Key current affairs for January 30, 2025

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Here are the key current affairs for January 30, 2025:

National News

  • Martyrs’ Day Observance: India commemorated Martyrs’ Day, honoring Mahatma Gandhi and others who sacrificed their lives for the nation’s freedom. Gandhi, revered as the Father of the Nation, was assassinated on January 30, 1948.
  • Economic Policy Shift: The Indian government is moving away from extensive privatization plans, opting instead to invest billions in state-run firms. This includes a $1.5 billion rescue package for two state-owned companies, with significant investment in helicopter operator Pawan Hans. Privatization plans for at least nine additional state-owned units are on hold due to opposition from various ministries.
  • Banking Sector Challenges: India’s banking sector is facing significant challenges, including rising bad debts and weak credit growth. Major private banks report an increase in loan defaults, particularly in unsecured loans like credit cards and personal loans. The economic situation is strained by high inflation and slowdowns in consumption and credit growth.

International Relations

  • India-China Relations: India and China have agreed to resume direct air services after nearly five years and to facilitate the exchange of journalists between the two countries. This development signifies an improvement in bilateral relations following the 2020 military clash at the disputed Himalayan border.
  • India-Indonesia Cooperation: India and Indonesia have deepened cooperation in defense, trade, and maritime security. Agreements have been signed in health, defense, digital technology, and maritime affairs, aiming to expand bilateral relations, particularly in defense production and maritime and cyber security.

Economic Insights

  • India’s Economic Prospects: Economist Arvind Subramanian discussed India’s potential to become an economic superpower by 2047. Despite significant recovery from the COVID-19 crisis, recent economic growth has decelerated due to a lack of new ideas and declining investor confidence. Key issues include mismanagement of the exchange rate by the Reserve Bank of India and stagnant private investment.

Regulatory Developments

  • SEBI Leadership Search: The Indian Finance Ministry is seeking applications for a new chief of the Securities and Exchange Board of India (SEBI), as the current chairperson, Madhabi Puri Buch, is set to complete her term on February 28. Applications are to be submitted by February 17, with the new term lasting five years or until the incumbent reaches 65 years of age.

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