Daily Current Affairs and GK | 16 and 17 February 2025

Topic: Summits/ Conferences/ Meetings

1. The 8th Indian Ocean Conference took place in Muscat, Oman, from February 16–17.

• The India Foundation organized it in collaboration with the Ministry of Foreign Affairs of Oman.
• "Voyages to New Horizons of Maritime Partnership" was the conference's theme.
• At the opening of the 8th Indian Ocean Conference in Muscat, External Affairs Minister Jaishankar spoke on "Voyage to New Horizons of Maritime Partnership."
• Later this year, Bangkok, Thailand, will host the 6th Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Summit from April 2–4.
• Bangladesh will serve as the BIMSTEC summit's next chair.
• India is leading connectivity projects including the International North South Transport Corridor (INSTC) and the India-Middle East-Europe Economic Corridor (IMEC).

Topic: India and its Neighbourhood

2. India and Sri Lanka will strengthen their bilateral mining, exploration, and critical minerals partnerships.

• To explore cooperation in important minerals that are essential for economic growth, they held a meeting. 
• The potential of Sri Lanka's abundant beach sand and graphite resources in high-tech industries, battery technology, and sustainable energy was emphasized. 
• Finalizing a Memorandum of Understanding (MoU) on collaboration in geology and mineral resources between Sri Lanka and India was discussed. 
• The leaders talked about enhancing cooperation so that Indian companies may explore mining prospects in Sri Lanka and take part in the development of its beach sand and graphite resources. 
• In order to ensure a consistent supply of vital raw materials such as lithium, graphite, nickel, cobalt, and copper, India's National Critical Mineral Mission was highlighted during the discussion. 
• In order to acquire global mineral assets, India is forming multinational alliances and securing mining rights for essential minerals. 
• Opportunities for technological cooperation, investment, and exploration in the mining industry were explored by both nations. 

Topic: MoUs/Agreements

3. ADNOC Gas and Indian Oil Corporation signed a 14-year LNG Supply Agreement.

• ADNOC Gas has finalized a long-term agreement with Indian Oil Corporation Ltd to supply liquefied natural gas.
• The 14-year sales and purchase agreement (SPA) is valued between $7 billion and $9 billion.
• ADNOC will provide 1.2 million tonnes of LNG annually from 2026 to Indian Oil Corporation.
• This agreement has converted the previous ‘Heads of Agreement’ between the parties into a SPA.
• It will help India in achieving the ambitious goal of increasing gas usage to 15% of its primary energy mix by 2030.
• The LNG will be sourced from ADNOC Gas’s Das Island facility. It is one of the world’s longest-operating LNG plants.

Topic: Awards and Prizes

4. ‘Conclave’ won the best picture award at the 78th British Academy Film Awards.

• Papal thriller ‘Conclave’ won four prizes including best picture at the British Academy Film Awards.
• ‘The Brutalist’ also won four awards including best director for Brady Corbet and best actor for Adrien Brody.
• Mikey Madison won the best actress prize for Anora.
• The 78th edition of the British Academy Film Award ceremony took place at London’s Southbank Centre.
• Conclave was also named outstanding British film and it took trophies for editing and adapted screenplay.
• Wallace and Gromit: Vengeance Most Fowl won awards for best animated feature and best family and children’s film.
• Most BAFTA winners are chosen by 8,000 members of the U.K. academy of industry professionals.

Topic: Environment and Ecology

5. Stubble burning in Punjab, Haryana contributes only 14% of PM2.5 in Delhi-NCR.

• As per a study, there is no linear correlation between stubble-burning events in Punjab and Haryana and fine particulate matter (PM2.5) concentration in Delhi-NCR.
• According to the study, stubble burning in Punjab and Haryana contributes only 14% to the particulate matter concentration in Delhi-NCR.
• PM2.5 in Delhi-NCR remained stable and constant despite the stubble-burning events in Punjab and Haryana declining by over 50% from 2015 to 2023.
• The number of stubble-burning events in Punjab and Haryana declined by 31% and 37%, respectively in 2023 and 2022.
• The air quality index in the Delhi-NCR region remained “very poor” to the “severe” category due to stagnant winds, lower mixing heights, and inversion conditions.
• The results of this study were published in the journal Climate and Atmospheric Science.

Topic: National News

6. A Deregulation commission will be set up to reduce the government role in governance.

• Prime Minister Narendra Modi announced that a deregulation commission will be constituted to reduce the role of the government in all spheres of governance.
• It would be set up to reduce the compliance burden on society and minimize govt interference.
• The government has ended hundreds of compliances through Jan Vishwas 2.0.
• The government has opened many new sectors including nuclear energy, space, commercial mining and power distribution for investment and bring in efficiency.

Topic: National Appointments

7. A new President and Vice President have been appointed by ICAI for the term 2025-26.

• Charanjot Singh Nanda has been appointed as the new President of the Institute of Chartered Accountants of India (ICAI), the world’s largest accountancy body, for the term 2025–26.
• The Central Council of ICAI elected Nanda, who previously served as the Vice-President of ICAI, as the 73rd President during a meeting in New Delhi.
• D. Prasanna Kumar, a chartered accountant from Andhra Pradesh, was elected vice-president.
• Arjun Ram Meghwal, who is currently serving as the Minister of State for Law and Justice and Parliamentary Affairs, administered the oath of office.
• The leadership of the post of President has been handed over from CA Ranjeet Kumar Agarwal to CA Charanjot Singh Nanda, and the responsibility of the post of Vice President has been handed over from CA Charanjot Singh Nanda to CA Prasanna Kumar D.
• Nanda became a Chartered Accountant in 1991 and also served as Chairman of the Northern India Regional Council (NIRC) for the term 2002-03.
• Institute of Chartered Accountants of India (ICAI):
  • It is the largest professional accounting organization in India, functioning under the administrative supervision of the Ministry of Corporate Affairs, Government of India.
  • Established on 1 July 1949, it was constituted as a statutory body through the Chartered Accountants Act, 1949, enacted by the Parliament to oversee the promotion, advancement, and regulation of the chartered accountancy profession in the country.
  • It is headquartered in New Delhi.

Topic: Summits/Conferences/Meetings

8. BRICS summit will be hosted in Rio de Janeiro by Brazil in July.

• The next BRICS summit, featuring Brazil, Russia, India, China, South Africa, and other member countries, has been announced to be held in Rio de Janeiro on July 6-7 by the Brazilian government.
• The summit will be attended by leaders of 20 member and partner countries.
• The BRICS is aimed at strengthening ties with developing nations and reforming global institutions under Brazil’s leadership.
• The BRICS group was founded in 2009 by Brazil, Russia, India, and China, with South Africa being joined in 2010, as a counterbalance to the Group of Seven leading industrialized nations.
• In 2024, the group is expanded to add Iran, Egypt, Ethiopia, and the United Arab Emirates.
• Saudi Arabia has also been invited to join.
• Turkey, Azerbaijan, and Malaysia have formally applied for membership, and several other countries have expressed interest.
• Recently, the bloc welcomed Indonesia as one of its 11 members and Nigeria as a partner country, a designation introduced at last year’s summit in Kazan.

Topic: Sports

9. Shikhar Dhawan appointed as event ambassador for ICC Champions Trophy.

• Former India opener Shikhar Dhawan has been appointed by the International Cricket Council as one of four event ambassadors for the upcoming ICC Champions Trophy.
• This tournament will be held from 19 February to 9 March in Pakistan and Dubai.
• Pakistan's 2017 Champions Trophy-winning captain Sarfraz Ahmed, former Australian all-rounder Shane Watson, and New Zealand fast bowler Tim Southee have been named as the other three ambassadors.
• The ambassadors will contribute guest columns and attend matches to share their thoughts about the tournament, which features the world's top eight teams.
• Dhawan is India's leading run-scorer in the history of the Champions Trophy, with 701 runs across two editions.
• He is the only player to have won the Golden Bat consecutively for being the leading run-scorer in the tournament.
• His achievements include the Player of the Tournament title in 2013 and the record for most centuries in Champions Trophy history.

Topic: State News/Puducherry

10. On February 14, the Ayushman Bharat Vay Vandana Scheme was officially launched in Puducherry.

• The scheme was formally inaugurated by Puducherry Lieutenant Governor K. Kailashnathan in the presence of Chief Minister N. Rangasamy, and insurance scheme cards were distributed to eligible senior citizens.
• The lieutenant governor urged the health workers to spread awareness about such schemes for senior citizens so that more and more people can benefit.
• This scheme provides medical benefits to senior citizens.
• Under the Ayushman Bharat Vay Vandana Scheme, the central government provides free health insurance coverage of up to Rs 5 lakh per year to senior citizens aged 70 years and above.
• On 29 October, 2024, PM Modi launched the Ayushman Vaya Vandana Card as part of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY).
• The card covers treatment for around 2,000 medical procedures and covers all pre-existing illnesses from day one, without any waiting period.

Topic: Indian Economy

11. India's foreign exchange reserves rose for the third consecutive week, reaching $638.26 billion.

• On February 14, according to data released by the Reserve Bank of India (RBI), India's foreign exchange reserves continued to increase for the third consecutive week, bringing an end to the months-long decline.
• The country's foreign exchange reserves increased by $7.65 billion to $638.261 billion in the week ended February 7.
• The improvement comes after a sharp decline that saw stocks fall in 15 of the past 16 weeks, hitting an 11-month low.
• India's reserves have been declining steadily since hitting an all-time high of $704.89 billion in September, representing a drop of nearly 10% from the peak.
• The main reason for this decline was attributed to the intervention by the RBI to stabilize the Indian rupee, which is at its record low against the US dollar.
• The latest data showed that foreign currency assets (FCA), the biggest component of India's forex reserves, stood at $544.106 billion, while gold reserves were valued at $72.208 billion.
• In 2023, India adds about $58 billion to its reserves, a significant jump from the $71 billion drop seen in 2022.
• In 2024, the reserves have so far increased by over $20 billion.
• Foreign exchange reserves consist of assets held by the RBI in various reserve currencies such as the US dollar, euro, Japanese yen, and pound sterling, which are crucial for liquidity management and ensuring economic stability.

Topic: Banking/Finance

12. SEBI proposed new measures to strengthen the regulatory framework for ESG Rating Providers (ERPs).

• The SEBI has proposed additional provisions to strengthen the framework for ESG rating providers (ERP).
• The main aim of the new measures to strengthen the regulatory framework for ESG Rating Providers (ERPs) is to enhance transparency and accountability.
• The proposal is focused on key areas such as the withdrawal of ESG ratings and disclosure of rating rationale.
• Under the subscriber-pays model, SEBI has proposed that ERPs can withdraw a rating if there are no subscribers for the rating.
• Under the issuer-paid model, ERPs will be able to withdraw ratings after rating a security for three consecutive years, or 50 per cent of the tenure of the security – whichever is higher – and receiving approval from 75 per cent of bondholders based on value.
• Sebi has also proposed that ERPs following a subscriber-pays model should share detailed rating rationales and reports only with subscribers and not disclose them on their websites.
• As per new measures, internal audits and composition of nomination and remuneration committee (NRC) for Category-II ERPs will be necessary two years after the issuance of the new rules.
• ESG stands for environmental, social and governance.

Topic: MoUs/Agreements

13. SIDBI and AFD, France signed a $100 million credit facility agreement.

• 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 the development and international solidarity policies of France.