Daily GK Update- 29th Dec, 2024

 NATIONAL UPDATES:

 

1. NeGD and IPA Sign Landmark MoU to Drive Digital Transformation in India’s Maritime Sector: The National e-Governance Division (NeGD) and the Indian Ports Association (IPA) signed a landmark Memorandum of Understanding (MoU) in New Delhi. This strategic partnership aims to drive digital transformation in India’s maritime sector by integrating NeGD’s technological expertise with IPA’s in-depth insights into the maritime sector. This initiative reflects a joint commitment to creating a smarter, technology-driven maritime digital ecosystem by fostering seamless integration and stakeholder collaboration. Through this partnership, both NeGD and IPA aim to address longstanding challenges such as fragmented logistics systems, outdated operational practices, and insufficient digital infrastructure.

 

2. India’s Record  Coal Production in 2023-24: India’s  coal production reached unprecedented levels in the fiscal year 2023-24, totalling 997.826 million tonnes. This marked an impressive increase of 11.71% from the previous year’s output of 893.191 million tonnes. By mid-December 2023, India had already supplied approximately 963.11 million tonnes of coal, reflecting robust demand and efficient supply chains. Looking ahead, the Ministry of Coal is optimistic about continued growth in coal production. The strategic initiatives under the ‘Atmanirbhar Bharat’ programme are expected to yield substantial increases in both coking and thermal coal output. Investments in new technologies and sustainable mining practices will play important role in achieving these targets.

 

INTERNATIONAL UPDATES:

 

1. Australia’s Online Safety Amendment (Social Media Minimum Age) Bill, 2024: Australia’s House of Representatives has recently passed the “Online Safety Amendment (Social Media Minimum Age) Bill, 2024”, which aims to protect children under 16 from accessing social media platforms. If approved by the Senate and granted Royal Assent, it will establish a legal framework for online safety. There is currently no minimum legal age for social media use in Australia. Most platforms, however, restrict accounts for children under 13, following U.S. guidelines. The new bill seeks to address the risks associated with social media for younger users.

 

2. UN Secretary General Pays Tribute to Brigadier General Amitabh Jha: UN Secretary-General Antonio Guterres recently honored Brigadier General Amitabh Jha of India, who served with the United Nations Disengagement Observer Force (UNDOF) in the Golan Heights. Guterres praised Jha’s leadership and commitment to UN peacekeeping missions. Brigadier Jha was the Deputy Force Commander of UNDOF from April 2023. He acted as Force Commander during critical periods following the Assad Government’s fall in Syria. His leadership was vital in maintaining peace and stability in a turbulent region.

OTHER UPDATES:

DEFENCE

 

1. China’s First Type 076 Amphibious Assault Ship: China has revealed its first Type 076 amphibious assault ship, named Sichuan. The launch occurred at the Hudong-Zhonghua shipyard in Shanghai. This development marks step in China’s naval capabilities.The Sichuan boasts a displacement of over 40,000 tonnes, a dual-island design and a full-length flight deck. The ship is equipped with an advanced electromagnetic catapult and arresting system. This technology enables the launch and recovery of fixed-wing aircraft, helicopters, and amphibious vehicles. The Sichuan’s launch technology mirrors that of the Fujian aircraft carrier, launched in 2022. This similarity indicates a strategic shift in China’s naval architecture. The Type 076 could potentially become the largest amphibious assault ship globally, as suggested by satellite imagery from the Centre for Strategic and International Studies (CSIS).

 

2. Exercise SURYA KIRAN 2024: A contingent of 334 Indian Army personnel has departed for Nepal to participate in the 18th Battalion Level Joint Military Exercise, known as SURYA KIRAN. This exercise is scheduled to occur in Saljhandi, Nepal, from December 31, 2024, to January 13, 2025, a annual event that alternates between India and Nepal. The exercise follows successful visits by military leaders from both nations. General Upendra Dwivedi, Chief of the Indian Army, visited Nepal, while General Ashok Raj Sigdel, Chief of Nepal’s Army, visited India. These interactions encourage mutual understanding and collaboration.

 

3. INS Sarvekshak Conducts Survey in  Mauritius: INS Sarvekshak docked at  Port Louis, Mauritius, marks a collaboration between India and Mauritius in the field of hydrography. The ship’s arrival was met with a warm welcome from Indian and Mauritian officials, underscoring the importance of this joint initiative. The primary aim of the survey is to enhance Mauritius’s maritime infrastructure. The collaboration will focus on resource management and coastal development planning. Improved hydrographic data will facilitate better navigation and safety at sea.

 

SPORTS 

 

1. 33 medals for India at Asian Youth and Junior Weightlifting Championship 2024: The young Indian weightlifters finished their campaign at the Asian Youth and Junior Weightlifting Championships 2024 with a credible 33 medals – 7 gold,16 silver, and 10 bronze medals. Jyoshna Sabar of Uttar Pradesh stood out with three gold medals and a new Asian record.In the 2023 Asian Youth and Junior Weightlifting Championships held in Greater Noida, Uttar Pradesh, the Indian weightlifting contingent finished with a total of 42 medals.The Asian Youth and Junior Weightlifting Championships 2024 was organised by the Asian Weightlifting Federation in Doha, Qatar.The Youth Championship was open for weightlifters in the age category of 13-17 years while weightlifters between the ages of 15-20 years were eligible for the Asian Junior Championship.

 

SCIENCE AND TECHNOLOGY

 

1. ISRO’s LVM3 Rocket Achieves Multi-Orbit Capability: The Indian Space Research Organisation (ISRO) has recently marked milestone with its LVM3 rocket, which allows the rocket to place satellites in various orbits during a single mission. The development of a “multi-element ignitor” for the CE-20 Cryogenic engine was crucial for this capability. The CE-20 Cryogenic engine is integral to the LVM3’s final stage. It plays a very important role in accurately placing satellites into their designated orbits. The successful test confirmed that the engine functions as intended.

ISRO employed a “Sea Level test” for the Cryogenic engine. This method, while not typically ideal, was adapted to simulate full operational duration. The Nozzle Protection System further enhanced the testing’s effectiveness and cost-efficiency.

 

BANKING AND FINANCE

 

1. ICICI Pru Life, RGA launch product to cover women-specific ailments: ICICI Prudential Life Insurance has launched a first-of-its-kind health product catering to women-specific critical illnesses and surgeries.ICICI Pru Wish has been developed in collaboration with Reinsurance Group of America Inc., a leading global life and health reinsurer.The product offers an instant payout of up to 100 per cent of the health cover amount on diagnosis of critical illnesses such as breast, cervical, uterine cancers and heart ailments to name a few.

 

2. SEBI fines Jaiprakash Power for misrepresenting co’s financial statements: Markets regulator SEBI imposed a penalty totalling Rs 54 lakh on Jaiprakash Power Ventures, its MD and CEO Suren Jain and other top officials for misrepresenting the company’s financial statements. Others who have been penalised by Sebi are the company’s chairperson Manoj Gaur, executive directors — Sunil Kumar Sharma and Praveen Kumar Singh — chief financial officer R K Porwal and former whole-time member M K V Rama Rao. They have been directed to pay the fine within 45 days. This came after the regulator conducted an investigation in the matter of Jaiprakash Power Ventures Ltd (JPVL), a part of the Jaypee Group of companies, to ascertain the possible violations of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) and LODR (Listing Obligations and Disclosure Requirements) rules.

 

Daily GK Update- 28th Dec, 2024

 NATIONAL UPDATES:

 

1. Health insurance claims rejection up 19.10% in FY24: IRDAI report: India’s insurance companies rejected 11 per cent of health claims and had 6 per cent pending as of March 2024, according to the industry regulator’s annual report.Health policy claims worth Rs 26,000 crore were disallowed and “repudiated” by insurers in the year ending March 2024, marking a 19.10 per cent increase from the year before.The rejection amount was Rs 21,861 crore in the year ending March 2023, according to the Insurance Regulatory and Development Authority of India (IRDAI).A claim is rejected or disallowed when an insurance company refuses to process it due to specific issues with its validity. This means the insurer has not yet evaluated the claim for coverage but has rejected it outright due to errors or discrepancies in the policyholder’s documentation, terms, or procedures. On the other hand, claim repudiation occurs when the insurer denies the claim after a review, determining that it does not meet the terms and conditions of the policy.

 

2. NeGD and IPA Sign Landmark MoU to Drive Digital Transformation in India’s Maritime Sector: The National e-Governance Division (NeGD) and the Indian Ports Association (IPA) signed a landmark Memorandum of Understanding (MoU) in New Delhi.This strategic partnership aims to drive digital transformation in India’s maritime sector by integrating NeGD’s technological expertise with IPA’s in-depth insights into the maritime sector.This initiative reflects a joint commitment to creating a smarter, technology-driven maritime digital ecosystem by fostering seamless integration and stakeholder collaboration.Through this partnership, both NeGD and IPA aim to address longstanding challenges such as fragmented logistics systems, outdated operational practices, and insufficient digital infrastructure.

 

3. Northeast Frontier Railway signs MoU with IRCON for maintenance of electrification infrastructure: For the first time in Indian Railways, Northeast Frontier Railway has started a project to maintain electrification infrastructure, including Overhead Equipment (OHE) and Power Supply Installation (PSI), by partnering with IRCON International Limited through an agreement.IRCON is a reputed organisation well known for undertaking challenging infrastructure projects, especially in difficult terrains in India and abroad since 1976.

 

4. Dr. Sandip Shah appointed as the Chairperson of NABL-QCI: Sandip Shah, an eminent medical professional and visionary leader, has been appointed as the Chairperson of the National Accreditation Board for Testing and Calibration Laboratories (NABL), a constituent board of the Quality Council of India (QCI).NABL works to improve the quality of testing and calibration services, ensuring trust in the products and services used by consumers, businesses, and regulators.Shah, a Gold Medalist in MD Pathology and Bacteriology from B.J. Medical College, Ahmedabad, has an extensive academic and professional background in pathology, molecular biology, and transplant immunology.

 

INTERNATIONAL UPDATES:

 

1. China to Construct World’s Largest Dam in Tibet: The Chinese government has given its green signal to the construction of the world’s largest dam on the river Yarlung Zangbo/Tsangpo (known as the Brahmaputra in India) on the eastern rim of the Tibetan plateau.The project has raised concerns among environmentalists as it will lead to the displacement of millions of people and the destruction of the natural ecosystem in Tibet.The construction of a dam on the Yarlung Zangbo River was announced by China in 2020. It will be the world’s largest dam in the world overtaking the Three Gorges Dam built on the Yangtze River in China.The total investment in the dam is over 1 trillion yuan (US$137 billion), making it the single largest infrastructure project in the world.The project is expected to generate nearly 300 billion kilowatt-hours (kWh) of electricity annually which is expected to meet the electricity needs of 30 crore people per year.

 

2. 27 December – International Day of Epidemic Preparedness: International Day of Epidemic Preparedness is observed every year on 27 December.The day raises awareness about the importance of global preparedness and response to epidemics and pandemics.The first-ever International Day of Epidemic Preparedness, held on 27 December 2020 was called for by the United Nations General Assembly to advocate the importance of the prevention of, preparedness for and partnership against epidemics.

 

OTHER UPDATES:

 

SPORTS 

 

1. Vijayveer Sidhu wins Men’s 25m rapid fire Pistol title at 67th National Championship: Punjab’s Vijayveer Sidhu beat fellow Olympian Gurpreet Singh of the Army Marksmanship Unit to clinch his maiden men’s 25m rapid-fire pistol (RFP) title at the ongoing 67th National Shooting Championship Competitions (NSCC) for pistol events.Taking aim at the Dr Karni Singh Shooting Range (DKSSR) Finals Hall, Paris Olympian Vijayveer got the better of Rio Olympian Gurpreet 28-25 in the title round.Air Force’s Shivam Shukla finished third with a score of 23.

 

2. 33 medals for India at Asian Youth and Junior Weightlifting Championship 2024: The young Indian weightlifters finished their campaign at the Asian Youth and Junior Weightlifting Championships 2024 with a credible 33 medals – 7 gold,16 silver, and 10 bronze medals. Jyoshna Sabar of Uttar Pradesh stood out with three gold medals and a new Asian record.In the 2023 Asian Youth and Junior Weightlifting Championships held in Greater Noida, Uttar Pradesh, the Indian weightlifting contingent finished with a total of 42 medals.The Asian Youth and Junior Weightlifting Championships 2024 was organised by the Asian Weightlifting Federation in Doha, Qatar. The Youth Championship was open for weightlifters in the age category of 13-17 years while weightlifters between the ages of 15-20 years were eligible for the Asian Junior Championship.

 

3. M Raghu & Devika Sihag crowned 2024 Senior National Badminton Champion: Karnataka’s M. Raghu and Haryana’s Devika Sihag won the men’s and women’s singles titles, respectively, at the 86th Senior National Badminton Championships 2024.The tournament was organized by the Badminton Association of India and hosted by the Karnataka Badminton Association in Bengaluru from December 20 to 24, 2024.In the men’s singles final, M. Raghu defeated former champion Mithun Manjunath of Karnataka with a score of 14-21, 21-14, 24-22, claiming his first senior national championship title.

 

BANKING AND FINANCE

 

1. ICICI Prudential Rural Opportunities Fund launched: ICICI Prudential Mutual Fund has launched the ICICI Prudential Rural Opportunities Fund, an open-ended equity scheme following Rural and allied theme. It opens on 9 January 2025 and closes on 25 January 2025.The scheme will predominantly invest in sectors contributing to and benefiting from rural India’s growth and development.Benchmark – Nifty Rural IndexThe Nifty Rural Index aims to track the performance of stocks from the Nifty 500 Index, which represent the rural theme.The largest 75 stocks from eligible basic industries are selected based on 6 month average free-float market capitalization. Sankaran Naren and Priyanka Khandelwal will manage the scheme.

 

2. ICICI Pru Life, RGA launch product to cover women-specific ailments: ICICI Prudential Life Insurance has launched a first-of-its-kind health product catering to women-specific critical illnesses and surgeries.ICICI Pru Wish has been developed in collaboration with Reinsurance Group of America Inc., a leading global life and health reinsurer.The product offers an instant payout of up to 100 per cent of the health cover amount on diagnosis of critical illnesses such as breast, cervical, uterine cancers and heart ailments to name a few.

 

3. SEBI fines Jaiprakash Power for misrepresenting co’s financial statements: Markets regulator SEBI imposed a penalty totalling Rs 54 lakh on Jaiprakash Power Ventures, its MD and CEO Suren Jain and other top officials for misrepresenting the company’s financial statements.Others who have been penalised by Sebi are the company’s chairperson Manoj Gaur, executive directors — Sunil Kumar Sharma and Praveen Kumar Singh — chief financial officer R K Porwal and former whole-time member M K V Rama Rao.They have been directed to pay the fine within 45 days.This came after the regulator conducted an investigation in the matter of Jaiprakash Power Ventures Ltd (JPVL), a part of the Jaypee Group of companies, to ascertain the possible violations of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) and LODR (Listing Obligations and Disclosure Requirements) rules.

 

 

 

AWARDS AND HONOURS

 

1. President Murmu Confers Pradhan Mantri Rashtriya Bal Puraskar on 17 Children: President Droupadi Murmu conferred the Pradhan Mantri Rashtriya Bal Puraskar on 17 children (10 girls and 7 boys) at a ceremony held at the Rashtrapati Bhavan Cultural Centre, New Delhi. The award was announced and conferred on the occasion of the Veer Baal Diwas.Since 2022, December 26 has been observed in the country as Veer Bal Diwas to honour and recall the sacrifice of the tenth Sikh guru Guru Gobind Singh’s youngest sons Zorawar Singh and Fateh Singh.The winner of the Pradhan Mantri Rashtriya Bal Puraskar is awarded a Medal, a Certificate, and a Cash prize of Rs. One Lakh.The Pradhan Mantri Rashtriya Bal Puraskar is administered by the Union Ministry of Women and Child Development. The award was instituted by the government of India in 1996.

About the Pradhan Mantri Rashtriya Bal Puraskar

 

 

Daily GK Update- 27th Dec, 2024

 NATIONAL UPDATES:

 

1. Adani’s Mundra port welcomes its first-ever LNG-Powered Vessel: Adani Ports and Special Economic Zone (APSEZ) Mundra welcomed CMA CGM Fort Diamant, the first-ever Liquefied Natural Gas (LNG) powered container vessel to dock at the port’s Container Terminal-CT4.This vessel, measuring 268 meters in length and 43 meters in beam, is the third in a series of LNG-powered ships with a capacity of 7,000 containers.Operating on the CIMEX2K/AS-1 service connects the Indian subcontinent with China, further enhancing global trade routes.Adani’s, Mundra port is India’s largest port and flagship of APSEZ, and is equipped with state-of-the-art infrastructure to handle vessels of up to 21 meters in depth, supported by robust connectivity through highways, rail corridors, and, the Dedicated Freight Corridor (DFC).

 

2. Centre appoints Arunish Chawla as new Revenue Secretary in Finance Ministry : The Appointments Committee of the Cabinet has appointed secretary in the Department of Pharmaceuticals Arunish Chawla as the next revenue secretary.A 1992-batch Indian Administrative Service (IAS) officer from the Bihar cadre, Chawla will take over from economic affairs secretary Ajay Seth.Seth is holding additional charge of revenue secretary following Sanjay Malhotra’s appointment as Reserve Bank of India (RBI) governor.Chawla has been serving as secretary in the Department of Pharmaceuticals within the Ministry of Chemicals and Fertilisers since November 1, 2023.Chawla has more than three years in service left with his tenure scheduled to end in July 2028.Neelam Shami Rao, currently secretary in the National Commission of Minorities, is the new textiles secretary.

 

INTERNATIONAL UPDATES:

 

1. Akums Group inks pact worth 200 million euros for European market: Contract development and manufacturing organisation, Akums Group has entered into a strategic long-term agreement at an estimated value of 200 million euros (Rs 1,760 crore) with an undisclosed global pharma firm for manufacturing and supply of formulations in the European market.Under this collaboration, Akums Group will produce and supply multiple Stock-keeping units of oral liquid formulations, which the partner company will market across various European countries.As part of the agreement, Akums Group will receive an upfront payment of 100 million euros (Rs 880 crore) for product development and site approval from European authorities.The commercial supply of these products is expected to begin in 2027 and will continue to be supplied till 2032.

 

2. Maia Sandu Sworn in as President of Moldova for 2nd Term: Ms Maia Sandu was sworn in as theMs Maia Sandu first became the President of Moldova in 2020. She was the first woman to become the President of the country after it gained Independence in 1991, following the collapse of the Soviet Union.According to the constitution of Moldova, a person can be the President of the country for two terms of four years each.During her rule, the country moved away from Russia and sought closer ties with the European Union. In 2022, Moldova applied for membership in the 27-nation European Union.

 

3. China to Build World’s Largest Dam on Brahmaputra Near India Border: China has recently approved the construction of the world’s largest dam on the Brahmaputra River, located in Tibet near the Indian border, which is poised to cost approximately $137 billion. The dam has sparked concerns among neighboring countries, particularly India and Bangladesh, regarding potential impacts on water flow and regional stability. Situated in a deep gorge of the Himalayas, the dam faces engineering challenges due to its location on a tectonic plate boundary. The area is prone to earthquakes, and the Brahmaputra creates the world’s deepest canyon with a vertical drop exceeding 25,000 feet. Heavy rainfall in the region contributes to a robust water flow.

 

4. UAE Emerges as Africa’s Top Investor: The UAE has solidified its position as Africa’s largest investor in new business projects, committing $110 billion (£88 billion) to various initiatives from 2019 to 2023, with $72 billion specifically allocated to renewable energy. This investment trend has outpaced traditional investors like the UK, France, and China, who are reducing their involvement in the continent. The UAE’s investments primarily target green energy and infrastructure. African leaders have expressed appreciation for this financial interest, recognizing the urgent need for investment in energy transitions. The UAE’s strategy aligns with its goal of  

 

5. Bald Eagle Officially Recognised as America’s National Bird: The bald eagle, a powerful symbol of the United States, has received formal recognition as the national bird, conferred by President Joe Biden through legislation passed by Congress. The bald eagle is distinguished by its striking white head, yellow beak, and brown body, embodying the spirit of American strength.

 

OTHER UPDATES:

DEFENCE

 

1. China’s J-20 Stealth Fighter Jet : Recent social media activity has showcased new Chinese combat aircraft, reflecting advancements in aerospace technology, coincide with notable anniversaries, including the J-20 stealth fighter’s rollout and Mao Zedong’s birthday. One of the newly revealed aircraft features a large, three-engine design. It has a unique cockpit and diamond-shaped wings without vertical tails. The aircraft employs split rudders for yaw control, reminiscent of the Northrop Grumman B-2. Its engines include a top inlet for enhanced stealth and two bottom inlets shaped like caret symbols, which are less stealthy. The aircraft’s size suggests the presence of an internal weapons bay.

 

2. Kaveri Engine Ready for Inflight Testing: India’s Gas Turbine Research Establishment (GTRE) has made advancements with the Kaveri engine, which is now ready for inflight testing, marking a very important moment in India’s pursuit of self-reliance in aerospace technology, particularly for unmanned aerial vehicles (UAVs). The Kaveri engine development began in the late 1980s to power the Tejas Light Combat Aircraft. Initial designs faced technical challenges, leading to a shift in focus towards a modified “dry” version suitable for UAVs.

 

SPORTS 

 

1. Martina Devi wins silver in women’s junior +87kg at Asian Junior Weightlifting Championships: Indian lifter Martina Devi clinched a silver medal in the women’s junior +87kg category at the Asian Junior Weightlifting Championships.The 18-year-old from Manipur lifted a total of 225kg (96kg+129kg) to finish second in the three-lifter field. She also won a silver medal for her clean and jerk effort and a bronze for her snatch.

 

SCIENCE AND TECHNOLOGY

 

1. Rwanda Declares End to Marburg Virus Outbreak: Rwanda has officially declared the end of its first Marburg Virus Disease (MVD) outbreak as of December 20, 2024, followed a 42-day monitoring period with no new cases reported. The outbreak, which began on September 27, 2024, resulted in 66 confirmed cases and 15 fatalities, primarily affecting health workers. Marburg Virus Disease is a severe and often fatal illness. It is caused by the Marburg virus, which is transmitted from fruit bats to humans. The disease is characterized by a high fatality rate, averaging around 50%. Transmission occurs through direct contact with infected bodily fluids, contaminated surfaces, or materials.

 

2. First Image of Active Hydrothermal Vent Discovered: In a groundbreaking achievement, Indian oceanographers have successfully captured the first images of an active hydrothermal vent located 4,500 metres beneath the Indian Ocean. This discovery is a milestone in India’s ₹4,000-crore Deep Ocean Mission, launched by the Ministry of Earth Sciences. Hydrothermal vents have the potential to revolutionise mineral exploration and deepen our understanding of marine ecosystems. Hydrothermal vents are underwater springs situated near tectonic plate boundaries. They occur when cold seawater, typically around 2°C, infiltrates cracks in the ocean crust. This water interacts with magma, becoming superheated, and then emerges as mineral-rich plumes through vents and chimneys.

 

BANKING AND FINANCE

 

1. Amitava Chatterjee appointed new MD & CEO of J&K Bank: J&K Bank has appointed Amitava Chatterjee, currently Deputy Managing Director of State Bank of India (SBI), as its new managing director (MD) and CEO.Chatterjee will replace Baldev Prakash, whose term comes to an end on December 29.Chatterjee, in his banking career spanning over more than three decades in diverse geographical locations and strategic positions, also served as MD and CEO of SBI CAPS.His diverse experience includes heading the SBI’s operation as CGM New Delhi, circle and Jaipur Circle with high-end clientele like PSUs, NBFCs, and DISCOMs.

 

 

Daily GK Update- 26th Dec, 2024

 NATIONAL UPDATES:

 

1. Adani’s Mundra port welcomes its first-ever LNG-Powered Vessel: Adani Ports and Special Economic Zone (APSEZ) Mundra welcomed CMA CGM Fort Diamant, the first-ever Liquefied Natural Gas (LNG) powered container vessel to dock at the port’s Container Terminal-CT4.This vessel, measuring 268 meters in length and 43 meters in beam, is the third in a series of LNG-powered ships with a capacity of 7,000 containers.Operating on the CIMEX2K/AS-1 service connects the Indian subcontinent with China, further enhancing global trade routes.Adani’s, Mundra port is India’s largest port and flagship of APSEZ, and is equipped with state-of-the-art infrastructure to handle vessels of up to 21 meters in depth, supported by robust connectivity through highways, rail corridors, and, the Dedicated Freight Corridor (DFC).

 

2. Akums Group inks pact worth 200 million euros for European market: Contract development and manufacturing organisation, Akums Group has entered into a strategic long-term agreement at an estimated value of 200 million euros (Rs 1,760 crore) with an undisclosed global pharma firm for manufacturing and supply of formulations in the European market.Under this collaboration, Akums Group will produce and supply multiple Stock-keeping units of oral liquid formulations, which the partner company will market across various European countries.As part of the agreement, Akums Group will receive an upfront payment of 100 million euros (Rs 880 crore) for product development and site approval from European authorities.The commercial supply of these products is expected to begin in 2027 and will continue to be supplied till 2032.

 

3. PM to distribute over 50 lakh property cards to property owners under SVAMITVA Scheme: Four years after the Union government launched the Svamitva scheme to digitise property records in rural areas, Prime Minister Narendra Modi distributed 58 lakh property cards providing ‘Record of Rights’ to owners in over 50,000 villages across 12 States at a virtual event.Prime Minister was launched the SVAMITVA scheme with a vision to enhance the economic progress of rural India by providing a ‘Record of Rights’, to households possessing houses in inhabited areas in villages through the latest surveying drone technology.The scheme also helps facilitate monetization of properties and enables institutional credit through bank loans; reducing property-related disputes; facilitating better assessment of properties and property tax in rural areas and, enabling comprehensive village-level planning.

 

4. Ajay Bhalla named new Manipur Governor; Arif Mohammed Khan shifted to Bihar: Former Union Home Secretary Ajay Bhalla has been appointed the new Governor of Manipur in the latest gubernatorial appointments and reshuffle by President Droupadi Murmu.The other key appointment is that of former Union Minister General V. K. Singh (Retd.) being made the new Governor of Mizoram, while Kerala Governor Arif Mohammed Khan has been moved to Bihar.The President has also accepted the resignation of Odisha Governor Raghubar Das. The incumbent Governor of Mizoram, Dr. Hari Babu Kambhampati, replaces Mr. Das.The incumbent Bihar Governor Rajendra Vishwanath Arlekar has been named the new Governor of Kerala.

5. Amitava Chatterjee appointed new MD & CEO of J&K Bank: J&K Bank has appointed Amitava Chatterjee, currently Deputy Managing Director of State Bank of India (SBI), as its new managing director (MD) and CEO.Chatterjee will replace Baldev Prakash, whose term comes to an end on December 29.Chatterjee, in his banking career spanning over more than three decades in diverse geographical locations and strategic positions, also served as MD and CEO of SBI CAPS.His diverse experience includes heading the SBI’s operation as CGM New Delhi, circle and Jaipur Circle with high-end clientele like PSUs, NBFCs, and DISCOMs.

 

6. Centre appoints Arunish Chawla as new Revenue Secretary in Finance Ministry: The Appointments Committee of the Cabinet has appointed secretary in the Department of Pharmaceuticals Arunish Chawla as the next revenue secretary.A 1992-batch Indian Administrative Service (IAS) officer from the Bihar cadre, Chawla will takeover from economic affairs secretary Ajay Seth.Seth is holding additional charge of revenue secretary following Sanjay Malhotra’s appointment as Reserve Bank of India (RBI) governor.Chawla has been serving as secretary in the Department of Pharmaceuticals within the Ministry of Chemicals and Fertilisers since November 1, 2023.Chawla has more than three years in service left with his tenure scheduled to end in July 2028.Neelam Shami Rao, currently secretary in the National Commission of Minorities, is the new textiles secretary.

 

INTERNATIONAL UPDATES:

 

1. Maia Sandu Sworn in as President of Moldova for 2nd Term: Ms Maia Sandu was sworn in as theMs Maia Sandu first became the President of Moldova in 2020. She was the first woman to become the President of the country after it gained Independence in 1991, following the collapse of the Soviet Union.According to the constitution of Moldova, a person can be the President of the country for two terms of four years each.During her rule, the country moved away from Russia and sought closer ties with the European Union. In 2022, Moldova applied for membership in the 27-nation European Union.

 

2. 26 December – Boxing Day: Boxing Day is celebrated every year on December 26th.Boxing Day is an official bank holiday in England, Canada, New Zealand, and Australia. In South Africa, it is called the ‘Day of Goodwill’ and is also a holiday.

 

OTHER UPDATES:

DEFENCE

 

1. Defence Secretary launched Rashtraparv Website & Mobile App on Good Governance Day: Defence Secretary Rajesh Kumar Singh has launched the Rashtraparv Website along with its Mobile App on Dec 25, 2024 on the occasion of ‘Good Governance Day’ commemorating the birth anniversary of former Prime Minister Shri Atal Bihari The website will facilitate access to information related to organization of national events such as Republic Day, Beating Retreat Ceremony, Independence Day etc., live streaming, purchase of tickets, provide information related to seating arrangements & route-maps of events etc.The website and mobile application have been a result of consultative process adopted by Ministry of Defence.The states had suggested for a portal for management of tableaux designs data. Similarly, viewers of Republic Day event in the feedback had suggested to have information regarding events, parade, tableaux with them.

 

SPORTS 

 

1. Martina Devi wins silver in women’s junior +87kg at Asian Junior Weightlifting Championships: Indian lifter Martina Devi clinched a silver medal in the women’s junior +87kg category at the Asian Junior Weightlifting Championships.The 18-year-old from Manipur lifted a total of 225kg (96kg+129kg) to finish second in the three-lifter field. She also won a silver medal for her clean and jerk effort and a bronze for her snatch.

 

BANKING AND FINANCE

 

1. Equity raised through IPOs will cross Rs 2 trillion in 2025: Report: India has emerged as the global leader in Initial Public Offerings (IPOs), hosting twice as many IPOs as the United States and 2.5 times more than Europe, shows data analysed by Pantomath Group.In the first 11 months of 2024 alone, 76 companies raised Rs 1.3 trillion. Pantomath Group’s report now predicts Rs 2 trillion+ record-breaking IPO fundraising in 2025.India achieved a historic milestone by securing the top position globally in terms of IPO volume for the first time, surpassing both the US and Europe, with nearly double the number of IPOs listed compared to the US and two-and-a-half times more than Europe.In contrast, the US reclaimed the lead in IPO proceeds for the first time since the peak in 2021, reinforcing its status as the most vibrant and appealing market for global investors,” noted the report.

 

AWARDS AND HONOURS

 

1. RINL wins Gold award at the AP State Energy Conservation Award-2024 competitions: RINL, the corporate entity of Visakhapatnam Steel Plant has won the prestigious “Gold Award” in the State Energy Conservation Award 2024 competitions (conducted by the State Energy Conservation Mission of Andhra Pradesh) for its significant initiatives towards Energy Conservation in the Iron & Steel category.This prestigious Gold award was bestowed on RINL for implementing Energy conservation measures during the last 3 years, harnessing waste energy.The Gold Award was received on behalf of RINL by Sri Uttam Brahma, GM (Energy, Environment & Utilities) RINL and Sri VVVS Pulla Reddy, DGM (Energy Management Department) RINL.

 

Daily GK Update- 25th Dec, 2024

 NATIONAL UPDATES:

 

1. Adani to acquire 85.8% stake in Air Works for Rs 400 cr enterprise value: Adani Group will acquire aviation maintenance, repair, and overhaul (MRO) services firm Air Works for an enterprise value of Rs 400 crore.Adani Defence Systems & Technologies Ltd (ADSTL) has signed a share purchase agreement to acquire 85.8 percent shareholding in Air Works, India’s largest private sector MRO company with the largest pan-India footprint.With operations spanning 35 cities and a workforce of over 1,300 personnel, Air Works brings extensive expertise in servicing both fixed-wing and rotary-wing aircraft.

 

2. India Ranks 49th in Network Readiness Index (NRI) 2024: India has risen to 49th place in the 2024 Network Readiness Index (NRI), climbing 11 positions from the previous year.This ranking is published by the Portulans Institute in Washington DC and evaluates how effectively countries utilize technology for governance and citizen engagement.India’s score improved from 49.93 in 2023 to 53.63 in 2024, reflecting the nation’s commitment to enhancing its digital landscape. The increase in rank from 60th to 49th demonstrates substantial progress in technology adoption.

 

3. TIL to invest ₹20,000 crore to develop Vadhvan Port: Terminal Investment Ltd Sarl (TIL) has signed an MoU with the Jawaharlal Nehru Port Authority (JNPA), proposing to invest Rs 20,000 crore for constructing the Vadhvan Port Project.TIL, headquartered in Geneva, invests in, develops, and manages container terminals across the globe.It is active in 31 countries across five continents. Put together, 70 container terminals, in which the company owns a stake, handled about 65 million twenty-foot equivalent units (TEUs) in 2023.TIL’s majority owner and the main customer is the Mediterranean Shipping Company (MSC), the world’s largest shipping line.

 

4. Former SC Judge V. Ramasubramanian appointed NHRC chairman: President of India has appointed retired Supreme Court Justice V. Ramasubramanian as the Chairperson of National Human Rights Commission. The post of NHRC chief was lying vacant since June this year.President also appointed Priyank Kanoongo and retired Justice Bidyut Ranjan Sarangi as the Members of the NHRC-India.A high-power committee led by Prime Minister Narendra Modi met on December 18 to select the next chairperson of NHRC. Both Leaders of the Opposition (LoPs), Mallikarjun Kharge in the Rajya Sabha and Rahul Gandhi in the Lok Sabha also attended the meeting.A well-known scholar in Tamil and a master of the art of writing judgments, Justice Ramasubramanian was born on June 30, 1958, and obtained his bachelor’s degree in science from Vivekananda College in Chennai before graduating in law from the Madras Law College and enrolling as a member of the Bar on February 16, 1983.

 

5. 25 December – Good Governance Day: ood Governance Day is observed on 25th December each year in India to honor the birth anniversary of Atal Bihari Vajpayee, former Prime Minister of India. This year marks Vajpayee’s 100th birth anniversary.The day aims to promote transparency, accountability, and effective governance at all levels of government, emphasizing the importance of public service and citizen welfare. It focuses on improving government processes and encouraging digital governance to enhance the delivery of services to citizens.Atal Bihari Vajpayee was born on December 25, 1924, in Gwalior, Madhya Pradesh. He served as India’s Prime Minister on three occasions: first in 1996 for 13 days, then from 1998 to 1999 for 13 months, and finally from 1999 to 2004 for a full term. Vajpayee, a celebrated poet and writer, was the first leader from the Bharatiya Janata Party (BJP) to become Prime Minister.

 

INTERNATIONAL UPDATES:

 

1. Trump appoints Indian American Krishnan as senior policy advisor on AI: US President-elect Donald Trump named Indian American entrepreneur, venture capitalist and author Sriram Krishnan as Senior White House Policy Advisor on Artificial Intelligence.Krishnan, who has previously led product teams at Microsoft, Twitter, Yahoo!, Facebook and Snap, will work along with David O. Sacks who will be the White House AI & Crypto Czar.Working closely with David Sacks, Sriram will focus on ensuring continued American leadership in AI and help shape and coordinate AI policy across government, including working with the President’s Council of Advisors on Science and Technology. Sriram started his career at Microsoft as a founding member of Windows Azure.

 

2. Tonga elects ’Aisake Valu Eke’ as new Prime Minister: The Pacific Island nation of Tonga has elected veteran politician Aisake Valu Eke as its new Prime Minister.Aisake Valu Eke will succeed the former Prime Minister Siaosi Sovaleni who resigned two weeks ago after a no-confidence motion was moved against him in the Parliament.Aisake Valu Eke will be formally sworn in as the new Prime Minister of the country in February 2025 and is expected to lead the country into the next general elections scheduled for November 2025.

 

OTHER UPDATES:

DEFENCE

 

1. China to Build World’s Largest Dam on Brahmaputra Near India Border: China has recently approved the construction of the world’s largest dam on the Brahmaputra River, located in Tibet near the Indian border, which is poised to cost approximately $137 billion. The dam has sparked concerns among neighboring countries, particularly India and Bangladesh, regarding potential impacts on water flow and regional stability. Situated in a deep gorge of the Himalayas, the dam faces engineering challenges due to its location on a tectonic plate boundary. The area is prone to earthquakes, and the Brahmaputra creates the world’s deepest canyon with a vertical drop exceeding 25,000 feet. Heavy rainfall in the region contributes to a robust water flow.

 

1. China’s J-20 Stealth Fighter Jet: Recent social media activity has showcased new Chinese combat aircraft, reflecting advancements in aerospace technology, coincide with notable anniversaries, including the J-20 stealth fighter’s rollout and Mao Zedong’s birthday. One of the newly revealed aircraft features a large, three-engine design. It has a unique cockpit and diamond-shaped wings without vertical tails. The aircraft employs split rudders for yaw control, reminiscent of the Northrop Grumman B-2. Its engines include a top inlet for enhanced stealth and two bottom inlets shaped like caret symbols, which are less stealthy. The aircraft’s size suggests the presence of an internal weapons bay.

 

BANKING AND FINANCE

 

1. Government of India and Asian Development Bank sign $500 million loan to support sustainable infrastructure projects: The Government of India and the Asian Development Bank (ADB) signed a $500 million loan to support green and sustainable infrastructure projects aligned with the country’s climate commitments.The ADB loan, with a sovereign guarantee, will be extended to the India Infrastructure Finance Company Limited (IIFCL).The project will build the institutional capacity of IIFCL to integrate green and best practices into the infrastructure projects.A sustainability unit and an environmental sustainability framework and scoring method to assess the sustainability rating of the projects will also be established.

 

2. Aditya Birla Capital Becomes First to Integrate Financial Services on ONDC: Aditya Birla Capital is the first financial services company to integrate lending, insurance, and investments on the Open Network for Digital Commerce (ONDC).ONDC is a government initiative to create an open and interoperable e-commerce network. It allows buyers and sellers to transact across platforms, supporting inclusivity and competition in digital commerce.By offering all three services, Aditya Birla Capital provides easier access to financial products. As a Wave-1 participant, the company has contributed to building the financial services ecosystem on ONDC. Wave-1 participants are early adopters who help develop the infrastructure for others to join.Aditya Birla Capital’s personal loans, health insurance, and mutual fund services are available on the ONDC platform through multiple buyer apps, enabling users to access these financial products without downloading extra applications.

 

3. UPI QR transactions jump 33% at retail stores in Bharat this year: Report: UPI transactions at retail stores have increased by 33 percent in semi-urban and rural areas this year, reflecting the growing adoption of digital payments, according to a report.Moreover, insurance policy purchases and premium collections saw a 127 percent increase in transaction volume and, a 96 per cent growth in new customer adoption during the year, the report by branchless banking and digital network PayNearby.The report is based on an analysis of real transaction data derived from over 10,00,000 small retailers (kirana stores, mobile recharge stores etc) offering financial and digital services spread across India in rural and semi-urban regions.The findings compare business data from January to November 2024 with the same period in 2023.The report, Retail-O-Nomics, stated that there has been an impressive 297 per cent volume rise across credit products, including business loans, gold loans, personal loans, and revolving credit in rural and semi-urban areas.

 

4. Claims ratio of non-life insurers dips to 82.52% in FY24: IRDAI report: Net incurred claims to net earned premium (claims ratio) of non-life insurance industry stood at 82.52 percent during 2023-24 as against 82.95 percent in the preceding fiscal year, as per the IRDAI’s annual report.According to the Annual Report 2023-24 of the Insurance Regulatory and Development Authority of India (Irdai), during 2023-24, the non-life insurance industry underwrote a total direct premium of Rs 2.90 lakh crore in India registering a growth of 12.76 per cent from previous year.The contribution of public sector general insurers increased 8.88 per cent from Rs 82,891 crore in 2022-23 to Rs 90,252 crore in 2023-24.Private sector insurers, including standalone health insurers, have underwritten Rs 1.88 lakh crore as against Rs 1.58 lakh crore in 2022-23.

 

AWARDS AND HONOURS

 

1. SAIL wins 8 national awards for communication excellence: The Public Relations Society of India (PRSI) has conferred eight national awards on Steel Authority of India Limited (SAIL).These PRSI National Awards 2024 were given away at the 46th All India Public Relations Conference held at Raipur.SAIL has been recognised in various categories viz. E-Newsletter for SAIL Track, Corporate Film (English), Best Communication Campaigns (Internal Publics) for SAIL Gaurav Diwas celebration, House Journal (English) for SAIL News, Best PR Programme for Promoting Science & Technology for steel plant technologies, Best Use of social media in a Corporate Campaign for promoting green steel, corporate website.This recognition is a testimony to SAIL’s dedication to excellence in communication. Allemployees of SAIL have appreciated this achievement.Chairman of SAIL- Amarendu Prakash