We are here for you to provide the important Recent and Latest Current Affairs 7 January 2025, which have unique updates of Latest Current Affairs 2024 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.
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NATIONAL AFFAIRS
PM Narendra Modi Inaugurates and Lays Foundation Stone for Rs 12,200 Crore Infrastructure and Metro Expansion Projects in Delhi
On January 05 2025, Prime Minister (PM) Narendra Modi inaugurated and laid the foundation stone for development projects worth over Rs 12,200 crore, including metro expansions and infrastructure upgrades, in Delhi.
- These initiatives aim to enhance regional connectivity and ensure more convenient travel for the public.
i.PM Narendra Modi inaugurated a 13-Kilometer(km) stretch of the Namo Bharat corridor between Sahibabad in Ghaziabad, Uttar Pradesh(UP) and New Ashok Nagar in Delhi costing around Rs 4,600 crore.
ii.PM Narendra Modi also inaugurated the 2.8-km Janakpuri-Krishna Park stretch of Delhi Metro Phase-IV, a project worth Rs.1,200 crore.
iii.The PM Narendra Modi laid the foundation stone for the 26.5-km Rithala-Kundli section of Delhi Metro Phase-IV, valued at Rs 6,230 crore.
iv.PM Narendra Modi also laid the foundation stone for a modern campus of the Central Ayurveda Research Institute (CARI) in Rohini, New Delhi, to be built at a cost of Rs 185 crore.
>> Read Full News
Revolutionizing Digital Commerce: The ONDC Initiative launched by DPIIT, MoC&I
The Open Network for Digital Commerce (ONDC), a transformative initiative led by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry (MoC&I), Government of India (GoI), aimed at revolutionizing digital commerce in India.
- The initiative also aimed to promote open networks for all aspects of goods and services over digital or electrical networks.
- It was 1st launched as pilot project in April, 2022 in 5 Indian cities: New Delhi (Delhi), Bengaluru (Karnataka), Coimbatore (Tamil Nadu (TN)), Bhopal (Madhya Pradesh (MP)) and Shillong (Meghalaya).
About ONDC:
i.It is based on open-sourced methodology, which uses open specifications and open network protocols independent of any specific platform.
ii.It was incorporated as a ‘non-profit’, Section-8 company on December 31, 2021 with an authorized capital of Rs. 500 crore and was incubated at the Quality Council of India (QCI), an independent organisation with DPIIT.
- QCI was joined by Mumbai (Maharashtra)-based Protean eGov Technologies Limited as the co-founder for ONDC.
iii.It aspires to create a level playing field for sellers, buyers, and service providers across India, particularly Micro, Small and Medium Enterprises (MSMEs).
iv.It serves as unified platform where stakeholders can interact freely without constraints of exclusive ecosystems.
About Open Network for Digital Commerce (ONDC):
Managing Director (MD) and Chief Executive Officer (CEO)- Thampi Koshy
Headquarters- New Delhi, Delhi
>> Read Full News
Union Minister Piyush Goyal releases ‘6th LEADS Report’ : 13 states, UTs listed among achievers
On 3rd January 2025, Union Minister Piyush Goyal, Ministry of Commerce and Industry (MoC&I) released the 6th edition ‘Logistics Ease Across Different States(LEADS) Report in New Delhi, Delhi. He stated that the logistics sector will play a crucial role in achieving a USD 32 trillion economy by 2047.
- Gujarat, Karnataka, Maharashtra, Odisha and Tamil Nadu(TN) were awarded the top rank of ‘achievers’ amongst coastal States in the LEADS 2024 report.
- The event also marked the felicitation of the LEAPS 2024 awards.Recognitions were given across various categories, including core logistics services, Micro, Small and Medium Enterprises(MSMEs), startups, and institutions.
Key Highlights:
i. Union Minister Piyush Goyal proposed the adoption of the LEAD framework – Longevity, Efficiency and Effectiveness, Accessibility and Accountability and Digitalisation of processes to efficiently develop the logistics sector.
ii.He also launched the Prime Minister (PM) Gati Shakti Course of Gati Shakti Vishwavidyalaya (GSV), a 15–hour course on PM GatiShakti Concept for Efficient Infrastructure Planning and National Development was launched during the event.
- The course will be conducted by Integrated Government Online training (iGOT) Karmayogi platform and University Grants Commission (UGC) Study Webs of Active Learning for Young Aspiring Minds (SWAYAM) portal and will be included into the curriculum of Central Training Institutes (CTIs) and State Administrative Training Institutes (ATIs) across the country.
iii.Furthermore, a ‘Report on Logistics Cost Framework prepared’ by National Council of Applied Economic Research(NCAER) was launched with an aim to assess logistics cost in India through inclusion of Export-Import (EXIM) and domestic cargo data.
About Ministry of Commerce and Industry (MoC&I):
Union Minister – Piyush Goyal (Mumbai North, Maharashtra)
Minister of State (MoS)– Jitin Prasada (Pilibhit, Uttar Pradesh,UP)
>> Read Full News
EPFO Completes Rollout of CPPS in All Regional Offices
On January 3, 2025, the New Delhi (Delhi)- based Employees’ Provident Fund Organisation (EPFO) successfully completed the nationwide implementation of the Centralized Pension Payments System (CPPS) under the Employees’ Pension Scheme (EPS) 1995, aiming to improve the ease of living for pensioners by streamlining pension disbursements across all regional offices.
- The initiative allows pensioners to access their pensions easily from any bank branch nationwide, removing the need for physical verification and streamlining the disbursement process.
- This marks a transition from the current decentralized pension disbursement system, where each zonal or regional office of EPFO has separate agreements with only three to four banks.
About Employees’ Provident Fund Organisation (EPFO):
Central Provident Fund Commissioner (CPFC) – Ramesh Krishnamurti
Headquarters – New Delhi, Delhi
Founded – 1952
>> Read Full News
Overview of Maldives Foreign Minister Abdulla Khaleel’s 3-day Visit to India
Abdulla Khaleel, Minister of Foreign Affairs of Maldives made an Official visit to India from 2nd January to 4th January 2025 with an aim to strengthen bilateral ties in several key areas including maritime security, trade and investment.
- This marks his first official visit to India and is the first diplomatic visitor to India in 2025.
- The visit featured high-level talks and the signing of key agreements aimed at enhancing bilateral relations.
Note: In October 2024, the President of the Republic of Maldives, Mohamed Muizzu visited India.
Highlights of the visit:
On January 03 2025, Dr. Abdulla Khaleel, Minister of Foreign Affairs of Maldives, held bilateral talks with Union Minister Dr. S. Jaishankar, Ministry of External Affairs(MEA), in New Delhi, Delhi.
- Both Ministers acknowledged the economic partnership and the progress of ongoing projects facilitated through Indian grant assistance and line of credit initiatives.
- India and the Maldives have finalised a framework to promote the use of local currencies for cross-border trade, marking a significant development in bilateral economic cooperation.
India & Maldives signed MoU for HICDP:
India and Maldives have signed a Memorandum of Understanding (MoU) for the execution of the 3rd phase of High Impact Community Development Projects (HICDP) in Maldives.
- The Indian government will provide grant assistance for the implementation of the HICDP.
Key Points:
i.India and Maldives have signed an MoU in March 2019 regarding grant assistance of Maldivian Rufiyaa (MVR) 85 million for implementation of the HICDPs through local bodies.
- It was revised in July 2021 to increase the grant assistance to MVR 155 million.
ii.In January 2023, an agreement was made to provide additional grant assistance of MVR 100 million for the HICDPs.
iii.The projects carried out under the HICDP Scheme included handing over of two sea ambulances to the Defence Ministry of Maldives and three eco-tourism zones, developed under HICDPs scheme, in Addu City.
iv.Furthermore, the two countries exchanged 10 MoUs under the 2nd phase of HICDP in June 2023 and nine MoUs in July 2023 respectively.
v.According to the Ministry of External Affairs, a total of 47 HICDPs have been taken up, out of which 8 have been completed and inaugurated.
About Maldives:
President– Mohamed Muizzu
Capital– Malé
Currency– Maldivian Rufiyaa(MVR)
MoT extended Deadlines for Compliance with Medical Textile QCO until April 1, 2025
On January 2 2025, the Ministry of Textiles(MoT) extended the compliance deadline of the Medical Textiles (Quality Control Order, QCO), 2024 until April 1, 2025 to address the challenges faced by Small and Medium Enterprises (SMEs).While Large and Medium Enterprises(LME) must adhere to the earlier timeline of January 1, 2025.
- This extension and transition period aims to support the industry in meeting the new quality and ensures safer products, boosts consumer confidence, and enhances the efficacy of critical healthcare items.
i.Manufacturers and importers are also granted a 6-month period, ending on June 30, 2025, to clear existing legacy stock & to facilitate a smooth transition,
ii.The QCO applies to products like sanitary napkins, baby diapers and reusable sanitary pads/period panties, which are listed under Schedule A of the order.
iii.The order establishes stringent quality standards, including testing protocols and labeling requirements for key products.
AICTE Launches NEAT 4.0 Online Learning
On January 2025, the All India Council for Technical Education (AICTE) launched Phase 4 of the National Educational Alliance for Technology (NEAT 4.0) at the AICTE Headquarters in Vasant Kunj, New Delhi (Delhi).
Objective:
NEAT 4.0 initiative aims to bridge the gap between students and essential
industry skills, prioritizing accessibility and inclusivity for learners
nationwide.
- The event was graced by Professor T.G. Sitharam, Chairman of AICTE, Professor Anil D. Sahasrabudhe, Chairman of National Educational Technology Forum (NETF), Buddha Chandrasekhor, Chief Coordinating Officer (CCO) of NEAT, AICTE, and representatives from various EdTech companies.
i.The launch event, which included a Memorandum of Understanding (MoU) signing ceremony, where 22 EdTech companies signed MoUs with AICTE for 40 innovative products.
- The companies that signed the MoU with AICTE for NEAT 4.0 include Amypo Technologies Private Limited, Ansys Software, Culturelligence Private Limited, and others.
- The products underwent a thorough evaluation process consisting of four rounds, with more than 300 evaluations by domain expert assessments to ensure to met stringent quality standards before being added to the NEAT portal.
ii.NEAT 4.0, through the Public-Private Partnership (PPP) model, brings advanced EdTech solutions within reach of students. The addition of emerging fields like Biomedical Engineering, Health & Wellness, and Space Technology showcases the portal’s adaptability.
BANKING & FINANCE
RBI Lifts Business Restrictions on Arohan Financial Services Limited
On January 3 2025, the Reserve Bank of India (RBI) removed business restrictions imposed on Kolkata (West Bengal)-based microfinance institution Arohan Financial Services Limited following remedial measures initiated by the lender and its commitment to adhere to fair loan pricing.
- On October 17 2024, the regulator directed 4 non-banking finance companies (NBFCs) to cease and desist from sanctioning and disbursing loans, effective from the close of business on October 21, 2024.
i.The RBI had found that Arohan Financial Services, along with other NBFCs, were charging exorbitant interest rates and not following guidelines for assessing household income and considering repayment obligations for microfinance loans.
ii.While the restrictions on Arohan have been removed, those on Asirvad Micro Finance Limited (AMFL)(a subsidiary of Manappuram Finance Limited) and DMI Finance Private Limited (DFPL) remain in place.
ECONOMY & BUSINESS
Nomura forecasts India’s GDP down to 6% in FY25
On January 03 2025, Japan brokerage Nomura forecasted that India’s economy will grow more slowly in the coming years. The agency’s revised prediction indicates that India’s Gross Domestic Product (GDP) growth will decelerate to 6% in the Financial Year 2024-25 (FY25), a significant drop from 8.2% in the FY24. In FY26, the GDP growth is expected to be around 5.9%.
- Previously, the growth projections were set at 6.7% for FY25 and 6.8% for FY26.
- This is primarily attributed to various macroeconomic indicators signaling an overall slowdown.
Key Points:
i.Inflation: The Consumer Price Index (CPI) inflation is expected to ease to 4.9% in FY25, down from 5.4% in FY24, and will go even lower to 4.3% in FY26.
ii.Sector-wise Growth: For FY25, the agency has predicted weaker growth in high-demand categories, such as cars and paints, while categories like two-wheelers (2Ws) and staples are expected to see stronger growth.
- In FY26, most consumer categories are expected to continue growing below the long-term trend, with premium segments gaining market share.
iii.Investment Outlook: Due to slow demand and increasing competition, margin risks are likely to rise, making it crucial for investors to be highly selective in FY26.
- The agency highlighted that most companies could pass on commodity costs post-COVID until 2025 due to high demand for their products.
SBI Report: Rural Poverty Ratio Drops Below 5% for the 1st time in FY24
According to the State Bank of India (SBI)’s Research report released on January 03 2025, rural poverty ratio dropped below 5% for the 1st time to 4.86% in Financial Year 2023-24 (FY24) from 7.2% in FY23 and 25.7% in 2011-12.
- This reduction in poverty ratio in rural areas of the country is mainly driven by higher consumption growth among the bottom 0-5% fractile, supported by Government of India(GoI) led initiatives.
- The urban poverty ratio decreased marginally to 4.09% in FY24 from 4.6% in FY23 and 13.7% in 2011-12.
- The report estimates that national poverty rates are now between 4-4.5%, marking a significant improvement in living conditions across the country.
Note: The report has used the data of the latest annual Household Consumption Expenditure Survey (HCES) for August 2023-July 2024 released by the Ministry of Statistics and Programme Implementation (MoSPI) in December 2024.
Key Findings:
i.The report highlighted that decrease in rural poverty ratio further led to shift in poverty line from 5-10% decile (in FY23) to 0-5% decile (in FY24).
ii.The report has estimated the poverty lines at Rs 1,623 for rural areas and Rs 1,944 for urban areas in FY24 by adjusting for decadal inflation and the imputation factor in the poverty line set by the Suresh Tendulkar Committee in 2011.
iii.The consumption inequality has decreased from 0.266 and 0.314 (in FY23) to 0.237 and 0.284, respectively in rural and urban areas of the country.
iv.The report showed that overall, the poverty rate in India is in the range of 4-4.5%, with almost negligible existence of extreme poverty.
v.The report revealed that the difference between rural and urban Monthly Per Capita Consumption Expenditure (MPCE) to rural MPCE has decreased significantly from 88.2% (in 2009-10) and 71.2% (in FY23) to 69.7% (in FY24).
- This decrease is mainly attributed to GoI led initiatives like Direct Benefit Transfer (DBT), investments in rural infrastructure, increasing farmer’s income and improving the rural livelihood significantly.
v.As per the report, most of the high-income Indian states show a savings rate greater than the national average of 31%.
- The report also showed that states like: Uttar Pradesh (UP) and Bihar have low saving rates due to higher outward migration.
IRFC Signs MoU with REMCL to Finance RE Projects for Indian Railways
On January 03 2025, the Indian Railway Finance Corporation Limited(IRFC) has entered into a Memorandum of Understanding (MoU) with Railway Energy Management Company Limited (REMCL),a Joint Venture(JV) of the Ministry of Railways (MoR) and Rail India Technical and Economic Service(RITES), to support the financing of Renewable Energy (RE) projects developed by REMCL to supply power to Indian Railways(IR).
- The MoU establishes a framework for collaboration between IRFC and REMCL to support IR in reducing dependence on fossil fuels and achieving net-zero carbon emissions by 2030
i.The collaboration also includes exploring funding opportunities for thermal, nuclear, and renewable energy projects set up under a captive model through JV between IR and other partners.
ii.Under the MoU, REMCL will help IR by sourcing affordable conventional and renewable power and managing bidding for RE projects, while IRFC will handle project evaluation and fundraising.
APPOINTMENTS & RESIGNATIONS
ACC Appoints Faiz Ahmed Kidwai as DG of DGCA
On January 03 2025, the Appointments Committee of the Cabinet (ACC) appointed Faiz Ahmed Kidwai, a 1996-batch Indian Administrative Service(IAS) officer of Madhya Pradesh(MP) Cadre, as the Director General (DG)of the Directorate General of Civil Aviation (DGCA), under Ministry of Civil Aviation (MoCA), as part of senior level bureaucratic reshuffle.
i.Ashutosh Agnihotri, a 1999-batch IAS officer from the Assam-Meghalaya cadre, has been appointed as the chairman and Managing Director (MD) of New Delhi(Delhi) based Food Corporation of India (FCI).
ii.Akash Tripathi, a 1998-batch IAS officer of the MP cadre has been appointed as the Additional Secretary, Ministry of Power(MoP).
iii.Kamal Kishore Soan, a 1998-batch IAS officer of the Jharkhand cadre has been appointed as the Additional Secretary & Mission Director of Jal Jeevan Mission(JJM) under the Department of Drinking Water & Sanitation, Ministry of Jal Shakti (MoJS).
>> Read Full News
ACQUISITIONS & MERGERS
RBI Approves Merger of National Co-operative Bank with Cosmos Co-operative Bank
On January 03 2025, the Reserve Bank of India (RBI) approved the merger of National Co-operative Bank Limited, Bengaluru (Karnataka) with Cosmos Co-operative Bank Limited, Pune (Maharashtra), effective from January 6, 2025.
i.The RBI sanctioned the Scheme of Amalgamation of the banks in exercise of the powers conferred under Sub-Section(4) of Section 44A with Section 56 of the Banking Regulation Act, 1949.
ii.The RBI granted approval to Housing Development Finance Corporation(HDFC) Bank Limited to acquire up to a 9.5% stake in AU Small Finance Bank Limited, Kotak Mahindra Bank Limited(KMBL), and Capital Small Finance Bank Limited.
- The approval is valid until 1-year period, expiring on January 2, 2026.
About AU Small Finance Bank:
Managing Director (MD) & Chief Executive Officer (CEO)– Sanjay Agarwal
Headquarters- Jaipur, Rajasthan
Established-1996
Tagline- Chalo Aage Badhe
>> Read Full News
SCIENCE & TECHNOLOGY
NASA Unveiled New Mars Design “Mars Chopper” Successor of Ingenuity Helicopter
In January 2025, the National Aeronautics and Space Administration (NASA) has unveiled the design of new mars drone named “Mars Chopper” for advanced exploration of planet Mars.
- It is a successor of the ‘Ingenuity helicopter’ that roamed over the surface of Mars for over 3 years after landing on its surface alongside the Perseverance Rover in 2020.
Note:
i.Ingenuity Helicopter, a small helicopter which weighs 1.8 kilogram (kg).
ii.It was initially designed to perform up to 5 experimental test flights over 30 days but operated for almost 3 years performing 72 flights and flying 30 times farther than planned.
About Mars Chopper:
i.It is produced by the Southern California (the United States of America, USA)-based Jet Propulsion Laboratory (JPL) in partnership with the California-based Ames Research Center(ARC).
ii.It is a drone-like vehicle that is about the size of an Support Utility Vehicle (SUV) with 6 rotors. Each rotor has 6 blades, which are smaller in size compared to blades of Ingenuity but allows for increased lift.
iii.It is bulkier than its predecessor and has more payload capacity to carry scientific instruments such as imaging and analysis kits.
iv.It can carry maximum 5 kg of equipment and enables one to perform more complex tasks and can fly longer distances which is up to 3 kilometers(kms).
About National Aeronautics and Space Administration (NASA):
Administrator– Bill Nelson
Headquarters– Washington DC, the United States of America(USA)
Established– 1958
Vandana Agrawal Launches 2 FPVs GSL YARD – Amulya & Akshay for ICG
On January 5 2025, Vandana Agrawal, Chairperson, International Financial Services Centres Authority (IFSCA) Committee on Ship Acquisition, Financing and Leasing, launched 2 Fast Patrol Vessels (FPVs) built by Goa Shipyard Limited (GSL) YARD – Amulya (1272) and Akshay (1273) for the Indian Coast Guard (ICG) in Vasco da Gama, Goa.
- The event marked a significant milestone in GSL’s growth, reflecting its commitment to technological and operational excellence.
- The 2 FPVs are indigenously designed and constructed by GSL, in line with the Atmanirbhar Bharat initiative.
Background:
i.In 2022, the Ministry of Defence(MoD) has signed a contract with GSL for the construction of 8 FPVs for the ICG for Rs 473 crore.
ii.In October 2024, GSL launched two vessels of the same series ‘Amulya’ and ‘Akshay’.
Key Features:
i.These vessels are specifically tailored to meet the ICG’s operational needs, including surveillance and protection of offshore assets and island territories.
- Key specifications: Length: 52 meters (m), Breadth: 8 meters (m) and Displacement: 320 tonnes (t)
ii.The FPVs are equipped to perform high-speed patrolling and surveillance missions, contributing to the Indian Coast Guard’s enhanced operational capabilities.
iii.For the 1st time in its history, GSL used its ‘State-of-the-Art Ship-Lift System’ to launch 2 vessels of the same series in October 2024 simultaneously, highlighting the shipyard’s advanced infrastructure and modernization efforts.
About Goa Shipyard Limited (GSL):
Chairman & Managing Director (CMD) – Brajesh Kumar Upadhyay
Headquarters- Goa
Established-1957
SPORTS
KKFI Unveils Trophies and Mascots for the 1st ever Kho Kho World Cup 2025
On January 03 2024, the Kho Kho Federation of India (KKFI) unveiled the trophies and mascots for the 1st-ever Kho Kho World Cup scheduled from January 13-19, 2025. This event, supported by the Sports Authority of India (SAI), will be held at the Indira Gandhi Indoor Stadium, New Delhi (Delhi).
- The tournament will feature 21 men’s and 20 women’s teams from 24 countries across 6 continents, showcasing global talent.
i.The mascots, ‘Tejas’ and ‘Tara’, are dynamic gazelles that represent the spirit of the tournament.
- Tejas, symbolising brilliance and energy, and Tara, representing guidance and aspiration, were depicted in vibrant blue and orange sporting attire adorned with traditional Indian motifs.
ii.The tournament will feature 2 magnificent trophies, a blue trophy for the men’s championship and a green trophy for the women’s championship.
- The blue trophy symbolizes trust, determination, and universal appeal, while the green trophy represents growth and vitality.
IMPORTANT DAYS
World Day of War Orphans 2025 – January 6
World Day of War Orphans is observed annually on January 6 across the globe to raise awareness about the challenges faced by children who have been left orphaned by wars and about the trauma experienced by war orphans globally.
- The Day addresses social, psychological & physical obstacles confronted by war orphans, protects their rights and well-being and highlights the need for global attention and support.
- The World Day of War Orphans was proposed by the French organization SOS (Societas Socialis) Enfants en Détresse (SOS Children in Distress), to protect children from abuse and mistreatment.
About United Nations Children’s Fund (UNICEF):
Executive Director((ED)- Catherine M Russell
Headquarters- New York, United States of America (USA)
Established-December 11, 1946
Member Countries- 190
>> Read Full News
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