12th-13th December, 2023

1. Prime Minister Narendra Modi has approved the first urban flood mitigation project of ₹561.29 crore, under National Disaster Mitigation Fund (NDMF) for ‘Integrated Urban Flood Management activities for Chennai Basin Project’.
2. Invest India is set to host the 27th World Investment Conference (WIC) from December 11-14, 2023, at the India International Convention & Expo Centre, Yashobhoomi in New Delhi.
3. 24th edition of the Hornbill Festival took place from 1st to 10th December 2023 at the Naga Heritage Village in Kisama, Nagaland.
4. China has launched world’s first liquid oxygen-methane powered ‘Zhuque 2 Y-3’ rocket carrying three satellites.
5. Reserve Bank of India (RBI) Monetary Policy Committee (MPC) has announced to keep the policy rate unchanged at 5% for the 5th monetary policy of FY 2023-24.
6. Prime Minister Narendra Modi has inaugurated the 2nd Edition of IFSCA’s Flagship Event – Infinity Forum 2.0.
7. Bank of India has launched ‘Nari Shakti Saving Account’ for women aged 18 and above who have an independent source of income.
8. Intellect Design Arena Ltd has signed ₹80-crore deal with Indian Bank to deploy cash management system.
9. ACKO has partnered with PhonePe to offer a variety of comprehensive car and bike insurance products.
10. ITC has become world’s 3rd most valuable tobacco company.
11. India has been ranked 7th on the Climate Change Performance Index (CCPI) released by Germanwatch.
12. 4th edition of the joint military exercise VINBAX-2023 is being held between India and Vietnam in Hanoi from 11th to 21st December 2023.
13. Indian Navy has conducted bi-annual ‘Prasthan’ exercise off Mumbai coast.
14. Department of Administrative Reforms & Public Grievances (DARPG) has launched Scheme and Web-portal for National Awards for e-Governance 2024.
15. Indian social activist Nikhil Dey has been named as International Anti-Corruption Champion by US State Department.
16. International Mountain Day
17. International Day of Neutrality
18. International Universal Health Coverage Day
19. Department for Promotion of Industry and Internal Trade (DPIIT) has collaborated with World Bank to elevate India’s logistics efficiency.
20. REC has signed 200-million-euro loan with German Bank KfW to propel distribution sector reforms.
21. Ministry of Defence has signed contract worth Rs 588.68 crore with Telecommunications Consultants India Limited (TCIL) for Digital Coast Guard (DCG) project.
22. RITES has signed pact with CFM Mozambique for supply of 10 diesel locomotives.
23. Bharatiya Janata Party leader Vishnu Deo Sai has taken oath as the Chief Minister of Chhattisgarh.
24. Former President Ram Nath Kovind has launched book “Naye Bharat ka Samveda” in New Delhi.

National News

1. Prime Minister Narendra Modi has approved the first urban flood mitigation project of ₹561.29 crore, under National Disaster Mitigation Fund (NDMF) for ‘Integrated Urban Flood Management activities for Chennai Basin Project’.
   • More about Project–
     • It is first urban flood mitigation effort which establishes a broader framework for urban flood management.
     • It aims to make Chennai flood-resilient through comprehensive flood management strategies.
     • It involves re-establishing surplus canals for minor irrigation tanks and focuses on restoring waterbodies in Chennai.
     • It Includes installation of software for remote operation of surplus regulators during floods.
   • Timeline–
     • Project set to complete by September 2024.
       Source: PIB

2. Invest India is set to host the 27th World Investment Conference (WIC) from December 11-14, 2023, at the India International Convention & Expo Centre, Yashobhoomi in New Delhi.
   • More about Invest India–
     • Theme for 2023–
       • Empowering Investors: IPAs Pioneering Future Growth

   • More about World Investment Conference (WIC)-
     • It is an annual flagship event of World Association of Investment Promotion Agencies (WAIPA) and it serves as a platform for global investment promotion and innovation stakeholders.
     • It will also feature parallel sessions focusing on Agri-Food Processing, Energy, Infrastructure, Tourism, Automotive & Machinery, ICT/Technology, and Life Sciences.

Source: PIB

State News

1. 24th edition of the Hornbill Festival took place from 1st to 10th December 2023 at the Naga Heritage Village in Kisama, Nagaland.
   • More about Hornbill festival–
     • It is also known as the ‘Festival of Festivals and it serves to foster inter-tribal interaction and preserve the rich heritage of the Naga people.
     • Festival derives its name from the Indian bird, the concave-casqued hornbill, which holds cultural significance in Naga people.
     • It is organized annually by the Government of Nagaland.
     • It includes Hornbill Music Festival, exhibitions, cultural events, and indigenous games.
     • 18 Cultural Troupes from diverse tribes and communities showcased their performances at the closing ceremony.
   • Partner Country: USA, Germany, and Colombia
   • Partner State: Assam
     Source: DDN

International News

1. China has launched world’s first liquid oxygen-methane powered ‘Zhuque 2 Y-3’ rocket carrying three satellites.
   • It is launched by China-based private space technology firm LandSpace.
     Source: Indian Express

Banking and Economy

1. Reserve Bank of India (RBI) Monetary Policy Committee (MPC) has announced to keep the policy rate unchanged at 6.5% for the 5th monetary policy of FY 2023-24.
   • More details–
     • Monetary Policy Rates:
     • Standing Deposit Facility (SDF) rate maintained at 6.25%.
     • Marginal Standing Facility (MSF) rate and Bank Rate set at 6.75%.
   • GDP Growth Projections:
     • RBI projects India’s real GDP growth at 7% for FY24.
     • Q3 FY24 growth estimated at 6.5%, and Q4 at 6%.
   • Inflation Outlook:
     • Consumer Price Index (CPI) inflation projected at 5.4% for FY24.
     • Q3 FY24 inflation expected at 5.6%, and Q4 at 5.2%.
   • Unified Payments Interface (UPI) Limit Increase:
     • RBI raises the UPI payment limit for medical and educational services.
     • Limit increased from Rs 1 lakh to Rs 5 lakh per transaction to encourage digital transactions in these sectors.
       Source: ET
2. Prime Minister Narendra Modi has inaugurated the 2nd Edition of IFSCA’s Flagship Event – Infinity Forum 2.0.
   • Organised by–
     • IFSCA and GIFT City
   • International Partner–
     • Bloomberg
   • Domestic Partners–
     • FICCI and Invest India
   • Knowledge Partner–
     • Boston Consulting Group
   • Theme for Infinity Forum 2.0–
     • ‘GIFT-IFSC: Nerve Centre for New Age Global Financial Services’
   • It is focused on the following three tracks-
     • Plenary Track: Making of a New Age International Financial Centre
     • Green Track: Making a case for a “Green Stack”
     • Silver Track: Longevity Finance Hub at GIFT IFSC

3. Bank of India has launched ‘Nari Shakti Saving Account’ for women aged 18 and above who have an independent source of income.
   • Objective–
     • To provide women with enhanced privileges and features to support their financial empowerment.
   • Features of Nari Shakti Saving Account–
     • Account comes with a comprehensive personal accident insurance cover of up to Rs. 1 crore.
     • Women holding this account can avail attractive discounts on health insurance and wellness products.
     • Gold and diamond saving bank account holders get appealing rebates on locker facilities.
     • Various free facilities for platinum saving bank account holders.
     • Women will be offered concessional rate of interest and rebate of interest on retail loans to make borrowing affordable for them.
     • Free issuance of credit cards to womens.
     • Account holders can benefit from a higher usage limit of up to Rs. 5.00 lakh on point-of-sale (POS) transactions
       Source: livemint
     
     
4. Intellect Design Arena Ltd has signed ₹80-crore deal with Indian Bank to deploy cash management system.
   • More about cash management system–
     • Intellect will deploy its eMACH.ai powered Cash Management System.
     • It will provide the services for 5 years as per the agreement.

   • About Indian Bank’s Digital transformation–
     • Indian Bank has launched ‘INDLEAP’ project under which bank has taken on the objective of digital transformation by leveraging technology wherever possible.
     • Indian Bank is focusing on making transaction banking and supply chain management as the key growth engines.

   
   
   
   

5. ACKO has partnered with PhonePe to offer a variety of comprehensive car and bike insurance products.
   • More about partnership–
     • ACKO will offer products directly through the PhonePe platform.
     • The integration of ACKO with PhonePe is facilitated through the cutting-edge partnership API stack which is crafted for modularity and smooth integration.

   
   
   
   

6. ITC has become world’s 3rd most valuable tobacco company.
   • ITC has a market cap of USD 67 billion (₹ 5.6 lakh crore)

Source: ET

Reports and Indices

1. India has been ranked 7th on the Climate Change Performance Index (CCPI) released by Germanwatch.
   • More about CCPI–
     • It is an independent monitoring tool for tracking the climate protection performance.
     • This year CCPI has evaluated more than 60 countries and the European Union (EU) which together generate more than 90% of global greenhouse gas (GHG) emissions.
     • It is assessed in four categories–
       • GHG emissions (40% of the overall score)
       • renewable energy (20%)
       • energy use (20%) and
       • climate policy (20%)
     • Objective–
       • To improve transparency in international climate politics and enables comparison of climate protection efforts and progress made by individual countries.
         Source: TOI

Defence News

1. 4th edition of the joint military exercise VINBAX-2023 is being held between India and Vietnam in Hanoi from 11th to 21st December 2023.
   • Objective–
     • To foster collaborative partnership, promote inter-operability and share best practices between the two sides under Chapter VII of United Nations Charter on Peace Keeping Operations.
   • More about VINBAX-2023–
     • It was instituted in 2018 and the first edition was conducted at Jabalpur, Madhya Pradesh.
     • It is an annual training event conducted alternatively in India and Vietnam.
     • Last edition was conducted at Chandimandir Military Station in August 2022.
     • Exercise will be conducted as a Command Post Exercise cum Field Training Exercise with focus on deployment and employment of an Engineer Company and a Medical Team.
   • Participants–
     • Indian contingent comprises 39 personnel from an Engineer Regiment of Bengal Engineer Group and six personnel of Army Medical Corps.
     • The Vietnam People’s Army contingent will also be represented by 45 personnel.
       Source: PIB
2. Indian Navy has conducted bi-annual ‘Prasthan’ exercise off Mumbai coast.
   • More about Prasthan–
     • It is conducted under the Western Naval Command.
     • It is conducted to address various contingencies that may arise in the oil production platform.
     • Current exercise was conducted on R12A (Ratna) platform of ONGC.
       Source: ANI

Awards

1. Department of Administrative Reforms & Public Grievances (DARPG) has launched Scheme and Web-portal for National Awards for e-Governance 2024.
   • Objective–
     • To recognize and promote excellence in implementation of e-Governance initiatives.

   • More about National Awards for e-Governance–
     • It is recognized amongst the most competitive and prestigious digital governance awards schemes in the country.
     • NAeG Awards, 2024 will consist of trophy, a certificate and an incentive of Rs 10 lakh for Gold Awardees and Rs 5 lakhs for Silver Awardees.
     • This year 16 Awards are being conferred under the NAeG 2024, of these 10 will be gold awards and the remaining 6 will be silver awards.
     • For the year 2024, there are five categories under which the National Awards for e-Governance 2024 will be conferred.
     • These categories are-

     (i) Government Process re-engineering

     (ii) Application of Emerging Technologies for providing Citizen Centric Services

     (iii) District level initiative in e-Governance

     (iv) Research on Citizen Centric Services by Academic & Research Institutions

     (v) Replication of Top Technological Solutions / initiatives

     Source: PIB

   
   
2. Indian social activist Nikhil Dey has been named as International Anti-Corruption Champion by US State Department.
   • Why he is awarded?
     • He is awarded for his noteworthy support of social movements that oppose corruption in government welfare programs in India by encouraging transparency and accountability, public audits, and participatory democracy.
   • More about Nikhil Dey–
     • He is co-founder of Mazdoor Kisan Shakti Sangathan (MKSS).
       Source: AIR

   
   

Important Days

1. December 11– International Mountain Day
   Source: UN
2. December 12– International Day of Neutrality
   Source: UN
3. December 12– International Universal Health Coverage Day; Theme– Health For All: Time For Action
   Source: UN

Memorandum of Understanding

1. Department for Promotion of Industry and Internal Trade (DPIIT) has collaborated with World Bank to elevate India’s logistics efficiency.
   • Objective–
     • To leverage substantial big data initiatives to enhance the country’s logistics efficiency and improve its standing in the World Bank Logistics Performance Index (LPI).

   • Initiatives by DPIIT–
     • DPIIT has highlighted best practices and transformative initiatives contributing to the ongoing enhancement of India’s logistics efficiency.
     • Implementation of Land Port Management System (LPMS) to digitize operations at Integrated Check Posts (ICPs) was emphasized.
     • Introduction of smart gates for automated entry and exit at Land Port Petrapole to reduce export release time significantly.
     • A robust CAPEX of USD 31.2 billion in 2024 is earmarked for improving freight transport speed and volume.
     • Implementation of the e-Air Way Bill (e-AWB) and e-Cargo Security Declaration as digital measures.
       Source: The Print

2. REC has signed 200-million-euro loan with German Bank KfW to propel distribution sector reforms.
   • Objective–
     • To enhance the distribution infrastructure of DISCOMs in line with the Revamped Distribution Sector Scheme (RDSS) of the Government of India.

     
     
   • About RDSS Scheme–
     • Government has launched the Revamped Distribution Sector Scheme (RDSS) to help DISCOMs improve their operational efficiencies and financial sustainability.
     • Government will provide result-linked financial assistance to DISCOMs to strengthen supply infrastructure based on meeting pre-qualifying criteria and achieving basis minimum benchmarks.
       Source: PIB
     
     

   
   
3. Ministry of Defence has signed contract worth Rs 588.68 crore with Telecommunications Consultants India Limited (TCIL) for Digital Coast Guard (DCG) project.
   • More about Digital Coast Guard project–
     • Inaugural of DCG Project for Indian Coast Guard (ICG) focuses on technological advancement.
     • Components include an advanced Data Centre, Disaster Recovery Data Centre, connectivity enhancement, and ERP system development.
     • It leverages secured MPLS/VSAT connectivity, positioning itself at the forefront of cutting-edge defence technology.
     • Strengthens ICG’s capabilities for vigilant oversight of critical IT assets.
       Source: PIB

     
     
   
   
   
   
   
   
4. RITES has signed pact with CFM Mozambique for supply of 10 diesel locomotives.
   • More about agreement–
     • Total cost of locomotives is- Rs 314.1 crore.

   
   

Source: ET

Appointments

1. Bharatiya Janata Party leader Vishnu Deo Sai has taken oath as the Chief Minister of Chhattisgarh.
   • He is a tribal leader from Jashpur, is the fourth Chief Minister of the State.
     Source: The Hindu
   
   
   
   

Miscellaneous

1. Former President Ram Nath Kovind has launched book “Naye Bharat ka Samveda” in New Delhi.
   • More about book–
     • The book is a compilation of speeches of Prime Minister Narendra Modi on the Indian Constitution.
     • Published by– Prabhat Publication
       Source: PIB
     
     
     
     
   
   

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