Daily Current Affairs November 29th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Public Sector Banks to raise ₹25,000 crore through equity market  

• Public Sector Banks (PSBs) have received approval from the finance ministry to raise ₹25,200 crore in FY25 from the equity markets.
• Purpose of Fundraising: The funds raised will help PSBs in their growth and to meet the regulatory requirement of 25% minimum public shareholding (MPS).

Key Highlights :

• Amount Raised So Far: As of FY25, PSBs have already raised ₹8,500 crore through Qualified Institutional Placement (QIP).
• Punjab National Bank (PNB): PNB has raised ₹5,000 crore by diluting 3.15% of the government stake.
• Bank of Maharashtra (BoM): BoM has raised ₹3,500 crore in the current financial year.
• Offer for Sale (OFS): No PSB has raised funds through the Offer for Sale (OFS) route in FY25 so far.
• Salary and Wage Expenses: The total salary and wage expenses of listed companies rose to ₹3.96 trillion in Q2FY25, an increase from ₹3.68 trillion in Q2FY24 and ₹3.88 trillion in Q1FY25.

About Ministry of Finance :

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

Bank of India, Bank of Baroda raise Rs 8,500 crore through bond issuance due to high demand  

• Bank of India (BoI) raised Rs 5,000 crore through a 10-year infrastructure bond issuance at a 7.41% coupon rate.
• Bank of Baroda (BoB) raised Rs 3,500 crore through the issuance of Basel III-compliant Tier-2 bonds, also at a 7.41% coupon rate.
• The bonds had a base size of Rs 1,000 crore and a green shoe option of Rs 2,500 crore.
• The issuance was oversubscribed, with bids totalling Rs 9,500 crore, nearly three times the issue size.
• Both bond issues were rated AAA/stable by CRISIL and India Ratings, with BoB’s Tier-2 bonds having a 15-year tenure and a 10-year call option.
• The Bank of India infrastructure bonds also saw strong demand, with bids of around Rs 13,700 crore, which was 2.7 times the targeted amount.
• The infrastructure bond had a base size of Rs 2,000 crore and a green shoe option of Rs 3,000 crore.
• Commercial Banks’ Infrastructure Bond Issuances in FY25 are projected to exceed Rs 1 trillion, almost double the amount raised in FY24. As of FY25, banks have raised approximately Rs 80,000 crore through such bonds, compared to Rs 51,081 crore in FY24.
• Advantages of Infrastructure Bonds for banks include exemption from regulatory reserve requirements like Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR).
• State Bank of India (SBI) has raised Rs 50,000 crore from the domestic debt capital market in FY25 so far, with Rs 30,000 crore raised via infrastructure bonds, Rs 15,000 crore through Tier-2 bonds, and Rs 5,000 crore through Tier-1 bonds.

About Bank of India (BoI) :

• Founded : 7 September 1906
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rajneesh Karnatak

About Bank of Baroda (BoB) :

• Founded : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand

India’s Fiscal Deficit Estimated at 4.75% of GDP in FY25; Government Capex May Fall by ₹62,000 Crore: Ind-Ra  

• The government’s fiscal deficit in FY25 is expected to be 4.75% of GDP, which is 0.19% lower than the budget estimate.
• The government plans to control revenue expenditure, excluding subsidies, which will be 0.12% lower than the budget estimate.

Key Highlights :

• Capital Expenditure (Capex): The government’s capital expenditure is projected to be ₹62,000 crore lower than the budgeted amount of ₹11.11 lakh crore, though still 10.6% higher than the previous year.
• Impact of Elections: The dip in capex growth is attributed to the general elections in May 2024, with a 15.42% year-on-year reduction in the first half of FY25.
• To meet the budget target, the second half must see a 52.04% growth in capex.
• Capex to GDP: The capital expenditure-to-GDP ratio in FY25 is expected to be 3.21%, the highest in two decades.
• Subsidies Slippage: The subsidies front will experience a slippage of 0.10% of GDP due to higher outgoes on food, fertiliser, and petroleum subsidies, contributing to a 54.55% higher overall spending in the first half of FY25.
• Ministry-wise Capex: The railways and the Ministry of Road Transport and Highways are expected to exceed their capex allocations for FY25.
• Revenue Expenditure Control: Excluding subsidies, actual spending by 43 ministries in the first half of FY25 was less than 40% of their total allocation.
• Tax Revenue: Gross tax revenue is expected to be 12.02% of GDP, and net tax revenue is estimated at 8.08% of GDP, the highest in 17 years.
• Income tax and corporate tax are expected to contribute the majority of the increase in gross tax revenue.
• Non-Tax Revenue and Disinvestment: Non-tax revenue and disinvestment receipts are expected to fall short of the budgeted targets of ₹5.46 lakh crore and ₹78,000 crore, respectively.

State Bank of India raises Rs 50,000 crore through bond issuance in FY25 so far   

• State Bank of India (SBI) has raised a total of Rs 50,000 crore in the current financial year through various bond issuances.
• In the latest move, SBI raised Rs 10,000 crore from infrastructure bonds, bringing its total fundraising in FY25 to Rs 50,000 crore.

Key Highlights :

Breakdown of Issuances:

• Rs 5,000 crore raised via AT1 Bonds (perpetual bonds).
• Rs 15,000 crore raised through Tier 2 Bonds.
• Rs 30,000 crore raised via Long Term Bonds.
• Investor Response: All bond issues were oversubscribed by more than 2 times, showcasing high investor demand and confidence in SBI.
• Bond Tenure: The bonds issued have a 15-year tenor, except for the AT1 Bonds, which are perpetual.
• Investor Participation: The bond issues attracted a wide range of investors, including provident funds, pension funds, insurance companies, mutual funds, and banks.
• Previous Fundraising: Prior to this, SBI also raised funds through Additional Tier 1 (AT1) Bonds in the previous month.

About SBI :

• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Challa Sreenivasulu Setty

Axis Bank’s Asset Book at GIFT City IFSC Unit Doubles to $4 Billion Since 2019   

• Axis Bank announced that the asset book of its IFSC Banking Unit (IBU) at Gujarat International Finance Tec-City (GIFT City) has doubled from $2 billion in 2019 to $4 billion.
• The bank also has $1 billion in deposits, making it one of the highest deposits at GIFT City.

Key Highlights :

• Expansion of IBU Facility: Axis Bank unveiled a new office at GIFT City, spanning nearly 8,000 square feet, almost three times the size of the previous facility.
• Role of GIFT City in Axis Bank’s Strategy: Since 2019, Axis Bank has consolidated its international business at GIFT City, making it the first port of call for new transactions and transferring existing corporate books from other foreign centres.
• The IBU branch has become the centre of all bank overseas activity.
• Growth in Workforce and Capabilities : Axis Bank’s team at the IBU has grown from 6 members in 2019 to 35 members, with the new office capable of accommodating 65 people.
• The bank has built up capabilities in key segments such as corporate banking, trade finance, and capital market operations.
• Standalone Treasury at GIFT City : Axis Bank is one of the few banks with a standalone treasury at GIFT City from the outset.
• Future Growth at GIFT City : Axis Bank’s future growth at GIFT City will depend on the funding requirements of corporate India, particularly the foreign currency requirements for corporates over the next year.
• Significance of GIFT City : GIFT City is India’s first International Financial Services Centre (IFSC), designed to provide world-class banking services locally and reduce India’s reliance on offshore financial hubs.

About Axis Bank :

• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi

HDFC Bank introduces savings account targeting rural and semi-urban customers  

• HDFC Bank introduced the Pragati Savings Account to cater to the banking needs of rural and semi-urban populations across India.
• The account is aimed at farmers, including those involved in traditional farming, cattle breeding, fisheries, poultry, and dairy farming, as well as self-employed individuals, rural residents, self-help groups, and cooperatives.

Key Highlights :

• Bank’s Reach: HDFC Bank’s network of over 4,600 branches in rural and semi-urban areas is used to provide access to this product, covering nearly two-thirds of India’s population.
• Partnership with BigHaat: HDFC Bank partnered with BigHaat to empower over 17 million farmers with discounts on farming tools, seeds, and fertilizers, and offer competitive pricing and better-quality products.
• Curated Propositions:Discounted asset financing for two-wheeler loans, tractor loans, gold loans, and Kisan Gold Card (KGC) products.
• Cattle insurance in collaboration with HDFC Ergo General Insurance Company.
• Vishesh Offering for HNIs: High-net-worth individuals (HNIs) in rural and semi-urban regions will have access to Vishesh, a specialized offering designed to meet the needs of agriculturists.

About HDFC Bank :

• Founded : August 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan

Asian Development Bank commends India for reducing fossil fuel subsidies to promote green energy  

• The Asian Development Bank (ADB) praised India for adopting policies that reduce fossil fuel subsidies and create fiscal space for renewable energy initiatives and electric vehicles.
• India has implemented a “remove, target, and shift” approach to reduce subsidies on petroleum products, effectively lowering fiscal subsidies in the oil and gas sector by 85% since 2010.

Key Highlights :

• Impact on Subsidies: The subsidies in the oil and gas sector dropped from $25 billion in 2013 to $3.5 billion in 2023, highlighting the success of India’s approach.
• Cess on Coal: India introduced a cess on coal production and imports from 2010 to 2017, with approximately 30% of the cess collections directed to a national clean energy and environment fund for renewable energy projects and research.
• Funding Renewable Energy: The cess on coal production has played a key role in funding renewable energy projects and strengthening electricity infrastructure.
• Fiscal Space for Green Energy: The reduction in fossil fuel subsidies and the cess on coal have allowed the government to allocate more funds for supporting renewable energy, electric vehicles, and electricity infrastructure.
• Asia–Pacific Climate Report: The ADB’s report, focusing on climate change, highlights India’s policy reforms as a model for other Asia-Pacific regions aiming to combat climate change.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa

CURRENT AFFAIRS: NATIONAL NEWS

Government of India Launches ‘Bal Vivah Mukt Bharat’ Campaign

• The Government of India has initiated the ‘Bal Vivah Mukt Bharat’ campaign to eradicate child marriage, one of the most pressing social evils in the country.
• The campaign is complemented by the launch of the Child Marriage Free Bharat portal to support its objectives.

Launch Details

• Inaugurated By: Union Minister for Women and Child Development, Smt. Annpurna Devi.
• Date: November 27, 2024.
• Location: New Delhi.

The campaign is overseen by the Union Ministry of Women and Child Development and will run until child marriage is eradicated from India.

Key Components of the Campaign

1. Child Marriage Free Bharat Portal:
   • Focuses on raising awareness, preventing child marriages, and reporting incidents.
2. Target Districts:
   • Focused on 130 high-prevalence districts.
   • Engages central and state departments, Child Marriage Prohibition Officers, civil society, and the media.

Focus Areas

• Public Awareness: Mobilizing society to recognize and address the issue of child marriage.
• Prevention: Empowering communities to stop child marriages before they occur.
• Reporting Mechanisms: Simplifying ways for the public to report child marriages.

Current Status of Child Marriage in India

• Prohibition Laws:
  • The Prohibition of Child Marriage Act 2006 replaced the Child Marriage Restraint Act 1929.
  • Defines child marriage as:
    • Groom: Below 21 years.
    • Bride: Below 18 years.
• Statistics:
  • Decline:
    • Child marriage declined from 47% (2005-06) to 27% (2015-16).
    • 1 in 5 girls still marries before age 18.
  • Prevalence Among Groups:
    • Higher prevalence among Scheduled Castes (SC) and Scheduled Tribes (ST) (26%).
  • High-Prevalence States:
    • West Bengal, Bihar, Tripura, Jharkhand, Assam, Andhra Pradesh, Rajasthan, and Telangana.

Dwarka to Unveil India’s Longest Golf Course on December 18

• The Dwarka region of Delhi is set to host India’s longest golf course, a 7,377-yard, 18-hole facility sprawling across 159 acres.
• In addition, the golf course will include a nine-hole course designed for short games.

Key Features of the Golf Course

1. Total Area: 159 acres.
2. Main Course: 18 holes, spanning 7,377 yards.
3. Short Course: A separate nine-hole facility.
4. Membership Capacity: Initially 2,000 members, with applications opening this week.

Membership Options

• General Membership: Open to individual players.
• Special Memberships: Targeting diplomatic communities and corporate groups, reflecting Dwarka’s locational appeal.

Development Status

• Progress Review: Lieutenant Governor Vinai Kumar Saxena inspected the facility on Tuesday, evaluating its readiness for the December 18 inauguration.
• The facility aims to position Dwarka as a premium destination for recreational and professional golf.

e-Daakhil Portal Now Accessible Nationwide for Consumer Grievances

• The e-Daakhil portal, an innovative platform designed to provide a speedy, inexpensive, and hassle-free mechanism for filing consumer complaints, is now operational across all states and union territories, including Ladakh.

Highlights of the e-Daakhil Portal

1. Launch Date: September 7, 2020.
2. Accessibility: Nationwide, with Ladakh being the most recent addition.
3. Objective: To streamline the consumer grievance redressal process, eliminating the need for physical presence at consumer forums.

Key Features

• User-Friendly Access:
  • Registration through OTP authentication on a mobile phone or via an activation link sent to email.
  • Enables filing complaints online, paying fees, and tracking case progress.
• Efficiency Statistics (as of now):
  • Registered Users: 2,81,024.
  • Cases Filed: 1,98,725.
  • Cases Resolved: 38,453.
• Nationwide Reach: Revolutionizes consumer rights protection by providing a digital-first solution.

• Purpose: To further enhance case filing, tracking, and management for a seamless consumer experience.
• Focuses on streamlining operations for both consumers and stakeholders.

IIT Madras and Thales Announce Top Teams in Carbon Zero Challenge 4.0

• The Indian Institute of Technology Madras (IIT Madras), in collaboration with Thales, revealed the top six teams in the Carbon Zero Challenge (CZC) 4.0, a nationwide contest promoting eco-innovation.
• This initiative is part of Thales’ CSR and solidarity efforts, aimed at fostering sustainable and impactful technology.

Highlights of CZC 4.0

1. Seed Funding and Recognition:
   • The top six teams receive startup seed funding of up to ₹10 lakh each.
   • A special mention was awarded to YoTuh Energy for their electrified refrigeration technology for cold logistics vehicles.
2. Participation and Scope:
   • Over 2,000 participants from 775 universities and 430 startups across India participated.
   • 25 finalists from an initial pool of 500 teams showcased sustainable prototypes during a six-month journey of development.
3. Focus Areas:
   • Prototypes were developed across sectors such as energy, materials, agriculture, air, and water.
   • Mentorship provided by Sustainability Mafia, a non-profit network of sustainability entrepreneurs.

Top Six Teams and Innovations

1. Gudlyf Mobility Pvt Ltd – H2ARWASTE:
   • Developing hydrogen storage cylinders using agricultural waste.
2. EESAN – CBG for Sustainability:
   • Enabling clean bio-methane for homes and small businesses.
3. Electropulse Innovations – Wastewater Treatment:
   • Utilizing high-voltage pulse generators for efficient wastewater management.
4. Thaal Chemy Innovations Pvt Ltd – Sustainable Packaging:
   • Producing nano-cellulose from agricultural residues for eco-friendly packaging.
5. ReWinT – End-of-Life Turbine Blades:
   • Recycling wind turbine blades with eco-friendly chemical and thermal processes.
6. Chrissron Biomass Solutions – Plant-Based Resin:
   • Manufacturing sustainable resin from plant waste.

Special Mention:

• YoTuh Energy: Recognized for their electrified refrigeration technology, achieving rapid traction in investment and commercialisation.

Significance of Carbon Zero Challenge

The CZC initiative represents a collaborative effort to:

• Support deep-tech innovations addressing climate change and pollution.
• Promote carbon-neutral technologies for a sustainable future.
• Enable academic research translation into commercial ventures.

Since its inception, CZC has been instrumental in shaping 30+ startups and continues to foster a culture of sustainable entrepreneurship in India.

About Thales and Its Commitment

• Global Leader: Operating in 68 countries, Thales specializes in Defence, Aerospace, Cybersecurity, and Digital Identity.
• Focus on Sustainability: Invests €4 billion annually in R&D for eco-friendly technologies like AI, 6G, and quantum innovations.
• Presence in India: Since 1953, Thales has contributed to India’s growth with 2,200+ employees, focusing on both civil and defence markets.

Amara Raja Infra Completes India’s First Green Hydrogen Fuelling Station in Ladakh

• Amara Raja Infra, a key part of the $2 billion Amara Raja Group, has achieved a significant milestone by setting up India’s first green hydrogen fuelling station in Leh, Ladakh, for NTPC Ltd.
• This pioneering project supports India’s transition to green mobility and the goals of the National Hydrogen Energy Mission.

Key Features of the Hydrogen Fuelling Station

• Location and Altitude:
  • The station is situated in Leh, Ladakh, at a challenging altitude of 3,400 meters.
  • Union Power Minister Manohar Lal inaugurated it.
• Production Capacity:
  • Capable of producing 80 kg of green hydrogen daily.
• Technology and Operations:
  • Covers all aspects: designing, engineering, supply, construction, erection, testing, commissioning, and three years of operations and maintenance.

Overcoming Challenges in Extreme Conditions

• Harsh Environment:
  • Built under severe weather conditions, with temperatures ranging from -25°C to 30°C.
• Timely Completion:
  • Despite environmental hurdles, the project was completed within two years, demonstrating Amara Raja Infra’s expertise in executing complex infrastructure projects.

Impact on Green Mobility and Future Prospects

1. Emissions-Free Transport:
   • The station will support five hydrogen fuel cell buses in the Leh region, ensuring zero-emission transportation.
2. Boost to National Hydrogen Infrastructure:
   • Serves as a model project for expanding hydrogen fuelling stations across India.
   • Paves the way for green hydrogen storage and mobility projects nationwide.
3. Alignment with National Goals:
   • Complements India’s National Hydrogen Energy Mission, which aims to make the country a global hub for hydrogen production and technology.

Ministry of Mines Pavilion Wins Gold at IITF 2024 for Excellence in Display

• At the India International Trade Fair (IITF) 2024, the Ministry of Mines Pavilion secured the First Position (Gold) award for its outstanding display, competing against 49 ministries and attracting over 80,000 visitors.
• The pavilion emphasised the Ministry’s commitment to realizing Prime Minister Narendra Modi’s vision of a Viksit Bharat by 2047, focusing on innovation, heritage, and sustainability.

Key Highlights of the Pavilion

1. Geological Heritage:
   • The pavilion featured rare dinosaur fossils and eggs, offering visitors a fascinating look into India’s rich prehistoric past.
2. Contribution to Ram Mandir:
   • Hindustan Copper Limited (HCL), a CPSE under the Ministry of Mines, played a pivotal role in constructing the Ram Mandir by supplying 70,000 copper strips and 775 copper wire rods, each 99.99% pure.
   • The National Institute of Rock Mechanics (NIRM) also certified the stones used for the Ram Lala statue and the temple structure.
3. Sustainability Initiatives:
   • The Jawaharlal Nehru Aluminium Research Development and Design Centre (JNARDDC) introduced innovative bottle and can recycling machines that rewarded users with vouchers, combining sustainability with an engaging, interactive experience.
4. Women Empowerment:
   • Self-Help Groups (SHGs), supported by the District Mineral Foundation (DMF), achieved over ₹10 lakh in sales within just 14 days, demonstrating the impact of grassroots economic development.

CPSE Contributions by the Ministry of Mines

1. NALCO (National Aluminium Company Limited):
   • Showcased its role in advancing India’s self-reliance in the mining sector, reinforcing the Aatmanirbhar Bharat vision.
2. MECL (Mineral Exploration Corporation Limited):
   • Presented cutting-edge mineral exploration technologies, underscoring the importance of innovation to unlock India’s mineral potential.
3. HCL (Hindustan Copper Limited):
   • Highlighted its contributions to landmark mining projects, including its role in Ram Mandir construction.

Visitor Engagement and VR Experience Zone

• A Virtual Reality (VR) experience zone captivated visitors of all ages, offering an immersive, game-like experience of underground mining operations. This interactive technology proved highly popular, drawing long queues daily and providing both education and entertainment.

Inauguration and Minister Visits

• On 14th November 2024, the pavilion was inaugurated by Shri G. Kishan Reddy, Union Minister of Coal and Mines, in the presence of senior officials, including Shri V.L. Kantha Rao (Secretary, Ministry of Mines) and Shri Vikram Dev Dutt (Secretary, Ministry of Coal).
• On 25th November 2024, Shri Satish Chandra Dubey, Union Minister of State for Coal and Mines, visited the pavilion, lauding the Ministry’s initiatives and the collaboration between CPSEs and private stakeholders in promoting innovation, sustainability, and empowerment within the mining sector.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Priyanka Gandhi Vadra Sworn in as Lok Sabha MP After Wayanad Bypoll Win  

• Priyanka Gandhi Vadra took oath as a Lok Sabha Member of Parliament (MP) on November 28, 2024, following her victory in the Wayanad Lok Sabha bypoll.
• She defeated Sathyan Mokeri of the CPI(M)-led LDF by a margin of over four lakh votes, surpassing her brother Rahul Gandhi’s previous tally in the constituency.
• The Wayanad bypoll was necessitated due to the disqualification of Rahul Gandhi earlier.
• Congress leaders from Wayanad presented the election certificate to Priyanka Gandhi on November 27, 2024.
• Priyanka Gandhi entered active politics in 2019 and was later appointed Congress General Secretary.
• With Priyanka Gandhi’s entry into the Lok Sabha, there are now three members of the Gandhi family in Parliament:
  • Priyanka Gandhi: Lok Sabha member.
  • Rahul Gandhi: Lok Sabha member.
  • Sonia Gandhi: Rajya Sabha member (opted out of the 2024 Lok Sabha polls).
• Priyanka’s entry comes at a time when the Congress Party is grappling with setbacks, including electoral defeats in Haryana and Maharashtra.

Google appoints ex-Apple executive Mitul Shah to head Pixel business in India

• Google has appointed Mitul Shah, a former Apple India executive, as the Managing Director for its Devices and Services business in India.
• In his new role, Mitul Shah will be responsible for leading the sales and expansion strategies for Google’s Pixel smartphones across India.
• Before joining Google, Shah served as the Head of Consumer Sales for Apple in India.
• Earlier in 2023, Google started shipping Pixel smartphones produced locally from India-based manufacturing lines.
• In October 2023, Rick Osterloh, Google’s Senior Vice President, announced a collaboration with both international and domestic partners to assemble Pixel devices in India.

Samsung appoints first female CEO outside founding family in 86 years  

• Kim Kyung-Ah has been appointed as the first female Chief Executive Officer (CEO) outside the founding family of Samsung Group in its 86-year history.
• She will serve as the president and CEO of Samsung Bioepis Co..
• This appointment marks a major milestone for Samsung, breaking the tradition of male leadership within the founding family, and highlights the advancement of women in business leadership roles in South Korea, a country with historically low representation of women in corporate leadership
• Female executives made up just 10% of the board members at 269 large listed companies in South Korea in 2023, despite the country’s equal education levels for men and women.
• Female representation on corporate boards has been gradually increasing due to legal changes in 2020 that banned all-male or all-female boards in large listed companies.
• Kim Kyung-Ah becomes the second woman to lead a Samsung affiliate.
• The first was Lee Boo-jin, granddaughter of Samsung’s founder, who currently serves as CEO of Hotel Shilla Co..

About Kim Kyung-Ah :

• Kim holds a doctorate in neurotoxicology from Johns Hopkins University and has over 20 years of experience in biological development.
• She has worked in antibody therapeutics targeting oncology and joined Samsung Bioepis in 2015 after serving at Samsung Advanced Institute of Technology.

About Samsung :

• Founded : 1 March 1938
• Headquarters : South Korea
• Chairman : Lee Jae-yong

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Government Raises ₹3,449 Crore by Selling 1.6% Stake in Hindustan Zinc Through Offer-for-sale   

• The government raised ₹3,449 crore by selling 1.6% stake in Hindustan Zinc Limited (HZL) through an Offer-for-Sale (OFS).
• Details of the OFS:The OFS took place on November 6-7, with the government initially proposing to sell over 5.28 crore shares (1.25% stake) and a greenshoe option for additional subscriptions.
• On November 6, institutional investors placed bids for around ₹3,400 crore worth of shares, representing approximately 1.58% of HZL’s stake.
• Government’s Stake:Before the OFS, the government held a 29.54% stake in Hindustan Zinc, making it the largest minority shareholder in the company, which is part of the Vedanta Group.
• Fiscal Year 2024-25 (FY25):As of the current fiscal, the government has raised ₹8,625 crore from minority stake sales, including:
  • ₹2,346 crore through the OFS of GIC.
  • ₹2,015 crore from Cochin Shipyard.
  • ₹815 crore through remittances from SUUTI.
• OFS Overview:The government’s offer to sell HZL shares was part of its strategy to raise funds by divesting stakes in public sector enterprises.

About Hindustan Zinc Limited  :

• Founded : 1966
• Headquarters : Udaipur, Rajasthan, India
• Chairman : Priya Agarwal Hebbar
• CEO : Arun Misra

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Deploys Logistics Drones for Operations in Eastern Sector  

• The Indian Army has received Sabal 20 logistics drones from EndureAir Systems, procured for deployment in the Eastern sector.
• Specifications:
  • Electric unmanned helicopter.
  • Payload capacity: Up to 20 kg.
  • Variable pitch technology.
  • Tandem rotor configuration for stability and high-altitude performance.
  • Advanced VTOL (Vertical Take-Off and Landing) technology for operations in confined and rugged terrains.
  • Designed for long-range deliveries, high-altitude operations, and precision logistics.
  • Low RPM design minimizes noise, enhancing stealth in sensitive missions.
• Origin: EndureAir Systems was incubated at IIT-Kanpur in 2018.
• Deployment Purpose: The drone supports long-range and high-altitude missions, improving logistics capabilities for the Army in challenging terrains.

About Metamaterial Surface Cloaking System (Anālakshya):

• Development: IIT-Kanpur launched the Anālakshya Metamaterial Surface Cloaking System (MSCS), a major advancement in stealth technology.
• Creators: Developed by Prof. Anantha Ramakrishna (Physics), Prof. Kumar Vaibhav Srivastava (Electrical Engineering), Prof. J. Ramkumar (Mechanical Engineering), and their student team.
• Technology:
  • Textile-based broadband Metamaterial Microwave Absorber.
  • Near-perfect wave absorption across a broad spectrum.
  • Designed to counter Synthetic Aperture Radar (SAR) imaging, enhancing stealth capabilities.
  • Provides protection against radar-guided missiles.
• Testing and Efficacy: Underwent extensive laboratory and field testing (2019-2024) with 90% of materials sourced indigenously.
• Licensing: The technology has been licensed to Meta Tattva Systems Pvt. Ltd. for manufacturing and deployment.

CURRENT AFFAIRS: RANKING AND REPORTS

Karnataka Tops India in Positive Talent Balance (PTB): Xpheno Report

• A recent study by Bengaluru-based staffing company Xpheno highlights Karnataka as the leading state in India for Positive Talent Balance (PTB), as revealed by Karnataka’s Minister for Large and Medium Industries, M B Patil.

Key Findings of the Report

1. Positive Talent Balance (PTB):
   • Karnataka recorded a PTB of 63,500 over 12 months ending October 2024.
   • Inbound Talent: 1,36,500 white-collar professionals relocated to the state.
   • Outbound Talent: 73,000 professionals transitioned out.
2. Active Workforce:
   • Karnataka’s active white-collar talent base: 59.7 lakh, with 64% experienced professionals (minimum one year of work).
   • Bengaluru dominates with 34 lakh white-collar professionals, making it the state’s primary talent hub.
3. Top Sectors in Employment:
   • IT/ITeS leads, employing 37% (14.3 lakh) of the white-collar workforce.
   • Other key sectors: BFSI, Business Consulting & Services, Accounting & Auditing, and Automotive.

National Rankings

• Karnataka ranked 1st in PTB.
• Haryana and Telangana secured 2nd and 3rd positions, respectively.

Why Karnataka Leads in Talent Attraction

1. Job Opportunities and Infrastructure:
   • Karnataka, especially Bengaluru, attracts domestic and international enterprises, driving strong talent movement.
   • Preferred destination for Global Capability Centers (GCCs) due to a robust ecosystem and talent availability.
2. Inbound Talent Interest:
   • 32 lakh job seekers from across India prefer Karnataka, including 17 lakh from other major cities.
3. Gender Representation:
   • Women constitute 51–53% of the state’s annual academic output, significantly enhancing Karnataka’s talent pool.
4. Talent Retention:
   • Karnataka’s ability to retain more talent than it loses strengthens its position as a top destination for returning NRI professionals and job seekers.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Tech Mahindra Partners with AWS to Launch AI-Powered Autonomous Networks Operations Platform

• Tech Mahindra has entered a multi-year Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to develop the Autonomous Networks Operations Platform (ANOP).
• This platform is designed to transform network operations for Communication Service Providers (CSPs) and enterprise customers by leveraging AI, ML, and Generative AI (GenAI)

Key Features of ANOP

1. Cloud-Based Operations:
   • Enables transition from on-premises infrastructure to a hybrid cloud model.
   • Supports real-time proactive and preventive network management.
2. Performance Enhancements:
   • Increases Network Operations Center (NOC) productivity by 50%.
   • Reduces field visits by 15%.
   • Cuts Mean Time to Repair (MTTR) by 30%.
   • Improves speed and efficiency of network and service configurations by over 30%.
3. Technology Integration:
   • Utilizes Amazon SageMaker for AI/ML model deployment.
   • Incorporates Amazon Bedrock for GenAI applications with responsible AI practices.
   • Enables O-RAN testing and validation on Amazon EKS Anywhere (EKS-A) platform, accelerating edge cloudification.

Collaboration Benefits

• Telco Modernization: Supports cloud-native and virtualized RAN network deployment.
• Proactive Network Management: Delivers real-time insights, intelligent workflows, and supports O-RAN adoption for efficient management.
• Cost Optimization: Helps CSPs reduce operational expenditures and improve network performance.

Real-World Implementation

• Current Deployment: ANOP is being implemented for a leading communications provider in Europe to enhance network operations through process automation and optimization.

About Tech Mahindra

• Global Presence: Operates in over 90 countries, serving 1,100+ clients.
• Services: Offers expertise in AI & analytics, network services, customer experience, cloud infrastructure, and more.
• Sustainability: First Indian company to receive the Terra Carta Seal for contributing to a climate-positive future.

India Signs the Riyadh Design Law Treaty (DLT): A Step Toward Strengthening Intellectual Property Framework

• India has signed the Riyadh Design Law Treaty (DLT), marking a significant commitment to enhancing its intellectual property (IP) ecosystem and promoting inclusive growth, especially for startups, small and medium-sized enterprises (SMEs), and independent designers.

Key Highlights of the Riyadh Design Law Treaty (DLT)

• Objective: The treaty seeks to harmonize procedural frameworks for industrial design protection, improving the efficiency and accessibility of design registration processes across multiple jurisdictions globally.
• Benefits for Stakeholders: It focuses on making design protection more accessible to a wide range of stakeholders, with special emphasis on SMEs, startups, and independent designers.

Key Provisions of the Treaty

1. Relaxed Time Limits: More flexibility for design applicants to meet registration deadlines.
2. Reinstatement of Lost Rights: Provisions for restoring rights that were lost due to missed deadlines or other formal issues.
3. Priority Claims: Applicants can correct or add priority claims to their design applications.
4. Simplified Procedures: Streamlined methods for recording assignments and licenses related to designs.
5. Multiple Design Filing: A provision that allows applicants to file multiple designs in a single application, reducing administrative costs.
6. Electronic Systems: Encouragement for contracting parties to implement electronic industrial design systems and facilitate electronic exchange of priority documents.

India’s Efforts to Strengthen Intellectual Property Rights (IPR)

India’s signing of the DLT aligns with its ongoing efforts to enhance its IPR framework, which includes:

1. National IPR Policy 2016: A comprehensive vision document to streamline all IPRs under one framework.
2. Cell for IPR Promotion and Management (CIPAM): A dedicated body for implementing and monitoring IPR policies.
3. National Intellectual Property Awareness Mission (NIPAM): A program aimed at spreading IP awareness and providing basic IPR training in educational institutions.
4. Startup Intellectual Property Protection (SIPP): A scheme designed to support startups in protecting their IP assets.

Importance of Intellectual Property (IP)

• Definition: IP refers to creations of the mind, such as inventions, literary and artistic works, designs, and symbols used in commerce.
• Protection: IP is safeguarded through legal instruments like patents, copyrights, and trademarks, providing creators the right to earn recognition or financial benefits.
• Balance: The IP system aims to balance the interests of innovators and the public, creating an environment that encourages creativity and innovation.

Types of Intellectual Property

1. Patent: Grants exclusive rights for inventions that offer a new solution to a technical problem.
2. Copyright: Protects creators’ rights over literary and artistic works.
3. Trademark: Protects signs, logos, or names that distinguish goods and services.
4. Industrial Design: Concerns the aesthetic aspects of an article.
5. Geographical Indications (GIs): Signs used on goods that have specific geographical origins and unique qualities linked to that origin.
6. Trade Secrets: Rights over confidential information that can be sold or licensed.

CURRENT AFFAIRS: SPORTS NEWS

Bajrang Punia Suspended for Four Years by NADA Over Doping Test Refusal

• Indian wrestler and Tokyo Olympic bronze medalist Bajrang Punia has been handed a four-year suspension by the National Anti-Doping Agency (NADA) for refusing to provide a doping sample during the national team selection trials on March 10, 2024.
• This marks a significant moment in Indian sports, given Punia’s stature as one of the country’s most celebrated wrestlers.

Timeline of Events

1. March 10, 2024:
   • Bajrang allegedly refused to provide a urine sample for a doping test during the national team trials.
2. April 23, 2024:
   • NADA imposed a provisional suspension on Bajrang, prompting a suspension by the World Wrestling Body (UWW) as well.
3. May 31, 2024:
   • NADA’s Anti-Disciplinary Doping Panel (ADDP) lifted the provisional suspension, awaiting the issuance of a formal charge notice.
4. June 23, 2024:
   • NADA formally charged Bajrang under Article 10.3.1, citing doping violations.
5. September 20 & October 4, 2024:
   • Hearings were held to deliberate on the case.
6. November 26, 2024:
   • ADDP confirmed a four-year ban, effective from April 23, 2024, with a brief period of lifted suspension (May 31 to June 21) excluded.

Key Allegations and Bajrang’s Defense

• NADA’s Allegations:
  • Bajrang was informed by officials to provide a urine sample, which he allegedly declined.
  • NADA cited procedural compliance by the doping officials during the sample request.
• Bajrang’s Defense:
  • Bajrang asserted that his refusal stemmed from mistrust in NADA, alleging past instances of unfair practices, including the use of expired kits in December 2023.
  • He claimed that he never refused to give a sample but sought clarity from NADA on these procedural lapses.
  • Bajrang also stated that the suspension was politically motivated, linking it to his involvement in protests against former WFI President Brij Bhushan Sharan Singh.

Implications of the Ban

1. End of Competitive Career:
   • Bajrang will not be able to participate in any national or international wrestling competitions until the suspension ends.
2. Coaching Aspirations:
   • The ban also bars him from applying for coaching positions abroad during this period.
3. Impact on Reputation:
   • As one of India’s most prominent athletes, this suspension could significantly affect his legacy and influence within the sporting community.

CURRENT AFFAIRS: IMPORTANT DAYS

Red Planet Day 2024: November 28

• Red Planet Day is Observed annually on November 28, Red Planet Day commemorates humanity’s deep-rooted fascination with Mars, the fourth planet from the Sun, often called the Red Planet due to its iron oxide-rich surface.

Significance of Red Planet Day

1. Historical Milestone:
   • Red Planet Day marks the launch of Mariner 4 in 1965, the first successful spacecraft to fly by Mars.
   • Mariner 4 sent back the first close-up images of another planet, revolutionizing space exploration.
2. Scientific Importance:
   • Mars intrigues scientists and dreamers alike due to its potential for harboring life, Earth-like qualities, and its role in future human colonization.
   • It embodies humanity’s quest for exploration, driving innovations in technology and research.
3. Theme for 2024:
   • This year’s theme, “Planet vs. Plastics,” aligns Mars exploration with Earth’s environmental concerns.
   • It calls attention to the global plastic pollution crisis, urging action to mitigate its harmful effects on human health and ecosystems.

Why Mars Matters

• Potential for Life: Mars has conditions that suggest it may have once supported life, sparking ongoing missions like NASA’s Perseverance Rover and the European Space Agency’s ExoMars program.
• Inspiration for Innovation: The challenges of exploring Mars have driven advancements in robotics, AI, and renewable energy.
• Future Colonization: Mars is viewed as the next frontier for human settlement, essential for the survival of the species in case of global catastrophes.

Daily CA One- Liner: November 29

• The Government of India has initiated the ‘Bal Vivah Mukt Bharat’ campaign to eradicate child marriage, one of the most pressing social evils in the country.
• The Dwarka region of Delhi is set to host India’s longest golf course, a 7,377-yard, 18-hole facility sprawling across 159 acres.
• The e-Daakhil portal, an innovative platform designed to provide a speedy, inexpensive, and hassle-free mechanism for filing consumer complaints, is now operational across all states and union territories, including Ladakh.
• The Indian Institute of Technology Madras (IIT Madras), in collaboration with Thales, revealed the top six teams in the Carbon Zero Challenge (CZC) 4.0, a nationwide contest promoting eco-innovation
• Amara Raja Infra, a key part of the $2 billion Amara Raja Group, has achieved a significant milestone by setting up India’s first green hydrogen fuelling station in Leh, Ladakh, for NTPC Ltd.
• At the India International Trade Fair (IITF) 2024, the Ministry of Mines Pavilion secured the First Position (Gold) award for its outstanding display, competing against 49 ministries and attracting over 80,000 visitors.
• A recent study by Bengaluru-based staffing company Xpheno highlights Karnataka as the leading state in India for Positive Talent Balance (PTB), as revealed by Karnataka’s Minister for Large and Medium Industries, M B Patil.
• Tech Mahindra has entered a multi-year Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) to develop the Autonomous Networks Operations Platform (ANOP).
• India has signed the Riyadh Design Law Treaty (DLT), marking a significant commitment to enhancing its intellectual property (IP) ecosystem and promoting inclusive growth, especially for startups, small and medium-sized enterprises (SMEs), and independent designers.
• Indian wrestler and Tokyo Olympic bronze medalist Bajrang Punia has been handed a four-year suspension by the National Anti-Doping Agency (NADA) for refusing to provide a doping sample during the national team selection trials on March 10, 2024
• Observed annually on November 28, Red Planet Day commemorates humanity’s deep-rooted fascination with Mars, the fourth planet from the Sun, often called the Red Planet due to its iron oxide-rich surface.
• Public Sector Banks (PSBs) have received approval from the finance ministry to raise ₹25,200 crore in FY25 from the equity markets.
• Bank of India (BoI) raised Rs 5,000 crore through a 10-year infrastructure bond issuance at a 7.41% coupon rate.
• The government’s fiscal deficit in FY25 is expected to be 4.75% of GDP, which is 0.19% lower than the budget estimate.
• State Bank of India (SBI) has raised a total of Rs 50,000 crore in the current financial year through various bond issuances.
• Axis Bank announced that the asset book of its IFSC Banking Unit (IBU) at Gujarat International Finance Tec-City (GIFT City) has doubled from $2 billion in 2019 to $4 billion.
• HDFC Bank introduced the Pragati Savings Account to cater to the banking needs of rural and semi-urban populations across India.
• The Asian Development Bank (ADB) praised India for adopting policies that reduce fossil fuel subsidies and create fiscal space for renewable energy initiatives and electric vehicles.
• Priyanka Gandhi Vadra took oath as a Lok Sabha Member of Parliament (MP) on November 28, 2024, following her victory in the Wayanad Lok Sabha bypoll.
• Google has appointed Mitul Shah, a former Apple India executive, as the Managing Director for its Devices and Services business in India.
• Kim Kyung-Ah has been appointed as the first female Chief Executive Officer (CEO) outside the founding family of Samsung Group in its 86-year history.
• The government raised ₹3,449 crore by selling 1.6% stake in Hindustan Zinc Limited (HZL) through an Offer-for-Sale (OFS).
• The Indian Army has received Sabal 20 logistics drones from EndureAir Systems, procured for deployment in the Eastern sector.

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