Daily Current Affairs December 14 & 15

Dear Champions, as you all know that a lot of competitive exams have been notified consequently. Candidates have to prepare themselves according to the level of competition and expectation of the Recruitment board. Regarding that one of the most important topic is Daily Current Affairs December 14 & 15. Current Affairs in the form of contemporary events of national & international play a crucial role in almost every competitive exams like Banking, Insurance, SSC, UPSC, TNPSC, Railway etc.

Current affairs are the most dynamic yet scoring among all sections and need to be prepared from the right source. Here, we cafunsta team, providing Daily GK Updates, Current Affairs Questions, and Monthly current affairs pdf.

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December 14 & 15 | Daily Current Affairs 2024

Important Days – Daily Current Affairs December 14 & 15

1. Which organization is responsible for organizing National Energy Conservation Day in India?
A) Ministry of Environment, Forest and Climate Change
B) Bureau of Energy Efficiency (BEE)
C) NITI Aayog
D) Energy and Resources Institute (TERI)
E) Central Electricity Authority (CEA)
Answer: B) Bureau of Energy Efficiency (BEE)

Event and Observance:

  • Event: National Energy Conservation Day, observed annually on December 14.
  • Organized By: Bureau of Energy Efficiency (BEE), under the Ministry of Power.
  • Objective: Encourage the adoption of energy-efficient practices to ensure sustainable resource use and reduce environmental degradation.

Background and Significance:

  • Initiated: In 1991 by the Bureau of Energy Efficiency.
  • Purpose:
    • Promote energy-conscious behavior and efficient technologies.
    • Highlight the collective responsibility to conserve resources for future generations.
    • Reduce unnecessary energy usage and minimize environmental impact.

Key Initiatives and Achievements:

  1. Perform, Achieve, and Trade (PAT) Scheme:
    • Target: Reduce energy consumption in energy-intensive industries.
    • Achievements:
      • Annual energy savings worth ₹55,000 crore.
      • Avoided 110 million tons of CO2 emissions.
  2. Standard and Labelling (S&L) Programme:
    • Purpose: Provide consumers with energy and cost-saving information for appliances.
    • Achievements:
      • 38 appliances covered, including 16 under mandatory regulation.
  3. Unnat Jyoti by Affordable LEDs for All (UJALA):
    • Focus: Replace inefficient lighting with energy-efficient LED alternatives.
    • Achievements:
      • 36.87 crore LED bulbs distributed.
      • Annual energy savings of 176.2 billion kWh.
      • ₹70,477 crore savings in electricity bills.
  4. Street Lighting National Programme (SLNP):
    • Focus: Replace conventional streetlights with LED lights.
    • Achievements:
      • Installed 1.3 crore LED streetlights, saving 8.76 billion kWh annually.
  5. “Go Electric” Campaign:
    • Goal: Promote awareness of Electric Vehicles (EVs) and electric cooking.
  6. EV Yatra Web Portal and Mobile App:
    • Facilitates public access to EV charging stations and encourages e-mobility.

Static GK Information:

Titbits

Bureau of Energy Efficiency (BEE):

  • Established: 2002.
  • Headquarters: New Delhi, India.
  • Parent Ministry: Ministry of Power.

Tabular Summary:

Aspect Details
Event National Energy Conservation Day
Date December 14
Organized By Bureau of Energy Efficiency (BEE), Ministry of Power
Introduced 1991
Key Initiatives PAT Scheme, UJALA, SLNP, “Go Electric” Campaign, S&L Programme
Achievements of UJALA 36.87 crore LED bulbs, ₹70,477 crore savings in bills

Sports – Daily Current Affairs December 14 & 15

2. Which major international cricket tournament did Imad Wasim play a crucial role in helping Pakistan win?
A) 2019 ICC Cricket World Cup
B) 2016 ICC T20 World Cup
C) 2017 ICC Champions Trophy
D) 2021 ICC Test Championship
E) 2024 ICC T20 World Cup
Answer: C) 2017 ICC Champions Trophy

Event and Reason for News:

  • Event: Pakistani all-rounder Imad Wasim announced his retirement from international cricket on December 13, 2024.
  • Reason for News: Imad is remembered as a pivotal figure in Pakistan’s 2017 ICC Champions Trophy win.

Career Highlights:

  1. International Debut:
    • May 2015: Debuted in a T20I against Zimbabwe in Lahore.
  2. Performance in T20Is:
    • Matches: 75 T20Is.
    • Batting: 554 runs.
    • Bowling: 73 wickets.
  3. Major Achievements:
    • 2017 Champions Trophy: Played a vital role in Pakistan’s historic victory, marking one of the highest points in his career.
    • Stellar comeback in 2024, making the T20 World Cup squad after shining in the Pakistan Super League.

Retirement:

  • Reason for Retirement:
    • To focus on domestic and franchise cricket and explore new opportunities.
  • Last International Match:
    • Against Ireland during the 2024 T20 World Cup in Lauderhill, USA.
  • Official Statement:
    • Called representing Pakistan the “greatest honour” of his life and expressed gratitude to fans for their unwavering support.

Static GK Information:

Titbits

Pakistan Cricket Team:

  • Governing Body: Pakistan Cricket Board (PCB).
  • Captain: Babar Azam (as of 2024).
  • Notable Achievements:
    • Winners of 1992 ICC Cricket World Cup.
    • Winners of 2009 ICC T20 World Cup.
    • Winners of 2017 ICC Champions Trophy.

Tabular Summary:

Aspect Details
Event Imad Wasim announces retirement from international cricket
International Debut May 2015, T20I against Zimbabwe in Lahore
Major Achievement Key role in Pakistan’s 2017 ICC Champions Trophy win
T20I Career Stats 554 runs and 73 wickets in 75 matches
Last International Match 2024 T20 World Cup, against Ireland in Lauderhill, USA
Future Plans Focus on domestic and franchise cricket

 

Ranking – Daily Current Affairs December 14 & 15

3. Which family topped the Bloomberg list of the world’s richest families 2024?
A) Al Nahyan Family
B) Al Thani Family
C) Hermès Family
D) Walton Family
E) Koch Family
Answer: D) Walton Family

Event and Location:

  • Event: Release of Bloomberg’s World’s Richest Families 2024 list.
  • Location: Global ranking.

Key Findings:

  • Waltons (USA):
    • Wealth: $432.4 billion, highest among all families.
    • Source: 46% stake in Walmart, which operates over 10,600 stores globally.
    • Increase in 2024: $172.7 billion added due to an 80% rise in Walmart’s shares.
    • Generations: Three generations manage operations, showing a stable family business structure.
  • Al Nahyan (UAE):
    • Wealth: $323.9 billion, derived from oil and investments.
    • Economic Influence: Contributes 65% of the Abu Dhabi stock index.
  • Al Thani (Qatar):
    • Wealth: $172.9 billion, primarily from oil and gas resources.
    • Generational Legacy: Spanning eight generations of influence.
  • Hermès Family (France):
    • Wealth: $170.6 billion, from luxury goods under the Hermès brand.
  • Koch Family (USA):
    • Wealth: $148.5 billion, earned from Koch Industries, with interests in oil and petrochemicals.

Indian Representation in the List:

  • Ambani Family (India):
    • Wealth: $99.6 billion (Ranked 8th).
    • Business: Reliance Industries, spanning energy, petrochemicals, retail, and telecom.
    • Generations: Led by three generations of the Ambani family.
  • Mistry Family (India):
    • Wealth: $41.4 billion (Ranked 23rd).
    • Business: Shapoorji Pallonji Group, known for construction and real estate.
    • Generations: A legacy of five generations in the industry.

Wealth Analysis:

  • The Waltons’ wealth surpasses even the world’s richest individual, Elon Musk, emphasizing Walmart’s robust global dominance.
  • Wealth disparities highlight the growing global economic divide, with significant contributions from sectors like oil, luxury goods, and technology.

Static GK Information:

Titbits

Walmart:

  • Headquarters: Bentonville, Arkansas, USA.
  • Founded: 1962 by Sam Walton.
  • CEO: Doug McMillon.
  • Tagline: “Save Money. Live Better.”

UAE (Al Nahyan Family):

  • Capital: Abu Dhabi.
  • Currency: UAE Dirham.
  • President: Sheikh Mohammed bin Zayed Al Nahyan.
  • Economic Influence: Major stake in oil production and investments globally.

India (Ambani Family):

  • Reliance Industries: A Fortune 500 company with diverse business interests.
  • Wealth Rank: 8th globally in 2024’s richest families list.

Tabular Summary:

Rank Family Wealth (Billion USD) Primary Business
1 Walton (USA) 432.4 Walmart (Retail)
2 Al Nahyan (UAE) 323.9 Oil and Investments
3 Al Thani (Qatar) 172.9 Oil and Gas
4 Hermès (France) 170.6 Luxury Goods
5 Koch (USA) 148.5 Oil and Petrochemicals
8 Ambani (India) 99.6 Reliance Industries
23 Mistry (India) 41.4 Construction and Real Estate

4. Which Indian city ranked highest in the Taste Atlas Top Food Cities 2024-25?
A) Hyderabad
B) Amritsar
C) New Delhi
D) Mumbai
E) Kolkata
Answer: D) Mumbai

Event and Location:

  • Event: Taste Atlas revealed its Top 10 Best Food Cities in the World for 2024-25.
  • Location: Global rankings with an emphasis on cities offering exceptional culinary experiences.

Key Highlights:

  1. Mumbai’s Achievement:
    • Ranked 5th globally, the highest among Indian cities.
    • Known for its iconic dish Vada Pav, which represents the diversity and richness of Indian street food.
  2. Global Dominance by Italy:
    • Six Italian cities featured in the Top 10, showcasing Italy’s culinary heritage.
    • Cities like Naples, Milan, and Bologna led the list with signature dishes like Pizza Margherita and Risotto alla Milanese.
  3. Other Indian Cities in the Rankings:
    • Amritsar (43rd): Famous for Amritsari Kulcha.
    • New Delhi (45th): Highlighted for its classic Butter Chicken.
    • Hyderabad (50th): Celebrated for its world-renowned Hyderabadi Biryani.
    • Kolkata (71st): Known for the sweet delicacy Rasgulla.
    • Chennai (75th): Represented by Dosa, a South Indian staple.
  4. Global Recognition for Asian Cuisine:
    • Osaka, Japan, rounded out the Top 10, renowned for its signature dish Takoyaki.

Static GK Information:

Titbits

Taste Atlas:

  • Founded: 2018.
  • Focus: Food and travel guide specializing in global cuisines and culinary experiences.

Mumbai:

  • State: Maharashtra, India.
  • Known For: Vada Pav, Pav Bhaji, and diverse street food culture.

Tabular Summary:

Aspect Details
Event Taste Atlas 2024-25 Top Food Cities revealed
Highest-Ranked City Naples, Italy – Known for Pizza Margherita
India’s Top-Ranked City Mumbai (Rank 5) – Famous for Vada Pav
Top Indian Cities Mumbai (5th), Amritsar (43rd), New Delhi (45th), Hyderabad (50th)
Other Global Cities in Top 10 Milan, Bologna, Florence, Paris, Vienna, Osaka

Banking and Finance – Daily Current Affairs December 14 & 15

5. What is the primary feature of the newly launched TIARA Credit Card by BOBCARD?
A) Unlimited cashback on fuel purchases.
B) Exclusive women-centric benefits across travel, health, and lifestyle.
C) Lifetime free card with no annual fees.
D) Special discounts on men’s grooming services.
E) Dedicated corporate benefits for professionals.
Answer: B) Exclusive women-centric benefits across travel, health, and lifestyle.

Event and Location:

  • Event: Launch of the TIARA Credit Card, a premium, women-centric offering by BOBCARD.
  • Location: Introduced at Pinkathon, a women’s marathon event.

Key Features of TIARA Credit Card:

  1. Annual Fees:
    • ₹2,499 + GST.
    • Waived on spending ₹25,000 within the first 60 days and ₹2,50,000 annually.
  2. Rewards Program:
    • 15 reward points for every ₹100 spent on travel, dining, and international purchases.
  3. Health Perks:
    • Free health packages, including Pap Smear, Mammography, and blood tests.
    • Personal accident insurance cover up to ₹10 lakhs.
  4. Lifestyle and Entertainment Benefits:
    • Vouchers worth ₹31,000 from Myntra, Nykaa, Lakme Salon, and Urban Company.
    • Complimentary memberships to OTT platforms, discounts on movie tickets, and Swiggy One deliveries.
  5. Travel and Payment Perks:
    • Unlimited domestic lounge access at airports.
    • Reduced forex mark-up fees for international purchases.
    • UPI payment access and a fuel surcharge waiver.

Campaign Tagline and Objectives:

  • Tagline: ‘Your Woman Card is Your Power Move’.
  • Objective: Empower women by offering tailored financial benefits while challenging societal perceptions of the “woman card.”
  • Promoted by cricketer Shreyanka Patil.

Collaborations and Launch Event:

  • Strategic Partners: Partnerships with leading brands like Myntra, Nykaa, and Amazon Prime.
  • Notable Launch Participants:
    • Fitness icon Milind Soman.
    • Athlete Ankita Konwar.
    • BOBCARD MD & CEO Ravindra Rai.

Static GK Information:

Titbits

BOBCARD Limited:

  • Parent Organization: Bank of Baroda.
  • Headquarters: Vadodara, Gujarat, India.
  • MD & CEO: Ravindra Rai.
  • Tagline: ‘Say YES to More.’

Bank of Baroda:

  • Founded: July 20, 1908.
  • Headquarters: Vadodara, Gujarat, India.
  • MD & CEO: Debadatta Chand.
  • Tagline: ‘India’s International Bank.’

Tabular Summary:

Aspect Details
Event Launch of TIARA Credit Card by BOBCARD
Purpose Empower women with financial benefits across lifestyle, health, and travel
Key Features Rewards on travel/dining, health packages, lounge access, and OTT memberships
Annual Fee ₹2,499 + GST (waivers available)
Health Insurance Personal accident cover up to ₹10 lakhs
Campaign Tagline ‘Your Woman Card is Your Power Move’

6. Why has Max Life Insurance rebranded as Axis Max Life Insurance?
A) To focus exclusively on health insurance.
B) To reflect Axis Bank’s increased stake and strengthened partnership.
C) To signify its merger with Max Financial Services Ltd.
D) To target international insurance markets.
E) To comply with new RBI regulations.
Answer: B) To reflect Axis Bank’s increased stake and strengthened partnership.

Event and Objective:

  • Event: Rebranding of Max Life Insurance to Axis Max Life Insurance.
  • Objective: To signify Axis Bank’s larger stake in the company and enhance collaboration between Axis Bank and Max Financial Services Ltd.

Key Details:

  1. Stake Acquisition and Ownership Changes:
    • Axis Bank increased its stake from 19.02% to 19.99%, reducing Max Financial Services Ltd.’s stake from 87% to 81%.
    • Plans to increase Axis Bank’s stake further to 20%.
  2. Corporate and Regulatory Approvals:
    • The Registrar of Companies issued a fresh certificate of incorporation on December 12, 2024.
    • The rebranding followed corporate and regulatory approvals announced in October 2024.
  3. New Brand Identity:
    • Introduction of a new logo incorporating Axis’s ‘A’ and burgundy shade, symbolizing trust, modernity, and partnership.
    • Launched the ‘Double Bharosa’ campaign, featuring Rohit Sharma and Ritika Sajdeh, focusing on enhancing customer trust.
  4. Future Aspirations:
    • Goal: Secure a position among the top three life insurers in India.
    • Strategy: Expand reach into tier 2 and tier 3 cities and improve digitally empowered services.
  5. Financial Impact:
    • Strengthened market positioning and deeper integration with Axis Bank’s banking network are expected to drive growth.

Static GK Information:

Titbits

Axis Max Life Insurance:

  • Parent Companies: Max Financial Services Ltd. and Axis Bank.
  • New MD & CEO: Prashant Tripathy.

Axis Bank:

  • Founded: 1993.
  • Headquarters: Mumbai, Maharashtra, India.
  • MD & CEO: Amitabh Chaudhry.
  • Tagline: “Dil Se Open.”

Tabular Summary:

Aspect Details
Event Max Life rebranded as Axis Max Life Insurance
Reason for Rebranding Axis Bank’s increased stake (from 19.02% to 19.99%)
Approval Date December 12, 2024 (Registrar of Companies)
New Branding Features Logo with Axis’s ‘A’ and burgundy shade
Promotional Campaign ‘Double Bharosa’ featuring Rohit Sharma and Ritika Sajdeh
Future Goals Expand beyond metros and rank among top three insurers

Business and Economy – Daily Current Affairs December 14 & 15

7. Which factor led to the downward revision of India’s FY25 GDP growth forecast by CARE Ratings and Fitch Ratings?
A) Strong rural consumption.
B) Weak corporate profitability and reduced public capex.
C) Decline in kharif harvest output.
D) Robust industrial output growth.
E) Record-high corporate tax revenue.
Answer: B) Weak corporate profitability and reduced public capex.

Event and Location:

  • Event: Revision of India’s GDP growth projections for FY25 by CARE Ratings, Fitch Ratings, and other agencies.
  • Location: India, reflecting domestic and global economic challenges.

Mandates and Objectives:

  • Agencies adjusted projections for FY25 GDP growth downward, citing slower growth drivers in the first half of the fiscal year.

Key Projections:

  1. CARE Ratings: Revised FY25 GDP growth to 6.5% (from 6.8%).
  2. Fitch Ratings: Lowered forecast to 6.4% (from 7%).
  3. Asian Development Bank (ADB): Adjusted its projection to 6.5%.

Reasons for Revision:

  1. Weak Corporate Profitability:
    • A contraction in corporate earnings in Q2FY25 dragged down economic growth.
  2. Reduced Public Capex:
    • Lower-than-expected spending on public infrastructure projects slowed economic momentum.
  3. Sluggish Urban Consumption:
    • High-frequency data showed muted demand in urban areas.
  4. Global Headwinds:
    • Uncertainty from potential US-China trade conflicts added pressure on India’s external trade sector.

Fiscal and Monetary Outlook:

  1. Inflation:
    • Projected at 4.8% for FY25, supported by a strong kharif harvest and favorable rabi sowing.
    • Easing inflation could prompt a 50–75 basis point policy rate cut in 2025.
  2. Fiscal Deficit:
    • Expected to be 4.8% of GDP, slightly better than the budgeted 4.9%, due to strong income tax revenues offsetting weaker corporate tax collections.

Linking Past and Future Growth Trends:

  1. Historical Growth:
    • FY24: 8.2% GDP growth, one of the fastest globally.
    • FY23: 7.2%, driven by robust recovery post-pandemic.
    • Q2FY25: Recorded a seven-quarter low of 5.4%, reflecting temporary economic challenges.
  2. Future Outlook:
    • FY26 Projections: CARE Ratings expect GDP growth to stabilize at 6.7%, while Fitch predicts 6.5%, driven by structural reforms and infrastructure investments.

Static GK Information:

Titbits

CARE Ratings:

  • Headquarters: Mumbai, Maharashtra, India.
  • Founded: 1993.
  • MD & CEO: Ajay Mahajan.

Fitch Ratings:

  • Headquarters: New York City, USA; London, UK.
  • Founded: 1914.
  • CEO: Paul Taylor.

Tabular Summary:

Aspect Details
Event Downward revision of India’s FY25 GDP growth projections
CARE Ratings Projection 6.5% (revised from 6.8%)
Fitch Ratings Projection 6.4% (revised from 7%)
Key Reasons for Revision Weak corporate profitability, reduced public capex, sluggish urban consumption
Inflation for FY25 4.8%, with strong kharif harvest expected
Fiscal Deficit for FY25 4.8% of GDP, better than budgeted 4.9%
Historical Growth Rates FY24: 8.2%; FY23: 7.2%; Q2FY25: 5.4%

 

Appointments – Daily Current Affairs December 14 & 15

8. Why was François Bayrou appointed as the Prime Minister of France in 2024?
A) To introduce new labor reforms.
B) To stabilize the government after a no-confidence vote ousted the previous Prime Minister.
C) To focus on France’s international trade agreements.
D) To resolve disputes with the far-right National Rally party.
E) To lead France’s foreign policy reforms.
Answer: B) To stabilize the government after a no-confidence vote ousted the previous Prime Minister.

Event and Location:

  • Event: François Bayrou appointed as the Prime Minister of France.
  • Location: France, amidst ongoing political turmoil in 2024.

Mandates and Objectives:

  • Reason for Appointment:
    • Bayrou was appointed following the ousting of former Prime Minister Michel Barnier through a no-confidence vote.
    • His primary role is to stabilize the government, navigate a divided parliament, and pass critical legislation.
  • Key Challenges for Bayrou:
    • Passing the 2025 budget bill, which aims to save €60 billion to address France’s 6% deficit.
    • Managing a fragmented National Assembly with three opposing blocs.
    • Avoiding further no-confidence votes until July 2025 to allow for a smooth parliamentary election.

François Bayrou’s Political Credentials:

  • Background:
    • Veteran centrist and leader of the Democratic Movement (MoDem) party.
    • Key ally of President Emmanuel Macron since 2017.
  • Experience:
    • Served as mayor of Pau and as a former education and justice minister.
    • Recently cleared of fraud charges from a 2017 investigation.
  • Notable Leadership Skills: Known for his ability to build coalitions and compromise across political lines.

Political Landscape of France:

  • Macron’s Declining Popularity:
    • Rising dissatisfaction with his governance, leading to mass protests and political deadlock.
  • Economic Challenges:
    • Persistent political instability has raised France’s borrowing costs.
    • 2025 austerity budget faces opposition from both far-right and far-left parties.

Marine Le Pen and Opposition Parties:

  • The far-right National Rally and hard-left France Unbowed (LFI) parties remain critical of Bayrou’s appointment.
  • Both parties are expected to propose motions of censure, making it difficult for Bayrou to pass key legislation.

Static GK Information:

Titbits

France:

  • Capital: Paris.
  • Currency: Euro (€).
  • President: Emmanuel Macron (since 2017).
  • Prime Minister: François Bayrou (appointed December 2024).

Democratic Movement (MoDem):

  • Leader: François Bayrou.
  • Founded: 2007.
  • Political Ideology: Centrist, pro-European Union.

Tabular Summary:

Aspect Details
Event François Bayrou appointed as Prime Minister of France
Reason for Appointment Stabilize government after a no-confidence vote ousted Michel Barnier
Immediate Challenge Passing the 2025 budget bill amid parliamentary gridlock
National Assembly Composition Divided into three blocs, complicating legislative progress
Political Landscape Macron faces declining popularity and rising opposition
Impact of Instability Raised borrowing costs and uncertainty over Macron’s presidency

9. Who has been appointed as the Executive Director (Whole-Time Director) of YES Bank for a three-year term starting December 2024?
A) Ramesh Kumar
B) Deepak Sharma
C) Manish Jain
D) Arvind Subramanian
E) Shikha Sharma
Answer: C) Manish Jain

Event and Location:

  • Event: Appointment of Manish Jain as Executive Director at YES Bank.
  • Location: YES Bank, India.

Mandates and Objectives:

  • Appointment Details:
    • Approved by the Reserve Bank of India (RBI) under Section 35B of The Banking Regulation Act, 1949.
    • Tenure: From December 11, 2024, to December 10, 2027.
  • Board Resolution:
    • YES Bank’s board had previously approved the appointment, pending RBI’s clearance.
    • Final confirmation requires shareholder approval.

Manish Jain’s Background:

  • Current Role:
    • Serving as the Country Head of Wholesale Banking at YES Bank since September 2023.
  • Experience:
    • Over three decades of experience, including 23+ years at Standard Chartered Bank.
  • Education:
    • Post Graduate Diploma in Management from IIM Bangalore.
    • B.Tech in Mechanical Engineering from IIT Delhi.

Key Responsibilities as Executive Director:

  • Overseeing corporate and wholesale banking operations, including:
    • Large Corporates, Emerging Local Corporates, Multinational Corporates.
    • Financial Institutions, Government Banking, and Project Finance.
    • Loan Syndication, Transaction Banking, and IFSC Banking.
    • Corporate and Government Advisory, and Agri Strategic Advisory.
  • Driving growth in these segments and strengthening YES Bank’s strategic initiatives.

Impact on YES Bank:

  • Strengthens the bank’s leadership in corporate and wholesale banking.
  • Positions the bank for growth in sectors such as government banking, project finance, and financial markets.

Static GK Information:

Titbits

YES Bank:

  • Headquarters: Mumbai, Maharashtra, India.
  • Founded: 2004.
  • MD & CEO: Prashant Kumar.
  • Tagline: “Say YES to the Future.”

Reserve Bank of India (RBI):

  • Established: 1935.
  • Headquarters: Mumbai, Maharashtra, India.
  • Governor: Shaktikanta Das.

Tabular Summary:

Aspect Details
Event Manish Jain appointed Executive Director at YES Bank
RBI Approval Date December 11, 2024
Tenure December 11, 2024 – December 10, 2027
Previous Role Country Head of Wholesale Banking at YES Bank
Experience Over 30 years, with 23+ years at Standard Chartered Bank
Educational Qualifications IIM Bangalore (PGDM) and IIT Delhi (B.Tech)

 

International Affairs – Daily Current Affairs December 14 & 15

10. Why did Switzerland suspend the ‘Most Favoured Nation’ (MFN) status for India in 2024?
A) Changes in Swiss domestic tax laws.
B) Supreme Court of India’s ruling on the Nestlé case.
C) New OECD guidelines on tax treaties.
D) Increased tax rates for Swiss companies in India.
E) Failure of India to meet bilateral trade commitments.
Answer: B) Supreme Court of India’s ruling on the Nestlé case.

Event and Location:

  • Event: Suspension of the ‘Most Favoured Nation’ (MFN) clause in the tax treaty between India and Switzerland.
  • Location: International taxation relationship between India and Switzerland.

Mandates and Objectives:

  • Objective of MFN Clause:
    • To ensure preferential tax rates for dividends between partner nations, as specified under the Double Taxation Avoidance Agreement (DTAA).
    • Lower tax rates from similar treaties with other OECD nations were applicable through MFN provisions.
  • Suspension Rationale:
    • The 2023 Supreme Court of India ruling reversed the automatic applicability of the MFN clause unless formally notified by the Indian government.

Background of the Issue:

  • India-Switzerland DTAA: Signed in 2010 to avoid double taxation on income.
  • Impact of OECD Membership: Colombia and Lithuania joined the OECD in 2018 and 2020.
    • India provided reduced dividend tax rates of 5% for these countries under the MFN clause.
    • Switzerland sought the same concession, which was contested in Indian courts.
  • Nestlé Case Ruling (2023):
    • The Supreme Court held that the MFN clause could not be invoked automatically without Indian government notification.
    • As a result, Switzerland decided to revert to the original 10% tax rate on dividends starting January 1, 2025.

Implications:

  1. For Indian Companies Operating in Switzerland:
    • Increased tax liability due to the higher 10% withholding tax rate on dividends.
    • Additional costs could impact companies using overseas direct investment (ODI) structures.
  2. For Swiss Investments in India:
    • Tax rates for Swiss companies in India remain unchanged at 10%, minimizing immediate impact.

Expert Opinions:

  • Highlights the complexity of international tax treaties and underscores the importance of clear communication and reciprocity between treaty partners.
  • Potential ripple effects on bilateral investment relations if similar clauses are disputed in other treaties.

Static GK Information:

Titbits

Organisation for Economic Co-operation and Development (OECD):

  • Founded: 1961.
  • Headquarters: Paris, France.
  • Membership: 38 countries (includes Colombia and Lithuania).
  • Purpose: Promote economic growth, trade, and development through policy collaboration.

Switzerland:

  • Capital: Bern.
  • Currency: Swiss Franc (CHF).
  • President: Alain Berset.

Tabular Summary:

Aspect Details
Event Suspension of MFN clause in India-Switzerland tax treaty
Effective Date January 1, 2025
Reason for Suspension Supreme Court of India ruling in Nestlé case (2023)
Previous Withholding Tax Rate 5% under MFN clause
New Withholding Tax Rate 10% as per original treaty terms
Impact on Indian Companies Increased tax liability for dividends from Switzerland
Impact on Swiss Companies No change in tax rates for dividends in India

National Affairs – Daily Current Affairs December 14 & 15

11. What was a key highlight of the India Maritime Heritage Conclave 2024?
A) Unlimited focus on economic policies
B) Launch of National Maritime Heritage Complex (NMHC) in Chennai
C) Theme: “Towards Understanding India’s Position in Global Maritime History”
D) No international participation at the conclave
E) Maritime history of India ignored during discussions
Answer: C) Theme: “Towards Understanding India’s Position in Global Maritime History”

Event and Location:

  • Event: India Maritime Heritage Conclave 2024 (IMHC).
  • Location: Held in the capital of India on December 11–12, 2024.

Mandates and Objectives:

  • Celebrate India’s maritime legacy while emphasizing its growing role as a global maritime leader.
  • Explore historical contributions of India to maritime trade and innovation.
  • Promote sustainable maritime practices, employment opportunities, and skill development.

Key Highlights:

  • Theme: “Towards Understanding India’s Position in Global Maritime History.”
  • Inauguration by Union Minister Sarbananda Sonowal, with support messages from Vice-President Jagdeep Dhankhar and PM Narendra Modi.
  • Participation of dignitaries from 11 countries, including prominent maritime nations like Greece, Italy, and the UK.
  • Exhibition featuring over 20 stalls on shipbuilding, navigation, and trade routes.

National Maritime Heritage Complex (NMHC):

  • Location: Lothal, Gujarat, a historic site from the Harappan Civilization (2600 BCE).
  • Features:
    • India’s ancient maritime techniques like shipbuilding and bead-making.
    • Oldest manmade dockyard highlighting India’s early global trade practices.
  • Objective: Showcase India’s historical maritime expertise and contribute to tourism and education.

A Vision for the Future:

  • Discussions on making India a global maritime hub.
  • Focus on the blue economy, youth engagement, and cultural preservation.
  • Collaboration with Ministries of Labor, Youth Affairs, Education, and Tourism to align maritime growth with national goals.

Static GK Information:

Titbits

National Maritime Heritage Complex (NMHC):

  • Location: Lothal, Gujarat.
  • Historical Significance: City of the Harappan Civilization (2600 BCE), with the oldest manmade dockyard.

Ministry of Ports, Shipping and Waterways (MoPSW):

  • Union Minister: Sarbananda Sonowal.
  • Headquarters: New Delhi, India.

Gujarat:

  • Capital: Gandhinagar
  • Chief Minister: Bhupendra Patel
  • Governor: Acharya Devvrat

Tabular Summary:

Aspect Details
Event India Maritime Heritage Conclave 2024
Date December 11–12, 2024
Location Capital of India
Theme “Towards Understanding India’s Position in Global Maritime History”
Inaugurated By Sarbananda Sonowal
Participating Nations 11 countries, including Greece, Italy, and the UK
Key Focus Areas Sustainable maritime practices, youth engagement, cultural preservation
NMHC Located in Lothal, Gujarat. Highlights India’s ancient maritime heritage

12. What was the primary focus of PM Modi’s visit to Prayagraj in December 2024?
A) Launching the Swachh Bharat Mission 2.0.
B) Inaugurating ₹5,500 crore projects for Maha Kumbh 2025 preparations.
C) Announcing a new river-cleaning initiative for the Yamuna.
D) Participating in a National Sanitation Workers’ Conference.
E) Declaring Prayagraj a national heritage site.
Answer: B) Inaugurating ₹5,500 crore projects for Maha Kumbh 2025 preparations.

Event and Location:

  • Event: PM Modi’s visit to Prayagraj to oversee preparations for Maha Kumbh 2025.
  • Location: Prayagraj, Uttar Pradesh, at the confluence of the Ganga, Yamuna, and Saraswati rivers.

Mandates and Objectives:

  • Enhance infrastructure, connectivity, and amenities for the Maha Kumbh Mela 2025, the largest religious gathering globally.
  • Promote spiritual tourism and facilitate the influx of an estimated 40 crore pilgrims.

Key Highlights of the Visit:

  • Development Projects Worth ₹5,500 Crore:
    • 167 projects to improve transportation, water supply, power infrastructure, and riverfront amenities.
    • Inauguration of 10 Road Over Bridges (RoBs) and permanent ghats.
  • Temple Corridor Projects:
    • Inauguration of key corridors:
      • Bharadwaj Ashram Corridor.
      • Shringverpur Dham Corridor.
      • Akshayvat Corridor.
      • Hanuman Mandir Corridor.
    • Designed to improve ease of access for pilgrims and promote spiritual tourism.
  • Clean Ganga Mission:
    • Interception, diversion, and treatment of minor drains to ensure zero untreated discharge into the Ganga.
  • Launch of Kumbh Sah’AI’yak Chatbot:
    • An AI-based virtual assistant to provide real-time guidance and information to pilgrims.
  • Cultural and Ceremonial Engagements:
    • Sangam Aarti, Jalabhishek, Dudhbhishek, and visits to Akshay Vat Vriksha, Hanuman Mandir, and Saraswati Koop.
    • Participation in the Maha Kumbh exhibition and interactions with saints.

Static GK Information:

Titbits

Maha Kumbh Mela:

  • Location: Held at Prayagraj, Uttar Pradesh (Triveni Sangam).
  • Frequency: Every 12 years.
  • Dates for Maha Kumbh 2025: January 13 (Paush Poornima) to February 26 (Maha Shivratri).
  • Significance: Considered a “mahayagya of unity,” promoting spiritual growth and cultural integration.

Uttar Pradesh:

  • Capital: Lucknow.
  • Chief Minister: Yogi Adityanath.
  • Governor: Anandiben Patel.

Tabular Summary:

Aspect Details
Event PM Modi inaugurates projects for Maha Kumbh 2025 prep
Key Projects Infrastructure worth ₹5,500 crore, including temple corridors and flyovers
Dates of Maha Kumbh 2025 January 13 – February 26, 2025
Significance of Maha Kumbh A spiritual and cultural gathering for over 40 crore pilgrims
Technological Initiative Launch of Kumbh Sah’AI’yak Chatbot for pilgrims’ guidance
Cultural Activities Sangam Aarti, Jalabhishek, and Maha Kumbh exhibition

13. What is the allocated budget for India’s FAME-III (Phase 3) scheme for electric mobility?
A) ₹900 crore
B) ₹11,500 crore
C) ₹10,000 crore
D) ₹10,900 crore
E) ₹12,500 crore
Answer: D) ₹10,900 crore

Event and Objective:

  • Event: Announcement of FAME-III (Faster Adoption & Manufacturing of Electric Vehicles) under the PM E-DRIVE scheme.
  • Objective: To promote electric mobility in India and reduce dependence on fossil fuels.

Key Features of FAME-III:

  1. Budget Allocation:
    • Total outlay of ₹10,900 crore for the period April 2024 to March 2026.
  2. Target Areas:
    • Expanding EV adoption across various vehicle segments, including heavy-duty trucks.
    • Strengthening EV charging infrastructure and promoting technological innovation.

Highlights from Previous FAME Phases:

  1. FAME I (2015-2020):
    • Budget: ₹900 crore.
    • Achievements: Supported 278,000 EVs with total incentives of ₹343 crore.
  2. FAME II (2020-2024):
    • Revised Budget: ₹11,500 crore.
    • Achievements:
      • Supported over 1.6 million vehicles.
      • Increased EV sales from fewer than 7,000 units (FY15) to 1.5 million units (FY24), making up 6.8% of total automobile sales.
      • Growth of EV players from 124 in FY15 to 731 in FY24.

The Road Ahead with FAME-III:

  • Skilled Workforce: Addressing skill gaps for a future-ready EV workforce.
  • Infrastructure Expansion: Building charging stations and encouraging innovation in EV technology.
  • Policy and Industry Collaboration: Strengthening policy support and involving stakeholders to ensure India’s global leadership in EVs.

Static GK Information:

Titbits

FAME Scheme:

  • Full Form: Faster Adoption and Manufacturing of Electric Vehicles.
  • Launched: 2015.
  • Objective: To promote electric and hybrid vehicles in India and encourage local manufacturing.

PM E-DRIVE:

  • Full Form: Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement.
  • Scope: Facilitates the transition to an EV ecosystem and aligns with India’s vision of a Viksit Bharat (Developed India).

Tabular Summary:

Aspect Details
Scheme FAME-III (Phase 3 of Faster Adoption & Manufacturing of EVs)
Budget Allocation ₹10,900 crore (April 2024 – March 2026)
Launch Time Expected within the next two months
FAME I Budget ₹900 crore (2015-2020)
FAME II Budget ₹11,500 crore (2020-2024)
Focus Areas for FAME-III Heavy-duty EV adoption, charging infrastructure, and technological innovation


Over All Review

Important Days

  • National Energy Conservation Day is observed on December 14, organized by BEE.

Sports 

  • Imad Wasim retires after a nine-year international cricket career, contributing to Pakistan’s 2017 Champions Trophy win.

Ranking 

  • Walton family leads with $432.4 billion, surpassing Elon Musk’s wealth.
  • Mumbai ranked 5th globally in Taste Atlas 2024-25, showcasing India’s diverse food culture.

Banking and Finance 

  • BOBCARD launched TIARA Credit Card, empowering women with exclusive perks in health and travel.
  • Max Life Insurance rebranded as Axis Max Life Insurance after Axis Bank increased its stake.

Business And Economy

  • CARE and Fitch Ratings lowered India’s FY25 GDP growth forecast to 6.5% and 6.4%, respectively.

Appointments

  • François Bayrou appointed as France’s Prime Minister after a no-confidence vote ousted Barnier.
  • Manish Jain appointed Executive Director at YES Bank, tenure from Dec 2024 to Dec 2027.

International Affairs

  • Switzerland suspended MFN status for India, citing the 2023 Supreme Court ruling on Nestlé.

National Affairs

  • India Maritime Heritage Conclave 2024 celebrated India’s maritime history and future ambitions.
  • PM Modi inaugurated ₹5,500 crore projects in Prayagraj for Maha Kumbh 2025 preparations.
  • FAME-III announced with a budget of ₹10,900 crore for April 2024 to March 2026.

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