10th December, 2024

1. Sanjay Malhotra Appointed as New RBI Governor
2. Google’s AI Model Outperforms Top Weather Forecast System
3. Bangladesh Triumphs in U-19 Asia Cup Final, Beats India by 59 Runs
4. HSL Triumphs at 3rd PSU Transformation Awards 2024
5. Burkina Faso Junta Names New Prime Minister
6. Amit Shah Unveils Sardar Patel Statue in Jodhpur
7. India Tops Global List for Mobile Malware Attacks
8. John Mahama Returns as Ghana’s President
9. India’s Billionaire Count Soars to 185, China Sees Drop Amid Slowdown
10. Norris Wins Abu Dhabi GP, Ends McLaren’s 26-Year Wait
11. Devajit Saikia Appointed Acting Secretary of BCCI
12. India Plans Anti-Drone Unit for Border Security
13. International Anti-Corruption Day 2024:
14. International Day of Commemoration and Dignity of the Victims of the Crime of Genocide 2024
15. India’s Employment Growth: Unemployment Rate Falls to 3.2% in 7 Years
16. NITI Aayog Launched “Trade Watch Quarterly” for Q1FY25 in New Delhi
17. India and ADB Sign USD 50 Million Loan for Climate Resilient Water Harvesting in Meghalaya
18. Axis Bank launches ‘ARISE Women’s Savings Account’ to empower women financially
19. SEBI Approves Angle One AMC for Mutual Fund Operations
20. Octanom Tech Recognized Among Forbes India’s “Select 200 Companies with Global Business Potential”
21. SEBI Approves Roshni Nadar’s Majority Acquisition in HCL Tech and HCL Infosystems
22. Indian Classical Musician and Sarod Player ‘Ashish Khan’ Passed Away at 84

National News

1. India to Establish Anti-Drone Unit for Security
   • What:
     • Union Home and Cooperation Minister Amit Shah will address the 60th Foundation Day Parade of the Border Security Force (BSF) in Jodhpur, Rajasthan.
     • He will also unveil a statue of Sardar Vallabhbhai Patel at the Circuit House in Jodhpur.
   • Tell me more:
     • Sardar Vallabhbhai Patel, known as the Iron Man of India, played a crucial role in uniting the country post-independence. He is also remembered as the “patron saint of India’s civil servants” for playing a pioneering role in establishing the modern All India Services system.
     • India will establish an anti-drone unit, announced Home Minister Amit Shah.
     • The Comprehensive Integrated Border Management System (CIBMS) has been introduced for monitoring sensitive border areas, with positive initial results from a pilot project in Assam.
     • A laser-equipped anti-drone gun mount system has been developed, resulting in a significant improvement in intercepting drone intrusions, from 3% to 55% along the International Border with Punjab.

Source: ANI IE

State News

1. India and ADB Sign Loan for Water Security in Meghalaya
   • What:
     • The Government of India and the Asian Development Bank (ADB) signed a $50 million loan to enhance water security in Meghalaya.
   • Why:
     • The project aims to construct water-harvesting systems to improve access to water and reduce vulnerability to climate change.
   • Tell me more:
     • The project aligns with the Meghalaya State Water Policy (MSWP) 2019, which focuses on sustainable development and integrated water resource management.
     • These facilities will be designed to handle heavy rainfall and flash floods, ensuring water availability during dry seasons.
     • It includes the establishment of 50 weather stations for climate data monitoring and support for farmers through training in sustainable agricultural practices.
       Source: BS

Banking and Economy

1. Google’s DeepMind Launches AI Model for Weather Prediction
   • What:
     • Google’s DeepMind team has introduced an AI model named GenCast for weather prediction.
   • Why:
     • The new model aims to improve the accuracy and speed of weather forecasts, helping to better predict uncertainties and risks associated with weather.
   • Tell me more:
     • GenCast has surpassed the European Centre for Medium-Range Weather Forecasts (ECMWF), the leading operational forecasting system.
     • GenCast delivers forecasts up to 15 days ahead and generates multiple predictions (an ensemble of 50 or more) to represent various possible weather scenarios.
     • The model is designed to adapt to the Earth’s spherical geometry, improving its ability to predict complex weather patterns.
     • Google plans to release both real-time and historical forecasts from GenCast for public use.
       Source: ZN
2. India Becomes Third-Largest Hub for Billionaires
   • What:
     • India has emerged as the third-largest hub for billionaires globally, with 185 billionaires in 2024.
     • This marks an increase from its previous ranking of third place, surpassing the United States and China in billionaire growth.
   • Why:
     • The rise in the number of billionaires reflects India’s robust economic growth and increasing wealth creation.
   • Tell me more:
     • According to the UBS Billionaire Ambitions Report, India added 32 new billionaires in the past year, a 21% increase.
     • The collective net worth of India’s billionaires rose by 42.1% to $905.6 billion.
     • The United States leads with 835 billionaires, followed by China with 427.
     • Since 2015, India’s billionaire count has grown by 123%, more than doubling in numbers.
     • India ranks third globally in publicly listed family-owned businesses, with 108 identified in the study.
       Source: LM
3. Positive Growth in Employment Indicators
   • What:
     • The Worker Population Ratio (WPR) has increased to 58.2%.
     • The unemployment rate has decreased to 3.2%.
     • Over 7 crore net subscribers joined the Employees’ Provident Fund Organization (EPFO) in the last seven years.
     • The number of workers rose from 9.79 crores in 2021-22 to 10.96 crores in 2022-23, according to ASUSE.
   • Why:
     • The increase in employment generation is a priority for the government.
     • Various ministries are implementing schemes to enhance job creation and improve employability.
   • Tell me more:
     • The Annual Periodic Labour Force Survey (PLFS) has been conducted by the Ministry of Statistics and Programme Implementation since 2017-18. The PLFS survey period runs from July to June each year.
     • The WPR increased from 46.8% in 2017-18 to 58.2% in 2023-24.
     • Employment increased by 17.18 crore from 2014-15 to 2023-24, as per KLEMS data.
       • The KLEMS (K: Capital, L: Labour, E: Energy, M: Materials and S: Services) database published by Reserve Bank of India’s (RBI) provides employment estimates at all India level.
     • This information was given by Union Minister of State for Labour & Employment, Sushri Shobha Karandlaje in a written reply in Rajya Sabha.

4. Axis Bank Launches ARISE Women’s Savings Account
   • What:
     • Axis Bank introduced the ARISE Women’s Savings Account, designed specifically for women.
   • Why:
     • The initiative aims to address financial inequality. According to the National Statistical Office (NSO), women hold only 20.8% of India’s total bank deposits, despite constituting 36.4% of all bank account holders.
   • Tell me more:
     • The account offers services like dedicated financial experts and a customized basket of stocks. The account provides essential healthcare benefits along with financial services.
     • Key features include:
       • Family Banking Program: Benefits extended to three family members.
       • Locker Benefits: Zero rental fees for the first year on small and medium lockers.
       • ARISE Debit Card: Higher transaction limits and airport lounge access.
       • Complimentary NEO Credit Card: Discounts on BookMyShow and Zomato orders.
     • The ARISE Women’s Savings Account was launched by Ms. Arundhati Bhattacharya, CEO of Salesforce India.
       Source: AXIS
5. Angel One Receives Approval for Mutual Fund Operations
   • What:
     • Angel One’s subsidiary, Angel One Asset Management Company, has received approval from SEBI to start mutual fund operations.
     • The focus will be on passive investment solutions, including Index Funds and ETFs.
   • Why:
     • This move marks Angel One’s entry into the asset management space, aiming to meet the growing demand for low-cost and transparent investment options.
   • Tell me more:
     • Passive investing is gaining popularity among both retail and institutional investors.
     • Currently, there are 45 mutual fund houses in India managing assets worth over Rs 66 lakh crore.

6. Sebi Exempts Roshni Nadar from Open Offer Requirement
   • What:
     • Sebi has granted an exemption to Roshni Nadar, Chairperson of HCL Tech, from making an open offer for her indirect acquisition of shares in the company.
     • This approval allows Roshni Nadar to increase her ownership in key entities controlling HCL Technologies.
   • Why:
     • The exemption aims to facilitate smoother succession planning within the Nadar family.
     • It supports Roshni Nadar’s acquisition of a 47% stake in two promoter entities from her father, Shiv Nadar.
   • Tell me more:
     • After the transaction, Roshni Nadar’s holding in the promoter entities will rise to 57.33%, while Shiv Nadar’s stake will decrease to 4%.
     • The overall promoter group’s shareholding in HCL Technologies will remain at 60.82%.
     • The transaction is classified as a non-commercial transfer between immediate relatives, thus waiving the open offer requirement.

7. NITI Aayog Releases Trade Statistics for Q1 FY24
   • What:
     • NITI Aayog published its latest trade statistics for the first quarter of FY2024 (April to June).
     • Total trade reached $576 billion, showing a 5.45% increase year-on-year.
     • Merchandise exports faced challenges, particularly in sectors like iron and steel.
     • Imports increased due to high-value items such as aircraft and mineral fuels.
   • Why:
     • The publication aims to enhance informed decision-making and strengthen policy initiatives.
   • Tell me more:
     • The trade watch publication combines insights on global demand-supply and sectoral performance.
     • Services exports showed a positive surplus during this period.
     • This marks the beginning of a quarterly series for timely insights into India’s trade dynamics.
       Source: PIB

Reports and Indices

1. India Becomes Global Leader in Mobile Malware Attacks
   • What:
     • India has topped the list for mobile malware attacks globally, surpassing the United States and Canada.
     • This finding is part of the Zscaler ThreatLabz 2024 Mobile, IoT, and OT Threat Report.
   • Why:
     • The report highlights the urgent need for Indian enterprises to enhance their cybersecurity measures amid rising digital threats.
     • The increase in mobile malware attacks reflects the growing sophistication of cybercriminals targeting financial sectors.
   • Tell me more:
     • India accounts for 28% of global mobile malware attacks, while the United States has 27.3% and Canada has 15.9%.
     • The report indicates a significant rise in banking malware attacks (29%) and mobile spyware attacks (111%).
     • Phishing attempts targeting major Indian banks have increased, with attackers using fake websites to steal sensitive information.

Source: IE

Awards

1. Hindustan Shipyard Wins Awards at PSU Transformation Event
   • What:
     • Hindustan Shipyard Limited (HSL) received two awards at the ‘3rd PSU Transformation Awards 2024’ ceremony in New Delhi on December 5.
     • HSL was recognized for its Innovative Product Development and Technology Adoption.
   • Tell me more:
     • HSL won the Innovative Product Development Award for its fender arrangement in tugs for submarines.
     • The Technology Adoption Award was given for implementing a new method of installing retractable thrusters in diving support vessels.
     • The awards were accepted by Sarath Chandra and Tirupat Naik, senior managers at HSL.

2. Octanom Tech Recognized Among Forbes India’s Select 200
   • What:
     • Octanom Tech Pvt Ltd has been named in Forbes India’s “Select 200 Companies” list at DGEMS 2024.
     • The DGEMS 2024 summit took place at Taj Palace, New Delhi.
   • Why:
     • The award acknowledges Octanom Tech’s innovative technological solutions and its impact on the financial technology sector.
   • Tell me more:
     • Octanom Tech’s flagship platform, Hedged.in, focuses on loss mitigation rather than profit maximization.
     • The company aims to reduce global investment losses by $100 billion.
     • Octanom Tech was founded by Rahul Ghose, who is also the CEO.

Source: BS

Important Days

1. International Anti-Corruption Day – December 9
   Source: UN
2. International Day of Commemoration and Dignity of the Victims of the Crime of Genocide – December 9
   • Genocide Convention was adopted on this day in 1948.
     Source: UN

Sports

1. Bangladesh Defeats India in U19 Asia Cup Final
   • Bangladesh won the ACC U19 Men’s Asia Cup Final by defeating India by 59 runs.
   • The match was part of the ACC U19 Men’s Asia Cup, a tournament that features the best U19 teams from Asia.
     Source: TH
2. Lando Norris Wins Abu Dhabi Grand Prix for McLaren
   • Lando Norris won the Abu Dhabi Grand Prix. This victory secured McLaren’s first Formula One constructors’ title in 26 years.
     Source: RT

Appointments

1. Sanjay Malhotra Appointed as RBI Governor
   • What:
     • Sanjay Malhotra has been appointed as the next governor of the Reserve Bank of India (RBI).
     • His term will begin on December 11, 2024, replacing Shaktikanta Das.
   • Tell me more:
     • Malhotra is an Indian Administrative Service (IAS) officer from the 1990 batch and currently serves as Secretary in the Department of Revenue.
     • He holds a degree in Computer Science from IIT Kanpur and a master’s in public policy from Princeton University.
     • Previously, he has held key positions including Chairman of REC Limited and Secretary in the Department of Financial Services.

2. Burkina Faso Appoints New Prime Minister
   • What:
     • Burkina Faso’s military junta has appointed Rimtalba Jean Emmanuel Ouedraogo as the new prime minister.
   • Tell me more:
     • Burkina Faso is a landlocked country in West Africa, bordered by Mali, Niger, Benin, Togo, Ghana, and Ivory Coast.
     • The country was formerly known as Upper Volta until it was renamed Burkina Faso in 1984 by former president Thomas Sankara.
     • Burkina Faso has experienced several coups and political instability since gaining independence from France in 1960.
       Source: TOI
3. Ghana’s New President
   • What:
     • Former President John Mahama has won Ghana’s presidential elections.
     • Ghana is a country located in West Africa, bordered by the Gulf of Guinea and the Atlantic Ocean.
     • It shares borders with Ivory Coast, Burkina Faso, and Togo.
   • Tell me more:
     • Ghana has a population of nearly 35 million people.
     • Ghana’s history as the first Sub-Saharan African country to gain independence highlights its significance in the continent’s political landscape.
     • The capital and largest city of Ghana is Accra, with other major cities including Kumasi, Tamale, and Sekondi-Takoradi.
     • Ghana was formerly known as the Republic of Upper Volta until it achieved sovereignty as the British colony in 1957 under Kwame Nkrumah.
     • The Mossi people are the largest ethnic group in Ghana.
       Source: BBC
4. Board of Control for Cricket in India’s New Secretary
   • The Board of Control for Cricket in India (BCCI) president Roger Binny formally delegated the secretary’s powers to the incumbent joint secretary Devajit Saikia, following Jay Shah’s move to the International Cricket Council.
     Source: TH

Miscellaneous

1. Sarod Maestro Aashish Khan Passes Away at 84
   • What:
     • Aashish Khan, the renowned sarod maestro, has died at the age of 84 in Los Angeles.
   • Tell me more:
     • Born in 1939 in Maihar, Madhya Pradesh, Khan trained under Ustad Allauddin Khan.
     • Khan was also known for his work with All India Radio and contributions to film soundtracks.

Source: HT

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