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NATIONAL AFFAIRS
GoI abolishes ‘No-Detention Policy’ for Classes 5 and 8
In December 2024, the Government of India(GoI) has abolished the ‘no-detention policy’ for Classes 5 and 8, allowing schools to fail students who do not clear year-end exams. It will be applicable to over 3,000 central schools, including Kendriya Vidyalayas(KVs), Jawahar Navodaya Vidyalayas(JNVs), Sainik Schools(under the Ministry of Defence,MoD) and Eklavya Model Residential Schools(EMRS)(under the Ministry of Tribal Affairs, MoTA).
- The Ministry of Education(MoE) issued the notification on December 16 2024, has amended “Right of Children to Free and Compulsory Education (RTE) Act, 2009, as revised by the RTE (Amendment) Act, 2019”, outlining the changes to the promotion criteria. The amended rules, titled the RTE (Amendment) Act, 2024.
- The new policy was officially notified after the completion of the National Curriculum Framework(NCF) in 2023. The policy change was made under the leadership of Sanjay Kumar, Secretary of the Department of School Education and Literacy, MoE.
Key Points:
i.National Education Policy (NEP) 2020: The policy change aligns with the NEP 2020’s emphasis on improving learning outcomes while retaining access to education.
- To Focus on providing special attention to students who are weak in studies.
ii.Background :The ‘no-detention policy’ was initially introduced in 2019 under Section 16 of the RTE Act 2009, aiming to ensure education access without fear of failure.
iii. Section 16 of the Act stipulates 2 key provisions:
- Section 16 prohibits expulsion or retention of elementary students, ensuring continuous education without fear of failure.
- The no-detention policy under Section 16 guarantees education access up to Class 8, reducing dropout rates.
Key Provisions of the new policy:
i.Promotion criteria: Students failing in Classes 5 and 8 will have a chance to retake exams within two months.
ii.Re-examination: If students fail the re-exam, they will be held back.
iii.Specialized support: Schools will provide remedial instruction and monitor the progress of struggling students.
iv.No expulsion: Students cannot be expelled before completing Class 8.
v.Competency-based assessment: Examinations will focus on the holistic development of students rather than memorization.
Reason for the Change:
i.Criticism of the previous policy: The no-detention policy was criticized for diluting academic standards and fostering a lack of accountability among students.
ii.Encouraging better academic outcomes: The shift aims to address learning gaps and improve performance, as suggested in the National Education Policy (NEP) 2020.
Adoption of States and Union Territories (UTs):
- 16 states and 2 Union Territories (UTs), including Assam, Bihar, Delhi, Gujarat, Himachal Pradesh (HP), West Bengal (WB), Rajasthan and Tamil Nadu (TN), have decided to adopt the no-detention policy.
- States like Andhra Pradesh (AP), Kerala, Maharashtra and Uttar Pradesh (UP) have opted to continue the policy.
- Haryana and Puducherry have not yet made a decision.
Point to Note:
i.Education was originally a state subject in India under the GoI Act 1935.
ii.The 86th Amendment Constitution Act, 2002 made the Right to Education a fundamental right under Article 21A for children aged 6-14 years.
Union Civil Aviation Minister Launched ‘UDAN Yatri Cafe’ and special centenary tributes at Kolkata Airport Celebrations
In December 2024, Union Minister Kinjarapu Rammohan Naidu, Ministry of Civil Aviation (MoCA) launched ‘UDAN Yatri Cafe’ and ‘Centenary Postal Special Cover’ during the inauguration ceremony of the Centenary celebrations of Netaji Subhas Chandra Bose International (NSCBI) Airport in Kolkata, West Bengal (WB).
- Union Minister also unveiled the Centenary Celebrations Logo of NSCBI Airport. Apart from them, he announced a series of initiatives that include the release of a commemorative My Stamp, Souvenir coin and a coffee table book.
Key People: Union Minister of State (MoS) Murlidhar Kisan Mohol, MoCA; Vumlunmang Vualnam, Secretary of MoCA; Vipin Kumar, Chairman of Airports Authority of India (AAI) and other senior officials from Department of Post (DoP), MoCA and AAI were present at the event.
Key Points:
i.The “UDAN Yatri Cafe” is a unique pilot project led by MoCA and AAI. It is designed to cater specifically to the needs of passengers traveling under the Ude Desh Ka Aam Naagrik (UDAN) scheme.
- The cafe will offer a curated menu at affordable prices, ensuring that passengers have access to quality food at a cost-effective rate, improving their travel experience.
ii.Union Minister launched a coffee table book showcasing India’s cultural heritage reflected in modern airport architectures of AAI. He also launched a photo exhibition of some of the rarest images displaying the journey of NSCBI Airport during the event.
iii.During the event, the employees of AAI and airport stakeholders like airlines, Central Industrial Security Force (CISF), among others were felicitated in recognition of their significant contributions made during the progress and development of NSCBI Airport.
About Ministry of Civil Aviation (MoCA):
Union Minister- Kinjarapu Rammohan Naidu (Constituency- Srikakulam, Andhra Pradesh, AP)
Minister of State (MoS)– Murlidhar Kisan Mohol (Constituency- Pune, Maharashtra)
AIM and UNDP Launch 7th Edition of Youth Co:Lab National Innovation Challenge 2024-2025
In December 2024, the Atal Innovation Mission (AIM) under the National institution for Transforming India (NITI) Aayog and the United Nations Development Programme (UNDP) in partnership with Citi Foundation have virtually launched the seventh edition of the ‘Youth Co:Lab National Innovation Challenge for 2024-2025’.
- The 2024-2025 edition will be implemented in collaboration with Bengaluru(Karnataka) based AssisTech Foundation(ATF).
- This year’s challenge invites young entrepreneurs, including those with disabilities, to develop innovative solutions that “Enhance access to opportunities and well-being for Persons with Disabilities(PwDs)”.
Key Attendees: The event was attended by Dr. Angela Lusigi, the UNDP Resident Representative, India; Prateek Madhav, Chief Executive Officer (CEO) & Co-Founder of ATF; senior leaders from AIM, UNDP India, Citi, and ATF, along with over 100 stakeholders.
About Youth Co:Lab:
i.Launched in 2017 by UNDP and Citi Foundation, Youth Co:Lab aims to empower youth to drive Sustainable Development Goals (SDGs) through leadership, innovation, and entrepreneurship.
ii.In India, the initiative started in 2019 in partnership with AIM, NITI Aayog. Over six editions, it has reached 19,000 individuals and supported 2,600 youth-led social innovation teams.
iii.AIM has created four programs to support these functions: Atal Tinkering Labs, Atal Incubation Centres, Atal New India Challenges and Atal Grand Challenges.
About Youth Co:Lab National Innovation Challenge for 2024-2025’:
i.The challenge encourages young founders (aged 18-32 years) to create meaningful innovations addressing real-world challenges, particularly for disability inclusion. Applications can be submitted through the official Youth Co:Lab website.
ii.The program invites solutions in three categories:
- Inclusive and Accessible Assistive Technology (AT)
- Inclusive Educational Technology and Skilling Solutions
- Accessible and Inclusive Care Models
iii.The initiative aims to support 30-35 early-stage startups through a springboard program, providing seed grants to the best-performing ventures for scaling their impact.
iv.This edition reinforces its commitment to inclusivity, innovation, and sustainable development, aiming to create impactful solutions for a more equitable future.
About United Nations Development Programme (UNDP):
Administrator– Achim Steiner
Headquarters– New York, the United States of America (USA)
Established-1965
UNICEF Partners with West Bengal Govt to Enhance Juvenile Diabetes Care
In December 2024, the United Nations Children’s Fund (UNICEF) has partnered with the West Bengal(WB) Government to enhance the treatment of children affected by Non-Communicable Diseases (NCD), including juvenile diabetes.
- The aim of this collaboration is to scale up the state’s healthcare capacity to address childhood NCDs and provide equitable access to treatment.
Key points:
i.UNICEF collaborates with WB’s Department of Health and Family Welfare(DHFW) and Institute of Post Graduate Medical Education & Research (IPGMER) & Seth Sukhlal Karnani Memorial (SSKM) Hospital, Kolkata, WB to create a Primary Health Care (PHC) model to prevent and manage NCDs in children by improving community healthcare and primary health services.
ii.UNICEF has partnered with the West Bengal Academy of Paediatrics to help the health department and district health authorities provide treatment across all districts in WB.
iii.UNICEF’s first step is to train healthcare workers, including doctors, nurses, Auxiliary Nurse Midwives (ANM), Accredited Social Health Activist (ASHA) workers, and community health officers, about juvenile diabetes and other childhood NCDs.
- It will help identify more children and refer them to NCD clinics for treatment.
iv.Currently, five district hospitals in Howrah, Hooghly, North 24 Parganas, South 24 Parganas, Purba Bardhaman, and SSKM Hospital already have NCD clinics treating around 600 children with Type 1 diabetes every year.
v.The government has also approved 10 more district hospitals to start clinics, and the service will eventually be expanded across WB.
About juvenile diabetes:
i.It is a chronic disease also known as Type 1 diabetes or insulin-dependent diabetes.
ii.It is caused when a child’s body destroys the cells in the pancreas that make insulin, which helps in controlling blood sugar levels.
iii.In this condition, the pancreas produces very little or no insulin. Due to this, children need to inject insulin multiple times a day.
- Insulin is a hormone that helps sugar (glucose) enter cells to create energy.
iv.Symptoms: Extreme thirst, frequent urine urge, losing weight, blurry vision and extreme tiredness.
Note: According to data from the Young Diabetic Registry of India (YDR), five children out of every 100,000 children in India are affected by juvenile diabetes.
About the United Nations Children’s Fund (UNICEF) :
Executive Director (ED) – Catherine Russell
Headquarters – New York, the United States of America (USA)
Established – 1946
Team Russia won the 13th edition of Admiral’s Cup 24 Sailing Regatta
The “13th edition of the Admiral’s Cup Sailing Regatta” for the year 2024 was organised by the Indian Navy (IN) featured 53 skilled sailors, including 14 women, from 25 nations held at the Indian Naval Academy (INA), Ezhimala, Kerala from 8th to 13th December 2024.
- The ceremony was presided over by Vice Admiral CR Praveen Nair, Commandant of INA and he presented the individual medals and the Championship Trophy to the winners.
Key Points:
i.Team’s Category – The Admiral’s Cup 24 was won by Team Russia, which was represented by Lieutenant (Lt) Gorkunov Petr llyich and Cadet (Cdt) Loshichinina Polina Vladislavovna.
- Team Italy, led by Midshipman Carlo Leonardo and Ensign Camilla Bernabei, won second place, while Team India/INA ‘A’, led by Sub Lieutenant (SLt) Japman Avtar and Cdt PK Reddy, finished third.
ii.In the men’s individual category, Lt. Gorkunov Petr Lyich of Russia won first place, followed by Second Lieutenant (2Lt) Darius Lee Kheng Wee of Singapore and Ensign Pappas Vissarion HN of Greece, won second and third places respectively.
iii.In the women’s individual category, Ensign Camilla Bernabei from Italy won first place, followed by Cdt Loshichinina Polina Vladislavovna from Russia and SLt Isha Shah from India at second and third places respectively.
Note – The Admiral’s Cup, established in 2010, is an annual event designed to foster friendship with foreign nations and enhance navy-to-navy cooperation.
INTERNATIONAL AFFAIRS
Official visit of PM Modi to Kuwait from 21st to 22nd December 2024
Prime Minister (PM) Narendra Modi made an official 2-day visit to Kuwait from 21st December to 22nd December 2024 at the invitation of Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, the Amir of the State of Kuwait.
- This was the first visit by an Indian PM to the Gulf nation in over four decades.
Note:
Indira Gandhi was the last Indian PM to visit Kuwait 43 years ago in 1981.
Key Highlights:
i.India and Kuwait signed four Memorandum of Understandings (MoUs) in the areas of defence, sports and cultural cooperation.
- Kuwait also joined as a member of International Solar Alliance (ISA) to adopt solar energy and help to develop low-carbon growth economies.
ii.PM Modi was awarded the Wisam Mubarak al-Kabeer, or the Order of Mubarak the Great which is the highest national award of Kuwait.
iii.PM Modi attended the opening ceremony of the 26th Arabian Gulf Cup in Kuwait on 21st December 2024 which was organized by Kuwait with participation from eight countries, including Gulf Cooperation Council (GCC) nations, Iraq, and Yemen.
iv.PM Modi addressed a large gathering of the Indian community in Kuwait in a special event ‘Hala Modi’ at the Sheikh Saad Al-Abdullah Indoor Sports Complex in Kuwait.
v.PM Modi visited a labour camp in Mina Abdullah area of Kuwait with a workforce of around 1500 Indian nationals wherein he interacted with Indian workers from different States of India
About Kuwait:
Prime Minister– Ahmad Al-Abdullah Al-Sabah
Crown Prince– Sabah Al-Khalid Al-Sabah
Currency– Kuwaiti Dinar
>> Read Full News
IPBES Nexus Report: Developing Countries Struggle to Take Action on Reducing Pollution
On December 17 2024, the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) launched its assessment report on the Interlinkages Among Biodiversity, Water, Food and Health known as the Nexus Report.
- As per the report, Pollution is a main driver responsible for degradation of biodiversity, water quality and human health.
- The report has identified 5 ‘nexus elements’ including: biodiversity, water, food, health and climate change, and found that all these elements are interconnected, influence each other and have consequences when combined.
i.The report highlighted that for the past 30 to 50 years, all assessed indicators indicate that biodiversity is declining by 2 to 6% per decade.
ii.As per the report, the finance gaps to meet the biodiversity requirements are USD 300 billion to USD 1 trillion annually, and required additional investments to meet the SDGs most directly related to water, food, health and climate change are minimum USD 4 trillion annually.
About Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES):
It is an independent intergovernmental body founded in 2012. It aims to bolster the science-policy interface for biodiversity and ecosystem services for the conservation and sustainable use of biodiversity.
Executive Secretary- Dr. Anne Larigauderie
Member nations- 147
Headquarters- Bonn, Germany
>> Read Full News
India & China signed Six Point Pact to Resume Mansarovar Yatra, Nathula Border Trade
On December 18, 2024, India and China have signed a six-point agreement to resume the Kailash Mansarovar Yatra and Nathula border trade during the 23rd meeting of the Special Representatives (SRs) on the China-India Boundary Question in Beijing, China.
- The agreement also addresses key issues such as cross-border river cooperation, representing a significant move toward rebuilding trust between the two nations.
The signing ceremony was attended by Ajit Doval, India’s National Security Advisor (NSA), and Wang Yi, China’s Foreign Minister.
Note: The Kailash-Mansarovar Yatra has been suspended since 2020 due to the Covid-19 pandemic and the Chinese side’s failure to renew the necessary arrangements.
About Kailash-Mansarovar Yatra:
i.The Kailash Mansarovar Yatra is a sacred pilgrimage to Mount Kailash and Lake Mansarovar, which hold spiritual significance in Hinduism, Buddhism, Jainism, and Bon.
ii.Mount Kailash is regarded as the abode of Lord Shiva, while Lake Mansarovar holds deep spiritual significance.
iii.Mount Kailash is situated in the Tibet Autonomous Region of China.
iv.Travelers take various routes to reach this peak, including Kathmandu (Nepal), Simikot (Nepal), and Lhasa (Tibet).
- On the Indian side, the routes pass through Lipulekh Pass (Uttarakhand) and Nathu La Pass (Sikkim).
About Nathula border trade:
i.The Nathula border trade follows the ancient Silk Route in Sikkim, India, to China. It was reopened in 2006 after being closed since the 1962 Sino-Indian War.
ii.The trade is open for about six months each year, from May to November. Its aim is to promote economic prosperity in the areas surrounding the Nathula Pass in both countries.
About cross-border river cooperation:
River cooperation between India and China is a key issue due to the shared water resources. The two primary cross-border rivers are the Brahmaputra and the Indus.
About China:
President: Xi Jinping
Capital: Beijing
Currency: Renminbi(RMB) or Chinese yuan (CNY)
BANKING & FINANCE
India and ADB signs USD 500 million loan to support sustainable infrastructure projects 
In December 2024, the Government of India (GoI) and the Asian Development Bank(ADB) signed a USD 500 million loan to support green and sustainable infrastructure projects aligned with India’s climate commitments.
- The ADB loan will be given to the India Infrastructure Finance Company Limited (IIFCL) with a sovereign guarantee.
- The loan agreement was part of the Financing Environmentally Sustainable Growth in Infrastructure Project and was signed by Juhi Mukherjee, Joint Secretary, Department of Economic Affairs(DEA), Ministry of Finance (MoF) and Mio Oka, ADB’s Country Director for India.
Key Points:
i.With the support of ADB financing, IIFCL provides long-term funding for infrastructure projects that prioritize energy transition and connectivity, as well as underserved industries including urban projects, education, and healthcare.
ii.The project will increase IIFCL’s institutional capacity to incorporate green and best practices into infrastructure projects.
- Additionally, a sustainability unit, environmental sustainability framework, and scoring system will be developed in order to evaluate the projects’ sustainability rating.
ADB and Vastu entered into a senior secured loan agreement of USD 70 million to access affordable and sustainable housing loans
The ADB and Vastu Housing Finance Corporation Limited (Vastu) have entered into a senior secured loan agreement of up to USD 70 million to enhance access to affordable and sustainable housing loans in underserved states of India.
- The partnership aims to bridge the credit gap for Economically Weaker Sections(EWS) and low-income groups, with a strong focus on promoting women’s homeownership.
Key Points:
i.This financing will be utilized to provide loans to EWS and low-income groups and women borrowers. First-time borrowers will receive at least 15% of the total funds.
ii.By focusing on lower-income households and sustainable building, the ADB aims to address India’s severe housing shortage and also promote environmentally friendly housing that improves climate resilience for homeowners.
iii.The Reserve Bank of India (RBI) reports that 95% of India’s total housing deficit is caused by shortages of 45 million houses for economically weaker communities and 50 million for low-income groups.
Federal Bank Partners with Ecofy to Provide Solar Installations for MSMEs
Aluva(Kerala) basedFederal Bank Limited, the 6th largest private sector bank in India, has partnered with Ecofy, India’s first green-focused Non-Banking Financial Company (NBFC) supported by Eversource Capital Private Limited (ECPL), to provide innovative financing options for Micro, Small, and Medium Enterprises (MSME) investing in commercial rooftop solar installations.
- The partnership is one of the first co-lending initiatives tailored to meet the specific solar financing needs of the MSME sector.
i.The agreement aims to finance 3,600 kilowatts (kW) of rooftop solar installations each year, helping many MSMEs while reducing over 2,500 tons of carbon dioxide (CO2) emissions annually-promoting sustainability and supporting green growth.
ii.The partnership is designed to create financing opportunities for solar installations in the 20-200 KW range, a segment traditionally underserved by financial institutions..
iii.Federal Bank provides financing to support the growing MSME sector, with MSME loans accounting for over 20% of its total loan portfolio.
ICICI Prudential Life Insurance launched ICICI Pru Wish for women specific illnesses
In December 2024, ICICI Prudential Life Insurance launched ICICI Pru Wish, a critical illness and surgery insurance product designed specifically for women. The product developed in partnership with the Reinsurance Group of America (RGA) and provides a lump sum payout upon diagnosis of covered conditions.
- ICICI Pru Wish is the life insurance industry’s first health product addressing women-specific ailments.It also includes coverage options for maternity-related complications and genetic disorders in newborns.
i.ICICI Pru Wish provides an instant payout of up to 100% of the health cover amount when breast, cervical, and uterine cancers, as well as heart conditions are diagnosed.
ii.The product offers a 30-year premium guarantee to reduce concerns about premium rises.
- It also provides a premium vacation of up to 12 months during the payment period, providing financial flexibility in unexpected situations.
HSBC India and IHCL launched India’s 1st first co-branded hospitality credit card ‘HSBC Taj Credit Card’
On December 17 2024, Mumbai(Maharashtra) based the Hongkong and Shanghai Banking Corporation(HSBC) India and Mumbai based Indian Hotels Company Limited (IHCL) have partnered to introduce the HSBC Taj Credit Card, India’s 1st co-branded hospitality credit card designed for luxury aiming to deliver bespoke experiences and exceptional services for discerning customers.
- The HSBC Taj Credit Card was launched in collaboration with the Indian Hotels Company Limited (IHCL) and Visitors International Stay Admission (VISA).
- This card offers exclusive benefits for those who value premium hospitality, luxury travel, and personalized services.
Key benefits of HSBC Taj Credit Card:
i.Joining Fee: Rs 1,10,000 (payable after card activation).
ii.Annual Fee: Rs 1,10,000 (charged annually after 12 months).
iii.Welcome Offer: Voucher for a 1-night stay with breakfast at Taj Palace Hotels and 2 nights at any IHCL hotel.
iv.Lounge Access: Unlimited access to Domestic and International lounges.
v.Rewards: 8 NeuCoins per Rs 100 spent at IHCL Hotels and 4 NeuCoins at Ginger Hotels (IHCL Brand).
ECONOMY & BUSINESS
Ind-Ra Projected Indian Economy to Grow at 6.6% in FY26
In December 2024, India Ratings and Research (Ind-Ra) released its ‘FY2026 Macro Economic Outlook’. It projected the Indian economy to grow at 6.6% in the Financial Year 2025-26(FY26) from 6.4% in FY24.
- After a slowdown in the last three quarters, the economy is expected to recover in 3rd Quarter (Q3) of FY25, with growth impacted by the lasting effects of COVID-19 and a strong base effect until FY24.
i.Capital formation is forecasted to increase by 7.2% in FY26 as both the government and private sectors are expected to contribute towards the Gross Fixed Capital Formation (GFCF) growth in FY26.
ii.Retail inflation is projected to average 4.4% in FY26, down from the anticipated 4.9% in FY25. The decision on policy rate cuts will be guided by data from the FY26 Union Budget, inflation patterns, and changing economic conditions.
iii.Ind-Ra forecasts a merchandise trade deficit of USD 308 billion(Rs. 26,15,536 crore) in FY26, compared to USD 277.4 billion (Rs. 23,55,681 crore) in FY25 and USD 244.9 billion (Rs. 20,79,691 crore) in FY24.
AWARDS & RECOGNITIONS
Dr. Ravi Pillai Honored with Bahrain’s ‘Medal of Efficiency’ for Outstanding Contributions
In December 2024, Dr.Ravi Pillai, a prominent Indian businessman, founder and the chairman of Dubai based RP Groups of Company, was awarded Bahrain’s ‘Medal of Efficiency’(First Class) by the King of Bahrain, Hamad bin Isa Al Khalifa at a ceremony held in Dubai,United Arab Emirates (UAE). He was the 1st foreign national to receive this distinguished honor.
- He was awarded for his significant contributions in areas such as refinery operations, local community development and bolstering Bahrain’s global standing.
i.The Medal of Efficiency is Bahrain’s highest national award, recognizing individuals for their exceptional contributions to the country’s progress and development.
ii.Ravi Pillai was awarded the ‘Pravasi Bharatiya Samman Award(PBSA)’ by the Government of India (GoI) in 2008.
- In 2010, he was awarded ‘Padma Shri’ (India 4th highest civilian honour) for his distinguished service.
- In 2015, Arabian Business ranked him as the 4th most powerful Indian in the Middle East.
Indian Educationist Arun Kapur honored with Royal Honor by Bhutan
In December 2024, Renowned Indian educationist Arun Kapur, known for establishing schools across India, Bhutan and Oman has been honored with the ‘Bura Marp’ (red scarf) and ‘Patang’ (ceremonial sword) by Bhutan’s King Jigme Khesar Namgyel at the 117th Bhutanese National Day celebrations at Changlimithang stadium in Thimphu, Bhutan.
- This honor is rarely bestowed upon non-Bhutanese residents, and also grants Kapur the title of ‘Dasho’.
- He currently serves as the Director at The Druk Gyalpo’s Institute,Bhutan.
i.He was previously awarded the ‘Druk Thuksey’ in 2019 for establishing The Royal Academy School and in developing the Bhutan Baccalaureate educational system.
ii.He headed Vasant Valley School in New Delhi, Delhi for 29 years until April 2020.
APPOINTMENTS & RESIGNATIONS
J&K Bank Appoints Amitava Chatterjee as MD & CEO
Jammu and Kashmir (J&K) Bank Limited has appointed Amitava Chatterjee as its new Managing Director (MD) and Chief Executive Officer (CEO) for a period of three years effective from 30th December 2024.
- He will replace Baldev Prakash, whose term comes to an end on 29th December 2024.
About Amitava Chatterjee:
i.He is currently serving as the Deputy Managing Director (DMD) of the State Bank of India (SBI) and has previously held the position of MD & CEO at SBI Capital Markets Limited (SBICAPS).
ii.He has an extensive banking career of over 30 years, with experience in strategic roles across different regions.
iii.His extensive experience includes SBI’s operations as Chief General Manager (CGM), New Delhi circle, Delhi and Jaipur Circle, Rajasthan.
iv.He has managed high-profile clients such as Public Sector Undertakings (PSUs), Non-Banking Financial Companies (NBFCs), and Distribution Companies (DISCOMs).
About Jammu and Kashmir (J&K) Bank:
Managing Director (MD) and Chief Executive Officer (CEO) – Amitava Chatterjee
Headquarters – Srinagar, Jammu and Kashmir (J&K)
Established – 1938
Aisake Valu Eke Elected as PM of Tonga 
In December 2024, Aisake Valu Eke, former Secretary of the Ministry of Finance, was elected as the Prime Minister (PM) of Tonga. He replaced former PM Hu’akavameiliku Siaosi Sovaleni, who resigned on December 9 2024. He won the secret ballot of Parliament by 16- 8 votes by defeating the only other candidate, Viliame Latu (Trade Minister).
- The swearing-in ceremony is expected to be held on February 03 2025. He will hold office until Tonga’s next general election in November 2025.
About Aisake Valu Eke:
i.Aisake Valu Eke, a veteran politician, was 1st elected to the Legislative Assembly general election as a Member of Parliament (MP) for Tongatapu 5 in November 2010 .
- Tongatapu 5 was the only constituency on Tongatapu (Tonga’s main island) not won by the party.
- He was also re-elected in the seat of Tongatapu 5 in the 2021 election, but was defeated again.
iii.He served as Minister for Finance from 2014 to 2017.
iv.In 2008, he was awarded the “Order of Queen Sālote Tupou III” (a knighthood order of the Kingdom of Tonga) by the King of Tonga for his personal services to the sovereign.
About Tonga:
Tonga has won the bid to host the 2031 Pacific Games.
King – Tupou VI
Capital- Nuku’alofa
Currency- Tongan pa’anga (TOP)
Kristrun Mjoll Frostadottir appointed as new PM of Iceland
In December 2024, Halla Tómasdóttir, President of Iceland, appointed Kristrun Mjoll Frostadottir, the Leader of the Social Democratic Alliance (SDA) as the new Prime Minister (PM) of Iceland. She officially assumed office by replacing former PM Bjarni Benediktsson.
- She secured 20.8% of the vote and 15 seats in the Althing (Supreme National Parliament) of 2024 Icelandic Parliamentary Election.
- Kristrun Mjoll Frostadottir(36) became the youngest PM in Icelandic history.
Note: For the first time, in Iceland that the leaders of all the governing parties will be women, and the first time that the country will have a femalePM and a female president.
About Kristrun Frostadottir:
i.Kristrun Frostadottir, an Icelandic politician, economist, began her career as a journalist for the business newspaper ‘Viðskiptablaðið’ and worked as an economist in the analysis department of Arion Bank (Icelandic Bank).
ii.She first served as a Specialist for Morgan Stanley (American Multinational International Bank), in New York, United States of America (USA) and later in London, United Kingdom (UK).
iii.In 2017, she served as the main Economist for the Icelandic Chamber of Commerce and in 2018 she became the main economist for the Kvika bank (Kvika banki hf.) until 2021.
- She was a member of the Budget Committee between 2021 and 2024, with a brief period of time on the Economic Affairs and Trade Committee.
iv.In the 2021 parliamentary election, she was elected as a member of the Althing for the Reykjavík South constituency and at the 2024 snap election, she was elected to represent the Reykjavík North constituency.
v.In November 2024, her centre-left Social Democratic Alliance became the biggest party in a snap election and was agreed to form a coalition government with the centrist People’s Party and the left-leaning, pro-European Reform Party.
About Iceland:
President- Guðni Th. Jóhannesson
Prime Minister (PM)– Kristrun Mjoll Frostadottir
Capital- Reykjavík
Currency- Icelandic króna (ISK)
SCIENCE & TECHNOLOGY
INCOIS Unveils New SARAT Version for Improved Sea Rescue Operations
In December 2024, the Indian National Centre for Ocean Information Services (INCOIS), under the Ministry of Earth Sciences (MoES) developed a newer version of its own Search and Rescue Aid Tool (SARAT) to assist search and rescue operations in the seas to locate persons or vessels.
- Earth System Science Organization – Indian National Center for Ocean Information Services (ESSO-INCOIS) developed the Search and Rescue Aid Tool (SARAT) in 2016, based on the LEEWAY model, to support Search and Rescue (SAR) operations in the Indian Ocean region.
- SARAT enhances rescue efforts and is accessible online at SARAT Portal.
i.The tool locates the person or object with certainty using a model ensemble that accounts for uncertainties in the missing object’s initial location and last known time.
ii.The winds and currents mostly control the movement of the lost objects. The tool is based on model currents originated from a very high resolution Regional Ocean Modelling System(ROMS) run operationally on High Performance Computers at INCOIS.
iii.Based on shape and buoyancy, the user can choose from up to 60 different kinds of missing objects.
BluJ Aerospace Signs MoU with Blade India for 60 VTOL Aircraft
In December 2024, BluJ Aerospace Private Limited, Hyderabad(Telangana) based advanced air mobility (AAM) startup, signed Memorandum of Understanding (MoU) with Mumbai (Maharashtra)-based Blade India, a joint venture (JV) of Blade Air Mobility Inc. and Hunch Ventures, to deliver 60 Vertical Take-Off and Landing (VTOL) aircraft, including 50 BluJ REACH cargo aircraft and 10 BluJ HOP passenger aircraft.
- BIuJ REACH is expected to be ready for commercial rollout by 2026-27, while BIuJ HOP is expected to be ready by 2028-29.
i.The BluJ REACH, an unmanned Hydrogen-Electric Vertical Take-Off and Landing (H2eVTOL) aircraft designed for mid-mile logistics, offers a target range of up to 300 kilometers (km), a payload capacity of 100 kilograms (kg), and an uptime of 12-16 hours, enabling efficient same-day deliveries, particularly in underserved region.
ii.The BluJ HOP is a piloted Hydrogen-Electric Vertical Take-Off and Landing (H2eVTOL) aircraft designed to provide quiet, economical, and safe regional passenger travel.
iii.In September 2024, the Directorate General of Civil Aviation (DGCA), under the Ministry of Civil Aviation (MoCA), introduced a VTOL policy, with BluJ Aerospace Private Limited contributing as part of the DGCA’s working group for its development.
Google unveils 2 AI models “Gemini-Exp-1206 and Gemini 2.0 Flash”
Google has introduced 2 experimental upgrades to its Gemini Artificial Intelligence (AI) suite “Gemini-Exp-1206 and Gemini 2.0 Flash”. These models were designed to support and improve performance tasks such as coding challenges, mathematical problem-solving and creating detailed business plans.
- The new Gemini-Exp-1206 model enhances AI’s ability to handle complex queries, providing precise and actionable responses.
- The Gemini 2.0 Flash model further upgrades the user experience by unlocking advanced generative AI capabilities.
i.The new ‘Gemini 2.0 Flash’ is available as an experimental model to developers via the Gemini API in Google AI Studio and Vertex AI with multimodal input and text output for all developers, and text-to-speech and native image generation available to early-access partners
ii.Gemini 2.0 Flash will also be available on the Gemini mobile app at a later stage, offering wider access.
SPORTS
India to Host World Boxing Cup Final and World Boxing Congress in 2025
In December 2024, the Boxing Federation of India (BFI) headquartered in New Delhi, Delhi has announced that India will host the World Boxing Cup Final 2025 and the 3rd edition of World Boxing Congress in November 2025 in New Delhi.
- The 2025 World Boxing Cup series will begin in Brazil in March 2025, followed by events in Germany and Kazakhstan, culminating with the finale in New Delhi, India.
- These tournaments, which carry ranking points, will feature top-ranked boxers and winners from earlier stages.
i.The World Boxing Congress 2025 will bring together stakeholders, officials, and dignitaries from the global boxing community to discuss the issues related to the sports, organisation and other masters.
- The second World Boxing Congress was held on 3rd November 2024 in Colorado Springs, United States of America.
iv.World Boxing (WB), based in Switzerland and established in April 2023, now has 60 member nations.The BFI became a member of WB in March 2024.
OBITUARY
Former Indian PM & Padma Vibhushan Awardee Dr Manmohan Singh passed away
On December 26, 2024, Dr Manmohan Singh, former Indian Prime Minister(PM) and a key architect of India’s economic reforms passed away at the age of 92 in New Delhi (Delhi). He was born on 26 September 1932 in Gah, West Punjab(British India).
- Dr.Manmohan Singh served as India’s 13th PM from 2004 to 2014 (2 consecutive terms), becoming India’s 4th longest-serving PM. During his tenure as PM, he negotiated the landmark Indo-US Civil Nuclear Agreement, which ended decades of nuclear isolation for India.
- He has received the ‘Padma Vibhushan’ and ‘Indira Gandhi Prize for Peace, Disarmament and Development’ award for his exceptional contribution in the Indian Economy Reforms.
i.He served as ‘Chief Economic Advisor’ to the Government of India (GoI) from 1972 to 1976; Secretary, Department of Economic Affairs, Ministry of Finance(MoF) from November 1976 to April 1980; Member Secretary, Planning Commission from April 1980 to September 1982.
ii.He also served as the 15th Governor of the Reserve Bank of India(RBI) from 1982 to 1985 and also served as the Union Minister of Finance during the PV Narasimha Rao government in 1991 and played a crucial role in shaping India’s economic policy.
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Renowned Indian film-maker & Padma Awardee Shyam Benegal passed away
In December 2024, Renowned Indian film-maker & Padma Awardee Shyam Benegal passed away at the age of 90 in Mumbai, Maharashtra. He was born on 14 December 1934 in Secunderabad, Andhra Pradesh (AP) (now Telangana).
- Shyam Benegal won 18 National Awards and received the ‘Padma Shri’ and ‘Padma Bhushan’ awards for his contribution in the Indian film industry.
About Shyam Benegal:
i.Shyam Benegal began his career in 1959 as a copywriter at Lintas Advertising (now MullenLowe Lintas Group), Mumbai (Maharashtra) and became creative head, directing over 900 advertising films and documentaries.
- In 1962, his first documentary, ‘Gher Betha Ganga’ (Ganges at the Doorstep) made in Gujarati, marked his early foray into filmmaking.
ii.He became known for his work in new Indian cinema and parallel cinema, which focused on realism and social issues. His breakthrough came with Ankur (The seedling ,1974), addressing caste conflict in rural AP.
iii.In the 1980s, he created the landmark ‘Bharat Ek Khoj’ (1988), a 53-episode series based on Jawaharlal Nehru’s Discovery of India.
iv.His documentaries, such as The Making of the Mahatma (1996), earned him further acclaim.
v.His last project was the 2023 biographical film ‘Mujib: The Making of a Nation’ a biopic about Sheikh Mujibur Rahman, who led Bangladesh’s struggle against Pakistan.
Awards and Honors:
i.In 1976, he received the ‘Padma Shri’, India’s 4th highest civilian award, and ‘Padma Bhushan’, India’s 3rd highest civilian award, in 1991 for his distinguished service in the field of arts.
ii.In 2007, he received the ‘Dadasaheb Phalke Award’ , ‘Lifetime Achievement Award’ in 2015 from the All Lights India International Film Festival and ‘Shantaram Lifetime Achievement Award’ in 2018.
iii.He has won 18 National Awards, a Filmfare Award and a Nandi Award for various films and also received the National Film Award for ‘Best Feature Film’ in Hindi 7 times.
STATE NEWS
UP signs MoU with Japan for Economic and Cultural Cooperation
In December 2024, Uttar Pradesh Chief Minister (CM) Yogi Adityanath signed a Memorandums of Understanding (MoU) with Japan’s Yamanashi Prefecture in Lucknow, Uttar Pradesh (UP). The Japanese delegation was led by Yamanashi Governor Kotaro Nagasaki.
- The MoUs aim to improve economic and cultural cooperation between UP and Yamanashi, representing a growing partnership between the two nations.
Key Points:
i.Yogi Adityanath emphasized the close economic relations between Japan and India, two nations with large economies. The state government is keen to work with Japanese companies.
ii.Both countries have a special “Special Strategic and Global Partnership” that has been rooted in centuries of cultural and spiritual connections.
- These historical ties began in 752 AD when an Indian monk, Bodhisena, consecrated a tall Buddha statue at Todaiji Temple in Nara, Japan.
iii.Additionally, the Indian community has been expanding in Japan, particularly in IT and engineering professionals. The Nishikasai area in Tokyo is referred to as “mini-India,” as over 40,000 Indians are currently residing in Japan.
About Uttar Pradesh (UP):
Chief Minister (CM) – Yogi Adityanath
Governor – Anandiben Patel
Wildlife Sanctuaries – Sohagibarwa Wildlife Sanctuary,Saman Bird Sanctuary,Samaspur Bird Sanctuary,and Parvati Arga Bird Sanctuary
Gujarat CM Bhupendra Patel Launches AI Task Force to promote Technological Growth
In December 2024, Gujarat Chief Minister(CM) Bhupendra Patel announced the formation of the Artificial Intelligence (AI) Task Force to position the state as a leader in technology-driven governance and socio-economic growth during the 11th Chintan Shibir in Somnath(Gujarat).
- The AI Task Force, is set for a 1-year term with annual progress reviews, was led by the Principal Secretary of the Department of Science and Technology, Gujarat .
i.The group comprises 10 members, including Directors from Indian Institute of Technology (IIT), Gandhinagar (Gujarat) & IIT Vadodara (Gujarat) and senior experts from organizations such as the India AI Mission, National Informatics Centre (NIC) and the Centre for Development of Advanced Computing (C-DAC).
ii.The scope of work of the AI Taskforce will be strategic planning to build AI roadmap and its implementation in Gujarat, AI adoption in different government and non-government sectors, policy advocacy to make AI systems in Gujarat in line with India AI mission and national AI framework, collaborations with education experts, industry leaders, start-ups and international AI ecosystem.
iii.It will also include capacity building for AI literacy, resource mobilization and skill development, data security and to create technology infrastructure.
Note: Gujarat signed a Memorandum of Understanding (MoU) with Microsoft Corporation for AI excellence at Gujarat International Finance Tec-City (GIFT) City.
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