Current Affairs 17 & 18 December 2023

We are here for you to provide the important Recent and Latest Current Affairs 17 & 18 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

India’s Coal Demand to grow at 3.5% annually till 2026: IEAi.According to the International Energy Agency (IEA) report titled ‘Coal 2023-Analysis and forecast to 2026‘, Indian coal demand is expected to rise by 3.5% annually to 1397 million tonnes (Mt) til 2026. In 2023, the coal demand in India is estimated to have increased by 8% or 98 Mt.
ii.The global demand for coal will rise by 1.4% in 2023, reaching an all-time high of about 8536 Mt. The global coal consumption in 2026 is expected to be 2.3% lower than in 2023.
iii.India aims for 50% non-fossil fuel power by 2030 but may need extra coal capacity to meet growing demand and ensure supply security.
About the International Energy Agency (IEA):
Executive Director– Dr Fatih Birol
Headquarters– Paris, France
Establishment– 1974
>> Read Full News

MoD Inks Rs 5336 Cr Contract with BEL For Procurement Of Electronic FuzesOn December 15, 2023, the Ministry of Defence (MoD) signed a 10-year contract worth Rs 5,336.25 crore with Bharat Electronics Limited (BEL) to procure electronic fuzes for the Indian Army (IA).

• This contract has been signed for ammunition procurement under ‘Manufacture of Ammunition for Indian Army by Indian Industry’ as a part of Aatmanirbhar Bharat vision.
• Electronic Fuzes will be manufactured by the BEL at its Pune, Maharashtra and upcoming Nagpur Plant, Maharashtra.

Aim:
To attain self-sufficiency in ammunition production, minimize imports, acquire critical technologies, and secure stock during supply chain disruptions.
Key Points:
i.The fuzes purchased for artillery guns are capable of lethal engagements in diverse terrains, including high-altitude areas along the Northern Borders.
ii.Electronic Fuzes are an integral component of medium to heavy caliber Artillery guns which provides sustained artillery firepower for military operations.
iii.The project aims to create 150,000 man-days of employment, promote active involvement of Indian industries, including MSMEs (Micro, Small & Medium Enterprises), in ammunition manufacturing, and expand the national ammunition manufacturing ecosystem.

Celebrating 150 Years of Rio Tinto: Department of Posts India Unveiled a Commemorative Stamp and Cover
Rio tinto, a British-Australian multinational metals and mining company, has launched a customised ‘My Stamp’ and a special cover called ‘Rio Tinto 150’ in collaboration with the Department of Posts, Ministry of Communications, Government of India.

• The stamp commemorates the 150th anniversary of Rio Tinto which was founded in 1873.
• Ashok Kumar, Postmaster General, Delhi Circle released the stamp & special cover in the presence of H.E. Mr. Philip Green OAM, the High Commissioner of Australia to India.

i.The cover features 6 blocks of images with the Rio Tinto 150 logo, it captures the essence of Rio Tinto’s products that are integral to everyday life.
ii.The stamp valued at Rs. 5, is available for purchase at the National Philatelic Museum of India Post and can also be acquired online at https://www.epostoffice.gov.in/.

• It denotes Rio Tinto’s commitment to driving innovation and continuous improvement to produce the minerals and metals used in everyday life most safely and sustainably possible.

INTERNATIONAL AFFAIRS

TIWB launched Programme in Saint Lucia for Tax Administration; India chosen as Partner Administration The Tax Inspectors Without Borders (TIWB), a joint initiative between the United Nations Development Programme (UNDP) and the Organisation for Economic Cooperation and Development (OECD) launched a program in Saint Lucia to strengthen its tax administration.

• India, chosen as the Partner Administration, will provide Tax Experts for this 12-18 months program.

Note: This is the 7th TIWB program for which India has supported by providing Tax Experts. Previously, India has helped countries like Bhutan and Seychelles for tax administration.
Key Participants:
i.Pragya Sahay Saksena, Member (Legislation) of the Central Board of Direct Taxes (CBDT), Ministry of Finance, Government of India, virtually attended the launch.
ii.Other notable participants of the event includes, Francis Fontenelle, Permanent Secretary, Ministry of Finance, Saint Lucia; Ben Dickinson, Head of Global Relations and Development Division of the Centre for Tax Policy and Administration at the OECD; and Rusudan Kemularia, Head of the TIWB Secretariat.
Key Points:
i.As a part of this programme, India will collaborate with the TIWB Secretariat and get the support of the UNDP Country Office, Barbados and the Eastern Caribbean, to strengthen the Tax administration of Saint Lucia.
ii.As a partner administration, India will help Saint Lucia to strengthen its tax administration by transferring technical knowledge and skills to its tax administration and sharing best practices.
iii.The program focus on the effective use of automatic exchange of information under the Common Reporting Standard (CRS) framework.
About Saint Lucia:
Prime Minister– Philip J. Pierre
Capital– Castries
Currency– East Caribbean Dollar (EC$)

BANKING & FINANCE

KMBL & IIT Kanpur Launched India’s 1st School of SustainabilityKotak Mahindra Bank Limited (KMBL) and the Indian Institute of Technology, Kanpur(IIT-K) in Uttar Pradesh(UP), has launched “Kotak School of Sustainability (KSS)”, India’s first fully integrated school of sustainability, at IIT-K Campus.

• KSS is funded by KMBL through their Corporate Social Responsibility (CSR) programme ‘Kotak Karma’.

Key People:
i.Union Minister Dharmendra Pradhan, Ministry of Education(MoE) graced the event as Chief Guest.
ii.Abhay Karandikar, Secretary, Department of Science and Technology(DST); Prakash Apte, Chairman of KMBL; and Nagendra Nath Sinha, Secretary, of Ministry of Steel(MoS) were present during the event.
About Kotak School of Sustainability (KSS):
Aim:
To promote pedigree education, research, and outreach by focusing on enhancing home-grown capabilities to address sustainable development.
Cost:
The total project cost is around Rs 200 crore. Kotak will be contributing Rs 70 crore in the first phase.
Features:
i.The KSS will be housed in a green building in IIT-K’s main campus. It will be platinum-rated with net zero practices on energy, water, and waste.
ii.KSS will be led by tenured professors and leading industry experts from across the world.
iii.It will offer both undergraduate and postgraduate academic and skill-building programmes on different themes of sustainability.
Key Points:
i.KSS will acts as a platform for collaborative research across multiple facets of sustainability by bringing together departments and Centres of Excellence (COEs) at IIT-K.
ii.KSS will have dedicated COEs covering diverse aspects of sustainability like clean energy, environment, ecology, circular economy, climate finance, sustainable societies and policy.
v.KSS will contribute to India’s growing skilled workforce towards achieving the goal of long-term sustainable development, including its net-zero target by 2070.
About Kotak Mahindra Bank Limited (KMBL):
Managing Director & Chief Executive Officer (CEO)– Dipak Gupta
Headquarters – Mumbai, Maharashtra
Established in – 2003
Tagline – Let’s Make Money Simple

Sovereign Gold Bonds Scheme 2023-24 Series III Unveiled
The Government of India (GoI), under Notification No.4(6)-B(W&M)/2023 dated December 8, 2023, announces the opening of Sovereign Gold Bonds (SGBs) 2023-24 (Series III) for subscription during the period December 18-22, 2023 with Settlement date December 28, 2023.

• The issue price during the subscription period shall be Rs.6,199 per gram (as per the Reserve Bank of India (RBI) Press Release dated December 15, 2023).
• The Government of India in consultation with the RBI has decided to allow a discount of Rs. 50 per gram to investors applying online and making payments through digital mode.
• The issue price of Gold Bond for such investors will be Rs. 6,149 per gram.

Click here to know more about SDB Scheme 2023-24

PSBs Wrote-off Rs 10.42 lakh crore in 9 Years & Recovered 15.45%
The Public Sector Banks (PSBs) have recovered Rs 1.61 lakh crore out of the Rs 10.42 lakh crore written off during the 9 fiscal years from 2014-15 to 2022-23. PSBs could not recover even Re 1 as against Rs 5 written-off during 9 fiscal years starting 2014-15

• The recovered amount accounts for around 15.45% of the total written-off amount.

What is a loan write-off?

As per Reserve Bank of India(RBI) guidelines and Banks Board-approved policies, Non-Performing Assets (NPAs), including those fully provisioned after 4 years, are written off from the balance sheets of the concerned banks.

Recovery from Written-Off:
i.The recovery from written-off accounts is initiated through various mechanisms, such as

• Filing of civil suits in the Debts Recovery Tribunals(DRTs)
• Action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest(SARFAESI) Act, 2002.
• Filing of cases in the National Company Law Tribunal(NCLT) under the Insolvency and Bankruptcy Code(IBC), 2016

ii.With respect to the ‘Framework for Compromise Settlements and Technical Write-offs’ released by the RBI in June 2023, lenders can offer compromise settlements to defaulters without prejudice to criminal proceedings.

• Such compromise will enable multiple avenues for lenders to recover money in default without delay.

SCB written off Rs 10.57 lakh Crore in the last 5 years; Recovered Rs 7.15 lakh crore

Scheduled Commercial Banks (SCBs) have collectively written off Rs 10.57 lakh crore over the past 5 financial years spanning from 2018-19 to FY 2022-23.

• Over Rs 5.52 lakh crore was allocated to loans linked to large industries. This also includes Rs 93,874 crore written off by all banks due to fraud during this period.
• During this period, SCBs have recovered Rs 7.15 lakh crore from NPAs. 

Note: In FY23, SCBs have collected an aggregate amount of Rs 5,309.80 crore as penal charges, including penalty charges against delay in payment of loans.

Static GK:

Scheduled Commercial Banks are divided into 6 types: Scheduled Public Sector Banks; Scheduled Private Sector Banks; Scheduled Small Finance Banks; Regional Rural Banks; and Foreign Banks.

At present, India has 12 Public Sector Banks and 22 Private Banks.

ECONOMY & BUSINESS

India’s IIP Hits 16-Month High of 11.7% in October 2023; Retail Inflation Rises to 3-Month High
India’s Index of Industrial Production (IIP) has increased to a 16-month high, marking an 11.7% year on year (YoY) increase, in October 2023 compared to 6.2% YoY growth in September 2023. This was mainly due to the robust performances in the manufacturing (10.4%), electricity (20.4%), and mining (13.1%) sectors’ output.

• The robust industrial growth contributes to a positive outlook for 2023-24 Gross Domestic Product (GDP). The 1st advance estimates of GDP data are anticipated on 5 January 2024, ahead of the Interim Budget for FY25.
• In contrast, the retail inflation, based on the Consumer Price Index (CPI), has increased to a 3-month high of 5.55% in November 2023,  partly because of a seasonal spike in vegetable prices.
• Earlier, the Reserve Bank of India (RBI) adjusted the economic growth projection for FY24 upward by 50 basis points to 7%, anticipating a 6.5% GDP expansion in the December quarter.

AWARDS & RECOGNITIONS

3 Indian Armed Forces Officers Honoured with ‘Golden Owl’ at Sri Lanka’s DSCSC GraduationOn 14th December 2023, All 3 Indian Armed Forces officers, who underwent the Command & Staff course No 17 at the Defense Services Command & Staff College (DSCSC) in Sapugaskanda, Sri Lanka, were honoured with the “Golden Owl” for outstanding performance.

• Ranil Wickremesinghe, President and the Commander in Chief of the Armed Forces of Sri Lanka presented the awardrs during the Graduation ceremony of DSCSC Course No.17 at Nelum Pokuna Mahinda Rajapaksa Theatre in Sri Lanka.
• He also presented the Commandant’s Honours and Golden Pen award during the event.

The 3 Indian Officers were:

• Major Rohit from the Indian Army.
• Lieutenant Commander Sunnay Sharma from the Indian Navy
• Wing Commander S Mahajan from the Indian Air Force

Note:
i.The 3 Indian officers topped their respective wings amongst fellow student officers from over 10 countries.
ii.Indian Navy’s Sunnay Sharma also received the ‘Commandant’s Honours’ during the ceremony.
Golden Owl Award:
i.The “Golden Owl” award serves as a testament to the officers’ exceptional analytical skills, strategic thinking, and potential for future leadership.
ii.The award recognizes the most outstanding Sri Lankan Student officer and foreign Student officer of each Wing(Army, Air force and Navy).
Commandants Honours:
“Commandants Honours” Award is presented to officers with the highest aggregate in the overall grading and outstanding performances displayed during the entire course of training.
Golden Pen:
The Golden Pen Award was presented to the student officer who produces the best commandant’s research paper from the three wings.
About Defence Services Command and Staff College (DSCSC):
DSCSC is the highest seat of military learning for middle-grade Officers of the Tri Forces.
It aims to develop the professional knowledge and understanding of Student Officers of the Tri-Services, Sri Lanka Police, Friendly Foreign Countries and other State Agencies and prepare them for appointments on Command and Staff on state administrative procedures in the public sector.
DSCSC Course No 17:
DSCSC Cource No 17 comprised 148 undergraduates which includes 123  officers from Sri Lanka ( 72 Army, 26 Navy, 24 Air Force and 1 Police Officer) and 25 foreigners from Bangladesh (2), India (3), Indonesia (1), Maldives (2), Nepal (2), Pakistan (2), Rwanda (1), Saudi Arabia (10), Senegal (1) and Zambia (1).
About Sri Lanka:
Capital– Sri Jayawardenepura Kotte (Legislative Capital); Colombo (Executive and Judicial capital)
Prime Minster– Dinesh Gunawardena
Currency– Sri Lankan Rupee

APPOINTMENTS & RESIGNATIONS

First-Time MLA Bhajan Lal Sharma Sworn in as 14th CM of Rajasthan

Bhajan Lal Sharma of the Bharatiya Janata Party (BJP), a 1st-time Member of the Legislative Assembly (MLA) elected from the Sanganer Constituency, sworn in as the 14th Chief Minister (CM) of Rajasthan.

• Rajasthan Governor Kalraj Mishra administered oath of office and secrecy to Bhajan Lal Sharma in the event held in Jaipur, Rajasthan.
• Bhajan Lal Sharma replaced Indian National Congress (INC) leader Ashok Gehlot, who served as the CM of Rajasthan for 3 terms from 1998-2003, 2008-2013, and 2018-2023.

About Rajasthan:
Chief Minister – Bhajan Lal Sharma
Governor– Kalraj Mishra
Festivals– Udaipur Mewar Festival (March/April) and BrajHoli (March)
>> Read Full News

SCIENCE & TECHNOLOGY

DRDO Successfully Tested High-Speed Flying-Wing UAV Under Project “Ghatak” Defence Research and Development Organisation (DRDO) has successfully carried out a flight trial of an indigenous high-speed tailless flying-wing stealth Unmanned Aerial Vehicle (UAV) from the Aeronautical Test Range, Chitradurga, Karnataka.

• The FWTD has been developed for India’s secret unmanned combat aerial vehicle (UCAV) programme called ‘Ghatak’.

About UAV:
i.The UAV is called as Autonomous Flying Wing Technology Demonstrator (FWTD)
ii.FWTD was designed and developed by the Aeronautical Development Establishment (ADE), a premier DRDO laboratory located in Bengaluru, Karnataka.
iii.DRDO carried out the maiden flight of this aircraft in 2022, followed by six more trials in various developmental configurations using two in-house manufactured prototypes.
iv.These flight test programs facilitated significant advancements in the development of a robust aerodynamic and control system, integrated real-time and hardware-in-loop simulation capabilities, and a modern Ground Control Station.
v.The aircraft (along with a complex arrowhead wing platform), is designed and manufactured with indigenously developed lightweight carbon prepreg composite material.
Features:
i.FWTD can take-off and land from any runway with surveyed coordinates.
ii.The UAV can land autonomously without the need for ground radars, infrastructure and pilot.
iii.FWTD uses onboard sensor data along with indigenous satellite-based augmentation using GPS Aided GEO Augmented Navigation (GAGAN) receivers to improve the accuracy and integrity of  Global Positioning System (GPS) navigation.
iv.This aircraft is powered by a small turbofan engine and equipped with fibre interrogators for health monitoring.
Additional Info:
i.(UCAV) programme aims to develop a technology demonstrator called stealth wing flying test bed (SWift).
ii.The programme is linked to the development of India’s fifth-generation stealth fighter advanced medium combat aircraft (AMCA).
About Defence Research and Development Organisation (DRDO):
Chairman – Samir Vankatpati Kamat
Headquarters – New Delhi, Delhi
Established in – 1958

World’s Deepest Physics Laboratory began its Operation in China’s SichuanChina has commenced the operation of a 2,400-metre (7,874 feet) deep physics laboratory, Deep Underground and Ultra-low Radiation Background Facility for Frontier Physics Experiments (DURF) in Sichuan Province of the People’s Republic of China (PRC).

• DURF has become the deepest and largest underground lab in the world.

About DURF:
i.DURF is the expansion of the second phase of China Jinping Underground Laboratory (CJPL – II) which was jointly developed by Tsinghua University and Yalong River Hydropower Development Company Limited.
ii.The construction of 330,000 cubic metres laboratory was started in 2020.
iii.DURF is located beneath Jinping Mountain in Sichuan’s Liangshan Yi Autonomous Prefecture.
iv.The extreme depth of the laboratory blocks most cosmic rays and provides ultra-low cosmic ray flux, extremely low environmental radiation, extremely low radon concentration, and ultra-clean space.
v.The lab emerged as a pioneering hub for carrying out scientific experiments on dark matters by scientists.

• The dark matter is a hypothetical form of matter that appears not to interact with light or the electromagnetic field.
• Scientists infer that visible matter accounts for only about 5 percent of the universe, while some 95 percent of the universe is made up of dark matter and dark energy.

Additional Info:
The first phase of the China Jinping Underground Laboratory(CJPL – I) was inaugurated in 2010, with a room capacity of about 4,000 cubic meters.
About People’s Republic of China (PRC):
President – Xi Jinping
Capital – Beijing
Currency – Renminbi(Yuan )

Hyderabad’s HC Robotics Partners with France’s Merio to make Advanced Gimbals for Indian Armed Forces
Hyderabad(Telangana)-based HC Robotics Private Limited is set to collaborate with the France-based Merio, specialised in UAV(Unmanned Aerial Vehicle) payload systems, to make Advanced Gimbals for the Indian armed forces.

• A high-level delegation led by Remi Plenet, Chief Executive Officer (CEO) of Merio, met with Sridhar Babu, Minister for Industries and Information Technology, Telangana to explain Merio’s plan to build new technologies in Hyderabad.
• The delegation has met officials of the Defence Ministry, and Air Force Chief, and visited Western Naval Command and Indian Coast Guard, etc focusing on developing advanced gimbals in collaboration with HC Robotics.

SPORTS

India’s Antim Panghal, along with Hasrat & Georgios Named as UWW Rising Star of the Year 2023 India’s Antim Panghal, Georgios Kougioumtsidis (Greece), and Hasrat Jafarov(Azerbaijan) have been named as United World Wrestling’s (UWW) Rising Stars of the Year 2023 in Women’s Wrestling, Freestyle, and Greco-Roman respectively.

• Iszmail Muszukajev (Hungary), Bose Tosun (Türkiye), and Gabriel Rosillo (Cuba) have been named UWW’s Breakout Performances of the Year2023 in Freestyle, Women’s Wrestling, and Greco-Roman respectively.

The 19-year-old Antim Panghal from Haryana becomes the UWW Women’s Rising Stars of the Year 2023 for her exceptional performances, including her two women’s World Under-20 Championship titles (2022 and 2023) in the 53kg category.

• She is also the first Indian women’s Wrestler to win junior world champion (under-20) more than once.
• Antim Secured the bronze medal in the women’s 53kg category in the Asian Games held in Hangzhou(China) in October 2023.

About United World Wrestling (UWW):
United World Wrestling (UWW) is the international governing body for the sport of wrestling.
President – Nenad Lalovic
Headquarters– Corsier-sur-Vevey, Switzerland
Established – 1905
>> Read Full News

IMPORTANT DAYS

53rd Vijay Diwas – 16th December 2023Vijay Diwas, or Victory Day(Bijoy Dibos), is annually observed across India and Bangladesh on 16 December to celebrate the historic victory of Indian armed forces against Pakistan in the 1971 Indo-Pak war (India – Pakistan War of 1971).

• The Day also pays tributes to the martyrs of both India and Bangladesh, who lost their lives on the line during the war.
• 16 December 2023 marks the celebration of the 53rd Vijay Diwas.

Observance in Bangladesh:
i.Bijoy Dibos, celebrated on December 16, is a national holiday in Bangladesh .
ii.The Day commemorates the formal surrender of the Pakistani Armed Forces to the joint Indian and Mukti Bahini (Bangladeshi liberation forces) in Dhaka (now Bangladesh) during the Bangladesh Liberation War in 1971.
About the 1971 Indo-Pak War:
i.It was a 13-day military confrontation between India and Pakistan that occurred during the Bangladesh Liberation War in East Pakistan from 3 to 16 December 1971.

• India entered the war supporting Bengali nationalist forces seeking independence in East Pakistan.

ii.The war concluded with the Instrument of Surrender signed by the Eastern Command of the Pakistan military on December 16, 1971, in Dhaka.

• It marked the formation of East Pakistan as the new nation of Bangladesh.

2023 Events:
i.As a part of 53rd Vijay Diwas, the Southern Command of the Indian Army organised a 53-hour Ultra Marathon at Pune’s(Maharashtra) Race Course.

• 24 participants have embarked on a 53-hour Ultra Marathon, which commenced on 14 December 2023 and concluded on 16 December 2023.

ii.The Ultra Marathon serves as a prelude to the Southern Star Vijay Run, organised by the Southern Command HQ, on 16 December 2023.

• The event was kicked off simultaneously in 23 locations across 11 states in India.

iii.Union Minister Rajnath Singh, Ministry of Defence with Chief of Defence Staff General Anil Chauhan, Chief of Army Staff General Manoj Pande, Chief of Naval Staff Admiral R. Hari Kumar, and other dignitaries paid tribute at the National War Memorial on the occasion of Vijay Diwas in New Delhi, Delhi on 16 December 2023.

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