Current Affairs Quiz 21st and 22nd December 2024 Quiz

Exp. India Partners with France Museums Development to Establish Yuga Yugeen Bharat National Museum

The Ministry of Culture has partnered with France Museums Development (FMD) to develop the Yuga Yugeen Bharat National Museum as a world-class cultural institution.

This ambitious project is an integral part of the Central Vista Redevelopment Project and is set to span approximately 1,55,000 square meters across the iconic North and South Blocks in New Delhi.

The museum, envisioned as a celebration of India’s unbroken civilizational history, was first announced by the Prime Minister at the International Museum Expo in May 2023 and further highlighted during the inauguration of Bharat Mandapam in the following July.

As part of this agreement, India and France will collaborate on a comprehensive feasibility study, encompassing museum case studies, interpretive planning, and building programming.

This strategic partnership builds on years of cultural cooperation between the two nations. France’s renowned expertise in museum development, exemplified by the Grand Louvre, will play a pivotal role in shaping this project.

The Yuga Yugeen Bharat National Museum will redefine the museum experience, offering a platform that celebrates India’s heritage while embracing contemporary narratives. Through this collaboration, India and France continue to strengthen their cultural bonds, setting a benchmark for international partnerships in heritage.

Exp. India and ADB sign $42 million loan to help fortify Maharashtra’s coastline

The Centre and the Asian Development Bank (ADB) have signed a $42 million loan to provide coastal and riverbank protection to increase the resilience of local communities and natural ecosystems in the state of Maharashtra.

The project builds on ADB’s earlier investment by incorporating hybrid approaches to combat coastal erosion, such as offshore reefs, rock protection works, along with flexible nature-based solutions like beach and dune nourishment.

It also uses advanced technologies to predict climate change impacts, like sea-level rise and extreme weather and enhances the coastal management information system with remote sensing satellite imagery, improving shoreline management.

Recent Loan approved by ADB

• ADB approved a $500 million loan to support India’s economic growth by promoting environmentally sustainable infrastructure.
• ADB and India sign USD 788.8 million (over Rs 6,600 crore) for the development of Amaravati, Andhra Pradesh as a green and smart capital city
• World Bank approves $325 Million Project to Boost Agriculture in Uttar Pradesh
• World Bank approves $188 million loan to Maharashtra to stimulate growth in backward districts
• India and ADB sign $50 million loan for climate-resilient water security in Meghalaya
• India and ADB sign $98 million loan agreement to boost horticulture productivity

Exp. Salman Khan joins hands as Brand Ambassador to promote inaugural Kho Kho World Cup

The Kho Kho Federation of India (KKFI) has officially appointed Bollywood superstar Salman Khan as the brand ambassador for the inaugural Kho Kho World Cup, which will be held in New Delhi from January 13 to 19, 2025.

This event will see the participation of teams from 24 countries and is set to boost the global profile of Kho Kho.  The event will feature 21 men’s teams and 20 women’s teams, representing 24 countries.

The tournament aims to showcase the sport’s widespread appeal, with an exciting lineup of men’s and women’s teams competing for the first time on the world stage.

The Kho Kho World Cup will see 21 Men’s and 20 Women’s teams competing in the week-long tournament, seeing participation of 24 nations traveling for the tournament to India.

Presidentof KKFI – Sudhanshu Mittal

Exp. China astronauts script history with world’s longest spacewalk, break US record

China’s space programme achieved a milestone as two of its astronauts completed a nine-hour spacewalk.

The nine-hour extravehicular activity (EVA) by Shenzhou-19 crew members Cai Xuzhe and Song Lingdong surpassed a 22-year-old record held by the US.

The two astronauts aboard the Tiangong space station have set the new world record for the longest spacewalk, as reported by the South China Morning Post.

Cai and Song wrapped the nine-hour extravehicular activity, better known as a spacewalk.

According to NASA, the previous record of eight hours and 56 minutes was set by US astronauts James Voss and Susan Helms on March 12, 2001.

Both the astronauts were supported by crewmate Wang Haozhe, who remained inside the station. Tiangong’s robotic arms and ground control teams also contributed to the mission’s success.

Exp. NITI Aayog Releases Report on S.A.F.E. Accommodation

NITI Aayog released a report on “S.A.F.E. Accommodation – Worker Housing for manufacturing growth”.

The report explores the crucial role of Secure, Affordable, Flexible, and Efficient (S.A.F.E.) accommodations for industrial workers in boosting India’s manufacturing sector.  It identifies key challenges, offers actionable solutions, and highlights the pivotal interventions required to scale up such housing facilities across the country.

In the Union Budget 2024-25, the FM emphasized the importance of rental housing for industrial workers.  This initiative, to be executed under a Public-Private Partnership (PPP) model with Viability Gap Funding (VGF).

India is poised to elevate its manufacturing sector’s contribution to GDP from the current 17% to 25% as part of achieving Viksit Bharat by 2047. This goal is aligned with the country’s objectives of becoming a global manufacturing hub.

According to the Economic Survey 2023-24, India needs to generate 7.85 million jobs annually until 2030 to sustain its economic growth trajectory. This also requires a robust workforce strategy, including sufficient, proximate, and affordable housing for industrial workers.

Why S.A.F.E. Accommodation Matters?

• The S.A.F.E. accommodation initiative offers a comprehensive framework by aligning regulatory and financial frameworks. The report identifies several benefits of S.A.F.E.:
• Enhancing Workforce Productivity and Retention: Proximate and well-designed housing improves workers’ quality of life, reduces commute times, and enhances overall productivity.
• Attracting Global Investments: High-quality accommodations demonstrate India’s commitment to international standards, thereby making the country a preferred destination for manufacturing investments.
• Aligning with Global Labour Standards: Adherence to international labour standards enhances India’s reputation and competitiveness in the global market.

Challenges in Scaling Up Worker Accommodation

• Restrictive Zoning Laws: Residential developments are often prohibited in industrial zones, forcing workers to live far from their workplaces.
• Conservative Building Bye-Laws: Low Floor Area Ratios (FAR) and other inefficient land-use regulations limit the potential for high-capacity housing on available land.
• High Operating Costs: Hostel accommodations in industrial zones are classified as commercial establishments, leading to higher property taxes and utility rates. Financial Viability: High capital costs and low returns make large-scale worker accommodation projects unattractive to private developers.

Proposed Solutions by Regulatory Recommendations

• Reclassify Worker Accommodations: Designate S.A.F.E. accommodations as a distinct category of residential housing to ensure:

Residential property tax, electricity, and water tariffs apply.

GST exemptions for accommodations meeting specified criteria (e.g., ₹20,000 per person per month for a continuous stay of 90 days).

• Streamline Environmental Clearances: Include S.A.F.E. accommodations under the exemptions provided for industrial sheds, schools, colleges, and hostels in the draft notification issued by the Ministry of Environment, Forest, and Climate Change (MoEF&CC).
• Promote Gender-Inclusive Policies: Encourage the development of accommodations suitable for workers, addressing their specific safety and welfare needs.
• Flexible Zoning Laws: Amend zoning regulations to allow mixed-use developments near industrial hubs, facilitating worker housing close to workplaces.

Proposed Solutions: Financial Recommendations

• To overcome financial barriers, the report suggests:
• Viability Gap Funding (VGF):

Provide up to 30%-40% of project costs (excluding land) through VGF support. This includes 20% from the Department of Economic Affairs (DEA) and 10% from the sponsoring nodal ministry, with additional contributions from state governments.

Amend Annexure 3 of the VGF scheme to include affordable rental housing as an eligible sector.

• Competitive Bidding: Implement transparent bidding processes to determine VGF support, ensuring efficiency and cost-effectiveness.
• Retrofitting Existing Facilities: Leverage VGF to upgrade brownfield worker accommodations, enhancing their safety, capacity, and utility.

Exp. MoD inks Rs 7,629 crore contract with L&T for K9 VAJRA-T Self-Propelled Tracked Artillery Guns for Indian Army

The Ministry of Defence (MoD) has signed a Rs 7,628.70 crore contract with Larsen & Toubro Limited (L&T) for the procurement of additional 155 mm/52 calibre K9 Vajra-T self-propelled tracked artillery guns for the Indian Army.

The procurement falls under the “Buy (Indian) category”, providing a further boost to the Centre’s “Aatmanirbhar Bharat” (self-reliant India) initiative.

The procurement of the latest batch of K9 Vajra-T guns will “catalyse artillery modernisation” and “enhance the Indian Army’s overall operational readiness”. The guns will be manufactured under licence from South Korean defence major Hanwha Defense, extending an initial contract for 100 guns that has already been completed.

Exp. M2P Fintech Collaborates with SBI to Revolutionise Prepaid Payment Solutions

M2P Fintech has joined hands with the State Bank of India (SBI) to deliver seamless and secure payment experiences.

This collaboration aims to introduce innovative and user-friendly solutions, positioning prepaid payment systems as smarter, more efficient alternatives in the financial landscape.

The partnership focuses on leveraging M2P Fintech’s advanced technology platform, renowned for its agility and scalability, combined with SBI’s vast network and customer base. Together, they seek to address the evolving needs of digital payment users, ensuring convenience, security, and reliability.

Under this alliance, M2P Fintech will enable SBI to strengthen its prepaid offerings with advanced features such as real-time tracking, instant card issuance, and enhanced fraud prevention mechanisms. These features are designed to cater to diverse use cases, including corporate disbursements, travel cards, and gift cards, providing unmatched flexibility to businesses and consumers alike.

Exp. 20 December – International Human Solidarity Day

International Human Solidarity Day is celebrated annually on December 20 to promote the spirit of unity and cooperation among individuals, communities, and nations.

Theme 2024 – Promote togetherness and collaboration

Established by the United Nations in 2005, this day emphasises the interconnectedness of humanity and the collective responsibility we share in promoting social justice and equality.

Exp.  19 December – Goa Liberation Day

Goa Liberation Day is celebrated annually on December 19 to mark the liberation of Goa from Portuguese rule in 1961.

It commemorates the successful military operation, Operation Vijay, which ended 451 years of Portuguese colonial rule in Goa.

This day is a tribute to the Indian Armed Forces and freedom fighters who played a crucial role in integrating Goa into the Indian Union.

The Portuguese colonised several parts of India in 1510 but by the end of the 19th century Portuguese colonies in India were limited to Goa, Daman, Diu, Dadra, Nagar Haveli and Anjediva Island. The Goa liberation movement, which sought to end Portuguese colonial rule in Goa, started off with small-scale revolts.

Exp. RBI imposes fine on Manappuram Finance, IndusInd Bank over non-compliance

The Reserve Bank of India (RBI) has imposed penalties on IndusInd Bank and Manappuram Finance amounting to Rs 27.3 lakh and Rs 20 lakh, respectively, for non-compliance with norms.

The statutory inspection of the companies was conducted by the RBI with reference to their financial position as of March 31, 2023.

The penalty on Manappuram Finance was imposed for failing to undertake customer PAN verification at the time of customer acceptance and for allotting multiple identification codes to some customers instead of a Unique Customer Identification Code (UCIC) for each customer.

A penalty of Rs 27.30 lakh has been imposed on IndusInd Bank for non-compliance with certain provisions of norms related to ‘interest rate on deposits.

The RBI had conducted a statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2023, and had issued a notice to the private sector lender.

Exp. Shriram Finance launches Green Finance Vertical

Shriram Finance Limited, a financial services company, has launched a new vertical to manage all its commitments to green financing.

The newly-launched Shriram Green Finance plans to build on the group’s existing portfolio of green financing, mostly focused on electric vehicles (EVs) and explore opportunities beyond this segment.

In particular, Shriram Green Finance would focus on financing electric vehicles (EV), battery charging stations, renewable energy and energy efficient machinery.

Shriram Finance is targeting assets under management (AUM) of Rs 5,000 crore ($588 million) over the next three to four years under the portfolio. It also plans to raise funds from domestic and international sources, focusing on green investments.

At the initial stage, Shriram Green Finance will focus on building its EV portfolio in Karnataka, Kerala, Delhi NCR and Maharashtra. The company is actively engaging with original equipment manufacturers (OEMs) to establish long-term partnerships.

Exp. CBIC chairman launches four new initiatives to enhance taxpayer services

Sanjay Kumar Agarwal, Chairperson, Central Board of Indirect Taxes and Customs (CBIC), in presence of all Board Members, launched a series of initiatives that aim to improve taxpayer experience and enhance transparency.

1. Revised Citizen’s Charter: A Commitment to Better Service Standards-

• The CBIC has introduced a revised Citizen’s Charter, which provides updated timelines and service standards for key taxpayer services.
• Covering areas such as Drawback, Import & Export of Air Cargo, and innovative platforms like CPGRAMS (Centralized Public Grievance Redress and Monitoring System), the new Charter ensures transparency and accountability in service delivery.

2. 2. Ease of Doing Business’ tab for giving suggestions –

• A new platform has been launched to enable taxpayers to directly contribute to the ease of doing business (EoDB).
• This initiative, born out of insights from Chintan Shivir 2023, allows individuals and businesses to share suggestions for improving tax procedures and policies.

3.Revamped Citizen’s Corner: Knowledge at Your Fingertips-

• The Citizen’s Corner online portal has been significantly enhanced to serve as a one-stop hub for tax-related information.
• Designed to empower taxpayers with knowledge, the Citizen’s Corner simplifies self-compliance and encourages voluntary adherence to tax regulations.

4. CBIC Archives: A Digital Window to India’s Tax History –

• Highlighting its storied legacy, the CBIC has launched a digital archive showcasing the historical evolution of indirect taxes in India. This user-friendly platform now features six (06) interactive menu tiles with approximately 82 submenus, offering taxpayers access to videos, webinars, and the latest updates on various tax-related topics.

These initiatives underscore the CBIC’s commitment to taxpayer-centric governance and digital transformation.

The initiatives are spearheaded by the Directorate General of Taxpayer Services (DGTS) as part of the Government’s ongoing efforts to streamline tax administration and foster a conducive business environment.

Exp. Former Haryana CM, INLD chief Om Prakash Chautala dies

Five-time Haryana Chief Minister and veteran Indian National Lok Dal (INLD) leader Om Prakash Chautala died at the age of 89.

Born in Sirsa on January 1, 1935, Chautala first became the Haryana chief minister in 1989 and remained at the post for six months. Two months later, he again took oath as chief minister, but had to resign with five days. His third term came in 1991, but was cut short when President’s rule was imposed in the state within two weeks. He went on to serve two consecutive terms between 1999 and 2005.

In 2013, Chautala and his son Ajay Singh Chautala were sentenced to 10 years in prison after being found guilty of corruption in a teacher recruitment scam. They were held guilty of illegally recruiting 3,206 teachers in the state in 2000.