Daily Current Affairs Capsules 24th January 2024

1. Net FDI in India down to $13.54 billion in Apr-Nov 2023

In the news:

• According to the “State of Economy” report in RBI’s monthly bulletin for January 2024, the net foreign direct investment (FDI) in India has declined to $13.54 billion in April-November 2023 from $19.76 billion in the same period in 2022.
• Reason: Due to the fall in global inflows and a rise in repatriation of equity capital
• Repatriation/disinvestment by those who made direct investments in India rose to $25.58 billion in the eight months of FY24 from $19.87 billion in April-November 2022.
• Manufacturing, electricity, and other energy sectors, transport, financial services, and retail and wholesale trade contributed around two-thirds of the gross inward FDI equity flows.
• The bulk of the equity inflows (69.9 per cent) were received from Mauritius, Singapore, Japan, the United States, and the Netherlands during the same period.
• As reported by fDi Intelligence, India is among the top 10 countries of the world, with the strongest expected investment momentum in 2024.

2. AIIB invests $58.4 million in India’s Largest Renewable Energy InvIT

In the news:

• The Asian Infrastructure Investment Bank (AIIB) will invest INR 4.86 billion (about USD 58.4 million) into the Sustainable Energy Infra Trust (SEIT).
• SEIT is India’s largest Renewable Energy Infrastructure Investment Trust (InvIT).
• SEIT is supported by Mahindra Susten Private Limited and Ontario Teachers’ Pension Plan.
• It boasts eight operational solar power assets with a combined capacity of 1.54 gigawatts-peak spread across India.
• Other Renewable Projects:
• Adani Green Energy Ltd (AGEL) has become the largest renewable energy company in India, reaching an installed capacity of 8.4 gigawatts (GW).
• NTPC Renewable Energy Limited (NTPC REL) has declared the commercial operation of its first-of-its-kind 50 MW wind farm project located in Dayapar, Kutch, Gujarat.
• About AIIB:
• Headquarters: Beijing, China
• Formation: 16 January 2016
• Membership: 109 member states
• President: Jin Liqun

3. Union Minister Dr. Jitendra Singh launches first batch of VAIBHAV fellowship

In the news:

• Union Minister for Science and Technology Dr. Jitendra Singh launched the First Batch of Viashvik Bharatiya Vigyanik (VAIBHAV) Fellowships in New Delhi.
• The first batch of VAIBHAV fellowship was bestowed upon 22 Indian-origin scientists from across the globe.
• VAIBHAV to facilitate collaboration between the Indian diaspora in Science, Technology, Engineering, Mathematics, and Medicine (STEMM) and Indian academic and research institutions.
• VAIBHAV fellows will receive a monthly fellowship grant of INR 4,00,000, which will support their research activities during the collaboration period.
• Selected fellows will have the opportunity to work in collaboration with Indian Higher Educational Institutions (HEIs), universities, and public-funded scientific institutions.
• They may spend up to two months per year, for a maximum of three years, at an Indian institution of their choice.

4. VP to inaugurate ‘Hamara Samvidhan, Hamara Samman’ campaign

In the news:

• Vice President Jagdeep Dhankhar will inaugurate a year long pan India campaign Hamara Samvidhan, Hamara Samman on January 24, 2024 to commemorate the 75th Year of India as a Republic, in New Delhi.
• The campaign aims to reaffirm the collective commitment to the principles enshrined in the Constitution of India and celebrate the shared values that bind the nation.
• Some of the themes to be covered during the Campaign include Sabko Nyay -Har Ghar Nyaya, Nav Bharat Nav Sankalp and Vidhi Jagriti Abhiyan.
• Sabko Nyay – Har Ghar Nyaya aims to connect the villagers through the Village Level Entrepreneurs of the Common Service Centers and exalt them to read Sabko Nyay pledge.
• Nav Bharat Nav Sankalp aims to encourage the masses to embrace the resolutions of Panch Pran by reading the Panch Pran Pledge.
• Vidhi Jagriti Abhiyan aims to involve the students to carry the message of Panch Pran in the villages adopted by the Law colleges, under the Pro Bono Club scheme.
• Nyaya Setu will be launched to extend and expand the reach of legal services till the last mile.

5. India’s electronics exports surpass $20 billion, iPhone dominates surge

In the news:

• India witnessed a 22.24% surge in electronics exports, surpassing the $20 billion milestone within the nine months of the financial year 2023-24 (FY24).
• This was spearheaded by surging smartphone shipments, especially Apple’s iPhone.
• Mobile phone exports, accounting for 52% of total electronics exports, reached $10.5 billion between April and December 2023.
• Notably, iPhones emerged as the primary driver of exports, contributing 35% of the total electronics exports and a staggering 70% to the country’s overall mobile exports during this period.

6. IICF to build ‘Masjid Muhammed bin Abdullah’ Mosque in Ayodhya

In the news:

• The Indo-Islamic Cultural Foundation (IICF) has announced the commencement of the construction of a grand mosque in Ayodhya, starting May 2024.
• The mosque, named “Masjid Muhammed bin Abdullah” after Prophet Muhammad.
• It aims to foster unity and goodwill among people, transcending religious differences.
• The construction is expected to span three to four years.
• The IICF plans to construct a 500-bed hospital within the complex.

7. Govt raises import duty on gold, silver jewellery findings to 15% from 11%

In the news:

• The Finance Ministry has hiked import duties on gold and silver findings and coins of precious metals to 15% from the existing 10%.
• Import duty on gold and silver findings and coins of precious metals will now be 15 per cent.
• This includes Basic Custom Duty (BCD) of 10% and 5% of AIDC (Agriculture Infrastructure Development Cess).
• This is exempt from Social Welfare Surcharge (SWC).
• The new rates are effective from January 22, 2024.

8. Switzerland-India FTA concluded after 16-Year Negotiation Saga

In the news:

• Switzerland and India have finally sealed a free-trade agreement (FTA) following a marathon 16-year negotiation period.
• The announcement came from Swiss Economy Minister Guy Parmelin, who swiftly headed to India for crucial discussions with his counterpart, Piyush Goyal.
• Impact: Job Creation, Bilateral Impact, and Economic Security

9. Namibian cheetah births 3 cubs, India’s total cheetah count now 20

In the news:

• A Namibian cheetah named Jwala has given birth to three cubs at the Kuno National Park (KNP) in Madhya Pradesh.
• The development follows after another cheetah Aasha had given birth to three cubs earlier this month.
• As part of the Centre’s ambitious ‘Project Cheetah’, a total of 20 cheetahs were relocated to India from Africa.
• The first batch, comprising eight Namibian cheetahs, were introduced in September 2022.
• The second batch of 12 cheetahs was brought from South Africa in February 2023.
• With the three latest members from Jwala, the total number of cubs at the Kuno National Park stands at seven.
• Additionally, seven adult female cheetahs and six adult males remain alive.

10. Former Bihar CM Karpoori Thakur to be awarded Bharat Ratna posthumously

In the news:

• Former Bihar Chief Minister Karpoori Thakur will be posthumously awarded the Bharat Ratna, India’s highest civilian honour.
• He was a former Bihar Chief Minister and was known for championing the cause of the backward classes.
• He was born on January 24, 1924 and passed on February 17, 1988.
• He was a socialist leader and freedom fighter, who was twice chief minister of Bihar and prior to that, the state’s education minister and deputy chief minister.
• Embarking on his political career with the Praja Socialist Party, he later joined forces with the Janata Party during his initial tenure as the chief minister of Bihar from 1977 to 1979.