Daily Current Affairs January 17

Dear Champions, as you all know that a lot of competitive exams have been notified consequently. Candidates have to prepare themselves according to the level of competition and expectation of the Recruitment board. Regarding that one of the most important topic is Daily Current Affairs January 17. Current Affairs in the form of contemporary events of national & international play a crucial role in almost every competitive exams like Banking, Insurance, SSC, UPSC, TNPSC, Railway etc.

Current affairs are the most dynamic yet scoring among all sections and need to be prepared from the right source. Here, we cafunsta team, providing Daily GK Updates, Current Affairs Questions, and Monthly  current affairs pdf.

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January 17 | Daily Current Affairs 2024

Ranking – Daily Current Affairs January 17

1. Which three Indian banks ranked among the top 25 global banks by market capitalization in Q4 2024?
A) HDFC Bank, ICICI Bank, Axis Bank
B) ICICI Bank, Axis Bank, State Bank of India (SBI)
C) HDFC Bank, ICICI Bank, State Bank of India (SBI)
D) ICICI Bank, Kotak Mahindra Bank, Axis Bank
E) State Bank of India (SBI), HDFC Bank, Punjab National Bank
Answer: C) HDFC Bank, ICICI Bank, State Bank of India (SBI)

Event and Location:

• Event: Ranking of Indian banks among the top 25 global banks by market capitalization
• Date: January 14, 2025
• Location: New Delhi

Mandates and Objectives:

• Indian Banks’ Rankings:
  • HDFC Bank: Ranked 13th globally with a market capitalization of $158.5 billion, a 1.6% increase from the previous quarter.
  • ICICI Bank: Ranked 19th with a market cap of $105.7 billion, achieving a significant 25.8% growth.
  • State Bank of India (SBI): Ranked 24th with a market capitalization of $82.9 billion.
• Global Context:
  • The aggregate market cap of the top 25 banks rose by 27.1% YoY, reaching $4.6 trillion.
  • JPMorgan Chase retained the top spot as the world’s largest bank with a market cap of $674.9 billion.
  • Goldman Sachs climbed to the 9th position, with a stellar growth of 42.9% in market cap.

Key Drivers for Indian Banks:

• ICICI Bank’s Performance: Strengthened by India’s growing digital banking and credit ecosystem.
• HDFC Bank’s Growth Challenges: Rising competition and cost pressures limited growth to 1.6%.
• SBI’s Steady Growth: Benefited from resilience in India’s financial sector.

Global Factors Influencing Markets:

• Federal Reserve Policy:
  • Consecutive interest rate cuts of 25 basis points in November and December 2024 boosted global banking stocks.
  • Stock market volatility arose in December due to reduced expectations for 2025 rate cuts.
• Macroeconomic Risks:
  • Rising sovereign debt, stronger dollar, and foreign outflows from emerging markets.
  • Geopolitical tensions and China’s economic stimulus.

Tabular Summary:

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Banking and Finance – Daily Current Affairs January 17

2.Which organization has partnered with Magnati to expand UPI acceptance in the UAE?
A) Reserve Bank of India (RBI)
B) National Payments Corporation of India International (NIPL)
C) State Bank of India (SBI)
D) United Arab Emirates Central Bank
E) Bharat Bill Payment System (BBPS)
Answer: B) National Payments Corporation of India International (NIPL)

Event and Location:

• Event: NPCI International and Magnati partnership to expand UPI acceptance in the UAE
• Date: January 15, 2025
• Location: UAE

Mandates and Objectives:

• Partnership Overview:
  • NPCI International Payments Limited (NIPL), the international arm of NPCI, has partnered with Magnati, a leading payment solutions provider in the Middle East.
  • The partnership focuses on advancing QR-based UPI merchant payments in the UAE.
• Key Features:
  • Target Audience: Over 12 million Indian tourists traveling to Dubai and the UAE annually.
  • Initial Rollout: UPI acceptance will begin at Dubai Duty-Free and expand to key sectors such as retail, hospitality, transport, and supermarkets.
  • Global Integration: Introduces Indian UPI payment systems into the global payment network, enabling seamless and familiar payment experiences for Indian travelers.

Important Terms Explained:

1. UPI (Unified Payments Interface):
   • A real-time payment system developed by NPCI for instant fund transfers between bank accounts via mobile platforms.
   • In December 2024, UPI processed over 16 billion transactions, showcasing its dominance as a payment system.
2. Magnati:
   • A Middle East-based payment solutions provider offering advanced POS (Point-of-Sale) terminals and digital payment integration services.
3. Dubai Duty-Free:
   • A premier shopping destination for travelers in Dubai, often seen as the gateway for tourists and the first step in expanding merchant networks.

Tabular Summary:

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3. Which bank launched the ‘IDBI Chiranjeevi–Super Senior Citizen FD’ scheme, offering additional interest benefits for individuals aged 80 years and above?
A) State Bank of India
B) HDFC Bank
C) IDBI Bank
D) ICICI Bank
E) Punjab National Bank
Answer: C) IDBI Bank

Event and Location:

• Event: Launch of the ‘IDBI Chiranjeevi–Super Senior Citizen FD’ scheme
• Date: January 14, 2025
• Location: India

Mandates and Objectives:

• New FD Scheme:
  • IDBI Chiranjeevi–Super Senior Citizen FD offers additional benefits for individuals aged 80 years and above.
  • Launched under the bank’s Utsav FD scheme, available until March 31, 2025.
• Interest Rates:
  • Super Senior Citizens:
    • 65 basis points (bps) above standard deposit rates for Utsav FDs.
    • 15 bps higher than the senior citizen rates.
    • Highest rate: 8.05% per annum for a tenure of 555 days.
  • Senior Citizens: Slightly lower rates than super senior citizens for specific tenures.
• Utsav FD Tenures and Interest Rates:
  • 375 days: 7.94% for senior citizens; 7.9% for super senior citizens.
  • 444 days: 8.0% for senior citizens; 8.05% for super senior citizens.
  • 555 days: 8.05% for senior citizens; 8.05% for super senior citizens.
  • 700 days: 7.85% for senior citizens; 7.85% for super senior citizens.

Comparison with SBI:

• SBI Patron FD Scheme:
  • Offers special benefits to super senior citizens.
  • Highest rate: 8.05% per annum for 555 days, similar to IDBI Chiranjeevi FD.

Important Terms Explained:

• Basis Points (bps):
  • A unit of measure for interest rates, with 1 basis point = 0.01%.
• Callable FD:
  • Fixed Deposits that allow withdrawal before maturity with or without penalty.
• Super Senior Citizens:
  • Individuals aged 80 years and above, eligible for special interest rates in select banking schemes.

Tabular Summary:

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4. What is the primary cause of stress on banks’ earnings in Q3 FY25, as highlighted in the report?
A) Rising secured loan defaults
B) Slippages in microfinance and credit card loans
C) Decline in corporate credit growth
D) Increase in deposit growth
E) Stabilization of net interest margins (NIMs)
Answer: B) Slippages in microfinance and credit card loans

Event and Location:

• Event: Stress on banks’ earnings due to rising slippages in unsecured loans
• Date: January 15, 2025
• Location: India

Mandates and Objectives:

• Key Stress Factors:
  • Rising Slippages: Significant increases in delinquencies in unsecured loans, including microfinance and credit card loans, have pressured banks’ earnings.
  • Geographic Concentration: States like Bihar, Tamil Nadu, Uttar Pradesh, and Odisha have seen higher delinquencies in microfinance loans.
  • Contagion Risk: Borrowers with overdue personal loans and credit cards often default on other retail loans, including auto and two-wheeler loans.
• Sector-Specific Impact:
  • Microfinance Loans: Delinquencies are expected to peak in H1 FY25.
  • Small Finance Banks: Witness a decline in Net Interest Margins (NIMs) due to a shift towards lower-yielding secured loans.
• Bank Strategies:
  • NPA Management: Banks are offloading non-performing assets (NPAs) to Asset Reconstruction Companies (ARCs) to mitigate risks.
  • Caution in Lending: Amid asset quality concerns, banks are aligning credit growth with the industry average of 12%, avoiding aggressive expansion.

Key Data Points:

• Loan-to-Deposit Ratio (LDR): Stands at 79.7%, indicating cautious credit growth.
• Systemic Deposit Growth: Improved to 11.5%, driven by term deposits, as depositors lock in higher interest rates.

Important Terms Explained:

1. Slippages:
   • Loans that move from standard to non-performing status due to repayment defaults.
2. Net Interest Margins (NIMs):
   • A measure of the profitability of a bank’s lending operations, calculated as the difference between interest income earned and interest paid out, relative to its interest-earning assets.
3. Asset Reconstruction Companies (ARCs):
   • Entities that purchase distressed assets from banks to help them manage and recover non-performing assets.
4. Loan-to-Deposit Ratio (LDR):
   • Indicates the proportion of a bank’s deposits that have been loaned out. A lower ratio suggests cautious credit growth.

Tabular Summary:

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5. What is the new name of Shriram Housing Finance after its rebranding?
A) Truhome Finance
B) Shriram Truhome
C) HomeFirst Finance
D) TrueLiving Finance
E) Affordable Homes Finance
Answer: A) Truhome Finance

Event and Location:

• Event: Rebranding of Shriram Housing Finance as Truhome Finance
• Date: January 17, 2025

Mandates and Objectives:

• Rebranding Announcement:
  • Shriram Housing Finance officially rebranded as Truhome Finance following its acquisition by Warburg Pincus and Qatar Investment Authority (QIA).
• Investment Details:
  • Warburg Pincus and QIA invested ₹1,225 crore, increasing the company’s net worth to over ₹3,300 crore.
  • Funds will be used to expand affordable housing loan portfolios and operational capacity.
• Strategic Vision:
  • Expand footprint in Tier 2 to Tier 4 cities, with 55-60% of business targeted from non-metro regions.
  • Aim to grow assets under management (AUM) by 25–30% annually and achieve a loan book size of ₹35,000–40,000 crore by FY28.
  • Focus on providing affordable home loans and fostering financial inclusion.

Key Leadership Perspective:

• Ravi Subramanian, MD & CEO, Truhome Finance:
  • Emphasized transparency, trust, and customer-centric services as the foundation of the rebranding.
  • Assured seamless continuity in operations and reaffirmed commitment to affordable housing solutions.
• Future Outlook:
  • Aiming to become India’s leading affordable housing finance company within the next three years.

Financial Implications:

• Cost of Funds:
  • Anticipated reduction in borrowing costs:
    • 25 basis points in exit cost.
    • 40 basis points in incremental borrowing costs.
  • Improvement attributed to Warburg Pincus’s network and credibility in the financial sector.

Important Terms Explained:

1. Affordable Housing Finance:
   • Loans provided at favorable terms for purchasing or constructing homes for middle- and lower-income groups.
2. Warburg Pincus:
   • A leading global private equity firm that focuses on growth investments, including housing finance.
3. Qatar Investment Authority (QIA):
   • Qatar’s sovereign wealth fund, managing and investing the country’s surplus revenues in global markets.

Tabular Summary:

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6. Which cooperative bank has partnered with PNB MetLife to offer life insurance solutions to its customers?
A) Saraswat Co-Operative Bank
B) Gujarat State Co-Operative Bank
C) Maharashtra State Co-Operative Bank
D) Karnataka State Co-Operative Bank
E) Delhi State Co-Operative Bank
Answer: A) Saraswat Co-Operative Bank

Event and Location:

• Event: PNB MetLife’s partnership with Saraswat Co-Operative Bank
• Date: January 15, 2025

Mandates and Objectives:

• Partnership Overview:
  • PNB MetLife India Insurance Company Limited partnered with Saraswat Co-Operative Bank, India’s largest urban co-operative bank.
  • Collaboration aims to provide a comprehensive range of life insurance solutions, including savings, protection, retirement, and group plans, to approximately 30 lakh customers.
• Key Objectives:
  • Bridge Insurance Protection Gap: Improve financial inclusion by making life insurance accessible across diverse customer segments.
  • Enhance Customer Offerings: Leverage Saraswat Bank’s wide network and customer base with PNB MetLife’s expertise in life insurance.

About PNB MetLife:

• A joint venture between MetLife, Inc. and Punjab National Bank (PNB).
• Offers a wide range of products, including child education, family protection, long-term savings, and retirement plans.
• Strong presence with 155 branches and partnerships covering 19,000 locations.

About Saraswat Co-Operative Bank:

• Established: Over a century ago.
• Presence: Six states—Maharashtra, Goa, Gujarat, Karnataka, Madhya Pradesh, and Delhi.
• Network: Over 300 branches and ATMs.
• Total Business: Over ₹82,000 crore as of March 31, 2024.

Tabular Summary:

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Business and Economy – Daily Current Affairs January 17

7. What is India’s revised GDP growth forecast for FY25, as per the IMF?
A) 7.0%
B) 6.7%
C) 6.5%
D) 6.4%
E) 6.6%
Answer: C) 6.5%

Event and Location:

• Event: IMF lowers India’s FY25 growth forecast
• Date: January 17, 2025
• Location: New Delhi

Mandates and Objectives:

• Revised Growth Projection: The International Monetary Fund (IMF) revised India’s growth forecast for FY25 to 6.5%, down from its earlier projection of 7%.
• Reason for Revision: A sharper-than-expected industrial slowdown led to the lowered estimate.
• FY26 and FY27 Projections: Growth is expected to remain steady at 6.5%, aligned with India’s long-term potential.
• Comparisons with Other Projections:
  • World Bank: Expects 6.7% growth for FY26 and FY27.
  • RBI: Revised its FY25 projection to 6.6%.
  • Statistics Ministry: Projects FY25 growth at 6.6%.

Global Growth Trends:

• Global Economy: Projected to grow at 3.3% in 2025 and 2026, below the 2000–19 average of 3.7%.
• Global Inflation: Expected to decline to 4.2% in 2025 and 3.5% in 2026.
• Emerging Markets: Growth in emerging economies, including China, is expected to stabilize.

Important Terms Explained:

1. GDP Growth Forecast:
   • An estimate of how much a country’s economy will expand within a given fiscal year.
   • Revised periodically based on factors such as industrial activity, global demand, and inflation trends.
2. Falling Rupee:
   • The depreciation of the Indian Rupee affects inflation, exports, and overall GDP growth. A 5% depreciation increases CPI inflation by 0.26pp and GDP growth by 0.20pp.
3. World Economic Outlook (WEO):
   • A flagship report by the IMF, providing analysis and projections for the global economy and individual countries.

Tabular Summary:

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Appointments – Daily Current Affairs January 17

8. Who has been sworn in as the 47th President of the United States on January 20, 2025?
A) Joe Biden
B) Kamala Harris
C) Donald Trump
D) Ron DeSantis
E) Mike Pence
Answer: C) Donald Trump

Event and Location:

• Event: Swearing-in of Donald Trump as the 47th President of the United States
• Date: January 20, 2025
• Location: US Capitol Rotunda, Washington, D.C.

Mandates and Objectives:

• Second Term for Trump: Donald Trump returns to the presidency after a four-year hiatus, making him the 47th President of the United States.
• Vice President: J.D. Vance has been sworn in as the Vice President.
• Significance: The inauguration emphasizes the peaceful transfer of power, a cornerstone of American democracy.

Important Terms Explained:

1. US Presidential Inauguration:
   • A formal ceremony where the newly elected president takes the oath of office, signifying the start of a new term.
2. Oath of Office:
   • The President pledges to “faithfully execute the Office of President” and “preserve, protect, and defend the Constitution of the United States.”
3. US Capitol Rotunda:
   • A symbolic venue used for high-profile events, including inaugurations during extreme weather conditions.

Tabular Summary:

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9. Who has been appointed as the Managing Director and CEO of Zurich Kotak General Insurance, effective January 1, 2025?
A) Suresh Agarwal
B) Alok Kumar Agarwal
C) Ritesh Shukla
D) Rajesh Sharma
E) Deepak Sharma
Answer: B) Alok Kumar Agarwal

Event and Location:

• Event: Appointment of Alok Kumar Agarwal as MD & CEO of Zurich Kotak General Insurance
• Date: January 1, 2025
• Location: New Delhi

Mandates and Objectives:

• New Appointment:
  • Alok Kumar Agarwal succeeds Suresh Agarwal as the Managing Director (MD) and Chief Executive Officer (CEO) of Zurich Kotak General Insurance.
  • The appointment follows the board’s approval.
• Background of Alok Kumar Agarwal:
  • Joined Zurich Kotak after serving 22 years at ICICI Lombard General Insurance, where he held leadership roles across corporate, SME, crop, and retail business lines.
• Strategic Investment:
  • In June 2024, Zurich Insurance completed the majority stake acquisition in Kotak Mahindra General Insurance.
  • This transaction marks the largest foreign investment in India’s general insurance market since the FDI limit was raised to 74% in 2021.
  • The move underscores Zurich’s entry into India, one of the world’s fastest-growing insurance markets.

Important Terms Explained:

1. FDI in Insurance:
   • Foreign Direct Investment (FDI) limit in Indian insurance companies was increased from 49% to 74% in 2021, allowing greater foreign participation.
2. General Insurance:
   • Insurance policies that provide coverage for non-life assets, such as health, motor, crop, and property insurance.

Tabular Summary:

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10. Who has been appointed as the new MD & CEO of Indian Bank?
A) Atul Kumar Goel
B) Binod Kumar
C) Ashok Chandra
D) SL Jain
E) Ravi Subramanian
Answer: B) Binod Kumar

Event and Location:

• Event: Appointment of Binod Kumar as MD & CEO of Indian Bank
• Date: January 16, 2025

Key Details:

• Appointment:
  • Binod Kumar has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Indian Bank.
  • He succeeds SL Jain, whose tenure ended on December 31, 2024.
• Career Highlights of Binod Kumar:
  • Previously served as Executive Director of Punjab National Bank (PNB) since November 2022.
  • Held key positions at PNB, including:
    • Chief General Manager (Corporate Credit).
    • Zonal Manager.
    • CEO of PNB’s operations at Dubai International Financial Centre.
  • Started his banking career as a Management Trainee at PNB in 1994.
• Vision for Indian Bank:
  • Enhance market presence, deepen customer relationships, and strengthen financial services.

Other Appointments:

• Ashok Chandra has been appointed as the MD & CEO of Punjab National Bank.
  • Previously served as Executive Director at Canara Bank.

Tabular Summary:

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11. Which sportswear brand has partnered with PV Sindhu in a multi-year deal to enter the badminton domain?
A) Adidas
B) Nike
C) Reebok
D) PUMA
E) Asics
Answer: D) PUMA

Event and Location:

• Event: Partnership between PV Sindhu and PUMA India
• Date: Announced on January 17, 2025

Key Details:

• Significance of Partnership:
  • Marks PUMA’s official entry into badminton, a sport with a fan base of 57 million in India.
  • Aims to capitalize on the sport’s growing popularity and expand PUMA’s footprint in India’s sports market.
• PV Sindhu’s Role:
  • As a two-time Olympic medallist and the most-followed badminton athlete globally, Sindhu’s association with PUMA enhances its brand value.
  • Serves as an inspiration to Indian youth, especially Gen Z, with badminton witnessing a 65% rise in active participation over the last four years.
• Kickoff and Initiatives:
  • The partnership will officially launch at the India Open 2025 in New Delhi.
  • PUMA plans to release a special badminton collection later in 2025 to cater to both professional athletes and fans.
• PUMA’s Vision:
  • Inspire India’s youth by promoting sports participation.
  • Tap into the projected growth of India’s sports apparel market, estimated to reach USD 399.5 million by 2030.

Economic and Market Impact:

• Sindhu’s Influence:
  • Elevates badminton’s profile and strengthens PUMA’s position in the Indian market.
• Elite Roster:
  • Sindhu joins prominent PUMA ambassadors like Harmanpreet Kaur, Mohammed Shami, MC Mary Kom, Usain Bolt, and Neymar Jr.

Tabular Summary:

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Awards – Daily Current Affairs January 17

12. Who was recently honored with the RK Srikantan Trust Award during the Sankranti Music Fest?
A) Chembai Vaidyanatha Bhagavathar
B) M. Balamuralikrishna
C) T.V. Gopalakrishnan
D) R.K. Srikantan
E) Lalgudi Jayaraman
Answer: C) T.V. Gopalakrishnan

Event and Location:

• Event: T.V. Gopalakrishnan Honored with RK Srikantan Trust Award
• Date: January 17, 2025
• Occasion: Presented during the Sankranti Music Fest

About T.V. Gopalakrishnan:

• Birth: June 11, 1932, in Tripunithura, Kerala.
• Early Life:
  • Began playing mridangam at age 4.
  • Arangetram (debut) at Cochin Palace at age 6.
• Mentor: Disciple of Chembai Vaidyanatha Bhagavathar.
• Proficiency:
  • Expert in Carnatic and Hindustani vocals, mridangam, and violin.
  • Collaborated with international artists and excelled in multiple musical disciplines.
• Awards:
  • Padma Bhushan (2012)
  • Sangeetha Kalanidhi (2014)

About RK Srikantan:

• Birth: 1920; Death: 2014.
• Renowned Carnatic vocalist, celebrated for his purity of rendition and adherence to tradition.
• Awards:
  • Sangeetha Kalanidhi (1995)
  • Padma Bhushan (2011)

RK Srikantan Trust Award:

• Established: To honor the legacy of R.K. Srikantan.
• Significance: Recognizes individuals with significant contributions to Carnatic music.
• Event: Presented annually during the Sankranti Music Fest, a festival celebrating classical music.

Tabular Summary:

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Science and Technology – Daily Current Affairs January 17

13. A new soil testing resource center was inaugurated in Hyderabad. What is the primary goal of this facility?
A) To manufacture fertilizers for farmers.
B) To enhance sustainable agricultural practices and productivity.
C) To reduce pesticide use in all agricultural practices.
D) To provide free soil testing services across India.
E) To monitor environmental pollution levels in Hyderabad.
Answer: B) To enhance sustainable agricultural practices and productivity.

Event and Location:

• Event: Inauguration of Soil Testing Resource Centre
• Date: January 17, 2025
• Location: Hyderabad

Mandates and Objectives:

• Enhancing Productivity: Provide crop-specific and cost-effective recommendations to improve yields by 20-30%.
• Sustainable Practices: Promote sustainable agricultural methods by addressing soil degradation issues.
• Comprehensive Testing: Analyze soil for over 18 parameters, empowering stakeholders to optimize the use of fertilizers and other inputs.
• Annual Capacity: The facility is capable of processing up to 2 lakh soil samples annually.

Important Terms Explained:

1. Soil Testing:
   • The process of analyzing soil’s physical, chemical, and biological characteristics to determine nutrient content, pH, and fertility.
   • It helps farmers make informed decisions about fertilizer application and crop management.
2. Sustainable Agriculture:
   • Farming practices that maintain environmental health, improve yields, and ensure long-term agricultural productivity.

Tabular Summary:

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14. Doctors recently implanted an AI-driven, leadless pacemaker in an 86-year-old woman. What is a key feature of this technology?
A) It uses conventional generator pockets for implantation.
B) It requires chest incisions for placement.
C) It eliminates the use of generator pockets and insulated wires.
D) It is designed only for younger patients.
E) It functions without direct implantation into the heart.
Answer: C) It eliminates the use of generator pockets and insulated wires.

Event and Location:

• Event: Implantation of AI-driven, leadless pacemaker in an 86-year-old woman
• Date: January 17, 2025
• Location: Chennai

Mandates and Objectives:

• Minimally Invasive Technology: Eliminates the need for chest incisions, generator pockets, and insulated wires.
• Enhanced Safety: Reduces risks associated with traditional pacemakers, such as infections and lead dislodgement.
• AI-Driven Features: Improves functionality and adapts to the patient’s specific cardiac needs.
• Direct Implantation: The pacemaker is implanted directly into the heart’s right ventricle, providing precise operation and reduced complications.

Important Terms Explained:

1. Leadless Pacemaker:
   • A compact, wireless device implanted directly in the heart without requiring leads (insulated wires) to deliver electrical impulses.
   • Eliminates complications like lead dislodgement and pocket infections associated with traditional pacemakers.
2. AI-Driven Technology:
   • Utilizes artificial intelligence to optimize the pacemaker’s functionality, adapting to real-time cardiac conditions for better outcomes.
3. Minimally Invasive Procedures:
   • Medical interventions performed through smaller incisions or without major surgery, offering faster recovery and reduced risks.

Tabular Summary:

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International Affairs – Daily Current Affairs January 17

15. What is the primary focus of Singapore in its efforts to collaborate with India in the semiconductor industry?
A) Establishing a semiconductor ecosystem in India.
B) Investing exclusively in Assam’s technological solutions.
C) Building a semiconductor ecosystem in Singapore.
D) Reducing India’s reliance on imports.
E) Developing advanced semiconductor technology in Singapore.
Answer: A) Establishing a semiconductor ecosystem in India.

Event and Location:

• Event: Singapore’s initiative to establish a semiconductor ecosystem in India
• Date: January 16, 2025
• Location: New Delhi

Mandates and Objectives:

• Semiconductor Manufacturing: Singapore is exploring opportunities to manufacture semiconductor chips in India.
• Building Ecosystem: The focus is on creating a robust semiconductor ecosystem to support technological advancements.
• Strengthening Diplomatic Relations: Celebrating 60 years of diplomatic ties between India and Singapore.
• Collaborative Technological Solutions: Singapore aims to contribute to India’s next generation of technological developments.
• Economic Ties: Singapore has been the largest investor in India for several years, highlighting the robust business relationships between the two nations.

Important Terms Explained:

1. Semiconductor Ecosystem:
   • Includes the design, manufacturing, and distribution of semiconductor chips and related technologies.
   • Essential for sectors like electronics, automotive, AI, and telecommunications.
2. Diplomatic Relations:
   • India recognized Singapore’s independence in 1965, and the partnership has grown stronger over the past 60 years.
   • Areas of collaboration include business investments, technological development, and skill enhancement.

Tabular Summary:

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National Affairs – Daily Current Affairs January 17

16. The United States recently inaugurated a consulate in Bengaluru. What is significant about this development?
A) It is the first US consulate in India.
B) It offers full visa services from day one.
C) It is temporarily located at the JW Marriott Hotel on Vittal Mallya Road.
D) It was inaugurated by Prime Minister Narendra Modi.
E) It replaces the US Embassy in Delhi.
Answer: C) It is temporarily located at the JW Marriott Hotel on Vittal Mallya Road.

Event and Location:

• Event: Inauguration of the US Consulate in Bengaluru
• Date: January 17, 2025
• Location: Temporarily at JW Marriott Hotel, Vittal Mallya Road, Bengaluru

Mandates and Objectives:

• Enhancing Diplomatic Ties: Strengthen the India-US relationship by opening the fifth consulate in India.
• Easing Visa Processes: Alleviate the burden for Karnataka residents traveling to Chennai or Hyderabad for visa services.
• Encouraging Collaboration: Boost partnerships in technology, education, defense, and trade.

Important Terms Explained:

1. US Consulate:
   • A diplomatic office that facilitates citizen services and bilateral engagements in a foreign country.
2. India-US Collaboration:
   • A growing partnership in critical sectors such as defense (e.g., operating US-made aircraft like Chinooks), artificial intelligence, and electric vehicles.
3. Karnataka’s Role:
   • As a tech hub contributing 37% of India’s software exports, Bengaluru’s selection emphasizes its global relevance.

Tabular Summary:

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17. What is the estimated additional burden on the State exchequer due to the launch of four flagship schemes in Telangana?
A) ₹30,000 crore
B) ₹50,000 crore
C) ₹45,000 crore
D) ₹60,000 crore
E) ₹25,000 crore
Answer: C) ₹45,000 crore

Event and Location:

• Event: Telangana government’s cautious resource mobilization for four flagship schemes
• Date: January 18, 2025
• Location: Hyderabad

Mandates and Objectives:

• Four Schemes for Launch: The schemes include Rythu Bharosa, Indiramma Atmiya Bharosa, ration cards, and Indiramma Illu, aimed at benefiting various sections of society.
• Budgetary Impact: These schemes are projected to impose an additional burden of ₹45,000 crore on the State exchequer.
• Revised Borrowing Schedule: The government has adjusted its open market borrowing schedule for the last quarter of FY 2024-25 to meet these financial commitments.

Important Terms Explained:

1. Rythu Bharosa:
   • A farmer support scheme providing financial assistance and resources to improve agricultural productivity.
2. Indiramma Atmiya Bharosa:
   • A welfare initiative targeting underprivileged communities to ensure social and economic security.
3. Indiramma Illu:
   • A housing program for weaker sections, providing affordable housing to promote inclusive development.
4. Open Market Borrowings (OMB):
   • The process through which governments raise funds by issuing bonds or securities in financial markets to meet their expenditure needs.

Tabular Summary:

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18. According to the World Economic Forum’s Future of Jobs Report 2025, which sector is expected to significantly drive job growth in India?
A) Traditional manufacturing
B) AI, robotics, and autonomous systems
C) Banking and finance
D) Healthcare and pharmaceuticals
E) Travel and tourism
Answer: B) AI, robotics, and autonomous systems

Event and Location:

• Event: WEF’s Future of Jobs Report 2025 highlights AI and robotics as drivers of job growth in India
• Date: January 17, 2025
• Location: Mumbai

Mandates and Objectives:

• Technological Focus:
  • India’s employers are investing heavily in AI, robotics, autonomous systems, and energy technologies.
  • The report highlights that 35% of employers anticipate a transformation through semiconductors and computing technologies and 21% through quantum and encryption technologies.
• Growing Job Roles:
  • Big Data Specialists, AI and Machine Learning Specialists, and Security Management Specialists are among the fastest-growing roles in the country.
• Skill-Based Hiring:
  • Indian companies are focusing on diverse talent pools (67%) and adopting skill-based hiring (30%), removing traditional degree requirements.

Global and Demographic Trends:

• Demographic Shifts:
  • India benefits from a demographic dividend, with a growing working-age population, unlike higher-income nations facing aging populations and labor shortages.
  • By 2050, 59% of the global working-age population will come from lower-income nations, including India and sub-Saharan African countries.
• AI Skill Demand:
  • In India, corporate sponsorship drives training in generative AI, while in the US, individual users lead the trend.

Important Terms Explained:

1. AI and Robotics:
   • Use of artificial intelligence and automated systems to enhance efficiency and innovation across industries.
   • Key drivers for roles like AI specialists and security experts.
2. Demographic Dividend:
   • An economic advantage arising from a growing working-age population in countries like India.
3. Skill-Based Hiring:
   • Recruitment focusing on skills rather than formal degrees to address talent shortages and promote inclusivity.

Tabular Summary:

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19. By the end of 2030, how much is the number of electric vehicles (EVs) in India expected to increase, according to Prime Minister Narendra Modi?
A) Five-fold
B) Six-fold
C) Eight-fold
D) Ten-fold
E) Twelve-fold
Answer: C) Eight-fold

Event and Location:

• Event: Prime Minister Narendra Modi addresses the Bharat Mobility Global Expo 2025
• Date: January 17, 2025
• Location: New Delhi

Mandates and Objectives:

• Eight-Fold Growth Projection: The number of electric vehicles in India is expected to increase eight-fold by 2030, indicating significant growth potential in the EV sector.
• Call to Action: PM Modi urged the industry to invest more in EV technologies and infrastructure.
• Importance of EVs: Adoption of EVs is essential for achieving sustainable mobility, reducing carbon emissions, and addressing energy security.

Clean Electric’s Innovations:

• 15-Minute Rapid Charging System:
  • Launched at Bharat Mobility Global Expo 2025 for light electric vehicles (LEVs).
  • Built on the Standardised Open Network Type-6 BIS Approved Charging Standard to improve charging speed, compatibility, and convenience.
  • Benefits include 60–80 km range for e-2Ws in 15–20 minutes and 125 km range for e-3Ws in just 15 minutes.
• Industry Partnerships:
  • Bounce: Integrating rapid charging technology into electric two-wheelers.
  • Omega Seiki Mobility: Introducing the fastest charging e-3Ws and enabling rapid charging in a 7-tonne electric truck.
• Mass Production: Set to begin in March 2025, with deployment across public charging stations nationwide.

Important Terms Explained:

1. Electric Vehicles (EVs):
   • Vehicles powered by electric motors using energy stored in rechargeable batteries.
   • Crucial for reducing greenhouse gas emissions and transitioning to sustainable mobility.
2. 15-Minute Rapid Charging Technology:
   • A universal and interoperable system designed to address charging speed challenges, promoting EV adoption.
3. Standardised Open Network Type-6 BIS Approved Charging Standard:
   • A certified system ensuring compatibility and efficiency across different EV models and categories.

Tabular Summary:

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20. What new system has been introduced at Cochin International Airport to expedite immigration procedures?
A) E-Visa on Arrival System
B) Digi-Yatra for International Passengers
C) Fast Track Immigration – Trusted Traveller Programme (FTI-TTP)
D) Automatic Passport Control (APC) System
E) Biometric-Only Check-in System
Answer: C) Fast Track Immigration – Trusted Traveller Programme (FTI-TTP)

Event and Location:

• Event: Introduction of the Fast Track Immigration – Trusted Traveller Programme (FTI-TTP) at Cochin International Airport
• Date: January 17, 2025
• Location: Kochi

Mandates and Objectives:

• Purpose: Streamline and expedite immigration procedures for international travellers.
• Technology: Leverages biometric technology, enabling travellers to complete the process in 20 seconds.
• Eligibility: Available for Indian citizens and Overseas Citizens of India (OCI) cardholders.

Features of FTI-TTP:

• One-Time Registration:
  • Travellers register through the Ministry of Home Affairs’ dedicated portal by uploading documents, including passports.
  • Biometric enrolment for facial and fingerprint scanning is conducted at FRRO offices and immigration counters.
• Smart Gates:
  • Eight biometric e-gates (four each at arrival and departure areas) installed.
  • Passengers scan their passports, and facial recognition ensures seamless entry or exit.
• Digi-Yatra Integration: Already operational for domestic passengers, offering seamless boarding.

Important Terms Explained:

• Biometric Technology:
  • Uses unique physical characteristics like fingerprints and facial patterns for identity verification.
• Fast Track Immigration:
  • Accelerated immigration processing for registered travellers, reducing queue times and improving efficiency.
• Digi-Yatra:
  • A government initiative enabling paperless and seamless air travel through biometric-enabled boarding for domestic passengers.

Tabular Summary:

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21. By which year is India expected to become the fourth-largest economy in the world, according to PHDCCI?
A) 2024
B) 2025
C) 2026
D) 2027
E) 2030
Answer: C) 2026

Event and Location:

• Event: India’s economic projection by PHDCCI
• Date: January 15, 2025
• Location: New Delhi

Mandates and Objectives:

• Economic Ranking: India is projected to become the fourth-largest economy globally by 2026, surpassing Japan.
• GDP Growth Forecast:
  • FY25: 6.8%
  • FY26: 7.7%
• Taxation Proposals:
  • Increase the income tax exemption limit to ₹10 lakh.
  • Apply the 30% peak tax rate on income above ₹40 lakh (currently applicable on income above ₹15 lakh).
  • Reduce the tax rate for proprietorships, partnerships, and LLPs from 33% to 25%.

Macroeconomic Highlights:

• Inflation Outlook: Consumer Price Index (CPI) inflation is expected to reduce to 4.5% for FY25 and further to 2.5%-4% in upcoming quarters.
• Interest Rate Cuts: PHDCCI suggests a 25 basis point reduction in benchmark interest rates by the RBI, given easing inflation.
• Key Growth Sectors: Agriculture, food processing, fintech, semiconductors, renewable energy, health, and insurance are identified as promising growth areas.

Important Terms Explained:

1. CPI Inflation:
   • Measures changes in the price level of a basket of consumer goods and services, indicating the cost of living.
2. Peak Tax Rate:
   • The highest rate of income tax applied to individuals in a given tax bracket.
3. Ease of Doing Business:
   • A measure of how conducive a country’s regulatory environment is for businesses to start and operate efficiently.

Tabular Summary:

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22. What is the primary objective of the “One Plate, One Bag” campaign launched at Maha Kumbh 2025?
A) Promote single-use plastics for convenience
B) Encourage the use of reusable steel plates and cloth bags to reduce plastic waste
C) Increase the use of disposable utensils for pilgrims’ ease
D) Generate awareness about the importance of large-scale gatherings
E) Introduce advanced technologies for crowd management
Answer: B) Encourage the use of reusable steel plates and cloth bags to reduce plastic waste

Event and Location:

• Event: Launch of the “One Plate, One Bag” campaign at Maha Kumbh 2025
• Date: January 14, 2025 (during Makar Sankranti and the first ‘Amrit Snan’)
• Location: Old GT Road, Sector 18, Kumbh Mela

Mandates and Objectives:

• Promoting Eco-Friendly Practices:
  • Replace single-use plastic items with cloth bags and reusable steel plates and glasses.
  • Minimize the environmental impact of the world’s largest religious gathering.
• Key Messages and Appeals:
  • RSS Sah-Sarkaryavah Krishna Gopal: Emphasized collective responsibility to combat plastic pollution by adopting sustainable alternatives.
  • Uttar Pradesh CM Yogi Adityanath: Urged devotees to embrace eco-friendly practices, highlighting the spiritual and cultural significance of keeping Maha Kumbh plastic-free.
• Support from RSS Leaders:
  • Rajendra Saxena and Ramesh Kumar participated, advocating for sustainable practices in religious gatherings.

Key Objectives:

1. Promote Sustainability: Encourage the adoption of reusable items, reducing dependence on single-use plastics.
2. Raise Awareness: Educate attendees on the harmful effects of plastic and the importance of eco-friendly practices.
3. Set an Example: Transform Maha Kumbh into a model for large-scale eco-friendly events globally.

Environmental Impact:

• Millions of pilgrims adopting reusable items are expected to significantly reduce plastic waste, promoting sustainable habits in daily life.

Tabular Summary:

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23. Where has the world’s first Mahamrityunjaya Yantra been installed during Maha Kumbh 2025?
A) Kedarnath, Uttarakhand
B) Somnath, Gujarat
C) Tapovan Ashram, Jhunsi Havelis, Prayagraj
D) Trayambakeshwar, Maharashtra
E) Bhimashankar, Maharashtra
Answer: C) Tapovan Ashram, Jhunsi Havelis, Prayagraj

Event and Location:

• Event: Installation of the world’s first Mahamrityunjaya Yantra at Maha Kumbh 2025
• Date: January 17, 2025
• Location: Tapovan Ashram, Jhunsi Havelis, Prayagraj, Uttar Pradesh

Mandates and Objectives:

• Purpose of the Yantra:
  • A spiritual marvel believed to connect devotees with the higher consciousness of Lord Shiva.
  • Helps individuals overcome the fear of death, disease, and danger, while enhancing courage and positivity.
• Key Details of the Yantra:
  • Dimensions: A perfect square measuring 52x52x52 feet.
  • Construction Period: Built over 52 days at a cost of ₹4 crore.
  • Symbolism: Represents the 52 letters of the Mahamrityunjaya Mantra, which align with:
    • 52 energy centers in the human body and the nation.
    • 52 Hindi alphabets, connecting spiritual and cosmic energies.
• Rituals and Consecration:
  • 151 Acharyas chanting the Mahamrityunjaya Mantra since Makar Sankranti (January 14, 2025).
  • 11,11,111 Panchmukhi Rudrakshas to be consecrated and distributed free of cost to registered devotees.

Scientific Significance:

• The Yantra mimics the spinal column, symbolizing human energy flow and cosmic connectivity.
• Creates a positive energy field that influences everyone in its vicinity.

Future Vision:

• Plans to replicate the Yantra at 12 Jyotirlingas, starting with:
  • Somnath, Gujarat
  • Kedarnath, Uttarakhan d
  • Bhimashankar, Maharashtra
  • Trayambakeshwar, Maharashtra
• Extend installations to Delhi and other prominent locations.

Testimonials:

• Sadguru Maa Usha: Described the Yantra as a power source that radiates positivity for kilometers and alleviates depression.
• Acharya Hare Krishna Shukla: Highlighted the Yantra’s role as a spiritual runway invoking Lord Shiva’s blessings.

Tabular Summary:

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Over All Review

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