17th February, 2025 Current Affairs

daily current affairs

NATIONAL

Government to Establish Deregulation Commission to Reduce State’s Role in Governance

• Prime Minister Narendra Modi announced the formation of a Deregulation Commission aimed at reducing the role of the state in governance.
• This move aligns with the broader vision of transforming India into a more business-friendly and efficient economy.
• The Deregulation Commission will focus on eliminating unnecessary regulations and simplifying governance structures. Modi stated that the government has already removed hundreds of outdated compliances and, through the implementation of Jan Vishwas 2.0, aims to further reduce archaic rules that hinder businesses.
• Acknowledging the crucial role of the private sector in India’s journey toward becoming a developed nation (Viksit Bharat), the Prime Minister highlighted the government’s efforts to open up key industries such as:
• Nuclear energy
• Space exploration
• Commercial mining
• Power distribution
• These reforms aim to bring efficiency, attract investments, and position India as a leader in the Fourth Industrial Revolution.

 

India to Host First Regional Social Justice Dialogue in 2025

• India is set to host the first-ever Regional Dialogue on the Global Coalition for Social Justice on February 24-25, 2025, at Bharat Mandapam, New Delhi. Organized by the Ministry of Labour and Employment in collaboration with the Confederation of Indian Industry (CII) and the Employers’ Federation of India (EFI), the event aims to bring together global stakeholders to discuss inclusive and sustainable social policies.
• The dialogue aligns with India’s broader commitment to social justice, ensuring fair employment opportunities, social security, and inclusive economic growth. With representatives from the Asia-Pacific region and beyond, the conference will explore policies that drive responsible business practices and improve social justice frameworks.
• The Global Coalition for Social Justice was launched by the International Labour Organization (ILO) in 2023. It serves as a collaborative platform involving governments, employers, workers’ organizations, international and regional bodies, financial institutions, enterprises, NGOs, and academic institutions.

 

INTERNATIONAL

France’s Macron to host emergency European summit on Ukraine

• French President Emmanuel Macron will host European leaders, including Britain’s prime minister for an emergency summit on the Ukraine war after U.S. officials suggested Europe would have no role in any talks on ending the conflict.
• Macron had called for the “consultation talks” and that they would address the tumultuous change in the U.S. approach to Ukraine and the attendant risks to the security of the European continent.
• Others at the summit meeting will be German Chancellor Olaf Scholz, Polish Prime Minister Donald Tusk, NATO Secretary General Mark Rutte, Italian Prime Minister Giorgia Meloni and Ursula von der Leyen and Antonio Costa from the European Union.
• U.S. President Donald Trump stunned European allies in NATO and Ukraine last week when he announced he had held a call with Russian President Vladimir Putin without consulting with them and would start a peace process.
• Trump’s Ukraine envoy Keith Kellogg jolted Europe further on Saturday when he said it would not have a seat at the table for Ukraine peace talks, even after Washington sent a questionnaire to European capitals to ask what they could contribute to security guarantees for Kyiv.

 

Rubio arrives in Saudi Arabia before Russia talks to end Ukraine war

• Russia said Foreign Minister Sergei Lavrov will hold talks with top U.S. officials, including Secretary of State Marco Rubio, that will focus on ending the war in Ukraine and restoring “the whole complex” of Russia-U.S. ties.
• Rubio arrived in the Saudi capital Riyadh on a previously planned trip. U.S. National Security Advisor Mike Waltz and Middle East envoy Steve Witkoff, who are set to arrive later will be joining him at the talks with the Russians
• The talks will be among the first high-level, in-person discussions in years between Russian and U.S. officials and are meant to precede a meeting between the U.S. and Russian presidents.

 

US says website update routine, after removal of reference to Taiwan independence

• The U.S. State Department said it has made a routine update to the Taiwan section of its website, after the removal of previous wording saying it did not support Taiwan’s formal independence, among other changes that cheered the government in Taipei.
• The fact sheet on Taiwan, updated last week, retains Washington’s opposition to unilateral change from either Taiwan or from China, which claims the democratically governed island as its own.
• But as well as dropping the phrase “we do not support Taiwan independence”, the page added a reference to Taiwan’s cooperation with a Pentagon technology and semiconductor development project and says the U.S. will support Taiwan’s membership in international organisations “where applicable”.
• The update to the website came roughly three weeks after U.S. President Donald Trump, a Republican, was sworn in to his second term in the White House.
• he United States, like most countries, has no formal diplomatic ties with Taiwan but is its strongest international backer, bound by law to provide the island with the means to defend itself.

 

ECONOMY

FM Sitharaman launches Mutual Credit Guarantee Scheme for MSMEs and expands SWAMIH fund

• The Centre on Monday launched the ‘Mutual Credit Guarantee Scheme for MSMEs’, which was announced in the Union Budget 2025-26 to boost the micro, small, and medium enterprises.
• The scheme facilitates collateral-free loans to MSMEs by providing loans up to Rs 100 crore for the purchase of plant, machinery, or equipment.
• The scheme would provide 60 per cent guarantee coverage by the National Credit Guarantee Trustee Company Ltd (NCGTC) to member lending institutions (MLIs) for a credit facility up to Rs 100 crore, sanctioned to eligible MSMEs under MCGS-MSME for the purchase of equipment/machinery.
• Launching the scheme here, Union Finance Minister Nirmala Sitharaman also distributed sanction letters to MSMEs eligible under the scheme in Mumbai.
• The scheme is expected to facilitate easy availability of credit for MSMEs and give a major boost to the manufacturing sector in India.
• Under the scheme, the borrower must be an MSME with a valid Udyam Registration Number. The guaranteed loan amount will not exceed Rs 100 crore, although the total project cost can be higher. Additionally, at least 75% of the project cost must be for purchasing equipment or machinery.

 

S&T

Centre launches AI programme to empower 1 lakh young innovators

• In a major push towards skill development in emerging technologies, the Ministry of Skill Development and Entrepreneurship (MSDE), National Skill Development Corporation (NSDC), and Intel India launched the ‘AI for Entrepreneurship’ micro-learning module.
• The initiative is designed to simplify artificial intelligence (AI) concepts and encourage entrepreneurial thinking among young innovators across India.
• The programme aims to empower 1 lakh youth by 2025 by equipping them with essential skills to thrive in a technology-driven economy.
• The ‘AI for Entrepreneurship’ module is part of India’s broader vision to foster innovation and promote inclusivity in learning.
• The initiative will help young minds understand AI in a simple and practical way while inspiring them to explore business opportunities using emerging technologies.
• It covers key areas such as how AI can be leveraged for business growth, entrepreneurial strategies, and innovative problem-solving.

 

AWARDS

PM Modi Receives Starship Heatshield Tile from Musk

• Prime Minister Narendra Modi met Tesla and SpaceX CEO Elon Musk at the Blair House in Washington, D.C. During this meeting, Musk gifted PM Modi a hexagonal ceramic heatshield tile that flew on SpaceX’s Starship test flight 5 in October 2024. This exchange, which also included Modi gifting Musk’s children classic Indian books, symbolized a deeper engagement between India and Musk’s ventures in space, mobility, and technology.
• A heatshield tile from Starship Flight Test 5 (October 13, 2024), engraved with its mission details.
• Designed to protect spacecraft from extreme heat during atmospheric re-entry.

 

NEW APPOINTMENTS

Constantine Tassoulas Elected as Greece’s New President

• The Hellenic Parliament elected Constantine Tassoulas, the former parliamentary speaker, as the new president of Greece. Tassoulas, a senior member of the ruling New Democracy party, secured 160 votes in the 300-seat parliament.
• He will take over from Katerina Sakellaropoulou, Greece’s first female president, whose term ends in March. The position of president in Greece is largely ceremonial, but the selection reflects the political direction of the country’s leadership.

 

Published date : 18 Feb 2025 10:23AM