NATIONAL UPDATES:
1. Govt launches CGS-NPF scheme to help farmers access post-harvest loan: The Union government has launched a credit guarantee scheme to enable farmers to access credit from eligible financial institutions on harvested crops deposited in registered warehouses.The Credit Guarantee Scheme for e-NWR-based Pledge Financing (CGS-NPF) was launched by the Union Minister for Consumer Affairs, Food and Public Distribution and New & Renewable Energy, Pralhad Joshi, in New Delhi.The government hopes that the launch of the scheme will boost the post-harvest lending to farmers/trades to Rs 5.5 lakh crore in the next 10 years.The corpus of the CGS-NPF Scheme is Rs 1000 crore. The CGS-NPF fund will be managed by the Union Ministry of Consumer Affairs, Food and Public Distribution.The farmers/traders can avail loans from eligible financial institutions against the electronic negotiable warehouse receipts issued by Warehousing Development and Regulatory Authority (WDRA) accredited warehouses.
2. Delhi CM launched Mukhyamantri Mahila Samman Yojana: Delhi Chief Minister Atishi has launched the Mukhyamantri Mahila Samman Yojana to provide Rs 1,000 as a monthly stipend to women residents whose annual family income does not exceed Rs 3 lakh.The scheme was proposed in Delhi’s budget for Financial Year 2024-25 and Rs 2,000 crore was allotted for it.The stipend for Mukhyamantri Mahila Samman Yojana would be increased to Rs 2,100 if the Aam Aadmi Party government is re-elected in Delhi, said AAP National Convener Arvind Kejriwal.
3. Women hold only 10% key managerial personnel positions in India: Report.: Women constitute less than 20 per cent of the overall workforce, and only 10 per cent hold key managerial personnel (KMP) positions even as companies are making efforts for diversity, according to a report.Women constitute less than 20 per cent of the overall workforce and hold just over 10 per cent of KMP positions, while female directors account for less than 20 per cent of the total board director positions, according to the ‘Mind the Gender Gap’ report by CFA Institute and CFA Society India.The ‘Mind the Gender Gap’ report is based on insights from 300 Indian companies through their Business Responsibility and Sustainability Report (BRSR) disclosures.The report also revealed that women board members and KMPs receive significantly lower compensation compared to their male counterparts, highlighting a gender pay disparity at the top level.
4. India Conducts First-ever Ganges River Dolphin Tagging in Assam: Marks a historic achievement in wildlife conservation as the first-ever Ganges River Dolphin (Platanista Gangetica) has been tagged in Assam.The tagging of India’s national aquatic animal, the Gangetic River Dolphin, is part of Project Dolphin of the Union Ministry of Environment, Forest and Climate Change to track the movement pattern of the highly endangered species.It was implemented by the Wildlife Institute of India, Dehradun, in collaboration with the Assam Forest Department and Aaranyak, a prominent biodiversity conservation group in Assam.The funding for the initiative came from the National CAMPA (Compensatory Afforestation Fund Management and Planning Authority).The data collected from the tagged dolphin will help conservationists better understand the species’ movement range and habitat, which will help them devise a more robust conservation plan.
5. Govt appoints Ram Mohan Rao Amara as MD of SBI: The union government has appointed Ram Mohan Rao Amara as one of the Managing Directors of State Bank of India (SBI) for three years. The Financial Services Institutions Bureau (FSIB) recommended Rao’s name for the position in September this year. One of the MD positions in SBI fell vacant after CS Setty assumed charge as chairman in August. Rao held the post of deputy managing director and chief risk officer of the country’s largest bank until his appointment as MD.Rao started his banking career with SBI in 1991 as a probationary officer. He has gained expertise in the field of credit, risk, retail and international banking. He managed key assignments for SBI in markets like, Singapore and US, and has served as CEO of Chicago branch and then as President and CEO, SBI California.
INTERNATIONAL UPDATES:
1. 18 December – World Arabic Language Day: World Arabic Language Day is celebrated every year on 18 December since 2012.The date coincides with the day in 1973 when the General Assembly of the United Nations adopted Arabic as the sixth official language of the Organization.Theme 2024— Arabic Language and AI: Advancing Innovation while Preserving Cultural Heritage.Arabic plays a major role in promoting social cohesion, knowledge production and spreading the values of peace and mutual understanding. Its contribution to humanity cannot be reduced to one people, as it is a civilization’s legacy for the entire world
OTHER UPDATES:
SPORTS
1. Brazilian Vinicius Junior wins FIFA Best Male Awards 2024: Brazillian and Real Madrid football player Vinicius Junior won the 2024 FIFA Best Male Footballer of the Year award. While, Spain and Barcelona midfielder Aitana Bonmatí won the FIFA Best Female Player award.Aitana Bonmati won the Best FIFA Female Award for the second consecutive time. She was part of the Spanishteam which won the 2023 FIFA Women’s World Cup.The winners of the 2024 FIFA Awards were announced and felicitated at a function held in Doha, Qatar. FIFA President Gianni Infantino gave the awards to the winners.
SCIENCE AND TECHNOLOGY
1. Japan, India startups to study laser-equipped satellite to tackle space debris: Space startups in Japan and India had agreed to jointly study using laser-equipped satellites to remove debris from orbit, an experimental approach to the increasingly imminent problem of orbital congestion.Tokyo-based Orbital Lasers and Indian robotics company InspeCity said they would study business opportunities for in-space services, such as de-orbiting a defunct satellite and extending a spacecraft’s life.The project is the latest example of collaboration between Japan and India, whose governments are working together on the joint Lunar Polar Exploration (LUPEX) mission, which could launch as early as 2026.Indian rocket maker Skyroot and satellite builder HEX20 are also working with Japanese moon exploration firm Ispace on a future lunar orbiter mission.
BANKING AND FINANCE
1. Indian economy to grow 6.6% in FY26: Ind-Ra: India Ratings and Research (Ind-Ra) has projected the Indian economy to grow at 6.6% in 2025-26, up from 6.4% in the current fiscal year.Ind-Ra believes investments will be a key growth driver for the Indian economy in FY26, like in FY22 and FY24.The Indian economy has experienced a cyclical growth slowdown in the past three quarters, which it expects to reverse from the December quarter.
2. Magma HDI General Insurance Partners with IndoStar Capital Finance to Expand Insurance Accessibility: Magma HDI General Insurance, a leading player in India’s general insurance sector, has partnered with IndoStar Capital Finance Limited (ICFL), a prominent non-banking financial company (NBFC).This collaboration aims to enhance the availability of motor, health, and commercial insurance solutions for customers.Through this partnership, IndoStar Capital Finance will offer Magma HDI’s wide range of insurance products, ensuring customers can access financial and insurance solutions under one roof.
3. ICICI Bank and Times Internet launch super-premium credit card: ICICI Bank and Times Internet have launched a super-premium co-branded credit card targeting high-net-worth individuals.The ‘Times Black ICICI Bank Credit Card’, powered by Visa, offers an array of exclusive benefits designed to appeal to affluent customers. The metallic card features a unique design incorporating historic printing plates from The Times of India, symbolising a blend of tradition and innovation.Cardholders will receive significant perks including unlimited lounge access at over 1,300 global airports, visa services at home, and entry to ‘The Quorum Club’.Key benefits include 2.5 percent reward points on international spending and 2 percent on domestic transactions.Milestone rewards feature helicopter rides, airport transfers, complimentary luxury resort stays, and a Rs. 10,000 e-commerce gift card.
4. Suspension of futures trading in key farm commodities extended for one month till January 2025: SEBI: The Commodities market regulator, the Securities and Exchange Board of India (SEBI), has extended the ban on the future trading of seven agricultural commodities- soybean and its derivatives, crude palm oil, wheat, rice(non-basmati), moong, chana and mustard seed till January 2025.According to the SEBI notification issued, this has been done to check speculation in this commodity and keep in check food inflation in the country.In December 2021, SEBI banned future trading in these seven agricultural commodities for a year. It was extended for one year in December 2022 and again in December 2023 for a year.The ban prohibits the launching of new contracts and trading in existing ones on all SEBI-recognised commodity exchanges.The future market is a market where an attempt is made to discover the future price of a commodity, taking into consideration the demand and supply of the commodity.
AWARDS AND HONOURS
1. Indian educationist Arun Kapur conferred Bhutan’s royal honour: Renowned Indian educationist Arun Kapur, who set up schools in India, Bhutan and Oman, has been conferred the ‘Bura Marp’ (red scarf) and ‘Patang’ (ceremonial sword) by Bhutan’s King Jigme Khesar Namgyel at the 117th Bhutanese National Day celebrations in Thimphu’s Changlimathang stadium.The honour is rarely given to non-Bhutanese residents and comes with the honorific ‘Dasho’ title, otherwise used for senior officials.In 2019, Mr. Kapur was awarded the ‘Druk Thuksey’ for his work in setting up the Royal Academy school and developing the Bhutan Baccalaureate educational system.Kapur is one of only a few Indians to have been given Bhutan’s highest royal commendations. Earlier this year, Prime Minister Narendra Modi travelled to Bhutan to be conferred the ‘Order of Druk Gyalpo’ for India’s assistance to Bhutan during the COVID-19 pandemic.
2. Kiran Ankush Jadhav clinches Men’s 50m Rifle 3P title at 67th National Shooting Championship: Indian Navy’s Kiran Ankush Jadhav beat Paris Olympic bronze medallist Swapnil Kusale and another Olympian Aishwary Pratap Singh Tomar to clinch the men’s 50m rifle 3 positions (3P) title at the 67th National Shooting Championship Competitions in Bhopal.Jadhav shot 465.8 in the final to leave Aishwary Pratap (463.1) of the home state in second place at the M.P. State Academy Shooting range.Swapnil of Railways led the 45-shot final till the 40th shot but bowed out in third ahead of the final gold-deciding shot, with a tally of 451.8. Jadhav was in third place till the 40-shot stage, before finishing to strike gold.
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