NATIONAL UPDATES:
1. Cabinet approves ₹7,927 crore multitracking projects to boost rail connectivity: The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved three major multitracking projects for Indian Railways at a cost of approximately ₹7,927 crore.The initiative aims to enhance rail connectivity, reduce congestion, and contribute to economic growth.These tracks are part of the PM-Gati Shakti National Master Plan, designed to integrate multi-modal connectivity and ensure the seamless movement of people and goods.The projects span seven districts across Maharashtra, Madhya Pradesh, and Uttar Pradesh, impacting around 1,319 villages and benefiting a population of approximately 38 lakh. Notably, the improved connectivity will serve two aspirational districts, Khandwa and Chitrakoot, and enhance the Mumbai-Prayagraj-Varanasi route, a key rail corridor.The enhanced rail infrastructure is expected to accommodate more passenger trains, making it easier for pilgrims to access religious sites such as Trimbakeshwar in Nashik, Omkareshwar in Khandwa, Kashi Vishwanath in Varanasi, and other locations in Prayagraj, Chitrakoot, and Shirdi. Tourists will also benefit from improved access to heritage sites like the Ajanta and Ellora Caves and Khajuraho.
2. GoI to host 1st Ashtalakshmi Mahotsav in New Delhi: As part of the central government’s vision to make the North Eastern region the development engine of the country, the government of India has decided to hold an Asthalakshmi Mahotsav in New Delhi from 6-8 December 2024.This was announced by the Union Minister for Development of the North Eastern Region, Jyotiraditya Scindia, in New Delhi.The Mahotsav will focus on the eight North-Eastern States of India. The eight state governments of North Eastern States will support and participate in the inaugural AsthalakshmiThe Union Minister, Jyotiraditya Scindia, also released the mascot for the upcoming Asthalakshmi Mahotsav- Purvi. The mascot is a girl, and she is wearing attire that represents the elements of the eight states of the North East.
3. Gujarat’s ‘Gharchola’ Receives Geographical Indication Tag: Gujarat’s Gharchola has recently been awarded the Geographical Indication (GI) tag, which was conferred by the Union government, and took place during the event “GI and Beyond, Virasat Se Vikas Tak” in New Delhi. With this recognition, Gujarat now boasts 27 GI-certified items, 23 of which belong to the handicraft sector. The GI tag protects products that have a specific geographical origin and confirms the unique craftsmanship and quality of Gharchola. This tag enhances its market value and global reputation. It also helps prevent misuse of the name by non-authentic producers.The GI recognition supports local artisans, which raises awareness about their skills and crafts.
4. BIPEX-2024: The national postal exhibition BIPEX-2024 commenced in Patna at the Gyan Bhawan Auditorium and will run for three days. Governor Rajendra Vishwanath Arlekar inaugurated the exhibition, marking Bihar’s rich postal history. One key attraction is the world’s first postal stamp. This stamp, known as Azimabad Ekanni and Doanni, was released 250 years ago, which is originated in Patna and was crafted from a copper coin. This historical piece showcases the evolution of postal services.
INTERNATIONAL UPDATES:
1. Masato Kanda Elected as ADB President: The Asian Development Bank (ADB) has appointed Masato Kanda as its 11th President. His term begins on February 24, 2025, and succeeds Masatsugu Asakawa, who will leave office the day before. Kanda will complete Asakawa’s term, which ends on November 23, 2026. Masato Kanda is 59 years old and currently serves as a Special Advisor to Japan’s Prime Minister and Minister of Finance. Kanda has nearly 40 years of experience in finance. He held roles at Japan’s Ministry of Finance. His positions included Vice-Minister of Finance for International Affairs.
2. CBIC Host Global India Authorised Economic Operator (AEO) Programme: The Central Board of Indirect Taxes and Customs (CBIC) recently hosted a global India Authorised Economic Operator (AEO) programme, which took place on November 28-29, 2024, in New Delhi, and involved collaboration with the World Bank. Key figures included CBIC Chairman Shri Sanjay Kumar Agarwal and Secretary of the Department of Revenue, Shri Sanjay Malhotra. Representatives from 18 trade partner countries attended. India launched the AEO programme in 2011 and was strengthened in 2016 to better support trade facilitation. The Directorate of International Customs manages the programme under CBIC.On October 31, 2024, India has 5,947 AEO-certified entities. The certification operates under a three-tier system. An additional tier exists for logistics operators, ensuring comprehensive coverage.
OTHER UPDATES:
DEFENCE
1. India UK sign agreement on Electric Propulsion System for Indian Navy: India and the U.K. signed a Statement of Intent (SoI) on cooperation on the design & development of Electric Propulsion Systems for the Indian Navy.The signing was part of the third joint working group meeting of electric propulsion capability partnership as part of efforts by both sides to promote the indigenous development of niche technologies.The SoI would serve as a broader framework intended for cooperation in the co-design, co-creation and co-production of electric propulsion capability for future naval ships.The development of Electric Propulsion Systems for the Indian Navy will be done through a collaboration between the United Kingdom’s GE Power Conversion and Indian government-owned Bharat Heavy Electricals Ltd (BHEL).
2. 13th edition of India -Singapore Agni Warrior Military Exercise concluded : The 13th edition of Joint Military Exercise AGNI WARRIOR (XAW-2024), a bilateral exercise between the Indian Army and Singapore Armed Forces, concluded at Field Firing Ranges, Devlali (Maharashtra).The three-day exercise conducted witnessed participation by the Singapore Armed Forces contingent comprising 182 personnel from the Singapore Artillery and the Indian Army contingent comprising 114 personnel from the Regiment of Artillery.The aim of XAW-2024 was to maximise mutual understanding of drills and procedures to achieve jointness as a multinational force under the United Nations Charter.The exercise showcased joint firepower planning, execution and use of New Generation Equipment by the Artillery of both Armies.
3. India Tests K-4 Missile from INS Arighaat: The Indian Navy conducted a successful test of the K-4 ballistic missile, which took place in the Bay of Bengal and involved the new nuclear-powered submarine, INS Arighaat. The missile has a range of 3,500 km, which enhances India’s nuclear deterrence capabilities. Defence Minister Rajnath Singh brought into light the significance of INS Arighaat. He described it as a testament to India’s technological prowess. The submarine’s construction reflects the government’s “Aatmanirbharta” initiative, promoting self-reliance. Indian scientists, industries, and naval personnel collaborated on its development.
SCIENCE AND TECHNOLOGY
1. ISRO’s PSLV Launches Proba-3 Mission: ISRO’s Polar Satellite Launch Vehicle (PSLV) will take off from Sriharikota on December 4, 2024, at 4:08 pm. The launch involves collaboration with the European Space Agency (ESA) and New Space India Limited (NSIL). The PSLV is ISRO’s trusted launch vehicle, which has a proven track record for reliability and versatility. The rocket is capable of launching satellites into various orbits. It has successfully completed numerous missions since its first flight in 1993. The Proba-3 mission is a groundbreaking initiative, which is the first precision formation flying mission in the world. The mission aims to deploy two satellites into a special elliptical orbit. These satellites will weigh a combined total of 550 kg.
BANKING AND FINANCE
1. Economy growth rate dips to 5.4 % during July-September Quarter 2024: The Indian real Gross Domestic Product (GDP) growth rate dipped to 4 % in the July-September quarter of 2024 compared to the 2023 July-September quarter growth rate of 8.1 %, according to National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI).The Indian economy’s second-quarter growth rate was lower than the Reserve Bank of India’s forecast of 7 per cent. The mining and quarrying sector was the only sector which recorded a negative growth of 0.1 %. India’s real GDP growth rate was estimated at 6.0% in the first six months (April-September) of 2024, compared to 8.2 % in the first six months of the previous 2023-24 financial year. released the latest data on 29 November 2024.
2. India signs $98 million loan agreement with ADB to boost horticulture productivity: India and the Asian Development Bank (ADB) have signed a $98 million loan agreement to enhance horticulture crop productivity in the country.The funding will support the establishment of disease-free planting material systems, boosting crop yields, quality, and resilience to climate change.The loan amount will be used to target crops like almonds, apples, avocados, berries, citrus, grapes, guava, litchi, mango, pomegranate, and walnuts.The government will establish dedicated clean plant centres to maintain disease-free foundation materials that accredited nurseries will later propagate.The government will provide licences to private and public nurseries to whom the dedicated clean plant centres will supply the disease-free foundation materials. These nurseries will further propagate these disease-free plants and distribute them to the horticulture farmers.
AWARDS AND HONOURS
1. Lithuanian drama ‘Toxic’ wins Golden Peacock Award for Best Film at the 55th IFFI: The 55th edition of the International Film Festival of India (IFFI) was concluded in Shyama Prasad Mukherjee Indoor Stadium in Panaji, Goa.The 55th International Film Festival of India was organised by the National Film Development Corporation (NFDC), Union Ministry of Information and Broadcasting, and Entertainment Society of Goa, Government of Goa.This year, the festival received 1,676 submissions from 101 countries. The nine-day festival presented over 180 international titles from 81 countries, which include 16 premieres in World, three in International, 43 in Asian, and 109 in Indian categories.The Director of the 55th IFFI was noted filmmaker Shekhar Kapur. The theme of the 55th IFFI was ‘Young Filmmakers: The Future is Now.
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