Daily Current Affairs November 22nd 2024 | Latest News | Download PDF

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CURRENT AFFAIRS: BANKING & FINANCE

Private Consumption Resumes as Key Driver of Domestic Demand: Reserve Bank of India

• As per the Reserve Bank of India’s (RBI) article ,the slowdown in the second quarter of FY 2024-25 has been overcome, with private consumption once again driving domestic demand.
• Festival-related consumption and a recovering agriculture sector are contributing to the economy’s resilience.

Key Highlights :

• Inflation Concern:The article emphasizes the need to reduce inflation to allow India to reach its growth potential.
• In October 2024, the Consumer Price Index (CPI) surged to a 14-month high of 6.21%, higher than 5.5% in September.
• Core inflation is also rising, along with a surge in food prices, including edible oils and processed foods, which affects household services and wages.
• Rural India and E-Commerce:Rural India is emerging as a key market for e-commerce, driven by increased kharif output and positive expectations for rabi production.
• E-commerce companies are targeting rural areas, especially with festival season sales.
• Retail Sector Performance:Retailers are witnessing a pickup in sales growth after the second quarter, with significant demand during festivals like Diwali.
• Premiumisation is visible, with luxury items, such as premium two-wheelers and luxury cars, gaining traction.
• Urban Growth:The urban population is expected to increase significantly, with half of India’s population projected to live in cities by 2025, further boosting urban demand.
• Direct-to-Consumer (D2C) and Quick-Commerce:D2C brands are seeking funds to expand, particularly in the quick-commerce (q-com) platform, a growing sector expected to reach $30 billion by 2029-30.
• Economic Risks from Inflation:The article warns that unchecked inflation could undermine the prospects of industries, exports, and urban consumption demand.
• Financial Market Conditions:The article notes financial market corrections, driven by the strengthening US dollar and portfolio outflows, but highlights the medium-term strength of India’s macro fundamentals.
• Inflation’s Impact on Corporate Sector:Inflation is affecting corporate earnings, capex, and consumer demand, especially in urban areas.
• RBI’s Position on Inflation:The RBI article stresses that inflation control is crucial for sustaining economic growth and avoiding negative effects on the real economy, particularly on industry and exports.

Top Banks Compete for ₹27,000 Crore Loan from PSU Refinery

• India’s top lenders are vying to finance a ₹39,000 crore refinery project being developed by Chennai Petroleum Corporation (CPCL) and Indian Oil Corporation (IOC) in Tamil Nadu.
• The loan constitutes about 70% of the project cost (₹27,000 crore), with the remaining 30% (₹12,000 crore) being financed through equity.
• Project Details:The refinery project is being set up by Cauvery Basin Refinery and Petrochemicals Ltd (CBRPL), a joint venture established in January 2023 between Indian Oil Corp. (IOC) and Chennai Petroleum Corp. (CPCL), with a 75:25 shareholding ratio.
• The proposed refinery will have a capacity of 9 million tonnes per annum (mtpa) and will be located at Nagapattinam, Tamil Nadu.
• Interest Rate and Loan Terms:The interest rate for the loan is likely to be linked to the SBI’s three-month Marginal Cost of Funds-based Lending Rate (MCLR).
• Significance of the Loan:This loan deal is considered one of the largest corporate loan deals in recent times, highlighting the importance and scale of the refinery project.

Insolvency and Bankruptcy Board of India Suggests Mandatory Monitoring Committees for Resolution Plans

• The Insolvency and Bankruptcy Board of India (IBBI) has proposed the introduction of monitoring committees for implementing resolution plans under the Insolvency and Bankruptcy Code (IBC).
• Purpose: The move aims to address challenges in the implementation of resolution plans and increase transparency and confidence in the insolvency resolution process.

Key Highlights :

• Supreme Court Judgment: This proposal follows a Supreme Court ruling on November 7, 2024, which emphasized the need for statutory recognition of monitoring committees for smooth plan implementation.
• Constitution of Monitoring Committees:These committees are currently formed based on directions from adjudicating authorities.
• The court recommended empowering the committee of creditors (CoC) to constitute these committees.
• Role and Composition:The monitoring committees will consist of representatives from the CoC, resolution applicants, and an insolvency professional serving as the chairperson.
• Committee expenses will be borne by the resolution applicant, with a cap on the chairperson’s fees.
• Functions:The committees will oversee the implementation of the resolution plan, ensure compliance with statutory requirements, and monitor the distribution of resolution proceeds.
• They will submit quarterly reports to adjudicating authorities and the IBBI.
• Stakeholder Feedback: IBBI has called for comments on the draft proposal by December 9.
• Governance and Accountability: The proposed monitoring committees aim to ensure greater accountability in the insolvency resolution process by overseeing asset transfers and ensuring statutory compliance.

About IBBI :

• Formed : 1 October 2016
• Headquarters : New Delhi, India
• Chairman : Shri Ravi Mital
• Parent Department : Ministry of Corporate Affairs

SEBI Unveils Six Measures to Strengthen Equity Index Derivatives (F&O) Framework

• Markets regulator Securities and Exchange Board of India (Sebi) released a set of six measures to strengthen the equity index derivatives, also known as equity futures & options (F&O), framework.

Key Highlights :

• Immediate Measures: Three measures will take effect from November 20, 2024:
• Recalibration of Contract Size: SEBI will recalibrate the minimum contract size for index futures to ₹15 lakh.
• Rationalisation of Weekly Index Derivatives Products: Adjustments to weekly index derivatives will be made.
• Increase in Tail Risk Coverage on Options Expiry: This measure will enhance risk coverage on the expiry day of options.
• Future Measures: Three additional measures will come into effect next year.
• Contract Size Changes:
• On October 1, SEBI announced the recalibration of the contract size for index futures to ₹15 lakh (from the previous ₹5-10 lakh range).
• The contract value should range between ₹15 lakh and ₹20 lakh on review days.
• Revised Lot Sizes: The lot sizes for NSE Nifty 50 and BSE Sensex will increase (Nifty 50 from 25 to 75, Sensex from 10 to 20). The Nifty Bank and BSE Bankex lot sizes will double to 30.
• Position Limit Rules: Under the new F&O rules:Client Position Limit: Clients can hold a maximum of 5% of the total number of contracts for any particular underlying.
• Broker Position Limit: Brokers can hold up to 15% of the total contracts for a particular underlying.

About SEBI :

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

CURRENT AFFAIRS: NATIONAL NEWS

India and UK Resume Free Trade Agreement Talks, Set Ambitious Goals

• India and the United Kingdom (UK) have renewed their focus on establishing a Free Trade Agreement (FTA), with India designating the UK as a “priority country” for trade negotiations.
• The decision was finalised following a meeting between Prime Minister Narendra Modi and UK Prime Minister Keir Starmer on the sidelines of the G20 Summit in Rio de Janeiro, Brazil.

Key Highlights of the FTA Negotiations

1. Trade Growth Potential:
   • The FTA is expected to boost Indian exports to the UK by threefold by 2030, aiding India’s target of achieving $1 trillion in merchandise exports by FY30.
   • India’s exports to the UK rose by 12.38% to $7.32 billion in the first half of 2024-25, with key sectors including petroleum, machinery, pharmaceuticals, and precious stones.
   • UK exports to India also increased by over 30.5% to $4.22 billion during the same period.
2. Historical Progress and Setbacks:
   • FTA talks began in January 2022 under the leadership of PM Modi and then UK PM Boris Johnson, with rapid progress initially.
   • Political instability in the UK, including changes in leadership, delayed negotiations. Issues such as import duties on automobiles and scotch whisky, as well as business visa policies, remain unresolved.
3. Labour Government’s Role:
   • The new Labour-led UK government under Keir Starmer may revisit some already settled terms, potentially complicating the negotiations further.
4. Strategic Importance for the UK:
   • Amid global geopolitical uncertainties, the UK views India as a critical trade partner for securing food supplies and maintaining economic stability.
5. Next Steps:
   • Negotiations are set to resume in early 2025, with discussions building on prior progress. Both sides aim for a balanced and mutually beneficial agreement.

Economic and Strategic Implications

• Strengthening Bilateral Ties:
  The FTA reinforces India’s and the UK’s commitment to deepening their economic relationship, with the UK ranking among India’s top 10 trade partners.
• Boosting Exports and Investments:
  The agreement could unlock new opportunities for Indian exports, especially in sectors like pharmaceuticals, automobiles, steel, and apparel.
• Resolving Challenges:
  Addressing sensitive issues like mobility, duty reductions on luxury goods, and trade balance adjustments will be crucial for finalizing the deal.

CURRENT AFFAIRS: BUSINESS NEWS

Nokia Secures Multi-Billion Dollar Deal with Bharti Airtel for 4G and 5G Expansion in India

• Finnish telecom giant Nokia has announced a multi-year, multi-billion-dollar agreement with India’s Bharti Airtel to supply 4G and 5G equipment, marking a significant expansion of its presence in one of the world’s largest telecom markets.

Deal Highlights

1. Scope and Value:
   • The agreement involves deploying advanced 4G and 5G equipment across key regions in India, leveraging Nokia’s AirScale portfolio with ReefShark-powered Massive MIMO radios for better network capacity and coverage.
   • The contract includes modernization of Airtel’s existing 4G infrastructure to facilitate seamless 5G integration.
2. Technology Integration:
   • Nokia will also implement its AI-driven MantaRay Network Management for intelligent monitoring, optimization, and support.
   • The focus will be on providing high-quality service, enhanced energy efficiency, and eco-friendly operations.

Market Implications

• Strengthening Position in India:
  • India continues to play a vital role in offsetting declining demand from Nokia’s U.S. markets.
  • Nokia’s competitor, Ericsson, had secured a similar deal with Airtel earlier in October, showcasing intense competition for dominance in the Indian telecom space.
• Stock Performance:
  • Following the announcement, Nokia’s shares rose by 3.37% to $4.29 in premarket trading.
• Broader Strategy:
  • This deal aligns with Nokia’s broader push to monetize 4G and 5G network capabilities.
  • Last week, Nokia acquired Rapid’s technology assets, including an extensive API hub, to enhance its network API product roadmap.

Impact on Indian Telecom

• This agreement will enable Airtel to:
  • Enhance 5G capacity across India’s diverse regions.
  • Provide subscribers with better connectivity and quality of service.
  • Lead eco-friendly network operations to align with global sustainability goals.

CURRENT AFFAIRS : INTERNATIONAL NEWS

External Affairs Minister Dr. S. Jaishankar Launches Symbiosis International University’s First Global Campus in Dubai

• External Affairs Minister (EAM) Dr. S. Jaishankar presided over the inauguration of Symbiosis International University’s first overseas campus at Dubai Knowledge Park
• The ceremony was attended by Sheikh Nahyan bin Mubarak Al Nahyan, UAE’s Minister of Tolerance and Coexistence.
• The event marked a significant milestone in India-UAE relations.
• It aligns with Dubai’s Economic Agenda 33, which aims to transform the emirate’s economy over the next decade by focusing on human capital development and the education sector.

Key Highlights :

• Programs Offered:The Dubai campus will offer programs in management, technology, and media.
• The emphasis is on developing 21st-century skills to prepare students for the global workforce.
• Philosophical Alignment:The initiative reflects the philosophy of “Vasudhaiva Kutumbakam”, meaning “The world is one family,” promoting international cooperation and harmony.
• Strategic Focus:The campus will contribute to the development of human capital, which is a key priority of Dubai’s economic agenda

CURRENT AFFAIRS : STATE NEWS

Delhi Chief Minister Atishi Marlena Singh Launches Portal to Enable Solar Power Generation and Sale

• Delhi Chief Minister (CM) Atishi Marlena Singh launched the “Delhi Solar Portal” to facilitate rooftop solar power panel installations, allowing consumers to become “prosumers” (electricity producers and consumers).
• The portal provides access to incentives for power generation and enables consumers to apply for subsidies and net metering.

Key Highlights :

• Net Metering System: Consumers can benefit from net metering, which allows them to pay only for the difference between their electricity consumption and the solar energy they generate (e.g., if 400 units are consumed and 300 units are generated via solar panels, the consumer pays for only 100 units).
• Solar Policy Details: The Delhi Solar Policy 2023 aims to make 25% of Delhi’s power sources solar-powered by 2027, including a target of 750MW from rooftop solar projects.
• Eligibility for Zero Bills: Consumers with monthly consumption of over 400 units can potentially receive zero bills after installing rooftop solar panels.
• Empanelled Vendors: The portal allows consumers to access a list of approved vendors for solar panel installation and provides information on subsidies and rate lists.
• Rooftop Solar Panels for Government Buildings: The government has mandated the installation of rooftop solar panels at government buildings, schools, hospitals, and offices.
• Community Solar Initiative: Group housing societies and Resident Welfare Associations (RWAs) can collectively invest in community solar plants, benefiting from the same incentives, even if individual space is not available.
• BJP Allegation: Delhi BJP president Virendra Sachdeva claimed that the Delhi government’s solar policy was based on the Centre’s PM Surya Ghar Muft Bijli Yojana.
• Portal Accessibility: The portal is available at https://solar.delhi.gov.in for citizens to access information and services related to rooftop solar power.

About Delhi :

• Governor : Vinai Kumar Saxena
• Chief Minister : Atishi Marlena Singh

Karnataka Chief Minister Siddaramaiah announces signing of 21 MoUs worth over ₹46,000 crore

• Karnataka Chief Minister Siddaramaiah highlighted the state’s focus on economic growth through the signing of 21 Memoranda of Understanding (MoUs).
• These agreements have attracted investments worth Rs 46,375 crore and the potential creation of 27,170 new jobs.
• 669 investment projects have been approved, with a projected investment of Rs 90,027 crore, leading to approximately 1.74 lakh employment opportunities.

Key Highlights :

• Karnataka as a Hub for Technological and Industrial Progress:Bengaluru is showcased as a symbol of technological and industrial growth, hosting the 78th Annual Technical Meet of the Indian Institute of Metals (IIM).
• The event brings together over 1,700 experts in metals and materials technology.
• Theme of the Event:The theme “Transformational Technologies in Materials and Manufacturing” focuses on envisioning and implementing innovative solutions for a rapidly evolving world.
• The materials and manufacturing sectors are emphasized as key pillars of economic growth and national resilience.
• Commitment to Sustainability and Green Technologies:Karnataka is prioritizing the adoption of green technologies across industries, especially in metals and materials manufacturing, to drive sustainable practices.
• The state is aligning with national goals to reduce carbon emissions through carbon capture and utilization programs, contributing to a low-carbon future.
• Global Leadership in Advanced Manufacturing:Karnataka is working towards becoming a global leader in advanced manufacturing by fostering innovation, sustainability, and inclusive development in its policies.
• Research and Innovation in Metals and Materials:The state continues to support research and innovation to drive advancements in the metals and materials sectors, fostering a competitive and globally recognized industry.
• JSW Steel’s Contribution:JSW Steel’s Vijayanagar plant, which recently celebrated 25 years of operation, is cited as a testament to Karnataka’s industrial strength and capabilities in steelmaking.

About Karnataka :

• Governor : Thawar Chand Gehlot
• Chief Minister : Siddaramaiah
• Capital : Bangalore

CURRENT AFFAIRS: AWARDS AND HONOURS

Prime Minister Modi Honored with Top National Awards by Guyana, Barbados, and Dominica

• Prime Minister Narendra Modi is set to receive the highest national honors from Guyana and Barbados during his historic visit to these countries, following the G20 Summit in Brazil.
• These recognitions add to his growing list of international accolades, bringing the total to 19 awards.

Key Highlights of the Awards:

• Guyana: PM Modi will be conferred the ‘Order of Excellence,’ Guyana’s highest national honor.
• Barbados: He will receive the ‘Honorary Order of Freedom of Barbados,’ recognizing his contributions to international relations.
• Dominica: The country recently announced its ‘Dominica Award of Honour’ for PM Modi, their highest distinction.

Historic Visit to Guyana:

• Diplomatic Milestone: This visit marks the first trip by an Indian Prime Minister to Guyana in over 50 years.
• Warm Welcome: PM Modi was received by President Irfaan Ali and several cabinet ministers upon his arrival in Georgetown.
• Engagements:
  • Addressing Guyana’s Parliament.
  • Participating in the 2nd India-CARICOM Summit, aimed at strengthening ties with Caribbean nations.
  • Holding delegation-level discussions with President Irfaan Ali.

Broader Significance:

1. India-Guyana Relations:
   • PM Modi highlighted the shared heritage and values between the two nations.
   • He plans to honor the Indian diaspora, which has been part of Guyana for over 185 years.
2. Caribbean Collaboration:
   • The visit aims to give strategic direction to India’s engagement with CARICOM nations.
3. Recognition of Global Leadership:
   • These awards reflect PM Modi’s growing stature on the global stage and his contributions to fostering international diplomacy and cooperation.

Five-Day Tour Summary:

• Began in Nigeria, followed by the G20 Summit in Brazil.
• Concludes with visits to Guyana and Barbados, focusing on diplomacy, diaspora engagement, and deepening bilateral relations.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Justice D. Krishnakumar Appointed as Chief Justice of Manipur High Court

• The President appointed Justice D. Krishnakumar, a Madras High Court judge, as the Chief Justice of the Manipur High Court, following the retirement of Justice Siddharth Mridul.
• Justice Siddharth Mridul retired as Chief Justice of Manipur High Court on November 21, 2024.
• The recommendation for Justice Krishnakumar’s appointment was made by the Supreme Court Collegium, headed by Chief Justice of India Sanjiv Khanna, on November 18, 2024.

About Justice Krishnakumar :

• Krishnakumar was appointed as a judge of the Madras High Court on April 7, 2016.
• He is due to retire on May 21, 2025.
• He is the seniormost puisne judge in the Madras High Court and comes from a backward community.
• As a lawyer, he had extensive practice in civil, constitutional, and service matters, specializing in constitutional law.
• The Collegium praised Justice Krishnakumar for his competence, legal acumen, integrity, and honesty.
• The Collegium noted that there was only one Chief Justice from the Madras High Court among the Chief Justices of High Courts at present.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Google introduces Air View+ to offer detailed hyperlocal air quality data to users

• Google launched Air View+, an ecosystem-based solution aimed at providing hyperlocal air quality information to users and government authorities in collaboration with local climate tech firms.
• Purpose: The initiative is designed to help government agencies and urban planners with real-time air quality data, particularly in cities with insufficient infrastructure for monitoring air quality.
• Google collaborated with climate tech firms Aurassure and Respirer Living Sciences to set up an air quality sensor network in cities lacking the infrastructure to monitor air quality.

Key Highlights :

• Data Monitoring: The sensors measure various air quality parameters like 5, PM10, CO2, NO2, ozone, VOCs, along with temperature and humidity, taking measurements every minute.
• AI-Powered Insights: Air View+ uses Google AI to combine data from various sources such as sensor networks, government data, satellite imagery, weather conditions, and traffic patterns to create real-time, granular air quality insights.
• Integration with Google Maps: Real-time hyperlocal air quality data is integrated into Google Maps, enabling users across India to access air quality information.
• Hyperlocal AQI: The system generates a dynamic Air Quality Index (AQI) at a granular level, reflecting the methodology and categorization defined in the National Air Quality Index (NAQI).
• Target Audience: The platform aims to empower local municipal corporations, urban planners, and citizens with valuable air quality insights for better environmental monitoring and decision-making.
• Impact: The solution helps identify air quality hotspots, make necessary interventions, and improve the overall urban planning and sustainability of cities in India.

About Google :

• Founded : September 4, 1998
• Headquarters : California, United States
• CEO : Sundar Pichai

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and Australia Strengthen Ties with Renewable Energy Partnership and Comprehensive Economic Cooperation Agreement

• India and Australia have taken significant steps to enhance their bilateral relationship, including establishing the Renewable Energy Partnership (REP) and committing to a Comprehensive Economic Cooperation Agreement (CECA).
• These initiatives, discussed during the second annual conclave at the G20 summit, are designed to bolster cooperation across multiple sectors, including defence, security, critical minerals, renewable energy, and more.

Key Points of the Agreement

1. Renewable Energy Partnership (REP):
   • Focus Areas: The REP is aimed at advancing solar energy, green hydrogen, energy storage, and fostering investments in these sectors.
   • Joint Goals: Both nations are committed to tackling climate change through collaborative efforts in clean energy, positioning themselves as leaders in sustainable energy technologies.
2. Comprehensive Economic Cooperation Agreement (CECA):
   • Expanding on ECTA: The CECA will build upon the successful Economic Cooperation and Trade Agreement (ECTA), which has led to a 40% increase in bilateral trade over two years.
   • Enhancing Trade: The agreement is expected to deepen economic cooperation, focusing on mutual trade, investment, and job creation, aligning with both countries’ economic strategies.

Focus on Regional Stability and Growth

• Indo-Pacific Vision:
  • Both Prime Ministers Narendra Modi and Anthony Albanese emphasized their shared commitment to promoting peace and prosperity in the Indo-Pacific.
  • Acknowledging China’s increasing assertiveness, both countries stressed the importance of sovereignty, international maritime law, and ensuring regional stability.
• Mutual Economic Growth:
  • The “Make in India” and “Future Made in Australia” initiatives were highlighted for their complementarity in driving job creation and economic growth.
  • Both countries are aligned in fostering mutual prosperity through strategic partnerships in critical sectors like technology, education, and innovation.

Global Cooperation and Future Collaborations

1. Reforming Global Institutions:
   • The leaders agreed on the importance of reforming global institutions to ensure fairness, security, and stability in the current international system.
   • A commitment to dialogue and peaceful conflict resolution was reaffirmed as central to their global strategy.
2. The Quad and Upcoming Summit:
   • Both nations reiterated their commitment to the Quad (the Quadrilateral Security Dialogue), a partnership aimed at promoting a free and open Indo-Pacific.
   • India will host the upcoming Quad summit, marking a crucial opportunity for India, Australia, and other Quad members to further strengthen regional and global security.

CURRENT AFFAIRS: RANKING AND INDEX

India Ranked 10th in Global Climate Change Performance Index (CCPI 2025)

• India has retained its position in the top 10 in the Climate Change Performance Index (CCPI 2025), a global assessment of countries’ efforts to combat climate change.
• Despite slipping two spots from 2023, India continues to stand out for its low per-capita emissions and impressive progress in renewable energy

Key Findings of the Report

1. India’s Performance:
   • Rank: India ranks 10th in the 2025 CCPI, remaining among the highest performers globally.
   • Strengths: The country’s low per capita emissions (2.9 tons of CO2 equivalent, well below the global average of 6.6 tCO2e) and rapid renewable energy adoption are highlighted as key strengths. India has also made significant strides in large-scale solar energy and the Rooftop Solar Scheme.
2. Global Context:
   • Top Rankings Empty: No country earned a “very high” rating, leaving the first three places empty.
   • Leaders: Denmark, Netherlands, and the UK lead the rankings, driven by strong coal phase-out policies and renewable energy investments.
   • Poor Performers: The US (57th) and China (55th) remain among the worst performers due to their continued reliance on coal and insufficient climate action.
   • Lowest-Ranked Countries: Iran (67th), Saudi Arabia (66th), UAE (65th), and Russia (64th) rank at the bottom due to their heavy dependence on fossil fuels.

India’s Key Strengths

• Low Emissions: India’s 2.9 tons of CO2 equivalent per capita is far below the global average, showcasing the country’s relatively low energy consumption and carbon footprint.
• Renewable Energy Progress: India has made significant advances in renewable energy, with ambitious plans to reach 500 gigawatts of renewable energy capacity by 2030.
• Solar Power: India has deployed large-scale solar projects, contributing significantly to its renewable energy growth.

Climate Policy Challenges

• Coal Dependence: Despite strides in renewables, India remains heavily reliant on coal for energy production. It ranks among the top 10 countries with the largest coal reserves and plans to increase coal production to meet growing energy demands.
• Policy Outlook: The report suggests that India’s growth-driven approach to climate action, balancing industrial needs with a growing population, is unlikely to undergo significant changes in the near future.

Global Comparison

• G20 Performers: Among the G20 countries, only India and the UK are rated as high performers in the CCPI.
• Argentina: Ranked 59th, it is noted for its denial of human-made climate change under its new president.
• Other Major Emitters: China and the US are struggling with coal dependency and insufficient climate targets, contributing to their low rankings.

Sustainable Trade Index 2024: Global Rankings and Insights

• The Sustainable Trade Index 2024 highlights the growing focus on resilience in global economies, especially in the aftermath of the pandemic and in response to health crises, climate change, and geopolitical tensions.
• As nations strive to build more resilient economies, there is a noticeable shift towards sustainable trade practices, which aim to balance economic growth, societal advancement, and environmental resilience.

What is Sustainable Trade?

Sustainable trade is defined as trade that benefits all partners by addressing three key areas:

• Economic: Fostering growth and prosperity.
• Societal: Ensuring equitable social outcomes.
• Environmental: Minimizing negative impacts on the planet.

Sustainable Trade Index 2024: Top 10 Most Sustainable Trade Economies

• The Hinrich Foundation and IMD’s Sustainable Trade Index 2024 ranks global economies based on economic growth, societal advancement, and environmental resilience.

Here are the top 10 most sustainable trade economies globally in 2024:

Rank	Economy	Overall	Economic	Societal	Environmental
1	New Zealand	100	86	100	100
2	United Kingdom	97.7	87.8	93.7	99.4
3	Australia	87.4	75.4	99.6	83.2
4	Singapore	85.7	92.4	87	75.2
5	Japan	81.5	72.2	81.9	91.2
6	South Korea	81.4	92.2	85.4	67.4
7	Hong Kong	81.4	100	65.8	79.2
8	Canada	80	81.1	99.8	61
9	Taiwan	72.3	76.7	87.1	61.2
10	United States	72.2	90	69.4	65.3

Key Highlights:

• New Zealand remains the top sustainable trade economy, scoring 100 in all three pillars: economic, societal, and environmental.
• The United Kingdom has strong environmental credentials, ranking second in the environmental pillar, but has seen a slight decline in its economic pillar.
• Australia maintains a strong position, especially in the societal pillar, where it ranks third.
• South Korea and Hong Kong are also notable for their strong economic performance.

India’s Position and Challenges

India, ranked 23rd globally in the Sustainable Trade Index 2024, has shown strong economic growth but faces significant challenges in societal and environmental areas:

• Overall Score: India scored 24 overall, with:
  • 62.3 for economic factors, reflecting its growing economic strength.
  • 13.3 for societal factors, indicating challenges such as poverty, inequality, and gender disparity.
  • 43.1 for environmental factors, highlighting issues such as air pollution and deforestation.

India’s rank reflects both its economic potential and the sustainability challenges it faces, especially in terms of societal equity and environmental resilience.

CURRENT AFFAIRS: SPORTS NEWS

India Defends Women’s Asian Champions Trophy Title with a 1-0 Victory Over China

• The Indian women’s hockey team showcased resilience and brilliance to claim the Asian Champions Trophy 2024, defeating China 1-0 in a thrilling final at the Rajgir Sports Complex, Bihar.
• This victory marked India’s successful defense of their title, solidifying their dominance in Asian hockey.

Match Highlights:

1. Winning Goal:
   • Deepika, the tournament’s top scorer with 11 goals, netted the decisive goal. Her remarkable consistency earned her the Player of the Tournament title.
2. Tactical Brilliance:
   • India endured a cautious start, weathering an aggressive Chinese attack in the first half.
   • They shifted gears in the third quarter, taking control of the game.
3. Crucial Saves:
   • Lalremsiami, named Player of the Match, played a pivotal role in thwarting China’s penalty corner attempts.
   • Goalkeeper Bichu Devi made a stunning save during a crucial rebound in the 18th minute.
4. Penalty Corner Struggles:
   • Despite earning multiple penalty corners, India struggled to capitalize due to a mix of off-target shots and impressive saves by the Chinese goalkeeper.

Key Players:

• Deepika: Tournament’s top scorer and Player of the Tournament.
• Lalremsiami: Delivered a stellar defensive performance in the final.
• Bichu Devi: Her crucial saves kept India in the game.

MRF Tyres Clinches Fourth Consecutive Italian Gravel Championship Title

• MRF Tyres celebrated its fourth straight Italian Gravel Championship title at the 17th Rally delle Marche in Cingoli.
• After three consecutive wins by Paolo Andreucci from 2021 to 2023, Alberto Battistolli and Simone Scattolin secured their maiden Italian championship crown for Team MRF Tyres.

Rally Highlights

1. Victory at Rally delle Marche:
   • Battistolli and Scattolin, driving the Skoda Fabia RS Rally2, dominated the rally from the opening stage, finishing with their second win of the season.
   • Their remarkable performance resulted in a final score of 71.5 points, clinching the championship.
2. Season Turnaround:
   • After victories at Rally Vermentino and Rally delle Marche, the duo overtook strong competitors to claim the national title.
   • The final stages were described as the toughest in Battistolli’s career, requiring both aggression and precision.
3. Team MRF Tyres’ Overall Success:
   • Emanuele Dati and Daiana Darderi, competing in a Skoda Fabia RS Rally2 for the first time, secured an impressive seventh place in the overall standings.
   • In the Italian 2WD Championship, Nicolò Marchioro and Marco Marchetti, driving a Peugeot 208 Rally4, secured the title with a round to spare under the MRF Rally Trophy Italia program.
   • Angelo Pucci Grossi and Francesco Cardinali claimed a landmark victory in the Pucci Grossi Trophy – ACI Sport Under 25 Cup, driving a Skoda Fabia Rally2 Evo.

Final Standings – Italian Gravel Championship 2024

1. Alberto Battistolli – 71.5 points
2. Tommaso Ciuffi – 51 points
3. Umberto Scandola – 50 points
4. Enrico Oldrati – 46 points
5. Jaakko Lavio – 38 points

Bihar to Host Men’s Hockey Asia Cup 2025 at Rajgir Sports Complex

• Buoyed by the success of hosting the Women’s Asian Champions Trophy, Bihar is gearing up for its next major sporting milestone: the Men’s Hockey Asia Cup 2025.
• The event, scheduled for August 27–September 7, will serve as a qualifier for the 2026 World Cup, making it a highly prestigious and competitive tournament.

Key Highlights

1. First Men’s International Event in Bihar:
   • Following the success of the women’s six-nation event, Bihar aims to elevate its standing by hosting a men’s competition of greater scale and significance.
   • This is the first men’s international hockey event for the state, showcasing its growing capabilities in hosting global sports.
2. Infrastructure Upgrades:
   • A second turf is under construction to meet mandatory requirements for hosting the Asia Cup.
   • Plans include temporary stands to accommodate larger crowds, inspired by international standards.
3. Enhanced Accommodation Facilities:
   • Players and officials will stay in newly constructed hostels in Rajgir, while visitors will have access to additional hotels, many of which are currently under construction.
4. Teams and Stakes:
   • The eight-team tournament will feature powerhouses like India, Japan, Korea, Malaysia, China, and Pakistan, along with two qualifiers from the AHF Cup.
   • The winner secures a direct entry to the 2026 World Cup in Belgium and the Netherlands.
5. Security and Rivalries:
   • The potential participation of Pakistan heightens both excitement and security concerns. Officials have assured robust preparations to manage the challenges.

Rafael Nadal Bids Emotional Farewell to Tennis at Davis Cup

• Rafael Nadal’s illustrious tennis career came to an emotional close as Spain fell to the Netherlands in the Davis Cup quarterfinals.
• Playing in front of an adoring home crowd at the Palacio de Deportes Jose Maria Martin Carpena, Nadal’s match against Botic van de Zandschulp became his swan song, marking the end of a remarkable two-decade journey.

Key Moments and Highlights

1. Final Match and Loss:
   • Nadal, 38, was defeated 6-4, 6-4 by the Netherlands’ Botic van de Zandschulp, ending his Davis Cup singles career with a stellar 29-2 record.
   • Despite his defeat, the crowd’s unwavering chants of “Ra-fa!” and “España!” underscored his legendary status.
2. Tributes and Farewell Ceremony:
   • A post-match ceremony featured heartfelt video tributes from rivals like Roger Federer, Novak Djokovic, and Andy Murray, alongside other sports icons such as Serena Williams and David Beckham.
   • Nadal broke down in tears, thanking fans and reflecting on his journey:
3. Legacy in Davis Cup:
   • Nadal’s career in the Davis Cup began with a loss in 2004, and he humorously noted:
4. Challenging Final Years:
   • Injuries, including hip surgery in 2023 and abdominal issues, limited Nadal to just 24 matches over two years.
   • His last competitive outing before this Davis Cup match was at the Paris Olympics in August 2024, where he was eliminated in singles and doubles.
5. Support for Carlos Alcaraz:
   • Nadal cheered on Carlos Alcaraz, his heir apparent, who won his singles match but couldn’t help Spain overcome the Netherlands in the deciding doubles.

Nadal’s Legacy

• 22 Grand Slam Titles, including a record-breaking 14 French Open crowns, and countless moments of grit, passion, and sportsmanship have cemented Nadal as one of the greatest athletes of all time.
• His relentless playing style and humble demeanor made him a beloved figure beyond tennis, celebrated as a national hero in Spain.

CURRENT AFFAIRS: IMPORTANT DAYS

World Fisheries Day 2024: November 21st

• World Fisheries Day, observed annually on November 21st, emphasizes the importance of sustainable fisheries, the protection of aquatic ecosystems, and the livelihoods of fishing communities globally.
• Originating in 1997 during the World Forum of Fish Harvesters & Fish Workers in New Delhi, the day advocates for sustainable fishing practices, highlighting threats such as overfishing, habitat destruction, and illegal fishing.
• Theme for 2024: “India’s Blue Transformation: Strengthening Small-Scale and Sustainable Fisheries”
• The Department of Fisheries (DoF) will celebrate World Fisheries Day on November 21st, 2024 at Sushma Swaraj Bhawan, New Delhi.
• The event will be graced by Union Minister Shri Rajiv Ranjan Singh and will focus on several initiatives to enhance sustainable fisheries and aquaculture in India.

India’s Contribution to Global Fisheries and Aquaculture

• Global Position:
  India is a key player in the global fisheries and aquaculture sectors, holding the position of the 3rd largest fish producer and the 2nd largest aquaculture nation after China. India is also the largest producer of shrimp worldwide, which plays a significant role in global seafood markets.
• Fish Production: India has shifted from a marine-dominated sector to a focus on inland fisheries, now contributing approximately 70% of the country’s total fish production.
• Key Growth Areas:
  • Aquaculture: Expansion of culture-based fisheries in ponds and tanks, including shrimp farming in brackish and saline aquaculture zones, has boosted the sector.
  • Cold Water Fisheries: Opportunities for growth in Himalayan states with trout

Key Initiatives:

• Marine Fisheries Census: To aid in data-driven policymaking.
• National Plan of Action (NPOA) on Sharks: For shark conservation.
• Bay of Bengal Regional Plan of Action (BoB-RPOA): To combat illegal, unreported, and unregulated (IUU) fishing.
• IMO-FAO GloLitter Partnership Project: Aimed at reducing marine plastic pollution.
• Energy-efficient Fishing Practices: Launching Standard Operating Procedures for retrofitted LPG kits.
• Voluntary Carbon Market Framework: An MoU for introducing carbon credits within the fisheries sector.
• New Single Window System: Online registration for coastal aquaculture farms.

Two technical sessions will discuss:

1. South-South and Triangular Cooperation for sustainable fisheries.
2. Climate Change Impact on fisheries and potential mitigation strategies.

India’s Fisheries Growth and Government Initiatives

• Investment in Fisheries:
  India’s fisheries sector has received a historic Rs. 2,584.50 crore allocation for FY 2024-25, marking a 15% increase from previous years. This funding supports programs such as the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and the Fisheries and Aquaculture Infrastructure Development Fund (FIDF).

Key Government Schemes:

• Blue Revolution Scheme: Launched in 2015, focused on fish production and productivity enhancement.
• PMMSY: A flagship scheme aimed at increasing aquaculture productivity to 5 tonnes per hectare and creating 55 lakh new jobs.
• FIDF: Provides financial support to improve fisheries infrastructure, with loans covering up to 80% of project costs.

Key Achievements:

• Growth of Shrimp Farming: Major contributor to seafood export earnings.
• Inland Fisheries: Increasing contribution of culture-based fisheries in tanks and ponds.

Daily CA One-Liner: November 22

• India and the United Kingdom (UK) have renewed their focus on establishing a Free Trade Agreement (FTA), with India designating the UK as a “priority country” for trade negotiations
• Finnish telecom giant Nokia has announced a multi-year, multi-billion-dollar agreement with India’s Bharti Airtel to supply 4G and 5G equipment, marking a significant expansion of its presence in one of the world’s largest telecom markets.
• Prime Minister Narendra Modi is set to receive the highest national honors from Guyana and Barbados during his historic visit to these countries, following the G20 Summit in Brazil
• India and Australia have taken significant steps to enhance their bilateral relationship, including establishing the Renewable Energy Partnership (REP) and committing to a Comprehensive Economic Cooperation Agreement (CECA).
• India has retained its position in the top 10 in the Climate Change Performance Index (CCPI 2025), a global assessment of countries’ efforts to combat climate change
• The Sustainable Trade Index 2024 highlights the growing focus on resilience in global economies, especially in the aftermath of the pandemic and in response to health crises, climate change, and geopolitical tensions.
• The Indian women’s hockey team showcased resilience and brilliance to claim the Asian Champions Trophy 2024, defeating China 1-0 in a thrilling final at the Rajgir Sports Complex, Bihar
• MRF Tyres celebrated its fourth straight Italian Gravel Championship title at the 17th Rally delle Marche in Cingoli
• Buoyed by the success of hosting the Women’s Asian Champions Trophy, Bihar is gearing up for its next major sporting milestone: the Men’s Hockey Asia Cup 2025
• Rafael Nadal’s illustrious tennis career came to an emotional close as Spain fell to the Netherlands in the Davis Cup quarterfinals
• As per the Reserve Bank of India’s (RBI) article ,the slowdown in the second quarter of FY 2024-25 has been overcome, with private consumption once again driving domestic demand.
• India’s top lenders are vying to finance a ₹39,000 crore refinery project being developed by Chennai Petroleum Corporation (CPCL) and Indian Oil Corporation (IOC) in Tamil Nadu.
• The Insolvency and Bankruptcy Board of India (IBBI) has proposed the introduction of monitoring committees for implementing resolution plans under the Insolvency and Bankruptcy Code (IBC).
• Markets regulator Securities and Exchange Board of India (Sebi) released a set of six measures to strengthen the equity index derivatives, also known as equity futures & options (F&O), framework.
• External Affairs Minister (EAM) Dr. S. Jaishankar presided over the inauguration of Symbiosis International University’s first overseas campus at Dubai Knowledge Park
• Delhi Chief Minister (CM) Atishi Marlena Singh launched the “Delhi Solar Portal” to facilitate rooftop solar power panel installations, allowing consumers to become “prosumers” (electricity producers and consumers).
• Karnataka Chief Minister Siddaramaiah highlighted the state’s focus on economic growth through the signing of 21 Memoranda of Understanding (MoUs).
• The President appointed Justice D. Krishnakumar, a Madras High Court judge, as the Chief Justice of the Manipur High Court, following the retirement of Justice Siddharth Mridul.
• Google launched Air View+, an ecosystem-based solution aimed at providing hyperlocal air quality information to users and government authorities in collaboration with local climate tech firms.
• World Fisheries Day, observed annually on November 21st, emphasizes the importance of sustainable fisheries, the protection of aquatic ecosystems, and the livelihoods of fishing communities globally