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CURRENT AFFAIRS : BANKING & FINANCE

Unified Payments Interface Dominates the Digital Payments Landscape 

• In October,2024, the Unified Payments Interface (UPI) surpassed 10 billion merchant transactions, showing a 53% year-on-year growth, marking a record peak during the festive season sales.
• UPI continued to dominate merchant-focused digital payments in India, outpacing cards and mobile wallets in terms of transaction volume.

Key Highlights :

• Record Single-Day Transaction: UPI recorded 644 million transactions on October 31 (Diwali), marking the highest-ever single-day transaction count.
• Growth of Credit Cards: Credit card transactions grew by 35% in October, reaching 433 million transactions, compared to 320 million in the previous year, with increased usage driven by EMI and buy-now-pay-later (BNPL) offerings.
• Decline in Debit Card Usage: Debit card transactions decreased by 24%, from 190 million in October 2023 to 144 million in 2024, attributed partly to the lack of EMI offers during the festive season.
• Mobile Wallets' Decline: Mobile wallet transactions fell by 17%, from 533 million in October 2023 to 442 million in October 2024, continuing the downward trend as UPI gained popularity.
• Shift in Payment Preferences: Debit cards and mobile wallets are losing ground as UPI becomes the preferred method of payment, especially for account-based transactions.
• Impact of Paytm Payments Bank: The regulatory action against Paytm Payments Bank, halting its operations, has further impacted mobile wallet transactions.
• Credit Card Growth: Despite slowing growth in unsecured credit, credit card issuance reached 106 million, with a total outstanding credit amounting to Rs 2.8 lakh crore in October 2024, an increase from Rs 2 lakh crore a year ago.

Punjab National Bank, Bank of India hike marginal cost of funds based lending rates   

• Punjab National Bank (PNB) has raised its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenors, effective December 1, 2024.
• Benchmark One Year MCLR: Increased from 8.95% to 9%.
• Other MCLR Tenors:
  • Overnight: 8.35% (up from 8.30%)
  • One Month: 8.45% (up from 8.40%)
  • Three Months: 8.65% (up from 8.60%)
  • Six Months: 8.85% (up from 8.80%)
  • Three Years: 9.30% (up from 9.25%)
• Bank of India MCLR Revision: Bank of India (BoI) has also increased MCLR for specific tenors, effective December 1, 2024.
• One Month Tenor: Increased to 8.45% (up from 8.40%).
• Three Months Tenor: Increased to 8.60% (up from 8.55%).
• Other Tenors (No Change):
  • Overnight: 8.20%
  • Six Months: 8.85%
  • One Year: 9%
  • Three Years: 9.10%
• Impact on Consumer Loans: The revision in MCLR rates is likely to affect consumer loans, making borrowing slightly more expensive.
• Reason for Revision: Banks typically adjust their MCLR based on the cost of funds and prevailing market conditions.
• MCLR: The MCLR is the benchmark rate used by banks to set interest rates on loans. An increase in the MCLR typically results in higher lending rates for consumers.

About PNB :

• Founded : 19 May 1894
• Headquarters : Delhi, India
• MD & CEO : Atul Kumar Goel

About BoI :

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

India and Asian Development Bank Ink $98 Million Loan Agreement to Boost Plant Health in Horticulture Sector  

• The Government of India and the Asian Development Bank (ADB) signed a $98 million loan agreement.
• Purpose: The loan aims to improve horticulture crop farmers' access to certified disease-free planting materials, enhancing crop yield, quality, and climate resilience.
• Project Name: The project is part of Building India's Clean Plant Programme (CPP), which is aligned with the Government of India’s Atmanirbhar Clean Plant Programme.

Key Signatories:

• Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance (Government of India).
• Kai Wei Yeo, Officer-in-Charge, ADB’s India Resident Mission.

Key Highlights :

Focus Areas:

• Development of a regulatory framework and institutional systems for effective implementation of the CPP.
• Close consultation with private nurseries, researchers, state governments, and growers’ associations.
• Climate Change Adaptation: The project supports plant health management to help farmers adapt to climate change, especially rising temperatures and its impact on pest and disease behavior.
• Clean Plant Centres: The project will establish clean plant centres that will maintain disease-free foundation materials for planting. These centres will have:
• Laboratories with cutting-edge diagnostic testing methods.
• Trained experts in clean plant centre operating procedures.
• Clean Plant Certification Scheme: The project will roll out a scheme to certify private nurseries and their planting materials for quality and disease-free standards.
• Implementation Bodies: The project will be implemented by the Ministry of Agriculture and Farmers Welfare through the National Horticulture Board and the Indian Council of Agricultural Research.

CURRENT AFFAIRS: NATIONAL NEWS

Curtain Raiser for Ashtalakshmi Mahotsav 2024: A Celebration of Northeast India’s Cultural and Economic Potential

• The Ashtalakshmi Mahotsav 2024, a grand festival celebrating the rich cultural and economic heritage of Northeast India, will commence on December 6, 2024, at Bharat Mandapam, Pragati Maidan, New Delhi.
• Chaired by Union Minister of Communications and Development of the Northeastern Region, Shri Jyotiraditya M. Scindia, the curtain raiser event emphasised the festival's goal of showcasing the Northeast's vibrant culture and economic potential.

Key Highlights

Inauguration and Leadership

• Prime Minister Narendra Modi will inaugurate the festival on December 6, 2024.
• Shri Scindia underlined that the Northeast symbolizes the essence of "Ashtalakshmi" — Prosperity, Opulence, Purity, Wealth, Knowledge, Duty, Agriculture, and Animal Husbandry.

Event Organizers and Vision

• Hosted by the Ministry of Development of North Eastern Region (MDoNER) and managed by North Eastern Handicrafts & Handlooms Development Corporation Limited (NEHHDC).
• The initiative aims to drive economic and cultural advancement while fostering national and global connections for the region.

Key Components of the Festival

1. Artisan Exhibitions
   • Over 250 artisans and entrepreneurs will showcase traditional handicrafts, handlooms, and agricultural products, including 34 Geographical Indication (GI) tagged items such as indigenous fruits and organic goods.
   • Special pavilions will feature Eri and Muga Silk and state-specific crafts.
2. Technical Sessions
   • Topics include women's leadership, information technology, energy, healthcare, arts, sports, and culture.
   • A flagship session, "Towards Prosperity: Catalyzing Northeast's Progress Towards a Viksit Bharat", will explore the region's role in India's development.
3. Investors Roundtable
   • Aimed at fostering partnerships and highlighting investment opportunities in key sectors like handicrafts, agriculture, horticulture, gems and jewelry, and tourism.
4. Buyer-Seller Meets
   • Designed to boost economic collaborations by connecting stakeholders across industries.
5. Design Conclave and Fashion Show
   • Displays the region's rich textile traditions, featuring a fashion show by Prasad Bidapa and collections from talented regional and national designers.
6. Ashtalakshmi Grameen Haat
   • A recreation of vibrant rural markets with over 300 artisans, organic producers, and farmers offering diverse products.
7. Cultural Performances
   • Traditional dances, musical performances, and cultural showcases will run throughout the festival.
   • Highlights include:
     • Ashtalakshmi Symphony and Shillong Chamber Choir on Day 1.
     • Performances by PANGPARI (Mizoram), SOFIYUM (Sikkim), and a grand Fashion Show on Day 2.
     • BASAV (Manipur), FEATHERHEADS HAOKUI, and Tai Khamti Dance on Day 3.

Introduction of Mascot 'Purvi'

• The mascot ‘Purvi’, representing all eight Northeastern states, was unveiled.
• Purvi symbolizes the diverse culture and aspirations of the region and will continue to serve as a cultural ambassador beyond the festival.

Significance and Future Vision

• The Ashtalakshmi Mahotsav aims to be an annual calendar event celebrating the Northeast's cultural wealth and economic opportunities.
• The festival aligns with the government’s vision to position the Northeast as an engine for India’s economic growth while preserving its heritage.

India Re-elected to the UN Peacebuilding Commission (2025-2026)

• India has secured its re-election to the United Nations Peacebuilding Commission (PBC)for the 2025-2026 term, reaffirming its active commitment to promoting global peace and stability.
• The announcement was made by the Permanent Mission of India to the United Nationsvia social media platform X.

Key Highlights

India’s Role and Commitment

• Founding Member: India has been an active participant since the PBC's establishment in 2005.
• Contributor to Peacekeeping: As a major contributor to UN Peacekeeping Operations, India’s efforts align with its broader goal of sustaining peace worldwide.
• The Permanent Mission of India emphasized India’s dedication to supporting the PBC’s work for peace and stability globally.

About the UN Peacebuilding Commission

• Establishment: December 2005.
• Mandate: Acts as an intergovernmental advisory body to:
  • Support peacebuilding efforts in conflict-affected regions.
  • Advise the UN General Assembly and UN Security Council on strategies for sustaining peace.
• Strategic Focus:
  • Promotes nationally led initiatives in post-conflict recovery and peacebuilding.
  • Facilitates collaboration between humanitarian, development, and peace actors.
  • Encourages regional dialogues and exchange of best practices in peacebuilding.

Functions and Operations of the PBC

• Advisory Role: Guides international efforts on sustaining peace in areas emerging from conflict.
• Engagement: Partners with UN entities, member states, and other stakeholders to implement a comprehensive peace agenda.
• Briefings and Discussions: Regularly invites experts from peacekeeping missions, special political missions, and UN Country Teams to ensure peacebuilding efforts are well-informed and grounded in on-the-ground realities.

India’s Global Peacebuilding Leadership

India’s re-election reflects its unwavering commitment to:

• Strengthening peacebuilding frameworks globally.
• Supporting nationally driven solutions for post-conflict recovery.
• Enhancing coordination between peacekeeping, humanitarian aid, and development efforts.

Atal Mission for Rejuvenation and Urban Transformation (AMRUT) 2.0

• Launched on October 1, 2021, AMRUT 2.0 aims to make Indian cities self-sufficient and water-secure by focusing on key urban infrastructure projects, including sewerage management, water body restoration, and expanding green spaces.

Key Objectives

• Water Security: Ensure sustainable and equitable access to water in urban areas.
• Urban Infrastructure: Improve sewerage systems, restore water bodies, and develop green spaces to enhance urban living standards.

Budget and Allocation

• Total Budget: ₹2,99,000 crore over five years.
• Central Contribution: ₹76,760 crore provided to States and Union Territories (UTs).
• Approved Projects:
  • Number of Projects: 8,998.
  • Worth: ₹1,89,458.55 crore.

State Water Action Plans (SWAP)

• Mandate: All states and UTs must submit SWAPs within two years of the mission's launch.
• Progress:
  • ₹63,976.77 crore approved out of ₹66,750 crore of central assistance.
  • States like Arunachal Pradesh and Delhi have yet to approve 90% of their allocated funds.

Project Implementation and Status

• Contracts Awarded: ₹85,114.01 crore for 4,916 projects (as of November 15, 2024).
• Planning Stage: 1,198 projects under preparation.
• Completed Projects: Worth ₹23,016.30 crore.
• Expenditure:
  • Total expenditure, including state contributions: ₹17,089 crore.
  • Central assistance released: ₹11,756.13 crore.

Governance and Monitoring

• National-Level Oversight:
  • Apex Committee monitors progress.
  • Independent Review and Monitoring Agencies (IRMAs) conduct assessments.
• State-Level Oversight:
  • State High Powered Steering Committees (SHPSCs), led by Chief Secretaries, oversee execution.
  • State Level Technical Committees (SLTCs) provide technical support.
• Review Mechanism: Regular reviews via video conferences and site visits.

Important Facts

• AMRUT: Focuses on urban sustainability and water security across 500 cities in India.
• SWAP: Mandatory State Water Action Plans to ensure structured water management and efficient use of resources.
• Financial Progress: Significant funds were allocated, with an increasing focus on contract awards and project completions.

EPFO Approves Amnesty Scheme for Employers to Allow Delayed Provident Fund Deposit Sans Penalty

• The Employees' Provident Fund Organisation (EPFO)has introduced the Amnesty Scheme 2024, aimed at encouraging compliance among employers.
• This initiative provides a limited-time opportunity for employers to deposit past provident fund dues without penalties.

Objectives and Benefits

1. Voluntary Compliance: Employers can disclose and rectify past non-compliance without legal or financial repercussions.
2. Formalization of Workforce: Encourages more employers to bring workers under the formal social security framework.
3. Ease of Declaration: Requires only a simple online declaration to avail of benefits.
4. Boost to Employment Linked Incentive (ELI) Scheme: Facilitates implementation of ELI announced in the FY25 budget to promote employment generation and job formalization.

Amendments and Enhancements to EPF Scheme

1. Interest Payment Amendment:
   • Existing Rule: Interest was paid only up to the end of the preceding month for claims settled till the 24th of the month.
   • New Rule: Interest will now be paid up to the settlement date, resulting in higher financial benefits and reduced grievances.
2. Streamlined Claim Processing:
   • Claims can now be processed throughout the month, reducing pendency and ensuring timely settlements.
3. Extension of EDLI Benefits:
   • Insurance cover of ₹2.5 lakh to ₹7 lakh for dependents of deceased members extended retrospectively from April 28, 2024.
   • Actuarial valuation shows a surplus of ₹6,385.74 crore ensuring uninterrupted benefits.
4. Simplified Bank Empanelment:
   • Includes all RBI agency banks for centralized EPF contribution collection.
   • Allows empanelment of scheduled commercial banks with a minimum 0.2% of total EPFO collections (reduced from 0.5%).

Investment Policies Approved

1. Redemption Policy for ETFs:
   • Pertains to CPSE and Bharat 22 ETF investments.
   • Minimum five-year holding with returns exceeding government securities and outperforming CPSE/Bharat 22 indices.
2. Investment in InvITs and REITs:
   • Guidelines approved for Public Sector Undertaking-sponsored Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs).

Other Approvals and Enhancements

1. Auto Claim Settlement Limit Increased:
   • Limit extended from ₹50,000 to ₹1 lakh, covering advances for housing, marriage, and education.

Significance for Employers and Employees

• The Amnesty Scheme 2024 provides confidence to employers, especially MSMEs, to enroll without fear of penalties.
• Amendments to interest and claim processing improve member benefits and grievance redressal.
• Investments in diverse instruments like ETFs, InvITs, and REITs aim to optimise returns for EPFO’s interest account, benefiting members.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Australia Implements World-First Social Media Ban for Under-16s  

• The Australian Parliament passed a law banning children under 16 from using social media platforms such as TikTok, Facebook, Snapchat, Reddit, X, and Instagram.
• The law imposes fines of up to 50 million Australian dollars ($33 million) for platforms failing to prevent children younger than 16 from holding accounts.
• The law was passed in the Senate with 34 votes to 19 and in the House of Representatives with 102 votes to 13.
• The House later endorsed Senate amendments, making the bill law.

Key Highlights :

• Platform Accountability:Social media platforms have one year to implement measures to comply with the ban before penalties are enforced.
• The law requires platforms to take responsibility for protecting children's safety and ensuring they don't allow underage users.
• Opposition and Concerns:Meta Platforms (owner of Facebook and Instagram) criticized the legislation, arguing it was rushed and lacked proper consideration.
• Digital Industry Group Inc. (DIGI) raised concerns about the law's technical feasibility and the impact on children.
• Privacy Protections:Amendments to the bill include stronger privacy protections, preventing platforms from requiring government-issued identity documents or digital identification.
• Mental Health and Child Welfare Concerns:Critics, including child welfare advocates and mental health experts, warn the ban could isolate vulnerable children, especially in regional and LGBTQI communities, who use social media for support.

About Australia :

• Prime Minister : Anthony Albanese
• Capital : Canberra
• Currency : Australian dollar

Kolkata International Film Festival Designates France as a Focus Country     

• The 30th edition of the Kolkata International Film Festival (KIFF) will begin on December 4, 2024 and run until December 11, 2024.
• The festival will feature 175 films from 29 countries, showcasing a diverse range of cinematic works.

Key Highlights :

Film Categories:

• 42 feature-length films.
• 30 short films and documentaries in competitive categories.
• 103 films in non-competitive categories.
• The festival will include special screenings of classic Indian and international films.
• Focus Country: France is the focus country of this year's festival, with a selection of 21 French films.
• The French selection includes contemporary films by women directors, French classics, short films, and documentaries.
• Special Screenings:A screening of La Souriante Madame Beudet (The Smiling Madame Beudet), a silent film from 1923 by Germaine Dulac, a pioneering feminist filmmaker.
• The festival will also feature films screened with projections from their original celluloid format, including Chokh and Debsishu by Utpalendu Chakraborty.
• Tributes:The festival will honour centenary tributes to renowned film personalities such as:
  • Tapan Sinha, Marlon Brando, Akkineni Nageswara Rao, Talat Mahmood, Mohammed Rafi, and Sergei Parajanov.
• Special tributes will be paid to Kumar Shahani, Alain Delon, Gautam Halder, and Manoj Mitra.
• Inaugural Film:The inaugural film of the 30th KIFF will be Galpo Holeo Satti (1966), directed by Tapan Sinha.
• The film will be screened at the Dhono Dhanyo Auditorium on December 4, 2024.
• Unheard India Category:The festival will feature a special non-competitive category called ‘Unheard India’, showcasing films in regional Indian languages such as Garhwali, Konkani, and Tulu.
• Venues and Dates:The screenings will take place across 20 venues in different parts of Kolkata from December 5-11, 2024.

CURRENT AFFAIRS: AWARDS AND HONOURS

Indira Gandhi Prize for Peace, Disarmament, and Development 2023

• The Indira Gandhi Prize for Peace, Disarmament, and Developmentfor 2023 was awarded to Daniel Barenboim, a world-renowned pianist and conductor, and Ali Abu Awwad, a Palestinian peace activist.
• This prestigious honour highlights their exceptional efforts in fostering peace and non-violence across cultural and political divides.

Daniel Barenboim: Building Bridges Through Music

• Recognized for using music as a powerful medium to promote understanding and harmony across cultures.
• His musical initiatives serve as tools to reduce cultural and political tensions, demonstrating the unifying power of art.

Ali Abu Awwad: A Champion of Non-Violence

• Honored for his peace-building efforts through his organisation, Roots, which fosters dialogue between Palestinians and Israelis.
• Despite personal tragedy, including the loss of his brother in the conflict, Awwad advocates for reconciliation over revenge.

Reasons for Selection

1. Daniel Barenboim
   • For leveraging music as a tool to connect people and heal divisions in areas of conflict.
2. Ali Abu Awwad
   • For promoting dialogue and understanding through grassroots efforts, demonstrating the transformative power of non-violence.

About the Indira Gandhi Prize

Purpose and Legacy

• Established in 1986 by the Indira Gandhi Memorial Trust, the prize honors the legacy of former Prime Minister Indira Gandhi.
• Recognizes contributions to peace, disarmament, and development that align with her vision of a just and sustainable world.

Award Details

• Monetary Prize: ₹25 lakh.
• Accompaniment: A citation acknowledging the recipient’s contributions.

Significance of the Award

Categories of Recognition

1. Peace: Honoring efforts to resolve conflicts and foster global harmony.
2. Disarmament: Acknowledging initiatives to reduce arms and promote nuclear disarmament.
3. Development: Recognizing contributions to social and economic advancement.

Criteria for Selection

• Sustained efforts addressing global challenges in peace, disarmament, or development.
• Positive impact on international welfare and human development.

CURRENT AFFAIRS : STATE NEWS

Centre directs Kerala to amend SilverLine detailed project report with details of existing rail network

• The Kerala Government's ambitious semi-high-speed rail project, SilverLine, aims to connect Thiruvananthapuram and Kasaragod with trains operating at speeds up to 220 km/h.
• The project is expected to decongest the existing road and rail network and promote urbanization in Kerala.

Key Highlights :

• Centre's Recent Directive:The Ministry of Railways has directed the Kerala Rail Development Corporation Limited (KRDCL) to revise the Detailed Project Report (DPR) according to updated technical standards.
• Key revisions include:
• Adoption of broad gauge instead of the previously suggested standard gauge.
• Integration with the existing rail network at appropriate points in Kerala.
• Ensuring speed potential of 160 km/h and provision for KAVACH system, an Automatic Train Protection (ATP) system to prevent collisions.
• Electrification using a 2x25 kV system and improvements to drainage schemes and ruling gradients.
• Exploration of the possibility to run goods trains on the new tracks.
• Impact of Centre's Suggestion:The proposal suggests the development of a third and fourth line parallel to the existing rail network, potentially increasing the financial burden on the Kerala Government.
• This could result in a downgrading of the project's original goal of high-speed connectivity (220 km/h) by lowering the speed to 160 km/h and including goods trains.
• Stakeholder Roles:KRDCL: Joint venture between Kerala Government (51%) and Ministry of Railways (49%) for executing rail projects.
• Railway Ministry: Responsible for enforcing technical standards and ensuring the integration of the SilverLine project with the national rail network.

Recent News :

• In Nov 2024, Kerala is set to launch an insurance scheme covering the entire cattle population in the state.

About Kerala:

• Capital: Thiruvananthapuram
• Chief Minister: Pinarayi Vijayan
• Governor: Arif Mohammad Khan
• National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park, Silent Valley National Park, Indira Gandhi National Park

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Dr. Jaiteerth Raghavendra Joshi Appointed as the New Head of BrahMos Aerospace

• Dr. Jaiteerth Raghavendra Joshi has been appointed as the new Chief of BrahMos Aerospace, the organization responsible for the development of the world's most powerful supersonic cruise missile system, BrahMos.

About Dr. Jaiteerth Raghavendra Joshi :

• Joshi has a career spanning over three decades, making significant contributions to missile technology, non-destructive testing (NDT), and the professional development of industry experts.
• He played a crucial role in India’s missile programs, including the Prithvi and Agni missile systems.
• He was the Deputy Project Director for the Long Range Surface to Air Missile (LRSAM) program, contributing to the development of critical technologies.
• He trained and certified over 600 candidates in various NDT techniques, including radiography, ultrasonic, magnetic particle, and penetrant testing.
• He served as Chairman of the Indian Society for Non-Destructive Testing (ISNT), enhancing the technical capabilities of the industry.

About BrahMos Missile :

• BrahMos Aerospace, a joint venture between India and Russia, developed the BRAHMOS missile, a supersonic cruise missile known for its precision and speed.
• The BrahMos missile can strike sea and land-based targets beyond radar horizons with pinpoint accuracy.
• In its naval configuration, the missile can be launched from moving or static platforms and has been deployed on the Indian Navy’s Destroyers and Frigates.
• BrahMos is considered a “Prime Strike Weapon” for the Indian Navy, significantly enhancing India's maritime strike capabilities.

CURRENT AFFAIRS : DEFENCE NEWS

Ministry of Defence Signs ₹1207.5 Crore Contract with Cochin Shipyard for INS Vikramaditya’s Short Refit and Dry Docking     

• The Ministry of Defence (MoD) signed a contract with Cochin Shipyard Limited (CSL) on 30th November 2024 for the Short Refit and Dry Docking (SRDD) of INS Vikramaditya at a cost of ₹1207.5 crore.

Background on INS Vikramaditya:

• INS Vikramaditya is a 45,000-tonne aircraft carrier, originally built by Admiral Gorshkov in Russia.
• It was commissioned into the Indian Navy in November 2013.
• After the refit, INS Vikramaditya will rejoin the Indian Navy with upgraded combat capability.
• Importance of the Refit:The refit is crucial for ensuring the aircraft carrier remains seaworthy and operational for further years of service.
• It is part of the Indian Navy's maintenance cycle, with major maintenance tasks conducted at regular intervals:
  • Assisted Maintenance Period (AMP): Conducted annually to maintain the carrier.
  • Short Refit: A 6-8 month maintenance period every 5 years.
  • Medium Refit: A 15-18 month dry-docking refit every 10 years.
• Economic and Industrial Impact:The refit project will involve nearly 50 MSMEs (Micro, Small, and Medium Enterprises) and generate employment for over 3500 personnel.
• It will contribute to the development of Cochin Shipyard Limited (CSL) as a Maintenance, Repair & Overhaul (MRO) hub, supporting India’s industrial ecosystem.
• Strategic and Policy Implications:The project aligns with the Government of India’s vision of Atmanirbhar Bharat and the Make in India initiative, aiming to strengthen India's self-reliance in defense capabilities.
• Role of Aircraft Carriers:The refit will ensure INS Vikramaditya's continued role as a crucial asset in the Indian Navy's fleet, supporting operations in both the eastern and western coasts of India.
• The Indian Navy advocates for a fleet of three aircraft carriers: One undergoing refit and the other two operational, ensuring continuous naval presence.

About Cochin Shipyard Limited :

• Founded : 29 April 1972
• Headquarters : Kochi, Kerala, India
• Chairman & MD : Madhu S. Nair

Indian and Sri Lankan Navies conduct the joint operation, seizing 500 kg of narcotics in the Arabian Sea  

• Indian and Sri Lankan Navies conducted a coordinated operation to seize narcotics in the Arabian Sea.
• Approximately 500 kg of crystal methamphetamine were seized from two fishing vessels.
• The Indian Navy's long-range maritime patrol aircraft and drones carried out surveillance missions based on inputs from the Sri Lankan Navy.
• The operation was initiated based on intelligence about probable narcotics smuggling by Sri Lankan-flagged fishing vessels.
• The narcotics were seized on November 25, after the boats were intercepted on November 24 and 25.

Key Highlights :

• Legal Action: The seized narcotics and the crew of the boats are being handed over to Sri Lankan authorities for further legal proceedings.
• Information Fusion Centre (IFC): The Indian Navy's Gurugram-based IFC provided vital tracking and operational support.
• Operation Impact:The operation highlights the strong partnership between India and Sri Lanka, particularly in countering narcotics smuggling and ensuring maritime security.
• Security Goals: The operation contributes to the safety and security of the Indian Ocean region by addressing illegal maritime activities.

Indian Coast Guard Holds 11th National Maritime Search and Rescue Exercise Near Kochi Coast  

• The 11th edition of SAREX (National Maritime Search and Rescue Exercise) was conducted by the Indian Coast Guard (ICG) off the Kochi coast on November 29, 2024.
• The two-day exercise was inaugurated by Defence Secretary Shri Rajesh Kumar Singh on November 28, 2024 and reviewed by Director General ICG Paramesh Sivamani.
• Theme:The theme of SAREX-2024 was ‘Enhancing Search and Rescue Capabilities Through Regional Collaboration’, emphasizing international cooperation in strengthening maritime safety.
• The first day included table-top exercises, workshops, and seminars with participation from senior officials from government agencies, ministries, armed forces, stakeholders, and foreign delegates.
• The second day featured a large-scale sea exercise off the Kochi coast with participation from various agencies, including ships and aircraft.
• A simulated passenger aircraft crash scenario was conducted, with a passenger aircraft (carrying 250 passengers) facing a severe technical failure, losing communication with air traffic control, and disappearing from radar about 150 nautical miles northwest of Kochi.
• A coordinated Mass Rescue Operation (MRO) was swiftly initiated, involving resources from:
  • ICG ships and aircraft.
  • Indian Air Force (IAF).
  • Cochin Port Authority tugs.
  • Three water metros and a Garuda rescue craft from Kochi Water Metro.
  • A water ambulance from the Kerala State Administration.

Exercise Objectives:

• The exercise aimed to validate standard operating procedures and best practices for conducting MROs.
• It served as a platform to enhance mutual understanding, foster collaboration, and exchange effective strategies for managing large-scale maritime contingencies.
• Participation:The exercise saw participation from 38 foreign observers and members of the National Maritime Search and Rescue Board.
• ICG's Role and Strategic Importance:The Indian Coast Guard (ICG) plays a leading role in India's maritime search and rescue efforts, reinforcing the nation's commitment to maritime safety and security.
• The exercise aligns with the Hon’ble Prime Minister’s vision of Security and Growth for All in the Region (SAGAR), promoting India’s proactive role as a reliable maritime partner.

Indian Army and Singapore Armed Forces Successfully Complete Joint Military Exercise "Agni Warrior 2024"

• The 13th edition of Joint Military Exercise AGNI WARRIOR (XAW-2024), a bilateral exercise between the Indian Army and Singapore Armed Forces, concluded at Field Firing Ranges, Devlali (Maharashtra) on 30th November 2024.
• The exercise was conducted from 28th to 30th November 2024.

Participants:

• Singapore Armed Forces: 182 personnel from the Singapore Artillery.
• Indian Army: 114 personnel from the Regiment of Artillery.
• The aim of XAW-2024 was to maximise mutual understanding of drills and procedures to achieve jointness as a multinational force under the United Nations Charter.

Key Highlights :

Focus Areas:

• Joint firepower planning, execution, and use of New Generation Equipment by the artillery of both armies.
• Coordination and understanding of each other’s capabilities and procedures.
• Evolution of a common interface between Indian and Singapore artillery procedures.
• Technologies Used:Both sides utilized niche technologies and exchanged best practices during the joint training.

Key Personnel in Attendance:

• Lieutenant General Adosh Kumar: Director General of Artillery, Indian Army.
• Lieutenant General NS Sarna: Commandant, School of Artillery, Indian Army.
• Colonel Ong Chiou Perng: Chief Artillery Officer, Singapore Armed Forces.

History :

• The 12th Edition of Exercise Agni Warrior, a bilateral exercise between the Singapore & Indian Army, which commenced on 13 November 2022 concluded at Field Firing Ranges, Devlali (Maharashtra) on 30 November 2022.

About Ministry of Defence :

• Cabinet Minister : Rajnath Singh
• Minister of State : Sanjay Seth

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Skylark Teams Up with Fortinet to Launch Cybersecurity Centre of Excellence 

• Skylark Information Technologies partnered with Fortinet to establish India’s first Operational Technology (OT) Centre of Excellence (CoE) in Chennai.
• The CoE aims to provide advanced security solutions specifically tailored for OT environments, supporting industries such as manufacturing, healthcare, logistics, utilities, and critical infrastructure like power, oil & gas, and transportation.
• The CoE was inaugurated by Vivek Srivastava, Fortinet Country Manager India & SAARC.
• The lab will support digital transformation across various industries, addressing cybersecurity challenges arising from the integration of OT and IT systems.

Key Highlights :

• Features of the CoE:The CoE will offer a hands-on lab environment where OT customers can simulate real-world use cases and develop cybersecurity solutions.
• It provides a platform to explore integrated cybersecurity measures, reducing complexities in OT security and helping enhance digital transformation efficiency.
• Commitment to Industrial Security:Skylark's initiative to open an OT security CoE reflects a commitment to protecting industrial operations and critical infrastructure from cyber threats.
• The facility allows customers to experience Fortinet’s OT security platform, enabling better management and enhanced security for OT environments.
• Impact on OT Security Landscape:The collaboration between Skylark and Fortinet is positioned as a strategic advantage for India’s OT security, contributing to safer, more efficient industrial operations.
• Key Stakeholders:Skylark Information Technologies: Jose Prakash, Co-owner and Executive Director.
• Fortinet: Vivek Srivastava, Country Manager India & SAARC.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Hinduja Tech finalizes acquisition of Tecosim  

• Hinduja Tech Limited has successfully acquired Tecosim Group, a leading European engineering services provider, expanding its footprint in the European market.
• This acquisition is a significant step toward Hinduja Tech's goal of becoming one of the top 10 global mobility engineering and R&D companies.
• The acquisition strengthens Hinduja Tech’s leadership in the global automotive engineering market, providing operational efficiencies and boosting competitiveness.
• Tecosim’s expertise in virtual validation and body engineering complements Hinduja Tech's existing capabilities, allowing the company to offer a more comprehensive range of solutions.
• The partnership enhances Hinduja Tech’s ability to address complex automotive industry challenges with innovative solutions that drive efficiency, sustainability, and performance.
• Tecosim brings over 650 employees across the UK, Germany, Romania, Japan, and India, contributing a wealth of expertise to Hinduja Tech.
• Hinduja Tech CEO : Kumar Prabhas
• Tecosim Group MD : Udo Jankowski

CURRENT AFFAIRS: MOUS AND AGREEMENT

India Strengthens Solar Commitments in the Indo-Pacific Region

• The Ministry of External Affairs (MEA), in collaboration with the International Solar Alliance (ISA), signed a Project Implementation Agreementto operationalize a $2 million solar energy project in Fiji, Comoros, Madagascar, and Seychelles.
• This initiative is part of India's efforts under the Quad Climate Working Group, aiming to address energy and climate challenges in the Indo-Pacific region.

Key Highlights

Agreement Details

• Partners: MEA and ISA.
• Focus: Implementing solar energy projects in four island nations.
• Funding: India committed $2 million for these solar initiatives.

Areas of Focus

The solar projects target key issues in these nations, including:

1. Cold Storage: Solar-powered systems to reduce agricultural product perishability.
2. Healthcare: Solarizing healthcare facilities for uninterrupted electricity.
3. Irrigation: Solar water pumping systems for remote agricultural areas lacking grid access.

Expected Benefits

• Enhanced Energy Access: Reliable and sustainable electricity supply.
• Employment Creation: New opportunities in renewable energy and related sectors.
• Climate Solutions: Mitigating energy-related challenges from climate change.

Addressing Indo-Pacific Energy Challenges

According to an ISA study, these island nations face:

• Unreliable Power Supply: Affecting essential services like healthcare.
• Agricultural Losses: Due to lack of cold storage and irrigation facilities.
• Climate Vulnerability: Exacerbated by limited energy resources.

CURRENT AFFAIRS: RANKING AND INDEX

India's Rise in Network Readiness Index (NRI) 2024

• India’s 49th positionin the NRI 2024, a leap from 60th in 2023, highlights its significant progress in network infrastructure, digital capabilities, and technological innovation.
• The report evaluates 133 economieson their readiness to harness digital networks for economic growth and technological advancement.

Key Achievements

• Ranking Progress: Climbed 11 spots, from 60th in 2023 to 49th in 2024.
• Score Improvement: Increased from 49.93 in 2023 to 53.63 in 2024, reflecting better digital infrastructure and services.

Global Leadership in Indicators

India ranked:

• 1st in:
  • AI Scientific Publications
  • AI Talent Concentration
  • ICT Services Exports
• 2nd in:
  • FTTH/Building Internet Subscriptions
  • Mobile Broadband Internet Traffic
  • International Internet Bandwidth
• 3rd in Domestic Market Scale.
• 4th in Annual Investment in Telecommunication Services.

Regional and Income Group Leadership

• Ranked 2nd among lower-middle-income countries, behind Vietnam.
• Notable regional ranking among neighbors:
  • China: 17th
  • India: 49th
  • Bangladesh: 89th
  • Sri Lanka: 95th
  • Pakistan: 97th

Telecom Infrastructure Growth

• Tele Density: Grew from 75.2% to 84.69% over a decade.
• Wireless Connections: Reached 119 crore users.
• Broadband Expansion: Internet subscribers surged from 25.1 crore to 94.4 crore, driven by the Digital India initiative.
• 5G Impact: Launch in 2022 improved India’s global mobile broadband speed ranking from 118th to 15th.

Key Initiatives Driving Progress

1. Digital India Initiative

• Objective: Transform India into a digitally empowered society.
• Achievements:
  • Expanded broadband in rural areas.
  • Digitized government services for transparency.

2. BharatNet and 5G Expansion

• BharatNet: Connected 2.5 lakh gram panchayats with high-speed broadband.
• 5G Rollout: Enabled faster, more reliable data networks, preparing India for 6G through the Bharat 6G Vision.

3. Bharat 6G Vision

• Focus: Indigenous technology, AI, IoT, and blockchain innovation.
• Goal: Position India as a global leader in future telecom technologies.

4. Department of Telecommunications (DoT)

• Oversaw growth in infrastructure and tele density.
• Facilitated connectivity improvements in rural and urban areas.

Top 10 Countries in NRI 2024

1. United States
2. Singapore
3. Finland
4. Sweden
5. Republic of Korea
6. Netherlands
7. Switzerland
8. United Kingdom
9. Germany
10. Denmark

CURRENT AFFAIRS: IMPORTANT DAYS

World AIDS Day: 1st December

• World AIDS Day 2024 is observed on the 1st of December 2024.
• The theme for World AIDS Day 2024, 'Take the Rights Path: My health, my right!'
• World AIDS Day was first initiated in 1998 and observed on December 1.
• World AIDS Day was the first day celebrated for health awareness.
• The day is an opportunity for everyone around the world to come together in the fight against the disease and stand in solidarity to support those suffering from HIV, as well as remember those who lost their lives to this illness.
• The Idea of Conceiving World AIDS Day was started in 1988.
• From 1996 onwards, the observance of World AIDS Day was taken over by the United Nations Programme on HIV/AIDS, expanding the campaign to an annual education and prevention campaign.
• The World AIDS Campaign was registered as a nonprofit organization in 2004 in the Netherlands.

National Pollution Control Day: 2nd December

• National Pollution Control Day 2024 is observed on the 2nd of December 2024.
• National Pollution Control Day is observed to create awareness about pollution which is causing harm to our environment and to living beings.
• It is nationally observed for the remembrance of an Industrial accident that took place in Bhopal which took thousands of lives in 1984.
• The Bhopal gas tragedy happened on the night of 2nd and 3rd December in the year 1984 because of the unintentional discharge of the poisonous chemical known as Methyl Isocyanate (also called MIC) as well as some other chemicals released from the Union Carbide Chemical Plant positioned in the city.
• Nearly 25000 people died due to the release of Poisonous gas and it is reported as one of the biggest Industrial Pollution disasters that took place in history.

International Day for the Abolition of Slavery: 2nd December

• International Day for the Abolition of Slavery 2024 is observed on the 2nd of December 2024.
• The International Day for the Abolition of Slavery focuses on eradicating modern forms of slavery like trafficking, sexual exploitation, child labour, forced marriage, and forced recruitment of children into armed conflict.
• The International Labor Organization puts the number of victims of modern slavery at 40 million worldwide.
• From past times to the present, slavery has spanned various nations, civilizations, and religions. Similarly, victims of slavery hailed from a wide range of races and religious backgrounds.
• Africans were kidnapped in the 17th and 18th centuries, sold into slavery in the American colonies and exploited to work as slaves in the production of products such as tobacco and cotton.
• ILO has adopted a legally binding Protocol designed to strengthen global efforts to eliminate forced labour, which entered into force in November 2016.
• N. Working Group on Slavery submitted a report that tendered the date for consideration as the World Day for the Abolition of Slavery in 1985.

World Computer Literacy Day: 2nd December

• World Computer Literacy Day 2024 is observed on the 2nd of December.
• World Computer Literacy Day was launched in 2001 by an Indian company called N.I.I.T. to celebrate its 20th anniversary.
• The Company was founded in 1981 by Rajendra Singh Pawar and Vijay K. Thadani. N.I.I.T stands for National Institute of Information Technology, is a skills and talent development company.
• A study revealed that men formed the majority of computer users in the world. As a result, N.I.I.T took up the cause of educating more women and children by equipping them with computer literacy skills.
• Since its starting in 1981, the company has spread to over 30 countries of the world.

Daily CA One- Liner: December 1 & 2

• The Ashtalakshmi Mahotsav 2024, a grand festival celebrating the rich cultural and economic heritage of Northeast India, will commence on December 6, 2024, at Bharat Mandapam, Pragati Maidan, New Delhi
• Launched on October 1, 2021, AMRUT 2.0 aims to make Indian cities self-sufficient and water-secure by focusing on key urban infrastructure projects, including sewerage management, water body restoration, and expanding green spaces.
• The Employees' Provident Fund Organisation (EPFO)has introduced the Amnesty Scheme 2024, aimed at encouraging compliance among employers
• The Indira Gandhi Prize for Peace, Disarmament, and Developmentfor 2023 was awarded to Daniel Barenboim, a world-renowned pianist and conductor, and Ali Abu Awwad, a Palestinian peace activist.
• The Ministry of External Affairs (MEA), in collaboration with the International Solar Alliance (ISA), signed a Project Implementation Agreementto operationalize a $2 million solar energy project in Fiji, Comoros, Madagascar, and Seychelles.
• India’s 49th positionin the NRI 2024, a leap from 60th in 2023, highlights its significant progress in network infrastructure, digital capabilities, and technological innovation.
• In October 2024, Unified Payments Interface (UPI) surpassed 10 billion merchant transactions, showing a 53% year-on-year growth, marking a record peak during the festive season sales.
• Punjab National Bank (PNB) has raised its Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across all tenors, effective December 1, 2024.
• The Government of India and the Asian Development Bank (ADB) signed a $98 million loan agreement.
• The Australian Parliament passed a law banning children under 16 from using social media platforms such as TikTok, Facebook, Snapchat, Reddit, X, and Instagram.
• The 30th edition of the Kolkata International Film Festival (KIFF) will begin on December 4, 2024 and run until December 11, 2024.
• The Kerala Government's ambitious semi-high-speed rail project, SilverLine, aims to connect Thiruvananthapuram and Kasaragod with trains operating at speeds up to 220 km/h.
• India has been re-elected to the United Nations Peacebuilding Commission (PBC) for the 2025-2026 term.
• Jaiteerth Raghavendra Joshi has been appointed as the new Chief of BrahMos Aerospace, the organization responsible for the development of the world's most powerful supersonic cruise missile system, BrahMos.
• The Ministry of Defence (MoD) signed a contract with Cochin Shipyard Limited (CSL) on 30th November 2024 for the Short Refit and Dry Docking (SRDD) of INS Vikramaditya at a cost of ₹1207.5 crore.
• Indian and Sri Lankan Navies conducted a coordinated operation to seize narcotics in the Arabian Sea.
• The 11th edition of SAREX (National Maritime Search and Rescue Exercise) was conducted by the Indian Coast Guard (ICG) off the Kochi coast on November 29, 2024.
• The 13th edition of Joint Military Exercise AGNI WARRIOR (XAW-2024), a bilateral exercise between the Indian Army and Singapore Armed Forces, concluded at Field Firing Ranges, Devlali (Maharashtra) on 30th November 2024.
• Skylark Information Technologies partnered with Fortinet to establish India’s first Operational Technology (OT) Centre of Excellence (CoE) in Chennai.
• Hinduja Tech Limited has successfully acquired Tecosim Group, a leading European engineering services provider, expanding its footprint in the European market.
• World AIDS Day 2024 is observed on the 1st of December 2024.
• National Pollution Control Day 2024 is observed on the 2nd of December 2024.
• International Day for the Abolition of Slavery 2024 is observed on the 2nd of December 2024.
• World Computer Literacy Day 2024 is observed on the 2nd of December.