Current Affairs Today 25th December 2024 Daily GK Update

Daily Current Affairs 25th December 2024 Daily GK Update

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 National News

Adani to acquire 85.8% stake in Air Works for Rs 400 cr enterprise value

• Adani Group will acquire aviation maintenance, repair, and overhaul (MRO) services firm Air Works for an enterprise value of Rs 400 crore.
• Adani Defence Systems & Technologies Ltd (ADSTL) has signed a share purchase agreement to acquire 85.8 percent shareholding in Air Works, India’s largest private sector MRO company with the largest pan-India footprint.
• With operations spanning 35 cities and a workforce of over 1,300 personnel, Air Works brings extensive expertise in servicing both fixed-wing and rotary-wing aircraft.

India Ranks 49th in Network Readiness Index (NRI) 2024

• India has risen to 49th place in the 2024 Network Readiness Index (NRI), climbing 11 positions from the previous year.
• This ranking is published by the Portulans Institute in Washington DC and evaluates how effectively countries utilize technology for governance and citizen engagement.
• India’s score improved from 49.93 in 2023 to 53.63 in 2024, reflecting the nation’s commitment to enhancing its digital landscape. The increase in rank from 60th to 49th demonstrates substantial progress in technology adoption.

TIL to invest ₹20,000 crore to develop Vadhvan Port

• Terminal Investment Ltd Sarl (TIL) has signed an MoU with the Jawaharlal Nehru Port Authority (JNPA), proposing to invest Rs 20,000 crore for constructing the Vadhvan Port Project.
• TIL, headquartered in Geneva, invests in, develops, and manages container terminals across the globe.
• It is active in 31 countries across five continents. Put together, 70 container terminals, in which the company owns a stake, handled about 65 million twenty-foot equivalent units (TEUs) in 2023.
• TIL’s majority owner and the main customer is the Mediterranean Shipping Company (MSC), the world’s largest shipping line.

Banking and Financial

Government of India and Asian Development Bank sign $500 million loan to support sustainable infrastructure projects

• The Government of India and the Asian Development Bank (ADB) signed a $500 million loan to support green and sustainable infrastructure projects aligned with the country’s climate commitments.
• The ADB loan, with a sovereign guarantee, will be extended to the India Infrastructure Finance Company Limited (IIFCL).
• The project will build the institutional capacity of IIFCL to integrate green and best practices into the infrastructure projects.
• A sustainability unit and an environmental sustainability framework and scoring method to assess the sustainability rating of the projects will also be established.

Recent Loan approved by ADB

• India signs $350 million loan agreement with ADB to expand manufacturing sector
• India and ADB sign $42 million loan to help fortify Maharashtra’s coastline
• 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
• 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

Aditya Birla Capital Becomes First to Integrate Financial Services on ONDC

• Aditya Birla Capital is the first financial services company to integrate lending, insurance, and investments on the Open Network for Digital Commerce (ONDC).
• ONDC is a government initiative to create an open and interoperable e-commerce network. It allows buyers and sellers to transact across platforms, supporting inclusivity and competition in digital commerce.
• By offering all three services, Aditya Birla Capital provides easier access to financial products. As a Wave-1 participant, the company has contributed to building the financial services ecosystem on ONDC. Wave-1 participants are early adopters who help develop the infrastructure for others to join.
• Aditya Birla Capital’s personal loans, health insurance, and mutual fund services are available on the ONDC platform through multiple buyer apps, enabling users to access these financial products without downloading extra applications.
• CEO of Aditya Birla Capital – Vishakha Mulye
• CEO of ONDC – T. Koshy

UPI QR transactions jump 33% at retail stores in Bharat this year: Report

• UPI transactions at retail stores have increased by 33 percent in semi-urban and rural areas this year, reflecting the growing adoption of digital payments, according to a report.
• Moreover, insurance policy purchases and premium collections saw a 127 percent increase in transaction volume and, a 96 per cent growth in new customer adoption during the year, the report by branchless banking and digital network PayNearby.
• The report is based on an analysis of real transaction data derived from over 10,00,000 small retailers (kirana stores, mobile recharge stores etc) offering financial and digital services spread across India in rural and semi-urban regions.
• The findings compare business data from January to November 2024 with the same period in 2023.
• The report, Retail-O-Nomics, stated that there has been an impressive 297 per cent volume rise across credit products, including business loans, gold loans, personal loans, and revolving credit in rural and semi-urban areas.

Claims ratio of non-life insurers dips to 82.52% in FY24: IRDAI report

• Net incurred claims to net earned premium (claims ratio) of non-life insurance industry stood at 82.52 percent during 2023-24 as against 82.95 percent in the preceding fiscal year, as per the IRDAI’s annual report.
• According to the Annual Report 2023-24 of the Insurance Regulatory and Development Authority of India (Irdai), during 2023-24, the non-life insurance industry underwrote a total direct premium of Rs 2.90 lakh crore in India registering a growth of 12.76 per cent from previous year.
• The contribution of public sector general insurers increased 8.88 per cent from Rs 82,891 crore in 2022-23 to Rs 90,252 crore in 2023-24.
• Private sector insurers, including standalone health insurers, have underwritten Rs 1.88 lakh crore as against Rs 1.58 lakh crore in 2022-23.
• The aggregate profit of the non-life insurance sector was Rs 10,119 crore as against a net loss of Rs 2,566 crore in 2022-23.
• During 2023-24, the aggregate net incurred claims saw a 15.39 per cent increase to Rs 1.72 lakh crore from Rs 1.49 lakh crore. The incurred claims ratio for public sector insurers was 97.23 per cent for 2023-24 as against the previous year’s incurred claims ratio of 99.02 per cent.
• The incurred claims ratio for private sector general insurers, standalone health insurers and specialised insurers were at 76.49 per cent, 63.63 per cent, and 66.58 per cent, respectively, for 2023-24 as compared to the previous year’s ratio of 75.13 per cent, 61.44 per cent and 73.71 per cent, respectively.
• The report also said that the life insurance industry paid total benefits of Rs 5.77 lakh crore in 2023-24, constituting 70.22 per cent of the net premium.
• During 2023-24, a total of 18 life insurance companies reported profits. Profits of the life insurance industry grew 10.79 per cent in 2023-24 with profit after tax (PAT) of Rs 47,407 crore as against Rs 42,788 crore in 2022-23.

Appointment

Former SC Judge V. Ramasubramanian appointed NHRC chairman

• President of India has appointed retired Supreme Court Justice V. Ramasubramanian as the Chairperson of National Human Rights Commission. The post of NHRC chief was lying vacant since June this year.
• President also appointed Priyank Kanoongo and retired Justice Bidyut Ranjan Sarangi as the Members of the NHRC-India.
• A high-power committee led by Prime Minister Narendra Modi met on December 18 to select the next chairperson of NHRC. Both Leaders of the Opposition (LoPs), Mallikarjun Kharge in the Rajya Sabha and Rahul Gandhi in the Lok Sabha also attended the meeting.
• A well-known scholar in Tamil and a master of the art of writing judgments, Justice Ramasubramanian was born on June 30, 1958, and obtained his bachelor’s degree in science from Vivekananda College in Chennai before graduating in law from the Madras Law College and enrolling as a member of the Bar on February 16, 1983.

Recent Appointment

• Country Manager and Vice President for Google India – Preeti Lobana (replace Sanjay Gupta)
• Fielding coach of Mumbai Indians – Carl Hopkinson (replace James Pamment)
• Speaker of 6th Jharkhand Legislative Assembly – Rabindra Mahto
• Speaker of 15th Maharashtra Legislative Assembly – Rahul Narwekar of BJP
• Acting Secreatry of BCCI – Devajit Saikia (replace Jay Shah)

Trump appoints Indian American Krishnan as senior policy advisor on AI

• US President-elect Donald Trump named Indian American entrepreneur, venture capitalist and author Sriram Krishnan as Senior White House Policy Advisor on Artificial Intelligence.
• Krishnan, who has previously led product teams at Microsoft, Twitter, Yahoo!, Facebook and Snap, will work along with David O. Sacks who will be the White House AI & Crypto Czar.
• Working closely with David Sacks, Sriram will focus on ensuring continued American leadership in AI and help shape and coordinate AI policy across government, including working with the President’s Council of Advisors on Science and Technology. Sriram started his career at Microsoft as a founding member of Windows Azure.

Tonga elects ’Aisake Valu Eke’ as new Prime Minister

• The Pacific Island nation of Tonga has elected veteran politician Aisake Valu Eke as its new Prime Minister.
• Aisake Valu Eke will succeed the former Prime Minister Siaosi Sovaleni who resigned two weeks ago after a no-confidence motion was moved against him in the Parliament.
• Aisake Valu Eke will be formally sworn in as the new Prime Minister of the country in February 2025 and is expected to lead the country into the next general elections scheduled for November 2025.

Newly Appointed Prime Minister & President

• PM of France – Francois Bayrou
• President of Georgia – Mikheil Kavelashvili
• Interim Prime Minister of Syria – Mohammad al-Bashir
• President of Ghana- John Dramani Mahama
• PM of Burkina Faso – Rimtalba Jean Emmanuel Ouedraogo

Awards

SAIL wins 8 national awards for communication excellence

• The Public Relations Society of India (PRSI) has conferred eight national awards on Steel Authority of India Limited (SAIL).
• These PRSI National Awards 2024 were given away at the 46th All India Public Relations Conference held at Raipur.
• SAIL has been recognised in various categories viz. E-Newsletter for SAIL Track, Corporate Film (English), Best Communication Campaigns (Internal Publics) for SAIL Gaurav Diwas celebration, House Journal (English) for SAIL News, Best PR Programme for Promoting Science & Technology for steel plant technologies, Best Use of social media in a Corporate Campaign for promoting green steel, corporate website.
• This recognition is a testimony to SAIL’s dedication to excellence in communication. All employees of SAIL have appreciated this achievement.
• Chairman of SAIL- Amarendu Prakash

Important day

25 December – Good Governance Day

• Good Governance Day is observed on 25th December each year in India to honor the birth anniversary of Atal Bihari Vajpayee, former Prime Minister of India. This year marks Vajpayee’s 100th birth anniversary.
• The day aims to promote transparency, accountability, and effective governance at all levels of government, emphasizing the importance of public service and citizen welfare. It focuses on improving government processes and encouraging digital governance to enhance the delivery of services to citizens.
• Atal Bihari Vajpayee was born on December 25, 1924, in Gwalior, Madhya Pradesh. He served as India’s Prime Minister on three occasions: first in 1996 for 13 days, then from 1998 to 1999 for 13 months, and finally from 1999 to 2004 for a full term. Vajpayee, a celebrated poet and writer, was the first leader from the Bharatiya Janata Party (BJP) to become Prime Minister.
• In 2014, the government led by PM Narendra Modi declared Vajpayee’s birthday as Good Governance Day. Vajpayee’s tenure saw several initiatives aimed at fostering good governance, including the Kisan Credit Card, Pradhan Mantri Gram Sadak Yojana, Sarva Shiksha Abhiyan, and the National Rural Health Programme. In 2015, he was awarded the Bharat Ratna, India’s highest civilian honor.

Obituary

Doyen of Parallel Cinema filmmaker Shyam Benegal passes away

• Doyen of Indian Parallel Cinema, Shyam Benegal passed away at the age of 90 years.
• Shyam Bengal is considered one of the leading lights of the parallel cinema movement in India along with Satyajit Ray, Rtiwik Ghatak, and Govind Nihalini with films like ‘Ankur’, and ‘Manthan’.
• He was honoured with India’s highest film award DadaSaheb Phalke Award in 2005. He also received 18 National Film Awards
• He was honoured with India’s third-highest civilian award Padma Bhushan in 1991.
• He was honoured with India’s fourth highest civilian award Padma Shri in 1976.
• He was also a member of the jury at the 31st Moscow International Film Festival in 2009.

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