Current Affairs 24 December, 2024

Daily Current Affairs Quiz
24 December, 2024

International Affairs

1. J-35 Fighter Jet

Context:

Pakistan is set to acquire 40 of China’s much anticipated J-35 stealth fighters.

Shenyang J-35: Chinese Twin-Engine, All-Weather, Stealth Multirole Combat Aircraft

• Designed for air superiority and surface strike missions
• Comes in two variants
  • land-based for PLAAF and carrier-based for PLANAF
• Manufactured by
  • Shenyang Aircraft Corporation (SAC) 
• Made its first flight on 31 October 2012.

2. 13th Amendment (13A) Sri Lanka

Context:

Prime Minister Narendra Modi’s silence on the 13th Amendment (13A) of Sri Lanka’s Constitution, while addressing a press conference in New Delhi along with Sri Lankan President Anura Kumara Dissanayake.

What is 13th Amendment (13A)?

The Thirteenth Amendment to the Constitution of Sri Lanka (13A) is amendment of the Constitution of Sri Lanka, passed in 1987, which created Provincial Councils in Sri Lanka. This particular amendment also made Sinhala and Tamil the official languages of the country and declared English the “link language”.

• Link Language is a language that facilitates communication between groups of people who do not share a native language.

National Affairs

1. Kashmiri Papier Mache

Context:

Made by locals in the Valley’s karkhanas, over 50,000 papier mache models of the bird, which became extinct in 1681 and was introduced to artisans by tourists two decades ago, have been shipped to markets in Europe and Mauritius this year.

Kashmiri Paper-Mâché: A Craft Tradition

• Introduced by
  • Muslim saint Mir Sayyid Ali Hamadani in the 14th century of Persia.
• About
  • Using paper pulp, decorated highly, and colorful products.
  • Usually employed in vases, bowls, cups, boxes, trays, and lamp bases.
• Production
  • Srinagar and other areas of Kashmir Valley.
• GI Tag
  • In 2008 and registered under “Kashmir Paper Machie”.

What is GI Tag?

2. Right of Children to Free and Compulsory Education (Amendment) Rules, 2024

Context:

The Centre has removed the “no-detention” policy for Classes 5 and 8 and allowed schools to retain failing students instead of passing them automatically at the end of the year.

Key Highlights:

• On 16 December 2024, the Ministry of Education issued a notification stating that failure to meet the criteria for promotion in regular examinations would allow the children to be retained.
• If a child does not meet promotion criteria, he or she will receive additional teaching and two-month retesting.
• Ministry of Education
  •  Dharmendra Pradhan (Minister)

3. Cephalopods

Why in News?

• California, Washington and Hawaii have banned octopus farming; however, resistance has been raised against an intended farm in the Canary Islands of Spain.

Cephalopods

• Members of the molluscan class Cephalopoda.
• Characterized by bilateral body symmetry, prominent head, and modified arms/tentacles.
• Known to be called “inkfish” because they can squirt ink.
• Habitat
  • Cephalopods are found in all the oceans of Earth.
  • All Earth’s oceans, none can tolerate freshwater
• IUCN Status
  • There are 686 species listed in the class Cephalopoda in the Conservation of Nature (IUCN) Red List.
• About 800 living species of cephalopods have been identified. 

4. India’s State of Forest Report 2023

Context:

The State of Forest Report 2023 says India is holding 25 percent of its land under forest cover or trees, a starkly healthy figure.

Key Highlights:

• There are the flaws in implementation of the Forest (Conservation) Act 1980 and the Forest (Rights) Act 2006.
• Issues
  • It muddled the definitions of forests and, excludes community forests, than including plantations and orchards as well.
  • The 25% figure really hides loss in areas recognized for biodiversity, or even the shrinkage of mangrove and ‘moderately dense’ forests.

Drawbacks in Report:

• The report is silent on the carbon sequestration potential of degraded land and the uses to which they are at present put.
• The government has weakened environmental safeguards and distorted its official inventory of forests.
• The report also indicates huge losses in the Northeast and the Western Ghats and eastern states, due to the expansion of forests and tree cover.

About: Forest Survey of India (FSI)

5. Kurnool’s Development Plans by Andhra Pradesh

Context:

Kurnool is the backward district of the state Andhra Pradesh, and the Andhra Pradesh government has kept Kurnool for development.

• Andhra Pradesh Capital
  • Amravati
• Chief Minister
  • N. Chandrababu Naidu

6. MFN Impact on India-EFTA pact’

Context:

The Switzerland government’s decision to suspend the Most Favoured Nation (MFN) status will not delay ratification and implementation of the four-nation EFTA-India Trade and Economic Partnership Agreement (TEPA)

What is EFTA-India Trade and Economic Partnership Agreement (TEPA)?

7. Switzerland to Invest in Vadhvan Port

Context:

Jawaharlal Nehru Port Authority (JNPA) said it signed a memorandum of understanding (MoU) with Terminal Investment Ltd. (TIL) for constructing Vadhvan Port Project Ltd. (VPPL) in Maharashtra.

Vadhvan Port: Deep Seaport in Maharashtra

• Groundbreaking for the construction
  • By PM of India Shri N. D. Modi on 30 Aug 2024.
• Concept plan designed by Surendra Sharma in 2015 for MMB.
• Constructed by Jawaharlal Nehru Port Authority (JNPA).
• First Offshore Port built on artificial island in India.
• Estimate
  • Total estimated cost of construction : ₹76,220 crore /US$9.1 billion.
• Port island built on Arabian sea with depths of over 20 metres, accommodating Ultra Large Container Ships (ULCS) vessels.

8. OrbitAID’s: Zero-Gravity Test

Context:

OrbitAID Aerospace is a 100% Indian space-startup that successfully tested its patented Standard Interface for Docking and Refuelling at zero-gravity flight in Florida.

Key Highlights:

• It testifies SIDRP’s capability in the recognition of on-orbit satellite servicing docking with space refueling and proximity operations under simulated space conditions.
• The test further validates SIDRP’s potential in redefining satellite operations and thus increasing the lifetime of satellites while reducing space debris.

Zero-gravity tests

Zero-gravity tests are experiments that enhance the effects of zero gravity on Earth to support space research and development.

9. India’s Population Decline: Falling Fertility Rate

Key Highlights:

• Fertility rate slightly above replacement level of 2.1.
• Total fertility rate remained at 2.2 in 2015-16, same as 2011.
• Decline to 2 below replacement level in 2019-21, indicating population decline.

What is Fertility Rate?

Fertility rate is the number of children born to women of a certain age or the number of children born to women of childbearing age in a given year.

10. India Green Energy Milestone

Context:

India has achieved a milestone toward its green energy goals. In October, the nation installed a renewable energy capacity of 203.18 GW.

Highlights:

• The country installed more than 200 GW of renewable energy capacity in cumulative terms, surpassing the 40% mark from the target 500GW non-fossil power generation capacity for the country by 2030, net carbon emissions by 2070
• The PM Surya Ghar: Muft Bijli Yojana, the new scheme for rooftop solar, was cleared by the cabinet in February. The Union cabinet sanctioned the outlay of ₹75,021 crore for implementing the scheme till 2026-27.

Pradhan Mantri Surya Ghar Free Electricity Scheme

Pradhan Mantri Surya Ghar Free Electricity Scheme is a welfare scheme of the Government of India. Under this scheme, people will be relieved from electricity bills by installing solar panels in their homes.

• Ministry
  • Ministry Of New and Renewable Energy

What is Green Energy?

11. ADB to Provide $500 mn Loan to Support Sustainable Infra

Context:

The Government of India and the Asian Development Bank (ADB) has signed a $500 million (about ₹ 4,250 crore) loan to support green and sustainable infrastructure projects aligned with the countrys climate commitments.

Asian Development Bank

Green Deposit

Banking/Finance

1. The Outcomes of GST Council Meeting

Context:

Goods and Services Tax (GST) Council of India has taken several decisions regarding rates and has made its clarifications on such decisions.

Key Highlights:

• The council went on record delaying clarifications on items like pepper and raisins, gift vouchers, and penalties imposed on borrowers not taxable.
• The three-legged levy on what seems to be competing frivolous objects like popcorn is worrying, though health-related reasons keep it for sweetened varieties.
• It may be recalled that the council was reversing its verdict in October which allowed real estate players to claim input tax credits on construction cost incurred for commercial structures depressing India’s investment scenario.

Separate GST rate for Caramelised Popcorn!

2. Upstream Oil and Gas Companies Call for Budget Review

Context:

In the runup to the Budget, upstream oil and gas companies have called for a review of the taxes levied on older oil blocks, which account for nearly 90 per cent of domestic production, according to officials from two large exploration and production (E&P) firms.

Tax Levied on Different Types of Oil & Gas>>

4. Financial Performance of Non-Life Insurance Industry in FY24

Context:

India’s non-life insurance space reported profits of ₹10,119 crore in FY24, down 12.93% from that in FY23.

Key Highlights:

• Underwriting losses declined to ₹ 28,555 crore for FY24; a 12.93 year-on-year reduction
• Total direct premium of the non-life insurance industry was ₹ 2.9 trillion, up 12.76% from the previous fiscal
• Life insurance companies had a net profit of ₹ 47,407 crore, showing an increase of 10.79% over FY figures.

What is Non-Life Insurance?

• Comprises other types of insurance products besides life insurance.
• Also known as general insurance in India.
• Provides coverage for damages on an indemnity basis.
• Protects insured monetarily by providing money in case of accidental loss.
• Examples
  • Fire, Marine, Motor, Health, home, factory, shop, travel, and liability insurance.

5. Sebi suspends trading in Bharat Global over ‘fraud’

Context:

The Securities and Exchange Board of India (Sebi) on Monday suspended trading in Bharat Global Developers, valued at over ₹ 12,000 crore, after it found lapses in the company’s financials and disclosures, and fraudulent preferential allotment.

Background of Company:

The Ahmedabad-based company is involved in the domains of green energy, engineering and infrastructure, aerospace and defense, and agriculture.

What measures has Sebi introduced?

SME IPO rules on Sebi 

6. IPO Fundraising in 2024

• Total funds raised via IPOs in 2024 reached ₹1.8 trillion, marking a significant increase from the ₹57,600 crore raised in 2023—an impressive 2.6 times higher.

SME IPO rules on Sebi 

 Small and Medium Enterprise Initial Public Offering (SME IPOs):

7. Securities and Exchange Board of India (Sebi) Rules to Cut Portfolio Churn

Context:

Sebi has announced a new rule that would restrict unnecessary portfolio churn by distributors in the launch of new fund offers, or NFOs.

Key Highlights:

• The new rule would ensure that commissions for distributors who switch investors from one fund to another are lower than the two schemes.
• The rule seeks to reduce mis-selling by ensuring that distributor incentives are in line with investor interests while promoting long-term stability in investment portfolios.
• Mis-selling is the main driver of mis-selling, with asset management companies rewarding distributors with higher commissions on NFOs.

A New Fund Offering (NFO)

A New Fund Offering (NFO) is when an asset management company (AMC) launches a new mutual fund scheme and invites investors to subscribe to units of the new scheme.

8. Indian Lenders Demand Replacement of Benchmark for Overnight Indexed Swaps

Context:

Indian Lenders Ask Reserve Bank of India for Overhaul in Benchmark on Indexed Overnight Swaps.

Background:

• Indian lenders have demanded that the Reserve Bank of India replace the benchmark for interest rate swaps as they have failed to pass the correct pricing in the swap market.
• The existing benchmark is MIBOR, the Mumbai Interbank Offered Rate.
  • MIBOR (Mumbai Interbank Offered Rate) is the interest rate at which banks in India lend to one another in the short-term interbank market for overnight loans.
• The propositions offered by banks are to switch with SORR, an acronym for Sterling Overnight Reference Rate, which is expected to be more effective with regard to the discovery of accurate prices in the marketplace of interest rate swaps.

Indexed Overnight Swaps (IOS) are financial derivatives where one party exchanges a fixed interest rate for a floating rate, typically tied to an overnight benchmark such as the Overnight Indexed Average (OIA). The floating rate is usually linked to an overnight benchmark like the Overnight Index Swap Rate (OIS), which reflects short-term interest rates. These swaps are used by market participants to hedge or speculate on future interest rate movements.

Key Points

• The need is to make interest-rate benchmarks more credible and less disparate and more representative of market events.
• MIBOR limitations arise from the fact of uncollateralized trade.

• SORR is repo based, which is more representative of the actual market situation.

Read more>>

9. FPI Selling and Market Outlook

FPI Activity:

• FPIs ended the week as net sellers, withdrawing ₹976 crore from Indian equities.
• In the first two trading sessions, FPIs infused ₹3,126 crore into Indian equities.
• However, in the next three sessions, FPIs sold equities worth ₹4,102 crore, leading to an overall net outflow of ₹976 crore for the week.

Positive Outlook in December:

• FPIs have invested ₹21,789 crore in Indian equities so far in December 2024, which shows confidence in India’s economic growth potential.

Selling Catalysts:

• Strengthening US Dollar:
  • The US Dollar has crossed the 108 barrier and US 10-year bond yields have risen to 4.5%.
• Lack of Clarity on US Federal Reserve Policies:
  • The Fed’s third rate cut of 25 basis points in 2024 and fewer rate cuts going forward have dented global investor confidence.

Foreign Portfolio Investment (FPI)

Read more>>

Economy

1. Retail inflation for farm, rural workers eases in November

Context:

Retail inflation for farm workers and rural laborer changes to 5.35% and 5.47% in November compared with 5.96% and 6%, respectively, in October.

What is Retail Inflation?

Wholesale Price Index (WPI) & Consumer Price Index (CPI)

2. India’s Economy: A “Strong Start, Weaker Finish”

Global Challenges:

• Uncertainty due to Trump 2.0 policies, including tariffs and China’s fiscal stimulus.
• Global GDP growth expected to slow to 2.9% year-on-year in 2025, reducing India’s reliance on exports and domestic demand.
• Expected rebound to 6.57 % over coming quarters, supported by higher government spending and rural recovery.

India’s Post-Pandemic Rebound:

• Driven by pent-up demand, surge in retail credit, and strong exports performance.
• Urban consumption would likely soften as pent-up demand post-pandemic dissipates, monetary policy remains tight, and nominal income growth slows.
• Reserve Bank of India’s macroprudential tightening has already cramped credit growth, and loan defaults have increased for credit card and personal loans.
• The banks are likely to turn risk averse, and credit demand for small-ticket consumer goods is likely to soften.
  

Read more>>

Agri Business

1. Centre committed to protecting farmers and consumers

Context:

Union Minister for Food and Consumer Affairs Pralhad Joshi speaks about international trade and food security.

Key Highlights:

• Price of rice for the last month hiked by the Ministry of Food and Consumer Affairs every year through MSP, which in turn has proved to be beneficial both to farmers and the consumer.
• The government has actively sought out to curb inflation-winding up onion supply during its lean months and transporting by rail.` wagons.

Also Read: MSP Needs Recognition

2. Sustainable Agriculture

What is Sustainable Agriculture?

Sustainable agriculture is a farming technique that prioritizes the use of natural and renewable resources over synthetic inputs like fertilizers and pesticides.

• Methods
  • Drip irrigation, water recycling, nano fertilizers, and drought-resistant crops as regular usage.
• Priority
  • Green buildings, efficient transport planning, and waste management in urban planning must be prioritized.
• Way Forward
  • Using economic incentives such as subsidies for green technologies, carbon credits, and green bonds.
  • Developing green jobs, which reduce carbon emissions while providing jobs for the populace.
  • Equitable transition through retraining programs, community engagement, and policies supporting workers and their families.

3. Climatic Changes in the Indian Economy

Context:

Climate change damages the economy, and in 2022 it recorded a loss of 8% of the GDP. The Asian Development Bank has projected loss amounts to almost 25% by the year 2070.

Key Highlights:

• The planet would experience a global average temperature between 1.29°C and 1.53°C that year, with an average increase of 1.41°C.
• The farm sector contributes nearly 18% in terms of GDP and is probably the most impacted by extreme weather events.

India Green Energy Milestone

4. “Hindustan Zinc’s Samadhan Initiative

Context:

Five individual farmer producer organizations (i-FPOs) under Hindustan Zinc’s Samadhan initiative have collectively generated nearly ₹5 crore in revenue during FY24, according to a media release by the company.

Individual Farmer Producer Organizations (i-FPOs)

FPOs are organizations which are owned and managed by the farmers. They are a vehicle through which farmers collectively better their income and capacity, by gaining access to technical knowledge, inputs, and direct market linkages. FPO can be in the form of a company, cooperative society, or a mutually aided cooperative society.

Hindustan Zinc’s Samadhan Initiative

The Samadhan initiative has equipped farmers with tools and knowledge to adopt modern farming techniques, adopt sustainable irrigation methods, and integrate profitable practices like cattle rearing and horticulture.

5. Public Investment in Agriculture Infrastructure Needed

Context:

According to experts, public investment in agriculture infrastructure is required rather than depending on the private sector.

Key Highlights:

• The Agriculture Conclave organised by Rural Voice portal showed that more expenditure on research and private sector involvement is required for developing new varieties in pulses and oilseeds.
• Former agriculture secretary Siraj Hussain highlighted that there is no government-funded agriculture produce market committee (APMC) market yard and that mandis are totally dependent on the private sector.
  • An Agricultural Produce Market Committee (APMC) is a board established by state governments in India to regulate the marketing of agricultural and livestock produce.

6. Level of Ozone in Delhi

Context:

The Central Pollution Control Board now wants a comprehensive study in order to ascertain the specific causes of high ozone levels in Delhi.

• Ozone (O3)
  • A pale blue gas made up of three oxygen atoms that can be found in the Earth’s atmosphere. 

Facts to Remember

1. Bangladesh writes to India seeking Hasina’s extradition

• Bangladesh has sent India a note verbale seeking the extradition of its deposed Prime Minister Sheikh Hasina, the adviser on foreign affairs to the interim government Touhid Hossein informed the media in Dhaka on Monday.

2. Jago Grahak Jago

• On National Consumer Day, the Union Food and Consumer Affairs Ministry will launch Jago Grahak Jago App, Jagriti App, and Jagriti Dashboard to protect consumers from the dark patterns on the Internet.

3. Old Munnar’s British-era tomb

• A British-era tomb perched atop a small hill near Old Munnar in Idukki has been an epitome of the story of love and affection of two people. The tomb, built by a Briton to fulfil his partner’s dying wish, has completed 130 years on Monday. The tomb predates the C.S.I. Church and the cemetery here, keeping the story of an immortal love story from England to Munnar alive.

4. Filmmaker who gave a voice to the voiceless, held dear the idea of India

• Shyam Benegal is no more.
• Shyam Benegal experimented with form and technique, broke every boundary to document the changing contours of Indian society and kept evolving with times; be it farmers or sex workers, his protagonists questioned the social order with searing intensity without resorting to hyperbole

5. India’s reliance on China for critical minerals

6. 500 yrs on, da Gama hailed in Lisbon, ignored in Kochi.

Kochi : At St Francis Church in Kochi, history seems dead, buried and forgotten. There is just a nondescript blue board at the church that reads, “Remembering Vasco da Gama, Portuguese navigator; he arrived in Cochin…where he died and was first buried”.

7. Ten African cheetahs, shipped as an experiment, have died in

• India is in discussions with Kenya, Botswana and Tanzania to import 20 more cheetahs and two female elephants by March, two government officials said.