Current Affairs 19 December 2023

We are here for you to provide the important Recent and Latest Current Affairs 19 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

Cabinet Approvals on 15 December 2023The union cabinet chaired by Prime Minister Narendra Modi approved the following proposals on 15th December 2023
i.Approves declaration of Surat Airport (Gujarat) as an International Airport.
ii.Approves MoU signed between India and Tanzania on Cooperation in the field of sharing successful Digital Solutions.
iii.Approves MoC signed between India and Saudi Arabia on cooperation in the field of Digitization and Electronic Manufacturing.
iv.Approves draft MoU between USA, India to enhance innovation ecosystems through innovation handshake.
v.Approves MoU between India,Italy on Cooperation in the field of Industrial Property Rights.
About Tanzania
President – Samia Suluhu Hassan
Capital– Dodoma
Currency– Tanzanian shilling
>> Read Full News

NSDC signs MoU with Saudi Govt to Protect Rights of Skilled Labourers from India
National Skill Development Corporation (NSDC) under the Ministry of Skill Development and Entrepreneurship (MSDE) has signed a Memorandum of Understanding (MoU) with the government of Saudi Arabia.

• The MoU aims to protect the rights of skilled India labourers (across all categories, including Air Conditioner (AC) mechanics, and car painters) who are working in Saudi Arabia.
• By registering with NSDC, these skilled labours will get to know where they are going, for which work and with whom they will be working.
• Saudi Arabian government will also be introducing a wage protection system and freedom of mobility will be offered to Indian labourers.

About National Skill Development Corporation(NSDC):
i.National Skill Development Corporation (NSDC) is a not-for-profit public limited company incorporated under section 25 of the Companies Act, 1956 (corresponding to section 8 of the Companies Act, 2013).
ii.NSDC was set up by the Ministry of Finance(MoF) as a Public Private Partnership (PPP) model.
Chief Executive Officer (CEO) – Ved Mani Tiwari
Headquarters – New Delhi, Delhi
Established in – 2008

INTERNATIONAL AFFAIRS

UAE Hosted the 28th UNFCCC COP: Advancing Global Climate Action(Part-II)The 28th Conference of the Parties of the United Nations Framework Convention on Climate Change (UNFCCC)(COP 28) was held in Expo City, Dubai, The United Arab Emirates(UAE) from 30th November to 12th December 2023.

• On 1st December 2023, Narendra Modi, Prime Minister (PM) of India, attended the COP 28 Presidency’s session on “Transforming Climate Finance” in Dubai, the United Arab Emirates (UAE).

Key Points:
i.Indian Renewable Energy Development Agency(IREDA),  a Mini Ratna Category I Public Sector Undertaking(PSU) under the Ministry of New and Renewable Energy(MNRE) has launched its retail division.
ii.Coalition for Disaster Resilient Infrastructure(CDRI) has launched a data platform named-“Global Infrastructure Risk Model and Resilience Index(GIRI)” on the sidelines of the COP28 summit.
iii.On the sidelines of COP28, ADB launched a Nature Solutions Finance hub for Asia and the Pacific, with an investment of USD 2 billion.
About Indian Renewable Energy Development Agency(IREDA):
Chairman– Pradip Kumar Das
Established– 1987
Headquarters– New Delhi, Delhi
>> Read Full News

BANKING & FINANCE

LIC Notifies Hike in Gratuity Limit to Rs 5 lakh from Rs 3 lakh for Agents
Life Insurance Corporation of India (LIC) has increased the gratuity limit to Rs 5 lakh from Rs 3 lakh with an aim to improve the working conditions and benefits of the agents with effect from 6th December 2023.

• These regulations will be called the Life Insurance Corporation of India (Agents) Amendment Regulations, 2023.

Key Points:
i.In September 2023, the Ministry of Finance(MoF) approved a series of welfare measures related to the amendments of LIC (Agents) Regulations, 2017.
ii.This includes enhancement of gratuity limit and Uniform Rate of Family Pension.
iii.It also includes the reappointed agents to be eligible for renewal commission, thereby providing them with increased financial stability.

Indian Banks Global Presence Expanded: RBI ITBS SurveyThe Reserve Bank of India (RBI) released the annual Survey on International Trade in Banking Services (ITBS), 2022-23 which provides insights into cross-border banking activities of 14 Indian banks and 44 foreign banks’ branches/subsidiaries in India.

• The cross-border banking activities include fund-based banking services, encompassing deposits, credit, and financial auxiliary services with fees or commissions. Click Here for the list of Full Banking Services

Highlights:
i.Indian banks expanded their global presence through the subsidiaries route, with an increase in employee strength for foreign branches (0.5%) and subsidiaries (6.2%) in 2022-23.

• While, the number of branches and employees of foreign banks in India deceased in 2022-23.
• Indian banks increased their overseas presence through the subsidiaries route to 417 during 2022-23 from 399 in FY22.

ii.There is expansion of the overseas business of Indian banks witnessing growth in deposits and lending activities.
iii.Foreign banks in India experienced a decline in aggregate deposits and credit due to a retail business transfer of major foreign bank in India to a domestic private sector bank.

• However their capital and investments increased during 2022-23, and saw a 5.7% increase in the consolidated balance sheet in US (United States) dollars.

iv.The Total Income to assets ratio for overseas branches of Indian banks rose to 3.9% in 2022-23 from 1.6% in 2021-22 , still lower than the 6.9% for foreign banks in India.
v.Higher interest rates in 2022-23 resulted in an increased total income, but caused a decline in the share of fee income.

• Foreign banks in India had a higher fee income share at 11.5%, surpassing the 7% share for overseas branches of Indian banks.
• Indian bank branches in the United Arab Emirates (UAE) generated the highest fee income, followed by those in the United Kingdom (UK), Hong Kong, and Singapore.

vi.The tightening of global monetary policy during of 2022-23 led to increased interest income and expenses across bank groups.

Reliance General Insurance introduces ‘Reliance Health Global’ Insurance PolicyThe Reliance General Insurance Company Limited (RGICL), a subsidiary of Reliance Capital limited, introduced “Reliance Health Global”, a health insurance policy that provides comprehensive coverage for customers globally, including treatment from the best hospitals.

• Notably, it is the first global health insurance policy that covers emergency and planned treatments within India by offering an unlimited Sum Insured.

About Reliance Health Global:
i.It aimed at providing Indians with access to global healthcare i.e. it offers coverage in India and in other parts of the world too.
ii.It offers four plans: Elite, Elite+, Royal, and Royal+.
iii.The tagline of this policy is ‘A Health Policy Without Borders’.
Features:
i.The age criteria for child is 91 days to 25 years, and for adult is 18 years to 65 years
ii.The policy period is 1 year, 2 years & 3 years.
iii.Its sum-insured coverage is up to USD 1 million (Rs 8.30 crores).
Key Points:
i.It covers all specialised treatments+ including neurosurgery, bypass surgery, cancer, etc. ii.It also includes provisions for travel, accommodation, and comprehensive Visa and assistance services, addressing unforeseen situations like lost passport or emergency cash needs.
iii.Other services include air ambulance services, organ donor expenses and without any limitations on room rent.

ECONOMY & BUSINESS

Maharashtra becomes Largest Economy in India; UP becomes 2nd largest
According to a online blogging platform soic.in, Maharashtra has emerged as the largest economy of India. It has largest share of 15.7% in India’s Gross Domestic Product (GDP).

• It is followed by Uttar Pradesh (UP) with 9.2% share in India’s GDP, and Tamil Nadu (TN) with 9.1%.
• The platform keeps track of investments and the stock market.

Key Points:
i.The above states are followed by Gujarat (8.2%), West Bengal (7.5%), Karnataka (6.2%), Rajasthan (5.5%), Andhra Pradesh (4.9%), and Madhya Pradesh (4.6 %)
ii.With Respect to UP, it has eliminated organized crime to zero, surged to 2nd place in ‘Ease of Doing Business,’ attracted Rs 40 lakh crore investments via Global Investors Summit (GIS) 2023, achieved nearly Rs 2 lakh crore in exports, and increased the bank loan-deposit ratio from 42-43% to 56%, aiming for 60%.

ACQUISITIONS & MERGERS

Infibeam Avenues acquires 49% stake in Pirimid Fintech
Infibeam Avenues Limited (IAL), a Gandhinagar (Gujarat) based Financial Technology Company, has acquired 49% of paid-up equity share capital in Pirimid Fintech, a Ahmedabad (Gujarat) based Financial Services company, by investing Rs 25 crore.

• This is in response to the increasing demand in the global capital markets for artificial intelligence (AI)-backed software to streamline trading, research and investment processes.

i.The collaboration aims to combine Infibeam’s digital payments and AI-based frameworks with Pirimid Fintech’s capital market trading software.
ii.The partnership helps Pirimid Fintech to develop innovative digital lending solutions, offer more efficient credit disbursement, enhance customer experience and improve risk management.

LIC reduces stake in Dixon Technologies to 3% from 5.012%
Headquartered in Mumbai (Maharashtra), Life Insurance Corporation of India (LIC) has reduced its percentage of the paid-up capital in Dixon Technologies (India) Limited to 3% from 5.012% through open market operations.

• This decrease of 2.012% during the period from 20th April 2022 to 15th December 2023, is a result of decreasing equity shares from 29,97,913 to 17,94,395 at an average cost of Rs 5,877.65.

About Dixon Technologies (India) Limited:
Chief Executive Officer(CEO) – Atul B. Lall
Headquarters – Noida, Uttar Pradesh (UP)
Established in – 1993

SCIENCE & TECHNOLOGY

Exercise Astrashakti 2023: AWS Abilities showcased by IAF, SAMAR successfully Test-firedi.Exercise Astrashakti-2023, took place at the Air Force Station Suryalanka in Andhra Pradesh (AP). During this the Indian Air Force (IAF) showcased the abilities of Akash weapon system (AWS), and also successfully test fired Surface to Air Missile for Assured Retaliation (SAMAR) air defence missile system.
ii.During the exercise, AWS which is a Short Range Surface to Air Missile (SRSAM) Air Defence System neutralized four targets simultaneously in a single firing unit making India the first country to do so.
iii.IAF successfully test-fired the SAMAR air defense missile system for the first time which engaged aerial threats with a speed range of 2 to 2.5 Mach.
About Indian Air Force (IAF):
Chief of the Air Staff – Vivek Ram Chaudhari
Headquarters – New Delhi, Delhi
Establishment– 1932
Motto – Touch the sky with Glory
>> Read Full News

Rocket Lab Successfully Launched IQPS’s Tsukoyomi-1
On 15th December 2023, Rocket Lab, Inc. based in California, the United States
of America, successfully launched the “The Moon God Awakens” mission of the
Institute for Q-shu Pioneers of Space, Inc. (iQPS Inc.), the Japanese Earth-
imaging company, from the Rocket Lab Launch Complex 1, Pad B, on Mahia
Peninsula, New Zealand.

• The electron rocket carried the QPS-Synthetic-Aperture Radar (SAR)-5
  satellite, named “Tsukoyomi-1”, to a circular orbit 575 kilometres(km)
  above Earth.

Note: 

• Tsukuyomi-1 is named after the Japanese god of the moon.
• This mission marked the 10th Electron flight in 2023, surpassing the previous record of 9 launches in 2022.
• This was Rocket Lab’s 42nd launch of a two-stage Electron booster.

Key Points: 
i.QPS-SAR-5 joined the QPS-SAR-6 craft in that orbit to capture high-
resolution views of Earth as closely as a 1-meter-square view.
ii.The satellite is part of a 36-satellite constellation, aiming to monitor fixed
points on Earth every 10 minutes by 2025 or later.

• The Electron’s first-stage booster was not recovered on this mission.

SPORTS

Haryana Defeats Rajasthan to Win Vijay Hazare Trophy 2023–24The Haryana men’s cricket team captained by Ashok Menaria won the Vijay Hazare Trophy 2023-24 by defeating the Rajasthan men’s cricket team led by Deepak Hooda in the finals held in the Saurashtra Cricket Association Stadium in Rajkot (Gujarat).
i.The 21st edition of the Vijay Hazare Trophy was held from 23rd November to 16th December 2023, with 38 teams competing in a total of 135 matches.
ii.This marks the first-ever Vijay Hazare Trophy win for the Haryana team, which beat Rajasthan by 30 runs in the finals.
Highlights:
i.Haryana’s Sumit Kumar was awarded Player of the Tournament and Player of the Match in the finals.

• He was awarded for his best performance by scoring 183 runs and taking 18 wickets.

ii.Highest Runscorer: Arslan Khan (Chandigarh) (508 runs)
iii.Highest Wicket Taker: Varun Chakravarthy (Tamil Nadu) (19 wickets)
iv.Prize Money: Winner (Rs 1 crore), runners-up (Rs 50 lakh)
About the Vijay Hazare Trophy:
i.The Vijay Hazare Trophy (Ranji One-Day Trophy) is the annual one-day domestic tournament organised by the Board of Control for Cricket in India (BCCI), the inaugural season was held in 2002–03.

• The Vijay Hazare Trophy was named after the legendary Indian cricketer Vijay Samuel Hazare.

ii.The previous  edition, 2022–23 was won by the Saurashtra cricket team.
Note: Tamil Nadu is the most successful team, having won the trophy five times (2002–03, 2004–05, 2008–09, 2009–10, 2016–17).
About Board of Control for Cricket in India (BCCI):
President – Roger Binny
Secretary – Jay Shah
Headquarters – Mumbai, Maharashtra
Established – 1928

OBITUARY

Kuwait’s Ruling Emir Sheikh Nawaf Passed Away; Sheikh Meshal Named as New EmirThe Ruling Emir of Kuwait, Sheikh Ahmad Nawaf al-Ahmad al-Jaber al-Sabah passed away at the age of 86. He ruled Kuwait for 3 years, after taking over from his half-brother, Sheikh Sabah al-Ahmad al-Sabah in September 2020. He was born on 25 June 1937.

• Kuwait’s crown prince and his half-brother (Heir), 83-year-old Sheikh Meshal al-Ahmad al-Jaber al-Sabah, was named the new Emir succeding Sheikh Nawaf .
• Sheikh Meshal has been the de facto ruler since 2021 when Sheikh Nawaf handed over most of his duties.

Key Points:
i.Under the constitution of Kuwait, the crown prince automatically becomes an emir but assumes power only after taking an oath in parliament. The new emir has up to a year to name an heir.
ii.Sheikh Meshal now joins the ranks of the Gulf Arab countries’ last octogenarian leaders.

• The octogenarian had been one of the world’s oldest crown princes.

About Sheikh Ahmad Nawaf al-Ahmad al-Jaber al-Sabah:
i.Sheikh Nawaf was the 5th son of Kuwait’s late ruler Sheikh Ahmad al-Jaber Al-Sabah, who ruled from 1921 to 1950.
ii.He became the Governor of Hawalli Governorate on February 12, 1962, and remained in the position until 1978.
iii.He served as the Ministry of Interior from 1978 to 1988 and then in 2003 to 2006.
iv.In 1985, he was appointed an officer with the rank of first lieutenant in the Ministry of Defense. He served as Minister of Defense in 1988.
v.He was assigned to be in charge of the portfolio of the Ministry of Social Affairs and Labor on April 2, 1991.
vi.He was one of the founders of the state’s modern police force and he served as Deputy National Guard Commander on October 16, 1994.
vii.He became the first Deputy Prime Minister in 2003 and was later named Crown Prince in 2006, a position he held for 14 years.
About Kuwait:
Capital– Kuwait City
Prime Minister– Sheikh Meshal Al Ahmad Al Jaber Al Sabah
Currency– Kuwaiti dinar (KWD)

IMPORTANT DAYS

International Day to End Violence Against Sex Workers 2023- December 17 The International Day to End Violence Against Sex Workers is annually observed across the globe on 17 December to focus attention on hate crimes committed against sex workers worldwide, as well as the need to remove the social stigma and discrimination that have contributed to violence against sex workers.

• The Day has empowered sex workers from cities around the world to come together and organise against discrimination and remember victims of violence.

The global observance of the International Day to End Violence Against Sex Workers is led by the NSWP- Global Network of Sex Work Projects.
Background:
i.The day was started by the Sex Workers Outreach Project (SWOP), United States of America (USA), and inaugurated by Dr. Annie Sprinkle, an American certified sexologist on 17 December 2003.
ii.The 1st International Day to End Violence Against Sex Workers was observed on 17 December 2003 as a memorial and vigil for the victims of Gary Ridgway, also known as the “Green River Killer” in Seattle, Washington (USA).
iii.A memorial organised by Annie Sprinkle and Robin Few, Co-Founder of SWOP-USA was held on the lawn of San Francisco City Hall (USA) on 17 December 2003, the date of Ridgway’s conviction.

• Since then the day has been observed annually on December 17 by sex workers, their advocates, friends, families, and allies across the world.

About NSWP- Global Network of Sex Work Projects:
President– Phelister Abdalla (Kenya Sex Workers Alliance (KESWA)), Kenya
Headquarters– Edinburgh, Scotland, United Kingdom (UK)
>> Read Full News

International  Migrants Day 2023 – December 18United Nations (UN)’s International Migrants Day is annually observed across the globe on 18th December to create awareness about the important contribution of migrants while highlighting the challenges they face.

• 18th December 2023 marks the observance of 23rd International Migrants Day.

The theme of International Migrants Day 2023 is ‘Act Today‘.
Background:
i.On 4th December 2000, the United Nations General Assembly (UNGA), adopted the resolution A/RES/55/93 and proclaimed 18th December of every year as International Migrants Day.
ii.The first ever International Migrants Day was observed on 18th December 2000.
About International Organization of Migration (IOM):
Director General – António Vitorino 
Headquarters – Geneva, Switzerland
Established in – 1951
>> Read Full News

UN Arabic Language Day 2023- December 18 The United Nations (UN) Arabic Language Day is annually observed across the globe on 18 December to honour the language and cultural diversity of the Middle Eastern Region.

• The Day acknowledges the contribution of the ‘Arabic language’ in enriching science, philosophy, literature, art, and universal culture.

The 2023 commemoration coincides with the 50th anniversary of the proclamation of Arabic as one of the 6 UN official languages.

• The 2023 theme of UN Arabic Language Day is, “Arabic – the Language of Poetry and Arts.”

Background:
i.On 18 December 1973, the United Nations General Assembly (UNGA) adopted resolution 3190 (XXVIII) introducing Arabic as the 6th official language of the UN.
ii.Commemorating this decision, in 2010 the UN Educational, Scientific and Cultural Organization (UNESCO) (190 EX/48) established the World Arabic Language Day to be celebrated on 18 December each year.
iii.The 1st Arabic Language Day was observed on December 18, 2012.
>> Read Full News

Minority Rights Day 2023 – December 18Minority Rights Day, also known as Minorities Day, is annually observed across India on 18th December to create awareness about the constitutionally assured rights of religious minorities.

• 18th December 2023 marks the observance of the 11th Minority Rights Day.

i.The theme of Minority Rights Day 2023 is ‘Celebrating Diversity and Inclusion’.
ii.The first-ever Minorities Rights Day in India was observed on 18th December 2013.
About National Commission for Minorities (NCM):
Chairperson –  Iqbal Singh Lalpura
Headquarters – New Delhi, Delhi
About Ministry of Minority Affairs(MoMA):
Union Minister – Smriti Zubin Irani (Constituency: Amethi, Uttar Pradesh)
Minister of States(MoS) – John Barla (Constituency: Alipurduars, West Bengal)
>> Read Full News

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