Topic: Indian Economy/Financial Market
1. IIP growth rate for December 2024 is 3.2 percent.
- In November 2024, IIP growth rate was 5.2 percent (Quick Estimate).
- Quick Estimates of IIP stand at 157.2 against 152.3 in December 2023.
- For December 2024, Mining, Manufacturing and Electricity sector growth rates are 2.6 percent, 3.0 percent and 6.2 percent respectively.
- IIP for these sectors for December 2024 are 143.1, 156.2 and 192.8 respectively.
- Within manufacturing sector, a positive growth was seen in 16 out of 23 industry groups at NIC 2 digit-level (2-digit level of National Industrial Classification) in December 2024 over December 2023.
- According to use base classification, the indices are 157.7 for Primary Goods and 114.5 for Capital Goods for December 2024.
- According to use base classification, indices are 169.3 for Intermediate Goods and 191.7 for Infrastructure/ Construction Goods for December 2024.
- Indices for Consumer durables and Consumer non-durables are 124.0 and 166.0 respectively.
- Primary goods, Intermediate goods, and Infrastructure/ construction goods were top three positive contributors to IIP growth for December 2024.
Topic: Banking System
2. For SCBs, non-performing assets (NPA) related to gold loans rose by more than 21%.
- The gross non-performing asset (NPA) ratio for gold loans in SCBs was 0.22% as of June 30, 2024.
- The gross non-performing asset (NPA) percentage for gold loans from middle- and upper-tier NBFCs was 2.58% as of June 30, 2024.
- Between March 2024 and June 2024, there was an 18.14% increase in the gross non-performing assets (NPAs) related to gold loans in SCBs and middle-and upper-tier NBFCs.
- Scheduled commercial banks' (SCBs') gross non-performing assets (NPAs) related to gold loans have gone up by 21.03 percent.
- As per ICRA, in the current fiscal year, the organized gold loan market will surpass the ₹10-lakh-crore.
- In FY24, it was ₹9.2 lakh crore. By March 2027, it will have grown to ₹15 lakh crore.
- Banks and non-banking financial institutions make up the organized gold loan market.
- It is necessary to maintain loan-to-value (LTV) ratio of 75% during tenure of the loan.
Topic: MoUs/Agreements
3. A $100 million credit facility agreement has been signed between SIDBI and AFD, France.
- This agreement has been signed to scale up green finance solutions for Indian MSMEs.
- A credit line of $100 million will be provided by AFD to SIDBI.
- Under the agreement, the credit line will be to deploy the funds to expand access to affordable financing for MSMEs.
- This will be for MSMEs investing in energy-efficient technologies, renewable energy solutions, and climate-friendly business practices.
- AFD is a public financial institution. It implements development and international solidarity policies of France.
Topic: Appointments
4. Charanjot Singh Nanda has been elected as 73rd President of ICAI for term 2025-26.
- D Prasanna Kumar has been elected as Vice-President of ICAI.
- He is a Chartered Accountant from Andhra Pradesh (Southern India Regional Council).
- Nanda was hitherto Vice-President of ICAI. Nanda has been associated with ICAI’s Central Council since 2004.
Topic: Reserve Bank of India
5. RBI imposed ban on New India Co-operative Bank.
- New India Co-operative Bank is barred by RBI from granting or renewing loans.
- It is also prevented by RBI from accepting fresh deposits.
- It cannot make investment and disburse any payment for its liabilities.
- It is also barred from selling any of its properties.
- Reasons for RBI’s actions are supervisory concerns and protecting of depositors’ interest.
- Taking into account bank’s current liquidity position, RBI directed it to not permit withdrawal of any amount from savings bank or current accounts or any other account of a depositor.
- But, the bank is allowed to set off loans against deposits. Banking licence has not been cancelled by RBI.
- Bank will carry out banking business subject to restrictions specified by RBI till its financial position improves.
- RBI’s directions will be in force for six months from February 13, 2025. They are subject to review.
Topic: Reports and Indices
6. India has been ranked 96th out of 180 countries in the Corruption Perceptions Index 2024.
- According to a Transparency International report released on February 11, India ranked 96th out of 180 countries in the Corruption Perceptions Index (CPI) for 2024, while its overall score dropped by one point to 38.
- 180 countries and territories are ranked in the index by their perceived levels of public sector corruption based on assessments by experts and business people.
- The corruption perceptions index uses a scale of 0 to 100, where 0 is highly corrupt and 100 is very clean.
- The report presents a concerning view of global corruption, showing that more than two-thirds of assessed nations scored below 50, while the global average remains stagnant at 43.
- India's overall score was 38 in 2024, while it was 39 in 2023 and 40 in 2022. India's rank in 2023 was 93.
- Among India's neighbors, low rankings were recorded for Pakistan (135) and Sri Lanka (121), while Bangladesh was ranked even lower at 149. China was placed at the 76th position.
- Denmark has topped the list of least corrupt nations, followed by Finland, Singapore, New Zealand, and Luxembourg.
Topic: Summits/Conferences/Meetings
7. The World Government Summit (WGS) 2025 started on February 11, 2025 in Dubai, United Arab Emirates.
- The 12th edition of the summit will continue till February 14, 2025. The theme of the summit is "Shaping Future Governments".
- Heads of state, government officials, global institutions, and experts are participating in the summit.
- The summit brings them together to explore emerging trends in governance and critical sectors.
- Union Minister of Environment, Forest, and Climate Change, Bhupender Yadav, took part in High-Level Roundtable on the Future of Mobility and the XDGs 2045 Ministerial Roundtable.
- He described India’s Mission LiFE (Lifestyle for Environment) initiative in a more detailed way.
- Mission LiFE was introduced by PM Modi on 20th October, 2022 at Kevadia, Gujarat.
- It focuses on bringing about behaviour changes in individuals for combatting climate change.
- Ministry of Environment, Forest and Climate Change is the nodal Ministry for Mission LiFE’s national level coordination and implementation.
- WGS 2025 serves as a global platform for dialogue on governance, innovation, and sustainable development.
Topic: Awards and Prizes
8. Senior NSG officer Deepak Kumar Kedia received 'CA in Public Service' award by ICAI.
- Deepak Kumar Kedia, Inspector General (IG) Headquarters, National Security Guard (NSG) received the 'CA in Public Service' Award by the Institute of Chartered Accountants of India (ICAI).
- He has been awarded for his exceptional contributions to public service mainly in law enforcement and national security.
- The award has been presented at the World Forum of Accountants Meet in New Delhi.
- He was also awarded with the prestigious 'President Medal for Distinguished Service’ on the Republic Day.
- Deepak Kumar Kedia, also known as the 'CA in Uniform’, has worked in the Steel Authority of India (SAIL).
Topic: Indian Economy/Financial Market
9. India’s retail inflation declined to 4.31% in January.
- This is a five-month low level. In December, inflation was at 5.22%.
- Rural areas inflation was at 4.64%. Urban regions recorded an inflation rate of 3.87%.
- In January, food inflation stood at 6.02%.
- January food inflation fell from 8.39% in December.
- In rural regions, food inflation stood at 6.31%. This was recorded at 5.53% in urban areas.
- Main reasons for fall in inflation were declined prices of vegetables, eggs, pulses, cereals etc.
- Both headline and food inflation stood at lowest level since August 2024.
- As per RBI forecast, inflation will be 4.2% for FY 2025-26.
Topic: Reports and Indices
10. India ranks 38th in the World Bank Logistics Performance Index (LPI).
- India secured 38th place in the World Bank Logistics Performance Index (LPI) out of 139 countries.
- Indian Ports “Turn Around Time” has improved. Indian Ports “Turn Around Time” is 0.9 days, which is better than USA (1.5 days), Australia (1.7 days).
- India moved to 22nd Rank in the Global Ranking in the International Shipments category.
- Singapore is ranked first, while Finland is in the second position of the index.
- Germany, the Netherlands, and Switzerland are in second, third, and fourth spots, respectively.
- After Singapore, Switzerland and Denmark scored highest in the customs category.
- Afghanistan and Libya are in the bottom two spots in the index.
- As per a report, initiatives like PM Gati Shakti and the National Logistics Policy will help India make a place among the top 25 nations on the World Bank Logistics Performance Index by 2030.
- As per the report, the Indian freight and logistics market is projected to grow at an annual rate of 8.8 percent. It will reach USD 484.43 billion by 2029 from USD 317.26 billion in 2024.
- India is fast emerging as a global logistics hub. The logistics cost in India is around 13–14 percent of its GDP.
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