23 feb 2025 daily current affairs with GS| honey GS academy

Honey GS Academy - February 23rd Daily Current Affairs with GS Points

I. No Significant Day of Importance (for exam perspective)

II. Economy Articles

A. Rupee-Dollar Swap Auction (RBI)

Context: The Reserve Bank of India (RBI) conducted a rupee-dollar swap auction. This is important because similar questions have appeared in previous exams (e.g., APPSC Group 2 on the Standing Deposit Facility).

• Two-Step Discussion:
  1. What is a Currency Swap Agreement?
  2. What is the effect, and when does the RBI conduct it?
• Mechanism:
  $\text{RBI} + \text{Indian Banks} \implies$
  $\text{RBI buys } \$ \text{ from Banks}$
  $\text{RBI gives } ₹ \text{ to Banks}$
  • RBI buys dollars ($) from Indian commercial banks (e.g., SBI, Axis Bank, HDFC).
  • RBI gives rupees (₹) to the banks.
  • Purpose: To inject liquidity (₹ currency) into the banking system, addressing a liquidity crunch.
• Detailed Explanation:
  • Banks give dollars to the RBI.
  • RBI gives rupees to the banks.
  • Outcome: 10 billion USD (≈ 86,000 crore rupees) injected into the banking system.
  • Banks use rupees → loans to investors.
  • Investors → start businesses → create employment → pay salaries.
  • Salary earners → spend → increased demand → increased production → boosts GDP.
• Key Question: Objective of the currency swap? Answer: Inject liquidity into the banking system.
• Duration: 3 years. After 3 years (with conditions), banks return rupees, RBI returns dollars. The exchange rate at *that time* is used.
• Currency Swaps with Other Countries:
  • Mechanism also used between *countries*.
  • Example: Sri Lanka (foreign exchange crisis due to COVID's impact on tourism). Needed $ for oil imports.
  • Sri Lanka - India swap: India gave $, Sri Lanka gave Sri Lankan rupees.
  • After recovery, Sri Lanka returns $ to India (at the *then-current* exchange rate).
  • Helps manage foreign exchange crises. India could also do this in the future.
• Two Types of Currency Swaps:
  • Between a Central Bank and domestic commercial banks.
  • Between two countries.
• Current Swap's Objective: Inject liquidity.

B. Pradhan Mantri Awas Yojana (Gramin) - Phase 2

• Launched by PM Modi on Feb 22nd in Pune, Maharashtra.
• Falls under: Government Schemes / Economics.
• Objective: "Housing for All" in rural areas.
• Started in 2016: Ministry of Rural Development.
• Original Target: 2.95 crore houses by 2023-24.
• Revised Target (July budget, 2024-25): +2 crore houses, deadline extended to 2029.
• New Target: 4.95 crore houses by March 31, 2029.
• Note: Pay attention to extended deadlines and increased targets (like Jal Jeevan Mission).

III. Polity Articles

• None significant in the news.

IV. Defense Articles

A. Sagar Kavach Exercise

• Domestic-level (within India) exercise.
• Purpose: Coastal security. By Indian Coast Guard.
• Location: Varies; this time: West Bengal.
• Key Point: Sagar Kavach = Coastal Security Exercise (Indian Coast Guard).

V. Disaster Management

A. Tropical Cyclone SARA

• Severely affected Honduras.
• India's Involvement: Provided humanitarian aid (medicines, food).
• Key Point: Cyclone SARA affected Honduras; India provided aid.

VI. Government Policy

A. Three-Language Policy

• Context: Tamil Nadu is *not* implementing the three-language formula (part of National Education Policy (NEP) 2020).
• NEP 2020 & Funding: Central govt. provides funds (Samagra Shiksha scheme) only to states implementing the three-language formula.
• Tamil Nadu's Stance: Long-standing two-language formula:
  1. Regional Language (Tamil)
  2. English
• Frozen Funds: Central govt. withheld ₹2152 crore (Samagra Shiksha) due to non-implementation.
• Three-Language Formula Explained:
  1. Regional Language (compulsory)
  2. Any Indian Language (usually Hindi)
  3. Any Modern Language (usually English – *not* compulsory)
  $\text{Three Language Policy} \implies$
  $1. \text{ Regional Language}$
  $2. \text{ Any Indian Language (Mostly Hindi)}$
  $3. \text{ Any Modern Language (Mostly English)}$
• Telugu States: Telugu, Hindi, English.
• Tamil Nadu's Opposition: Historically opposed to Hindi imposition.
• Key Point: Tamil Nadu = Two-language formula; NEP 2020 = Three-language formula.

VII. Summits

• Global Investors Summit: Bhopal, Madhya Pradesh. Focused on investment in *that state*. PM Modi inaugurated. (Not highly important).

VIII. Awards

• Honorary Knighthood: Sunil Mittal (Bharti Enterprises).
• Manohar International Airport (Goa): Golden Trophy (safety) from National Safety Council of India. First airport in Goa to receive it.

IX. Persons in News

• Mayadhar Raut (Deceased): "Father of Odissi Dance." Remember his connection to Odissi.
• Vishwaraj Kumar: Indian winner, World Memory League Championship 2025. (Mentioned for completeness, lower priority).

X. Appointments

• Former RBI Governor (Name: Left as a question for the viewer to answer): Appointed Principal Secretary to the PM. Second person in this role; P.K. Mishra is already serving. S.K. Das (former governor) will work alongside.

XI. Andhra Pradesh Specific Current Affairs

• PM Surya Ghar Muft Bijli Yojana being implemented in AP. Will be discussed in a future class.

XII. General Advice for Aspirants:

• Group two exams are complete and results are out. Aspirants should start preparation for next group 2 exams without any delay.
• Both parties in AP and TS have promissed Job calender.