Daily Current Affairs December 17th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Group insolvency provisions expected to be included in the Insolvency and Bankruptcy Code amendment bill  

• A Bill to amend the Insolvency and Bankruptcy Code (IBC) is set to be presented during the Budget session of Parliament.
• The amendment may introduce “group insolvency” norms to streamline insolvency proceedings involving multiple companies under common management or ownership.

Key Highlights :

• Need for Group Insolvency Norms:Group insolvency refers to cases where multiple companies facing insolvency issues are part of the same group, and a default by one company can trigger insolvency for others.
• There is a need to codify group insolvency norms to:
• Increase value maximisation of assets.
• Reduce the workload of National Company Law Tribunals (NCLTs).
• Improve cost efficiency in handling such cases.
• Challenges of Group Insolvency:Group insolvency cases are typically complex due to the interlinkages between entities, such as shared assets, liabilities, and financial arrangements.
• Role of IBBI and NCLTs:IBBI Chairman Ravi Mittal highlighted the need to formally introduce group insolvency norms.
• Several cases have been resolved by National Company Law Tribunals (NCLTs), but formal codification of these norms is needed.
• Landmark Cases in Group Insolvency:Videocon Insolvency (2021): The NCLT, Mumbai, ruled for consolidation of the Corporate Insolvency Resolution Process (CIRP) for 13 out of 15 Videocon group companies, following principles laid down by US and UK courts.
• Amrapali Group: The Supreme Court treated the Amrapali group (40 firms) as singularly insolvent after a writ petition filed by homebuyers.
• Other cases like Lavasa Corporation, Jaypee Group, and Sachet Infrastructure were also treated in a similar manner.
• IBBI’s 2019 Report:In 2019, a report by IBBI recommended a framework for group insolvency, aligning with the UNCITRAL Model Law on Enterprise Group Insolvency.
• The proposed framework aims to promote information symmetry between stakeholders of different companies for a better assessment of viability and resolution chances.

About IBBI :

• Formed : 1 October 2016
• Headquarters : New Delhi, India

Indian scheduled commercial banks Record All-Time High Net Profit of Rs 23.50 Lakh Crore in FY24, Achieve Significant non-performing asset Reduction  

• The gross non-performing asset (NPA) ratio for scheduled commercial banks (SCBs) improved significantly, declining to 2.67% in June 2024, from 11.18% in March 2018.
• Public Sector Banks (PSBs) also saw a reduction in their gross NPA ratio to 3.12% in September 2024, from 4.97% in March 2015 and 14.58% in March 2018.

Key Highlights :

• Net Profit Growth:SCBs recorded their highest-ever aggregate net profit of Rs 23.50 lakh crore in FY2023-24, up from Rs 22.63 lakh crore in FY2022-23.
• PSBs achieved their highest-ever net profit of Rs 1.41 lakh crore during FY2023-24, compared to Rs 1.05 lakh crore in FY2022-23, and Rs 0.86 lakh crore in the first half of FY2024-25.
• Provision Coverage Ratio (PCR):The PCR for SCBs improved significantly, rising from 49.31% in March 2015 to 92.52% in June 2024, indicating enhanced resilience.
• RBI Stress Test Results:A recent stress test by the Reserve Bank of India (RBI) confirmed that SCBs are well-capitalized and capable of absorbing macroeconomic shocks.
• SCBs are expected to meet the minimum regulatory common equity tier 1 (CET1) ratio of 5.5% even under severe stress scenarios, without requiring further capital infusion.
• PSB NPA Reduction:The gross NPA ratio for PSBs declined to 3.32% in June 2024 from 4.97% in March 2015 and from 14.58% in March 2018.

BOBCARD Unveils Premium Women’s Credit Card ‘TIARA’  

• BOBCARD Limited., a subsidiary of Bank of Baroda, has launched the TIARA Credit Card, a women-centric card aimed at supporting, empowering, and celebrating women’s financial autonomy.
• It is designed specifically for modern women, offering a blend of elegance and functionality.
• The TIARA Credit Card is a premium product launched on the RuPay network.

Key Highlights :

• Card Features:Benefits and Rewards: Offers unparalleled rewards in categories such as travel, dining, lifestyle, entertainment, and health.
• Vouchers and Membership Benefits:The card offers complimentary vouchers and memberships worth up to Rs 31,000 from leading brands including:
• Myntra, Nykaa, Flipkart, Lakme Salon, Urban Company, Book My Show, Big Basket, Swiggy One, Amazon Prime, Disney Hotstar, Gaana Plus, and Fitpass.
• The card was launched at Pinkathon, a platform celebrating women’s strength and resilience.
• MD and CEO at BOBCARD Limited : Ravindra Rai

ICICI Bank teams up with Commonwealth Bank of Australia to boost Australia-India trade   

• ICICI Bank has signed a Memorandum of Understanding (MoU) with Commonwealth Bank of Australia (CBA).
• The partnership aims to support customers across the Australia-India corridor, enhancing bilateral trade and investment opportunities.

Objectives of the MoU:

• Corporate and Institutional Customer Collaboration: Both banks will collaborate to introduce corporate and institutional customers interested in investing or setting up businesses in each other’s home countries (Australia and India).
• Trade Facilitation: The banks will facilitate trade between corporate customers in Australia and India by providing banking services and guidance on cross-border trade opportunities.
• Support for Migration:The banks will provide banking services to customers migrating between Australia and India, ensuring seamless financial support for individuals relocating.
• Cross-Border Payments:The partnership will enhance cross-border payments by collaborating on customer-centric solutions, making financial transactions smoother for businesses and individuals involved in trade and migration.
• Focus Areas:The collaboration emphasizes trade, investment, migration, and cross-border financial services, contributing to the strengthening of the Australia-India economic corridor.

About ICICI Bank :

• Founded : 5 January 1955
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sandeep Bakhshi

About Commonwealth Bank of Australia :

• Headquarters : Sydney, New South Wales, Australia
• CEO : Matt Comyn

CURRENT AFFAIRS: NATIONAL NEWS

India’s First Diabetes Biobank Launched in Chennai

• India has established its first diabetes biobank in Chennai, a collaborative effort between the Indian Council of Medical Research (ICMR) and the Madras Diabetes Research Foundation (MDRF).
• This state-of-the-art facility aims to advance diabetes research by collecting, processing, and storing biological samples for in-depth studies into the causes, patterns, and related complications of the disease.

Key Objectives of the Biobank

• Facilitating Advanced Research: The biobank will focus on identifying novel biomarkers for early diabetes detection and personalizing treatment strategies.
• Studying Indian Diabetes Patterns: Unique diabetes variations in India, including genetic and environmental factors, will be analyzed.
• Longitudinal Studies: It will support long-term research tracking the progression of diabetes and its complications.
• Global Collaboration: The facility aims to enhance India’s role in the global fight against diabetes, contributing valuable data for collaborative research.

Major Studies Supported by the Biobank

1. ICMR-INDIAB Study:
   • Covered over 1.2 lakh individuals across 31 states and Union territories.
   • Revealed an alarming prevalence of diabetes, affecting over 10 crore Indians, with rising cases in underdeveloped states.
   • Provided insights into the epidemic of diabetes and prediabetes in India.
2. Registry of Young-Onset Diabetes:
   • Tracks over 5,500 youth diagnosed with diabetes, highlighting both Type 1 and Type 2 diabetes in young populations.
   • Underscored the critical need for early diagnosis and intervention.

What This Means for India

• The establishment of this biobank is a significant step forward in combating the growing diabetes burden in India, a country with one of the highest diabetes populations in the world. By leveraging cutting-edge research capabilities, the biobank will contribute to improved patient care, early interventions, and global health advancements, solidifying India’s role as a leader in diabetes research and management.

India Launches Jalvahak Incentive Scheme for National Waterways

• The Indian government has introduced the Jalvahak incentive scheme, a pioneering initiative aimed at promoting long-haul cargo transportation via the country’s extensive national waterways network.
• By providing direct financial incentives, this scheme seeks to decongest road and rail networks while fostering an eco-friendly and economical transportation system.

Key Highlights of the Jalvahak Scheme

1. Targeted Waterways:
   The scheme focuses on National Waterways 1 (Ganga), 2 (Brahmaputra), and 16 (Barak), covering key regions of India.
2. Incentive Structure:
   • Offers up to 35% reimbursement on operating costs for cargo transportation.
   • Specifically incentivizes goods moved over distances of 300 km or more via waterways.
3. Economic and Environmental Impact:
   • Promotes cost-effective and sustainable transport solutions.
   • Reduces the carbon footprint compared to traditional road and rail logistics.

Operational Advancements

• Fixed-Schedule Services:
  The scheme was launched alongside the flagging off of cargo ships from Kolkata.
  • Regular routes include Kolkata-Patna-Varanasi-Guwahati with set transit times for reliability.
• Investment Focus:
  • ₹95.4 crore investment planned by 2027 to enhance waterway infrastructure.
  • Aims to handle 200 million tonnes of cargo by 2030 and 500 million tonnes by 2047.

Benefits for Cargo Owners and Operators

1. Cost Savings:
   Reimbursement on operating expenses reduces overall logistics costs.
2. Increased Reliability:
   Fixed-schedule services ensure timely deliveries and boost operational confidence.
3. Scalability for Businesses:
   The scheme’s incentives encourage businesses to shift bulk cargo to waterways, reducing dependency on congested road and rail networks.

India’s Waterways: Progress and Future Goals

• Past Underutilization:
  In 2014, inland waterways were largely untapped, contributing minimally to logistics.
• Remarkable Growth:
  • 700% increase in cargo movement from 18.07 million tonnes (2013-14) to 132.89 million tonnes (2023-24).
  • The Jalvahak scheme builds on this momentum to further integrate waterways into India’s logistics framework.
• Global Perspective:
  With a network spanning 20,236 km, India aims to emulate global leaders like the US and China, where inland waterways are vital components of freight transport.

India Launches Its First Green Steel Taxonomy: A Milestone in Decarbonization

• India has made a significant leap in its commitment to reducing carbon emissions in the steel sector. Shri H.D. Kumaraswamy, Union Minister of Steel & Heavy Industries, unveiled the country’s first-ever Taxonomy of Green Steel at Vigyan Bhavan, New Delhi.
• This pioneering framework establishes clear definitions, metrics, and benchmarks for producing environmentally friendly steel, advancing India’s efforts toward a low-carbon economy and net-zero emission intensity by 2070.

Key Objectives of the Green Steel Taxonomy

1. Define and Promote Green Steel:
   Establish a universal definition and framework for low-emission steel production.
2. Encourage Innovation:
   Foster innovation and technology adoption to reduce carbon emissions in the steel sector.
3. Create Market Demand:
   Develop a robust market for low-carbon steel products, stimulating industry growth while adhering to sustainability goals.
4. Support CO₂ Emission Reductions:
   Provide guidelines for the industry to lower CO₂ emissions intensity.

Salient Features of the Taxonomy

1. Definition of Green Steel

• Green Steel is defined as steel with emission intensity below 2.2 tonnes of CO₂ equivalent per tonne of finished steel (tfs).
• The “greenness” is quantified as a percentage, comparing the emission intensity to the established threshold.

2. Green Steel Star Rating System

A star-rating mechanism categorizes steel plants based on their emission intensity:

• 5-Star: Emission intensity below 1.6 t-CO₂e/tfs.
• 4-Star: Emission intensity between 1.6–2.0 t-CO₂e/tfs.
• 3-Star: Emission intensity between 2.0–2.2 t-CO₂e/tfs.
• Non-Green Steel: Emission intensity above 2.2 t-CO₂e/tfs is not eligible for green certification.

Stakeholder Engagement and Future Policies

• National Mission on Green Steel (NMGS):
  Consultations on the draft mission were held, aiming to formalize a long-term strategy for decarbonizing the steel sector.
• Green Steel Public Procurement Policy (GSPPP):
  The policy is under development to promote government procurement of low-carbon steel, ensuring demand for green steel products.
• Stakeholder Inputs:
  The Ministry of Steel emphasized the importance of inclusivity, pledging to incorporate stakeholder feedback in finalizing these policies.

India’s Global Leadership in Green Steel

• With the launch of this taxonomy, India becomes the first country to implement a formal framework for green steel, solidifying its leadership in sustainable steel production.
• By integrating technological innovation, regulatory frameworks, and market incentives, India is setting a global benchmark for balancing economic growth with environmental responsibility.
• This initiative aligns with India’s broader vision for a net-zero carbon economy while maintaining competitiveness in the global steel industry.

Northern Coalfields Limited (NCL) Launches CHARAK Project for Free Healthcare

• Northern Coalfields Limited (NCL), under the Ministry of Coal, has introduced the CHARAK project to provide free medical treatment to economically disadvantaged individuals in Singrauli (Madhya Pradesh) and Sonbhadra (Uttar Pradesh).
• The initiative reflects NCL’s dedication to enhancing the socio-economic conditions of coalfield regions, specifically addressing life-threatening diseases among low-income families.

Key Features of the CHARAK Project

1. Target Beneficiaries:
   • Families with annual incomes below ₹8 lakh residing in Singrauli and Sonbhadra.
2. Diseases Covered:
   • Malignancy (cancer)
   • Tuberculosis (TB)
   • Cardiovascular diseases
   • HIV/AIDS
   • Neurological disorders
   • Organ transplants
   • Severe burn injuries
3. Treatment Options:
   • Free treatment at NCL hospitals or specialized empanelled hospitals across India.

NCL’s Commitment to Corporate Social Responsibility (CSR)

1. Past Investments in CSR:
   • Over ₹1,000 crore spent in the last decade, positively impacting nearly 10 lakh people.
2. CSR Focus for 2023-24:
   • CSR budget for the current fiscal: ₹172.97 crore.
   • Previous year’s spending: ₹157 crore.
   • Healthcare remains a top priority, as demonstrated by CHARAK and earlier healthcare initiatives.
3. Other Social Initiatives:
   • Infrastructure development.
   • Skill development programs for youth.
   • Education and environmental conservation efforts.

Significance of CHARAK for the Region

• Healthcare Accessibility: CHARAK will improve access to specialized healthcare for vulnerable communities, addressing the long-standing issue of inadequate medical resources in coalfield areas.
• Strengthening Social Impact: By reducing financial barriers for critical treatments, the program enhances the quality of life for low-income families in regions heavily reliant on coal mining.
• Alignment with National Goals: CHARAK complements India’s larger vision of inclusive development and equitable healthcare.

Prime Minister Narendra Modi Presents 11 Pledges for India’s Bright Future on 75th Anniversary of Constitution

• On the occasion of the 75th year of India’s Constitution, Prime Minister Narendra Modi delivered a powerful speech in the Lok Sabha, outlining 11 pledges for a brighter future for the nation.
• The speech emphasized the importance of inclusive development, zero tolerance for corruption, and the need to stay true to the principles of the Constitution.

Key Pledges and Highlights

1. Performance of Duties:
   • Both citizens and the government must fulfil their duties for the nation’s growth.
   • The government aims for inclusive development, ensuring every section of society benefits, under the principle of ‘Sabka Saath, Sabka Vikas’ (Together with All, Development for All).
2. Zero Tolerance for Corruption:
   • The government will uphold zero tolerance for corruption and ensure there is no social acceptance for corrupt practices.
   • Citizens should proudly follow the country’s laws, rules, and traditions.
3. Pride in the Country’s Heritage:
   • The Prime Minister emphasized the need for freedom from the mentality of slavery, encouraging the public to take pride in India’s heritage.
4. End to Dynastic Politics:
   • He urged that dynastic politics be eradicated, advocating for respect for the Constitution without allowing it to be misused for political self-interest.
5. Reservation based on Merit and Need:
   • PM Modi expressed commitment to protecting reservations for those who are already beneficiaries, while ensuring that reservations based on religion are stopped.

CURRENT AFFAIRS : INTERNATIONAL NEWS

South Korea announces $1.9 billion investment in climate change technology  

• The Ministry of Science and ICT announced that South Korea plans to invest 2.7 trillion won ($1.9 billion) in developing climate change technologies in 2025.
• This marks a 3.9% increase from the 2024 allocation of 2.6 trillion won.
• The investment is part of South Korea’s 10-year plan (2023-2032) to advance scientific technologies to address global warming.

Key Highlights :

• Carbon Reduction Targets:South Korea aims to reduce greenhouse gas emissions by 40% from 2018 levels by 2030.
• The country is committed to achieving carbon neutrality by 2050.
• Focus Areas for Investment in 2025:Renewable Energy Technologies: Development of next-generation solar batteries and large-scale floating wind power systems.
• Carbon-Neutral Technologies: Advancements in next-generation nuclear power systems and hydrogen power.
• Environmental Protection and Food Security:The government will focus on assessing the vulnerability of forests, marine areas, and ecosystems to climate change.
• Measures will be taken to ensure stable food production in the face of climate change.
• Comprehensive Roadmap for Carbon Neutrality:A comprehensive roadmap for achieving carbon neutrality has been completed, focusing on six key sectors: wind power, energy storage, the environment, etc.
• Sector-Specific Strategies:The Presidential Special Committee on Carbon Neutrality Technologies has devised strategies for 17 sectors, including:
  • Wind power
  • Energy storage
  • Environment
  • Steelmaking
  • Chemicals
  • Car manufacturing
  • Nuclear power

Specific Initiatives:

• Development of next-generation offshore wind turbines.
• Creation of integrated energy systems.
• Building of eco-friendly data centers.

About South Korea :

• President : Han Duck-soo
• Capital : Seoul
• Currency : Korean Republic won (₩)

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Jeh Wadia rejoins boards of Wadia Group companies  

• Jehangir (Jeh) Wadia, the younger son of Nusli Wadia, has rejoined the boards of Wadia Group companies after a three-year hiatus.
• He had relocated to London in March 2021, after resigning from all Wadia Group boards.
• The decision for his return followed discussions between Jehangir (51) and Nusli Wadia (81) aimed at infusing younger entrepreneurial energy into the group.
• Jehangir Wadia is reappointed to a non-executive role in Britannia and is expected to take charge of Bombay Dyeing as Managing Director.
• Nusli Wadia, at 81 years old, has been leading the group for about 60 years but recognizes the need for younger leadership to work alongside professionals.
• Ness Wadia, Jehangir’s elder brother (53), is the managing director of Bombay Burmah and National Peroxide and works alongside his father.
• Wadia Group’s Market Presence:The Wadia Group consists of publicly traded companies like Britannia, Bombay Dyeing, National Peroxide, and Bombay Burmah.
• The group’s combined market capitalisation stands at Rs 1.38 lakh crore.
• Companies like Bombay Dyeing have declared uninterrupted dividends for over 125 years, and Bombay Burmah was the second company to be listed in India.
• Succession Planning in Indian Family Businesses:Around 80% of Indian businesses are family-owned, but only about 20% have a succession plan in place, according to a 2023 Grant Thornton report.
• The report highlights the complexity of succession planning in Indian family businesses, where traditions, hierarchies, and professional management intersect.
• Historically, the Wadia Group has been involved in real estate development, building significant housing complexes for the Parsi community between 1908 and 1956 in Mumbai, such as Nowroz Baug, Rustom Baug, and Bai Jerbai Baug.

About Wadia Group :

• Founded : 1736
• Headquarters : Mumbai, Maharashtra, India

RBI approves appointment of Manish Jain as Executive Director at YES Bank    

• The Reserve Bank of India (RBI) has approved Manish Jain’s appointment as Executive Director (Whole-time Director) of YES Bank for a period of three years, from December 11, 2024, to December 10, 2027.
• The appointment was approved by the Reserve Bank of India (RBI) under Section 35B of the Banking Regulation Act, 1949.
• The appointment follows a prior resolution by YES Bank’s board of directors, which was subject to RBI clearance.
• Jain’s appointment will be finalized upon shareholder approval.
• Role and Responsibilities:Manish Jain heads the Corporate and Wholesale Banking Business at YES Bank, which includes:
  • Large Corporates, Emerging Local Corporates, and Multinational Corporates.
  • Financial Institutions, Government Banking, Project Finance, and Loan Syndication.
  • Transaction Banking, IFSC Banking Unit, Corporate and Government Advisory.
  • Food and Agri Strategic Advisory, Business Economics, and Financial Markets.

About Manish Jain :

• Jain joined YES Bank in September 2023.
• He heads the bank’s corporate and wholesale banking business.
• Before this, he was designated as the country head of wholesale banking.
• He has over 30 years of experience, including 23 years at Standard Chartered Bank.

About YES Bank :

• Founded : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar

CURRENT AFFAIRS: AWARDS AND HONOURS

Nupi Lal Numit 2024: Honoring Manipuri Women’s Bravery and Resilience

• Manipur recently observed Nupi Lal Numit 2024 to honour the courageous women who played pivotal roles in the Nupi Lal uprisings of 1904 and 1939.
• Held at the Nupi Lal Memorial Complex, the event, led by Chief Minister Biren Singh, underscored the enduring legacy of women’s strength in shaping Manipur’s history and progress.

Historical Significance of the Nupi Lal Uprisings

• First Uprising (1904):
  Women protested against British-imposed forced labor, demanding justice and asserting their rights.
• Second Uprising (1939):
  Women fought against economic exploitation by colonial powers, particularly the manipulation of rice prices, which led to famine-like conditions.
• These uprisings showcased the leadership and unity of Manipuri women, paving the way for significant social and political reforms.

Key Highlights of Nupi Lal Numit 2024

Empowering Women Through Government Initiatives

1. Economic Participation:
   • Establishment of Ima Markets (women’s markets) across districts, boosting women’s entrepreneurship.
2. Support for Women Athletes:
   • Financial assistance and training centers to nurture talent in sports.
3. Educational Opportunities:
   • Scholarships for civil services coaching and schemes for NEET and JEE preparations, encouraging academic excellence.
4. Ima Nongthangleima Yaipha Tengbang Scheme:
   • Financial aid to unemployed women over 40 years, enhancing social security.

Call for Unity and Peace

• Chief Minister N. Biren Singh emphasized the importance of unity and collaboration amid ongoing challenges.
• Minister Th. Biswajit Singh highlighted the need for gender equality and women’s participation in decision-making processes.

CURRENT AFFAIRS: MOUS AND HONOURS

Dixon Technologies and Vivo India Join Forces for OEM Smartphone Manufacturing

• In a major boost to India’s manufacturing capabilities, Dixon Technologies and Vivo India have announced a joint venture aimed at producing electronic devices, including smartphones, under the Original Equipment Manufacturer (OEM)
• This collaboration represents a significant step in advancing local production and catering to India’s rapidly expanding smartphone market.

Key Highlights of the Joint Venture

1. Stake Distribution:
   • Dixon Technologies will hold a 51% stake, while Vivo India will own 49% of the joint venture.
   • Despite the partnership, the companies will maintain independence, with no ownership in each other.
2. Scope of Operations:
   • The venture will handle a portion of Vivo’s OEM smartphone orders in India.
   • It also plans to diversify by manufacturing OEM products for other brands, broadening its portfolio.
3. Regulatory Approvals:
   • The agreement is subject to regulatory clearances and the finalisation of definitive agreements.

Goa to Honour Liberation Martyrs’ Families with ₹10 Lakh

• In a historic initiative, the Goa government has decided to recognize the supreme sacrifices made by the martyrs of Goa’s Liberation struggle, becoming the first state in India to do so.
• As part of this gesture, the families of 14 martyrs will be awarded ₹10 lakh each as a token of gratitude.

Key Highlights of the Initiative

1. Monetary Benefit for Martyrs’ Families:
   • The families of 14 Liberation martyrs will receive ₹10 lakh each.
   • The compensation is a first-of-its-kind gesture by a state government in India.
2. Identification of Martyrs:
   • The Goa government has identified a total of 74 martyrs from the Liberation struggle.
   • 14 martyrs were selected for this recognition, as their legal heirs up to the first generation are still alive.
3. Ceremony Details:
   • The Chief Minister of Goa, Pramod Sawant, will present the monetary benefit and a certificate of honour to the families on December 18 at the Goa Legislative Assembly in Porvorim.

Background of Goa’s Liberation Struggle

• Goa was a Portuguese colony for over 450 years, and its Liberation struggle spanned from the mid-19th century to 1961.
• Many Goans sacrificed their lives for the cause of freedom, fighting against Portuguese colonial forces.

Martyrs to be Honoured

Some notable martyrs include:

1. Bala Raya Mapari – The first martyr of Goa’s Liberation struggle, Mapari was arrested in February 1955 by Portuguese police and tortured to death for refusing to reveal his comrades’ identities.
2. Basavraj Hudgi
3. Sheshnath Wadekar
4. Tulshiram Balkrishna Hirve
5. Baburao Keshav Thorat
6. Sakharam Yeshwant Shirodkar
7. Rohidas P Mapari
8. Yeshwant Sukha Agarwadekar
9. Ramchandra Nevgi
10. Bapu Vishnu Gavas
11. Babla Dhondo Parab
12. Laxman Narayan Velingkar
13. Keshavbhai Sadashiv Tengse
14. Parshuram Srinivas Acharya

Previous Initiatives

• In September 2022, Chief Minister Sawant also visited Martyr Karnail Singh Benipal’s family in Ludhiana, Punjab, and provided a ₹10 lakh cheque as financial support to his widow, Charanjeet Kaur.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

India to enter quantum satellite competition for secure, hack-proof communication network

• India is set to join a select group of countries with quantum satellite capabilities, aiming to create hack-proof communication networks.
• The satellite will play a crucial role in the National Quantum Mission (NQM), which is focused on advancing quantum technologies in four verticals: computing, communication, measurement, and sensing.

Key Highlights :

• Quantum Communication and Satellite Role: Satellite-based communication will complement the quantum communication network, which primarily relies on optical fibre.
• Satellites help overcome the distance limitations of optical fibre, which is effective for only 100-250 km, by enabling communication over larger distances.
• Quantum satellites can solve this issue by using Quantum Key Distribution (QKD) technology for secure communication.
• Global Competition: Countries like China, the US, and Europe have already launched quantum satellite programs, with India aiming to compete with these nations.
• Timeline and Satellite Launch Plans: The Department of Space plans to launch a quantum satellite within 2-3 years.
• The quantum satellite will provide secure communication over large distances and support the broader NQM initiative.
• Challenges with Satellite-Based Communication: One challenge of satellite-based communication, particularly with Low Earth Orbit (LEO) satellites, is their limited coverage duration (15-20 minutes per day).
• This requires a constellation of 4-7 satellites for continuous coverage.
• Collaboration with Start-Ups: QNu Labs, one of the start-ups under NQM, is focusing on satellite-based quantum communication solutions over the next 6-12 months.
• Government Support and Funding: The Union Cabinet has approved ₹6,003.65 crore for the eight-year NQM initiative to accelerate quantum technology development.
• Potential for National and International Communication: The government aims to establish satellite-based quantum communications between ground stations within India and internationally over a range of 2,000 km.

Gaganyaan’s communication systems set for testing at the European Space Agency facility in Germany  

• Gaganyaan is India’s first crewed space mission, aiming to send three astronauts about 400 km above the Earth’s surface for three days.
• It will involve two uncrewed preparatory missions, Gaganyaan-1 (G1) and Gaganyaan-2 (G2), before the crewed flight.
• The European Space Agency (ESA) is supporting ISRO by providing Ground Tracking Support for the Gaganyaan mission.
• This includes testing and ensuring compatibility between Gaganyaan’s radio equipment and ESA’s infrastructure.
• ISRO signed a Technical Implementing Plan (TIP) with ESA on December 4, 2024, to facilitate ESA’s involvement in ground tracking and other aspects of the mission.

Key Highlights :

• Gaganyaan-1 (G1) Mission: Scheduled for early 2025, G1 will test the safe re-entry of the spacecraft and its orientation upon landing in the sea.
• ESA’s Kourou station will assist with tracking using a 15m antenna operating in S-band and X-band wavelengths.
• Radio Equipment Testing: Gaganyaan’s radio equipment, about the size of a suitcase, is being tested at ESA’s Ground Segment Reference Facility (GSRF) in Germany.
• The tests aim to ensure effective communication between Gaganyaan’s radio transmitter and ESA’s antenna at Kourou, French Guiana.
• GSRF Role: The Ground Segment Reference Facility (GSRF) in Germany, managed by the European Space Operations Centre (ESOC), is used for mission development, including testing new or upgraded software and hardware.
• Previous missions like Rosetta, Gaia, and ExoMars Trace Gas Orbiter were also tested here.
• Tracking and Monitoring Support: ESA’s ESOC mission control centre will coordinate the global European Space Tracking network (Estrack), with support from the German Aerospace Center (DLR) and the Spanish National Institute for Aerospace Technology (INTA), to track and monitor the Gaganyaan crew module throughout the mission.

CURRENT AFFAIRS: SPORTS NEWS

Shaheen Shah Afridi Makes History: Youngest to 100 Wickets in All Formats

• Shaheen Shah Afridi has achieved a historic milestone by becoming the youngest bowler to take 100 wickets across Tests, ODIs, and T20Is, cementing his place in cricketing history.
• Afridi, aged 24 years and 248 days, accomplished this during the first T20I against South Africa, where he delivered an outstanding performance despite Pakistan’s narrow loss.

Key Achievements

• Youngest Bowler in History: At just 24 years and 248 days, Afridi is the youngest to achieve 100 wickets in all three international formats.
• First Pakistani Bowler: Afridi becomes the first player from Pakistan to reach this milestone, joining an elite group of cricketers worldwide.

Milestone Breakdown

Shaheen Shah Afridi (Pakistan)

• Test Wickets: 116 in 31 matches
• ODI Wickets: 112 in 56 matches
• T20I Wickets: 100 in 74 matches
• Age: 24 years, 248 days
• Matches Played: 161

Afridi’s T20I achievement came in 74 matches, making him the second-fastest Pakistani to reach this mark in the format, after Haris Rauf (71 matches).

Performance Highlights

• Match Performance:
  Afridi claimed 3/22 in the first T20I against South Africa, dismissing key players like Rassie van der Dussen (golden duck), David Miller, and Nqabayomzi Peter.
• Exclusive Club: Afridi joins legends like Tim Southee, Shakib Al Hasan, and Lasith Malinga, who also hold 100+ wickets in all formats.

Comparison with Other Milestone Achievers

CURRENT AFFAIRS : OBITUARIES

Legendary tabla maestro Ustad Zakir Hussain Passed away  

• Ustad Zakir Hussain, the legendary tabla maestro, passed away on December 15, 2024, at the age of 73 in San Francisco.

About Ustad Zakir Hussain :

• Born on March 9, 1951, in Mumbai, India, Zakir Hussain was the eldest son of Ustad Alla Rakha, another legendary tabla player.
• He began performing across India at the age of 12, showcasing his prodigious talent.
• Hussain’s career spanned six decades and he was known for his virtuosity and innovative approach to tabla.
• He collaborated with several renowned international and Indian artists, contributing to the fusion of Indian classical music with other genres, particularly jazz.
• He gained international recognition for his collaboration in 1973 with John McLaughlin (guitarist), L Shankar (violinist), and TH ‘Vikku’ Vinayakram (percussionist), blending Indian classical music with jazz.
• He worked with Ravi Shankar, George Harrison of The Beatles, and other musical legends, enriching the global musical landscape.
• Hussain’s performances were held in prestigious venues such as Carnegie Hall (New York) and Royal Albert Hall (London), showcasing his mastery over rhythm.
• He composed three concertos, including the first-ever concerto for tabla and orchestra, premiered by the Symphony Orchestra of India in 2015.
• He was a cultural icon, appearing in TV ads, movies, and collaborations. He was the face of Taj Mahal Tea in 1988, which led to the popular catchphrase “Wah Taj”.
• He acted in films like “Heat and Dust”, “The Perfect Murder”, and “Saaz”.

Notable Achievements:

• He won four Grammy Awards, including three awards at the 66th Grammy Awards in 2024, in the categories of Global Music Performance, Contemporary Instrumental Album, and Instrumental Composition.
• He received numerous awards, including Padma Shri (1988), Padma Bhushan (2002), Padma Vibhushan (2023), Sangeet Natak Akademi Award, and USA’s National Heritage Fellowship.

Daily CA One- Liner: December 17

• India has established its first diabetes biobank in Chennai, a collaborative effort between the Indian Council of Medical Research (ICMR) and the Madras Diabetes Research Foundation (MDRF).
• The Indian government has introduced the Jalvahak incentive scheme, a pioneering initiative aimed at promoting long-haul cargo transportation via the country’s extensive national waterways network.
• India has made a significant leap in its commitment to reducing carbon emissions in the steel sector. Shri H.D. Kumaraswamy, Union Minister of Steel & Heavy Industries, unveiled the country’s first-ever Taxonomy of Green Steel at Vigyan Bhavan, New Delhi.
• Northern Coalfields Limited (NCL), under the Ministry of Coal, has introduced the CHARAK project to provide free medical treatment to economically disadvantaged individuals in Singrauli (Madhya Pradesh) and Sonbhadra (Uttar Pradesh).
• On the occasion of the 75th year of India’s Constitution, Prime Minister Narendra Modi delivered a powerful speech in the Lok Sabha, outlining 11 pledges for a brighter future for the nation.
• Manipur recently observed Nupi Lal Numit 2024 to honor the courageous women who played pivotal roles in the Nupi Lal uprisings of 1904 and 1939
• In a major boost to India’s manufacturing capabilities, Dixon Technologies and Vivo India have announced a joint venture aimed at producing electronic devices, including smartphones, under the Original Equipment Manufacturer (OEM)
• In a historic initiative, the Goa government has decided to recognize the supreme sacrifices made by the martyrs of Goa’s Liberation struggle, becoming the first state in India to do so
• A Bill to amend the Insolvency and Bankruptcy Code (IBC) is set to be presented during the Budget session of Parliament.
• The gross non-performing asset (NPA) ratio for scheduled commercial banks (SCBs) improved significantly, declining to 2.67% in June 2024, from 11.18% in March 2018.
• BOBCARD Limited., a subsidiary of Bank of Baroda, has launched the TIARA Credit Card, a women-centric card aimed at supporting, empowering, and celebrating women’s financial autonomy.
• ICICI Bank has signed a Memorandum of Understanding (MoU) with Commonwealth Bank of Australia (CBA).
• The Ministry of Science and ICT announced that South Korea plans to invest 2.7 trillion won ($1.9 billion) in developing climate change technologies in 2025.
• Jehangir (Jeh) Wadia, the younger son of Nusli Wadia, has rejoined the boards of Wadia Group companies after a three-year hiatus.
• The Reserve Bank of India (RBI) has approved Manish Jain’s appointment as Executive Director (Whole-time Director) of YES Bank for a period of three years, from December 11, 2024, to December 10, 2027.
• India is set to join a select group of countries with quantum satellite capabilities, aiming to create hack-proof communication networks.
• Gaganyaan is India’s first crewed space mission, aiming to send three astronauts about 400 km above the Earth’s surface for three days.
• Ustad Zakir Hussain, the legendary tabla maestro, passed away on December 15, 2024, at the age of 73 in San Francisco.
• Shaheen Shah Afridi has achieved a historic milestone by becoming the youngest bowler to take 100 wickets across Tests, ODIs, and T20Is, cementing his place in cricketing history.

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