Current Affairs 14 December 2023

We are here for you to provide the important Recent and Latest Current Affairs 14 December 2023, which have unique updates of Latest Current Affairs 2023 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

MoD to buy 70,000 More Sig Sauer Semi-Automatic Assault Rifles for Rs 800crThe Indian Ministry of Defence (MoD) has approved the purchase of 70,000 semi-automatic assault rifles for the Indian Army (IA) at a cost of Rs 800 crore, during a high-level MoD meeting. They will be bought from the United States (US) based Sig Sauer Inc.

• The rifles will be used in counter terrorism operations and other duties at borders.

Key Points:
i.India has been using Sig Sauer rifles since 2019 when it bought 72,400 SiG 716 rifles of 7.62 x 51mm caliber viz. 66,400 for IA, 4,000 for the Indian Air Force (IAF) and 2,000 for the Indian Navy (IN),.
ii.The rifles are being purchased to boost the capabilities of soldiers stationed along the borders with China and Pakistan.
iii.This acquisition provides an alternative to the domestically produced Indian Small Arms System(INSAS) and AK-47 or Avtomat Kalashnikova rifles.
iv.India and Russia made the joint production of AK 203 rifles at a factory in Amethi, Uttar Pradesh.

• A Joint venture Indo-Russia Rifles Private Limited was established between the Indian Ordnance Factory Board (OFB), Kalashnikov Concern, and Rosoboronexport, (both subsidiaries of the Rostec State Corporation).

About Sig Sauer 716 assault rifle:
Weighs 3.82 kg without the magazine, it has an effective kill range of 600 meters. It is more accurate than the INSAS (Indian Small Arms System) because it has a higher caliber.
About Ministry of Defence (MoD):
Union Minister– Raj Nath Singh (Constituency- Lucknow, Uttar Pradesh)
Minister of State– Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand)

India’s First Bullet Train Terminal Built At Sabarmati In Ahmedabad
According to Union Minister Ashwini Vaishnaw, Ministry of Railways (MoR), India’s first bullet train terminal is built at the Sabarmati Multimodal transport hub in Ahmedabad, Gujarat.

• The terminal is equipped with state-of-the-art and modern features, and it will host the inaugural bullet train which is scheduled to operate between Ahmedabad and Mumbai(Maharashtra).

About Bullet Train Project:
i.The foundation stone for India’s Mumbai-Ahmedabad High-Speed Rail Project was laid in 2017.
ii.The bullet train project is currently under construction and is expected to be completed in 2026. 
iii.The bullet train is being constructed with technical and financial support from the Government of Japan.
iv.National High-Speed Rail Corporation Limited (NHSRCL), a ‘Special Purpose Vehicle’ was incorporated to finance, construct, maintain, and manage the High-Speed Rail Corridor in India.
Note: NHSRCL is jointly owned by the Ministry of Railways, the Government of Gujarat, and the Government of Maharashtra.

INTERNATIONAL AFFAIRS

Tracxn Geo Annual Report:India Tech 2023, India Slips to 5th Spot in Global RankingTracxn Technologies Ltd., a leading global market intelligence platform, released its ‘Tracxn Geo Annual Report: India Tech 2023,’ which reveals a notable 73% decline in funding for the Indian tech startup ecosystem in 2023, compared to USD 25 billion in 2022, making it the lowest-funded year in the last 5 years.

• India, with total funding of USD 7 billion (till 5 December 2023), has slipped from 4th place (in 2022 and 2021) to 5th place among the highest-funded geographies globally in the 3rd Quarter (Q3) of 2023.
• The top 4 highest-funded countries are the United States of America (USA), the United Kingdom (UK), China, and France respectively.

Note: The last quarter (Q4) 2023 marked the lowest funding quarter since Q3 2016, recording a mere USD 957 million in investments.
About Tracxn Technologies Ltd:
Managing Director and Chairperson– Ms. Neha Singh
Headquarters– Bengaluru, Karnataka
>> Read Full News

74.1% of Indians Unable to Afford a Healthy Diet: FAO ReportThe Food and Agriculture Organisation (FAO) of the United Nations(UN) launched a digital report on the 5th edition of Asia and the Pacific- Regional Overview of Food Security and Nutrition 2023: Statistics and Trends‘. As per it, 74.1% of Indians were unable to afford a healthy diet in 2021.  In 2020, it was 76.2%.

• It is an annual report published by FAO’s Regional Office for Asia and the Pacific (RAP).
• It provides a glimpse on the progress in meeting Sustainable Development Goals (SDGs) and World Health Assembly (WHA) global nutrition targets.

Statistics Info of India :
i.The cost of a healthy diet was documented at 3.0 PPP (Purchasing Power Parity) dollars per person per day in 2021.
ii.The prevalence of undernourishment was reported as 16.6% for the period spanning from 2020 to 2022.
Key Points
i.The Asia-Pacific region, with 370.7 million undernourished, represents half the global total.
ii.An estimated 232.8 million people in the region couldn’t afford a healthy diet in 2021.
iii.In Pakistan, 82.2%, and in Bangladesh, 66.1% faced challenges accessing healthy food.
iv.Rising food costs without income increases may lead to more people unable to afford a nutritious diet.
v.Urgent, coordinated efforts and investments are needed for agrifood systems transformation to meet the 2030 SDG agenda.
Notes:
i.SDG 2.1 is for Undernourishment and Food Insecurity
ii.SDG 2.2 is for Malnutrition

BANKING & FINANCE

IDFC FIRST Bank & MasterCard Unveiled the “FIRST SWYP” Credit CardIDFC First Bank Limited, in collaboration with MasterCard, has launched “FIRST SWYP credit card”, designed exclusively for Gen Z generation.

• The card, powered by Mastercard, aims to provide various lifestyle requirements of the youth, focused on affordability, convenience and increased customer engagement.

IDFC FIRST Bank has launched IDFC FIRST Bank digital RuPay credit cards
IDFC FIRST bank has introduced “IDFC FIRST Bank digital RuPay credit card”, powered for UPI (Unified Payments Interface). This is a digital credit card on the Rupay network.
Objective: It focuses to enhance customer convenience and simplify transaction experience for them. In addition, it will blend the UPI transactions and main credit card facilities.
About IDFC FIRST Bank Limited:
Managing Director & CEO– V. Vaidyanathan
Headquarter– Mumbai, Maharashtra
Established– 2015
Tagline– “Always You First”
About MasterCard:
CEO– Michael Miebach
Established– 1966
Headquarter– New York, the United States of America (U.S.A)
>> Read Full News

SEBI allows brokers to Invest Clients’ Fund in overnight MF Scheme; Suspends Registration of Religare Commoditiesi.On December 12, 2023, Securities and Exchange Board of India (SEBI) has allowed Stock Brokers (SBs) and Clearing Members (CMs) to park client funds in Mutual Fund Overnight Schemes (MFOS). Currently, they invest only in risk-free government securities.
ii.This follows the revision in framework for upstreaming of clients’ funds to clearing corporations by SBs and CMs which was issued in June 2023.
iii.MFOS ensures minimal risk transformation of client funds because of overnight tenure and exposure to only risk-free government securities.
iv.On December 13, 2023, SEBI suspended the registration of Religare Commodities, a brokerage firm, for its alleged involvement in illegal paired contracts on the National Spot Exchange Ltd (NSEL).
About Securities and Exchange Board of India (SEBI):
It was established as a statutory body in 1992 and the provisions of the SEBI India Act, 1992 (15 of 1992) came into force on January 30, 1992.
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
>> Read Full News

Canara HSBC Life Insurance Launches ‘Alpha Wealth’ Plan with Option to Modify Premiums Canara HSBC Life Insurance introduced the Alpha Wealth plan to provide extensive financial security for policyholders and their families. The plan encourages long-term savings, with loyalty additions and wealth boosters enhancing the attractiveness of the plan.
Canara Bank, a public sector bank in India launched new products and services for customers on its 118th Founder’s Day (19 November). These include Corporate ai1, Whatsapp Banking Channel, and Canara Unified Payments Interface (UPI) 123 Pay.
About Canara Bank:
MD and CEO– K.Satyanarayana Raju
Headquarters– Bengaluru, Karnataka
Founded on– 1 July 1906
Tagline– Together we can
>> Read Full News

World Bank & WFP Deepen Partnership against Backdrop of Record Food Insecurity
World Bank (WB) and the World Food Programme (WFP) have strengthened their partnership amidst growing concerns about record levels of food insecurity worldwide.

• The partnership aims to build robust food systems along with a preparation plan to handle future shocks.
• The collaboration also addresses the interconnected challenges of food insecurity such as climate change, fragility, and poverty.
• They also help governments and communities to boost food security, transform food systems, and expand adaptive social protection programs.
• The partnership will improve programmatic alignment with a sharp focus on strengthening the capacities of institutions in the poorest and most vulnerable countries.

APPOINTMENTS & RESIGNATIONS

Donald Tusk Elected as Prime Minister of PolandDonald Tusk, leader of Civic Coalition, was elected as the Prime Minister (PM) of  Poland by winning a vote of confidence in parliament on 11th December 2023.

• He takes oath as PM at the presidential palace by Poland’s President Andrzej Duda.

Background:
i.Mateusz Morawiecki, leader of the Law and Justice (PiS) party had been elected as the Prime Minister after his party emerged as the single biggest party in the election held in October 2023. Mateusz Morawiecki previously served as the PM of Poland from 2017–23.

• But Morawiecki lost a vote of confidence in the Polish parliament on 11th December.

ii.Later Donald Tusk won the vote of confidence in the parliament by support of 248 members out of 460 members.
 About Donald Tusk:
i.Donald Tusk was born in Gdańsk(Poland) in 1957.
ii.Donald Tusk served as the prime minister of Poland between 2007 and 2014. In that period, he was in office for seven years, which made him the longest-serving Prime Minister in democratic Poland
iii. He also served as the European Council president from 2014-2019.
About Poland:
Capital– Warsaw
Currency– Polish złoty
President – Andrzej Duda

Guinea-Bissau President Reappoints Geraldo Martins as Prime MinisterOn 12th December 2023, the President of the Republic of Guinea-Bissau, Umaro Sissoco Embalo issued the decree reappointing Geraldo João Martins as Prime Minister(PM) to the Government of  Guinea-Bissau.
About Geraldo João Martins:
i.He was initially appointed as PM in August 2023 after winning the legislative elections conducted in June 2023.
ii.He belongs to the African Party for the Independence of Guinea and Cape Verde (PAIGC) party since 2018.
iii.Prior to the appointment, he served as a Finance Minister to the Government of  Guinea-Bissau.
An attempted coup:
The elected government was dissolved by the President due to a attempted coup on 2nd December 2023
About Guinea-Bissau:
President – Umaro Sissoco Embalo
Capital – Bissau
Currency – West African CFA Franc

Mohan Yadav Sworn in as 19th CM of Madhya Pradesh; Rajendra Shukla and Jagdish Devda as Deputy CMsMohan Yadav, the Bharatiya Janata Party (BJP) legislature party leader was sworn in as the 19th Chief Minister (CM) of Madhya Pradesh (MP). BJP legislators Rajendra Shukla and Jagdish Devda were sworn in as the Deputy Chief Ministers.

• They were administered the oath of office and secrecy by Governor Mangubhai Patel at the Lal Parade Ground in Bhopal, MP.
• Mohan Yadav replaced Shivraj Singh Chouhan who served as the CM of MP for a record 4 terms of more than 16 years and 5 months in office.

Note: Shivraj Singh Chouhan, BJP’s longest-serving CM in India from 2005 to 2023, except for 15 months from December 2018 to March 2020 when the Congress governed the state.
Key People:
Prime Minister Narendra Modi; Union Minister Amit Shah, Ministry of Home Affairs;  JP Nadda, BJP national president were also present at the ceremony.
Assembly Elections:
From the results of the State Assembly elections held in November 2023, the BJP had retained power in MP with a huge 163-66 seats win over the Congress Party.

• Mohan Yadav won from his Ujjain Dakshin constituency by a margin of 12,941 votes.

About Mohan Yadav:
i.He is a 3-time Member of the Legislative Assembly (MLA) from the Ujjain-Dakshin South Assembly constituency and won the seat consecutively in 2013, 2018, and 2023.
ii.He was holding the position of minister of higher education in the outgoing Shivraj Singh Chouhan government.
Key Points:
i.Mohan Yadav is the 7th politician from the 66 assembly seats-strong Malwa-Nimar (western and southwestern MP region) to have become the CM of MP.
ii.He is the 2nd politician from Ujjain district to have become MP CM, after Congress’s PC Sethi, who was the CM from 1972-75.
iii.Ex-Union Minister Narendra Singh Tomar, Ministry of Agriculture and Farmers Welfare has been elected as the speaker of the MP Assembly.

ACQUISITIONS & MERGERS

CCI approves Temasek & MO Alternate Investment Advisors Stake Buy in Niva Bupa Health Insurance The Competition Commission of India (CCI) has given its approval to acquire the stakes in Niva Bupa Health Insurance Company Limited by Temasek-controlled entity and Motilal Oswal(MO) Alternate Investment Advisors Private Limited.
Background:
i.In October 2023, Niva Bupa Health Insurance company opened the windows for new investors to invest Rs.800 crore in the firm for a minority stake.
ii.Following this, investors like Motilal Oswal Private Equity, Temasek and Paragon Partners Growth Fund II invested in Niva Bupa.
iii.This investment is subjected to regulatory approval.
Temasek:
i.Temasek invested in Niva Bupa Health Insurance through its investment arm V-Sciences Investments Pte Ltd. 
ii.Temasek is a global investment company.
Motilal Oswal Alternate Investment Advisors:
i.Motilal Oswal Private Equity through India Business Excellence Fund-IV(IBEF IV) invested in Niva Bupa Health Insurance Limited.

• IBEF IV which is a private equity fund managed by Motilal Oswal Private Equity.

ii.IBEF-IV acquired certain equity shares and special rights in Niva Bupa Health Insurance Limited.
iii.It is a Category II Alternative Investment Fund(AIF) registered with the Securities and Exchange Board of India(SEBI).
Earlier Acquisition:
i.In September 2023, True North Managers Limited Liable Partnership (a majority shareholder), announced that it would be selling 20% of its holding in Niva Bupa for Rs.2,700 crore.
ii.Bupa Singapore Holdings Pte Limited bought these shares and CCI approved it in November 2023.

• Bupa Singapore Holdings is a shareholder of Niva Bupa and a subsidiary of the international healthcare group The British United Provident Association Ltd (Bupa).

About Temasek:
Chief Executive Officer(CEO) – Dilhan Pillay Sandrasegara
Headquarters – Singapore
Established in – 1974
About Motilal Oswal Alternate Investment Advisors Private Limited:
Founder, Chief Executive Officer(CEO) & Managing Director(MD) – Vishal Tulsyan
Headquarters – Mumbai, Maharashtra
Established in – 2007

SBI Mutual Fund Buys 1.5% Stake Karur Vysya Bank for Rs 194.4 cr
SBI Mutual Fund (MF)  has acquired 1.5% of paid-up equity share capital in Karur Vysya Bank (KVB) Limited through open market transactions.
About the Acquisition:
i.SBI Mutual Fund (MF) purchased a total of 1.2 crore shares of KVB for Rs 194.4 crore with the average price per share being Rs 162.
ii.In November 2023, the Reserve Bank of India(RBI) granted its approval to SBI MF to acquire an aggregate holding of up to 9.99% in KVB.
iii.The acquisition should take place within one year from the date of RBI’s letter; Otherwise the approval shall stand cancelled.
About Karur Vysya Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – B. Ramesh Babu
Headquarters – Karur, Tamil Nadu
Established in – 1916
Tagline – Smart Way to Bank

SCIENCE & TECHNOLOGY

Russian President Putin Unveils 2 New Nuclear-powered Submarines “Krasnoyarsk” and “Emperor Alexander III”Russian President Vladimir Putin unveiled 2 newly built nuclear-powered submarines namely the “Krasnoyarsk” and “Emperor Alexander III,” at the Sevmash shipyard in Severodvinsk in Russia’s northwestern Archangelsk region. The 2 vessels will join the Russian Navy’s Pacific fleet and will start patrolling the Pacific.

• He also visited the Admiral Kasatonov frigate, one of the most advanced ships in Russia’s Northern Fleet. This vessel is equipped with new Zircon hypersonic cruise missiles.
• The President also took part in a flag-hoisting ceremony in Severodvinsk on the White Sea where the 2 new nuclear-powered submarines were built over the past 6 years.

The Krasnoyarsk:
i.It is a nuclear-powered submarine of the new Yasen (Ash Tree) class of multi-purpose submarines equipped with long-range, high-precision missiles.
ii.It is armed with cruise missiles and torpedoes and is designed to hunt for enemy submarines.
iii.It is also capable of attacking ground targets.
The Emperor Alexander III:
i.It is the 7th Borei (Arctic Wind)-class atomic-powered submarine to enter service.

• The Borei is the first new generation of undersea vessels Russia has launched since the Cold War.

ii.Each of them is armed with 16 nuclear-tipped Bulava intercontinental ballistic missiles.
Note: Alexander III was known as a fervent Russian nationalist and strongman, who ruled from 1881 until he died in 1894.
Key Points:
i.The 2 submarines would strengthen the combat readiness of the Russian navy, and Russian naval power in the Arctic, in the Middle East, in the Black and Baltic Seas, in the Caspian.
ii.According to the Global Firepower website, Russia has the world’s second-largest submarine fleet with 70 submarines after China.
Note: In addition to these 2 vessels, Russia is building 8 nuclear submarines, 3 Borei-class and 5 Yasen-class.

RattanIndia arm Introduces Compact Delivery Drone for Health Care and  E-Commerce
Throttle Aerospace Systems Private Limited (TAS), a subsidiary of  RattanIndia Enterprises Limited has unveiled a compact delivery drone, L07 under TAS L-series.

• L07 drone finds its application in the healthcare and e-commerce industries with a reliable and efficient delivery solution.

About L07:
i.L07 is a vertical take-off and landing (VTOL) drone designed to meet the specific requirements of scenarios.
ii.This indigenous drone has a carrying capacity of up to 7 kg, and can be deployed single-handedly in less than 5 minutes.
iii.The drone can fly up to 2,000 metres above Mean Sea Level (MSL).
iv.The drone has a high wind tolerance of 43 km/hr (12 metres/sec) and endurance of up to 30 minutes.
v.It adheres to the guidelines set by the Directorate General of Civil Aviation (DGCA) for cargo drone operations.

ENVIRONMENT

Demaorchestia Alanensis: New Marine Amphipod Discovered in Chilika LakeResearchers from Berhampur University, Odisha have discovered a new species of marine amphipod in the Odisha’s Chilika lake on east coast of India.

• The new species is given the scientific nomenclature ‘Demaorchestia alanensis’ after Professor Alan Myers who made a significant contribution to global marine amphipod studies.
• The discovery of the specie was published in online edition of journal ‘Zootaxa’.

About Demaorchestia Alanensis:
i.The new specie is added to the genus Demaorchestia.
ii.It belongs to the family Talitridae, subfamily Platorchestiinae and suborder Senticaudata.
iii.The discovery raised the global species number in the genus to six.
Appearance:
i.The newly discovered Demaorchestia alanensis is white in colour.
ii.The length of the specie is less than 15 millimeters.
iii.This marine amphipod contains 13 pairs of legs.
About Family Talitridae:
i.The Talitridae family is one of the oldest groups of amphipods existing since the Jurassic age.
ii.The family consists of four subfamilies namely Talitrinae, Floresorchestiinae, Pseudorchestoideinae and Platorchestiinae.
iii.However, only two sub families (Talitrinae and Floresorchestiinae) are found in India.
Research Team:
i.The team consists of three researcher scholar from (Department of Marine Sciences, Berhampur University) namely Shesdev Patro, Lipika Tarafdar and Gitanjali Bhoi.
ii.The team conducted the research by collecting eight specimens of the species from Barkul beach in Ganjam district, Odisha on the shore of the Chilika lake.
Additional Info:
In March 2023, Shesdev Patro and Gitanjali Bhoi discovered two marine amphipods Quadrivisio Chilikensis (discovered in Nalaban bird sanctuary, Odisha) and Talorchestia buensis (discovered in West Bengal coastal area)

IMPORTANT DAYS

Indian Navy’s 56th Submarine Day 2023- December 8 Indian Navy annually observes Submarine Day on 8 December to commemorate the induction of the Indian Navy’s 1st submarine, the erstwhile Indian Naval Ship (INS) Kalvari (a Soviet Foxtrot Class submarine) on 08 December 1967.

• 8 December 2023 marks the observance of the 56th Submarine Day.

Background:
The Indian Navy submarine arm was born on 8 December 1967, with the commissioning of INS Kalvari, the 1st Scorpene class submarine in India under the command of Commander K.S. Subramanian at Riga in Latvia, the erstwhile Union Soviet Socialist Republics (USSR) in 1967.

• Since then this day has been celebrated as “Submarine Day” by the Indian Navy.

About INS Kalvari:
i.Kalvari is the Malayalam name for Tiger Shark, a predator in the Indian Ocean.
ii.INS Kalvari commenced her maiden voyage from Riga on 18 April 1968, covering 19,000 nautical miles and the submarine arrived at Vishakhapatnam, Andhra Pradesh on 16 July 1968.

• Commander KS Subramanian, the 1st Commanding Officer of INS Kalvari, brought the submarine from St Petersberg in Russia to Vishakhapatnam in India.

iii.It was a diesel-electric submarine and was 91.3-metre long, which carried a crew of 75.
iv.It had a surface speed of 16 knots while the submerged speed was 15 knots.
v.It had a range of 32,000 kilometers at a speed of 8 knots when on the surface and a submerged range of 610 km at a speed of 10 knots.
vi.After nearly 3 decades of service, INS Kalvari was decommissioned on 31 May 1996.

• Post decommissioning of the submarine, its fin has been displayed at Beach Road, Visakhapatnam as part of the city’s Maritime Museum.

Note: Instead of torpedoes, it could carry 22 torpedoes and 42 mines.
2023 Events:
i.The 56th ‘Submarine Day’ was commemorated at Visakhapatnam on 8 December 2023.
ii.Flag Officer Submarines Rear Admiral K Venkatraman laid a wreath at the Submarine Cenotaph INS Virbahu, paying homage to submariners on ‘Eternal Patrol’ who sacrificed in the line of duty.

• Flag Officer Commanding-in-Chief, Eastern Naval Command (ENC) Vice Admiral Rajesh Pendharkar was also present at the event.

About Indian Navy:
Chief of the Naval Staff (CNS)- Admiral R. Hari Kumar
Integrated Headquarters (IHQ) of the Ministry of Defense (MoD) (Navy)- New Delhi, Delhi

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