Daily Current Affairs December 22nd & 23rd 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

India and Asian Development Bank Sign $350 Million Loan for Strengthening Multimodal Logistics under Strengthening Multimodal and Integrated Logistics Ecosystem Program  

• The Government of India (GoI) and the Asian Development Bank (ADB) signed a $350 million policy-based loan under the second subprogram of the Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program.
• Signatories:The Department of Economic Affairs (DEA), Ministry of Finance, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, and ADB were the signatories to the loan agreement.
• The SMILE program aims to support the government in implementing reforms in India’s logistics sector.
• It is a programmatic policy-based loan (PBL) with two subprograms to enhance India’s manufacturing sector and improve supply chain resilience.

Key Objectives of SMILE Program:

• Institutional Strengthening: Focus on strengthening the institutional framework for multimodal logistics infrastructure development.
• Standardization: Standardizing warehousing and logistics assets to boost supply chains and attract private sector investment.
• Trade Logistics: Enhancing efficiencies in external trade logistics.
• Smart Systems: Adoption of smart, low-emission logistics systems to improve efficiency.
• Impact on Logistics Sector:The development of India’s logistics sector will enhance manufacturing competitiveness.
• The program focuses on reducing logistics costs, improving efficiency, creating employment opportunities, and promoting gender inclusion.

About ADB :

• Founded : 19 December 1966
• Headquarters : Philippines

About Ministry of Commerce & Industry :

• Cabinet Minister : Piyush Goyal
• Minister of State : Jitin Prasada

Reserve Bank of India Imposes ₹27.30 Lakh Penalty on IndusInd Bank for Non-Compliance with Interest Rate on Deposits Directions  

• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹27.30 lakh on IndusInd Bank Limited. for non-compliance with the ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’.
• The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.
• The penalty follows findings from the Statutory Inspection for Supervisory Evaluation (ISE 2023) based on the bank’s financial position as of March 31, 2023.
• The penalty was imposed due to non-compliance with RBI directions, specifically related to opening savings deposit accounts in the name of ineligible entities.
• The action focuses on regulatory compliance deficiencies and does not comment on the validity of any transactions or agreements between the bank and its customers.

Reserve Bank of India levies monetary penalty on Manappuram Finance Limited   

• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹20 lakh on Manappuram Finance Limited for non-compliance with RBI’s “Know Your Customer (KYC) Directions, 2016.”
• The penalty was imposed under Section 58G(1)(b) and Section 58B(5)(aa) of the Reserve Bank of India Act, 1934.
• Reason for Penalty:The company failed to verify the Permanent Account Number (PAN) of customers using the verification facility of the issuing authority during customer acceptance.
• The company allotted multiple identification codes to certain customers instead of assigning a Unique Customer Identification Code (UCIC) for each customer.
• The penalty follows the findings of RBI’s statutory inspection, based on the financial position as of March 31, 2023.
• RBI issued a show cause notice to the company, and after considering the company’s reply and oral submissions, the penalty was imposed for the sustained non-compliance.
• The penalty is for regulatory deficiencies, and it does not address the validity of any transactions or agreements between the company and its customers.

Union Finance Minister Nirmala Sitharaman Chairs Pre-Budget Consultation Meeting with States and UTs in Jaisalmer, Rajasthan  

• Union Finance Minister Nirmala Sitharaman chaired pre-budget consultations with Finance Ministers of States and Union Territories at Jaisalmer, Rajasthan, for the Union Budget FY 2025-26.

Key Highlights :

• Devolution of Funds:Sitharaman highlighted that, due to a healthy macroeconomic environment, the funds devolved to States between April 2021 to December 2024 under the 15th Finance Commission exceeded those devolved in the 60 months under the 14th Finance Commission.
• Scheme for Special Assistance to States for Capital Investment (SASCI):First introduced in Union Budget 2020-21, SASCI has been well-received by States for constructing capital assets.
• The Union Finance Minister acknowledged the States’ request to enhance the outlay under SASCI, which supports critical infrastructure development.
• Additional Allocation Under SASCI for FY 2024-25:An additional 30,000 crore allocated as “Untied Funds” under SASCI-2024-25.
• States may use these funds across various sectors to boost capital expenditure.
• Disaster Relief for States:A new dispensation under SASCI for States affected by severe natural disasters, assessed by the Inter-Ministerial Central Team (IMCT) from the Ministry of Home Affairs (MHA).
• Eligible States may receive up to 50% of their allocation under Part-1 (Untied) of SASCI to assist in reconstruction of damaged infrastructure (roads, bridges, water supply lines, etc.).
• This aid will be in addition to the support from the National Disaster Response and Mitigation Fund (NDRMF).

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary

Bajaj Finance Exits Co-Branded Credit Card Business, Ends Partnerships with DBS India and RBL  

• Bajaj Finance has decided to exit the co-branded credit card space by ending its eight-year tie-up with RBL Bank and DBS Bank India.
• Reason for the Exit:The exit follows a Reserve Bank of India (RBI) direction that restricted co-brand partners to only sourcing cards and providing access to cardholders for goods/services offered.
• Details of Bajaj Finance’s Partnerships:RBL Bank partnered with Bajaj Finance in 2016 to issue co-branded credit cards for five years, and the partnership was renewed for another five years in 2021.
• DBS Bank India launched its credit card with Bajaj Finance in June 2022, with a credit card base of 500,000, most of which were co-branded.

About Bajaj Finance Limited :

• Founded : 25 March 1987
• Headquarters : Pune, Maharashtra
• Managing Director : Rajeev Jain

About RBL Bank :

• Founded : August 1943
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : R Subramaniakumar

CURRENT AFFAIRS: NATIONAL NEWS

Bharat Mobility Global Expo 2025: Accelerating India’s Role as a Global Mobility Hub

• The Bharat Mobility Global Expo 2025 will take place from January 17 to 22 across Delhi NCR, showcasing India’s growing prominence in the global mobility landscape.
• With over 1,500 exhibitors and an anticipated 500,000 visitors, the event is poised to become the world’s second-largest auto show.
• It will feature leading automotive giants and focus on sustainable and electric mobility technologies.

Expo Highlights

1. Global Showcase of Mobility Innovation:
   • Venues: Bharat Mandapam, Yashobhoomi, and India Expo Centre & Mart.
   • Scale: 150,000 square meters dedicated to mobility technologies.
   • Key Segments:
     • Auto Expo Motor Show
     • Auto Expo Components Show
     • Construction Equipment Expo
   • Participation: Delegations from 13 countries, including Germany, Japan, and the USA, will present cutting-edge solutions across the automotive value chain.
2. Focus on Electric and Sustainable Technologies:
   • Spotlight on electric vehicles (EVs), hydrogen fuel, and biofuel-powered vehicles.
   • Participation from EV pioneers like Ather Energy, Ola Electric, and Vayve Mobility.
   • Infrastructure discussions will explore advancements in EV charging, hydrogen solutions, and next-generation biofuels.
3. Industry Collaboration and Conferences:
   • 20+ global conferences featuring industry leaders, policymakers, and innovators.
   • Discussions on the future of mobility, emphasizing clean and sustainable technologies.

Strategic Significance

• Reinforcing India’s Global Mobility Vision:
  • Union Minister Piyush Goyal emphasized the expo’s alignment with India’s vision of becoming a global leader in mobility technologies.
  • The event will provide a platform for international collaboration, trade partnerships, and investment opportunities.
• Theme: “Beyond Boundaries: Co-Creating the Future of the Automotive Value Chain”, aiming to unite the sector and accelerate India’s electric vehicle transition.
• Strengthening Economic and Sustainable Goals:
  • The expo underscores India’s commitment to engineering excellence and sustainable development.
  • It positions the nation as a key player in the global automotive and mobility ecosystem.

CURRENT AFFAIRS : INTERNATIONAL NEWS

European Union Approves Bulgaria and Romania for Full Membership in Schengen Zone Starting Next Year After 13-Year Wait                                 

• The European Union (EU) has approved Bulgaria and Romania as full members of the Schengen zone, effective from the start of next year, ending a 13-year wait.
• Bulgaria and Romania, EU members since 2007, were partially integrated into the Schengen zone in March 2024, allowing air and sea travel without border checks.

About the Schengen Zone:

• Established in 1985, the Schengen zone currently has 29 members, including 25 EU member states and four non-EU countries: Switzerland, Norway, Iceland, and Liechtenstein.
• It is the world’s largest borderless area, allowing free travel for over 400 million people within the zone.

About Bulgaria :

• President : Rumen Radev
• Prime Minister : Dimitar Glavchev
• Capital: Sofia
• Currency : Lev

About Romania :

• President : Klaus Iohannis
• Prime Minister : Marcel Ciolacu
• Capital: Bucharest
• Currency : Romanian leu

Moldova Joins International Solar Alliance (ISA) by Signing Framework Agreement to Boost Renewable Energy

• Moldova has officially signed the International Solar Alliance (ISA) Framework Agreement, reinforcing its commitment to promoting renewable energy.

About the ISA:

• The ISA was conceptualized during COP21 in Paris in 2015 as a collaborative initiative between India and France.
• Headquarters: The ISA is headquartered in Gurugram, India.
• ISA’s Mission and Goals:The mission of the ISA is to unite global efforts in combating climate change through the implementation of solar energy solutions.
• Key goals under the ISA’s ‘Towards 1000’ strategy:
  • Mobilizing USD 1,000 billion of investments in solar energy by 2030.
  • Providing energy access to 1,000 million people.
  • Achieving the installation of 1,000 GW of solar energy capacity.
• Membership and Eligibility:The ISA currently has 104 member countries and 16 signatory countries.
• The ISA Framework Agreement came into force in 2017, and following its amendment in 2020, all United Nations member states became eligible to join the ISA.

About Moldova :

• President : Maia Sandu
• Prime Minister : Dorin Recean
• Capital : Chișinău
• Currency : Moldovan leu (MDL)

Tanzania to Be Partner Country for International Gita Mahotsav in Kurukshetra from November 28 to December 15   

• Tanzania will be the partner country for the International Gita Mahotsav held from November 28 to December 15 in Kurukshetra.
• Tanzania also participated as a partner country in the International Surajkund Crafts Fair held in February.
• The International Gita Mahotsav will help enhance the partnership between India and Tanzania.
• Tanzanian ministers are expected to participate in the event.
• The International Gita Mahotsav is a cultural event celebrating the Bhagavad Gita, along with Indian culture, spirituality, and heritage.
• The 2024 International Gita Mahotsav will be held in Kurukshetra, Haryana, from November 28 to December 15.

About Tanzania :

• President : Samia Suluhu Hassan
• Prime Minister : Kassim Majaliwa
• Capital : Dodoma
• Currency : Tanzanian shilling (TZS)

India, Brazil, South Africa Collaborate to Leverage Digital Public Infrastructure, AI, and Data for Governance   

• Leaders from the G20 Troika — India, Brazil, and South Africa unveiled a landmark joint declaration focused on Digital Public Infrastructure (DPI), Artificial Intelligence (AI), and data for governance.
• The declaration was made amidst global economic growth at just over 3%, the lowest rate since the turn of the century.
• The declaration emphasizes the transformative power of technology to address global inequality and accelerate progress towards the United Nations Sustainable Development Goals (SDGs).
• Principles for Digital Systems:The declaration proposes that digital systems should follow key foundational principles to ensure inclusivity and adaptability:
• Open
• Modular
• Interoperable
• Scalable
• These principles are aimed at making digital systems flexible and adaptable to evolving national needs.

CURRENT AFFAIRS : STATE NEWS

Kejriwal Launches Free Healthcare for Senior Citizens through Sanjeevani Yojna Ahead of Delhi Elections  

• Arvind Kejriwal, the national convener of the Aam Aadmi Party (AAP), announced the Sanjeevani Yojana for senior citizens (60+ years) in Delhi.
• Under the scheme, elderly citizens will receive free treatment at both government and private hospitals with no upper limit on the treatment costs.
• Registration will begin soon, and AAP workers will go to citizens’ homes to facilitate the process and provide cards.
• The scheme is intended to be implemented if AAP retains power in the upcoming Delhi Assembly elections in February 2024.
• This announcement follows a dispute between AAP and BJP regarding the Ayushman Bharat scheme’s non-implementation in Delhi.
• BJP MPs filed a petition in the Delhi High Court seeking directions for the Delhi government to implement the Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (PMJAY).
• Delhi Chief Minister Atishi directed the Health Department to create a mechanism that incorporates the Ayushman Bharat benefits without withdrawing the existing free healthcare services in Delhi.
• Sanjeevani Yojana is being presented as an extension of the free healthcare system in Delhi.

Key Features of the Scheme:

• Eligibility: All senior citizens over 60 years of age, regardless of socio-economic background.
• Benefits: Full treatment cost covered by the Delhi government, with no financial limits.
• Registration Process: AAP workers will visit homes for registration and provide a card for the scheme.

Manesar, part of Gurgaon, set to become a separate district  

• The Haryana government is undertaking a major administrative restructuring, with plans to create four new districts after municipal elections.
• Manesar, currently part of Gurgaon, is a prime candidate for district status due to its industrial importance and demographic growth.
• A committee headed by Cabinet Minister Krishan Lal Panwar has been set up to evaluate proposals for new districts.
• The committee has two months to submit its report.
• Manesar is a crucial center for manufacturing and logistics, with substantial industrial and urban development.
• District status could improve administrative efficiency, infrastructure, and public services.
• Administrative officials have been tasked with submitting detailed reports on areas to be included in the new districts, including constituencies, towns, villages, and block committees.
• After submission of reports by deputy commissioners, the cabinet sub-committee will deliberate and forward the final decision to the Chief Minister for approval.
• Proposals are also under consideration to grant district status to Assandh (Karnal), Hansi (Hisar), Dabwali (Sirsa), and Gohana (Sonipat).
• The initiative is part of a broader strategy coinciding with the 2026 delimitation exercise, which may increase Haryana’s assembly seats from 90 to 126 and Lok Sabha constituencies from 10 to 14 by 2029.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India-Japan Partnership to Address Space Debris and Lunar Exploration

• India and Japan have formed a strategic alliance to address the increasing challenge of space debris, leveraging advanced technologies and expanding their collaboration in the space sector.
• This partnership not only focuses on space debris removal using laser-equipped satellites but also includes joint efforts in lunar exploration, reflecting a shared commitment to advancing global space endeavors.

Key Focus Areas

1. Tackling Space Debris

• Collaborators:
  • Orbital Lasers (Japan)
  • InspeCity (India)
• Objective: Develop and deploy laser-equipped satellites to vaporize space debris, clearing orbital pathways for safer spacecraft operations.
• Progress:
  • Orbital Lasers has raised $5.8 million, while InspeCity secured $1.5 million in funding.
  • Testing of the laser technology is planned post-2027.

2. Lunar Exploration: LUPEX Mission

• Mission Overview:
  • Scheduled for 2026, the Lunar Polar Exploration (LUPEX) mission will explore the Moon’s polar regions for water ice and other resources.
  • Collaboration involves Indian space organizations and Japan’s ispace, a leader in lunar missions.

3. Satellite Data Applications

• Japan’s advanced satellite data solutions are being utilized in India’s disaster management and agriculture sectors, enhancing resource efficiency and climate resilience.

Strengthening Japan-India Space Ties

• Alignment with “Make in India”:
  • Joint efforts include potential collaborations on local manufacturing and technology transfer, boosting India’s domestic capabilities in space tech.
• Japan’s Expertise in Space Tech:
  • Leading companies like Mitsubishi Heavy Industries and Astroscale are driving innovation in space debris management and active debris removal.
  • The Japan Aerospace Exploration Agency (JAXA) plays a pivotal role in supporting these initiatives under the Basic Plan on Space Policy.

CURRENT AFFAIRS: AWARDS AND HONOURS

Arun Kapur Honoured with Bhutan’s Prestigious Red Scarf and ‘Dasho’ Title

• Indian educationist Arun Kapur has been recognized for his outstanding contributions to education in India, Bhutan, and Oman.
• At the 117th Bhutanese National Day celebrations held at the Changlimithang Stadium in Thimphu, Bhutan’s King Jigme Khesar Namgyel bestowed upon Kapur the prestigious Red Scarf and the honorary title ‘Dasho’, a distinction rarely conferred upon non-residents.

Key Recognition

1. Red Scarf and ‘Dasho’ Title:
   • Kapur received the ‘Bura Marp’ (red scarf) and ‘Patang’ (ceremonial sword), symbols of high honor in Bhutan.
   • The title ‘Dasho’, traditionally reserved for senior Bhutanese officials, underscores the exceptional nature of this accolade for a non-resident.
2. Award Significance:
   • This recognition highlights Kapur’s contributions to Bhutan’s educational development and his role in fostering bilateral educational ties.

Contributions and Legacy

1. Role in Bhutan:
   • The Royal Academy: Kapur played a pivotal role in establishing this prestigious institution, which focuses on holistic education and nurturing future leaders.
   • Bhutan Baccalaureate System: He developed this innovative educational framework, emphasizing individualized learning and values-based education.
   • Previous Honour: In 2019, he was awarded the ‘Druk Thuksey’, Bhutan’s highest civilian honor, for his efforts in advancing the nation’s education.
2. Leadership in India:
   • Vasant Valley School: As the head of this premier institution in Delhi for 29 years, Kapur shaped the educational journey of countless students before retiring in April 2020.
   • His contributions have left an indelible mark on India’s educational landscape, particularly in fostering progressive teaching methodologies.

Caitlin Sandra Neil Crowned Miss India USA 2024

• Caitlin Sandra Neil, a 19-year-old Indian-American born in Chennai, India, has been crowned Miss India USA 2024 at the annual pageant held in New Jersey.
• Currently a second-year student at the University of California, Davis, Caitlin aspires to empower women and promote literacy while pursuing her dreams in web design, modeling, and acting.

Key Highlights

Winner Details

• Name: Caitlin Sandra Neil
• Background:
  • Born in Chennai, India, Caitlin has lived in the USA for the past 14 years.
  • Studying at the University of California, Davis.
• Vision:
  • Advocates for women’s empowerment and literacy.

Other Category Winners

1. Mrs. India USA 2024: Sanskriti Sharma (Illinois).
2. Miss Teen India USA 2024: Arshita Kathpalia (Washington).

Runners-Up

Miss India USA

• First Runner-Up: Nirali Desia (Illinois).
• Second Runner-Up: Manini Patel (New Jersey).

Mrs. India USA

• First Runner-Up: Sapna Mishra (Virginia).
• Second Runner-Up: Chinmayee Ayachit (Connecticut).

Miss Teen India USA

• First Runner-Up: Dhriti Patel (Rhode Island).
• Second Runner-Up: Sonali Sharma.

About the Event

• Organized by: India Festival Committee (IFC).
• Participants:
  • Forty-seven contestants representing 25 states.
  • Competed across three categories: Miss India USA, Mrs. India USA, and Miss Teen India USA.
• 2023 Titleholders:
  • Caitlin Sandra Neil was crowned by Rijul Maini, Miss India USA 2023.
  • Sanskriti Sharma was crowned by Sneha Nambiar, Mrs. India USA 2023.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

France: Emmanuel Macron appoints Francois Bayrou as the new Prime Minister  

• French President Emmanuel Macron appointed Francois Bayrou as the new Prime Minister of France following a no-confidence vote against the previous government.
• Francois Bayrou is the 4th Prime Minister appointed in 2024, with Michel Barnier being the previous Prime Minister, who served only three months.
• Michel Barnier holds the record for the shortest serving Prime Minister in French history, having served for only three months.
• The Prime Minister of France is the head of government in the French Republic, holding the second-highest office in the country after the President.
• In January 2024, Gabriel Attal became the youngest Prime Minister of France.

About France :

• President : Emmanuel Macron
• Prime Minister : François Bayrou
• Capital : Paris
• Currency : Euro

Netumbo Nandi-Ndaitwah Makes History as Namibia’s First Female President-Elect   

• Netumbo Nandi-Ndaitwah has been elected as Namibia’s first female president, securing 57% of the vote in the November 27, 2024 election.
• Nandi-Ndaitwah represents Namibia’s ruling party, SWAPO (South West Africa People’s Organization), which has been in power since Namibia’s independence in 1990.
• She defeated Panduleni Itula of the Independent Patriots for Change (IPC), who garnered 26% of the vote.

About Namibia :

• Prime Minister : Saara Kuugongelwa
• Capital : Windhoek
• Currency : Namibian dollar (NAD)

Masato Kanda appointed as the 11th President of Asian Development Bank

• Masato Kanda has been elected as the 11th President of the Asian Development Bank (ADB).
• Kanda, aged 59, is currently serving as Special Advisor to Japan’s Prime Minister and Minister of Finance.
• He will assume office as ADB President on February 24, 2025, succeeding Masatsugu Asakawa, whose term ends on February 23, 2025.
• Kanda will complete the remainder of Asakawa’s term, which runs until November 23, 2026.

About ADB:

• ADB is a regional development bank headquartered in Manila, Philippines, with 69 member countries.
• Major Shareholders: Japan and the United States are the largest shareholders of ADB, each holding 15.6% equity shares, followed by China (6.4%) and India (6.3%).

Pankaj Tripathi appointed as brand ambassador for Madhya Pradesh Tourism

• Actor Pankaj Tripathi has been appointed as the brand ambassador of Madhya Pradesh Tourism.
• The Madhya Pradesh government is planning to develop 50 offbeat destinations to attract more tourists.
• The Madhya Pradesh Tourism department aims to promote the state’s diverse offerings, which include:
• Wildlife sanctuaries
• UNESCO World Heritage sites
• Spiritual landmarks
• Cultural landmarks

Mikheil Kavelashvili Elected as Georgia’s New President   

• Former football player Mikheil Kavelashvili became the President of Georgia.
• Kavelashvili won the election with an easy victory, being the sole candidate on the ballot.
• Salome Zourabichvili, a pro-Western leader, has served as the President of Georgia since 2018.
• Her six-year term ended with the election of Mikheil Kavelashvili.
• Mikheil Kavelashvili started his career at Dinamo Tbilisi, a major Georgian football club.
• He won three premier division titles with Dinamo Tbilisi before transferring to Manchester City in 1995.

About Georgia :

• Prime Minister : Irakli Kobakhidze
• Capital : Tbilisi
• Currency : Georgian lari

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India Grants Approval for UltraTech Cement’s Acquisition of The India Cements  

• The Competition Commission of India (CCI) approved UltraTech Cement Ltd’s (UltraTech) proposed acquisition of The India Cements Limited (India Cements).
• This approval marks significant consolidation in the southern cement market.

Key Highlights :

• Proposed Acquisition Details:UltraTech will acquire 32.72% of India Cements‘ paid-up equity share capital from promoters and Sri Saradha Logistics Private Limited.
• Additionally, UltraTech will acquire up to 26% of India Cements’ paid-up equity capital through an open offer.
• About UltraTech Cement:UltraTech, a subsidiary of Grasim Industries Ltd, is engaged in manufacturing and selling grey cement, white cement, ready-mix concrete, clinker, and building products.
• UltraTech is a public listed company in India.
• About India Cements:India Cements, a public listed company, is primarily involved in the manufacture and sale of grey cement and ready-mix concrete, along with non-core businesses.
• Financials of the Deal:UltraTech’s acquisition plan was first announced in July 2024, intending to purchase a 32.72% stake in India Cements for ₹3,954 crore.
• UltraTech had earlier acquired a 23% non-controlling stake in India Cements worth ₹1,900 crore, bringing total investment to ₹5,854 crore.
• Regulatory Process:The CCI issued a notice on December 6, 2024, under Section 29(1) of the Competition Act, 2002, seeking clarifications from UltraTech regarding potential competition concerns.
• This marks the first instance of CCI unconditionally approving a transaction post-show cause notice under the amended merger control regime.
• Legal Advisory:J Sagar Associates (JSA) acted as the sole advisor to UltraTech in securing the unconditional approval from the CCI.

About CCI :

• Founded : 14 October 2003
• Headquarters : New Delhi, India
• Chairman : Ravneet Kaur

CURRENT AFFAIRS : DEFENCE NEWS

Ministry of Defence Signs Contract with L&T for K9 VAJRA-T Self-Propelled Artillery Guns for Indian Army   

• The Ministry of Defence (MoD) signed a contract with Larsen & Toubro (L&T) for the procurement of 155 mm/52 calibre K9 VAJRA-T Self-Propelled Tracked Artillery Guns for the Indian Army.
• The total cost of the procurement is Rs 7,628.70 crore.
• The contract was signed on December 20, 2024, in South Block, New Delhi, in the presence of Defence Secretary Rajesh Kumar Singh.
• Purpose: The procurement is aimed at modernizing the artillery and enhancing the operational readiness of the Indian Army.
• Capabilities of K9 VAJRA-T:It offers cross-country mobility and precision in deep strikes.
• Equipped with advanced technology for long-range, accurate, and high-rate-of-fire capabilities.
• Can operate effectively in sub-zero temperatures and high-altitude areas.
• Employment Generation: The project will generate over nine lakh man-days of employment over the next four years.
• Support for Indian Industry: The project encourages active participation from various Indian industries, including MSMEs.
• Alignment with ‘Aatmanirbhar Bharat’ and ‘Make-in-India’: The project is in line with India’s self-reliance initiatives, promoting the ‘Aatmanirbhar Bharat’ and ‘Make-in-India’ initiatives.

About Ministry of Defence :

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

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Chinese astronauts set 9-hour spacewalk record, surpassing US milestone in space history   

• Chinese astronauts Cai Xuzhe and Song Lingdong set a new world record for the longest single spacewalk on December 20, 2024.
• Their spacewalk lasted for 9 hours and 9 minutes, surpassing the previous record of 8 hours 56 minutes set by NASA astronauts James Voss and Susan Helms in 2001 during a mission to the International Space Station (ISS).

Key Highlights :

• Significance and Milestone:This spacewalk marked a milestone in China’s space exploration, as it is the longest recorded spacewalk in history.
• It highlights China’s advancements in space technology and the growing capabilities of its astronauts and space missions.
• Spacesuit Technology:The astronauts wore the second-generation ‘Feitian’ spacesuits, which were designed to support up to eight hours of external work.
• These spacesuits are an improvement over previous designs, allowing astronauts to perform longer spacewalks, which was a key factor in enabling the record-breaking duration.
• Astronaut Milestones:Song Lingdong became the first Chinese astronaut born in the 1990s to complete a spacewalk.
• Cai Xuzhe completed his second extravehicular activity (EVA), having previously participated in a 5.5-hour spacewalk during the Shenzhou-14 mission in 2022.
• Mission Background:This spacewalk was part of the ongoing Shenzhou-19 mission, which began in October 2024.
• The mission is focused on the continued development of China’s Tiangong space station and involves extravehicular activities (EVAs), scientific experiments, and technical tests.
• China’s Spacewalk History:China began its spacewalk efforts in September 2008 when Zhai Zhigang became the first Chinese astronaut to perform a spacewalk during the Shenzhou-7 mission, spending just under 20 minutes outside the spacecraft.
• The second-generation Feitian spacesuits were designed for longer spacewalks, a marked improvement over the original design used by Zhai.
• Teamwork and Mission Coordination:The record-setting EVA involved coordination between the astronauts, their crewmate Wang Haozhe (who remained inside the Tiangong space station), and ground control teams.
• The space station’s robotic arms assisted in the spacewalk, enhancing safety and ensuring mission success.
• Future Spacewalks and Contributions:The astronauts are expected to perform additional extravehicular activities and contribute to ongoing scientific experiments and technical tests as part of the Shenzhou-19 mission, further advancing China’s space station capabilities.

India Develops Its First Indigenous Macrolide Antibiotic -Nafithromycin     

• Nafithromycin is India’s first indigenous Macrolide antibiotic, developed by Wockhardt with support from the Biotechnology Industry Research Assistance Council (BIRAC).
• The drug is marketed as “Miqnaf” and specifically targets Community-Acquired Bacterial Pneumonia (CABP) caused by drug-resistant bacteria, which significantly affects vulnerable groups, including children.

Key Highlights :

• Combatting Antimicrobial Resistance (AMR):Nafithromycin is a significant innovation in the fight against Antimicrobial Resistance (AMR), a condition where microorganisms like bacteria, viruses, fungi, and parasites no longer respond to antimicrobial medicines.
• It showcases India’s capability in addressing AMR through pharmaceutical advancements.
• Clinical Trials and Investment:The drug has undergone extensive clinical trials in the U.S., Europe, and India.
• Development involved an investment of ₹500 crores.
• Approval Status: Nafithromycin is awaiting final approval from the Central Drugs Standard Control Organization (CDSCO) for its market release.
• Significance: Marks a pivotal milestone in India’s pharmaceutical innovation and ability to address global health challenges.

China Launches First Atmospheric Monitoring Station in Antarctica   

• China’s first atmospheric monitoring station in Antarctica, the Zhongshan National Atmospheric Background Station, began operations.
• It aims to monitor climate changes in Antarctica and support the global response to climate change.
• This station is China’s ninth operational atmospheric monitoring station, marking its first overseas monitoring station.
• China is also testing 10 new atmospheric monitoring stations within its own borders.
• Purpose of the Zhongshan Station:The station will continuously observe atmospheric component concentration changes in Antarctica, contributing to long-term data collection.

Key Highlights :

• Global Research Presence in Antarctica:There are 70 permanent research stations in Antarctica from 29 countries, highlighting the global interest in climate and environmental monitoring.
• India’s Presence in Antarctica:India has two active research stations: Maitri and
• The first Indian research station, Dakshin Gangotri, was set up in 1983 but was abandoned after sinking in snow.
• Other Countries in Antarctica:The US operates six research stations, and Australia has three in Antarctica.
• Antarctic Treaty:China signed the Antarctic Treaty in 1983, which designates Antarctica as a natural reserve and bans commercial resource extraction.

CURRENT AFFAIRS: SPORTS NEWS

India to Host 2025 Para Athletics World Championships:

• India is set to host the 2025 Para Athletics World Championships for the first time, marking a historic milestone in its sporting journey.
• The event will be held from September 26 to October 5, 2025, at the iconic Jawaharlal Nehru Stadium in New Delhi, further cementing India’s growing role in promoting inclusivity in sports.

Key Highlights

Event Overview

• Dates: September 26 – October 5, 2025.
• Venue: Jawaharlal Nehru Stadium, New Delhi.
  • The stadium will also host the World Para Athletics Grand Prix from March 11-13, 2025.
• Participants: Over 1,000 athletes from more than 100 nations.
• Significance:
  • Qualifier for the 2028 Los Angeles Paralympic Games.
  • Largest-ever international Para sports event hosted in India.

India’s Performance in Para Athletics

• 2023 Para Athletics World Championships (Kobe):
  • India secured 17 medals, including six golds, highlighting the nation’s progress in Para sports.

Impact and Legacy

1. Promoting Inclusivity:
   • The event will bring global attention to Para sports and empower the 60 million persons with disabilities in India.
2. Growth of Para Sports:
   • Hosting the championships is expected to inspire grassroots initiatives and further the Paralympic movement in India.

Strategic Vision

• Future Ambitions:
  • The event is a key step in India’s bid to host the 2029 World Athletics Championships.
  • Strengthens its case for a potential bid to host the 2036 Olympics.

CURRENT AFFAIRS : OBITUARIES

Former Karnataka Chief Minister and Union Minister SM Krishna passed away

• Former Karnataka Chief Minister and Union Minister SM Krishna passed away at the age of 92.

About SM Krishna :

• SM Krishna served as the Chief Minister of Karnataka from October 11, 1999, to May 20, 2004.
• He served as the Governor of Maharashtra from December 6, 2004, to March 8, 2008.
• He was a delegate for India at the United Nations in 1982 and participated in the Commonwealth Parliamentary Conference in New Zealand in 1965.
• He was also a delegate at the Commonwealth Parliamentary Seminar at Westminster in 1990.

Economic historian Amiya Kumar Bagchi Passed away    

• Economic historian Amiya Kumar Bagchi passed away.
• He is known for his work on underdevelopment and imperialism.
• He authored books such as Private Investment in India 1900-1939, The Political Economy of Underdevelopment and Perilous Passage.
• In the beginning, he was a mathematical economist and game theorist.
• He later turned to economic history.
• He was the official historian of the State Bank of India (SBI) from 1976 to 1998.
• He was the founder-director of the Institute of Development Studies, Kolkata. He was awarded the Padma Shri in 2005.

CURRENT AFFAIRS: IMPORTANT DAYS

National Mathematics Day: 22nd December

• National Mathematics Day 2024 is observed on the 22nd of December 2024.
• The theme for National Mathematics Day 2024 is “Mathematics: Bridge to innovation”.
• The renowned mathematician Srinivasa Ramanujan, whose works had a widespread impact both in India and around the world, is the driving force behind the establishment of Mathematics Day in that country.
• Ramanujan was born in 1887 to an Iyengar Brahmin family in Erode, Tamil Nadu. Despite having little formal schooling, he mastered trigonometry at the age of 12 and created a number of his own theorems.
• Ramanujan ran away from home at the age of 14 and joined Pachaiyappa’s College in Madras. Ramanujan, like his peers there, only managed to thrive in mathematics without accomplishing the same in other areas, and he was unable to complete his studies with a Fellow of Arts degree. Ramanujan chose to conduct independent research in mathematics despite his extreme poverty.
• The aspiring mathematician quickly caught the attention of Chennai’s mathematicians.
• He was assisted in obtaining a clerk position at the Madras Port Trust in 1912 by Ramaswamy Iyer, the Indian Mathematical Society’s founder.
• Ramanujan subsequently started submitting his work to British mathematicians. In 1913, GH Hardy, a Cambridge-based mathematician, invited Ramanujan to London after being impressed by Ramanujan’s theorems.
• In 1914, Ramanujan traveled to Britain, where Hardy helped him enroll in Trinity College, Cambridge. After being elected as a member of the London Mathematical Society in 1917, Ramanujan was well on his path to success.
• In 1918, he also became a Fellow of the Royal Society, one of the youngest individuals to hold this prestigious status.

Kisan Diwas: 23rd December

• Kisan Diwas 2024 is observed on the 23rd of December 2024.
• Kisan Diwas 2024 is celebrated for the birth anniversary of Chaudhry Charan Singh, the fifth Prime Minister of India.
• By promoting and helping pass many measures for farmers’ reforms, Singh was instrumental in changing India’s agricultural sector both before and after independence.
• After the Janata Party was defeated, Singh succeeded Prime Minister Morarji Desai, serving in that position from 1979 to 1980.
• Singh worked to improve the lives of Indian farmers throughout his brief tenure as prime minister.
• Several programs were put up to improve the social standing of farmers.
• The Indian government decided to designate Singh’s birthday as the day to commemorate Kisan Diwas in 2001 in recognition of his outstanding efforts and transition from farmer to head of state.

Daily CA One- Liner: December 22 & 23

• The Bharat Mobility Global Expo 2025 will take place from January 17 to 22 across Delhi NCR, showcasing India’s growing prominence in the global mobility landscape.
• India and Japan have formed a strategic alliance to address the increasing challenge of space debris, leveraging advanced technologies and expanding their collaboration in the space sector.
• Indian educationist Arun Kapur has been recognized for his outstanding contributions to education in India, Bhutan, and Oman.
• Caitlin Sandra Neil, a 19-year-old Indian-American born in Chennai, India, has been crowned Miss India USA 2024 at the annual pageant held in New Jersey.
• India is set to host the 2025 Para Athletics World Championships for the first time, marking a historic milestone in its sporting journey.
• The Government of India (GoI) and the Asian Development Bank (ADB) signed a $350 million policy-based loan under the second subprogram of the Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program.
• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹27.30 lakh on IndusInd Bank Limited. for non-compliance with the ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’.
• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹20 lakh on Manappuram Finance Limited for non-compliance with RBI’s “Know Your Customer (KYC) Directions, 2016.”
• Union Finance Minister Nirmala Sitharaman chaired pre-budget consultations with Finance Ministers of States and Union Territories at Jaisalmer, Rajasthan, for the Union Budget FY 2025-26.
• Bajaj Finance has decided to exit the co-branded credit card space by ending its eight-year tie-up with RBL Bank and DBS Bank India.
• The European Union (EU) has approved Bulgaria and Romania as full members of the Schengen zone, effective from the start of next year, ending a 13-year wait.
• Moldova has officially signed the International Solar Alliance (ISA) Framework Agreement, reinforcing its commitment to promoting renewable energy.
• Tanzania will be the partner country for the International Gita Mahotsav held from November 28 to December 15 in Kurukshetra.
• Leaders from the G20 Troika — India, Brazil, and South Africa unveiled a landmark joint declaration focused on Digital Public Infrastructure (DPI), Artificial Intelligence (AI), and data for governance.
• Arvind Kejriwal, the national convener of the Aam Aadmi Party (AAP), announced the Sanjeevani Yojana for senior citizens (60+ years) in Delhi.
• The Haryana government is undertaking a major administrative restructuring, with plans to create four new districts after municipal elections.
• French President Emmanuel Macron appointed Francois Bayrou as the new Prime Minister of France following a no-confidence vote against the previous government.
• Netumbo Nandi-Ndaitwah has been elected as Namibia’s first female president, securing 57% of the vote in the November 27, 2024 election.
• Masato Kanda has been elected as the 11th President of the Asian Development Bank (ADB).
• Actor Pankaj Tripathi has been appointed as the brand ambassador of Madhya Pradesh Tourism.
• Former football player Mikheil Kavelashvili became the President of Georgia.
• The Competition Commission of India (CCI) approved UltraTech Cement Ltd’s (UltraTech) proposed acquisition of The India Cements Limited (India Cements).
• The Ministry of Defence (MoD) signed a contract with Larsen & Toubro (L&T) for the procurement of 155 mm/52 calibre K9 VAJRA-T Self-Propelled Tracked Artillery Guns for the Indian Army.
• Chinese astronauts Cai Xuzhe and Song Lingdong set a new world record for the longest single spacewalk on December 20, 2024.
• Nafithromycin is India’s first indigenous Macrolide antibiotic, developed by Wockhardt with support from the Biotechnology Industry Research Assistance Council (BIRAC).
• China’s first atmospheric monitoring station in Antarctica, the Zhongshan National Atmospheric Background Station, began operations.
• Former Karnataka Chief Minister and Union Minister SM Krishna passed away at the age of 92.
• Economic historian Amiya Kumar Bagchi passed away.
• National Mathematics Day 2024 is observed on the 22nd of December 2024
• Kisan Diwas 2024 is observed on the 23rd of December 2024

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