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Daily Current Affairs – December 09 & 10, 2023

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Daily Current Affairs - Banking - December 09 & 10, 2023

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National News

Bharat Tex 2024

  • BHARAT TEX 2024 is a global textile mega event being organised by a consortium of 11 Textile Export Promotion Councils and supported by the Ministry of Textiles.
  • It is scheduled from February 26-29, 2024 in New Delhi.
  • With a focus on sustainability and resilient supply chains, it promises to be a tapestry of tradition and technology attracting the best and the brightest from the textile world.
  • It will have dedicated pavilions on Sustainability and Recycling, thematic discussions on resilient global supply chains and digitisation, interactive fabric testing zones, product demonstrations and master-classes by crafts persons and events involving global brands and international designers.
  • Bharat Tex 2024 will be a unique experience for knowledge, business and networking.
  • The mega event will feature an exhibition spread across nearly 20 lakh sq. ft area showcasing Apparel, Home Furnishings, Floor Coverings, Fibres, Yarns, Threads, Fabrics, Carpets, Silk, Textiles based Handicrafts, Technical Textiles and much more.
  • It will also feature nearly 50 different knowledge sessions providing an excellent platform for knowledge exchange, information dissemination and Government to Government and Business to Business interactions.
  • Ministry of Textile – Piyush Goyal,Cabinet Minister (Rajya Sabha MP,Maharashtra) – Darshana Jardosh, Minister of State (Surat,Gujarat)

Cabinet Approval

  • The Cabinet Committee on Economic Affairs chaired by Hon’ble Prime Minister, Narendra Modi, has approved reservation norms for mandatory use of jute in packaging for the Jute Year 2023 -24 (1st July, 2023 to 30th June, 2024).
  • The Mandatory packaging norms approved for Jute Year 2023-24 provide for 100% reservation of the foodgrains and 20% of sugar to be compulsorily packed in jute bags.
  • Government of India purchases Jute sacking bags worth approximately ₹12,000 crores every year for packing of foodgrains, hence ensures guaranteed market for the produce of Jute Farmers and Workers.
  • Average Production of Jute Sacking Bags is about 30 lakhs bales (9 lakh MT) and Government is committed to ensure complete off-take of the sacking production of the jute bags in order to protect the interest of Jute farmers, workers and persons engaged in the Jute Industry.
  • The Union Cabinet also approved an additional allocation of ₹2500 Crores for continuation of Interest Equalisation Scheme till 30th June 2024.
  • This would help exporters from identified sectors and all MSME manufacturer exporters to avail pre and post shipment Rupee export credit at competitive rates.

State News

Union Minister Scindia laid foundation for Rs 350 crores new terminal at Rajamundry Airport

  • Union Civil Aviation Minister Jyotiraditya Scindia laid the foundation for a ₹350 crore new terminal building at Rajamundry Airport.
  • Spread across 17,029 sq metres, the new terminal can handle 2,100 passengers during peak hours and has a capacity to handle 30 lakh passengers annually.
  • Ministry of Civil Aviation – Jyotiraditya Scindia,Union Minister (Rajya Sabha MP,MP) – General Vijay Kumar Singh,Minister of State 


Amrit Bharat station scheme

    • Amrit Bharat Station Scheme is an ongoing Indian Railways mission launched in February 2023 by Ministry of Railways to redevelop 1275 stations nationwide.
    • It is both enabler and beneficiary of other key Government of India schemes, such as BharatNet, Make in India, Startup India, Standup India, industrial corridors, Bharatmala, Dedicated Freight Corridor Corporation of India and Sagarmala.
    • So far, 1309 Stations as appended have been identified for development under this scheme.
    • Indian Railways – 06/05/1836 (Founded) – New Delhi (HQ) – V.K.Tripathi (Chairman & CEO) 

Pradhan Mantri Kisan Sampada Yojana (PMKSY)

  • The Ministry of Food Processing Industries (MoFPI) has been implementing an umbrella scheme- Pradhan Mantri Kisan Sampada Yojana (PMKSY) since 2017-18 across the country.
  • PMKSY is a comprehensive package of component schemes, which is aimed at creation of modern infrastructure with efficient supply chain management from farm gate to retail outlet.
  • It provides a big boost to the growth of food processing sector in the country, helps in providing better prices to farmers, creates huge employment opportunities especially in the rural areas, reduces wastage of agricultural produce, increases the processing level and enhances the export of the processed foods.
  • Under the following component schemes, financial support in the form of grants-in-aid is provided for setting up of food processing projects across the country:
  • Mega Food Parks scheme (MFP) (discontinued w.e.f. 01.04.2021)
  • Integrated Cold Chain and Value Addition infrastructure (Cold Chain)
  • Creation of Infrastructure for Agro Processing Cluster (APC)
  • Creation/ Expansion of Food Processing and Preservation Capacities (CEFPPC)
  • Creation of Backward and Forward Linkages (CBFL) (discontinued w.e.f. 01.04.2021)
  • Operation Greens(OG): Long Term Interventions
  • Food Safety and Quality Assurance Infrastructure – Setting up / Up gradation of quality control/ food testing laboratories (FTL)
  • Human Resource & Institutions (HRI)
  • A total of 1132 projects for food processing have been approved in the 36 states/UTs with total project cost of ₹23071.29 crores, with the aim to create processing capacity of 297 lakh MT/annum, preservation capacity of 42.908 lakh MT/annum, employment of 602070 persons and providing benefits to 3819220 farmers.
  • Ministry of Food Processing Industries – Shobha Karandlaje,Minister of State (Udupi Chikmagalur,Karnataka) – Prahlad Singh Patel,Minister of State (Damoh,Madhya Pradesh)

Banking and Finance

FIRST SWYP Credit Card by IDFC First Bank

  • IDFC FIRST Bank expands its credit card offering for the youth with the introduction of the FIRST SWYP Credit Card.
  • Created for today’s Gen Z generation, the card is designed to provide exciting lifestyle-related offers through our feature merchants & EMI benefits to cardholders, complete payment flexibility and a plethora of referral benefits.
  • The card provides payment flexibility to the customer, as they can pay in full or convert to easy fee based EMIs.
  • Powered by Mastercard, this card is designed to meet varying lifestyle requirements of the youth & the young at heart, focused on affordability, convenience and increased customer engagement.
  • IDFC First Bank – October 2015 (Founded) – Mumbai (HQ) – V. Vaidyanathan (MD & CEO) – “Always You First” (Tagline)

REC signed 200 million euro loan with German Bank KfW

  • REC Limited, a Maharatna CPSE under the Ministry of Power, has signed a 200 million Euro loan agreement with the German bank KfW.
  • This marks REC’s sixth line of credit under the Indo-German Development Cooperation and demonstrates the corporation’s commitment to enhance the distribution infrastructure of DISCOMs in line with the Revamped Distribution Sector Scheme (RDSS) of the Government of India.
  • REC Limited (Rural Electrification Corporation Limited) – 25/07/1969 (Founded) – New Delhi (HQ) – Vivek Kumar Dewagan (CMD)

Business and Economy

CII India’s GDP Prediction

  • The Confederation of Indian Industry (CII) has upped its GDP growth forecast for the current fiscal to 8% from 6.7% projected earlier.
  • Confederation of Indian Industry (CII) – 1895 (Founded) – New Delhi (HQ) – R Dinesh (President)

Agri-commodities exports decline to 17.93 lakh tonnes in September

    • According to agri-export promotion body Agricultural and Processed Food Products Export Development Authority (APEDA), Export of agri-commodities, including basmati rice, declined to 93 lakh tonnes in September 2023 compared to 27.94 lakh tonnes in the previous month.
    • Exports of agri-commodities in April and May were around 33 lakh tonnes
    • However, shipments of farm items fell to nearly 18 lakh tonnes due to several restrictions on the export of various varieties of rice, including broken rice and non-basmati white rice.
    • Export of agricultural items stood at 94 lakh tonnes in August of the 2023-24 fiscal.
    • In value terms, the export of farm items declined to ₹14,153 crores during September from ₹18,128 crores in August of this fiscal.
    • Much of the exports in September were non-basmati exports which stood at 25 lakh tonne, basmati rice at 1.21 lakh tonne, fresh onions at 1.51 lakh tonne, and buffalo meat at 1,21,427 tonne.
    • Total export of agri-commodities in April-September stood at 27 lakh tonnes.
    • Agricultural and Processed Food Products Export Development Authority (APEDA) – 1986 (Founded) – New Delhi (HQ) – Dr. M. Angamuthu (Chairman) 

Summit and Conference

27th WAIPA World Investment Conference

  • Invest India, the National Investment Promotion and Facilitation Agency of the Government of India, and the current President of the World Association of Investment Promotion Agencies (WAIPA), under the aegis of the Department for Promotion of Industry and Internal Trade (DPIIT), is set to host the 27th World Investment Conference (WIC), at the India International Convention & Expo Centre – Yashobhoomi, New Delhi.
  • This year’s conference is themed “Empowering Investors: IPAs Pioneering Future Growth”.
  • WIC, an annual flagship event of WAIPA, serves as a platform for global investment promotion and innovation stakeholders.
  • This year, the conference brings together Investment Promotion Agencies (IPAs), international organisations, academia, and the private sector, including startups, to discuss investment policies and trends, providing a unique opportunity for collaboration, trade, investments and knowledge sharing.

Acquisitions and Mergers

Max Healthcare Institute acquired Starlit Medical Centre

  • Max Healthcare Institute (MHIL) announced the signing of a share purchase agreement for the acquisition of 100% stake in Starlit Medical Centre.
  • The deal, facilitated through MHIL’s subsidiary, Crosslay Remedies, involves an enterprise value of ₹940 crores.
  • Currently, Max Healthcare operates 17 healthcare facilities spanning Delhi-NCR, Haryana, Punjab, Uttarakhand, and Maharashtra.

Ambuja Cements completed acquisition of Sanghi Industries

  • Ambuja Cements had completed the acquisition of Sanghi Industries Limited (SIL), at an enterprise value of ₹5,185 crores.
  • This is higher than the earlier expected value of ₹5,000 crores.
  • Ambuja Cements Limited – 1983 (Founded) – Mumbai (HQ) – Gautam Adani (Chairman)


FICCI President for 2023-24

    • Industry body FICCI has a new President in Anish Shah, who is currently Group CEO of Mahindra Group and the Managing Director of M&M.
    • Shah took over as FICCI President from Subhrakant Panda at the apex chamber’s recently concluded 96th Annual Convention in New Delhi.
    • He is also a member of the UK Investment Council, Chair of the Automotive Governors Council (World Economic Forum), co-Chair of the India Alliance of CEOs for Climate Change (World Economic Forum) and co-Chair of the India-Australia CEO Council.
    • Federation of Indian Chambers of Commerce & Industry (FICCI) – 1927 (Founded) – New Delhi (HQ) – Anish Shah (President) 

CEO of Adani Infrastructure India

  • Adani Energy Solutions’ transmission business chief Bimal Dayal has been appointed as the CEO of Adani Infrastructure India.
  • Adani Infrastructure India – 2010 (Founded) – Ahmedabad (HQ) – Bimal Dayal (CEO)


Awards and Recognitions

Brandon Hall Group’s Excellence in Technology Awards

  • NTPC, India’s largest integrated power company, has been declared as the winner at the Brandon Hall Group’s Excellence in Technology Awards 2023 in an online broadcast in the Technology Awards category.
  • The company received the coveted silver awards in two distinct categories: “Best Advance in Corporate Wellbeing Technology” and “Best Advance in Augmented and Virtual Reality.”
  • This recognition underscores NTPC’s commitment to innovation and technological excellence, placing it at the forefront of advancements in corporate wellbeing and immersive technologies.
  • NTPC Limited (National Thermal Power Corporation Limited) – 07/11/1975 (Founded) – New Delhi (HQ) – Gurdeep Singh (Chairman & MD)

Important Days

International Anti-Corruption Day 2023

  • International Anti-Corruption Day is annually observed on December 09.
  • The day is celebrated to raise awareness among the general public on the impact of the prevailing malice in many countries.
  • It also raises concern on the harmful effects of corruption on the progress, development and the society at large.
  • On 31 October 2003, the General Assembly adopted the United Nations Convention against Corruption and requested that the Secretary-General designate the United Nations Office on Drugs and Crime (UNODC) as the secretariat for the Convention’s Conference of States Parties (resolution 58/4).
  • The Assembly also designated December 9 as International Anti-Corruption Day, to raise awareness of corruption and of the role of the Convention in combating and preventing it.
  • The Convention entered into force in December 2005.
  • Theme – The UN Convention against Corruption at 20: Uniting the World against Corruption
  • United Nations Office on Drugs and Crime (UNODC) – 1997 (Founded) – Vienna, Austria (HQ) – Ghada Fathi Waly (Executive Director)

Human Rights Day 2023

  • Human Rights Day is annually observed on December 10.
  • The primary focus of this day is on the fundamental rights and liberties to which every individual, regardless of location, is inherently entitled by virtue of society.
  • The date was chosen to honor the United Nations General Assembly’s adoption and proclamation, on 10 December 1948, of the Universal Declaration of Human Rights (UDHR), the first global enunciation of human rights and one of the first major achievements of the new United Nations.
  • Theme – “Freedom, Equality and Justice for All”.
  • United Nations General Assembly – 1945 (Founded) – New York City (HQ) – Dennis Francis (President)


Indian Army conducted a Table-Top Exercise (TTX)

  • Indian Army conducted a Table-Top Exercise (TTX) for the Women Officers of Association of South-East Asian Nations (ASEAN) at Manekshaw Centre in New Delhi.
  • The Exercise is part of ongoing efforts of Centre for United Nations Peacekeeping (CUNPK) to strengthen international cooperation and capacity-building in peacekeeping missions, with specific focus on empowering women in the field.
  • CUNPK is a premier institution of the Indian Army to impart training in peacekeeping operations.
  • Association of South-East Asian Nations (ASEAN) – 08/08/1967 (Founded) – Jakarta, Indonesia (HQ) – Kao Kim Hourn (Secretary General)

Daily Current Affairs - December 09 & 10, 2023 - Consolidated

  • Bharat Tex 2024
  • Cabinet Approval
  • Union Minister Scindia laid foundation for Rs 350 crores new terminal at Rajamundry Airport
  • Amrit Bharat station scheme
  • Pradhan Mantri Kisan Sampada Yojana (PMKSY)
  • FIRST SWYP Credit Card by IDFC First Bank
  • REC signed 200 million euro loan with German Bank KfW
  • CII India’s GDP Prediction
  • Agri-commodities exports decline to 17.93 lakh tonnes in September
  • 27th WAIPA World Investment Conference
  • Max Healthcare Institute acquired Starlit Medical Centre
  • Ambuja Cements completed acquisition of Sanghi Industries
  • FICCI President for 2023-24
  • CEO of Adani Infrastructure India
  • Brandon Hall Group’s Excellence in Technology Awards
  • International Anti-Corruption Day 2023
  • Human Rights Day 2023
  • Indian Army conducted a Table-Top Exercise (TTX)

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