The Most Important Current Affairs January 2024

Union Budget 2024 Detailed Sector Wise

In the Budget for the fiscal year 2024-25, the Union Government demonstrates a robust commitment to bolstering economic growth through substantial investments in infrastructure development. The total expenditure in the Budget is estimated at $47,65,768$ crore ( 47.65 Lakh Crore), with a significant focus on capital expenditure, reaching 11,11,111 crore(11.11 Lakh Crore). This reflects a commendable increase of 16.9% in capital expenditure over the Revised Estimates (RE) for 2023-24.

Capital Expenditure Highlights

1. Total Capital Expenditure: The Budget allocates $11,11,111$ crore for capital expenditure, marking a 16.9% surge over the RE for 2023-24.

2. Effective Capital Expenditure: The effective capital expenditure for 2024 - 25 is projected at $14,96,693$ crore, showcasing a substantial increase of $17.7 \%$ over the RE for 2023-24.

State Finances

1. Total Resources to States: In the fiscal year 2024-25, resources transferred to states, including devolution, grants, loans, and centrally sponsored schemes, amount to 22,22,264 crore(22.22 Lakh Crore). This represents a noteworthy increase of $4,13,848$ crore over the Actuals of FY 2022-23.

2. Comparison with Previous Years: The total expenditure in the RE for 2023-24 stands at 44,90,486 crore, surpassing the Actuals of FY 2022-23 by 2,97,328 crore. The capital expenditure in the RE for 2023-24 is estimated at $9,50,246$ crore.

Revenue and Capital Receipts

1. Tax and Non-Tax Revenue: Tax revenue (Net to Centre) is projected at 26,01,574 crore(26.01 Lakh Crore), while nontax revenue is estimated at $3,99,701$ crore.

2. Capital Receipts Breakdown: Capital receipts include recovery of loans ( 29,000 crore), other receipts $(50,000$ crore), and borrowings and other liabilities ( $16,85,494$ crore).

Expenditure Breakdown

1. On Revenue Account: The Budget allocates 36,54,657 crore(36.54 Lakh Crore) on revenue account, covering interest payments $(11,90,440$ crore) and grants in aid for capital account creation ( $33,85,582$ crore).

2. On Capital Account: Capital account expenditure is estimated at 11,11,111 crore, contributing to the effective capital expenditure of $14,96,693$ crore.

Deficit Metrics

1. Fiscal Deficit: The fiscal deficit for $2024-25$ is projected at $16,85,494$ crore, constituting 5.1% of the Nominal GDP.

2. Revenue Deficit and Effective Revenue Deficit: The revenue deficit is anticipated to be $6,53,383$ crore, while the effective revenue deficit is projected at $2,67,801$ crore.

3. Primary Deficit: The primary deficit for 2024-25 is estimated at $4,95,054$ crore.

Government’s Effective Capital Expenditure (in ₹ Crore) Ovenview In the fiscal year 2024-25 Budget, the government’s focus on effective capital expenditure is evident, with allocations specified for key sectors. The below information provides a breakdown of major items, showcasing the allocation and expenditure trends from the past fiscal years to the estimated figures for 2024-25

Effective Capital Expenditure Breakdown

1. Capital Expenditure: The Budget allocates $₹ 11,11,111$ crore for capital expenditure in 2024-25, reflecting a strategic commitment to investment in critical areas.

2. Grants in Aid for Capital Assets: Under this category, ₹3,85,582 crore is allocated for creating capital assets, emphasizing the government’s investment in long-term infrastructure development.

3. Total Expenditure of Major Items: The effective capital expenditure for major items is detailed, covering key sectors critical for economic growth.

Expenditure of Major Items (in ₹ Crore)

1. Pension: ₹2,39,612 crore is allocated, recognizing the importance of honoring commitments to retired personnel.

2. Defence: A substantial allocation of $₹ 4,54,773$ crore emphasizes the government’s commitment to national security.

3. Subsidies: Noteworthy subsidies include Fertiliser ( $₹ 1,64,000$ crore), Food ( $₹ 2,05,250$ crore), and Petroleum ( ₹11,925 crore), addressing key sectors crucial for public welfare.

4. Agriculture and Allied Activities: $₹ 1,46,819$ crore is earmarked for the development of agriculture and allied sectors.

5. Education: A significant allocation of $₹ 1,24,638$ crore underscores the importance of investing in education for national progress.

6. Health: $ \mathrm{₹} 90,171$ crore is allocated to the health sector, reflecting the government’s commitment to public wellbeing.

7. Interest Payments: With ₹ $11,90,440$ crore allocated, managing interest payments remains a critical component of fiscal planning.

8. Others: Various sectors such as IT and Telecom, Rural Development, and Social Welfare receive targeted allocations, emphasizing holistic development.

Allocations for specific ministries

• Defence Ministry: ₹ 6.1 lakh crore
• Ministry of road transport and highways: ₹2.78 lakh crore
• Ministry of railways: ₹2.55 lakh crore
• Ministry of consumer affairs, food & public distribution: ₹2.13 lakh crore
• Ministry of home affairs: ₹2.03 lakh crore
• Ministry of rural development: ₹1.77 lakh crore
• Ministry of chemicals and fertilizers: ₹1.68 lakh crore
• Ministry of communications: ₹1.37 lakh crore
• Ministry of agriculture and farmer’s welfare: 1.27 lakh crore
• Ministry of Education: ₹1.24 Lakh Crore
• Ministry of Health: ₹ 90,171 Crore

Transfer of Resources to States and Union Territories with Legislature (in ₹ Crore) Overview

The allocation and transfer of resources to states and union territories play a crucial role in fostering balanced development across regions. The below information provides a breakdown of actuals for 2022-23, revised estimates for 2023-24, and budget estimates for 2024-25.

Devolution of States Share in Taxes

I. Actual Devolution (2022-23): $₹ 9,48,406$ crore was devolved to states, forming a critical component of their fiscal resources.

II. Revised Estimates (2023-24): The revised estimate for 2023-24 is $₹ 11,04,494$ crore, indicating an increase in the devolution share.

III. Budget Estimates (2024-25): The budget proposes a further increase, with ₹ $12,19,783$ crore earmarked for devolution, emphasizing the government’s commitment to empowering states financially.

Some Important Items of Transfer

I. Actual Transfer (2022-23): ₹1,20,366 crore was allocated for essential items, supporting various initiatives at the state level.

II. Revised Estimates (2023-24): The revised estimate for 2023-24 stands at ₹1,60,986 crore, reflecting adjustments in response to evolving fiscal needs.

III. Budget Estimates (2024-25): The budget earmarks $₹ 1,88,703$ crore for important items of transfer, underscoring the government’s focus on targeted financial support. Finance Commission Grants

I. Actual Grants (2022-23): Finance Commission Grants amounted to $₹ 1,72,760$ crore, addressing specific developmental needs identified by the Finance Commission.

II. Revised Estimates (2023-24): The revised estimate for 2023-24 is ₹1,40,429 crore, reflecting adjustments based on the Commission’s recommendations and evolving fiscal priorities.

III. Budget Estimates (2024-25): The budget allocates $₹ 1,32,378$ crore for Finance Commission Grants, highlighting continued support for state-level development.

Government of India’s Budget Allocation for Major Schemes (2024-2025)

In the proposed budget for the fiscal year 2024-2025, the Government of India has outlined a comprehensive allocation for various major schemes. These schemes are strategically categorized into three sections, emphasizing their significance and funding priorities.

1. Core of the Core Schemes (A):

• Mahatma Gandhi National Rural Employment Guarantee Program:$ ₹ 86,000$ crore
• National Social Assistance Program: $₹9,652$ crore
• Umbrella Programme for Development of Minorities: $₹913$ crore
• Umbrella Programme for Development of Other Vulnerable Groups: $₹2,150$ crore
• Umbrella Programme for Development of Scheduled Tribes: $₹4,241$ crore
• Umbrella Scheme for Development of Schedule Castes: $₹ 9,560$ crore

2. Core Schemes (B):

• Pradhan Mantri Awas Yojna (PMAY): $₹ 80,671$ crore

• Jal Jeevan Mission/National Rural Drinking Water Mission: $₹70,163$ crore

• National Health Mission: $₹ 38,183$ crore

• Samagra Shiksha: $₹ 37,500$ crore

• Pradhan Mantri Gram Sadak Yojna: $₹ 19,000$ crore

• National Livelihood Mission - Ajeevika: $₹ 15,047$ crore

• Pradhan Mantri Poshan Shakti Nirman: $₹ 12,467$ crore

• Pradhan Mantri Krishi Sinchai Yojna: $₹11,391$ crore

• Urban Rejuvenation Mission (AMRUT and Smart Cities): $₹ 10,400$ crore

• Rashtriya Krishi Vikas Yojna: $₹7,553$ crore

• Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana: $₹ 7,500$ crore

• Krishionnati Yojana: $₹ 7,447$ crore

• Swachh Bharat Mission (Gramin): $₹7,192$ crore

• Assistance to States Agencies for Intra-State Movement of Foodgrains: $₹ 7,075$ crore

• PM Schools for Rising India: $₹ 6,050$ crore

• Swachh Bharat Mission: $₹ 5,000$ crore

• Pradhan Mantri Ayushman Bharat Health Infrastructure Mission: $₹4,108$ crore

• Modernisation of Police Forces: $₹3,720$ crore

• Interlinking of Rivers: $₹3,500$ crore

• Mission Shakti: $₹ 3,146$ crore

• Blue Revolution: $₹ 2,352$ crore

• Pradhan Mantri Uchchatar Shiksha Abhiyan: $₹ 1,815$ crore

• Mission VATSALYA: $₹ 1,472$ crore

• Strengthening Teaching-Learning and Results for States: $₹ 1,250$ crore

• Rashtriya Gram Swaraj Abhiyan: $₹1,064$ crore

• Vibrant Villages Programme: $₹1,050$ crore

• Infrastructure Facilities for Judiciary: $₹1,000$ crore

• Prime Minister Formalisation of Micro Food Processing Enterprises Scheme: $₹880$ crore

• Environment, Forestry and Wildlife: $₹714$ crore

• National River Conservation Plan - Other Basins: $₹592$ crore

3. Major Central Sector Schemes (C):

• Crop Insurance Scheme: $₹14,600$ crore

• Pradhan Mantri Kisan Samman Nidhi: $₹ 60,000$ crore

• Formation and Promotion of 10,000 Farmer Producer Organizations: $₹582$ crore

• Modified Interest Subvention Scheme: $₹22,600$ crore

• Pradhan Mantri Annadata Aay Sanrakshan Yojna: $₹1,738$ crore

• Agriculture Infrastructure Fund: $₹600$ crore

• Crop Science for Food and Nutritional Security: $₹930$ crore

• Research and Development Projects: $₹1,200$ crore

• Nuclear Power Projects: $₹2,228$ crore

• Feedstock: $₹ 1,253$ crore

• R&D projects of Bhabha Atomic Research Centre: $₹1,100$ crore

• Fuel Recycle Projects: $₹805$ crore

• uclear Fuel Fabrication Projects: $₹764$ crore

• Urea Subsidy: $₹ 1,19,000$ crore

• Nutrient Based Subsidy: $₹ 45,000$ crore

• Development of Industry (Pharmaceutical): $₹1,300$ crore

• Production Linked Incentive Scheme (Pharmaceutical): $₹ 2,143$ crore

• Regional Connectivity Scheme: $₹502$ crore

• Interest Equalisation Scheme: $₹ 1,700$ crore

• Industrial Development Scheme for Himachal Pradesh & Uttarakhand: $₹ 567$ crore

• Fund of Funds: $₹1,200$ crore

• Refund of Central and Integrated GST to Industrial Units in North Eastern Region and - Himalayan States: $₹1,382$ crore

• Compensation to Service Providers for creation and augmentation of telecom infrastructure: $₹ 2,000$ crore

• Domestic Industry Incentivisation Scheme: $₹1,911$ crore

• Pradhan Mantri Garib Kalyan Anna Yojana: $₹2,05,250$ crore

• Works under Border Roads Development Board: $ ₹ 6,500$ crore o Other works: $ ₹1,500$ crore

• Border Area Development Programme: $ ₹2,000$ crore

• Pradhan Mantri Bhartiya Janaushadhi Pariyojana: $ ₹300$ crore

• Solar Rooftop Scheme: $ ₹2,000$ crore

• Interest Subsidy Scheme for Housing the Urban Poor: $ ₹ 10,000$ crore

• Pradhan Mantri Awaas Yojana (Urban): $ - ₹ 9,500$ crore

• Subsidy for Interest on Loans under Atal Bimit Vyakti Kalyan Yojana: ₹408 crore

International Assistance Schemes Allocation

1. Scheme for Bhutan:

• Actual 2022-2023: $ ₹2467$ crore

• Budget Estimates 2023-2024: $ ₹2401$ crore

• Revised Estimates 2023-2024: $ ₹2399v crore

• Budget Estimates 2024-2025: $ ₹2069$ crore

2. Scheme for Nepal:

• Actual 2022-2023: $ ₹434$ crore

• Budget Estimates 2023-2024:$ ₹550$ crore

• Revised Estimates 2023-2024: $ ₹ 650$ crore

• Budget Estimates 2024-2025: $ ₹700$ crore

3. Maldives Assistance:

• Actual 2022-2023: $₹183$ crore

• Budget Estimates 2023-2024: $ ₹400$ crore

• Revised Estimates 2023-2024: $ ₹771$ crore

• Budget Estimates 2024-2025: $ ₹600$ crore

4. Support to International Training/Programmes:

• Actual 2022-2023: $ ₹480$ crore

• Budget Estimates 2023-2024: $ ₹435$ crore

• Revised Estimates 2023-2024: $ ₹1105$ crore

• Budget Estimates 2024-2025: $ ₹769$ - crore

Abu Dhabi’s First Temple to be Inaugurated by PM Modi on 14 Feb

Weeks after the consecration of the Ram Mandir in Ayodhya, Prime Minister Narendra Modi is set to inaugurate another significant temple on February 14 in Abu Dhabi. The BAPS Hindu Mandir, located in the capital’s Abu Mureikha area, marks the first Hindu temple in the UAE and is anticipated to be one of the largest and most exquisite Hindu temples outside of India, as well as the largest in West Asia.

Background and Diplomatic Significance

During PM Modi’s first visit to the UAE in 2015, the country allocated land in Abu Dhabi for the construction of a Hindu temple. This visit held diplomatic importance, making Modi the first Indian Prime Minister in 34 years to visit the strategic Gulf nation. The temple project was inaugurated by the PM in February 2018, and construction commenced in December 2019.

BAPS Hindu Mandir Details

• Location: Abu Dhabi’s Abu Mureikha area.
• Size and Cost: Built on over 5.4 hectares at a cost of Rs 700 crore.
• Architecture: Incorporates intricately designed pink sandstone and marble façade with seven spires representing each of the Emirates of the UAE.
• Materials Used: 40,000 cubic meters of marble, $1,80,000$ cubic meters of sandstone, and over 1.8 million bricks.
• Facilities: The complex includes a large amphitheatre, a gallery, a library, a food court, a majlis, two community halls accommodating 5,000 people, gardens, and children’s play areas.

BAPS Hindu Mandir Design and Inspiration

• The temple’s design draws inspiration from Vedic architecture and sculptures.
• Artisans in India crafted many statues and carvings, shipped to Abu Dhabi.

BAPS Organization:

• Full Form: Bochasanwasi Shri Akshar Purushottam Swaminarayan Sanstha (BAPS).
• Roots: A socio-spiritual Hindu faith rooted in the Vedas, pioneered by Bhagwan Swaminarayan in the late 1700s.
• Establishment: Formally established in 1907 by Shastriji Maharaj (1865-1951).
• Global Presence: BAPS claims to operate over 3,850 centers worldwide, including 1,100 temples.
• Notable Project: BAPS was behind the construction of Akshardham in Robbinsville, New Jersey, the world’s largest Hindu temple outside of India.

Akshardham Mahamandir (Robbinsville, New Jersey)

• Size: Spans 185 acres and stands at 191 feet high.
• Construction: Used 1.9 million cubic feet of stone from 29 different sites worldwide, including Bulgaria, Italy, Greece, Turkey, and India.
• Affiliation: Akshardham temples in Delhi and Gujarat are also run by BAPS.

PM Modi Inaugurates ₹1,156 Crore Projects in Lakshadweep

In a significant development, Prime Minister Narendra Modi inaugurated projects worth ₹1,156 crore during his visit to the Lakshadweep islands. Among these projects is the KochiLakshadweep Islands Submarine Optical Fibre Cable, a ₹1,072crore initiative providing $100 \mathrm{Gbps}$ internet connectivity to the islands.

Enhancing Connectivity and Internet Speeds

The undersea cable link, executed by Japanese firm NEC and laid by BSNL, promises 100 times faster internet for the residents of Lakshadweep. Covering 1,868 kilometers, it connects Kavaratti, Agatti, Amini, Kadmat, Chetlet, Kalpeni, Minicoy, Androth, Kiltan, Bangaram, and Bitra. This initiative allows telecom companies to offer $4 G, 5 G$, and high-speed broadband for the first time in the archipelago. Multi-Faceted Development Initiatives

Apart from the internet cable, other projects include a thermal desalination plant, tap connections under Jan Jeevan Mission, a solar power plant, and the headquarters of Indian Reserve Battalion. The PM also laid the foundation for healthcare facility renovation and Nand Ghar model Anganwadis on different islands.

Empowering Youth through Education and Infrastructure Highlighting the absence of higher education institutions in the past, PM Modi emphasized recent steps to address this issue. Initiatives include launching educational institutions for arts and science on Andrott and Kadmat islands and a Polytechnic College in Minicoy. The PM also distributed laptops to college students, bicycles to girl school students, Kisan Credit Cards, and PMJAY Cards, showcasing a holistic approach towards the socio-economic development of Lakshadweep.

PM Modi Launched PRITHVI VIGYAN Scheme worth nearly 4,800 crore rupees

The Indian government, under the leadership of Prime Minister Shri Narendra Modi, has launched an ambitious initiative named PRITHVI (PRITHvi VIgyan), a comprehensive scheme by the Ministry of Earth Sciences. With a significant budget of Rs. 4,797 crore, the program spans from 2021-26, marking a new era in the study and understanding of Earth sciences in India.

Objectives of PRITHVI Scheme

The PRITHVI scheme aims to revolutionize our understanding and interaction with various Earth systems. Its objectives include:

• Long-Term Observations: Strengthening the continuous monitoring of the Earth’s atmosphere, oceans, geosphere, cryosphere, and solid earth to track and record essential changes.
• Model Development: Creating advanced models for better forecasting of weather, oceanic, and climatic hazards, and deepening the understanding of climate change.
• Polar and Oceanic Exploration: Venturing into the unexplored polar regions and high seas to discover new phenomena and resources.
• Technology Advancement: Innovating technologies for the sustainable exploitation of oceanic resources, benefiting society.
• Knowledge Translation: Converting scientific insights into practical services for societal, environmental, and economic advantages.

The Role of the Ministry of Earth Sciences

The Ministry of Earth Sciences (MoES) plays a pivotal role in this initiative, translating scientific knowledge into valuable services for society. These services encompass:

• Weather forecasts and warnings.
• Alerts for natural disasters like cyclones, floods, and tsunamis.
• Earthquake monitoring and more.

The MoES’s work in this regard has been instrumental in saving lives and reducing property damage during natural disasters.

Prithiv Scheme: Operational and Research Framework

The MoES conducts its research and operational activities through ten esteemed institutes, including:

• India Meteorological Department (IMD)
• National Centre for Medium Range Weather Forecasting (NCMRWF)
• Centre for Marine Living Resources and Ecology (CMLRE)

And others

These institutes work in tandem, supported by a fleet of research vessels, to conduct ground-breaking research and provide essential services.

Earth System Sciences: A Multidisciplinary Approach

Earth System Sciences encompass the comprehensive study of the Earth’s atmosphere, hydrosphere, geosphere, cryosphere, and biosphere. MoES’s PRITHVI scheme takes a holistic approach to these disciplines, integrating their complex interactions for a deeper understanding of Earth sciences.

The Impact of PRITHVI

PRITHVI promises to unify various disciplines under Earth sciences, fostering integrated, multidisciplinary research. This collaborative effort aims to address significant challenges in weather, climate, oceanography, cryospheric studies, seismology, and sustainable resource utilization.

In conclusion, the PRITHVI scheme represents a significant leap forward in the realm of Earth sciences in India. It not only enhances our understanding of Earth’s complex systems but also ensures that this knowledge is transformed into practical applications for societal benefit. With its comprehensive approach and robust framework, PRITHVI is set to make a lasting impact on how we interact with and understand our planet.

Golden Globes Awards 2024: Here is the full list of winners

The 81st Golden Globe Awards are set to be presented in a lavish event at The Beverly Hilton in Beverly Hills, California, USA. This year’s ceremony is anticipated to be highlighted by Greta Gerwig’s widely popular film Barbie and Christopher Nolan’s hit movie Oppenheimer. Barbie is at the forefront with nine nominations, including Best Picture Musical or Comedy, and acting nods for Margot Robbie and Ryan Gosling, along with three nominations for its original songs.

Meanwhile, Oppenheimer has received eight nominations, featuring Best Picture Drama and nominations for actors Cillian Murphy, Robert Downey Jr., and Emily Blunt. In terms of television, Succession leads with nine nominations, including nods for its cast members Brian Cox, Jeremy Strong, Sarah Snook, and Kieran Culkin.

Here’s the complete list of Golden Globes Awards 2024

‘Oppenheimer’ and ‘Poor Things’ win big at the 81st Golden Globe Awards, while shows ‘Succession’ and ‘The Bear’ also made headlines. Check the complete list in tabular form:

RBI’s Financial Stability Report (FSR) - December 2023: Key Highlights

The Reserve Bank of India (RBI) recently released the 28th issue of the Financial Stability Report (FSR), offering a comprehensive evaluation of the Indian financial system’s resilience and potential risks. The report, based on the findings of the Sub-Committee of the Financial Stability and Development Council (FSDC), sheds light on both global and domestic economic conditions.

Key Highlights of FSR Dec 2023

Global Economic Challenges:

• The global economy faces multifaceted challenges, including the prospects of slowing growth, elevated public debt, economic fragmentation, and geopolitical conflicts.

Resilience of the Indian Economy:

• Despite global challenges, the Indian economy and financial system exhibit resilience, supported by robust macroeconomic fundamentals, healthy financial institution balance sheets, moderate inflation, improved external sector position, and ongoing fiscal consolidation.

Commercial Banks’ Health:

• Scheduled commercial banks (SCBs) showcase strength with a Capital to Risk-Weighted Assets Ratio (CRAR) of $16.8 \%$ and a Common Equity Tier 1 (CET1) ratio of $13.7 \%$ in September 2023.
• SCBs’ Gross Non-Performing Assets (GNPA) ratio hits a multi-year low at $3.2 \%$, with Net Non-Performing Assets (NNPA) at 0.8% in September 2023.

Macro Stress Tests:

• Stress tests project SCBs’ compliance with minimum capital requirements, projecting a system-level CRAR of $14.8 \%$, $13.5 \%$, and $12.2 \%$ in September 2024 under baseline, medium, and severe stress scenarios.

Non-Banking Financial Companies (NBFCs):

• NBFC sector resilience improves with a CRAR of $27.6 \%$, GNPA ratio at $4.6 \%$, and Return on Assets (RoA) at $2.9 \%$ in September 2023.
• High-risk stress scenario in the NBFC sector warrants monitoring due to increased inter-bank exposure, although system failure is not anticipated.

Credit and Deposit Growth:

• Credit growth remains robust, and deposit growth gains momentum in the Indian financial system.
• NBFCs contribute significantly to credit growth, particularly in personal loans and loans to the industry, with improved asset quality.

Concerns and Contagion Risks:

• Risks in the NBFC sector are assessed to be higher, and contagion risks may increase due to heightened inter-bank exposure.
• Recent risk weight adjustments in retail loan categories may impact NBFC credit growth at sectoral and subsectoral levels.

Overall System Stability:

• The Indian financial system, while stable, faces heightened global uncertainty, requiring continuous monitoring to detect any undue risk build-up.
• Prudent management of exposures and building financial buffers is emphasized to address potential challenges.

Non-Banking Financial Companies (NBFCS): Key Characteristics and Role

Characteristics of NBFCs:

• Legal Framework: NBFCs are entities registered under the Companies Act, 1956.
• Financial Activities: They engage in diverse financial activities, including loans, advances, and the acquisition of securities.

Exclusions from Principal Business:

• Scope: NBFCs exclude institutions primarily involved in agriculture, industrial activity, trading, or the purchase/sale of immovable properties.

Regulatory Oversight:

• Primary Regulator: NBFCS are primarily regulated and governed by the Reserve Bank of India (RBI).
• Additional Oversight: Some NBFCs may fall under the regulatory purview of other authorities like the Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), etc.

Operational Limitations:

• Demand Deposits: NBFCs cannot accept demand deposits.
• Payment and Settlement System: They are not part of the payment and settlement system and cannot issue cheques drawn on themselves.
• Deposit Insurance: Deposit insurance facility is not available to depositors of NBFCs.

Contribution to Financial Inclusion:

• Bridge Gap: NBFCs play a crucial role in bridging the gap between traditional banks and customers.
• Access to Credit: Their presence is significant in areas where traditional banks have limited reach, contributing significantly to financial inclusion and access to credit.

Financial Stability and Development Council (FSDC)

• Establishment: The FSDC was established in 2010 with the objective of strengthening and institutionalizing mechanisms for maintaining financial stability.
• Leadership: The ex-officio chairman of FSDC is the Finance Minister.
• Mandate: The council aims to enhance inter-regulatory coordination and promote the overall stability and growth of the financial sector in India.

Financial Stability Report 2023: Key Highlights (June)

The 27th Financial Stability Report for June 2023, released by the Reserve Bank of India (RBI), outlines the global economic scenario and underscores India’s resilience despite prevailing challenges.

Global Economic Landscape:

• Challenges: Heightened uncertainty globally due to banking fragility, geopolitical tensions, and persistent but moderating inflation.

Indian Economic Resilience:

• Strengths: India’s economy and financial system display resilience, buoyed by robust macroeconomic fundamentals and sustained growth momentum.
• Positive Indicators: Current account deficit closure, increased forex reserves, ongoing fiscal consolidation, and a robust financial system contribute to India’s sustained growth path.

Banking System Strength:

• Historical Highs: Scheduled commercial banks (SCBs) achieve historic highs in Capital-to-Risk-Weighted Assets Ratio (CRAR) at $17.1 \%$ and Common Equity Tier 1 (CET1) ratio at $13.9 \%$ in March 2023.
• Improved Asset Quality: SCBs witness a 10-year low in Gross Non-Performing Assets (GNPA) ratio at $3.9 \%$, and Net Non-Performing Assets (NNPA) ratio declines to $1.0 \%$ in March 2023.

Macro Stress Tests:

• Capital Adequacy: SCBs are projected to comply with minimum capital requirements even under severe stress scenarios.
• System-level CRAR: March 2024 projections stand at $16.1 \%, 14.7 \%$, and $13.3 \%$ under baseline, medium, and severe stress scenarios, demonstrating resilience.

EAM S. Jaishankar Boosts India-Nepal Relations in Two-Day Visit

In a diplomatic triumph, India’s External Affairs Minister (EAM) S. Jaishankar concluded his two-day visit to Nepal, solidifying ties through various initiatives and agreements. The pivotal event of the visit was the 7th India-Nepal Joint Commission meeting, culminating in a landmark accord for India to import 10,000 MW of hydroelectricity from Nepal over the next decade.

1. Key Agreements

• The 7th India-Nepal Joint Commission meeting resulted in a significant pact: India will import $10,000 \mathrm{MW}$ of hydroelectricity from Nepal over the next decade.

2. Reconstruction Aid

• India announced a financial package of Nepali Rs $ \mathrm{1 , 0 0 0}$ crore (USD 75 million) for rebuilding infrastructure in areas affected by the 2015 earthquake.
• Inaugurated jointly by Jaishankar and Nepal’s N P Saud, post-quake reconstruction projects include schools, health facilities, and cultural heritage sites.

3. Transformative Ties

• Jaishankar highlighted the transformation in India-Nepal relations, emphasizing connectivity in physical, digital, and energy realms as a foundation for collaboration.
• Tribhuvan University Central Library in Kathmandu was inaugurated, symbolizing strengthened people-to-people linkages.

4. Shared Responsibilities

• EAM Jaishankar emphasized the shared responsibilities in building ties and commended India’s post-2015 earthquake efforts, including funding for 50,000 houses.

5. Treaty Review

• Both sides reviewed various aspects of bilateral relations, including the 1950 Treaty of Peace and Friendship, security matters, and boundary-related issues.

6. The ‘HIT’ Formula

• Referring to PM Modi’s 2014 visit, Jaishankar recalled the ‘HIT’ formula for India-Nepal relations: Highways, Iways (Information ways), and Transways (Connectivity).

7. Power Trade Agreement

• A long-term power trade agreement was signed, aiming to increase Nepal’s power export to India to $10,000 \mathrm{MW}$ within the next 10 years. Currently, Nepal’s electricity capacity is around $2,600 \mathrm{MW}$.

Ministry of Youth Affairs & Sports Announced the National Sports Awards 2023

The Ministry of Youth Affairs & Sports announced the National Sports Awards 2023, honouring individuals and institutions that have excelled in their respective fields. The awards ceremony, held at Rashtrapati Bhavan, witnessed the presentation of various awards to sportspersons, coaches, and entities for their outstanding contributions to sports in the country.

National Sports Award 2023

President Droupadi Murmu has conferred the Arjuna Awards to various sports personalities at the Rashtrapati Bhawan. The second-highest athletic honour in India, the Arjuna Award, is given for demonstrating leadership, sportsmanship, and discipline along with good performance over the preceding four years.

Several athletes across various sports were selected for the National Sports and Adventure Awards 2023, including World Cup star Mohammed Shami, Asian Games heroes Ojas Pravin Deotale, shooter Aishwarya Pratap Singh Tomar and Parul Chaudhary. The Sports Ministry in December had declared nominees for the annual sports awards, confirming the prestigious Khel Ratna honour for badminton players Satwik Sairaj Rankireddy and Chirag Shetty and the Arjuna award for 26 sports persons.

Full list of National Sports Awards 2023

Here is the complete list of winners who got National Sports Awards, for his/her remarkable contribution to their respective sports:

Major Dhyan Chand Khel Ratna Award:

• Satwik Sairaj Rankireddy and Chirag Shetty (badminton)

Dronacharya Award for Outstanding Coaches in Sports and Games 2023:

• Ganesh Prabhakaran (mallakhamb), Mahavir Saini (para athletics), Lalit Kumar (wrestling), RB Ramesh (chess), Shivendra Singh (hockey).

Dhyan Chand Lifetime Award

• Kavita (kabaddi), Manjusha Kanwar (badminton), Vineet Kumar Sharma (hockey).

Maulana Abul Kalam Azad (MAKA) Trophy 2023:

• Guru Nanak Dev University, Amritsar (winner),
• Lovely Professional University, Punjab (1st runners-up),
• Kurukshetra University, Kurukshetra (2nd runners-up).

Six Nations Top Global Passport Ranking, With Access To 194 Destinations

In a significant development, France, Germany, Italy, Japan, Singapore, and Spain share the top spot in the quarterly ranking of the world’s most powerful passports. Enjoying visafree or visa-on-arrival access to an impressive 194 destinations, this marks a historic high since the inception of the Henley Passport Index 19 years ago.

Triumphant Rise of Europe: Second and Third Positions

Japan and Singapore, holding the top position for the past five years, now see a triumphant rise for Europe. Finland and Sweden, tied with South Korea, secure the second spot with easy access to 193 destinations. Following closely, Austria, Denmark, Ireland, and the Netherlands claim the third position, providing access to 192 destinations.

Global Passport Rankings: Fourth and Fifth Positions

The fourth position is collectively held by Belgium, Luxembourg, Norway, Portugal, and the United Kingdom, with access to 193 destinations. Greece, Malta, and Switzerland secure the fifth spot.

Noteworthy Improvements: Australia, New Zealand, Czechia, and Poland

Australia and New Zealand have advanced their standings, now sharing the sixth position with Czechia and Poland. The United States and Canada, along with Hungary, are tied in seventh place, boasting visa-free access to 188 destinations.

India’s Passport Ranking in 2024: Position 80 with Access to 62 Countries

India secures the 80th position, with visa-free access to 62 countries. The global passport landscape showcases varying degrees of accessibility, highlighting the significance of diplomatic relations and international cooperation.

World’s Most Powerful Passports for 2024: A Snapshot

The ranking underscores the evolving dynamics of global travel and the importance of diplomatic ties in facilitating international mobility.

The ranking underscores the evolving dynamics of global travel and the importance of diplomatic ties in facilitating international mobility.

Swachh Survekshan Awards 2023: Indore and Surat Share Cleanest City Title

In a prestigious ceremony hosted by the Ministry of Housing and Urban Affairs (MoHUA), the Swachh Survekshan Awards 2023 witnessed President Droupadi Murmu conferring accolades to 13 distinguished awardees across various cleanliness categories.

Cleanest City Title: Indore and Surat Joint Winners

Indore, for the remarkable seventh consecutive time, secured the cleanest city title. However, this year, it shared the honors with Surat, marking a unique joint victory. The President, Smt. Droupadi Murmu, presented the awards at the Bharat Mandapam, New Delhi.

Top Performers in Other Categories

• Cities with Population under 1 Lakh: Sasvad, Patan, and Lonavala claimed the top three spots.
• Cleanest Cantonment Board: Mhow Cantonment Board in Madhya Pradesh emerged as the top performer.
• Cleanest Ganga Towns: Varanasi and Prayagraj received recognition as the best and cleanest Ganga towns.
• Best Performing States: Maharashtra, Madhya Pradesh, and Chhattisgarh secured the top three awards for their outstanding performance.
• Safaimitra Surakshit Sheher: Chandigarh received the award for the Best Safaimitra Surakshit Sheher.

Swachh Survekshan 2023 Highlights

• The President launched the Swachh Survekshan 2023 dashboard during the ceremony.
• A total of 110 awards were bestowed, celebrating excellence in cleanliness initiatives.
• The theme for the Cleanliness Survey 2024 is “Reduce, Reuse, and Recycle.”
• The ceremony was attended by Union Housing and Urban Affairs Minister Hardeep Singh Puri and other dignitaries.

Key Statistics and Achievements

• Data revealed that 4,447 urban local bodies participated in Swachh Survekshan 2023, making it the world’s largest cleanliness survey.
• The survey received an impressive 12 core citizen responses, reflecting widespread public engagement.

Emmys Awards 2024, Complete List Of Winners

The Emmy Awards 2024 marked another spectacular event in television history, celebrating outstanding achievements in the TV industry. The Emmy Awards 2024 ceremony showcased the best and brightest in television. With many shows vying for the top honours, the event was a testament to contemporary television’s diverse and dynamic nature. HBO’s “Succession” led the nominations, indicating the show’s significant impact on audiences and critics alike. This is the

75th Primetime Emmy Awards.

Anthony Anderson, the veteran actor who spent several years as the star of ABC’s “black-ish,” scored several laughs and appreciative applause as he started his hosting gig at the 75th Emmy Awards.

Here’s the complete List of Emmys Awards 2024

The Emmy Awards 2024 was a night of celebration for television excellence. This year’s ceremony saw a wide array of talent and shows recognized for their remarkable contributions to the industry. Below is a comprehensive overview of the winners across various categories.

ICC Players of the Month for December 2023, Pat Cummins and Deepti Sharma Shine

The cricketing world witnessed outstanding performances in December 2023, and the International Cricket Council (ICC) duly recognized the brilliance of Australia’s Pat Cummins and India’s Deepti Sharma. In a month that showcased cricketing prowess across formats, Cummins and Sharma stood out, earning the prestigious ICC Men’s and Women’s Player of the Month awards.

1. Pat Cummins: A Bowling Maestro

Australia’s skipper, Pat Cummins, capped off a stellar year with the ICC Men’s Player of the Month award for December. Cummins played a pivotal role in Australia’s Test series triumph against Pakistan, displaying exceptional leadership and bowling prowess.

• Dominant Test Series Performance: Cummins led from the front in Australia’s Test series victory over Pakistan, contributing significantly to their successful campaign in 2023.
• Inspiring Melbourne Spell: The highlight of Cummins’ month came in the second Test against Pakistan in Melbourne, where he showcased his bowling mastery by taking ten wickets. His crucial five-for in the second innings, including the prized wicket of Mohammed Rizwan, secured a dramatic victory for Australia.
• Accolades and Nominations: Cummins, who played a key role in Australia winning the World Test Championship and the Men’s Cricket World Cup in 2023, is now nominated for the prestigious Sir Garfield Sobers Trophy in the ICC Awards 2023.

2. Deepti Sharma: Multi-Format Brilliance

India’s Deepti Sharma made history by winning her maiden ICC Women’s Player of the Month award for December. Sharma’s exceptional performances across all three formats, especially against England and Australia, earned her this well-deserved recognition.

• T20I and Test Brilliance: Sharma began the month with solid contributions in T2Ols against England, setting the stage for a remarkable Test performance. In the Test against England, she scored 67 runs and showcased her bowling prowess with a stunning nine-wicket haul.
• Test Triumph Against Australia: Deepti continued her exceptional run in the Test against Australia, top-scoring with a crucial 78 runs, contributing significantly to India’s eight-wicket victory.
• Consistent ODI Performances: The subsequent ODI matches against Australia witnessed more brilliance from Sharma, including a remarkable five-for in one encounter.

US Leads 2024 Military Rankings, India Fourth, Bhutan Ranks Lowest

The Global Firepower’s Military Strength Rankings for 2024 offer a comprehensive assessment of military capabilities worldwide. The rankings, encompassing 145 countries, take into account more than 60 factors, including troop numbers, military equipment, financial stability, geographic location, and available resources. The culmination of these factors results in a PowerIndex score, providing a nuanced perspective on global military strength.

Top 10 Most Powerful Militaries

The top 10 countries with the most powerful militaries in the world, according to Global Firepower’s rankings for 2024, are as follows:

These rankings reflect the culmination of various factors, showcasing the strengths and capabilities of each nation’s military.

10 Countries with the Least Powerful Militaries

In contrast, the report also highlights the countries with the least powerful militaries, emphasizing the diversity of global military capabilities. The bottom 10 countries in the rankings for 2024 are:

Understanding the challenges these nations face and the factors contributing to their lower military rankings provides insight into the complex dynamics of global security.

The Best FIFA Football Awards 2024

The Best FIFA Football Awards 2024 recognized the most exceptional talents in football. Lionel Messi and Aitana Bonmati emerged as the best players, with several others receiving prestigious honours. The ceremony, held in London, celebrated players, coaches, and teams for their achievements in the 2023 season.

The Best FIFA Football Awards 2024: Key Winners and Highlights

1. Men’s Player of the Year: Lionel Messi

• Lionel Messi, playing for Argentina and Inter Miami, won the Best FIFA Men’s Player award, edging out Erling Haaland in a tiebreaker.
• Messi and Haaland both scored 48 points, but Messi received more points from national captains.
• Messi is the first footballer to win this award three times.

2. Women’s Player of the Year: Aitana Bonmati

• Aitana Bonmati, from Barcelona and the Spanish national team, claimed the Best FIFA Women’s Player award.
• Bonmati had an extraordinary year, winning the World Cup, Spanish League, Spanish Super Cup, and the Champions League with Barcelona.
• She made history by winning all the titles she contested in a season and being voted the best player in all of them.

3. Men’s Coach of the Year: Pep Guardiola

• Pep Guardiola, the coach of Manchester City, was named the Best Men’s Coach.
• Under his leadership, Manchester City achieved a historic treble, including their first Champions League.

4. Women’s Coach of the Year: Sarina Wiegman

• England coach Sarina Wiegman received the women’s best coach award, tying the record for most wins in this category.

5. Men’s and Women’s Goalkeeper of the Year: Ederson and Mary Earps

• Ederson, from Manchester City and Brazil, was awarded the Best Men’s Goalkeeper.
• Mary Earps, representing Manchester United and England, won the Best Women’s Goalkeeper award.

6. FIFA Puskas Award: Guilherme Madruga

• Guilherme Madruga, from Botafogo-SP, won the FIFA Puskas Award 2023 for his spectacular overhead kick.

7. FIFA Special and Fair Play Awards

• Brazilian football legend Marta received The FIFA Special Award.
• The Brazil men’s national team earned the FIFA Fair Play award for their stand against racism.

8. FIFA Fan Award

• The FIFA Fan Award 2023 went to Argentinian fan Hugo Daniel “Toto" Iniguez.

FIFA FIFPro World 11s

Men’s World XI:

• Goalkeeper: Thibaut Courtois (Real Madrid/Belgium)
• Defenders: Kyle Walker, Ruben Dias, John Stones (all Manchester City)
• Midfielders and Forwards: Bernardo Silva, Kevin De Bruyne (Manchester City), Jude Bellingham (Real Madrid), Lionel Messi (Inter Miami), Erling Haaland (Manchester City), Kylian Mbappe (Paris Saint-Germain), Vinicius Jr (Real Madrid).

Women’s World XI:

• Goalkeeper: Mary Earps (Manchester United/England)
• Defenders: Olga Carmona (Real Madrid), Lucy Bronze (Barcelona), Alex Greenwood (Manchester City)
• Midfielders: Kiera Walsh (Barcelona), Alessia Russo (Arsenal), Lauren James (Chelsea).

PM Modi Unveils Ram Mandir Stamps: A Historic Moment in

Indian CulturePrime Minister Narendra Modi recently launched a series of commemorative postage stamps dedicated to Ayodhya’s Ram Temple, marking a significant cultural event in India. This gesture not only honours the Ram Temple but also emphasizes the international appeal of Lord Ram across various societies.

Overview of the Commemorative Stamps

Design and Elements

• The collection comprises six distinct stamps, each featuring key figures and symbols associated with Lord Ram’s narrative, including the Ram Temple, Lord Ganesh, Lord Hanuman, Jatayu, Kevatraj, and Ma Shabri.
• The designs incorporate essential elements related to Shri Ram Janmbhoomi Mandir, showcasing the temple, the revered Choupai ‘Mangal Bhavan Amangal Hari,’ the sun, the Saryu River, and the sculptures in and around the temple.
• Each stamp is adorned with gold leaf detailing for the sun rays and the Choupai, adding a majestic touch.

Global Appeal

• The launch includes a 48-page book featuring stamps issued by over 20 countries, such as the US, New Zealand, Singapore, Canada, Cambodia, and organizations like the United Nations.
• This collection is intended to showcase Lord Ram’s global popularity and influence across different societies.

Cultural Significance

• The stamps reflect the five physical elements of nature sky, air, fire, earth, and water, known as ‘Panchabhutas.’
• These designs establish harmony and are symbolic of the universal principles that Lord Ram represents.

Ram Mandir: A Symbol of Faith and Unity

• The Ram Mandir, located in Ayodhya, holds immense religious and cultural significance in India. The temple is dedicated to Lord Ram, a major deity in Hinduism and a central figure in the Indian epic Ramayana. The construction and consecration of the Ram Mandir have been long-awaited events, celebrated by millions across the nation and the world.

Pran Pratishtha Ceremony

• The Pran Pratishtha (consecration) ceremony of the Ram Mandir is a monumental event, with Prime Minister Narendra Modi as the chief guest.
• Over 7,000 attendees, including politicians, celebrities, industrialists, and saints, are expected to participate in this historic ceremony. Pradhan Mantri Rashtriya Bal Puraskar 2024, Full List Of Winners

Pradhan Mantri Rashtriya Bal Puraskar 2024

The Pradhan Mantri Rashtriya Bal Puraskar 2024 was declared, with the awards set to be presented by President Droupadi Murmu at a formal event at Vigyan Bhawan in New Delhi on January 22.

This year, 19 children from various parts of the country have been recognized for their outstanding accomplishments. The Ministry of Women and Child Development revealed that Prime Minister Narendra Modi will engage with the recipients on January 23. Additionally, these children will be featured in the Republic Day parade on January 26, 2024.

Pradhan Mantri Rashtriya Bal Puraskar 2024, Full List Of Winners The Pradhan Mantri Rashtriya Bal Puraskar awardees include one child each in the fields of Bravery, Science & Technology, and Innovation; four in Social Service; five in Sports; and seven in Art and Culture. The group, as per the Ministry’s press release, consists of 9 boys and 10 girls from 18 different States and Union Territories.

Ayodhya Ram Mandir Inaugurated by Prime Minister Narendra Modi

On January 22, 2024, Prime Minister Narendra Modi inaugurated the Ram Mandir in Ayodhya, marking a momentous occasion in India’s history. The inauguration involved the ‘Pran Pratishtha’ (consecration) ceremony of the Ram Lalla idol, a pivotal event that symbolizes the infusion of life into the idol. The event, attended by over 7,000 dignitaries, was not just a religious ceremony but also a cultural milestone for India.

Prime Ministers Participation

Prime Minister Modi’s involvement was central to the ceremony. He participated in the ‘Pran Pratishtha’ of the Ram Lalla idol from 12:29:03 pm to 12:30:35 pm, a brief but highly auspicious 84-second window during the ‘Abhijit muhurta’. His visit to Ayodhya spanned nearly four hours, filled with various activities and rituals associated with the inauguration.

The Ram Lalla Idol and Temple Complex

The Ram Lalla idol, crafted by renowned sculptor Arun Yogiraj from Karnataka, is a 51-inch black-coloured depiction of Lord Ram as a five-year-old child. It was installed inside the temple’s sanctum sanctorum on January 18 as part of the preparatory rituals. The temple itself, an architectural marvel, stands at a length of 380 feet, a width of 250 feet, and a height of 161 feet, embodying the traditional Nagara style of architecture.

Comprehensive Security and Celebration

Ayodhya was transformed into a secure and festive zone. An extensive security network, including Al-powered drones and 13,000 security personnel, was deployed. The city was adorned with flowers and lights, echoing with slogans and verses from the Ramayana. The celebrations extended beyond Ayodhya, with people from different states contributing various gifts and offerings.

ICC Awards 2023, Check the Awardee’s Name

The ICC Awards 2023, organized by the International Cricket Council, represents the pinnacle of recognition for international cricket players. These prestigious awards celebrate the extraordinary talents and achievements of cricketers from around the world. This year’s ceremony saw a range of players being honoured for their exceptional performances across various formats of the game.

The ICC Awards 2023 witnessed a diverse group of cricketers being acknowledged for their outstanding contributions to the sport.

Here are all the winners of ICC Awards 2023:

ICC Men’s Cricketer of the Year

• Australia skipper Pat Cummins was announced as the winner of the Sir Garfield Sobers Trophy for the ICC Men’s Cricketer of the Year 2023. The inspirational captain had a stellar run with the bat and ball, and garnered remarkable team accolades, including a victory in the ICC World Test Championship Final, retention of the Ashes, and a record sixth triumph in the ICC Men’s Cricket World Cup 2023. ICC Men’s ODI Cricketer of the Year 2023
• Veteran Indian batter Virat Kohli was crowned the ICC Men’s ODI Cricketer of the Year 2023 for his exceptional year in the 50 -over format. Player of the tournament at the ICC Men’s Cricket World Cup 2023, Virat Kohli was announced as the ICC Men’s ODI Cricketer of the Year 2023. The Indian batter had a superb year with the bat, culminating in a record tally of runs at the home World Cup, where his contributions played a major part in India’s run to the final.

ICC Men’s Test Cricketer of the Year 2023

• Usman Khawaja was named as the ICC Men’s Test Cricketer of the Year 2023. Khawaja edged out tough competition from teammate Travis Head, India spinner Ravichandran Ashwin, and England’s Joe Root for the award following a successful year that culminated in Australia claiming their first ICC World Test Championship title. He scored 1210 runs in 13 Tests in the year.

Rachael Heyhoe Flint Award for ICC Women’s Cricketer of the Year 2023

• England’s all-rounder Nat Sciver-Brunt took home the Award for the second year in a row. 2023 was yet another remarkable year for Sciver-Brunt, with some of her exceptional knocks coming during the home Ashes against Australia.

ICC Women’s ODI Cricket of the Year 2023

• Chamari Athapaththu, already leading the Women’s T20I and ODI sides of the year, added another feather to her cap by winning this feat. Athapaththu was rewarded for her exceptional year with the bat in ODIs. The Sri Lanka toporder batter made significant contributions with the bat and as captain, notably leading the side to a first bilateral series win over New Zealand.

ICC Men’s Associate Cricketer of the Year 2023

• Bas de Leede was named as the ICC Men’s Associate Cricketer of the Year 2023 for his remarkable all-round run in the year. He was the standout player for the Netherlands at the ICC Men’s Cricket World Cup 2023 Qualifier and the World Cup in India.

ICC Women’s Associate Cricketer of the Year 2023

• Queentor Abel made Kenya proud by winning the ICC Women’s Associate Cricketer of the Year for 2023. She picked $30 \mathrm{~T} 20 \mathrm{I}$ wickets at an unreal average of 7.36 , and scored 476 T20I runs at 34.

ICC Men’s T20I Cricketer of the Year 2023

• For the second successive year, India’s T20I beast Suryakumar Yadav has been awarded the ICC Men’s T20I Cricketer of the Year award. With his eclectic mix of shots, Suryakumar dominated 2023 with an average that closed in on 50 and a strike rate exceeding 150 . The backbone of India’s middle order got starts throughout the year, delivering several match-winning contributions.

ICC Women’s T20I Cricketer of the Year 2023

• Hayley Matthews became just the second player from the West Indies to win the honour. Former skipper Stafanie Taylor was the previous cricketer to have won this award in 2015. Matthews added to her reputation with some sensational knocks with the bat and her sharp work with the ball. Her very best came against Australia in Australia.

ICC Men’s Emerging Cricketer of the Year 2023

• Rachin Ravindra beat South Africa quick Gerald Coetzee, Sri Lanka pacer Dilshan Madushanka, and India batter Yashasvi Jaiswal for the prized award. He had an amazing ICC Men’s Cricket World Cup in India where he amassed a whopping 578 runs.

ICC Women’s Emerging Cricketer of the Year 2023

• Litchfield edged out Bangladesh teenager Marufa Akter, England quick Lauren Bell and Scotland all-rounder Darcey Carter for the coveted award on the back of a remarkable 12 months at the top of Australia’s strong batting order.

Republic Day 2024, Date, Theme, History and Significance

Republic Day in India is celebrated every year on January 26th to commemorate the day when the Constitution of India came into effect in 1950, replacing the Government of India Act (1935). This day marks India’s emergence as a sovereign, democratic republic. The 75th Republic Day in 2024 holds a special place in the hearts of Indians as it symbolizes the journey of the nation from colonial rule to an independent, vibrant democracy.

Republic Day 2024 Theme

The themes for Republic Day 2024, “Viksit Bharat” (Developed India) and “Bharat - Loktantra ki Matruka” (India - Mother of Democracy), encapsulate the aspirations and democratic ethos of the nation.

Republic Day 2024 Chief Guest

For the Republic Day 2024 celebrations, the guest of honour is Emmanuel Macron, the President of France. This significant day will be marked with various patriotic events, including an impressive parade and a vivid showcase of India’s cultural richness. The occasion is set to honour India’s unity, diversity, and development remarkably and memorably.

History of Republic Day

The origins of Republic Day go back to India’s fight for independence from British colonialism. After gaining independence on August 15, 1947, India was governed by the Government of India Act, of 1935, and did not have its constitution. Under the leadership of Dr. B.R. Ambedkar, a committed committee was formed to draft the constitution. This effort culminated in the adoption of the Constitution of India on January 26, 1950, marking a pivotal shift as India emerged as a sovereign, socialist, secular, and democratic republic.

Significance of Republic Day

Republic Day is significant as it represents the true spirit of independent India. It is a day to remember the sacrifices of freedom fighters and the struggles of the Indian independence movement. It also serves as a reminder of the commitment to uphold the values enshrined in the Constitution, including unity, integrity, and diversity.

Republic Day stands as a source of pride for Indians worldwide, symbolizing the end of the struggle for independence and the establishment of a self-governing nation. It serves as a tribute to the democratic principles enshrined in the Constitution, guiding the nation forward. Moreover, Republic Day showcases India’s cultural richness and unity in diversity through grand celebrations in New Delhi.

Republic Day Celebrations

The main event of Republic Day is the grand parade held in the capital, New Delhi, at Rajpath, showcasing India’s military might and cultural diversity. The parade includes a display of advanced military equipment, vibrant cultural tableaux from various states, and performances by school children. The celebration also features prestigious bravery and civilian awards like the Ashok Chakra and Padma Awards.

Padma Awards 2024 Winners List, Padma Awardees

Padma Awards 2024: The Padma Awards, among India’s highest civilian honours, are given in three categories: Padma Vibhushan, Padma Bhushan, and Padma Shri. These awards recognize outstanding service in various areas like arts, social work, public affairs, science, trade, medicine, education, sports, and civil service. The Padma Vibhushan is for exceptional service, the Padma Bhushan is for high-order service, and the Padma Shri is for distinguished service in any area. These awards are announced on Republic Day each year.

The President of India presents these awards in special ceremonies at Rashtrapati Bhawan, typically in March or April. For 2024, the President has approved 132 Padma Awards, including 2 joint awards (counted as one). The list includes 5 Padma Vibhushan, 17 Padma Bhushan, and 110 Padma Shri Awards. Among the awardees, 30 are women, and there are also 8 people from the Foreigners/NRI/PIO/OCI category and 9 posthumous awardees. Full list of winners of this year’s Padma Awards 2024 -

Padma Awards 2024: Padma Vibhushan Awards 2024 Winners List The Padma Vibhushan is one of India’s highest civilian honors, awarded for exceptional and distinguished service in various fields. The list of Padma Vibhushan awardees for 2024 includes notable personalities from the fields of art, public affairs, and social work.

Personalities from fields like public affairs, literature, art, trade, medicine, and spirituality.

Padma Awards 2024- Padma Shri Awardees 2024 Name List

The Padma Shri Awards 2024 have been announced, honouring 110 distinguished individuals across various fields for their exceptional service. The award recognizes contributions in areas including art, social work, sports, medicine, literature, education, science, and more.

Republic Day 2024: Tableaux List

The Republic Day Parade at Kartavya Path in 2024 promises to be a vibrant and eclectic celebration of India’s unity in diversity. With 25 captivating tableaux from 16 states and Union Territories, the parade showcases a kaleidoscope of themes ranging from education and empowerment to traditional arts and sports achievements. Each tableau represents the unique cultural, social, and technological facets of the participating regions, contributing to the rich tapestry of India’s national identity.

Here is the list of tableaux or Jhakiyaan displayed on $75^{\text {th }}$ Republic Day of India:

25 States’ Tableaux or ‘Jhakiyaan’ on Republic Day 2024

25 States’ Tableaux or ‘Jhakiyaan’ on Republic Day 2024

Current Affairs | January 2024

Filmfare Awards 2024 Winners List

Filmfare Awards 2024 Winners

The 69th edition of the Filmfare Awards 2024 took place in Gandhinagar, Gujarat. The event featured hosting by Karan Johar, and performances by Kareena Kapoor, Karisma Kapoor, Varun Dhawan, and Kartik Aaryan among others. This year, the two-day celebration in Gujarat opened with a Curtain Raiser, leading up to the Filmfare Awards ceremony. The 69th Hyundai Filmfare Awards 2024 with Gujarat Tourism was held in GIFT City, Gujarat.

Filmfare Awards 2024 Winners

The Filmfare Awards 2024 celebrated the finest achievements in Indian cinema. Here’s a glimpse of the notable winners honored for their outstanding contributions in various categories, showcasing excellence and talent in the film industry. Follow the below table to know the Filmfare Awards 2024 Winners name list.

Australian Open 2024 Winners

Jannik Sinner secured his first Grand Slam in men’s singles, while Aryna Sabalenka claimed her second in women’s singles. Rohan Bopanna, at 43, became the oldest man to win men’s doubles. Hsieh Su-Wei and Elise Mertens won women’s doubles, and Hsieh, with Jan Zielinski, clinched mixed doubles.

Finance Ministry Issues ‘Indian Economy - A Review’ Report

Instead of Economic SurveyIn 2024, India will not have the usual Economic Survey traditionally presented before the Union Budget. Instead, Finance Minister Nirmala Sitharaman will present an interim budget, known as a vote-on-account, on February 1. The reason for not presenting the Economic Survey this year is the election context. 2024 is an election year in India, and presenting the Economic Survey could lead to politicization due to the potential change in government after the elections. This could disrupt the regular Budget process.

However, the Ministry of Finance has released an alternative report titled “Indian Economy - A Review,” prepared by the office of Chief Economic Advisor (CEA) V Anantha Nageswaran. This report does not replace the official Economic Survey but provides valuable insights into the Indian economy’s trajectory and prospects over the past decade and its future outlook. It’s important to note that the official Economic Survey is expected to be presented after the general elections and the formation of the new government. The Review consists of two chapters and takes stock of the state of the Indian economy and its journey in the last 10 years and offers a brief sketch of the outlook for the economy in the coming years.

Key points from “Indian Economy-A Review” include

1. India’s projected growth to a $\$ $5 trillion economy in the next 3 years and a potential to reach $\$ $7 trillion by 2030.

2. The review focuses on structural reforms undertaken in the past decade and their positive impact.

3. It offers a cautious outlook on future growth and inflation, acknowledging global uncertainties and challenges.

4. India is expected to surpass a GDP growth rate of $7.2 \%$ in FY24, outpacing the global economy.

5. For the third consecutive year, the Indian economy is set to achieve a growth rate exceeding $7 \%$.

6. There has been a rise in public sector investment, a robust financial sector, and substantial non-food credit growth over the past decade.

7. India is now the third-largest fintech economy globally, after the USA and the UK.

8. India has become the fourth-largest stock market worldwide, surpassing Hong Kong.

9. The PM Jan Dhan Yojana has significantly increased the percentage of women holding bank accounts.

10. There has been a surge in the female labour force participation rate and initiatives like the Skill India Mission, Start-Up India, and Stand-Up India are contributing to this increase.

11. A significant increase in the Gross Enrolment Ratio (GER) for females in higher education.

12. The report highlights the dynamism in the MSME sector due to government support.

13. The implementation of GST and the integration of domestic markets have improved economic efficiency and lowered logistics costs.

Government Appoints Four key Members of the Sixteenth Finance Commission

The government has taken a significant step in shaping the Sixteenth Finance Commission (SFC) by appointing 4-key members, three of whom are designated as full-time members. The Commission, headed by Shri Arvind Panagariya, former Vice-Chairman of NITI Aayog, was constituted on December 31, 2023.

Appointed Members

Shri. Ajay Narayan Jha, former member, 15th $\quad$ Full

Finance Commission and former Secretary, time Expenditure Member

Smt. Annie George Mathew, former Special Full time Secretary, Expenditure Member

Dr. Niranjan Rajadhyaksha, Executive Full time Director, Artha Global Member

Dr. Soumya Kanti Ghosh, Group Chief Part Economic Advisor, State Bank of India Member

Sixteenth Finance Commission: Dr. Arvind Panagariya Appointed Chairman

Context

In adherence to Article 280(1) of the Constitution, the Government of India, with the President’s approval, has established the Sixteenth Finance Commission. Dr. Arvind Panagariya, former Vice-Chairman of NITI Aayog and Professor at Columbia University, assumes the role of Chairman. Shri Ritvik Ranjanam Pandey has been appointed as the Commission’s Secretary, and detailed terms of reference have been outlined in the official notification.

Key Appointments

• Chairman: Dr. Arvind Panagariya
• Secretary: Shri Ritvik Ranjanam Pandey

Terms of Reference

The Sixteenth Finance Commission is tasked with making recommendations on three crucial matters:

1. Distribution of Net Proceeds:

• Allocation of taxes between the Union and the States under Chapter I, Part XII of the Constitution.
• Division of respective shares among the States.

2. Grants-in-Aid:

• Principles governing grants-in-aid to States’ revenues from the Consolidated Fund of India.
• Sums to be granted under Article 275 for purposes other than specified in the provisos to clause (1) of that article.

3. Resource Augmentation:

• Measures to enhance a State’s Consolidated Fund for supporting Panchayats and Municipalities, based on State Finance Commission recommendations.

Additional Mandate

The Commission will also review financing arrangements for Disaster Management initiatives, aligning with the Disaster Management Act, 2005, and provide relevant recommendations.

Timeline

The Sixteenth Finance Commission is expected to submit its comprehensive report by October 31, 2025, covering a five-year period starting from April 1, 2026.