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CURRENT AFFAIRS : BANKING & FINANCE
Sri Lanka’s New Government Secures International Monetary Fund Approval for Fourth Instalment of USD 3 Billion Bailout Package
- Sri Lanka secured approval for the fourth tranche of the $2.9 billion Extended Fund Facility (EFF) from the International Monetary Fund (IMF).
- Once the review is approved, Sri Lanka will access approximately $333 million.
Key Highlights :
- Economic Crisis and Bailout Timeline:April 2022: Sri Lanka declared its first-ever debt default during the economic crisis under former President Gotabaya Rajapaksa.
- March 2023: The bailout agreement was finalized under President Ranil Wickremesinghe’s government.
- Current Government’s Role:President Anura Kumara Dissanayake of the National People’s Power (NPP) reaffirmed the government’s commitment to continue the IMF program, despite pre-election rhetoric against its rigid reforms.
- His administration gained a mandate after a landslide victory in parliamentary polls.
- Economic Recovery:The economy grew by an average of 4% in the four quarters ending June 2024.
- Agreements with private bondholders have improved debt sustainability, though the debt restructuring agreement is yet to be officially finalized.
- Reforms and Governance:The IMF emphasized the new government’s role in implementing governance reforms, addressing corruption risks, and rebuilding economic confidence.
- Bilateral and sovereign bondholder agreements are essential for maintaining debt sustainability as required by the IMF.
- Key Meeting:President Dissanayake met Peter Breuer, IMF’s Sri Lanka mission chief, to discuss balancing economic recovery with the hardships faced by the public.
About IMF :
- Formation : 1 July 1944
- Headquarters : Washington, D.C., United States
- Managing Director : Kristalina Georgieva
- Membership : 191 countries (190 UN countries and Kosovo)
About Sri Lanka :
- President : Anura Kumara Dissanayake
- Prime Minister : Harini Amarasuriya
- Capital : Sri Jayawardenepura Kotte (legislative), Colombo (executive and judicial)
- Currency : Sri Lankan rupee (Rs)
ICICI Prudential Life Introduces ‘Increasing Income’ Option in Annuity Plan
- ICICI Prudential Life Insurance launched the industry’s first “Increasing Income” feature in its regular pay annuity product, ICICI Pru Guaranteed Pension Plan Flexi.
Key Highlights :
- Feature Details: The Increasing Income feature provides a 5% annual increase in the annuity pay-out, helping retirees combat inflation and maintain their standard of living.
- Benefit to Retirees: This feature ensures that retirees receive a guaranteed income stream that increases annually, preserving their purchasing power over time.
- Addressing Inflation: The feature helps retirees counter the impact of inflation on fixed incomes, allowing them to maintain their standard of living despite rising costs.
- Financial Security and Flexibility: The ICICI Pru Guaranteed Pension Plan Flexi with the Increasing Income feature provides retirees both financial security and flexibility, with affordable long-term contributions to build a retirement corpus.
- Opportunities with High-Interest Rates: ICICI Prudential Life views the current high-interest rate environment as a favourable opportunity for customers to lock in annuity rates and secure a guaranteed income for life.
About ICICI Prudential Life Insurance :
- Founded : 2000
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Anup Bagchi
- It is established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited.
CURRENT AFFAIRS: NATIONAL NEWS
Expansion of e-NAM Platform: Rajasthan Mandis Integration and Growth in Digital Agriculture Trade
- The Ministry of Agriculture has approved the integration of 21 additional mandis in Rajasthan into the e-NAM (electronic National Agriculture Market) platform.
- This expansion brings the total number of physical markets linked to e-NAM to over 1,400 mandis across 27 states and union territories.
Key Highlights
Integration Progress
- Since its launch in April 2016, 1,389 mandis have been incorporated into the e-NAM platform.
- State-wise mandi integration:
- Tamil Nadu: 157
- Rajasthan: 145
- Gujarat: 144
- Madhya Pradesh: 139
- Maharashtra: 133
- Uttar Pradesh: 125
- Haryana: 108
Future Plans
- Agriculture Minister Shivraj Singh Chouhan announced the integration of 1,500 additional mandis in the near future.
e-NAM Performance in 2024-25
- Trade Growth
- Trade volume for April–October 2024-25: ₹39,000 crore, marking a 6% year-on-year growth.
- Over the last five years, annual trade on e-NAM surged by 110%, from ₹34,940 crore in FY20 to ₹78,424 crore in FY24.
- Inter-Mandi and Inter-State Trading
- Growing adoption of inter-mandi and inter-state trade, enabling better price discovery for farmers.
- Key commodities traded: paddy, maize, cotton, cauliflower, onion, tomato, and more.
Farm Gate Purchases: Enhancing Farmer Convenience
- Farmers in states like Andhra Pradesh, Gujarat, Karnataka, Rajasthan, and others have leveraged e-NAM’s farm gate purchase model. This allows them to sell produce without physically transporting goods to mandis, reducing logistics costs and improving efficiency.
Policy Support for e-NAM Expansion
- Relaxed norms for trader participation:
- Allowing buyers and sellers from outside the state without bank guarantees.
- Unified licenses for statewide trade access.
- Encouragement of statewide procurement at the farm gate, fostering a smoother transition to digital trade platforms.
Education Loans Witness Strong Growth Amid New Reforms
- India’s education loan sector is experiencing rapid growth, fueled by government initiatives like the Pradhan Mantri Vidyalaxmi Scheme and increased participation from NBFCs.
- This trend reflects rising demand for higher education, particularly abroad, and efforts to improve accessibility for students from lower-income families.
Key Highlights
- Education Loan Growth Outpaces Overall Credit Growth
- 17.6% YoY growth in education loans (fortnight ending Sept. 20, 2024), surpassing overall credit growth (13%) and personal credit growth (13.4%), per RBI data.
- Drivers include increased demand for overseas studies and government-backed reforms.
- Pradhan Mantri Vidyalaxmi Scheme
- Offers collateral-free, guarantor-free education loans via a digital, student-friendly platform.
- Features:
- 3% interest subvention on loans up to ₹10 lakh for families earning up to ₹8 lakh annually.
- Full interest subvention for families with annual incomes up to ₹4.5 lakh.
- Backed by a government credit guarantee, encouraging banks to expand education loan coverage.
- Aims to support 22 lakh students annually, focusing on admissions to India’s top 860 higher educational institutions.
- NBFCs Driving Growth
- NBFCs are playing a pivotal role, particularly in big-ticket overseas education loans.
- Education loan AUM of NBFCs grew:
- 80% in FY23
- 70% in FY24
- Expected growth of 40-45% in FY25, reaching ₹60,000 crore.
- Analysts highlight opportunities for growth due to rising tuition fees, inflation, and a doubling of Indian students studying abroad in the last five years (to 13.4 lakh).
- Lending Trends
- Public Sector Banks: Primarily offer loans against collateral.
- Private Sector Banks/NBFCs: Provide collateral-free loans based on academic and financial criteria.
- Example: HDFC Bank offers collateral-free loans up to ₹50 lakh.
Challenges and Risks
- Economic Uncertainty and Job Market Concerns
- Recessionary trends in the US and Europe impact job opportunities, potentially lowering demand for overseas education loans.
- Lenders express caution, monitoring internship/job placement trends and keeping a watch on potential non-performing assets (NPAs).
- Rising NPAs in Education Loans
- Education loans have an NPA rate of 3.6%, higher than auto loans (1.3%) and housing loans (1.1%).
- Potential risks include repayment difficulties due to economic downturns and rising tuition costs.
Future Outlook
- The PM Vidyalaxmi scheme is expected to enhance accessibility to education loans, particularly for economically weaker sections, and encourage skill development for a “Viksit Bharat.”
- NBFCs and private banks are positioned to capitalize on rising demand for big-ticket loans in overseas education.
- Close monitoring of global economic trends and prudent lending practices will be crucial to sustain growth while minimizing NPAs.
India to Replace 90-Year-Old Aircraft Act with the ‘Bharatiya Vayuyan Vidheyak 2024’
- India is set to modernize its aviation regulations by replacing the outdated Aircraft Act of 1934 with the Bharatiya Vayuyan Vidheyak 2024, a new law aimed at improving aviation safety, boosting investment, and enhancing consumer rights.
- The bill, which the Lok Sabha already passed, will be presented in the Rajya Sabha for consideration by Union Civil Aviation Minister Kinjarapu Ram Mohan Naidu.
Key Highlights of the Proposed Bill
- Efficient Air Operations and Consumer Protection
- The bill seeks to create safer, more efficient air operations while improving the consumer protection environment.
- A key focus is to enhance service quality in the aviation sector, ensuring that passenger rights are better safeguarded.
- An online mechanism will be introduced to address passenger grievances with a time-bound response.
- Modernizing Regulatory Powers
- The new law will remove redundancies from the outdated Aircraft Act and provide stronger regulatory powers to handle critical areas such as:
- Air traffic management
- The drone industry
- Alignment with Global Standards
- The bill aims to align India’s aviation legislation with global standards, particularly in areas such as aircraft leasing, which will be made easier to attract foreign investments.
- Regulations will be eased to create a more welcoming policy environment for investors in India’s aviation sector.
- Promoting Aircraft Manufacturing in India
- One of the bill’s goals is to boost domestic aircraft manufacturing by regulating the design, assembly, and technology used in the industry.
- The bill will govern the design, manufacture, maintenance, and operation of aircraft, as well as their sale, export, and import.
Historical Context and Need for Reform
- The Indian Aircraft Act of 1934, which has undergone 21 amendments over the years, is now seen as outdated and inadequate for modern aviation challenges.
- The Bharatiya Vayuyan Vidheyak 2024 is expected to address these issues, creating a more streamlined and efficient regulatory framework for the aviation sector in India.
India’s UDAN 2.0 Scheme: Enhancing Regional Connectivity and Infrastructure
- India is working on the draft for the “UDAN 2.0” scheme, an upgraded version of the original UDAN (Ude Desh ka Aam Naagrik)
- The scheme aims to improve last-mile air connectivity and support the development of cost-effective airport infrastructure across the country.
- This new iteration of the regional air connectivity program is designed to extend beyond 2026 and address emerging challenges in the aviation sector.
Key Features of UDAN 2.0
- Expanding Regional Connectivity
- The new scheme will focus on underutilised airstrips, with plans to develop over 100 airstrips that can support financially viable air operations.
- As of now, the Ministry of Civil Aviation has operationalised 86 aerodromes, including 71 airports, 13 heliports, and 2 water aerodromes under the original UDAN scheme.
- Cost-Effective Airport Operations
- One of the primary objectives of UDAN 2.0 is to make regional airports and advance landing grounds (ALGs) more financially viable.
- The operational cost of small regional airports is estimated at ₹7 to ₹10 crore per year. The new scheme will focus on reducing these costs through technological interventions and improving efficiency in operations.
- Focus on Small and Remote Airports
- UDAN 2.0 will prioritize airstrips and airports in Tier III and IV cities, along with ALGs previously used for military operations, making them accessible for civil aviation.
- Efforts will be made to reduce operational costs and easier access to flight operations, particularly for helicopters, seaplanes, and light aircraft.
- Easing Regulations for Operators
- The draft emphasizes simplifying regulations to reduce entry barriers for new airlines, helicopter operators, and seaplane services.
- The government is focused on making air travel more affordable by attracting new players to the market. Affordable fares will be a key feature of the revised scheme.
Impact of the UDAN Scheme
- Since its launch in 2016, the UDAN scheme has already facilitated over 1.44 crore passengers and 2.8 lakh flights across 601 routes.
- The number of operational airports has doubled from 74 in 2014 to 157 in 2024, and the government has set an ambitious target to increase this number to 350-400 by 2047.
- The Viability Gap Funding (VGF) and government concessions under the scheme have incentivized airlines to operate in underserved regions, ensuring wider regional connectivity.
Future Outlook
- UDAN 2.0 aims to further enhance regional connectivity, making air travel more accessible to remote and underserved regions of India.
- By focusing on cost reductions, regulatory simplification, and attracting more private operators, the scheme is expected to play a key role in shaping the future of Indian aviation.
CURRENT AFFAIRS : INTERNATIONAL NEWS
COP29 Summit Concludes with $300 Billion Agreement
- COP29 climate talks concluded in Azerbaijan with a deal offering $300 billion for climate finance by 2035.
- This amount is seen as insufficient by developing countries and activists, who had sought $600 billion.
- The $300 billion commitment will be sourced from public finance, bilateral, and multilateral agreements, with a larger portion coming from private finance.
Key Highlights :
- India’s Reaction:India, led by negotiator Chandni Raina, expressed disappointment over the deal, emphasizing the lack of trust and collaboration among countries.
- India’s concerns centred on the disproportionate responsibility of developing countries in addressing the climate crisis, despite not being the primary contributors to greenhouse gas emissions.
- Key Climate Finance Framework:The New Collective Quantified Goal (NCQG) was adopted, aiming for at least $1.3 trillion in climate finance annually by 2035, primarily from private finance, with contributions from developing nations and multilateral development banks (MDBs).
- Article 6 of the Paris Agreement:Article 6 negotiations on carbon markets were concluded, though experts raised concerns over its effectiveness and transparency.
- The rules under Article 6.2 were criticised for being “loose and opaque,” potentially favouring free-market approaches.
- Article 6.4 rules on carbon removals raised concerns about insufficient guarantees on permanence.
- Gender-Related Decisions:The enhanced Lima Work Programme on Gender was adopted, establishing a 10-year plan to integrate gender and age-disaggregated data and develop a gender action plan (GAP) leading up to COP30.
- General Observations:The deal was viewed as a setback in the fight against climate change, particularly due to insufficient financial commitments.
About Azerbaijan :
- President : Ilham Aliyev
- Prime Minister : Ali Asadov
- Capital : Baku
- Currency : Manat
CURRENT AFFAIRS : STATE NEWS
Assam to hold business summit in February 2025, to be inaugurated by PM Modi: Chief Minister Himanta Biswa Sarma
- Assam will host a two-day business summit, Advantage Assam 2.0 – the Global Infrastructure and Investors’ Summit, in February 2025, aimed at attracting investment and developing the state’s infrastructure.
- The summit will be inaugurated by Prime Minister Narendra Modi on February 24, 2025, and Union Finance Minister Nirmala Sitharaman will be invited for the valedictory session.
- The first Advantage Assam summit was held in 2018, resulting in investments of Rs 1 lakh crore.
- However, no follow-up summit was held due to the COVID-19 pandemic.
Key Highlights :
- Investment Focus: The summit will focus on attracting investment in infrastructure, with sessions dedicated to road connectivity, railway networks, civil aviation, agriculture, industrial parks, and the hydrocarbon sector.
- Delegation Visits: Delegations will visit Singapore, Japan, the US, UK, and Dubai to promote the summit and invite participation.
- Roadshows: Theme-oriented roadshows will be held in six cities: Mumbai, New Delhi, Kolkata, Hyderabad, Bengaluru, and Ahmedabad.
- Cultural Showcase: The summit will feature a Jhumur dance performance involving 7,500 participants to showcase Assam’s cultural heritage, particularly the tea tribes.
- International Collaboration: A delegation will also visit Bhutan to explore water resources for irrigation and drinking water in Assam.
About Assam :
- Governor : Lakshman Prasad Acharya
- Chief Minister : Himanta Biswa Sarma
- Capital: Guwahati
- National Park: Kaziranga National Park, Manas National Park, Nameri National Park
- Wildlife Sanctuary: Garampani Wildlife Sanctuary, Laokhowa Wildlife Sanctuary, Bornadi Wildlife Sanctuary
CURRENT AFFAIRS: BUSINESS NEWS
Chhattisgarh Records Highest Inflation in India (October 2024)
- Chhattisgarh topped the list of Indian states and Union Territories (UTs) with the highest inflation rate of 8.8% in October 2024, according to data from the National Statistical Office (NSO).
- The national retail inflation rate also surged to 6.2%, breaching the Reserve Bank of India’s (RBI) upper tolerance limit of 6%, driven primarily by rising food prices.
State-Wise Inflation Trends
- Highest Inflation Rates:
- Chhattisgarh: 8.8%
- Bihar: 7.8%
- Odisha, Uttar Pradesh, Madhya Pradesh: Above 7%
- Lowest Inflation Rates:
- Delhi: 4%
- West Bengal and Maharashtra: Relatively low levels
- National Context:
- Among 22 states and UTs surveyed, half reported inflation rates exceeding 6%.
Food Prices Driving Inflation
- Key Contributors:
- Vegetables, cereals, fruits, oils, and fats.
- Rising food prices have significantly influenced inflation trends.
- Impact on Policy:
- The surge in food costs has brought India’s monetary policy into focus, as it remains a primary driver of inflation.
Key Implications
- Household Impact:
- Rising food costs are straining budgets, particularly in states with high inflation.
- Economic Policy Challenges:
- Balancing interest rates and inflation control remains a contentious issue.
- Ensuring smooth supply chains to manage food prices is a priority.
- Future Outlook:
- Continued debates between policymakers and economists on the best strategies to curb inflation.
- A potential reevaluation of monetary and fiscal measures to manage state-specific inflationary pressures.
India’s Electronic Exports Surge by 23.6% in FY24
- India’s electronics sector showed remarkable growth in FY24, with exports reaching $29.12 billion, a 23.6% increase compared to the previous fiscal year.
- This underscores the country’s expanding footprint in global electronics markets.
Key Highlights
- Export Markets
The top five destinations for India’s electronics exports were:
- United States
- United Arab Emirates
- Netherlands
- United Kingdom
- Italy
India also made inroads into new markets, exporting electronics to:
- Montenegro
- Cayman Islands
- El Salvador
- Turkmenistan
- Mongolia
- Honduras
- St. Vincent
- State Contributions
- Tamil Nadu emerged as the top-performing state in electronic exports with $9.56 billion, reflecting a 78% growth year-on-year.
- The state’s stellar performance highlights the role of regional hubs in driving India’s electronic export strategy.
- Broader Trade Context
- Overall Exports: India’s combined merchandise and services exports for March 2024 were estimated at $70.21 billion, a slight 3.01% decrease from March 2023.
- Trade Deficit: The overall trade deficit narrowed to $78.12 billion, a significant 35.77% improvement from FY23, showcasing better balance in trade flows.
- China as a Trading Partner: China retained its position as India’s largest trading partner, with bilateral trade amounting to $118.4 billion in FY24.
Implications
- Electronics Sector Growth: The surge in electronic exports signals India’s growing competitiveness in high-tech manufacturing and its alignment with the global demand for electronics.
- Diversified Markets: Entry into new markets reflects efforts to reduce dependence on traditional markets and expand trade reach.
- Trade Balance: A narrowing trade deficit points to improved export performance and strategic trade policies.
- Regional Leadership: Tamil Nadu’s leadership in exports highlights the significance of state-level initiatives and infrastructure in bolstering India’s export capacity.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Hemant Soren set to be sworn in as Jharkhand Chief Minister on November 28, 2024
- Hemant Soren, leader of the Jharkhand Mukti Morcha (JMM), submitted his resignation to Governor Santosh Gangwar on November 26, a day after securing a major electoral victory.
- Soren staked his claim to form the new government and is set to take oath as Chief Minister on November 28.
- Legislative Party Meeting: Before visiting the Raj Bhavan, Soren met with the new MLAs of the INDIA bloc, where he was unanimously elected as the leader of the legislature party.
- Election Results:Out of 81 Assembly seats, the INDIA bloc won 56 seats, while the NDA secured 24 seats.
- The Jharkhand Loktrantrik Krantikari Morcha (JLKM) led by Jairam Tiger Mahto won 1 seat.
- Composition of INDIA and NDA Blocs:The INDIA bloc consists of JMM, Congress, RJD, and CPI(ML) Liberation.
- The NDA comprises BJP, LJP (Ram Vilas), AJSU, and JD(U).
- Letter of Support:After the meeting, Soren submitted a letter of support from the elected MLAs to the Governor, accompanied by leaders of the INDIA bloc, including Ghulam Ahmad Mir (Congress) and Jay Prakash Narayan Yadav (RJD).
- Cabinet Formation Talks:Discussions on the Cabinet have begun:
- JMM is likely to get 6 ministers, Congress 4, and RJD and CPI(ML)L one each.
- Maximum of 12 ministers in the Cabinet.
- Potential Cabinet Ministers:JMM: Deepak Birua, Ramdas Soren, Hafizul Hasan, Uday Shankar Singh (likely replacement for Mithilesh Thakur).
- Congress: Rameshwar Oraon, Deepika Pandey Singh.
- RJD: Suresh Paswan (Deoghar), Satyanand Bhokta (from the previous election).
- CPI(ML)L: Arup Chatterjee (Nirsa).
About Jharkhand :
- Governor :Santosh Gangwar
- Chief Minister : Hemant Soren
- Capital : Ranchi
- Tiger Reserve : Palamu Tiger Reserve
- Wildlife Sanctuary : Dalma Wildlife Sanctuary, Gautam Budha Wildlife Sanctuary, Udhwa Lake Bird Wildlife Sanctuary
Walmart’s Dan Bartlett was Appointed as a Board Member of Flipkart
- Dan Bartlett, Executive Vice President of Corporate Affairs at Walmart Inc., was appointed as a board member of the Flipkart Group.
- Role at Walmart: At Walmart, Bartlett heads corporate affairs, focusing on public policy, sustainability, philanthropic initiatives, and shaping the company’s narrative.
- He also oversees corporate real estate and the development of Walmart’s new home office in Bentonville, Arkansas.
About Dan Bartlett :
- Bartlett has extensive experience in public relations and government affairs.
- Before Walmart, he held leadership positions at Hill+Knowlton Strategies and Public Strategies.
- He also worked on George W. Bush’s presidential and Texas gubernatorial campaigns and served as a counselor to President Bush at the White House.
- He serves on the board of Trek Bicycles and is an outdoor enthusiast.
Binny Bansal Resigns from PhonePe’s Board of Directors
- Binny Bansal, co-founder of Flipkart, stepped down from the PhonePe board about 10 months after leaving Flipkart.
- His departure from Flipkart in January 2024 was due to a conflict of interest after he launched his new venture, OppDoor.
- Binny Bansal had been on the PhonePe board since 2016, following Flipkart’s acquisition of the payments firm.
- In 2022, Flipkart and PhonePe separated, with PhonePe becoming an independent entity.
- In addition, PhonePe appointed Manish Sabharwal, vice-chairman at TeamLease Services, as an independent director and Chair of the Audit Committee.
- Sabharwal’s role includes overseeing financial reporting, internal controls, and risk management practices.
- Manish Sabharwal has extensive experience, having previously served as an independent director on the RBI Board, and as a member of the Advisory Board of the Comptroller and Auditor General (CAG) and the governing board of NCAER.
About PhonePe :
- Founded : 2015
- Headquarters : Bangalore, Karnataka
- Founder & CEO : Sameer Nigam
CURRENT AFFAIRS : DEFENCE NEWS
Indian Naval Sailing Vessel Tarini Begins Second Leg of Navika Sagar Parikrama-II from Fremantle, Australia to Lyttelton, New Zealand
- The Indian Naval Sailing Vessel (INSV) Tarini sailed out from Fremantle, Australia on 24 November 2024 for the second leg of the Navika Sagar Parikrama-II expedition, heading to Lyttelton, New Zealand.
- Purpose of Expedition: The expedition promotes gender equality, maritime cooperation, and women’s empowerment, while showcasing India’s maritime heritage and global contributions.
Key Highlights :
- Navika Sagar Parikrama-II: A dual-handed circumnavigation of the earth undertaken by two women officers of the Indian Navy onboard the 56-ft INSV Tarini, flagged off by the Chief of Naval Staff, Admiral Dinesh K Tripathi, on 02 October 2024.
- Crew Members: Lt Cdr Dilna K and Lt Cdr Roopa A are the women officers undertaking the expedition.
- Stopover in Fremantle: The crew made a stop in Fremantle, Australia on 09 November 2024 after a 39-day voyage covering 4900 nautical miles under sail.
- Cultural and Diplomatic Activities: While in Fremantle, the crew engaged with officials of the Royal Australian Navy, the Indian diaspora, and attended the Western Australia Parliament.
- They were honored as special invitees and their journey was acknowledged in a session of the Parliament.
- Mentorship and Briefing: The crew was mentored by Cdr Abhilash Tomy (Retd), who assessed the boat and briefed them on the next leg of the journey.
- Cultural Outreach: During the stopover, the crew interacted with the Indian diaspora, visited HMAS Stirling Royal Australian Naval Base, and Ocean Reef High School, sharing their journey and emphasizing resilience and innovation.
- Phase II of Expedition: The second leg of the voyage will cover 3400 nautical miles (6300 kilometers), taking the crew through Cape Leeuwin, the Great Australian Bight, Tasmania, and the South Island of New Zealand.
- The trip will take about 20 days and expose the crew to varied weather conditions.
Goa Naval Area Organizes 2024 Annual Navy Education Society Conference
- The Annual Navy Education Society (NES) Conference 2024 was held from 20 to 22 November 2024 at Headquarters Goa Naval Area, Vasco-da-Gama, Goa.
- Key Meetings: The conference included meetings of the Executive Committee, Management Advisory Committee (MAC), and Academic Advisory Committee (AAC). Discussions focused on implementing the National Education Policy (NEP) 2020 in Naval Schools.
- Guided Tour: Delegates were given a guided tour of Navy Children School Goa.
- Leadership at the Conference:The Executive Committee Meeting was chaired by Vice Admiral Vineet McCarty, Controller Personnel Services, and Chairperson of NES.
- The MAC and AAC meetings were chaired by Commodore SM Urooj Athar, Commodore (Naval Education) and Vice Chairperson of NES.
- Participation: The conference saw participation from officers from Naval Headquarters, along with academic and administrative leaders from Naval Schools across the country.
- Awards: During the conference, the Chairperson presented Rolling Trophies to Naval Schools that excelled academically in the previous year.
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
Securities and Exchange Board of India Approves Roshni Nadar’s Majority Stake Acquisition in HCLTech
- The Securities and Exchange Board of India (SEBI) has approved Roshni Nadar’s acquisition of a majority shareholding in two promoter group companies of HCL, namely Vama Sundari Investments (VSIPL) and HCL Corporation, from her father, Shiv Nadar.
Key Highlights :
- Exemption from Open Offer: SEBI has exempted Roshni Nadar from the requirement of making an open offer under takeover regulations for the indirect acquisition of HCL Tech and HCL Infosystems.
- Succession Plan: The approval facilitates Roshni Nadar’s succession plan as the acquisition is treated as a “gift,” ensuring a smooth transition of ownership.
- Ownership Increase: After the acquisition, Roshni Nadar’s stake in VSIPL and HCL Corporation will increase to 57% in both companies.
- Current Stake Structure:VSIPL holds a 44.17% stake in HCL Tech and 12.94% in HCL Infosystems.
- HCL Corporation holds a 0.17% stake in HCL Tech and 49.95% in HCL Infosystems.
- Conditions: The exemption is valid for one year, and the acquisition must be completed within this period.
- Roshni Nadar must file a report with SEBI within 21 days after the completion of the acquisition.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
PSLV to Launch Two Satellites as Part of Proba-3 Mission on December 4
- PSLV will launch the Proba-3 mission on December 4, 2024 to deploy two satellites developed by the European Space Agency (ESA).
- Proba-3 is the first mission in the world where two satellites will fly in a parallel formation for long durations.
- Purpose of the Mission:The satellite pair is designed to study the solar corona, the outer layer of the Sun’s atmosphere.
- The mission will use a coronagraph (on one satellite) and an occulter (on the other) to block light from the Sun’s bright layers, allowing detailed observation of the corona.
Key Highlights :
- Formation Flying:The satellites will maintain a distance of about 150 meters from each other for six hours per day.
- A laser from one satellite will be reflected onto the other satellite’s reflector to maintain a relative position.
- Orbit Details:Initially, the satellites will be launched into a highly elliptical orbit of 600 x 60,530 km.
- After launch, they will enter a tandem orbit for formation flying.
- Collision Avoidance:The satellites will demonstrate Collision Avoidance Manoeuvre, where they will autonomously avoid collisions and maintain formation without ground control support.
- Scientific Benefits:Splitting the instruments between two satellites allows for larger instruments and fainter signal detection, offering improved study of smaller or distant objects in space.
- This formation allows the Proba-3 mission to study the solar corona more closely than previous space missions.
- Technology:Proba-3 satellites will maintain mm-level accuracy in formation flying, which is a significant advancement compared to earlier missions with cm-level accuracy.
- Previous Formation Flying:While other spacecraft have demonstrated formation flying, Proba-3 will push the boundaries with long-duration, precise formation flying in space.
- Mission Duration and Orbit Cycle:The satellites will fly in formation for about six hours during each 19-hour orbit around Earth.
About European Space Agency :
- Formed : 30 May 1975
- Headquarters : Paris, France
- Director General : Josef Aschbacher
- Member states : Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, The Netherlands, Norway, Poland, Portugal, Romania, Spain, Sweden, Switzerland, and the United Kingdom.
IIFCL Seeks Infrastructure Status for Space Sector, Aims to Finance Satellite Vehicle Manufacturing
- IIFCL (India Infrastructure Finance Company Limited) has requested the government to include the space sector in the harmonized list of infrastructure to facilitate easier financing for satellite vehicle manufacturing.
Key Highlights :
- IIFCL’s Engagement with ISRO:IIFCL has been involved with the space sector through its subsidiary, IIFCL Projects Limited (IPL).
- IPL has helped ISRO with various activities, including transferring 13 satellites to NewSpace India Ltd (NSIL), ISRO’s commercial arm, which involved complex legal processes.
- Role of NewSpace India Ltd (NSIL):NSIL is responsible for promoting and commercializing space products and services and enabling Indian industries to engage in space-related activities.
- Financing the Space Sector:IIFCL aims to engage in financing satellite vehicle manufacturing and other space-related sectors, provided the space sector is included in the harmonized list of infrastructure.
- Current Funding Guidelines:IIFCL can only provide funding to sectors listed in the harmonized infrastructure master list, which currently includes five main sectors and 37 sub-sectors.
- FDI Liberalization in Space Sector:The Union Cabinet has liberalized the Foreign Direct Investment (FDI) policy, allowing up to 100% FDI in the space sector through the automatic route.
- This includes up to 74% investment in satellite manufacturing and 49% in launch vehicles, aiming to boost private sector participation.
- IIFCL’s Plan to Set Up Subsidiary for ABS:IIFCL is planning to establish a subsidiary for issuing Asset-Backed Securities (ABS) or covered bonds to securitize assets and conserve capital for business growth.
- Financial Performance of IIFCL:In FY24, IIFCL reported a 44% increase in standalone net profit, rising to ₹1,552 crore due to higher lending and improved asset quality.
- The company’s profits for the first half of FY24 stood at ₹811 crore, exceeding half of the total profit for FY24.
CURRENT AFFAIRS : OBITUARIES
Renowned Sarod Virtuoso Aashish Khan Passed Away
- Aashish Khan, the legendary sarod maestro who popularised the instrument world over and collaborated with international musicians like George Harrison, Eric Clapton, and Ringo Starr, has passed away at the age of 84.
About Aashish Khan :
- Born in 1939 in Maihar, Madhya Pradesh,India.
- Contributions to Indian Classical Music:Played a pivotal role in bringing Indian classical music to global audiences.
- Appointed composer and conductor of the All India Radio’s Vadya Vrinda ensemble in 1989, following stalwarts like Pandit Ravi Shankar.
- Collaborations with International Artists:Worked with George Harrison, Ringo Starr, Eric Clapton, Charles Lloyd, and Alice Coltrane.
- Formed the Indo-jazz band Shanti with tabla maestro Ustad Zakir Hussain in the 1960s.
- Film Contributions:Worked under Pandit Ravi Shankar on soundtracks for Satyajit Ray’s films like Apur Sansar, Parash Pathar, Jalsaghar, and Richard Attenborough’s Gandhi.
- Composed scores for films such as David Lean’s A Passage to India, John Huston’s The Man Who Would Be King, and Tapan Sinha’s Jotugriha.
- Awards and Recognition:Nominated for a Grammy Award in 2006 in the ‘Best Traditional World Music Album’ category for Golden Strings of the Sarode.
- Recipient of the Sangeet Natak Akademi Award in 2004, India’s highest honor for performing arts.
CURRENT AFFAIRS: SPORTS NEWS
Max Verstappen Clinches Fourth Consecutive Formula 1 Title in Las Vegas
- Max Verstappen secured his fourth consecutive Formula 1 championship by finishing fifth in the Las Vegas Grand Prix .
- This victory cements him as only the sixth driver in F1 history to achieve at least four championships, a testament to his dominance in the sport.
Key Highlights of the Race
- Verstappen’s Milestone Achievement
- Verstappen needed to finish ahead of McLaren’s Lando Norris to clinch the title.
- Starting in fifth position, he advanced to second by the 10th lap on the Las Vegas Strip circuit.
- Norris, who had to outscore Verstappen by three points to extend the championship, finished sixth.
- Race Results
- The race was won by George Russell, with teammate Lewis Hamilton finishing second, marking the first Mercedes 1-2 finish since 2022.
- Carlos Sainz Jr. of Ferrari completed the podium in third place.
- Ferrari’s Charles Leclerc finished fourth, while Norris and Verstappen came sixth and fifth, respectively.
- Constructor’s Championship Standings
- The constructor’s title remains undecided, with McLaren leading Ferrari by 24 points.
- Red Bull, the defending champion, has slipped to third in the standings.
Verstappen’s Season in Perspective
- The 27-year-old Verstappen had a stellar 2023 season, with 19 wins last year.
- This season saw him open strong but face a winless streak between June and Brazil, ending with eight victories, his fewest since 2020.
CURRENT AFFAIRS: IMPORTANT DAYS
World Heritage Week 2024: November 19 to November 25
- World Heritage Week, observed globally from November 19 to November 25, celebrates the preservation and promotion of cultural and historical heritage.
- This initiative, led by UNESCO and supported in India by the Archaeological Survey of India (ASI), serves as a platform to emphasise the importance of safeguarding the world’s shared heritage.
- Theme:
- The 2024 theme is “Discover and Experience Diversity”, highlighting cultural and natural heritage richness
Historical Background
- Origins:
- Established in 1945, following World War II, to promote moral and intellectual unity and foster enduring global peace through the appreciation and preservation of shared heritage.
- Evolution:
- Over the decades, it has grown into an active movement encouraging community participation in the conservation of historical treasures.
UNESCO World Heritage Sites in India (2024 Update)
- Recent Additions:
- Moidams – Mound Burial System of the Ahom Dynasty (Assam).
- Sacred Ensembles of the Hoysala Temples (Belur, Halebid, and Somanathapura, Karnataka).
- Santiniketan (Rabindranath Tagore’s cultural and educational hub, West Bengal).
- Total Sites:
- India is home to 43 UNESCO World Heritage Sites as of September 2024.
Types of UNESCO World Heritage Sites in India
- Cultural Heritage Sites:
- Represent architectural brilliance and artistic treasures, such as the Taj Mahal, Qutub Minar, and Hampi monuments.
- Natural Heritage Sites:
- Include ecological wonders like the Sundarbans, Kaziranga National Park, and the Western Ghats, recognized for their biodiversity and scientific significance.
- Mixed Heritage Sites:
- Exhibit both cultural and natural importance. India has one Mixed Heritage Site currently, with potential candidates like the Cold Deserts of Ladakh and Keibul Lamjao Conservation Area (Manipur) under consideration.
Constitution Day: 26th November
- Constitution Day 2024 is observed on the 26th of November 2024.
- On November 26, 1949, the Constituent Assembly of India formally adopted the Constitution of India.
- It came into force on January 26, 1950.
- Constitution Day aims to bring awareness about the importance of the Constitution and Dr. B R Ambedkar.
- Bhimrao Ramji Ambedkar, chairman of the drafting committee, is considered to be the chief architect of the Constitution of India.
- He is also called the Father of the Indian Constitution.
- The Constitution of India was drafted by the members of the Constituent Assembly.
Daily CA One- Liner: November 26
- The Ministry of Agriculture has approved the integration of 21 additional mandis in Rajasthan into the e-NAM (electronic National Agriculture Market) platform
- India’s education loan sector is experiencing rapid growth, fueled by government initiatives like the Pradhan Mantri Vidyalaxmi Scheme and increased participation from NBFCs.
- India is set to modernize its aviation regulations by replacing the outdated Aircraft Act of 1934 with the Bharatiya Vayuyan Vidheyak 2024, a new law aimed at improving aviation safety, boosting investment, and enhancing consumer rights
- India is working on the draft for the “UDAN 2.0” scheme, an upgraded version of the original UDAN (Ude Desh ka Aam Naagrik)
- Chhattisgarh topped the list of Indian states and Union Territories (UTs) with the highest inflation rate of 8.8% in October 2024, according to data from the National Statistical Office (NSO).
- India’s electronics sector showed remarkable growth in FY24, with exports reaching $29.12 billion, a 23.6% increase compared to the previous fiscal year.
- Max Verstappen secured his fourth consecutive Formula 1 championship by finishing fifth in the Las Vegas Grand Prix
- Sri Lanka secured approval for the fourth tranche of the $2.9 billion Extended Fund Facility (EFF) from the International Monetary Fund (IMF).
- ICICI Prudential Life Insurance launched the industry’s first “Increasing Income” feature in its regular pay annuity product, ICICI Pru Guaranteed Pension Plan Flexi.
- COP29 climate talks concluded in Azerbaijan with a deal offering $300 billion for climate finance by 2035.
- Assam will host a two-day business summit, Advantage Assam 2.0 – the Global Infrastructure and Investors’ Summit, in February 2025, aimed at attracting investment and developing the state’s infrastructure.
- Hemant Soren, leader of the Jharkhand Mukti Morcha (JMM), submitted his resignation to Governor Santosh Gangwar on November 26, a day after securing a major electoral victory.
- Dan Bartlett, Executive Vice President of Corporate Affairs at Walmart Inc., was appointed as a board member of the Flipkart Group.
- Binny Bansal, co-founder of Flipkart, stepped down from the PhonePe board about 10 months after leaving Flipkart.
- The Indian Naval Sailing Vessel (INSV) Tarini sailed out from Fremantle, Australia on 24 November 2024 for the second leg of the Navika Sagar Parikrama-II expedition, heading to Lyttelton, New Zealand.
- The Annual Navy Education Society (NES) Conference 2024 was held from 20 to 22 November 2024 at Headquarters Goa Naval Area, Vasco-da-Gama, Goa.
- The Securities and Exchange Board of India (SEBI) has approved Roshni Nadar’s acquisition of a majority shareholding in two promoter group companies of HCL, namely Vama Sundari Investments (VSIPL) and HCL Corporation, from her father, Shiv Nadar.
- PSLV will launch the Proba-3 mission on December 4, 2024 to deploy two satellites developed by the European Space Agency (ESA).
- IIFCL (India Infrastructure Finance Company Limited) has requested the government to include the space sector in the harmonized list of infrastructure to facilitate easier financing for satellite vehicle manufacturing.
- Aashish Khan, the legendary sarod maestro who popularised the instrument the world over and collaborated with international musicians like George Harrison, Eric Clapton, and Ringo Starr, has passed away at the age of 84.
- World Heritage Week, observed globally from November 19 to November 25, celebrates the preservation and promotion of cultural and historical heritage
- Constitution Day 2024 is observed on the 26th of November 2024
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