Author: Balaguru Mamundi

National news

SC Grants Permanent Commission to Woman Army Officer

On December 9, 2024, the Supreme Court of India granted a permanent commission to Lt. Col. (a woman officer in the Army Dental Corps) who had been unfairly denied benefits given to her male counterparts. The Court’s decision underscores its commitment to promoting gender equality in the armed forces.

• Background: The appellant, a commissioned officer since 2008, was denied a third chance to apply for a permanent commission, unlike other officers in similar positions. While the Armed Forces Tribunal (AFT) had granted age relaxation to others, the appellant was excluded due to her non-participation in a previous case. The Court ruled that this exclusion was discriminatory and set aside the AFT’s decision.
• Court’s Observations: The Court emphasized that the appellant, being in a similar situation to her counterparts, should have automatically received the same benefits, including age relaxation. It referred to previous rulings, such as Amrit Lal Berry vs. Collector of Central Excise and K.I. Shephard vs. Union of India, stating that citizens should not be deprived of benefits that were extended to others in similar circumstances. The Court also pointed out that the government should have implemented these benefits without needing further legal intervention.
• Impact on Women in the Armed Forces: This ruling is part of a broader movement to ensure permanent commissions for all women in the Army. In a similar ruling from February 2024, the Supreme Court directed the Centre to grant permanent commissions to all female officers. The Court further ordered the government to comply with this directive by January 2025, emphasizing the need for timely implementation.

International news

Merriam-Webster Picks Polarization As Word of the Year 2024

Merriam-Webster has chosen polarization as the 2024 Word of the Year, reflecting a year defined by deep societal, cultural, and political divides. The word was selected based on a significant increase in searches and usage, capturing the growing tension and extremism across various domains in 2024.

Definition of Polarization:

• Meaning: Polarization refers to causing strong disagreement between opposing factions or groupings, often leading to extremes rather than consensus.
• Implication: It highlights a shift towards opposing extremes and a challenge in finding middle ground.

Context in 2024:

• U.S. Presidential Election: The contentious race between Kamala Harris and Donald Trump underscored the deep political divides, with voters expressing heightened concerns over ideological extremes.
• Broader Usage: The term was widely applied to describe divides in political ideologies, race relations, and societal issues, emphasizing the growing difficulty in bridging opposing views.

Cultural Usage: Polarization was also used in discussions on pop culture, such as controversies over Taylor Swift’s private jet use and the Olympics. Debates on celebrity memes, tech trends, and nepo baby discussions further illustrated this divide.

Historical Perspective: The term polarization has roots in the early 1800s, initially used in scientific contexts before being adopted to describe societal divides.

Top 10 Words of 2024:

1. Polarization
2. Demure
3. Fortnight
4. Totality
5. Resonate
6. Allision
7. Weird
8. Cognitive
9. Pander
10. Democracy

Dubai Breaks Record with World’s Largest Gold Bar, Weighing Over 300 KG

On December 7-8, 2024, Dubai unveiled the world’s largest gold bar, setting a new Guinness World Record. Weighing 300.12 kg (661 lb 10 oz) and valued at approximately $25 million (₹211 crore), the gold bar was created by the Emirates Minting Factory. The crafting process took 8 to 10 hours, with the bar adhering to Guinness standards.

Record-Breaking Gold Bar:

• Weight & Value: The bar weighs 300.12 kg and is valued at ₹211 crore ($25 million).
• Craftsmanship: Created by the Emirates Minting Factory, it took 8-10 hours to complete.
• Symbol of Excellence: This achievement highlights Dubai’s position as a global leader in the precious metals industry.

Public Display at Dubai Gold Souk Extension:

• The gold bar was displayed in a glass case outside the Emirates Minting Factory shop at the Dubai Gold Souk Extension.
• The public gathered in large numbers to capture photos and view the bar up close, making the event a historic moment for many.

Gold Market Context:

• Gold prices in India remained steady at ₹79,150 per 10 grams (99.5% purity).
• Dubai continues to lead in the global gold market, setting high standards for craftsmanship and trade.

Visitor Experience: The display of the world-record gold bar at the Dubai Gold Souk Extension provided a once-in-a-lifetime opportunity for visitors to see this monumental creation. The event solidified Dubai’s reputation as a luxury and trade hub.

State news

Bihar’s Sex Ratio Drops to 882: Government Acts Against Female Foeticide

Bihar has seen a concerning decline in its sex ratio at birth (SRB), now at 882 females per 1,000 males, down from 894 in 2022-23. This places the state among the worst performers in India regarding child gender ratio. In response, the state government has taken urgent action to address the issue, with a focus on enforcing the Pre-Conception and Pre-Natal Diagnostic Techniques (PC-PNDT) Act and launching awareness campaigns to combat female foeticide and improve gender equality.

Critical Statistics and Government Response:

• Decline in SRB: Bihar’s SRB has worsened, with specific areas like Vaishali, Bhojpur, and Saran showing the sharpest declines.
• Government Initiatives: The state has committed to stricter enforcement of the PC-PNDT Act and is implementing the Mukhyamantri Kanya Utthan Yojna, a comprehensive scheme aimed at supporting a girl child from birth through education, and promoting gender equality.
• Ministerial Commitment: Health Minister Mangal Pandey emphasized that female foeticide is both a moral and social issue, urging the community to value daughters equally to sons.

Awareness Campaigns and Law Enforcement:

• The government is prioritizing community engagement and mindset changes through mass awareness campaigns to celebrate the birth of girls.
• District-level Enforcement: District magistrates have been directed by the social welfare department to ensure strict adherence to the PC-PNDT Act, particularly in districts with significant SRB declines like Vaishali and Bhojpur.
• Key Officials’ Remarks: Additional Chief Secretary Harjot Kaur Bamhrah stressed the need for widespread sensitization to save the girl child and foster a cultural shift towards gender parity.

Bihar’s government is focusing on both law enforcement and community awareness to address the alarming drop in its sex ratio at birth and to prevent further gender imbalances in the state.

Bihar:

• Capital: Patna
• Chief minister: Nitish Kumar
• Governor: Rajendra Arlekar

PM Modi Launches LIC’s Bima Sakhi Yojana for Women Empowerment

On December 8, 2024, Prime Minister Narendra Modi launched the Bima Sakhi Yojana in Panipat, Haryana, a transformative initiative by Life Insurance Corporation (LIC) aimed at empowering women by integrating them into the insurance sector. The scheme focuses on training and enrolling women as career agents, providing them with financial independence and contributing to societal welfare.

Key Features of Bima Sakhi Yojana:

• Eligibility and Scope: The program is open to women aged 18-70, who have completed at least the 10th grade. LIC will offer training and financial support for three years to enable them to become successful career agents.
• Earnings and Opportunities: Women enrolled in the program are expected to earn an average of ₹15,000 monthly by selling approximately 24 policies annually.
• Financial Assistance: Selected candidates will receive stipends over three years—₹7,000 in the first year, ₹6,000 in the second year, and ₹5,000 in the third year—along with commissions based on their sales.

Socio-Economic Impact:

• The scheme aligns with key government initiatives such as Beti Bachao-Beti Padhao and Lakhpati Didi, promoting financial inclusion and social security for women.
• By empowering women as insurance agents, the program aims to strengthen household incomes, promote gender equality, and expand LIC’s reach into underserved areas, especially in rural regions.

Market and Policy Context:

• LIC’s Investment: LIC’s Chairman, Siddhartha Mohanty, announced an initial investment of ₹840 crores in the scheme’s first year, expecting a significant increase in premium income.
• Regulatory Reforms: With reforms allowing 100% FDI in insurance, LIC’s market share has grown from 58.50% to 61.07% during April-September 2024, strengthening its position in the industry.

Future Goals:

• The initiative aims to integrate at least one Bima Sakhi in every panchayat, thereby ensuring social security coverage for all.
• After the contract term, women trained under the program will have the opportunity to become permanent LIC agents, contributing to their long-term empowerment and broader national development.

The Bima Sakhi Yojana is a significant step towards the financial empowerment of women, aiming to transform the insurance sector and improve women’s socio-economic status across India.

Haryana:

• Capital: Chandigarh
• Chief minister: Nayab Singh Saini
• Governor: Bandaru Dattatreya

Defence news

INS Tushil Commissioned into Indian Navy

INS Tushil, a Russian-built guided missile frigate, was officially commissioned into the Indian Navy on December 8, 2024, at Kaliningrad, Russia. The commissioning ceremony was attended by Defence Minister Rajnath Singh, Chief of Naval Staff Admiral Dinesh K Tripathi, and other senior officials, marking a significant milestone in India-Russia naval cooperation.

Key Highlights:

• A Milestone in Naval Cooperation: The commissioning of INS Tushil underscores the growing strength of India’s naval capabilities, particularly in response to the increasing Chinese presence in the Indian Ocean.
• Part of Strategic Deal: INS Tushil is the first ship in a series of four stealth frigates under a 2016 deal between India and Russia, valued at USD 2.5 billion. This deal aims to bolster India’s maritime power.

Collaboration between India and Russia:

• Technology Integration: INS Tushil is an upgraded version of the Krivak III-class frigate under Project 1135.6, and incorporates 26% indigenous content. It features advanced technologies developed by Indian defense firms, including BrahMos Aerospace and Bharat Electronics.
• Strategic Significance: Defence Minister Rajnath Singh emphasized that this collaboration strengthens technological excellence between India and Russia, with future focus areas including artificial intelligence (AI), cyber security, and counter-terrorism.

INS Tushil’s Operational Capabilities:

• Specifications: The frigate weighs 3,900 tonnes and measures 125 meters in length, designed to provide enhanced stealth and stability.
• Strategic Role: INS Tushil will significantly enhance India’s naval capacity, enabling it to address increasing regional threats. The ship’s advanced design and capabilities will reinforce India’s maritime defense and ensure the security of critical trade routes in the Indian Ocean and key global maritime corridors.

INS Tushil’s commissioning marks an important step in strengthening India’s defense ties with Russia and significantly enhances the Indian Navy’s operational readiness in the face of growing regional maritime challenges.

Indian Navy: General Knowledge

• Founded Year: The Indian Navy was founded on October 2, 1934, as the Royal Indian Navy under the British colonial government. After India gained independence in 1947, it was renamed the Indian Navy.
• Current Head: The current Chief of the Naval Staff (CNS) of the Indian Navy is Admiral Dinesh K Tripathi, who took office on November 30, 2021.

Award news

Payal Kapadia’s Landmark Golden Globe Nomination

Indian filmmaker Payal Kapadia has made history by becoming the first Indian director to receive a Golden Globe nomination for Best Director (Motion Picture). Her critically acclaimed film All We Imagine As Light has not only earned her this prestigious nomination but also a nod for Best Motion Picture (Non-English Language) at the 82nd Golden Globe Awards. These historic nominations reflect the growing global recognition of Indian cinema and Kapadia’s exceptional talent as a storyteller.

Historic Golden Globe Nominations:

• Best Director (Motion Picture): Payal Kapadia becomes the first Indian director ever to be nominated for this prestigious category.
• Best Motion Picture (Non-English Language): All We Imagine As Light is also nominated for this category, showcasing its international appeal.

About the Film:

• All We Imagine As Light is an Indo-French co-production featuring actors Kani Kusruti, Divya Prabha, and Hridhu Haroon.
• The film tells the story of Prabha, a nurse grappling with personal struggles, and her roommate Anu, as they explore their desires during trip to a beach town.
• The film made history as the first Indian entry in the Cannes Film Festival competition section in 30 years and won the prestigious Grand Prix award.

Other Prestigious Awards:

• Best International Film at the New York Film Critics Circle.
• Best International Feature at the Gotham Awards 2024.

Golden Globe Best Director Nominees:

• Jacques Audiard for Emilia Perez.
• Sean Baker for Anora.
• Edward Berger for Conclave.
• Brady Corbet for The Brutalist.
• Coralie Fargeat for The Substance.

Telugu Woman Banker Honored as Rising Star in Banking 2024

Bharati Kolli, a 43-year-old woman from Vizianagaram district in Andhra Pradesh, has been honored as one of the Rising Star Women Leaders of Banking for 2024 by the prestigious women’s group, Women We Admire. This recognition highlights her outstanding contributions to the banking sector, particularly in the field of data management.

Currently serving as the Director of the Data Management Office at the Industrial and Commercial Bank of China (ICBC) at its New York headquarters, Bharati Kolli’s expertise and leadership in data management have earned her significant accolades. Her work continues to inspire many, reinforcing her position as a trailblazer in the banking and financial services industry.

Career and Achievements

• Bharati Kolli is acknowledged for her expertise in data and analytics, specializing in finance, operations, risk, and regulatory compliance.
• She has worked with several Fortune 100 clients, developing solutions that enhance growth, cost savings, risk management, and regulatory compliance.
• Bharati has demonstrated strategic thinking and leadership in her role, excelling in client-facing roles and managing communications with C-suite executives.
• Her journey includes over 10 years of experience in big-4 management consulting, where she led significant data initiatives for mid-to-large-sized financial institutions.
• She played a key role in fostering a data-driven culture within financial institutions.

Important days

World Human Rights Day 2024: Date, History, Significance & Theme

World Human Rights Day is celebrated every year on December 10, serving as a powerful reminder of the global commitment to uphold equality, freedom, and human dignity. Human rights form the foundation of a fair and just society, acting as a preventative, protective, and transformative force for good. On this day, individuals, communities, and nations come together to reaffirm their dedication to building a better, more equitable future.

History of World Human Rights Day:

The history of World Human Rights Day is deeply tied to the Universal Declaration of Human Rights (UDHR), adopted by the United Nations General Assembly in 1948.

• Adoption of the Universal Declaration of Human Rights (UDHR):
• On December 10, 1948, the UN General Assembly adopted the UDHR, marking a significant milestone in the global pursuit of justice and equality. This declaration is the first comprehensive global statement of human rights, outlining fundamental freedoms to which every person is entitled, regardless of race, religion, gender, or nationality.
• Official Recognition of Human Rights Day:
• The UN General Assembly formally established Human Rights Day on December 4, 1950, through Resolution 423 (V). This resolution invited member states and organizations to celebrate the day in a manner that they felt was most appropriate. The purpose of this day is to honor the adoption of the UDHR and remind the world of its collective responsibility to uphold these human rights principles.

World Human Rights Day 2024 Theme: The theme for World Human Rights Day 2024 is:
“Our rights, our future, right now.”

This theme emphasizes the urgency of protecting human rights and ensuring that every person, regardless of their background, can access the rights and freedoms guaranteed under international law. It calls for collective action to safeguard human rights in the present and shape a better future for all.

Sports news

Aarit Kapil: Young Chess Prodigy Makes History by Defeating a Grandmaster

Aarit Kapil, a 9-year-old chess prodigy from Delhi, has etched his name in history by becoming the youngest Indian to defeat a chess Grandmaster (GM). In a thrilling game during the ninth round of the KIIT International Open Tournament, Aarit triumphed over Raset Ziatdinov, a 66-year-old Grandmaster from the United States. Aarit achieved this feat at the remarkable age of 9 years, 2 months, and 18 days, setting a national record and becoming the third-youngest player globally to defeat a Grandmaster under classical time control.

Historical Context:

• Youngest Indian to Beat a GM: Aarit is now the youngest Indian to ever defeat a chess Grandmaster.
• Global Ranking: He is the third-youngest player globally to defeat a GM under classical time control.
• World Record Holder: The current world record holder for the youngest player to defeat a GM is Ashwath Kaushik, an Indian-origin chess player from Singapore, who achieved this at 8 years, 6 months.

The Game Against Raset Ziatdinov:

• Opponent’s Profile: Ziatdinov, although a seasoned Grandmaster, was 66 years old and past his competitive prime.

Game Dynamics:

• Opening Phase: Ziatdinov initially held a positional advantage, using a better pawn structure.
• Aarit’s Resilience: Despite being in a slightly disadvantageous position, Aarit displayed incredible resilience and strategic thinking.
• The Turning Point: After 63 moves, Ziatdinov made a critical error, losing a knight.
• Aarit’s Capitalization: Aarit seized the opportunity, converting the mistake into a decisive advantage, and won the game.

Kush Maini Makes History with F2 Constructors’ Championship Win

Kush Maini, an Indian racing driver, made history by becoming the first Indian to win the FIA Formula 2 (F2) Constructors’ World Championship. This monumental victory was secured with Invicta Racing and marked the culmination of a remarkable year for Maini, who also made history earlier by becoming the first Indian to claim an F2 pole position.

Key Highlights of Maini’s F2 Championship Success:

1. Historic Firsts for India:

1. First Indian to Win F2 Constructors’ Championship: Maini’s victory with Invicta Racing was a groundbreaking achievement in Indian motorsport.
2. First Indian to Secure an F2 Pole Position: Earlier in the season, Maini made history by becoming the first Indian to claim a pole position in the F2 series.
3. Maini’s Contribution to Invicta Racing’s Success:

2. Maini’s strong performances played a crucial role in Invicta Racing’s title win, with five podium finishes and a race victory in Hungary.
3. His consistency and pivotal contributions were essential in securing the Constructors’ Championship for Invicta Racing, who finished the season with a 34.5-point lead over Campos Racing, Maini’s former team.
4. Season Performance and Key Moments:

3. Despite facing several challenges throughout the season, Maini demonstrated resilience and skill, consistently finishing in the points.
4. He secured five podiums throughout the season, including a memorable victory in Hungary.
5. Pole Position in Jeddah: One of his standout achievements was setting a pole position at the Jeddah Grand Prix, which helped set the stage for Invicta Racing’s dominant campaign.

Maini’s achievement not only highlights his talent and determination but also strengthens India’s presence in the global motorsport arena. His success serves as an inspiration for future Indian drivers aspiring to make their mark in Formula racing.

Edusprint Youtube Channel : Edusprint Academy

We at Edusprint Academy are committed to bringing you the most relevant and updated 8th and 9th December current affairs 2024, curated from trusted and official sources. These updates are designed to keep you ahead in your exam preparation journey.

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

National news

Amit Shah Unveils Sardar Patel Statue in Jodhpur

Union Home Minister and Minister of Cooperation Shri Amit Shah unveiled an 11-ft tall statue of Sardar Vallabhbhai Patel in Jodhpur, Rajasthan, in the presence of Union Minister Shri Gajendra Singh Shekhawat and other dignitaries. The statue, made of several metals and weighing 1,100 kilograms, stands on an 8-ft pedestal. During the unveiling ceremony, Shri Amit Shah highlighted Sardar Patel’s immense contributions to India’s unity, his historical significance, and the recognition he has received under Prime Minister Narendra Modi’s leadership.

Significance of Sardar Patel

• Known as the “Iron Man of India,” Patel unified 556 princely states post-Independence.
• Played a pivotal role in integrating Jodhpur and transforming its airbase into a strategic security hub.
• Defied predictions of India’s disintegration, ensuring a strong and united nation.

Historical Neglect and Recognition

• Shri Amit Shah criticized the neglect of Patel’s legacy by earlier regimes.
• Highlighted PM Modi’s efforts in honoring Patel, including the Statue of Unity and Bharat Ratna award.
• Sardar Patel’s Unfinished Dreams Fulfilled

Key Initiatives Under PM Modi:

• Abrogation of Articles 370 and 35A.
• Implementation of the Uniform Civil Code in Uttarakhand.
• Construction of Ram Temple in Ayodhya.
• Abolition of triple talaq.
• Strengthened defense via surgical and air strikes.

Note: Union Home Minister and Minister of Cooperation Shri Amit Shah

Economy news

OECD Revises India’s Economic Growth Forecast for FY25 and FY26

The Organisation for Economic Co-operation and Development (OECD) released its “Economic Outlook December 2024” on 4th December 2024, revising India’s economic growth forecast upwards.

Key Highlights:

• Growth Forecast for FY25: India’s growth forecast for Financial Year 2024-25 (FY25) has been raised by 20 basis points (bps), from the previous estimate of 6.6% to 6.8%.
• Reason for Revision: The positive revision is attributed to rapidly increasing public infrastructure spending and sustained growth in private consumption.
• GDP Projection for FY26: India’s real Gross Domestic Product (GDP) projection for FY26 has been revised upwards to 6.9%, compared to the earlier estimate of 6.8% made in the September 2024 Economic Outlook.

Organisation for Economic Co-operation and Development (OECD)

• Secretary-General: Mathias Hubert Paul Cormann
• Headquarters: Paris, France
• Established: 1961

India’s Cash Transfer Schemes for Women (FY 2024-25)

According to Goldman Sachs Global Research, nine Indian states have ongoing or proposed cash transfer schemes for women, with a combined allocation of USD 18 billion in their budget estimates for Financial Year 2024-25 (FY25), representing 0.5% of India’s GDP.

Maharashtra:

• Allocation: USD 5.4 billion, which is 1.1% of the state’s GDP.
• Maharashtra leads in terms of the largest budget allocation for women’s cash transfers among Indian states.

Haryana:

• Proposed Financial Support: Rs 2,100 per month for women aged 18 and above, with an annual household income of less than Rs 2 lakh.
• Haryana offers the highest monthly financial support to women.

Karnataka: Proposed Financial Support: Rs 2,000 per month for women, following closely behind Haryana.

Banking news

Razorpay Collaborates with MHA and I4C to Strengthen Cybersecurity in India’s Digital Payments Ecosystem

On December, 2024, Razorpay, India’s first full-stack financial solutions company, announced its collaboration with the Ministry of Home Affairs (MHA) and the Indian Cyber Crime Coordination Centre (I4C) to enhance cybersecurity in India’s growing digital payments ecosystem.

Key Points:

• Objective: To provide necessary knowledge and awareness about cybersecurity to businesses and end customers across India.
• Integration of Expertise: Razorpay’s technological expertise will complement the government’s cybersecurity strategies, strengthening the country’s digital infrastructure.

India’s Growing Digital Payment Landscape:

• Digital Payment Volume: India now accounts for 46% of the world’s digital payment volume.
• Cybercrime Statistics: Between January 2024 and April 2024, over 7,000 daily cybercrime complaints were reported, with 85% related to financial fraud, causing USD 21.2 million in losses.
• Cybercrime Collaboration: Razorpay has partnered with over 1,600 cybercrime stations across 25 states and union territories to strengthen the fight against cybercrime.

Razorpay’s Security Initiatives:

Authentication Control Server (ACS): In 2024, Razorpay launched its ACS, including a Fraud Risk Management (FRM) system, which analyzes the risk of transactions in real-time based on factors such as transaction amount, user behavior, and device details, helping mitigate potential risks.

About Razorpay Software Private Limited (RSPL):

• CEO & Co-Founder: Harshil Mathur
• Headquarters: Bengaluru, Karnataka
• Founded: 2014

About Ministry of Home Affairs (MHA):

• Union Minister: Amit Shah (Constituency: Gandhinagar, Gujarat)
• Ministers of State (MOS): Nityanand Rai (Constituency: Ujiarpur, Bihar), Bandi Sanjay Kumar (Constituency: Karimnagar, Telangana)

RBI Introduces Secured Overnight Rupee Rate (SORR)

The Reserve Bank of India (RBI) has announced the creation of the Secured Overnight Rupee Rate (SORR), a new benchmark for the interest rate derivatives market. This initiative aims to enhance the robustness, transparency, and reliability of India’s financial benchmarks, aligning them with global standards.

Key Features of SORR

• Transaction-Based Benchmark: SORR will be derived from actual secured money market transactions, including market repo and tri-party repo (TREPS), reflecting real market dynamics.
• Support from FBIL: The Financial Benchmarks India Limited (FBIL) will spearhead the development and implementation of SORR, incorporating feedback from the financial community.
• Manipulation-Resistant: Unlike the existing Mumbai Inter-Bank Offer Rate (MIBOR), which is derived through polling of market participants, SORR will be trade-based, significantly reducing the scope for manipulation.

Transition from MIBOR to SORR

• MIBOR Overview: Introduced in 1998, MIBOR has been widely used in India’s financial markets. However, it is based on polling responses, which raises concerns about its susceptibility to distortion and manipulation.
• SORR’s Advantages: SORR will provide a more accurate representation of overnight funding rates, covering 98% of the overnight market activity, thus ensuring higher reliability.

It is designed to be transparent, robust, and aligned with global best practices, including the Secured Overnight Financing Rate (SOFR) in the U.S., which replaced LIBOR as a benchmark.

Role of FBIL and Implementation Timeline

FBIL’s Role:

• FBIL will develop and operationalize SORR based on the recommendations of the MIBOR Committee.
• Public consultations and feedback will be accepted until November 15, 2024, to finalize SORR’s design and methodology.

Gradual Implementation: While SORR will be introduced as a new benchmark, the transition from MIBOR to SORR will occur gradually to ensure market stability.

RBI Unveils MuleHunter.AI to Fight Financial Fraud

The Reserve Bank of India (RBI) has introduced MuleHunter.AI, an advanced AI-driven tool developed through its Innovation Hub (RBIH) to identify and flag mule bank accounts linked to illicit financial activities, including money laundering.

What Are Mule Accounts?

Definition: Mule accounts are used by criminals to launder illegally obtained funds.

Operation: Often managed by individuals from low-income groups or those with limited technical knowledge who are coerced or deceived into participation.

Challenges:

• Highly interconnected accounts, making them difficult to trace.
• Increase the risk of financial fraud and cybercrime.

Significance of MuleHunter.AI

Addressing Financial Fraud:

• Online financial fraud accounts for 67.8% of cybercrime cases in India.
• MuleHunter.AI strengthens the financial system by enhancing fraud detection capabilities.

Efficient and Accurate Detection: AI-based analysis ensures a more reliable identification process, addressing gaps in existing systems.

Combatting Money Laundering: By detecting mule accounts efficiently, MuleHunter.AI helps in curbing the flow of illicit funds and improving compliance with anti-money laundering laws.

Ranks and report news

India’s Billionaire Count Soars to 185, China Sees Drop Amid Slowdown

India’s billionaire count has reached 185 in 2024, reflecting a 20% increase from 153 in 2023, according to the UBS Billionaire Ambitions Report. This rise cements India’s position as the third-largest billionaire hub globally, behind the United States and China.

Key Highlights from the UBS Report

India’s Billionaire Growth

• Count in 2024: 185 billionaires.
• Growth Rate: 20% increase from 2023 and a 123% rise since 2015.
• Total Wealth: Billionaire wealth surged by 42.1%, reaching $905.6 billion in 2024.

China’s Decline

• Billionaire Count: Dropped from 520 in 2023 to 427 in 2024 due to economic slowdowns and regulatory changes.
• Wealth Reduction: Declined from $2.1 trillion in 2020 to $1.8 trillion in 2024.

Family-Led Businesses as Drivers

• India ranks third globally in publicly listed family-owned businesses.
• Key sectors: Pharma, fintech, edtech, and food delivery have driven wealth creation.

Global Wealth Trends

• Billionaire wealth worldwide grew by 121% from 2015 to 2024, reaching $14 trillion (up from $6.3 trillion).
• India’s billionaire entrepreneurs are projected to grow rapidly, mirroring China’s growth trajectory until 2020.

Corporate Climate Action in India: SBTI Commitments

India has secured the 6th spot globally in corporate climate action, with 127 companies committing to net-zero targets under the Science-Based Target Initiative (SBTI). This reflects a growing awareness among Indian corporations towards addressing climate change, although high-emission sectors like power, energy, and cement still lag behind in adopting such goals.

India: 127 companies committed to SBTI targets.

Global Rankings:

• United Kingdom: 702 companies (1st)
• USA: 425 companies (2nd)
• China: 233 companies (3rd)
• Germany: 203 companies (4th)
• Sweden: 143 companies (5th)

Global Emissions: India contributes around 7% of global emissions, while China contributes 27% but has less corporate adoption.

Global Commitment: Approximately 9,000 companies globally have committed to emission reduction targets, with 3,500 targeting net-zero emissions.

Award news

Karmaveer Chakra Awards 2024-25

The Karmaveer Chakra Awards for 2024-25 were presented during the 13th edition of REX ConcLIVE, held from 25th-26th November 2024 in Noida, Uttar Pradesh. The awards were given to individuals who have made remarkable contributions to societal change through innovation and positive impact.

Awardees:

Rumana Sinha Sehgal:

• Role: Mentor at T-Hub, Hyderabad, and founder of Serendipity.
• Achievement: She became the first entrepreneur from Telangana to receive the Karmaveer Chakra Platinum Medal for 2024-25.
• She is also the first woman entrepreneur from the state to receive this award three times.
• Contribution: Recognized for her outstanding work in areas such as sustainability, entrepreneurship, and community development, particularly through T-Hub and its associated changemakers.

Akshay Deshpande: Role: Founder of Switcheko.

Abhishek Agarwal: Role: Founder of Goodeebag.

About Karmaveer Chakra Awards:

• Institution: Established by the Indian Confederation of NGOs (iCongo) in collaboration with the United Nations (UN) in 2008-09.
• Tribute: The award honors the legacy of A. P. J. Abdul Kalam, the 11th President of India.
• Objective: To recognize individuals who have brought positive societal change through their work and innovative solutions.

Appointment news

Devajit Saikia Appointed Acting Secretary of BCCI

Devajit Saikia, a former cricketer from Assam, has been appointed the acting secretary of the Board of Control for Cricket in India (BCCI). This move fills the vacancy left by Jay Shah, who recently transitioned to the role of International Cricket Council (ICC) chairman. The decision was made by BCCI president Roger Binny, who exercised his constitutional powers to ensure the smooth functioning of the organization. Saikia’s appointment is considered a temporary measure, and a permanent secretary will be appointed as per the BCCI’s constitution.

BCCI:

• President: Roger Binny
• Headquarters: Mumbai
• Founded: December 1928

D Gukesh Appointed Brand Ambassador of RBL Bank

In November 2024, RBL Bank Limited (formerly Ratnakar Bank Limited), based in Mumbai, Maharashtra, appointed D Gukesh, the Indian Chess Grandmaster, as its Brand Ambassador.

Key Points:

• D Gukesh is a chess prodigy known for his exceptional achievements in the game.

He is:

• The youngest-ever contender to compete in the World Chess Championship.
• The third youngest grandmaster to achieve a rating of 2700.
• He is also the second Indian, after Viswanathan Anand, to compete in a World Chess Championship Match.

Partnership with RBL Bank:

• This collaboration highlights the alignment of qualities such as strategic thinking and foresight, which resonate with both Gukesh’s approach to chess and RBL Bank’s values.
• The bank’s association with Gukesh reflects its emphasis on precision, focus, and visionary outlook, qualities that Gukesh exemplifies in his chess career.

RBL bank:

• Headquarters: Mumbai
• Founded: 14 June 1943
• Key people: R Subramaniakumar; (MD & CEO)
  

Defence news

Indian Defense Companies in Global Arms Production

According to the SIPRI Report 2023, three Indian defense public sector undertakings (DPSUs)—Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), and Mazagon Dock Shipbuilders Ltd (MDL)—are ranked among the world’s 100 largest arms producers.

Key Highlights:

Combined Revenue: The three companies generated USD 6.74 billion in 2023, a 5.8% increase from the previous year.

• HAL: Revenue of USD 3.71 billion, up 6.9%.
• BEL: Revenue of USD 1.94 billion, up 0.5%, but dropped to 67th place from 65th in 2022.
• MDL: Revenue of USD 1.09 billion, up 12.4%, and improved to 94th from 96th in 2022.

Top Global Arms Producers (SIPRI 2023):

• Lockheed Martin (USA): USD 60.81 billion
• Raytheon Technologies (USA): USD 40.66 billion
• Northrop Grumman (USA): USD 35.57 billion
• Boeing (USA): USD 31.1 billion
• General Dynamics (USA): USD 30.2 billion

About ICRA ESG Ratings Limited

• MD & CEO: Ramnath Krishnan
• Headquarters: New Delhi, India
• Founded: 1991

About SIPRI (Stockholm International Peace Research Institute)

• Director: Dan Smith
• Headquarters: Solna, Sweden
• Founded: 1966

Science and tech news

Indian Astronauts Selected for Axiom Mission 4 (Ax-4) to ISS

In November 2024, the Indian Space Research Organisation (ISRO), based in Bengaluru, Karnataka, announced the successful completion of the initial training phase for two Indian astronauts, Group Captain Shubhanshu Shukla (prime) and Group Captain Prasanth Balakrishnan Nair (backup), who are selected for the upcoming Axiom Mission 4 (Ax-4) to the International Space Station (ISS). These astronauts are referred to as Gaganyatris.

Key Details: Training: The astronauts began their training in the USA in August 2024 as part of the ongoing collaboration between ISRO and the National Aeronautics and Space Administration (NASA).

Mission Overview:

• Axiom Mission 4 (Ax-4) is a private spaceflight to the International Space Station (ISS).
• It is operated by Axiom Space, a USA-based private spaceflight company, in partnership with SpaceX, an American space technology company.

About NASA:

• Administrator: Bill Nelson
• Headquarters: Washington, D.C., USA
• Founded: 1958

Sports news

Bangladesh Triumphs in U-19 Asia Cup Final, Beats India by 59 Runs

Bangladesh U-19 retained their Asia Cup title, defeating India by 59 runs in a thrilling final. Despite early breakthroughs by India’s bowlers, Bangladesh’s strong middle-order performances set a competitive target of 199, which India failed to chase, bowing out at 139 in 35.2 overs.

Match Highlights

Bangladesh Innings

• Key Partnership: Mohammad Shihab James (36) and Rizan Hossan (32) stitched a crucial 62-run partnership, stabilizing the innings after an early wobble.
• Collapse and Recovery: Quick dismissals post James’ wicket led to a middle-order collapse. However, a late contribution from Azizul Hakim added valuable runs.

Final Total: Bangladesh managed to post 198 runs, getting bowled out in 47.5 overs.

India’s Bowling

Top Performers:

• Yudhajit Guha: 2 wickets for 29 runs.
• Raj: 2 wickets for 41 runs.

Missed Opportunities: Despite early wickets, Indian bowlers couldn’t capitalize, allowing Bangladesh to recover and set a challenging target.

Bangladesh:

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

Norris Wins Abu Dhabi GP, Ends McLaren’s 26-Year Wait

In a dramatic race at the Abu Dhabi Grand Prix, Lando Norris delivered a stellar performance, claiming victory and bringing McLaren its first Constructors’ Championship since 1998. The race was filled with incidents, penalties, and emotional moments, as the grid battled fiercely in the season finale.

McLaren’s Triumph

Historic Constructors’ Title: McLaren secured its first championship in 26 years, marking a return to dominance in Formula 1.

Lando Norris’ Victory:

• Claimed the win with a margin of 5.832 seconds over Ferrari’s Carlos Sainz.
• Demonstrated composure under pressure, maintaining his lead throughout the race.

Oscar Piastri’s Resilience: Despite an early Turn One collision with Max Verstappen and a 10-second penalty, Piastri managed to finish 10th.

Max Verstappen Wins F1 Qatar Grand Prix 2024

On December, 2024, Max Verstappen of Red Bull secured victory at the Formula 1 (F1) Qatar Grand Prix 2024, held at the Lusail International Circuit in Lusail, Qatar. This win marked his 9th victory of the season and the 63rd of his career.

Podium Finishers:

• 1st place: Max Verstappen (Red Bull) – 9th win of the season
• 2nd place: Charles Leclerc (Ferrari) – 18 points
• 3rd place: Oscar Piastri (McLaren) – 15 points

About Max Verstappen:

• First F1 Championship: Max Verstappen won his first Formula 1 World Championship title in 2021 after winning 10 Grands Prix that season.
• Consecutive Titles: He went on to win the next two championships in 2022 and 2023.
• 4th Consecutive Title: Verstappen secured his 4th consecutive F1 World Championship title in 2024, adding his 9th Grand Prix victory in the season to his impressive record.
• Grand Prix Wins in 2024: His 9 wins in the 2024 season include victories at the Las Vegas GP, Sao Paulo GP, Bahrain GP, Saudi Arabia GP, Japanese GP, Chinese GP, Emilia-Romagna GP, Canadian GP, and Spanish GP.

Books and author news

Himachal Pradesh CM Releases Book on Sardar Vallabhbhai Patel’s Life and Contributions

In November 2024, Sukhvinder Singh Sukhu, the Chief Minister of Himachal Pradesh, released a book titled ‘Loh Purush Sardar Vallabhbhai Patel Ka Jeevanvrit’, authored by Rakesh Kumar Sharma, in Shimla, Himachal Pradesh.

Book Overview:

• The book provides an in-depth exploration of Sardar Vallabhbhai Patel, one of India’s most significant historical figures.
• It highlights Patel’s personality, his role in India’s freedom struggle, and his contributions to nation-building.

About the Author:

• Rakesh Kumar Sharma is an established author who has previously written several books on Sardar Patel.
• ‘Loh Purush Sardar Vallabhbhai Patel: Jeevan Darshan aur Rashtra Nirman ki Bhumika’ (2022)
• ‘Iron Man Sardar Vallabhbhai Patel: Role in Swaraj Struggle and National Integration’ (2023)
• This book further cements Sharma’s focus on celebrating the life and contributions of Sardar Patel, known as the Iron Man of India.

Himachal Pradesh:

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

Important days

International Anti-Corruption Day 2024: December 9, 2024

International Anti-Corruption Day is observed globally on December 9 each year to raise awareness about the devastating impact of corruption and to emphasize the need for transparency, accountability, and integrity in governance and society. This day mobilizes individuals, governments, and organizations to combat corruption and its far-reaching consequences.

Background of International Anti-Corruption Day

• Proclamation in 2003: The United Nations General Assembly declared December 9 as International Anti-Corruption Day through Resolution 58/4 in 2003. This resolution also led to the adoption of the United Nations Convention against Corruption (UNCAC), a landmark international treaty designed to address the issue of corruption globally.
• Primary Goal: The key objective of this day is to create global awareness about the prevalence of corruption and to highlight the critical role of the UNCAC in fighting corruption. The day serves to remind governments, organizations, and individuals about their responsibility to act against corruption and promote good governance practices.
• A Global Reminder: Since its inception, International Anti-Corruption Day has been a powerful reminder of the urgent need to prevent and combat corruption. The day encourages fostering integrity, accountability, and transparent governance systems to ensure a fairer, more just society for all.

Edusprint Youtube Channel : Edusprint Academy

We at Edusprint Academy are committed to bringing you the most relevant and updated 7th December current affairs 2024, curated from trusted and official sources. These updates are designed to keep you ahead in your exam preparation journey.

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

National news

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

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

Objectives and Scope

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

Regulatory Improvements

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

Airfare and Accessibility

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

Safety and Data Privacy

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

Concerns Raised

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

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

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

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

Achievements

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

Implementation Framework

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

District-wise Fund Allocation:

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

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

Activity Calendar and Monitoring

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

Beti Bachao Beti Padhao (BBBP) Scheme

Launched: On January 22, 2015.

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

Objective: The BBBP scheme aims to:

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

International news

Nebraska Declares December 6 as Mahatma Gandhi Remembrance Day

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

Significance

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

Economy news

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

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

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

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

Sectoral Performance:

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

About SBI:

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

Banking news

RBI Introduces Podcast Facility for Public Communication

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

Key Developments

Podcast Series

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

Monetary Policy Updates

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

Financial Literacy Initiatives

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

AI Integration in Financial Systems

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

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

RBI Leads Global Gold Purchases with Record Reserves Surge

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

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

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

Global Central Bank Purchases:

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

RBI:

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

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

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

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

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

Key Features:

Insurance Benefits:

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

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

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

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

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

Locker and Demat Account Benefits:

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

About Federal Bank:

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

Appointment news

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

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

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

World trade organization:

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

Ranks and report news

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

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

Key Trends in Employment Growth

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

Youth, Female, and Gig Workforce Trends

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

Economic Survey and Employment Indicators

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

India’s Economic Outlook

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

Summit news

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

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

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

 

Important days

Armed Forces Flag Day 2024: Date, History and Significance

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

History of Armed Forces Flag Day

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

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

Significance of Armed Forces Flag Day

Armed Forces Flag Day holds deep significance:

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

How Armed Forces Flag Day is Observed

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

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

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

UNGA Declares December 21 as World Meditation Day

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

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

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

Meditation as a Tool for Global Wellness

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

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

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

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

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

Historical Background

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

Purpose and Objectives

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

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

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

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

Obituary news

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

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

Career Highlights:

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

Awards and Recognitions:

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