Current Affairs 29 & 30 December, 2024

Daily Current Affairs Quiz
29 & 30 December, 2024

International Affairs

1. Donald Trump’s Aggression on Panama Canal

Context:

Donald Trump is going to annex Canada and Greenland and take the Panama Canal back, the strategic waterway connecting the Pacific and Atlantic Oceans.

Key Highlights:

• The plan has been triggered by increased shipping rates and a rising concern of the “Chinese influence” in the region.
• The US, with its 74% ownership of traffic in the canal, is the greatest beneficiary. China is the second with 21%.
• History
  • French project, built in 1880.
  • Transferred over to Panama in 1999.
  • Since 2000, Panama has been operating the canal administration.

Panama Canal

2. Oil Floods in the Black Sea

Context:

Heavy environmental damage due to oil floods in the Black Sea due to a storm when two tankers collided near Crimea.

Key Highlights:

• The leak occurred on December 15 in the Kerch Strait between Russia and the Crimean peninsula.

Black Sea

• The Black Sea is a marginal Mediterranean sea lying between Europe and Asia, east of the Balkans, south of the East European Plain, west of the Caucasus, and north of Anatolia.
• Bordered by
  • Bulgaria, Georgia, Romania, Russia, Turkey, and Ukraine.
• Rivers
  • The main rivers draining into it are the Danube, Dnieper and Dniester.
• Area
  • Covers 436,400 km2 (168,500 sq mi) with a maximum depth of 2,212 m and a volume of 547,000 km3.
  • Longest east-west extent about 1,175 km (730 mi).

National Affair

1. INS Vagsheer (s-26) and INS Tushil

Context:

In order to boost India’s blue-water combat capabilities and to counter China’s ever-expanding footprint in the Indian Ocean Region, next month will see the commissioning of two home-built frontline warships and a diesel-electric submarine (INS Vagsheer (s-26)) by the Indian Navy. The new Russian-built frigate INS Tushil also heads home.

INS Vagsheer (s-26)

INS Tushil, the ship of Indian Navy.

2. Lothal: Global Hub for Maritime Heritage

Context:

Lothal will become global hub for maritime heritage, says Union Ports Minister

Key Highlights:

• National Maritime Heritage Complex Museum
  • It is under construction, with a cost of over Rs 4000 crore, will consist of 14 galleries, a lighthouse museum, coastal state pavilions, a recreated Lothal city, four theme-based parks, an amusement park, and a nature conservation park.
• Waterway
  • Through which tourists will be able to navigate around the city.
• Phase 1A of the project is around 60% completed.

Lothal History

3. Jan Swasthya Abhiyan (JSA) Moves to Control Hospital Fees

Context:

JSA, an alliance of health activists and professionals, and organizations is seeking to intervene in a bunch of petitions against regulation of hospital charges.

Key Highlights:

• This group wants to protect the rights of patients by controlling the costs of private hospitals.
• JSA believes that private healthcare rates, care standards, and patients’ rights violations have no regulations.

Jan Swasthya Abhiyan (JSA)

The Jan Swasthya Abhiyan (JSA), or the People’s Health Campaign, was established in 2005 as a national-level movement in India to enhance the universal access to health services, especially for marginalized and disadvantaged communities.

• Objective
  • Advocacy for Universal Health Coverage.
  • Access to Essential Health Services.
  • Strengthening Public Health Infrastructure.
  • Public Awareness Campaigns.

4. The Relocation of Tigers from Ranthambore National Park (RNP)

Context:

The relocation of tigers from Ranthambore National Park (RNP) to other reserves in Rajasthan has disrupted the sex ratio of RNP’s tiger population, leading to increased territorial conflicts and even deaths of young male tigers.

Key Highlights:

• Five males and 11 females had been shifted to the other reserves and had thus disturbed the 1:2 or 1:3 ratios of males to females.
• A male requires a range of 20-50 sq km whereas 10-12 sq km of range is required per female which leads to display of territorial fight.

Ranthambore National Park

Ranthambore National Park is a 1,334 km² (515 sq mi) large national park  situated in the Rajasthan. It is bounded to the north by the Banas River and to the south by the Chambal River. The name ‘Ranthambore‘ is named after the historic Ranthambore Fort, which lies within the park.

5. All States, UTs to Frame Draft Rules by FY25, says Ministry

Context:

The ministry has set the target of getting all 36 states and union territories of India onto draft rules under the four Labour Codes by the end of this financial year.

Key Highlights:

• Code on wages was approved by Parliament in 2019 and the other codes were, he says, code on social security, industrial relations code as well as code on occupational safety, health & working condition which were approved in the year 2020.

6. Simultaneous Elections for the Lok Sabha

Context:

The Constitution (One Hundred and Twenty-Ninth Amendment) Bill, 2024, that was tabled in the Lok Sabha, proposes simultaneous elections for the Lok Sabha and State/Union Territory Legislative Assemblies with the insertion of Article 82(A).

ONE NATION ONE ELECTION

7. 36% of TB patients in four T.N. districts are migrants: survey

Context:

A recent report by the Resource Group for Education and Advocacy for Community Health (REACH) highlights efforts to address tuberculosis (TB) among migrants in Tamil Nadu.

Key Highlights:

• Of the TB patients, 36.6% are migrants, as screened under such criteria associated with the specific disease.
  • Migrant is a person that travels to a different country or place, often in order to find work.
• TB cases receive location tendency scores, with as much as 62% transferring out of intervention districts.
• The comorbidity study found 29% malnourished, 27% having diabetes, and 25% with alcohol consumption.
  • Malnutrition is an imbalance between the nutrients your body needs to function and the nutrients it gets. 

Context:

Also Read: WHO Report – Malaria in Region South-East Asia

8. PM Internship Scheme

The Union Corporate Affairs Ministry said in a release on Sunday that the pilot scheme of the Prime Minister’s Internship Scheme received approximately 6.21 lakh applications against 1.27 lakh opportunities.

About the Scheme:

• The scheme plans to offer 1 crore of internship schemes to young people over the next five years.
• Ministry
  • Ministry of Corporate Affairs, Government of India
• Features
  • Application will be paid ₹4,500 as stipend by the government, and an additional amount of ₹500 by the companies under Corporate Social Responsibility that consists of one year.
  • A one-time grant of ₹6,000 will be given at the time of joining, and insurance cover under PM Jeevan Jyoti Bima Yojana and PM Suraksha Bima Yojana.

Read more>>

9. Overseas Indians in Lok Sabha Election

Context:

Overseas Indians showed great enthusiasm in registering as electors, with nearly 1.2 lakh enrolling on the voter list, but a minuscule number turned up to exercise their franchise in the Lok Sabha election this year.

Overseas Indians

Overseas Indians, also known as the Indian diaspora, are people of Indian origin or citizenship who live outside of India. Overseas Indian includes:

• Non-Resident Indians (NRIs): 
  • Citizens of India who are currently living outside of the country
• People of Indian Origin (PIOs): 
  • People of Indian by birth or by ancestry who are citizens of other countries.
• Overseas Citizens of India (OCIs): 
  • People who has been granted a permanent visa to visit India with a foreign passport.

Election Commission of India

10. ISRO’s Space Docking Experiment Mission

Context:

The PSLV C60/SpaDeX Mission has been Launched by Indian Space Research Organisation. PSLV C60/SpaDeX mission is an in-space docking experiment by ISRO which is a small spacecraft experiment using two small spacecraft.

Key Highlights:

• SpaDeX develops and demonstrate rendezvous, docking, and undocking capabilities between spacecraft.
• Chaser and Target are two small spacecraft that are going to be injected into 470-km circular orbit with 55-degree inclination from PSLV-C60.

In-Space Docking

Docking in space is the process of two spacecraft physically joining together. It’s an important operation for maintaining a continuous human presence on the International Space Station (ISS).

OrbitAID’s: Zero-Gravity Test

11. Underwater KG basin landslide can trigger tsunami: Scientists

Context:

A landslide, or a slump somewhere in the Krishna-Godavari basin, at depths between 950 and 1,100 meters below the ocean, would have created a wave scientist said.

Landslide

A landslide is a mass movement of material, such as rock, earth or debris, down a slope.

What are Tsunamis?

12. IITKharagpur Study on the Financial Sustainability Crisis of ICCCs

Context:

ICCCs are the financial nerve centers of more than 100 smart cities in which states and municipalities have failed to financially support them.

Key Highlights:

• These mainly include city infrastructure management, monitoring of civic services, traffic and transportation management, safety and surveillance.
• The challenges to be addressed under the Smart City Mission and also one of the biggest concerns for the ICCCs is financial sustainability.

13. ASI Decodes Sanskrit Inscription Found in POK

Context:

The ancient Sanskrit inscription got excavated outside Gilgit, Pakistan-Occupied Kashmir and was deciphered by the ASI epigraph division.

Key Highlights:

• The inscription is in Brahmi script and dates back to about the 4th century C
• The inscription reads, “Pushpasingha, for his guru´s merit, caused the Mahesvaralinga to be installed.”

Inscription

An inscription is a written or carved message on a hard surface, such as stone, brick, or metal. Inscriptions could be historical, religious, or other records that reflect important events from the past. 

14. Dharavi Project renamed Navbharat Mega Developers

Context:

Dharavi Redevelopment Project Private Ltd (DRPPL) the Adani-backed company, has been renamed Navbharat Mega Developers Private Ltd (NMDPL).

Key Highlights:

• NMDPL is the executing authority of the mega project over 600 acres of Dharavi redevelopment.
• Maharashtra government retains 20 percent of NMDPL.
• It is one of the world’s largest urban resettlement and regeneration projects, aims to transform Dharavi’s sprawling 600-acre slum. Home to over one million residents.

15. Ken-Betwa River Linking Project

Context:

On December 25, Prime Minister Narendra Modi was in Madhya Pradesh’s Khajuraho to lay the foundation stone for various development projects. Among them was the ambitious Ken-Betwa river linking project that plans to transfer excess water from the Ken river basin to the Betwa river basin.

Ken-Betwa River Linking Project

16. Visakhapatnam’s Adani Data Park

Context:

The Adani Data Park, envisaged at an investment of about ₹70,000 crore over a 20-year-period here, remains a non-starter after the foundation stone for the project was laid twice.

Adani Data Park

Adani Data Park is a joint project between Adani Group and EdgeConneX that includes a data center, technology business park, and skills development center. 

• Location
  • Madhurawada, Visakhapatnam, Andhra Pradesh

17. Ozone Levels Breaching Limits in Delhi

Context:

The National Green Tribunal has sought a response from the Centre on the “feasibility and mechanism” for implementation of the CPCB´s recommendations for controlling ozone levels, which were found beyond the permissible limits in some areas of the national capital.

Ozone (O3)

18. CCI Conducting Study on RE Sector in BRICS

Context:

The Competition Commission of India (CCI) is undertaking a market study to better gauge antitrust issues in the renewable energy sector across the so called BRICS member nations.

Competition Commission of India (CCI)

BRICS

Banking/Finance

1. RBI Tests Central Bank Digital Currency (CBDC) with Officials

Context:

The Reserve Bank of India (RBI) is introducing a credit for allowances reimbursed to CBDC wallets of RBI officers.

Key Highlights:

• CBDC is a digital form of fiat currency issued by a country’s monetary authority.
• The move is seen as a safer and smarter payment option and counter cryptocurrencies.
• CBDC is the responsibility of the central bank, and its conversion into savings account money diminishes the bank’s deposit.

Central Bank Digital Currency (CBDC)

Central Bank Digital Currency (CBDC) is a form of digital currency issued and regulated by a country’s central bank. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are decentralized and not controlled by any central authority, CBDCs are issued by the country and are a digital version of a country’s fiat currency.

2. Attrition in Private Banks

Context:

The RBI has noted a three-year attrition rate sharply rising in the private sector banks (PVBs) and small finance banks (SFBs).

Key Highlights:

• This increased attrition brings operational risks including disruption of customer service and institutional knowledge loss.
• Increased attrition requires recruitment and training, which ultimately causes losses in productivity and efficiency.

Attrition

Attrition in banking refers to the loss of employees or customers over a period of time. The term used to describe the reduction in the number of staff or customer accounts due to voluntary or involuntary departures. Attrition is a critical factor for banks, because it directly impacts operational efficiency, customer retention, and overall growth.

Types of Attrition:

• Employee attrition in the banking industry refers to the loss of employees who voluntarily or intentionally leave their jobs, retire, or are laid off.
• Customer attrition refers to the loss of customers or clients who is no longer using the bank’s products or services, or who close their accounts.

3. Insurance Regulatory Authority Report on Health Insurance in India

Context:

Health insurers paid out only 71.3% of the Rs 1.2 lakh crore claims that were registered and outstanding during FY24, according to Irdai data.

Key Highlights:

• In the current year, insurers managed claims worth Rs 1.1 lakh crore, which exceeded 3 crore. 17.9 lakh claims, amounting to Rs 6,290 crore, are pending within this amount.
• Of the approximately 2.7 crore claims, about Rs 83,493 crore have been purchased by paying 82% of the total claims by volume and 71.3% by value.

Economy

1. India Australia CECA talks may get delayed

Context:

India-Australia Comprehensive Trade Agreement Talks Might Get Prolonged

Key Highlights:

• Subsequently, 10 rounds of talks have happened during which considerable advancements have been made in many facets of the agreement.
• There is a temporary trade agreement, India and Australia have known it for now two years – it is known to as the Economic Cooperation and Trade Agreement (ECTA).
  • It was the first Free Trade Agreement (FTA) that India has signed with a major developed country in in a decade.

Indian-Australian Cooperation and Trade Economic Agreement (CECA)

• CECA will cover a far broader horizon of bilateral trade than what is covered under the limited India-Australia Economic Cooperation and Trade Agreement (ECTA).
• CECA was launched in May 2011 and suspended in 2016, it was relaunched in 2021 to take bilateral trade further.
• CECA Focus:
  • goods, services, digital trade, government procurement, and Rules of Origin/Product Specific Rules Schedule.
  • Typical new areas of interest include competition policy MSMEs, innovation, agri-tech, critical minerals and sports.

2. Housing Industrial Workers

Context:

Union Finance Minister Nirmala Sitharaman in her July Budget had announced plans to establish rental housing with dormitory-type accommodation for industrial workers in public-private partnership (PPP) mode with viability gap funding (VGF).

Key Highlights:

• From a recent NITI Aayog Report, the housing allotments for workers require policy and regulatory reforms, urgently integrated with industrial planning.
• Some regulatory hurdles involve rigid zoning, protectionist building law, high operating costs, and a low FAR and GCR.
• The report does speak of government support to the domain in terms of VGF to reduce construction costs, tax relief, and interest subvention.

3. Gold and Silver Exchangetraded Funds (ETFs)

Context:

Gold and silver Exchangetraded funds (ETFs) saw an extraordinary rise in demand during the calendar year (CY) 2024, driven by higher prices and favourable tax adjustments.

Gold and Silver Exchange-Traded Funds

• ETFs are investment funds that enable an investor to purchase and sell gold or silver on an exchange.
• Gold ETFs
  • They mirror the price of gold by holding physical gold or gold-related securities.
• Silver ETFs
  • They are based on the price of silver and maintain physical silver or silver-related assets.

4. CII Seeks Excise Duty Cut in Fuel, Hike in minimum wages

Context:

The Confederation of Indian Industry (CII) has suggested excise duty cuts in petrol and diesel and a hike in key minimum wages in the upcoming Union budget to boost consumption amid high inflation.

The Confederation of Indian Industry (CII)

• CII is a non-government, not-for-profit, industry-led and industry-managed organization. The Confederation of Indian Industry (CII) works to create and sustain an environment conducive to the development of India.
• Founded in: 
  • 1895
• Headquarter: 
  • Delhi

5. Economy in FY25 to grow at 6.56.8%, says Deloitte

Context:

The economy is likely to grow at 6.56.8% this fiscal and slightly higher between 6.77.3% in FY26, boosted by domestic consumption, Deloitte said on Sunday.

Fiscal Deficit

Comparing GVA and GDP

6. India´s Electric Vehicle (EV) Industry

Context:

India´s electric vehicle (EV) industry hit a new milestone in 2024, with sales surging 26.5 per cent yearonyear to 1.94 million units as of December 29, according to Vahan data from the Ministry of Road Transport and Highways (MoRTH).

Key Highlights:

Government Schemes

• PM EDRIVE Scheme: Increased sales, especially for cargo e3Ws.
• Subsidy Update: Reduced from ₹50,000 to ₹25,000 per vehicle.

PM EDRIVE Scheme

‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE)’ Scheme, approved by Cabinet recently with a financial outlay of Rs.10,900 crore, has come into effect from October 1, 2024, and will remain in force until March 31, 2026. Its primary aim is to accelerate the adoption of electric vehicles (EVs), establish charging infrastructure, and build a robust EV manufacturing ecosystem in the country.

• Ministry
  • Ministry of Heavy Industries (MHI) of the Government of India
• Aims
  • Advance Electric Vehicle adoption and hence charging infrastructure and builds a robust indigenous EVM ecosystem.
  • It encourages mass mobility through the development of Public transport systems.

Agri Business

1. The Risk in Agricultural Supply Chains and Collateral Management

Challenges in Agricultural Supply Chains and Collateral Management

• Price Volatility:
  • The prices are volatile due to the changes in demand, weather conditions, and global trends.
• Post-Harvest Losses:
  • High losses are incurred because of poor handling, storage, and transportation.
• Poor Storage Conditions:
  • Poor infrastructure results in spoilage and degradation of quality.
• Challenges for Financial Institutions:
  • The financial institutions face problems in giving credit because there is no risk-free mechanism for collateral management.

Understanding Collateral Management

• Definition:
  • Obtaining loans or credits with collateralized management and supervision of warehoused products.
• Credit Access:
  • Facilitates the acquisition of loans by farmers, traders, and stakeholders, as the collateral provides an assurance.
• Main Ingredients:
  • Warehouse Management, Insurance, Quality & Quantity assurance, and Transparent Financial transactions.

Read more>>

2. Regenerative Agriculture: Solutions for Climate Change 

Regenerative agriculture is a set of farming and grazing practices that primary aims to improve soil health and biodiversity, and to reverse climate change.

Soil Rehabilitation and Carbon Sequestration

• Regenerative agriculture places more emphasis on the rebuilding of soil structure and organic matter with minimal disturbance and more water retention and microbiological activity.
• Encouragement in planting cover crops, especially no-till farming for agricultural productivity and carbon sequestration.
  • Carbon sequestration is the process of capturing and storing carbon compounds from the environment to reduce the greenhouse effect and mitigate climate change.
• If regenerative practices can be adopted, it can help to carbon-offset about 23 percent of the world’s greenhouse gas emissions.

Biodiversity Improvement through Regenerative Agriculture

• Crop diversification and agroforestry practices promote ecological equilibrium and protect long-term land health.
  • Crop diversification is the practice of growing more than one crop in a particular area.
  • Agroforestry practices are a combination of forestry and tree planting activities that integrate trees into farming or forestry enterprises.
• The productive agricultural systems become thus resilient towards environmental shocks such as droughts and flooding.

Socio-Economic Impacts of Regenerative Agriculture

• Healthier soils, and better ecosystem services convert to better crop yields and less input costs.
• Moving from conventional to new regenerative agriculture, farmers could actually see 15-25% returns increase.
• Regenerative agriculture contributes towards food security through enhancing crop resistance to extreme weather conditions.

Facts to Remember

1. Tigress Zeenat Update

• A female tiger that had kept forest officials of three States on their toes for weeks was finally captured on Sunday after being tranquillised in Bankura district of West Bengal.

Zeenat: The Tigress

2. Koneru Humpy Won the Women’s World Rapid Chess Championship

• India’s great year in chess became greater on Sunday as Koneru Humpy won the women’s World Rapid Chess Championship in New York. This is the second world rapid title for the 37-year-old from Vijayawada.

3. India shuts down Internet 60 times in 2024, the lowest in eight years

• India saw the lowest number of mobile Internet shutdowns in eight years in 2024, rounding out a period where the country became the most frequent deployer in the world of the measure, according to data from the Internet Shutdowns Tracker, maintained by the Software Freedom Law Centre, India.