Daily Current Affairs December 07th 2024 | Latest News | Download PDF

By Ameena Ameena - Dec 07 2024

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Dear Readers, get to know the daily current affairs today covering all the National & International Events provided here in this article. Current Affairs is an important topic in various competitive exams like IBPS/SBI/PO/Clerk and other competitive exams. To score better in this section, be updated with the daily happenings. Check the Daily Current Affairs February 2024 updates here. Revision is very important in remembering current affairs. Candidates after learning the Daily current affairs Dec 07th 2024, can test their knowledge by attempting Current Affairs Quiz provided with answers. Daily current affairs Dec 07th 2024 covers current affairs from International & National news, Important Days, State News, Banking & Economy, Business News, Appointments & Resignation, Awards & Honour, Books & Authors, Sports News, etc.,

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Keeps Repo Rate Unchanged at 6.5% for 11th Consecutive Time    

  • The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 6.5% for the 11th consecutive time since February 2023.
  • The decision was made during the meeting held between December 4-6,2024 with the vote split 4:2.
  • Focus on Inflation Control and Economic Growth: Despite calls for a rate cut, the RBI is focused on balancing inflation control with economic growth. Governor
  • Shaktikanta Das emphasized the importance of durable price stability for sustained growth.

Key Highlights :

  • Other Key Rates:The Standing Deposit Facility (SDF) rate remains at 6.25%.
  • Marginal Standing Facility (MSF) rate and bank rate remain at 6.75%.
  • Neutral Stance Maintained: The RBI MPC decided to maintain a ‘neutral’ stance, with four members voting to keep the stance unchanged.
  • The goal is to align inflation with the 4% target while supporting economic growth.

Revised GDP Growth Forecast for FY25:

  • FY25 GDP growth forecast was lowered to 6.6%, down from 7.2%.
  • Q3 FY25 revised to 6.8% (from 7.4%).
  • Q4 FY25 revised to 7.2% (from 7.4%).
  • Q1 FY26 revised to 6.9% (from 7.3%).
  • Q2 FY26 forecast remains at 7.3%.

Inflation Outlook:

  • CPI-based inflation for FY25 revised to 4.8% from 4.5%.
  • Q3 FY25 revised to 5.7% (from 4.8%).
  • Q4 FY25 revised to 4.5% (from 4.2%).
  • Q1 FY26 revised to 4.6% (from 4.3%).
  • Q2 FY26 projection remains at 4%.
  • Food Prices and Inflation:Food prices are expected to continue driving headline inflation in the October-December quarter.
  • Rabi season and kharif production estimates are expected to ease food inflation pressures, especially for rice and tur dal.
  • Core Inflation: Although core inflation remained subdued, there was a pickup in October.
  • Weak GDP Growth in Q2 FY25:India’s GDP growth for Q2 FY25 slowed to 5.4%, the lowest in two years, down from 8.1% in the same quarter last year.
  • The decline was primarily due to weak performance in the manufacturing and mining sectors.

About RBI :

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

Chief Economic Advisor V. Anantha Nageswaran maintains GDP growth target of 6.5-7% for FY25 despite Q2 slowdown  

  • The Finance Ministry has reaffirmed its GDP growth forecast for 2024-25 at 6.5-7%, despite a slowdown in Q2 growth to 5.4%.
  • The Q2 GDP growth of 5.4% was the first estimate, and the Chief Economic Advisor (CEA), V. Anantha Nageswaran, indicated that this number could be revised upwards.

Key Highlights :

  • Impact on RBI’s GDP Growth Projection:The Reserve Bank of India (RBI) is expected to reduce its GDP growth forecast for FY25 from 7.2%, given the recent Q2 slowdown.
  • The Finance Ministry’s positive outlook may influence the RBI’s revised growth estimate.
  • V Anantha Nageswaran’s Statement : The Chief Economic Advisor (CEA), V Anantha Nageswaran, urged not to over-interpret the Q2 slowdown, emphasizing that the underlying growth story remains intact.
  • He highlighted the robust health of the Indian economy, pointing out controlled external debt, non-performing assets (NPAs) in banks, and headline inflation being well-behaved (excluding food items).
  • Private Sector and Profitability:The private sector profitability has increased significantly, up 4x over the last four years.
  • However, employee compensation has weakened, which could negatively impact demand and the overall economy.
  • Nageswaran highlighted the importance of paying employees well to stimulate demand and economic growth.
  • Corporate Investment and R&D:Nageswaran called for increased private sector investment in research and development (R&D), emphasizing the need for Indian corporates to focus on quality and innovation.
  • He advised abandoning the use of the term ‘jugaad’ and to think big in order to improve the global standing of Indian businesses.
  • Negative Working Capital Issue:The negative working capital issue, where small and medium enterprises (SMEs) are funding the working capital of larger corporations, was highlighted as a concern.
  • Consumption Growth:Consumption growth in India remains steady, with rural consumption showing particularly strong growth.

Government of India and Asian Development Bank Sign $50 Million Loan for Climate-Resilient Water Harvesting Project in Meghalaya

  • The Government of India and Asian Development Bank (ADB) signed a $50 million loan to improve water security and reduce climate change impacts in Meghalaya through water-harvesting systems.
  • The project is part of the Climate-Adaptative Community-Based Water-Harvesting Project aimed at constructing water-harvesting systems, improving water access, and reducing community vulnerability.
  • The overall goal is to promote integrated water resource management, enhance community-based water security, and ensure sustainable agricultural development in the state.
  • Signatories: The loan agreement was signed by:
  • Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance (Government of India)
  • Mio Oka, Country Director of ADB’s India Resident Mission (ADB)
  • Alignment with State Water Policy: The project aligns with Meghalaya State Water Policy (MSWP) 2019, focusing on sustainable water resource management and a participatory approach.

Project Components:

  • Development of a state-wide water-harvesting systems (WHS) master plan for micro catchment areas and disaster risk management.
  • Construction of 532 small water-storage facilities across 12 districts, designed to capture and manage monsoon rainfall and flash floods.
  • 3,000 hectares of command areas for reliable irrigation.
  • Establishment of 50 weather stations for climate data collection.
  • Introduction of micro-irrigation systems and renewable energy micro-hydropower in select regions.
  • Capacity Building and Livelihood Support: The project aims to strengthen the capacity of the Meghalaya State Watershed and Wasteland Development Agency, and the Soil and Water Conservation Department in water management.
  • It will also train farmers, particularly women, in agriculture, horticulture, and fishery techniques to enhance productivity.

About ADB : 

  • Established : 1966
  • Headquarters : Manila, Philippines
  • President : Masatsugu Asakawa

Securities and Exchange Board of India clarifies that digital platforms do not need to acquire Specified Digital Platforms status

  • Market regulator Securities and Exchange Board of India (SEBI) clarified that digital platforms used by registered or regulated entities to associate with third parties are not obligated to seek recognition as Specified Digital Platforms (SDPs).
  • Voluntary Registration: Digital platforms can voluntarily choose to get recognized as an SDP.
  • It is not mandatory for them to do so.
  • Regulatory Framework for SDPs: There is no current regulatory framework governing SDPs, and the process of becoming an SDP is optional.
  • Definition of SDP: An SDP is a digital platform approved by Sebi, designed to prevent and address prohibited activities such as offering unregulated advice or making unapproved claims regarding returns or performance related to securities.
  • Impact of Rule Amendments (August 2024): Sebi amended rules prohibiting regulated entities (e.g., stock exchanges, clearing corporations, depositories) from associating with individuals or entities that provide unregistered advice or recommendations on securities or make claims regarding returns or performance, without Sebi’s approval.
  • Exemption for SDPs: These restrictions do not apply if the association is made through a registered SDP.
  • Compliance Responsibility: While regulated entities can associate with non-SDP platforms, they are responsible for ensuring compliance with Sebi regulations in such cases.
  • Protection for Regulated Entities: Partnering with an SDP automatically ensures protection from violations of key Sebi regulations, including:
  • Intermediaries Regulations
  • SECC (Stock Exchanges and Clearing Corporations) Regulations
  • Depository Participants Regulations

Securities and Exchange Board of India Imposes ₹9 Lakh Fine on Reliance Securities for Market Norm Violations

  • Securities and Exchange Board of India (SEBI) imposed a ₹9 lakh fine on Reliance Securities for breaching market norms and stock broker rules.
  • Inspection by Sebi and Exchanges: The penalty followed a thematic onsite inspection conducted by Sebi, along with exchanges (NSE and BSE), of the books of accounts, records, and other documents of Reliance Securities’ authorized persons (APs).
  • Inspection Period: The inspection covered the period from April 2022 to December 2023 to verify compliance with stock broker rules, NSEIL Capital Market regulations, and NSE Future & Options trading norms.

Findings of Violations:

  • Non-maintenance of proper records: RSL failed to maintain adequate records of client order placements, particularly for offline clients.
  • Discrepancies in terminal locations: There were issues with unauthorized personnel operating trading terminals.
  • Lack of segregation: Offices of RSL’s APs were shared with those of other brokers, violating segregation norms.
  • Failure in Order Placement Records: The inspection found that RSL did not maintain order placement records for clients linked to its APs, which is required for transparency and prevention of unauthorized trades.
  • Unauthorized Operations: RSL’s APs were found to be operating unapproved terminals, breaching rules that require terminals to be handled only by approved users.
  • Inadequate Supervision: The lack of proper supervision allowed APs to engage in unauthorized activities, including receiving payments from clients for non-broking purposes.

World Bank sanctions $188 million loan to Maharashtra for growth in underdeveloped districts

  • The World Bank approved a $188.28 million loan for Maharashtra aimed at boosting economic growth, focusing on underdeveloped districts.
  • The program aims to enhance district-level planning and development strategies by providing critical resources such as data, funding, and expertise to promote efficient economic expansion and job creation.

Key Highlights :

  • Public-Private Sector Collaboration: The loan will encourage public-private sector partnerships, with an emphasis on upgrading e-governance services, particularly in the tourism sector.
  • Loan Details: The loan is provided by the International Bank for Reconstruction and Development (IBRD) with a 15-year maturity period, including a five-year grace period.

Key Program Features:

  • Creation of Maha Databank, a data governance framework addressing development challenges such as gender disparities.
  • Fiscal Incentives for districts achieving annual performance targets.
  • Enhancement of Maharashtra’s online service portals (MAITRI 2.0 for business services and RTS portal for government services) to improve access and efficiency.
  • Focus Areas: The program emphasizes evidence-based planning, improved service delivery, and efficient use of public funds for inclusive growth.

About World Bank :

  • Established : July 7, 1944
  • Headquarters : Washington, D.C., United States
  • President : Ajay Banga
  • World Bank’s Country Director for India : Auguste Tano Kouamé

CURRENT AFFAIRS: NATIONAL NEWS

‘Anna Chakra’ and SCAN Portal: Transforming India’s Public Distribution System

  • Pralhad Joshi, Minister of Food and Consumer Affairs, introduced ‘Anna Chakra’, a cutting-edge supply chain optimisation tool, and the SCAN Portal, aimed at revolutionising India’s Public Distribution System (PDS).
  • These initiatives enhance logistical efficiency, reduce costs, and integrate technology into food security programs.

Key Features of ‘Anna Chakra’

  • Objective: Optimize foodgrain movement within India’s logistics network, targeting efficiency and sustainability.
  • Development: A collaborative effort between the World Food Programme and IIT-Delhi, employing advanced algorithms for supply chain management.
  • Scope: Covers:
    • 4.37 lakh Fair Price Shops
    • 6,700 warehouses
    • Benefits 81 crore citizens under India’s food security program.
  • Projected Impact:
    • Annual cost savings of ₹250 crore.
    • Reduction in quantity-kilometer metrics by ₹58 crore.
    • Lower transportation costs and reduced carbon emissions.
  • Technological Integration:
    • Links with the Railways’ Freight Operations Information System (FOIS).
    • Incorporates the PM Gati Shakti platform for seamless logistics.

SCAN Portal: A Streamlined Solution

  • Purpose: A single-window system for states to submit and process food subsidy claims, ensuring transparency and efficiency.
  • Features:
    • Automated workflow for faster claim processing.
    • Simplified documentation and data validation for states.

Significance and Benefits

  1. Economic Efficiency:
    • Significant cost reductions in foodgrain transportation.
    • Streamlined operations minimize delays in food distribution.
  2. Environmental Sustainability:
    • Reduced carbon footprint from optimized logistics.
    • Supports India’s goals of sustainable development and climate responsibility.
  3. Enhanced Food Security:
    • Improved supply chain ensures consistent and timely delivery of food grains to beneficiaries.
    • Strengthens PDS reliability and outreach.
  4. Integration of Technology:
    • Advanced algorithms and digital platforms modernize PDS logistics.
    • Facilitates coordination between states, warehouses, and distribution networks.

Visa Projects Rapid Growth in Co-Branded Credit Cards in India

  • Visa, a global payment network, anticipates robust growth in the co-branded credit card segment in India over the next four years, driven by consumer demand and the e-commerce boom.

Key Highlights on Co-Branded Cards

  1. Market Growth
  • Co-branded credit cards currently represent 12-15% of total credit cards in India (FY24).
  • Expected to surpass 20-25% by FY28, with growth outpacing traditional credit cards.
  1. Engagement and Usage Trends
  • Activation rates for co-branded cards are at 70%, compared to 50% for traditional credit cards.
  • Transaction volume is 30% higher, and spending per card is 20% higher than regular credit cards.
  1. Increasing Adoption
  • The share of co-branded cards in new credit card issuances has risen from 1 in 10 (2018) to 1 in 3 (2023).
  • Currently, co-branded cards account for 33% of all new issuances.
  1. Key Segments and Players
  • E-commerce dominates with notable partnerships:
    • Flipkart-Axis Bank Card.
    • Amazon-ICICI Bank Card.
  • Other sectors like airlines, hotels, travel, and fuel show slower growth but are expected to gain traction in line with global trends.

Current Landscape of Credit Cards in India

  • Total Credit Cards: 106.88 million (RBI data).
  • Top Issuers:
    • HDFC Bank (market leader).
    • ICICI Bank, SBI Cards, and Axis Bank.
  • Major Card Networks: Visa, Mastercard, and RuPay dominate the ecosystem.

Global vs. Domestic Adoption

  • Globally, Visa has 700 co-branded programs, compared to over 30 co-branded programs in India. While the Indian market is still behind global benchmarks, the success of e-commerce cards demonstrates the potential for growth in other segments, such as hospitality and travel, as consumer preferences evolve.

Bharatiya Vayuyan Vidheyak (BBV) 2024 Replaces the Aircraft Act, 1934

  • The Rajya Sabha passed the Bharatiya Vayuyan Vidheyak (BBV) 2024 completing the legislative process initiated by the Lok Sabha in August 2024.
  • This marks the replacement of the 90-year-old Aircraft Act, 1934, which had been amended 21 times.

Key Objectives and Features

  1. Modernization and Simplification
    • The BBV 2024 aims to enhance ease of doing business in the aviation sector, streamlining regulations to align with the technological advancements of one of the most modern industries.
  2. Cultural Identity
    • Civil Aviation Minister K. Rammohan Naidu justified the title change to Hindi, stating it represents India’s heritage and culture, while adhering to Constitutional rules.
    • He acknowledged initial challenges in pronunciation but expressed confidence that people would adapt.
  3. Colonial Legacy Eliminated
    • The bill marks a move away from the colonial-era Aircraft Act, 1934, which was signed into law by the Governor-General on August 19, 1934.
  4. Affordability and Accessibility
    • Responding to concerns over rising airfares, the government emphasized its efforts under the Udaan scheme, which improves regional air connectivity.
    • The minister reiterated the government’s commitment to making air travel more affordable and accessible for passengers.

Significance

  • The BBV 2024 embodies a modern legislative framework, reflecting India’s ambitions in the global aviation landscape while celebrating its cultural identity. By addressing contemporary challenges like affordability and streamlining regulations, it lays the foundation for sustainable growth in India’s aviation sector.
  • This change underscores India’s journey from a colonial past to a future of self-reliance and global leadership in high-tech industries.

NHAI to Issue Green Bonds for Delhi-Mumbai Expressway Project

  • The National Highways Authority of India (NHAI), through its fully owned Special Purpose Vehicle (SPV), DME Development Limited (DMEDL), has announced its plan to issue green bonds to fund environmental sustainability initiatives for the Delhi-Mumbai Expressway project.
  • This marks a significant step towards incorporating eco-friendly measures in road infrastructure development.

Details of the Green Bond Issue:

  • Total Size: The green bond issue will be up to Rs. 1,000 Crores, with an initial base issue size of Rs. 500 Crores.
  • Green-Shoe Option: There is a provision to retain oversubscription, allowing an additional Rs. 500 Crores if demand exceeds expectations.
  • Launch Date: The issue is expected to launch in the second week of December 2024.
  • Bidding Process: The issuance will follow a closed bidding system, ensuring transparency and compliance with Government of India’s sovereign green bonds framework, international protocols, and SEBI guidelines.

Use of Funds:

The proceeds from the green bond issuance will be utilized for several environment-friendly measures, including:

  • Avenue and Median Plantations
  • Construction of Animal Underpasses
  • Natural Stormwater Drainage
  • Street Lighting Powered by Solar Energy
  • Waste Recycling and Reuse
  • Rainwater Harvesting Systems

These initiatives align with the government’s broader vision of promoting environmental sustainability and reducing the carbon footprint of the road sector.

Benefits of the Green Bond Initiative:

  • Environmental Impact: The bonds will help fund projects aimed at reducing energy consumption, lowering the environmental impact of vehicular emissions, and fostering greener highways.
  • Long-Term Cost Savings: By investing in eco-friendly infrastructure, NHAI expects to achieve long-term savings through reduced energy consumption and maintenance costs.
  • Attracting ESG-Focused Investors: The bond issuance is expected to diversify the investor base by attracting those with a focus on Environmental, Social, and Governance (ESG) criteria.

About DMEDL and the Delhi-Mumbai Expressway:

  • DME Development Ltd. (DMEDL), established in August 2020, is a dedicated SPV of NHAI for the Delhi-Mumbai Greenfield Expressway.
  • The project is a major infrastructure initiative that aims to reduce travel time between Delhi and Mumbai while promoting green highways.
  • DMEDL has already raised around Rs. 42,000 Crore for the project and aims to raise a total of Rs. 48,000 Crore through loans and bonds.
  • DMEDL has received AAA ratings from CRISIL, CARE, and India Rating, ensuring the credibility of its financial operations.

CURRENT AFFAIRS : STATE NEWS

Indian Council of Agricultural Research approves establishment of two cotton research centres in Telangana  

  • The Indian Council of Agricultural Research (ICAR) has approved the establishment of two All India Coordinated Research Project (ACRIP) Centres on cotton in Telangana.
  • The two centres will be established at Warangal (main centre) and Adilabad (sub-centre).
  • Reason for the Centres: After the bifurcation of Telangana, the state lost its representation in national-level cotton research coordination centres. As a result, Prof. Jayashankar Telangana State Agricultural University (PJTSAU) could not participate in the national cotton research system for the past decade.
  • PJTSAU officials approached ICAR, requesting the sanctioning of a research programme under the all-India programme, leading to the proposal for two cotton research centres.
  • ICAR will provide the necessary staff and funding to support cotton research at PJTSAU.
  • The centres are expected to begin full-fledged research activities from the next financial year.

About Telangana :

  • Governor : Jishnu Dev Varma
  • Chief Minister : Revanth Reddy (INC)
  • Capital : Hyderabad

CURRENT AFFAIRS: BUSINESS NEWS

Myntra Joins the Quick Commerce Trend with M-Now for Faster Fashion Deliveries

  • As the quick commerce trend continues to surge, Myntra has entered the space with its M-Now offering, providing faster fashion and beauty product deliveries.
  • This move comes as part of the broader shift in e-commerce, with companies aiming to meet the growing consumer demand for instant shopping.

Key Highlights of Myntra’s M-Now:

  1. 30-Minute Delivery Target
    • Myntra plans to deliver fashion and beauty products within 30 minutes, catering to Gen Z and millennial shoppers who are accustomed to quick gratification and diverse, expansive wardrobes.
    • The company is likely to explore shorter delivery times in the future, although specific timelines haven’t been disclosed.
  2. Target Audience and Trends
    • The initiative targets young shoppers looking for instant style updates, capitalizing on their preference for fast and efficient online shopping experiences.
    • Fashion shopping has evolved post-pandemic, with increased frequency and a demand for not just individual products but styling solutions.
  3. Logistics Model
    • Myntra will utilize third-party dark stores and offline stores of brand partners to fulfill M-Now orders.
    • While quick commerce traditionally focused on groceries, Myntra is expanding the offering to fashion, navigating the challenge of curating the right product selection within short timeframes.
  4. Competition and Industry Trends
    • The rise of quick commerce platforms in India, offering 10-minute deliveries, is pushing traditional e-commerce companies like Myntra to adjust their delivery models.
    • Other fashion and lifestyle brands such as Fabindia, Decathlon, and Adidas are also partnering with quick commerce platforms to expand their reach.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Gautam Hari Singhania named Executive Chairman of Raymond Lifestyle

  • Gautam Hari Singhania has been appointed as the Executive Chairman of Raymond Lifestyle after receiving approval from shareholders.
  • The proposal for his appointment and remuneration was approved by 86.85% of the votes cast at the company’s Annual General Meeting (AGM)
  • In addition to Singhania’s appointment, shareholders approved eight other special resolutions, including the appointment of Independent Directors and Sunil Kataria as the Managing Director.
  • The Companies Act 2013 requires a special resolution to be passed by at least 75% of the voting members, which was met in this case.
  • Raymond Lifestyle was recently listed on the stock exchanges after the demerger from Raymond Ltd. It became independent as of September 5.
  • Proxy advisory firms, Empowerment Services (SES) and Institutional Investor Advisory Services India (IiAS), recommended shareholders to vote against Singhania’s appointment as Chairman.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

UK approves $19 billion merger of Vodafone UK and Three mobile

  • Britain approved the $19 billion merger between Vodafone UK and Hutchison’s Three UK, forming the country’s largest mobile operator, reducing the number of mobile networks from four to three.

Key Highlights :

  • Competition and Markets Authority (CMA): Initially concerned that the merger could lead to higher customer prices, the CMA later accepted the companies’ pledge to invest in 5G networks and provide protections for retail and wholesale customers.
  • Government Influence: The approval followed the urging of Prime Minister Keir Starmer to prioritize investment and economic growth in regulatory decision-making.
  • 5G Investment Commitment: Vodafone and Three UK committed to investing £11 billion ($14 billion) to develop a 5G network that will serve 50 million customers, including those of Vodafone’s partner Virgin Media O2.
  • Impact on Competition: The CMA concluded that the merger would boost competition between the three remaining networks, which includes market leader BT, and improve services for customers.
  • Ownership Structure: Post-merger, Vodafone will own 51% of the combined company and has the option to purchase the remaining 49% after three years, subject to certain conditions.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Coast Guard Hosts 22nd National Maritime Search and Rescue Board Meeting in Kochi, Kerala

  • The Indian Coast Guard (ICG) organized the 22nd National Maritime Search and Rescue (NMSAR) Board meeting on November 28, 2024, in Kochi, Kerala.
  • The meeting marked the beginning of the 11th edition of the National Maritime Search and Rescue Exercise (SAREX-24), held off the Kochi Coast on November 29, 2024.
  • Inauguration:Defence Secretary Rajesh Kumar Singh inaugurated the event and interacted with foreign delegates present.
  • National SAR Awards (2023-24):Awardees recognized for contributions to maritime safety and SAR operations:
    • Merchant Vessel Category: MV Singapore Bulker (Panama-flagged vessel).
    • Fishing Boat Category: Paramita 5, Geeta, and Bahubali (Indian fishing boats).
    • Government-Owned SAR Unit Category: ICG Air Squadron 835 Sqn (CG).
    • Ashore Unit Category: Indian National Centre for Ocean Information Services (INCOIS).
  • NMSAR Board Details:Established in 2002, the NMSAR Board:
    • Convenes annually to discuss policy matters related to maritime safety.
    • Formulates guidelines and procedures for SAR operations.
    • Reviews the National Search and Rescue Plan.
  • Focus of the 22nd Meeting:Enhancing collaboration and coordination among stakeholders to improve maritime safety.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Central Marine Fisheries Research Institute develops technology for captive breeding of high-value marine ornamental fishes

  • The Indian Council of Agricultural Research – Central Marine Fisheries Research Institute (ICAR-CMFRI) has developed captive breeding technologies for two high-value marine ornamental fish species: Azure damsel and Ornate goby.
  • The technologies were developed at the Vizhinjam Regional Centre of CMFRI.
  • A medium-scale seed production unit producing 24,000 juveniles annually could earn around ₹12 lakh annually, making it an attractive business for entrepreneurs.

Key Highlights :

  • Species Characteristics:Azure Damsel: Reef-associated fish with bright blue and yellow colors, considered vulnerable due to over-exploitation.
  • Market value in India: ₹350/fish, international value: $15-25/fish.
  • Ornate Goby: Known for its striking pectoral fins with white dots, popular in marine aquariums. Market value in India: ₹250/fish, international value: $15-30/fish.
  • Sustainability and Conservation: Captive breeding technologies will reduce pressure on wild populations and help conserve coral reef ecosystems by promoting sustainable fish production.
  • Commercial Potential: The developed seed production techniques are available for dissemination to potential entrepreneurs, making it easier for aquarists or fish farmers to adopt the breeding technologies for these species.
  • Application in Aquarium Industry: These species are valuable for the aquarium industry due to their beauty, behavior, and roles in tank maintenance (such as cleaning sand).

CURRENT AFFAIRS: MOUS AND AGREEMENT

Andhra Pradesh Partners with Google to Drive AI-Enabled Transformation

  • The Andhra Pradesh State Government has signed a landmark Memorandum of Understanding (MoU) with Google to propel advancements in Artificial Intelligence (AI) and foster innovation in the region.
  • The MoU was formalized in the presence of Human Resource Development and Real-Time Governance (RTG) Minister Nara Lokesh, highlighting a shared vision to leverage technology for societal progress.

Key Highlights of the Partnership

  1. Skill Development and Workforce Training
  • AI Training for Students: Skill development programs in schools and colleges to prepare students for AI-driven careers.
  • Support for Startups and Industries: Dedicated AI training for startups, small businesses, and traditional industries to enable technology adoption.
  1. Focus Areas for AI Integration
  • Healthcare: Implementation of AI solutions to enhance healthcare accessibility and efficiency.
  • Environmental Sustainability: Deployment of AI-driven tools to address environmental challenges.
  • Public Services: Streamlining service delivery to improve the ease of living, reducing dependence on physical government office visits.
  1. AI Ecosystem Development
  • Creation of a robust AI startup ecosystem to foster innovation.
  • Enhancement of digital infrastructure for economic growth.

Impact of the Initiative

This agreement marks a significant stride towards integrating AI and Machine Learning (ML) into the State’s development strategy, focusing on:

  • Economic Development: Boosting startups, small businesses, and digital infrastructure.
  • Social Impact: Enhancing healthcare, education, and sustainability initiatives.
  • Global Opportunities: Positioning Andhra Pradesh as a hub for AI innovation and preparing youth for global AI-driven markets.

India and Bhutan Reinforce Bilateral Ties During Bhutanese King’s Visit

  • Prime Minister Narendra Modi reaffirmed India’s commitment to strengthening its partnership with Bhutan during a meeting with Bhutanese King Jigme Khesar Namgyel Wangchuck in New Delhi.
  • The visit further underscored the deep-rooted ties between the two nations.

Key Highlights of the Meeting

  1. Bilateral Discussions
  • Areas of cooperation discussed included:
    • Clean energy: Enhancing renewable energy collaboration.
    • Trade and investment: Boosting economic ties and cross-border commerce.
    • Space and technology: Strengthening technological innovation and capacity-building initiatives.
  • Both leaders explored the ‘Gelephu Mindfulness City’ project, a visionary initiative by King Wangchuck aimed at fostering Bhutan’s development and enhancing cross-border connectivity with India.

Commitments and Future Plans

  • India’s Support for Bhutan’s 13th Five-Year Plan
    • PM Modi emphasized India’s commitment to doubling its development assistance for Bhutan’s next five-year plan.
  • Strengthening Partnerships Across Sectors
    • Both leaders expressed satisfaction with the current state of bilateral relations, particularly in:
      • Development cooperation.
      • Hydropower and clean energy partnerships.
      • Technology-driven advancements.
      • Cultural and people-to-people ties.
  • Acknowledgment from Bhutan
    • King Wangchuck expressed gratitude for India’s unwavering support in Bhutan’s pursuit of happiness, progress, and prosperity.

CURRENT AFFAIRS: RANKING AND REPORTS

Telangana, Tamil Nadu, and Delhi Lead in Malware Attacks: India Cyber Threat Report 2025

  • The India Cyber Threat Report 2025, released by the Data Security Council of India (DSCI), highlights Telangana, Tamil Nadu, and Delhi as the top three regions most affected by cyberattacks, particularly malware.
  • The report provides a comprehensive overview of the cybersecurity landscape in India, identifying key sectors and emerging trends in cyber threats.

Key Findings of the Report:

  1. Regions Most Affected
    • Telangana, Tamil Nadu, and Delhi recorded the highest volumes of malware activity.
    • The report notes that these regions, with higher levels of digital adoption and connectivity, are more susceptible to cyberattacks.
  2. Most Targeted Sectors
    • Healthcare, Hospitality, and BFSI (Banking, Financial Services, and Insurance) sectors are among the most targeted by cybercriminals.
    • These industries continue to be prime targets due to their critical roles in the economy and their high-value data.
  3. Malware Statistics
    • A total of 369 million malware detections were recorded across 8.44 million devices, highlighting the scale and severity of cyber threats.
    • The report shows that 85.44% of malware was detected through signature-based methods, which identify known malware, while 14.56% was identified through behaviour-based detection, which flags suspicious activities of unknown threats.
  4. Most Common Malware Types
    • The most detected types of malware were Trojans (43.38%) and Infectors (34.23%). These malicious programs are often used by attackers to compromise systems, steal data, and exploit vulnerabilities.

Cybersecurity Innovations and Responses

In response to the rising threat of cyberattacks, Seqrite has introduced advanced cybersecurity solutions to better detect and analyze cyber threats:

  1. Seqrite Malware Analysis Platform (SMAP)
    • SMAP combines static and dynamic analysis to evaluate suspicious files and URLs, offering deeper insights into potential threats.
    • This platform helps security professionals identify both known and unknown malware by analyzing its behavior.
  2. Behavior-Based Detection
    • Vinayak Godse, CEO of DSCI, emphasized the growing importance of behavior-based detection technologies. These methods help identify sophisticated ransomware that may bypass traditional signature-based detection systems.
    • As cybercriminals increasingly deploy advanced strategies, behavior-based detection becomes crucial in identifying novel threats.

CURRENT AFFAIRS: SPORTS NEWS

ICC Men’s Player of the Month Nominees for November 2024

  • The ICC has announced the nominees for the Men’s Player of the Month award for November 2024, featuring three standout fast bowlers: Jasprit Bumrah (India), Marco Jansen (South Africa), and Haris Rauf (Pakistan).
  • These players have been recognized for their exceptional performances across formats during the month.

Nominee Profiles

  1. Jasprit Bumrah (India)
  • Performance Highlights:
    • Claimed 8 wickets in a commanding display during India’s 295-run victory over Australia in the first Border-Gavaskar Trophy Test in Perth.
    • Took 5-30 in the first innings, helping India gain a crucial 46-run lead, and followed it up with 3-42 in the second innings.
    • Captained India as a stand-in for Rohit Sharma, further showcasing his leadership skills.
  • Impact:
    • Key in keeping India’s hopes alive for the ICC World Test Championship Final 2025.
    • Aims to win his second Player of the Month award.
  1. Marco Jansen (South Africa)
  • Performance Highlights:
    • Delivered an incredible all-round performance in T20Is, smashing a 54 off 17 balls in Centurion, despite South Africa’s narrow loss.
    • In Tests, destroyed Sri Lanka with 11 wickets in a match, including career-best figures of 7-13 in just 41 deliveries.
  • Impact:
    • Boosted South Africa’s position in the World Test Championship standings, showcasing his versatility as an all-rounder.
    • Could become the first South African to win the award since Keshav Maharaj in April 2022.
  1. Haris Rauf (Pakistan)
  • Performance Highlights:
    • Excelled in both ODIs and T20Is with 18 wickets across formats in November.
    • Took a five-wicket haul during the ODI series in Australia, finishing as the top wicket-taker with 10 wickets at an economy of 5.00.
    • Claimed 5 wickets in the T20I series in Australia and continued his form in Zimbabwe, bagging 3 more dismissals in ODIs.

CURRENT AFFAIRS: IMPORTANT DAYS

Armed Forces Flag Day: 7th December

  • Armed Forces Flag Day 2024 is observed on the 7th of December 2024.
  • The idea of Armed Forces Flag Day observation every year was first decided in the year 1949 by the then Defence Minister.
  • He set up a committee to observe a Flag Day every year on December 7.
  • The general idea behind this was the collection of funds from people by distributing flags.
  • The Armed Forces Flag Day also called Flag Day of India is commemorated through the collection of funds through the distribution of flags.
  • Indian citizens express their gratitude to the country’s ex-military and current military personnel and pay homage to those who died in service.

International Civil Aviation Day: 7th December

  • International Civil Aviation Day 2024 is observed on the 7th of December 2024.
  • The International Civil Aviation Organization (ICAO), a specialist organization within the United Nations, established December 7 as the day to celebrate the impact that civil aviation has had on the world.
  • Tourism and business have both been changed forever due to flying, not to mention the cultural connections that have been enabled.
  • The first International Civil Aviation Day was held in 1994 as part of ICAO’s 50th anniversary and in 1996 the United Nations General Assembly officially recognised 7 December as International Civil Aviation Day.

Daily CA One- Liner: December 7

  • Pralhad Joshi, Minister of Food and Consumer Affairs, introduced ‘Anna Chakra’, a cutting-edge supply chain optimisation tool, and the SCAN Portal, aimed at revolutionising India’s Public Distribution System (PDS).
  • Visa, a global payment network, anticipates robust growth in the co-branded credit card segment in India over the next four years, driven by consumer demand and the e-commerce boom.
  • The Rajya Sabha passed the Bharatiya Vayuyan Vidheyak (BBV) 2024 completing the legislative process initiated by the Lok Sabha in August 2024.
  • The National Highways Authority of India (NHAI), through its fully owned Special Purpose Vehicle (SPV), DME Development Limited (DMEDL), has announced its plan to issue green bonds to fund environmental sustainability initiatives for the Delhi-Mumbai Expressway
  • As the quick commerce trend continues to surge, Myntra has entered the space with its M-Now offering, providing faster fashion and beauty product deliveries.
  • The Andhra Pradesh State Government has signed a landmark Memorandum of Understanding (MoU) with Google to propel advancements in Artificial Intelligence (AI) and foster innovation in the region
  • Prime Minister Narendra Modi reaffirmed India’s commitment to strengthening its partnership with Bhutan during a meeting with Bhutanese King Jigme Khesar Namgyel Wangchuck in New Delhi
  • The India Cyber Threat Report 2025, released by the Data Security Council of India (DSCI), highlights Telangana, Tamil Nadu, and Delhi as the top three regions most affected by cyberattacks, particularly malware.
  • The ICC has announced the nominees for the Men’s Player of the Month award for November 2024, featuring three standout fast bowlers: Jasprit Bumrah (India), Marco Jansen (South Africa), and Haris Rauf (Pakistan).
  • The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 6.5% for the 11th consecutive time since February 2023.
  • The Finance Ministry has reaffirmed its GDP growth forecast for 2024-25 at 6.5-7%, despite a slowdown in Q2 growth to 5.4%.
  • The Government of India and Asian Development Bank (ADB) signed a $50 million loan to improve water security and reduce climate change impacts in Meghalaya through water-harvesting systems.
  • Market regulator Securities and Exchange Board of India (SEBI) clarified that digital platforms used by registered or regulated entities to associate with third parties are not obligated to seek recognition as Specified Digital Platforms (SDPs).
  • Securities and Exchange Board of India (SEBI) imposed a ₹9 lakh fine on Reliance Securities for breaching market norms and stock broker rules.
  • The World Bank approved a $188.28 million loan for Maharashtra aimed at boosting economic growth, focusing on underdeveloped districts.
  • The Indian Council of Agricultural Research (ICAR) has approved the establishment of two All India Coordinated Research Project (ACRIP) Centres on cotton in Telangana.
  • Gautam Hari Singhania has been appointed as the Executive Chairman of Raymond Lifestyle after receiving approval from shareholders.
  • Britain approved the $19 billion merger between Vodafone UK and Hutchison’s Three UK, forming the country’s largest mobile operator, reducing the number of mobile networks from four to three.
  • The Indian Coast Guard (ICG) organized the 22nd National Maritime Search and Rescue (NMSAR) Board meeting on November 28, 2024, in Kochi, Kerala.
  • The Indian Council of Agricultural Research – Central Marine Fisheries Research Institute (ICAR-CMFRI) has developed captive breeding technologies for two high-value marine ornamental fish species: Azure damsel and Ornate goby.
  • Armed Forces Flag Day 2024 is observed on the 7th of December 2024.
  • International Civil Aviation Day 2024 is observed on the 7th of December 2024.

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