Daily Current Affairs 8 & 9 December, 2024 National Affairs 1. India-EFTA Trade Pact Context Norway plans to ratify the India EFTA free trade agreement next year on march 10 at Brussels, following the signing of the agreement between India and the European Free Trade Association. Focused areas of the pact – Talks on Rules of origin and government procurement European Free Trade Association (EFTA) Know more about EFTA? 2. National Mission for Manuscripts (NMM) Context: The Union Ministry of Culture is set to “revive and relaunch” the National Mission for Manuscripts (NMM) and is mulling the formation of an autonomous body to help preserve ancient texts in India. Highlights: Background on the National Mission for Manuscripts (NMM) The Aims of NMS are: 3. India’s Anti-Drone Unit Context: India plans to establish a comprehensive anti-drone unit to counter the increasing threat of unmanned aerial vehicles (UAVs) at the 60th Raising Day event of the Border Security Force. Major Issues to tackle:•Smuggling arms, drugs, and illegitimate products through drones is increasingly being undertaken across borders from India to Pakistan.•Drone detections and negations can now increase from 3% to 55 % in the Punjab region, where advanced mechanisms have entered the drone detection spectrum. Key Features of Anti-Drone Unit: A Comprehensive Integrated Border Management System (CIBMS)It is defined as a futuristic border management system, within which modern technologies are integrated such as sensors, command & control, communication network, advanced fencing along the border, and aerial monitoring to improve surveillance and security across borders in India. The Vibrant Village Programme (VVP) 4. Ayushman Vay Vandana Cards  Context: Launched by the Indian Prime Minister Narendra Modi on 29th October, 2024, Ayushman Vay Vandana Card has successfully registered 25 lakh seniors within just two months’ time. Key Features of the scheme: 5. Fund raises through Green Bonds Context: NHAI’s Subsidiary DME Development Limited (DMEDL) Successfully Raises Rs. 775 Crore through issue of Green Bonds  Know more about Green Bond? Green Bonds Banking/Finance 1. Foreign Direct Investment (India) Why in News? FDI inflows into India have crossed the USD one trillion milestone in the April 2000-September 2024 period, firmly establishing the country’s reputation as a safe and key investment destination globally. Key Findings Foreign direct investment in India: Important sectors and Nations What is FDI? Foreign Portfolio Investment (FPI) is the investments made by foreign entities in a country’s financial markets, such as stocks, bonds, or other securities, without taking a controlling interest in any company. FPI in News: FPI inflow rises to ₹ 24,000 cr in 1st week of Dec Know more about FDI? 2. Defaults under Employees’ Provident Fund Organisation (EPFO) reached high Context Defaults under the Employees’ Provident Fund Organisation (EPFO) surged to an all -time high of ₹25,820.88 crore at the end of 2023-24, up 69.3% from ₹15,254.06 crore a year ago, showed official data. Key findings from the report Employees’ Provident Fund Organisation (EPFO) Read more… 3. Discontinuation of Sovereign Gold Bonds (SGBs) Under Consideration Context: With an increased emphasis on reducing government debt, the finance ministry is considering discontinuing the issuance of Sovereign Gold Bonds (SGBs) from the next financial year (2025-26). Key Highlights: Sovereign Gold Bonds (SGB) Read more about SGB 4. Survey on Capital Expenditures (CapEx) Context: The National Statistics Office (NSO) is set to release the results of the first private sector capital expenditure (capex) survey in March, as the government nudges the private sector to ramp up investments to drive economic growth. Highlights: Private-Sector Capital Expenditure 5. New RBI Governor: Sanjay Malhotra to replace Shaktikanta Das Context: Sanjay Malhotra will replace Shaktikanta Das as the 26th Governor of Reserve Bank of India, according to a notification from the government’s Cabinet Appointments Committee on Monday. Process of RBI Governor Appointment in India Agri Business 1. AgriStack Initiative Context: As part of the AgriStack initiative, for rolling out digital farm lending in Uttar Pradesh for its eight crore farmers, the state government is currently working with the International Finance Corporation for providing APIs of the state’s land records and farm boundaries to SatSure and a couple of other companies.Know more about AgriStack initiative?Goal • The International Finance Corporation is working towards developing a roadmap for direct digital farm lending to the mixed eight crore farmers.• Land records and farm boundary APIs provide online lending processes. SatSure in Farm LendingSatSure is a space tech-based Bangalore company that uses satellite-based risk scoring to generate farm-as-well-as village-level reports.• Uses AI algorithms to analyze satellite imagery and identifying crop types.• Keeping track of changes in farm health and productivity for correlating with the climatic variables.• Provides loan backing for banking institutions to measure farmers’ income and repayment capacity.Read more… 2. India’s MGNREGS major contributor to global Nature-based Solutions Context: Decent Work in Nature-Based Solutions 2024 Report Executive: The report, a joint effort of ILO, UNEP, and IUCN, supports the UN Decade on Ecosystem Restoration as it is well aligned with Sustainable Development Goals (SDGs). Launch Event: Key Findings: Nature-based Solutions (NbS)Activities that use the natural processes of ecosystems to address societal problems. Outcomes of MGNREGS: Problem Areas in MGNREGS: Know more about MGNREGA?