Current Affairs 12 January 2024

We are here for you to provide the important Recent and Latest Current Affairs 12 January 2024, 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

MoT & MoEF&CC Conducts Training Program in Chilika Lake under Amrit Dharohar Capacity Building Scheme Ministry of Tourism (MoT) in collaboration with the Ministry of Environment, Forest & Climate Change (MoEF&CC) has launched the fifth training program under the Amrit Dharohar Capacity Building Scheme in Chilika Lake, a Ramsar Site in Odisha on 6th January 2024.

• Under this initiative, two training programmes of 15 days each namely the Alternative Livelihood program (ALP), and the Paryatan Navik Certificate (PNC) will be conducted.
• Capacity building is the main part of the Amrit Dharohar scheme which promotes unique conservation values of Ramsar Sites.

About Ramsar Bureau:
Secretary General – Musonda Mumba
Headquarters – Gland, Switzerland
i.Ramsar Sites are wetlands of international importance under the Ramsar Convention on Wetlands (1971). It is named after the city of Ramsar in Iran.
ii.As of January 2024, there are 75 Ramsar Sites in India.
>> Read Full News

MoHFW Notifies Revised Pharma Manufacturing Rules under Schedule M to Ensure Quality ControlThe Ministry of Health and Family Welfare (MoHFW) notified the revised Pharma manufacturing rules under Schedule M guidelines of the Drugs and Cosmetics Rules, 1945, in the Gazette of India to ensure robust quality control for pharma and biopharmaceutical products.

• Schedule M prescribes Good Manufacturing Practices (GMP) for pharmaceutical products. The revised Schedule M will upgrade the GMP in India to global standards.
• The revised Schedule M has been notified as rules to ensure ‘Good Manufacturing Practices (GMP) and Requirements of Premises, Plant and Equipment for Pharmaceutical Products.’

Note: Schedule M part of the Drugs and Cosmetics Act 1940 deals with ‘GMP’ to be followed by pharmaceutical manufacturing units in India.
Objective: This aims to ensure compliance with the standards of drugs, promoting exports, and building trust in the quality of drugs manufactured and sold.
Revised Schedule M:
i.After consultation with the Drugs Technical Advisory Board (DTAB), the Central government notified the revised rules under the Drugs (Amendment) Rules, 2023.
ii.The revised Schedule M includes the following for the adoption of quality standards on par with the international standards:

• Introduction of a Pharmaceutical Quality System (PQS);
• Retesting of expired Active Pharmaceutical Ingredients (APIs);
• Annual Product Quality Review (PQR);
• Quality Risk Management (QRM);
• Guidelines for equipment qualification and validation;
• A computerized storage system for all drug products.

iii.The revised Schedule M has 13 parts that provide GMP guidelines for the specific requirements for manufacturing pharmaceutical drugs.
iv.The revised guidelines require the applicability of World Health Organisation (WHO) guidelines on water and Heating, Ventilation, and Air-Conditioning (HVAC) systems.
v.The revised rules are to be implemented based on company turnovers:

• The medium and small manufacturers including those with an annual turnover of less than Rs. 250 crores will have to implement the revised rules within 12 months from the date of publication;
• Large manufacturers with an annual turnover of over Rs. 250 crore will be given 6 months to implement the changes.

New Categories:
The revised rules introduce 5 new categories of drugs including pharmaceutical products containing hazardous substances such as:

• Sex hormones; Steroids (anabolic and androgenic); Cytotoxic substances; Biological products; Radiopharmaceuticals, Phytopharmaceuticals, and Investigational pharmaceutical products for human clinical trials.

GMP:
GMPs are mandatory standards that build and bring quality into products by controlling materials, methods, machines, processes, personnel, and facility/environment.
It was first incorporated under Schedule M of the Drugs and Cosmetics Rules, 1945 in 1988, and the last amendment was done in June 2005.
Points to note:
i.India is a major exporter of medicines to low and middle-income countries which require WHO-GMP certification.
ii.On August 2, 2023, the MoHFW set a 6-month deadline for small manufacturers and 12 months for large units to get their WHO-GMP certification.

DGCA Revises New Flight Duty Time Rules for Flight Crew to Reduce Pilot Fatigue & Enhance Flight SafetyThe Directorate General of Civil Aviation (DGCA) has introduced substantial revisions to its Flight Duty Time Limitations (FDTL) Regulations’ to address fatigue among pilots and crew and enhance overall flight safety.

• The revised FDTL Regulations include increased rest periods, redefining night duty, and regular fatigue reports to be shared by airlines.
• The crucial changes implemented in FDTL regulations for flight crew, align with global standards to ensure aviation safety.

Timeline: The revised FDTL regulations are effective immediately, and compliance is mandatory by June 1, 2024.
Revised Regulations:
i.DGCA has increased the mandatory weekly rest period for flight crew to 48 hours from the previous 36 hours.
ii.DGCA also cut the maximum flight duty period to 10 hours from 13 hours for pilots working at night (between 12 AM and 6 AM).

• It also limited the number of flight landings during this period to 2, from 6, during night operations.

iii.The definition of night has also been adjusted, now spanning 12 AM to 6 AM compared to the previous 12 AM to 5 AM.

• This adjustment of 1 hour during the early morning will facilitate adequate rest and synchronize the night duty period, particularly within the Window of Circadian Low (WOCL) spanning from 0200-0600 hours.

iv.The revised regulations have also taken into consideration different types of operations across time zones.

• Maximum Flight Time: Limited to 8 hours during flight operations encroaching night.
• Maximum Flight Duty Period: Restricted to 10 hours for night operations.

v.DGCA mandates that all airline operators must submit quarterly fatigue reports after thorough analysis, including the Action Taken on such reports.

• Further, it has been stipulated that the fatigue reports shall follow a non-punitive and confidentiality policy.

vi.DGCA has capped the maximum flight time for flights exceeding 14 hours at 17 hours and mandated airlines to provide a minimum rest period of 120 hours after each flight.

• After 2 consecutive Ultra Long Range (ULR) flights, the mandated rest period increases by 24 hours.

Fatigue Risk Management System (FRMS):
In addition, DGCA will soon transition towards the adoption of a new regime of fatigue management i.e. Fatigue Risk Management System (FRMS), which will be a data-driven approach to enhance monitoring of flight crew fatigue.
About Directorate General of Civil Aviation (DGCA):
DGCA is an attached office of the Ministry of Civil Aviation.
Director General– Vikram Dev Dutt
Headquarters– New Delhi, Delhi

ICG & SAIL Signs MoU to Increase Indigenous Content Ship
Indian Coast Guard (ICG) and the Steel Authority of India Limited (SAIL) have signed a Memorandum of Understanding (MoU) to enhance the Indigenous Content (IC) in the ship of ICG  in New Delhi, Delhi.

• As per the MoU, SAIL will supply indigenous marine-grade steel to Indian shipyards, for ICG Ships.
• The MoU was signed in the presence of Rakesh Pal, Director General Indian Coast Guard (DGICG).

About  Steel Authority of India Limited (SAIL):
SAIL is a Maharatna Central Public Sector Enterprise (CPSE) functioning under the Ministry of Steel(MoS)
Chairman – Amarendu Prakash
Headquarters – New Delhi, Delhi
Established in – 1973

INTERNATIONAL AFFAIRS

Indore, Bhopal, Udaipur nominated for International Wetland City AccreditationMinistry of Environment, Forest and Climate Change (MoEF&CC) has nominated three Indian cities viz. Indore and Bhopal in Madhya Pradesh (MP) and Udaipur in Rajasthan for the Wetland City Accreditation (WCA) scheme under the Ramsar Convention. These are the 1st three Indian cities to be nominated for WCA.
About WCA:
The WCA is a voluntary accreditation system established by the Ramsar Convention during the Conference of the Contracting Parties (COP) 12, 2015
i.Aim:
To recognize cities that have taken exceptional steps to safeguard their urban wetlands.
To promote conservation and wise use of urban and peri-urban wetlands as well as sustainable socio-economic benefits for local populations.
ii.Criteria: The get accreditation, the candidates must satisfy 6 international criteria which includes presence of Ramsar Sites or other significant wetlands in its territory or in its close vicinity.
iii.Accredited cities: The convention has recognised 18 cities during COP13  and 25 cities during COP14. These 43 cities includes 13 from China and 6 from France.
Key Points:
i.The wetlands situated in and around the nominated Indian cities are
Indore – SirpurWetland (Ramsar site); Yashwant Sagar (Ramsar site)
Bhopal- Bhoj Wetland (Ramsar site),
Udaipur – surrounded by 5 major wetlands, namely, Pichola, Fateh Sagar, Rang Sagar, Swaroop Sagar, and Doodh Talai
ii.Indore, founded by Holkar Dynasty, is the cleanest city in India and the recipient of India’s Smart City Award 2023. Bhopal is the 6th cleanest city in India.
About Ramsar Convention:
Ramsar Convention (Convention on Wetlands of International Importance) is an intergovernmental treaty adopted on February 2, 1971, in the city of Ramsar, on the shores of the Caspian Sea, in Iran.

• It provides a framework for the conservation and sustainable use of wetlands and their resources across its 172-member countries including India.
• At present, 75 wetlands in India are protected under the treaty.

Secretary General– Dr Musonda Mumba
Headquarters– Gland, Switzerland.

Indian Navy’s P-8I Participates in 4th Edition of ASW Exercise Sea Dragon 24 at Guam, USAThe Indian Navy’s (IN) P8I aircraft participate in the on-going 4th edition of the anti-submarine warfare (ASW) ‘Exercise Sea Dragon 24’ from January 10th to January 22nd, 2024, held at Anderson Air Force Base in Guam, United States of America (USA).
About Sea Dragon 24:
i.Sea Dragon is an annual, multinational ASW exercise for Long Range Maritime Reconnaissance (MR) ASW aircraft conducted by the US Navy.
ii.Participants: Six countries that are participating in the exercise are India, USA, Australia, Japan, Canada, and the Republic of Korea (South Korea).
iii.Under the exercise, the coordinated ASW will be held by two Royal Australian Air Force (RAAF) P-8A Poseidon aircraft and 51 personnel.

• US Navy P-8A Poseidon, Republic of Korea Navy P-3CK Orion, Royal Canadian Air Force’s CP-140 and Japan Maritime Self-Defense Force Kawasaki P-1 aircraft are also participating in the exercise.

iv.A series of flying missions will be conducted to track, identify and target submarine vessels.
v.The exercise also acts as a platform to enhance synergy and interoperability among participating navies.
About Indian Navy(IN):
Chief of the Naval Staff (CNS) – Admiral Radhakrishnan Hari Kumar
Headquarters – New Delhi, Delhi
Established in – 1950

BANKING & FINANCE

Zerodha Fund House Launches India’s 1st Growth Liquid ETF Scheme Named ‘Zerodha Nifty 1D Rate Liquid ETF’Zerodha Fund House announced the launch of India’s 1st Growth Liquid Exchange-Traded Fund (ETF) – Zerodha Nifty 1D Rate Liquid ETF, that offer a Growth Net Asset Value (NAV).
About Zerodha Nifty 1D Rate Liquid ETF:
i.The new scheme follows Nifty 1D Rate Index, which measures the returns generated by market participants lending in the overnight market, as its benchmark.
ii.The scheme is designed to prioritize liquidity while maintaining a relatively low-risk profile.
iii.The fund is expected to be listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) exchanges by the 24th January 2024.
Note: It is a simple ETF for effectively parking and managing extra cash. The New Fund Offer (NFO) is open for public subscription until 12 January 2024.
Objective: To mirror the total returns of securities represented by the Nifty 50 Total Returns index before expenses, subject to tracking errors, fees, and expenses.
Key Points:
i.The scheme invests in overnight instruments such as Tri-Party Repo on Government Securities or Treasury Bills Repurchase (TREPS), T-bills, Reverse repo, Cash and Cash equivalents, and G-Sec(s) traded on the Clearing Corporation of India Ltd (CCIL) platform.
ii.Unlike other ETFs that face continuous taxation due to dividend payouts, Zerodha Nifty 1D Rate Liquid ETF incurs taxes only when the ETF is sold.
Benefits:
i.This ETF proves to be an excellent choice for investors/Traders those with surplus funds seeking both liquidity and growth in a short period.
ii.It offers a simple and effective way to manage cash with a relatively low interest rate and credit risk.
iii.Investors can initiate their investment in Zerodha Nifty 1D Rate Liquid ETF through their preferred stock brokers.
iv.Investors can invest under the scheme with a minimum application amount of Rs. 500 per plan/option and in multiples of Re 1.

• There is no upper limit for investment.

v.To further enable more retail investors, the ETF will have a lower ticket size, starting with an NAV of 100.
About Zerodha Fund House:
Zerodha Fund House, an Asset Management Company (AMC), is a joint venture (JV) between Zerodha Broking Limited and Smallcase Technologies Pvt Ltd.
Chief Executive Officer (CEO) and Sales Head- Vishal Jain
Headquarters– Bengaluru, Karnataka
Incorporated in– 2021

Karnataka Bank & Digivriddhi Partners to offer Financial Service to Dairy Farmers Karnataka Bank Limited (KBL) has partnered with Digivriddhi Technologies Private Limited (DGV) to offer financial services to support the requirements of dairy farmers and Dairy Societies.

• The services will be offered to the Village Dairy Co-operative Societies, associated with Milk unions of Karnataka Milk Federation (KMF).

Key Points:
i.This partnership with DGV will enable the KBL to offer seamless and innovative end-to-end digital product for dairy farmers.
ii.This partnership will also provide access to institutional credit, ease and digitise payment across the dairy value chain.
iii.Initially, the services are now made available to milk societies associated with Chamarajnagar Milk Union and will be expanded to other milk unions in the near future.
Products of DGV:
i.DGV PAY – Simplify payments value chain for dairy farmers and micro-enterprises
ii.DGV MONEY – Facilitate digital working capital and bovine loans to farmers using its unique underwriting mechanism.
iii.DGV CONNECT – address the gaps in bovine discovery, pricing and productivity with embedded financing options
About Karnataka Bank Limited(KBL):
Managing Director(MD) & Chief Executive Officer(CEO) – Srikrishnan Harihara Sarma
Headquarters – Mangaluru, Karnataka
Established in – 1924
Tagline – Your Family Bank Across India
About Digivriddhi Technologies Private Limited (DGV):
DGV is India’s first integrated dairy fintech and marketplace platform.
Founder and MD & CEO- Ragavan Venkatesan
Headquarters – Bengaluru, Karnataka
Established in – 2019

ECONOMY & BUSINESS

WB forecasts 2024 Global Growth to slow for 3rd Consecutive Year to 2.4%; India to Grow at 6.4% in FY25i.On January 9, 2024, the World Bank (WB) has released its ‘January, 2024 Global Economic Prospects‘ (GEP) report projecting a third consecutive year of slowdown for global Gross Domestic Product (GDP) growth with a decrease to 2.4% in 2024. It was 2.6% in 2023, 3% in 2022 and 6.2% in 2021.
ii.Notably, the growth in 2020-2024 period is weaker than the years around 2008-2009 global financial crisis, the late 1990s Asian financial crisis and downturns in the early 2000s.
iii.The report forecasts 2025 global growth slightly higher at 2.7%, but this was marked down from a June forecast of 3% due to anticipated slowdowns among advanced economies.
iv.The WB has kept India’s GDP growth forecast unchanged at 6.3% for FY23-24 and 6.4% for FY24-25 driven by robust investment and services. It will edge up to 6.5% in FY26.
About World Bank (WB):
President (WB Group)– Ajay Banga
Establishment– 1944
Headquarters– Washington D.C, United States (US)
Members– 189 member states
>> Read Full News

APPOINTMENTS & RESIGNATIONS

Indra Mani Pandey appointed as 4th SG of BIMSTEC; becomes 1st Indian to hold the post On 4th January 2024, Ambassador Indra Mani Pandey took charge as the 4th Secretary General (SG) of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
i.With this, Pandey becomes the first Indian to hold the post. He will remain SG for a period of 3 years.
ii.He succeeds Tenzin Lekphell of Bhutan, who served as the 3rd SG of BIMSTEC from 6 November 2020 to 5 November 2023.
Note: Pandey has been serving as the Permanent Representative of India to the United Nations(UN) and other International Organisations in Geneva, Switzerland since September 2020.
About Indra Mani Pandey:
i.Indra Mani Pandey is an Indian Foreign Service (IFS) Officer of 1990 batch.
ii.Before his appointment as Permanent Representative of India to the UN, he served as Additional Secretary in Ministry of External Affairs(MEA) in-charge of Disarmament & International Security Affairs Division.
iv.He served in various capacities at Indian Missions in Cairo (Egypt), Damascus (Syria), Islamabad (Pakistan), and Kabul (Afghanistan) and Permanent Mission of India to Conference on Disarmament in Geneva.
About Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC):
BIMSTEC, a regional organisation, was established as BIST-EC (Bangladesh-India-Sri Lanka-Thailand Economic Cooperation) on 6th June 1997 with the signing of Bangkok Declaration.
Renamed as BIMSTEC on 22nd December 1997 after the admission of Myanmar.
Current Members: Bangladesh; Bhutan; India; Myanmar; Nepal; Sri Lanka and Thailand.
Secretary General– Indra Mani Pandey
Director General– Mr. Abdul Motaleb Sarker
Headquarters– Dhaka, Bangladesh

ACQUISITIONS & MERGERS

LIC to pick up to 10% equity stake in NHB promoted ‘RMBS’ entity
On January 8, 2024, the Board of Directors of Life Insurance Corporation of India (LIC) approved the  proposal to acquire up to 10% equity stake in a company promoted by the National Housing Bank (NHB). The investment in the NHB promoted company would focus on residential mortgage-backed securities (RMBS).

• RMBS are debt-based assets/bonds secured by interest from residential loans (Home loans), making them generally considered a safer investment than some other asset types.
• RMBS comprises various tranches with different credit ratings reflecting risk and seniority. Investors receive monthly interest and principal payments from the pooled mortgages.

CCI Approved Acquisition of 30% Stake in Signet by IMCD India
The Competition Commission of India (CCI) has approved the acquisition of the remaining 30% paid-up share capital in Mumbai(Maharashtra) based Signet Excipients Private Limited (Signet) by Mumbai-based IMCD India Private Limited (IMCD India).

• IMCD India is currently holding 70% paid-up share capital in Signet since 2020; whereas the remaining 30% of the share capital is held by the promoters.
• The acquisition will be exercised through a call option.

Note: IMCD India is an indirect wholly-owned subsidiary of Dutch-based IMCD NV.

BOOKS & AUTHORS

Union Minister Bhupendra Yadav launches book titled ‘Modi: Energising a Green Future’
The Union Minister Bhupender Yadav, Ministry of Environment, Forest and Climate Change (MoEF&CC) unveiled a book titled “Modi Energising A Green Future”, published by Pentagon Press in association with Dr. Shyama Prasad Mookerjee Research Foundation.
The book analyzes PM Narendra Modi’s environmental leadership, highlighting India’s ambitious contributions to a sustainable and eco-friendly future.

• The book was edited by RK Pachnanda, former chairman of the Haryana Electricity Regulatory Commission, Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister(PM), Anirban Ganguly, and Uttam Kumar Sinha.
• The contributors of the book includes Union Minister Bhupender Yadav; Manohar Lal, Chief Minister of Haryana; and others.

IMPORTANT DAYS

National Road Safety Week – January 11 to 17 2024National Road Safety Week is annually observed across India from 11–17 January to raise awareness about the importance of road safety and highlight the significance of road safety measures to prevent and reduce road accidents and save lives.

• It emphasises the importance of responsible driving, pedestrian safety, and the need for improved road infrastructure.
• 2024 marks the observance of the 35th National Road Safety Week.

The annual observance is led by the Ministry of Road Transport and Highways (MoRTH) to promote road safety practices.
Note: The National Safety Council of India (NSC), under the Ministry of Labour & Employment(MoLE), also organises the National Road Safety Week.
Background:
i.The National Road Safety Week was introduced by the Ministry of Road Transport and Highways (MoRTH) in 1989.
ii.The first-ever National Road Safety Week was observed by the MoRTH in 1989.
National Road Safety Month (RSM):
i.This is an annual observance introduced by the MoRTH to sensitize citizens and road users about the severity of the challenges of road safety.

• In 2024 the National RSM will be observed from the 15th January to 14th February 2024.

Key Facts:
i.According to the “Road Accidents in India-2022” report released by the MoRTH:

• In the calendar year 2022, there were 4,61,312 road accidents reported, which claimed 1,68,491 lives, and caused injuries to 4,43,366 persons.
• This marks an 11.9% increase in accidents, 9.4% in fatalities, and 15.3% in injuries from 2021.

ii.This report is derived from data provided by the police departments of States/Union Territories on a calendar year following the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).

• This information is part of the Asia Pacific Road Accident Data (APRAD) base project.

UN’s Global Road Safety Week:
The United Nations Global Road Safety Week (UNGRSW) is a biennial campaign that aims to raise awareness of road safety and reduce the number of road deaths.

• This week-long event is observed across the globe in May. In 2023, it was observed from 15-21 May 2023.

STATE NEWS

Punjab Becomes 1st State to Map All Accident-Prone Sites in Mappls Punjab has become the first state in India to map all 784 accident black spots on the mobile application “Mappls”, a navigation system developed by C. E. Info Systems Limited(MapmyIndia).

• Punjab Police collaborated with MapmyIndia for real-time traffic updates and alerts on the Mappls App about Black and Blind spots.
• The announcement was made by Punjab Director General of Police (DGP) Gaurav Yadav.

Key Points:
i.Mappls mobile app will provide voice alerts (in Punjabi language) to the commuters about the upcoming black spots.
ii.The initiative also aims to streamline traffic management across the Punjab roads.
iii.This initiative is a  part of the preparations for the launch of the flagship project the ‘Sadak Suraksha Force’ of the Government of Punjab.
Mappls:
i.Mappls offers detailed maps for the entire world, covering about 200 countries; It is fully developed in India.
ii.Mappls also offers features like Real-Time Navigation, Global Positioning System (GPS) Tracking, and Live Traffic Updates.
Note-
An accident blackspot is a place where road traffic accidents have historically been concentrated.
About C.E.Info Systems Limited:
Co-Founders– Rakesh Kumar Verma and Rashmi Verma
Chairman & Managing Director (CMD) – Rakesh Kumar Verma
Headquarters – New Delhi, Delhi
Established in – 1995
About Punjab:
Chief Minister – Bhagwant Singh Mann
Governor – Banwarilal Purohit
Wildlife Sanctuary – Bir Moti Bagh Wildlife Sanctuary, Bir Bhunerheri Wildlife Sanctuary
Zoological Park – Mahendra Chaudhary Zoological Park; Tiger safari zoo

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