Daily Current Affairs 7th & 8th January, 2024

Daily Current Affairs 7 & 8 January 2024 for Banking/Insurance/SSC and other related exams.

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NATIONAL NEWS

Cabinet Greenlights India-Guyana MoU For Hydrocarbon Sector Collaboration
The Union Cabinet, under the leadership of Prime Minister Shri Narendra Modi, has granted approval for the signing of a Memorandum of Understanding (MoU) between the Ministry of Petroleum & Natural Gas, Government of India, and the Ministry of Natural Resources, Republic of Guyana. This MoU aims to foster collaboration in the hydrocarbon sector, covering various aspects of the value chain.

• The proposed agreement covers the complete value chain of hydrocarbon sector including the sourcing of crude oil from Guyana, the participation of Indian companies in Exploration and Production (E&P) sector of Guyana, cooperation in the areas of crude oil refining, capacity building, strengthening bilateral trade, collaboration in natural gas sector, collaboration in developing regulatory policy frameworks in oil and gas sector in Guyana.

Chennai Tops As Best City For Indian Women
Chennai emerged as the top Indian city for women in 2023 in terms of inclusivity and conduciveness to working women, as per findings from diversity, equity, and inclusivity consultant Avtar Group’s Top Cities for Women in India (TCWI) 2023.

• Tamil Nadu cities topped both categories that the study covered – 49 cities in the million-plus population category and 64 cities in the less than a million-population category.
• Chennai topped the million-plus category, and Tiruchirappalli came on top of the less than a million category. The southern state also had a total of seven cities featuring in the lists.
• Chennai not only bags the prize as the top city for women in India among cities with a million-plus population, but it also retains its SIS rank in the first place. Its IIS rate slipped by 1 and is second to Bengaluru on this scale.

PM Modi launches ‘Swachh Mandir’ campaign ahead of Ayodhya Ram Temple inauguration
Ahead of the upcoming consecration of the Ram temple in Ayodhya, Prime Minister Narendra Modi has initiated the ‘Swachh Mandir’ (Clean Temple) campaign, aiming to make the holy city pristine.

• He urged people nationwide to kick off a cleanliness campaign at smaller pilgrimage sites starting from Makar Sankranti (January 14) and continuing until January 22.
• The campaign will involve all elected representatives, including MPs, MLAs, and panchayat representatives, who will collaborate to ensure the success of the cleanliness drive. Party functionaries have been tasked with identifying places of worship where the campaign will be launched ahead of the consecration ceremony.

Indian Railways logs 6,577 route kms electrification in calendar year 2023
The Indian Railways achieved 6,577 route kilometres (RKMs) electrification in the calendar year 2023, the government said.

• With a vision of providing an eco-friendly, faster and energy-efficient mode of transportation, Indian Railways is marching ahead towards 100 per cent electrification of Broad Gauge tracks. With the latest figures, electrification stands at 93.83 per cent of the total Broad Gauge route of the Indian Railways.
• The Indian Railways has set a target to become the world’s largest green railway by 2030.

GIM2024: Tamil Nadu’s $1 Trillion Economy Vision Unveiled
The Tamil Nadu government, led by Chief Minister MK Stalin, revealed its ambitious vision for the state to achieve a $1 trillion economy by 2030 during the Global Investors Meet in Chennai .

• The state has outlined seven key principles to realise this goal: investments, human capital, innovation, market efficiency, governance, infrastructure, and holistic inclusive growth.
• The vision document aims to attract $3.8-4.3 trillion in investments (public and private) to expedite growth and establish itself as a preferred destination for foreign direct investment (FDI), facilitating local investments for expansion.

INTERNATIONAL NEWS

India tops the list of source markets for tourism into Sri Lanka in 2023
India has topped the list of source markets for tourism into Sri Lanka in 2023. The island has welcomed 1.487 Million tourists during the last year with India contributing over 20% arrivals.

• In all over 3 lakh Indian tourists reached Sri Lanka in 2023 followed by Russia which contributed 1.97 lakh. Tourism holds a pivotal position in Sri Lanka’s economy as a top foreign revenue source. Tourism contributed 2.1 billion USD from 1.1 billion USD achieved in the previous year.

Swedish Scientists Create ‘e-soil’ That Accelerates Plant Growth
Researchers from Linköping University in Sweden developed a ‘bioelectronic soil’ that can speed up the growth of plants in hydroponic spaces, or farms that grow plants without soil in environments made up of mostly water and a place for roots to attach. After integrating the engineered ‘eSoil’ into the framework where seedlings grow, researchers discovered that sending electrical signals through the soil made plants grow 50 percent more on average.

• The eSoil is made up of organic substances mixed with a conductive polymer called PEDOT, which can be found in things like sensors and OLED displays. Eleni Stavrinidou, the supervisor of the study, told Engadget that the soil’s conductivity was necessary for stimulating the plant roots.

BANKING & FINANCE

RBI doubles minimum capital requirement to Rs 200 crore for SFBs
The Reserve Bank of India (RBI) has raised the minimum capital requirement for small finance banks (SFBs) to Rs 200 crore and permitted Payments Bank to upgrade as SFBs. Incidentally, the net worth of all SFBs currently in operation is in excess of Rs 200 crore.

• Issuing the revised guidelines, the RBI said that for Primary (Urban) Co-operative Banks (UCBs) desirous of voluntarily transiting into SFBs, the initial requirement of net worth would be at Rs 100 crore, which will have to be increased to Rs 200 crore within five years from the date of commencement of business.
• Payments Banks can apply for conversion into SFB after five years of operations if they are otherwise eligible as per the guidelines.

BUSINESS & ECONOMY

Delhi’s Robust Economic Growth: Per Capita Income Soars by Over 14% to Rs 4,44,768
Delhi’s per capita income increased from ₹3,89,529 to ₹4,44,768 in the current financial year,” the Arvind Kejriwal government said as the Statistical Handbook-2023 was released. This is 158 per cent higher than the national average.

• It was reportedly the highest among all states and union territories in 2023. “This is a huge increase in per capita income in any state in any single year.
• The handbook containing data on socio-economic parameters of the national capital was released by the Economic and Statistics department of the Delhi government. The figure of ₹4,44,768 is based on the Advance Estimate of Per Capita Income of Delhi at current prices during 2022-23 and will be revised in the 2023-24 Economic Survey of Delhi which is likely to be presented in Delhi assembly in February, 2024.

Vietnam Invests $2 Billion In Tamil Nadu EV Facility
Vietnamese electric vehicle giant VinFast Auto Ltd made a significant announcement, revealing plans to establish an integrated electric vehicle facility in the Indian state of Tamil Nadu. 

• With an eye on breaking into the world’s third-largest automobile market, the automaker confirmed its commitment to invest a staggering $2 billion in the state.
• VinFast Auto earmarked an initial investment of $500 million for the first phase of the project, spanning a five-year period from the commencement date. The ambitious project is set to kick off construction this year, with the capacity to produce as many as 150,000 electric vehicles annually.

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