Today's Current Affairs 3rd January 2024

INTERNATIONAL

In January, the International Monetary Fund (IMF) is set to disburse a $700 million bailout installment to Pakistan.

• Cash-strapped Pakistan is poised to receive a crucial $700 million bailout tranche from the International Monetary Fund (IMF) during the Executive Board meeting on January 11.
• The disbursement, under the existing $3 billion Stand-By Arrangement (SBA), is expected to provide much-needed financial support to Pakistan’s struggling economy.
• The IMF Executive Board is scheduled to discuss Pakistan’s case on January 11, potentially granting final approval for the release of the $700 million tranche. The current SBA, initiated in 2019, is set to conclude in April 2024, with approximately $1.8 billion remaining undisbursed.
• Despite earlier expectations for the Executive Board's approval in December, the decision has been deferred to January 11, as a Staff-Level Agreement between the IMF staff and Pakistani authorities awaits the Board's approval. The potential approval holds significance for Pakistan's economy, providing crucial financial support.
• Discussions between the IMF staff and Pakistani authorities continue regarding policies aimed at bolstering macroeconomic stability in the upcoming year. The IMF noted progress over the FY23 budget, but the latest economic projections for Pakistan reveal a challenging outlook for 2024. The report added that the IMF predicts a contraction of 0.5% in the real GDP for the year and a significant increase in the Consumer Price Index, suggesting heightened inflationary pressures.

 NATIONAL

Prime Minister Modi inaugurates initiatives valued at Rs 20,000 crore in Tamil Nadu.

• Prime Minister Narendra Modi laid the foundation stone for a slew of development projects worth over Rs 20,000 crore in Tiruchirappalli, Tamil Nadu.
• These projects includes a new terminal building at Tiruchirappalli International Airport, developed at a cost of over Rs 1100 crore. The state-of-the-art terminal aims to serve more than 4.4 million passengers annually, significantly enhancing the region’s air connectivity.
• The projects encompass various sectors, including rail connectivity, roads, oil and gas, and shipping, and are poised to contribute significantly to the state’s progress. These projects are instrumental in fostering progress, creating employment opportunities for thousands, and enhancing travel facilities.
• The Prime Minister highlighted that these projects are not only integral to strengthening Tamil Nadu’s infrastructure but also instrumental in fostering progress, creating employment opportunities for thousands, and enhancing travel facilities. He extended his congratulations to the people of the state for their dedication and perseverance in the pursuit of development.

Household Financial Savings And Liabilities In India: RBI’s Assessment.

• The Reserve Bank of India (RBI) released its latest Financial Stability Report (FSR), revealing insights into the state of household financial savings and liabilities in the fiscal year 2022-23 (FY23).
• Despite a decline in gross household financial savings to 10.9% of GDP, the report emphasizes a limited risk of defaults by households, attributing it to the manageable exposure to higher mortgage payments and floating interest rates.
• The FSR notes a significant increase in household financial liabilities, rising from 3.8% of GDP in FY22 to 5.8% in FY23.
• This surge, driven by increased borrowings for physical asset creation, primarily in mortgages and vehicles, contrasts with a marginal moderation in financial assets to 10.9% in FY23 from 11.1% in FY22.

Rajasthan Seeks Integration Of Chiranjeevi Scheme With Ayushman Bharat.

• The newly elected BJP government in Rajasthan is making strides to merge its state health insurance scheme, Chiranjeevi, with the central Ayushman Bharat programme.
• This move, pending approval from the union health ministry, aims to create a unified initiative called the Ayushman Bharat Mukhyamantri Chiranjeevi Health Insurance Scheme.
• Officials reveal that the integrated scheme will maintain Chiranjeevi’s existing benefits, providing a substantial ₹25 lakh insurance cover applicable to both private and government hospitals.
• The Chiranjeevi scheme, initially introduced by former Chief Minister Ashok Gehlot of the Congress party, currently offers significantly higher coverage compared to Ayushman Bharat’s ₹5 lakh.

 SPORTS

Hyderabad and Bengaluru airports achieve commendable positions in the global on-time performance rankings.

• In a recent on-time performance review conducted by aviation analytics firm Cirium, Hyderabad and Bengaluru airports have emerged as global leaders in punctuality, securing the second and third ranks, respectively.
• With over 84 per cent on-time departures, these airports have showcased their commitment to efficiency and reliability in air travel.
• IndiGo, which stood fourth among Asia Pacific airlines with over 82 per cent on-time arrivals, plays a crucial role in contributing to the punctuality at these airports. Approximately half of all flights at Bengaluru and 65 per cent in Hyderabad are operated by IndiGo.
• The Circum report stated that a flight is considered punctual if it departs or arrives with a difference of 15 minutes from the scheduled time. The Kempegowda International Airport has achieved 84.08 % punctuality rate in the year 2023, making it one of the most punctual airports in the world. However, Hyderabad’s Rajiv Gandhi International Airport beat Bengaluru airport with a slightly higher punctuality rate stands at 84.42%.
• Meanwhile, America’s Minneapolis’ St Paul International Airport topped the list of most airports across the globe with a punctuality rate of 84.44%
• In 2022, Bengaluru airport was ranked 20th position in the list, and it hints that the most flights arrived and departed on-time this year.

 OBITURY

Renowned academician and Padma Bhushan awardee, Professor Ved Prakash Nanda, has passed away.

• Professor Ved Prakash Nanda, a luminary in the Indian diaspora, recently passed away, leaving behind a legacy of profound contributions to literature, education, and international law.
• Born in 1934 in Gujranwala, British India, his journey transcended borders as his family migrated to India after the partition in 1947.
• Nanda’s remarkable career, including being awarded the Padma Bhushan in 2018, reflects his dedication to academia, international law, and fostering global understanding.

 APPOINTMENS & RESIGNATIONS

Geetika Mehta assumes the role of the new Managing Director at NIVEA India.

• Nivea India, a leading personal care products company, has appointed Geetika Mehta as its new managing director. This significant announcement marked a strategic move for the renowned brand.
• Mehta’s career boasts a proven track record of developing small businesses and successfully managing large-scale corporations.
• Her journey includes a recent role as the managing director at Hershey India, a confectionery giant, where she took charge in July 2021.
• Before her tenure at Hershey, Mehta dedicated nearly two decades to Hindustan Unilever Ltd, a major player in the consumer goods industry, holding various positions across different divisions.

Government of India constitutes Sixteenth Finance Commission with Dr. Arvind Panagariya as its Chairman

• The Government of India, with the approval of the President of India, has constituted the Sixteenth Finance Commission, in pursuance to Article 280(1) of the Constitution.
• Dr Arvind Panagariya, former Vice-Chairman, NITI Aayog, and Professor, Columbia University will be the Chairman. Members of the Sixteenth Finance Commission would be notified separately. Shri Ritvik Ranjanam Pandey has been appointed as Secretary to the Commission.

 IMPORTANT DAYS

International Mind-Body Wellness Day 2024

• International Mind-Body Wellness Day, observed annually on January 3, is a global celebration dedicated to fostering the harmonious coexistence of physical and mental health.
• This occasion serves as a reminder of the interconnectedness of our mind, body, and spirit, emphasizing the importance of holistic well-being.
• International Mind-Body Wellness Day urges people worldwide to prioritize self-care, mindfulness practices, and healthy lifestyle choices. In the midst of our fast-paced modern lives, this observance serves as a call to pause and actively engage in behaviors that promote holistic well-being.

 AWARDS & RECOGNITION

Chaudhary Charan Singh Haryana Agricultural University's Vice Chancellor Prof B R Kamboj honoured with M S Swaminathan Award

• Chaudhary Charan Singh Haryana Agricultural University's Vice Chancellor Prof. B.R. Kamboj has been honoured with the prestigious M.S. Swaminathan Award in recognition of his contributions as a scientist and extension specialist in the field of agronomy. Thawar Chand Gehlot, the Governor of Karnataka, presented him this award. The award ceremony took place at the International Conference on 'One Health One World,' held at Rajmata Vijayaraje Scindia Agricultural University at Gwalior in Madhya Pradesh.
• A special committee, constituted for the M.S. Swaminathan Award, selected Prof. B.R. Kamboj for his excellent achievements in the field of education, research, technology development and extension in agricultural science.
• Vice Chancellor, Prof. B.R. Kamboj is well aware of the common problems, needs and socio-economical conditions of the farmers. The agricultural recommendations put forth by Prof. Kamboj, stemming from his research work and collaborative extension activities with university scientists, have consistently proven to be highly advantageous for farmers.
• Prof Kamboj has published about 300 research papers and articles in national and international journals, books and technical magazines.

 BANKING AND ECONOMY

Despite a year-on-year increase, India's gross GST revenue experiences a three-month low in December.

• India GST revenue: India's Goods and Services tax revenue continued to rise on an annual basis, but it dropped to a three month low in December.
• India's GST collections rose 10.28 percent to reach Rs 1.65 lakh crore in December, the Finance Ministry announced today. The Goods and Services Tax (GST) mop-up was nearly Rs 1.50 lakh crore in December 2022. The December 2023 collections are, however, lower than Rs1.68 lakh crore collected in November and even down from Rs 1.72 lakh crore mopped up in October, which was the second-highest collection ever since the GST rollout.
• "During the month, the revenues from domestic transactions (including import of services) are 13% higher than the revenues from these sources during the same month last year," the finance ministry said in a statement.
• The average gross monthly GST collection in the FY 2023-24 now stands at Rs. 1.66 lakh crore and is 11% per cent more than that in the same period in the previous financial year," the finance ministry said in a statement. 

• "The remarkable growth in GST collections over the past few months is not only on account of the underlying strong economic factors, but also due to the efforts of the tax authorities in deploying tools to compare data sets to determine short payment and evasion, ” MS Mani, partner, Deloitte said.
• “The growing emphasis on audits led by specific information available on various databases, not only on the GST portal, has led to a significant increase in compliance across sectors and states,” Mani added.