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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Securities and Exchange Board of India Grants In-Principle Nod to NHAI’s Raajmarg Infra Investment Trust as an InvIT

• The Securities and Exchange Board of India (SEBI) has granted in-principle approval for registering Raajmarg Infra Investment Trust (RIIT) as an Infrastructure Investment Trust (InvIT) under SEBI InvIT Regulations, 2014.
• The approval strengthens NHAI’s asset monetization program by enabling monetization of National Highway assets.

Key Highlights :

• RIIT aims to create a high-quality, long-term investment instrument targeted at retail and domestic investors.
• For final registration, RIIT must fulfill conditions within six months, including appointment of directors, submission of financial statements, and compliance with regulatory requirements.
• Raajmarg Infra Investment Managers Pvt. Ltd. (RIIMPL) was incorporated in Nov 2025 as the Investment Manager for RIIT.
• RIIMPL is a collaborative venture with equity participation from major financial institutions such as SBI, PNB, NaBFID, Axis Bank, Bajaj Finserv Ventures, HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank, and Yes Bank.
• NHAI has earlier monetized assets worth ₹48,995 crore via the Toll-Operate-Transfer (TOT) model.
• NHAI has also raised ₹43,638 crore through four rounds of Private InvITs, attracting both domestic and global investors.
• The Public InvIT framework ensures transparency, investor protection, strong reporting, and strict compliance standards.
• The initiative will boost public participation in developing world-class National Highway infrastructure.

NPCI’s Global Arm NIPL Signs Pact with ACLEDA Bank for QR-Enabled Bilateral Transactions

• NPCI International Payments Limited (NIPL), the global arm of NPCI, signed a Memorandum of Understanding (MoU) with ACLEDA Bank Plc., the first publicly listed commercial bank in Cambodia, to enable QR-based cross-border transactions between India and Cambodia.
• The partnership advances regional payment interoperability, supporting the ASEAN vision of inclusive digital economies and promoting innovation in digital payments.

Key Highlights :

• In March 2023, the National Bank of Cambodia (NBC) signed an MoU with NIPL to enable cross-border payments between the two countries.
• In May 2023, NBC selected ACLEDA Bank as the sponsoring bank to collaborate with NIPL in developing QR payment systems.
• NIPL has expanded the global footprint of UPI through partnerships with BENEFIT (Bahrain), PayPal (Global), Razorpay Curlec (Malaysia), NTT (Japan), and Magnati (UAE).
• The Service Agreement establishes the technical and operational framework to integrate NPCI’s UPI network with ACLEDA Bank’s KHQR ecosystem.
• Under the MoU, ACLEDA Bank will operate Cambodia’s national QR network—Bakong (KHQR)—on behalf of the National Bank of Cambodia.
• The collaboration aims to enable UPI acceptance in Cambodia and KHQR acceptance in India, enhancing bilateral digital payment connectivity.
• QR-based cross-border payments between India and Cambodia are expected to launch in Semester 2 of 2026.
• The MoU will ensure seamless QR-code-based transactions for Indian and Cambodian travellers across tourist attractions, restaurants, retail stores, and other establishments.
• For example, Indian tourists in Cambodia will be able to use UPI-enabled apps to make payments at over 4.5 million KHQR merchant touchpoints.
• The collaboration ensures secure, interoperable payments through UPI and KHQR apps, benefiting businesses and improving consumer convenience in both countries.

About NPCI International Payments Limited (NIPL) :

• Established : 2020
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Ritesh Shukla.

India’s FY26 Gross Domestic Product Forecast Upgraded to 7.4% by Fitch Ratings

• Fitch Ratings Inc. released its latest Global Economic Outlook (GEO) – December 2025

Key Highlights :

• The report raised India’s Gross Domestic Product (GDP) forecast for FY26 to 7.4%, up from the previous estimate of 6.9%.
• The report states that private consumer spending is the main driver of India’s GDP in FY26, supported by strong real income growth, improved consumer sentiment, and the impact of GST reforms.
• For FY27, India’s GDP growth is projected to slow to 6.4%, although domestic demand and consumer spending will remain key contributors.
• For FY28, India’s GDP growth is expected to ease further to 6.2%, as higher imports are likely to offset rising domestic demand.
• India’s inflation is projected to average 1.5% in FY26, and it is expected to rise to 4.4% in FY27.
• The report notes that consumer inflation fell to a record low of 0.3% in October 2025, mainly due to declining food prices.
• Global GDP growth for Calendar Year 2025 (CY25) has been revised upward to 2.5%, from the earlier forecast of 2.4% made in the September GEO 2025 report.
• However, global growth is projected to moderate to 2.4% in CY26, and both CY25 and CY26 forecasts remain lower than last year’s 2.9% global growth.

About Fitch Ratings Inc. :

• Established : 1914
• Headquarters : New York, USA
• President : Ian Linnell.

Vrutti Collaborates with HSBC India to Roll Out ‘FPO Shakti’ for Strengthening FPO Financing

• Vrutti, part of the Catalyst Platform, in partnership with HSBC India, has launched ‘FPO Shakti’, a blended, stage-based financing model aimed at enabling Farmer Producer Organisations (FPOs) to access capital.
• The FPO Shakti initiative aims to bridge the financing gap that prevents FPOs from growing beyond the early incubation stage.
• The new facility is supported by HSBC India and Friends of Women’s World Banking (FWWB) India, which acts as the Facility Manager.
• In its initial cohort, the initiative will support 15 early-growth FPOs, with plans to scale to over 100 organisations in future phases.
• The model integrates stage-appropriate financial instruments, including revolving funds, guarantees, and revenue-linked finance, combined with technical assistance delivered by Business Support Organisations (BSOs).
• The initiative incorporates digital record-keeping systems, enhancing transparency, lender confidence, and supporting a readiness framework for governance, business planning, and market linkages.
• Each FPO will undergo a 24-month (2-year) structured journey, focusing on governance, market systems, financial discipline, and digital enablement.
• India has over 44,000 registered FPOs, making it one of the world’s largest networks of farmer-owned collectives.

CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Bharat Taxi Begins Pilot Operations in Delhi & Gujarat

• Bharat Taxi is a cooperative ride-hailing platform positioned as an alternative to Uber and Ola, launched under the Union Ministry of Cooperation and supported by the National e-Governance Division (NeGD).
• It operates under the Sahakar Taxi Cooperative Limited and follows the government’s vision of “Sahakar Se Samriddhi” (Prosperity through Cooperatives).

Key Highlights

• The platform follows a cooperative ownership model, where drivers act as stakeholders and decision-makers instead of service providers.
• Drivers are referred to as “Saarthis”, symbolising dignity and equal partnership.
• The platform offers a Zero-Commission System, allowing drivers to retain 100% of the fare earned, unlike private aggregators that charge up to 30% commission.
• No surge pricing policy ensures fixed and transparent fares for passengers, eliminating sudden high-fare fluctuations.
• Drivers can purchase cooperative shares, gain transparency in earnings, and participate in policy decisions under the driver ownership framework.
• Bharat Taxi will integrate with key digital services such as DigiLocker and UMANG to support seamless onboarding and user services.
• Pilot testing began in November 2025, with the Android beta app live in Delhi and Saurashtra (Gujarat); the iOS version is expected soon.
• Within 10 days of launch, the platform onboarded over 51,000 drivers, surpassing global benchmarks, including the Drivers Cooperative in New York (launched with 4,000 drivers in 2020).
• In Delhi alone, 650 driver-owners have joined for the pilot phase, and a nationwide rollout is planned by December 2025.
• The initiative aims to improve driver income, dignity, service quality, and customer satisfaction by eliminating intermediaries and ensuring reliability.
• Bharat Taxi is a major step in advancing digital cooperative business models, enhancing self-reliance, fair income, and inclusive economic governance within the mobility sector.

Regional Artificial Intelligence (AI) Impact Conference 2025 Held in Shillong, Meghalaya

• The Regional Artificial Intelligence Impact Conference 2025 was held at the State Convention Centre, Shillong, Meghalaya as part of a series of regional events leading up to the India–AI Impact Summit 2026 scheduled for February 2026.
• The conference focused on the themes of People, Planet and Progress, aligning with the government’s goal to make AI accessible and impactful across India, including remote regions.
• The Union Minister (responsible for AI) addressed the event virtually and highlighted the government’s commitment to democratizing AI under the IndiaAI Mission.
• Under the IndiaAI Mission, over ₹10,300 crore has been allocated to build AI capabilities, infrastructure, and research across India.
• As part of scaling AI infrastructure, 38,000 GPUs have been onboarded to support research institutions, startups, and educational bodies at affordable cost.
• The government plans to establish hundreds of AI and data labs nationwide, some of which are already functional in the Northeast region.
• In Meghalaya, an AI Lab at NIELIT Shillong is already operational. Additional labs are planned at ITI Shillong, Shillong Polytechnic, and ITI Tura, expanding access to AI ecosystems beyond metropolitan areas.
• A major mission objective is AI skill development, with a target to train around 1 million people to enhance employability and foster innovation.
• The conference highlighted key benefits of AI democratization including:
  • Affordable AI computing access for startups, students, and researchers.
  • Expanded career opportunities through AI training and skilling programs.
  • Bridging the regional technology divide, making AI accessible to tier-2 and tier-3 cities.
  • Supporting AI for social good across sectors like agriculture, education, governance, and healthcare.
• The Shillong event is one in a sequence of regional conferences designed to contribute insights and local innovation inputs for the upcoming India–AI Impact Summit 2026, which will bring together stakeholders from government, industry, and academia.
• The initiative is expected to accelerate AI adoption and participation from the Northeastern states, contributing to a more inclusive national AI ecosystem.

RECENT NEWS

• D.D. Lapang, the veteran leader and former Chief Minister of Meghalaya, passed away on Friday night (13 September 2025) in Shillong at the age of 91.

About Meghalaya:

• Capital: Shillong
• Chief Minister: Conrad Kongkal Sangma
• Governor: C. H. Vijayashankar
• National Parks: Nokrek National Park, Balphakram National Park
• Wildlife Sanctuaries: Nongkhyllem Wildlife Sanctuary, Siju Wildlife Sanctuary, Baghmara Pitcher Plant Wildlife Sanctuary, Narpuh Wildlife Sanctuary, Balpakram Baghmara Biosphere Reserve

CURRENT AFFAIRS : INTERNATIONAL NEWS

Canada Announces Delisting of Syria and HTS from Terror-Related Sanctions

• Canada has announced policy changes by removing Syria from its list of states supporting terrorism and revoking the terror designation of Hayat Tahrir al-Sham (HTS).
• The decision reflects a broader shift in Western engagement with the new political leadership in Damascus following last year’s transition of power.
• The announcement follows HTS ousting Bashar al-Assad and taking control of the Syrian government.
• Canada stated that the action aligns with similar steps taken by the United Kingdom and the United States.
• Syria was initially added to Canada’s terrorism-support list in 2012 during the civil conflict triggered by a crackdown on pro-democracy protests.
• HTS, previously sanctioned for its association with Al-Qaeda, had been considered a major extremist threat
• The move supports Syria’s transitional authorities as they attempt to distance themselves from prior militant activities and build a more inclusive political structure.

About Canada :

• Prime Minister : Mark Carney
• Capital : Ottawa
• Currency : Canadian dollar

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Reserve Bank of India  Clears Vikram Sahu’s Appointment as Bank of America India Chief Executive Officer

• The Reserve Bank of India (RBI) has approved the appointment of Vikram Sahu as the Chief Executive Officer (CEO) of Bank of America N.A. (BANA) in India for a three-year term.
• Vikram Sahu succeeds Kaku Nakhate, who has now become the Chair of Bank of America in India while continuing as the India Country Executive (a role held since 2025).
• Vikram Sahu has nearly three decades of global financial experience, having held leadership roles in India, Hong Kong, Singapore, the USA, and Europe.
• He previously worked at Goldman Sachs for over 14 years, serving as the Head of Research for South Asia.
• Before becoming CEO, he held the position of Global Head of Equity Research at Bank of America.
• His appointment as CEO is in addition to his role as India Country Executive, and he continues to report to Jin Su, President for Asia-Pacific.
• As CEO, he chairs BANA India’s Local Management Team (LMT) and remains a member of Bank of America’s Asia-Pacific Executive Committee.
• He also chairs the India Country Leadership Team (CLT) and oversees strategic growth, governance, and regulatory compliance for Bank of America in India.

Reliance Retail Ventures Appoints Jeyandran Venugopal as Inaugural President &Chief Executive Officer

• Reliance Retail Ventures Limited (RRVL), the retail arm of Reliance Industries Limited (RIL), has appointed Jeyandran Venugopal as its first-ever President and Chief Executive Officer (CEO).
• He will work closely with Isha Ambani, Executive Director (ED) of RRVL, and the wider leadership team under the guidance of Mukesh Ambani and Manoj Modi.
• Jeyandran Venugopal has over 25 years of experience across retail, e-commerce, technology, and large-scale business transformation.
• He previously served as the Chief Product & Technology Officer (CPTO) at Flipkart, where he oversaw Product, Engineering, Design, Data Science, IT & Security, and Infrastructure.
• In his role at Flipkart, he was responsible for the technology roadmap, platform scalability, and overall customer experience.
• Earlier, he served as Chief Technology Officer (CTO) of Myntra and Jabong, leading engineering, product, and infrastructure teams and strengthening fashion-ecommerce technology, including user experience, catalog, pricing, and supply chain systems.

Appointments Committee of the Cabinet Extends Arun Kumar Singh’s Tenure as ONGC Chairman by One Year

• The Appointments Committee of the Cabinet (ACC), chaired by Prime Minister Narendra Modi, approved a one-year extension of Arun Kumar Singh’s tenure as Chairman of Oil and Natural Gas Corporation (ONGC).
• The extension is effective from 7 December 2025 to 6 December 2026.
• Arun Kumar Singh has a career spanning four decades across various segments of the petroleum industry.
• He previously served as Director (Marketing) of Bharat Petroleum Corporation Limited (BPCL) from 2018 to 2021.
• Arun Kumar Singh assumed charge as Chairman of ONGC on 7 December 2022.

About ONGC :

• Founded : 1956
• Headquarters : New Delhi
• It is fully owned by the Government of India (GoI).
• ONGC oversees the exploration and production of crude oil and natural gas both within India and internationally.

CURRENT AFFAIRS: AWARDS AND HONOURS

Luana Lopes Lara Becomes World’s Youngest Self-Made Woman Billionaire

• Luana Lopes Lara, a 29-year-old Brazilian entrepreneur, has become the world’s youngest self-made woman billionaire, following the rapid rise of her fintech startup Kalshi, now valued at USD 11 billion.
• Lara’s early life blended professional ballet training at the Bolshoi Theatre School with strong academic roots. She performed in Austria and later excelled in math and science Olympiads in Brazil.
• Her achievements led her to the Massachusetts Institute of Technology (MIT), where she pursued computer science and mathematics.

Key Highlights

• Kalshi was founded in 2018 by Lara and her MIT peer Tarek Mansour after internships at major financial firms including Bridgewater Associates, Citadel, and Five Rings Capital, where they identified a gap for a regulated prediction market.
• Kalshi allows users to legally trade contracts based on the outcomes of real-world events such as elections, inflation levels, or economic data. Building this model required navigating strict financial regulations.
• The major turning point came in September 2024, when Kalshi won a landmark legal case against the Commodity Futures Trading Commission (CFTC), enabling regulated US election-based trading, significantly expanding its market scope.
• Kalshi’s valuation surged from USD 2 billion in June 2025 to USD 11 billion by December 2025, backed by a USD 1 billion funding round from top venture capital investors.
• With an estimated 12% equity stake, Lara’s wealth is now valued at approximately USD 1.3 billion.
• Her achievement places her ahead of other young entrepreneurs like Lucy Guo (Scale AI) and even above notable public figures including Taylor Swift in recent billionaire rankings.
• Lara’s journey from ballet to technology reflects a combination of discipline, analytical skill, and entrepreneurial vision, marking a significant milestone in the global tech and fintech landscape.

Microsoft Announces Winners of the Microsoft Store Awards 2025

• Microsoft announced the winners of the Microsoft Store Awards 2025, recognising high-performing applications that enhanced user experience, productivity, technical innovation, and ecosystem impact on Windows platforms.
• The awards covered multiple categories, including AI assistants, business productivity, developer tools, creativity, automation, and education, reflecting the growing role of AI-driven digital tools.
• Under the AI Assistant category, Perplexity (Perplexity AI) was recognised for its multimodal AI search, voice support, guided research, and enterprise controls. ChatGPT (OpenAI) was also awarded for its Windows integration, including the Alt + Space quick access shortcut, support for file and image uploads, and enterprise-grade privacy and IT management controls.
• In business productivity, the award went to Invoice Maker & Estimate Creator (Moon Technolabs) for simplifying billing and financial documentation for freelancers and small businesses. It supports customised templates, secure sharing, and real-time dashboards.
• In the new category of Computer-Using Agents (CUA), Manus (Manus AI) was awarded for enabling automated workflows such as app deployment, web task automation, and data processing using a secure sandbox interface.
• The platform features “Manus’s Computer” for live task progress visibility and multi-agent automation.
• Apps like Notion received notable mentions for enabling cross-platform productivity, team collaboration, and deep integration with digital workflows.
• The awards highlight Microsoft’s focus on promoting AI innovation, workflow automation, enterprise-ready tools, and secure digital productivity solutions.
• The Microsoft Store Awards 2025 also serve as a guide for users to discover high-quality and reliable applications aligned with evolving digital and professional needs, while strengthening the Windows application ecosystem.

World Athletics Awards 2025 – Armand Duplantis and Sydney McLaughlin-Levrone Named World Athletes of the Year

• World Athletics Awards 2025 honoured Armand Duplantis (Sweden) and Sydney McLaughlin-Levrone (United States of America) as World Athletes of the Year for their outstanding performances and undefeated 2025 season.
• The awards were based on performances at the World Championships held in Tokyo, along with overall season excellence, and are among the most prestigious global honours in athletics.
• Armand Duplantis (Pole Vault):
  • Age: 26
  • Broke the pole vault world record four times in 2025 and became the first athlete to clear the 6.30-metre height.
  • Went unbeaten in 16 competitions, won both indoor and outdoor world titles, and claimed his fifth straight Diamond League title.
• Sydney McLaughlin-Levrone (400 metres):
  • Age: 26
  • Remained undefeated in the 400 metres and 400 metres hurdles throughout 2025.
  • Set a World Championships record of 47.78 seconds in the 400 metres, the second-fastest time in history, breaking a 42-year-old championship record.
• Other recognitions included:
  • Nicola Olyslagers (Australia): Women’s Field Athlete of the Year – Won both indoor and outdoor high jump world titles.
  • Emmanuel Wanyonyi (Kenya): Men’s Track Athlete of the Year – Won the 800 metres world title.
  • Maria Perez (Spain): Special recognition – Won two gold medals in the 20 kilometres and 35 kilometres race walk.
  • Sabastian Sawe (Kenya): Marathon excellence award – Winner of the London Marathon and Berlin Marathon.
• The awards aim to promote sporting excellence, encourage global participation, and inspire upcoming athletes, while increasing visibility and support for athletics worldwide.
• The awards are presented annually by World Athletics and have been recognising international athletic achievements since 1988, traditionally hosted in Monaco.
• Both highlighted events — pole vault and 400 metres — are major Olympic events, and performances are expected to influence global attention ahead of the Paris 2026 Olympics.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India–Russia Sign Reciprocal Exchange of Logistics Support (RELOS) Agreement to Strengthen Defence Cooperation

• Ahead of President Vladimir Putin’s 2025 India visit, Russia approved the Reciprocal Exchange of Logistics Support (RELOS) agreement with India, enhancing bilateral defence cooperation.
• RELOS allows reciprocal access to military facilities, refuelling, repairs, supplies, berthing, and maintenance, enabling efficient joint missions and long-range deployments.
• India gains access to over 40 Russian naval and air bases, including strategic locations in the Arctic and Pacific regions, expanding operational reach.

Key Highlights

• The agreement supports military base access, defence cooperation, operational efficiency, and humanitarian assistance and disaster relief (HADR) operations.
• Strategically, India can operate from ports like Vladivostok, Murmansk, and Petropavlovsk-Kamchatsky, boosting Arctic presence, Pacific surveillance, and sea lane monitoring, which cover 70 per cent of India’s maritime trade routes.
• RELOS enhances interoperability during exercises like INDRA (tri-service India–Russia joint military exercise), enabling joint deployment of over 20 naval ships and friendly maintenance support.
• It strengthens defence supply chains for platforms such as Su-30MKI fighter jets, T-90 tanks, MiG/Sukhoi aircraft fleets, and S-400 Triumf surface-to-air missile systems, reducing logistics delays and repair turnaround.
• The agreement deepens strategic trust, supporting programs like the BrahMos missile programme, submarine cooperation, and defence trade exceeding United States Dollar (USD) 13 billion.
• Compared to India’s United States of America (USA) agreements (Logistics Exchange Memorandum of Agreement (LEMOA), Communications Compatibility and Security Agreement (COMCASA), Basic Exchange and Cooperation Agreement for Geospatial Intelligence (BECA)), RELOS uniquely expands India’s reach into Eurasia and Arctic zones and supports Russian equipment and supply chains, complementing India’s Western defence partnerships.
• RELOS reinforces India–Russia defence relations, diversifies strategic partnerships, and enhances operational and technological alignment.

Ministry of Electronics and Information Technology & Ministry of External Affairs Launch Paperless Passport Verification via DigiLocker

• The Ministry of Electronics and Information Technology (MEITY) and the Ministry of External Affairs (MEA) have launched a paperless, contactless passport verification process through DigiLocker.
• Citizens can now access and share their Passport Verification Records (PVRs) directly from the Issued Documents section of their DigiLocker accounts, streamlining the passport application and verification process.
• PVRs can be viewed and stored digitally, eliminating the need for physical documents or printing.

Key Highlights

• DigiLocker ensures data integrity and authenticity, reducing the risk of forgery or tampering.
• Digital PVRs can be shared with authorized agencies like passport offices for processing applications or background checks without submitting paper copies.
• Supports contactless workflows, reducing the need for in-person visits and physical submissions.
• Integration with Official Verification Documents (OVD): PVRs now join other government-issued documents in DigiLocker, enabling centralized digital access to vital identity records.
• This initiative reinforces the government’s Digital India mission, promoting efficient, transparent, and citizen-friendly services.
• Once generated, a citizen’s PVR is automatically pushed to their DigiLocker account, where it can be accessed, downloaded, shared, or digitally verified, and authorized government departments can process applications faster.

RailTel Signs Agreement with Nokia to Upgrade National Long-Distance and Metro Optical Networks

• RailTel Corporation of India Limited, a Navratna Central Public Sector Enterprise under the Ministry of Railways, signed an agreement with Nokia Corporation to upgrade its National Long-Distance (NLD) and metro optical transport networks across India.
• The upgrade will use Nokia’s advanced Internet Protocol (IP) routing and optical technologies to enhance high-speed connectivity, resilience, and network capacity for enterprise and broadband customers.
• The collaboration focuses on modernizing RailTel’s infrastructure using a vendor-neutral, open-network model to ensure future scalability and adaptability.
• Technologies deployed include Nokia’s 7750 Service Router (SR), Broadband Network Gateway (BNG), and Carrier-Grade NAT (CG-NAT) to support growing data consumption and large-scale traffic management.
• Nokia announced the successful upgrade of RailTel’s Dense Wavelength Division Multiplexing (DWDM) NLD network along with deployment of CG-NAT and metro optical transport infrastructure, improving service delivery and network reliability.
• The upgrade leverages Nokia’s 1830 Photonic Service Switch (PSS) and advanced transponders, increasing network transport capacity while reducing cost per bit through reuse of existing infrastructure and unused channel spectrum.
• The deployment enables high-capacity Lambda transmission and express traffic lanes between cities, significantly improving overall network performance.
• The unified network infrastructure improves intercity traffic resilience, reduces operational costs, and enhances broadband and enterprise-grade service capabilities.

About RailTel

• RailTel operates a pan-India optical fiber network of over 64,000 route kilometers and manages two Tier-III certified data centers, positioning it as a major neutral telecom infrastructure provider in India.
• RailTel provides services including Multiprotocol Label Switching–Virtual Private Network (MPLS-VPN), telepresence, leased lines, co-location, and data center solutions to government and enterprise clients.
• RailTel is a strategic implementing agency for national digital initiatives including BharatNet and the National Knowledge Network, and has enabled public Wi-Fi services at over 6,115 railway stations, contributing to India’s digital inclusion and connectivity ecosystem.

CURRENT AFFAIRS: RANKING AND REPORTS

Stockholm International Peace Research Institute Releases ‘Top 100 Arms-Producing & Military Services Companies, 2024’ – Indian PSUs Rank in List

• The Stockholm International Peace Research Institute (SIPRI) released the fact sheet titled “The SIPRI Top 100 Arms-Producing and Military Services Companies, 2024.”
• Only three Indian PSUs featured in the global Top 100 list, all under the Ministry of Defence (MoD):
  • Hindustan Aeronautics Limited (HAL) – Rank 44, Total revenue: USD 4,010 million
  • Bharat Electronics Limited (BEL) – Rank 58, Total revenue: USD 2,750 million
  • Mazagon Dock Shipbuilders Limited (MDL) – Rank 91, Total revenue: USD 1,370 million
• Lockheed Martin Corporation (USA) topped the list with total revenue of USD 71,040 million, followed by RTX (USA) in 2nd position with USD 80,740 million, and Northrop Grumman Corporation (USA) ranked 3rd with USD 41,030 million.
• Other high-performing companies include Czechoslovak Group (46th; USD 3.6 billion) and SpaceX (77th; USD 1.8 billion).
• The total arms revenue of the SIPRI Top 100 reached USD 679 billion, marking a record increase of 5.9% from 2023, with 77 companies reporting higher revenues and 42 companies achieving double-digit growth.
• The combined revenue of top firms including Lockheed Martin, Northrop Grumman, and General Dynamics grew by 3.8%, reaching USD 334 billion in 2024.
• Companies ranked next in the Top 10 include: Boeing (Rank 6, USA), Rostec (Rank 7, Russia), AVIC (Rank 8, China), CETC (Rank 9, China) and L3Harris Technologies (Rank 10, USA).
• Regional Performance:
  • North America: 39 US companies generated USD 334 billion, contributing 49% of global revenue, marking a 3.8% increase.
  • Canada: One company recorded USD 1.46 billion, up 5.8%.
  • Europe (excluding Russia): 26 companies earned USD 151 billion, recording a 13% increase.
  • Russia: Two companies earned USD 31.23 billion, marking a 23.4% increase and 4.6% global share.
  • Middle East: Highest-ever participation with 9 companies, generating USD 30.9 billion, a 13.7% increase.
  • Asia & Oceania: Generated USD 130 billion, reflecting a 1.2% decline from 2023.
• Highest growth performers included Czechoslovak Group, which grew 193%, and SpaceX, which recorded 103% growth in defence-linked revenue.
• India’s Arms Industry Performance:
  • India generated USD 7.5 billion arms revenue, an 8.2% increase from 2023, accounting for 1.1% of global revenue.
  • HAL: USD 3.81 billion arms revenue (0.3% decline); previously ranked 42nd.
  • BEL: USD 2.4 billion arms revenue (24% increase); previously ranked 64th.
  • MDL: USD 1.2 billion arms revenue (9.8% increase); maintained 91st rank.

About SIPRI:

• • Director: Karim Haggag
  • Headquarters: Stockholm, Sweden
  • Established: 1966

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Nokia Partners with Bharti Airtel to Open Airtel’s Network Capabilities to Developers in India

• Nokia Corporation, a telecom firm from Finland, has entered into a strategic partnership with Bharti Airtel Limited to make Airtel’s network capabilities accessible to developers and enterprises across India.
• The collaboration will enable Airtel’s pan-India network capabilities to be opened for third-party innovation through Nokia’s Network as Code platform supported by a developer portal.
• After successful trials, Airtel will roll out its network Application Programming Interfaces (APIs) on a subscription basis via Nokia’s Network as Code platform.
• The partnership will give developers, system integrators, and enterprises access to tools needed to build next-generation digital solutions, including 5G, Artificial Intelligence (AI), and advanced computing.
• Network APIs will allow telecom operators to virtualise parts of their network, enabling them to securely share select features and data with developers.
• This API-enabled model will support the creation of customised, high-performance, and advanced digital applications tailored to industry needs.

Ministry of Housing and Urban Affairs and IIT Kanpur Launch Second Batch of 32 Startups in Sanitation & Waste Management for Swachh Bharat

• The Ministry of Housing and Urban Affairs (MoHUA), in partnership with Startup Incubation and Innovation Centre (SIIC), IIT Kanpur, launched the second cohort of startups in sanitation and waste management at the Swachhata Startup Conclave.
• MoS MoHUA, Shri Tokhan Sahu, highlighted that startups are driving tech-based, cleaner, and greener urban solutions while creating jobs and revenue.
• The Swachh Bharat Mission–Urban (SBM-U) has transformed India’s urban sanitation ecosystem over the past decade, promoting waste segregation, recycling, circular economy, and the dignity of sanitation workers.
• Cohort 1 (2022) onboarded 30 startups from 230+ applications, resulting in 11x revenue growth, 6x funding, creation of 2,000+ jobs, and treatment of 300+ lakh liters of wastewater.
• Cohort 2 (2025) selected 32 startups from 400+ applications to provide solutions in circular waste management, segregation, desludging, and waste-to-energy, led by youth and women innovators.

About Ministry of Housing & Urban Affairs :

• Cabinet Minister : Manohar Lal Khattar
• Minister of State : Tokhan Sahu

CURRENT AFFAIRS : DEFENCE NEWS

Defence Research and Development Organisation Hands Over 7 Technology Development Fund-Supported Defence Technologies to India’s Armed Forces

• The Defence Research and Development Organisation (DRDO) handed over seven indigenous technologies developed under the Technology Development Fund (TDF) scheme to the Indian Army, Navy and Air Force.

Key Highlights :

• The handed-over technologies include:

1. Indigenous High-Voltage Power Supply for Airborne Self-Protection Jammers
2. Tide-Efficient Gangway for Naval Jetties
3. Advanced VLF-HF Switching Matrix Systems
4. VLF Loop Aerials for Underwater Platforms
5. Indigenous Waterjet Propulsion System for Fast Interceptor Craft
6. Novel Lithium Precursor Recovery Process from used Lithium-ion Batteries
7. Long-life Seawater Battery System for Underwater Sensing & Surveillance

• These technologies were designed, developed and tested by Indian industry with support from DRDO domain experts and Tri-services, reinforcing import substitution and critical technology development.
• The handing-over ceremony was conducted during the meeting of the Empowered Committee of DRDO held at DRDO Bhawan, New Delhi on 2 December 2025, chaired by Dr. Samir V. Kamat, Secretary, Defence R&D and Chairman, DRDO.
• The Committee approved 12 new projects under the TDF scheme, covering strategic, aerospace, naval, and electronic warfare technologies.
• The approvals highlight the Government’s focus on building domestic defence capability and reducing dependence on foreign technologies in critical and emerging areas.

About DRDO:

• Founded: 1958
• Headquarters: New Delhi, India
• Parent Ministry: Ministry of Defence, Government of India
• Chairman: Dr. Samir V. Kamat

CURRENT AFFAIRS : SUMMITS & CONFERENCES

National Institute for Smart Government Hosts Conference on Leveraging AI and Digital Public Infrastructure for Viksit Bharat

• The National Institute for Smart Government (NISG), along with Ministry of Electronics and Information Technology (MeitY) and the Directorate of IT, Tripura, organised a conference titled “Harnessing AI and Digital Public Infrastructure (DPI) for Viksit Bharat” on 5 December 2025 in New Delhi, with EY as Knowledge Partner.
• The conference gathered policymakers, technologists, industry leaders and experts to discuss how Artificial Intelligence (AI) and Digital Public Infrastructure (DPI) can improve governance and public service delivery for achieving Viksit Bharat 2047.
• The NISG–EY Report released during the inaugural session stated that combining AI with India’s DPI stack will boost economic empowerment, enhance governance, and enable citizen-centric services at scale.
• A panel discussion with leaders from EkStep Foundation, Gates Foundation, TCS, IRIS Business Services and ONDC explored challenges in scaling DPI, building trust, and ensuring transparency.
• Shankar Maruwada, CEO, EkStep, noted that DPI 1.0 met welfare needs, while DPI 2.0, powered by AI, will help meet the aspirations of 1.5 billion Indians, creating Digital Public Intelligence.
• The National Institute for Smart Government (NISG), established in 2002 under the PPP model, functions as an institution of excellence in e-governance, improving government processes and enabling efficient service delivery systems across India.

About MeitY :

• Cabinet Minister : Ashwini Vaishnaw
• Minister of State : Jitin Prasada

CURRENT AFFAIRS : OBITUARIES

Former Mizoram Governor Swaraj Kaushal Passed away at Age 73

• Former Governor of Mizoram Swaraj Kaushal passed away at the age of 73 in New Delhi, Delhi.

About Swaraj Kaushal :

• He was born on 12 July 1952 in Solan, Patiala and East Punjab States Union (now in Himachal Pradesh).
• He was the husband of late former Union Minister Sushma Swaraj and the father of Bansuri Swaraj, who is a Member of Parliament (MP) from New Delhi.
• Swaraj Kaushal was a distinguished Indian lawyer, politician, and public servant, widely known for his expertise in criminal law.
• He had a strong legal background and was renowned for his work in constitutional law, including high-profile political and insurgency-related cases.
• He notably defended Union Minister George Fernandes in the Baroda Dynamite Case during the Emergency (1975–77).
• In 1979, he played a key role in securing the release of Laldenga, the Mizo National Front (MNF) leader, and later served as the MNF’s constitutional adviser during peace talks.
• He was instrumental in the signing of the Mizoram Peace Accord of 1986, a major milestone in restoring peace in the region.
• In 1987, he became the first Advocate General of Mizoram, marking a significant achievement in his legal career.
• In 1990, he was appointed the Governor of Mizoram at the young age of 37, making him one of the youngest governors in India; he served in this position until 1993.
• From 1998 to 2004, he served as a Rajya Sabha MP, representing the Haryana Vikas Party (HVP) in Parliament.

Modern Architecture Legend Frank Gehry passed away at 96 in Santa Monica

• Frank Gehry, one of the world’s most celebrated modern architects, passed away at age 96 at his home in Santa Monica after a brief respiratory illness.
• Gehry was renowned for bold, sculptural architectural forms and a distinctive artistic vision that reshaped global skylines.
• He received the Pritzker Prize, the highest honour in architecture, along with major recognitions from institutions like the Royal Institute of British Architects.
• Gehry’s work was known for being refreshingly original, deeply American in spirit, and transformative in materials and form.
• His iconic masterpieces include the Guggenheim Museum (Bilbao), Walt Disney Concert Hall (Los Angeles) and DZ Bank Building (Berlin) — all known for unconventional shapes, reflective surfaces, and innovative engineering.
• Gehry was inspired by modern pop art, which influenced his landmark cultural buildings.
• Even in his later years, he created influential structures such as the IAC Building (2007) in New York and the 76-storey New York By Gehry tower (2011), one of the tallest residential buildings in the world.

CURRENT AFFAIRS: IMPORTANT DAYS

International Civil Aviation Day 2025 – Observed on 7th December

• International Civil Aviation Day is observed annually on 7th December to raise global awareness about the significance of international civil aviation for social and economic development.
• The day was established by the International Civil Aviation Organization (ICAO), a specialized agency of the United Nations, to highlight the impact of civil aviation worldwide.
• Civil aviation has transformed tourism, business, and cultural connectivity, enabling faster travel and fostering international relations.
• The first International Civil Aviation Day was celebrated in 1994, marking ICAO’s 50th anniversary.
• In 1996, the United Nations General Assembly officially recognized 7th December as International Civil Aviation Day, emphasizing its global importance.

Armed Forces Flag Day 2025 – Observed on 7th December

• Armed Forces Flag Day is observed annually on 7th December to honor the martyrs and the personnel of the Indian Armed Forces who protect the nation’s borders.
• The day was first proposed in 1949 by the then Defence Minister, who set up a committee to observe it annually and collect funds through the distribution of flags.
• The primary objective is to collect funds from citizens to support welfare programs for serving personnel, ex-servicemen, and their families.
• It is also known as the Flag Day of India and serves as a platform for citizens to express gratitude and pay homage to military personnel, including those who sacrificed their lives in service.
• Funds collected are used for rehabilitation, education, healthcare, and welfare schemes for the armed forces community, reinforcing national respect and support for defense personnel.

Daily CA One- Liner: December 7^th & 8^th

• Bharat Taxi is a cooperative ride-hailing platform positioned as an alternative to Uber and Ola, launched under the Union Ministry of Cooperation and supported by the National e-Governance Division
• The Regional Artificial Intelligence Impact Conference 2025 was held at the State Convention Centre, Shillong, Meghalaya as part of a series of regional events leading up to the India–AI Impact Summit 2026 scheduled for February 2026
• Luana Lopes Lara, a 29-year-old Brazilian entrepreneur, has become the world’s youngest self-made woman billionaire, following the rapid rise of her fintech startup Kalshi, now valued at USD 11 billion
• Microsoft announced the winners of the Microsoft Store Awards 2025, recognising high-performing applications that enhanced user experience, productivity, technical innovation, and ecosystem impact on Windows platforms
• World Athletics Awards 2025 honoured Armand Duplantis (Sweden) and Sydney McLaughlin-Levrone (United States of America) as World Athletes of the Year for their outstanding performances and undefeated 2025 season
• Ahead of President Vladimir Putin’s 2025 India visit, Russia approved the Reciprocal Exchange of Logistics Support (RELOS) agreement with India, enhancing bilateral defence cooperation
• The Ministry of Electronics and Information Technology (MEITY) and the Ministry of External Affairs (MEA) have launched a paperless, contactless passport verification process through DigiLocker
• RailTel Corporation of India Limited, a Navratna Central Public Sector Enterprise under the Ministry of Railways, signed an agreement with Nokia Corporation to upgrade its National Long-Distance (NLD) and metro optical transport networks across India
• The Stockholm International Peace Research Institute (SIPRI) released the fact sheet titled “The SIPRI Top 100 Arms-Producing and Military Services Companies, 2024.”
• The Securities and Exchange Board of India (SEBI) has granted in-principle approval for registering Raajmarg Infra Investment Trust (RIIT) as an Infrastructure Investment Trust (InvIT) under SEBI InvIT Regulations, 2014.
• NPCI International Payments Limited (NIPL), the global arm of NPCI, signed a Memorandum of Understanding (MoU) with ACLEDA Bank Plc., the first publicly listed commercial bank in Cambodia, to enable QR-based cross-border transactions between India and Cambodia.
• Fitch Ratings Inc. released its latest Global Economic Outlook (GEO) – December 2025
• Vrutti, part of the Catalyst Platform, in partnership with HSBC India, has launched ‘FPO Shakti’, a blended, stage-based financing model aimed at enabling Farmer Producer Organisations (FPOs) to access capital.
• Canada has announced policy changes by removing Syria from its list of states supporting terrorism and revoking the terror designation of Hayat Tahrir al-Sham (HTS).
• The Reserve Bank of India (RBI) has approved the appointment of Vikram Sahu as the Chief Executive Officer (CEO) of Bank of America N.A. (BANA) in India for a three-year term.
• Reliance Retail Ventures Limited (RRVL), the retail arm of Reliance Industries Limited (RIL), has appointed Jeyandran Venugopal as its first-ever President and Chief Executive Officer (CEO).
• The Appointments Committee of the Cabinet (ACC), chaired by Prime Minister Narendra Modi, approved a one-year extension of Arun Kumar Singh’s tenure as Chairman of Oil and Natural Gas Corporation (ONGC).
• Nokia Corporation, a telecom firm from Finland, has entered into a strategic partnership with Bharti Airtel Limited to make Airtel’s network capabilities accessible to developers and enterprises across India.
• The Ministry of Housing and Urban Affairs (MoHUA), in partnership with Startup Incubation and Innovation Centre (SIIC), IIT Kanpur, launched the second cohort of startups in sanitation and waste management at the Swachhata Startup Conclave.
• The Defence Research and Development Organisation (DRDO) handed over seven indigenous technologies developed under the Technology Development Fund (TDF) scheme to the Indian Army, Navy and Air Force.
• The National Institute for Smart Government (NISG), along with Ministry of Electronics and Information Technology (MeitY) and the Directorate of IT, Tripura, organised a conference titled “Harnessing AI and Digital Public Infrastructure (DPI) for Viksit Bharat” on 5 December 2025 in New Delhi, with EY as Knowledge Partner.
• Former Governor of Mizoram Swaraj Kaushal passed away at the age of 73 in New Delhi, Delhi.
• Frank Gehry, one of the world’s most celebrated modern architects, passed away at age 96 at his home in Santa Monica after a brief respiratory illness.
• International Civil Aviation Day is observed annually on 7th December to raise global awareness about the significance of international civil aviation for social and economic development
• Armed Forces Flag Day is observed annually on 7th December to honor the martyrs and the personnel of the Indian Armed Forces who protect the nation’s borders