Table of Contents
National News
India Gets Its First Glass Bridge at Kanniyakumari
Tamil Nadu Chief Minister MK Stalin, along with several dignitaries, inaugurated India’s first-ever glass bridge in Kanniyakumari. The bridge connects two iconic landmarks Vivekananda Rock Memorial and the 133-foot Thiruvalluvar Statue enhancing Kanniyakumari’s appeal as a premier tourist destination. Built under a Rs 37-crore initiative by the Tamil Nadu government, the glass bridge aims to improve the travel experience for visitors and boost the local tourism sector. The project coincided with the silver jubilee of the Thiruvalluvar Statue’s unveiling by former Chief Minister M. Karunanidhi. The glass bridge is expected to become a landmark tourist attraction, drawing both domestic and international tourists.
EPFO’s Centralized Pension System
The Employees’ Provident Fund Organisation (EPFO) has successfully implemented its Centralized Pension Payments System (CPPS) across all regional offices in India, marking a significant advancement in pension disbursement. This initiative benefits over 68 lakh pensioners, enabling them to access their pensions from any bank branch nationwide.
International News
Mike Johnson Re-Elected as US House Speaker
Mike Johnson, a Republican from Louisiana, was re-elected as the Speaker of the U.S. House of Representatives in a tense, high-stakes vote on the first day of the new Congress. Despite opposition from hard-right Republicans and the looming challenges of unified GOP control, Johnson secured the position with the support of President-elect Donald Trump. This re-election came with a number of challenges, including a slim majority, internal Republican divisions, and heightened political stakes as the GOP prepares for ambitious policy initiatives under Trump’s leadership.
State News
Assam’s Elephant Population Sees 7-Year Rise
Assam’s latest Elephant Population Estimate 2024 reveals an estimated 5,828 elephants, marking a rise of 109 from the previous 2017 count. This synchronised estimation exercise highlights the stability of Assam’s elephant population despite challenges such as habitat fragmentation and human-elephant conflicts. Key findings underline the critical role of Elephant Reserves and offer recommendations for improved conservation efforts.
Chhattisgarh’s Green GDP Initiative
Chhattisgarh has become the first Indian state to incorporate the ecological services of its forests into its economic framework by adopting the Green Gross Domestic Product (Green GDP) model. This initiative aims to link environmental contributions—such as clean air, water conservation, and biodiversity—to the state’s economic growth, ensuring sustainable development while preserving natural resources for future generations.
Economy News
India Revises GDP Base Year to 2022-23
In a significant move to enhance the accuracy of economic assessments, the Government of India has announced plans to update the base year for calculating Gross Domestic Product (GDP) from 2011-12 to 2022-23. This revision, the first in over a decade, aims to better reflect the current economic landscape and structural changes.
Nomura Lowers India’s FY25 GDP Growth Forecast to 6.7%
Nomura has adjusted its forecast for India’s fiscal year 2025 GDP growth to 6.7%, down from the previous estimate of 6.9%. This revision follows official data indicating a slowdown in the April-June quarter, where GDP growth was 6.7%, below expectations and a decline from the 7.8% growth in the previous quarter.
Government Forms Committee to Update WPI Base Year
On January 2, 2025, the Government of India established an 18-member committee to revise the base year of the Wholesale Price Index (WPI) from 2011-12 to 2022-23. This initiative aims to enhance the accuracy of factory-gate inflation measures, reflecting structural changes in the economy over the past decade.
Banking News
RBI Approves Merger of National and Cosmos Co-operative Banks
The Reserve Bank of India (RBI) has approved the merger of National Co-operative Bank (Bangalore) with Cosmos Co-operative Bank (Maharashtra), effective from January 6, 2025. This decision is part of ongoing consolidation efforts within India’s banking sector. Following the merger, the branches of National Co-operative Bank will operate as part of Cosmos Co-operative Bank. The approval comes after a series of restrictions imposed on National Co-operative Bank due to its weak financial performance.
BharatPe to Sell 25% Stake in Unity Small Finance Bank
India’s leading fintech company BharatPe is planning to sell up to 25% of its 49% stake in Unity Small Finance Bank (Unity Bank). The move is aimed at raising around $800 million (approximately Rs 6,500 crore) and is part of the company’s plan to meet RBI’s regulatory requirements. BharatPe, a major player in the digital payments and financial services sector, has appointed Rothschild & Co to oversee the stake sale.
SBI Introduces ‘Har Ghar Lakhpati’ and ‘SBI Patrons’ Deposit Schemes
The State Bank of India (SBI) has launched two innovative deposit schemes: ‘Har Ghar Lakhpati’ and ‘SBI Patrons,’ aiming to enhance financial inclusion and cater to diverse customer needs. ‘Har Ghar Lakhpati’ is a pre-calculated recurring deposit designed to help customers accumulate ₹1 lakh or multiples thereof. This scheme simplifies the process of achieving financial goals, allowing customers to plan and save effectively. It is also available to minors, encouraging early financial planning and savings habits.
RBI’s 2024-25 Report on State Finances
The Reserve Bank of India’s (RBI) recent report, “State Finances: A Study of Budgets of 2024-25,” highlights significant improvements in the fiscal health of state governments post-pandemic, while also identifying areas requiring further attention.
Schemes News
Telangana’s Rythu Bharosa Scheme Expansion
The Telangana government’s Rythu Bharosa scheme has been expanded to provide financial assistance to all farmers cultivating crops, aiming to enhance agricultural support across the state. The scheme will credit ₹7,500 per acre for each crop season to approximately 70 lakh farmers in Telangana.
Ranks & Reports News
Decline in Student Enrolment: UDISE+ Report 2023-24
The Ministry of Education’s Unified District Information System for Education Plus (UDISE+) report for 2023-24 reveals a significant decline in student enrolment, marking a notable shift from the stable figures observed in previous years. The total student enrolment decreased to 24.8 crore in 2023-24, a drop of over one crore compared to the previous years. This marks a 6% decline from the 26.02 crore recorded in 2018-19.
Important Days News
World Braille Day: Celebrating Inclusivity and Accessibility
World Braille Day is observed annually on January 4 to commemorate the birth anniversary of Louis Braille, the inventor of the Braille system. Recognized by the United Nations General Assembly (UNGA) in 2018, this day emphasizes the importance of Braille as a critical tool for literacy, independence, and inclusivity for visually impaired individuals. The day aims to raise awareness about the rights and needs of the visually impaired community and highlight the significance of accessibility in creating an inclusive society.
Appointments News
Faiz Ahmed Kidwai Appointed as DGCA Director General
Senior IAS officer Faiz Ahmed Kidwai, a 1996-batch officer from the Madhya Pradesh cadre, has been appointed as the new Director-General (DG) of the Directorate General of Civil Aviation (DGCA). His appointment, approved by the Appointments Committee of the Cabinet, fills the position left vacant after his predecessor, Vikram Dev Dutt, was elevated and transferred to the Ministry of Coal. Kidwai now faces key challenges, including resolving disputes over pilot duty and rest norms.
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