Weekly Current Affairs (Jan 1 - Jan 7, 2025): Key Highlights

Current Affairs - January 2025 -Week 1 (Jan 1 - Jan 7 2025)

Political Developments

Key Policy Announcements by the Indian Government:

Extension of Crop Insurance Schemes: 

The Union Cabinet approved the continuation of the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather Based Crop Insurance Scheme (RWBCIS) until 2025-26, with an allocation of ₹69,515.71 crore. Additionally, a new fund of over ₹824 crore has been established to enhance the implementation of these schemes through advanced technology. 

Special Package for DAP Fertilizer: 

A one-time special package of ₹3,850 crore was approved to maintain the price of Di-Ammonium Phosphate (DAP) fertilizer at ₹1,350 per 50 kg bag, ensuring affordability for farmers. 

Draft Digital Personal Data Protection Rules:

The Ministry of Electronics & IT released the Draft Digital Personal Data Protection Rules, 2025, for public consultation, inviting feedback by February 18, 2025. The draft introduces provisions like mandatory data localization and parental consent for social media use by children under 18. 

2. Updates from Indian State Elections:

Haryana Assembly Elections: The Bharatiya Janata Party (BJP) secured an unexpected victory in the Haryana provincial elections, winning 48 seats against Congress's 37. Despite exit polls predicting a Congress win, the BJP's performance has strengthened its position in the region. The Congress party has rejected the results, alleging manipulation and issues with electronic voting machines. 

3. Major Global Political Changes or Leadership Transitions:

India-US Economic Engagement: India expressed its intent to deepen economic ties with the United States by engaging with the incoming Trump administration. Trade Minister Piyush Goyal highlighted plans to build on existing relations, with bilateral trade surpassing $118 billion in the 2023/24 fiscal year. Projections indicate a potential increase of $50 billion in trade over the next two to three years. 

International Summits

 UN Initiatives or Global Conferences Held During the Week:

India's 4th Biennial Update Report to UNFCCC: India submitted its 4th Biennial Update Report to the United Nations Framework Convention on Climate Change (UNFCCC), detailing national greenhouse gas inventory and mitigation actions. 

Awards

1. Padma Awards 2025 Announcements:

The official announcements for the Padma Awards 2025 are traditionally made on January 25th, coinciding with Republic Day celebrations. As of January 7, 2025, no official announcements have been made.

1. Stock Market Performance (Indian and Global):

Indian Stock Market: The Indian stock market experienced volatility during the week, influenced by global economic conditions and domestic policy announcements. Foreign investors sold substantial shares due to alternative investment opportunities in China and domestic economic challenges, although December showed modest gains. 

Global Stock Markets: Global markets exhibited mixed trends, with investors reacting to economic data releases and geopolitical developments. Specific indices and performance metrics were not detailed in the available sources.

2. India’s GDP Growth and Trade Balance Updates:

GDP Growth Projections:

 India is anticipating a slowdown with an expected 6.4% annual growth for the fiscal year ending March 2025, marking the lowest in four years. This deceleration is attributed to weaker investment and manufacturing performance. 

Trade Balance:

 Bilateral trade between India and the United States surpassed $118 billion in the 2023/24 fiscal year, with India enjoying a trade surplus of $32 billion. 

3. Notable Mergers, Acquisitions, and Investments:

Digital Payments Expansion:

 The National Payments Corporation of India (NPCI) allowed WhatsApp to expand its payment services to its entire user base of over 500 million, up from the previously restricted 100 million. This move is expected to enhance the reach and depth of the Unified Payments Interface (UPI) system. 

Metallurgical Coke Import Restrictions:

India announced a six-month restriction on the import of low-ash metallurgical coke, a crucial steelmaking ingredient, starting January 1, 2025. This directive aims to support domestic producers amidst a surge in imports. 

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