Current Affairs Quiz - January, 2024

Notes:
SARAS stands for Sale of Articles of Rural Artisans Society. They are organized at several places across India to promote Rural artisans. Recently, ‘Didi Lakhpati Tripura Agragati’ (Progressive Tripura through Women Entrepreneurs) was the unique theme of the SARAS Mela 2023 launched by Tripura Chief Minister Dr. Manik Saha. Aiming to showcase and economically empower small business owners and self-help group members, over 300 stalls have been set up for 15 days. Rural artisans, craftswomen and homemakers from remote parts of the state are participating to sell indigenous products like handicrafts, handloom items, delicacies etc.

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Unveiled on Navy Day 2023, the Indian Navy’s new shoulder rank insignias (epaulettes) for senior leadership draw design elements from the Naval Ensign and legendary Maratha ruler Chhatrapati Shivaji Maharaj. Features like the golden button and octagon shape reflect indigenization efforts and long-term strategic vision respectively. The insignia artfully integrates symbols of the sword, telescope, and ‘Rajmudra’ seal used by Shivaji in special decrees, blending India’s rich maritime heritage with its glorious history. The creative vision signifies the Navy’s cultural shift towards ‘swadeshi’ under the current government.

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The Mumbai Trans Harbour Link (MTHL), India’s longest sea bridge, is set to be inaugurated on 12th January. This engineering marvel spans 22 kilometers, connecting Sewri in south Mumbai to Chirle in the distant outskirts of Navi Mumbai, crossing over Thane Creek. The project, initially planned to take 4.5 years, faced an eight-month delay due to the Covid-19 pandemic. The MTHL aims to significantly reduce the travel time between Mumbai and Navi Mumbai, benefiting thousands of daily commuters.

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As per RBI’s revised dividend distribution policy, banks with net NPA less than 6% and meeting capital adequacy norms can declare up to 50% dividend from profits, up from 40% earlier. Banks with zero net NPA can pay up to 50% dividend while those with over 4% NPA can only pay up to 15% dividend. The higher payout will benefit govt which holds majority stake in PSBs.

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Venezuela has agreed to provide oil to India’s ONGC Videsh (OVL) as a form of compensation for a pending dividend amounting to approximately $600 million. This decision follows the easing of U.S. sanctions on Venezuela, allowing Indian refiners to resume the purchase of Venezuelan oil. ONGC Videsh, the overseas investment arm of the Oil and Natural Gas Corporation, holds a 40% stake in the San Cristobal field located in eastern Venezuela’s Orinoco Heavy Oil belt. The agreement to allocate crude cargoes in lieu of the accrued dividend is part of OVL’s continuous dialogue with PdVSA, Venezuela’s state oil company, to recover the dividend through various mechanisms, including the allocation of crude oil.

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NewSpace India Limited, the commercial arm of ISRO, plans to launch communications satellite GSAT-20 in Q2 of 2024 on SpaceX’s Falcon 9 rocket. It is a demand-driven high throughput satellite ordered by NSIL to meet India’s growing broadband needs.

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State-owned ONGC won seven out of the ten areas awarded for exploration and production in the latest 8th round of Open Acreage Licensing Policy (OALP) bidding. A Reliance-BP joint venture managed to win one block out of the total ten.

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Rajesh Kumar, CEO of the Indian Cyber Crime Coordination Centre (I4C), in a recent media interaction revealed statistics that over ₹10,300 crore were siphoned off from India by cybercriminals since April 2021. I4C is a body established under the Ministry of Home Affairs to provide a framework for law agencies to tackle cybercrime.

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Arunachal Pradesh has successfully implemented the indigenous road construction technology “REJUPAVE,” developed by CSIR-Central Road Research Institute (CSIR-CRRI), Ministry of Science and Technology. This technology has been specifically designed to construct high altitude bituminous roads in low and sub-zero temperature conditions, a scenario prevalent in the region, especially near the Indo-China border. The use of REJUPAVE is particularly significant for the Border Roads Organization (BRO) in their project VARTAK, as it addresses the challenges of building and maintaining durable roads in harsh and cold environments. The technology has proved its efficacy in constructing bituminous road sections at the World’s Highest Sela Road Tunnel and the LGG-Damteng-Yangste (LDY Road) road section, showcasing India’s innovative capabilities in road construction under extreme conditions.

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Sri Lanka declared a one-year moratorium on foreign research ships entering its waters, with the official reason being for capacity building. This decision is seen as a response to concerns raised by India regarding Chinese research vessels docking in the region. Foreign Ministry spokesman Niluka Kadurugamuwa stated that the moratorium applies to all countries and aims to allow local researchers to build capacity for joint research. The context involves growing geopolitical dynamics in the region, particularly with China’s attempts to expand its influence in Sri Lanka, located on one of the world’s busiest shipping routes. The moratorium comes amid a backdrop of strategic concerns and diplomatic maneuvers in the Indian Ocean region.