Daily Current Affairs and GK | 4 February 2025
Main Headlines:
- 1. FDI limit in the Insurance sector has been raised from 74 per cent to 100 per cent.
- 2. World Cancer Day: 4 February
- 3. Mount Taranaki has been recognized as a legal person in New Zealand.
- 4. Karnataka Bank has won six awards for excellence in banking technology by Indian Banks’ Association.
- 5. An MoU has been signed between Investor Education and Protection Fund Authority (IEPFA) and Association of Chartered Certified Accountants.
- 6. Exercise ‘Ekuverin’ has started in Maldives on 2 February 2025.
- 7. India’s manufacturing PMI reached a six-month high in January.
- 8. India accelerated Nuclear Power expansion in Union Budget 2025-26.
- 9. DRDO successfully conducted three successive flight trials of the Very Short-Range Air Defence System (VSHORADS).
- 10. Travis Head won his maiden Allan Border medal at the 2025 Australian Cricket Awards.
- 11. Framework Agreement on International Big Cat Alliance (IBCA) has officially become operative.
- 12. Bengaluru Jawans are inaugural champions in World Pickleball League.
- 13. 100 Amrit Bharat, 50 Namo Bharat and 200 Vande Bharat trains will be manufactured in next 2-3 years.
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Topic: Indian Economy
1. FDI limit in the Insurance sector has been raised from 74 per cent to 100 per cent.
- In the budget FY25, Finance Minister Nirmala Sitharaman raised FDI limits in the insurance sector from 74 per cent to 100 per cent.
- This enhanced limit will be for those companies who will invest the entire premium in India.
- It will attract foreign investment, enhance competition, improve insurance penetration, and align with global practices.
- At present, there are 26 life insurers and 27 general insurers including 2 specialized insurers.
- The insurance sector has registered approximately 10% CAGR in the last five years.
- The FDI limit in insurance was introduced in 2000 with a cap of 26%. It was gradually raised to 49% in 2015 and 74% in 2021.
- In 2019, the Insurance intermediaries, such as brokers, were allowed 100% FDI.
- The Government aims to use the full potential of the Indian insurance sector, which is projected to grow at 7.1% annually over the next five years.
- Countries like Canada, Brazil, Australia, and China have allowed 100% FDI in their insurance sectors.
Topic: Important Days
2. World Cancer Day: 4 February
- World Cancer Day aims to promote awareness of cancer as a public health issue.
- It also aims to strengthen actions towards improving access to quality care, screening, early detection, treatment and palliative care.
- The theme for World Cancer Day 2025-2027 is 'United by Unique.'
- The theme highlights the importance of personalized care and treatments to cater to each individual's unique needs.
- World Cancer Day is led by the Union for International Cancer Control (UICC) to support the goals of the World Cancer Declaration.
- World Cancer Day was established on 4 February 2000 at the World Cancer Summit Against Cancer for the New Millennium.
Topic: Miscellaneous
3. Mount Taranaki has been recognized as a legal person in New Zealand.
- Mount Taranaki also known as Taranaki Maunga has received all the rights and responsibilities of a human being.
- Mount Taranaki is considered sacred and an ancestor of the local Māori people.
- After years of negotiations, a settlement has been achieved to grant Mount Taranaki as a legal person.
- The agreement aims to compensate Māori from the Taranaki region for injustices done to them during colonization.
- This mountain is not the first of New Zealand's natural places to be granted legal personhood.
- The Urewera native forest was the first natural place to get recognition as a legal person in 2014, followed by the Whanganui River in 2017.
Topic: Awards and Prizes
4. Karnataka Bank has won six awards for excellence in banking technology by Indian Banks’ Association.
- The bank won these awards at the 20th Annual Banking Technology Conference, Expo & Citations, 2024.
- The bank was declared as runner-up in several other categories. These categories include ‘Best Tech Talent and Organization,’ ‘Best IT Risk Management,’ and ‘Best Technology Bank,’.
- The awards won by bank are ‘Best Tech Talent and Organization’, ‘Best IT Risk Management’, ‘Best Technology Bank’, and ‘Best Fintech and DPI Adoption’ (all runner-ups); and ‘Best Digital Sales, Payments and Engagement’ and ‘Best AI and ML Adoption’ (special mention).
Topic: MoUs/Agreements
5. An MoU has been signed between Investor Education and Protection Fund Authority (IEPFA) and Association of Chartered Certified Accountants.
- An MoU has been signed between IEPFA and Strategic Educational Professionals Pvt Ltd.
- Strategic Educational Professionals Pvt Ltd is a subsidiary of Association of Chartered Certified Accountants (ACCA).
- The MoU has been signed for developing a digital programme.
- The digital programme focusses on experiential learning targeting financial literacy for school children.
- This content will be provided to select schools, which will include rural schools, through a pilot project.
Topic: Defence
6. Exercise ‘Ekuverin’ has started in Maldives on 2 February 2025.
- This is the 13th edition of joint military exercise between the Indian Army and the Maldives National Defence Force.
- This is a bilateral annual exercise. It is carried out alternatively in India and Maldives.
- In 2023, the exercise was carried out at Chaubatia in Uttarakhand from June 11 to 24.
- Ekuverin meaning ‘Friends’ in Dhivehi language (spoken in Maldives).
Topic: Indian Economy
7. India’s manufacturing PMI reached a six-month high in January.
- India’s manufacturing sector witnessed a strong start in January.
- The employment PMI indicate that job has been created in the manufacturing sector.
- Input cost inflation declined for the second consecutive month by reducing the need for manufacturers to increase final output prices.
- The Purchasing Managers’ Index (PMI) rose from December’s 56.4 to 57.7 in January.
- PMI values range between 0 and 100 and reading above 50 indicate expansion and below 50 indicate contraction.
- International demand for Indian goods also strengthened in January. The growth rate in new export orders was the highest recorded in nearly 14 years.
- Cost pressures eased to their lowest level in 11 months and selling prices continued to rise due to buoyant demand and strengthened business confidence.
Topic: Infrastructure and Energy
8. India accelerated Nuclear Power expansion in Union Budget 2025-26.
- The Union Budget 2025-26 has given a major push for nuclear energy as part of India’s long-term strategy.
- It will ensure energy security and transition towards cleaner power sources.
- It set an ambitious target of achieving 100 GW of nuclear power capacity by 2047.
- The government is aiming to reduce dependence on fossil fuels while ensuring a stable and reliable power supply.
- Nuclear Energy Mission has been announced in the budget with a focus on research and development (R&D) of Small Modular Reactors (SMRs).
- The government has allocated ₹20,000 crore for developing at least five indigenously designed and operational SMRs by 2033.
- The government is actively expanding its nuclear energy sector by developing Bharat Small Reactors (BSRs) and exploring partnerships with the private sector.
- The Bhabha Atomic Research Centre (BARC) is developing Small Modular Reactors (SMRs) for repurposing retiring coal-based power plants and meeting power needs in remote locations.
Topic: Defence
9. DRDO successfully conducted three successive flight trials of the Very Short-Range Air Defence System (VSHORADS).
- These tests were carried out against high-speed targets flying at very low altitudes from Chandipur off the coast of Odisha.
- During the test, missiles intercepted and completely destroyed the targets.
- VSHORADS is a fourth-generation technically advanced miniaturised Man Portable Air Defence System (MANPAD).
- It has been designed and developed by DRDO’s Hyderabad-based premier facility Research Centre Imarat (RCI) in association with other DRDO laboratories and Indian Industry partners.
- The flight data was captured by various range instruments such as Telemetry, Electro-Optical Tracking System and Radar deployed by Integrated Test Range, Chandipur.
Topic: Sports
10. Travis Head won his maiden Allan Border medal at the 2025 Australian Cricket Awards.
- Travis head received 208 votes in total, 50 more than Josh Hazlewood and 61 more than Pat Cummins.
- He scored 1427 runs across formats with four centuries.
- Hazlewood won the Shane Warne Test Player of the Year award whereas Adam Zampa was named the Men's T20I Player of the Year.
- Glenn Maxwell and Cooper Connolly were named joint-winners of the BBL Player of the Tournament award.
- Annabel Sutherland won her first-ever Belinda Clark Award in the women’s category.
Topic: Environment and Ecology
11. Framework Agreement on International Big Cat Alliance (IBCA) has officially become operative.
- From 23 January, IBCA and its Secretariat are full-fledged, treaty-based, inter-governmental international organization and legal entity.
- Under the IBCA Framework Agreement, five countries have submitted their instruments of ratification.
- These five countries are Nicaragua, Eswatini, India, Somalia, and Liberia.
- 27 countries have consented to join the IBCA. These countries include India.
- Prime Minister Narendra Modi had launched IBCA on April 9, 2023 during ‘Commemorating 50 years of Project Tiger’ event.
- In 2024, the establishment of the IBCA, with its headquarters in India was approved by Union Cabinet.
- Its aim is to conserve seven big cats. These big cats are Tiger, Lion, Leopard, Snow Leopard, Cheetah, Jaguar, and Puma.
Topic: Sports
12. Bengaluru Jawans are inaugural champions in World Pickleball League.
- Bengaluru Jawans secured a 3-1 victory over Pune United in final.
- Jack Foster won in the men’s singles and gave Bengaluru an early lead.
- Trang Hyunh-McClain and Alejandra Borobia secured a 13-9 victory in the women’s doubles.
- Pune United secured 15-6 win in the men’s doubles from William Sobek and Vanshik Kapadia.
- Bengaluru’s Katerina Stewart secured victory over Brooke Revuelta in the final singles match.
- Katerina Stewart earned the title of Player of the League.
Topic: National News
13. 100 Amrit Bharat, 50 Namo Bharat and 200 Vande Bharat trains will be manufactured in next 2-3 years.
- 17,500 Non-AC General and Sleeper Coaches will also be manufactured.
- A 2:3 ratio for non-AC coaches and a 1:3 ratio for AC coaches would be maintained by Railways.
- The 2025-26 Budget allocated Rs 2.52 lakh crore for Railways.
- New projects of Rs 4.6 lakh crore will be completed in next 4 to 5 years.
- 1,400 general coaches are expected to be completed by March 31.
- For FY 2025-26, target has been kept at 2,000 new general coaches.
- By the end of this financial year, Indian Railways is expected to achieve 100% electrification.
- Allocation for rail safety has been increased from Rs 1.08 lakh crore to Rs 1.14 lakh crore.
- By March 31, Railways will achieve a cargo-carrying capacity of 1.6 billion tonnes.
- This will make it world's second-largest cargo-carrying railway system, after China.
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