Daily Current Affairs December 24th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Central Bank of India Marks 114th Foundation Day Celebration   

• The Central Bank of India (CBI) Regional Office in Ranchi celebrated the 114th Foundation Day of the bank.
• The program began with Regional Head Sunil Kumar garlanding the portrait of Sir Sorabji Pochkhanawala, the founder of the bank.

Key Highlights :

• The Central Bank of India, established on December 21, 1911, by Sir Sorabji Pochkhanawala, is the first indigenous bank in India.
• The bank’s mission was to connect Indian citizens, particularly those deprived of banking services during British rule, to banking operations.
• The bank has around 5,000 branches across India, with 75% of these located in rural and semi-urban areas.
• The bank provides various public utility and attractive deposit and loan products that benefit the population, especially in remote areas.
• The Sukhdev Nagar branch was inaugurated in a new building by Regional Head Sunil Kumar.
• Certificates were awarded to branch managers for outstanding performance in various banking parameters in the current financial year.
• A total loan amount of approximately ₹52 crores was sanctioned by branches under the regional office.
• The event included colorful programs such as songs and music, celebrating the bank’s legacy and progress.
• The officers and employees of the Ranchi Regional Office played a significant role in the successful conduct of the event.

About CBI :

• Founded : 21 December 1911
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Matam Venkata Rao
• Tagline : Build a better life around us, Central to you since 1911

Banks request Reserve Bank of India to extend timeline for compliance with overlapping lending regulations  

• Banks have requested the Reserve Bank of India (RBI) to extend the timeline for complying with new guidelines that prohibit overlapping lending activities between banks and their group entities.
• The banks have submitted feedback through the Indian Banks’ Association (IBA).

Key Highlights :

• Proposed Timeline and Concerns: Banks have sought an extension beyond the two-year deadline, with some requesting up to 5 years to fully comply with the regulations.
• They expressed concerns that the two-year timeline is insufficient for meeting the requirements.
• Guidelines on Lending Activities: The new guidelines, outlined in a draft circular issued by the RBI in October, state that only one entity within a bank group can undertake a particular form of permissible business.
• Multiple entities within a bank group cannot engage in the same business or hold/acquire the same licenses from any financial sector regulator.
• Impact on Banks with Subsidiaries: The guidelines are expected to impact banks that have subsidiaries engaged in similar lending activities.
• Notable examples include:
• HDFC Bank: HDB Financial Services (NBFC subsidiary).
• ICICI Bank: ICICI Home Finance.
• Axis Bank: Axis Finance.
• Kotak Mahindra Bank: Kotak Mahindra Prime and Kotak Mahindra Investments.
• Federal Bank: Fedbank Financial Services.
• Importance of Subsidiaries: Bank officials have highlighted that subsidiaries are crucial for achieving specific objectives, like efficiently reaching customers in rural areas.
• Subsidiaries also offer flexibility in their operations, especially in businesses such as education loans.
• Approaching RBI for New Activities: Banks will need to approach the RBI’s Department of Regulation to undertake any new activities through a group entity, other than those already permitted by the regulator.

Securities and Exchange Board of India Bans 9 Entities and Seizes ₹21 Crore in Illegal Gains in Front-Running Case                          

• The Securities and Exchange Board of India (SEBI) uncovered a front-running scheme involving PNB MetLife India Insurance Company equity dealer Sachin Bakul Dagli and eight other entities.
• The total illegal gains from the front-running activities amounted to ₹21.16 crore.
• The front-running activities took place over more than three years, from January 1, 2021, to July 19, 2024.
• SEBI issued an interim order to prohibit the involved individuals and entities from participating in the securities market and impounded their unlawful gains.

Key Highlights :

Entities Involved:

• Sachin Bakul Dagli (equity dealer, PNB MetLife) and his brother Tejas Dagli (equity sales trader, Investec).
• Sandeep Shambharkar executed front-running trades via accounts of Dhanmata Realty Private. Limited. (DRPL), Worthy Distributors Private. Limited. (WDPL), and Pragnesh Sanghvi.
• Directors of DRPL and WDPL, including Arpan Kirtikumar Shah, Kabita Saha, and Jignesh Nikulbhai Dabhi, facilitated the scheme.
• Nature of Front-Running: The accused accessed non-public, confidential information about trade orders of PNB MetLife and Investec clients and used this information to execute front-running trades.
• Trade Patterns: A “Buy-Buy-Sell” or “Sell-Sell-Buy” trading pattern was used to capitalize on market movements resulting from large client trades.
• Number of Instances: A total of 6,766 instances of front-running trades were identified across the accounts involved.
• Regulatory Violation: The activities violated the SEBI Act and the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations.
• Punitive Measures:The nine entities have been prohibited from buying, selling, or dealing in securities.

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

Prime Minister Narendra Modi to Attend Christmas Celebrations at CBCI Centre

• Prime Minister Narendra Modi is set to participate in the Christmas celebrations hosted by the Catholic Bishops’ Conference of India (CBCI) at the CBCI Centre premises in New Delhi on December 23, 2024.

Key Highlights

Historic Participation

• This marks the first time a Prime Minister will attend a programme at the Headquarters of the Catholic Church in India.

Engagement with Christian Leaders

• PM Modi will interact with:
  • Cardinals
  • Bishops
  • Prominent lay leaders of the Church.

Event Significance

• Demonstrates the government’s commitment to engaging with diverse communities and fostering interfaith dialogue.
• Highlights the importance of the Christian community’s contributions to India’s socio-cultural fabric.

About the Catholic Bishops’ Conference of India (CBCI)

• Established: 1944
• Role: Represents and coordinates the Catholic Church’s activities across India.

Government Subsidies for Electric Vehicles Under PM E-DRIVE Scheme

• The government has disbursed ₹344 crore in subsidies to electric vehicle (EV) manufacturers as part of the Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, which started on October 1, 2024.
• The scheme aims to promote EV adoption and enhance the country’s EV ecosystem.

Key Highlights

Subsidy Disbursement

• Disbursed Amount: ₹344 crore till December 16, 2024.
• Claimed Amount: ₹679 crore; ₹11.50 crore worth of claims were rejected due to discrepancies like buyer name mismatches and battery replacements.
• Beneficiaries: Currently, only electric two-wheelers (e2W), three-wheelers (e3W), and e-carts/rickshaws are eligible. Subsidies for other EV segments, such as e-ambulances, e-buses, and e-trucks, are yet to be initiated.

Industry Sales Growth

• Electric Two-Wheelers (e2W):
  • October 2024 Sales: 1,34,985 units (compared to 64,506 in October 2023).
  • Projected Sales: 12.87 lakh units in FY 2025 (up from 8.11 lakh units in FY 2024).
• Electric Three-Wheelers (e3W):
  • October 2024 Sales: 15,435 units.
  • Projected Sales: 1.80 lakh units in FY 2025 (up from 93,000 units in FY 2024).

Challenges in Other EV Segments

• e-Ambulances: Awaiting manufacturers; only Force Motors plans to launch e-ambulances by March 2025.
• e-Trucks: Very few manufacturers currently exist.
• e-Buses: Subsidies to be provided upon State Government requests after implementation of guidelines.

Scheme Details

• Total Vehicles to be Incentivized: 28,81,436 units.
• Total Outlay: ₹10,900 crore.
• Validity: Till March 2026.
• Incentive Rates:
  • FY 2024-25: ₹5,000 per kWh for e2W/e3W.
  • FY 2025-26: ₹2,500 per kWh for e2W/e3W.
  • Capping: Either as per scheme notification or 15% of the ex-factory price, whichever is lower.

DoCA to Launch Apps for Identifying Dark Patterns on E-Commerce Platforms

• The Department of Consumer Affairs (DoCA) is set to launch two innovative mobile applications, ‘Jago Grahak Jago App’ and ‘Jagriti App,’ on National Consumers Day.
• These apps aim to empower consumers to identify and address dark patterns on e-commerce platforms, enhancing transparency and consumer rights.

Key Initiatives and Features

1. Apps for Consumer Empowerment

• Jago Grahak Jago App:
  • Monitors e-commerce URLs during online activities.
  • Alerts users if a URL is potentially unsafe or features a dark pattern.
• Jagriti App:
  • Allows users to report URLs suspected of using dark patterns.
  • Complaints are registered with the Central Consumer Protection Authority (CCPA) for resolution and action.

2. Jagriti Dashboard

• A real-time monitoring system for e-commerce URLs.
• Provides insights into the presence of dark patterns to aid the CCPA in regulation and enforcement.

Understanding Dark Patterns

The 2023 Guidelines for Prevention and Regulation of Dark Patterns identified 13 specific deceptive practices, including:

• False Urgency: Creating unnecessary pressure to make purchases.
• Basket Sneaking: Adding items to a consumer’s cart without explicit consent.
• Subscription Traps: Signing up consumers for recurring payments unknowingly.
• Drip Pricing: Hiding additional costs until later in the transaction process.
• Disguised Advertisements: Presenting ads as genuine content.

Other tactics include Bait and Switch, Confirm Shaming, Interface Interference, and more.

Consumer Protection in Action

• The CCPA has taken action against companies like IndiGo Airlines and BookMyShow for deceptive design practices, ensuring compliance under the Consumer Protection Act, 2019.
• These measures are part of a broader effort to establish a transparent and fair digital marketplace, empowering consumers to make informed decisions.

Noida International Airport to Spur Economic Growth with Commercial District

• The upcoming Noida International Airport (NIA), situated near Jewar, is not only driving a surge in property values but is also set to transform the region’s economy.
• Plans for a 172-acre Commercial District aim to establish a vibrant hub for business and leisure, further solidifying NIA’s role as a key economic driver.

Key Highlights

1. Commercial District Overview

• Size: 172 acres.
• Features:
  • Hotels, bars, and restaurants.
  • Shopping centers and recreational facilities.
  • Integrated facilities catering to local, national, and global businesses.
• Inspiration: Similar developments like Delhi Aerocity (200 acres) and Hyderabad Aerocity (1,500 acres).

2. Vision and Development Goals

• Christoph Schnellmann, CEO of Noida International Airport, stated:
  • The aim is to create a sustainable and connected commercial community that complements the airport and its surroundings.
  • A phased development approach will focus on sustainability and operational efficiency.
  • Long-term aviation capacity needs and expansion flexibility will be prioritized.

3. First Mover Advantage

• Roseate Hotels and Resorts is expected to be among the first to establish its presence with a 240-room airport hotel.

4. Economic Significance of Aerocities

• Revenue Generation:
  • Leasing land to hotels, restaurants, and shopping facilities provides direct revenue to airport operators.
• Local Economy Boost:
  • Increases employment opportunities and supports tourism, retail, and allied industries.

Comparison with Other Aerocities

• Hyderabad Aerocity: Largest in India, spanning 1,500 acres.
• Delhi Aerocity: Covers 200 acres and is a hub for luxury hotels, offices, and retail spaces.
• Bangalore Aerocity: Currently under development.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Kannada Conference Adopts Resolution to Promote the Use of Language in Commerce   

• The Sammelana passed a resolution for the full implementation of the Kannada Language Comprehensive Development Act, 2022, which aims to promote Kannada and improve opportunities for Kannadigas in education and employment.

Key Highlights :

• Amendment to Kannada Language Act:A resolution was passed seeking an amendment to the Act to appoint the president of the Kannada Sahitya Parishat (KSP) as the vice chairperson of the State-level committee enforcing the Act, replacing the Chief Secretary’s role.
• Improving School Infrastructure:The Sammelana resolved that all government Kannada schools should be provided with:Adequate classrooms, buildings, libraries, playgrounds, and other necessary amenities.
• The State government was urged to fill all vacant teachers’ posts and make Kannada teachers compulsory in non-Kannada medium schools.
• Job Reservation for Kannadigas:A demand was reiterated for the implementation of the Sarojini Mahishi Committee report, which recommends job reservation for Kannadigas in:
• State government establishments and PSUs.
• Quotas in central government offices and PSUs operating in Karnataka.
• Kannada as Commercial Language:The Sammelana called for measures to make Kannada the commercial or transactional language in the state and to overcome legal challenges hindering its implementation.
• World Kannada Convention (Vishwa Kannada Sahitya Sammelana):A resolution urged the government to hold the World Kannada Convention in Davanagere at the earliest, after several postponements.
• Rashtrakavi Title:The Sammelana called for the government to announce or bestow the title of Rashtrakavi on deserving individuals.
• So far, only Manjeshwara Govinda Pai, Kuvempu, and S. Shivaruddrappa has received this honor.

CURRENT AFFAIRS : STATE NEWS

First Ganges River Dolphin Tagged in Assam, Marking Historic Milestone for Project Dolphin                          

• The first-ever Ganges river dolphin (Platanista gangetica) was tagged in Assam, marking a major milestone for Project Dolphin.
• The project aims to conserve India’s National Aquatic Animal, the Ganges river dolphin, which is an important species for aquatic biodiversity in India.
• The initiative was carried out under the Ministry of Environment, Forest and Climate Change (MoEFCC), with collaboration between the Wildlife Institute of India (WII), the Assam Forest Department, and
• The project received funding from the National CAMPA (Compensatory Afforestation Management and Planning Authority).
• This tagging is the first of its kind in India and for the species, representing a significant advancement in efforts to monitor and conserve the Ganges river dolphin.

About Assam :

• Governor : Lakshman Acharya
• Chief Minister : Himanta Biswa Sarma
• Capital : Dispur
• Wildlife Sanctuaries : Chakrashila Wildlife Sanctuary, Pobitora Wildlife Sanctuary, Bornadi Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

CII Proposes Reforms in Priority Sector Lending (PSL) and Development Finance Institutions (DFIs)

• The Confederation of Indian Industry (CII) has recommended significant reforms to India’s Priority Sector Lending (PSL)
• The organisation advocates for including emerging and high-impact sectors such as digital infrastructure, green initiatives, healthcare, and innovative manufacturing.
• The organization has also called for establishing more Development Finance Institutions (DFIs) to support these evolving sectors.

Key Proposals by CII

1. Expansion of PSL Scope

• Green Initiatives: Include green energy projects, electric vehicles, and climate-resilient agriculture under PSL.
• Digital Infrastructure: Prioritize funding for digital technologies, AI, and other advancements.
• Healthcare: Focus on allocating funds to support innovation in healthcare.

2. Regular Revisions to PSL Norms

• Review PSL allocations every 3–4 years to align with GDP contributions and sectoral growth potential.
• Transition to outcome-based metrics: Shift from absolute lending targets to measurable developmental outcomes to ensure impact-driven credit distribution.

3. Establishment of New DFIs

• Address gaps in funding for emerging sectors by creating DFIs beyond existing entities like SIDBI and NABFID.
• Recommend forming a high-level committee to explore revisions in PSL norms and assess the need for new DFIs.

Rationale for PSL Reforms

• Sectoral Shift in the Economy:
  • Agriculture’s contribution to GDP has decreased from 30% in the 1990s to 14% now.
  • The economy has evolved, with newer sectors becoming central to employment and growth.
• India’s Vision for 2047: Align PSL reforms with the country’s long-term vision of Viksit Bharat 2047, ensuring optimal distribution of financial resources.

Importance of PSL and DFIs in India

PSL

• Mandated by the Reserve Bank of India (RBI), PSL ensures adequate financial support to underserved sectors like agriculture, education, housing, and small industries.
• It contributes to equitable credit distribution, promoting socio-economic development.

DFIs

• DFIs like SIDBI and NABFID currently cater to specific sectors. Expanding the scope of DFIs can ensure that emerging industries receive focused financial backing.

GST at 18% on used EV car sale by business, jet fuel stays out of its ambit

• The 55th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, resulted in several important decisions regarding tax rates and clarifications on various goods and services.

Key Highlights:

1. GST on Sale of Used Electric Vehicles

• 18% GST will be levied on the margin value (the difference between the purchase and sale price) for used electric vehicles (EVs) sold by businesses.
• Exemption: Sale and purchase of used EVs between individuals will continue to be GST-exempt.

2. Tax Clarifications on Popcorn

• Caramelised Popcorn: 18% GST rate.
• Pre-packed and Spiced Popcorn: 12% GST.
• Unpacked and Unlabelled Popcorn: 5% GST.

3. GST on Penal Charges by Banks & NBFCs

• No GST will be levied on penal charges imposed by banks and NBFCs for non-compliance with loan terms.

4. Tax Rate on Fortified Rice Kernels

• GST Reduced: 5% tax on fortified rice kernels used for public distribution (down from 18%).

5. Pending Decisions

• Insurance Premium Tax Rate: The decision to reduce the tax rate on insurance premiums, including exemptions for term life and health insurance, has been deferred pending further review from the sector regulator.
• Food Delivery Tax: The decision on whether to levy tax on delivery charges by app-based food delivery platforms has been deferred for further deliberation.

6. Aviation Turbine Fuel (ATF)

• ATF Exempted from GST: The GST Council has decided to keep aviation turbine fuel (ATF) out of the GST system, maintaining the current system of excise duty at the central level and VAT at the state level. This decision was influenced by strong opposition from states.

7. Group of Ministers (GoM) Developments

• Cess on GST for Natural Calamities: A GoM will be formed to explore the possibility of allowing states to levy cess under GST in the event of financial distress caused by natural disasters.
• GoM on Rate Rationalization: The panel looking into the rationalization of GST rates on 148 items has been extended more time to arrive at a final decision.

Other Notable Announcements

• Black Pepper and Raisins: GST exemption for black pepper and raisins when supplied by an agriculturalist.
• GoM on GST Compensation Cess: The deadline for the GoM tasked with addressing GST compensation cess issues has been extended to December 31, 2024.

CURRENT AFFAIRS: AWARDS AND HONOURS

Kuwait Confers Its Highest Honour on Prime Minister Narendra Modi

• Kuwait has awarded its highest accolade, the Order of Mubarak Al-Kabeer, to Prime Minister Narendra Modi for his leadership and dedication to strengthening relations between India and Kuwait.

Key Highlights

1. Prestigious Recognition

• Award: The Order of Mubarak Al-Kabeer is a prestigious knighthood order instituted in 1974.
• Presented By: Kuwait’s Amir Sheikh Meshal Al-Ahmad Al-Jaber Al Sabah at the Bayan Palace in Kuwait.

Historic Visit and Global Context

• PM Modi’s visit marks the first by an Indian Prime Minister to Kuwait in 43 years.
• His arrival included a ceremonial welcome and a Guard of Honour at the Bayan Palace.

International Recognitions

• This is PM Modi’s 20th international honour, with previous recognitions from countries like:
  • Saudi Arabia, UAE, and Bahrain for fostering Gulf ties.
  • Guyana and Dominica for contributions during the COVID-19 pandemic.
  • Nigeria for statesmanship, as the Grand Commander of the Order of the Niger.

India-Kuwait Relations

• The award underscores the depth of historic ties and ongoing collaboration in key sectors between India and Kuwait.
• It is a testament to the mutual respect and growing partnership between the two nations.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Justice Madan Lokur, former Supreme Court judge, named chairperson of United Nations Internal Justice Council   

• Former Supreme Court judge Justice Madan B. Lokur was appointed as the Chairperson of the United Nations Internal Justice Council.
• The term of his appointment is until November 12, 2028.
• The appointment was communicated by U.N. Secretary-General António Guterres on December 19, 2024.

Members of the Council:

• Justice Lokur will head a council that includes distinguished jurists such as:
  • Carmen Artigas (Uruguay): Nominated by staff.
  • Rosalie Balkin (Australia): Nominated by management.
  • Stefan Brezina (Austria): Staff representative.
  • Jay Pozenel (USA): Management representative.

About Justice Lokur :

• Justice Lokur was appointed as a judge of the Supreme Court of India on June 4, 2012, and retired on December 30, 2018, upon reaching the age of superannuation.
• In 2019, Justice Lokur became a judge in the Supreme Court of Fiji as part of its non-resident panel, making him the first Indian judge to be appointed in a foreign country’s Supreme Court.

Trump appoints Indian-origin entrepreneur Sriram Krishnan, Elon Musk’s aide, as Artificial Intelligence policy advisor

• Sriram Krishnan, an Indian-American venture capitalist, was appointed by US President-elect Donald Trump as the Senior White House Policy Advisor on Artificial Intelligence (AI).
• Krishnan will work alongside ex-PayPal Chief Operating Officer (COO) David O Sacks, who has been nominated as the “White House AI and crypto czar.”
• Role and Responsibilities: Krishnan’s role will involve shaping AI policy in the Trump administration, ensuring continued American leadership in AI, and coordinating AI policy across the government, including working with the President’s Council of Advisors on Science and Technology.

About Sriram Krishnan :

• Born in Chennai,Tamil Nadu (TN) India.
• Started his career at Microsoft in 2005.
• Worked at major tech companies including X (formerly Twitter), Yahoo!, Facebook, and Snap.
• Co-hosted “The Aarthi and Sriram Show” podcast with his wife Aarthi Ramamurthy.
• Served as a General Partner at Andreessen Horowitz (a16z), heading its London office in 2023 before leaving the firm in late November 2024.
• Krishnan worked closely with Elon Musk on restructuring Twitter (now X) after Musk acquired the company in 2022.

Indian-Americans in Trump’s Cabinet:

• Jay Bhattacharya: Appointed Director of the National Institutes of Health (NIH).
• Vivek Ramaswamy: Chosen to lead the Department of Government Efficiency (Doge), alongside Musk.
• Harmeet K. Dhillon: Nominated as Assistant Attorney General for Civil Rights at the US Department of Justice.
• Kash Patel: Appointed Director of the Federal Bureau of Investigation (FBI), becoming the highest-ranking Indian-American in the Trump cabinet.

CURRENT AFFAIRS : DEFENCE NEWS

2024: A Year of Reassessing and Strengthening Defense Partnerships    

• The Indian defense sector’s push for self-reliance continues, with a focus on reducing dependence on imports, especially in light of global conflicts such as the Russia-Ukraine war.
• India’s defense exports have increased, reaching 100 countries, signaling growth in its defense diplomacy and international partnerships.

Key Highlights :

• India-China Border Talks (October 2024):The 4-year-long India-China standoff, triggered by the Galwan attack, ended with a diplomatic breakthrough in October 2024.
• Patrolling resumed in mutually agreed grids along the Line of Actual Control (LAC), with military disengagement in Depsang and Demchok.
• However, unresolved issues include buffer zones and skirmishes in Arunachal Pradesh, such as the December 2022 skirmish.
• Tri-Services Jointness and Theaterization:India’s Ministry of Defence (MoD) is working towards formalizing tri-service jointness and is likely to announce theaterization of forces soon to enhance operational efficiency.
• Defense Diplomacy with Russia:Defense Minister Rajnath Singh’s visit to Moscow in December 2024 highlights India’s intent to deepen ties with Russia, despite geopolitical challenges.
• Focus areas include restoring supply chain disruptions, acquiring S-400 systems, Kamov helicopters, and developing local maintenance for Su-30MKI.
• Indigenous Development of Aero Engines:India is working on the development of an indigenous aero engine for the Advanced Medium Combat Aircraft (AMCA) to reduce dependence on foreign suppliers like the U.S.
• Defense Exports to the U.S.:India’s defense exports to the U.S. have grown significantly, exceeding $2.8 billion over the last five years, reflecting the strengthening defense ties.
• Defense Engagement with Neighbors:India is focusing on enhancing defense engagement with its neighbors, including Sri Lanka and the Maldives, but relations with Bangladesh are a concern.
• Arms Sales to Africa and South America:India is expanding its arms sales to Africa and South America, supported by reforms in defense policy to streamline acquisitions and facilitate exports.
• Defense Export Promotion Council:The government is setting up a Defense Export Promotion Council to streamline defense exports and overcome hurdles in the tendering process.
• SIDM’s Role:The Society of Indian Defence Manufacturers (SIDM) has played a pivotal role in pushing for defense reforms, making India a land of opportunities in the defense sector.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Space Research Organisation to Investigate Crop Growth in Space with PSLV C60 Mission   

• Of the total 24 PS4-Orbital Experiment Module (POEM-4) payloads which will be flown onboard the PSLV-C60 SpaDeX mission, 4 have been developed by Karnataka-based academia and start-ups.
• The PSLV-C60 SpaDeX mission is likely to be launched by ISRO by the end of this month from Sriharikota.

Key Payloads:

• RVSat-1 Payload: Developed by R.V. College of Engineering, Bengaluru. It will conduct a microbiological experiment on Bacteroides thetaiotaomicron under microgravity conditions to aid in astronaut health and develop antibiotics.
• BGS ARPIT (Amateur Radio Payload for Information Transmission) Payload: Developed by SJC Institute of Technology, Chickballapur. It is an amateur radio transmitter that communicates using FM modulation and the VHF band.
• RUDRA 1.0 HPGP: Developed by Bellatrix Aerospace. It aims to demonstrate a high-performance green propulsion system.
• GLX-SQ Payload: Developed by GalaxEye Space Solutions. It will demonstrate the generation, capture, and processing of Synthetic Aperture Radar (SAR) images in space.

Other Significant Experiments:

• Walking Robotic Arm (RRM-TD): India’s first space robotic manipulator capable of walking, developed to demonstrate debris capture in space.
• Compact Research Module for Orbital Plant Studies (CROPS): Aimed at demonstrating seed germination and plant sustenance in a microgravity environment, with a focus on growing cowpea seeds.
• Amity Plant Experimental Module in Space (APEMS): Developed by Amity University, it will study spinach growth under microgravity conditions.
• Collaborations and Innovations:Payloads from ISRO and private universities/start-ups are involved, demonstrating India’s growing space innovation.
• Start-ups like Manastu Space will test green propulsion systems, and Piersight Space will demonstrate SAR in a CubeSat form factor.
• Additional Objectives:The mission is designed to advance various space technologies such as green propulsion, space debris capture, and space-based SAR monitoring.
• It will contribute to ISRO’s mission to demonstrate space docking technologies and grow space-based plant systems.
• PSLV-C60 Mission Goals:The PSLV-C60 mission will also place two satellites, ‘Chaser and Target,’ to demonstrate space docking technologies essential for India’s future space station.
• Key Technologies Demonstrated:Debris Capture Robotic Manipulator: Developed by VSSC, it will demonstrate tethered debris capture using visual serving and object motion prediction in space.
• Vyom-2U Green Propulsion System: A safer, higher-performing alternative to hydrazine for space applications, developed by Manastu Space.

About ISRO :

• Formed : 15 August 1969
• Headquarters : Bengaluru, Karnataka
• Chairman : S. Somanath

Indian Space Research Organisation and European Space Agency Collaborate on Advancing Human Spaceflight   

• Indian Space Research Organisation (ISRO) and the European Space Agency (ESA) have signed an agreement to collaborate on astronaut training, mission implementation, and research experiments.
• The agreement was signed by ISRO Chairman Somanath and ESA Director General Dr. Josef Aschbacher.
• The cooperation will focus on astronaut training, experiment development and integration (including the use of ESA facilities on the International Space Station), human and biomedical research experiments, and joint educational outreach initiatives.
• For the Axiom-4 mission, ISRO’s Gaganyatri and an ESA astronaut will be part of the crew.
• The agencies are collaborating to implement experiments proposed by Indian Principal Investigators for the ISS.
• ISRO and ESA are working on human physiological studies, technology demonstration experiments, and joint educational outreach activities.
• ISRO’s roadmap for human spaceflight activities includes the development of the Bharatiya Antariksh Station (BAS), which offers opportunities to develop interoperability between human spaceflight platforms.

About European Space Agency  :

• Formed : 30 May 1975
• Headquarters : Paris, France
• Director General : Josef Aschbacher
• Members : 22

CURRENT AFFAIRS: SPORTS NEWS

India Clinches Inaugural Women’s U-19 Asia Cup with a 41-Run Win Over Bangladesh

• India secured a commanding 41-run victory against Bangladesh to claim the inaugural Women’s U-19 Asia Cup title at the Bayuemas Oval, Kuala Lumpur.
• The historic win highlighted India’s growing dominance in women’s cricket, with standout performances from Gongadi Trisha and Aayushi Shukla.

Match Highlights

India’s Innings

• Score: 117/7 in 20 overs.
• Top Performer: Gongadi Trisha scored a crucial 52 off 47 balls, including five fours and two sixes.
• Key Contributions:
  • Trisha anchored the innings after India struggled for partnerships.
  • Mithila Vinod added momentum with a vital 17 runs off 12 balls in the death overs.
• Bangladesh Bowling:
  • Farjana Easmin starred with figures of 4-0-31-4, dismantling India’s middle order.
  • Nishita Akter Nishi chipped in with two wickets to restrict India.

Key Performances and Stats

• Player of the Match: Gongadi Trisha for her half-century under pressure.
• Bowling Hero: Aayushi Shukla, leading India’s charge with consistent performances throughout the tournament.
• Turning Point: Early breakthroughs by India’s bowlers and disciplined fielding.

Significance of the Victory

• Historic Achievement: This is the first-ever Women’s U-19 Asia Cup title for India, adding to their list of recent cricketing triumphs.
• Momentum for Women’s Cricket: Builds on India’s successful campaign in the Women’s T20 World Cup 2023.
• Future Stars: Highlights emerging talent like Trisha and Shukla, crucial for India’s cricketing future.

Manu Bhaker Misses Out on Major Dhyan Chand Khel Ratna Award Nomination

• Manu Bhaker, India’s ace shooter and the first woman to win multiple Olympic medals in a single edition, wasn’t nominated for the Major Dhyan Chand Khel Ratna Award, the country’s highest sporting honor.
• Despite double bronze medal wins at the Paris Olympics, Manu was excluded from the nominations list.
• The sports ministry claimed Manu did not apply for the award, but sources close to her family denied this, stating she had indeed submitted her application.
• Controversy over omission: The exclusion is particularly surprising since Mohammed Shami, who had also not applied for the Arjuna Award in 2023, was included after the BCCI

Other Nominations and Highlights:

• Harmanpreet Singh (Indian men’s hockey captain) and Praveen Kumar (para-athlete with a gold in the T64 high jump at the Paris Paralympics) are among the nominees for the Khel Ratna Award.
• Aman Sehrawat, the 57kg freestyle wrestler, is nominated for his bronze medals at the Paris Olympics and the Hangzhou Asian Games.
• Shooters Swapnil Kusale and Sarabjot Singh are also nominated for the Arjuna Award.

CURRENT AFFAIRS : OBITUARIES

Epigamia Co-Founder Rohan Mirchandani Passed away   

• Rohan Mirchandani, co-founder of Epigamia, passed away on December 21 at the age of 42 due to a cardiac arrest.

About Rohan Mirchandani :

• In 2013, Mirchandani founded Drums Food International, which later became known for Epigamia, a leading Greek yogurt brand in India.
• Under his leadership, the company transitioned from producing Hoki Poki ice cream to Epigamia, which became a household name in yogurt and dairy products.
• Epigamia had over 20,000 retail touchpoints in 30 cities and was planning expansion into the Middle East by 2025-26.
• The senior leadership team, including Ankur Goel (COO) and Uday Thakker (co-founder and director), will continue managing the company with support from the board, his family, and investors.
• Mirchandani’s death follows the recent losses of other prominent figures in India’s startup ecosystem, including Ambareesh Murty (Pepperfry co-founder) and Rohan Malhotra (Good Capital).
• He was known for his innovative approach to business, particularly in addressing the lack of innovation in India’s FMCG sector.
• His vision for the brand included reaching ₹250 crore in revenue by FY25 and expanding into quick commerce.

CURRENT AFFAIRS: IMPORTANT DAYS

National Consumer Rights Day: 24th December

• National Consumer Rights Day 2024 is observed on the 24th of December 2024.
• When India’s Consumer Protection Act of 1986 was passed, consumer rights were given serious consideration.
• The purpose of this legislation was to protect consumers against unfair commerce, the sale of subpar goods, fraud, and inadequate service.
• India’s economy has changed tremendously throughout the years, greatly impacting how many Indians shop and travel.
• As a result, the consumer’s tried-and-true habits have been altered, necessitating a revision and overhaul of the Consumer Protection Act.
• On August 6, 2019, India’s parliament passed the amended Consumer Protection Bill, taking into account this dynamic and modern economy.
• The Right to Information Act, which made India’s governance procedures open to the public and had significant ramifications for consumer rights, is a supplement to the Consumer Protection Acts of 1986 and 2019.
• The rights to safety, information, freedom of choice, and consumer education are a few of these.

Daily CA One- Liner: December 24

• Prime Minister Narendra Modi is set to participate in the Christmas celebrations hosted by the Catholic Bishops’ Conference of India (CBCI) at the CBCI Centre premises in New Delhi on December 23, 2024
• The government has disbursed ₹344 crore in subsidies to electric vehicle (EV) manufacturers as part of the Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, which started on October 1, 2024.
• The Department of Consumer Affairs (DoCA) is set to launch two innovative mobile applications, ‘Jago Grahak Jago App’ and ‘Jagriti App,’ on National Consumers Day
• The upcoming Noida International Airport (NIA), situated near Jewar, is not only driving a surge in property values but is also set to transform the region’s economy.
• The Confederation of Indian Industry (CII) has recommended significant reforms to India’s Priority Sector Lending (PSL)
• The 55th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, resulted in several important decisions regarding tax rates and clarifications on various goods and services.
• Kuwait has awarded its highest accolade, the Order of Mubarak Al-Kabeer, to Prime Minister Narendra Modi for his leadership and dedication to strengthening relations between India and Kuwait.
• India secured a commanding 41-run victory against Bangladesh to claim the inaugural Women’s U-19 Asia Cup title at the Bayuemas Oval, Kuala Lumpur
• Manu Bhaker, India’s ace shooter and the first woman to win multiple Olympic medals in a single edition, wasn’t nominated for the Major Dhyan Chand Khel Ratna Award, the country’s highest sporting honor.
• The Central Bank of India (CBI) Regional Office in Ranchi celebrated the 114th Foundation Day of the bank.
• Banks have requested the Reserve Bank of India (RBI) to extend the timeline for complying with new guidelines that prohibit overlapping lending activities between banks and their group entities.
• The Securities and Exchange Board of India (SEBI) uncovered a front-running scheme involving PNB MetLife India Insurance Company equity dealer Sachin Bakul Dagli and eight other entities.
• The Sammelana passed a resolution for the full implementation of the Kannada Language Comprehensive Development Act, 2022, which aims to promote Kannada and improve opportunities for Kannadigas in education and employment.
• The first-ever Ganges river dolphin (Platanista gangetica) was tagged in Assam, marking a major milestone for Project Dolphin.
• Former Supreme Court judge Justice Madan B. Lokur was appointed as the Chairperson of the United Nations Internal Justice Council.
• Sriram Krishnan, an Indian-American venture capitalist, was appointed by US President-elect Donald Trump as the Senior White House Policy Advisor on Artificial Intelligence (AI).
• The Indian defense sector’s push for self-reliance continues, with a focus on reducing dependence on imports, especially in light of global conflicts such as the Russia-Ukraine war.
• Of the total 24 PS4-Orbital Experiment Module (POEM-4) payloads which will be flown onboard the PSLV-C60 SpaDeX mission, 4 have been developed by Karnataka-based academia and start-ups.
• Indian Space Research Organisation (ISRO) and the European Space Agency (ESA) have signed an agreement to collaborate on astronaut training, mission implementation, and research experiments.
• Rohan Mirchandani, co-founder of Epigamia, passed away on December 21 at the age of 42 due to a cardiac arrest.
• National Consumer Rights Day 2024 is observed on the 24th of December 2024.

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