Current Events of National and International Importance
Concise Revision Notes for JKSSB – Accounts Assistant (Finance) – General Knowledge
This guide provides structured, SEO-friendly notes on key current affairs for quick revision. Information is organized with clear headings, short paragraphs, and data tables for easy recall.
1. National Current Affairs (India)
1.1 Political & Governance
- 2024 General Elections – The Lok Sabha elections concluded in April-May 2024. The National Democratic Alliance (NDA) retained power with a reduced margin. Prime Minister Narendra Modi was sworn in for a third term.
- Key Constitutional Amendments – The 106th Amendment (Women’s Reservation Bill) was passed in the Lok Sabha in December 2023. It provides 33% reservation for women in the Lok Sabha and State Legislative Assemblies and awaits Rajya Sabha ratification.
- President’s Rule – Imposed in Manipur in February 2024 following ethnic violence. It was lifted in September 2024 after the restoration of normalcy.
- Finance Commission – The 16th Finance Commission (Chair: Dr. N. K. Singh) submitted its report in October 2023. It recommends increasing the share of divisible pool taxes to States from 42% to 43%.
1.2 Economy & Finance
| Indicator | 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 of 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 a lower oil import bill. |
| Foreign Exchange Reserves | USD 640 bn (Dec 2023) | All-time high; provides a buffer against external shocks. |
Budget 2024-25 Highlights
- Capital Outlay: ₹10.5 lakh crore (up 12% YoY), focusing on railways, roads, and digital infrastructure.
- Tax Reforms: Introduction of the New Tax Regime 2.0 with optional slabs (5%, 10%, 15%, 20%, 25%, 30%). The standard deduction was increased to ₹50,000.
- Green Initiatives: Allocation of ₹1.2 lakh crore for the National Green Hydrogen Mission. Launch of Solar Rooftop Subsidy 2.0 (30% CFA).
- Fiscal Prudence: Commitment to bring the debt-to-GDP ratio down to 60% by FY 2026-27.
Banking & Financial Sector
- RBI’s Policy Repo Rate was held at 6.50% (Feb-Aug 2024) to anchor inflation. It was cut to 6.25% in September 2024 amid slowing growth.
- Insolvency and Bankruptcy Code (IBC) recovery rate improved to 43% (FY 2023-24) from 38% the previous year.
- Digital Payments: UPI transaction volume crossed 12 billion per month (July 2024). The RBI’s CBDC pilot (e₹-R) was 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 is 3 crore by 2025.
- Ayushman Bharat – PM-JAY – Coverage extended to 12 crore families. Critical illness packages for cancer and renal diseases were added.
- 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. The target is to skill 10 crore youth by 2027.
1.4 Science, Technology & Innovation
- ISRO – Successful launch of Aditya-L1 (solar observatory) in September 2023; placed in halo orbit around the L1 point in January 2024.
- Gaganyaan – Uncrewed test flight (Gaganyaan-1) scheduled for December 2024; crewed mission planned for 2026.
- Quantum Mission – Government approved the 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 the Akash-NG medium-range surface-to-air missile system. INS Vikrant (indigenous aircraft carrier) was commissioned in July 2024.
1.5 Environment & Disaster Management
- Climate Commitments – India updated its NDC (2023), targeting 50% non-fossil fuel electricity by 2030. It launched the 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 is 100% by 2024-25.
- Disaster – Cyclone Mocha (May 2023) impacted Odisha and West Bengal; the early warning system reduced casualties to under 50.
- Biodiversity – India hosted the COP15 of the Convention on Biological Diversity (CBD) in Hyderabad (Oct 2023). The 30×30 goal (protect 30% of land & sea by 2030) was adopted.
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 September 2024, with stabilized frontlines in eastern Ukraine. International sanctions on Russia remain. The EU’s REPowerEU plan aims to cut Russian gas imports by 80% by 2027.
- Israel-Hamas Conflict – Escalated in October 2023. A cease-fire brokered in November 2023 broke down in May 2024, leading to a humanitarian crisis in Gaza. The UN has called for immediate humanitarian corridors.
- China-Taiwan Tensions – Increased PLA drills around Taiwan in Q1-Q2 2024. The US affirmed its commitment under the Taiwan Relations Act. The Quad (US, Japan, Australia, India) conducted the joint naval exercise “Malabar-24” in the Philippine Sea (Aug 2024).
- Saudi-Iran Rapprochement – Brokered by China in March 2023, leading to reopened embassies and joint economic projects, reducing regional proxy tensions.
- Afghanistan – The Taliban government faces international isolation. Humanitarian aid continues via the UN. The ban on girls’ education remains a major point of contention.
2.2 Global Economy & Trade
| Indicator | 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 tn | Asia attracted 45% of global FDI; India rose to the 8th largest recipient. |
| Global Debt-to-GDP | 256% | Rising concern; advanced economies >100%, emerging ~60%. |
Regional Economic Updates
- US Monetary Policy – Federal Funds Rate held at 5.25-5.50% (Jun 2024). The Fed signaled possible rate cuts in late 2024 if inflation sustains below 2%.
- Eurozone – ECB maintained rates at 4.00% (Sep 2024); growth forecast is 0.6% for 2024.
- China’s Economy – GDP growth was 5.2% (2023). Property sector stress continued. Policymakers launched a “Dual Circulation” stimulus focusing on domestic consumption and tech self-reliance.
- Global Supply Chain – The semiconductor shortage eased. The 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 is 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 totaled 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 was recorded as the warmest year on record (WMO). Events included unprecedented heatwaves in South Asia, wildfires in Canada (record 18 million ha burned), and floods in Libya (Storm Daniel, Sep 2023).
- Biodiversity – Implementation of the Kunming-Montreal Global Biodiversity Framework (adopted Dec 2022) is underway. The 30% protected area goal by 2030 is monitored via the 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 the 2022 peak; targeted vaccination in high-risk communities continued through 2024.
- Polio – Wild poliovirus type 1 is endemic only in Afghanistan and Pakistan. Circulating vaccine-derived poliovirus (cVDPV2) outbreaks were reported in Nigeria, DRC, and Yemen (2024).
- Malaria – WHO approved the 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) – A UN General Assembly high-level meeting (Sep 2024) adopted the Global Action Plan on AMR 2.0, urging new antibiotic pipelines and stewardship.
2.5 Technology & Space
- Artificial Intelligence – The EU AI Act was passed (Mar 2024), the first comprehensive regulation classifying AI systems by risk. The US issued an Executive Order on AI Safety (Oct 2023).
- Lunar Exploration – NASA’s Artemis II crewed mission is scheduled for September 2025. India’s Chandrayaan-4 (
