 2023.
• IUCN Red List Assessment flags a continuing decline in the area, extent, and/or quality of Himalayan wolf habitat.

Note: India accounts for 227-378 mature individuals, primarily in the Himalayan region.

Tata Group Secures Title Sponsorship Rights for IPL 2024-28
The Board of Control for Cricket in India (BCCI) has announced TATA Group as the title sponsor for the Indian Premier League (IPL) from 2024 to 2028, extending their partnership for a 5-year term.

• BCCI awards the sponsorship for a value of Rs. 2500 crore. This deal sets a new record for the highest-ever sponsorship amount in IPL history.
• TATA Group previously held the title sponsorship rights for the IPL in 2022 and 2023.
• TATA Group is also the title sponsor of the Women’s Premier League, the biggest women’s T20 league in the world.

Note: The Tata Group is a global Indian conglomerate that operates in over 100 countries across 6 continents.

Arunachal Pradesh Celebrated 9th Edition Pakke Paga Hornbill FestivalThe 9th edition of the Pakke Paga Hornbill Festival (PPHF) was celebrated at Seijosa in the Pakke-Kessang district of Arunachal Pradesh (AR) from January 18th to 20th, 2024.

• It was held under the theme “Domutoh Domutoh, Paga hum Domutoh,” meaning ‘Let Our Hornbills Remain’ in the Nyishi language.