Daily Current Affairs December 10th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Foreign direct investment Inflows to India Exceed $1 Trillion, Overseas Investment Expected to Rise in FY25  

• India’s Foreign Direct Investment (FDI) inflows crossed the $1 trillion mark from April 2000 to September 2024, solidifying its status as a key global investment destination.
• FDI plays a crucial role in infrastructure development, maintaining the balance of payments, and stabilizing the value of the rupee.
• It is also vital for boosting economic growth.
• As of September 2024, cumulative FDI, including equity, reinvested earnings, and other capital, stood at $1,033.40 billion.

Key Highlights :

FDI Sources: The major sources of FDI include:

• Mauritius (25% of total FDI)
• Singapore (24%)
• United States (10%)
• Netherlands (7%)
• Japan (6%)
• United Kingdom (5%)
• UAE (3%)
• Other countries (Cayman Islands, Germany, Cyprus)
• Key Sectors for FDI: Major sectors attracting FDI include:Services, Computer Software and Hardware, Telecommunications, Trading, Construction Development, Automobiles, Chemicals, Pharmaceuticals.
• FDI Inflow Trends:Since 2014, India has received $667.4 billion in FDI, a 119% increase over the previous decade.
• The manufacturing sector saw FDI equity inflows of $165.1 billion from 2014-2024, a 69% increase compared to the 2004-2014 period.
• Policy Support: India’s FDI policy is regularly reviewed and adjusted based on consultations with stakeholders, ensuring the country remains attractive to investors.
• Investment Routes:Most sectors allow 100% FDI under the automatic route.
• Certain sectors like telecom, media, pharmaceuticals, and insurance require government approval for FDI.
• Prohibited sectors for FDI include lottery, gambling, chit funds, real estate business, and tobacco manufacturing.
• Future Outlook for FDI: FDI inflows are expected to grow in FY25 due to favorable macroeconomic conditions, improved industrial output, and government initiatives like the PLI schemes.
• However, geopolitical challenges could affect global supply chains and investor sentiments.

Reserve Bank of India Governor Shaktikanta Das Holds Meeting with Finance Minister Sitharaman Ahead of His Extended Term’s Conclusion   

• Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), met Finance Minister Nirmala Sitharaman on December 9, 2024, following the presentation of the bi-monthly monetary policy on December 8, 2024.
• Das’s three-year extended term as RBI Governor ends on December 10, 2024.
• The three-year extension was announced in 2021, a month before his original tenure was set to conclude.
• Shaktikanta Das was appointed as the 25th RBI Governor on December 12, 2018, after the sudden resignation of Urjit Patel.
• With the extension, Das has become one of the longest-serving RBI Governors in the institution’s 90-year history.
• Monetary Policy and Economic Context:On December 8, 2024, the RBI kept interest rates unchanged for the 11th consecutive time amid concerns over a slowdown in GDP growth, which registered 5.4% in the September quarter.
• Das emphasized the RBI’s flexibility in using its statutory powers and its commitment to controlling inflation.
• Challenges Faced by Das:Over his tenure, Das has dealt with significant challenges including the Covid-19 pandemic, and global crises such as the Ukraine war and the Middle East tensions.
• For his adept management, Das has been recognized as the Central Banker of the Year for two consecutive terms at global forums.

About RBI :

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

Insurance Regulatory and Development Authority of India and DFS Back Proposal to Reduce GST on Senior Citizen Health Policies, Micro-Insurance, and Term Insurance  

• A proposal to rationalize GST on insurance premiums is gaining support from the Financial Services Department and Insurance Regulatory and Development Authority of India (IRDAI) ahead of the GST Council meeting on December 21 in Rajasthan.

Key Highlights :

• Proposed Changes:Group of Ministers (GoM) recommended exempting premiums for health insurance for senior citizens, health insurance policies covering ₹5 lakh, and term life insurance.
• Other policies: GoM suggests retaining current GST rates for all other insurance policies.
• Current GST Rates:Health insurance, term, and unit-linked insurance: 18% GST.
• Endowment policies:
  • 4.5% GST for the first-year premium.
  • 2.25% for subsequent years.
• Single premium annuity policies: 1.8% GST.
• Global Precedent:IRDAI cited several developed countries, including the EU and Canada, where insurance products are exempted from VAT/GST, supporting the idea of a similar move in India to encourage insurance penetration.
• Suggested GST Exemptions/Reductions:GST exemption for senior citizen health policies, micro-insurance policies, and term insurance policies up to a suitable limit.
• The Financial Services Department also supports the reduction of GST on insurance premiums.
• GST Collection Data:GST collections from health insurance premiums exceeded ₹23,000 crore, and from re-insurance premiums under life and health insurance were over ₹4,700 crore.

About IRDAI : 

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

Axis Bank Launches ‘ARISE Women’s Savings Account’ to Address Women’s Financial Needs and Healthcare Benefits 

• Axis Bank, a private sector bank in India, launched the ‘ARISE Women’s Savings Account’, aimed at addressing the financial needs of women.
• The account provides healthcare benefits alongside a comprehensive financial solution tailored for women.

Key Highlights :

• Account Features:Dedicated Financial Experts: Account holders gain access to expert financial advisors.
• Tailored Investment Options: The account offers customized investment options for women.
• Health, Lifestyle, and Family Support Services: Services include health benefits, lifestyle support, and family-related assistance.
• Family Banking Program:The account benefits extend to three family members.
• Children’s accounts can be linked without initial funding requirements.
• Locker Benefits:
• First-year Offer: No rental charges for small and medium-sized lockers.
• Subsequent Years: 50% discount on locker rentals after the first year.
• ARISE Debit Card:Higher Transaction Limits: The card offers a 5 lakh limit for Point of Sale (POS) transactions and Rs. 1 lakh limit for ATM withdrawals.
• Airport Lounge Access: Quarterly access to airport lounges.
• EDGE REWARD Points: Earn 1 reward point for every Rs. 200 spent.

About Axis Bank :

• Established : 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi (“Progress is the Name of Life”)

Non-Banking Finance Companies Turn to External Commercial Borrowing Route for Fundraising as Banks Restrict Loan Disbursements

• Top-rated private and government-owned non-banking finance companies (NBFCs) are increasingly turning to external commercial borrowings (ECBs) to raise funds due to lower borrowing costs compared to domestic bank loans.

What is meant by external commercial borrowing?

• ECBs refer to the borrowing of funds by Indian companies from foreign sources such as loans, bonds, or other financial instruments.
• Purpose:Used for various purposes like business expansion, asset acquisition, and repayment of existing debt.
• Regulation:ECBs are regulated by the Reserve Bank of India (RBI), which sets guidelines regarding the amount of ECB that can be raised and the permissible purposes.
• Governed under RBI’s Master Direction on ECBs, Trade Credits, and Structured Obligations, as well as under the Foreign Exchange Management Act, 1999 (FEMA).

Key Highlights :

Major ECB Plans:

• PNB Housing Finance: Plans to raise $100-125 million each in two tranches by March 2025.
• Shriram Finance: Intends to raise up to $1.5 billion from overseas markets.
• Muthoot Finance: Received RBI approval to raise $1 billion, after raising $600 million earlier in 2024.
• Power Finance Corporation (PFC): Filed with RBI to raise $200 million via the automatic route and $1.06 billion via the approval route.
• REC: Proposed raising $500 million via ECBs.

Other Notable Proposals:

• HDB Financial and Cholamandalam Finance: Proposed raising $250 million each.
• Poonawala Fincorp, Tata Capital Housing Finance, and Manappuram Finance: Proposed raising $115 million, $100 million, and $100 million, respectively.
• Piramal Finance: Raised $150 million at a 7.078% yield in October 2024.
• Diversification of Funding Sources:Highly rated NBFCs diversify their funding sources through domestic loans, bonds, ECBs, and offshore bonds to manage pricing and investor demand-supply dynamics.
• Lower-rated NBFCs face challenges in accessing domestic bank loans and bonds at competitive rates, prompting them to explore ECBs for better pricing.
• RBI’s Focus on Diversification:The RBI has directed top-rated NBFCs to maintain at least 25% of their overall liabilities via the capital market route.
• Outstanding bank loans to NBFCs (excluding HFCs) stood at ₹15.29 lakh crore as of September 2024, with a modest increase of ₹150 crore since July 2024.
• Growing Role of Alternative Funding Sources:With slow bank lending, NBFCs are increasingly focusing on alternative funding sources like securitisation, CPs (Commercial Papers), and bonds.
• Securitisation volumes are expected to exceed ₹2 lakh crore for the fiscal year.

Federal Bank Launches “Kaliyum Karyavum” to Teach Life Skills to School Children Through Traditional Art Forms 

• The Federal Bank launched an initiative called “Kaliyum Karyavum” to teach life skills to school children through traditional art forms.
• Objective of the Initiative:The event aims to educate children on essential life skills such as financial literacy, time management, and healthy digital screen usage habits.
• It uses captivating traditional art forms as a medium to engage students in these lessons.
• Bank’s Cultural Legacy:With over 90 years of history, Federal Bank is deeply rooted in Kerala and is utilizing its understanding of the state’s cultural heritage to enhance the learning experience.
• Focus on Cultural Preservation and Learning:”Kaliyum Karyavum” aims to bring age-old cultural forms to the present generation while promoting engaging and impactful learning methods.

About Federal Bank :

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

IDFC FIRST Bank Enhances Customer Experience with India’s First AI-Powered Interactive Avatar of Brand Ambassador Amitabh Bachchan  

• IDFC FIRST Bank has introduced India’s first AI-powered holographic digital avatar of legendary actor Amitabh Bachchan.
• This move is aimed at setting a new benchmark in customer engagement and digital innovation.
• The avatar is powered by a Holographic Extended Reality (HXR) device, which features touch capability, allowing users to interact directly with the digital version of Amitabh Bachchan.
• This technology blends holographic projections and interactive elements to create a unique customer experience.
• Currently, customers can engage with Amitabh Bachchan’s digital avatar and get information on bank products and services, including Zero Fee Banking, Monthly Interest Credits, Mobile Banking, and the innovative Current Account BRAVO.

About IDFC FIRST Bank :

• Founded : October 2015
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : V. Vaidyanathan

BharatPe Launches ‘Shield’, a Comprehensive Fraud Protection Plan for Digital UPI Transactions  

• BharatPe, a rapidly growing UPI payment service in India, has introduced ‘Shield’, a comprehensive fraud protection plan aimed at safeguarding digital UPI transactions.
• The service is designed to offer secure and worry-free payment experiences for users.

Key Highlights :

• Coverage and Support:BharatPe Shield provides robust coverage against digital fraud and seamless support for users.
• The service is intended to help users feel more secure while making UPI transactions through the app.
• First Transaction Benefits:Users making their first UPI transaction with the BharatPe App will receive 30 days of complimentary fraud protection, covering amounts up to ₹5,000.
• Subscription Model:After the initial 30-day free period, users can continue using BharatPe Shield for an affordable fee of ₹19 per month.
• Pre-Reporting Period:The plan offers a pre-reporting period, allowing users to claim losses incurred up to 10 days prior to reporting.

About BharatPe :

• Founded : 2018
• Headquarters : New Delhi, India
• CEO : Nalin Negi

Bank of Baroda Unveils Loan Scheme for Women MSMEs and Overdraft Facility for Working Capital Needs

• Bank of Baroda introduced two initiatives aimed at enhancing lending to Micro, Small, and Medium Enterprises (MSMEs):

1. Baroda Mahila Swavalamban: A loan scheme for women-led MSMEs.
2. Baroda Smart OD: A digital overdraft facility offering short-term working capital finance for GST-registered MSMEs.

Baroda Mahila Swavalamban Scheme:

• Target Audience: Women-owned MSMEs with Udyam and GST registration, or those with at least 51% ownership by women.
• Loan Limit: The scheme offers loans ranging from Rs 20 lakh to Rs 7.5 crore.
• Interest Rate: Starting at Baroda Repo Linked Lending Rate (BRLLR), currently 9.15%.
• Collateral: No additional collateral is required for loans up to Rs 5 crore if secured by a CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) guarantee.
• Repayment Period: Loans can be repaid over up to 120 months, including the moratorium period.
• Processing Charges: 50% rebate on processing charges.
• Eligibility Criteria for Baroda Mahila Swavalamban:Women-led MSMEs complying with MSME guidelines as per the MSMED Act 2006 and its amendments.

Baroda Smart OD Facility:

• Target Audience: GST-registered MSMEs, particularly individual/proprietorship current account holders of the bank.Credit Assessment: The facility leverages digital footprint and GST returns for credit assessment.
• Overdraft Limit: Ranges from Rs 0.50 lakh to Rs 25 lakh.
• Tenure: The overdraft facility is available for a 12-month tenure.
• Interest Rate: 10% per annum.

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Modi Inaugurates Rising Rajasthan Global Investment Summit 2024

• Prime Minister Narendra Modi inaugurated the Rising Rajasthan Global Investment Summit 2024 and the Rajasthan Global Business Expo at the Jaipur Exhibition and Convention Centre in Jaipur, Rajasthan.
• The summit, themed “Replete, Responsible, Ready”, aims to boost investments and highlight Rajasthan’s growing potential in various sectors.

Key Highlights from PM Modi’s Address

1. India’s Economic Progress
   • Economic Milestones: India climbed from the 11th largest economy post-independence to the 5th largest in the last decade.
   • FDI Growth: Foreign Direct Investment has more than doubled since 2014.
   • Infrastructure Investment: Expenditure surged from ₹2 trillion to ₹11 trillion over the last decade.
2. Democracy, Demography, and Digital Power
   • PM Modi emphasized “Perform, Transform, and Reform” as key drivers of India’s progress.
   • India leads in democratizing technology with initiatives like UPI, DBT, and GeM, which have made digital ecosystems accessible across sectors.
   • The youth and their tech prowess are seen as the country’s greatest assets.
3. Rajasthan’s Development Journey
   • Key Features: Rajasthan’s rich natural resources, heritage, and industrious people make it a reliable investment destination.
   • State Initiatives: The current government is tackling challenges such as crime and corruption, creating an investor-friendly environment.
   • Rajasthan’s unique industries like blue pottery, Theva jewelry, and Makrana marble add global appeal.
4. Infrastructure and Connectivity
   • Rajasthan benefits from strategic positioning with the Delhi-Mumbai Industrial Corridor and Dedicated Freight Corridor.
   • Upcoming projects include modern logistics parks, air cargo complexes, and sector-specific industrial parks.
5. Tourism Potential
   • Rajasthan offers opportunities in heritage tourism, wildlife tourism, and destination weddings.
   • PM Modi encouraged investors to tap into Rajasthan’s eco-tourism and film tourism potential.
   • Initiatives like Udan Yojana and Vande Bharat Trains are enhancing connectivity and tourism appeal.
6. Manufacturing & MSME Growth
   • Rajasthan is a hub for MSMEs, with over 27 lakh small enterprises employing 50 lakh people.
   • The PLI Scheme has driven manufacturing across sectors, with significant investments and increased exports.
   • A new MSME policy and enhanced credit access have bolstered the sector.
7. Energy and Sustainability
   • Rajasthan is pivotal in India’s renewable energy drive, housing some of the largest solar parks.
   • The state’s mineral wealth (zinc, lead, copper) is critical to India’s self-reliance in manufacturing.

Summit Features

• Dates: December 9–11, 2024
• Thematic Focus: Sessions on water security, sustainable mining, inclusive tourism, women-led startups, and agribusiness innovations.
• Global Participation: Over 32 countries and 20 international organizations will be present.
• Special Pavilions: Rajasthan Pavilion, Country Pavilions, and Startups Pavilion will showcase the state’s potential.

CURRENT AFFAIRS : STATE NEWS

Bihar Government to Organize Ambassadors’ Meeting in New Delhi

• The Bihar government will host the “Bihar Business Connect 2024 Ambassadors’ Meet” on December 9, 2024 in New Delhi to promote its investor-friendly policies and ease of doing business.
• The event is aimed at attracting investments in sectors like textiles, leather, and food processing.
• Key Officials:The event will be inaugurated by Samrat Chaudhary, Deputy Chief Minister and Finance Minister of Bihar.
• Other notable attendees include Nitish Mishra, Minister of Industry and Tourism, Amrit Lal Meena, Chief Secretary, and Bandana Preyashi, Secretary of the Industries Department.
• International Participation:Ambassadors and senior officials from countries like the US, Russia, and Japan have been invited.
• Key trade bodies such as the Indo-German Chamber of Commerce, TPCI, FIEO, AEPC, US-India Business Council, and UK-India Business Council will also participate.
• Focus Areas:The Industries Department will present a comprehensive overview of Bihar’s industrial development, new policies, and investment opportunities.
• The aim is to showcase the state’s progress in creating an investment-friendly environment and encouraging industrial growth.
• Upcoming Events:This meeting is part of the ‘Bihar Business Connect 2024 Global Investors’ Summit to be held in Patna on December 19-20, 2024.
• The summit aims to attract more investment proposals than the ₹50,000 crore received in the 2023 edition.
• Past Achievements:In the 2023 edition, 278 companies signed MoUs for a proposed investment of ₹50,500 crore.
• Investment proposals worth ₹38,000 crore have already been grounded.
• Promotion of the Event:The government has organized roadshows across India, including in cities like Delhi, Mumbai, Kolkata, Ludhiana, and Kanpur, to attract investors and promote the summit.

About Bihar :

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

CURRENT AFFAIRS: BUSINESS NEWS

CII Recommends Prudent Fiscal Deficit Targets for Sustained Economic Growth

• The Confederation of Indian Industry (CII) has recommended that the government adhere to fiscal deficit targets of 4.9% of GDP for 2024-25 and 4.5% for 2025-26 in the upcoming Union Budget 2024-25, cautioning against overly aggressive targets that might hinder economic growth.

Key Recommendations by CII

1. Maintain Prudent Fiscal Management:
   • Highlighting the importance of fiscal discipline for macroeconomic stability, CII emphasized that maintaining the fiscal deficit at manageable levels is crucial to sustaining India’s rapid growth amidst global economic slowdowns.
2. Debt-to-GDP Reduction Targets:
   • CII proposed a medium-term goal of reducing the central government’s debt to below 50% of GDP by 2030-31 and a longer-term goal of below 40%.
   • Explicit targets could positively impact India’s sovereign credit rating and reduce interest rates, fostering economic growth.
3. Institutionalizing Fiscal Stability Reporting:
   • To enhance transparency and long-term planning, CII suggested the government issue annual fiscal stability reports, including:
     • Fiscal risks under various stress scenarios.
     • Medium- to long-term fiscal outlooks.
4. Glide Path for Fiscal Deficit:
   • A structured reduction in fiscal deficit levels over time is crucial to maintaining investor confidence and reducing the debt burden.

Telangana Secures ₹7,000 Crore Investments and Launches Key Initiatives

• The Telangana government has announced securing ₹7,000 crore in investments, marking the first anniversary of the Revanth Reddy-led Congress government.
• The state’s IT and Industries Minister, D Sridhar Babu, highlighted major investment announcements and new initiatives to drive innovation, self-reliance, and citizen-centric governance.

Key Investment Highlights

• Total Investments: Telangana has received proposals for nearly ₹2 lakh crore in the past year, with significant commitments from global business delegates.
• Davos Summit: ₹40,000 crore worth of investment proposals.
• International Engagements: Another ₹33,000 crore came from a delegation visit to the US and South Korea.
• Additional Commitments: On the final day of Praja Palana Vijayotsava celebrations, companies announced investments of ₹7,500 crore, bringing the total investment commitment to ₹20,000 crore.
• Mega Projects Approval: The Cabinet sub-committee approved ₹14,433 crore worth of investments out of 16 mega projects worth ₹70,000 crore.
• Land and Infrastructure: TGIIC provided land to 368 investors, totaling ₹9,000 crore in projects, expected to generate 30,000 jobs once operational.
• MSME Parks: The government started infrastructure development with a ₹1,500 crore outlay for 2000 acres of MSME Parks across districts.

Notable Initiatives Launched

1. Centre for Research Excellence in National Security (CRENS):
   • BITS Pilani, Hyderabad, has set up this research center in collaboration with T-Works to drive innovation in national security. The partnership will work on advancing security projects from prototypes to market-ready solutions.
2. Agriculture Data Exchange (ADeX):
   • A digital infrastructure for agricultural data to empower innovators, startups, and stakeholders. A collaboration with HDFC will offer smart Agri-credit, providing loans of up to ₹1 lakh to small and marginal farmers.
3. MITRA AI Tool:
   • Developed with United We Care, MITRA is an AI-based WhatsApp tool to detect and prevent substance abuse among youth. It allows behavioral assessment of students, enabling early intervention by teachers and parents.

CURRENT AFFAIRS: AWARDS AND HONOURS

Google Play’s Best of 2024 Awards: India Shines with AI and Gaming Innovations

• Google Play has announced its Best of 2024 awards for India, recognizing significant mobile app and game innovations, particularly in the artificial intelligence (AI) and gaming sectors.
• Indian companies have demonstrated strong domestic innovation, with five out of the seven winning apps developed in India.

Key Highlights

1. Alle:
   • Best App and Best for Fun awards were won by Alle, an AI-powered fashion styling app.
   • Alle provides personalized fashion advice based on users’ body type, facial features, and occasions.
   • Prateek Agarwal, CEO and Co-founder of Alle, shared the app’s vision to help users express themselves confidently through fashion choices.
2. Gaming Awards:
   • Squad Busters won Best Game for its multiplayer experience, reflecting India’s growing mobile gaming audience.
   • SuperGaming’s Indus Battle Royale earned Best Made in India for the second consecutive year.
   • Battlegrounds Mobile India (BGMI) claimed the Best Ongoing category for its regular updates and India-centric content.
   • Indus Battle Royale has achieved 5 million downloads, underscoring India’s potential in global gaming markets.
3. Other Notable Winners:
   • WhatsApp Messenger was named Best Multi-device App.
   • Headlyne won Best for Personal Growth.
   • Sony LIV was recognized for being Best for Large Screens.
   • Clash of Clans was awarded Best Multi-device Game.
   • Bloom claimed Best Indie Game, while Cookie Run: Tower of Adventures won Best for Google Play Games on PC.

India’s Growing Mobile Innovation Landscape

• AI Technology: Nearly 1,000 apps and games in India now incorporate AI, showcasing the country’s rapid technological advancements.
• Gaming Growth: India now has 590 million gamers, with 23 million new players added this year alone.
• AI in Mobile Applications: Indian developers are increasingly integrating AI into apps, ranging from personalized news to fashion styling, further cementing India’s position as a leader in mobile innovation.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

BJP’s Rahul Narwekar Poised to Be Elected Maharashtra Assembly Speaker Unopposed  

• Rahul Narwekar, a Bharatiya Janata Party (BJP) leader, is set to be elected unopposed as the Speaker of the Maharashtra Legislative Assembly.
• The opposition alliance, Maha Vikas Aghadi (MVA), has decided not to contest his candidacy.
• Narwekar served as the Speaker during the 14th Maharashtra Legislative Assembly for two and a half years.
• He gave significant rulings during his tenure, including those related to the Shiv Sena and NCP factions during their internal disputes.
• Narwekar filed his nomination with support from Chief Minister Devendra Fadnavis and other key BJP leaders, including Eknath Shinde and Ajit Pawar.
• The Maha Vikas Aghadi’s (MVA) leaders met Fadnavis and requested the protocol to be followed, asking for the Deputy Speaker’s post to be given to the opposition, as well as the Leader of Opposition position.
• The opposition alliance comprises Shiv Sena (UBT), Congress, NCP (SP), and others, holding a collective strength of only 46 MLAs in the 288-member assembly.

Recent Maharashtra Assembly Elections Results:

• Mahayuti Coalition: BJP-led Mahayuti secured a significant victory with over 230 seats, with the BJP alone winning 132 seats, followed by Shiv Sena (57), NCP (41), and other smaller parties.
• Opposition’s Position: MVA won only 46 seats, with Shiv Sena (UBT) securing 20, Congress 16, and NCP (SP) 10.
• Political Dynamics: The Mahayuti alliance, which includes BJP and its allies, holds a clear majority in the Assembly, while MVA remains a much smaller faction.

About Maharashtra :

• Governor: C. P. Radhakrishnan
• Chief Minister: Devendra Fadnavis
• 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

Donald Trump Appoints Jared Isaacman as NASA Chief to Oversee Moon Missions

• United States (US) President-elect Donald Trump appointed Jared Isaacman, a billionaire entrepreneur and space enthusiast, as his choice to lead NASA.
• Isaacman’s Role at NASA: As NASA’s chief, Isaacman will manage NASA’s $25 billion budget and oversee major projects, including the Artemis program, which is focused on returning astronauts to the Moon.

About Jared Isaacman :

• Isaacman is the CEO of Shift4 Payments, a major payment processing company.
• He also heads the Polaris program, which organizes private space missions using SpaceX spacecraft.
• Isaacman has strong ties with Elon Musk and SpaceX, making him a significant figure for the role.
• His involvement in private space exploration and funding missions has helped push the boundaries of human spaceflight.
• His leadership in the Polaris program involves using SpaceX vehicles to conduct missions that test new space technologies and expand human space travel capabilities.
• Trump announced Isaacman’s nomination on Truth Social, praising him as a visionary leader who would drive NASA’s mission of discovery and inspiration.
• Under Isaacman’s leadership, the Polaris Dawn mission included the first spacewalk by private astronauts, showcasing a milestone in private space exploration.
• Artemis Program: The Artemis program, a significant NASA initiative, was first championed by Trump during his presidency.
• It aims to return astronauts to the Moon and beyond, with SpaceX’s Starship being a key element in deep-space exploration.

CURRENT AFFAIRS: SPORTS NEWS

D. Gukesh Takes Lead in FIDE World Chess Championship 2024

• Indian Grandmaster D. Gukesh (18) secured a critical victory against defending champion Ding Liren (32) of China in Game 11 of the 2024 FIDE World Chess Championship held in Singapore.
• With this win, Gukesh now leads the championship 6-5 with only three games remaining.

Game 11 Highlights

• Opening Drama: Gukesh adopted a hyperaggressive opening, forcing Ding to spend over an hour on his first five moves.
• Strategic Battle: Despite appearing to backfire initially, Gukesh’s bold approach put Ding under significant time pressure.
• Key Turning Point: Ding managed to seize the initiative, but a crucial blunder in mutual time pressure allowed Gukesh to regain control and capitalize on the position.
• Result: The defending champion collapsed under pressure, giving Gukesh his first lead in the championship.

Significance of Gukesh’s Lead

• Youngest Contender: At 18, Gukesh is challenging the world champion with unprecedented maturity and aggression.
• India’s Rising Chess Power: Following in the footsteps of legends like Viswanathan Anand, Gukesh’s performance underscores India’s growing prominence in the global chess arena.

Next Steps

• Games 12–14: The championship remains intense as Ding attempts to equalize. Gukesh will likely balance cautious play with opportunities to consolidate his lead.
• Upcoming Venue: Matches continue at the World Resorts Sentosa in Singapore.

Lando Norris Wins Abu Dhabi GP and Secures McLaren’s First Constructors’ Title Since 1998

• Lando Norris triumphed at the Abu Dhabi Grand Prix capping off an extraordinary Formula One season by clinching the Constructors’ Championship for McLaren.
• This marks McLaren’s first such victory since 1998, edging out rivals Ferrari in a nail-biting finale.

Key Race Highlights

1. Lando Norris Dominates:
   • Norris, starting from pole position, delivered a flawless performance to secure victory.
   • His win was crucial after teammate Oscar Piastri collided with Max Verstappen on the opening lap, finishing only 10th.
2. Ferrari’s Resilience:
   • Carlos Sainz and Charles Leclerc completed the podium in second and third, respectively, as Ferrari’s efforts to challenge McLaren fell just short.
   • Leclerc charged through the grid from 19th to 3rd, showcasing an impressive recovery drive.
3. Constructors’ Standings:
   • McLaren finished with 666 points, beating Ferrari (652 points) and Red Bull (589 points).
4. Lewis Hamilton’s Farewell Drive for Mercedes:
   • Seven-time world champion Lewis Hamilton finished fourth in his final race for Mercedes, overtaking teammate George Russell on the last lap.
   • Hamilton joins Ferrari next season, promising exciting matchups ahead.

SkaSports and Angkor Tiger Build Landmark Football Stadium in Cambodia

• SkaSports Investments Private Limited, an Indian sports business, has partnered with Angkor Tiger Football Club in Cambodia to inaugurate a state-of-the-art football stadium in Siem Reap, renowned for its proximity to the UNESCO World Heritage site, Angkor Wat.

Key Features and Vision

1. First Phase of Development:
   • Construction of the stadium, covering three hectares, has been completed at a cost of $2 million (₹16.5 crore).
   • The venue features a seating capacity of 2,000 and 1,500 lux floodlights, ensuring high-quality lighting for games.
   • Inaugural match played on November 9, 2024.
2. Modern Amenities:
   • The stadium is the first in Cambodia to include dedicated indoor warm-up areas in team dressing rooms, meeting the Asian Football Confederation’s best practices.
3. Phase 2 Expansion Plans:
   • Planned enhancements include increased seating capacity and roofing for spectator areas.
   • Commercial developments, including a 100-villa residential project, are under consideration.
4. Football Development Focus:
   • The stadium aims to become a hub for football growth in Cambodia.
   • Partnerships with the Cambodian Football Association and Premier League will promote educational courses and youth development.
5. Revenue Opportunities:
   • Plans to leverage revenue streams such as stadium naming rights and stand naming rights.
   • Owning facilities provides long-term income generation, especially during non-competition periods.

CURRENT AFFAIRS: IMPORTANT DAYS

Human Rights Day: 10th December

• Human Rights Day 2024 is observed on the 10th of December 2024.
• The theme for Human Rights Day 2024 is ‘Equality for All: Reducing Inequality and Advancing Human Rights.’
• Human Rights Day’s first observation was started in 1948 when the United Nations General Assembly adopted the Universal Declaration of Human Rights.
• The day was popular to all when the UN issued a Human Rights Stamp which covered and understood the concept by millions of people.
• It was issued by the United Nations Postal Administration in 1952, which received over 200,000 advanced orders.
• The aim of the Declaration of Human Rights is to establish a common standard of living for all people across the planet and to encourage all UN Members of State, to increase the standard of living among people in their respective countries.

Nobel Prize Day: 10th December

• Nobel Prize Day 2024 is observed on the 10th of December 2024.
• Alfred Nobel’s father was an engineer himself and Alfred Nobel expressed early interest in engineering, and explosives in particular.
• Nobel became interested in stabilizing the unpredictable explosive nitroglycerin.
• While conducting the experiments an unexpected accident took place which cost the life of his brother. But Nobel continued his work ultimately succeeding in inventing dynamite as a superior and more stable version of nitroglycerin.
• Alfred Nobel went on to invent an even better alternative to dynamite in the form of gelignite.
• Later he re-evaluated his life’s goals and decided to use his earnings to set up a prize that recognized the best in humanity.
• The prizes in the different categories reflect his own interests in various fields.
• Alfred Nobel died on 10 December 1896, in Sanremo, Italy, at his very last residence, Villa Nobel, overlooking the Mediterranean Sea.

Daily CA One- Liner: December 10

• Prime Minister Narendra Modi inaugurated the Rising Rajasthan Global Investment Summit 2024 and the Rajasthan Global Business Expo at the Jaipur Exhibition and Convention Centre in Jaipur, Rajasthan.
• The Confederation of Indian Industry (CII) has recommended that the government adhere to fiscal deficit targets of 4.9% of GDP for 2024-25 and 4.5% for 2025-26 in the upcoming Union Budget 2024-25, cautioning against overly aggressive targets that might hinder economic growth
• The Telangana government has announced securing ₹7,000 crore in investments, marking the first anniversary of the Revanth Reddy-led Congress government
• Google Play has announced its Best of 2024 awards for India, recognizing significant mobile app and game innovations, particularly in the artificial intelligence (AI) and gaming sectors
• Indian Grandmaster Gukesh (18) secured a critical victory against defending champion Ding Liren (32) of China in Game 11 of the 2024 FIDE World Chess Championship held in Singapore
• Lando Norris triumphed at the Abu Dhabi Grand Prix capping off an extraordinary Formula One season by clinching the Constructors’ Championship for McLaren
• SkaSports Investments Private Limited, an Indian sports business, has partnered with Angkor Tiger Football Club in Cambodia to inaugurate a state-of-the-art football stadium in Siem Reap, renowned for its proximity to the UNESCO World Heritage site, Angkor Wat.
• India’s Foreign Direct Investment (FDI) inflows crossed the $1 trillion mark from April 2000 to September 2024, solidifying its status as a key global investment destination.
• Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), met Finance Minister Nirmala Sitharaman on December 9, 2024, following the presentation of the bi-monthly monetary policy on December 8, 2024.
• A proposal to rationalize GST on insurance premiums is gaining support from the Financial Services Department and Insurance Regulatory and Development Authority of India (IRDAI) ahead of the GST Council meeting on December 21 in Rajasthan.
• Axis Bank, a private sector bank in India, launched the ‘ARISE Women’s Savings Account’, aimed at addressing the financial needs of women.
• Top-rated private and government-owned non-banking finance companies (NBFCs) are increasingly turning to external commercial borrowings (ECBs) to raise funds due to lower borrowing costs compared to domestic bank loans.
• The Federal Bank launched an initiative called “Kaliyum Karyavum” to teach life skills to school children through traditional art forms.
• IDFC FIRST Bank has introduced India’s first AI-powered holographic digital avatar of legendary actor Amitabh Bachchan.
• BharatPe, a rapidly growing UPI payment service in India, has introduced ‘Shield’, a comprehensive fraud protection plan aimed at safeguarding digital UPI transactions.
• Bank of Baroda introduced two initiatives aimed at enhancing lending to Micro, Small, and Medium Enterprises (MSMEs):Baroda Mahila Swavalamban: A loan scheme for women-led MSMEs., Baroda Smart OD: A digital overdraft facility offering short-term working capital finance for GST-registered MSMEs.
• The Bihar government will host the “Bihar Business Connect 2024 Ambassadors’ Meet” on December 9, 2024 in New Delhi to promote its investor-friendly policies and ease of doing business.
• Rahul Narwekar, a Bharatiya Janata Party (BJP) leader, is set to be elected unopposed as the Speaker of the Maharashtra Legislative Assembly.
• United States (US) President-elect Donald Trump appointed Jared Isaacman, a billionaire entrepreneur and space enthusiast, as his choice to lead NASA.
• Human Rights Day 2024 is observed on the 10th of December 2024.
• Nobel Prize Day 2024 is observed on the 10th of December 2024.

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