Daily Current Affairs 17 December, 2024 International Affairs 1. India-Sri Lanka Meet Context: India and Sri Lanka on Monday agreed to ramp up defence and energy ties, including establishing electricity grid connectivity and multiproduct petroleum pipelines, as Prime Minister Narendra Modi held extensive talks with Sri Lankan President Anura Kumara Dissanayake. Highlights of the Meeting: National Affairs 1. The Employment Linked Incentive Scheme Budget Cut Context: Labour ministry has demanded finance cut of ELI Scheme allocation for FY25. Key Highlights: The Employment Linked Incentive (ELI) Scheme was being launched in the Union Budget of the financial year 2024-25 aiming to generate a number of employment which is basically targeting the first time employees in the formal sector which is registered with EPFO. 2. NPCIL raises ₹ 4,600 crore via 15 year bonds Context: Nuclear Power Corporation of India (NPCIL) on Monday raised ₹ 4,600 crore through 15–year bonds at a coupon rate of 7.14 per cent, sources said. What is Bond? How they work? Different aspects of bonds Know about: Nuclear Power Corporation of India (NPCIL) 3. Employees Pension Scheme (EPS): Pension Hike Demand Context: The Parliamentary Standing Committee on Labour, headed by senior BJP leader Basavaraj Bommai, has recommended the Centre to increase the ₹1,000 minimum pension paid by the Employees Provident Fund Organisation (EPFO) under its Employees Pension Scheme (EPS). The trade unions and associations of pensioners have been demanding an increase in the minimum pension. What is this Employees’ Pension Scheme? Know about: Employees Provident Fund Organisation (EPFO) Banking/Finance 1. Merchandise Export Falls Context: India’s merchandise exports fell 4.83% in November to a 25-month low of $32.11 billion. Key Highlights: Key Terms: Merchandise export is the sale of physical goods from one country to another. A trade deficit occurs when a country imports more goods and services than it exports, resulting in a surplus outflow of a country’s currency in the international market. 2. EFTA commitment: $ 100 bn Context: Switzerland suspending the unilateral application of the most favoured nation (MFN) clause with India under the Double Tax Avoidance Agreement (DTAA) should not impact the $100 billion investment commitment under the recently signed trade deal between India and European Free Trade Association (EFTA) nations. What is European Free Trade Association (EFTA) nations? What is Double Tax Avoidance Agreement (DTAA)? 3. WPI Decline Context: India´s wholesale price index (WPI) in November eased to a three month low of 1.89 per cent as prices of food items, especially vegetables fell, government data showed on Monday. What is Wholesale Price Index (WPI) & Consumer Price Index (CPI)? 4. P2P bad loans doubled: Report Context: Bad loans in the peer to peer (P2P) lending industry more than doubled in FY24 to ₹ 1,163 crore from ₹ 472.1 crore in FY23, according to a report published by Capital mind Financial Services on Monday. Highlights: What is Bad Bank? 5. Sebi issues administrative warning letter to HDFC Bank Context: India´s market regulator, the Securities and Exchange Board of India (Sebi), has issued an administrative warning letter to HDFC Bank, the country´s largest privatesector bank, for noncompliance with listing regulations. Sebi Regulations? 6. SME IPOs Reveals Data Context: The small-and-medium enterprises stock market is fast being occupied by institutional investors as opposed to traditional, retail investors considered to be part of mainstream in the country with relatively much smaller quantum IPOs usually below Rs 50 crore. Highlights:  Small and Medium Enterprise Initial Public Offering (SME IPOs): Economy 1. Circular Economy: Kant Context: India´s circular economy could generate a market value of over $ 2 trillion and create 10 million jobs by 2050, Sherpa Amitabh Kant (pictured) said Monday. 2. GDP Prediction by CRISIL Context: High-interest rates and fiscal consolidation have greatly slowed down India’s economic growth for FY25. According to CRISIL, the GDP of India may reach trend growth of 6.7% during the year. Key Highlights: CRISIL is a global analytics company that provides research, data, ratings, and solutions to a variety of clients. About: CRISIL 3. Impact of Digitisation on Inflation Context: Digitalisation’s impact on monetary policy, particularly inflation, requires close monitoring, as price disparities between online and offline goods could potentially steepen the Phillips curve, prompting a reassessment of traditional inflation models said RBI Governor. Key Highlights: Phillips Curve: Inflation-Unemployment Relationship Digital Currency Digital currency, also known as electronic money, is a type of money that is stored, managed, and exchanged primarily through digital systems, like the internet. Type of Digital Currency 4. India’s Trade and Economic Integration Approach Context: India is implementing a pragmatic approach to trade and economic integration, utilizing existing free trade agreements and seeking new ones. Read more>> Agri Business 1. Di-Ammonia Phosphate (DAP) price Hike Context: After a gap of nearly four years, the prices of Di-Ammonia Phosphate (DAP) are expected to increase by 12-15 per cent, from ₹ 1,350 per bag to ₹ 1550-₹ 1590 per bag. The revised rates could be effective from January 1, 2025. What is Di-Ammonia Phosphate (DAP) and it’s related issue? 2. HML to Launch Modern Farming Practices Context: Key Highlights: Harrisons Malayalam LTD is an Indian agricultural business corporation, and a part of the RPG Group 3. Credit Guarantee Scheme Context: Union Food Minister Pralhad Joshi unveiled the ₹1,000-cr scheme to provide a credit guarantee to post-harvest loans for farmers. Key Highlights: E-Kisan Portal 4. APEC Climate Centre predicts La Nina Context: The APEC Climate Centre has predicted that La Nina, which brings heavy rainfall and floods to Asia, particularly India, will probably emerge during January-March 2025.   Know about La Nina? Asia-Pacific Economic Cooperation (APEC) India is not a member of the Asia-Pacific Economic Cooperation (APEC):  5. India’s Green Hydrogen Vision and Challenges Context: India’s ambitious target of producing 5 million metric tonnes (MMT) of green hydrogen annually by 2030 signals its bid to establish early leadership in this emerging sector The Vision and Potential of Green Hydrogen What is Green Hydrogen? Green hydrogen is a clean energy source that’s produced by splitting water molecules into hydrogen and oxygen using electricity from renewable sources like solar, wind, or hydropower.  Facts to Remember 1.  Preeti Lobana country manager, V P for India