24th February 2025 Current Affairs | Daily GK Update & Top News for Exams

State News

Uttarakhand Unveils ₹1.01 Lakh Crore Budget, Prioritizing Infra and Welfare

The Uttarakhand government, under CM Pushkar Singh Dhami, has presented a ₹1,01,175.33 crore budget for FY 2025-26, focusing on infrastructure, welfare, and economic growth. Finance Minister Prem Chandra Aggarwal introduced the budget in the State Assembly in Dehradun, emphasizing the ‘GYAN’ model (Gareeb, Yuva, Anndata, Naari) to benefit the poor, youth, farmers, and women. Major allocations have been made for agriculture, industry, energy, roads, connectivity, tourism, Ayush, and social security to drive development across the state.

PM Modi Inaugurated Global Investors Summit

Prime Minister Narendra Modi inaugurated the Global Investors Summit 2025 in Bhopal, unveiling 18 new industrial policies to position Madhya Pradesh as an investment hub. The event attracted top industrialists and global investors, with a key focus on India’s role in global supply chains, especially in aerospace. PM Modi emphasized India’s rapid economic growth, citing optimistic projections from the World Bank, OECD, and the UN, reinforcing the summit’s goal of attracting significant investments.

Agreement News

Bisleri & ASI Join Hands to Restore Heritage Water Bodies

Bisleri International has signed an MoU with the Archaeological Survey of India (ASI) under the ‘Adopt a Heritage 2.0 Programme’ to restore and conserve historic water bodies at heritage sites across India. As part of its CSR initiative ‘Nayi Umeed’, this project integrates heritage preservation with sustainable water management. The partnership will start with the revival of four historic water bodies, promoting ecological restoration and enhancing tourism.

HAL & DIAT Collaborate for Aerospace Innovation

Hindustan Aeronautics Limited (HAL) has signed an MoU with the Defence Institute of Advanced Technology (DIAT), Pune to enhance industry-academia collaboration in the aerospace sector. The partnership focuses on cutting-edge research, skill development, and technological advancements. HAL Management Academy (HMA) will play a crucial role, providing higher education, research, and training opportunities for HAL executives in emerging aerospace technologies.

                 Ranks & Reports News

Global University Reputation 2025: US Leads, Where Do India Rank?

The Times Higher Education (THE) World Reputation Rankings 2025 highlight Harvard University as the top-ranked institution for the 14th consecutive year, with the University of Oxford and MIT sharing the second spot. The rankings feature 300 institutions from 38 countries, with US universities dominating the top positions. Four Indian institutions made the list, all experiencing a decline in rankings, while IIT Bombay dropped out. Notably, Shiksha ‘O’ Anusandhan (SOA), Bhubaneswar, debuted in the 201-300 band.

Awards News

Mopa Airport Wins Prestigious ‘Sarvashrestha Suraksha Puraskar’

Manohar International Airport (GOX), operated by GMR Goa International Airport Ltd. (GGIAL), has become the first airport in India to win the prestigious “Sarvashrestha Suraksha Puraskar (Golden Trophy)” at the NSCI Safety Awards 2024 under the ‘Service Sector’ category. The award, presented in Mumbai, recognizes the airport’s exemplary Occupational Safety and Health (OSH) performance, commitment to reducing workplace injuries, and adoption of best safety practices. Its proactive safety measures and zero-incident record were key factors in securing this honor.

Sunil Mittal Receives Honorary Knighthood from UK

Sunil Bharti Mittal, founder and chairman of Bharti Enterprises, has been awarded an Honorary Knighthood (KBE) for his role in strengthening India-UK business ties. He received the Knight Commander of the Most Excellent Order of the British Empire (KBE) at a special ceremony in New Delhi, making him the first Indian citizen to be honored under King Charles III. Mittal has significantly contributed to trade and investment between the two nations through Airtel Africa, Eutelsat OneWeb, and his leadership in the India-UK CEO Forum.

Banking News

SEBI Fines Axis Securities ₹10 Lakh for Rule Violations

The Securities and Exchange Board of India (SEBI) has imposed a fine of ₹10 lakh on Axis Securities for multiple violations of stockbroker regulations. The regulatory action follows an inspection covering the period from April 2021 to November 2022.

RBI Fines Citibank, Asirvad Micro Finance, and JM Financial for Violations

The Reserve Bank of India (RBI) has imposed monetary penalties on Citibank N.A., Asirvad Micro Finance, and JM Financial Home Loans for failing to comply with key regulatory norms. According to the central bank, these financial institutions were found violating guidelines related to large exposures, credit information reporting, and disclosure requirements.

Bajaj Allianz Life Launches Bima-ASBA, a First in India

Bajaj Allianz Life Insurance Company (BALIC) has introduced the Bima-Application Supported by Blocked Amount (Bima-ASBA) facility, making it the first insurer in India to adopt this new payment method. The initiative, introduced by the Insurance Regulatory and Development Authority of India (IRDAI), aims to enhance transparency and convenience in premium payments.

RBI’s OMO Auction Sees ₹1.87 Trillion Bids Amid Liquidity Crunch

The Reserve Bank of India’s (RBI) Open Market Operation (OMO) purchase auction on February 20, 2025, witnessed an overwhelming response from banks and financial institutions. Against an offer of ₹40,000 crore, the auction received bids worth ₹1.87 trillion, highlighting the acute liquidity deficit in the banking system.

Bank Credit to NBFCs Falls to 4-Year Low at 6.7% in 2024: RBI

Bank lending to Non-Banking Financial Companies (NBFCs) has slowed significantly, hitting a four-year low of 6.7% in 2024, according to the latest data from the Reserve Bank of India (RBI). This decline is mainly due to higher risk weights imposed on such loans and tighter credit conditions, leading to reduced lending from banks to NBFCs. In contrast, previous years saw stronger credit growth to NBFCs, but the current financial climate has brought a shift in the sector’s lending patterns.

    Economy News

India’s Road to High-Income Status by 2047

India is on track to become a high-income nation by 2047, with its GDP projected to reach between $23 trillion and $35 trillion, according to a recent report by Bain & Company in collaboration with Nasscom. The services sector is expected to be the biggest contributor, making up 60% of GDP, while manufacturing will account for 32%.

India’s GDP Growth to Slow to 6.4% in 2025: Moody’s

India’s economic growth is expected to slow down to 6.4% in 2025, according to a report by Moody’s Analytics. This marks a slight decline from the 6.6% GDP growth in 2024. The report highlights key global factors affecting the slowdown, including new U.S. tariffs and weakening global demand, which are expected to impact India’s exports. The Asia-Pacific region is also witnessing reduced growth, with China’s GDP projected to fall from 5% in 2024 to 4.2% in 2025.

RBI to Inject $10 Billion Through Forex Swap to Ease Liquidity Crunch

The Reserve Bank of India (RBI) has announced a $10 billion forex swap to inject liquidity and ease the ongoing cash crunch in the banking system. The three-year swap auction is set for February 28, 2025, following a $5 billion swap last month, reaffirming RBI’s commitment to liquidity stabilization. The banking sector is experiencing its worst liquidity shortfall in over a decade, partly due to RBI’s aggressive dollar sales to protect the rupee from volatility.

         Defence News

Indian Coast Guard Holds ‘Sagar Kavach’ Drill for Coastal Security

The Indian Coast Guard (ICG) successfully conducted the ‘Sagar Kavach’ security exercise along the 158 km West Bengal coastline on February 21-22, 2025. This two-day operation aimed to test and enhance the coastal security mechanism by involving multiple agencies in tackling simulated threats. The exercise focused on refining Standard Operating Procedures (SOPs) and strengthening inter-agency coordination to counter potential threats along India’s eastern maritime border.

Appointment News

Sabyasachi Kar Named Director of Institute of Economic Growth

The Institute of Economic Growth (IEG), a premier research and training institute based in New Delhi, has appointed Professor Sabyasachi Kar as its new Director, effective February 6, 2025.

Sports News

Virat Kohli Breaks Tendulkar’s Record for Fastest 14,000 Run

Virat Kohli has created history by becoming the fastest batter to reach 14,000 ODI runs in just 287 innings, surpassing Sachin Tendulkar (350) and Kumar Sangakkara (378). He achieved this milestone during India’s Champions Trophy 2025 match against Pakistan in Dubai, scoring a match-winning unbeaten century (51st ODI ton). Known for his remarkable consistency and chase mastery, Kohli has been the fastest to every 1,000-run milestone since 8,000 runs in 2017, cementing his dominance in ODIs.

Saurav Ghosal Marks Triumphant Return with Sydney Title

Saurav Ghosal, Indian squash legend and former World No. 10, made a remarkable comeback by winning the Octane Sydney Classic title. After retiring from the PSA Tour in April 2023, he rejoined on January 1, 2025, to continue representing India. The 38-year-old second seed dominated the final, defeating Egypt’s Abdelrahman Nasser in straight sets to secure the title.

Obituaries News

Legendary Odissi Dancer Mayadhar Raut Passes Away at 92