28th November, 2024 Current Affairs

NATIONAL 
India’s Milk Production Surges by 3.78% in 2023-24
•    India’s milk production has seen a 3.78% increase, reaching 239.30 million tonnes in 2023-24, maintaining its position as the world’s largest milk producer, according to the Basic Animal Husbandry Statistics 2024 report. This growth is attributed to better productivity in milch cattle and an increase in per capita milk availability.
•    The country’s milk production has grown at an average rate of 6%, surpassing the global average of 2%. The per capita availability of milk has also risen from 459 gm per day in 2022-23 to 471 gm per day in 2023-24. Despite a slight slowdown in the growth rate, India remains a global leader in milk production and continues to push for exports.
•    India’s milk output increased by 3.78%, reaching 239.30 million tonnes in 2023-24.

India, Japan Begin First Talks on Economic Security and Trade.
•    The first round of the India-Japan Dialogue on Economic Security, Strategic Trade, and Technology took place in Tokyo. This important meeting focused on enhancing collaboration between the two nations in areas like economic security, supply chain resilience, and the application of emerging technologies. 
•    The dialogue was co-chaired by Foreign Secretary Vikram Misri from India and Vice Minister Masataka Okano from Japan, and it marked a significant step in strengthening the India-Japan Special Strategic and Global Partnership.
•    The India-Japan Dialogue on Economic Security, Strategic Trade, and Technology was held in Tokyo, focusing on enhancing bilateral cooperation in critical sectors.
•    Both sides agreed on the need for “closer collaboration” and to bring “concrete results” through holistic engagement in economic security and technological innovation.

Army Chief Presents President’s Colours to Four Mechanised Infantry Battalions.
•    Army Chief General Upendra Dwivedi presented the prestigious President’s Colours to four battalions of the Mechanised Infantry at a grand ceremony held at the Mechanised Infantry Centre and School (MICS) in Ahilyanagar (formerly known as Ahmednagar).
•    The 26th and 27th Battalions of the Mechanised Infantry Regiment and the 20th and 22nd Battalions of the Brigade of The Guards received the Colours. This marks a significant achievement for these units, representing the youngest battalions of the arm. The ceremony was graced by numerous veterans, military officials, and civil dignitaries, celebrating a proud moment for the Indian Army.
•    The prestigious Colours were presented to the 26th and 27th Battalions of the Mechanised Infantry Regiment and the 20th and 22nd Battalions of the Brigade of The Guards.
•    The award of President’s Colours is a symbol of pride and honour, granted to units that have shown exceptional courage, discipline, and dedication. It reflects the battalions’ commitment to upholding the highest standards of the Indian Army, connecting the past and present traditions of military excellence.

INTERNATIONAL
Masato Kanda Elected as ADB President.
•    The Asian Development Bank (ADB) Board of Governors has unanimously elected Masato Kanda as ADB’s 11th President. Kanda currently serves as Special Advisor to Japan’s Prime Minister and Minister of Finance.
•    Mr Kanda will assume office in February next year, succeeding Masatsugu Asakawa. He will complete the unexpired term of President Asakawa, which ends on 23 November 2026.
•    ADB is a regional development bank established in 1966, which is headquartered in Manila, Philippines. The bank also maintains 31 field offices around the world to promote social and economic development in Asia.
•    The bank admits the members of the UN Economic and Social Commission for Asia and the Pacific, and non-regional developed countries. Starting with 31 members at its establishment, ADB now has 68 members.

ECONOMY
SBI Raises ₹50,000 Crore via Bonds in FY25, Strengthens Rural Credit Access.
•    State Bank of India (SBI), the country’s largest lender, has raised ₹50,000 crore in FY25 through a series of domestic bond issuances, marking a significant milestone.
•     This achievement highlights SBI’s strong financial position and its ongoing efforts to support economic growth and financial inclusion, particularly in underserved rural areas. The raised funds are earmarked for long-term development, infrastructure projects, and strategic partnerships that empower rural entrepreneurs, including women and small businesses.
•    In addition to raising funds, SBI has partnered with Muthoot Microfin to disburse ₹500 crore in affordable loans to rural entrepreneurs, especially targeting women and small businesses. This initiative supports financial inclusion, offering loans ranging from ₹50,000 to ₹3 lakh to Joint Liability Groups (JLGs) and agricultural ventures.