Topic: Agriculture
1. India aims to achieve ₹1 lakh crore export earnings from fish and fishery products.
- Previous year, India earned total ₹63,000 crore via fish and fishery products exports.
- Union Minister for Fisheries, Animal Husbandry and Dairying inaugurated AQUAMAP-25, an international workshop.
- It is organised by National Centre for Aquatic Animal Health at Cochin University of Science and Technology as part of its silver jubilee celebrations.
- The Minister urged for a change in dependence of Kerala’s fisheries sector from native fishery resources to modern aquaculture practices.
Topic: Reports and Indices
2. India is expected to grow by 6.7%, which is more than the 2.7% world growth rate, according to World Bank projections.
- India is expected to dominate the world economy, according to the World Bank's World Economic Prospects (WEP) report, which was released in January 2025.
- According to the report, for the next two fiscal years, India will continue to be the large economy with the quickest rate of growth.
- A flourishing services sector and a revived manufacturing base are credited by the WEP report with this exceptional momentum.
- Government policies, which range from tax simplification to infrastructure modernisation, are boosting domestic growth and establishing India as a pillar of international economic stability.
- Additionally, the report predicts that China's economic growth will slow to 4% in the upcoming year.
- According to the report, manufacturing activity is predicted to increase while the country's services sector is predicted to continue growing strongly.
- A healthier employment market, easier access to finance, and declining inflation are all expected to boost private consumption in the nation.
- For the fiscal years 2025 and 2026, the IMF predicted that India's growth would continue to be strong at 6.5%.
Topic: RBI
3. To control currency volatility, the RBI sold a record $20.2 billion in foreign exchange in November.
- By the end of the month, this increased its forward market net short position to $58.9 billion.
- At the end of October, RBI's net forward sales position was $49.18 billion.
- RBI sold $51.1 billion worth of foreign currency on the open market and purchased $30.8 billion worth in November.
- Throughout the month, the rupee lost 0.48 percent of its value.
- The intervention was attributed by market participants to significant outflows of foreign portfolio investors (FPIs) brought on by an increase in US Treasury yields.
- Foreign investors net sold $2.1 billion worth of Indian equities in November.
- During April-September, RBI was a net buyer, bought $8.52 billion in the spot market.
- By the end of November, RBI had become a net seller, selling $20.9 billion.
Topic: Banking System
4. The RBI has given HSBC India permission to open 20 new bank branches.
- Cities chosen for their expanding wealth pools will host the new branches.
- The new branches will act as extra points of contact for wealthy, high net worth, and ultra-high net worth customers with both local and foreign banking and wealth requirements.
- At the moment, HSBC operates a network of 26 branches in 14 Indian cities.
- The HSBC just opened its largest branch in the nation, in Bengaluru, as part of its branch network.
- With the number of ultra-high net worth individuals alone expected to increase by 50% by 2028, India's wealth market is growing quickly.
Topic: Banking System
5. Saraswat Co-operative Bank and PNB MetLife collaborate to provide insurance options.
- Saraswat Co-operative Bank Ltd. and PNB MetLife India Insurance Company Ltd. (PNB MetLife) have established a strategic bancassurance cooperation.
- By providing Saraswat Bank's large client base with a full range of life insurance options, this partnership seeks to improve financial inclusion.
- Companies and banks collaborate to market insurance goods or policies under the bancassurance insurance distribution model.
- The bank and insurance firms both gain from this arrangement.
- The insurer benefits from the bank's distribution network, while the bank receives a commission from the insurance firm.
Topic: MoUs/Agreements
6. IREDA, SJVN, GMR and NEA signed a partnership agreement for Upper Karnali Hydropower Project in Nepal.
- For the development of the 900 MW Upper Karnali Hydro-electric Project in Nepal, Indian Renewable Energy Development Agency Ltd. (IREDA) has finalized a Joint Venture Agreement with SJVN Ltd., GMR Energy Ltd., and Nepal Electricity Authority (NEA).
- The project will have a 25-year term from its Commercial Operation Date (CoD).
- The Upper Karnali project will serve as a model of cross-border collaboration for both economic and environmental benefits.
- This joint initiative will boost regional energy security and support the growth of renewable energy infrastructure.
Topic: Indian Economy/Financial Market
7. India's growth has been kept at 6.5 percent by the International Monetary Fund (IMF) for the upcoming fiscal years 2025–2026 and 2026–2027.
- The IMF maintained the growth rate same as the October forecast in its World Economic Outlook update, which was published on January 17, 2025.
- Among the biggest economies in the world, India continued to grow at the highest rate.
- According to IMF projections, global growth will be 3.3% in 2025 and 2026.
- This is less than the 3.7 percent historical average.
- The October 2024 World Economic Outlook projection for 2025 is almost unchanged.
Topic: Banking/Financial/Govt Schemes
8. Over 65 lakh property cards under the SVAMITVA scheme distributed by PM Modi.
- On 18 January, over 65 lakh property cards distributed under the SVAMITVA Scheme by PM Narendra Modi, marking a major milestone in India’s rural empowerment efforts.
- The distribution will reach property owners in over 50,000 villages across 10 states – Chhattisgarh, Gujarat, Himachal Pradesh, Madhya Pradesh, Maharashtra, Mizoram, Odisha, Punjab, Rajasthan and Uttar Pradesh, as well as two Union Territories – Jammu and Kashmir and Ladakh.
- This is a significant occasion as it marks the day of preparation and distribution of around 2.25 crore property cards under the Swamitva Yojana, with 65 lakh cards being issued in a single day.
- The SVAMITVA (Survey of Villages and Mapping with Improvised Technology in Village Areas) scheme was launched on April 24, 2020.
- It aims to provide legal ownership documents to residents of rural areas.
- Under the scheme, property owners are provided with 'Record of Rights' along with issuance of property cards, which are mapped using advanced drone and GIS technology.
- Implemented by the Ministry of Panchayati Raj, this initiative plays a vital role in promoting rural economic development and enhancing governance by formalizing land ownership.
Topic: Corporates/Companies
9. Union Cabinet has approved a ₹11,440 crore revival plan for Rashtriya Ispat Nigam Limited (RINL).
- It includes equity infusion of ₹10,300 crore and the conversion of ₹1,140 crore in working capital loans into preferred share capital.
- Rashtriya Ispat Nigam Limited (RINL) is a CPSE under the Ministry of Steel with 100% ownership of Government of India.
- RINL operates the Visakhapatnam Steel Plant (VSP), it is only offshore steel plant under Government sector in the state of Andhra Pradesh.
- The equity infusion into RINL will help it in overcoming the operational problems related to raising working capital.
- It would allow the company to gradually reach its full production capacity.
- Under the revival plan, RINL will start full production with two blast furnaces in January 2025 and with three blast furnaces August 2025.
- Steel production is a core sector of the economy. India is the world's second largest producer of steel.
Topic: Reports and Indices
10. India has been ranked second for digital skills in the QS World Future Skills Index 2025.
- India has ranked 4th in Artificial Intelligence and Green Skills.
- India is ranked only behind the United States, as per the QS World Future Skills Index 2025.
- India ranked 25th across all indicators. According to the report, India has been placed as a future skills contender.
- USA, UK, Germany, Australia, and others have been categorised as “future skills pioneers”.
- By assessing four key factors, the index has assessed how well-prepared nations are to satisfy the changing needs of the global labour market.
- Skills Fit, Academic Readiness, Future of Work, and Economic Transformation are these factors.
- On the Future-Oriented Innovation and Sustainability criteria, India had a low score.
- India received the lowest score of 59.1 out of the top 30 nations in terms of "skills fit."
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