Daily Current Affairs December 06th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS: BANKING & FINANCE

Reserve Bank of India Raises UPI Lite Wallet Limit to ₹5,000, Sets Transaction Cap at ₹1,000

• The Reserve Bank of India (RBI) enhanced the per-transaction and wallet limits for transactions made on UPI Lite to Rs 1,000 and Rs 5,000,
• Earlier, the per-transaction limit and wallet limit for transactions made through Unified Payments Interface (UPI) Lite were set at Rs 500 and Rs 2,000,
• Objective: The increase in limits aims to encourage the wider adoption of UPI Lite and facilitate more small-value digital payments in offline mode.

Key Highlights :

• Offline Transactions: UPI Lite allows for low-value transactions without requiring a UPI PIN and does not rely on the remitter bank’s core banking system, enabling faster processing.
• Announcement by RBI Governor: RBI Governor Shaktikanta Das announced the limit increase in his October 2024 monetary policy speech.
• UPI123Pay Limit Increase: In addition to UPI Lite, the UPI123Pay transaction limit was also increased from Rs 5,000 to Rs 10,000.
• Increasing UPI Adoption: The limit enhancements reflect the growing use and adoption of UPI, as well as the expanding use cases for UPI transactions in India.
• UPI Transaction Volume: UPI has processed a cumulative total of 155.44 billion transactions in 2024, demonstrating the platform’s growing popularity.

About UPI Lite:

• The UPI Lite feature was launched by the RBI in September 2022 to make small-value transactions faster and easier without the need for entering a PIN, and it is enabled by the National Payments Corporation of India (NPCI).

Bajaj Finserv AMC Introduces Bajaj Finserv Healthcare Fund for Long-Term Growth

• Bajaj Finserv AMC has launched the Bajaj Finserv Healthcare Fund, an open-ended equity scheme aimed at long-term growth.
• The New Fund Offer (NFO) opens for subscription on December 6, 2024, and closes on December 20, 2024.

Key Highlights :

• Investment Focus:The fund focuses on companies in the pharmaceutical and healthcare sectors, including pharmaceuticals, hospitals, diagnostics, and wellness.
• It will invest at least 80% of its assets in companies from sectors covered by the BSE Healthcare Total Return Index (TRI).
• Objective:Designed for wealth creation over a long-term horizon of 5+ years.
• The fund taps into the growing Indian healthcare sector, driven by factors like changing demographics, rising healthcare spending, and technological innovations.
• Benchmark:The fund is benchmarked against the BSE Healthcare Total Return Index (TRI).
• Management:The equity portion of the fund will be managed by Nimesh Chandan and Sorbh Gupta.
• The debt portion will be managed by Siddharth Chaudhary.
• Minimum Investment:The minimum application amount is ₹500, with additional investments starting at ₹100.
• Exit Load:An exit load of 1% applies if the investment is redeemed within three months.
• CEO of Bajaj Finserv AMC : Ganesh Mohan

PB Fintech Board Approves Formation of New Subsidiary for Healthcare Services

• PB Fintech, the parent entity of Policybazaar and Paisabazaar, has received Board approval to incorporate a wholly owned subsidiary (WOS) for healthcare services.
• The new subsidiary will be named “PB Healthcare Private Limited” or “PB Healthcare Services Private Limited” or another name approved by the Ministry of Corporate Affairs (MCA).
• Objective of the Subsidiary:The WOS will operate in the healthcare services sector, potentially bridging the gap between hospitals and insurance companies.

Key Highlights :

• Capital Structure:The initial paid-up capital of the subsidiary is likely to be ₹ 5 lakh.
• Related Party:Once incorporated, the new subsidiary will be considered a related party to PB Fintech.
• Previous Announcement:The approval follows a previous statement by PB Fintech’s chairman, Yashish Dahiya, who mentioned plans to invest $100 million in a new healthcare company, acquiring a 30% stake.
• Financial Performance:In the second quarter of FY24 (ending September 30, 2024), PB Fintech reported a consolidated net profit of ₹ 51 crore, a significant improvement from a net loss of ₹ 20 crore in the same period the previous year.

Securities and Exchange Board of India Issues Guidelines for Uniform Nomination Standards in Securities Markets

• The Securities and Exchange Board of India (SEBI) has notified new rules requiring securities market participants to offer a nomination option to beneficial owners.
• The rules aim to enhance investor convenience and introduce uniform standards across the Indian securities market for nomination facilities.
• The new rules, amending the Depositories and Participants Regulations, became effective on November 28.

Key Highlights :

• Nomination for Incapacitated Investors: The rules allow a nominee to act on behalf of an investor in the event of incapacitation, ensuring continuity in transactions.
• Mandatory Nomination Option: Every market participant must provide the beneficial owner with an option to nominate a person to transfer their securities upon their death.
• Joint Ownership Nomination: In cases of joint ownership, the owners can collectively nominate a person to receive the securities if all joint owners pass away.
• Non-liability Clause: Depositories and participants will not be held liable for any actions based on the nominations provided by the beneficial owner.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Federal Bank Launches Esteem Savings Account for Senior Citizens with Insurance, Airport Lounge Access, and Additional Benefits

• Federal Bank has launched Esteem Savings Account, setting a new standard in personalised banking experiences.
• This premium banking solution reflects Federal Bank’s commitment to providing tailored financial services for customers aged 55 and above, addressing their diverse needs.

Key Features:

• Complimentary Insurance Cover: The account includes free yearly health check-ups, hospital cash facility, and doctor-on-call services.
• Airport Lounge Access: Customers are eligible for two complimentary airport lounge accesses per quarter.
• Exclusive Debit Card Offers: Special discounts on health, utilities, elder care services, and more.
• Special Family Benefits: The account includes one complimentary zero balance account for the spouse and two zero balance accounts for grandchildren.
• Fee Concessions and Discounts:ZERO charges on 10 commonly used banking services, including Debit Card Issuance, Debit Card AMC, NEFT, RTGS, Duplicate Passbook, and others.
• Locker Rent and Demat AMC Concessions: A 25% discount on locker rent and waiver of AMC for the first year of demat account opening.

About Federal Bank :         

• Headquarters : Aluva, Kerala
• MD & CEO : KVS Manian
• Tagline : Your Perfect Banking Partner

CURRENT AFFAIRS: NATIONAL

Successful Completion of the Natural Rubber (NR) plantation in the North East, part of the INROAD (Indian Natural Rubber Operations for Assisted Development) project for FY2024-25

• The INROAD (Indian Natural Rubber Operations for Assisted Development) project has achieved remarkable success in the development of Natural Rubber (NR) plantations in the North Eastern states and West Bengal.

Project Overview and Achievements

• The INROAD project aims to develop 200,000 hectares of rubber plantation in the North Eastern states and West Bengal.
• As of FY2024-25, the project has successfully completed the plantation of 125,272 hectares across 94 districts in these regions.
• This accomplishment is one of the highest NR plantation achievements in the country within a four-year

Key Participants and Support

• The initiative is financially supported by four key members of the Automotive Tyre Manufacturers Association (ATMA): Apollo, Ceat, JK, MRF
• The project’s implementation is overseen by the Rubber Board of India, ensuring proper guidance and development.
• Over 5.3 crore planting materials have been distributed across various regions to enhance rubber cultivation.
• The project specifically targets resource-deprived populations, focusing on farmers with less than one acre of land.
• By the end of the project, 5 lakh beneficiaries are expected to experience significant improvements in their economic and social status.

Growth in North East Plantation Area

• Before the launch of INROAD, the North East accounted for only 23% of India’s NR plantation area.
• With the addition of 200,000 hectares, this share is projected to increase to 38%.
• Additionally, the share of NR production from the North East is expected to rise from 16% to 32% after the project’s completion.
• Rajiv Budhraja, Director General of ATMA, emphasized the significant progress of the project, stating that despite facing challenges, INROAD has achieved nearly 90% of its plantation target in the first four years.
• He also highlighted the efforts in enhancing local nurseries and building the capabilities of growers as part of the project’s success.

25th Hornbill Festival kickstarts in Nagaland

• The Hornbill Festival continued its 25th anniversary celebrations on Day 4 under the theme “Cultural Connect”, showcasing an impressive array of traditional performances from various tribes of Nagaland.
• The Hornbill Festival is an annual event celebrated from 1st to 10th December in the northeastern Indian state of Nagaland.
• Known as the Festival of Festivals, it brings together the ethnic diversity of Nagaland, showcasing the culture, traditions, and rituals of the various tribes that call the state home.

Significance of the Hornbill

• The festival is named after the hornbill, a large and colourful forest bird that holds a special place in the folklore of most of Nagaland’s ethnic groups.
• The hornbill symbolizes the strength, courage, and traditions of the people, making it the perfect emblem for the festival, which celebrates the rich cultural heritage of the state’s diverse tribes.

A Unity of Cultures

• The Hornbill Festival is a grand gathering where all the ethnic groups of Nagaland participate in a series of traditional performances, including dances, songs, art exhibitions, and craft displays.
• It is a platform to not only celebrate the state’s cultural diversity but also to promote unity among its tribes, fostering a sense of togetherness and pride in their shared traditions.

Rajya Sabha passes ‘Boilers Bill, 2024’ to replace century-old Boilers Act, 1923

• The Boilers Bill, 2024 was presented for consideration and passing in the Rajya Sabha by Shri Piyush Goyal, Union Minister of Commerce and Industry.
• After detailed discussions, the Bill was passed by the Rajya Sabha and will now be moved for consideration and passing in the Lok Sabha.

Background

• The Government of India has been reviewing pre-constitution Acts to assess their relevance in modern times.
• One such Act under review is the Boilers Act, 1923, which deals with the safety of life and property concerning boilers.
• While the Boilers Act, 1923 was amended in 2007 through the Indian Boilers (Amendment) Act, 2007, further examination revealed the need for an updated and comprehensive review.
• The revised Boilers Bill, 2024 aims to bring the legislation in line with current needs and align with provisions of the Jan Vishwas (Amendment of Provisions) Act, 2023.

Salient Features of the Boilers Bill, 2024

1. Structure and Organization:
   The Bill has been reorganized into six chapters for clarity, consolidating provisions that were previously scattered throughout the Boilers Act, 1923.
2. Redundant Provisions Omitted:
   The Bill omits certain outdated provisions from the previous Act:

• Section 1(2): Applicability of the Act to the whole of India
• Section 2A: Applicability of the Act to feed-pipes
• Section 2B: Applicability of the Act to Economizers

1. New Definitions:
   Several new definitions have been incorporated in Clause 2 of the Bill, such as:

• 2(k): Notification
• 2(p): Regulations
• 2(q): State Government

Existing definitions, such as Boiler component, Competent Authority, and Inspecting Authority, have been amended to provide greater clarity.

1. Decriminalization Provisions:
   The Bill incorporates decriminalization provisions as per the Jan Vishwas (Amendment of Provisions) Bill, 2023. This change means that for non-criminal offences, penalties will be imposed as fiscal penalties rather than criminal fines, which can be levied through an executive mechanism instead of courts.

Specific clauses affected:

• Clauses 27, 28, 29, 30, 31, 39, and 42
• New clauses 35 (Adjudication) and 36 (Appeal) have been introduced to streamline processes.

1. Substantive Enabling Provisions:
   The Bill includes enabling provisions for the rules and regulations to be made under the Act, which were not clearly provided for in the original Act. These are seen in:

• Clauses 3(7), 5(8), 10(1)(f), 10(2), 11(2), 12(9), 23(4), 32(2)

1. Powers to Make Rules and Regulations:
   The Bill explicitly outlines the powers of the Central Government, Central Boilers Board, and State Governments to make rules and regulations:

• Clause 39: Power of Central Government to make rules
• Clause 40: Power of the Board to make regulations
• Clause 42: Power of State Government to make rules

1. New Provisions for Implementation:

• Clause 43: Power to remove difficulties in implementing the provisions of the Bill within three years.
• Clause 44: Repeal and saving of rules, regulations, and orders under the Boilers Act, 1923 until new rules are notified under the new Bill.

1. Drafting and Clarity:
   The Bill has been redrafted according to modern legislative practices to ensure clarity and better understanding. The powers and functions of the Central Government, State Governments, and the Central Boilers Board are clearly delineated to prevent confusion.
2. Impact on Ease of Doing Business (EoDB):
   The Bill facilitates Ease of Doing Business by introducing provisions for the decriminalization of offences. This change will benefit industries, including MSMEs, by reducing the legal burden. However, criminal penalties are retained for major offences that could lead to loss of life and property.

• Fiscal penalties are introduced for lesser offences, making it easier to enforce the law without judicial involvement.

1. Enhanced Safety Provisions:
   The Bill includes stronger provisions for the safety of workers handling boilers. Specific measures are introduced to ensure that repairs are carried out by qualified and competent persons, thereby improving the safety standards in boiler operations.

Government Launches Unified Legal Metrology Portal eMaap

• The Department of Consumer Affairs, Government of India, is leading the development of the National Legal Metrology Portal (eMaap) to strengthen fair trade practices, ensure consumer protection, and establish a centralized database for stakeholders within the legal metrology ecosystem.
• This platform will streamline the regulatory process by integrating various state-level metrology systems into a unified national framework, ensuring greater transparency and efficiency.

Streamlining Processes for Businesses and Industries

• The eMaap portal will significantly benefit businesses and industries by enabling online applications for legal metrology approvals, licenses, and registration certificates. Key benefits include:
• Simplified Compliance: Businesses will no longer need to register on multiple state portals, eliminating redundancies and improving efficiency.
• Ease of Doing Business: The centralized system will ensure a more seamless process for obtaining approvals, thereby fostering a favorable environment for growth and reducing paperwork.
• Timely Adherence: The platform will help businesses comply with the Legal Metrology Act, 2009, and its associated rules, ensuring timely verifications and licenses while improving accountability.
• Currently, state governments manage independent portals for registering packaged commodities, issuing licenses, and verifying instruments.
• However, offline management of enforcement and offences has created gaps. eMaap will address these gaps by incorporating enforcement functions into the same platform, allowing for better regulatory operations.

Collaborative Development Through Stakeholder Engagement

The eMaap portal’s development has been a collaborative effort, with consultations involving key stakeholders:

• A hybrid meeting held on August 30, 2024, discussed the initial framework with Controllers of Legal Metrology and representatives from the National Informatics Centre (NIC).
• A second meeting on November 28, 2024, included industry associations such as FICCI, CII, PHDCCI, and ASSOCHAM, as well as state legal metrology representatives and NIC officials.

CURRENT AFFAIRS : STATE NEWS

Assam Government Prohibits Public Consumption of Beef

• The Assam Cabinet, led by Chief Minister Himanta Biswa Sarma, banned public consumption of beef effective from December 4, 2024.
• The ban covers beef consumption in hotels, restaurants, festivals, community events, and religious, social, and other public functions.
• Reason for the Decision:The decision followed concerns raised by State Congress president Bhupen Kumar Borah and Dhubri MP Rakibul Hussain, who criticized the distribution of beef during election campaigns in Samaguri Assembly constituency, where byelections were held.
• The Assam government added this provision to the Assam Cattle Preservation Act of 2021, which previously focused on cattle slaughter and beef sale restrictions.

Key Highlights :

• Assam Cattle Preservation Act of 2021:The Act bans the slaughter of cattle and sale of beef in areas where Hindus, Jains, and Sikhs are in the majority, and within a five-kilometer radius of their places of worship.
• The new provision will extend the prohibition to include public consumption of beef.
• Context of the Ban:The issue gained prominence during the byelections in Samaguri (November 2024), where allegations of political parties distributing beef to influence voters emerged.
• The BJP candidate, Diplu Ranjan Sarmah, won the Samaguri seat by 24,501 votes.
• Constitutional Context:Article 48 of the Indian Constitution (Directive Principles of State Policy) encourages the prohibition of cow slaughter for two reasons:
  • Protection of religious sentiments, particularly of Hindus.
  • Protection of agriculture and animal husbandry, essential for economic development.
• States with Prohibition Laws: Several Indian states and union territories have enacted laws to prohibit cow or cattle slaughter.

Key states and their respective laws:

• Gujarat: Animal Preservation Act, 1954 (amended in 2011 and 2017) — maximum punishment of life imprisonment.
• Haryana: Gauvansh Sanrakshan And Gausamvardhan Act, 2015.
• Andhra Pradesh: Prohibition of Cow Slaughter and Animal Preservation Act, 1977.
• Bihar: Preservation and Improvement of Animals Act, 1955.
• Chhattisgarh: Agricultural Cattle Preservation Act, 2004 (amended in 2011).
• Goa: Prevention of Cow Slaughter Act, 1978.
• Himachal Pradesh: Prohibition of Cow Slaughter Act, 1979.
• Delhi: Agricultural Cattle Preservation Act, 1994.
• Karnataka: Prevention of Cow Slaughter and Cattle Preservation Act, 1964.
• Madhya Pradesh: Gauvansh Pratishedh Adhiniyam, 2010.
• Maharashtra: Animal Preservation Act, 1976 (amended in 1995).
• Orissa: Prevention of Cow Slaughter Act, 1960.
• Punjab: Prohibition of Cow Slaughter Act, 1955.
• Pondicherry: Prevention of Cow Slaughter Act, 1968.
• Rajasthan: Bovine Animal (Prohibition of Slaughter and Regulation of Temporary Migration or Export) Act, 1995.
• Tamil Nadu: Animal Preservation Act, 1958.
• Uttar Pradesh: Prevention of Cow Slaughter Act, 1955 (amended in 1979 and 2002).
• Uttarakhand: Protection of Cow Progeny Act, 2007 (amended in 2015).
• West Bengal: Animal Slaughter Control Act, 1950 (amended in 1979).

About Assam :

• Governor : Lakshman Prasad Acharya
• Chief Minister : Himanta Biswa Sarma
• Capital: Guwahati
• National Park: Kaziranga National Park, Manas National Park, Nameri National Park
• Wildlife Sanctuary: Garampani Wildlife Sanctuary, Laokhowa Wildlife Sanctuary, Bornadi Wildlife Sanctuary

Rajasthan Chief Minister Bhajan Lal Sharma Introduces Nine New Policies to Attract Investors

• Rajasthan’s Chief Minister Bhajan Lal Sharma introduced 9 new policies aimed at driving the state’s economic growth during a function at the Chief Minister’s Office.
• These policies are designed to attract substantial investment, generate employment, and enhance economic prosperity.
• The policies are part of the state’s effort to position Rajasthan as a leading state in India, with a focus on fostering an investment-friendly environment and preparing for the Rising Rajasthan Global Investment Summit.

Key Policies and Their Focus Areas:

1. MSME Policy 2024:

• Aimed at strengthening micro, small, and medium enterprises (MSMEs).
• Key support measures include interest subsidies, technical upgrades, and quality certification assistance.
• Objective: Help local businesses compete globally.

1. Export Promotion Policy 2024:

• Focuses on reducing logistical challenges for exporters.
• Offers resources for documentation, technical upgrades, and participation in international events.
• Goal: Enhance global recognition for Rajasthan’s products.

1. One District-One Product (ODOP) Policy:

• Promotes district-specific crafts and products to boost the income of artisans, farmers, and manufacturers.
• Provides integrated infrastructure and financial support for growth.

1. Cluster Development Scheme:

• Aimed at enhancing productivity and quality in sectors like artisans, handloom, and MSMEs.
• Develops cluster-based projects aligned with global standards.

1. AVGC & XR Policy 2024:

• Promotes innovation in the animation, visual effects, gaming, comics, and extended reality (XR) sectors.
• Encourages local talent and establishes Atal Innovation Studios and Accelerators.

1. New Tourism Unit Policy 2024:

• Seeks to revitalize Rajasthan’s tourism sector.
• Promotes private sector investments and improves tourism infrastructure.

1. Integrated Clean Energy Policy 2024:

• Focus on renewable energy, including solar, wind, green hydrogen, and energy storage.
• Rajasthan aims to become a leader in clean energy production, with MoUs and investments worth over ₹6.5 lakh crore.

1. Mineral Policy 2024:

• Aims to increase Rajasthan’s mineral sector contribution to the state’s GDP from 3.4% to 5% by 2029-30.
• Focus on capitalizing on rich mineral reserves while ensuring employment and revenue growth.

1. M-Sand Policy 2024:

• Promotes the use of manufactured sand (M-Sand) over traditional gravel in construction.
• Reduces environmental impact and construction costs.

About Rajasthan :

• Governor : Haribhau Kisanrao Bagade
• Chief Minister : Bhajan Lal Sharma
• Capital : Jaipur
• National Park : Keoladeo National Park, Ranthambore National Park
• Wildlife Sanctuary : Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary

CURRENT AFFAIRS : APPOINTMENTS &  RESIGNATIONS

Devendra Fadnavis to Take Oath as Maharashtra Chief Minister, Eknath Shinde Keeps His Role in Suspense

• Devendra Fadnavis is set to take oath as the Chief Minister of Maharashtra for the third time.
• Eknath Shinde (Shiv Sena) and Ajit Pawar (NCP) will take oath as Deputy Chief Ministers.
• The event follows intense political discussions, with Fadnavis, Shinde, and Pawar staking their claim to form the Mahayuti government.
• The alliance presented letters of support to Maharashtra Governor CP Radhakrishnan.
• Devendra Fadnavis was unanimously elected as the Leader of the Maharashtra BJP Legislative Party.
• The swearing-in ceremony will be attended by Prime Minister Narendra Modi and Chief Ministers from various NDA states.
• The alliance is referred to as a “double engine government”, aiming to drive Maharashtra’s development, as stated by Union Finance Minister Nirmala Sitharaman during the legislative meeting.

Key Highlights :

• The Mahayuti alliance (BJP, Shiv Sena, and NCP) secured a landslide victory in the recent Maharashtra Assembly elections, winning 235 out of 288 seats.
• The BJP emerged as the single-largest party, winning 132 seats.
• The Shiv Sena and NCP secured 57 and 41 seats, respectively.
• The opposition Maha Vikas Aghadi (MVA) coalition suffered a defeat, with Congress (16 seats), Shiv Sena (UBT) (20 seats), and the Sharad Pawar-led NCP faction (10 seats).
• The ceremony is expected to have an audience of 42,000, with seating for 2,000 VIPs, including religious and political leaders.

About Maharashtra

• Governor: C. P. Radhakrishnan
• Capital: Mumbai
• National Park: Tadoba National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife Sanctuary
• UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves

ixigo Appoints Indian Cricketer Rohit Sharma as Brand Ambassador for Trains App

• Indian cricketer Rohit Sharma has been onboarded as the brand ambassador for ixigo’s Trains app.
• This partnership is set to elevate ixigo’s reach across the nation, solidifying its position as the ultimate app for seamless, innovative, and reliable train travel experiences.
• As part of this collaboration, ixigo Trains is unveiling a dynamic new advertisement featuring Sharma in a rapping ticketman avatar.
• CEO of ixigo Trains : Dinesh Kumar Kotha

CURRENT AFFAIRS : DEFENCE NEWS

Adani Defence hands over second Drishti-10 Starliner surveillance drone to Indian Navy

• Adani Defence and Aerospace delivered a second Drishti-10 Starliner surveillance drone to the Indian Navy, enhancing maritime monitoring capabilities and piracy risk mitigation.

Drishti-10 Specifications:

• The UAV is equipped with advanced Maritime Patrol Radar, Electronic Intelligence (ESM), and state-of-the-art payloads.
• The Drishti-10 Starliner is a Medium Altitude Long Endurance (MALE) UAV with 36 hours of endurance and a 450 kg payload capacity.
• It is an advanced intelligence, surveillance, and reconnaissance (ISR) platform.
• The UAV has NATO’s STANAG 4671 certification, ensuring airworthiness in both segregated and unsegregated airspace.
• Significance for the Indian Navy:The drone provides over-the-horizon, persistent multi-payload, fully autonomous capabilities, and Satcom-based operations.
• Induction Timeline:The first Drishti-10 was delivered to the Indian Navy in January 2024.
• The second drone was inducted into naval maritime operations at Porbandar, Gujarat.
• The Indian Army also received a Drishti-10 Starliner in June 2024.
• Indian Army Deployment:The Indian Army will deploy its first Drishti-10 drone at Bhatinda, Punjab, to monitor the western border with Pakistan.
• Technological Advancements and Capabilities:The Drishti-10 is India’s only indigenous UAV capable of operating above 32,000 feet with large payload capacity and extended endurance.
• It has performed reliably in challenging terrains, such as the Himalayas, showcasing its resilience.
• Impact on India’s Defence Innovation:The successful deployment of Drishti-10 represents a major leap in India’s indigenous UAV capabilities and its defense technology self-reliance.
• Adani Defence achieved what typically takes five to six years in the industry in just under three years.
• Rear Admiral’s Visit:Rear Admiral Janak Bevli, Assistant Chief of the Naval Staff (Air), visited the Porbandar base to review the operations and interact with the Adani Defence team.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Space Research Organisation to Launch Long-Delayed Proba 3 Mission Satellites from Sriharikota

• Indian Space Research Organisation (ISRO) commenced the revised 8.5-hour countdown for the launch of the European Space Agency’s (ESA) Proba-3 mission on December 5, 2024.
• The original launch was scheduled for December 4, 2024, but was rescheduled to December 5 due to an anomaly in the satellite propulsion system.

Key Highlights :

• Mission Overview:Proba-3 is a technology demonstration mission to study the Corona (outer atmosphere) of the Sun.
• The mission involves two spacecraft: Coronagraph (310 kg) and Occulter (240 kg), which will fly in precise formation (with a separation of 150 meters) to study the Sun’s corona.
• The two spacecraft will maintain formation flying with millimeter-level precision.
• Mission Objective:To demonstrate precise formation flying where the two satellites will work together to block the Sun’s disk and allow Coronagraph to observe the Corona.
• The Proba-3 mission will provide key insights for future scientific experiments on the Sun, following the success of Aditya-L1, ISRO’s first solar mission launched in September 2023.
• Launch Vehicle:The PSLV-C59 rocket, a 44.5-meter tall vehicle, is set to launch the Proba-3 satellites.
• The PSLV-C59 mission is the 61st flight of the PSLV series and the 26th flight of the PSLV-XL variant, known for placing heavy satellites into orbit.
• Orbit and Duration:After launch, the two spacecraft will take an 18-minute journey to reach the desired orbit.
• Each spacecraft will take a 19-hour orbit around the Earth, and will fly together maintaining a precise formation.
• Scientific Significance:The mission aims to study the Corona, which is significantly hotter than the Sun itself and is the origin of space weather.
• The mission’s instruments will travel closer to the solar rim for up to six hours at a time.
• Commercial and Technological Aspects:The mission is funded by the General Support Technology Programme and is being managed by NewSpace India Limited, ISRO’s commercial arm.
• Meaning of “Proba”:The name Proba is derived from the Latin word meaning “Let’s try.”

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath

CURRENT AFFAIRS: AWARDS & HONOURS

ESIC bags 4 certificates of merit in different categories at Regional Social Security Forum for Asia and the Pacific (RSSF Asia-Pacific) event

• The Employees’ State Insurance Corporation (ESIC) received four certificates of merit at the Regional Social Security Forum for Asia and the Pacific (RSSF Asia-Pacific), organized by the International Social Security Association (ISSA) in Riyadh, Saudi Arabia, on December 3, 2024.
• The awards were received by Shri Ashok Kumar Singh, Director General of ESIC, on behalf of the corporation.

Awards Received

1. Certificate of Merit with Special Mention

• For the Ask An Appointment (AAA+) mobile application.

1. Certificates of Merit

• Categories:
  • Occupational Accident and Disease
  • Sustainable Investment
  • System Resilience

Key Highlights of ESIC’s Achievements

• Innovative Services: The accolades underline ESIC’s focus on efficiency, social inclusion, and innovation in delivering healthcare and social security benefits.
• Global Recognition: This marks a significant milestone in ESIC’s international standing, reaffirming its commitment to best practices and global collaboration.

About the AAA+ Mobile App

The Ask An Appointment (AAA+) app, available on both Android and iOS, serves as a comprehensive digital tool for insured persons, beneficiaries, and ESI pensioners.

Key Features

• Accessibility: Available in 8 languages, including English, Hindi, and regional languages.

About the ISSA

• Founded: 1927, under the International Labour Organization (ILO), Geneva.
• Role:
  • Principal global organization for social security administration.
  • Provides guidelines, expert knowledge, and support to members.
  • Facilitates the development of dynamic social security systems.
• RSSF Asia-Pacific:
  • Annual platform for knowledge exchange on social security issues in the region.
  • Promotes cooperation among social security organizations in the Asia-Pacific region.

Indian-origin artist wins Turner Prize: ‘Weaves personal, political, spiritual’

• Jasleen Kaur has won the 2024 Turner Prize for her work animating everyday objects to reflect the pluralities of identity and community.
• Kaur, 38, the youngest artist on this year’s shortlist, was nominated for her exhibition Alter Altar, at Tramway in Glasgow, which featured a range of sculptures and soundscapes.
• Among the items included was a red Ford Escort covered in a huge doily, a reference to her father’s first car and to Indians who migrated to Britain and worked in textile factories.
• Actor James Norton presented the award to Kaur at a ceremony at Tate Britain, marking the Turner’s return to the venue after six years.
• She will receive £25,000 in prize money.

About Jasleen Kaur and Her Work

• Background: 38-year-old artist from Glasgow’s Sikh community, raised in Pollokshields.
• Exhibition Highlights:
  • Featured sculptures and soundscapes combining personal, political, and spiritual themes.
  • Notable Works:
    • A red Ford Escort covered in a large doily, referencing her father’s first car and Indian textile factory workers in Britain.
    • A blend of worship bells, Sufi devotional music, Indian harmonium, and pop tracks.
    • A suspended acrylic “sky” with everyday objects over an oversized Axminster carpet.
  • Recognition: Commended for her ability to evoke solidarity and joy through a mix of voices and materials, such as Irn-Bru bottles and family photographs.

Other Shortlisted Nominees

1. Claudette Johnson (65)

• Exhibition: Presence, featuring works on Black identity and history, including a portrait of abolitionist Sarah Parker Remond.
• Recognized for her role in the Black Art Movement of the 1980s.

1. Pio Abad (41)

• Exhibition: To Those Sitting in Darkness at the Ashmolean Museum.
• Explored themes of colonialism and imperialism, referencing both the Philippines and Benin bronzes.

1. Delaine Le Bas (59)

• Exhibition: At Vienna Secession, blending immersive performance art, theatrical costumes, and sculptures.

Broader Context of the Turner Prize

• Themes of 2024: Focused on colonialism, nationalism, and identity politics, reflecting increased BAME representation post-Black Lives Matter.
• Significance: Recognized as one of the most prestigious awards in contemporary art, with past winners like Grayson Perry, Damien Hirst, and Steve McQueen.

Future of the Turner Prize

• Current Show: A group exhibition of the shortlisted artists is running at Tate Britain until 16 February 2025.
• Next Year’s Venue: The 2025 Turner Prize will be held in Bradford at Cartwright Hall Art Gallery, celebrating the 250th birth anniversary of JMW Turner.

CURRENT AFFAIRS: BOOK & AUTHOR

Amitava Kumar’s My Beloved Life explores the fractures of history with the tale of a father and daughter

• Amitava Kumar’s novel, “My Beloved Life,” captures the essence of ordinary lives intersecting with extraordinary historical and social transformations in India. Here’s a breakdown:

Themes and Storyline

• Core Narrative:
  • The story revolves around Jadunath “Jadu” Kunwar, a peasant’s son, and his daughter Jugnu.
  • Their lives reflect the trials, triumphs, and societal changes in India from pre-Independence to the pandemic era.
  • Jadu’s journey from a rural Bihar village to becoming a history professor and Fulbright scholar symbolizes resilience and ambition.
  • Jugnu’s narrative captures her evolution from a journalist in Delhi to working with CNN in the U.S., grappling with personal and professional struggles.
• Historical Context:
  • Kumar skillfully weaves significant events—India’s independence movement, Jayaprakash Narayan’s student protests, the Emergency, and the COVID-19 pandemic—into the personal tales of his characters.

CURRENT AFFAIRS: RANKING & INDEX

IndiGo named one of the worst airlines as global rankings are unveiled

• The 2024 AirHelp survey ranked IndiGo, a leading budget carrier in India, as the 103rd out of 109 airlines globally, with a low score of 4.80.
• Data was collected from January to October 2024 across 54 countries, with feedback from a diverse pool of passengers.
• The rankings were based on three key performance areas:
• On-time performance: IndiGo scored 6.6.
• Customer opinion: IndiGo received a score of 7.5.
• Claim processing: IndiGo scored a mere 0.3, significantly lowering its overall rank.

Top and Bottom Airlines in the Survey

Top 10 Airlines

1. Brussels Airlines: Scored 8.12 for on-time performance, 7.9 for customer opinion, and 8.7 for claim processing.
2. Qatar Airways
3. United Airlines
4. American Airlines
5. Play (Iceland)
6. Austrian Airlines
7. LOT Polish Airlines
8. Air Arabia
9. Widerøe
10. Air Serbia

Bottom 10 Airlines

1. Sky Express
2. Air Mauritius
3. Tarom
4. IndiGo
5. Pegasus Airlines
6. El Al Israel Airlines
7. Bulgaria Air
8. Nouvelair
9. Buzz
10. Tunisair

AirHelp’s Perspective

• Aim of the Rankings: AirHelp CEO Tomasz Pawliszyn stated that the rankings serve as a snapshot of airline performance and aim to encourage airlines to listen to passenger feedback for continuous improvement.
• IndiGo’s low score for claim processing (0.3) highlights a critical area of improvement.
• The disparity in passenger feedback coverage may have contributed to skepticism regarding the rankings, especially for airlines with regional dominance like IndiGo.

CURRENT AFFAIRS: BUSINESS

Amazon launches AI models to challenge rivals

• Amazon made a significant leap into the rapidly expanding generative AI sector, launching its own suite of artificial intelligence models.
• This move represents Amazon’s boldest effort yet to compete with industry giants like Microsoft, Google, Meta, and OpenAI—the creator of ChatGPT.
• Historically, Amazon’s AI services, offered through its AWS cloud platform, were limited to providing access to third-party models, including those from Anthropic, an AI startup it backs.
• However, with this new initiative, Amazon aims to take on the established leaders in AI by unveiling its Amazon Nova family of foundational AI models.
• Although Google, Microsoft, and OpenAI have been leading the charge in AI innovation, AWS remains the market leader in cloud computing, a critical infrastructure that powers AI tools and applications.
• This positions Amazon uniquely, leveraging its cloud dominance to enhance its AI offerings.

The Amazon Nova Family of AI Models

• The Amazon Nova suite includes six AI models designed to tackle a broad range of tasks, from text creation to video generation.
• According to Rohit Prasad, Amazon’s senior vice president leading the AI efforts, the company is addressing specific challenges faced by application builders.
• He highlighted that Amazon has already implemented 1,000 generative AI applications internally, giving them insight into common hurdles.
• The models are described as being 75% cheaper and faster than similar offerings, making them an attractive option for developers. The initial lineup includes:
• Nova Micro: Optimized for fast text processing.
• Nova Lite: Suitable for basic multimedia tasks.
• Nova Premiere: Set for release in early 2025, designed for complex reasoning
• In addition to these, two dedicated models cater to creative content:
• Nova Canvas: For image generation.
• Nova Reel: For video creation.

Multilingual Support and Compliance Measures

• The new models support 200 languages, offering businesses and developers the ability to customize the models using their proprietary data.
• This feature is aimed at enterprises seeking to build specialized AI applications, thus giving Amazon a competitive edge in enterprise adoption.
• Amazon emphasized that the new AI models will come with built-in safety measures, which will be integrated into AWS’s Bedrock service.
• The models will also be accompanied by usage guidelines, outlining specific use cases and limitations to ensure responsible and safe deployment.

CURRENT AFFAIRS: MOUs & AGREEMENTS

Google inks pact to set up a safety engineering centre in Hyderabad

• The Google Safety Engineering Centre (GSEC) will be established in Hyderabad, marking the first of its kind in the APAC region, after Tokyo, and only the fifth in the world, with similar facilities in Dublin, Munich, and Malaga.
• The announcement was made at the Google for India 2024 Conclave on October 3, leading to a competition among states for the investment.
• The agreement was finalized in the presence of Telangana Chief Minister A Revanth Reddy and IT Minister D Sridhar Babu.

Key Highlights:

• The GSEC will serve as a specialized international cybersecurity hub, focusing on developing AI-driven security solutions and advanced safety products tailored for India.
• It will also provide a collaborative platform for cybersecurity experts and researchers.
• In addition, the centre will contribute to skill development, create employment opportunities, and enhance cybersecurity capabilities in India.
• Hyderabad, which already hosts Google’s largest employee base in India, is also home to Google’s largest office outside its headquarters.
• This partnership highlights Hyderabad’s position as a leading IT and innovation hub.

Ericsson awarded multi-year 4G and 5G extension deal by Bharti Airtel for its India operations

• Bharti Airtel awarded Ericsson a multi-year, multi-billion-dollar extension deal for 4G and 5G products and solutions.
• A similar deal was signed with Nokia in November 2024.

Objectives of the Partnerships

• Enhanced Network Coverage and Capacity:
  • Focused on metropolitan areas with high data growth due to increased adoption of 5G smartphones.
  • Deployment of 5G standalone architecture (SA) to enable fixed wireless access broadband services in India.
• Technology Deployment:
  • Ericsson will integrate its latest technology to improve Airtel’s network speed, reliability, and coverage.

Key Players’ Contributions

• Ericsson’s Role:
  • Will supply approximately 50% of Airtel’s 4G and 5G network equipment needs under the agreement.
  • Will explore new 5G use cases as they emerge.
  • Andres Vicente, Head of Ericsson South-east Asia, highlighted the shared vision for robust infrastructure development.
• Nokia’s Contribution:
  • Expected to meet 45% of Airtel’s equipment requirements, continuing its longstanding collaboration.

Market Implications

• Telecom Expansion in India:
  • Airtel and Jio are accelerating 5G rollout; Vodafone Idea has also committed to expanding its 4G and 5G networks.
  • These initiatives aim to drive steady 5G adoption across India.
• Relief for European Vendors:
  • Nokia and Ericsson, both facing a decline in global sales due to reduced 5G spending, are expected to benefit significantly from these fresh contracts.

Nepal and China sign framework for BRI cooperation in Beijing

• Nepal and China signed the long-awaited BRI Cooperation Framework agreement during Nepalese Prime Minister K P Sharma Oli’s official visit to China.
• This agreement aims to strengthen economic cooperation between the two nations under the Belt and Road Initiative.

Background and Context

• Belt and Road Initiative (BRI):
  • A mega connectivity project by China that links Southeast Asia, Central Asia, Russia, and Europe.
  • Nepal joined the BRI in 2017, but no projects have been implemented under this framework until now.
• Proposed Projects:
  • The agreement includes plans for a Trans-Himalayan Multi-Dimensional Connectivity Network (THMDCN).
  • Areas of collaboration include:
    • Ports, roads, railways, aviation
    • Power grids and telecommunications
  • The objective is to transform Nepal from a land-locked to a land-linked

CURRENT AFFAIRS: SPORTS

Men’s Junior Asia Cup 2024: India defeats Pakistan 5-3 in finals to win its fifth title

• The Indian junior men’s hockey team clinched its fifth Men’s Junior Asia Cup title by defeating Pakistan 5-3 in the final held in Muscat, Oman on December 4^th
• India has now won the Junior Asia Cup a record five times:
  2004, 2008, 2015, 2023, and 2024.
• This title defense highlights India’s consistent dominance in junior hockey.

Cash Rewards Announced by Hockey India

• ₹2 lakhs for each player.
• ₹1 lakh for each support staff member.

The rewards were announced to honor the team’s impeccable title defense and dominating performance.

Key Moments in the Final Match

Pakistan’s Early Lead

• Pakistan’s captain Shahid Hannan scored an opening goal with a one-on-one against Bikramjeet Singh, putting Pakistan ahead.

Araijeet Singh Hundal’s Equalizer

• India responded immediately with a penalty corner, where Araijeet Singh Hundal delivered a powerful drag flick to equalize.

India Takes the Lead in the Second Quarter

• Araijeet scored again with a precise flick, giving India a 2-1 lead.
• Dilraj Singh extended the lead to 3-1, showcasing excellent skill.

Pakistan’s Counter-Attack

• Sufyan Khan scored for Pakistan just before halftime, narrowing the gap to 3-2.
• In the third quarter, Sufyan flicked another penalty corner into India’s net, leveling the score at 3-3.

Key Performers

• Araijeet Singh Hundal: Scored four goals, including a hat-trick.
• Prince Deep Singh: Delivered crucial saves, securing the victory.

CURRENT AFFAIRS: IMPORTANT DAYS

Every year on December 4th, Indian Navy Day is celebrated

• Indian Navy Day is celebrated every year on December 4th. In 2024, it will be observed on Wednesday, December 4.
• The theme of Indian Navy Day 2024 is “Strength and Power through Innovation and Indigenisation” with the goal to highlight the Indian Navy’s commitment and demonstrations towards self-reliance and technological advancements.

History:

• The date commemorates the bold naval operations carried out by the Indian Navy during the 1971 Indo-Pakistan war, especially the attack on Karachi, which was a significant and strategic military action.
• The Navy’s efforts during this period played a pivotal role in weakening the enemy’s coastal defenses and supporting India’s victory in the war.

Significance of Indian Navy Day

• Indian Navy Day highlights the importance of maintaining a strong naval force to ensure regional stability and protect India’s vast coastline.
• The day is also a reminder of the Navy’s contribution to India’s overall security framework and maritime defense.
• It serves as a platform to showcase the commitment and expertise of naval personnel, enhancing national pride and awareness about the strategic role of the Navy in India’s defense infrastructure.

December 4 Observed As International Day Of Banks

• International Day of Banks is observed every year on December 4 to highlight the essential role that banks and financial institutions play in the sustainable development of countries and the world as a whole.
• The day focuses on recognizing the contributions of banks in supporting global economic stability, tackling inequality, and advancing sustainable development.

International Day of Banks 2024: Theme

• The theme for 2024 is “Empowering Sustainable Development Through Finance.”
• This theme emphasizes the critical role of financial institutions in supporting the United Nations’ 2030 Agenda for Sustainable Development.

Specifically, it highlights the importance of banks in helping to:

• Eradicate poverty
• Tackle climate change
• Reduce inequality

History and Significance

• The International Day of Banks was officially recognized through a UN General Assembly resolution (74/245) passed on December 19, 2019.
• The decision to establish this day underscores the growing recognition of the banking sector’s pivotal role in ensuring global economic stability and advancement.

December 4th is International Cheetah Day

• International Cheetah Day is observed every year on December 4 to raise awareness about the plight of cheetahs, the fastest land animals on Earth.
• The day focuses on educating the public about the conservation challenges faced by cheetahs and the efforts required to protect this iconic species.

History of International Cheetah Day

• International Cheetah Day was established by the Cheetah Conservation Fund (CCF), a leading organization dedicated to the preservation of cheetahs.
• The date, December 4, was chosen to honor the memory of a cheetah cub named Khayam, raised by Laurie Marker, the founder of CCF.
• Khayam’s story drew global attention to the declining cheetah population and the urgent need for conservation efforts.

Significance of International Cheetah Day

• Cheetahs once roamed widely across Africa, Asia, and the Middle East.
• However, their populations have drastically declined due to habitat loss, human-wildlife conflict, and illegal wildlife trade.
• Now, fewer than 7,000 cheetahs remain in the wild, with some subspecies, such as the Asiatic cheetah, now critically endangered.

Daily CA on Dec 6 :

• The Reserve Bank of India (RBI) enhanced the per-transaction and wallet limits for transactions made on UPI Lite to Rs 1,000 and Rs 5,000,
• Bajaj Finserv AMC has launched the Bajaj Finserv Healthcare Fund, an open-ended equity scheme aimed at long-term growth.
• PB Fintech, the parent entity of Policybazaar and Paisabazaar, has received Board approval to incorporate a wholly owned subsidiary (WOS) for healthcare services.
• The Securities and Exchange Board of India (SEBI) has notified new rules requiring securities market participants to offer a nomination option to beneficial owners.
• Federal Bank has launched Esteem Savings Account, setting a new standard in personalised banking experiences.
• The Assam Cabinet, led by Chief Minister Himanta Biswa Sarma, banned public consumption of beef effective from December 4, 2024.
• Rajasthan’s Chief Minister Bhajan Lal Sharma introduced 9 new policies aimed at driving the state’s economic growth during a function at the Chief Minister’s Office.
• Devendra Fadnavis is set to take oath as the Chief Minister of Maharashtra for the third time.
• Indian cricketer Rohit Sharma has been onboarded as the brand ambassador for ixigo’s Trains app.
• Adani Defence and Aerospace delivered a second Drishti-10 Starliner surveillance drone to the Indian Navy, enhancing maritime monitoring capabilities and piracy risk mitigation.
• Indian Space Research Organisation (ISRO) commenced the revised 8.5-hour countdown for the launch of the European Space Agency’s (ESA) Proba-3 mission on December 5, 2024.
• The INROAD (Indian Natural Rubber Operations for Assisted Development) project has achieved remarkable success in the development of Natural Rubber (NR) plantations in the North Eastern states and West Bengal.
• The Hornbill Festival continued its 25th anniversary celebrations on Day 4 under the theme “Cultural Connect”, showcasing an impressive array of traditional performances from various tribes of Nagaland.
• The Boilers Bill, 2024 was presented for consideration and passing in the Rajya Sabha by Shri Piyush Goyal, Union Minister of Commerce and Industry.
• The Department of Consumer Affairs, Government of India, is leading the development of the National Legal Metrology Portal (eMaap) to strengthen fair trade practices, ensure consumer protection, and establish a centralized database for stakeholders within the legal metrology ecosystem.
• The Employees’ State Insurance Corporation (ESIC) received four certificates of merit at the Regional Social Security Forum for Asia and the Pacific (RSSF Asia-Pacific), organized by the International Social Security Association (ISSA) in Riyadh, Saudi Arabia, on December 3, 2024.
• Jasleen Kaur has won the 2024 Turner Prize for her work animating everyday objects to reflect the pluralities of identity and community. Kaur, 38, the youngest artist on this year’s shortlist, was nominated for her exhibition Alter Altar, at Tramway in Glasgow, which featured a range of sculptures and soundscapes.
• Amitava Kumar’s novel, “My Beloved Life,” captures the essence of ordinary lives intersecting with extraordinary historical and social transformations in India.
• The 2024 AirHelp survey ranked IndiGo, a leading budget carrier in India, as the 103rd out of 109 airlines globally, with a low score of 4.80.
• Amazon made a significant leap into the rapidly expanding generative AI sector, launching its own suite of artificial intelligence models. This move represents Amazon’s boldest effort yet to compete with industry giants like Microsoft, Google, Meta, and OpenAI—the creator of ChatGPT.
• The Google Safety Engineering Centre (GSEC) will be established in Hyderabad, marking the first of its kind in the APAC region, after Tokyo, and only the fifth in the world, with similar facilities in Dublin, Munich, and Malaga.
• Bharti Airtel awarded Ericsson a multi-year, multi-billion-dollar extension deal for 4G and 5G products and solutions. A similar deal was signed with Nokia in November 2024.
• Nepal and China signed the long-awaited BRI Cooperation Framework agreement during Nepalese Prime Minister K P Sharma Oli’s official visit to China.
• The Indian junior men’s hockey team clinched its fifth Men’s Junior Asia Cup title by defeating Pakistan 5-3 in the final held in Muscat, Oman on December 4^th
• Indian Navy Day is celebrated every year on December 4th. In 2024, it will be observed on Wednesday, December 4. The theme of Indian Navy Day 2024 is “Strength and Power through Innovation and Indigenisation”.
• International Day of Banks is observed every year on December 4 to highlight the essential role that banks and financial institutions play in the sustainable development of countries and the world as a whole. The theme for 2024 is “Empowering Sustainable Development Through Finance.”
• International Cheetah Day is observed every year on December 4 to raise awareness about the plight of cheetahs, the fastest land animals on Earth.