Current Affairs 1 December 2023

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NATIONAL AFFAIRS

Cabinet Approvals on November 29th, 2023 On November 29, 2023, the Union Cabinet chaired by the Prime Minister (PM) of India Narendra Modi has approved the following:
i.The Union Cabinet has approved the Terms of Reference (ToR) for the Sixteenth/16th Finance Commission (FC), whose recommendations, spanning a 5-year period from April 1, 2026 to March 31, 2031, will be submitted by October 31, 2025.
ii.The Union Cabinet also extended Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for five years till December 2028. In this regard, the Central Government will spend approximately Rs 11.80 lakh crore on food subsidies to provide free food grains (rice , wheat and coarse grains/millets) to about 81.35 crore people .
iii.The Union Cabinet has approved the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN) with a budget of Rs 24,104 crore (Central Share: Rs. 15,336 crore, State Share: Rs. 8,768 crore). The scheme will focus on for 11 important areas/critical interventions across 9 line Ministries.
iv.The Union Cabinet also approved the Central Sector Scheme (CSS) for providing Drones to the 15000 selected Women Self Help Groups (SHGs) from 2024-25 to 2025-26 for providing rental services to farmers for agriculture purpose. The outlay of the scheme is Rs 1261 Crore.
v.The Union Cabinet has approved the continuation of the Fast Track Special Court (FTSCs) for a further three years i.e. from April 1, 2023 to March 31, 2026. The financial implication for the same will be Rs 1952.23 crore (Rs. 1207.24 crore as Central Share and Rs. 744.99 crore as State share).
>> Read Full News

Urban Unemployment Rate Dropped to 6.6%: 20th Quarterly Bulletins of PLFSAccording to 20th Quarterly Bulletins of Periodic Labour Force Survey (PLFS) released by National Sample Survey Office (NSSO),  Ministry of Statistics and Programme Implementation (MoSPI) the unemployment rate (UR) in urban India fell to 6.6% in the second quarter (Q2-July to September) of the financial year 2023-24 (FY24).
i.For males, the UR in urban areas decreased to 6% in July-September 2023, down from 6.6% in the same period in 2022.
ii.Among females, the survey indicates a reduction in the UR in urban areas to 8.6% in July-September 2023, down from 9.4% in the corresponding quarter of FY23.
Ministry of Statistics and Programme Implementation (MoSPI):
Minister of State (MoS – Independent Charge)– Rao Inderjit Singh (Constituency- Gurugram, Haryana)
Secretary– G P Samanta
>> Read Full News

GoI Launched Auction of 20 Critical Minerals Worth Rs 45,000 crUnion Minister, Pralhad Joshi, Ministry of Coal and Mines, Government of India (GoI) launched the auction process of 20 critical mineral blocks, which is estimated to be worth around Rs 45000 crore. 

• The 20 blocks on sale are across various states, including Chhattisgarh, Uttar Pradesh, Tamil Nadu, Odisha, Jharkhand, and Bihar. This includes the lithium reserves in the Jammu and Kashmir(J&K). 
• This is a part of India’s efforts to strengthen the critical mineral supply chain for energy transition and to achieve its net-zero target by 2070.

Details of the 20 blocks: 
i.16 out of the 20 blocks are composite licences encompassing exploration, discovery, and processing, while four are mining leases.
ii.These 20 blocks contain a range of minerals like Lithium, Titanium, Bauxite (Aluminous Laterite), Glauconite, Nickel, Chromium, Potash, Copper, Graphite, Manganese Ore, Molybdenum Ore, Phosphorite, Platinum Group Elements, and Rare Earth Elements.
Details of the auction:
i.The first tranche of the auction will end on 20th February 2024.

• This is a part of the planned auction of 100 blocks.

ii.The 2nd trance discussion will be held after February 2024.
iii.The online auction process will involve a 2-stage ascending forward auction.
iv.The bidders will be chosen based on the highest percentage of the value of mineral dispatch quoted.
Note: Details about the mineral blocks, and auction terms can be accessed on the MSTC Auction platform. 

• MSTC Limited (formerly known as Metal Scrap Trade Corporation Limited) is a Mini Ratna Category-I PSU under the Ministry of Steel.

Amendment to the MMDR Act:
After the amendment of the Mines and Minerals (Development and. Regulation) Act, 1957 on 17th August 2023, 24 minerals were declared as Critical and Strategic. This enabled prioritising the auction in line with national needs.
The 2023 amendment introduced reforms like
Omission of 6 minerals from the list of 12 atomic minerals specified in Part-B of the First Schedule of the Act. 6 minerals were Lithium bearing minerals, Titanium bearing minerals and ores, Beryl and other beryllium bearing minerals, Niobium and Tantalum bearing minerals and Zirconium-bearing minerals.

INTERNATIONAL AFFAIRS

UNAIDS’s World AIDS Day Report 2023: End to AIDS is Possible by 2030Ahead of World AIDS Day 2023 (1 December 2023), the Joint United Nations Programme on Human Immunodeficiency Virus (HIV)/Acquired Immunodeficiency Syndrome (AIDS) (UNAIDS) released the World AIDS Day Report 2023, titled “Let Communities Lead”.

• The report states that AIDS can be ended as a public health threat by 2030, if only frontline communities get full support from governments and donors.
• The report was launched in London, United Kingdom (UK) at a World AIDS Day event hosted by STOPAIDS, a civil society organization.
• The 2023 theme of World AIDS Day is “Let Communities Lead”.

About UNAIDS:
Executive Director– Winnie Byanyima
Headquarters–  Geneva, Switzerland
Started Operations in– 1996
>> Read Full News

BANKING & FINANCE

LIC Jeevan Utsav: New Life Insurance Plan Launched with Lifetime Guaranteed ReturnsThe Life Insurance Corporation of India (LIC) has launched Jeevan Utsav plan,  a Non-Linked, Non-Participating, Individual, Savings, Whole Life Insurance plan, which provides insurance coverage for the entire lifetime of the insured individual.
Eligibility:
i.Age limit to join the policy- 90 days and 65 years
ii.Premium paying terms – 5 to 16 years
iii.Minimum sum assured – Rs 5 lakh
iv.Maximum Premium ceasing age – 75 Years
v.Mode of Instalment payment – Monthly, Quarterly, Half-Yearly & Yearly
Key Features:
i.The plan is available in two payout options namely

• Regular income benefits: 10% of the basic sum assured chosen by the policyholder will be paid at the end of each policy year (starting after 3 to 6 years).
• Flexi income benefits: 10% of the basic sum assured payable can be accumulated and withdrawn later.

ii.The death benefit will not be less than 105% of total premiums.

• The sum assured on death is the basic sum assured or seven times the annualized premium, whichever is higher.

iii.LIC will pay interest on any delayed or accumulated Flexi Income Benefits at a rate of 5.5% per annum, compounded annually.
iv.A policyholder can withdraw up to 75% of the balance accumulated Flexi Income Benefit(s).
About Life Insurance Corporation (LIC) of India:
Chairperson –Siddhartha Mohanty
Headquarters – Mumbai, Maharashtra
Established in – 1956

ECONOMY & BUSINESS

OECD: India’s GDP growth expected to slow to 6.3% in FY24
According to the Organization for Economic Cooperation and Development (OECD) Economic Outlook  November 2023 titled ‘Restoring growth’, the real Gross Domestic Product (GDP) growth of India is expected to be at 6.3% in financial year (FY) 2023-24.

• The report also pointed out that the economy will slow down to 6.1%  in FY25 due to adverse weather-related events and the weakening international outlook.

Impact:
i.Due to the slower growth rates the parameters such as inflation expectations, housing prices, and wages are all anticipated to moderate.
ii.This will facilitate the convergence of headline inflation toward 4.2%, enabling the Reserve Bank of India (RBI) to reduce interest rates from mid-2024, reaching 5.5% by the end of 2025.
Inflation and Economy:
i.With the increase in purchasing power, the inflation(currently 4.9%) is expected to decrease gradually.

• However, the Food and energy prices depend on weather conditions and geopolitical tensions.

ii.This, coupled with the end of the El Niño weather pattern, productivity advancements resulting from recent policy reforms, and favorable global conditions, will foster economic growth.
iii.So, the Indian economy will be predicted to grow at the rate of 6.5% in FY26.
Warning:
i.The Indian economy will be facing challenges in the future due to global uncertainty.
ii.In addition, the lagged impact of domestic policy tightening will continue to be felt, along with the disappointing dynamics of some socio-economic indicators, such as consumer goods’ sales, in rural areas.
Tax Gap:
While the government’s fiscal targets for the next two years are expected to be met, stronger efforts to manage expenditures at the state level are necessary, along with policy measures to reduce the tax gap.

AWARDS & RECOGNITIONS

ISRO Scientist V R Lalithambika Honoured with France’s Chevalier AwardDr V R Lalithambika, a distinguished scientist at the Indian Space Research Organisation (ISRO) was honoured with with “Chevalier de la Légion d’Honneur”, the highest civilian award of France, for her contributions in promoting space cooperation between India and France.

• She becomes the 2nd ISRO scientist to receive the award. Previously, A S Kiran Kumar, former chairman of ISRO received the award in 2019.

Indian Author Dr Arshia Sattar Honoured with France’s Chevalier dans l’Ordre des Arts et des Lettres
Eminent Indian author and translator, Dr Arshia Sattar, was honoured with “Chevalier de l’Ordre des Arts et des Lettres” (Knight of the Order of Arts and Letters), a prestigious honor from French Government, for her commitment to cultural relationship and cooperation between diverse literary worlds.
About France:
President – Emmanuel Jean-Michel Frédéric Macron
Capital – Paris
Currency – Euro
>> Read Full News

ACQUISITIONS & MERGERS

CCI Approves Atlas 2022 Holdings Stake Increase in Vodafone Group Plc The Competition Commission of India (CCI) approves the proposed acquisition by Atlas 2022 Holdings Limited to increase its voting rights/shareholding in Vodafone Group Plc (Vodafone) from 14.6% to less than 25% through a series of on-market and/or off-market transactions.
Key Points:
i.Atlas 2022 Holdings Limited (Atlas), a wholly-owned subsidiary of Emirates Telecommunications Group Company PJSC (e&), plays a pivotal role in acquiring and holding e&’s significant 14.6% interest in Vodafone

• e& is a telecommunications operator that provides services in various countries across the Middle East Asia and Africa.

ii.Vodafone Group Plc. (Vodafone) is a prominent British telecommunications operator that provides mobile and fixed-line connectivity services to customers across Europe, Africa, and Asia.
Note: In India, Vodafone is active in the telecommunications sector through Vodafone Idea Limited (VI India).
CCI Approves Acquisition of Delanord Investments by Abu Dhabi Ports
CCI approved the acquisition of shareholding of Delanord Investments Limited (Delanord) by Abu Dhabi Ports Company PJSC (Abu Dhabi Ports Company).
Key Points:
i.Abu Dhabi Ports Company has engaged in direct and indirect port and terminal operations and provides short-sea vessel operation, provision of Non-Vessel Operating Common carrier (NVOCC), and freight forwarding services.
ii.Delanord, directly or indirectly involved in short-sea vessel operations, NVOCC, and in-land transportation services.

SBI MF Gets RBI Approval to Buy 9.99% Stake in Karur Vysya Bank The SBI Mutual Fund (SBI MF) received approval from the Reserve Bank of India (RBI) for acquiring aggregate holding of up to 9.99% of the paid-up share capital or voting rights of Karur Vysya Bank Ltd (KVB).

• SBI MF has received regulatory approval, pursuant to Regulation 30 of the Securities and Exchange Board of India (SEBI)(Listing Obligations and Disclosure Requirements) Regulations, 2015.
• The approval has been granted in accordance with the application submitted by SBI MF to the RBI.

About the Approval:
i.As per the approval, SBI MF must acquire major shareholding within 1 year from the RBI’s letter.

• Failure to do so will result in the automatic cancellation of the approval.

ii.SBI MF must ensure that its aggregate holding in the Bank remains below 9.99% of the paid-up share capital or voting rights.
iii.If the aggregate holding falls below 5%, prior approval from RBI is mandatory to increase it to 5% or more of the paid-up share capital or voting rights of the Bank.
iv.The approval granted by RBI is subject to strict adherence to various regulatory frameworks, including the:

• Provisions of the Banking Regulation Act, 1949;
• RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies Directions, 2023 on 16 January 2023 (as amended from time to time);
• Provisions of the Foreign Exchange Management Act, 1999;
• Regulations issued by SEBI; and any other guidelines, regulations, and statutes as applicable.

About Karur Vysya Bank (KVB):
Managing Director (MD) & Chief Executive Officer (CEO)– B Ramesh Babu
Headquarters– Karur, Tamil Nadu
Tagline– Smart Way to Bank
Started in– 1916

SCIENCE & TECHNOLOGY

Garuda Aerospace received ‘Second Type’ Certificate from DGCA for Medium Category Drones
Chennai (Tamil Nadu) based Garuda Aerospace Private Limited has secured the second type certificate for medium category drones from the Directorate General of Civil Aviation (DGCA).

• The certification showcases Garuda Aerospace’s dedication to pioneering advancements in Unmanned Aerial Vehicle(UAV) technology.
• The DGCA Type Certification is issued under the provision of Rule 8 and Rule 9 (3) of the Drone Rules 2021.
• This certificate is valid until it is revoked or suspended.

About Garuda Aerospace Private Limited:
Founder & Chief Executive Officer (CEO) – Agnishwar Jayaprakash
Established in – 2015

SPORTS

Indian shooter Anish Bhanwala won Bronze at ISSF World Cup Final 2023

Indian shooter Anish Bhanwala won the bronze medal in the Men’s 25m rapid fire pistol event at the International Shooting Sport Federation (ISSF) World Cup Final Rifle/Pistol/Shotgun 2023 held in Lusail Shooting Range in Doha, Qatar held from 18th to 26th  November 2023.

• This was India’s 1st medal in the men’s 25m rapid fire pistol event in the ISSF World Cup Final history.
• Anish Bhanwala’s bronze was the first and last medal of India at ISSF World Cup Final 2023.
• India ranks 13th, along with Czechia; Great Britain; Latvia & the United States of America(USA), in the medal tally with 1 bronze.

ISSF World Cup Final 2023 Medal tally is topped by China with 8(2 gold, 4 Silver and 2 Bronze) followed by Germany (4 – 2 gold, 1 silver, 1 bronze) and Italy (6 – 1 gold, 3 silver, 2 bronze).

Note: In Men’s 25m rapid fire pistol event, Florian Peter (Germany) won the gold and Li Yuehong (China) won silver.

OBITUARY

Nobel Peace Prize Winner Henry Kissinger passed away at 100Henry Alfred Kissinger, the Nobel Peace Prize winner and former American Diplomat, passed away at the age of 100 in Connecticut, the United States of America(USA).

• Henry Kissinger was born as Heinz Alfred Kissinger in Furth, Germany, on 27th May 1923. His family moved to the USA in 1938.

About Henry Alfred Kissinger:
i.Kissinger served in the U.S. Army Counter Intelligence Corps from 1943 to 1946 and as captain in the Military Intelligence Reserve from 1946 to 1949.
ii.He served as the faculty at Harvard University from 1954 to 1971, both in the Department of Government and at the Center for International Affairs.
iii.He served as the 56th Secretary of State of the United States from 1973 to 1977. In addition, he held the post of National Security Adviser from 1969 to 1975.
Awards:
i.He received the Nobel Peace Prize in 1973, jointly with Le Duc Tho(Vietnam), for jointly having negotiated a cease fire in Vietnam in 1973.
ii.He was honoured with the US’s highest civilian honor, the Presidential Medal of Freedom in 1977.
iii.He was also awarded a Bronze Star from the U.S. Army for meritorious service.
iv.His award list includes the Woodrow Wilson Prize for the best book in the fields of government, politics, and international affairs (1958) and the Hope Award for International Understanding (1973).
Books:
i.Henry Kissinger has written 21 books about topics that include United States foreign policy, international affairs, and diplomatic history.

• His notable books include American Foreign Policy (1969), On China (2011), and World Order (2014).

ii.His memoirs include The White House Years (1979), Years of Upheaval (1982), and Years of Renewal (1999).
iii.He co-authored “The Age of AI: And Our Human Future,” along with Eric Schmidt (former Chief Executive Officer of Google) and Daniel Huttenlocher, which was published in 2021.

BOOKS & AUTHORS

Uttarakhand CM Pushkar Dhami released New book titled “Resilient India”
Pushkar Singh Dhami , Chief Minister (CM) of Uttarakhand, released a new book titled “Resilient India: How Modi Transformed India’s Disaster Management Paradigm” at the 6th World Congress on Disaster Management in Dehradun, Uttarakhand.

• The book is edited and compiled by Bluekraft Digital Foundation and Modi Story.
• It is published by Rupa Publications India.
• The book highlights Prime Minister Narendra Modi’s efforts in transforming India’s disaster management approach.

Modistory is a website designed to be a platform for people to learn more about Modi and his contributions to the country.

Mohan Kumar’s book “India’s Moment: Changing Power Equations Around the World” launched by  Indian HC
Vikram K. Doraiswami, High Commissioner(HC) of India in London, United Kingdom(UK), released a new book titled “India’s Moment: Changing Power Equations around the World” authored by Ambassador (Dr.) Mohan Kumar, one of India’s leading experts on foreign trade.

• The book is published by HarperCollins Publisher India 
• The book highlights the fundamental factors and traces how India’s positions in international negotiations have evolved over time.

Mohan Kumar, an Indian Foreign Service (IFS) officer of the 1981 batch, is the Dean of Strategic & International Initiatives, O.P. Jindal Global University.
He has also served as the India’s ambassador to Bahrain and France.

IMPORTANT DAYS

Day of Remembrance for All Victims of Chemical Warfare 2023- November 30 The United Nations (UN) Day of Remembrance for All Victims of Chemical Warfare is annually observed across the globe on 30 November to pay tribute to the victims, who lost their lives or suffered from chemical warfare.

• The Day also reaffirms the commitment of the Organisation for the Prohibition of Chemical Weapons (OPCW) to eliminate the chemical weapons threat and promote the goals of peace, security, and multilateralism.

Background:
i.The Conference of the States Parties to the CWC, at its 20th Session in 2015, designated that:

• 29 April each year as the International Day for the Foundation of the Organisation for the Prohibition of Chemical Weapons (“OPCW Day”).
• A Memorial Day of Remembrance for all Victims of Chemical Warfare would be observed on 30 November each year or, when appropriate, on the first day of the regular session of the Conference.

Note: These arrangements were commenced with effect from 2016.
ii.The first Day of Remembrance for All Victims of Chemical Warfare was observed on 30 November 2016.
About Organisation for the Prohibition of Chemical Weapons (OPCW):
Director-General– Ambassador Fernando Arias
Headquarters– The Hague, Netherlands
>> Read Full News

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