Current Affairs 26 & 27 January 2024

We are here for you to provide the important Recent and Latest Current Affairs 26 & 27 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

Ex Desert Knight: Trilateral Air Force Exercise Conducted Between India, France & UAE“Exercise Desert Knight”, a Trilateral Air Force Exercise, was conducted between the Indian Air Force (IAF) along with the French Air and Space Force (FASF) and the United Arab Emirates (UAE) Air Force on 23rd January 2024. The joint exercise was hosted at the Al Dhafra air base in the UAE.
Note: The exercise was conducted in Indian Flight Information Region(FIR) over the Arabian Sea.
Objective: This collaborative effort aimed to enhance synergy and interoperability in tackling contemporary security challenges between the 3 Air Forces.

• The interactions during the exercise facilitated the exchange of operational knowledge, experiences, and best practices among the participants.

Participants and Aircraft:
FASF: Rafale fighter aircraft, Multi Role Tanker Transport.
UAE Air Force: F-16.
IAF: Su-30 MKI (Sukhoi), MiG-29, Jaguar, Airborne Warning and Control System (AWACS), C-130-J transport plane, Air to Air Refueller.
Key Points:
i.The exercise brought together an array of fighter aircraft, several frontline aerial assets, and combat jets and support units of the air forces from the 3 nations.
ii.The aircraft of the French and the UAE air forces operated from the Al Dhafra air base in the UAE.
ii.IAF aircraft operated from several bases situated within India.
FIR: All airspace worldwide is divided into FIRs and each of them is managed by a controlling authority. FIR’s primary responsibility is to ensure the provision of air traffic services within its designated area.
About Indian Air Force (IAF):
Chief of the Air Staff (CAS)- Air Chief Marshal Vivek Ram Chaudhari
Headquarters– New Delhi, Delhi
Established in– 1932
Motto– Touch the sky with Glory

NITI Aayog, MoA&FW & FAO Jointly Launched Investment Forum for Advancing Climate Resilient Agrifood SystemsThe NITI Aayog(National Institution for Transforming India), Ministry of Agriculture and Farmers’ Welfare (MoA&FW), and United Nations Food and Agriculture Organization (FAO) jointly launched the ‘ Investment Forum for Advancing Climate Resilient Agrifood Systems in India’.

• The forum was launched during the Multi-stakeholder Meeting held on January 18-19, 2024, at the India International Centre, New Delhi, Delhi.

Aim:
The joint initiative aims to foster partnerships and investments among the government, private sectors, farmers’ organizations, and financial institutions in India, to advance climate-resilient agrifood systems.
Key Points:
i.The investments includes equity, grants supported by bilateral and multilateral Development Finance Institutions (DFIs), green and social bonds, and other guarantee or output-based financing through corporations, blended finance, and venture capital firms, among others.
ii.During the forum discussions were held on the six main areas viz. climate-resilient agriculture, digital infrastructure and solutions, financing for agrifood systems, Climate resilient value chains, production practices for climate resilience, and gender mainstreaming and social inclusion for climate resilience.
Key People:
i.The event was attended by Prof Ramesh Chand, Member, NITI Aayog; Manoj Ahuja, Secretary, MoA&FW; Shombi Sharp, UN Resident Coordinator in India; Takayuki Hagiwara, FAO Representative in India.
Participants:
Senior representatives from National Bank for Agriculture and Rural Development (NABARD), Indian Council of Agricultural Research (ICAR), International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), World Bank, and UN agencies, among others attended the meet.
About NITI Aayog(National Institution for Transforming India):
Chief Executive Officer (CEO) – B. V. R. Subrahmanyam
Headquarters – New Delhi, Delhi
Establishment – 2015

MoD Signed Rs.1070cr Contract with MDL for the Procurement of 14 FPVsThe Ministry of Defence (MoD) signed a contract worth Rs. 1070 crore with Mazagon Dock Shipbuilders Limited (MDL – functioning under MoD) for the acquisition of 14 Fast Patrol Vessels (FPVs) for the Indian Coast Guard (ICG).
About the Contract:
i.The contract was made under the Buy Indian-Indigenously Designed, Developed and Manufactured (IDDM) category.

• The FPVs are designed, developed and manufactured by MDL Mumbai, Maharashtra.

ii.All the FPVs will be delivered in sixty-three months to ICG.
iii.The contract also aims to promote the growth of ancillary industries, especially the Micro, Small & Medium Enterprises (MSME) Sector.
About FPVs:
i.The FPVs come with several high-tech advanced features and equipment.
ii.The vessels will be equipped with multipurpose drones, wirelessly controlled remote water rescue craft lifebuoy and Artificial intelligence (AI) capability etc.
iii.These vessels carry out activities such as fisheries protection and monitoring, control and surveillance, anti-smuggling operations, and search & rescue operations.
iv.They also offer assistance to ships/crafts in distress, towing capabilities, marine pollution response operations, and anti-piracy operations.
About Mazagon Dock Shipbuilders Ltd (MDL):
MDL is a Government Company under section 2(45) of the Companies Act, 2013 under administrative control of the MoD.
Chairman & Managing Director(CMD) – Sanjeev Singhal
Headquarters – Mumbai, Maharashtra
Established in – 1934
About Ministry of Defence:
Union Minister – Raj Nath Singh (Constituency: Lucknow, Uttar Pradesh)
Minister of State(MoS) – Ajay Bhatt (Constituency: Nainital-Udhamsingh Nagar, Uttarakhand)

Union Minister Pralhad Joshi Inaugurates Second State Mining Ministers’ Conference in BhopalUnion Minister of Coal, Mines, and Parliamentary Affairs Pralhad Joshi inaugurated the second State Mining Ministers’ Conference held in Bhopal, Madhya Pradesh on 23rd January 2024.
Key Points:
i.Madhya Pradesh bagged the first rank and received the award from the Union minister for recognizing its efforts in the mining auction for the year 2022-23.

• Chhattisgarh, Andhra Pradesh & Karnataka also received the award of appreciation at the event.

ii.The Coffee table book ‘Building Trust-Transforming Lives’ showcases the activities of the District Mineral Foundation (DMF) was also released during the conference by the  Minister.

• The book contains 40 stories of interventions to ensure welfare, development and livelihood for people in areas affected by mining.

iii.Critical Mineral Report of Madhya Pradesh was also presented to Chief Minister Dr. Yadav.

• The event witnessed the launch of Average Sale Price (ASP) module and Star Rating of Mines.

Key People:
Dr. Mohan Yadav, Chief Minister(CM) of Madhya Pradesh was the Chief Guest at the event in which the mines ministers of several states also participated.
About the exhibition “Beyond Mining”:
i.The exhibition “Beyond Mining” was also organized on the sidelines of the Conference.
ii.Pralhad Joshi visited the stall of Hindustan Copper Limited which has provided 70,000 Nos. of copper strips and 775 Nos. of copper wire rods of 99.99% purity for the construction of Ram Janmbhoomi Mandir in Ayodhya (Uttar Pradesh).

• Both strips and wire rods have been used in Ram Janmbhoomi Mandir construction for joining rocks.

iii.He also visited the stall of the National Institute of Rock Mechanics (NIRM) in Karnataka, which was involved in the quality inspection of the stones used in the construction of Ram Janmbhoomi Mandir in Ayodhya.

Indian Army Opens ‘India Selfie Point’ Near LOC in Jammu and Kashmir
The Dagger Division (the then 19th Indian Infantry Division) of the Indian Army opened ‘India Selfie Point’ near the Line of Control(LOC) in Uri in the Baramulla district of Jammu and Kashmir(J&K).

• The selfie point has been gifted by acclaimed artist Rouble Nagi, who has set up several such points in J&K.
• It is located along the National Highway 44 (NH 44), which is the longest national highway in India and connects Srinagar (J&K) to Kanyakumari (Tamil Nadu).
• This initiative of opening selfie points symbolizes the Army’s commitment to enhancing community engagement and providing a space that truly resonates with the spirit of Vibrant India.

INTERNATIONAL AFFAIRS

Uganda Hosts G77 + China Third South Summit: India Champions Global South’s Role as Future Growth EngineV.Muraleedharan, Minister of State, Ministry of External Affairs represented India and addressed at the Plenary session of the Group of 77 +China (G-77+China) Third South Summit, held in Kampala, Uganda on 21-23 January 2024. He emphasised the pivotal role of the Global South as the world’s “future growth engine.”

• The theme of (G-77+China) Third South Summit was, “Leaving No One Behind.”
• The third South Summit was hosted by the Republic of Uganda, under the Chairmanship of H.E. President Yoweri Kaguta Museveni.

About Uganda:
Capital– Kampala
Prime Minister– Robinah Nabbanja
Currency– Ugandan Shilling
>> Read Full News

BANKING & FINANCE

Max Life Insurance Launches ‘SWAG Pension Plan’ with Customisable Annuity Options Max Life Insurance Company Ltd. (Max Life) launched “Max Life Smart Wealth Advantage Guarantee Plan” (SWAG Pension Plan), that offers customers to tailor their policies, choosing from a range of annuity options according to their unique requirements.

• SWAG Pension Plan is a non-linked, non-participating individual/group general annuity savings plan.

About SWAG Pension Plan:
i.SWAG Pension Plan revolutionizes retirement planning, offers a unique blend of flexibility, security, and personalization.
ii.With this plan, customers can also have the freedom to select from a range of ‘Return of Premium’ options.
Features:
The plan offer a set of features which includes,
i.wide range of Annuity options to cater customer’s retirement needs.
ii.Immediate annuity with flexibility to decide the return of a selected proportion of premiums paid for the surviving annuitant or nominee.
iii.Increasing annuity up to 6% per annum ensures readiness for the rising inflation.
iv.Attain flexibility with early return of premiums, varying milestone ages from 70 to 85 years (in 5-year blocks).
v.Provide the surviving annuitant the choice to withdraw a selected proportion of the annuity in advance upon the death of the first annuitant.
vi.Customers can plan early and get a higher annuity on retirement by deferring the first annuity payment for up to 12 years from the first month.
About Max Life Insurance Company Limited (Max Life):
Max Life is a Joint Venture (JV) between Max Financial Services Limited and Axis Bank Limited.
Managing Director (MD) & Chief Executive Officer (CEO)– Prashant Tripathy
Headquarters– Gurugram, Haryana

RBI Report: Panchayats Need to Intensify Their Efforts to Increase Own RevenuesReserve Bank of India (RBI)’s report titled ‘Finances of Panchayati Raj Institutions’ states that Panchayats has to boost their efforts to increase their own revenues (which includes tax and non tax revenue) and improve their governance towards sustainable growth.

• According to the report, the own revenues of the panchayats accounts for only 1.1% of their total revenue.

i.The report presents an analysis of Panchayats finances and their role in India’s socio-economic development.
ii.The report has been prepared in the Division of Local Finances (DLF) of the Department of Economic and Policy Research (DEPR).
iii.The assessment covered around 75% of the total number of Rural Local Bodies (RLBs) in India.
Panchayats:
i.In 1992, the 73rd Amendment to the Indian Constitution institutionalised the PRIs at three levels in rural India: Gram Panchayats at the village level, Mandal Panchayats at the intermediate/block level, and Zila Parishad at the district level.
ii.There are total of 2.62 lakh PRIs in India, with 2.55 lakh Gram Panchayats, 6,707 Mandal Panchayats, and 665 Zila Parishads as of October 2023.
iii.Article 243-H of the Constitution empowers Panchayats to impose, collect, and allocate taxes, duties, tolls, and fees.
>> Read Full News

SEBI releases Framework for Offer for Sale to employees through Stock Exchange On January 23, 2024, the Securities and Exchange Board of India (SEBI) has released the Framework for Offer for Sale (OFS) of Shares to Employees through Stock Exchange Mechanism such as BSE(formerly Bombay Stock Exchange) and NSE(National Stock Exchange of India Ltd).

• The notified provisions will come into effect from 30th day(February 22, 2024) of issuance of the circular.

Note:This information by SEBI is provided in exercise of the powers conferred under Section 11(1) of the SEBI  Act  1992 read  with  Regulation  51  of  the  Securities  Contracts  (Regulation)  (Stock Exchanges  and  Clearing  Corporations) Regulations,  2018 to  protect  the  interests  of  investors  and to  promote the development of the securities market.
OFS: An OFS is an instrument where promoters in a listed company sell their shares directly to the public. It was initiated by SEBI in 2012.
Reason behind this framework:
i.The current procedure of OFS to employees of the eligible company is happening outside the stock exchange mechanism which is time consuming, involves additional costs and multiple activities.
ii.Following the feedback and discussions with stakeholders, SEBI has decided that the promoters can offer shares to employees in OFS through the stock exchange mechanism.
iii.This framework has been made with an aim to enhance efficiency, ease compliance, and reduce costs.
Key Points:
i.OFS to employees will be on T+1 day along with the retail category under a new category called as “Employee”

• T+1 day means trade-related settlements completed within one day from the day of transaction i.e. 24 hours.

ii.Bidding will be allowed during trading hours on T+1 day only.
iii.The maximum bid amount shall be Rs 5 Lakh. Each employee is eligible for allotment of equity shares up to Rs 2 Lakh.
iv.If the employee portion is under subscribed, the remaining portion may be allocated proportionally to employees with bids over Rs 2 Lakh, up to a maximum allotment of Rs 5 Lakh per employee.
v.Employees must pay 100% of the order value as upfront margin in cash or cash equivalents.
vi.Stock exchanges and clearing corporations are mandated to implement the advised changes, make necessary amendments to bye-laws, rules, and regulations as needed, and inform market participants through their websites.
Click Here for Official Notification
About Securities and Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters – Mumbai, Maharashtra
Establishment– 12 April 1992

General Insurance Council Launches “Cashless Everywhere” Initiative 
The General Insurance Council (GIC) has launched the ‘Cashless Everywhere’ initiative in consultation with general and health insurance companies. The initiative aims to extend cashless treatment at all hospitals, thereby making the whole claims journey a frictionless process.

• The initiative extends cashless hospitalization benefits to all hospitals, including those not in tie-ups with insurance companies.
• To claim the insurance under the initiative, the customer should notify their insurer 48 hours before admission for elective procedures, and 48 hours post admission in case of emergency treatment.
• The initiative applies to hospitals with 15+ beds registered under the Clinical Establishment Act 2010.
• The cashless facility is subjected to the operating guidelines of the insurer.

AWARDS & RECOGNITIONS

Former Bihar CM & Socialist Icon Karpoori Thakur Awarded Bharat Ratna PosthumouslyOn 24th January 2024, Droupadi Murmu, President of India, awarded the Bharat Ratna, India’s highest civilian award, to Former Bihar Chief Minister (CM) and Socialist Leader Karpoori Thakur (posthumously).

• He becomes the 49th recipient of Bharat Ratna, and the 15th to be accorded posthumously.
• He was well-known for his efforts to uplift the backward classes in Bihar and was often referred to as “Jan Nayak” (People’s Leader/Hero).

Note: The announcement was made on the occassion of the 100th birth anniversary of Karpoori Thakur (24th January 2024).
Other Highlgihts:
On the occasion of the 100th birth anniversary of the Late Karpoori Thaku,
i.Union Minister Amit Shah, Ministry of Home Affairs (MoHA) released a  commemorative coin of denomination Rs 100 and a postage stamp featuring Karpoori Thaku at Vigyan Bhawan, New Delhi, Delhi.
ii.Bihar Governor Rajendra Vishwanath Arlekar released a book titled ‘Rajkiya Samaroh’ at a state function held at the Bihar Assembly premises in Patna, Bihar. The book is based on the life of prominent personalities in the state.
About the coin:
i.The coin features a portrait of late Thakur and inscription “BIRTH CENTENARY OF LATE SHRI KARPOORI THAKUR” in Devnagri and English.
ii.Metal composition: 50% silver and 40% copper along with 5% nickel and zinc each.
About Karpoori Thakur:
i.He was born on 24 January 1924 in a village in Samastipur district, Bihar. The village of his birth was later named Karpuri Gram.
ii.He made his debut as a legislator, won his first election in 1952, and remained the legislator until his last Assembly election in 1985.
iii.He served as the CM of Bihar for two terms, from December 1970 to June 1971; and from June 1977 to 1979.  He was the first non-Congress socialist leader to serve as CM twice.
iv.He was notably recognized in Bihar for implementing a complete ban on alcohol in 1970.
v.As CM of Bihar, he announced reservations for socially and economically backward groups, the extremely backward classes, educated women, and poor women in 1978.
vi.He served as a member of the Bihar Assembly from 1952 until his death in 1988.
About Bharat Ratna:
i.It was instituted in 1954 and is awarded in recognition of exceptional service/performance of the highest order in any field of human endeavour.
ii.The recommendations for Bharat Ratna are made by the Prime Minister himself to the President.
iii.The number of annual awards is restricted to a maximum of 3 in a particular year.
iv.The award includes a Sanad (certificate) signed by the President and a medallion. The Award does not carry any monetary grant.

ACQUISITIONS & MERGERS

CCI Approvals on 23rd January 2024The Competition Commission of India (CCI) has approved the following on 23rd January 2024.
Acquisition of MG Motor India by JSW Ventures Singapore:
CCI approved the acquisition of around 38% of the paid-up share capital of M G Motor India Private Limited (Target), a wholly-owned subsidiary of Shanghai(China) based SAIC Motor, by JSW Ventures Singapore Pte. Limited(Acquirer).
i.JSW Ventures Singapore Pte. Limited is a wholly owned subsidiary of JSW International Tradecorp Pte. Limited and a part of JSW Group.
ii.M G Motor India Private Limited is engaged in automobile original equipment manufacturing (OEM) business. It is engaged in the manufacturing and sale of passenger cars under the brand “MG”.
Acquisition of Wistron by Tata Electronics:
CCI has approved the acquisition of 100% equity share capital of Wistron Infocomm Manufacturing (India) Private Limited (Target) from SMS Infocomm (Singapore) Private Limited and Wistron Hong Kong Limited by Tata Electronics Private Limited(Acquirer).
i.Tata Electronics is a greenfield venture of Tata Sons Private Limited which manufactures smartphone enclosures(frame of the phone).
ii.Wistron Infocomm Manufacturing incorporated in 2017 by the Wistron group is engaged in electronic manufacturing services for smartphones.
Merger of Fincare Small Finance Bank & AU Small Finance Bank
CCI has approved the merger of Bengaluru (Karnataka) based Fincare Small Finance Bank Limited (Fincare SFB) and Jaipur (Rajasthan) AU Small Finance Bank Limited (AU SFB) with AU being the merged entity.

• The shareholders of Fincare SFB will be allotted shares in AU SFB.

Acquisition of Religare Enterprises by 4 entities under Burman Family
CCI has approved the acquisition of shareholding in Religare Enterprises Limited (Target) by Puran Associates Private Limited, M.B. Finmart Private Limited, and VIC Enterprises Private Limited, Milky Investment and Trading Company(Acquirers)

• The acquirers are controlled by the Burman family, the promoters of Dabur India Ltd.

Details of the acquisition:
The proposed combination envisages acquisition of 5.27% of the total issued through open market purchases and an open offer  26% of the Total Expanded Voting Share Capital under the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
About Competition Commission of India (CCI):
Chairperson – Ravneet Kaur
Headquarters – New Delhi, Delhi
Established in –  2003(Operational from 2009)

SCIENCE & TECHNOLOGY

Fifth ACTCM Barge ‘Yard 129 (LSAM 19)’ launched at SPPL, Thane On 24th January 2024, the fifth Ammunition Cum Torpedo Cum Missile (ACTCM) Barge, Yard 129 (LSAM 19) was launched by Commodore V Pravin AWPS (Mumbai, Maharashtra) at M/s Suryadipta Projects Private Limited (SPPL), Thane (Maharashtra).

• All the major and auxiliary equipment/systems in this Barge were sourced from indigenous manufacturer. This caters to the ‘Make in India’ initiative of Ministry of Defence (MoD).

Key Points: 
i.The Barge was built by Thane-based Micro, Small & Medium Enterprises (MSME) M/s Suryadipta Projects Private Limited.
ii.It was built under relevant Naval Rules and Regulation of Indian Register of Shipping (IRClass).
iii.The Barge was tested at Naval Science and Technological Laboratory (NSTL), Visakhapatnam (Andhra Pradesh) during design stage.
iv.ACTCM Barges help the Indian Navy (IN) to Transport, Embark and disembarkate articles/ammunition to IN Ships present alongside jetties and at outer harbours.
Background:
i.In 2021, IN signed a contract with Suryadipta Projects to construct 11 ACTCM barges with with Suryadipta Projects Private Limited.
ii.The first three ACTCM Barge was

• Yard 125 (LSAM 15) launched in February 2023
• Yard 126 (LSAM 16) launched in July 2023
• Yard 127 (LSAM 17) launched in October 2023

iii.These barges are being built with a service life of 30 years.

BOOKS & AUTHORS

Gujarat CM Unveils a Book on Smritivan Ahead 23rd Anniversary of the Bhuj Earthquake
Chief Minister(CM) of Gujarat, Bhupendra Patel, has launched a coffee table book titled “Smritivan: An Unparalleled Apotheosis of Commemoration to 2001 Victims of Gujarat Earthquake” in Gandhinagar, Gujarat ahead of the 23rd anniversary of the Bhuj earthquake.
About the book:
i.The book was published by the Gujarat State Disaster Management Authority (GSDMA).
ii.The book narrates the achievements of the Smritivan Earthquake Memorial Museum on Bhujia Dungar, a barren hillock (which was struck by an earthquake in 2001) present in Bhuj (Gujarat), which has now turned into the world’s largest Miyawaki Forest with a plantation of five and a half lakh trees.
iii.The book also speaks about international honours conferred upon the Smritivan Museum for its international architecture and exhibition. This includes the Red Dot Award 2023, the 13th Confederation of Indian Industry (CII) Design Excellence Award 2023, the London Design Award 2023 and The Global Architecture Design Award Winner 2023.

IMPORTANT DAYS

14th National Voters’ Day – 25th January 2024National Voters’ Day (NVD) is annually celebrated across India on 25th January to create electoral awareness amongst citizens and encourage them to participate in the electoral process and to promote voter registration, particularly among the youth.
The day also marks the foundation day of the Election Commission of India (ECI).

• 25th January 2024 marks the observance of  14th National Voters’ Day and also marks the celebration of 75 years of service of ECI.
• The theme of NVD 2024 is “Nothing Like Voting, I Vote For Sure”, a continuation of the 2023 theme.

Background:
i.Since 2011, National Voters’ Day has been celebrated on January 25 to mark the foundation day of the ECI.

• ECI is a permanent Constitutional Body and the Election Commission was established on 25 January 1950 by the Constitution of India.

ii.The 1st ever NVD was observed on 25 January 2011.
About Election Commission of India (ECI):
Chief Election Commissioner (CEC) of India– Rajiv Kumar, IAS
Election Commissioner (EC)– Anup Chandra Pandey, IAS; Arun Goel, IAS
Headquarters– New Delhi, Delhi
Established in– 25th January 1950
>> Read Full News

National Tourism Day 2024 – January 25 National Tourism Day is annually celebrated across India on 25 January to raise awareness about the importance and value of tourism to the economy of India. It also aims to promote and create awareness about many tourist spots in India.

• The Day aims to preserve the nation’s cultural heritage and create popular tourism spots nationwide.
• The 2024 theme of National Tourism Day observed on 25th January 2024 is “Sustainable Journeys, Timeless Memories.”

Background:
i.In 1948, the Government of India established a tourist traffic committee, to encourage tourism in India. It is noted that the committee started the celebration of “National Tourism Day”.
ii.The Ministry of Tourism is responsible for formulating India’s national policies for developing and promoting tourism.
About Ministry of Tourism:
Union Minister– G. Kishan Reddy (Constituency: Secunderabad, Telangana)
Ministers of State– Ajay Bhatt (Constituency: Nainital-Udhamsingh Nagar, Uttarakhand); Shripad Yesso Naik (Constituency: North Goa, Goa)
>> Read Full News

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