19th December, 2024

1. Govt may target FY26 fiscal deficit at 4.4% of GDP
2. Investments, consumption to drive 6.6% growth in FY26
3. MoPSW Organised Inaugural India Maritime Heritage Conclave 2024 in New Delhi
4. India and UAE Signed MoU to Strengthen Polar and Ocean Research Cooperation at the 15th India – UAE JCM
5. DGFT Extends IMS for IT Hardware Products Until December 2025
6. Union Minister Nitin Gadkari Unveils SWITCH EiV12 and SWITCH E1 Buses
7. NLC India Partners UPRVUNL to Launch its 1st Supercritical Power Plant named ‘1980 MW GTPP’ in UP
8. Google Partners with NCERT to Launch YouTube Channels in 29 Indian Languages
9. 16th UNCCD Conference of the Parties (COP16) in Riyadh
10. 4 Billion Hectares of Land Facing Excessive Salinity Threatening Global Food Security: FAO Report
11. WHO Report 2024: 38% drop in the global drowning deaths
12. MoF: GNPA of PSBs Declined from 14.58% in Mar. 2018 to 3.12% in Sept. 24
13. PHDCCI Report On Post-Covid GSDP Growth:17 States Achieved Over 9% and 25 States Over 7%
14. Fitch Lowers India’s GDP Forecast to 6.4% for FY25
15. TCS extends Partnership with TnDK for another five years
16. Francois Bayrou Appointed as PM of France
17. Shriram Finance Sells Stake in SHFL to Warburg Pincus for ₹3,929 Crore
18. Researchers Discovered 5 New Species of the Darwin Wasp in India and Thailand
19. D Gukesh becomes youngest world champion at 18, breaks Kasparov’s record
20. International Day to End Violence Against Sex Workers 2024 – December 17
21. Gujarat CM Bhupendra Patel launches ‘Prakrutik Krushi Portal’ to promote organic farming
22. Energy Conservation Awards 2024
23. Indian Army Unveils AI Incubation Centre for Future Warfare
24. Madhya Pradesh Welcomes 10th International Forest Fair
25. India’s FY26 Economic Outlook: Modest Growth Amid Tightening
26. Rama Mohan Rao Amara Appointed as SBI’s New Managing Director
27. 38th National Games Uttarakhand Unveils Mascot, Logo, Anthem, and Tagline
28. Japan and India Collaborate to Address Space Debris
29. India Emerges as 3rd Largest Exporter in Smartphone Market
30. Historic Dolphin Tagging Initiative in Assam
31. Uttarakhand to Implement Uniform Civil Code from January 2025

National News

1. India-UAE Strategic Dialogue and Joint Commission Meetings
   • What:
     • India and the UAE held the 4th Strategic Dialogue on December 12, 2024, and the 15th India-UAE Joint Commission Meeting (JCM) on December 13, 2024, in New Delhi.
   • Tell me more:
     • The Strategic Dialogue was co-chaired by External Affairs Minister Dr. S. Jaishankar and UAE Deputy Prime Minister Sheikh Abdullah bin Zayed Al Nahyan.
     • The JCM highlighted the Comprehensive Strategic Partnership established in 2017 and reviewed progress on the Joint Vision Statement 2022.
     • The meetings celebrated the signing of the India-UAE Bilateral Investment Treaty and the Comprehensive Economic Partnership Agreement (CEPA).
     • An MoU was signed for collaboration in polar research between India’s NCPOR and UAE’s Emirates Polar Mission Steering Committee.
       Source: MEA
2. Japan and India Collaborate on Space Debris Removal
   • What:
     • Space startups from Japan and India announced a joint study to use laser-equipped satellites for removing debris from orbit.
     • The collaboration was confirmed by Tokyo-based Orbital Lasers and Indian robotics company InspeCity.
   • Why:
     • The initiative aims to address the growing problem of orbital congestion caused by space debris.
   • Tell me more:
     • Orbital Lasers, formed from the Japanese satellite giant SKY Perfect JSAT, plans to use laser energy to stop the rotation of space junk.
     • The system is expected to be demonstrated in space and available to operators after 2027.
     • The companies signed a preliminary agreement to start their collaboration.

Source: ET

State News

1. Gujarat CM Engages with Farmers to Celebrate Achievements
   • What:
     • Chief Minister Bhupendra Patel organized a direct interaction with Farmers Producers Organization (FPO) representatives to mark the third year of the current state government.
   • Tell me more:
     • This event celebrated two years of exceptional service and dedication under the theme ‘Seva, Sushasan Ane Samarpan Na 2 Varsh’.
     • He launched the Prakrutik Krushi Portal (Natural Agriculture Portal) and distributed assistance cheques to FPOs.
     • The state has around 422 FPOs, with 97 dedicated to natural farming.
       Source: ANI
2. 10th International Forest Fair Begins in Bhopal
   • What:
     • The 10th International Forest Fair commenced in Bhopal, Madhya Pradesh, on December 17, 2024, and will continue until December 23.
   • Why:
     • The fair focuses on promoting sustainable forest practices and empowering local communities.
   • Tell me more:
     • The fair features around 300 stalls showcasing forest-related products and services.
     • Key attendees include Governor Mangubhai Patel and Chief Minister Dr. Mohan Yadav, along with representatives from Sri Lanka, Nepal, and Australia.
     • Free medical consultations are available with qualified Ayurveda doctors during the event.
     • The theme of this year’s fair is “Women Empowerment through Minor Forest Produce.”
       Source: GGN
3. 38th National Games Mascot and Logo Unveiled
   • What:
     • The mascot, logo, jersey, anthem, and tagline for the 38th National Games were unveiled at Maharana Pratap Sports College in Raipur, Dehradun.
     • The mascot is named “Mauli,” inspired by the Monal, the state bird of Uttarakhand.
   • Tell me more:
     • The National Games will be held in Uttarakhand from January 28 to February 14, 2025, with over 10,000 participants.
     • The inclusion of sports like yoga and mallakhamb was approved to enhance the Games’ cultural significance.
     • The tagline for the Games is “Sankalp Se Shikhar Tak” (From Resolve to Zenith).

4. Historic Tagging of Ganges River Dolphin in Assam
   • What:
     • The first-ever Ganges River Dolphin has been tagged in Assam, marking a significant achievement in wildlife conservation.
   • Why:
     • The tagging aims to gather crucial data on the habitat needs, movement patterns, and home range of the Ganges River Dolphin, which is poorly understood.
   • Tell me more:
     • This effort is part of Project Dolphin, aimed at enhancing conservation strategies for this endangered species.
     • This initiative was conducted by the Ministry of Environment, Forest and Climate Change (MoEFCC) in collaboration with the Wildlife Institute of India (WII), Assam Forest Department, and Aaranyak.
     • The tagging will help understand seasonal and migratory patterns, range, distribution, and habitat utilization.

5. Uttarakhand to Implement Uniform Civil Code in 2025
   • What:
     • The Uttarakhand government, led by Chief Minister Pushkar Singh Dhami, will implement the Uniform Civil Code (UCC) in January 2025.
     • Uttarakhand will be the first state in India to implement the UCC.
   • Why:
     • The UCC aims to provide a unified set of laws governing personal matters such as marriage, divorce, and inheritance for all citizens, regardless of their religion.
   • Tell me more:
     • A portal and mobile app have been developed to facilitate registration and other services related to the UCC.
     • The UCC law includes provisions for marriage registration within six months and aims to end practices like polygamy and polyandry.
     • The bill consists of seven schedules and 392 sections, focusing on key areas of personal law.

Source: TOI

Banking and Economy

1. Government Plans Fiscal Deficit Target for FY26
   • What:
     • The government plans to set the fiscal deficit target at 4.4% of GDP for FY26 in the upcoming Budget.
   • Why:
     • This decision is influenced by concerns that aggressive fiscal consolidation could hinder economic growth and the current sluggishness in private capital expenditure.
   • Tell me more:
     • The Indian economy slowed to a seven-quarter low of 5.4% in the July-September period.
     • Merchandise exports decreased by 4.9% in November, indicating challenges in global demand.
     • The fiscal deficit target for FY25 is set at 4.9% of GDP, with a commitment to reduce it below 4.5% in FY26.
     • Analysts expect the fiscal deficit for FY25 to be around 4.8% due to sluggish government spending.

Source: BS

2. Indian Economy Forecasted to Grow by 6.6% in FY26: Ind-Ra
   • What:
     • The Indian economy is projected to grow by 6.6% year-on-year in 2025-26, primarily driven by investments.
   • Why:
     • This growth forecast comes as the economy is expected to recover from a recent slowdown, with a focus on reversing the impacts of previous economic challenges.
   • Tell me more:
     • India Ratings & Research (Ind-Ra) anticipates a growth rate of 6.4% for the fiscal year 2024-25.
     • Investment growth is expected to outpace consumption growth, with gross fixed capital formation (GFCF) rising by 7.2%.
     • The gross value added (GVA) growth is projected at 6.6% for FY26, with services leading at 7.4%.
     • Inflation is expected to decrease to around 4% in the second half of FY26.
     • The current inflation projection for this financial year is at 4.9%, slightly above the Reserve Bank of India’s estimate of 4.8%.
       Source: ET
3. India Extends Import Management System for IT Products
   • What:
     • India has extended the Import Management System (IMS) for certain IT products, including laptops and tablets, until December 31, 2025.
   • Why:
     • The extension requires importers to seek fresh authorization for importing these IT hardware products to manage imports effectively.
   • Tell me more:
     • The new licensing regime applies to laptops, personal computers, microcomputers, and certain data processing machines.
     • The application portal will remain open from December 13, 2024, to December 15, 2025.
       Source: ET
4. SWITCH Mobility Launches Electric Bus SWITCH EiV12
   • What:
     • SWITCH Mobility Ltd launched the SWITCH EiV12, a low-floor electric city bus, on December 11, 2024.
   • Why:
     • The launch aims to enhance urban transportation in India with a focus on sustainability and advanced technology.
   • Tell me more:
     • The SWITCH EiV12 is India’s first low-floor city bus with chassis-mounted batteries, offering scalable battery capacity over 400 kWh.
     • The bus features low-floor entry, a kneeling mechanism, an automated wheelchair ramp, and dedicated spaces for differently-abled passengers.
     • India’s electric city bus market is projected to grow at a CAGR of 21% by 2030.
       Source: BS
5. NLC India Launches First Supercritical Thermal Power Plant
   • What:
     • NLC India Ltd has begun commercial operations of its first supercritical thermal power plant in Uttar Pradesh.
   • Why:
     • The launch aims to enhance the power generation capacity and contribute to energy sustainability in India.
   • Tell me more:
     • The Ghatampur Thermal Power Plant (GTPP) has a total capacity of 1,980 MW and is developed by Neyveli Uttar Pradesh Power Ltd, a joint venture between NLC India Ltd and Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd.
     • With this new unit, NLC India’s total installed power generation capacity has increased from 6,071 MW to 6,731 MW.
       Source: ET
6. IBA Recommends Training for Fraud Prevention in Banks
   • What:
     • The Indian Banking Association (IBA) has recommended that public sector banks (PSBs) conduct training sessions with the Central Bureau of Investigation (CBI) to improve vigilance against fraud.
   • Why:
     • The training aims to enhance coordination and knowledge among bank officials to better handle fraud-related challenges.
   • Tell me more:
     • The number of banking fraud cases has surged over four times in five years, reaching 36,075 cases in FY24.
     • Despite the increase in cases, the total amount involved in fraud decreased significantly to Rs 14,000 crore in FY24 from Rs 1.85 trillion in FY20.
     • Digital payment frauds rose sharply from 2,677 cases in FY20 to 29,082 cases in FY24.
       Source: BS
7. PHD Chamber of Commerce and Industry (PHDCCI) Report: States Show Strong Economic Recovery Post-COVID
   • What:
     • A report by the PHD Chamber of Commerce and Industry (PHDCCI) indicates that 25 states achieved over 7% growth in their Gross State Domestic Product (GSDP) during FY22 and FY23.
   • Tell me more:
     • Among these, 17 states recorded more than 9% growth, with notable performances from Gujarat, Kerala, Telangana, Rajasthan, West Bengal, Bihar, Karnataka, Uttar Pradesh, Haryana, and Odisha.
     • States like Punjab, Haryana, and Uttar Pradesh lead in agricultural production, ensuring food security.
     • Chhattisgarh, Madhya Pradesh, and Odisha leverage their mineral wealth for industrial growth.
     • Tourism-driven states such as Kerala and Rajasthan have enhanced foreign exchange earnings through cultural heritage.
     • Initiatives like Gujarat’s Vibrant Gujarat Summit and Punjab’s PITEX trade fair attract foreign investments.
     • Tamil Nadu and Andhra Pradesh have focused on infrastructure development.
     • Renewable energy initiatives are being led by Rajasthan and Gujarat to align with sustainable development goals.
     • The Northeastern states have improved connectivity to boost trade and tourism.
     • Kerala and Tamil Nadu set benchmarks in education and healthcare innovation.
     • The PHDCCI proposes a nine-pronged strategy for achieving “Viksit Bharat” (Developed India), focusing on ease of doing business and sustainable growth.
       Source: ET
8. TCS Extends Partnership with Telenor Denmark
   • What:
     • Tata Consultancy Services (TCS) has extended its partnership with Telenor Denmark for five more years.
   • Why:
     • TCS will provide IT infrastructure management services from its delivery center in Europe.
   • Tell me more:
     • Over the past six years, TCS has modernized Telenor Denmark’s IT infrastructure, which serves over 1.6 million subscribers.
     • The partnership will focus on operational cost reductions and improved IT infrastructure through automation technologies.
     • TCS has a strong presence in the Nordics, with over 20,000 associates supporting various clients.
       Source: BS
9. Shriram Finance Sells Housing Subsidiary to Warburg Pincus
   • What:
     • Shriram Finance Ltd. completed the sale of its housing finance subsidiary, Shriram Housing Finance Limited (SHFL), to Warburg Pincus affiliate Mango Crest Investment Ltd. for ₹3,929 crore.
   • Tell me more:
     • The sale involved Shriram Finance selling its entire 84.44% shareholding in SHFL.
     • SHFL has been a significant contributor to the promoter group’s financial inclusion efforts.
     • JM Financial Ltd acted as the financial advisor for this transaction.
     • Shriram Housing Finance is unlisted, while Home First Finance is listed on stock exchanges.
       Source: LM
10. India’s Smartphone Exports Surpass ₹20,000 Crore
    • What:
      • India’s smartphone exports reached over ₹20,000 crore in November 2024. This marks a 92% increase from ₹10,634 crore in the same month last year.
    • Why:
      • The increase is attributed to the implementation of the Production-Linked Incentive (PLI) scheme.
    • Tell me more:
      • The growth reflects the success of India’s smartphone manufacturing sector, driven by major companies like Apple and Samsung.
      • Apple led the exports with ₹14,000 crore in November, surpassing its previous record.
      • The PLI scheme has transformed India’s smartphone exports from the 23rd rank in 2019 to the third-largest export category today.
      • The sector has generated significant economic benefits, including 300,000 direct jobs and 600,000 indirect jobs.
        Source: FP

Reports and Indices

1. FAO Releases Global Assessment of Salt-Affected Soils
   • What:
     • The FAO has released its first global assessment of salt-affected soils in 50 years, revealing that 1.4 billion hectares of land are affected by salinity.
   • Why:
     • The assessment aims to highlight the impact of salinity on soil fertility and food production, urging sustainable management practices to address these challenges.
   • Tell me more:
     • Salinity affects 10% of irrigated and rainfed croplands, with predictions that 24–32% of global land may be impacted by rising temperatures.
     • Ten countries, including Afghanistan, Australia, Argentina, China, and the U.S., account for 70% of salt-affected soils.
     • Excessive salinity can lead to crop yield losses of up to 70%, posing a significant challenge for global food production.

2. WHO Releases First Report on Drowning Prevention
   • What:
     • The World Health Organization (WHO) published its first-ever report on drowning prevention, highlighting a 38% drop in global drowning death rates since 2000.
   • Why:
     • The report aims to raise awareness about drowning as a significant public health issue, despite the reduction in death rates.
   • Tell me more:
     • Over 300,000 people died from drowning in 2021, with more than 30 people estimated to drown every hour.
     • If current trends continue, over 7.2 million people, mainly children, could die by drowning by the year 2050.
     • The report emphasizes that almost half of all drowning deaths occur among individuals under the age of 29, with a quarter of deaths in children under five.

Source: TW

Defence News

1. Indian Army Launches AI Incubation Centre in Bengaluru
   • What:
     • Indian Army Chief Gen Upendra Dwivedi inaugurated the Artificial Intelligence Incubation Centre (IAAIIC) in Bengaluru.
   • Tell me more:
     • The IAAIIC will develop data-driven solutions to improve decision-making and operational efficiency.
     • It is established in collaboration with Bharat Electronics Limited (BEL), which will provide infrastructure and IT support.
     • The centre will focus on areas like Predictive Maintenance, Enhanced Surveillance, and Autonomous Platforms.
     • The IAAIIC is supported by a 1-petaflop supercomputer from CDAC for AI modeling and training.
       Source: ANI

Awards

1. National Energy Conservation Awards 2024 Announced
   • What:
     • The Bureau of Energy Efficiency (BEE) presented the National Energy Conservation Awards (NECA) 2024 to recognize efforts in energy efficiency.
   • Why:
     • The awards aim to raise awareness about energy efficiency and encourage various sectors to adopt energy-saving practices.
   • Tell me more:
     • This year’s awards include 23 First Prizes, 19 Second Prizes, 25 Certificates of Merit, and 4 Certificates of Recognition for Innovation Awards.
     • The National Painting Competition on Energy Conservation was also being held for students from grades 5 to 10.

Source: PIB

Important Days

1. International Day to End Violence Against Sex Workers 2024 – December 17
   Source: ETV

Appointments

1. SBI’s New MD Rama Mohan Rao Amara
   • SBI has appointed Rama Mohan Rao Amara as its new MD for a period of three years with effect from 18 December 2024.
     Source: BS

Miscellaneous

1. New Species of Darwin Wasps Discovered in India
   • What:
     • Researchers from the Ashoka Trust for Research in Ecology and the Environment (ATREE) discovered five new species of Darwin wasps from India and Thailand.
   • Tell me more:
     • This is the first documentation of the Microleptinae subfamily in India.
     • The five new species include four from India (Microleptes chiani, M. gowrishankari, M. sandeshkaduri, M. tehriensis) and one from Thailand (M. depressus).
     • The family Ichneumonidae has 42 subfamilies, with Microleptinae being one of the smallest.
     • Previously, only one species from this subfamily was known in the Oriental region.
     • The lead author of the study is Dr. Priyadarsanan Dharma Rajan.
       Source: TH

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