Daily Current Affairs December 26th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

India’s insurance penetration decreased in FY24, but density increased   

• Insurance penetration in India fell to 3.7% in 2023-24, down from 4% in the previous fiscal year.
• This marks the second consecutive year of decline in insurance penetration, which had already dropped from 4.2% in 2021-22 to 4% in 2022-23.

Key Highlights :

• Insurance Density Increase:Despite the drop in penetration, insurance density (per capita premium) increased to $95 in 2023-24, up from $90 in the previous year.
• Non-life insurance density rose from $22 to $25, while life insurance density remained stable at $70.
• Global Comparison:India’s insurance penetration of 3.7% and insurance density of $95 are still lower than the global averages of 7% and $889 in 2023.
• Factors Contributing to Decline:A key reason for the decline in penetration is the low uptake of life insurance, particularly term plans.
• Financial products like term insurance are often seen as protection-only, lacking the appeal of investment-oriented products, especially among younger people.
• Tax treatment changes and reduced disposable incomes due to inflation contributed to lower life insurance demand.
• Shift in Investment Preferences:There has been a shift away from investment-linked insurance products towards mutual funds and capital markets.
• Fintech companies have started offering hybrid savings and insurance-linked products to cater to changing consumer preferences.
• Life Insurers’ Performance:Public sector life insurers: Collected ₹4,75,752 crore in premiums, a 0.22% increase from 2022-23.
• Private sector life insurers: Collected ₹3,54,178 crore in premiums, a 15.05% increase from 2022-23.
• The total premium collected by the industry in 2023-24 was ₹8,29,930 crore, showing a 6.06% increase from the previous year.
• Private insurers issued 69.89% of new policies, while public insurers issued 30.11%.
• Non-Life Insurance Industry:The non-life insurance industry saw a growth of 16.18% in total direct premiums, reaching ₹2.90 lakh crore in 2023-24.
• General insurance contributed ₹90,252 crore (an increase of 8.88%), with health insurance being the largest segment at ₹1.18 lakh crore, accounting for 40.29% of the total premium.
• Motor insurance showed a growth of 19.5% in 2023-24.
• Policy Growth:The insurance industry registered a 2.48% increase in the number of new policies issued in 2023-24.

Reserve Bank of India Reports Economic Recovery in Q3 Driven by Festival Activity and Strong Rural Demand   

• India’s Gross domestic product (GDP) growth in the July-September quarter of 2024-25 was 5.4%.
• GDP growth is expected to recover in the October-December quarter, with projections of 6.8% growth for Q3 and 6.5% for Q4 of FY24.

Key Highlights :

• High-Frequency Indicators (HFIs):HFIs suggest that India’s economy is rebounding from the slowdown witnessed in Q2, driven by strong festival activity and rural demand.
• Indicators show that rural demand is gaining momentum, supported by record-level foodgrain production.
• E-way bills increased by 16.3% YoY in November 2024.
• Toll collections showed double-digit growth in both value and volume terms in November 2024.
• Monetary Policy and Growth Projections:RBI revised its FY24 GDP growth projection to 6.8% from 7.2% in December 2024.
• The RBI report mentions that domestic private consumption demand will mainly drive growth in the second half of FY24.
• Inflation Trends:Headline inflation slowed to 5.5% in November 2024, down from 6.2% in October.
• Food price data for December 2024 (as of December 19) showed:
  • Rice prices declined.
  • Wheat and atta prices continued to rise.
  • Edible oil prices showed continued upside pressures.
  • Pulses prices saw a broad-based decline.
  • Vegetable prices: Onion and tomato prices fell, while potato prices remained stable.
• Foreign Portfolio Investment (FPI):Net FPI outflows in November 2024 amounted to $2.4 billion, with $2.7 billion in equity outflows and $0.3 billion in debt inflows.
• FPI flows turned positive in December (as of December 18), with net inflows of $3.6 billion.
• Sectors with highest equity outflows in November 2024: Oil, gas, consumable fuels, and automobile and auto components.
• Sectors receiving largest inflows: Information technology and financial services.
• Global Economic Impact:The report notes that global headwinds continue to pose risks to India’s growth and inflation outlook.
• Rising global economic and financial uncertainties led to equity outflows from other Emerging Market Economies (EMEs) in November.

HDFC Bank Completes First Gold Forward Transaction from Gujarat GIFT City     

• HDFC Bank has become the first domestic bank to execute a gold forward deal from GIFT City (Gujarat International Finance Tec-City).
• This transaction marks a significant milestone in India’s bullion trading ecosystem.
• The transaction was carried out by HDFC Bank’s International Banking Unit (IBU) at GIFT City in collaboration with Hindustan Platinum, a global refiner and manufacturer of high-purity precious metals.
• Gold Forward Deal:A gold forward deal is an agreement to buy or sell a specific quantity of gold at a predetermined price for a future date.
• Such deals help businesses dealing with gold to hedge against price risks.
• Role of HDFC Bank’s IBU:HDFC Bank’s IBU is a trading and clearing member of the Indian International Bullion Exchange (IIBX).
• The bank is committed to supporting the development of the bullion ecosystem at GIFT City.

About HDFC Bank :

• Founded : August 1994
• Headquarters : Mumbai, Maharashtra, aIndia
• CEO : Sashidhar Jagdishan

CURRENT AFFAIRS: NATIONAL NEWS

BPCL Announces Greenfield Refinery-Cum-Petrochemical Complex in Andhra Pradesh

• Bharat Petroleum Corporation Ltd (BPCL) has selected Andhra Pradesh as the location for its new oil refinery-cum-petrochemical complex, marking a significant step in India’s energy landscape.
• This project is expected to be the last greenfield refinery in the country, reflecting BPCL’s ambitious plans amidst its energy transition towards net zero emissions.

Key Details of the BPCL Project

• Investment and Approval:
  • BPCL’s board has approved the commencement of pre-project activities for this refinery at an estimated cost of ₹6,100 crore.
  • Pre-project activities include land acquisition, feasibility reports, environmental impact assessments, and engineering designs.
• Project Scope:
  • While the exact capacity and timelines for completion are yet to be disclosed, the refinery is expected to have a capacity of at least 9 million tonnes per year (approximately 180,000 barrels per day).

BPCL’s Current and Planned Refining Assets

• Existing Refineries:
  • Mumbai Refinery: 12 million tonnes/year capacity
  • Kochi Refinery (Kerala): 15.5 million tonnes/year capacity
  • Bina Refinery (Madhya Pradesh): 7.8 million tonnes/year capacity
• Future Refining Plans:
  • BPCL is part of a consortium aiming to set up a 60 million tonnes/year refinery in Maharashtra, though this project has faced delays due to land acquisition issues.
  • India’s refining capacity is set to increase from 256.8 million tonnes to 300 million tonnes by the end of the decade, driven by ongoing and planned projects.

CURRENT AFFAIRS : STATE NEWS

Kashmir Artisans Revive the Dodo in Papier Mâché 343 Years After Its Extinction  

• Papier mâché is a renowned traditional art form in Kashmir, introduced during the 15th century under the reign of Sultan Zain-ul-Abidin (Budshah).
• This art involves creating decorative items from paper pulp, including baubles, stars, wall hangings, and Easter eggs.

Key Highlights :

• Revival of the Dodo:Kashmir artisans have revived the extinct dodo bird using papier mâché, 343 years after its extinction.
• Over 50,000 papier mâché dodos have been exported to international markets, including Europe and Mauritius in East Africa, ahead of the Christmas season.
• Dodo and Mauritius:The dodo was last seen in Mauritius, and it is of great significance there, being the national emblem of the island nation.
• Geographical Indication (GI) Tag:Kashmir Papier Mâché has received the prestigious Geographical Indication (GI) Tag, recognizing the art form’s unique regional identity.

Madhya Pradesh Declared a “Top Global Destination for 2025” by Wall Street Journal    

• Madhya Pradesh (MP) has earned a spot on the Wall Street Journal’s list of “Must-Visit Global Destinations for 2025” for its cultural heritage, wildlife, and natural landscapes.
• The state is recognized for its vibrant cultural heritage, including its festivals and historical sites, contributing to its tourism appeal.
• Madhya Pradesh is home to 14 UNESCO World Heritage Sites, including 3 permanent and 11 tentative sites.
• Notable UNESCO sites include Khajuraho, Panna, and Bandhavgarh.
• The state boasts 9 tiger reserves, making it a hub for wildlife tourism, particularly for those seeking thrilling wildlife experiences.
• Madhya Pradesh is often referred to as the “Heart of Incredible India” due to its diverse offerings, making it a must-visit destination for travelers seeking adventure, culture, and nature.
• The WSJ recognition highlights Khajuraho (famous for its temples), Panna (known for its wildlife sanctuary), and Bandhavgarh (home to rich wildlife and natural beauty).

About Madhya Pradesh :

• Governor : Mangubhai C. Patel
• Chief Minister : Mohan Yadav
• Capital : Bhopal
• National Park : Satpura National Park, Kanha National Park, Bandhavgarh National Park
• Wildlife Sanctuary : Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Gulf Oil Lubricants Partners with Nayara Energy: Stock Surges 4%

• Gulf Oil Lubricants India Ltd’s stock price saw a significant rise of 3.96%, reaching ₹1,216.45 on the BSE following its strategic partnership announcement with Nayara Energy, India’s largest private fuel retailer.

Key Highlights of the Partnership

1. Scope of Agreement
   • Three-year collaboration between Gulf Oil and Nayara Energy.
   • Gulf’s full range of automotive lubricants, including products for two-wheelers, cars, commercial vehicles, and agricultural vehicles, will be distributed through 6,500 Nayara Energy fuel stations nationwide.
2. Strategic Objectives
   • Enhanced market presence for Gulf Oil.
   • Broader consumer accessibility through Nayara Energy’s extensive retail network.
   • Offer a comprehensive portfolio of high-quality lubricants like engine oils, gear oils, and AdBlue automotive fluids.

Stock Market Impact

• Intra-day performance:
  • High: ₹1,230.05
  • Low: ₹1,177.55
• Yearly performance:
  • 52-week high: ₹1,510.00 (recorded on September 2, 2024).
  • 52-week low: ₹703.15 (recorded on January 10, 2024).

Implications for Gulf Oil and Nayara Energy

• For Gulf Oil:
  The partnership expands Gulf Oil’s market reach and boosts sales by utilizing Nayara Energy’s vast retail infrastructure.
• For Nayara Energy:
  Adding Gulf’s premium lubricants strengthens its retail portfolio, providing value-added services to its customer base.

Greaves Electric Mobility Files for ₹1,000 Crore IPO

• Greaves Electric Mobility, the electric vehicle (EV) arm of Greaves Cotton, has filed a draft prospectus with SEBI for an initial public offering (IPO) to raise ₹1,000 crore.
• This includes a fresh issue and an offer for sale (OFS) of up to 18.9 crore shares by Greaves Cotton and Abdul Latif Jameel Green Mobility Solutions DMCC.

Key Details of the IPO

1. Fresh Issue and Offer for Sale:
   • ₹1,000 crore through fresh issuance.
   • OFS involves selling up to 18.9 crore shares by existing stakeholders.
2. Pre-IPO Placement:
   • A ₹200 crore pre-IPO placement is planned. If executed, the fresh issue amount will be adjusted accordingly.

Utilization of IPO Proceeds

• ₹375 crore: Product and technology development at the Bengaluru Technology Centre.
• ₹83 crore: Development of in-house battery assembly capabilities.
• ₹20 crore: Expansion of Bestway Agencies’ manufacturing capacity.
• ₹38 crore: Expansion of subsidiary MLR Auto, with plans to increase stake by investing ₹73.6 crore.
• Remaining funds: To support digitization, IT infrastructure, and inorganic growth opportunities.

Greaves Electric Mobility Overview

• Established: 2008.
• Brands: Ampere, Eltra, Ele.
• Segments: Electric two-wheelers and three-wheelers for both B2C and B2B customers.
• Product Range:
  • High-speed e-scooters, city-speed e-scooters, and low-speed e-scooters.
  • 3W mobility, including electric three-wheelers, diesel/CNG three-wheelers, and e-rickshaws for cargo and passenger use.

Manufacturing Facilities and Financial Performance

• Manufacturing Locations:
  • Ranipet (Tamil Nadu).
  • Greater Noida (Uttar Pradesh).
  • Toopran (Telangana).
• Financials:
  • FY24 Revenue: ₹611.8 crore.
  • H1 FY24 Revenue (up to September 30, 2024): ₹302.2 crore.

ICAI Launches Flagship Programme for Chartered Accountants Focused on Family Enterprises

• The Institute of Chartered Accountants of India (ICAI) has unveiled its first advanced residential flagship programme, “Empowering Trusted Advisors — Unlocking the Potential of Family Enterprises,” at its Hyderabad Centre of Excellence (CoE).
• This initiative underscores ICAI’s commitment to enhancing professional skills and supporting innovation in the accounting profession.

Key Highlights of the Programme

• Programme Details:
  • Scheduled from January 7-11, 2025.
  • Designed for chartered accountants to address the unique needs of family-run businesses.
  • Focuses on equipping participants with strategies to balance family and business objectives.
• Learning Objectives:
  • Provide a comprehensive understanding of family enterprises.
  • Enable participants to offer tailored solutions as trusted long-term advisors.

Broader ICAI Initiatives

1. Expansion of Centres of Excellence (CoEs):
   • ICAI plans to establish eight additional CoEs across India over the next three years.
   • Current CoEs:
     • Hyderabad and Jaipur operational.
     • Kolkata CoE set to launch in January 2025.
2. Innovative Tools and Resources for CAs:
   • ICAI CA GPT Platform:
     • AI-powered platform with 19 specialised GPTs for knowledge sharing and professional support.
   • Certificate Course on AI:
     • Launched in July 2024, focusing on artificial intelligence for ICAI members.
3. Student-Centric Initiatives:
   • Fee Concessions:
     • 75% fee reduction for registration in all CA courses for candidates from Jammu & Kashmir, Ladakh, and Northeastern states.
     • Valid until March 31, 2025.

Steelbird to Establish ₹250 Crore Manufacturing Facility in Hosur

• Steelbird Hi-tech India Ltd, a leading manufacturer of branded helmets, is set to build a new manufacturing facility in Hosur, Tamil Nadu, with a total investment of nearly ₹250 crore.
• The project underscores the company’s focus on strengthening its presence in South India, a critical market for its growth.

Key Highlights of the New Facility

• Capital Expenditure (CAPEX): ₹100 crore for the new plant.
• Production Capacity: Initial capacity of 20,000 helmets per day.
• Employment Impact: Expected to create 2,000 direct jobs.
• Timeline: The facility is part of Steelbird’s broader expansion plans, complementing its existing plants in Noida and Himachal Pradesh.

Growth Projections and Market Insights

• Revenue Target for 2030: Steelbird aims for a topline revenue of ₹2,500 crore by 2030, with South India expected to contribute ₹500 crore.
• Market Demand: India’s annual helmet demand is estimated at 100 million units, with only 30 million branded helmets produced, creating a substantial market gap.
• Replacement Demand: With 17 crore vehicles in India, the replacement demand for helmets could amount to 34 million units annually, while new demand could contribute an additional 40 million helmets per year.

Steelbird’s Manufacturing Growth

• Current Production: Steelbird produced 8 million helmets in 2023 and aims to double output to 10 million helmets by the end of 2024.
• Future Expansion: In addition to the Hosur facility, Steelbird plans a cycle helmet manufacturing plant, expected to begin operations in 2025.

Steelbird’s Industry Position

• Founded in 1964, Steelbird holds a 40% share of India’s branded helmet market. The company’s expertise in manufacturing helmets for major brands like Hero, Honda, Yamaha, Royal Enfield, Suzuki, Ola, and TVS positions it strongly to capitalize on the growing demand for branded helmets in India.

CURRENT AFFAIRS: AWARDS AND HONOURS

S. Jaishankar Honored with Sri Chandrasekarendra Saraswathi National Eminence Award

• External Affairs Minister Jaishankar received the Sri Chandrasekarendra Saraswathi National Eminence Award for Public Leadership from the South Indian Education Society (SIES) for his exceptional contributions to India’s foreign policy and global leadership.

Key Highlights from jaishankar’s Address

1. Inspiration from Maha Periyavar:
   • Jaishankar reflected on Maha Periyavar’s teachings, particularly the message of universal brotherhood conveyed through the musical composition Maithreem Bhajatham.
   • He emphasized Periyavar’s global connections and their influence on India’s vision for international relations and diplomacy.
2. Global Significance of India:
   • Highlighted India’s emergence as a self-reliant and assertive global power, especially in championing the Global South and taking a firm stance against terrorism.
   • Referenced India’s pivotal role in supporting the African Union’s inclusion in the G20 and its advocacy for pressing global issues.
3. Independence vs Neutrality:
   • Clarified that India’s independence does not imply neutrality.
   • Asserted that national interests shape India’s foreign policy and aims to contribute to the global good while resisting external pressures.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Indian President Droupadi Murmu Appoints New Governors for 5 States     

• In a leadership reshuffle, President Droupadi Murmu appointed two new governors and reassigned three others across five states.
• The reshuffle covers the states of Kerala, Bihar, Odisha, Manipur, and Mizoram.
• Note : Article 155. Appointment of Governor : The Governor of a State shall be appointed by the President by warrant under his hand and seal.

Justice G.S. Sandhawalia and Justice Narender G. appointed as Chief Justices of Himachal Pradesh and Uttarakhand High Courts                       

• Justice G.S. Sandhawalia was appointed as the Chief Justice of the Himachal Pradesh High Court on December 23, 2024.
• Current Position: Justice Sandhawalia is presently a judge of the Punjab and Haryana High Court.
• The Supreme Court Collegium recommended Justice G.S. Sandhawalia for the position of Chief Justice of Himachal Pradesh High Court on September 17, 2024, following the retirement of Justice Rajiv Shakdher on October 18, 2024.
• Justice Narender G. was appointed as the Chief Justice of the Uttarakhand High Court.
• Current Position: Justice Narender G. is a judge of the Andhra Pradesh High Court.
• Elevation of Additional Judges:Justice Shailender Kaur and Justice Ravinder Dudeja of the Delhi High Court were elevated from additional judges to permanent judges.
• Additional Judges are typically appointed for a period of two years before being confirmed as permanent judges.
• Four additional judges of the Karnataka High Court were also elevated to the position of permanent judges.

Radhakrishnan Panel Suggests Restructuring of National Testing Agency, Calls for Improved Coordination with States                     

• A committee led by former Indian Space Research Organisation (ISRO) chief Radhakrishnan has recommended reforms to improve the transparency and efficiency of national entrance tests like National Eligibility cum Entrance Test (NEET), Central Universities Entrance Test (CUET), and University Grants Commission National Eligibility Test (UGC-NET).
• The aim is to ensure the integrity of the examination process and prevent malpractices, with reforms inspired by the general election framework.
• The committee suggests that the Centre work with state governments to conduct exams, similar to the election process, where the state administrative machinery is involved at all levels.
• It is recommended that testing centres be sealed before exams in the presence of district administration and police to ensure security and prevent malpractice.
• State and District Committees:State-level committees should be headed by a nodal officer nominated by the Chief Secretary.
• District-level committees should be headed by the district magistrate and include representatives from local police, NTA, IB, and NIC.

Key Highlights :

• Introduction of “Digi-Exam” System: A “digi-exam” system, inspired by the DigiYatra model, is recommended to verify candidates and ensure only registered individuals appear for the exams.
• NTA’s Role: The National Testing Agency (NTA) will only conduct entrance exams for higher education, excluding recruitment exams for services.
• Reliance on Third-Party Agencies: The committee suggests reducing reliance on third-party agencies like TCS iON for conducting computer-based exams, especially for JEE Main, and gradually phasing this out.
• Phasing Out Reliance on Test Agencies: The committee recommends gradually reducing reliance on third-party agencies like TCS iON and enhancing collaboration with centrally-run schools (Kendriya Vidyalayas, Navodaya Vidyalayas) to develop digital infrastructure for computer-based testing.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

IoTech develops technology to directly spray seeds of paddy, chilli, and vegetables using drones   

• IoTechWorld Avigation, one of India’s largest drone manufacturers, has developed a process to directly spray and sow seeds for crops like paddy, chilli, and vegetables, making farming more efficient.
• The process of broadcasting seeds for crops like paddy has been successful, with results equivalent to traditional farming methods, improving germination rates and yields.
• The company’s drones are multi-purpose, acting like tractors.
• They can spray agro-chemicals and broadcast granules (e.g., urea, seeds), which increases the number of operational days for drones on fields.

Key Highlights :

• IoTechWorld Avigation’s Operations:Founded in 2017, the company launched its first drone in 2018 and has since marketed 3,000 drones across India.
• IoTech manufactures drones and collaborates with agri-entrepreneurs who operate and offer drone services to farmers. 30-35% of its customers are farmers.
• Drone Features and AI Integration:IoTech drones are equipped with artificial intelligence (AI) and machine learning (ML) features, such as collision avoidance, obstacle detection, and automatic rerouting.
• Cloud Integration for Data Analysis:The drones send data to the cloud for real-time analysis.
• The company provides direct support to farmers through this data, helping them improve drone usage and farm management.
• Financing Options for Drone Purchases:IoTech has tied up with State Bank of India and Punjab National Bank to provide loans for drone purchases, including up to 90% financing under the Agri Infrastructure Fund with a 6% effective interest rate.
• The company also runs a remote pilot training organization to train drone operators.
• Drone Didis Project:The Drone Didis project aims to encourage women participation in agriculture by training women (even those with a 10th-grade education) to operate drones and earn a livelihood.
• The project has been supported by a ₹1,200 crore allocation from the Indian government.
• Future Focus and Export Plans:IoTech aims to expand its operations to South-East Asia, Africa, and Latin America.
• It is also focusing on exports, controlling quality, costs, and the supply chain to meet global demand.

CURRENT AFFAIRS: RANKING AND INDEX

India Rises to 49th in the 2024 Network Readiness Index (NRI)

• India has achieved a significant milestone in the 2024 Network Readiness Index (NRI) by jumping 11 places from 60th in 2023 to 49th in 2024, with an improved score of 53.63.
• Published by the Portland Institute, the NRI evaluates nations’ use of technology for governance and citizen engagement, underscoring India’s growing prominence in the global technology landscape.

Ranking Improvement and Growth

• 2024 Score: 53.63, up from 49.93 in 2023.
• Ranking: India climbed 11 spots, reflecting notable advancements in digital infrastructure and technology adoption.

Key Areas Driving Technological Progress

1. Artificial Intelligence (AI)
   • Significant strides in AI research and its application to enhance citizen services and global innovation.
2. Mobile Networks & Broadband Connectivity
   • Government-led initiatives to improve mobile and broadband infrastructure, ensuring greater accessibility and digital growth.

Government Initiatives Fuelling Digital Transformation

• Digital Infrastructure Development: Increased investments in smart cities, e-governance, and connectivity projects.
• Research & Development Support: Policies encouraging technological innovation and startups.
• Public-Private Collaboration: Partnerships to foster cutting-edge research and innovation.

Forbes’ 21st Annual List of the World’s 100 Most Powerful Women (2024)

• Forbes has revealed its 2024 ranking of the World’s 100 Most Powerful Women, celebrating influential figures from business, entertainment, politics, philanthropy, and policymaking.
• This year, three Indian women—Nirmala Sitharaman, Roshni Nadar Malhotra, and Kiran Mazumdar-Shaw—have secured their places, spotlighting India’s global impact.

Key Achievements of Indian Women on the List

1. Nirmala Sitharaman (Rank 28 Overall)
   • Position: Finance Minister of India.
   • Notable Achievements:
     • First woman to serve as India’s full-time Finance Minister (since May 2019).
     • Oversees India’s $4 trillion economy, with projections to become the third-largest economy by 2027.
     • Strong advocate for women’s financial empowerment, promoting entrepreneurship and literacy.
     • Formerly worked at BBC World Service and served on India’s National Commission for Women.
2. Roshni Nadar Malhotra (Rank 81 Overall)
   • Position: Chairperson of HCL Technologies and CEO of HCL Corporation.
   • Notable Achievements:
     • Leads HCL Technologies, a $12 billion IT company.
     • Trustee of the Shiv Nadar Foundation, focused on transformative education.
     • Founded The Habitats Trust, dedicated to conserving natural habitats and wildlife.
     • Holds an MBA from Kellogg School of Management and a background in journalism.
3. Kiran Mazumdar-Shaw (Rank 82 Overall)
   • Position: Founder and Chairperson of Biocon.
   • Notable Achievements:
     • Built Biocon into a global biopharmaceutical leader.
     • Spearheaded Biocon Biologics’ $3.3 billion acquisition of Viatris’ biosimilars business in 2022.
     • Established one of Asia’s largest insulin manufacturing facilities in Malaysia.
     • Raised $362 million through Biocon-backed Bicara Therapeutics’ IPO in 2024.
     • Notable philanthropist, having donated $7.5 million for cancer research in 2019.

Top 10 Women on the 2024 List

1. Claudia Sheinbaum – President of Mexico.
2. Ursula von der Leyen – President of the European Commission.
3. Christine Lagarde – President of the European Central Bank.
4. Giorgia Meloni – Prime Minister of Italy.
5. Mary Barra – CEO of General Motors.
6. Abigail Johnson – CEO of Fidelity Investments.
7. Julie Sweet – CEO of Accenture.
8. Melinda French Gates – Co-chair of the Bill & Melinda Gates Foundation.
9. MacKenzie Scott – Philanthropist.
10. Jane Fraser – CEO of Citigroup.

CURRENT AFFAIRS: SPORTS NEWS

Russian Tennis Player Daniil Savelev Suspended for Doping Violation

• The International Tennis Integrity Agency (ITIA) has imposed a two-year suspension on Russian tennis player Daniil Savelev for violating doping regulations.
• Savelev tested positive for the prohibited substance meldonium in July 2024. Although the doping was deemed unintentional, Savelev accepted the suspension.

Key Details of the Suspension

1. Violation Details:
   • Savelev tested positive for meldonium, a banned substance.
   • The substance was reportedly ingested accidentally due to confusion with family medication.
2. Suspension Timeline:
   • Savelev’s provisional suspension began in August 2024.
   • The full suspension will continue until August 2026.
3. Career Background:
   • Savelev achieved his highest career doubles ranking of 1,486 in August 2022.
4. ITIA’s Assessment:
   • The ITIA acknowledged Savelev’s claim of unintentional doping.
   • Savelev admitted to the violation and agreed to the suspension.
   • Despite his explanation, no mitigating steps were identified that could reduce the penalty.

Champions Trophy 2025: Team India’s Predicted Squad For CT 2025

• The 9th edition of the ICC Champions Trophy will occur from 19 February to 9 March 2025 in Pakistan.
• Eight teams will compete in a round-robin format. The tournament culminates in the final at the Gaddafi Stadium, Lahore, with 10 March reserved as a contingency day.

India vs. Pakistan Clash Highlights

• India and Pakistan are set to face off in one of cricket’s most anticipated rivalries.
• The marquee match is scheduled for 1 March 2025 at the Gaddafi Stadium, Lahore.

India’s Probable Squad

While official confirmation of India’s participation and squad is awaited, the anticipated team includes:

CURRENT AFFAIRS : OBITUARIES

Legendary Filmmaker Shyam Benegal Passed Away                              

• Shyam Benegal, the renowned Indian filmmaker, passed away at the age of 90 in Mumbai.

About Shyam Benegal :

• Shyam Benegal was born on December 14, 1934, in Hyderabad, to a Konkani-speaking Chitrapur Saraswat Brahmin family.
• Benegal was regarded as a pioneer of parallel cinema in India, especially during the 1970s and 1980s.
• His works often broke away from traditional mainstream cinema and focused on social issues with a realistic portrayal.
• Notable Films:Some of his iconic films include Ankur (1973), Nishant (1975), Mandi (1983), Manthan (1976), Bhumika (1977), Netaji Subhas Chandra Bose: The Forgotten Hero (2004), Zubeidaa (2001), and Well Done Abba (2010).
• His films were known for their realism, social commentary, and significant contribution to parallel cinema in India.
• His last directorial feature was the biographical drama Mujib: The Making of a Nation (2023).

Awards and Honors:

• Benegal won 18 National Film Awards, including for films like Bhumika (1977), Junoon (1978), Arohan (1982), Netaji Subhas Chandra Bose: The Forgotten Hero (2004), and Well Done Abba (2010) and a Nandi Award.
• He was awarded the Dadasaheb Phalke Award (2005), India’s highest award in cinema.
• He received the Padma Shri (1976) and Padma Bhushan (1991) from the Government of India.
• He was also honored with the V Shantaram Lifetime Achievement Award in 2018.

Daily CA One- Liner: December 26

• Bharat Petroleum Corporation Ltd (BPCL) has selected Andhra Pradesh as the location for its new oil refinery-cum-petrochemical complex, marking a significant step in India’s energy landscape
• Gulf Oil Lubricants India Ltd’s stock price saw a significant rise of 3.96%, reaching ₹1,216.45 on the BSE following its strategic partnership announcement with Nayara Energy, India’s largest private fuel retailer.
• Greaves Electric Mobility, the electric vehicle (EV) arm of Greaves Cotton, has filed a draft prospectus with SEBI for an initial public offering (IPO) to raise ₹1,000 crore.
• The Institute of Chartered Accountants of India (ICAI) has unveiled its first advanced residential flagship programme, “Empowering Trusted Advisors — Unlocking the Potential of Family Enterprises,” at its Hyderabad Centre of Excellence (CoE).
• Steelbird Hi-tech India Ltd, a leading manufacturer of branded helmets, is set to build a new manufacturing facility in Hosur, Tamil Nadu, with a total investment of nearly ₹250 crore.
• External Affairs Minister Jaishankar received the Sri Chandrasekarendra Saraswathi National Eminence Award for Public Leadership from the South Indian Education Society (SIES) for his exceptional contributions to India’s foreign policy and global leadership.
• India has achieved a significant milestone in the 2024 Network Readiness Index (NRI) by jumping 11 places from 60th in 2023 to 49th in 2024, with an improved score of 53.63.
• India has achieved a significant milestone in the 2024 Network Readiness Index (NRI) by jumping 11 places from 60th in 2023 to 49th in 2024, with an improved score of 53.63.
• The International Tennis Integrity Agency (ITIA) has imposed a two-year suspension on Russian tennis player Daniil Savelev for violating doping regulations.
• Insurance penetration in India fell to 3.7% in 2023-24, down from 4% in the previous fiscal year.
• India’s Gross domestic product (GDP) growth in the July-September quarter of 2024-25 was 5.4%.
• HDFC Bank has become the first domestic bank to execute a gold forward deal from GIFT City (Gujarat International Finance Tec-City).
• Papier mâché is a renowned traditional art form in Kashmir, introduced during the 15th century under the reign of Sultan Zain-ul-Abidin (Budshah).
• Madhya Pradesh (MP) has earned a spot on the Wall Street Journal’s list of “Must-Visit Global Destinations for 2025” for its cultural heritage, wildlife, and natural landscapes.
• In a leadership reshuffle, President Droupadi Murmu appointed two new governors and reassigned three others across five states.
• Justice G.S. Sandhawalia was appointed as the Chief Justice of the Himachal Pradesh High Court on December 23, 2024.
• Justice Narender G. was appointed as the Chief Justice of the Uttarakhand High Court.
• A committee led by former Indian Space Research Organisation (ISRO) chief Radhakrishnan has recommended reforms to improve the transparency and efficiency of national entrance tests like National Eligibility cum Entrance Test (NEET), Central Universities Entrance Test (CUET), and University Grants Commission National Eligibility Test (UGC-NET).
• IoTechWorld Avigation, one of India’s largest drone manufacturers, has developed a process to directly spray and sow seeds for crops like paddy, chilli, and vegetables, making farming more efficient.
• Shyam Benegal, the renowned Indian filmmaker, passed away at the age of 90 in Mumbai.
• The 9th edition of the ICC Champions Trophy will occur from 19 February to 9 March 2025 in Pakistan

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