28th December 2024 current affairs

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We at Edusprint Academy are committed to bringing you the most relevant and updated 27th 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

UK Universities Set to Establish Campuses at GIFT City, Gujarat

Two UK universities, Queen’s University Belfast and Coventry University, have filed applications to set up international campuses at Gujarat’s GIFT City, continuing the trend initiated by Australian institutions. This marks a significant step as India opens its doors to foreign educational institutions through relaxed regulations.

Queen’s University Belfast:

• Approved by the International Financial Services Authority (IFSCA).
• Plans to start with postgraduate programs and expand to research and undergraduate courses.
• A prestigious institution with nearly 200 years of history and over 1,000 Indian students.

Coventry University:

• Expanding its global presence, already operating campuses in Egypt, Poland, Morocco, and Kazakhstan.
• Known for addressing global challenges and launched an “India Hub” in Delhi in 2024.

Regulatory Support: The IFSCA’s 2022 regulations encourage foreign campuses by allowing fund repatriation in foreign currency and relaxing infrastructure norms.

Existing Institutions in GIFT City: Australian universities offer programs in business analytics, cybercrime, and fintech, showcasing a growing international education ecosystem.

Gujarat:

• Capital: Gandhinagar
• Governor: Acharya Devvrat
• Chief minister: Bhupendra Patel

Rajnath Singh and Yogi Adityanath Unveil Atal Ji’s Statue

Defence Minister Rajnath Singh and Uttar Pradesh Chief Minister Yogi Adityanath paid tribute to ‘Bharat Ratna’ and former Prime Minister Atal Bihari Vajpayee by unveiling his statue at Kudiya Ghat along the Gomti River. The event was a grand homage to the leader’s legacy, emphasizing his contributions to the nation.

Dignitaries Present:

• Defence Minister Rajnath Singh.
• Uttar Pradesh Chief Minister Yogi Adityanath.

Key Highlights:

• Sculptor Honored: Amarpal Singh was recognized for crafting Vajpayee’s statue.
• ‘Atal Sankalp’ Pledge: Led by Rajnath Singh, reaffirming commitment to Vajpayee’s ideals and vision.

Legacy Celebration: The statue symbolizes Vajpayee’s enduring contributions to India’s progress and leadership.

‘Viksit Panchayat Karmayogi’ Initiative‘Viksit Panchayat Karmayogi’ Initiative

On Good Governance Day, Dr. Jitendra Singh launched the ‘Viksit Panchayat Karmayogi’ initiative, aiming to empower Panchayati Raj Institutions (PRIs) and decentralize governance. This initiative is part of the broader ‘Prashasan Gaon Ki Aur’ campaign, which seeks to enhance governance at the grassroots level by providing elected representatives and officials with modern tools and knowledge for effective decision-making and planning.

Launch and Objective:

• Launched by Dr. Jitendra Singh on Good Governance Day.
• Aims to empower Panchayati Raj Institutions (PRIs) and enhance grassroots governance as part of the ‘Prashasan Gaon Ki Aur’ campaign.

Key Features:

Technology-Driven Governance:

• Utilizes e-learning platforms, AI-powered chatbots, and mobile apps to bridge knowledge gaps.
• Focuses on effective decision-making and planning for public service delivery.

Capacity Building:

• Targets Panchayats in Odisha, Assam, Gujarat, and Andhra Pradesh.
• Provides tools to enhance governance capabilities and foster sustainable rural development.

Decentralization: Aligns with the government’s vision for participatory governance and decentralized decision-making.

Complementary Initiatives:

iGOT Karmayogi Dashboard:

• Improves monitoring and decision-making for ministries and state governments.
• Focus on capacity building.

CPGRAMS Annual Report 2024: Highlights the resolution of 25 lakh grievances annually, showcasing commitment to transparent governance.

Simplified Pension Application:

• Introduces a single digital form for retiring officials.
• Ensures faster, cost-effective disbursement with an enhanced user experience.

Significance:

• Empowers rural governance by enabling citizen-centric, scalable models.
• Strengthens the foundation for inclusive and sustainable development across India.
• Reinforces the government’s commitment to modernizing governance systems at all levels.

UNICEF Partners with West Bengal Government to Tackle Childhood NCDs

In December 2024, UNICEF collaborated with the West Bengal (WB) Government to enhance the treatment of childhood Non-Communicable Diseases (NCDs), including juvenile diabetes.

The initiative aims to strengthen healthcare infrastructure and ensure equitable access to treatment for affected children.

Collaboration Details:

Primary Health Care (PHC) Model:

• Joint effort with West Bengal’s Department of Health and Family Welfare (DHFW), IPGMER & SSKM Hospital, Kolkata.
• Focus on improving community healthcare and primary health services for NCD prevention and management.

Statewide Treatment Expansion: Partnered with the West Bengal Academy of Paediatrics to provide treatment across all districts.

Training Healthcare Workers: Training for doctors, nurses, ANMs, ASHA workers, and community health officers to identify and refer affected children to NCD clinics.

About Juvenile Diabetes:

• Type: Chronic disease, also known as Type 1 diabetes or insulin-dependent diabetes.
• Cause: The pancreas produces little or no insulin due to immune system destruction of insulin-producing cells.
• Symptoms: Extreme thirst, frequent urination, weight loss, blurry vision, and fatigue.
• Prevalence: Data from India’s Young Diabetic Registry (YDR) indicates that 5 out of 100,000 children are affected by juvenile diabetes.

About UNICEF:

• Executive Director: Catherine Russell
• Headquarters: New York, USA
• Established: 1946

International news

India and China Sign Six-Point Agreement to Resume Kailash Mansarovar Yatra

On December 18, 2024, India and China have signed a six-point agreement to resume the Kailash Mansarovar Yatra and Nathula border trade during the 23rd meeting of the Special Representatives (SRS) on the China-India Boundary Question in Beijing, China.

The agreement also addresses key issues such as cross-border river cooperation, representing a significant move toward rebuilding trust between the two nations.

significance of the Agreement:

• Cross-Border Cooperation: Focuses on enhancing cross-border river cooperation to foster trust between the two nations.
• Historical Context: The Kailash Mansarovar Yatra has been suspended since 2020 due to the Covid-19 pandemic and lack of renewal of arrangements by China.

Participants:

• Ajit Doval, India’s National Security Advisor (NSA)
• Wang Yi, China’s Foreign Minister

About Kailash Mansarovar Yatra:

Sacred Pilgrimage:

• Mount Kailash: Believed to be the abode of Lord Shiva in Hinduism; also significant in Buddhism, Jainism, and Bon.
• Lake Mansarovar: A revered spiritual site for devotees.

Geography:

• Located in the Tibet Autonomous Region of China.
• Indian routes to Mount Kailash include Lipulekh Pass (Uttarakhand) and Nathu La Pass (Sikkim).

Travel Routes:

• Pilgrims also access the site through Kathmandu (Nepal), Simikot (Nepal), and Lhasa (Tibet).
• This agreement marks a positive development in India-China relations and reinforces cultural and religious connectivity for Indian pilgrims.

China:

• Capital: Beijing
• President: Xi Jinping
• Official language: Mandarin

US Declare Bald Eagle As National Bird After 250 Years

• President Joe Biden signed a law on December 24, 2024 (Christmas Eve) officially recognizing the bald eagle as the national bird of the United States.
• Although symbolic since 1782, this is its first formal recognition.

Historical Context:

• The bald eagle has been featured on the Great Seal of the US since 1782, symbolizing strength, courage, and freedom.
• Founding Father Benjamin Franklin criticized the bald eagle, calling it a “bird of bad moral character.”

Conservation Status:

• Protected under the National Emblem Act of 1940, prohibiting its hunting or sale.
• The species has made a remarkable recovery from near extinction, with populations increasing since 2009.

Symbolism:

• Represents strength, courage, freedom, and immortality.
• Indigenous exclusively to North America, enhancing its symbolic uniqueness.

Legislation Highlights:

• Spearheaded by lawmakers from Minnesota, a state with a significant bald eagle population.
• Signed alongside 50 other laws, including a federal anti-hazing law

China Approves $137-Billion Mega Dam on Brahmaputra Near Indian Border

China has approved the construction of the world’s largest dam on the Yarlung Zangbo (Brahmaputra) in Tibet, close to the Indian border. Estimated at $137 billion, this project raises strategic and environmental concerns for India and Bangladesh. The massive hydropower dam, located at a tectonic boundary prone to earthquakes, has been touted as safe by Chinese authorities, who emphasize ecological protection and advanced engineering techniques.

Strategic and Diplomatic Implications:

• India’s Concerns: Potential Chinese control over water flow and risk of floods during hostilities.
• India’s Response: Construction of a counter dam on the Brahmaputra in Arunachal Pradesh.
• Data Sharing: India and China collaborate under the Expert Level Mechanism (ELM) since 2006, reaffirmed during the 2024 meeting between India’s NSA Ajit Doval and China’s Wang Yi.

Engineering and Environmental Challenges:

• Tectonic Risks: Located in the seismically active Tibetan Plateau.
• Ecological Claims: China emphasizes ecological protection and advanced technologies to ensure safety.

Geopolitical Context:

• Regional Impacts: Could affect downstream countries like Bangladesh, which depend on the Brahmaputra for water resources.
• Strategic Importance: Highlights geopolitical tensions in the region due to shared river systems.

Economy news

India’s Economic Growth Forecast for FY25: 6.5%

India’s economic growth is expected to reach 6.5% in FY25 despite facing a subdued first half, as outlined in the Finance Ministry’s Monthly Economic Review. The report attributes the slowdown primarily to the Reserve Bank of India’s (RBI) restrictive monetary policy stance and weaker demand. While global uncertainties weigh on the economy, domestic factors like agricultural activity and industrial gains are expected to drive growth in the second half of the fiscal year.

Projected Growth:

• India’s GDP growth for FY25 is expected to reach 6.5%, despite a subdued first half.
• Aligned with RBI’s forecast of 6.6% growth.

H1 FY25 Slowdown: GDP Growth Decline: Fell to 5.4% (July-September) from 6.7% in the previous quarter.

Key Factors:

• Weaker expansion in manufacturing and consumption.
• RBI’s restrictive monetary policy aimed at inflation control.

RBI’s Monetary Policy Impact:

• 11 consecutive meetings with unchanged key interest rates.
• Recent reduction in the Cash Reserve Ratio (CRR) expected to boost credit growth.

Outlook for H2 FY25:

Agricultural Activity:

Strong rural demand driven by favorable rabi crop season factors:

• Increase in Minimum Support Price (MSP).
• High reservoir levels and fertilizer availability.

Urban Demand Recovery:

• Passenger vehicle sales grew 13.4% year-on-year.
• Air passenger traffic shows significant growth.

Banking news

ICICI Prudential Life Insurance Launches ICICI Pru Wish for Women-Specific Illnesses

In December 2024, ICICI Prudential Life Insurance introduced ICICI Pru Wish, a unique health insurance product tailored for women. Developed in collaboration with the Reinsurance Group of America (RGA), it offers a lump sum payout upon the diagnosis of specific conditions, making it a pioneering product in the life insurance sector.

Key Features:

Women-Specific Coverage:

• Focuses on illnesses such as breast, cervical, and uterine cancers, as well as heart conditions.
• Includes coverage for maternity-related complications and genetic disorders in newborns.

Instant Payout: Provides up to 100% of the health cover amount upon diagnosis of covered conditions.

Premium Guarantee: Offers a 30-year premium guarantee, ensuring stable premiums over the policy term.

Financial Flexibility: Features a 12-month premium vacation, allowing policyholders to pause premium payments during unexpected situations.

RBI Sets Up Panel for Ethical AI Framework in Financial Sector

The Reserve Bank of India (RBI) has formed an eight-member committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI).

Focus: Adoption of ethical AI technologies in banks, NBFCs, FinTechs, and payment operators.

Objectives:

• AI Adoption: Assess AI integration globally and in India.
• Regulatory Review: Analyze global supervisory approaches to AI for Indian adaptation.
• Risk Mitigation: Identify AI-related risks and propose compliance mechanisms.
• Governance: Create guidelines for ethical and responsible AI deployment.

Committee Members:

Chairperson: Pushpak Bhattacharyya (Professor, IIT Bombay).

Members:

• Debjani Ghosh (Independent Director, RBI Innovation Hub).
• Balaraman Ravindran (Professor, IIT Madras).
• Abhishek Singh (Additional Secretary, Ministry of Electronics and IT).
• Rahul Matthan (Partner, Trilegal).
• Anjani Rathor (Group Head, HDFC Bank).
• Sree Hari Nagaralu (Head of Security AI Research, Microsoft India).
• Suvendu Pati (CGM, FinTech Department, RBI).

Timeline: Final report due within six months of the committee’s first meeting.

Significance:

• Strengthens AI governance and ethics in India’s financial sector.
• Enhances risk management and promotes responsible innovation.
• Aligns India’s financial industry with global AI practices.

Appointment news

Kristrun Mjoll Frostadottir Appointed as Iceland’s Youngest Prime Minister

In December 2024, Kristrun Mjoll Frostadottir, leader of the Social Democratic Alliance (SDA), was appointed as the Prime Minister of Iceland by President Guðni Th. Jóhannesson, succeeding Bjarni Benediktsson. At 36 years old, she is the youngest Prime Minister in Iceland’s history.

Key Points:

Parliamentary Election Victory:

• Secured 20.8% of votes in the 2024 Icelandic Parliamentary Election.
• Won 15 seats in the Althing (National Parliament).

Notable Achievements:

• Represents a shift in leadership and a progressive vision under the Social Democratic Alliance.
• Her appointment marks a milestone in Icelandic political history with a focus on inclusivity and innovation.

About Iceland:

• President: Guðni Th. Jóhannesson
• Prime Minister: Kristrun Mjoll Frostadottir
• Capital: Reykjavík
• Currency: Icelandic króna (ISK)

Amitava Chatterjee Appointed as MD & CEO of J&K Bank

Jammu and Kashmir (J&K) Bank’s share price soared by 7.4% on December 26, 2024, following the announcement of Amitava Chatterjee’s appointment as the new Managing Director (MD) and Chief Executive Officer (CEO). This significant development comes after the bank’s board appointed Chatterjee for a three-year term starting December 30, 2024. The Reserve Bank of India (RBI) approved his appointment, with Chatterjee set to take over from Baldev Prakash, who retires on December 27, 2024.

Key Event:

• Appointment: Amitava Chatterjee named MD & CEO of J&K Bank for a three-year term starting December 30, 2024.
• Approval: Appointment approved by RBI under Section 35B of the Banking Regulation Act, 1949.

Impact on Stock:

Market Response: J&K Bank’s share price rose by 7.4% on December 26, 2024.

Compensation:

• Fixed Pay: INR 1.40 crore annually, including perquisites.
• Variable Pay: Target of INR 1.40 crore.

Transition Plan: J&K Bank advised to propose an interim arrangement to RBI if Chatterjee’s assumption of office is delayed.

Profile of Amitava Chatterjee:

• Experience: Over 33 years in banking, currently Deputy MD at SBI; past roles include MD & CEO of SBICAPS.
• Education: MBA from ICFAI University and CAIIB qualification.
• Interests: Enthusiastic about tennis, football, and cricket.

State news

Uttar Pradesh Signs MoU with Japan’s Yamanashi Prefecture to Strengthen Economic and Cultural Ties

In December 2024, Uttar Pradesh (UP) Chief Minister Yogi Adityanath signed a Memorandum of Understanding (MoU) with Yamanashi Prefecture, Japan, to enhance economic and cultural cooperation. The signing ceremony took place in Lucknow, with the Japanese delegation led by Yamanashi Governor Kotaro Nagasaki.

Key Points:

Economic Relations:

• Yogi Adityanath highlighted the strong economic ties between Japan and India, emphasizing collaboration with Japanese companies in various sectors.
• Both nations, being large economies, seek to strengthen their bilateral economic ties.

Historical and Cultural Connections:

• The Japan-India relationship is rooted in a “Special Strategic and Global Partnership”, built over centuries of cultural and spiritual exchanges.
• A key historical event dates back to 752 AD, when Indian monk Bodhisena consecrated a Buddha statue at the Todaiji Temple in Nara, Japan, marking a significant moment in the two countries’ shared history.

Indian Community in Japan:

• The growing Indian diaspora in Japan, especially in fields like IT and engineering, has further strengthened bilateral ties.
• The Nishikasai area in Tokyo, known as “mini-India”, is home to over 40,000 Indians, reflecting the increasing influence and integration of the Indian community in Japan.

Uttarpradesh:

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

Award news

RINL Wins Gold at AP State Energy Conservation Awards 2024

Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), has won the prestigious Gold Award at the Andhra Pradesh State Energy Conservation Award 2024. The award, presented by the State Energy Conservation Mission of Andhra Pradesh, recognizes RINL’s impactful initiatives in energy conservation in the iron and steel sector. This achievement highlights the company’s commitment to sustainability and innovation in harnessing waste energy over the past three years.

Award Ceremony:

• Uttam Brahma (GM, Energy, Environment & Utilities) and VVVS Pulla Reddy (DGM, Energy Management Department) accepted the award.
• The award was presented by K. Vijayanand, IAS, Special Chief Secretary (Energy) of Andhra Pradesh, during the Energy Conservation Week celebrations in Vijayawada.

Key Highlights of RINL’s Efforts:

Sustained Energy Efficiency:

• Continuous implementation of energy-saving measures over the past three years.
• Focus on innovative utilization of waste energy to enhance operational efficiency.

Leadership in Sustainability:

• Positioned as a leader in energy conservation within the iron and steel industry.
• Commitment to adopting innovative and sustainable practices.

Leadership Acknowledgement:

• A.K. Saxena, CMD (additional charge) of RINL, congratulated the Energy Management team and supporting departments for their dedication.
• Emphasized the importance of energy conservation in ensuring sustainable growth and reinforcing RINL’s role in India’s industrial landscape.
• This award underscores RINL’s focus on innovation and sustainability, setting a benchmark in the industrial sector for environmental responsibility and energy efficiency.

RINL:

• Headquarters: Visakhapatnam
• Subsidiary: Eastern Investments Ltd.
• Founded: 18 February 1982
• Owner: Ministry of Steel, Government of India

Dr. Ravi Pillai Honored with Bahrain’s ‘Medal of Efficiency’

In December 2024, Dr. Ravi Pillai, a renowned Indian entrepreneur and founder of the RP Group of Companies, became the first foreign national to receive Bahrain’s ‘Medal of Efficiency (First Class)’. The award was presented by Hamad bin Isa Al Khalifa, the King of Bahrain, in a ceremony held in Dubai, UAE.

Key Achievements:

Recognition for Contributions:

• Honored for his exceptional work in refinery operations, community development, and enhancing Bahrain’s global standing.
• Acknowledged as a significant contributor to Bahrain’s progress and development.

Bahrain’s Highest Honor: The Medal of Efficiency is Bahrain’s top national award, celebrating individuals who have made outstanding contributions to the nation.

Past Honors:

• 2008: Received the Pravasi Bharatiya Samman Award (PBSA) from the Government of India.
• 2010: Conferred with Padma Shri, India’s fourth-highest civilian honor.
• 2015: Ranked as the 4th most powerful Indian in the Middle East by Arabian Business.

Defence news

India’s Defence Exports Reach Rs. 21,083 Crore In 2023-24

In the fiscal year 2023-24, India achieved a significant milestone in its defence sector. The country’s defence exports reached a record-high value of Rs 21,083 crore (around USD 2.63 billion), marking a 32.5% growth over the previous year. This growth is part of a broader trend in India’s defence sector, reflecting both enhanced domestic production and export capabilities. In parallel, India’s indigenous defence production also set a record, with a value of Rs 1,26,887 crore, representing a 16.7% increase compared to the previous fiscal year. The combined efforts of the private sector and Defence Public Sector Undertakings (DPSUs) have been crucial in this success, contributing to a strengthened and self-reliant defence ecosystem.

Key Highlights Includes

Defence Exports: Reached Rs 21,083 crore, a 32.5% growth from Rs 15,920 crore in FY 2022-23.

Defence Export Growth Over 10 Years: Increased by 31 times since FY 2013-14.

• Contribution by Sectors: Private sector contributed 60% and DPSUs contributed 40% to defence exports.
• Defence Minister’s Target: Rajnath Singh set a target of Rs 50,000 crore in defence exports by 2029.
• Indigenous Defence Production: A record Rs 1,26,887 crore in production value, up 16.7% from the previous year.
• Positive Indigenisation Lists (PIL): Government issued five new PILs to boost domestic production and minimize reliance on imports.

The efforts to enhance Aatmanirbharta (self-reliance) in defence include steps like the creation of the Positive Indigenisation Lists, which focus on increasing the production of complex systems, sensors, and weapons.

These efforts are aligned with the government’s vision to reduce dependence on defence imports and to make India a hub for defence exports.

Key Figures

• Defence Exports: Rs 21,083 crore (USD 2.63 billion)
• Growth in Defence Exports: 32.5% increase from Rs 15,920 crore
• Defence Production Value: Rs 1,26,887 crore
• Growth in Defence Production: 16.7% increase from Rs 1,08,684 crore