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We at Edusprint Academy are committed to bringing you the most relevant and updated 7th 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

“Bharatiya Vayuyan Vidheyak Passed: Civil Aviation Minister Hails Milestone”

The Bharatiya Vayuyan Vidheyak, 2024, marks a transformative step in India’s aviation sector by replacing the 90-year-old Aircraft Act of 1934. Passed by both Houses of Parliament, the bill aims to streamline aviation regulations, align with international standards, and support the sector’s exponential growth. It addresses safety, affordability, governance, and consumer protection while fostering investment and self-reliance in aircraft manufacturing. The Hindi renaming of the bill, a move to honor India’s cultural heritage, sparked debates but aligns with the government’s broader objective of promoting indigenous identity.

Objectives and Scope

• Modernization: Eliminates outdated provisions from the Aircraft Act, 1934.
• Focus Areas: Safety, affordability, governance, and consumer protection.
• Ease of Doing Business: Simplifies processes to attract investments.
• Global Alignment: Implements internationally recognized aviation practices.

Regulatory Improvements

• DGCA Amendment: Removes a 2010 clause allowing airlines to alter fares within 24 hours, promoting transparency.
• Governance: Enhances tariff monitoring to address pricing issues.

Airfare and Accessibility

• Udan Scheme: Operationalized 609 routes and 86 regional airports for improved accessibility.
• Fuel Tax Reduction: Advocates for lower VAT on aviation fuel in states like Delhi, West Bengal, and Tamil Nadu.
• Fare Monitoring: Airlines must report route-wise tariffs to the DGCA monthly.

Safety and Data Privacy

• Increased Surveillance: Addresses rising threat calls in late 2024.
• DigiYatra Privacy: Ensures secure storage and auto-deletion of Aadhaar and boarding data post-travel.

Concerns Raised

• Market Concentration: MPs highlighted concerns over Air India and Indigo’s duopoly in fares and routes.
• Privatization: Notable airports handed to Adani Group raised debates.
• Title Controversy: MPs debated the Hindi title’s adoption versus an English title like the Indian Aircraft Act.

Sex Ratio and Girl Child Enrollment Show Positive Trends Under BBBP Scheme

The Beti Bachao Beti Padhao (BBBP) scheme, launched on January 22, 2015, under the Ministry of Women & Child Development in collaboration with the Ministry of Education and Ministry of Health & Family Welfare, has achieved notable progress in improving the Sex Ratio at Birth (SRB) and Gross Enrollment Ratio (GER) for girls.

Provisional data from the Health Management Information System (HMIS) shows SRB improved from 918 in 2014-15 to 930 in 2023-24. GER at the secondary level has risen from 75.51% in 2014-15 to 79.4% in 2021-22, as per UDISE+ data. The scheme focuses on eliminating gender-biased practices, ensuring girl child protection, and promoting education.

Achievements

• Sex Ratio at Birth (SRB): Improved from 918 (2014-15) to 930 (2023-24) as per HMIS data.
• Gross Enrollment Ratio (GER): Increased from 75.51% (2014-15) to 79.4% (2021-22) at the secondary level (UDISE+ data).

Implementation Framework

Funding: Centrally sponsored under Sambal vertical of Mission Shakti with 100% central government funding.

District-wise Fund Allocation:

• SRB ≤ 918: ₹40 lakh/year.
• SRB 919–952: ₹30 lakh/year.
• SRB > 952: ₹20 lakh/year.

Disbursal Mechanism: Through the Public Financial Management System (PFMS) via Single Nodal Agencies (SNA).

Activity Calendar and Monitoring

• Operational Manual: Includes a year-round Activity Calendar aligned with key dates like October 11 (International Day of the Girl Child).
• Campaigns: 10-day campaign from October 2-11, 2024, across all States/UTs.
• Monitoring: Regular reviews, video conferences, and annual Programme Approval Board meetings.

Beti Bachao Beti Padhao (BBBP) Scheme

Launched: On January 22, 2015.

Ministry: The scheme was launched by the Ministry of Women and Child Development (MWCD), in collaboration with the Ministry of Health and Family Welfare and the Ministry of Education.

Objective: The BBBP scheme aims to:

• Prevent gender-based discrimination.
• Ensure the survival, protection, and education of the girl child.
• Address issues of declining child sex ratio and empower girls through education and awareness.

International news

Nebraska Declares December 6 as Mahatma Gandhi Remembrance Day

A bust of Mahatma Gandhi was unveiled at the Nebraska State Capitol on December 6, 2024, marking the day as “A Day of Remembrance for Mahatma Gandhi.” Nebraska Governor Jim Pillen declared this special day to honor Gandhi’s principles of non-violence, tolerance, and justice, emphasizing their relevance in today’s world. The event was a collaboration between the Indian Consulate in Seattle and the Governor’s Office in Nebraska, reflecting cultural understanding and long-term partnership.

Significance

• Bust Unveiled: Gifted by the Indian government, symbolizes Gandhi’s legacy of Ahimsa (non-violence) and Satyagraha (truth force).
• Proclamation by Governor Jim Pillen: Honors Gandhi as a global symbol of peace, justice, and tolerance, emphasizing his teachings’ modern relevance.

Economy news

SBI Report Projects India’s GDP Growth to Drop Below 6.5% for FY25

According to State Bank of India (SBI)’s Economic Research Department (ERD) report released on 29th November 2024, India’s Gross Domestic Product (GDP) is most likely to drop below 6.5% for the current Financial Year 2024-25 (FY25) as GDP growth in the 2nd Quarter (Q2: July-September) of FY25 slowed to 5.4%.

 India’s GDP growth plunged below 6.0% in Q2FY25 after 7 quarters is mainly attributed by sluggish growth in the industry sector which decelerated to 6-quarters low to 3.6% in Q2 of the current financial year.

Key Factors for Slowdown: The main contributor to the slowdown is sluggish growth in the industrial sector, which grew at a 6-quarter low of 3.6% in Q2FY25.

Sectoral Performance:

• Industry: The incremental growth in the industrial sector dropped significantly to Rs 42,515 crore in Q2FY25, down from Rs 1.4 lakh crore in Q2FY24.
• Agriculture: Agriculture sector growth improved to 3.5% in Q2FY25, up from 1.7% in the same period last year, but its contribution to overall growth is minimal (40 bps).
• Services: Services sector grew by 7.1% in Q2FY25, slightly higher than the 6.0% growth in Q2FY24 but lower than the 7.2% growth in Q1FY25.
• GDP Growth Projections: The real GDP growth in the first half (H1FY25) was 6.0%. Projections for the second half (H2FY25) range between 6.5% to 6.8%.
• GVA and Nominal GDP: The Gross Value Added (GVA) grew by 5.6%, while nominal GDP grew by 8% in Q2FY25.

About SBI:

• Chairman: Challa Sreenivasulu Setty
• Headquarters: Mumbai, Maharashtra
• Founded: July 1, 1955
• Tagline: “The Banker to Every Indian”

Banking news

RBI Introduces Podcast Facility for Public Communication

The Reserve Bank of India (RBI), led by Governor Shaktikanta Das, has announced a podcast series to enhance public communication and financial literacy, part of its broader efforts to promote transparency and education.

Key Developments

Podcast Series

• Aims to provide insights on monetary policy, financial stability, and financial literacy.
• Targets diverse audiences for better public engagement.

Monetary Policy Updates

• Key Interest Rate: Kept unchanged due to inflation risks.
• Cash Reserve Ratio (CRR): Reduced to inject liquidity and support economic growth.

Financial Literacy Initiatives

• Launched booklets in Santali (Ol Chiki) language on financial products and consumer protection, focusing on rural and underserved communities.
• Target groups: Children, farmers, entrepreneurs, self-help groups, and senior citizens.

AI Integration in Financial Systems

• Formation of FREE-AI (Framework for Responsible and Ethical Enablement of AI) to mitigate AI-related risks in the financial sector.
• Development of MuleHunter.AI, a tool to detect mule accounts used in digital fraud.

Public Engagement Efforts: Organized student quiz competitions to increase awareness of financial matters.

RBI Leads Global Gold Purchases with Record Reserves Surge

India’s gold reserves surged to 882 tonnes in October 2024, with the Reserve Bank of India (RBI) adding 27 tonnes to its reserves, as per World Gold Council (WGC) data. This marks a five-fold increase in gold purchases compared to the same period in 2023, totaling 77 tonnes from January to October 2024. Central banks worldwide bought 60 tonnes in October, with RBI leading the surge, contributing significantly to global gold demand.

Gold Reserves: India’s total gold reserves reached 882 tonnes in October 2024, with 510 tonnes held domestically.

RBI’s Purchases: The Reserve Bank of India (RBI) added 27 tonnes in October 2024, contributing to a five-fold increase in gold purchases compared to 2023. In total, RBI purchased 77 tonnes from January to October 2024, making India a leading contributor to global central bank gold demand.

Global Central Bank Purchases:

• Turkey: Added 17 tonnes in October, continuing a streak of net buying for 17 consecutive months, totaling 72 tonnes in 2024.
• Poland: Increased its reserves by 8 tonnes in October, reaching 69 tonnes for the year.
• Kazakhstan: Purchased 5 tonnes in October, ending a five-month selling streak.
• Czech Republic: Added 2 tonnes in October, continuing its 20-month streak of gold accumulation.
• Ghana: Expanded its reserves to 28 tonnes, up from 9 tonnes in May 2023.

RBI:

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

Emerging Market Trends: Emerging markets led the global surge in gold purchases, with central banks from these regions accounting for 60% of global gold acquisitions in 2024. India, Turkey, and Poland were key contributors to this trend.

Strategic Asset: The growing demand for gold among central banks reflects its increasing role as a strategic asset, with India playing a significant part in the global gold market’s expansion.

Federal Bank Launches ‘Esteem Savings Account’ for Customers Aged 55 and Above

Aluva (Kerala)-based Indian Private Sector Bank, Federal Bank Limited has launched ‘Esteem Savings Account’ to provide customized financial services for customers aged 55 years and above that will cater the diverse financial needs of them.

Key Features:

Insurance Benefits:

• Free yearly health check-up
• Hospital cash facility
• Doctor-on-call facility

Airport Lounge Access: Two complimentary airport lounge visits per quarter.

Exclusive Discounts: Discounts on health, utilities, and elder care services.

Family Benefits: Complimentary Zero balance accounts for the spouse and two grandchildren.

No Fees on Banking Services: No charges for 10 commonly used banking services, including debit card issuance, NEFT, RTGS, and others.

Locker and Demat Account Benefits:

• 25% discount on locker rent
• AMC waived for the first year on demat account opening.

About Federal Bank:

• Managing Director (MD) & CEO: KVS Manian
• Headquarters: Aluva, Kerala
• Founded: 1931
• Tagline: “Your Perfect Banking Partner”

Appointment news

WTO Reappoints Ngozi Okonjo-Iweala for Second Term as Director General

In November 2024, the World Trade Organization (WTO) General Council unanimously reappointed Ngozi Okonjo-Iweala as the Director General (DG) for a consecutive four-year term.

• Term Details: Her second term will begin on September 1, 2025, following the conclusion of her first term on August 31, 2025.
• Significance: Okonjo-Iweala, the first woman and the first African to lead the WTO, took office as the 7th DG of WTO on March 1, 2021.

World trade organization:

• Purpose: The WTO’s goal is to ensure that trade flows as smoothly, predictably, and freely as possible.
• Headquarters: The WTO is headquartered in Geneva, Switzerland.
• Founding: The WTO was founded on January 1, 1995.

Ranks and report news

India’s Employment Growth: Unemployment Rate Falls to 3.2% in 7 Years

India’s employment landscape has seen significant improvement in recent years, with the unemployment rate dropping from 6% to 3.2% between 2017 and 2024, as per the latest Annual Periodic Labour Force Survey (PLFS) data. The Worker Population Ratio (WPR), indicating the share of the working-age population employed, rose from 46.8% to 58.2% during this period, demonstrating strong job creation despite challenges such as the COVID-19 pandemic. This marks a notable shift from earlier notions of “jobless growth” and highlights India’s progress in economic and employment expansion.

Key Trends in Employment Growth

• Job Creation: Between 2016-17 and 2022-23, India added 170 million jobs, a 36% increase, while GDP grew by an average of 6.5%. This growth dispels the myth of “jobless growth.”
• Labor Market Strengthening: Employment has consistently risen since the 1980s, with the WPR increasing by nearly 26% from 2017-2023, highlighting strong job generation across sectors.

Youth, Female, and Gig Workforce Trends

• Youth Employment: The unemployment rate for youth (ages 15-29) decreased from 17.8% in 2017-18 to 10% in 2022-23, signaling better employment prospects for young workers.
• Female Labor Force Participation: Policies encouraging female workforce participation have led to steady growth in female employment.
• Gig Economy Growth: India’s gig economy is set to expand, with an estimated workforce of 23.5 million by 2029-30.

Economic Survey and Employment Indicators

• Labor Market Improvements: The Economic Survey confirms a positive employment trend, with the unemployment rate reaching 3.2% in FY 2023. Payroll additions under EPFO have doubled from 61.1 lakh in FY 2019 to 131.5 lakh in FY 2024.
• Manufacturing and AI: The manufacturing sector remains a strong contributor to job creation, while advancements in AI are expected to further influence the employment landscape.

India’s Economic Outlook

GDP Growth: India’s real GDP is expected to grow by 8.2% in FY 2023-24, up from 7% in the previous fiscal year, primarily driven by strong manufacturing and mining performance, reinforcing the link between economic growth and job creation.

Summit news

India to Chair 68th Session of UN Commission on Narcotic Drugs

India has achieved a significant milestone by being named to chair the 68th Session of the UN Commission on Narcotic Drugs (CND), marking the first time the country has been chosen for this prestigious role. Ambassador Shambhu S Kumaran, India’s Permanent Representative to the United Nations in Vienna, officially assumed the chairmanship of this crucial forum. The CND, a key policy-making body of the UN, focuses on addressing global drug-related issues and promoting international collaboration on drug control measures.

• Role of the UN Commission on Narcotic Drugs (CND): The CND is a key UN body responsible for monitoring global drug trends, advising member states on drug policies, and overseeing international drug conventions. It also functions as the governing body of the UN Office on Drugs and Crime (UNODC) and operates under the UN Economic and Social Council (ECOSOC).
• India’s Leadership and Responsibilities: India’s appointment as Chair underscores its growing leadership in global policy discussions. As Chair, India is set to represent the interests of developing nations, particularly those from the Global South, ensuring their voices are heard in global drug policy debates. India will advocate for inclusive approaches and foster dialogue between emerging economies and developed nations.
• Focus Areas of the 68th Session: The agenda for the 68th session will center on global issues such as illicit drug trafficking, substance abuse, and the health impacts of drugs. India aims to promote evidence-based solutions, ensure better access to controlled substances for medical and scientific purposes, and uphold sustainable, equitable strategies in addressing global drug challenges.

 

Important days

Armed Forces Flag Day 2024: Date, History and Significance

India celebrates Armed Forces Flag Day annually on December 7 to honor the bravery, sacrifices, and commitment of the Indian Armed Forces. This day recognizes the dedication of Army, Navy, and Air Force personnel in safeguarding the nation’s freedom and security. It is also a day for citizens to express gratitude and contribute to the welfare of armed forces personnel, veterans, and their families.

History of Armed Forces Flag Day

Armed Forces Flag Day was first observed on December 7, 1949, under the Ministry of Defence to raise funds through the distribution of symbolic flags. The initiative aimed to honor the sacrifices of military personnel and increase awareness about their welfare.

In 1993, the Ministry of Defence unified various welfare funds for war victims, ex-servicemen, and their families into the Armed Forces Flag Day Fund, streamlining support for these groups and creating a platform for civilian contributions.

Significance of Armed Forces Flag Day

Armed Forces Flag Day holds deep significance:

• Acknowledging Sacrifices: It honors those who have given their lives in service to the nation.
• Strengthening Patriotism: It fosters unity and patriotism by connecting civilians with the armed forces.
• Supporting Veterans: Funds raised on this day directly support war widows, dependents, retired soldiers, and veterans in need.

How Armed Forces Flag Day is Observed

Armed Forces Flag Day is marked by various events and activities across India:

• Traditional and Cultural Activities: Military staff organize plays, parades, and performances that highlight the valor and heritage of the Indian Armed Forces.
• Distribution of Tricolor Flags: Citizens are encouraged to purchase and wear vehicle flags in red, dark blue, and light blue, representing the Army, Navy, and Air Force, respectively, to show solidarity.
• Fundraising Efforts: The Defence Ministry and Kendriya Sainik Board lead fundraising efforts, with proceeds supporting war widows, disabled soldiers, veterans, and welfare initiatives.

Armed Forces Flag Day Fund Established in 1949, the Armed Forces Flag Day Fund channels donations to support military personnel and their families. The fund is managed by the Defence Minister’s Committee and overseen by the Kendriya Sainik Board, ensuring that the contributions are effectively utilized to improve the welfare of veterans and their dependents.

UNGA Declares December 21 as World Meditation Day

The UN General Assembly (UNGA) has unanimously adopted a resolution declaring December 21 as World Meditation Day, a move co-sponsored by India and supported by countries such as Liechtenstein, Sri Lanka, Nepal, Mexico, and Andorra. This resolution emphasizes meditation’s role in promoting comprehensive well-being, inner peace, and helping individuals cope with modern challenges, such as stress and anxiety.

• The date of December 21, the Winter Solstice, is significant in Indian tradition as a time for reflection and spiritual growth, making it an ideal occasion for World Meditation Day. This new observance complements the International Day of Yoga, which is celebrated on June 21 (the Summer Solstice), reflecting India’s leadership in promoting global wellness practices.

• India’s Role and Leadership: India played a pivotal role in championing this resolution, reinforcing its commitment to global human well-being in line with the philosophy of “Vasudhaiva Kutumbakam” (The world is one family). Ambassador Parvathaneni Harish highlighted that the declaration aligns with India’s civilizational values and its ongoing efforts to foster practices that contribute to mental, emotional, physical, and spiritual harmony.

Meditation as a Tool for Global Wellness

The resolution recognizes the ancient roots of meditation while emphasizing its modern relevance. Scientific research has shown that meditation has various benefits, including:

• Reducing stress and promoting mental clarity.
• Improving cognitive and physical health.
• Fostering harmony between humans and nature.

This global initiative aims to inspire individuals around the world to embrace meditation as a tool for inner transformation and holistic health.

International Civil Aviation Day 2024,History, Significance, Theme of 2024

International Civil Aviation Day (ICAD) is observed annually on December 7 to celebrate the profound impact of civil aviation on global development. Established by the United Nations General Assembly in 1996, ICAD underscores the vital role of aviation in driving economic growth, fostering cultural exchange, and ensuring global connectivity.

Historical Background

• Chicago Convention (1944): The Chicago Convention, signed by 54 nations, laid the foundation for international regulations for civil aviation, establishing global standards for air travel.
• First Celebration: ICAD was first celebrated in 1994 during the 50th anniversary of the Chicago Convention, marking a significant milestone in aviation history.
• UN Recognition: In 1996, the United Nations General Assembly formally proclaimed December 7 as International Civil Aviation Day.

Purpose and Objectives

The observance of International Civil Aviation Day focuses on several key objectives:

• Promote Aviation’s Role: Highlighting aviation’s crucial contribution to global trade, tourism, and cultural exchange.
• Highlight Sustainability: Encouraging the aviation industry to reduce its environmental impact, with a focus on achieving net-zero carbon emissions by 2050.
• Encourage Innovation: Inspiring advancements in aviation technology, safety, and operational efficiency.
• Foster Global Cooperation: Strengthening international partnerships and promoting unified aviation standards across the globe.
• Acknowledge Contributions: Recognizing the dedication and hard work of aviation professionals such as pilots, engineers, air traffic controllers, and regulatory authorities.

2024 Theme: “Safe Skies. Sustainable Future” The theme for 2024 marks the 80th anniversary of the Chicago Convention and celebrates the International Civil Aviation Organization (ICAO)’s achievements in advancing safe and sustainable air travel. The focus areas for this year include:

• Reducing aviation’s carbon footprint to combat climate change.
• Encouraging the adoption of green technologies within the aviation sector.
• Aligning aviation industry efforts with global sustainability goals and environmental initiatives.

Obituary news

Omchery N.N. Pillai, Renowned Malayalam Writer, Passes Away at 100

Renowned writer & Kendra Sahitya Akademi awardee Omchery NN Pillai passed away In November 2024, Renowned Malayalam playwright and writer Professor Omchery N.N. Pillai passed away at the age of 100 in New Delhi, Delhi. He was born on February 1, 1924 at Kottayam, Kerala.

Career Highlights:

• All India Radio: Pillai started his career in 1951 with All India Radio, joining its Malayalam news division.
• First Play: His first play, Ee Velicham Ningaludethakunnu (This Light is Ours), was written at the suggestion of A.K. Gopalan, the Leader of Opposition in the Indian Parliament.
• Writing Style: Known for experimenting with form, technique, and themes, he wrote over 80 one-act plays and nine full-length plays.

Awards and Recognitions:

• Kendra Sahitya Akademi Award (2020): Awarded for his memoir Akasmikam (The Accidental).
• Kerala Sahitya Akademi Award (1972): For his play Pralayam.
• Sahitya Akademi Award (2010): For his overall contribution to Malayalam literature.