Daily Current Affairs 14 December, 2024 National Affairs 1. Funding Problem in ISRO Context: The Indian space technology sector is currently valued at $8.4 billion, but accounts for a mere 2 per cent of the global space economy. The growth is expected to be driven by technological advancement, government support, and rising demand for space solutions. Other Related Projects: Also read: ISRO International Space Research Organization 2. Swiss Takeaway: MFN status to India Context: Switzerland has suspended the unilateral application of the most favoured nation (MFN) clause with India under the Double Tax Avoidance Agreement (DTAA). This suspension is based on the October 2023 ruling of the Supreme Court against the MFN’s validity. Key Highlights: The DTAA between India and Switzerland was signed in 1994 and amended in 2010 to prevent double taxation of income. What is Double Tax Avoidance Agreement (DTAA)? It aims to avoid double taxation incidents involving an income through bilateral agreements between two countries. Know more about: DTAA between India and Switzerland 3. Epilepsy Treatment at AIIMS, Delhi Context: The Neuroscience Centre at AIIMS, Delhi, has devised a unique treatment method using an advanced neurorobot that can ‘pop’ the brain and provide succour to millions who don’t respond to epilepsy drugs. Highlights: Epilepsy is a chronic brain disorder that causes seizures, which are episodes of abnormal electrical activity in the brain:  4. Telecom equipment sales rises: PLI Scheme Context: Telecom equipment sales have crossed ₹68,700 crore under the Centre’s production linked incentive (PLI) scheme for the telecom sector within three and a half years of its launch, said Neeraj Mittal, secretary, department of telecommunications (DoT). Key Highlights: Production Linked Incentive (PLI) Scheme The government launched the Production Linked Incentive (PLI) Scheme that aim boosts the Indian manufacturing sector to become a global hub. 5. Globalization of the Billionaires: Billionaires of India Context: According to the latest study released by Union Bank of Switzerland, India is home to 185 billionaires, standing in terms of global ranking as the third most populated country concerning billionaires. Key Highlights: The Union Bank of Switzerland (UBS) was a Swiss investment bank and financial services company that merged with the Swiss Bank Corporation in 1998 to form UBS AG:  Union Bank of Switzerland UBS AG Founded 1862 1998 Headquarters Zürich Zürich and Basel Activities Investment banking, financial services Personal and corporate banking, investment banking, wealth management, asset management 6. Crude Oil Supply Context: International markets will likely witness an oil surplus of 950,000 bpd in 2025 even though Opec+ countries extended their supply cut, said the International Energy Agency. Highlights: Read more>> The Organization of the Petroleum Exporting Countries (OPEC) The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization that aims to regulate the price and supply of oil in the world market. Banking/Finance 1. SEBI: Regulation for Algorithmic Trading Context: Securities and Exchange Board of India Proposes Regulation for Algorithmic Trading. Highlights: Know about: Retail Algorithm Trading Rules? What is Algorithmic Trading? Also read: Securities and Exchange Board of India (SEBI) 2. Forex reserves decline Context: India’s foreign exchange reserves dropped by $3.235 billion to $654.857 billion, a five-month low, for the week ended December 6, data released by the Reserve Bank of India (RBI) revealed. Highlights: What is Foreign Exchange Reserve? 3. Capex Context: Plan for building India’s logistics towards becoming a developed nation by 2047 is in the works and spending towards capital expenditure (capex) would be decided according to the country’s requirement, Minister of State (MoS) for Finance Pankaj Chaudhary ( pictured )told reporters on Friday.What What is Capital Expenditure? 4. Retail Inflation in India Takes a Soft Curve Context:Retail inflation dropped to 5.48% in November, after being 6.2% for the previous month. Retail inflation Also read: India’s retail inflation and food inflation 5. Increasing Fraud Cases Face Public Sector Banks of India Context Borrowal account frauds are responsible for ten percent of the total fraud cases and for 98% of the total fraud value in the period from April 2020 to September 2024. Key Highlights: Borrowal account fraud, also known as loan fraud, is when someone intentionally provides false information to obtain a loan or credit.  Public Sector Banks or PSBs are those banks where the direct holding of the Central/State Government or other PSBs is 51% or more .e.g. BANK OF BARODA, BANK OF INDIA etc. 6. FEMA (Foreign Exchange Management Act) Context: Standard Chartered Bank, India, has launched a “FEMA (Foreign Exchange Management Act) Centre of Excellence” Highlights: 7. NCLT and NARCL Cases Context: The Finance Ministry on Thursday asked banks to closely monitor cases in NARCL and NCLT to minimise procedural delays and adjournments so that bad loan resolution matters are expedited. Highlights: NCLT is a quasi-judicial authority incorporated for dealing with corporate disputes that are of civil nature arising under the Companies Act. Objectives. Initiated before the Company Law Board under the previous act (the Companies Act 1956) The National Asset Reconstruction Company Limited (NARCL) is a public sector asset reconstruction company that was established in October 2021. Its role is to acquire, manage, and sell distressed loans from commercial banks to stabilize the banking system and the economy Agri Business 1. Road Map for Ethanol Production by Indian Sugar Mills Association Context: ISMA proposes to hike the subsidy to ₹35,000 crore to increase sugarcane ethanol capacity by 20-25% by 2030-31. Key Findings: About ISMA? What is Ethanol blending? What is ethanol? Also read: India shortens down its target for ethanol blending 2. Role of technology in delivering farm-fresh goods Transforming farm-to-table Supply Chains through Technology Read more>> Also read: Agriculture Marketing 3. RBI Aggravates Collateral-Free Loan Limit for Farmers Context: RBI has updated and scoped the collateral-free loan ceiling for farmers with effect from January 1, 2025: Increased from ₹1.6 lakh to ₹2 lakh. Highlights: KCC could refer to the Kisan Credit Card scheme or the Kisan Call Centre:  4. Crop Diversification Context: Emphasising crop diversification as one of the strategies to revitalize the plantation sector, the agri experts has underlined the need for considering scientific approach in