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Daily G.K. - Top Stories

16 Dec 2024

DAILY G.K. TEST

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INTERNATIONAL AFFAIRS

3rd India-UK Financial Markets Dialogue

  • The Dialogue was led by senior officials from the Indian Ministry of Finance and HM Treasury, with participation from Indian and UK regulatory agencies, including the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), International Financial Services Centre Authority (IFSCA), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA), the Bank of England (BoE) and the Financial Conduct Authority (FCA).
  • The Dialogue opened with reflections on developments since the last meeting in April 2023, including the opportunity presented by India's intention to release a financial sector vision and strategy and the UK's commitment to publishing a financial services growth and competitiveness strategy. Both sides agreed to work to maximise synergies.
  • Delegates from India and the UK shared perspectives on priorities and ongoing reforms within their respective jurisdictions. The Dialogue focused on collaboration in evolving fields of financial regulation, noting the areas of mutual interest in both markets for increasing bilateral trade and investment between the financial sectors.

ADB Approves $500 Million Loan for India's Sustainable Infrastructure

  • The Asian Development Bank (ADB) has recently approved a substantial loan aimed at boosting India's economic growth through sustainable infrastructure. This initiative targets critical sectors requiring investment and aims to promote eco-friendly practices within infrastructure development.
  • ADB has sanctioned a loan of $500 million to the India Infrastructure Finance Company Limited (IIFCL). This funding will be dedicated to enhancing long-term capital availability for various sustainable infrastructure projects across India.
  • The loan will support projects in key sectors including transportation, energy, urban development, education, and healthcare. These sectors have been identified as lacking adequate funding, making this financial support crucial for their development.
  • The objective of the loan is to improve IIFCL's capacity to incorporate green practices in infrastructure projects. This will involve establishing a dedicated sustainability unit within IIFCL to oversee the implementation of eco-friendly initiatives.

India and Portugal Strengthen Bilateral Ties

  • On 13th December, 2024, External Affairs Minister Dr. S. Jaishankar held delegation-level talks with Portugal's Foreign Minister Paulo Rangel in New Delhi during the latter's four-day official visit to India.
  • Discussions covered trade, investment, defence, science and technology, tourism, culture, and people-to-people ties.
  • Both sides emphasised the growing potential for cooperation in IT, startups, renewable energy, green hydrogen, and mobility of skilled professionals.
  • The leaders exchanged views on global topics such as West Asia, Ukraine, and the Indo-Pacific, while reaffirming cooperation in multilateral fora, including the United Nations.
  • Both countries will celebrate the 50th anniversary of diplomatic ties in 2025, agreeing to commemorate the milestone in a meaningful way.
  • The visit builds on recent interactions, including the meeting between Prime Ministers Narendra Modi and Luis Montenegro during the G20 Summit in Rio, Brazil.
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ENVIRONMENT

Cyclone Chido Hits Mozambique, Wrecks Havoc in Mayotte

  • Cyclone Chido, a Category 4 storm, caused widespread destruction in Mayotte before making landfall in Mozambique's Cabo Delgado province on December 15, 2024. This powerful storm wreaked havoc on Mayotte, leaving entire neighbourhoods flattened and causing severe damage. After crossing the Mozambique Channel, Cyclone Chido intensified and impacted northern Mozambique, with strong winds exceeding 200 km/h and heavy rainfall, threatening lives and properties.
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BUSINESS AND ECONOMY

Manish Jain Appointed Executive Director at YES Bank

  • YES Bank announced that the Reserve Bank of India (RBI) had approved the appointment of Manish Jain as the Executive Director (Whole-Time Director) of the bank. Jain's appointment is for a period of three years, starting from December 11, 2024, to December 10, 2027. This move follows a prior resolution by the bank's board of directors and will be subject to the approval of YES Bank's shareholders. Manish Jain, who has been with YES Bank since September 2023, brings a wealth of experience in corporate and wholesale banking.
  • Manish Jain has been serving as the Country Head of Wholesale Banking since his arrival at YES Bank in September 2023.
  • Jain brings over three decades of work experience, including over 23 years with Standard Chartered Bank.
  • He holds a Post Graduate Diploma in Management from IIM Bangalore and a B.Tech in Mechanical Engineering from IIT Delhi.

World's Richest Families 2024: Waltons Family Leads

  • The Bloomberg list of the world's richest families for 2024 reveals significant wealth disparities among the global elite. The Walton family ($432.4 billion), which owns Walmart, tops the list, surpassing not just other billionaire families but also the wealth of the world's richest individual, Elon Musk. Notable families from India, including the Ambanis and Mistrys, also made it to the top 25, reflecting the growing influence of Indian billionaires on the global wealth stage.
  • Ambanis ($99.6 billion) ranked 8th on the list reflecting Reliance's growing influence in the global market.
  • Mistrys ($41.4 billion) ranked 23rd showcasing their significant presence in the Indian and global construction sectors.

BOBCARD Launches TIARA Credit Card

  • BOBCARD has launched the TIARA Credit Card, a premium, women-centric offering designed to empower modern women. This card is packed with rewards across various categories such as travel, lifestyle, dining, entertainment, and health, providing women with the tools to manage their finances without compromising on lifestyle. The launch event, held at Pinkathon, featured notable personalities like Milind Soman and Ankita Konwar. TIARA is powered by the RuPay network and promises to be a game-changer for women's financial autonomy.
  • The TIARA card not only offers a wealth of benefits but also challenges the societal perception of the "woman card," making it a symbol of pride, success, and financial empowerment. With the slogan 'Your Woman Card is Your Power Move', BOBCARD aims to inspire women to take control of their financial future and live without limits.
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SPORTS

Mumbai Clinches Syed Mushtaq Ali Trophy 2024

  • Mumbai showcased a stellar performance to defeat Madhya Pradesh by five wickets and claim the Syed Mushtaq Ali Trophy (SMAT) 2024. The final, highlighted Mumbai's depth in batting and resilience under pressure. 
  • Despite a valiant effort by MP skipper Rajat Patidar, whose unbeaten 81 anchored his team's innings, Mumbai successfully chased a challenging target of 175 in just 17.5 overs, showcasing their dominance in the T20 format. This win marks Mumbai's second SMAT title, their first being in 2022.
  • Madhya Pradesh scored 174/8 in 20 overs, with Rajat Patidar remaining unbeaten at 81. Mumbai chased the target with ease, scoring 180/5 in 17.5 overs.
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NATIONAL AFFAIRS

India Maritime Heritage Conclave 2024

  • The 1st India Maritime Heritage Conclave (IMHC 2024), organised by the Ministry of Ports, Shipping and Waterways (MoPSW) on December 11-12, marked a significant occasion to honour India's rich maritime legacy while envisioning its future as a global maritime leader. 
  • This landmark event brought together key ministers, maritime experts, and international dignitaries, reaffirming India's crucial role in global trade and culture. The conclave also highlighted the nation's growing maritime potential, emphasising sustainable practices and opportunities for employment and innovation in the sector.

4th National Conference of Chief Secretaries 2024

  • Prime Minister Narendra Modi chaired the fourth National Conference of Chief Secretaries from 13 to 15 December, 2024). Organised by the NITI Aayog, the theme of the three-day conference was 'Promoting Entrepreneurship, Employment & Skilling – Leveraging the Demographic Dividend'. The meeting also saw discussions on manufacturing, services, renewable energy and circular economy among others.
  • A release from the Prime Minister's Office (PMO) said the meeting will be another key step towards further boosting the partnership between the Centre and State governments. "The Conference of Chief Secretaries is driven by the vision of the Prime Minister to strengthen cooperative federalism and ensure better coordination between the Centre and States to achieve faster growth and development," the release said.

Disaster Management (Amendment) Bill, 2024 Passed by Lok Sabha

  • The Lok Sabha passed the Disaster Management (Amendment) Bill, 2024 through a voice vote, which seeks to amend the existing Disaster Management Act, 2005.
  • The Bill, introduced in Lok Sabha on August 1 this year, proposes creation of disaster databases at national and state level; constitution of Urban Disaster Management Authority for state capital and large cities having municipal corporation, and constitution of State Disaster Response Force by the state governments.
  • MoS for Home, Nityanand Rai, said the Bill is aimed at bringing clarity and uniformity in the role of various institutions at national, state and district level.
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DEFENCE

India, France, UAE Strengthen Defence Ties with 'Desert Knight' Air Combat Exercise

  • India, France, and the UAE have initiated the trilateral air combat exercise "Desert Knight" over the Arabian Sea. This operation aims to strengthen defence cooperation, enhance interoperability among their air forces, and prepare for complex combat scenarios. Conducted in a strategically important region, the exercise underscores growing trilateral ties amid evolving global security challenges and geopolitical tensions.
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PERSONS IN NEWS

Padma Bhushan Ustad Zakir Hussain Passes Away at 73

  • Padma Bhushan Ustad Zakir Hussain, the legendary tabla player, passed away at the age of 73 in a US hospital due to heart-related problems. His music and legacy will continue to inspire generations.
  • Born in Mumbai in 1951, Zakir Hussain, son of tabla legend Ustad Allah Rakha, became a tabla virtuoso, redefining its role in Indian classical music. He collaborated with legends like Pandit Ravi Shankar and co-founded Shakti, blending Indian classical music with jazz. His group Planet Drum won a Grammy, showcasing his global musical influence.
  • Zakir Hussain received many prestigious awards, including Padma Bhushan (2002, Padma Shri (1988), a Grammy Award for his project Planet Drum, and Honorary doctorates for his contributions to music.

Mikheil Kavelashvili Becomes Georgia's New President

  • Mikheil Kavelashvili, the 53-year-old former footballer, was elected president of Georgia on December 16, 2024, marking a significant shift in the nation's political landscape. His victory comes amid growing concerns over Georgia's alignment with Russia, following constitutional changes that replaced direct presidential elections with a 300-seat electoral college.
  • Kavelashvili's candidacy, strongly backed by the Georgian Dream party, reflects the ruling party's increasing authoritarian tendencies, as critics warn that this election may undermine Georgia's European Union aspirations.
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DAYS AND EVENTS

Vijay Diwas 2024

  • Vijay Diwas, observed annually on December 16, commemorates India's decisive victory over Pakistan in the 1971 Indo-Pak War. This 13-day war, triggered by the humanitarian crisis in East Pakistan (now Bangladesh), ended with the surrender of 93,000 Pakistani soldiers and the liberation of Bangladesh as an independent nation.
  • On this day in 1971, Lieutenant General A.A.K. Niazi of Pakistan signed the Instrument of Surrender in Dhaka, marking a historic moment led by Indian leaders like Prime Minister Indira Gandhi, Field Marshal Sam Manekshaw, and Lt. General Jagjit Singh Aurora. This victory reshaped South Asia's geopolitics, showcasing India's commitment to justice, humanity, and democratic values.
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GOVERNMENT POLICIES AND SCHEMES

Government Introduces 'Jalvahak' for Waterway Connectivity

  • India's inland waterways sector received a significant boost with the unveiling of the 'Jalvahak' scheme by the Union Minister of Ports, Shipping & Waterways (MoPSW), Shri Sarbananda Sonowal. Designed to promote long-haul cargo movement across National Waterways 1 (Ganga), 2 (Brahmaputra), and 16 (Barak), this initiative aims to transform waterways into a sustainable, efficient, and economical mode of transportation.
  • Alongside the launch of this scheme, fixed scheduled cargo services were inaugurated, marking a step toward enhancing logistics and decongesting road and rail networks.
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GENDER/ HEALTH/ EDUCATION

India Launches First Diabetes Biobank in Chennai

  • India's first diabetes biobank has been established in Chennai, a collaboration between the Indian Council of Medical Research (ICMR) and the Madras Diabetes Research Foundation (MDRF). This biobank, a crucial step in advancing scientific research, will collect, process, store, and distribute biological samples to study diabetes, its causes, variations, and related disorders, contributing to global health research.
  • The biobank aims to facilitate advanced research into the causes of diabetes, focussing on its unique patterns in India and related health conditions. Dr. V. Mohan, chairman of MDRF, highlighted that the biobank would aid in identifying novel biomarkers for early diagnosis and developing personalised treatment strategies for diabetes. The facility houses blood samples from two major ICMR-funded studies: the ICMR-India Diabetes (ICMR-INDIAB) study and the Registry of Young-Onset Diabetes, which will provide critical data for future research.
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ART AND CULTURE

VIRAASAT Sari Festival 2024: Celebrating India's Handwoven Heritage

  • The Ministry of Textiles, Government of India, is set to host the third edition of the "Viraasat Sari Festival 2024" from 15th to 28th December, 2024 at Handloom Haat, Janpath, New Delhi. Building on the overwhelming success of its previous editions, which garnered an impressive footfall of 20,000 across all age groups, this year's event promises to be an extraordinary celebration of India's handloom heritage, focusing on the diverse traditions of sari weaving. 
  • By uniting handloom weavers, designers, sari enthusiasts, and buyers, the festival seeks to highlight the cultural and economic importance of the handloom sector, while providing artisans with a platform to showcase and retail their creations.
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