Daily Current Affairs 7th January, 2024

Daily Current Affairs 7th January 2024: Your guide for daily General Knowledge Preparation

Dear Readers,

This post contains important current affairs of 7th January2024. It includes all Major National, International, Business and Sports related current affairs of 7th January2024. A brief explanation of every current affair is provided to further enhance your general knowledge. Once you have gone through these current affairs we would recommend to you to try 7th January2024 Current affairs test.

National News

1. RBI’s Protective Measures for Investors

• The Reserve Bank of India has introduced safeguards for individual investors in the realm of short-term financial instruments to mitigate potential losses from issuer defaults.
• The maximum investment limit for individuals in Commercial Papers (CPs) and Non-Convertible Debentures (NCDs) is set at 25% of the total issue size.
• This limit encompasses investments from Hindu Undivided Families (HUF) in any primary issuance of these instruments.
• Issuers are mandated to disclose any payment defaults through various channels and include Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) in the expanded issuer categories.
• CPs and NCDs must be initially issued in multiples of ₹5 lakh and in denominations of at least ₹5 lakh subsequently.
• Cooperative societies and limited liability partnerships with a minimum net worth of ₹100 crore are now allowed to issue CPs.
• In case of default on CPs/NCDs, issuers must notify the Issuing and Paying Agent (IPA) by 5 p.m. on the default date, and Debenture Trustees in the case of NCDs.
• Issuers can refund investors directly or through the IPA or Debenture Trustee, with investors receiving partial repayments based on their investment amounts.

2. Paytm’s Collaboration with Ayodhya Nagar Nigam

• Paytm has partnered with Ayodhya Nagar Nigam to enable mobile payments using QR codes, Soundbox, and card machines.
• The collaboration is aimed at facilitating seamless mobile payment services for the upcoming inauguration of the Ram Mandir in Ayodhya.
• Paytm plans to deploy card machines at cash collection centers under State Nagar Nigam departments.

3. Additional Funding for FAME-II Scheme

• The Union Finance Ministry, led by Nirmala Sitharaman, approved an extra Rs 1,500 crore for the FAME-II program, focusing on electric vehicle adoption and manufacturing.
• The additional allocation addresses concerns that the existing budget might be insufficient before the scheme’s end in March 2024, given the strong sales of electric vehicles.
• The Ministry has revised targets for supporting different categories of electric vehicles under this scheme.

4. Key Developments in National News

• In Kolkata, Union Minister Sarbananda Sonowal chaired the Inland Waterways Development Council meeting, introducing initiatives like Harit Nauka and a River Cruise Tourism Roadmap 2047 to increase Inland Water Transportation’s share to 5% by 2030.
• The Ministry of Panchayati Raj received the 1st Prize for the SVAMITVA Scheme, recognized for digitalizing land governance with drone surveys and GIS mapping, empowering rural communities with accurate land records.
• Nitin Gadkari inaugurated and laid the foundation stone for 12 National Highway projects in Kerala, aiming to enhance connectivity and stimulate employment and tourism.
• PM Narendra Modi inaugurated a submarine optical fibre connection between Kochi and the Lakshadweep islands, a project over Rs 1,150 crore, enhancing internet speed and enabling sectors like telemedicine and e-governance in Lakshadweep.
• The Election Commission introduced new regulations for allocating symbols to Registered Unrecognized Political Parties (RUPPs), effective from January 11, 2024, requiring audited accounts and expenditure statements.
• Cooperation Minister Amit Shah launched e-samridhi, a procurement portal for tur dal, to streamline the process for growers and ensure direct bank payments.

5. International News Update

• South Korea introduced a “workation” visa for foreign nationals with an annual income twice the country’s per capita gross national income and a minimum of one year of industry-specific work experience, along with comprehensive medical insurance.
• The visa, valid for one year and renewable for up to two years, prohibits holders from being employed or engaging in profit-making activities within South Korea.
• Applications for the visa can be made at South Korean embassies, and current temporary visa holders in South Korea can also apply.
• Previously, foreigners interested in working and traveling in South Korea typically needed a tourist visa for stays of less than 90 days.

6. VinFast

‘s EV Manufacturing Facility in Tamil Nadu

• VinFast, Vietnam’s leading automaker, plans to establish an EV and battery manufacturing facility in Thoothukudi, near Chennai, Tamil Nadu.
• The facility’s first phase aims to produce 150,000 EVs, representing a $1 billion investment.
• This initiative is part of VinFast’s global expansion strategy, including plans for assembly factories in India and Indonesia, each with an annual capacity of 50,000 cars.
• Following its Nasdaq listing in August 2023, VinFast temporarily became the world’s third-most valuable carmaker.
• The company intends to roll out dealership networks in new market clusters, including India, starting in 2024.
• VinFast, established in 2017, is the EV arm of Vingroup, Vietnam’s largest conglomerate.

7. Himachal Pradesh Grants ST Status to Hatti Community

• The Himachal Pradesh government granted Scheduled Tribes (ST) status to the Hatti community in the Transgiri area of Sirmaur district.
• This followed the passing of the Constitution (Scheduled Tribes) Order (Second Amendment) Bill, 2023, by Parliament and its notification on August 4, 2023.
• The Hatti community primarily engages in agriculture and is governed by a traditional council called ‘khumbli.’
• The Himachal Pradesh Cabinet also approved Phase-2 of the Rajiv Gandhi Swarozgar Start-Up Yojna, focusing on loans and business opportunities in solar power plants.

8. Business News Insights

• India’s toy exports grew by 239%, from $96 million in 2014-15 to $326 million in 2022-23, indicating rising global demand for Indian-made toys.
• Toy imports declined by 52%, from $332 million to $159 million, showing a shift towards domestically produced toys.
• An IIM Lucknow study for the DPIIT projects a 12% annual growth rate in the toy industry, with an export potential of $3 billion by 2028.
• The government is supporting the toy industry through the Ministry of MSME and the Ministry of Textiles, backing 19 and 13 toy clusters, respectively, under various schemes.
• Promotional events like the Indian Toy Fair 2021 and Toycathon are part of these initiatives to boost the indigenous toy sector.

9. Appointments & Resignations

• Shashi Singh was elected as the new president of the All India Rubber Industries Association (AIRIA), succeeding Mr. Ramesh Kejriwal.
• Before becoming President, Shashi Singh served as the Senior Vice President of AIRIA.
• Zafar Ahmed and Indra Parekh were elected as senior and vice presidents of AIRIA, respectively.
• Sheikh Mohammed Sabah al-Salem al-Sabah was appointed as the Prime Minister of Kuwait by the new emir, Sheikh Meshal al-Ahmad al-Sabah, succeeding Sheikh Ahmad Nawaf AI Ahmad AI Sabah.
• Sheikh Mohammed is a seasoned Kuwaiti politician and diplomat, previously serving as ambassador to the United States and holding positions such as Minister of Foreign Affairs and Minister of Finance.

10. Sports News Brief

• Union Sports Minister Anurag Thakur inaugurated the Beach Games at Ghoghla Beach in Diu, with the games running from January 4 to January 11.
• The Beach Games feature eight sports, including beach volleyball, pencak silat, beach boxing, beach soccer, sea swimming, Malakhambah, beach kabaddi, and tug of war.
• Over twelve hundred athletes from various states and union territories are participating in the event.
• The event’s theme is centered on dolphins, with dolphins featured in game paintings and banners.
• The closing ceremony is scheduled to be held at INS Khukri Memorial.

11. Obituary Note

• Mario Zagallo, a Brazilian football legend and four-time FIFA World Cup champion, passed away at the age of 92.
• Zagallo won two World Cups as a player and one each as a coach and an assistant coach for Brazil.
• He was honored with the FIFA Order of Merit in 1992 for his significant contributions to football.