Author: Balaguru Mamundi

Edusprint Youtube Channel : Edusprint Academy

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.

Edusprint Youtube Channel : Edusprint Academy

We at Edusprint Academy are committed to bringing you the most relevant and updated 13th 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

CM Dhami inaugurates 10th World Ayurveda Congress 2024 at Dehradun

The 10th World Ayurveda Congress and Arogya Expo 2024 was inaugurated by Uttarakhand Chief Minister Pushkar Singh Dhami in Dehradun on 12th December 2024. This biennial event, organized by the Union Ministry of Ayush and the World Ayurveda Foundation, runs from 12th to 15th December 2024.

• The theme for this edition is “Digital Health – an Ayurveda Perspective,” focusing on integrating modern technology with traditional Ayurvedic practices. The conference explores advancements in digital health, including telemedicine, mobile health apps, and wearable technology, to enhance healthcare delivery.
• The World Ayurveda Congress was first held in Kochi, Kerala in 2002, and aims to promote Ayurveda as a global healthcare system. The Arogya Expo showcases leading Ayurvedic products and research from institutions across India and the world.

Uttarakhand:

• Capitals: Dehradun (Winter), Bhararisen (Summer)
• Founded: 9 November 2000
• Chief minister: Pushkar Singh Dhami
• Governor: Gurmit Singh

Ist India Maritime Heritage Conclave 2024 Concludes in New Delhi

The first India Maritime Heritage Conclave 2024 concluded on 12th December 2024 in New Delhi, showcasing India’s rich maritime legacy dating back to the Harappan period. The Conclave brought together key ministers, maritime experts, and industry leaders from India and abroad to discuss the future of India’s maritime sector.

Organized by: The Union Ministry of Ports, Shipping and Waterways, with collaboration from the Ministries of Labour, Youth Affairs, Education, Tourism, and Culture.

Inaugural Address: The event was inaugurated by Union Minister Sarbananda Sonowal on 11th December 2024. The Vice President Jagdeep Dhankhar and Prime Minister Narendra Modi also addressed the Conclave, with Gajendra Singh Shekhawat (Union Minister for Culture and Tourism), Dr. Mansukh Mandaviya (Union Minister for Labour and Youth Affairs), and Gujarat CM Bhupendra Patel participating.

Objectives of the Conclave:

• Highlighting India’s maritime heritage.
• Charting a roadmap for India to become a global maritime hub.
• Creating awareness about employment opportunities in the maritime sector.
• Integrating maritime heritage into India’s education system.
• Promoting Indian maritime heritage as a tourist destination and ensuring its preservation.

Additionally, the Government of India is developing the National Maritime Heritage Complex at Lothal, Gujarat to preserve and promote this rich history. The Conclave was also attended by representatives from four state governments: Gujarat, Goa, Bihar, and Arunachal Pradesh.

Intensified 100-Day TB Elimination Campaign Launched

On December 2024, Union Minister Jagat Prakash Nadda, Ministry of Health and Family Welfare (MoH&FW), launched the intensified 100-day Tuberculosis (TB) elimination campaign to accelerate the fight against TB in Panchkula, Haryana. The campaign will culminate on March 24, 2025.

During the launch, Union Minister Jagat Prakash Nadda also introduced national guidelines for the new drug-resistant TB regimen called BPALM. These guidelines aim to streamline and standardize treatment.

Campaign Overview:

• Duration: 100 days (ends on 24 March 2025, World TB Day)
• Aim: Accelerate efforts to achieve “TB-Mukt Bharat” (TB-free India) by 2025.
• Coverage: 347 districts across 33 States and Union Territories.
• Objective: Strengthen the National TB Elimination Programme (NTEP).

New Drug-Resistant TB Guidelines:

• Guidelines Introduced: BPALM Regimen
• Streamlines and standardizes treatment for drug-resistant TB.

About the Ministry of Health and Family Welfare (MoH&FW):

• Union Minister: Jagat Prakash Nadda (Rajya Sabha, Gujarat)

Ministers of State (MoS):

• Jadhav Prataprao Ganpatrao (Buldhana, Maharashtra)
• Anupriya Patel (Mirzapur, Uttar Pradesh)

Banking news

$500 million ADB loan to develop sustainable infrastructure in India

The Asian Development Bank (ADB) approved a $500 million financial intermediation loan on 12 December 2024 to support environmentally sustainable infrastructure development in India. Here are the key details:

Loan Details

• Recipient: India Infrastructure Finance Company Limited (IIFCL), owned by the Government of India.
• Guarantee: Sovereign Guarantee The Government of India will repay the loan if IIFCL defaults.

Utilization of Loan

Infrastructure Financing: The funds will finance greenfield (new) and brownfield (existing) projects.

Sectors Covered

• Connectivity and Energy Transition: Sustainable transport and renewable energy projects.
• Urban Development: Includes sustainable urban infrastructure.
• Education and Healthcare: Projects aimed at improving social infrastructure.
• Capacity Building: Strengthen IIFCL’s ability to integrate green technologies and implement best practices in infrastructure development.

India’s Climate Financing Gap

• India faces significant climate-related challenges such as floods, droughts, and cyclones.
• To combat these, India needs to invest heavily in sustainable infrastructure but faces a $1 trillion climate financing gap.

About India Infrastructure Finance Company Limited (IIFCL)

• Establishment: 2006.
• Ownership: Wholly owned by the Government of India.
• Registration: Non-Banking Finance Company – Non-Deposit taking Infrastructure Financing Company (NBFC-ND-IFC) under RBI.
• Purpose: Provides long-term loans for viable infrastructure projects in sectors like:
• Transportation, Energy, Water, Sanitation, Communication, and Social Infrastructure.
• Headquarters: New Delhi.
• Managing Director: Padmanabhan Raja Jaishankar.

About Asian Development Bank (ADB)

• Establishment: 1966.
• Headquarters: Mandaluyong City, Metro Manila, Philippines.
• Members: 69 countries from the Asia-Pacific region.
• Objective: Promote economic development and cooperation in the Asia-Pacific region.

Bank of Baroda Launches New Loan Schemes for MSMEs

On December, 2024, Bank of Baroda (BOB), a leading Public Sector Bank, launched two new loan schemes for the MSME sector:

• Baroda Mahila Swavalamban – Aimed at empowering women entrepreneurs.
• Baroda Smart OverDraft (OD) – A digital OD facility for GST-registered MSMEs.

Key Features

Baroda Mahila Swavalamban:

• Competitive interest rates starting at 9.15%, linked to Baroda Repo Linked Lending Rate (BRLLR).
• Loan range: ₹20 lakh to ₹7.5 crore.
• Relaxed margin requirements for capital expenditure.

Baroda Smart OverDraft: Technology-driven credit assessments based on GST returns, banking activity, and online transactions.

Objective: Both schemes aim to simplify and improve access to financing for the MSME sector, fostering growth and sustainability.

About Bank of Baroda (BOB)

• Managing Director & CEO: Debadatta Chand
• Headquarters: Vadodara, Gujarat
• Tagline: India’s International Bank
• Established: 1908

IDFC FIRST Bank Introduces AI-Powered Holographic Digital Avatar of Amitabh Bachchan

On December , 2024, IDFC FIRST Bank unveiled India’s first AI-powered holographic digital avatar featuring its brand ambassador, Amitabh Bachchan. The innovative technology uses Holographic Extended Reality (HXR) to provide an immersive and personalized banking experience.

Deployment

• The first device was launched at the bank’s Juhu branch in Mumbai.
• Plans are in place to expand deployment across high footfall branches and strategic locations nationwide.

Key Features of the Avatar Offers insights into banking services, including:

• Zero Fee Banking
• Mobile Banking
• Monthly Interest Credits
• BRAVO Current Account

Objective: This initiative underscores IDFC FIRST Bank’s commitment to its digital-first strategy, enhancing customer engagement and setting new benchmarks in the banking sector.

About IDFC FIRST Bank

• Headquarters: Mumbai, Maharashtra
• Focus: Combining innovation and customer-centricity in the financial services domain.

State news

Himachal Government launches Him Bhog Atta and five Welfare scheme

On the completion of two years of his government, Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu launched six welfare schemes aimed at improving various sectors of the state’s development. The schemes were launched in a ceremony held in Bilaspur, where the Chief Minister also distributed financial assistance to the beneficiaries. Here is an overview of the welfare schemes:

Him Bhog Atta

• Objective: Promote natural farming by using maize grown through natural farming methods.
• Details: The maize is procured from 1,506 farmers across 10 districts. The government aims to encourage natural farming and plans to enroll 36,000 farmers in the Rajiv Gandhi Natural Farming Start-up Scheme.

Indira Gandhi Sukh Shiksha Yojana

• Objective: Prevent child exploitation and support children from vulnerable families.
• Details: Monthly financial assistance of Rs 1,000 for children below 18 years of age, benefiting 23,000 children from widows, destitute women, divorced women, and disabled parents.
• Annual Budget: Rs 53.21 crore.

Himachal Pradesh Subtropical Horticulture, Irrigation and Value Addition Project (HP Shiva)

• Objective: Promote horticulture development in nine districts.
• Details: The scheme will cover 6,000 hectares and promote fruit cultivation (oranges, guavas, litchi, plums). It is expected to benefit 15,000 farming families, producing 1.3 lakh metric tonnes of fruit annually by 2032, with a market value of Rs 400 crore.
• Total Budget: Rs 1,292 crore.

E-Taxi under Rajiv Gandhi Start-up Swarojgar Yojna

• Objective: Provide electric taxis to promote self-employment.
• Details: 16 electric taxi owners were handed the keys, with a 50% subsidy on vehicle purchases. The electric vehicles will be leased to the state government for five years.

Cow Dung Purchase Scheme

• Objective: Boost farmers’ income by purchasing organic and vermicompost from farmers.
• Details: The government will buy cow dung at Rs 300 per quintal, with payments directly transferred to the farmer’s account.

Mobile Ayush Healthcare Units

• Objective: Provide healthcare to remote regions.
• Details: Five mobile units were launched to offer Ayurveda, Unani, or Homeopathy treatments in tribal areas like Kinnaur, Lahaul & Spiti, Chamba, and Sirmaur district.

Mukhyamantri Sukh-Ashray Yojana

• Objective: Support orphaned children with education, care, and support.
• Details: Financial assistance of Rs 1.90 crore was released for eligible beneficiaries. The scheme offers support until the children reach 27 years of age.
• These initiatives reflect the government’s commitment to addressing welfare, agriculture, education, and healthcare needs for the people of Himachal Pradesh.

Himachal Pradesh:

• Capitals: Shimla (Summer), Dharamshala (Winter)
• Chief minister: Sukhvinder Singh Sukhu
• Governor: Shiv Pratap Shukla

‘Urjaveer’ Scheme: A Step Towards 100% Green Energy in Andhra Pradesh

On December  2024, Union Minister Manohar Lal Khattar, Ministry of Power (MOP) along with Chief Minister (CM) of Andhra Pradesh (AP), Nara Chandrababu Naidu, inaugurated the ‘Urjaveer’ scheme at Poranki in Krishna district of Andhra Pradesh (AP).

The Urjaveer Scheme, implemented by Energy Efficiency Services Limited (EESL), is designed to promote the use of energy-efficient appliances while offering economic benefits to individuals.

This initiative aims to transform AP into a 100% green energy state, focusing on sustainable development and energy conservation.

About the Scheme:

Objective: Promote the use of energy-efficient appliances to make Andhra Pradesh a 100% green energy state.

• Implementing Agency: Energy Efficiency Services Limited (EESL)
• A Joint Venture (JV) of Public Sector Undertakings (PSUs) under the Ministry of Power.

Andhra Pradesh:

• Capital: Amaravati
• Chief minister: N. Chandrababu Naidu
• Governor: S. Abdul Nazeer

Appointment news

Vaibhav Chaturvedi Appointed as Ex-Officio Member of IBBI

Vaibhav Chaturvedi was appointed as the ex-officio member of the Insolvency and Bankruptcy Board of India (IBBI) under the provisions of Section 189(1)(c) of the Insolvency and Bankruptcy Code, 2016.

Current Role: Vaibhav Chaturvedi serves as the Chief General Manager (CGM), Credit Risk Regulation at the Reserve Bank of India (RBI).

About Insolvency and Bankruptcy Board of India (IBBI)

• Chairperson: Ravi Mital
• Headquarters: New Delhi, India
• Established: October 1, 2016

Functions and Objectives

• Implementation of the Insolvency and Bankruptcy Code (IBC), 2016:
• Promotes transparency, accountability, and efficiency in insolvency and bankruptcy processes.
• Oversees resolution of stressed assets.

Credit Discipline: Facilitates timely and transparent insolvency resolutions to restore confidence in the financial sector.

About IBC, 2016

• Aims to restructure and resolve insolvencies efficiently.
• Strengthens the financial ecosystem by ensuring timely interventions and resolutions

Rajeev Mehta Elected Secretary General of Fencing Confederation of Asia (FCA)

Rajeev Mehta, former Secretary General of the Indian Olympic Association (IOA), was elected as the Secretary General of the Fencing Confederation of Asia (FCA) for a term of four years during the 37th FCA General Assembly held in Tashkent, Uzbekistan.

• First Indian: He is the first Indian administrator to hold this prestigious position, succeeding Rusni Abu Hassan (Malaysia).
• Previous Role: Rajeev Mehta previously served as the Secretary General of the Fencing Association of India (FCI).

About Fencing Confederation of Asia (FCA)

Establishment:

Constitution amended on September 7, 2015.

The name “Fencing Confederation of Asia” was adopted during the General Assembly in Nantong, China, in August 2007.

• President: H.H. Engr. Sheikh Salem Sultan AlQasimi.
• Headquarters: Dubai, United Arab Emirates (UAE).
• Members: 46 countries.

Award news

2024 Nobel Prize winners Honoured in Stockholm and Oslo

The 2024 Nobel Prizes were awarded on 10th December 2024 in ceremonies held in Stockholm and Oslo. The Nobel Prizes were established by Alfred Nobel, a Swedish inventor and businessman, who left his fortune to create these prestigious awards to honor those who have conferred the greatest benefit to humanity.

Nobel Prize Winners of 2024:

Physics

• John Hopfield (American)
• Geoffrey Hinton (British-Canadian)
• For their work in physics related to artificial intelligence and neural networks.

Chemistry

• David Baker (American)
• Demis Hassabis (British)
• John Jumper (American)
• For their contributions to the understanding of protein folding and its applications.

Physiology or Medicine

• Victor Ambros (American)
• Gary Ruvkun (American)
• For their pioneering work in the discovery of microRNA and its significance in gene regulation.

Literature

• Han Kang (South Korea)
• For her exceptional literary contributions, especially in examining complex human emotions.

Economics

• Daron Acemoglu (Turkish-American)
• Simon Johnson (British-American)
• James Robinson (American)
• For their work on the economics of democracy and the role of institutions in economic development.

Peace

• Nihon Hidankyo (Organization of Japan)
• For their tireless efforts in advocating for nuclear disarmament and peace.

Previous Year’s Winners (2023):

• Physics: Pierre Agostini (France), Ferenc Krausz (Hungary), Anne L’Huillier (France)
• Chemistry: Moungi Bawendi (American), Louis Brus (American), Aleksey Yekimov (Russian)
• Physiology or Medicine: Katalin Karikó (American), Drew Weissman (American)
• Literature: Jon Fosse (Norway)
• Economics: Claudia Goldin (American)
• Peace: Narges Mohammadi (Iran)

About the Nobel Prize:

• Foundation: The Nobel Prize was established by Alfred Nobel, who passed away on 10th December 1896. His fortune was used to create the Nobel Foundation, which began awarding prizes in 1901.
• Categories: The prizes are awarded in Physics, Chemistry, Physiology or Medicine, Literature, Peace, and Economics (since 1969).
• Prize Money: Winners receive a cash award of 11 million Swedish kroner. If multiple recipients share a prize, the money is divided among them.

BBC’s 100 Most Inspiring and Influential Women List 2024

On December 2024, London (the United Kingdom (UK))-based British Broadcasting Corporation (BBC) released the 12th edition of BBC’s 100 Most Inspiring and Influential Women List 2024. This latest edition of the list has featured 3 Indian women: former civil servant and renowned social activist Aruna Roy; three-time Olympian-turned-politician Vinesh Phogat, and performer of funerary rites, Pooja Sharma, for their exceptional contributions to social activism, sports and breaking societal barriers.

Theme: Resilience

The 12th edition of the BBC’s 100 Most Inspiring and Influential Women List highlights women from around the globe for their exceptional contributions across various fields.

Indian Women Featured

• Aruna Roy: Former civil servant and renowned social activist.
• Vinesh Phogat: Three-time Olympian-turned-politician, celebrated for her achievements in sports and leadership.
• Performer of funerary rites, recognized for breaking societal barriers.

Indian-Origin Women Featured

Sunita Williams: NASA Astronaut and a symbol of inspiration in space exploration.

Sneha Revanur: A 20-year-old Artificial Intelligence (AI) expert and innovator.

About BBC

• Chairman: Samir Shah
• Headquarters: London, United Kingdom (UK)
• Established: 1922

Indira Gandhi Prize for Peace, Disarmament, and Development 2024

On December, 2024, the Indira Gandhi Memorial Trust announced that Former President of Chile, Veronica Michelle Bachelet Jeria will be conferred the Indira Gandhi Prize for Peace, Disarmament and Development for 2024 in recognition of her exemplary contributions to human rights, peace, and equality.

Reason for Recognition: For her exemplary contributions to human rights, peace, and equality.

Award Details

• Monetary Award: Rs 25 lakh
• Additional: Citation

About Chile

• President: Gabriel Boric
• Capital: Santiago
• Currency: Chilean Peso (CLP)

Science and tech news

Iran Successfully Launches Saman-1 Space Tug and Other Payloads into Low Earth Orbit

On December , 2024, Iran successfully launched its Saman-1 Orbital Transfer Unit (OTU), Fakhr-1 nanosatellite, and an additional research payload into Low Earth Orbit (LEO).

• Launch Vehicle: The payloads were carried by Iran’s domestically developed Simorgh Satellite Launch Vehicle (SLV), marking its 8th successful launch.
• Launch Site: The mission took place from the Imam Khomeini Space Launch Terminal in Semnan province, Tehran.
• Payload Capacity: The launch set a new national record, lifting a combined payload weight of 300 kg, showcasing Simorgh’s capability to handle complex, multi-payload missions.

About Iran

• President: Masoud Pezeshkian
• Capital: Tehran
• Currency: Iranian Rial (IRR)

Sports news

Dommaraju Gukesh: Youngest Chess World Champion at 18

Dommaraju Gukesh’s rise to becoming the youngest chess world champion is a story of relentless ambition, focus, and resilience. At the age of 18, Gukesh defeated reigning champion Ding Liren in a grueling three-week-long contest in Singapore, surpassing Garry Kasparov’s record as the youngest chess world champion in history. His journey from a young boy declaring his ambition to this historic feat showcases extraordinary dedication and talent.

Key Highlights of the FIDE World Chess Championship 2024

• Champion: D Gukesh of India, crowned the youngest chess world champion at the age of 18.
• Defending Champion: Ding Liren of China, the 2023 champion.
• Venue: Singapore
• Format: 14-round “classical” chess event, with a prize fund of $2.5 million.
• Final Score: Gukesh – 7.5, Ding – 6.5.
• Decisive Game: Gukesh secured the title by winning the 14th game, after Ding’s critical blunder while playing black.

Early Ambition and Rise to Fame

• At the age of 11, Gukesh declared his ambition to become the youngest chess world champion, a now-viral moment.
• Gukesh missed the world’s youngest grandmaster title by just 17 days but went on to become India’s youngest grandmaster.
• He replaced Viswanathan Anand as the top-ranked Indian player after 36 years.

Historical Significance

• Gukesh joins an illustrious list of 18 world champions since 1886, including legends like Bobby Fischer, Garry Kasparov, and Viswanathan Anand.
• He is the first teenager to become a chess world champion.

Edusprint Youtube Channel : Edusprint Academy

We at Edusprint Academy are committed to bringing you the most relevant and updated 12th 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

India to have its own space station by 2035 and an Indian will land on moon by 2040

In a landmark announcement, Dr. Jitendra Singh, the Minister of State for Science and Technology, revealed that India is on track to achieve major milestones in its space exploration endeavors. Speaking at a press conference in New Delhi focused on the ‘Achievements of all Science Ministries,’ Dr. Singh outlined the government’s ambitious plans to establish India’s own space station, the ‘Bharat Antariksha Station,’ by 2035, and to successfully send an Indian astronaut to the moon by 2040.

Key Highlights of the Announcement:

1. Bharat Antariksha Station (India’s Space Station by 2035):

• India is set to develop and operationalize its own space station within the next decade.
• This initiative reflects the country’s growing self-reliance and advancements in space technology.
• The space station will play a critical role in supporting advanced scientific experiments and international collaborations.

2. Indian Lunar Mission by 2040:

• The Minister affirmed that an Indian astronaut will land on the moon by 2040.
• This builds on India’s recent successes in space exploration, such as the Chandrayaan-3 mission, which demonstrated the country’s capability for lunar landings.

Note: Dr. Jitendra Singh, the Minister of State for Science and Technology

Nitin Gadkari Inaugurates bauma CONEXPO INDIA 2024, Highlights Vision for Viksit Bharat

Union Minister for Road Transport and Highways, Nitin Gadkari, reaffirmed the Central Government’s commitment to building a self-reliant India and achieving the goal of a 5-trillion-dollar economy. Speaking at the inauguration of the 7th Edition of bauma CONEXPO INDIA 2024 at the India Expo Mart in Greater Noida, Gautam Buddh Nagar, the minister emphasized the role of world-class highway networks in driving the nation’s growth and development.

Key Highlights of the Speech:

1. Vision for a Self-Reliant India:

• The government is working toward achieving the vision of Viksit Bharat (Developed India) by 2047, aligning with the goals of infrastructure development and economic growth.
• India’s exports have shown significant growth over the last decade, indicating a robust trajectory toward achieving these ambitious goals.

2. Logistics Cost Reduction:

• Mr. Gadkari pointed out that the current logistics cost in India stands at 14-16% of GDP.
• The government aims to reduce this to 9% within the next two years, a move that will enhance India’s competitiveness in the global market.

3. Infrastructure as a Growth Catalyst: India is focusing on developing world-class highway networks, which are pivotal for reducing travel time, increasing connectivity, and improving economic efficiency.

bauma CONEXPO INDIA 2024:

The exhibition is a premier platform for showcasing advancements in the construction, building materials, and mining machinery industries.

• Participation: Over 1,000 exhibitors are showcasing 20,000 products, including live machinery demonstrations.
• Focus Areas: Innovations in sustainable construction, advanced machinery, and technological developments in infrastructure.

Note: Union Minister for Road Transport and Highways, Nitin Gadkari

India’s Nuclear Power Capacity Doubles in a Decade, Set to Triple by 2031: Union Minister Jitendra Singh

India has achieved remarkable growth in its nuclear power generation capacity, which has increased from 4,780 megawatts in 2014 to 8,180 megawatts in 2024, nearly doubling over the past decade. This achievement was highlighted by Union Minister Dr. Jitendra Singh during a session of the Lok Sabha today. The minister elaborated on the advancements and future potential of India’s nuclear energy program while discussing the country’s broader energy strategy.

Key Highlights of Dr. Jitendra Singh’s Address:

1. Revised Power Distribution Framework:

• India has implemented a revised formula for distributing electricity generated from atomic plants:
• 50% of power is allocated to the home state.
• 35% is distributed to neighboring states.
• 15% is reserved for the national grid.
• This new system ensures equitable resource distribution, fostering cooperation among states and reflecting the federal spirit of the country.

2. Future Growth in Nuclear Power:

• India’s nuclear power generation capacity is projected to triple to 22,480 megawatts by 2031-32.
• This significant expansion underscores the country’s commitment to enhancing its energy infrastructure and reducing reliance on fossil fuels.

3. Progress in the Atomic Energy Program:

• The minister highlighted the robust progress in India’s atomic energy sector, which has become a critical pillar of the country’s sustainable development goals.
• India is focusing on expanding its fleet of reactors and leveraging indigenous technology to scale up nuclear energy production.

International news

Bangladesh: Mitali Express returns to India after 5 months

The Mitali Express, a prominent inter-country train connecting Dhaka (Bangladesh) and New Jalpaiguri (India), has resumed operations, returning to India after being suspended for nearly five months. This comes as a significant development amid improved conditions following the suspension of inter-country rail services due to political unrest in Bangladesh.

• Re-entry into India: The train rakes returned to India through the Chilahati-Haldibari border in Cooch Behar District, West Bengal, under heightened security arrangements.
• Reason for Suspension: Services were suspended due to the deteriorating law and order situation in Bangladesh, which affected the safe movement of passengers and trains.
• Timeline: The Mitali Express originally departed from New Jalpaiguri to Dhaka on July 17, 2024. However, it was unable to return, as the Indian Railways suspended all three inter-country passenger trains for an indefinite period in response to the unrest.

Bangladesh:

• Capital: Dhaka
• Currency: Bangladeshi Taka
• Official language: Bengali
• President: Mohammed Shahabuddin

Banking news

Reserve Bank of India’s (RBI) 5th Bi-Monthly Monetary Policy (FY25)

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) convened from 4th December to 6th December 2024, during which the 5th Bi-Monthly Monetary Policy for Financial Year 2024-25 (FY25) was released.

Economic Growth and GDP Projections:

• The RBI revised India’s GDP growth forecast for FY25 down to 6.6%, compared to the earlier projection of 7.2%.
• For Q3 FY25, the real GDP growth projection is at 6.8%, and for Q4 FY25, it is 7.2%.
• Looking ahead, the RBI forecasts real GDP growth for Q1 FY26 at 6.9% and Q2 FY26 at 7.3%.

Inflation Projections: The FY25 inflation estimate has been raised to 4.8%, with the Consumer Price Index (CPI) expected to remain elevated during Q3 of FY25.

Monetary Policy Measures:

• CRR Reduction: The Cash Reserve Ratio (CRR) has been reduced to 4% to ease anticipated liquidity stress in the banking system.
• Credit Line on UPI: The RBI has allowed Small Finance Banks (SFBs) to offer pre-sanctioned credit lines via the Unified Payments Interface (UPI).
• Collateral-Free Loans for Farmers: The RBI increased the collateral-free loan limit for farmers from Rs 1.6 lakh to Rs 2 lakh, providing greater access to credit.
• Digital Fraud Prevention: The RBI unveiled MuleHunter, a new initiative designed to prevent digital frauds, enhancing the security of digital transactions.
• Foreign Exchange (FX) and Retail Platform: The RBI will link the FX-Retail platform to NPCI Bharat Connect, expanding access to the foreign exchange market for retail participants.
• New Benchmark – SORR: The RBI will introduce a new benchmark, SORR (Secured Overnight Repo Rate), based on secured money markets, to strengthen market mechanisms and offer a reliable reference rate.

RBI:

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

Deutsche Bank Provides Sustainability-Linked Loan to SMFG India Credit Company

On December, 2024, Deutsche Bank AG, India, announced that it has provided a €91 million loan (approximately Rs 813 crore) to SMFG India Credit Company Limited (SMICC), a wholly-owned subsidiary of the Japan-based Sumitomo Mitsui Financial Group (SMFG). The loan is part of Deutsche Bank’s Sustainable Finance framework and aims to support the growth of micro, small, and medium enterprises (MSMEs) in India, particularly in underserved areas.

Key Points of the Loan:

Sustainability-linked Loan: The loan is sustainability-linked, meaning it aligns with Deutsche Bank’s Sustainable Finance framework criteria. This framework ensures that the funding supports projects that have a positive environmental or social impact.

Loan Details:

• The loan is provided for a period of 3 years and was facilitated through Deutsche Bank’s Gujarat International Financial Tec-City (GIFT City) branch in Gandhinagar, Gujarat.
• SMICC intends to use the funds primarily to support MSMEs and extend its operations in rural areas.

Impact on Women Entrepreneurs: A key focus of the loan is to empower women entrepreneurs in semi-urban and rural areas, ensuring greater financial inclusion and economic empowerment.

SMICC’s Goals: The loan will not only help expand SMICC’s portfolio but also provide much-needed financial support to MSMEs, especially in rural and underserved areas.

About the Companies:

Deutsche Bank AG:

• CEO: Christian Sewing
• Headquarters: Frankfurt, Germany
• Established: 1870

Deutsche Bank is a leading global financial services provider offering a range of services including investment banking, asset management, and corporate banking.

SMFG India Credit Company Limited (SMICC):

• CEO & MD: Shantanu Mitra
• Headquarters: Mumbai, Maharashtra
• Established: 2007 (formerly known as Fullerton India Credit Co. Ltd (FICCL))

SMICC is a Non-Banking Financial Company (NBFC) providing a range of financial products and services, including loans to MSMEs, primarily in rural and semi-urban areas.

Award news

Dr. US Awasthi Wins Rochdale Pioneers Award 2024

Dr. Udai Shanker Awasthi, Managing Director (MD) and Chief Executive Officer (CEO) of Indian Farmers Fertiliser Cooperative Limited (IFFCO), has been honored with the prestigious Rochdale Pioneers Award 2024 by the International Cooperative Alliance (ICA). This award recognizes Awasthi’s exceptional contributions to the cooperative sector in India.

Key Highlights:

Award Presentation: The award was presented to Dr. Awasthi by Ariel Guarco, President of ICA, during the ICA Global Conference 2024 in New Delhi, Delhi.

Historical Significance: Dr. Awasthi is the second Indian to receive this esteemed award. The first recipient was Verghese Kurien, widely regarded as the Father of the White Revolution, who received the award in 2001.

About the Rochdale Pioneers Award: The ICA established the Rochdale Pioneers Award in 2000 to honor individuals or cooperative organizations that have made remarkable contributions to innovative and financially sustainable cooperative initiatives.

Dr. Awasthi’s Leadership at IFFCO:

• Dr. Awasthi joined IFFCO in 1976 as a chemical engineer. Under his leadership:
• The production capacity of IFFCO grew by 292%.
• The net worth of the cooperative surged by 688%.

His leadership has been pivotal in positioning IFFCO as a global leader in the cooperative sector.

Other Honors: In December 2024, Dr. Awasthi was also recognized as the ‘Fertilizer Man of India’ during the 8th National Convention of Sahakar Bharati in Amritsar, Punjab.

IFFCO’s Global Ranking: According to the World Cooperative Monitor (WCM) Report 2023, IFFCO ranks first among the top 300 cooperatives globally, underscoring the cooperative’s success under Awasthi’s leadership.

IFFCO:

• CEO: Dr. Udai Shanker Awasthi (1993–)
• Headquarters: New Delhi
• Founded: 3 November 1967, New Delhi

Appointment news

John Dramani Mahama Elected as President of Ghana for the Second Time

On December, 2024, John Dramani Mahama, the political leader of the National Democratic Congress (NDC), was elected as the President of Ghana for a second term. He won the Presidential election by securing 60.9% of the votes, defeating the Vice President Mahamudu Bawumia, the candidate from the New Patriotic Party (NPP).

About Ghana:

• President- Nana Addo Dankwa Akufo-Addo
• Capital- Accra
• Currency- Ghanaian Cedi (GHS)

Shammi Silva Becomes 29th President of the Asian Cricket Council (ACC)

On December , 2024, Shammi Silva, the head of Sri Lanka Cricket (SLC), was elected as the 29th President of the Asian Cricket Council (ACC). He succeeds Jay Shah from India, who became the Chairman of the International Cricket Council (ICC) on December 1, 2024.

About the Asian Cricket Council (ACC):

• Established: 1983
• Objective: The ACC is dedicated to promoting and developing the sport of cricket in Asia. It operates as a subordinate body to the International Cricket Council (ICC).
• Headquarters: Colombo, Sri Lanka
• New President: Shammi Silva (Sri Lanka)

Pankaj Tripathi Appointed Festival Ambassador for Arunachal Rang Mahotsav 2024

In 2024, renowned Indian actor Pankaj Tripathi was appointed as the Festival Ambassador for the Arunachal Rang Mahotsav 2024 (ARM2024). This festival is the largest international theatre festival in Northeast India.

Dates: The 2nd edition of ARM was held from 22nd November to 5th December 2024 at Indira Gandhi Park in Itanagar, Arunachal Pradesh.

Organizers: The festival was organized by ARM in collaboration with the Arunachal Pradesh Literary Society (APLS) and sponsored by the Tourism Department of Arunachal Pradesh.

Key Highlights of ARM2024:

• Opening Ceremony: The opening ceremony was attended by Pema Khandu, the Chief Minister (CM) of Arunachal Pradesh, Chowna Mein, the Deputy CM, and other dignitaries.
• Festival Features: The 15-day festival included various cultural performances such as proscenium theatre, street plays, and intimate stage productions.
• International Participation: ARM 2024 showcased performances from five countries—Poland, USA, Nepal, Taiwan, and India—making it a significant international theatre event in the region.

Arunachal Pradesh:

• Capital: Itanagar (Executive Branch)
• Chief minister: Pema Khandu
• Governor: Kaiwalya Trivikram Parnaik

Science and tech news

Amara Raja Infra Develops India’s First Green Hydrogen Fueling Station in Leh

In a significant leap towards green mobility and sustainable energy, Union Minister Manohar Lal Khattar, who heads the Ministry of Power (MoP) and Ministry of Housing and Urban Affairs (MoHUA), inaugurated India’s first green hydrogen fueling station in Leh, Ladakh in November 2024. Developed by Amara Raja Infra Private Limited, a Hyderabad-based company, the station was commissioned for NTPC Limited (formerly National Thermal Power Corporation).

Key Features of the Hydrogen Fueling Station

• Green Hydrogen Production: The station produces 80 kg of green hydrogen (GH2) daily, marking a technological achievement in an area with extreme altitude (3,400 meters above sea level) and temperature variations ranging from -25°C to 30°C.
• Clean Energy Deployment: NTPC has deployed five hydrogen fuel cell buses in the Leh region, providing emission-free public transport in this ecologically sensitive area.

Significance of the Project

• Emission-Free Mobility: The initiative aims to reduce pollution in the high-altitude region of Ladakh, which is vulnerable to climate change, by promoting clean, sustainable transport.
• India’s Leadership in Green Mobility: The project aligns with India’s National Hydrogen Energy Mission (NGHM), underscoring the country’s commitment to large-scale green hydrogen mobility and storage solutions.
• Precursor for Expansion:This pioneering project lays the groundwork for the development of large-scale hydrogen energy infrastructure across India.

Renewable Energy Boost: In addition to the hydrogen station, NTPC has been actively scaling up its renewable energy portfolio. In October 2024, JSW Renew Energy signed a 700 MW solar power purchase agreement with NTPC, further bolstering India’s renewable energy capacity.

Award news

Ecologist Madhav Gadgil honoured with UNEP Champions of Earth Award

Veteran Indian ecologist Madhav Gadgil has been chosen as one of the six persons/institutions to be honoured with the prestigious 2024 United Nations Environment Programme (UNEP) ‘Champions of the Earth’ award.

• Madhav Gadgil, along with Brazilian Sonia Guajajara, Lu Qi of China, Amy Bowers Cordalis of the USA, Gabriel Paun of România, and the Egyptian environmental organisation Sekem, has been chosen for this year  ‘Champions of the Earth’ award in various categories.
• The ‘Champions of the Earth award is considered the United Nation’s highest environmental honour.

About that award:

The Champions of the Earth Award is an annual recognition established by the United Nations Environment Programme (UNEP) in 2005. It honors individuals or organizations that have made significant contributions to addressing global environmental challenges, including Climate Change, Biodiversity and Nature Loss, and Pollution and Waste. The award is presented in four categories: Policy Leadership, Science and Innovation, Entrepreneurial Vision, and Inspiration and Action, with a Lifetime Achievement Award for exceptional contributions. To date, 116 individuals and organizations, including 7 world leaders, have been honored.

The United Nations Environment Programme (UNEP) was established in 1972 following the first global summit on the environment in Stockholm, Sweden. UNEP is headquartered in Nairobi, Kenya, and works to foster global cooperation in tackling environmental issues, with 193 member countries.

Sports news

Khelo India Winter Games 2025 set to showcase Winter Games across Ladakh and Jammu & Kashmir

The Khelo India Winter Games (KIWG) 2025 are set to take place in Ladakh and Jammu & Kashmir across two distinct phases, showcasing India’s growing focus on winter sports. The announcement highlights the government’s commitment to fostering talent for international events, including the 2026 Winter Olympics.

Event Schedule and Details

1. Ladakh (Ice Events):

• Dates: January 23–27, 2025
• Key Sports: Ice Hockey, Ice Skiing

2. Jammu & Kashmir (Snow Events):

• Dates: February 22–25, 2025
• Key Sports: Alpine Skiing, Nordic Skiing, Ski Mountaineering, Snowboarding

Ministerial Highlights

Union Sports Minister Dr. Mansukh Mandaviya expressed enthusiasm about the games, emphasizing:

• The role of the KIWG in identifying and nurturing talent for the 2026 Winter Olympics.
• The need to promote winter sports and inspire athletes, particularly from remote Himalayan regions, to take up skiing and skating.
• The encouraging participation of athletes from rural and remote areas, reflecting the inclusivity of the KIWG.

Edusprint Youtube Channel : Edusprint Academy

We at Edusprint Academy are committed to bringing you the most relevant and updated 11th 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

Flipkart and DPIIT Collaborate to Boost India’s Startup Ecosystem

Flipkart has partnered with the Department for Promotion of Industry and Internal Trade (DPIIT) to accelerate the growth of tech startups across India. This collaboration builds on Flipkart’s initiatives, including the Flipkart Leap and Ventures program, backed by a $100 million fund.

Support for Startups:

• Investment and mentorship for startups via Flipkart’s $100 million venture fund.
• Assistance in scaling operations, with resources and international expansion opportunities.

Access to Government Resources: Startups gain access to government market research, datasets, and fast-tracked patent applications.

Focus on Innovation:

• Accelerator program aids in prototype development.
• Supports the Startup India initiative.

Vision and Impact

• Strengthening India’s Global Position: Promotes a thriving entrepreneurial ecosystem, turning ideas into impactful solutions and bolstering India’s innovation leadership globally.
• Flipkart’s Goals: Facilitates breakthrough innovations to enhance India’s business and technology sectors.
• Leadership Note: Rajneesh Kumar, Chief Corporate Affairs Officer, highlighted the collaboration as a step toward unlocking opportunities for India’s global technology and business growth.

NOTE: Shri Amardeep Singh Bhatia is the Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT)

Gujarat CM Launches Mukhyamantri Paushtik Alpahar Yojana (Nutritious Snack Scheme)

On December , 2024, Bhupendra Patel, the Chief Minister (CM) of Gujarat, launched the Mukhyamantri Paushtik Alpahar Yojana, aimed at improving the health, nutrition, and educational outcomes of students. This scheme is in line with Gujarat’s vision of fostering a healthy, educated future generation and will officially begin on December 11, 2024.

Key Details:

• Objective: The initiative is part of the Suposhit Gujarat Mission and complements the ongoing Prime Minister Poshan Yojana (PM Midday Meal Scheme). It aligns with PM Narendra Modi’s vision of ‘Padhai Bhi, Poshan Bhi’.
• Target Group: The scheme will provide nutritious breakfasts to students from Balvatika (pre-primary) to Grade 8, ensuring no child enters the classroom on an empty stomach.
• Operational Details: The nutritious snacks will be served immediately after the morning prayer before educational activities begin.

Financials:

The state government will incur an annual cost of Rs 617 crore for the implementation of the scheme.

• Rs 493 crore will be allocated for material costs.
• Rs 124 crore will be used to increase staff honorariums.

Additionally, the honorarium for staff working under the PM Poshan Yojana will also see a 50% increase as part of this initiative.

This scheme aims to support students’ well-being, ensuring they are well-nourished to perform better academically.

Gujarat:

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

Economy news

S&P Global Maintains 6.8% Growth Forecast for FY25

S&P Global has maintained its projection for India’s GDP growth at 6.8% for FY25, despite a weaker-than-expected 5.4% growth in Q2FY25. This forecast comes in the wake of the Reserve Bank of India (RBI) lowering its own growth estimate to 6.6%. The credit rating agency anticipates a modest monetary policy easing by the RBI in 2025, with a 50 basis points reduction in the repo rate. S&P’s optimistic outlook is driven by strong urban consumption, steady service sector growth, and infrastructure investments.

Growth Projections

• FY25: Maintains a GDP growth forecast of 6.8%, despite a slower Q2 growth of 5.4%.
• FY26: Anticipates a slight increase to 6.9%.

Key Factors

• Drivers: Strong urban consumption, robust service sector growth, and infrastructure investments.
• Comparison with RBI: Higher than the RBI’s revised estimate of 6.6% for FY25.

Monetary Policy Outlook

• RBI expected to ease monetary policy in 2025 with a 50 basis points repo rate cut.
• Retail inflation forecast: 4.5%, slightly below the RBI’s estimate.

Appointment news

Sanjay Malhotra Appointed as New RBI Governor

On December 9, 2024, the Government of India appointed Sanjay Malhotra, the Revenue Secretary in the Ministry of Finance (MOF), as the new Governor of the Reserve Bank of India (RBI). He takes over from Shaktikanta Das, the second longest-serving RBI Governor, and becomes the 26th Governor of the institution.

Key Details:

• Approval: The appointment was approved by the Appointments Committee of the Cabinet (ACC) and notified by the Department of Personnel and Training (DOPT), Ministry of Personnel, Public Grievances and Pension (MOP).
• Tenure: Sanjay Malhotra’s tenure as RBI Governor begins on December 11, 2024, and will last for three years.

Roles and Responsibilities of the RBI Governor:

• Monetary Policy Formulation: The Governor is responsible for creating and executing policies that control inflation and foster economic growth, aiming to maintain monetary stability.
• Bank Licensing: The Governor oversees the issuance of licenses for new foreign and private banks, regulating the banking sector in India.
• Interest Rate Control: The Governor plays a key role in controlling interest rates, ensuring economic stability by managing minimum lending rates.
• Currency Management: The Governor is in charge of managing the issuance, circulation, and withdrawal of currency notes to maintain a stable supply of currency.
• Regulation of Co-operative Banks: The Governor ensures the stability and regulation of co-operative banks, regional rural banks, and local area banks across India.

Rbi:

• Founded: 1 April 1935, Kolkata
• Headquarters: Mumbai

Trump Picks Harmeet Dhillon As An Assistant Attorney General for Civil Rights

Harmeet Kaur Dhillon, an Indian-American lawyer, has been nominated by US President-elect Donald Trump as the Assistant Attorney General for Civil Rights at the Department of Justice. She is known for her strong advocacy for civil liberties, making bold statements on various issues, and her legal career.

Position and Nomination:

• Nominated as Assistant Attorney General for Civil Rights.
• Recognized for her extensive experience in civil rights advocacy and legal career.

Rank and report news

QS World University Rankings: Sustainability 2025 – IITs Lead the Charge in Sustainability

The third edition of the QS World University Rankings: Sustainability 2025 evaluates universities based on sustainability initiatives, including environmental impact, social responsibility, and governance.

India’s Notable Performance

IIT Delhi:

• Ranked 171st globally, up from 426th last year (a jump of 255 ranks).
• Recognized as the top Indian university in the sustainability rankings.

Key Factors for IIT Delhi’s Success

Sustainability Focus:

• Implementation of green campus initiatives.
• Cutting-edge research on sustainable development.
• Collaborative projects aimed at reducing carbon footprints and promoting clean energy.

Integration of Sustainability: Strong commitment to embedding sustainable practices within its academic programs and operational frameworks.

Kerala Ranks Among Top States for Employability in India

Kerala continues to excel in employability, ranking fifth among Indian states in the India Skills Report 2025, published by Wheebox in collaboration with AICTE, CII, and the Association of Indian Universities. With a strong employability rate of 71%, Kerala demonstrates exceptional talent, workplace inclusivity, and a balanced approach to education and skill development. The report also underscores India’s global leadership in AI skill penetration and highlights transformative trends in the workforce shaped by AI adoption.

Key Highlights for Kerala

• 18-21 Age Group Employability: Ranks 2nd nationally.
• B.E./BTech and Polytechnic Talent: Secures 3rd position in employable talent.

Top Cities: Thiruvananthapuram and Kochi excel in fostering computer and English skills and are preferred work locations.

India Skills Report 2025 Insights

State-wise Employability Leaders: Telangana (85.45%) tops the 18-21 age group, followed by Haryana and Maharashtra.

Skill Rankings: Kerala ranks 3rd in computer skills, with Telangana and Karnataka leading in critical thinking and numerical skills.

AI Skill Penetration: India leads globally in AI talent, with demand for 1 million AI professionals by 2026.

Kerala:

• Capital: Thiruvananthapuram
• Chief minister: Pinarayi Vijayan
• Governor: Arif Mohammed Khan

Defence news

India-Russia Defense Partnership Set to Sign $4B Radar System

India is set to finalize a significant USD 4 billion agreement with Russia to acquire an advanced long-range early warning radar system from Russia’s Voronezh radar series. This deal aims to enhance India’s air defence and missile detection capabilities, aligning with the “Make in India” initiative.

Technology:

Voronezh Series Radar:

• Tracks ballistic missiles and aircraft up to 8,000 kilometers.
• Extends India’s surveillance capabilities beyond its borders.
• Offers technology previously accessible only to global superpowers.

Location: The radar system will be installed in Chitradurga, Karnataka, known for its advanced defence and aerospace infrastructure.

Russia:

• Capital: Moscow
• Prime minister: Mikhail Mishustin

Science and tech news    

IIT Madras Completes 410-Meter Hyperloop Test Track

IIT Madras has completed a 410-meter-long Hyperloop test track, a first-of-its-kind project in India. The achievement, announced by Union Railway Minister Ashwini Vaishnaw, is part of a collaborative effort involving the Indian Railways, IIT Madras’ Avishkar Hyperloop team, and TuTr, a startup incubated at IIT Madras.

What is Hyperloop Technology?

Concept Origin: Proposed by Elon Musk in 2012, Hyperloop is a revolutionary transportation system.

Working Mechanism:

• High-speed travel through low-pressure tubes with vacuum-sealed environments, reducing air resistance and friction.
• Speeds can exceed 1,000 km/h, drastically reducing travel time over long distances.

Benefits of Hyperloop

• High Speed and Efficiency: Faster travel times than traditional modes.
• Energy-Efficient: Combines high speed with low energy consumption.
• Environmentally Friendly: Sustainable alternative to conventional transportation.
• Cost-Effective: Designed for low operational costs.
• Urban and Corridor Connectivity: Addresses congestion in urban areas and busy transit routes.

This milestone highlights India’s growing focus on advanced transportation technologies, paving the way for innovative, eco-friendly, and high-speed travel solutions.

Aditya L1 and Proba-3 to Unite for Solar Research in 2025

India’s Aditya L1 and the European Space Agency’s (ESA) Proba-3 missions are set to revolutionize solar research with joint observations starting in 2025. Aditya L1, operational since January 2024 from the Lagrange point (L1) 1.5 million km from Earth, launched in September 2023. Meanwhile, Proba-3, launched on December 5, 2024, is the first mission involving two satellites flying in formation to simulate a solar eclipse, facilitating detailed studies of the Sun’s corona.

Key Instruments

VELC (Aditya L1) and ASPIICS (Proba-3) utilize coronagraphs to study the Sun’s corona, ranging from 1.08 to 3 solar radii.

Collaborative Campaigns: Indian and ESA scientists planned synchronized observations in Chennai to enhance scientific output.

Proba-3 Progress

• Commissioning Phase: Initial calibrations underway in Belgium.
• March 2025: Observations start with the Digital Absolute Radiometer (DARA) for solar irradiance measurements.
• Early 2025: Satellites will separate for formation flying and advanced corona studies.
• Significance: These missions highlight international collaboration to advance solar research and provide unprecedented insights into the Sun’s corona.

European space agency:

• Headquarters: Paris, France
• Founded: 30 May 1975, Europe

Launch of Anna Chakra and SCAN Portals to Modernize India’s Public Distribution System (PDS) and Enhance Food Security

On December, 2024, Union Minister Pralhad Joshi launched two important initiatives aimed at modernizing India’s Public Distribution System (PDS) and improving the efficiency of food security mechanisms. These initiatives are part of the government’s broader strategy to enhance food security and streamline processes under the Ministry of Consumer Affairs, Food and Public Distribution (MoCAF&PD) and the Ministry of New and Renewable Energy (MNRE).

Anna Chakra Portal

• Objective: Optimize PDS logistics and supply chain.
• Purpose: ‘Anna Chakra’ is designed to optimize the logistics network of the PDS, which supports over 81 crore beneficiaries across India. The tool employs advanced algorithms to determine the most efficient routes for food grain distribution within the PDS network.
• Development: This portal was created in collaboration with the World Food Programme (WFP), Foundation for Innovation and Technology Transfer (FITT), and Indian Institutes of Technology (IIT) Delhi.
• Key Feature: The portal’s core function is based on the QKM (Quantity in Quintal x Distance in Kilometers) model, which has successfully reduced costs by 58 crores by optimizing food grain transport across the supply chain.

2. SCAN (Subsidy Claim Application for National Food Security Act) Portal

• Objective: Simplify and streamline subsidy claims under NFSA.
• Purpose: The SCAN portal is a single window platform that automates the process of subsidy claim submission, scrutiny, and approval under the National Food Security Act (NFSA) 2013.
• Functionality: It ensures a timely disbursement of subsidy funds to the state governments, reducing delays in subsidy release. The Department of Food and Public Distribution (DFPD) processes and pays the subsidy amounts through this platform.
• Benefits: By automating the end-to-end workflow, the SCAN portal helps improve transparency, minimize delays, and ensure more efficient processing of claims.

Summit news

“GI & Beyond 2024” Summit Showcases India’s Handloom and Handicraft Products on Global Stage

On November 25, 2024, the “GI & Beyond 2024” Summit was organized by the Office of the Development Commissioner for Handlooms and the Handloom Export Promotion Council (HEPC) in New Delhi. The summit aimed to showcase India’s Geographical Indication (GI) tagged handloom and handicraft products to a global audience. Union Minister Giriraj Singh inaugurated the event and distributed GI certificates to 10 artisans from various parts of India.

Earlier, on November 22, 2024, Union Minister of State Pabitra Margherita inaugurated the Diamond Jubilee celebrations of the World Crafts Forum (WCF) in New Delhi, paying tribute to Kamaladevi Chattopadhyay’s contributions to the formation of the World Crafts Council. The celebrations were held from November 22-24 in New Delhi and from November 25-27 in Srinagar, Jammu & Kashmir.

Ministry of Textiles (MoT) Leadership:

• Union Minister: Giriraj Singh (Constituency: Begusarai, Bihar)
• Minister of State (MoS): Pabitra Margherita (Rajya Sabha, Assam)

Important days

International Mountain Day 2024, Celebrating the Importance of Mountains on December 11

Every year on December 11, the world comes together to observe International Mountain Day, an initiative established by the United Nations (UN) in 2003. This day aims to promote awareness about the critical role mountains play in our environment and to emphasize the importance of sustainable mountain development across the globe. Mountains are not just geological formations; they are lifelines that sustain biodiversity, regulate the climate, and serve as a source of livelihood and spiritual solace for millions.

History

• Originated from Chapter 13 of Agenda 21 during the Earth Summit in 1992, titled “Managing Fragile Ecosystems: Sustainable Mountain Development.”
• Officially designated as International Mountain Day in 2003 by the UN to highlight the importance of safeguarding mountain ecosystems.

Theme for International Mountain Day 2024: “Mountain Solutions for a Sustainable Future – Innovation, Adaptation, and Youth”