Current Affairs Today 31st December 2024 Daily GK Update

Daily Current Affairs 31st December 2024 Daily GK Update

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 National News

India-Australia Economic Cooperation and Trade Agreement marks two years of success

• The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) completes two years of remarkable success, driving mutual growth and showcasing the complementarity of both economies.
• The Ind-Aus ECTA has significantly advanced trade ties, creating new opportunities for MSMEs, businesses and employment in both nations,vwhile reinforcing the foundation of their economic partnership.
• Entering its third year, the Government of India is dedicated to sustaining this momentum through strengthened collaboration and innovative initiatives to drive mutual prosperity to realize the vision 2047 of Hon’ble Prime Minister to make India a developed country.
• Since its signing, bilateral merchandise trade has more than doubled, surging from USD 12.2 billion in 2020-21 to USD 26 billion in 2022-23. Total trade, however, moderated in the year 2023-24 to USD 24 billion in 2023-24, with India’s exports to Australia growing by 14%. The current fiscal year continues to reflect strong momentum.
• Building upon this success, the India-Australia Comprehensive Economic Cooperation Agreement (CECA) is now in progress with 10 formal rounds and inter-sessional discussions held so far. CECA builds on the foundation laid by the ECTA, advancing the bilateral trade agenda with even greater ambition.

Haryana cabinet approves 25% raise in Death-cum-Retirement gratuity limit

• The Haryana government has decided to increase the maximum limit of Death-cum-Retirement Gratuity for state government employees by 25 percent.
• This enhancement will take effect from January 1, 2025, raising the gratuity from Rs 20 lakh to Rs 25 lakh.
• The Cabinet also approved a 25 percent increase in the maximum limit of Death-cum-Retirement Gratuity for Judicial officers of the state government.
• These decisions are aimed at providing enhanced financial security to the state government employees and their families as well as the Judicial officers.

About Haryana

• Capital – Chandigarh
• Chief Minister – Nayab Singh Saini
• Governor – Bandaru Dattatreya
• Legislative Assembly Seats- 90

Pakistan Atomic Energy Commission gets licence for largest nuclear plant

• Pakistan is set to construct its largest nuclear plant for electricity generation after the country’s atomic energy regulatory agency issued the licence for it.
• The Pakistan Nuclear Regulatory Authority (PNRA) issued the licence to build Chashma Nuclear Power Plant Unit 5 (C-5), the largest plant producing electricity through nuclear power with a capacity of 1200 MWe.
• C-5 is an advanced third-generation Pressurised Water Reactor of Chinese Hualong design, having active and passive safety features, including a double-shell containment and reactor-filtered venting system. It has a lifespan of 60 years.
• This is the third nuclear power plant in Pakistan with this design. Two other plants, Karachi Nuclear Power Plants units 2 and 3, are already operating successfully and adding electricity to the national grid.
• The C-5 has already been approved by the executive committee of the National Economic Council and it will be built at a cost of USD 3.7 billion.
• Pakistan’s installed nuclear energy capacity is about 3,530 MW, contributing about 27 per cent of the total electricity generation in the national grid.

17-year-old Mumbai teen conquers seven highest peaks on seven continents

• Kaamya Karthikeyan, a Class 12 student from Navy Children’s School, Mumbai, has achieved the sensational feat of becoming the youngest female to scale the highest peaks on all seven continents.
• At just 17 years old, Kaamya completed the Seven Summits Challenge by climbing Mt Vinson in Antarctica on December 24, 2024, alongside her father, Commander S Karthikeyan.
• Her journey included summiting Africa’s Mt Kilimanjaro, Europe’s Mt Elbrus, Australia’s Mt Kosciuszko, South America’s Mt Aconcagua, North America’s Mt Denali, Asia’s Mt Everest, and finally Mt Vinson in Antarctica.
• Kaamya had previously climbed Mt Everest at the age of 16, showcasing her passion for adventure.

Banking and Financial

Indian economy to grow at 6.5-6.8% in FY25 on high consumption: Deloitte

• Indian economy is likely to grow at 6.5-6.8 percent this fiscal and slightly higher between 6.7-7.3 percent in FY2026, boosted by domestic consumption, Deloitte said.
• Deloitte India Economist Rumki Majumdar said the growth in the first half of the fiscal year 2025 turned out to be slower than estimated as election uncertainties followed by disruptions in activity, due to heavy rainfall and geopolitical events weighed on domestic demand and exports.
• However, India continues to show resilience in certain pockets that are worth noting — be it in consumption trends, services growth, the rising share of high-value manufacturing in exports, or the capital market.

Updated GDP List

• Deloitte – 6.5% – 6.8% (FY24), 6.7% – 7.3% (FY26)
• India Ratings – 6.4% (FY24), 6.6% (FY26)
• ADB – 6.5% (FY24), 7%(FY25)
• S&P – 6.8% (FY25), 6.9% (FY26)
• RBI –6.6% (FY24)
• Morgan Stanley – 6.3% (FY25)
• Moody Ratings – 2% (CY24)
• IMF – 7% (FY25), 6.5% (FY26)
• World Bank – 7% (FY25)

Doha Insurance Group Secures Approval to Establish Reinsurance Branch in India

• Doha Insurance Group (DIG), a leading provider of insurance and reinsurance solutions in the Middle East and North Africa (MENA) region, has announced plans to expand in India by opening a reinsurance branch.
• The insurer has received approval from the Qatar Central Bank to establish the branch within Gujarat International Financial Tec-City (GIFT City). The new branch will operate under the “Gift City” international insurance office category.
• This strategic move is part of DIG’s broader growth plan, building on the success of its regional centers, which have significantly contributed to enhancing the group’s revenues and strengthening its insurance portfolio.

Appointment

Vitul Kumar Appointed As New Director General of CRPF

• Senior IPS officer Vitul Kumar has been appointed as Director General of the Central Reserve Police Force (CRPF).
• He replaced Anish Dayal Singh.
• Kumar, a 1993 batch IPS officer of the Uttar Pradesh cadre, is currently serving as Special Director General of the CRPF.
• Kumar’s service has been recognized with several honours, including the President’s Police Medal (PPM) awarded on January 26, 2021, and the Police Medal (PM) on August 15, 2009.
• He has also received the Director General’s Commendation Disc in Silver on January 26, 2016, and in Gold on January 26, 2018.

Recent Appointment in Defence Sector

• DG of Medical Services (Navy) – Surgeon Vice Admiral Kavita Sahai
• Director General of Indian Coast Guard – Paramesh Sivamani (26th)
• Vice Chief of Air Staff – Air Marshal SP Dharkar (replace AP Singh)
• First woman DG of Armed Forces Medical Services – Arti Sarin
• Chief of Indian Air Force – Amar Preet Singh (replace V.R. Chaudhari)
• DG of Sashastra Seema Bal (SSB) -Amrit Mohan Prasad

Rajat Verma appointed as CEO of DBS Bank India

• Singapore’s DBS Group has appointed Rajat Verma as Chief Executive Officer of DBS Bank India to succeed Surojit Shome.
• Verma had been nominated, pending approval from the Reserve Bank of India that is needed for all appointments of bank CEOs.
• Verma, current head of institutional banking group at DBS Bank India, had been appointed, effective from March 1, in line with RBI approval.
• In his new role, he will be part of DBS’ group management committee, DBS, Southeast Asia’s biggest bank.

About Development Bank of Singapore (DBS) Bank

• Founded – 1968
• Headquarters – Singapore
• Chairman – Peter Seah
• CEO – Piyush Gupta
• DBS Bank India’ CEO- Rajat Verma (replace Surojit Shome)
• CEO – Tan Su Shan (effect from March 2025)

Awards

SAIL certified as Great Place to Work for the second time

• Steel Authority of India Limited (SAIL) has earned the prestigious ‘Great Place to Work’ certification for January 2025 to January 2026, awarded by the Great Place to Work Institute, India.
• This marks the second consecutive certification for SAIL, having first been certified for December 2023 to December 2024.
• This consecutive global recognition highlights the company’s innovative HR initiatives including the Work Other than Workplace (WoW) scheme, flexible timings for city-based employees, self-paced learning through LinkedIn Learning Hub and E-Pathshala, high-end IT and digital training with NASSCOM, Leadership Development programs in collaboration with IIMs and ASCI, e-counseling under the Employee Assistance Programs, enhancement of healthcare services and Leadership Coaching for senior executives.
• These initiatives aim to boost productivity, prepare employees for future technological advancements and fully utilize their potential.
• The Great Place to Work Institute is a global organization that recognizes employers creating outstanding employee experiences through a rigorous evaluation process. SAIL secured the certification following a comprehensive survey conducted by the Institute, based on direct feedback from employees at SAIL.

Defence

MoD inks Rs 1,990 cr deal with Mazagon Dock Shipbuilders for plug for DRDO-made AIP system

• The Ministry of Defence (MoD) has signed a contract with Mazagon Dock Shipbuilders Limited (MDL) in Mumbai for air independent propulsion (AIP) plugs worth nearly Rs 1,990 crore.
• The plugs will integrate the Defence Research and Development Organisation (DRDO)-developed AIP system into the Kalvari-class submarines.
• An AIP is fitted onto conventional submarines with an AIP plug to allow the submarines to stay underwater longer without having to come up to the ocean surface for air, hence reducing the chances of detection by the enemy. AIP acts as a ‘force multiplier’ of a diesel-electric submarine.
• The AIP technology is being indigenously developed by DRDO.

Sports 

World Boxing forms new Asian body; Lovlina in Athletes’ Commission, Ajay Singh named board member

• Tokyo Olympic medallist Lovlina Borgohain has been included in the Athletes’ Commission while six Boxing Federation of India (BFI) officials, including s
• India will play a pivotal role in shaping the future of Asian boxing within this new structure, with the BFI holding seven key positions, including Singh, who has been appointed as a board member.
• Borgohain will represent the athletes’ voices in Asian and global boxing. Key BFI officials, including Secretary General Hemanta Kumar Kalita and Treasurer Digvijay Singh, will hold positions on the Olympic Commission and Finance and Audit Committee respectively.
• Borgohain, one of three members of the Athletes’ Commission, emphasised the importance of the platform to advocate for better infrastructure, fair opportunities, and support systems for athletes across Asia.
• BFI officials Narender Kumar Nirwan and D P Bhatt will serve on the Constitution and Sports & Competition Commissions, respectively, while Dr. Karanjeet Singh will join the Medical Commission.

Kerala clinches Senior National Men’s Handball Championship title

• Kerala defeated Chandigarh 34-31 to clinch their maiden Senior National Men’s Handball Championship title.
• Kerala had earlier entered the summit clash for the first time, edging out Services 23-21 in the semi-finals, while Chandigarh earned their spot by defeating Indian Railways 32-30.
• Kerala’s Devendar was adjudged the ‘Best Player of the Championship’, while Rahul got the award for the ‘Best Goalkeeper’.

Obituary

Former US President Jimmy Carter Dies At 10

• Jimmy Carter, the 100-year-old former US president and Nobel peace laureate who rose from humble beginnings in rural Georgia to lead the nation from 1977 to 1981, has died.
• He founded the Carter Center in 1982 to pursue his vision of world diplomacy, and he was the recipient of the 2002 Nobel Peace Prize for his tireless efforts to promote social and economic justice.

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