Daily Current Affairs 19 December, 2024 International Affairs 1. OPEC+ Context: OPEC+ is wary of a renewed rise in U.S. oil output when Donald Trump returns to the White House, delegates from the group said, because more U.S. oil would further erode OPEC+ market share and hamper the producer group’s efforts to support prices. Key Highlights: Organization of the Petroleum Exporting Countries Plus (OPEC+) OPEC+, or the Organization of the Petroleum Exporting Countries Plus, is a group of oil-exporting countries that work together to regulate the supply of oil and stabilize global oil prices 2. Poland adopts Bill to limit asylum rights Context: Poland adopts a bill to temporarily limit asylum rights. The government makes such a move that is intended to prevent any irregular migrant from entering through Belarus. Who are Asylum? Asylum is a refugee status in Poland, seekers in Poland come from a variety of countries, including Georgia, Belarus, The former Soviet Union, Syria and Russia. 3. H-1B Visa Rules to Hire Foreign Workers The outgoing Biden administration has relaxed rules for H-1B visas that will make it easier for American companies to hire foreign workers with special skills and facilitate a smoother transition from F-1 student visas to H-1Bvisas, a move that is likely to benefit thousands of Indian tech professionals. What is H1B Visa? H-1B non immigrant visa program allows U.S. employers to temporarily employ foreign workers in specialty occupations, defined by statute as occupations that require highly specialized knowledge and a bachelor’s or higher degree in the specific specialty, or its equivalent. National Affairs 1. India-China talks Context: India and China “positively affirmed” the outcome of their disengagement agreement on the Line of Actual Control (LAC), as National Security Adviser Ajit Doval met with Chinese Foreign Minister Wang Yi in Beijing on Wednesday for the first boundary talks between the Special Representatives (SRs) since 2019. The Line of Actual Control (LAC) The LAC is the actual line of control separating the part of Indian territory from that of China. The line is drawn with the 1962 Sino-Indian war. Some remarks about the LAC: Read more about LAC? 2. Ganges River Dolphin Context: GUWAHATI A team of wildlife conservationists tagged the almost-blind Ganges river dolphin for the first time in India. Ganges River dolphin (Platanista gangetica gangetica) According to the IUCN, the Ganges River dolphin (Platanista gangetica gangetica) is listed as endangered. The Ganges River dolphin are almost blind and uses echolocation to navigate, find prey, and sense its environment. Also known as the Susu. 3. HLVM3 for Gaganyaan’s Flight Context: The Indian Space Research Organisation on Wednesday commenced the assembly of the Human Rated Launch Vehicle Mark-3 (HLVM3) for the Gaganyaan mission’s maiden uncrewed flight. What is Gaganyaan Mission? 4. INS Nirdeshak Context:INS Nirdeshak, the second ship of the Survey Vessel project, was commissioned into the Indian Navy. Key Features: 5. Manage Sacred Groves: SC tells Govt. Context: The Supreme Court on Wednesday directed the Centre to create a comprehensive policy for the management of sacred groves across the country. Key Highlights: Banking/Finance 1. Net Direct Tax Collections Rises Context: India’s net direct tax collections were up 16.5%, crossing ₹15.82 lakh crore by December 17, with non-corporate taxes leading the growth. What is Direct tax and Indirect Tax? Direct Taxes are imposed on one’s income and earnings and are paid directly to the government. On the other hand, indirect taxes are just opposite and are paid to the government whenever any goods or services are purchased. 2. Fiscal Deficit at 4.4% of GDP FY26 Context: The government is expected to set the fiscal deficit target at 4.4 per cent of gross domestic product (GDP) for FY26 in the upcoming Budget. What is Fiscal Deficit? Also Read: Fiscal Deficit Hits 46.5% of FY25BE 3. India on 10th spot in US trade deficit rankings Context: India was not among the top 10 countries with the largest trade deficits with the US in CY 2023, but ranked 10th according to data for CY 2024, as electronics exports recorded an increase. Key Highlights: Countries where the US records a trade deficit: India’s trade deficit statistics: What is Trade Deficit? Also Read: Merchandise Export Falls 4. GST Exemption on Term Life Insurance Context: A Group of Ministers (GoM), led by Bihar´s Deputy Chief Minister Samrat Chaudhary, has recommended full goods and services tax (GST) exemption on pure term life insurance policies by reducing it to 5 percent from 18 percent. What is Goods and Services Tax(GST)? Main Features of GST Read more>> 5. Non Deliverable Forwards (NDFs) Book The Reserve Bank of India has begun to rein in its ballooning non deliverable forwards book (NDFs), as sources say it has turned away from one of its primary tools to push back against the strong dollar. Non Deliverable Forwards (NDFs) Book A non-deliverable forward (NDF) book is a financial market that allows it’s participants to speculate and hedge in currencies that are not freely convertible. NDFs are basically a type of financial derivative contract that allows parties to lock in a future exchange rate for a specific currency pair.  Key Features: 6. SEBI has introduced Specialised Investment Funds (SIF) Context: The Securities and Exchange Board of India (Sebi) has launched “Specialised Investment Funds” – SIF as a distinct asset class. The SIF provides an alternative between portfolio management schemes (PMS) and so-called vanilla mutual funds (MFs). Key Highlights: Portfolio Management Service (PMS) A Portfolio Management Service (PMS) is a service that provides investors with personalised investment management. It is not like mutual funds which cater to a large pool of investors with the same investment objective, a PMS account is aimed to meet your specific financial goals, risk tolerance, and investment preferences. A vanilla strategy on mutual funds is a simple, straightforward, and effective approach to investing or business decisions. In investing, vanilla strategies can include 7. What measures has Sebi introduced? Read more>> Agri Business 1. Carbon Markets in Indian Agriculture Context: Carbon markets hold the potential to transform Indian agriculture, turning sustainable farming practices into a