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CURRENT AFFAIRS : BANKING & FINANCE
CARE Ratings Lowers India’s FY25 Gross Domestic Product Growth Forecast to 6.5%
- CARE Ratings revised India’s gross domestic product (GDP) growth forecast for FY25 to 6.5% from the earlier estimate of 6.8%.
- This revision is attributed to:
- Contraction in corporate profitability.
- Decline in public capital expenditure (capex) in the first half of FY25.
- Weak urban consumption demand.
Key Highlights :
- Expected Economic Pickup in H2 FY25:Despite the slowdown in the first half, the economy is expected to improve in the second half of FY25, driven by:
- Increased government capex.
- Strong agricultural output, which would support rural consumption.
- Projected GDP Growth for FY26:The economy is expected to grow at 6.7% in FY26.
- Corporate Sector and Investment Outlook:The corporate sector is facing challenges due to uncertain global conditions, leading to hesitancy in long-term investments.
- However, private investment is expected to improve in 2025, supported by anticipated monetary policy easing.
- Inflation Projections:Food inflation is expected to moderate in the coming quarters due to a strong kharif harvest and favorable rabi sowing.
- FY25 inflation is expected to remain at 4.8%.
- CARE Ratings anticipates a 50-75 basis points rate cut in 2025.
- Government Finances:Weak corporate tax collections will be offset by healthy income tax collections.
- The government’s capital expenditure (capex) is expected to fall short by ₹1.5 trillion.
- Fiscal deficit is expected to be 4.8% of GDP, slightly lower than the budgeted 4.9%.
- Comparison with ADB’s Revision:The Asian Development Bank (ADB) also revised India’s growth forecast to 6.5% from 7%, citing factors like:
- Weak industrial output due to tight prudential norms.
- Muted public capex and elevated food prices.
- Q2 FY25 GDP Growth:India’s GDP growth slowed to 5.4% in Q2 FY25, down from 6.7% in Q1 FY25.
Reserve Bank of India Grants In-Solutions Global Approval to Function as Payment Aggregator
- In-Solutions Global (ISG) has received full authorisation from the Reserve Bank of India (RBI) as a payment aggregator under the Payment and Settlement Systems framework.
- As a fully authorised payment aggregator, ISG will continue to play a key role in India’s digital payments ecosystem, providing robust and reliable payment processing services to merchants and enterprises.
- ISG processes over 28 billion transactions annually and serves more than 70% of banks in India
- The authorisation strengthens ISG’s position as a trusted partner for enterprises and small and medium-sized businesses (SMBs) by providing scalable payment solutions.
- The company aims to empower businesses with secure, compliant, and seamless payment solutions.
- ISG offers an integrated suite of payment solutions, including:Online platforms, Retail transactions, Transit payments, Prepaid payment instruments (PPI), National Common Mobility Card (NCMC), Gift cards.
- ISG’s approval reinforces its commitment to innovation, compliance, and service excellence in the digital payments space.
- The company’s prepaid payment instrument (PPI) licence complements this new authorisation.
- The authorisation ensures that ISG’s operations align with highest regulatory standards, offering seamless, secure, and scalable payment solutions.
Infrastructure investment expected to reach 6.5% of Gross domestic product by 2029
- India’s infrastructure investment is expected to grow at a 15% Compound Annual Growth Rate (CAGR) over the next few years, with a focus on capex-driven sectors like roads, railways, and civil aviation.
- Current infrastructure investment stands at 5.3% of GDP, projected to rise to 6.5% of Gross domestic product (GDP) by 2029, indicating a CAGR of 15.3%.
Key Highlights :
- Historic Budget Allocation:A historic budget of ₹111 lakh crore has been allocated for infrastructure projects, which is greater than the total GDP of many developing nations.
- Road Sector Development:The Budget allocation for roads has increased ninefold from ₹31,130 crore in 2013-14 to ₹2.7 lakh crore in 2024-25.
- India’s national highway network has grown to 146,126 km as of July 2024, marking a 60% increase from 91,287 km in March 2014.
- Improved road construction has led to a 20% reduction in freight truck transit times, resulting in potential savings of ₹2.4 lakh crore annually in logistics costs.
- India aims to reduce logistics costs to 9% of GDP by 2025.
- Indian Railways Development:Indian Railways has been allocated ₹2.62 lakh crore for development, reflecting an eight-fold increase over the previous UPA Budget.
- 97% of the broad-gauge network in Indian Railways has been electrified, making it one of the greenest railway systems globally.
- High-speed rail projects, including the Mumbai-Ahmedabad bullet train and the target of 4,500 Vande Bharat trains by 2047, are part of the ongoing developments.
- The average construction pace for roads has increased to 37.8 km/day, with a target of 60 km/day.
- Rail track laying has increased to 14.54 km/day in 2023-24, nearly four times the pace of 4 km/day in the past decade.
- Infrastructure Development in North-East India:17 airports have been built or upgraded in the aviation sector in the North-East.
- The Railway construction budget for the North-East has increased by 384%, reaching ₹9,970 crore, with nearly 2,000 km of railway track constructed.
- Special Accelerated Road Development Programme for North-East: ₹63,542 crore allocated for 5,468 km of roads, with 67% completion.
- 800 road projects worth ₹3,000 crore have been initiated in the North-East.
CURRENT AFFAIRS: NATIONAL NEWS
Union Ministry of Statistics and Programme Implementation (MOSPI) Unveils Five-Year Plan (2025-2029)
- The Union Ministry of Statistics and Programme Implementation (MOSPI) is set to launch an ambitious five-year plan (2025-2029) to modernize India’s statistical systems and leverage advanced technologies such as artificial intelligence (AI) and machine learning (ML).
Key Focus Areas of the Plan
- Adoption of AI and ML
- The ministry plans to integrate AI/ML technologies into statistical processes for better accuracy and data-driven decision-making.
- Enhanced use of computer-assisted personal interviews (CAPI) for surveys, ensuring streamlined and efficient data collection.
- Strengthening State and District-Level Systems
- Collaborative efforts with state governments to improve statistical systems at the district level.
- Focus on aligning district-level data with administrative statistics for improved policy implementation.
- New Data Sources
- Leveraging Goods and Services Tax (GST) data for refining value-added statistics.
- Partnering with e-commerce platforms to track online price data, providing insights into consumer behavior and inflation.
- Ensuring Data Integrity and Timeliness
- MOSPI aims to release survey results within 90 days of completion.
- Enhanced focus on real-time data monitoring and ensuring data transparency.
Upcoming Milestones
- Urban and Rural Unemployment Data
- Monthly unemployment data will be launched by February or March 2025.
- New Series for Inflation and GDP
- Inflation (CPI) with 2024 as the base year will be introduced by February 2026.
- GDP series with 2022-23 as the same timeline expects the base year.
- E-Sankhyiki Portal
- Recently launched to improve public access to statistical data.
Achievements of the Previous Five-Year Plan (2019-2024)
- Strengthened statistical infrastructure for real-time monitoring of the economy.
- Launched an integrated information portal for comprehensive data access.
- Improved monitoring of large infrastructure projects to track progress efficiently.
India Strengthens Artillery and High-Altitude Combat Capabilities
- The Cabinet Committee on Security (CCS) has approved the acquisition of 100 additional K-9 Vajra self-propelled howitzer guns from Larsen & Toubro (L&T), along with progress on Zorawar light tank trials.
- This reflects India’s focus on bolstering its firepower and mobility in challenging terrains.
Highlights of K-9 Vajra Acquisition
- Approval Details
- Quantity: 100 additional K-9 Vajra guns.
- Cost: Estimated at over ₹4,500 crore to account for inflation and upgraded features.
- Delay: The procurement faced delays, likely due to the 2024 Lok Sabha elections, despite being initiated over a year ago.
- Specifications and Capabilities
- Type: 155-mm, 52-calibre self-propelled howitzers.
- Range: Over 50 km.
- Mobility: Designed for extreme heat and cold, capable of deployment in deserts and high-altitude areas along the LAC (China) and LoC (Pakistan).
- Manufacturing: Produced at L&T’s Armoured Systems Complex in Hazira, Gujarat, with technology transferred from Hanwha Defense (South Korea).
- Indigenization: L&T has significantly increased domestic components to support Aatmanirbharta (self-reliance) in defence.
- Strategic Importance
- The K-9 Vajra guns have been successfully deployed in Ladakh during the 2020 standoff with China.
- These versatile systems enhance India’s readiness for high-altitude combat and rapid firepower deployment.
Zorawar Light Tank Trials
- Recent Milestones
- Zorawar light tanks successfully fired multiple rounds during high-altitude trials at 4,200m above sea level, delivering consistent accuracy.
- Phase I Trials: Conducted in the desert environment in September 2024.
- Background and Development
- Concept Origin: Developed after the Galwan clash in 2020, where India’s heavier conventional tanks faced mobility challenges in high altitudes.
- Design: A 25-ton class tank designed by DRDO’s Combat Vehicles Research & Development Establishment (CVRDE), Chennai.
- Purpose: To provide swift mobility and firepower in extreme altitudes, countering the agility of Chinese tanks.
- Capabilities and Features
- Optimized for high-altitude warfare.
- Compact and mobile, filling critical gaps in India’s armoured strategy for the Himalayan terrain.
Implications for National Security
- Enhanced Combat Readiness
- The addition of K-9 Vajras and Zorawar tanks strengthens India’s ability to respond swiftly to challenges in both desert and high-altitude regions.
- Focus on Indigenization
- Both systems highlight the importance of domestic manufacturing under the Make in India initiative, reducing reliance on imports.
- Strategic Edge Against Adversaries
- These acquisitions and developments align with India’s broader strategy to counter China’s aggressive posturing along the LAC and improve its capability to operate in extreme conditions.
Prime Minister Narendra Modi to Conclude the Fourth National Conference of Chief Secretaries
- Prime Minister Narendra Modi will preside over the concluding session of the fourth National Conference of Chief Secretaries, held in New Delhi.
- This three-day event, which began, aims to enhance collaboration between the central and state governments by evolving a common development agenda.
Conference Highlights
Theme
- The overarching theme for this year’s conference is:
“Promoting Entrepreneurship, Employment & Skilling – Leveraging the Demographic Dividend.”
Key Focus Areas
Discussions revolved around six key sectors identified for priority attention:
- Manufacturing
- Services
- Rural Non-Farming
- Urban Development
- Renewable Energy
- Circular Economy
Special Sessions
Four special sessions addressed critical subjects:
- Frontier Technology for a Developed India
- Developing Cities as Economic Growth Hubs
- Economic Reforms in States for Investment
- Capacity Building through Mission Karmayogi
Focused Deliberations
Discussions over meals provided opportunities to address specific issues, including:
- Atmanirbharata in Agriculture (Edible Oils and Pulses)
- Care Economy for the Ageing Population
- PM Surya Ghar: Muft Bijli Yojana Implementation
- Bharatiya Gyan Parampara (India’s Knowledge Tradition)
Cross-Learning from Best Practices
States and Union Territories presented successful practices under each thematic area to promote cross-learning among participants.
Objective
The conference underscores the Prime Minister’s vision of strengthening cooperative federalism by fostering better coordination between the Centre and States. It seeks to accelerate India’s growth by leveraging collaborative strategies and state-level innovations.
Background
- Initiation: The annual conference series began in June 2022 in Dharamshala.
- Past Editions:
- January 2023 in New Delhi
- December 2023 in New Delhi
New Consumer Complaints Platform to Revolutionize Grievance Redressal
- The Department of Consumer Affairs is set to launch a “future-ready” consumer grievance redressal platform featuring the e-Jagriti app and an updated portal.
- This initiative, aimed at enhancing accessibility and efficiency in resolving consumer complaints, will be unveiled on National Consumer Day, 24 December 2024.
Key Highlights
- User-Friendly Experience:
The new system will allow consumers to:- File complaints online.
- Attend hearings virtually.
- Enhanced Accessibility:
The platform is designed to address the evolving needs of consumers, especially with the rise of quick delivery services across sectors such as groceries, medicines, cosmetics, and fashion. - Efficiency in Complaint Resolution:
India’s consumer forums currently handle over 500,000 complaints annually. The revamped system aims to ensure speedy and hassle-free resolution of grievances.
1st India Maritime Heritage Conclave (IMHC 2024): A Celebration of India’s Maritime Legacy and Future
- The India Maritime Heritage Conclave (IMHC 2024), held on December 11-12, organized by the Ministry of Ports, Shipping and Waterways (MoPSW), marked a significant milestone in recognizing India’s rich maritime history while focusing on its future as a global maritime leader.
- The event brought together ministers, maritime experts, and international dignitaries, reinforcing India’s pivotal role in global trade and its growing maritime potential.
Historic Significance of India’s Maritime Heritage
- Ancient Maritime Legacy: India’s maritime history dates back to the Rig Veda and the Indus Valley Civilization, where maritime trade was central to cultural exchanges and commerce.
- Strategic Maritime Role Today: India’s extensive coastline and strategic ports continue to play a crucial role in global trade, handling 95% of its trade volume and 70% of its trade value through maritime routes.
Key Highlights of the Conclave
- Inauguration and Leadership:
- Inaugurated by Union Minister Sarbananda Sonowal.
- Messages of support were delivered by Vice-President Jagdeep Dhankhar and Prime Minister Narendra Modi.
- Focus Areas:
- Making India a Global Maritime Hub: Discussions centered on employment generation, sustainable maritime practices, and preserving India’s maritime heritage.
- Exhibition and International Participation: The event featured an exhibition showcasing India’s historical maritime techniques, with over 20 international exhibitors from countries like Greece, Italy, and the UK.
National Maritime Heritage Complex (NMHC) at Lothal
- Location: Lothal, Gujarat, with historical importance dating back to 2600 BCE.
- Significance: The NMHC will showcase ancient shipbuilding methods and trade practices, highlighting India’s maritime contributions to global culture and commerce.
Vision for India’s Maritime Future
- Sustainable Blue Economy: The conclave emphasized the blue economy, focusing on sustainability, job creation, and innovation within the maritime sector.
- Integration with Education: A vision was presented to incorporate maritime heritage into India’s education system to inspire future generations.
Collaborative Effort and National Participation
- Government Participation: The conclave received contributions from several ministries, including the Ministry of Labor and Employment, Ministry of Youth Affairs and Sports, Ministry of Education, and Ministry of Tourism and Culture.
- State Involvement: States like Gujarat, Goa, Bihar, and Arunachal Pradesh played an integral role in the event, reflecting the national importance of India’s maritime heritage.
CURRENT AFFAIRS : INTERNATIONAL NEWS
Switzerland Suspends Most Favoured Nation Clause in Double Taxation Agreement with India
- Switzerland has suspended the Most Favoured Nation (MFN) clause in the Double Taxation Avoidance Agreement (DTAA) with India.
- Effective from January 1, 2025, Indian companies operating in Switzerland will face a higher tax rate of 10% on dividends, up from the earlier 5%.
- Reason for Suspension:The decision follows a 2023 Supreme Court of India ruling that the MFN clause does not automatically apply when a country joins the OECD unless a notification under Section 90 of the Income Tax Act is issued.
Key Highlights :
- Impact on Trade and Investment:Indian goods and services may face higher tariffs, additional trade barriers, and reduced access to the Swiss market.
- Key sectors impacted: IT, pharmaceuticals, financial services, and engineering goods.
- Think-tank Global Trade Research Initiative (GTRI) termed it a setback for Indian firms operating in Switzerland.
- India-Switzerland Trade Partnership:Bilateral trade in FY 2023-24: $23.76 billion, with imports from Switzerland accounting for $21.24 billion.
- Switzerland is a major trading partner within the European Free Trade Association (EFTA).
- Major imports: Gold, silver, pharmaceutical intermediates, machinery.
- Major exports: Pharmaceutical products, gems, jewelry, organic chemicals, machinery.
- Historical Context:The India-Switzerland DTAA was signed on November 2, 1994, and amended in 2000 and 2010.
- In 2021, Switzerland claimed that Colombia and Lithuania’s OECD membership should reduce India’s tax rate to 5%, citing the MFN clause.
- Indian Government’s Response:India may renegotiate the DTAA in light of the EFTA free trade agreement signed in March 2024, which aims to facilitate $100 billion investment in India over the next 15 years.
- FDI from Switzerland:India received approximately $10.72 billion in Foreign Direct Investment (FDI) from Switzerland between April 2000 and September 2024.
- Global Trade Context:The MFN status ensures equal trade treatment under WTO rules, promoting non-discrimination in trade tariffs, quotas, and regulations.
- Suspension disrupts this framework for Indian goods and services.
- Key Companies Involved:The Supreme Court case involved Nestle, a Swiss multinational corporation.
About Switzerland :
- Capital : Bern
- Currency : Swiss franc
CURRENT AFFAIRS : STATE NEWS
Maharashtra set to achieve $1 trillion economy by 2028-2030
- Maharashtra Chief Minister Devendra Fadnavis unveiled ambitious economic plans at the World Hindu Economic Forum (WHEF) 2024, positioning the state to become India’s first $1 trillion economy by 2028-2030.
- The state’s GDP is currently ₹42.7 lakh crore (approximately $500 billion).
- A council has been formed to accelerate the state’s economic growth, with input from top CEOs and industry leaders, including Tata Sons chairman N. Chandrasekaran.
Key Highlights :
- Key Drivers for Growth:Infrastructure Development:
- A major project is the greenfield road between Nagpur and Mumbai (700 km), connecting 16 districts to the JNPT port for port-led development.
- The Vadhavan port will be three times larger than the Jawaharlal Nehru Port Trust (JNPT), capable of handling the world’s largest ships, strengthening India’s maritime power.
- The 22 km sea link connecting Mumbai to Navi Mumbai was completed in just five years, showcasing significant infrastructure progress.
- Technology and Data:
- Fadnavis stressed the need for Maharashtra to become India’s data capital, as it currently holds 65% of the nation’s data center capacity.
- He also discussed the role of artificial intelligence (AI) as a positive disruptor to accelerate economic growth, equating it to “riding a horse” that increases speed.
- Digital Economy: Maharashtra plays a pivotal role in India’s digital economy and is a key player in the nation’s transition to a digital-first economy.
- Focus on Inclusive Growth:Fadnavis emphasized the need for inclusive development, highlighting Maharashtra’s efforts in poverty alleviation, environmental sustainability, and renewable energy.
- The state plans to increase its renewable energy share to 52% by 2030.
- Environmental and Social Initiatives:Water Conservation and forest cover improvement are key environmental goals.
- Maharashtra is actively contributing to India’s poverty reduction efforts, with 250 million people lifted out of poverty.
- Economic Vision:Maharashtra’s goal aligns with India’s broader ambition to reach a $5 trillion economy by 2030, with some estimates suggesting a potential $7-9 trillion economy.
- Strategic Focus Areas:
- Infrastructure (ports, roads, sea links).
- Technological Innovation (AI, data centers).
- Renewable Energy.
- Inclusive Economic Growth.
- International Recognition and Global Support:The announcement was made at the World Hindu Economic Forum (WHEF), where over 1,000 global delegates were present.
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
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
France’s Macron Appoints Veteran Centrist Francois Bayrou as Prime Minister
- French President Emmanuel Macron appointed Francois Bayrou, a centrist ally, as Prime Minister on December 13, 2024, after a historic parliamentary vote ousted the previous government.
About François Bayrou :
- Bayrou, aged 73, is a veteran politician and a crucial partner in Macron’s centrist alliance.
- He has been a key figure in French politics for decades and is known for his political experience.
- Bayrou was recently cleared of embezzlement charges related to European Parliament funds.
- He is tasked with navigating France’s political crisis, as there is no single majority party in the National Assembly.
- His priority will be to pass a special law to roll over the 2024 budget.
- A battle over the 2025 budget legislation looms early next year, following pushback from Parliament that led to the fall of the previous government under Prime Minister Michel Barnier.
- He has previously run for president three times and served as the justice minister in Macron’s government in 2017, although he resigned amid an investigation into alleged fraudulent employment within his party.
- He was cleared of fraud charges in 2024.
About France :
- Capital : Paris
- Currency : Euro
CURRENT AFFAIRS: AWARDS AND HONOURS
D Gukesh: Youngest World Chess Champion Honored with ₹5 Crore Prize
- Tamil Nadu Chief Minister MK Stalin announced a ₹5 crore cash reward for Chennai-based Grandmaster D Gukesh after his historic achievement of becoming the youngest World Chess Champion.
Highlights of the Achievement
- Youngest World Chess Champion
- At just 18 years old, D Gukesh became the youngest player to win the World Chess Championship, defeating reigning champion Ding Liren of China in the final game of the 14-match series in Singapore.
- Gukesh secured 7.5 points to Ding’s 6.5, clinching victory in the classical time-control format.
- Prize and Recognition
- As the winner, Gukesh will receive USD 1.3 million (₹11.03 crore) from the tournament’s USD 2.5 million prize pool.
- Chief Minister Stalin’s Cash Reward: Announced as recognition for the pride and joy Gukesh’s victory has brought to the nation.
- Historical Context
- Gukesh is the second Indian to win the World Chess Championship, following in the footsteps of Viswanathan Anand, a five-time world champion.
Significance of the Achievement
- Inspiration for Young Talent: Gukesh’s success highlights the growing prominence of young chess players in India.
- Indian Chess Legacy: Following Anand, Gukesh’s win further cements India’s reputation as a global chess powerhouse.
CURRENT AFFAIRS: MOUS AND AGREEMENTS
Hockey India League (HIL) 2024-25 Signs Media Rights Deal with Sony Sports Network
- The Hockey India League (HIL) has secured a landmark three-year media rights deal with Sony Sports Network (SSN), starting with the 2024-25 season, set to begin on December 28, 2024.
- This agreement positions SSN as the exclusive broadcaster of one of the premier franchise-based hockey leagues in the world.
Key Highlights of the Deal
- Multilingual and Multichannel Coverage
- Live telecast in multiple languages and formats:
- English: Sony Sports Ten 1 (SD & HD)
- Hindi: Sony Sports Ten 3 (SD & HD)
- Tamil & Telugu: Sony Sports Ten 4 (SD & HD)
- This approach ensures regional accessibility, making hockey more inclusive for diverse audiences across India.
- Broadening Hockey’s Reach
- Rajesh Kaul, Chief Revenue Officer at SSN, emphasized the growing popularity of hockey in India, fueled by the national team’s Olympic successes.
- The partnership aligns with Sony’s vision of becoming the “Home of Hockey”, further diversifying its sports portfolio.
Upcoming Season Details
- Venue Locations
- Matches will be played in Rourkela and Ranchi, regions known for their passionate hockey fanbases and world-class facilities.
- League Features
- The 2024-25 season will include competitions for both men’s and women’s leagues.
- Prominent national and international hockey players are expected to participate, raising the bar for competitive hockey in India.
Impact of the Partnership
- Enhanced Viewership and Fan Engagement
- Multilingual broadcasting will attract a diverse viewer base, enhancing regional and national interest in hockey.
- The partnership is expected to set new benchmarks for viewership and fan participation in franchise hockey leagues.
- Boost to Indian Hockey
- Expansive coverage aligns with Hockey India’s goal to popularize the sport and foster talent development across all levels.
- Strengthened Position for SSN
- This deal strengthens SSN’s position in the sports broadcasting market, building on recent high-profile deals like the Asian Cricket Council media rights until 2031.
AIIMS Delhi Partners with Wipro GE Healthcare to Launch AI Health Innovations Hub
- The All India Institute of Medical Sciences (AIIMS), Delhi, has signed an MoU with Wipro GE Healthcare to establish an AI Health Innovations Hub, marking a major step in leveraging artificial intelligence (AI) for healthcare advancements.
Key Highlights of the Collaboration
- Strategic Objectives:
- Enhanced Healthcare Delivery: Developing products and solutions for precise diagnosis, innovative treatment protocols, and real-time patient data tracking.
- Focus Areas: Special emphasis on cardiology, oncology, and neurology.
- Investment:
- Wipro GE Healthcare will contribute $1 million over five years to co-develop and test AI-enabled systems and solutions.
- Role of Partners:
- Wipro GE Healthcare: Technology partner providing AI-based systems.
- AIIMS Delhi: Clinical partner offering real-world clinical inputs, research, and evaluation.
- Joint Oversight:
- A dedicated working committee from both organizations will oversee research, development, and academic engagement.
- Potential Impact by 2025:
- AI is projected to significantly boost India’s healthcare sector, with an estimated contribution of $25–30 billion to the GDP.
- Enhanced diagnosis, streamlined operations, and better patient care through integrated data and AI analytics.
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
ICICI Bank approves plan to sell 19% stake in ICICI Merchant Services
- ICICI Bank’s Board of Directors has approved the sale of a 19% stake in its associate company, ICICI Merchant Services Private Ltd (IMSPL), subject to necessary regulatory approvals.
Key Highlights :
- Transaction Details:The stake will be sold to First Data Holdings 1 (Netherlands) BV, a global leader in electronic commerce and payment services.
- The transaction is expected to generate ₹160 crore to ₹190 crore in funds for ICICI Bank.
- Impact on IMSPL’s Status:After the completion of the sale, IMSPL will cease to be an associate of ICICI Bank.
- Approval and Timeline:The sale is contingent upon receiving requisite regulatory and statutory approvals.
- The transaction is expected to be completed before June 30, 2025.
- IMSPL’s Financials:In the financial year ended March 31, 2024, IMSPL reported:
- Revenue from operations: ₹475 crore
- Net worth: ₹645 crore
About ICICI Bank :
- Founded : 5 January 1955
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Sandeep Bakhshi
CURRENT AFFAIRS : DEFENCE NEWS
United States unveils $500 million military aid package for Ukraine
- The United States (US) announced a new military aid package of US$500 million for Ukraine to support its defense against Russia’s ongoing attacks.
- Contents of the Aid Package: The package includes:
- Ammunition for HIMARS (High Mobility Artillery Rocket Systems).
- Artillery ammunition and drones.
- Armored vehicles.
- Protection equipment against chemical, biological, radiological, and nuclear attacks (CBRN).
- Other military equipment.
- The aid will be drawn from U.S. military stockpiles.
- The aid package comes amid concerns about the future of U.S. support for Ukraine following the election of President-elect Donald Trump, who has expressed intentions to potentially reduce military aid to Ukraine once he assumes office in January 2025.
- The outgoing U.S. administration under President Joe Biden aims to expedite disbursement of military aid before Trump’s inauguration, citing concerns over the potential changes in U.S. policy under the new administration.
Key Highlights :
- Previous Aid Packages: The announcement follows two other large security assistance packages:
- A US$988 million package.
- A US$725 million package.
- Trump’s Criticism: Donald Trump has previously criticized U.S. assistance to Ukraine and claimed he could secure a ceasefire within hours of taking office, triggering concerns in Ukraine and Europe about the future of American support.
- International Coalition: The U.S. has led an international coalition supporting Ukraine, coordinating assistance from multiple countries to bolster Ukraine’s defense capabilities against Russia.
About United States :
- President : Joe Biden
- Vice President : Kamala Harris
- Capital : Washington, D.C
- Currency : U.S. dollar
About Ukraine :
- President : Volodymyr Zelenskyy
- Prime Minister : Denys Shmyhal
- Capital : Kyiv
- Currency : Hryvnia (₴)
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Chennai-Based Space Startup Space Kidz Plans All-Women Lunar Mission with Global Students by 2026
- Space Kidz, a Chennai-based space startup, is planning an all-women scientific lunar mission targeting September 2026.
- The mission will involve girl students from classes 8 and 9 across 108 countries working alongside Space Kidz’s team.
- The satellite will have a payload of 80 kg, including an orbiter, lander, and propulsion module, with a goal of crash-landing on the moon’s surface.
- If successful, it will be the first private player from India to conduct a mission to the lunar surface.
- This follows the success of Space Kidz’s previous mission, AzaadiSat, in February 2023, where a satellite made by 750 girls was launched by ISRO.
Key Highlights :
- Collaboration and Partnerships:The mission, named ShakthiSAT, will involve collaboration with global players and educational institutions, aiming to train 12,000 girls in satellite technology.
- IN-SPACe (Indian National Space Promotion and Authorization Center) is supporting the mission for academic assistance.
- Launch and Training:The launch vehicle for the mission is likely to be India’s PSLV (Polar Satellite Launch Vehicle), which can carry up to 1,750 kg.
- Training for the 12,000 girls will begin in January 2025, with 120 hours of classes. Afterward, one child from each country will be selected to work in India on spacecraft development.
- Estimated Cost and Funding:The estimated cost for the mission is between $8-10 million, which will be funded through corporate social responsibility (CSR).
- Government and International Support:The project has received backing from NITI Aayog, Hexaware Technologies, Ananth Technologies, and Lumina Datamatics.
- The children selected for the project will come from humble backgrounds and will be chosen through respective ministries, space agencies, and network groups.
- Mission Timeline and Goals:The mission is targeted for launch in September 2026, with a preparatory start in January 2025.
- The mission aims to spread the Indian ethos of “Vasudhaiva Kutumbakam” (the world is one family).
- Potential Impact:This mission will be one of the major milestones for India’s private space sector, following the space reforms initiated by the government in 2020, which have led to the rise of over 250 space startups in India.
- Founder and chief executive officer (CEO) of Space Kidz India : Srimathy Kesan
Google partners with National Council of Educational Research and Training to enhance access to quality education across India
- Tech giant Google announced a partnership with the National Council of Educational Research and Training (NCERT) to bring quality education to far corners of India.
Key Highlights :
- YouTube Channels for Education : As part of the partnership, NCERT will launch multiple YouTube channels that are aligned to the curriculum of grades 1 to 12, over the coming months.
- The channels, covering 29 Indian languages, including Indian Sign Language, will offer educational content in engaging and accessible formats, empowering students, parents, and teachers across the country.
- Collaboration with NPTEL : In addition, Google also announced a collaboration with the National Programme on Technology Enhanced Learning to roll out Credentialled Courses.
- This will be available through the NPTEL-SWAYAM website. Notably, the website is operated by the Ministry of Education (MoE) and the NPTEL.
- Diverse Range of Courses : NPTEL now offers 50 credentialed courses on a diverse range of subjects, from pure sciences and literature to sports psychology and rocket propulsion.
- YouTube’s Role in Education : Google’s YouTube launched structured learning courses in India in 2022 to help creators offer educational content.
- Earlier this year, YouTube introduced the AI Skills House programme, providing access to Google’s AI courses such as:
- Introduction to Generative AI
- Introduction to Responsible AI
- Introduction to Large Language Models
About Google :
- Founded : September 4, 1998
- Headquarters : California, United States
- CEO : Sundar Pichai
About NCERT :
- Founded : 1 September 1961
- Location : Delhi, India
- Director : Dr. Dinesh Prasad Saklani
- It is an autonomous organisation of the Ministry of Education, the Government of India.
CURRENT AFFAIRS: SPORTS NEWS
Imad Wasim Announces Retirement from International Cricket
- Pakistan’s star all-rounder, Imad Wasim, announced his retirement from international cricket marking the end of a remarkable nine-year career.
- Despite retiring from the international scene, Imad plans to continue playing in domestic and franchise cricket, ensuring his continued engagement with fans worldwide.
Career Highlights
- International Debut: Imad made his debut for Pakistan in May 2015, in a T20I against Zimbabwe in Lahore.
- Matches Played: He represented Pakistan in 130 international matches across ODIs and T20Is.
- T20I Stats: Imad scored 554 runs and claimed 73 wickets in 75 T20I matches.
- Champions Trophy 2017: He was a key player in Pakistan’s victorious Champions Trophy campaign in 2017.
- Comeback in 2024: After initially retiring, Imad made a return to international cricket, earning a spot in the T20 World Cup squad following a standout performance in the Pakistan Super League.
CURRENT AFFAIRS: IMPORTANT DAYS
Vijay Diwas: 16th December
- Vijay Diwas 2024 is observed on the 16th of December 2024.
- Vijay Diwas is celebrated for the remembrance of the victory of the Indian Armed Forces in ‘Operation: Vijay’ against the infiltrating Pakistani troops.
- Rich tributes are given to the Armed Soldiers who lost their lives in the war.
- Pakistani troops attacked 11 Indian airfields that proved the war on December 3, 1971.
- At that time Indira Gandhi was the Prime Minister of India.
- The war ended in just 13 days which is considered as one of the shortest wars in history.
- As a result of the war, Bangladesh was liberated from Pakistan as a separate country.
- The Independent Flag of Bangladesh was first hoisted on March 23.
Daily CA One- Liner: December 15 & 16
- The Union Ministry of Statistics and Programme Implementation (MOSPI) is set to launch an ambitious five-year plan (2025-2029) to modernize India’s statistical systems and leverage advanced technologies such as artificial intelligence (AI) and machine learning (ML).
- The Cabinet Committee on Security (CCS) has approved the acquisition of 100 additional K-9 Vajra self-propelled howitzer guns from Larsen & Toubro (L&T), along with progress on Zorawar light tank trials
- Prime Minister Narendra Modi will preside over the concluding session of the fourth National Conference of Chief Secretaries, held in New Delhi.
- The Department of Consumer Affairs is set to launch a “future-ready” consumer grievance redressal platform featuring the e-Jagriti app and an updated portal.
- The India Maritime Heritage Conclave (IMHC 2024), held on December 11-12, organized by the Ministry of Ports, Shipping and Waterways (MoPSW), marked a significant milestone in recognizing India’s rich maritime history while focusing on its future as a global maritime leader
- Tamil Nadu Chief Minister MK Stalin announced a ₹5 crore cash reward for Chennai-based Grandmaster D Gukesh after his historic achievement of becoming the youngest World Chess Champion
- The Hockey India League (HIL) has secured a landmark three-year media rights deal with Sony Sports Network (SSN), starting with the 2024-25 season, set to begin on December 28, 2024
- The All India Institute of Medical Sciences (AIIMS), Delhi, has signed an MoU with Wipro GE Healthcare to establish an AI Health Innovations Hub, marking a major step in leveraging artificial intelligence (AI) for healthcare advancements.
- Pakistan’s star all-rounder, Imad Wasim, announced his retirement from international cricket marking the end of a remarkable nine-year career.
- CARE Ratings revised India’s gross domestic product (GDP) growth forecast for FY25 to 6.5% from the earlier estimate of 6.8%.
- In-Solutions Global (ISG) has received full authorisation from the Reserve Bank of India (RBI) as a payment aggregator under the Payment and Settlement Systems framework.
- India’s infrastructure investment is expected to grow at a 15% Compound Annual Growth Rate (CAGR) over the next few years, with a focus on capex-driven sectors like roads, railways, and civil aviation.
- Switzerland has suspended the Most Favoured Nation (MFN) clause in the Double Taxation Avoidance Agreement (DTAA) with India.
- Maharashtra Chief Minister Devendra Fadnavis unveiled ambitious economic plans at the World Hindu Economic Forum (WHEF) 2024, positioning the state to become India’s first $1 trillion economy by 2028-2030.
- French President Emmanuel Macron appointed Francois Bayrou, a centrist ally, as Prime Minister on December 13, 2024, after a historic parliamentary vote ousted the previous government.
- ICICI Bank’s Board of Directors has approved the sale of a 19% stake in its associate company, ICICI Merchant Services Private Ltd (IMSPL), subject to necessary regulatory approvals.
- The United States (US) announced a new military aid package of US$500 million for Ukraine to support its defense against Russia’s ongoing attacks.
- Space Kidz, a Chennai-based space startup, is planning an all-women scientific lunar mission targeting September 2026.
- Tech giant Google announced a partnership with the National Council of Educational Research and Training (NCERT) to bring quality education to far corners of India.
- Vijay Diwas 2024 is observed on the 16th of December 2024.
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