Daily Current Affairs 01 January 2025 – IAS Current Affairs
Current Affairs 01 January 2025 focuses on the Prelims-Mains perspective. Major events are :
Financial Stability Report December 2024
Source: The Hindu
GS III: Economy
Overview
- News in Brief
- Key Highlights of the report
- Financial Stability and Development Council (FSDC)
Why in the News?
Reserve Bank has released the December 2024 issue of the Financial Stability Report (FSR).
News in Brief
- This reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on the resilience of the Indian financial system and risks to financial stability.
- Financial Stability Report (FSR) is published by RBI bi-annually.
- The report highlights several aspects of the Indian and global financial.
Key Highlights of the report
- Debt-to-GDP ratio of the central government is expected to decrease from 62.7% in 2020-21 to 56.8% by 2024-25.
- Outstanding liabilities of the state are projected to decline from 31% to 28.8%.
- Gross domestic product (GDP) is projected to grow at 6.6 % in 2024-25, aided by a revival in rural consumption, Government spending, & services exports.
- Gross Non-performing Asset (GNPA) ratio could increase from 2.6% in September 2024 to 3% by March 2026.
- Financial health of Scheduled Commercial Banks (SCBs) is ensured by robust profitability and sufficient capital and liquidity reserves.
- The Insurance Sector demonstrates its stability through a strong solvency ratio.
- The Financial Stability Report (FSR) underscores issues in specific areas, including microfinance and consumer credit, which demand vigilant oversight.
Financial Stability and Development Council (FSDC)
Financial Stability and Development Council (FSDC) is a non-statutory apex body established by the Government of India in December 2010 under the Ministry of Finance. It was first proposed by the Raghuram Rajan Committee on financial sector reforms in 2008.
Key Features
- Chairperson: The Union Finance Minister chairs the council.
- Members: The council includes the heads of all financial sector regulators (RBI, SEBI, IRDA, PFRDA, and FMC), the Finance Secretary, the Secretary of the Department of Economic Affairs, the Secretary of the Department of Financial Services, and the Chief Economic Adviser.
- Sub-committee: A sub-committee headed by the Governor of the Reserve Bank of India (RBI) focuses on financial sector development and stability.
Functions
- Financial Stability: The council aims to strengthen and institutionalize the mechanism for maintaining financial stability.
- Inter-regulatory Coordination: It enhances coordination among various financial sector regulators.
- Financial Sector Development: It promotes the development of the financial sector.
- Macro-prudential Supervision: It monitors the macro-prudential supervision of the economy, including the functioning of large financial conglomerates.
The FSDC plays a crucial role in addressing issues related to financial stability and development, making it an important topic for UPSC aspirants, especially in the context of the Indian economy and governance.
SpaDeX Mission
Source: The Hindu
GS III: Science and Technology
Overview
- News in Brief
- About SpaDeX Mission
- Satish Dhawan Space Centre in Sriharikota (Andhra Pradesh)
Why in the News?
The Indian Space Research Organisation (ISRO) successfully launched the Space Docking Experiment (SpaDeX) mission.
News in Brief
- It facilitated the successful establishment and operationalisation of 10 hosted payloads from Non-Government Entities (NGEs) on board the POEM-4 module of the PSLV-C60/SPADEX mission.
- The mission was launched by the Indian Space Research Organization (ISRO) on December 30.
About SpaDeX Mission
- It was launched on a PSLV-C60 rocket from Satish Dhawan Space Centre in Sriharikota (Andhra Pradesh).
- SpaDeX along with 24 PS4-Orbital Experiment Module (POEM-4) payloads launched.
- Aim
- To develop and demonstrate the technology needed for rendezvous, docking, and undocking of two small spacecraft (SDX01(Chaser), and SDX02(Target) in a low-Earth circular orbit.
- Transfer of electric power between docked spacecraft and Composite spacecraft control and payload operations post-undocking.
- Autonomous inter-satellite communication links (ISL) enable direct communication between spacecraft.
- The GNSS-Based Novel Relative Orbit Determination and Propagation (RODP) processor is designed to calculate the relative position and velocity of other spacecraft.
- The Global Navigation Satellite System (GNSS) includes any satellite constellation offering global positioning, navigation, and timing services, such as Galileo (EU) and GPS (USA).
- Additional native technologies developed for this mission include the docking mechanism, sensor suite, and strategies for autonomous rendezvous and docking.
Satish Dhawan Space Centre in Sriharikota (Andhra Pradesh)
Satish Dhawan Space Centre (SDSC) is a premier rocket launch center located in Sriharikota, Andhra Pradesh. Established in 1971, it is operated by the Indian Space Research Organisation (ISRO). Named after renowned Indian space scientist Dr. Satish Dhawan, the center plays a vital role in India’s space program.
Key Features:
- Launch Pads: SDSC houses multiple launch pads, notably for the PSLV and GSLV rockets, enabling a variety of satellite missions.
- Facilities: It boasts state-of-the-art facilities for vehicle assembly, integration, and testing.
- Mission Control: The center includes the Mission Control Centre (MCC), which monitors and manages launch operations.
- Environmental Monitoring: Advanced environmental monitoring systems ensure safety and precision during launches.
SDSC has successfully launched numerous satellites, significantly contributing to India’s advancements in space technology and research. It remains instrumental in positioning India as a prominent player in the global space community.
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