Current Affairs 18 January 2024

We are here for you to provide the important Recent and Latest Current Affairs 18 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

Gujarat, Kerala, Karnataka are Best Performing States in Startup Ranking 2022; National Startup Awards 2023 Announcedi.On the occasion of 8^th National Startup Day 2024 i.e. on January 16, 2024, the results of the 4th edition of ‘States’ Startup Ranking 2022- On support to Startup Ecosystems of States and Union Territories‘ & 4^th ‘National Startup Awards (NSA) 2023- Celebrating Achievers Ahead of the Curve‘ were declared by Startup India, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry (MoCI) during an event at Bharat Mandapam in New Delhi, Delhi.
ii.The winners were felicitated by the Union Minister Piyush Goyal, Ministry of Commerce and Industry (MoCI) in New Delhi, Delhi.
iii.In the State’s Startup Ranking 2022, Gujarat, Karnataka Kerala, and Tamil Nadu (TN) emerged as the best-performing States in Category A (Population above 1 Cr) for developing startup ecosystems for budding entrepreneurs while Himachal Pradesh is emerged as the best performer in Category B (Population below 1 Cr).
iv.During the event, the 4^th edition of NSA 2023 was also held which recognizes, rewards, promotes and offers exclusive handholding support to outstanding startups. NSA 2023 acknowledges 21 winners in 16 categories from 84 finalists for the competition.
v.The winning startups will get Rs 10 Lakh each.
About Department for Promotion of Industry and Internal Trade (DPIIT):
Secretary– Rajesh Kumar Singh
Parent Ministry– Ministry of Commerce and Industry
Headquarter– New Delhi, Delhi
>> Read Full News

Defence Minister Rajnath Singh Approves Proposal to Launch Group (Term) Insurance Scheme for CPLs Engaged by BROOn January 13, 2024, Union Minister Rajnath Singh, Ministry of Defence (MoD), approved the proposal to launch Group (Term) Insurance Scheme for Casual Paid Labourers (CPLs) engaged by Border Roads Organisation(BRO)/General Reserve Engineer Force(GREF) for their ongoing projects.
The scheme provides Rs 10 lakh as insurance to CPLs’families/Next of Kin in case of death.
Reason behind this:
i.To address risks faced by CPLs in hazardous work environments.
ii.To boost morale considering reported deaths
Key Points:
i.The insurance scheme functions as a crucial social security and welfare measure for CPLs operating in remote and far-flung regions of India.
ii.It plays a pivotal role in securing the livelihoods of CPLs’ families, offering financial support in the face of unforeseen circumstances.
Recent Measures taken by MoD for the betterment of the CPLs:
i.Preservation of mortal remains, Transport Allowance for attendants.
ii.Funeral Assistance increased from Rs 1,000 to Rs 10,000.
iii.Rs 50,000 advance payment for immediate help in case of death.
About Ministry of Defence (MoD):
Union Minister– Rajnath Singh (Constituency- Lucknow, Uttar Pradesh)
Minister of State (MoS)– Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand)

INS Cheetah, Guldar and Kumbhir Decommissioned in A&NThree Indian Navy Ships (INS) namely INS Cheetah, INS Guldar and INS Kumbhir were decommissioned simultaneously during a ceremony conducted at Port Blair, Andaman & Nicobar (A&N).

• All three ships rendered nearly 40 years of glorious service to India.

Delegates:
The ceremony was attended by Air Marshal Saju Balakrishnan, Commander-in-Chief Andaman and Nicobar Command (CINCAN) and Vice Admiral Tarun Sobti, Deputy Chief of Naval Staff of India.
Historical Background:
i.Built by: All three ships were built at Gdynia Shipyard, Poland; They belonged to the Polnocny class Landing Ships
ii.Commissioned in: The ships were commissioned in 1984 (Cheetah), 1985 (Guldar), and 1986 (Kumbhir).

• Commissioned in the presence of then Ambassadors of India to Poland, S K Arora (Cheetah and Guldar) and A K Das (Kumbhir).

iii.Commanding Officers: The Commanding Officers of the three ships were Commander V B Mishra, Lieutenant Commander SK Singh and Lieutenant Commander J Banerjee respectively.
Operational History:
i.INS Cheetah was initially deployed at Kochi(Kerala) and Chennai(Tamil Nadu) whereas INS Kumbhir and INS Guldar were based at Visakhapatnam(Andhra Pradesh).
ii.Later, all three were re-based at the A&N Command where they served till their decommissioning process.
iii.The ships have travelled about 17 lakh nautical miles and spent over 12,300 days at sea.
iv.During their illustrious journeys, these ships participated in numerous maritime security missions and Humanitarian Assistance and Disaster Relief operations.
About Indian Navy(IN):
Chief of the Naval Staff (CNS) – Admiral Radhakrishnan Hari Kumar
Headquarters – New Delhi, Delhi
Established in –  1950

NITI Aayog Report: Over 24.8 Cr People Moved Out of Multidimensional Poverty in 9 YearsAccording to the National Institution for Transforming India‘s (NITI Aayog) discussion paper on the National Multidimensional Poverty Index (MPI), ‘National Multidimensional Poverty: A Progress Review -2023,’ India’s Multidimensional poverty, reduced from 29.17% (2013-14) to 11.28% (2022-23), with about 24.82 crore individuals emerged from poverty during this transformative period.

• At the State level, Uttar Pradesh leads the list with 5.94 crore people escaping poverty, followed by Bihar at 3.77 crore and Madhya Pradesh at 2.30 crore.

About National Institution for Transforming India (NITI Aayog):
Chairperson– Narendra Modi
Chief Executive Officer (CEO)- B.V.R. Subrahmanyam
Headquarters– New Delhi, Delhi
NITI Aayog was formed via a resolution of the Union Cabinet on 1 January 2015. It is a policy think tank for the Indian government. It came into effect on 16 February 2015 via a notification by the Cabinet Secretariat.
>> Read Full News

DEPWD and NHRDN Join Hands to Offer Employment Oppurtunity for Divyangjans
The Department of Empowerment of Persons with Disabilities (DEPWD) under the Ministry of Social Justice & Empowerment (MoSJE) and the National Human Resources Development Network (NHRDN) have signed a Memorandum of Understanding (MoU) to provide employment opportunities for Persons with Disabilities (Divyangjans).

• The employment opportunities will be offered through PM-DAKSH-DEPWD digital portal of DEPWD by connecting with Human Resources (HR) professionals across India.

INTERNATIONAL AFFAIRS

NITI Aayog & WFP launched a Compendium on Mainstreaming Millets in Asia & AfricaOn 12th January 2024, NITI Aayog (National Institution for Transforming India) and World Food Programme (WFP) launched a compendium featuring the field stories showcasing the use of millets in Asian and African countries, including India, in New Delhi, Delhi.
The launch also marks the successful completion of Mapping and Exchange of Good Practices (MEGP) Initiative for Millets Mainstreaming in Asia and Africa.
Note: MEGP, started in July 2022, is a joint initiative of NITI Aayog and WFP.
About the compendium:
i.This compendium serves as a valuable resource for capacity building and disseminating best practices in millet adoption worldwide.
ii.It will also encourage countries to invest in climate-resilient crops like millets.
iii.It will acts as a reference guide for integrating millets into mainstream food systems.
iv.It also facilitates informed decision-making and knowledge exchange through South-South Cooperation and policy dialogues.
v.It should be noted that India successfully promoted millets for climate resilience, food security, and small farmers’ livelihoods, especially women, during the International Year of Millets 2023.
Attendees:
The event was attended by Suman Bery, Vice Chairman, NITI Aayog, Elisabeth Faure, Country Director, WFP, India, among others.
Additional information:
i.The United Nations (UN) has declared 2023 as the International Year of Millets (IYM). ii.Millets are a group of cereal grains that belong to the Poaceae family, commonly known as the grass family. They are widely consumed in developing countries throughout Africa and Asia
iii.In 2023, India’s Ministry of Food Processing Industries (MoFPI) has implemented the Production Linked Incentive Scheme for Food Processing Industry for Millet-based products (PLISMBP) during 2022-23 to 2026-27 with an outlay of Rs. 800 crores.
iv.Pearl millet (Bajra), Sorghum (Jowar) and Finger Millet (Ragi) constitutes the largest share in India’s total production of millets.

BANKING & FINANCE

DLabs at ISB launches `Build for Billions’ jointly with RBIH & UBIDLabs at the Indian School of Business (ISB) in Hyderabad, Telangana launched “Build for Billions”, a startup accelerator program, in collaboration with the Reserve Bank Innovation Hub (RBIH) and Union Bank of India (UBI).

• It is themed around financial inclusion for the informal economy by address the gap between financial services and the informal economy.

Reason behind the Program:
Informal economy is represented by Gig workers, migrant workers, domestic workers, street vendors, carpenters, plumbers, electricians, and construction labourers. Their challenges include low and volatile income; irregular income streams; limited access to credit and savings; and a lack of social security nets.

• Now, Build for Billions Program will support fintech startups dedicated to addressing these issues.

What is in the accelerator program?
This 50-day equity-free accelerator by DLabs, offers comprehensive support, including mentorship, capacity building, resources, networking opportunities, the chance to pitch to banks and investors, and a unique piloting opportunity with Union Bank.

• DLabs, a business incubator at the Indian School of Business (ISB), specialises in incubation, acceleration, and funding for startups.

Eligibility:
Startups aiming to improve access, usage, and quality of financial services in the informal economy can apply for the program until January 21, 2024. Following the submission period, selected startups will undergo evaluation, with customized goals set for each.
About Reserve Bank Innovation Hub (RBIH):
It is a wholly-owned subsidiary of the Reserve Bank of India, focuses on promoting and facilitating an environment that accelerates innovation across the financial sector,
CEO– Rajesh Bansal
Headquarters– Bengaluru, Karnataka
Established – 2022

SEBI allowed Voluntary Freezing Of Clients’ Trading Account from July 1, 2024On January 12, 2024, the Securities and Exchange Board of India (SEBI) notified that Investors will be allowed to freeze or block their trading account any suspicious activity is detected. The framework for the same will be laid down by stock brokerages on or before 1st April 2024 and will be implemented from 1st July 2024.

• This information was SEBI is provided in its exercise of powers conferred under Section 11(1) of SEBI  Act, 1992  read  with  Regulation 30 of SEBI  (Stock Brokers) Regulations, 1992,  to  protect  the  interests  of  investors  in securities  and  to promote  the  development  of securities markets.

About the framework:
i.The framework will be developed by the Brokers’ Industry Standards Forum (ISF) under the aegis of stock exchanges, and in consultation with SEBI.
ii.The framework outlines the process for voluntarily freezing online access to trading accounts. It includes details on how clients can request account blocking, the processing timeframe, and communication protocols. Stock exchanges are mandated to ensure the implementation of these guidelines by Trading Members starting from July 1, 2024.
iii.Stock Exchangesshall also put in place an appropriate reporting requirement by Trading Members to enforce the above system. A compliance report to this effect shall be submitted to SEBI by Stock Exchanges latest by August 31, 2024.
Reason:
Investor concerns over suspicious activities in trading accounts resulted to propose a facility for blocking such accounts, While voluntary blocking of demat accounts is already in place for investors, the proposal now extends this option to their trading accounts as well.

• Demat accounts allow investors to hold their financial instruments in an electronic form, while, trading accounts, actually carry out trades in the stock market.

Click Here for Official Notification
Trading Account: A trading account is an investment account which helps retail investors to buy or sell securities. Trading account is opened with a stock broking firm which, in turn, provides access to the trading platform of a stock exchange, and allows the execution of trades on behalf of the account holder. It works as a link between the demat account and the bank account.
About Securities and Exchange Board of India (SEBI):
SEBI is the regulatory authority for the capital market. It was established as a statutory body in 1992 and the provisions of the SEBI India Act, 1992 (15 of 1992) came into force on January 30, 1992.
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra

KBL and NBFC Clix Capital Enter Co-Lending Partnership for MSME
Karnataka Bank Limited (KBL) and Gurugram (Haryana) based Non-Banking Financial Company (NBFC) Clix Capital Services Private Limited have entered into a digital co-lending partnership.

• The partnership aims to provide loans to the Indian Micro, Small & Medium Enterprises (MSME) sector  through the Yubi Co.lend Platform.
• The agreement is in line with the Reserve Bank of India (RBI)’s guidelines on co-lending by banks and NBFCs to priority sectors.

RBI Cancels Licence of Karnataka’s Hiriyur Urban Co-Op Bank 
Reserve Bank of India (RBI) cancelled the licence of Karnataka based The Hiriyur Urban Co-operative Bank Limited as the bank does not have adequate capital and earning prospects.
Key Points: 
i.The bank also does not comply with the provisions of Section 11(1) Sections 22(3)(a), 22 (3)(b), 22(3)(c), 22(3)(d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949.
ii.Upon bank liquidation, each depositor is entitled to a deposit insurance claim of up to Rs.5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC), as per the provisions of the DICGC Act, 1961.
iii.Registrar of Cooperative Societies (Karnataka) will issue an order for winding up the bank. and appoint a liquidator for the bank.

REC Limited issues inaugural Yen Denominated Green Bonds aggregating to JPY 61.1 Billion
REC Limited (formerly Rural Electrification Corporation Limited), a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Power (MoP) has successfully issued its inaugural Japanese Yen (JPY) 61.1 billion worth Green bonds under its USD 10 billion Global Medium Term Notes Programme. 

• It is the first Yen Green Bonds issuance by any Indian Public Sector Unit (PSU).

About the issuance:
i.The bond is issued in three tenure namely 5-year, 5.25-year and 10-year at yield of 1.76%, 1.79% and 2.20% respectively.
ii.It is the largest Yen-denominated issuance from India and the largest ever Euro-Yen issuance in South and South East Asia.
iii.The proceeds from the issue of the Bonds will be used to fund Eligible Green Projects in line with the REC’s Green Finance Framework and Reserve Bank of India (RBI)’s External Commercial Borrowings Guidelines.

APPOINTMENTS & RESIGNATIONS

Taiwan VP William Lai Ching-te Won Presidential Election William Lai Ching-te (64 years) of  Democratic Progressive Party (DPP) won the Taiwan Presidential election with 40.05% of the vote and has been elected as the President of Taiwan.

• William Lai Ching-te has been serving as the Vice President of Taiwan since 2020.
• He will succeed Tsai Ing-Wen, the current and the first female president of Taiwan.
• The formal swearing-in ceremony will be held in May 2024 in Taiwan and Lai Ching-te will be holding the post for 4 years(till 2028) .

About the Election:
i.Lai Ching-te secured 40.1% of the votes whereas Huo Yu-ih the Mayor of Taipei from the Kuomintang (KMT) party secured only 33.5% of the votes and Ko Wen-je from the Taiwan People’s Party (TPP) got 26.5% of the votes.
ii.The election made DPP as the first party in Taiwan to secure three consecutive terms in office.

• DPP initially came to power in 2016 under the Presidentship of Tsai Ing-Wen; the second term was from 2020-24.

iii.The election was held on 13th January 2024.
About William Lai Ching-te:
i.In 2010, he was elected as the first mayor of Tainan Special Municipality.
ii.He was appointed as 15th Vice-President of  Taiwan in 2020.
iii.He has been serving as the Chairperson of DPP since January 2023.
About Taiwan:
President – Tsai Ing-Wen
Capital – Taipei
Currency – New Taiwan Dollar

OBITUARY

Padma Vibhushan Awardee & Renowned Classical Singer Prabha Atre Passed AwayPrabha Atre, a Hindustani classical vocalist, who received all 3 Padma Awards from the government of India passed away in Pune, Maharashtra at the age of 92. She was born on 13 September 1932 in Pune.

• She was one of the senior-most, and leading female vocalists in India representing the Kirana Gharaanaa of Hindustani classical music.

Awards/Honours:
i.She was honoured with the Padma Shri in 1990;  Padma Bhushan in 2002; and Padma Vibhushan in 2022 for Arts.
ii.In 1991, she received the Sangeet Natak Akademi Award as an appreciation for her outstanding role in enriching, preserving, and popularizing Indian art, and music.
iii.Her first book `Swaramayee’ which is a compilation of many of her articles on music and has bagged the Maharashtra State Govt. Award in 1989.
About Prabha Atre:
i.She was also an author, academician, composer, researcher, and reformer. She worked as an Assistant Producer with All India Radio (AIR).
ii.She was a former Producer-Director of the recording company `Swarashree’, devoted only to Classical Music.
iii.She also served as a Professor and Head of the Department of Post-Graduate Studies and Research in Music at Shreemati Nathibai Damodar Thackersey Women’s University.
iv.She held the world record of releasing 11 books on a single subject (Music), from a single stage.
v.She was the 1st woman performer to compose and publish 3 books containing 550 compositions from classical to light music.
vi.She established the Dr. Prabha Atre Foundation and Swaramayee Gurukul.

Renowned Urdu Poet Munawwar Rana Passed AwayRenowned Urdu poet Munawwar Rana passed away at the age of 71 in Lucknow, Uttar Pradesh (UP). He was born on 26th November 1952 in Raebareli, UP.
About Munawwar Rana:
i.He was particularly recognized for his ghazals, a poetic form consisting of rhyming couplets and a refrain.

• One of his most popular poems was ‘Maa’, celebrating the virtues of a mother in traditional ghazal form​​.

ii.He used more Hindi or Hindustani words in his poetry instead of Arabic or Persian words.
iii.His works have been translated into several languages​​.
Awards:
i.He was awarded the Sahitya Akademi Award in 2014 for his poetry book ‘Shahdaba’. However, he returned the award due to political reasons in 2015.

• He also returned the Maati Ratan Samman Award which was given by Shaheed Shodha Sansthan for his service to Urdu literature in 2012.

ii.He also received other notable awards including the Ameer Khusro Award, Mir Taqi Mir Award, Ghalib Award, Dr Zakir Hussain Award, and the Saraswati Samaj Award.
iii.He was also awarded the Gyanpeeth Award in 2014.

IMPORTANT DAYS

8th Armed Forces Veterans’ Day – January 14 2024Armed Forces Veterans’ Day is annually celebrated across India on 14 January to honour and recognise the service of Field Marshal Kodandera Madappa Cariappa, the 1st Indian Commander-in-Chief (C-in-C) of the Indian Armed Forces, who retired from the military on 14 January 1953 and led Indian forces to victory in the 1947 war.

• 14 January 2024 marks the 8th Armed Forces Veterans’ Day observance.

Background:
i.The Armed Forces Veterans’ Day was first celebrated in 2017.
ii.Since then the day has been commemorated by all the 3 services by hosting interactive events in honour of the Ex-Servicemen, who have selflessly served the nation.
About Ministry of Defence:
Union Minister– Rajnath Singh (Constituency: Lucknow, Uttar Pradesh)
Minister of State– Ajay Bhatt (Constituency: Nainital-Udhamsingh Nagar, Uttarakhand)
>> Read Full News

76th Indian Army Day – January 15 2024Indian Army Day is annually observed across India on 15 January to honour and salute the brave soldiers of the Indian Army who fought at borders and sacrificed their lives to safeguard the nation from the attack of enemies.

• The Day also known as Bhartiya Sena Diwas, recognises the achievements of the 1st Commander-in-Chief (C-in-C) of the Indian Army General (later Field Marshal) Kodandera Madappa (KM) Cariappa.

15 January 2024 marks the observance of the 76th Indian Army Day.
Note: The Indian Army will observe the year 2024 as the ‘Year of Technology Absorption.’
>> Read Full News

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