Daily Current Affairs – 03 January 2024

These current affairs today are a part of our daily current affairs. We cover a wide range of topics from state, national, and international news that are relevant and important for competitive exams. Our team prepares today’s current affairs after going through many newspapers, such as The Hindu, Indian Express, PIB, PRS, etc.

Scroll down for current affairs of 3rd January, 2024.

IMF Set to Disburse $700 Million Lifeline to Pakistan in January

  • In an effort to alleviate Pakistan’s financial woes, the International Monetary Fund (IMF) is on the verge of releasing a pivotal $700 million bailout tranche during the upcoming Executive Board session on January 11. 
  • This disbursement, part of the ongoing $3 billion Stand-By Arrangement (SBA), aims to provide essential financial aid to bolster Pakistan’s struggling economy. 
  • The IMF Executive Board is slated to deliberate on Pakistan’s situation, with potential approval for the release of the $700 million tranche. 
  • The existing SBA, initiated in 2019, is nearing its conclusion in April 2024, leaving approximately $1.8 billion yet to be disbursed.

PM Modi Unveils Projects Valued at Rs 20,000 Crore in Tamil Nadu

  • Prime Minister Narendra Modi inaugurated a series of development ventures worth exceeding Rs 20,000 crore in Tiruchirappalli, Tamil Nadu. 
  • Among these projects is the establishment of a new terminal at Tiruchirappalli International Airport, with an investment exceeding Rs 1100 crore. 
  • This state-of-the-art terminal is designed to cater to more than 4.4 million passengers annually, significantly improving the region’s air connectivity. 
  • The initiatives span various sectors, including railways, roads, oil and gas, and shipping, poised to make substantial contributions to the state’s advancement. 
  • These endeavors play a pivotal role in promoting growth, generating job opportunities for thousands, and enhancing travel facilities.

Concerns Arise Over Dwindling Corporate Investments in India: Bank of Baroda Report

  • The corporate sector in India witnessed a decline in investments during the first nine months of fiscal year 2024, totaling a significant ₹10.80 lakh crore. 
  • Bank of Baroda’s Economic Research Department (ERD) raises alarms as this falls short of expectations. 
  • The analysis, based on CMIE data, points to a cautious approach among industries, particularly in aviation, chemicals, machinery, and power sectors. Investments in FY24 stand notably lower compared to the same period in FY22 and FY21.

Tata Pay Secures RBI Approval for E-Commerce Transactions

  • Tata Pay, a digital payments app under Tata Digital, has achieved a milestone by obtaining a payment aggregator (PA) license from the Reserve Bank of India (RBI). 
  • This positions Tata Pay among industry leaders, enabling it to handle ecommerce transactions efficiently within its ecosystem. 
  • Similar licenses were also acquired by other players, allowing them to integrate payment services with their digital identification solutions.

RBI’s Insights on Household Finances in India

  • The Reserve Bank of India (RBI) has unveiled its latest Financial Stability Report (FSR), shedding light on the state of household financial savings and liabilities in the fiscal year 2022-23 (FY23). 
  • Despite a decline in gross household financial savings, the report emphasizes a limited risk of defaults, attributing it to manageable exposure to higher mortgage payments and floating interest rates. 
  • The FSR notes a significant increase in household financial liabilities, primarily driven by increased borrowings for physical asset creation.

Milestone for Ola Electric in the EV Landscape

  • Ola Electric, a leading electric vehicle (EV) company in India, achieves a groundbreaking feat as the first Indian e-scooter company eligible for the government’s Production-Linked Incentive (PLI) scheme. 
  • As per reports, Ola Electric met stringent eligibility criteria, paving the way for potential financial benefits. This accomplishment marks a significant stride in the Indian electric vehicle sector.

Simplified Process for Medical Device Imports Unveiled by India

  • India’s Central Drugs Standard Control Organisation (CDSCO) has introduced the ‘National Single Window System (NSWS),’ a user-friendly portal developed by Tata Consultancy Services (TCS) to streamline the import of medical devices. 
  • The initiative, effective from January 1, focuses on creating a centralized platform to enhance the ease of doing business. 
  • The NSWS, crafted by TCS in collaboration with Invest India, acts as a one-stop destination for all approvals related to importing medical devices.

Global Recognition of International Mind-Body Wellness Day 2024

  • On January 3 every year, people worldwide celebrate International Mind-Body Wellness Day, emphasizing the importance of harmonizing physical and mental health. 
  • This occasion serves as a reminder of the interconnectedness of mind, body, and spirit, promoting holistic well-being. 
  • The day encourages individuals globally to prioritize self-care, mindfulness practices, and healthy lifestyle choices, prompting a pause for active engagement in behaviors that contribute to overall well-being.

Rajasthan’s Move Towards Unified Health Schemes

  • The newly elected government in Rajasthan, led by the BJP, is taking steps to integrate its state health insurance scheme, Chiranjeevi, with the central Ayushman Bharat program. 
  • Pending approval from the union health ministry, this integration aims to create a unified initiative called the Ayushman Bharat Mukhyamantri Chiranjeevi Health Insurance Scheme. 
  • Officials highlight that the combined scheme will retain Chiranjeevi’s existing benefits, offering a substantial ₹25 lakh insurance cover applicable to both private and government hospitals. 
  • Initially introduced by former Chief Minister Ashok Gehlot, the Chiranjeevi scheme currently provides significantly higher coverage compared to Ayushman Bharat’s ₹5 lakh.

Punctuality Recognition for Hyderabad and Bengaluru Airports

  • Hyderabad and Bengaluru airports have received top honors in a recent review by aviation analytics firm Cirium, showcasing their commitment to punctuality on a global scale. 
  • Securing the second and third ranks, respectively, these airports boast over 84 percent on-time departures, highlighting their efficiency and reliability in air travel. 
  • IndiGo, ranking fourth among Asia Pacific airlines with over 82 percent on-time arrivals, significantly contributes to the punctuality at these airports, operating approximately half of all flights in Bengaluru and 65 percent in Hyderabad.

Leadership Transition at NIVEA India

  • Nivea India, a prominent personal care products company, has made a strategic move by appointing Geetika Mehta as its new managing director. 
  • With a successful track record in developing small businesses and managing large-scale corporations, Mehta previously held the position of managing director at Hershey India, a major confectionery company, starting in July 2021. 
  • Before her role at Hershey, Mehta dedicated almost two decades to Hindustan Unilever Ltd, a key player in the consumer goods industry, holding various positions across different divisions.

Remembering Prof. Ved Prakash Nanda

  • Professor Ved Prakash Nanda, a prominent figure in the Indian diaspora, has left a lasting legacy in literature, education, and international law. 
  • Born in 1934 in Gujranwala, British India, his contributions were acknowledged with the Padma Bhushan in 2018. His remarkable career reflects dedication to academia, international law, and fostering global understanding.

Jammu and Kashmir Leads in Artisan Empowerment

  • Jammu and Kashmir achieved a significant milestone by becoming the first Union Territory to implement the PM Vishwakarma Yojana (PMVY), a government initiative launched in September 2023. 
  • The program aims to uplift and recognize the vital role artisans play in preserving India’s cultural heritage. 
  • The official launch in Jammu and Kashmir on January 2, 2024, marked a historic moment, initiating the training program for the first batch of 30 trainees specializing in ‘darzi craft,’ contributing to the empowerment of the local artisan community.

Daily Current Affairs – 02 January 2024

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