Current Affairs - February 3, 2025 Current Affairs

The saffron reedtail damselfly (Indosticta deccanensis) was discovered in Madhugundi, Chikkamagaluru, Karnataka, marking its first recorded presence in the northern Western Ghats. This species belongs to the Platystictidae family and thrives in undisturbed forest streams, serving as an indicator of a healthy ecosystem. The discovery expands the known range of the species and underscores the ecological importance of Karnataka’s Western Ghats, a biodiversity hotspot. Conservation of such pristine habitats is essential for preserving unique and lesser-known species like the saffron reedtail damselfly.

World Wetlands Day is observed every year on February 2 to raise awareness about the crucial role wetlands play in supporting biodiversity, human well-being, and cultural heritage. The 2025 theme, ‘Protecting Wetlands for Our Common Future,’ highlights the importance of conservation efforts in preserving these ecosystems. Wetlands help maintain ecological balance, combat climate change, and support sustainable livelihoods. This international observance also recognizes the role of the RAMSAR Convention in protecting wetlands worldwide, ensuring that these vital ecosystems continue to benefit both nature and humanity for generations to come.

Canada has imposed a 25% tariff on $155 billion worth of U.S. imports in response to U.S. tariff actions. The initial phase includes $30 billion worth of goods, with additional tariffs on another $125 billion set to follow in 21 days. This move is part of a broader trade conflict involving multiple countries, as China and Mexico are also considering countermeasures. The retaliatory tariffs highlight the ongoing tensions in global trade policies, particularly between Canada and the United States.

As part of the PM Dhan Dhanya Krishi Yojana, the government has announced various initiatives to support farmers and improve agricultural productivity. One of the key developments under this scheme is the establishment of a new urea plant in Assam. This initiative aims to enhance the availability of fertilizers for farmers, thereby improving crop yields and overall agricultural output. Additionally, the government is setting up a Makhana Board in Bihar to support makhana producers. These efforts collectively contribute to rural development and aim to reduce migration by creating better livelihood opportunities in the agricultural sector.

The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman, has raised the Foreign Direct Investment (FDI) limit in the insurance sector from 74% to 100%. This reform aims to attract foreign capital, improve market penetration, and integrate global best practices into India's insurance industry. The move is expected to bring in global insurance companies, fostering competition and strengthening the sector’s growth. Additionally, regulatory conditions on foreign investment are set to be simplified, ensuring a smoother and more efficient investment process. This policy change aligns with broader financial sector reforms aimed at enhancing India's economic landscape.

Vyacheslav Volodin, the Chairman of Russia's State Duma, arrived in India on February 3, 2025, for an official visit aimed at strengthening the bilateral ties between Russia and India. His visit focuses on enhancing cooperation in key areas such as trade, education, technology, and cultural exchanges. Volodin’s meetings with Indian leaders will also emphasize deepening inter-parliamentary cooperation, a critical aspect of fostering long-term diplomatic relations between the two nations. This visit serves as a significant step in the continued evolution of the Russia-India strategic relationship in the global context.

The DRDO successfully conducted three consecutive flight trials of the Very Short-Range Air Defence (VSHORAD) system, demonstrating its capability to intercept low-altitude, high-speed threats. During these tests, the missile precisely targeted and destroyed objects mimicking low-flying drones. This showcases the system’s effectiveness in countering aerial threats at close range. The trials, conducted in a final deployment configuration, highlight the operational readiness of VSHORAD, reinforcing its role in strengthening India’s defence against modern aerial warfare tactics, particularly against drones and other low-altitude threats.

The Indian Navy launched the 9th Ammunition Cum Torpedo Cum Missile (ACTCM) Barge LSAM 23 at M/s Suryadipta Projects Pvt Ltd in Thane. This vessel is part of an 11-barge contract aimed at strengthening naval logistics and ammunition transport. The initiative aligns with the ‘Make in India’ and ‘Aatmanirbhar Bharat’ programs, promoting self-reliance in defence manufacturing. With eight barges already in service, these indigenously designed vessels play a crucial role in enhancing the operational capabilities of the Indian Navy by ensuring efficient and secure transportation of critical naval supplies.

CARD91, an Issuance Platform-as-a-Service company, has launched ‘Blitz,’ a proprietary UPI Switch designed to provide banks and financial institutions with seamless and scalable digital payment solutions. Blitz supports UPI 2.0, Credit Line on UPI, Rupay Credit Card on UPI, AutoPay, and Delegate Payments, ensuring high reliability with 99.99% uptime and the ability to process over 2000 transactions per second (TPS). This initiative enhances the efficiency and security of digital transactions, strengthening the financial ecosystem and promoting wider adoption of UPI-based services in India.

Chandrika Krishnamoorthy Tandon, an Indian-American musician and business leader, won the Grammy Award for Best New Age, Ambient, or Chant Album for her project ‘Triveni’ at the 67th Grammy Awards on February 2, 2025. The album, created in collaboration with Wouter Kellerman and Eru Matsumoto, blends South Asian vocal traditions, South African flute melodies, and Japanese-American cello harmonies to create a unique meditative experience. Tandon, known for her philanthropic efforts and contributions to education, expressed gratitude for the recognition, emphasizing the album’s focus on peace and healing through music.

H Shankar, currently serving as Director (Technical) at Chennai Petroleum Corporation Limited (CPCL), has been recommended by the Public Enterprises Selection Board (PESB) to be the next Managing Director of CPCL. He was selected from a pool of seven candidates, including professionals from Indian Oil, CPCL, and HPCL. With a background in Mechanical Engineering and an MBA, H Shankar brings over 30 years of experience in refinery operations, project management, and strategic planning, making him a strong choice to lead CPCL in its future growth and development.