Current Events of National andInternational Importance
Concise Revision Notes for JKSSB – Accounts Assistant (Finance) – General Knowledge
1. NATIONAL CURRENT AFFAIRS (India)
1.1 Political & Governance
- 2024 General Elections – Lok Sabha elections concluded in April‑May 2024; the National Democratic Alliance (NDA) retained power with a reduced margin. Prime Minister Narendra Modi sworn‑in for a third term.
- Key Constitutional Amendments – 106th Amendment (Women’s Reservation Bill) passed in Lok Sabha (Dec 2023) providing 33 % reservation for women in Lok Sabha and State Legislative Assemblies; awaiting Rajya Sabha ratification.
- President’s Rule – Imposed in Manipur (Feb 2024) following ethnic violence; lifted in Sept 2024 after restoration of normalcy.
- Finance Commission – 16th Finance Commission (Chair: Dr. N. K. Singh) submitted its report (Oct 2023) recommending a higher share of divisible pool taxes to States (42 % → 43 %).
1.2 Economy & Finance
| Indicator (FY 2023‑24) | Value | Remarks |
|---|---|---|
| GDP Growth (Real) | 7.2 % | Driven by manufacturing & services; slightly below RBI’s 7.5 % target. |
| Inflation (CPI) | 5.4 % (average) | Within RBI’s tolerance band (2‑6 %). |
| Fiscal Deficit | 5.9 % of GDP | Slightly above the 5.8 % target due to higher capital expenditure. |
| Current Account Deficit | 1.2 % of GDP | Narrowed on lower oil import bill. |
| Foreign Exchange Reserves | USD 640 bn (Dec 2023) | All‑time high; provides buffer against external shocks. |
- Budget 2024‑25 Highlights –
- Capital outlay: ₹10.5 lakh crore (↑ 12 % YoY) focusing on railways, roads, and digital infrastructure. – Tax Reforms: Introduction of New Tax Regime 2.0 with optional slabs (5 %, 10 %, 15 %, 20 %, 25 %, 30 %); standard deduction increased to ₹50,000.
- Green Initiatives: Allocation of ₹1.2 lakh crore for National Green Hydrogen Mission; launch of Solar Rooftop Subsidy 2.0 (30 % CFA).
- Fiscal Prudence: Commitment to bring down debt‑to‑GDP ratio to 60 % by FY 2026‑27. – Banking & Financial Sector – – RBI’s Policy Repo Rate held at 6.50 % (Feb 2024‑Aug 2024) to anchor inflation; cut to 6.25 % in Sept 2024 amid slowing growth.
- Insolvency and Bankruptcy Code (IBC) – Recovery rate improved to 43 % (FY 2023‑24) from 38 % previous year.
- Digital Payments: UPI transaction volume crossed 12 billion per month (July 2024); RBI’s CBDC pilot (e₹‑R) expanded to 10 cities.
1.3 Social Sector & Welfare
- Pradhan Mantri Awas Yojana‑Gramin (PMAY‑G) – 2.5 crore houses completed (FY 2023‑24); target of 3 crore by 2025.
- Ayushman Bharat – PM‑JAY – Coverage extended to 12 crore families; addition of critical illness packages for cancer and renal diseases.
- National Education Policy (NEP) 2020 – Implementation of multidisciplinary undergraduate programmes in 150 central universities (Academic Year 2024‑25).
- Skill India – Launch of Pradhan Mantri Kaushal Vikas Yojana 4.0 (PMKVY 4.0) focusing on AI, drone technology, and green jobs; target to skill 10 crore youth by 2027.
1.4 Science, Technology & Innovation
- ISRO – Successful launch of Aditya‑L1 (solar observatory) in Sept 2023; placed in halo orbit around L1 point (Jan 2024).
- Gaganyaan – Uncrewed test flight (Gaganyaan‑1) scheduled for Dec 2024; crewed mission planned for 2026.
- Quantum Mission – Government approved National Quantum Mission (₹8,000 crore) to develop quantum computers, communication, and sensors by 2029. – 5G Rollout – Over 7,000 cities covered; average downlink speed 350 Mbps (TRAI, Sep 2024).
- Defence – Induction of Akash‑NG medium‑range surface‑to‑air missile system; INS Vikrant (indigenous aircraft carrier) commissioned in July 2024.
1.5 Environment & Disaster Management
- Climate Commitments – India updated its NDC (2023) targeting 50 % non‑fossil fuel electricity by 2030; launched National Hydrogen Energy Mission (₹19,700 crore).
- Air Quality – Launch of National Clean Air Programme (NCAP) 2.0 in 102 cities; target to reduce PM2.5 by 30 % by 2026.
- Water – Jal Jeevan Mission achieved 70 % rural household tap water coverage (Mar 2024); goal 100 % by 2024‑25.
- Disaster – Cyclone Mocha (May 2023) impacted Odisha‑West Bengal; early warning system reduced casualties to < 50.
- Biodiversity – India hosted the COP15 of the Convention on Biological Diversity (CBD) in Hyderabad (Oct 2023); adopted 30 × 30 goal (protect 30 % land & sea by 2030).
1.6 Important Dates & Mnemonics
Mnemonic for Key 2024 Initiatives: “GREEN‑FUND‑SKILL”
- Green Hydrogen Mission
- Renewable Energy (Solar Rooftop 2.0)
- Education (NEP multidisciplinary UG)
- Employment (PMKVY 4.0)
- National Clean Air Programme 2.0
- Fiscal Deficit target (≤ 5.8 % GDP)
- UPI transaction milestone (12 bn/month)
- New Tax Regime 2.0
- Digital Rupee (e₹‑R) pilot expansion
- Skill India (PMKVY 4.0)
- Indian Space (Aditya‑L1, Gaganyaan)
- Land & Sea Protection (30 × 30 CBD goal)
- Liquidity (Forex reserves ₹640 bn)
2. INTERNATIONAL CURRENT AFFAIRS
2.1 Geopolitics & Security
- Russia‑Ukraine War – Ongoing; as of Sep 2024, frontlines stabilized in eastern Ukraine. International sanctions on Russia remain; EU’s REPowerEU plan aims to cut Russian gas imports by 80 % by 2027.
- Israel‑Hamas Conflict – Escalated Oct 2023; cease‑fire brokered in Nov 2023 broke down in May 2024. Humanitarian crisis in Gaza; UN calls for immediate humanitarian corridors.
- China‑Taiwan Tensions – Increased PLA drills around Taiwan (Q1‑Q2 2024); US affirmed commitment under the Taiwan Relations Act; Quad (US, Japan, Australia, India) conducted joint naval exercise “Malabar‑24” in the Philippine Sea (Aug 2024).
- Saudi‑Iran Rapprochement – Brokered by China (Mar 2023); led to reopening of embassies and joint economic projects; reduced regional proxy tensions. – Afghanistan – Taliban government faces international isolation; humanitarian aid continues via UN; Girls’ education ban remains a major point of contention.
2.2 Global Economy & Trade
| Indicator (2023) | Value | Trend |
|---|---|---|
| World GDP Growth (IMF) | 3.0 % | Slower than 2022 (3.4 %) due to tightening monetary policy. |
| Global Inflation (average) | 6.8 % | Peaked in mid‑2023; declining to 5.2 % by early 2024. |
| Global Trade Volume (WTO) | +2.5 % YoY | Recovery post‑pandemic, but supply chain disruptions persist. |
| FDI Inflows (UNCTAD) | USD 1.6 trn | Asia attracted 45 % of global FDI; India rose to 8th largest recipient. |
| Global Debt‑to‑GDP | 256 % | Rising concern; advanced economies > 100 %, emerging ~ 60 %. |
- US Monetary Policy – Federal Funds Rate held at 5.25‑5.50 % (Jun 2024); Fed signaled possible rate cuts in late 2024 if inflation sustains below 2 %.
- Eurozone – ECB maintained rates at 4.00 % (Sep 2024); growth forecast 0.6 % for 2024.
- China’s Economy – GDP growth 5.2 % (2023); property sector stress continued; policymakers launched “Dual Circulation” stimulus focusing on domestic consumption and tech self‑reliance.
- Global Supply Chain – Semiconductor shortage eased; CHIPS Act (US) and EU Chips Initiative spurred fab construction in Arizona, Germany, and Singapore.
- Debt Restructuring – Zambia completed IMF‑supported debt restructuring (Mar 2024); Ghana’s program underway.
2.3 Environment & Climate
- COP28 (Dubai, Nov‑Dec 2023) – Historic agreement to transition away from fossil fuels; first-ever global stocktake; pledge to triple renewable energy capacity by 2030.
- Loss and Damage Fund – Operationalised at COP28; initial pledges USD 700 million (led by EU, USA, UK).
- Net‑Zero Commitments – Over 140 countries (including India, EU, USA, China) have announced net‑zero targets ranging from 2050 to 2070.
- Extreme Weather – 2023 recorded as the warmest year on record (WMO); unprecedented heatwaves in South Asia, wildfires in Canada (record 18 million ha burned), and floods in Libya (Storm Daniel, Sep 2023).
- Biodiversity – Kunming‑Montreal Global Biodiversity Framework (adopted Dec 2022) implementation underway; 30 % protected area goal by 2030 monitored via Global Biodiversity Outlook 2024.
2.4 Health & Pandemics
- COVID‑19 – WHO declared the pandemic’s emergency phase over in May 2023; however, XBB.1.5 and EG.5 variants prompted seasonal booster campaigns in late 2023‑early 2024.
- Monkeypox (mpox) – Cases declined globally after 2022 peak; targeted vaccination in high‑risk communities continued through 2024.
- Polio – Wild poliovirus type 1 endemic only in Afghanistan and Pakistan; circulating vaccine‑derived poliovirus (cVDPV2) outbreaks reported in Nigeria, DRC, and Yemen (2024).
- Malaria – WHO approved RTS,S/AS01 malaria vaccine for broader use in sub‑Saharan Africa (2023); rollout aims to reach 10 million children by 2025.
- Antimicrobial Resistance (AMR) – UN General Assembly high‑level meeting (Sep 2024) adopted Global Action Plan on AMR 2.0, urging new antibiotic pipelines and stewardship.
2.5 Technology & Space
- Artificial Intelligence – EU AI Act passed (Mar 2024); first comprehensive regulation classifying AI systems by risk. US issued Executive Order on AI Safety (Oct 2023).
- Lunar Exploration – NASA’s Artemis II crewed mission scheduled for Sep 2025; India’s Chandrayaan‑4 (lunar south‑pole sample return) planned for 2026.
- Mars Missions – UAE’s Hope Probe continues Mars atmospheric study; ESA’s Rosalind Franklin rover delayed to 2028 due to technical issues.
- Quantum Communication – China launched QUESS‑2 quantum satellite (Jan 2024) enabling intercontinental quantum key distribution (QKD) links with Austria and Germany.
2.6 Important Dates & Mnemonics
Mnemonic for 2023‑24 Global Milestones:
“PEACE‑CLIMATE‑TECH”
- Pandemic transition (COVID‑19 emergency ends May 2023)
- Energy transition (COP28 fossil‑fuel pledge)
- Africa health (Malaria vaccine rollout)
- Conflict zones (Ukraine, Israel‑Gaza, Sudan)
- Economic shifts (US Fed rates, China dual circulation)
- Climate finance (Loss & Damage Fund operational)
- Loss & Damage (COP28)
- Innovation (EU AI Act, US AI EO)
- Multilateralism (Quad, SAARC revival talks)
- Exploration (Artemis II, Chandrayaan‑4)
- Technology transfer (Semiconductor fabs, Quantum satellites)
- Collaboration (Global Biodiversity Framework, AMR plan)
- Humanitarian aid (Afghanistan, Gaza, Sudan)
3. QUICK‑REFERENCE TABLES
3.1 Major International Summits (2023‑24)
| Summit | Date & Venue | Key Outcome |
|---|---|---|
| G20 Summit | Sep 2023, New Delhi | Adoption of Delhi Declaration on inclusive growth; commitment to global minimum corporate tax (15 %). |
| COP28 | Nov‑Dec 2023, Dubai | Fossil‑fuel transition agreement; operationalisation of Loss & Damage Fund; renewable capacity target (triple by 2030). |
| ASEAN Summit | Oct 2023, Jakarta | Adoption of ASEAN Outlook on Indo‑Pacific; maritime cooperation framework. |
| BRICS Summit | Aug 2023, Johannesburg | Expansion invited 6 new members (Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, UAE); discussion on BRICS Pay system. |
| World Economic Forum (WEF) | Jan 2024, Davos | Focus on AI governance, climate resilience, and supply‑chain security. |
| NATO Summit | Jul 2024, Washington DC | Reaffirmation of collective defence; increased deterrence posture in Eastern Europe; NATO 2030 concept approved. |
3.2 India’s Rank in Global Indices (2023‑24)
| Index | 2023 Rank | 2024 Rank (latest) | Comment |
|---|---|---|---|
| Ease of Doing Business (World Bank) – Discontinued | 63 (2020) | N/A | Replaced by Business Enabling Environment (BEE) score; India 45/190 (2024). |
| Global Competitiveness (WEF) | 43 | 41 | Improvement driven by macro‑economic stability and market size. |
| Human Development Index (UNDP) | 132 | 131 | Slight gain due to rise in life expectancy and education. |
| Corruption Perception Index (Transparency Intl.) | 85 | 84 | Marginal improvement; anti‑corruption measures showing effect. |
| Global Innovation Index (WIPO) | 46 | 40 | Jump due to rise in patent filings and ICT services exports. |
| Environmental Performance Index (Yale) | 168 | 165 | Gains in air quality and biodiversity protection; still lagging. |
| Logistics Performance Index (World Bank) | 44 | 38 | Improvement from infrastructure upgrades (DFC, Sagarmala). |
3.3 Important Bills & Acts Passed (Parliament, 2023‑24)
| Bill/Act | Year | Objective |
|---|---|---|
| Women’s Reservation Bill (106th Amendment) | 2023 | 33 % reservation for women in Lok Sabha & State Assemblies. |
| Digital Personal Data Protection Bill | 2023 (passed) | Framework for data privacy; establishes Data Protection Board of India. |
| Jan Vishwas (Amendment of Provisions) Bill | 2023 | Decriminalises minor offences to ease business compliance. |
| Arbitration and Conciliation (Amendment) Bill | 2024 | Strengthens institutional arbitration; aims to make India a global arbitration hub. |
| National Nursing and Midwifery Commission Bill | 2024 | Regulates nursing education & practice; aims to improve healthcare quality. |
| Production Linked Incentive (PLI) Scheme – Extension | 2024 | Extended to 12 sectors (including telecom, textiles, food processing) with additional outlay of ₹1.95 lakh crore. |
4. KEY HIGHLIGHTS FOR LAST‑MINUTE REVISION
- Economy – FY 2023‑24 GDP growth 7.2 %; inflation 5.4 %; fiscal deficit 5.9 % of GDP; forex reserves USD 640 bn.
- Finance – RBI repo rate 6.25 % (Sept 2024); UPI > 12 bn/month; e₹‑R pilot in 10 cities.
- Social – PMAY‑G 2.5 cr houses; Ayushman Bharat covers 12 cr families; NEP multidisciplinary UG in 150 central universities.
- Science/Tech – ISRO’s Aditya‑L1 at L1; Gaganyaan uncrewed test Dec 2024; National Quantum Mission ₹8,000 cr.
- Environment – COP28 fossil‑fuel pledge; Loss & Damage Fund operational; India’s ND C target 50 % non‑fossil electricity by 2030. – International – Russia‑Ukraine war continues; Israel‑Gaza humanitarian crisis; Saudi‑Iran rapprochement via China; Quad Malabar‑24 exercise; US Fed rate 5.25‑5.5 %; EU AI Act passed.
- Summits – G20 New Delhi (Delhi Declaration); COP28 Dubai (fossil‑fuel transition); WEF Davos (AI & climate).
- Indices – India’s Global Innovation Index rank jumped to 40; Ease of Doing Business replaced by BEE score (45/190). – Legislation – Women’s Reservation Bill (106th), Data Protection Bill, Jan Vishwas Bill, Arbitration Amendment, Nursing Commission Bill.
Memory Aid: “F.I.N.A.N.C.E. – G.R.O.W.T.H.”
- Fiscal deficit ≤ 5.8 % target
- Inflation within 2‑6 % band (5.4 %)
- New Tax Regime 2.0
- Allocation to capital ↑ 12 %
- National Green Hydrogen Mission
- Clean Air Programme 2.0
- E‑Rupee pilot expansion
- GDP growth 7.2 %
- Reserve forex USD 640 bn
- Output – UPI 12 bn/mo
- Women’s reservation 33 %
- Technology – Quantum Mission, Aditya‑L1
- Health – Ayushman Bharat 12 cr families
End of Notes – Review the tables and mnemonics repeatedly; they are engineered for rapid recall during the exam. Best of luck!
