15th and 16th December 2024 current affairs

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We at Edusprint Academy are committed to bringing you the most relevant and updated 15th and 16th December current affairs 2024, curated from trusted and official sources. These updates are designed to keep you ahead in your exam preparation journey.

Our comprehensive Current Affairs December 2024 coverage aims to enhance your knowledge and boost your scores in Banking, Insurance, SSC, Railways, UPSC, and all State Government Exams. Explore our Current Affairs tailored to simplify your exam preparation.

National news

Govt Unveils ‘Jalvahak’ to boost Inland Waterways, Cargo Movement incentivised on three national waterways

Union Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal, launched the ‘Jalvahak’ Cargo Promotion Scheme aimed at boosting cargo movement on National Waterways 1, 2, and 16, covering the Ganga, Brahmaputra, and Barak rivers.

Provides direct incentives for cargo owners transporting goods via inland waterways for distances exceeding 300 km.

Inauguration Highlights:

The minister flagged off three cargo ships with two dumb barges from the GR Jetty in Kolkata, marking the start of fixed scheduled services for cargo vessels from Haldia on NW1 and NW2.

Key Benefits:

• Promotes economical, eco-friendly, and efficient transportation via waterways.
• Aims to decongest railways and roadways, reducing logistical costs.
• Enhances the use of India’s inland waterways for long-haul cargo movement.

India’s Inland Waterways Network:

India has a navigable inland waterway network of 20,236 km, comprising:

• Rivers: 17,980 km
• Canals: 2,256 km

These waterways are suitable for mechanised crafts, offering a sustainable alternative to traditional cargo transport.

Additional Points:

• Economic Viability: Inland waterways are up to 60% cheaper than road transport and 30% cheaper than railways for freight movement.
• Environmental Impact: Produces significantly lower carbon emissions compared to other modes of transport.
• Strategic Implications: Strengthens trade routes across eastern India, connecting to ports like Haldia and promoting regional trade growth.
• Future Scope: The scheme aligns with India’s commitment to sustainable infrastructure under the Gati Shakti initiative.

This initiative underscores the government’s vision to realise the untapped potential of India’s inland waterways for a sustainable and competitive logistics ecosystem.

Note: Union Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal

NHAI to strengthen its Highway Patrol Services with ‘Rajmarg Saathi’

• The National Highways Authority of India (NHAI) has introduced ‘Rajmarg Saathi’ Route Patrolling Vehicles to enhance road safety and ensure effective highway patrolling.
• These vehicles are equipped with advanced communication tools and AI-powered video analytics.

Key Features of Rajmarg Saathi:

Advanced AI Video Analytics:

• Onboard cameras equipped with AI can detect and capture cracks, potholes, and damages on the highway.
• Capable of identifying vehicles, pedestrians, road signs, and other infrastructure assets for proactive maintenance.

Enhanced Road Safety:

• Designed to minimize traffic disruptions and improve safety measures on highways.
• Real-time data collection enables quicker identification and resolution of potential hazards.

Communication Tools: Advanced communication systems ensure efficient coordination with relevant authorities for incident management and road maintenance.

Additional Benefits:

• Proactive Maintenance: Facilitates a data-driven approach to maintaining highways, reducing accidents caused by road defects.
• Traffic Management: Improves traffic flow by addressing disruptions promptly.
• Infrastructure Monitoring: Ensures better upkeep of highway assets like signage and lighting.

Future Scope:

• Aligns with NHAI’s vision of leveraging technology under the ‘Digital India’ initiative to improve infrastructure quality.
• Supports India’s goal of creating safer and more efficient highways under programs like Bharatmala Pariyojana.

NHAI:

• Founded: 1988
• Chairman: Sh.Santosh Kumar Yadav

BEML Secures Rs 136 Crore Contract for High Mobility Vehicles (HMVs)

On December 11, 2024, BEML Limited (formerly Bharat Earth Movers Limited), a Public Sector Undertaking (PSU) under the Ministry of Defence (MoD), secured a Rs 136 crore contract to supply indigenously designed High Mobility Vehicles (HMVs) 8×8. These vehicles are part of India’s efforts to enhance its defence capabilities and strategic infrastructure.

• Purpose: The HMVs will be deployed under the Battlefield Surveillance System (BFSS) project, designed to strengthen India’s defence infrastructure.
• Alignment with Atmanirbhar Bharat: This initiative supports India’s vision of self-reliance in defence technology through the development of indigenous defence solutions.

Key Features of the HMV 8×8:

Manufacturing: The HMVs will primarily be produced at BEML’s Palakkad plant in Kerala, with additional production at other facilities depending on operational needs.

Design and Performance: Independent suspension system, high-power air-cooled engine, central tyre inflation system, antilock braking system, and a backbone tube chassis.

Designed to operate in extreme climates from -20°C to +55°C and at altitudes up to 5,000 meters above sea level.

Modular Architecture: The modular design facilitates easy integration of various superstructures, reducing costs and enhancing the commonality across BEML’s range of military vehicles (from 4×4 to 12×12 configurations).

Operational Efficiency: The vehicles are engineered to improve the operational capacity of the BFSS project.

BEML Limited Overview:

• Established: 1964
• Headquarters: Bengaluru, Karnataka
• Chairman & Managing Director (CMD): Shantanu Roy
• Government Stake: As of September 30, 2024, the Government of India holds 54.03% of BEML’s shares.

India’s First Integrated Waste Management City and Learning Centre to be Set Up in Suthni Village, Gorakhpur, Uttar Pradesh

India’s first Integrated Waste Management City and Learning Centre is set to be established in Suthni village, Gorakhpur, Uttar Pradesh (UP) by September 2025. This pioneering initiative aims to promote innovative and sustainable waste management solutions.

A Memorandum of Understanding (MoU) was signed with National Thermal Power Corporation (NTPC) with an investment of Rs 300 crore in the project.

Key Highlights of the Project:

Location and Size: The project will cover 40 acres of land in Suthni village, with the goal of making the city garbage-free through sustainable waste management practices.

Waste Management Model: The project will employ a circular economy model, focusing on processing a variety of waste types, including:

• Biomedical waste
• Electronic waste (e-waste)
• Plastic waste

Tyres

Organic waste

By-Products: The initiative will produce valuable by-products such as charcoal and Bio-Compressed Natural Gas (Bio-CNG), contributing to both environmental sustainability and energy generation.

Project Components:

The project will feature three dedicated plants to handle the diverse waste streams, ensuring efficient processing and conversion of waste into useful resources.

Uttarpradesh:

• Capital: Lucknow (Executive Branch)
• Chief minister: Yogi Adityanath
• Governor: Anandiben Patel

International news

Switzerland Suspends ‘Most Favoured Nation’ Status to India

In a significant move, Switzerland has decided to suspend the application of the ‘Most Favoured Nation’ (MFN) clause in its tax treaty with India, a decision that could raise taxes on Indian companies operating in Switzerland. This decision follows a 2023 Indian Supreme Court ruling that altered the interpretation of the MFN clause, reversing a Delhi High Court decision favoring Nestlé. As a result, Switzerland will impose a 10% withholding tax on dividends paid to Indian companies starting January 1, 2025, instead of the previous 5%.

• Background: The MFN clause previously offered reduced tax rates (5%) on dividends, aligned with tax concessions given to other countries like Colombia and Lithuania. However, the Indian Supreme Court’s 2023 ruling in the Nestlé case altered the interpretation of the MFN clause, leading to Switzerland’s decision.
• Swiss Response: Swiss authorities cited the ruling, which held that the MFN clause does not automatically apply when new countries join the OECD without India’s explicit notification.
• Implications: Indian companies operating in Switzerland could face higher tax burdens on dividend income, especially for overseas direct investment (ODI). However, Swiss investments in India remain unaffected as tax rates in India for Swiss companies stay at 10%.

Switzerland:

• Official languages: Romansh, German, French, Italian
• Currency: Swiss Franc
• Prime minister: Viola Amherd

Economy news

S&P Global Ratings Report on India’s Economic Outlook for 2025

In December 2024, S&P Global Ratings (formerly known as Standard & Poor’s) released its report titled “India Outlook for 2025”, providing key insights into the country’s economic growth prospects.

Key Highlights from the Report:

• GDP Growth for FY25: India’s Gross Domestic Product (GDP) growth is projected to remain steady at 6.8% for the Financial Year 2024-25 (FY25), despite slow fiscal growth impacting urban demand.
• GDP Forecast for FY26: S&P Global Ratings has raised India’s GDP growth forecast to 6.9% for FY26.
• FY24 GDP: India’s GDP grew by 8.2% in FY24.
• Q2 FY25 Performance: India’s GDP growth for the second quarter (Q2) of FY25 stood at 5.4%, which was weaker than expected.

Key Findings:

Resilient Growth in 2025: India is expected to experience resilient economic growth in 2025, driven by:

• Strong urban consumption
• Stable growth in the services sector
• Ongoing investment in infrastructure

Retail Inflation:

• Retail inflation is forecast to decrease from 5.4% in FY24 to 4.5% in FY25.
• However, inflation is expected to increase slightly to 4.6% in FY26.

Challenges for the Indian Economy:

• Post-pandemic weakness in the public sector and household balance sheets.
• A highly competitive global manufacturing sector.
• Weak agriculture sector growth.

About S&P Global Ratings:

• President: Martina L. Cheung
• Headquarters: New York, United States of America (USA)

State news

Chhattisgarh Launches “Nikshay Niramay Chhattisgarh Abhiyan” to Combat Diseases

In December 2024, Chhattisgarh Chief Minister (CM) Vishnu Deo Sai launched the Nikshay Niramay Chhattisgarh Abhiyan, a 100-day health campaign aimed at eradicating diseases like leprosy, tuberculosis (TB), and malaria in the state. The campaign was inaugurated at the All India Institute of Medical Sciences (AIIMS) campus in Raipur, Chhattisgarh, and will run until March 24, 2025.

Key Features of the Initiative:

• Disease Eradication: The initiative focuses on the identification and treatment of individuals suffering from tuberculosis, malaria, and leprosy.
• Health Check-ups: The campaign also includes health check-ups and treatment for the elderly of the state.
• Mobile Medical Units: CM Vishnu Deo Sai flagged off three ambulances and the deployment of a Mobile Medical Unit (MMU) to ensure access to healthcare in remote areas.

Campaign Goals:

• The Nikshay Niramay Chhattisgarh Abhiyan is part of a broader effort to enhance healthcare access and expedite the eradication of leprosy, TB, and malaria in the state.
• It aligns with Chhattisgarh’s development vision for 2047, focusing on improving health services across the state.

About Chhattisgarh:

• Chief Minister: Vishnu Deo Sai
• Governor: Ramen Deka
• Capital: Raipur
• Important Dams: Dudhawa Dam, Gangrel Dam, and Sondur Dam

Banking news

ICICI Bank and Commonwealth Bank of Australia Sign MoU to Enhance Trade and Business Collaboration

On December , 2024, ICICI Bank Limited, India’s leading private sector bank based in Mumbai (Maharashtra), signed a Memorandum of Understanding (MoU) with the Commonwealth Bank of Australia (CBA). The partnership aims to enhance trade and business collaboration between Australia and India, specifically focusing on the Australia-India corridor.

Key Points of the MoU:

• Support for Customers: The partnership will provide banking services and migration assistance to customers moving between Australia and India, as well as businesses looking to expand in either country.
• Corporate Collaboration: Both banks will explore ways to assist corporate and business customers seeking to invest or establish operations in the other country. This includes offering tailored banking solutions for cross-border transactions.
• Cross-Border Payments: The MoU includes efforts to improve cross-border payments by providing customer-centric solutions that simplify transactions and enhance ease of doing business across the two nations.
• Economic Cooperation: This collaboration aligns with ongoing negotiations for the Comprehensive Economic Cooperation Agreement (CECA), aiming to foster stronger trade and investment ties between the two countries.
• Australia-India Economic Cooperation and Trade Agreement (ECTA): The partnership follows the ECTA, which has been in effect since December 2022, further strengthening the economic and trade relations between Australia and India.

Signatories:

• Rakesh Jha, Executive Director (ED) of ICICI Bank
• Mike Vacy-Lyle, Group Executive of Business Banking at CBA

About ICICI Bank Limited :

• Chief Executive Officer (CEO)- Sandeep Bakhshi
• Incorporated – 1994
• Headquarters- Mumbai, Maharashtra
• Tagline- Hum Hain Na, Khayal Aapka

About Commonwealth Bank of Australia (CBA):

• Chief Executive Officer (CEO)- Matt Comyn
• Headquarters– Sydney, Australia
• Established– 1911

Asian Development Bank (ADB) and NaBFID Sign Letter of Intent to Boost Infrastructure Financing in India

In December 2024, the Asian Development Bank (ADB) and India’s National Bank for Financing Infrastructure Development (NaBFID) signed a Letter of Intent (LOI) aimed at increasing financing for India’s infrastructure sector to promote sustainable development.

Key Highlights:

USD 500 Million Loan for IIFCL: ADB has approved a USD 500 million loan to the India Infrastructure Finance Company Limited (IIFCL). This loan, backed by a sovereign guarantee, is intended to support infrastructure projects in India, specifically in areas such as:

• Connectivity
• Energy transition
• Urban development
• Education
• Healthcare

USD 788.8 Million Loan for Amaravati: ADB has also approved a USD 788.8 million loan (valued at 121.97 billion Japanese yen) for the Andhra Pradesh government to develop Amaravati as a green, smart capital city. The loan aims to provide world-class infrastructure and is a part of efforts to create a sustainable urban hub in the region.

Signatories:

• Ramesh Subramaniam, Group Director General (GDG) of the ADB sector
• Rajkiran Rai G, Managing Director (MD) of NaBFID

About National Bank for Financing Infrastructure Development (NaBFID):

• Chairman: KV Kamath
• Headquarters: Mumbai, Maharashtra
• Established: 2021

Notified as a public financial institution under the Companies Act, 2023 by the Government of India in September 2024.

RBI increases collateral-free agricultural loan limit from Rs 1.6 to Rs 2 lakh

The Reserve Bank of India (RBI) has raised the limit for collateral-free agricultural loans from ₹1.6 lakh to ₹2 lakh. This new limit will be effective from 1st January next year.

Key Points:

• Impact of Inflation on Farmers: The decision comes in recognition of the rising impact of inflation and the increasing cost of agricultural inputs on farmers’ livelihoods.
• Wider Financial Access: The increased limit aims to enhance financial access for farmers, ensuring they have sufficient resources to meet their operational and developmental needs.
• Benefits for Small and Marginal Farmers: Small and marginal farmers stand to benefit the most as the scheme eliminates the need for collateral and reduces borrowing costs, making it more accessible for them to secure loans.
• Kisan Credit Card (KCC) Loans: This move is expected to boost the uptake of Kisan Credit Card loans, helping farmers invest in agricultural operations and improve their livelihoods.
• Publicity and Awareness: Banks have been instructed to publicize this initiative extensively to ensure maximum outreach and awareness among farmers and other stakeholders in their operational areas.

Additional Benefits:

• Financial Inclusion: The initiative strengthens financial inclusion by ensuring that farmers, particularly those in remote areas, have access to necessary funds without the barriers of collateral.
• Agricultural Development: Facilitates increased investments in farming, thereby promoting sustainable agricultural growth.

RBI:

• Founded: 1 April 1935, Kolkata
• Headquarters: Mumbai
• Governor: Sanjay Malhotra

BOBCARD Launches TIARA Credit Card

BOBCARD has launched the TIARA Credit Card, a premium, women-focused card designed to empower modern women with a range of benefits. It was introduced during an event at Pinkathon, featuring prominent personalities like Milind Soman and Ankita Konwar. The TIARA card is powered by the RuPay network and aims to boost women’s financial autonomy without compromising their lifestyle.

Key Features of TIARA Credit Card:

• Joining & Annual Fee: Rs 2,499 + GST, with fee waivers on meeting spending targets.
• Rewards: Earn 15 reward points for every Rs 100 spent on travel, dining, and international purchases.
• Health & Safety Perks: Includes free health packages (Pap Smear, Mammography) and personal accident cover up to Rs 10 Lakhs.
• Lifestyle Benefits: Receive complimentary vouchers worth Rs 31,000 from brands like Myntra, Nykaa, and Lakme Salon.
• Entertainment & Dining: Free memberships to OTT platforms, discounts on movie tickets, and Swiggy One free deliveries.
• Additional Perks: Unlimited domestic lounge access, reduced forex mark-up, and UPI payment access.

A Step Toward Financial Empowerment: The TIARA Credit Card represents more than just financial benefits. With the slogan “Your Woman Card is Your Power Move,” BOBCARD encourages women to embrace their financial independence, challenging societal perceptions and promoting financial success and empowerment.

Max Life Rebrands to Axis Max Life Insurance

Max Life Insurance has officially rebranded as Axis Max Life Insurance, marking a significant transformation following corporate and regulatory approvals. This move follows Axis Bank’s acquisition of a larger stake in Max Life, enhancing their partnership and aligning the company’s future growth strategies.

Key Highlights:

Rebranding and New Corporate Identity:

• The rebranding includes a fresh logo combining Axis’s iconic ‘A’ with a burgundy shade, symbolizing trust, responsibility, and modernity.
• This change reflects the strengthened partnership between Axis Bank and Max Life Insurance, focusing on expanding their reach, particularly in non-metro and tier 1 cities.

Stake Acquisition: Axis Bank raised its stake in Max Life from 19.02% to 19.99%, reducing Max Financial Services Ltd’s stake from 87% to 81%, solidifying Axis’s stronger role in the insurance venture.

Corporate and Regulatory Approvals: The Registrar of Companies issued a fresh certificate of incorporation on December 12, 2024, officially confirming the rebranding. This follows the announcement made in October 2024 integrating ‘Axis’ into the corporate name.

New Brand Campaign: The company launched the ‘Double Bharosa’ campaign, featuring cricketer Rohit Sharma and his wife Ritika Sajdeh, aiming to enhance customer trust and confidence in the services. The campaign emphasizes the combined strengths of Max Life and Axis Bank, reinforcing their reliability and commitment to customer satisfaction.

Award news

2024 Champions of the Earth Award: UNEP Recognition

In December 2024, the United Nations Environment Programme (UNEP) announced the recipients of the prestigious “Champions of the Earth Award”, the UN’s highest environmental honor. This award recognizes individuals and organizations making extraordinary contributions toward environmental protection, with this year’s focus on combating land degradation, drought, and desertification.

Key Highlights:

Madhav Gadgil, a veteran Indian ecologist, was honored with the Champions of Earth Award for his exceptional contributions in the field of conservation and environmental protection. He is one of the six awardees recognized for their outstanding efforts to restore degraded land, increase drought resilience, and prevent desertification.

• Other Awardees: Along with Madhav Gadgil, five other laureates were also acknowledged for their transformative environmental work.
• History of the Award: Since its inception, the Champions of the Earth Award has recognized 122 laureates, including 7 world leaders, 70 individuals, and 19 groups/organizations for their exemplary efforts in environmental conservation.

About the United Nations Environment Programme (UNEP):

• Executive Director (ED): Inger Anderson
• Headquarters: Nairobi, Kenya
• Established: 1972

Scheme news

FAME-III: New Milestone for Electric Mobility in India

India is fast-tracking its electric vehicle (EV) ecosystem with the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, reflecting the government’s commitment to electric mobility and reducing fossil fuel dependency. With a substantial outlay of Rs. 10,900 crore over two years (April 2024 to March 2026), the scheme is designed to promote electric mobility as part of India’s vision of becoming a global leader in the sector.

Key Phases of FAME Scheme:

FAME I (2015-2020):

• Outlay: Rs. 900 crore.
• Focused on demand incentives for EV buyers.
• Supported 278,000 EVs, with a total incentive of Rs. 343 crore.

FAME II (2020-2024):

• Increased Outlay: Rs. 10,000 crore (later revised to Rs. 11,500 crore).
• Supported 1.6 million vehicles, with a rise in EV manufacturers from 124 to 731.
• EV sales grew from less than 7,000 units in FY15 to 1.5 million units in FY24, accounting for 6.8% of total automobile sales.

FAME-III (Upcoming):

• Launch: Expected within the next two months.
• Focus on expanding EV adoption across segments, including heavy-duty trucks.

The Road Ahead:

• Skilled Workforce: Addressing skill gaps for a future-ready EV workforce is crucial for sustaining growth.
• Industry Collaboration: Encouraging collaboration between stakeholders to make India a global leader in EVs.
• Infrastructure Expansion: Strengthening charging infrastructure and promoting innovation in EV-related technologies.
• Policy Support: Ongoing policy interventions will drive innovation and investments in the sector.

Appointment news

François Bayrou: Macron’s New Prime Minister Amid Political Turmoil

François Bayrou has been appointed as the Prime Minister of France by President Emmanuel Macron, marking his third appointment in 2024.

• Political Context: Bayrou, a centrist and long-time Macron ally, takes charge amid a deepening political crisis in France, following a vote of no-confidence that ousted Michel Barnier’s minority government.
• Immediate Challenges: Bayrou faces significant obstacles, including navigating a divided parliament and securing support for critical legislation, particularly the 2025 budget bill.

Manish Jain Appointed as Executive Director of YES Bank

Manish Jain has been appointed as the Executive Director (Whole-Time Director) of YES Bank, with the Reserve Bank of India (RBI) granting approval.

• Tenure: His appointment will be effective from December 11, 2024, and will last for three years, until December 10, 2027.
• Board Resolution: The decision follows a prior resolution by the bank’s board of directors and is subject to the approval of YES Bank’s shareholders.
• Background: Jain, who joined YES Bank in September 2023, brings extensive experience in corporate and wholesale banking.

YES bank:

• Headquarters: Mumbai
• CEO: Prashant Kumar (6 Mar 2020–)
• Founded: 2004

Ranks and report news

Bloomberg’s List of the World’s Richest Families for 2024: Key Insights

The Bloomberg list of the world’s richest families for 2024 highlights the growing wealth disparities among the global elite, showcasing families that have amassed staggering fortunes across generations. Here’s a breakdown of the key findings:

Walton Family (USA) 1^st

• Wealth: $432.4 billion
• Primary Source: Walmart, the retail giant.
• Stake: 46% ownership in Walmart, with over 10,600 stores globally.
• Increase in Wealth: Walmart shares surged by 80% in 2024, adding $172.7 billion to their fortune.
• Daily Wealth Increase: $473.2 million per day or $328,577 per minute.
• Generations: Three generations, with strong control over Walmart’s operations.

Indian Families in the Top 25

Ambani Family (India)

• Wealth: $99.6 billion
• Global Position: Ranked 8th on the list, reflecting Reliance’s growing influence globally.

Mistry Family (India)

• Wealth: $41.4 billion
• Global Position: Ranked 23rd, showcasing significant influence in both the Indian and global construction sectors.

Summit news

PM Modi Chairs the 4th National Conference of Chief Secretaries

The 4th annual National Conference of Chief Secretaries commenced in New Delhi on 13 December 2024. As per the practice, Prime Minister Narendra Modi will chair the last two days of the National Conference of Chief Secretaries, i.e. on 14 and 15th December 2024.

The fourth edition of the National Conference of the Chief Secretaries is in New Delhi from 13-15 December 2024.

Representatives of the Central Government, Chief Secretaries, and other senior officials of all 28 states, as well as eight Union Territories and domain experts, are participating in the conference.

About the National Conference of Secretaries: The National Conference of Chief Secretaries is an initiative of the government of India to strengthen the spirit of cooperative federalism. The Chief Secretary heads the civil services of their respective states and Union Territories. The Cabinet Secretary heads the civil service at the Union Level.

• The conference’s main aim is to encourage participative governance and partnership between the Centre and the State Governments.
• To prepare a common development agenda and cohesive action by state and centre to achieve the goals of the common agenda.
• It provides a platform where the state /Union Territory government can present their best practices in a particular domain.
• The state/Union Territory can learn from one another’s successful practices.
• To achieve this goal, the central government organised the  First National Conference of the Chief Secretaries in June 2022 at Dharamshala, Himachal Pradesh.
• Second Conference was organised in New Delhi in January 2023.
• Third Conference was also hosted by New Delhi in December 2023.

Theme of the 4th National Conference of the Chief Secretaries: The theme of the 4th National Conference of the Chief Secretaries is -‘Promoting Entrepreneurship, Employment & Skilling – Leveraging the Demographic Dividend.

3rd India -UK Financial Market Dialogue held in Gift City, Gujarat

• The 3rd India-UK Financial Market Dialogue was held on 12th December 2024 at GIFT City (Gujarat International Financial Tech City).
• The annual dialogue brought together senior officials from financial regulators of both India and the UK to discuss collaboration in financial regulations and ways to enhance trade and investment between the two countries.

Key Focus Areas:

Collaboration on Financial Regulations:

• The dialogue emphasized the importance of strengthening business-to-business links between the two nations.
• The discussions aimed at creating an environment conducive to unlocking commercial opportunities in both countries’ financial markets.

Participants:

• The dialogue was attended by senior officials from India’s Ministry of Finance and the UK’s His Majesty Treasury.
• Financial regulators from both countries were also present, including the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA), and the International Financial Services Centre Authority (IFSCA) from India.
• From the UK, representatives from the Bank of England and the Financial Conduct Authority participated.

Key Financial Regulators of India

Reserve Bank of India (RBI):

• Established in 1935 under the Reserve Bank of India Act, 1934.
• Regulates banks, NBFCs, financial institutions, and the money market.
• Headquarters: Mumbai
• Governor: Sanjay Malhotra

Securities and Exchange Board of India (SEBI):

• Established as a non-statutory body in 1988 and became statutory in 1992.
• Regulates the capital and commodities markets.
• Headquarters: Mumbai
• Chairperson: Madhabi Puri Buch

Insurance Regulatory and Development Authority of India (IRDAI):

• Established in 2000 under the IRDAI Act, 1999.
• Regulates India’s insurance sector.
• Headquarters: Hyderabad
• Chairman: Debasish Panda

Pension Fund Regulatory and Development Authority (PFRDA):

• Established in 2003; made statutory under the PFRDA Act, 2013.
• Regulates India’s pension market.
• Headquarters: New Delhi
• Chairperson: Dr. Deepak Mohanty

International Financial Services Centre Authority (IFSCA):

• Established in 2020 under the IFSCA Act, 2019.
• Regulates the International Financial Services Centre (IFSC) located in GIFT City, Gujarat.
• Headquarters: GIFT City, Gujarat
• Chairperson: K Rajaraman

About GIFT City

• GIFT City (Gujarat International Financial Tech City) is a multi-service special economic zone located between Ahmedabad and Gandhinagar in Gujarat, developed by the Gujarat Government.
• It hosts India’s first and only International Financial Services Centre (IFSC).
• GIFT City is designed to be a Smart City and aims to become a global financial hub akin to Singapore.
• It is home to India’s first international stock exchange, India International Exchange (India INX).
• Chairman of GIFT City: Hasmukh Adhia

India Maritime Heritage Conclave 2024

• The 1st India Maritime Heritage Conclave (IMHC 2024) took place on December 11-12, 2024, organized by the Ministry of Ports, Shipping and Waterways (MoPSW).
• The event celebrated India’s rich maritime legacy and aimed to position India as a global leader in maritime affairs.
• It brought together key ministers, maritime experts, and international dignitaries to discuss the future of India’s maritime sector, focusing on sustainability, innovation, and employment opportunities.

Historic Significance of India’s Maritime Heritage

Ancient Maritime Roots:

• India’s maritime history dates back to ancient times, with references found in the Rig Veda and the Indus Valley Civilization.
• Trade, shipbuilding, and navigation were integral to India’s early maritime activities, which connected the country to global trade routes.

Modern Maritime Leadership:

Today, India’s extensive coastline and strategic ports continue to play a pivotal role in global trade, handling 95% of the country’s trade volume and 70% of its trade value through maritime channels.

Key Highlights of IMHC 2024

Inauguration and Support:

• The conclave was inaugurated by Union Minister Sarbananda Sonowal.
• Vice-President Jagdeep Dhankhar and Prime Minister Narendra Modi sent messages of support, reinforcing India’s commitment to maritime growth.

Discussions and Focus Areas:

• The event included keynote sessions and panel discussions on topics such as:
• Making India a global maritime hub.
• Creating employment opportunities in the maritime sector.
• Preserving India’s maritime heritage.
• The conclave also highlighted the role of sustainable practices in the maritime industry.

International Participation: Over 20 international exhibitors participated, with representatives from countries like Greece, Italy, and the UK, showcasing global collaboration in the maritime sector.

National Maritime Heritage Complex (NMHC) at Lothal

• A key feature of the conclave was the presentation of the upcoming National Maritime Heritage Complex (NMHC) in Lothal, Gujarat.
• Lothal, a city with historical significance dating back to 2600 BCE, was once an important center of maritime trade.
• The NMHC will showcase India’s ancient shipbuilding methods, trade techniques, and contributions to global maritime practices, serving as a hub for preserving India’s maritime history.

Important days

Nation celebrates Vijay Diwas to commemorate India’s 1971 victory over Pakistan

Vijay Diwas is celebrated on 16th December each year to commemorate India’s victory over Pakistan in the 1971 war, marking a pivotal moment in Indian history.

Victory in the 1971 War:

On this day in 1971, General AA Khan Niazi, the chief of the Pakistani forces, and 93,000 Pakistani troops surrendered unconditionally to the allied forces consisting of the Indian Army and Mukti Bahini (the Bengali freedom fighters).

• Martyrs’ Tribute: The nation pays rich tributes to the martyrs who sacrificed their lives during the war, acknowledging their bravery and dedication to the country.
• Formation of Bangladesh: The victory led to the secession of East Pakistan (present-day Bangladesh), which became an independent nation after the war, fundamentally altering the political landscape of South Asia.

Significance: Vijay Diwas honors the courage and valor of the Indian military and Mukti Bahini fighters in achieving a decisive victory.

It marks the culmination of India’s support for Bangladeshi independence and a crucial moment in the liberation of Bangladesh.

Cultural and National Impact:

• The day is remembered as a symbol of India’s military strength and its commitment to supporting democratic movements in neighboring countries.
• It also marks the legacy of Indo-Bangladesh relations, which continue to be strengthened by shared historical ties.

Obituary news

Legendary tabla maestro Zakir Hussain passes away at 73

Ustaad Zakir Hussain, the legendary tabla maestro, passed away on 15th December 2024 at the age of 73 in the United States. He had been battling blood-pressure-related issues and had been previously hospitalized due to heart problems.

Early Life and Background: Born on March 9, 1951, in Mumbai, Zakir Hussain was the eldest son of the renowned tabla player Allah Rakha. Growing up in a musical family, he was naturally drawn to music from an early age.

Career Highlights:

• Musical Achievements: With a career spanning over six decades, Zakir Hussain became one of the most influential tabla players in the world.
• He won five Grammy Awards, including three at the 66th Grammy Awards in 2024, underscoring his global recognition.
• Collaborations: Hussain collaborated with numerous renowned artists, blending Indian classical music with other genres. His 1973 project with John McLaughlin, L. Shankar, and T.H. Vikku Vinayakram was groundbreaking, creating a fusion of Indian classical music with jazz that was revolutionary at the time.

Cinematic Contributions: Apart from his musical career, Hussain acted in films like ‘Saaz’, ‘Heat and Dust’, and his most recent project, ‘Monkey Man’ (2024).

• Awards and Recognition: Padma Shri (1988), Padma Bhushan (2002), and Padma Vibhushan (2023) are some of the prestigious honors Zakir Hussain received in recognition of his contribution to music and culture.
• Legacy: Zakir Hussain’s legacy as a global ambassador of Indian classical music will continue to inspire musicians and music lovers around the world. His innovative work in blending traditional Indian music with modern genres and his iconic performances left an indelible mark on both Indian and international music scenes.

Raj Manchanda, Indian Squash Legend and Arjuna Awardee passed away

In December 2024, Raj Manchanda, the renowned Indian squash player, passed away at the age of 79 in New Delhi, Delhi. Born on 5th August 1945 in Abohar, Punjab, Raj Manchanda was widely respected for his remarkable contributions to Indian squash.

Key Achievements:

• Arjuna Awardee (1983): Raj Manchanda was honored with India’s second-highest sports honor, the Arjuna Award, in recognition of his outstanding achievements in squash.
• National Squash Champion: He won six consecutive National Squash Championships from 1977 to 1982 and claimed 11 titles for the Services.
• International Success: He led the Indian Squash Team to a silver medal at the 1981 Asian Team Championships in Karachi and a bronze medal at the 1984 Asian Team Championships in Jordan.
• Legacy: Manchanda’s impact on the sport is also commemorated with the naming of two squash courts at the National Defence Academy (NDA) in Pune, Maharashtra, and the Indian Military Academy (IMA) in Dehradun, Uttarakhand, in his honor.

Post-Squash Career:

• After his squash career, Raj Manchanda transitioned to work as a consultant at Exhibition Industries in Delhi.
• Raj Manchanda’s legacy as a player and his contributions to Indian squash remain a significant part of the country’s sporting history.