Daily Current Affairs December 03rd 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Allocates ₹3,497 Crore of Green Bond Auction to PDs Amid Low Investor Demand

• The Reserve Bank of India (RBI) devolved ₹3,497 crore of the Sovereign Green Bond (SGrB) auction on Primary Dealers (PDs).
• This occurred due to limited investor interest and low bids at the auction.

Key Highlights :

• Investor Interest:Investors bid for the SGrBs at lower prices, indicating a lack of interest in these bonds.
• This is mainly due to their relatively illiquid nature in the market.
• Previous Auction Outcomes:In May, the RBI cancelled a Sovereign Green Bond auction due to insufficient demand.
• In the August auction, the RBI accepted only ₹1,697 crore out of the ₹6,000 crore initially notified, indicating low participation.
• Auction Details (Friday’s Auction):The notified amount for the recent SGrB auction was ₹5,000 crore.
• The RBI received 73 competitive bids aggregating ₹9,630 crore and four non-competitive bids amounting to ₹2 crore.
• Auction Outcome:The RBI accepted all non-competitive bids and only nine competitive bids totalling ₹1,500 crore.
• The remaining amount of ₹3,497 crore was devolved on Primary Dealers (PDs).
• Primary Dealers (PDs):PDs are intermediaries that provide liquidity in the secondary market and act as underwriters at Government Security (G-Sec) auctions.
• They absorb the devolved amount when investor demand is insufficient.
• Cut-off Yield:The cut-off yield at the auction was 6.79%, which is the interest rate at which the bonds were sold.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das

Bank Credit Growth to non-banking Financial Companies Slows Significantly to 6.4%: RBI Data

• According to the Reserve Bank of India’s (RBI’s) sectoral deployment of credit data, the growth in bank credit to non-banking financial companies (NBFCs) declined sharply to 6.4% in October compared to 18.3% in the year-ago period, dragging down the growth of overall credit to the services sector.

Key Highlights :

Outstanding bank credit to NBFCs:

• October 2024: ₹15.36 trillion
• October 2023: ₹14.44 trillion
• May 2024: ₹15.48 trillion

●    RBI’s Measures on NBFC Borrowings : In November 2023, the RBI raised the risk weight on NBFCs by 25 percentage points to mitigate potential risks.

●    Finance companies diversified funding sources and reduced bank borrowings following this measure.

●    Credit Growth in Services Sector : Growth in credit offtake by the services sector fell to 14.1% YoY in October 2024 from 20.4% YoY in October 2023.

●    Decline primarily driven by reduced growth in credit to:

• NBFCs
• Trade segment: Growth dropped to 12.4% from 20.7% YoY.

●    Commercial Real Estate Loans : Growth in loans to the commercial real estate segment accelerated to 26% YoY from 14.8% YoY in October 2023.

• Retail credit growth declined to 15.8% YoY in October 2024 from 18.0% YoY in October 2023.
• Segments with declining growth:
  • Credit card outstanding: Growth fell to 16.9% from 28.0% YoY.
  • Vehicle loans: Growth dropped to 11.4% from 20.0% YoY.
• Growth in housing loans accelerated to 17.8% YoY from 14.3% YoY.
• Non-food credit growth slowed to 12.8% YoY in October 2024 from 15.5% YoY a year ago.
• Credit to industry: Growth improved to 8.0% YoY in October 2024 from 4.8% YoY in October 2023.
• Credit to agriculture and allied activities: Growth declined to 15.5% YoY from 17.4% YoY.

JP Morgan projects India’s GDP growth to recover to 6.7% in the second half, with a full-year estimate of 6.4%

• According to a report by JP Morgan, India’s economic growth is expected to accelerate to 6.7% in the second half (H2) of the fiscal year, bringing the full-year 2024-25 GDP growth to 6.4%.

Key Highlights :

• Q2 GDP Growth: India’s economy grew at 5.4% in the July-September 2024 quarter, marking the lowest growth rate in seven quarters.
• This growth was below market expectations, attributed to cyclical factors and weaker-than-expected consumption, investment, and exports.
• Factors Contributing to Slowdown:Cyclical Factors: Slower private consumption and weak export performance.
• Weakness in Key Sectors: Consumption growth slowed to 6% from 7.4% in Q1 2024.
• Exports grew by just 2.8%, reflecting poor performance in merchandise exports.
• Investment Slowdown: Gross fixed investment growth declined from 9.1% in Q3 2023 to 5.4% in Q3 2024, partly due to the ongoing general election process.
• Core GVA:Core Gross Value Added (GVA), excluding agriculture, public administration, and subsidies, decelerated sharply to 5.3%, the lowest in seven quarters.

Contributing Factors for Better Growth in H2:

• Government Spending: A sharp rise in government spending is expected to contribute positively.
• Agricultural Growth: Strong agricultural performance due to a good monsoon.
• Crude Oil Prices: A reduction in crude oil prices is seen as a positive contributor to GDP growth.
• Sector Recovery: The mining and electricity sectors are expected to normalize.

Foreign banks expect the Reserve Bank of India to maintain policy rates due to slow Q2 GDP growth

• Foreign banks expect the Reserve Bank of India (RBI) to maintain the policy rate at 6.5% during the December 4-6 Monetary Policy Committee (MPC) meeting, despite the slowdown in Q2 GDP growth.

Key Highlights :

• Q2 GDP Growth: India’s GDP growth for Q2 (July-September 2024) slowed to 5.4%, the lowest in seven quarters, falling below RBI’s forecast of 7% and market consensus.
• Gross Value Added (GVA) growth also slowed to 5.6% in Q2 from 6.8% in Q1 (April-June 2024).
• Factors for Slowdown:Weak government capex (down 10% in October 2024 compared to the same month in 2023).
• Excess rainfall, weak urban demand, and lower private consumption contributed to the slowdown.
• Central government capex in October 2024 was ₹51,579 crore, 10% lower than October 2023’s ₹56,296 crore.
• Inflation Concerns: Elevated inflation, including food prices, remains a concern for the RBI, making monetary easing less likely in the immediate term.
• Foreign Bank Projections:
• Barclays:
  • RBI will likely keep the policy rate unchanged in the December 4-6 Monetary Policy Committee (MPC) meeting with a neutral stance.
  • Revised India’s FY24-25 GDP growth forecast to 6.5% from 6.8%.
• DBS Bank:
  • Anticipates a rate pause in December 2024 with potential for easing in early 2025 if inflation remains under control.
• Goldman Sachs:
  • Expected Q2 GDP at 6.4%, but actual figures (5.4%) may intensify discussions on a 25 bps rate cut.
  • Base case: Rate cuts of 25 bps in February and another 25 bps in April 2025.

CURRENT AFFAIRS: NATIONAL NEWS

Centre Delays PM Internship Scheme Launch; New Date To Be Announced

• The central government’s PM Internship Scheme (PMIS), a youth-focused initiative, has been delayed.
• While the reasons for the delay remain undisclosed, the postponement does not seem related to companies or job seekers.

Key Highlights:

1. Internship Launch Timeline:
   • Originally scheduled for December 12, 2024, the first batch’s launch has been deferred, with a new date yet to be announced.
   • Application Window:
     • Initially closed on November 10, it was extended to November 15, 2024.
2. Participation and Response:
   • The scheme received an overwhelming response, with over 650,000 applications for 125,000 internships.
   • 280 companies have registered to provide internship opportunities.
3. Scheme Goals and Structure:
   • Pilot Phase:
     • Offers 125,000 internships across 24 sectors, including oil & gas, energy, travel, automotive, and banking.
   • Long-term Vision:
     • Targets to train 10 million youth over five years.
4. Financial Support:
   • Interns will receive a stipend of ₹5,000 per month.
     • Government Contribution: ₹4,500.
     • Company CSR Contribution: ₹500.
5. Corporate Participation:
   • The scheme seeks collaboration with 500 companies in India.
   • Companies can directly provide internships or collaborate with supply chain partners to meet internship commitments.
   • Participation by companies is voluntary, not mandatory.
6. Inception and Registration:
   • Launched under the 2024-25 Union Budget, applications began on October 3, 2024.

Growing Investment in Women-Centric Welfare: Indian States Allocate $18 Billion for Cash Transfer Schemes in 2024-25

• Indian states have significantly increased their focus on women-centric welfare schemes, with nine statescollectively allocating $18 billion (0.5% of India’s GDP) in the 2024-25 Budget Estimates for cash transfers and developmental programs to empower women.
• This trend highlights the growing importance of such initiatives in state policies and national budgets.

Key Highlights of State Cash Transfer Schemes:

1. Cash Transfer Schemes as Political Tools:

• These schemes have become a key strategy for political parties, particularly in attracting women voters and influencing election outcomes.
• Maharashtra’s “Ladki Bahin Yojana” played a pivotal role in the electoral success of the BJP-led coalition in recent elections.

2. Top Allocators and Economic Impact:

• Maharashtra leads with an allocation of $5.4 billion (1.1% of its GDP).
• Haryana offers the highest monthly cash transfer of ₹2,100 for eligible women, representing 1.7% of its GDP, the highest among states.
• Karnataka and West Bengal also allocate substantial budgets for women’s welfare, with monthly cash transfers ranging from ₹1,000 to ₹2,100.

3. States with Minimal Economic Strain:

• Delhi and Tamil Nadu face minimal economic impact, with their welfare programs accounting for just 0.2% and 0.4% of their GDP, respectively.

4. Past Precedents:

• States like Assam (2020) and West Bengal (2021) pioneered cash transfer initiatives, with West Bengal spending $1.7 billion (0.8% of its GDP).

National Women Empowerment Schemes:

1. Focus on Safety and Support:

• One Stop Centres (Sakhi Centres) and Women Helplines provide integrated support for survivors of violence.

2. Rehabilitation Initiatives:

• Programs like Swadhar Greh and Ujjawala Schemes assist women in distress and victims of trafficking.

3. Maternity Benefits and Childcare Support:

• PMMVY provides ₹6,000 to eligible mothers for nutritional and health needs during pregnancy and lactation.
• The Working Women Hostel Scheme ensures safe housing and daycare facilities for employed women.

4. Education and Community Empowerment:

• Beti Bachao Beti Padhao addresses child sex ratios and promotes education for girls.
• The Mahila Shakti Kendra Scheme empowers rural women through inter-sectoral convergence.

5. Comprehensive Programs for Women’s Welfare:

• Mission Shakti promotes women’s safety, security, and empowerment through governance convergence and digital infrastructure.

Government’s Efforts to Boost Female Labour Force Participation (FLPR)

• The Government of Indiais actively working on a national policy document aimed at increasing female labour force participation (FLPR), with a focus on creating a supportive environment, including a viable care economy structure.

Key Focus Areas of the Policy:

1. Childcare Support:

• The government plans to introduce childcare facilities for women, particularly in the informal sector, to ease the burden of caregiving.
• National Rural Employment Guarantee Scheme (NREGS) could be expanded to include child care provisions.
• The Palna scheme by the Ministry of Women and Child Development already offers day-care facilities for children of working parents.

2. Training and Skill Development:

• The government is providing vocational training to women through various institutes like Women Industrial Training Institutes, National Vocational Training Institutes, and Regional Vocational Training Institutes.

3. Legislation and Equal Rights:

• The Equal Remuneration Act, 1976 and other labor laws contain protective provisions against gender-based wage discrimination, aiming to ensure equal pay for equal work.

4. Surveys and Data Collection:

• The government has initiated surveys to assess women’s participation in the workforce, which will help in shaping more effective policies.

Other Key Initiatives to Promote FLPR:

• Stand-Up India Scheme:
  Aimed at supporting women entrepreneurs, 1.34 lakh entrepreneurs have benefited from this scheme, with 81% being women.
• Extended Maternity Leave:
  The government has extended maternity leave to 26 weeks to provide better support for working women.
• Mandatory Creche Facilities:
  Large organizations are now required to provide creche facilities for the children of employees.
• Jan Dhan Yojana:
  Over 29 crore women have been brought into the banking system through this financial inclusion scheme.
• Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM):
  The scheme has helped mobilize women from rural households into Self-Help Groups (SHGs), empowering them economically.

FLPR Trends and Developments:

• India’s FLPR was 33% in 2021, showing a recovery from a gradual decline to 23% in 2017. This improvement highlights the government’s efforts in addressing gender gaps in the workforce.

Collaborative Effort:

An inter-ministerial team from the Ministries of Skill Development, Labour, Rural Development, and Women and Child Development is working together on this policy to ensure holistic development for increasing female participation in the labor force.

Progress Under Pradhan Mantri Gram Sadak Yojana (PMGSY) in Jammu and Kashmir

• In a significant development, approximately 3,500 projects, including 217 bridges, have been successfully completed under the Pradhan Mantri Gram Sadak Yojana (PMGSY)over the last two decades in Jammu and Kashmir.
• The scheme, aimed at enhancing rural connectivity, particularly in remote and hilly regions, has been pivotal in improving infrastructure across the Union Territory.

Key Highlights:

1. Project Completion and Impact:

• 3,429 projects, including 217 bridges, have been completed, connecting 2,219 out of 2,140 rural habitations.
• The projects have cost around Rs 12,650 crore and have helped connect rural areas with all-weather roads, improving accessibility.
• The PMGSY has seen notable progress in the last five years, particularly focusing on rural and hilly areas.

2. Scheme Overview:

• Launched in 2001-02, the scheme aims to provide all-weather road connectivity to unconnected rural habitations with populations of more than 250 (according to the 2001 Census).
• A total of 3,742 projects, including 305 bridges and 20,801 kilometers of roads, have been sanctioned for Jammu and Kashmir.

Recent Review Meeting:

During a review meeting led by Amit Shukla, Joint Secretary of the Ministry of Rural Development, several critical points were discussed:

• Speeding up pending projects and ensuring timely completion.
• Maintaining quality standards and aligning with the government’s vision of “Sabka Saath, Sabka Vikas”.
• The importance of daily monitoring of projects to meet deadlines and handle challenges effectively.

Pune and Hyderabad Poised to Challenge Bengaluru’s GCC Hub Dominance

• Bengaluru, traditionally the dominant hub for Global Capability Centers (GCCs), is facing increasing competition from Puneand Hyderabad.
• As GCCs explore alternatives due to high rental costsand expanding metro infrastructure, these cities are emerging as attractive alternatives.

Key Highlights:

1. Shift in GCC Preferences:

• Bengaluru continues to lead the office market with over 230 million square feet of stock.
• However, rising rental costs in Bengaluru, coupled with enhanced metro infrastructure in cities like Hyderabad and Pune, are shifting the preference of GCCs towards these alternatives.

2. Pune’s Growing Appeal:

• Pune has outperformed other cities in the housing segment and continues to attract businesses.
• The city’s metro infrastructure is playing a crucial role in boosting its business appeal.
• Pune reported the highest 12-year compound annual growth rate (CAGR) of 6.9% among tier-1 cities, surpassing Bengaluru (5.3%).

3. Hyderabad’s Tech and Business Ecosystem:

• Hyderabad is emerging as a major hub for technology and innovation, particularly in robotics and blockchain.
• The city’s lower attrition rates, affordable real estate, and thriving tech ecosystem are making it an increasingly attractive destination for GCCs.
• Hyderabad also witnessed a surge in private equity (PE) investments, with a rise from ₹27,600 million (2018–2020) to ₹29,370 million (2021–2023).

4. Cost Disparity and Competitive Advantage:

• The cost difference in Grade A office spaces between Bengaluru, Pune, and Hyderabad is driving the shift.
• Hyderabad and Pune offer more affordable office spaces, which is crucial for GCCs focused on cost-efficiency and scalability.

5. Business-Friendly Environment:

• Major firms like Cigna Healthcare, Bristol Myers Squibb, and the London Stock Exchange have already established their GCCs in Hyderabad, highlighting the city’s competitive advantages and business-friendly environment.

6. Future Outlook for Bengaluru:

• Despite the shift, Bengaluru remains hopeful with the Karnataka government’s new GCC policy, which aims to enhance infrastructure and attract more GCCs over the next five years.

CURRENT AFFAIRS : STATE NEWS

Bihar to Hold Food Processing Investors’ Meet  

• The Bihar government will host the Food Processing Investors’ Meet at Hotel Taj City Centre, Patna, as part of the Bihar Business Connect 2024 – Global Investors’ Summit.
• Chirag Paswan, Union Minister of Food Processing Industries, will be the chief guest at the event.
• Purpose: The meeting aims to showcase Bihar’s potential as a growing hub for the food processing industry, focusing on:
• Bihar’s agricultural resources
• Evolving infrastructure and investor-friendly policies.
• Agenda:Discussions on business opportunities, policy reforms, and Bihar’s vision for a robust food processing ecosystem.
• Focus on economic growth, employment generation, and sustainable industrial practices.
• Strategic Objectives: The event will help forge partnerships and explore synergies between stakeholders, with the aim of making Bihar a key player in India’s industrial sector.
• Upcoming Global Summit: The second edition of Bihar Business Connect will take place from December 19-20, 2024, and is expected to attract more investment proposals than the Rs 50,000 crore received in 2023.
• Previous Success: The 2023 edition of the event saw 278 companies signing MoUs for investments amounting to Rs 50,500 crore.
• Roadshows: To promote the event, roadshows have been held across major cities like Delhi, Mumbai, Kolkata, Ludhiana, and Kanpur.

About Bihar :

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

Telangana Set to Follow Andhra Pradesh in Scrapping Two-Child Policy

• Telangana is considering scrapping its “two-child policy,” which prohibits individuals with more than two children from contesting local body elections.
• This move is part of a larger trend, as neighbouring Andhra Pradesh already did away with the policy.
• Telangana will need to amend its Panchayat Raj Act, 2018, for the policy to be reversed.

Reasons for Scrapping the Policy:

• Aging Population: There is a concern that the state’s population will age, and by 2047, Telangana will need more children or younger individuals to support the elderly population.
• Low Fertility Rate: Andhra Pradesh’s Total Fertility Rate (TFR) is low at 1.5, compared to the national average of 2.11, which could impact future productivity.

Key Highlights :

• The moves of both Telangana and Andhra Pradesh are connected to the upcoming delimitation exercise (likely in 2026), which is based on population.
• Southern states fear a reduction in Lok Sabha seats due to their successful family planning efforts.
• Southern states, including Telangana and Andhra Pradesh, are advocating for equitable treatment in the delimitation process, highlighting their economic performance and demographic concerns.
• Historical Context of the Two-Child Policy:The “two-child policy” was introduced after population control measures between the 1981-1991 censuses did not yield expected results.
• The National Development Council (NDC) set up a committee in 1991, led by Kerala CM K Karunakaran, which recommended that people with more than two children should be barred from holding government positions.
• The policy was adopted by 13 states, starting with Rajasthan in 1992, followed by Andhra Pradesh, Haryana, and others.
• States that have scrapped the policy: In addition to Andhra Pradesh and Telangana, states like Chhattisgarh, Haryana, Himachal Pradesh, and Madhya Pradesh scrapped the policy in 2005.
• Impact on Southern States:Southern states like Andhra Pradesh, Tamil Nadu, Telangana, and Kerala have effectively implemented family planning measures and are concerned about reduced political representation during the delimitation process, which may favor northern states with higher population growth.

CURRENT AFFAIRS: BUSINESS NEWS

India’s GST Collections Reach ₹1.82 Lakh Crore in November 2024:

• India’s Goods and Services Tax (GST)revenues saw a significant growth of 8.5%, totalling over ₹1.82 lakh crore (US$ 21.74 billion) in November 2024.
• This surge, primarily driven by higher revenues from domestic transactions, highlights an improving economic landscape and enhanced tax compliance.

Breakdown of GST Collections for November 2024:

• Central GST (CGST): ₹34,141 crore (US$ 4.08 billion).
• State GST (SGST): ₹43,047 crore (US$ 5.15 billion).
• Integrated GST (IGST): ₹91,828 crore (US$ 10.97 billion), including ₹42,591 crore (US$ 5.09 billion) from imports.
• Cess: ₹13,253 crore (US$ 1.58 billion).

Comparison with Previous Periods:

• November 2023 Collections: ₹1.68 lakh crore (US$ 21.05 billion).
• October 2024 Collections: ₹1.87 lakh crore (US$ 22.34 billion), marking the second-highest collection to date.
• April 2024 Peak: Over ₹2.10 lakh crore (US$ 25.09 billion), the highest GST revenue ever recorded.

Key Growth Insights:

1. Domestic Transaction Revenues:
   • Increased by 9.4%, reaching ₹1.40 lakh crore (US$ 16.73 billion).
2. Import Tax Revenues:
   • Rose by 6%, totaling ₹42,591 crore (US$ 5.09 billion).
3. Net GST Collections (After Refunds):
   • After adjusting for refunds of ₹19,259 crore (US$ 2.30 billion), net GST collections grew by 11%, amounting to ₹1.63 lakh crore (US$ 19.47 billion).
4. Refund Decline:
   • Refunds decreased by 8.9% compared to the previous year, which contributed to higher net collections.

Implications for India’s Economy:

• The consistent growth in GST collections reflects a strengthening economy and improved tax compliance among businesses and taxpayers.
• Rising revenues from both domestic transactions and imports indicate robust economic activity.
• Enhanced fiscal health supports government initiatives and development projects.

CURRENT AFFAIRS: RANKING AND INDEX

India Leads the World with the Highest Number of Polluted Cities

• India has emerged as the global leader in terms of the number of cities ranked among the most polluted in the world.
• A recent study revealed that 39 out of the top 100 most polluted cities globallyare in India, far surpassing China, which has 30 cities on the list.

Key Highlights:

1. Most Polluted Cities in India:

• Begusarai ranked first in 2023 for pollution, followed by:
  • Guwahati (2nd)
  • Delhi (3rd)
  • Mullanpur (4th)
• Other heavily polluted cities include Patna, Noida, Ghaziabad, and Faridabad.

2. Comparison with Other Countries:

• India has 39 cities in the top 100, more than any other country.
• China follows with 30 cities, while Pakistan ranks third with 7 cities and Bangladesh has 5.
• Over half of the world’s most polluted cities are in the Indian subcontinent.

3. Key Pollution Sources:

• Coal plant emissions are a major contributor to the severe air pollution across Indian cities.

4. Health Risks:

• Air pollution in India is linked to a range of serious health issues, including:
  • Stroke
  • Heart disease
  • Chronic obstructive pulmonary disease (COPD)
  • Lung cancer
• The World Health Organization (WHO) estimates that air pollution causes 4.2 million deaths globally each year.

5. Traffic Congestion and Pollution:

• The S&P Global Mobility report highlighted growing traffic congestion as another factor aggravating pollution in major Indian cities:
  • Mumbai leads with 430 vehicles per kilometer.
  • Delhi has 93 vehicles per kilometer, still contributing to high pollution levels.
  • Bengaluru faces severe congestion, with average vehicle speeds dropping to 10 km/hour.

6. Air Quality in Delhi:

• Delhi continues to suffer from some of the worst pollution levels, with AQI readings regularly exceeding 500, the highest possible level, especially during the winter months.

7. Global Ranking:

• Delhi was ranked the most polluted capital in the world in 2023 by IQAir, with Beijing (China) at 18th.
• India ranked third globally for the highest PM2.5 concentrations, following Bangladesh and Pakistan, while China ranked 19th.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Jay Shah assumes the role of the new International Cricket Council chairman

• Jay Shah officially took over as the chairman of the International Cricket Council (ICC) on December 1, 2024, at the age of 36, making him the youngest-ever ICC chairman.
• Shah replaces Greg Barclay, the outgoing New Zealand lawyer, who did not seek a third consecutive term.
• Shah is the 5th Indian to hold the position, following prominent figures like Jagmohan Dalmiya, Sharad Pawar, Shashank Manohar, and N Srinivasan.
• His selection as chairman was unanimous by the ICC Board of Directors.
• It is unclear who will replace Shah as the BCCI secretary.
• However, India will likely be represented on the ICC Board by either current president Roger Binny or vice-president Rajiv Shukla.
• Arun Dhumal, Ashish Shelar, and Devajit Lon Saikia are among the names being considered for the BCCI secretary’s post.

Challenges and Goals:

• Shah’s immediate challenge is resolving the deadlock over the Champions Trophy, particularly the issue regarding Pakistan’s demand for the same hosting arrangements as India for ICC events until 2031.
• His broader vision includes making cricket a commercially viable Olympic sport, with a focus on its inclusion in the Los Angeles 2028 Olympic Games.
• He is also committed to furthering the growth of women’s cricket.

About Jay Shah :

• Jay Shah is the son of India’s Home Minister Amit Shah and previously served as the secretary of the Board of Control for Cricket in India (BCCI).
• Under his leadership, Gujarat became a Ranji Trophy powerhouse, and the world’s largest cricket stadium was built in Motera, Ahmedabad.
• As BCCI secretary, Shah introduced several reforms, including increased domestic match fees, a Test cricket incentive bonus, and the creation of the Women’s Premier League with equal match fees for men’s and women’s national teams.
• Shah is known for his ability to balance empathy with firm decision-making, such as mandating players like Shreyas Iyer and Ishan Kishan to return to domestic cricket after losing their central contracts for prioritizing IPL over the Ranji Trophy.

About ICC :

• Formation : 15 June 1909
• Headquarters : Dubai, United Arab Emirates

CURRENT AFFAIRS : DEFENCE NEWS

4th Edition of India-Malaysia Joint Military Exercise HARIMAU SHAKTI Begins on December 2, 2024, at Bentong Camp, Malaysia

• The 4th edition of the India-Malaysia Joint Military Exercise HARIMAU SHAKTI commenced on December 2, 2024, at Bentong Camp, Pahang district, Malaysia.
• The exercise will be conducted from 2nd to 15th December 2024.
• This year, the bilateral military exercise is themed around the motto, *”Two nations, one mission: Ensuring global peace.”*
• The 3rd edition was held in November 2023 at Umroi Cantonment, Meghalaya, India.
• Exercise HARIMAU SHAKTI is an annual training event between the Indian and Malaysian Army which has been conducted since 2012.

Participating Contingents:

• The Indian contingent consists of 78 personnel from the MAHAR Regiment.
• The Malaysian contingent is represented by 123 personnel from The Royal Malaysian Regiment.
• The primary aim of the exercise is to enhance the joint military capability of both countries to undertake counter-insurgency operations in jungle terrain under Chapter VII of the United Nations Mandate.
• The exercise will focus on operations in the jungle environment.

Exercise Phases:

• The exercise will be conducted in two phases:
  • Phase 1: Cross-training between the two armies, including lectures, demonstrations, and practice drills in jungle terrain.
  • Phase 2: A simulated exercise where both armies will engage in Anti-MT Ambush, Occupation of Harbour, Recce Patrol, Ambush, and Attack on terrorist-occupied areas.

Key Goals:

• The exercise aims to share best practices in Tactics, Techniques, and Procedures for conducting joint operations.
• It will facilitate interoperability, camaraderie, and bonhomie between the two armies.
• The exercise will also enhance defence cooperation and further strengthen bilateral relations between India and Malaysia.

India and Cambodia Launch Inaugural Joint Table Top Exercise CINBAX in Pune

• The 1st edition of Joint Table Top Exercise, CINBAX, between the Indian Army and the Cambodian Army commenced at Foreign Training Node, Pune.
• The exercise will be conducted from 1st to 8th December 2024.
• The Cambodian Army contingent will comprise 20 personnel and the Indian Army contingent is also comprising 20 personnel from an Infantry Brigade.

Focus and Objective:

• CINBAX is a planning exercise focused on conducting joint Counter-Terrorism (CT) operations under Chapter VII of the United Nations Charter.
• It will cover planning for Intelligence, Surveillance, and Reconnaissance (ISR), including the establishment of a Joint Training Task Force.
• The exercise will include the discussion of force multipliers in sub-conventional operations and operational aspects of information operations, cyber warfare, hybrid warfare, and HADR (Humanitarian Assistance and Disaster Relief) operations.

Exercise Phases:

• Phase-I: Orientation and preparation for CT operations during UN peacekeeping missions.
• Phase-II: Conduct of Table Top exercises focusing on CT operations.
• Phase-III: Finalization of plans and summary of exercise outcomes.
• Training Focus:The exercise aims to enhance the interoperability and joint operational efficiency between the Indian and Cambodian Armies during peacekeeping operations.
• It will include discussions on logistics, casualty management, and other operational factors.
• Promotion of Indigenous Capabilities:The exercise will showcase Indian-origin weapons and equipment, emphasizing the theme of ‘Atmanirbharta’ (self-reliance) in defence production.

About Ministry of Defence :

• Cabinet Minister : Rajnath Singh
• Minister of State : Sanjay Seth

About Cambodia :

• Prime Minister : Hun Manet
• Capital : Phnom Penh
• Currency : Riel

CURRENT AFFAIRS: SPORTS NEWS

Hockey India League 2024-25: Doordarshan Partnership and Key Relaunch Updates

• Hockey India has signed a historic three-year partnership with Doordarshan (DD), ensuring extensive nationwide coverage of the Hockey India League (HIL).
• Set to return in the 2024-25 seasonafter a seven-year hiatus, the league aims to revolutionise Indian hockey with its renewed format and robust commercial structure.

Key Updates on the HIL Relaunch:

1. Partnership with Doordarshan:

• The collaboration guarantees nationwide broadcast coverage, leveraging Doordarshan’s vast audience network.
• Ongoing Discussions: Negotiations with private broadcasters are underway to further boost the league’s visibility.

2. Tournament Format:

• Concurrent Men’s and Women’s Leagues:
  • 8 teams for men’s league.
  • 6 teams for women’s league.
• The league aims to promote gender inclusivity in hockey while offering a competitive platform for players.

3. Viewer Engagement:

• Enhanced Broadcast Experience:
  • Features world-class production quality, expert commentary, and in-depth analysis to provide fans with an immersive viewing experience.

4. Financial and Commercial Model:

• Franchise Fee:
  • ₹7 crore annually for men’s teams.
  • ₹3 crore annually for women’s teams.
• Sponsorship Plans:
  • A title sponsor announcement is expected soon.
  • The league’s financial model is designed to reduce dependency on broadcasting revenue, ensuring long-term sustainability.

5. Prominent Investors:

• Leading sports entities have invested in the league, including:
  • JSW Sports.
  • SG Sports and Entertainment (owned by Mahesh Bhupathi).
  • Navoyam Sports Ventures.

Max Verstappen Wins Qatar Grand Prix as Lando Norris Penalized

• Max Verstappenclinched a dramatic victory in the Qatar Grand Prix, following a series of penalties and incidents that turned the race on its head.
• The race, marked by a controversial 10-second stop-and-go penalty for Lando Norris, saw Verstappen dominate after the McLaren driver dropped to the back of the field.

Race Highlights and Key Moments:

1. Verstappen and Norris Battle for Lead:

• Verstappen and Norris were involved in a tense battle for the lead, both drivers exchanging positions early in the race.
• The race took a dramatic turn when Alex Albon’s wing mirror flew off his Williams, leading to a debris-filled track and prompting race control to call for double-waved yellow flags.
• Despite the yellow flags, Norris seemingly failed to slow down, which was noticed by Verstappen.

2. The Penalty and Norris’ Comeback:

• After the debris incident, a Safety Car was deployed on Lap 36, but not before Hamilton and Sainz suffered punctures due to shredded debris.
• Following the restart, Norris was handed a 10-second stop-and-go penalty for failing to adhere to the yellow flag warnings, effectively ending his lead challenge.
• Despite being sent to the back of the grid, Norris fought back and finished 10th, securing the fastest lap bonus point.

3. Surprise Podium:

• Charles Leclerc finished second, with Oscar Piastri completing the podium in third. This strong result for McLaren saw their lead in the Constructors’ Championship cut to 21 points over Ferrari, setting up a thrilling title decider in Abu Dhabi.

4. Hamilton’s Struggles:

• Lewis Hamilton’s race ended in disappointment, with two penalties for a false start and speeding in the pit lane. At one point, he requested to retire but finished 12th.

Qatar GP Top 10 Finishers:

1. Max Verstappen (Red Bull)
2. Charles Leclerc (Ferrari)
3. Oscar Piastri (McLaren)
4. George Russell (Mercedes)
5. Pierre Gasly (Alpine)
6. Carlos Sainz (Ferrari)
7. Fernando Alonso (Aston Martin)
8. Zhou Guanyu (Sauber)
9. Kevin Magnussen (Haas)
10. Lando Norris (McLaren).

CURRENT AFFAIRS : OBITUARIES

Ex-Australian Cricketer Ian Redpath Passed Away

• Ian Redpath, one of Australia’s most respected opening batters, has passed away at the age of 83.

About Ian Redpath :

• Born in Geelong, Victoria.
• Redpath played 66 Tests and 5 One-Day Internationals (ODIs) for Australia between 1964 and 1976.
• Test Debut: Against South Africa at the Melbourne Cricket Ground (MCG), where he was dismissed for 97 (just short of a century).
• Maiden Test Century: Scored 132 runs against West Indies at the Sydney Cricket Ground in 1969.
• Career Best: 171 runs against England in 1970 at Perth.
• Notable Contributions : Redpath was the last Australian cricketer to play as an amateur, turning down his match fee in 1963-64 to focus on his amateur career in Australia Rules Football.
• Leadership Role: Served as deputy to both Ian and Greg Chappell during his career.
• Batted alongside Greg Chappell when he scored a century on debut against England in 1970-71.

Awards and Recognition

• Awarded an MBE (Member of the Order of the British Empire) in 1975.
• Inducted into the Cricket Australia Hall of Fame in January 2023.
• Coaching: Went on to coach Victoria after his playing career.
• Legacy : Geelong Cricket Club renamed their scoreboard in honour of Ian Redpath earlier in 2024.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day of Persons with Disabilities: 3rd December

• International Day of Persons with Disabilities 2024 is observed on the 3rd of December 2024.
• In 1976, the UN General Assembly made a decision that from 1981 International Day of Persons with Disabilities will be celebrated globally.
• The UN announced 3rd December as the official date for celebrating the International Day of Persons with Disabilities.
• The first Paralympic games were hosted in 1960. In 1992 The International Day of People with Disability was proclaimed by the United Nations.
• In 2013 Australia was the first country to pass the National Disability Insurance Scheme for the welfare of people with disabilities.
• Later many countries announced reservations and Quotas for disabilities in Government and Private jobs.
• The Americans with Disabilities Act was created to define the rights of people with disabilities and the design standards that businesses and municipalities must incorporate to comply with the law.

Daily CA One- Liner: December 3

• The central government’s PM Internship Scheme (PMIS), a youth-focused initiative, has been delayed.
• Indian states have significantly increased their focus on women-centric welfare schemes, with nine statescollectively allocating $18 billion (0.5% of India’s GDP) in the 2024-25 Budget Estimates for cash transfers and developmental programs to empower women
• The Government of Indiais actively working on a national policy document aimed at increasing female labour force participation (FLPR), with a focus on creating a supportive environment, including a viable care economy structure.
• In a significant development, approximately 3,500 projects, including 217 bridges, have been successfully completed under the Pradhan Mantri Gram Sadak Yojana (PMGSY)over the last two decades in Jammu and Kashmir.
• Bengaluru, traditionally the dominant hub for Global Capability Centers (GCCs), is facing increasing competition from Puneand Hyderabad.
• India’s Goods and Services Tax (GST)revenues saw a significant growth of 8.5%, totalling over ₹1.82 lakh crore (US$ 21.74 billion) in November 2024.
• India has emerged as the global leader in terms of the number of cities ranked among the most polluted in the world.
• Hockey India has signed a historic three-year partnership with Doordarshan (DD), ensuring extensive nationwide coverage of the Hockey India League (HIL).
• Max Verstappenclinched a dramatic victory in the Qatar Grand Prix, following a series of penalties and incidents that turned the race on its head.
• The Reserve Bank of India (RBI) devolved ₹3,497 crore of the Sovereign Green Bond (SGrB) auction on Primary Dealers (PDs).
• According to the Reserve Bank of India’s (RBI’s) sectoral deployment of credit data, the growth in bank credit to non-banking financial companies (NBFCs) declined sharply to 6.4% in October compared to 18.3% in the year-ago period, dragging down the growth of overall credit to the services sector.
• According to a report by JP Morgan, India’s economic growth is expected to accelerate to 6.7% in the second half (H2) of the fiscal year, bringing the full-year 2024-25 GDP growth to 6.4%.
• Foreign banks expect the Reserve Bank of India (RBI) to maintain the policy rate at 6.5% during the December 4-6 Monetary Policy Committee (MPC) meeting, despite the slowdown in Q2 GDP growth.
• The Bihar government will host the Food Processing Investors’ Meet at Hotel Taj City Centre, Patna, as part of the Bihar Business Connect 2024 – Global Investors’ Summit.
• Telangana is considering scrapping its “two-child policy,” which prohibits individuals with more than two children from contesting local body elections.
• Jay Shah officially took over as the chairman of the International Cricket Council (ICC) on December 1, 2024, at the age of 36, making him the youngest-ever ICC chairman.
• The 4th edition of the India-Malaysia Joint Military Exercise HARIMAU SHAKTI commenced on December 2, 2024, at Bentong Camp, Pahang district, Malaysia.
• The 1st edition of Joint Table Top Exercise, CINBAX, between the Indian Army and the Cambodian Army commenced at Foreign Training Node, Pune.
• Ian Redpath, one of Australia’s most respected opening batters, has passed away at the age of 83.
• International Day of Persons with Disabilities 2024 is observed on the 3rd of December 2024.