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We at Edusprint Academy are committed to bringing you the most relevant and updated 8th and 9th 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
Amit Shah Unveils Sardar Patel Statue in Jodhpur
Union Home Minister and Minister of Cooperation Shri Amit Shah unveiled an 11-ft tall statue of Sardar Vallabhbhai Patel in Jodhpur, Rajasthan, in the presence of Union Minister Shri Gajendra Singh Shekhawat and other dignitaries. The statue, made of several metals and weighing 1,100 kilograms, stands on an 8-ft pedestal. During the unveiling ceremony, Shri Amit Shah highlighted Sardar Patel’s immense contributions to India’s unity, his historical significance, and the recognition he has received under Prime Minister Narendra Modi’s leadership.
Significance of Sardar Patel
- Known as the “Iron Man of India,” Patel unified 556 princely states post-Independence.
- Played a pivotal role in integrating Jodhpur and transforming its airbase into a strategic security hub.
- Defied predictions of India’s disintegration, ensuring a strong and united nation.
Historical Neglect and Recognition
- Shri Amit Shah criticized the neglect of Patel’s legacy by earlier regimes.
- Highlighted PM Modi’s efforts in honoring Patel, including the Statue of Unity and Bharat Ratna award.
- Sardar Patel’s Unfinished Dreams Fulfilled
Key Initiatives Under PM Modi:
- Abrogation of Articles 370 and 35A.
- Implementation of the Uniform Civil Code in Uttarakhand.
- Construction of Ram Temple in Ayodhya.
- Abolition of triple talaq.
- Strengthened defense via surgical and air strikes.
Note: Union Home Minister and Minister of Cooperation Shri Amit Shah
Economy news
OECD Revises India’s Economic Growth Forecast for FY25 and FY26
The Organisation for Economic Co-operation and Development (OECD) released its “Economic Outlook December 2024” on 4th December 2024, revising India’s economic growth forecast upwards.
Key Highlights:
- Growth Forecast for FY25: India’s growth forecast for Financial Year 2024-25 (FY25) has been raised by 20 basis points (bps), from the previous estimate of 6.6% to 6.8%.
- Reason for Revision: The positive revision is attributed to rapidly increasing public infrastructure spending and sustained growth in private consumption.
- GDP Projection for FY26: India’s real Gross Domestic Product (GDP) projection for FY26 has been revised upwards to 6.9%, compared to the earlier estimate of 6.8% made in the September 2024 Economic Outlook.
Organisation for Economic Co-operation and Development (OECD)
- Secretary-General: Mathias Hubert Paul Cormann
- Headquarters: Paris, France
- Established: 1961
India’s Cash Transfer Schemes for Women (FY 2024-25)
According to Goldman Sachs Global Research, nine Indian states have ongoing or proposed cash transfer schemes for women, with a combined allocation of USD 18 billion in their budget estimates for Financial Year 2024-25 (FY25), representing 0.5% of India’s GDP.
Maharashtra:
- Allocation: USD 5.4 billion, which is 1.1% of the state’s GDP.
- Maharashtra leads in terms of the largest budget allocation for women’s cash transfers among Indian states.
Haryana:
- Proposed Financial Support: Rs 2,100 per month for women aged 18 and above, with an annual household income of less than Rs 2 lakh.
- Haryana offers the highest monthly financial support to women.
Karnataka: Proposed Financial Support: Rs 2,000 per month for women, following closely behind Haryana.
Banking news
Razorpay Collaborates with MHA and I4C to Strengthen Cybersecurity in India’s Digital Payments Ecosystem
On December, 2024, Razorpay, India’s first full-stack financial solutions company, announced its collaboration with the Ministry of Home Affairs (MHA) and the Indian Cyber Crime Coordination Centre (I4C) to enhance cybersecurity in India’s growing digital payments ecosystem.
Key Points:
- Objective: To provide necessary knowledge and awareness about cybersecurity to businesses and end customers across India.
- Integration of Expertise: Razorpay’s technological expertise will complement the government’s cybersecurity strategies, strengthening the country’s digital infrastructure.
India’s Growing Digital Payment Landscape:
- Digital Payment Volume: India now accounts for 46% of the world’s digital payment volume.
- Cybercrime Statistics: Between January 2024 and April 2024, over 7,000 daily cybercrime complaints were reported, with 85% related to financial fraud, causing USD 21.2 million in losses.
- Cybercrime Collaboration: Razorpay has partnered with over 1,600 cybercrime stations across 25 states and union territories to strengthen the fight against cybercrime.
Razorpay’s Security Initiatives:
Authentication Control Server (ACS): In 2024, Razorpay launched its ACS, including a Fraud Risk Management (FRM) system, which analyzes the risk of transactions in real-time based on factors such as transaction amount, user behavior, and device details, helping mitigate potential risks.
About Razorpay Software Private Limited (RSPL):
- CEO & Co-Founder: Harshil Mathur
- Headquarters: Bengaluru, Karnataka
- Founded: 2014
About Ministry of Home Affairs (MHA):
- Union Minister: Amit Shah (Constituency: Gandhinagar, Gujarat)
- Ministers of State (MOS): Nityanand Rai (Constituency: Ujiarpur, Bihar), Bandi Sanjay Kumar (Constituency: Karimnagar, Telangana)
RBI Introduces Secured Overnight Rupee Rate (SORR)
The Reserve Bank of India (RBI) has announced the creation of the Secured Overnight Rupee Rate (SORR), a new benchmark for the interest rate derivatives market. This initiative aims to enhance the robustness, transparency, and reliability of India’s financial benchmarks, aligning them with global standards.
Key Features of SORR
- Transaction-Based Benchmark: SORR will be derived from actual secured money market transactions, including market repo and tri-party repo (TREPS), reflecting real market dynamics.
- Support from FBIL: The Financial Benchmarks India Limited (FBIL) will spearhead the development and implementation of SORR, incorporating feedback from the financial community.
- Manipulation-Resistant: Unlike the existing Mumbai Inter-Bank Offer Rate (MIBOR), which is derived through polling of market participants, SORR will be trade-based, significantly reducing the scope for manipulation.
Transition from MIBOR to SORR
- MIBOR Overview: Introduced in 1998, MIBOR has been widely used in India’s financial markets. However, it is based on polling responses, which raises concerns about its susceptibility to distortion and manipulation.
- SORR’s Advantages: SORR will provide a more accurate representation of overnight funding rates, covering 98% of the overnight market activity, thus ensuring higher reliability.
It is designed to be transparent, robust, and aligned with global best practices, including the Secured Overnight Financing Rate (SOFR) in the U.S., which replaced LIBOR as a benchmark.
Role of FBIL and Implementation Timeline
FBIL’s Role:
- FBIL will develop and operationalize SORR based on the recommendations of the MIBOR Committee.
- Public consultations and feedback will be accepted until November 15, 2024, to finalize SORR’s design and methodology.
Gradual Implementation: While SORR will be introduced as a new benchmark, the transition from MIBOR to SORR will occur gradually to ensure market stability.
RBI Unveils MuleHunter.AI to Fight Financial Fraud
The Reserve Bank of India (RBI) has introduced MuleHunter.AI, an advanced AI-driven tool developed through its Innovation Hub (RBIH) to identify and flag mule bank accounts linked to illicit financial activities, including money laundering.
What Are Mule Accounts?
Definition: Mule accounts are used by criminals to launder illegally obtained funds.
Operation: Often managed by individuals from low-income groups or those with limited technical knowledge who are coerced or deceived into participation.
Challenges:
- Highly interconnected accounts, making them difficult to trace.
- Increase the risk of financial fraud and cybercrime.
Significance of MuleHunter.AI
Addressing Financial Fraud:
- Online financial fraud accounts for 67.8% of cybercrime cases in India.
- MuleHunter.AI strengthens the financial system by enhancing fraud detection capabilities.
Efficient and Accurate Detection: AI-based analysis ensures a more reliable identification process, addressing gaps in existing systems.
Combatting Money Laundering: By detecting mule accounts efficiently, MuleHunter.AI helps in curbing the flow of illicit funds and improving compliance with anti-money laundering laws.
Ranks and report news
India’s Billionaire Count Soars to 185, China Sees Drop Amid Slowdown
India’s billionaire count has reached 185 in 2024, reflecting a 20% increase from 153 in 2023, according to the UBS Billionaire Ambitions Report. This rise cements India’s position as the third-largest billionaire hub globally, behind the United States and China.
Key Highlights from the UBS Report
India’s Billionaire Growth
- Count in 2024: 185 billionaires.
- Growth Rate: 20% increase from 2023 and a 123% rise since 2015.
- Total Wealth: Billionaire wealth surged by 42.1%, reaching $905.6 billion in 2024.
China’s Decline
- Billionaire Count: Dropped from 520 in 2023 to 427 in 2024 due to economic slowdowns and regulatory changes.
- Wealth Reduction: Declined from $2.1 trillion in 2020 to $1.8 trillion in 2024.
Family-Led Businesses as Drivers
- India ranks third globally in publicly listed family-owned businesses.
- Key sectors: Pharma, fintech, edtech, and food delivery have driven wealth creation.
Global Wealth Trends
- Billionaire wealth worldwide grew by 121% from 2015 to 2024, reaching $14 trillion (up from $6.3 trillion).
- India’s billionaire entrepreneurs are projected to grow rapidly, mirroring China’s growth trajectory until 2020.
Corporate Climate Action in India: SBTI Commitments
India has secured the 6th spot globally in corporate climate action, with 127 companies committing to net-zero targets under the Science-Based Target Initiative (SBTI). This reflects a growing awareness among Indian corporations towards addressing climate change, although high-emission sectors like power, energy, and cement still lag behind in adopting such goals.
India: 127 companies committed to SBTI targets.
Global Rankings:
- United Kingdom: 702 companies (1st)
- USA: 425 companies (2nd)
- China: 233 companies (3rd)
- Germany: 203 companies (4th)
- Sweden: 143 companies (5th)
Global Emissions: India contributes around 7% of global emissions, while China contributes 27% but has less corporate adoption.
Global Commitment: Approximately 9,000 companies globally have committed to emission reduction targets, with 3,500 targeting net-zero emissions.
Award news
Karmaveer Chakra Awards 2024-25
The Karmaveer Chakra Awards for 2024-25 were presented during the 13th edition of REX ConcLIVE, held from 25th-26th November 2024 in Noida, Uttar Pradesh. The awards were given to individuals who have made remarkable contributions to societal change through innovation and positive impact.
Awardees:
Rumana Sinha Sehgal:
- Role: Mentor at T-Hub, Hyderabad, and founder of Serendipity.
- Achievement: She became the first entrepreneur from Telangana to receive the Karmaveer Chakra Platinum Medal for 2024-25.
- She is also the first woman entrepreneur from the state to receive this award three times.
- Contribution: Recognized for her outstanding work in areas such as sustainability, entrepreneurship, and community development, particularly through T-Hub and its associated changemakers.
Akshay Deshpande: Role: Founder of Switcheko.
Abhishek Agarwal: Role: Founder of Goodeebag.
About Karmaveer Chakra Awards:
- Institution: Established by the Indian Confederation of NGOs (iCongo) in collaboration with the United Nations (UN) in 2008-09.
- Tribute: The award honors the legacy of A. P. J. Abdul Kalam, the 11th President of India.
- Objective: To recognize individuals who have brought positive societal change through their work and innovative solutions.
Appointment news
Devajit Saikia Appointed Acting Secretary of BCCI
Devajit Saikia, a former cricketer from Assam, has been appointed the acting secretary of the Board of Control for Cricket in India (BCCI). This move fills the vacancy left by Jay Shah, who recently transitioned to the role of International Cricket Council (ICC) chairman. The decision was made by BCCI president Roger Binny, who exercised his constitutional powers to ensure the smooth functioning of the organization. Saikia’s appointment is considered a temporary measure, and a permanent secretary will be appointed as per the BCCI’s constitution.
BCCI:
- President: Roger Binny
- Headquarters: Mumbai
- Founded: December 1928
D Gukesh Appointed Brand Ambassador of RBL Bank
In November 2024, RBL Bank Limited (formerly Ratnakar Bank Limited), based in Mumbai, Maharashtra, appointed D Gukesh, the Indian Chess Grandmaster, as its Brand Ambassador.
Key Points:
- D Gukesh is a chess prodigy known for his exceptional achievements in the game.
He is:
- The youngest-ever contender to compete in the World Chess Championship.
- The third youngest grandmaster to achieve a rating of 2700.
- He is also the second Indian, after Viswanathan Anand, to compete in a World Chess Championship Match.
Partnership with RBL Bank:
- This collaboration highlights the alignment of qualities such as strategic thinking and foresight, which resonate with both Gukesh’s approach to chess and RBL Bank’s values.
- The bank’s association with Gukesh reflects its emphasis on precision, focus, and visionary outlook, qualities that Gukesh exemplifies in his chess career.
RBL bank:
- Headquarters: Mumbai
- Founded: 14 June 1943
- Key people: R Subramaniakumar; (MD & CEO)
Defence news
Indian Defense Companies in Global Arms Production
According to the SIPRI Report 2023, three Indian defense public sector undertakings (DPSUs)—Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), and Mazagon Dock Shipbuilders Ltd (MDL)—are ranked among the world’s 100 largest arms producers.
Key Highlights:
Combined Revenue: The three companies generated USD 6.74 billion in 2023, a 5.8% increase from the previous year.
- HAL: Revenue of USD 3.71 billion, up 6.9%.
- BEL: Revenue of USD 1.94 billion, up 0.5%, but dropped to 67th place from 65th in 2022.
- MDL: Revenue of USD 1.09 billion, up 12.4%, and improved to 94th from 96th in 2022.
Top Global Arms Producers (SIPRI 2023):
- Lockheed Martin (USA): USD 60.81 billion
- Raytheon Technologies (USA): USD 40.66 billion
- Northrop Grumman (USA): USD 35.57 billion
- Boeing (USA): USD 31.1 billion
- General Dynamics (USA): USD 30.2 billion
About ICRA ESG Ratings Limited
- MD & CEO: Ramnath Krishnan
- Headquarters: New Delhi, India
- Founded: 1991
About SIPRI (Stockholm International Peace Research Institute)
- Director: Dan Smith
- Headquarters: Solna, Sweden
- Founded: 1966
Science and tech news
Indian Astronauts Selected for Axiom Mission 4 (Ax-4) to ISS
In November 2024, the Indian Space Research Organisation (ISRO), based in Bengaluru, Karnataka, announced the successful completion of the initial training phase for two Indian astronauts, Group Captain Shubhanshu Shukla (prime) and Group Captain Prasanth Balakrishnan Nair (backup), who are selected for the upcoming Axiom Mission 4 (Ax-4) to the International Space Station (ISS). These astronauts are referred to as Gaganyatris.
Key Details: Training: The astronauts began their training in the USA in August 2024 as part of the ongoing collaboration between ISRO and the National Aeronautics and Space Administration (NASA).
Mission Overview:
- Axiom Mission 4 (Ax-4) is a private spaceflight to the International Space Station (ISS).
- It is operated by Axiom Space, a USA-based private spaceflight company, in partnership with SpaceX, an American space technology company.
About NASA:
- Administrator: Bill Nelson
- Headquarters: Washington, D.C., USA
- Founded: 1958
Sports news
Bangladesh Triumphs in U-19 Asia Cup Final, Beats India by 59 Runs
Bangladesh U-19 retained their Asia Cup title, defeating India by 59 runs in a thrilling final. Despite early breakthroughs by India’s bowlers, Bangladesh’s strong middle-order performances set a competitive target of 199, which India failed to chase, bowing out at 139 in 35.2 overs.
Match Highlights
Bangladesh Innings
- Key Partnership: Mohammad Shihab James (36) and Rizan Hossan (32) stitched a crucial 62-run partnership, stabilizing the innings after an early wobble.
- Collapse and Recovery: Quick dismissals post James’ wicket led to a middle-order collapse. However, a late contribution from Azizul Hakim added valuable runs.
Final Total: Bangladesh managed to post 198 runs, getting bowled out in 47.5 overs.
India’s Bowling
Top Performers:
- Yudhajit Guha: 2 wickets for 29 runs.
- Raj: 2 wickets for 41 runs.
Missed Opportunities: Despite early wickets, Indian bowlers couldn’t capitalize, allowing Bangladesh to recover and set a challenging target.
Bangladesh:
- Capital: Dhaka
- Currency: Bangladeshi Taka
- Official language: Bengali
- President: Mohammed Shahabuddin
Norris Wins Abu Dhabi GP, Ends McLaren’s 26-Year Wait
In a dramatic race at the Abu Dhabi Grand Prix, Lando Norris delivered a stellar performance, claiming victory and bringing McLaren its first Constructors’ Championship since 1998. The race was filled with incidents, penalties, and emotional moments, as the grid battled fiercely in the season finale.
McLaren’s Triumph
Historic Constructors’ Title: McLaren secured its first championship in 26 years, marking a return to dominance in Formula 1.
Lando Norris’ Victory:
- Claimed the win with a margin of 5.832 seconds over Ferrari’s Carlos Sainz.
- Demonstrated composure under pressure, maintaining his lead throughout the race.
Oscar Piastri’s Resilience: Despite an early Turn One collision with Max Verstappen and a 10-second penalty, Piastri managed to finish 10th.
Max Verstappen Wins F1 Qatar Grand Prix 2024
On December, 2024, Max Verstappen of Red Bull secured victory at the Formula 1 (F1) Qatar Grand Prix 2024, held at the Lusail International Circuit in Lusail, Qatar. This win marked his 9th victory of the season and the 63rd of his career.
Podium Finishers:
- 1st place: Max Verstappen (Red Bull) – 9th win of the season
- 2nd place: Charles Leclerc (Ferrari) – 18 points
- 3rd place: Oscar Piastri (McLaren) – 15 points
About Max Verstappen:
- First F1 Championship: Max Verstappen won his first Formula 1 World Championship title in 2021 after winning 10 Grands Prix that season.
- Consecutive Titles: He went on to win the next two championships in 2022 and 2023.
- 4th Consecutive Title: Verstappen secured his 4th consecutive F1 World Championship title in 2024, adding his 9th Grand Prix victory in the season to his impressive record.
- Grand Prix Wins in 2024: His 9 wins in the 2024 season include victories at the Las Vegas GP, Sao Paulo GP, Bahrain GP, Saudi Arabia GP, Japanese GP, Chinese GP, Emilia-Romagna GP, Canadian GP, and Spanish GP.
Books and author news
Himachal Pradesh CM Releases Book on Sardar Vallabhbhai Patel’s Life and Contributions
In November 2024, Sukhvinder Singh Sukhu, the Chief Minister of Himachal Pradesh, released a book titled ‘Loh Purush Sardar Vallabhbhai Patel Ka Jeevanvrit’, authored by Rakesh Kumar Sharma, in Shimla, Himachal Pradesh.
Book Overview:
- The book provides an in-depth exploration of Sardar Vallabhbhai Patel, one of India’s most significant historical figures.
- It highlights Patel’s personality, his role in India’s freedom struggle, and his contributions to nation-building.
About the Author:
- Rakesh Kumar Sharma is an established author who has previously written several books on Sardar Patel.
- ‘Loh Purush Sardar Vallabhbhai Patel: Jeevan Darshan aur Rashtra Nirman ki Bhumika’ (2022)
- ‘Iron Man Sardar Vallabhbhai Patel: Role in Swaraj Struggle and National Integration’ (2023)
- This book further cements Sharma’s focus on celebrating the life and contributions of Sardar Patel, known as the Iron Man of India.
Himachal Pradesh:
- Capitals: Shimla (Summer), Dharamshala (Winter)
- Chief minister: Sukhvinder Singh Sukhu
- Governor: Shiv Pratap Shukla
Important days
International Anti-Corruption Day 2024: December 9, 2024
International Anti-Corruption Day is observed globally on December 9 each year to raise awareness about the devastating impact of corruption and to emphasize the need for transparency, accountability, and integrity in governance and society. This day mobilizes individuals, governments, and organizations to combat corruption and its far-reaching consequences.
Background of International Anti-Corruption Day
- Proclamation in 2003: The United Nations General Assembly declared December 9 as International Anti-Corruption Day through Resolution 58/4 in 2003. This resolution also led to the adoption of the United Nations Convention against Corruption (UNCAC), a landmark international treaty designed to address the issue of corruption globally.
- Primary Goal: The key objective of this day is to create global awareness about the prevalence of corruption and to highlight the critical role of the UNCAC in fighting corruption. The day serves to remind governments, organizations, and individuals about their responsibility to act against corruption and promote good governance practices.
- A Global Reminder: Since its inception, International Anti-Corruption Day has been a powerful reminder of the urgent need to prevent and combat corruption. The day encourages fostering integrity, accountability, and transparent governance systems to ensure a fairer, more just society for all.
