Daily Current Affairs December 27th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India records highest monthly dollar sale since September 2022 with $9.2 billion net sold in October

• In October 2024, the Reserve Bank of India (RBI) net sold $9.2 billion, marking the highest monthly sale in over two years (since September 2022, when $10.3 billion was sold).
• The RBI bought $27.5 billion and sold $36.7 billion of foreign currency in October.

Key Highlights :

• Rupee Movement:The rupee depreciated by 0.34% in October, breaching the 84 per dollar mark on October 11 and moving past the 85 per dollar mark by the end of the month.
• The rupee faced increased depreciation since October 11, falling by 1.44%.
• RBI’s Role in Stabilizing the Rupee:The RBI intervened aggressively at the 83.98 per dollar level to contain the rupee’s volatility.
• The central bank’s intervention aimed to stabilize the rupee amid a stronger US dollar due to massive outflows and the US elections.
• RBI’s Dollar Purchases in the Current Financial Year:In the first half of the current financial year (April-September), the RBI was a net buyer of $8.52 billion.
• In the current calendar year up to October, the RBI net bought $23.07 billion.
• RBI’s Net Foreign Currency Activity in Previous Months:In September 2024, the RBI net bought $9.6 billion worth of foreign currency.
• The RBI has been a net seller of dollars in four months: April, June, August, and October 2024.
• RBI’s Net Foreign Currency Activity in 2023:In October 2023, the RBI had net sold $310 million, contrasting with its current net sale of $9.2 billion in October 2024.
• Outstanding Forward Sales:As of October 2024, the RBI’s net outstanding forward sales of foreign currency stood at $49.18 billion, compared to $14.58 billion in September 2024.

Reserve Bank of India data shows 10.6% rise in outward remittances under Liberalised Remittance Scheme in October, 2024

• In October 2024, outward remittances under the RBI’s LRS rose by 10.6% YoY, amounting to $2.4 billion, up from $2.17 billion in October 2023.
• For the August-October quarter, outward remittances totaled $8.37 billion, compared to $9.05 billion in the same period in FY23.

Key Highlights :

• International Travel Remittances:Remittances for international travel accounted for over 60% of total outward remittances, with a 6.26% YoY increase to $1.45 billion in October 2024 (compared to $1.36 billion in FY23).
• Remittances for Immovable Property:Remittances for purchasing immovable property surged by 126% YoY, reaching $24.96 million from $11.02 million.
• Equity and Debt Market Investments:Remittances for investments in equity and debt markets grew by 78.08% YoY, totaling $149.34 million (from $83.86 million).

Other Remittance Categories:

• Maintenance of close relatives: Increased by 37.64% YoY, totaling $283.75 million.
• Gifts: Increased from $184.79 million to $216.3 million.
• Medical treatment: Slight dip to $8.49 million.
• Studies abroad: Increased to $221.18 million.

About LRS :

• The LRS allows resident individuals, including minors, to remit up to $250,000 per financial year for permissible transactions, including both current and capital account transactions.
• The limit has increased over time from the original limit of $25,000.

Reserve Bank of India data shows net foreign direct investment into India drops to $2.2 billion during April-October

• Net Foreign Direct Investment (FDI) into India slowed significantly, dropping to $2.1 billion in April-October 2024, down from $7.7 billion during the same period in 2023.
• Despite the slowdown in net FDI, gross inward FDI rose to $48.6 billion during April-October 2024, compared to $42.1 billion a year ago.
• The deceleration in net FDI was primarily due to the increase in repatriation (rising to $34.1 billion from $26.4 billion in the previous year) and net outward FDI (increasing to $12.4 billion from $8.0 billion).
• More than 60% of gross FDI inflows were directed to key sectors such as:Manufacturing, Financial services, Electricity and energy, Retail and wholesale trade.
• The primary countries contributing to FDI inflows included:Singapore, Mauritius, United Arab Emirates (UAE), Netherlands, United States (US).
• Together, these countries contributed to more than three-fourths of the total FDI inflows.
• The slowdown in net FDI was observed not just in India but also in other emerging economies like Mexico, Vietnam, Indonesia, Philippines, and Thailand.

Non-Resident Indian Deposits Surge to $12 Billion in April-October FY25: RBI Data

• Overseas Indians deposited around $12 billion in NRI deposit schemes during the period April-October FY25, almost double the amount deposited during the same period in the previous year ($6.11 billion).
• As of October 2024, the total outstanding NRI deposits stood at $162.69 billion, compared to $143.48 billion in October 2023.
• In October 2024 alone, a little over $1 billion was deposited by overseas Indians in various NRI deposit schemes.
• The NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits, and non-resident ordinary (NRO) deposits.

Key Highlights :

Breakdown of NRI Deposit Schemes:

• FCNR (B) Deposits:What is an FCNR (B) account? FCNR (B) accounts allow NRIs to maintain fixed deposits in India in freely convertible foreign currencies for tenures ranging from one to five years.
• These accounts protect funds against currency fluctuations, offering security for deposits in foreign currencies.
• The maximum inflows were into FCNR (B) deposits, with $6.1 billion in inflows during April-October FY25, compared to $2.06 billion in the same period last year.
• Total outstanding FCNR (B) deposits stood at $31.87 billion.
• NRE Deposits:NRE deposits saw an inflow of $3.09 billion, up from $1.95 billion in the same period last year.
• NRE deposits are a high-return rupee deposit option for NRIs to invest foreign income.
• NRO Deposits:NRO deposits saw inflows of $2.66 billion, compared to $2 billion during the same period a year ago.
• An NRO account is a rupee-denominated bank account for NRIs, persons of Indian origin, and overseas citizens of India who wish to deposit income earned in India.

Punjab and Sind Bank Secures ₹3,000 Crore in First-Ever Infrastructure Bond Issue

• Punjab & Sind Bank raised ₹3,000 crore through its maiden infrastructure bond issuance.
• The bank received bids worth ₹6,031 crore, significantly exceeding the base issue size of ₹500 crore.
• The bonds were issued with an annual coupon rate of 7.74%.

Key Highlights :

Bond Characteristics:

• Tenure: 10 years.
• Type: Unsecured, subordinated, redeemable, non-convertible, taxable, fully paid-up long-term instruments.
• Face Value: ₹1 lakh per bond.
• Listing and Trading: The bonds will be listed on the National Stock Exchange (NSE) for trading, as per RBI guidelines.
• Investor Interest: Strong domestic investor interest in such bond issuances by banks.
• Regulatory Exemptions: Infrastructure bonds are exempt from the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR), allowing the full proceeds to be deployed for lending.
• Preference for Infrastructure Bonds: Banks prefer infrastructure bonds over AT-1 and Tier-2 bonds due to better pricing and regulatory benefits.
• Future Fundraising Plans: Punjab & Sind Bank plans to raise an additional ₹2,000 crore with approval from its board.
• The funds will be raised in one or more tranches within 12 months.
• Funding Methods: The bank may raise funds through equity shares via public issues, rights issues, QIPs, preferential issues, or other methods.

About Punjab & Sind Bank  :

• Founded : 24 June 1908
• Headquarters : New Delhi, India
• MD & CEO : Swarup Kumar Saha

Fintechs Request Reserve Bank of India Approval to Offer Credit Lines on UPI Platform

• Non-banking finance companies (NBFCs) in the digital lending space have requested the Reserve Bank of India (RBI) to allow them to offer pre-approved credit on the UPI platform.
• On December 6, 2024, the RBI extended pre-approved credit lines on UPI to small finance banks.
• NBFCs and fintech companies raised this request during the RBI’s monthly “finteraction” sessions, designed for discussions with the fintech industry.
• The request aims to enable fintech companies to offer low-ticket, low-tenor credit products, especially to new-to-credit customers, in line with the RBI’s objectives.
• Fintech firms are hopeful that the RBI will soon extend the UPI-based credit facility to them, given the move for small finance banks.
• The move will improve credit access, particularly for bottom-of-the-pyramid customers, by offering small loans in a cost-efficient manner.
• Fintech NBFCs argue that leveraging their high-tech, low-cost model could enhance UPI-based lending, making small loans more accessible.

CURRENT AFFAIRS: NATIONAL NEWS

DGCA Fines Akasa Air ₹10 Lakh for Passenger Boarding Denial Incident

• The Directorate General of Civil Aviation (DGCA) has imposed a ₹10 lakh fine on Akasa Air for failing to provide mandatory compensation to seven passengers denied boarding a Bengaluru-Pune flight on September 6, 2024.
• The airline cited operational issues as the reason for the incident but failed to comply with DGCA compensation regulations.

Incident Overview

1. Flight Details:
   • Flight: Bengaluru-Pune, scheduled for 8:50 pm departure.
   • Reason for delay: Original aircraft grounded due to “foreign object” damage. Replacement aircraft had nine non-operational seats.
2. Passenger Impact:
   • Seven passengers denied boarding.
   • Transferred to an IndiGo flight at 11:40 pm, more than an hour after the scheduled departure.
3. Compensation Regulations:
   • Passengers denied boarding must receive:
     • 200% of the one-way basic fare + fuel charges (up to ₹10,000) if an alternate flight is arranged within 24 hours.
   • Akasa Air failed to compensate passengers before regulatory intervention.

Regulatory Action

1. Deficiency Reporting Form (DRF):
   • Issued by DGCA asking Akasa Air for corrective action.
   • Akasa claimed the issue was “beyond the airline’s control,” leading to the DRF’s closure.
2. Showcause Notice:
   • DGCA issued a showcause notice after finding Akasa failed to compensate passengers.
   • The airline only began collecting passengers’ bank details for compensation after receiving the notice.
3. Fine Imposed:
   • DGCA fined Akasa Air ₹10 lakh for contravening compensation provisions.
   • Payment deadline: 30 days from the December 23, 2024 order.

Other Compliance Issues with Akasa Air

1. October 2024: Fined ₹30 lakh for pilot training lapses.
2. August 2024: Spot checks at Bengaluru airport revealed:
   • Poor aircraft maintenance standards.
   • Failure to revise the operations manual within six months.

NFRA Penalizes Deloitte and Auditors for Lapses in Zee Entertainment Audit

• The National Financial Reporting Authority (NFRA) has taken strict action against Deloitte Haskins & Sells and two chartered accountants for serious lapses in the audit of Zee Entertainment Enterprises Ltd (ZEEL) for FY2018-19 and FY2019-20.

Key Penalties and Bans

1. Deloitte Haskins & Sells:
   • Penalty: ₹2 crore.
2. CA A B Jani (Engagement Partner for ZEEL’s audit):
   • Penalty: ₹10 lakh.
   • Ban: Five years from acting as an auditor or internal auditor for any company or corporate entity.
3. CA Rakesh Sharma (Engagement Quality Control Reviewer for ZEEL’s audit):
   • Penalty: ₹5 lakh.
   • Ban: Three years from being appointed as an auditor.

Key Findings by NFRA

• Unauthorized Fixed Deposit (FD) as Guarantee:
  • In September 2018, ZEEL’s Chairman (also a promoter of Essel Group) issued a letter to Yes Bank, committing ₹200 crore of ZEEL’s FD as a guarantee for loans to Essel Green Mobility Ltd, a promoter group company.
  • In July 2019, the bank appropriated the FD to settle loans of seven promoter group companies without board or shareholder approval.
• Audit Lapses:
  • The statutory auditors failed to detect and report the misrepresentation.
  • NFRA highlighted negligence, lack of professional skepticism, and due diligence by the auditors.
  • The auditors failed to challenge management’s assertions or assess suspected fraud adequately.
• Unauthorized Use of Funds:
  • ZEEL’s funds were used to settle promoter group companies’ loans, with full knowledge of the Chairman and ZEEL’s management.

Prime Minister Narendra Modi to Distribute 5.8 Million SVAMITVA Property Cards in Virtual Event

• Prime Minister Narendra Modi will issue over 5.8 million property cards under the SVAMITVA Scheme during a virtual event.
• These property cards provide a “Record of Rights” to property owners in over 50,000 villages across 12 states and union territories.

Key Highlights of the SVAMITVA Scheme Event

1. States and UTs Covered:
   Property cards will be distributed to owners in 10 states and 2 union territories, including:
   • States: Chhattisgarh, Gujarat, Himachal Pradesh, Madhya Pradesh, Maharashtra, Mizoram, Odisha, Punjab, Rajasthan, Uttar Pradesh.
   • Union Territories: Jammu & Kashmir, Ladakh.
2. Ministerial Outreach:
   • 13 Union Ministers will participate in on-ground events across different states, distributing property cards.
   • Key locations include:
     • Rajasthan: Shivraj Singh Chouhan (Jodhpur), JP Nadda (Jaipur), Bhupender Yadav (Alwar).
     • Maharashtra: Piyush Goyal (Ahilya Nagar), MoS Raksha Nikhil Khadse (Nandurbar).
     • Punjab: Manohar Lal Khattar (Bhatinda).
     • Jammu & Kashmir: Jitendra Singh (Kathua).
3. Progress of SVAMITVA Scheme:
   • Total property cards finalized so far: 2.19 crore.
   • 92% drone mapping completed, covering 3.17 lakh villages out of the targeted 3.44 lakh villages.
   • Full targets are expected to be achieved by 2026.

About the SVAMITVA Scheme

1. Objective:
   • Launched in 2020, the scheme aims to create integrated property validation for rural India by providing accurate property records in the Abadi (inhabited) areas of villages.
2. Technology-Driven Approach:
   • Drone mapping technology is used to demarcate land, in collaboration with:
     • Ministry of Panchayati Raj.
     • State Revenue and Panchayati Raj Departments.
     • Survey of India.
3. Outcomes:
   • Creation and updating of record-of-rights in revenue/property registers.
   • Issuance of property cards to rightful owners, offering legal documentation.
4. State Participation:
   • 31 States/UTs have joined the scheme.
   • Pilot phase participants: Sikkim, Telangana, Tamil Nadu.
   • Non-participants: West Bengal, Bihar, Nagaland, Meghalaya.

Government Launches ‘Udaan Yatri Cafe’ to Address Overpriced Airport Refreshments

• In response to growing concerns over high food and beverage prices at airports, the Indian government has introduced the ‘Udaan Yatri Cafe’ initiative.
• The pilot project aims to provide affordable refreshments to air travelers, beginning at Kolkata’s Netaji Subhas Chandra Bose International Airport.
• This initiative was spurred by Rajya Sabha MP Raghav Chadha, who raised the issue of inflated food prices in airports during the winter session of Parliament.

Key Highlights

Launch Details

• Pilot Project Location: Kolkata’s Netaji Subhas Chandra Bose International Airport.
• Offerings: Affordable options including water, tea, coffee, and snacks.
• Expansion Plans: If successful, the initiative will be extended to other Airports Authority of India (AAI)-run airports.

Role of Raghav Chadha

• Parliamentary Advocacy: Raised concerns about overpriced food at airports, with examples of water bottles priced at ₹100 and tea costing ₹200-250.
• Public Support: Chadha’s efforts were widely appreciated, as he championed the cause of ordinary citizens facing financial strain.
• Additional Concerns: He also pointed out overcrowding and mismanagement at airports, likening them to bus stands.

Objective of the Initiative

• Affordable Air Travel: The project aims to ease the financial burden on passengers by offering budget-friendly food and beverage options.
• Improved Passenger Experience: It strives to improve convenience and accessibility, making air travel more affordable amidst rising aviation costs.

CURRENT AFFAIRS : STATE NEWS

Gujarat Lags Behind Less Developed States Like Bihar and Chhattisgarh in Smart Meter Installations

• Gujarat has installed over 19 lakh smart meters, which is about 1% of the 1.64 crore smart meters sanctioned for the state.
• The Smart Metering National Project aims to improve operational efficiencies of state-run electricity distribution companies (DISCOMS).
• Public protests in Gujarat in May 2024 led to the government’s announcement that smart meters would not be forcibly installed.

Key Highlights :

• Performance of Other States:Bihar has installed over 82.5% of the sanctioned smart meters, leading Gujarat in the initiative.
• Assam leads the country with 22.89 lakh smart meter installations, representing 36% of the total sanctioned installations.
• Other states with significant installations include Madhya Pradesh, Chhattisgarh, Andhra Pradesh, Maharashtra, and Uttar Pradesh.
• Revamped Distribution Sector Scheme (RDSS):The RDSS was launched by the Government of India in July 2021 to improve the operational efficiencies and financial sustainability of distribution utilities (DISCOMS).
• Consumer smart metering is a key initiative under this scheme, aiming for accurate billing and better energy management.
• National Smart Meter Installations:As of November 29, 2024, about 72.97 lakh smart meters have been installed across India, which is 3.7% of the total 19.79 crore meters sanctioned.
• States with No Installations:12 states, including Tamil Nadu, Kerala, Jharkhand, and Punjab, have not installed any smart meters as of November 2024.
• Some BJP-ruled states like Rajasthan, Goa, and Manipur have also not started installations.
• Regulations for Smart Meters:According to the Central Electricity Authority (CEA) regulations, all consumers in areas with a communication network must be supplied with smart meters working in pre-payment mode, adhering to Indian Standards.
• Gujarat’s Smart Meter Installations:Gujarat has limited smart meter installations to new electricity connections and solar rooftop projects.
• Uttar Gujarat Vij Company Limited has the highest installations in the state (1.4 lakh), while Paschim Gujarat Vij Company Ltd has the lowest (28,200).
• Future of Smart Meter Installations:In December 2024, Gujarat installed over 40,000 smart meters.
• The government continues to face public opposition, but gradual installations are ongoing, particularly for new connections and specific projects.

CURRENT AFFAIRS: BUSINESS NEWS

Indian Oil Corporation Announces ₹61,000 Crore Naphtha Cracker Project in Odisha

• Indian Oil Corporation Ltd (IOCL) has committed an investment of ₹61,000 crore to establish a naphtha cracker project in Paradip, Odisha.
• This was confirmed during a meeting between Odisha Chief Minister Mohan Charan Majhi and IOCL Chairman AS Sahney in Bhubaneswar.

Key Highlights

1. Major Investments:
   • Paradip Naphtha Cracker Project:
     • Investment: ₹61,000 crore.
     • Expected to be one of India’s largest projects in the sector.
     • Odisha government to hold equity, earning dividends and tax revenue.
   • Bhadrak Yarn Manufacturing Project:
     • Investment: ₹4,352 crore.
     • Foundation stone to be laid during the ‘Utkarsh Odisha Make in Odisha 2025’ summit.
     • Aims to attract garment manufacturers and create local employment.
2. Memorandum of Understanding (MoU):
   • To be signed in January 2025 at the Odisha summit.
   • Reinforces collaboration between IOCL and the state government.
3. Employment and Economic Boost:
   • The naphtha cracker project will bolster Odisha’s industrial landscape and generate employment.
   • Bhadrak yarn project expected to encourage large-scale garment manufacturing.

Progress on Related Projects

• Para-xylene Purified Terephthalic Acid (Px-PTA):
  • Expected operational date: June 2025.
• Floating Solar and Ethanol Projects:
  • Proposed initiatives to enhance sustainability and energy efficiency.

Stock Performance

• Indian Oil Corporation Ltd (IOCL):
  • Trading at: ₹138.96 (as of December 26, 2024, 9:45 AM).
  • Daily change: +₹0.69 or +0.50%.
  • Intraday range: Opened at ₹138.30, reached a high of ₹139.62.

India Emerges as the 6th Largest Solar PV Exporter

• India has achieved a significant milestone, ranking as the sixth largest exporter of solar photovoltaic (PV) products globally, with its share in the global solar PV export market increasing from 0.4% in 2013 to 2.51% in 2023.

Key Highlights

1. Export Growth:
   • Solar PV exports rose from $200.8 million in 2013 to $1.83 billion in 2023—a remarkable eightfold increase.
   • In April-October FY25, India exported:
     • $711.95 million worth of PV cells assembled in modules or made into panels (96% shipped to the US).
     • $25 million worth of photovoltaic cells not assembled in modules (90% shipped to the US).
2. Rising Global Demand:
   • The increase reflects growing international demand and India’s efforts to enhance its solar energy capabilities.
   • The official attributed this growth to policy initiatives and support for renewable energy.
3. Dependence on Imports:
   • Despite export growth, India imported $7 billion worth of solar equipment in FY24, with 62.6% sourced from China.

Ola Electric Expands Network to 4,000 Stores, Launches New Models and Offers

• Ola Electric, India’s leading electric vehicle (EV) manufacturer, has achieved a remarkable milestone by expanding its retail and service network to 4,000 stores
• This move represents a fourfold growth in its presence, positioning Ola as a major player in the Indian EV sector.

Key Highlights of the Expansion

• Nationwide Reach:
  The expansion extends beyond metro cities and Tier 1 & 2 towns, covering smaller towns and tehsils, ensuring broader accessibility to EVs.
• Mission #EndICEAge:
  Ola Electric aims to phase out internal combustion engines (ICE) by promoting the adoption of EVs nationwide.

Celebration Offers and Features

To commemorate this achievement, Ola Electric has announced exciting offers and product launches:

1. Offers Worth ₹25,000 on the S1 portfolio, including:
   • Discounts
   • Credit card benefits
   • Software upgrades via MoveOS 5.
2. MoveOS 5 Features:
   • Group Navigation
   • Live Location Sharing
   • Road Trip Mode
3. Limited Edition Models:
   • Ola S1 Pro Sona: Features 24-karat gold-plated elements, a premium design, and a gold-themed customisable dashboard.

Dezerv Plans to Prioritize Risk Management and Double Assets by FY26

• Wealth management startup Dezerv, catering primarily to affluent first-generation wealth creators such as founders and C-suite executives, has outlined its strategic priorities for 2025, with a strong focus on risk management amidst global market uncertainties.
• The company also aims to scale its Assets Under Management (AUM) from ₹10,000 crore to ₹25,000 crore by late FY26.

Key Strategic Highlights

1. Risk-First Approach for 2025:
   • Co-founder Sandeep Jethwani emphasized the importance of preserving wealth before focusing on growth in light of market uncertainties.
   • Portfolios will incorporate safety buffers to mitigate potential risks.
2. Scaling AUM:
   • Dezerv targets a 2.5x increase in AUM to ₹25,000 crore by FY26, driven by both new client acquisitions and deepening wallet share with existing clients.
3. Wealth Creation for First-Generation Investors:
   • Dezerv’s client base primarily includes first-generation wealth creators, a growing segment among High Net-Worth Individuals (HNIs).
   • The firm plans to boost referrals and expand engagement with this key demographic.

Funding and Growth Milestones

• Founded in 2021, Dezerv was established by former IIFL Wealth Management colleagues Sandeep Jethwani, Sahil Contractor, and Vaibhav Porwal.
• Funding milestones include:
  • A $7 million seed round from Elevation Capital, Z47, and Blume Ventures.
  • Two subsequent rounds, raising total funding to $60 million, with Accel and Premji Invest as notable backers.

Industry Trends and Opportunities

1. Growth in Wealth-Tech Investments:
   • In 2024, investor interest in wealth-tech startups surged, evidenced by:
     • Centricity’s $20 million seed round in September.
     • Univest’s $10 million Series A earlier this week.
2. Underperformance in Traditional Portfolios:
   • Dezerv’s analysis of mutual fund portfolios above ₹40 lakh reveals:
     • 64% of investors fail to beat benchmark indices.
     • 4 in 10 investments lead to underperformance.
3. Market Opportunity:
   • With the increasing HNI population and rising dissatisfaction with traditional portfolio performance, wealth-tech platforms like Dezerv are poised for significant growth.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and France Collaborate on Yuga Yugeen Bharat National Museum

• The Ministry of Culture, in partnership with France Museums Développement (FMD), has initiated an ambitious project to develop the Yuga Yugeen Bharat National Museum, envisioned as a global cultural landmark.
• This state-of-the-art museum will span 1,55,000 square meters across the North and South Blocks in New Delhi, marking a key milestone in India’s Central Vista Redevelopment Project.

Key Highlights of the Yuga Yugeen Bharat National Museum

Vision and Scale

• World’s Largest Museum:
  Set to surpass the Louvre in size and significance, the museum aims to celebrate India’s civilizational history, blending architectural preservation with innovative design.
• Prime Minister’s Vision:
  Announced by PM Narendra Modi during the International Museum Expo (May 2023) and reiterated at the Bharat Mandapam inauguration (July 2023), the museum is part of India’s larger commitment to cultural heritage preservation.

Global Collaboration and Expertise

• France’s Role:
  Drawing inspiration from France’s renowned “Grands Projets”, including the Louvre and Hôtel de la Marine, the museum will adopt an adaptive reuse model to transform the historic North and South Blocks into vibrant cultural hubs.
• Phased Implementation:
  • North Block Transformation: Scheduled for completion by June 2026.
  • Relocation of Ministries: Ministries such as finance and home affairs will move to the Common Central Secretariat by March 2025, facilitating retrofitting.

Strengthening Indo-French Ties

• Historical Collaboration:
  This initiative builds on the 2020 Letter of Intent on Museum Cooperation and was further solidified during PM Modi’s 2023 visit to Paris.
• Diplomatic Impact:
  External Affairs Minister S. Jaishankar emphasized the project as a testament to Indo-French relations, highlighting shared values and a commitment to democratic global governance.

CURRENT AFFAIRS: RANKING AND INDEX

India Climbs to 49th in 2024 Network Readiness Index

• India has achieved a significant milestone in the 2024 Network Readiness Index (NRI), advancing 11 places from 60th in 2023 to 49th.
• With a score of 53.63, up from 49.93 the previous year, this leap underscores the nation’s commitment to enhancing its digital infrastructure and technology adoption.
• The Portulans Institute, which publishes the NRI, evaluates how nations leverage technology for governance, citizen engagement, and innovation.

Highlights of India’s Advancement in NRI

Ranking and Score Growth

• Improved Ranking: Jumped from 60th (2023) to 49th (2024).
• Enhanced Score: Increased to 53.63 from 49.93, reflecting substantial growth in technology readiness.

Key Drivers of Progress

1. Artificial Intelligence (AI):
   • Leveraging AI for research advancements and improving the quality of life for citizens.
   • Enhanced applications in sectors such as healthcare, education, and governance.
2. Mobile Networks and Broadband:
   • Focused expansion of high-speed mobile networks and broadband connectivity.
   • Key initiatives like Digital India have been pivotal in extending technology access to rural and urban regions alike.
3. Government-Led Digital Transformation:
   • Increased investment in R&D and support for technological innovation.
   • Policies aimed at startups, AI ecosystems, and cybersecurity have bolstered India’s readiness.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Amitava Chatterjee Appointed as Managing Director & Chief Executive Officer of Jammu and Kashmir Bank

• Amitava Chatterjee has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Jammu and Kashmir (J&K) Bank for a period of three years, effective from December 30, 2024.
• Chatterjee will succeed Baldev Prakash, whose term ends on December 29, 2024.
• Prior to this appointment, Amitava Chatterjee was serving as the Deputy Managing Director (DMD) at State Bank of India (SBI).
• He has also held the position of MD & CEO of SBICAPS (State Bank of India Capital Markets).

About Jammu and Kashmir (J&K) Bank :

• Founded : 1 October 1938
• Headquarters : Srinagar, Jammu and Kashmir, India

Arunish Chawla Appointed as New Revenue Secretary, Succeeding Sanjay Malhotra       

• Arunish Chawla, a 1992-batch IAS officer from the Bihar cadre, has been appointed as the new Revenue Secretary, succeeding Sanjay Malhotra.
• Chawla is scheduled to superannuate in July 2028.
• His previous roles include serving as Pharmaceutical Secretary and Joint Secretary in the Expenditure Department.

Immediate Tasks for Arunish Chawla:

• Finalizing Revenue Numbers for Union Budget: Chawla’s immediate task is to finalize revenue numbers for the Union Budget 2025, scheduled for presentation on February 1, 2024.
• Review of Income-tax Act: Chawla will oversee the comprehensive review of the Income-tax Act, announced in July 2024, with a new framework expected in the next Budget.
• Ex-Officio Secretary to the GST Council: Chawla will also serve as the ex-officio Secretary to the GST Council.

Other Bureaucratic Changes:

• Amit Agrawal will replace Chawla as Pharmaceutical Secretary. Agrawal is a 1993-batch IAS officer and currently CEO of the Unique Identification Authority of India (UIDAI).
• Neelam Shami Rao, a 1992-batch IAS officer from Madhya Pradesh, is appointed as the new Textiles Secretary.
• Rachna Shah (1991-batch Kerala cadre IAS) will serve as Secretary in the Department of Personnel and Training, replacing Neelam Shami Rao.
• Sanjay Sethi (1992-batch Maharashtra cadre IAS) will take over the role of Secretary in the National Minorities Commission.
• Vineet Joshi (1992-batch Manipur cadre IAS) will be the new Higher Education Secretary.
• Neeraj Shekhar, a 1993-batch Haryana cadre IAS officer, has been appointed as Director General in the National Productivity Council with the rank and pay of Secretary.

N.Srinivasan Steps Down as Chief Executive Officer and Managing Director of India Cements After Competition Commission of India Approves UltraTech’s Acquisition

• UltraTech Cement has completed the acquisition of 32.72% stake in India Cements for ₹7,000 crore, increasing its total shareholding in the company to 55.49%.
• This makes UltraTech the majority shareholder in India Cements.
• Following the acquisition, India Cements’ CEO N Srinivasan, his daughter Rupa Gurunath, wife Chitra Srinivasan, and other board members, including independent directors, have tendered their resignations.
• India Cements’ CFO R Srinivasan is set to retire on January 1, 2025.
• The Competition Commission of India (CCI) approved UltraTech Cement’s acquisition of nearly 10.13 crore equity shares (32.72% stake) in India Cements on December 20, 2024.
• As of Nov 2024, India Cements holds 8% of the domestic cement market. The major players in the industry include UltraTech Cement (21%), Ambuja Cement (13%), and Dalmia Bharat (8%).
• After the resignations, the board of India Cements appointed 4 new directors — KC Jhanwar, Vivek Agrawal, ER Raj Narayanan, and Ashok Ramachandran, along with independent directors Alka Bharucha, Vikas Balia, and Sukanya Kripalu.

About India Cements Limited :

• Founded : 1946
• Headquarters : Chennai, Tamil Nadu, India

CURRENT AFFAIRS : DEFENCE NEWS

Defence Secretary Rajesh Kumar Singh Unveils Rashtraparv Website and Mobile App on Good Governance Day

• Defence Secretary Shri Rajesh Kumar Singh launched the Rashtraparv Website and Mobile App on December 25, 2024, which coincided with Good Governance Day.
• Good Governance Day commemorates the birth anniversary of former Prime Minister Shri Atal Bihari Vajpayee.
• Purpose of the Website and Mobile App:The platform provides information related to national events such as Republic Day, Beating Retreat Ceremony, and Independence Day.
• Features include live streaming, ticket purchasing, seating arrangements, and event route maps.

Key Highlights :

• Tableau Management System:The website includes a Tableau Management Portal to assist States/UTs, ministries, and departments in designing and finalizing tableaux for the Republic Day event.
• It also manages tableaux proposals and stores historical data related to national events.
• Development and Consultative Process:The website and app were developed by the Ministry of Defence after consultations with various states and viewers.
• Suggestions included creating a portal for managing tableaux designs and providing event-related information.
• Accessibility:The website can be accessed at https://rashtraparv.mod.gov.in.
• The Mobile App is available for download via the Government App Store (M-Seva).
• Significance:The initiative aims to promote openness, transparency, and citizen-centric governance.
• It serves as a tribute to Shri Atal Bihari Vajpayee on Good Governance Day.

About Ministry of Defence :

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

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Space Research Organisation Starts Assembling Human Rated Launch Vehicle Mark-3 for Gaganyaan’s First Uncrewed Mission

• Indian Space Research Organisation (ISRO) began assembling the Human Rated Launch Vehicle Mark-3 (HLVM3) for the Gaganyaan mission’s maiden uncrewed flight on December 18, 2024 at the Satish Dhawan Space Centre (SDSC), Sriharikota, Andhra Pradesh.

Key Highlights :

• HLVM3 Specifications:The HLVM3 is a three-stage vehicle with a payload capacity of about 10 tonnes to Low Earth Orbit (LEO).
• It is 53 meters tall and weighs 640 tonnes.
• The Crew Module is designed with enhanced safety margins and multiple redundancies for the safety of the crew.
• Human Rating and Safety Systems:The human-rating of LVM3 has been completed with enhanced reliability after ground tests and flight tests to ensure the system’s performance meets human safety requirements.
• The Crew Escape System (CES) has been added for crew safety during all ascent phases up to orbital injection.
• Gaganyaan Project Overview:The Gaganyaan mission aims to demonstrate India’s human spaceflight capability, with a crew of three members being launched to an orbit of 400 km for a three-day mission.
• Uncrewed missions are scheduled for 2024-25, followed by the first crewed mission from 2025-27.
• Data from uncrewed flights will be crucial for the success of the manned missions.
• Launch Campaign and Testing:The official launch campaign for the HLVM3-G1/OM-1 mission commenced on December 18, 2024, with the stacking of the nozzle end segment of the S200 motor.
• The preparation of S200 motors will involve assembling segments, control systems, and avionics.
• Stage and Module Integration:The L110 and C32 stages for the HLVM3 are ready at the launch complex.
• Crew escape systems have been received at SDSC.
• The Crew Module integration is happening at the Vikram Sarabhai Space Centre (VSSC), and the Service Module integration is taking place at the URSC, Bengaluru.
• The Orbital Module (OM) level integration and tests will occur at URSC, Bengaluru.
• 10th Anniversary of LVM3-X/CARE Mission:The assembly of HLVM3 coincides with the 10th anniversary of the LVM3-X/CARE mission, which occurred on December 18, 2014.
• Significance for Future Missions:The Gaganyaan programme is a key part of ISRO’s long-term vision, contributing to future space missions, including the Bharatiya Antariksh Station (BAS), India’s proposed space station.
• The Crew Module from the LVM3-X mission was a precursor to the current Gaganyaan efforts, with a 3775 kg Crew Module launched to suborbital altitude for re-entry testing.

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath

CURRENT AFFAIRS : OBITUARIES

M.T. Vasudevan Nair, Modern Kerala’s Beloved Storyteller, Passed Away

• M.T. Vasudevan Nair, one of India’s greatest writers of all time, died in Kozhikode at the age of 91.

About M.T. Vasudevan Nair :

• Born on July 15, 1933, in Kudallur, near Ponnani, Kerala.
• He was a prolific and versatile writer in modern Malayalam literature and one of the masters of post-Independence Indian literature.
• His novels include Randamoozham (widely considered his masterpiece, retelling the Mahabharata from Bhima’s perspective), Naalukettu (The Legacy), Asuravithu (The Demon Seed), Manju (Mist), and Kaalam (Time).
• His works primarily focus on Malayali family structure and culture, with a strong emphasis on traditional tharavads (ancestral homes).
• His first major novel, Naalukettu, won the Kerala Sahitya Akademi Award in 1958.
• He was also a journalist and served as the editor of Mathrubhumi Magazine.
• His last major work for screen was the Manorathangal anthology (2024), adapted from his short stories and released on OTT.

Awards and Recognition:

• Jnanpith Award in 1995, India’s highest literary honor.
• Padma Bhushan in 2005, India’s third-highest civilian award.
• National Film Award for Best Screenplay four times for his work on films: Oru Vadakkan Veeragatha (1989), Kadavu (1991), Sadayam (1992), and Parinayam (1994)
• Won the Best Short Story Prize in the World Short Story Competition conducted by The New York Herald Tribune at the age of 20.
• His short story Asuravithu was praised as the best novel in Malayalam by critics like M. Leelavathi.

Daily CA One- Liner: December 27

• The Directorate General of Civil Aviation (DGCA) has imposed a ₹10 lakh fine on Akasa Air for failing to provide mandatory compensation to seven passengers denied boarding a Bengaluru-Pune flight on September 6, 2024
• The National Financial Reporting Authority (NFRA) has taken strict action against Deloitte Haskins & Sells and two chartered accountants for serious lapses in the audit of Zee Entertainment Enterprises Ltd (ZEEL) for FY2018-19 and FY2019-20.
• Prime Minister Narendra Modi will issue over 5.8 million property cards under the SVAMITVA Scheme during a virtual event.
• In response to growing concerns over high food and beverage prices at airports, the Indian government has introduced the ‘Udaan Yatri Cafe’ initiative
• Indian Oil Corporation Ltd (IOCL) has committed an investment of ₹61,000 crore to establish a naphtha cracker project in Paradip, Odisha.
• India has achieved a significant milestone, ranking as the sixth largest exporter of solar photovoltaic (PV) products globally, with its share in the global solar PV export market increasing from 0.4% in 2013 to 2.51% in 2023.
• Ola Electric, India’s leading electric vehicle (EV) manufacturer, has achieved a remarkable milestone by expanding its retail and service network to 4,000 stores
• Wealth management startup Dezerv, catering primarily to affluent first-generation wealth creators such as founders and C-suite executives, has outlined its strategic priorities for 2025, with a strong focus on risk management amidst global market uncertainties.
• The Ministry of Culture, in partnership with France Museums Développement (FMD), has initiated an ambitious project to develop the Yuga Yugeen Bharat National Museum, envisioned as a global cultural landmark.
• India has achieved a significant milestone in the 2024 Network Readiness Index (NRI), advancing 11 places from 60th in 2023 to 49th.
• In October 2024, the Reserve Bank of India (RBI) net sold $9.2 billion, marking the highest monthly sale in over two years (since September 2022, when $10.3 billion was sold).
• In October 2024, outward remittances under the RBI’s LRS rose by 10.6% YoY, amounting to $2.4 billion, up from $2.17 billion in October 2023.
• Net Foreign Direct Investment (FDI) into India slowed significantly, dropping to $2.1 billion in April-October 2024, down from $7.7 billion during the same period in 2023.
• Overseas Indians deposited around $12 billion in NRI deposit schemes during the period April-October FY25, almost double the amount deposited during the same period in the previous year ($6.11 billion).
• Punjab & Sind Bank raised ₹3,000 crore through its maiden infrastructure bond issuance.
• Non-banking finance companies (NBFCs) in the digital lending space have requested the Reserve Bank of India (RBI) to allow them to offer pre-approved credit on the UPI platform.
• Gujarat has installed over 19 lakh smart meters, which is about 1% of the 1.64 crore smart meters sanctioned for the state.
• Amitava Chatterjee has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Jammu and Kashmir (J&K) Bank for a period of three years, effective from December 30, 2024.
• Arunish Chawla, a 1992-batch IAS officer from the Bihar cadre, has been appointed as the new Revenue Secretary, succeeding Sanjay Malhotra.
• UltraTech Cement has completed the acquisition of 32.72% stake in India Cements for ₹7,000 crore, increasing its total shareholding in the company to 55.49%.
• Defence Secretary Shri Rajesh Kumar Singh launched the Rashtraparv Website and Mobile App on December 25, 2024, which coincided with Good Governance Day.
• Indian Space Research Organisation (ISRO) began assembling the Human Rated Launch Vehicle Mark-3 (HLVM3) for the Gaganyaan mission’s maiden uncrewed flight on December 18, 2024 at the Satish Dhawan Space Centre (SDSC), Sriharikota, Andhra Pradesh.
• M.T. Vasudevan Nair, one of India’s greatest writers of all time, died in Kozhikode at the age of 91.