Table of Contents
National News
Vice President Dhankhar Inaugurates GSI Geoscience Museum in Gwalior
On the occasion of the inauguration of the GSI Geoscience Museum in Gwalior, Vice President Shri Jagdeep Dhankhar, along with several distinguished dignitaries, marked the opening of this state-of-the-art facility. The museum, housed in the historic Victoria Market Building, serves as a hub of knowledge and a tribute to Earth’s geological wonders. The event celebrated the fusion of tradition with modern innovation and showcased the significant contributions of the Geological Survey of India (GSI) in exploring the nation’s geological resources.
VIRAASAT: Weaving the Legacy of Indian Saris
The “Viraasat Sari Festival 2024” is an exclusive handloom sari exhibition organized by the Ministry of Textiles, Government of India, at Handloom Haat, Janpath, New Delhi. Running from December 15 to December 28, 2024, this mega event is dedicated to showcasing the rich and diverse handloom heritage of India. The festival aims to celebrate the tradition, artistry, and potential of the Indian handloom sector, with a special focus on handwoven saris from various regions of the country.
Russia Offers Visa-Free Travel for Indians in 2025
Indians may soon enjoy visa-free travel to Russia as part of a new initiative expected to begin in the spring of 2025. This move follows bilateral discussions between India and Russia in June 2024, aimed at easing visa restrictions and encouraging group tourist exchanges. Currently, Indian nationals require visas to visit Russia, but the upcoming agreement could significantly streamline travel processes, boosting tourism and strengthening bilateral ties.
International News
Gympie-Gympie: The World’s Most Toxic Plant
The Gympie-Gympie, scientifically known as Dendrocnide moroides, is notorious as the most toxic plant in the world, primarily found in rainforests of Australia, Indonesia, and the Moluccas. Despite its unassuming appearance with heart-shaped leaves, this stinging tree is covered with fine, hair-like trichomes loaded with powerful neurotoxins. Contact with the plant causes excruciating pain described as being “burnt with hot acid and electrocuted at the same time,” with effects that can persist for weeks or even months.
Italy Grants Citizenship to Argentina’s President
Italy recently granted citizenship to Argentine President Javier Milei based on his Italian ancestry, sparking a wave of criticism in Argentina. This decision highlights ongoing debates over Italy’s citizenship laws, particularly concerning descendants of Italian emigrants. Critics argue that the policy is unfair to children of immigrants born in Italy who are often denied citizenship. The move also sets the stage for further political and economic collaboration between Italy and Argentina.
Defence News
INS Nirdeshak: Indian Navy’s New Survey Ship Commissioned
The Indian Navy is set to commission INS Nirdeshak, a new survey ship, on December 18, 2024, at the Naval Dockyard in Visakhapatnam. This event, with Hon’ble Raksha Rajya Mantri Shri Sanjay Seth as the Chief Guest, signifies a major leap in India’s naval capabilities. The vessel, constructed by Garden Reach Shipbuilders & Engineers (GRSE) in Kolkata, is the second ship under the Survey Vessel (Large) Project. INS Nirdeshak will enhance India’s maritime presence, especially in the Indian Ocean Region, and will continue the legacy of the original Nirdeshak, which served the Navy for 32 years before being decommissioned in 2014.
SLINEX 2024: Strengthening Sri Lanka-India Naval Ties
The Sri Lanka-India Naval Exercise (SLINEX) is a significant annual event that fosters maritime cooperation between the two nations. Initiated in 2005, SLINEX has grown in scope and importance over the years, strengthening the bilateral relationship between India and Sri Lanka. The 2024 edition of SLINEX will be held from December 17 to December 20, 2024, at Visakhapatnam under the auspices of the Eastern Naval Command. The exercise will be conducted in two phases: the Harbour Phase and the Sea Phase, focusing on enhancing interoperability, strengthening mutual understanding, and promoting regional maritime security.
Gati Shakti Vishwavidyalaya, Navy Sign MoU for Logistics Education
Gati Shakti Vishwavidyalaya (GSV) and the Indian Navy signed a Memorandum of Understanding (MoU) to enhance education, research, and training in logistics for the Navy. This collaboration is aimed at strengthening the logistics capabilities of the Indian Navy, focusing on key areas like supply chain management, multimodal transportation, and sustainability. This strategic partnership will also align with national initiatives such as the PM Gati Shakti National Master Plan 2021 and the National Logistics Policy 2022.
Economy News
Wholesale Inflation Eases to 1.9% in November Amid Cooling Food Prices
India’s wholesale inflation moderated to 1.9% in November, down from 2.4% in October, with food price inflation easing significantly from a 25-month high of 11.6% in October to 8.9%. Despite this, prices for manufactured products, such as food products, furniture, pharmaceuticals, and electrical equipment, continued to rise, contributing to higher inflation in this category. Retail inflation also saw a slowdown, but food prices, particularly for certain items like edible oils and potatoes, remained high.
Centre Earns ₹8,625 Crore via Disinvestment in 2024-25
The Indian government has so far collected ₹8,625 crore through various minority stake sale disinvestment transactions during the current financial year 2024-25, according to MoS Finance Pankaj Chaudhary in a written reply to the Lok Sabha. While no specific disinvestment target has been set for FY25, the government continues its policy of strategic disinvestment and privatization, aiming to enhance efficiency and economic potential in sectors where competitive markets have matured.
RBI Raises Collateral-Free Agricultural Loan Limit to ₹2 Lakh
In a significant move to enhance financial access for farmers, the Reserve Bank of India (RBI) has raised the limit for collateral-free agricultural loans from ₹1.6 lakh to ₹2 lakh. Effective January 1, 2025, the directive aims to address inflationary pressures and rising input costs while providing small and marginal farmers with sufficient credit support to meet their operational and developmental needs.
Banking News
Public Sector Banks Record Net Profit of Rs 85,520 Crore In First Half FY2024-25
In the first half of FY 2024-25, Public Sector Banks (PSBs), including the State Bank of India (SBI), reported a net profit of ₹85,520 crore, marking an impressive 26% growth compared to ₹67,850 crore during the same period in the previous year. This significant achievement underscores the operational efficiency and financial resilience of PSBs, driven by improved asset quality, robust credit monitoring, and enhanced operational efficiency.
RBI’s Measures to Tackle Growing Unclaimed Deposits
The Reserve Bank of India (RBI) has taken significant steps to address the rising issue of unclaimed deposits, safeguarding depositor interests while introducing efficient mechanisms for reclaiming funds. Unclaimed deposits, defined as balances in savings/current accounts or term deposits inactive for over 10 years, have seen a sharp rise in recent years.
Important Days News
Pensioners Day in India: Honouring D.S. Nakara’s Fight for Pension Rights
Pensioners Day, observed annually on 17th December in India, is a tribute to D.S. Nakara, the pioneer who fought relentlessly for the rights and dignity of pensioners. This day commemorates the landmark Supreme Court judgment of 1982, which guaranteed equality and justice for retired officials and pensioners.
Science and Technology News
ISRO Successfully Tests CE20 Cryogenic Engine
On December 12, 2024, ISRO successfully completed a critical milestone with the sea-level hot test of its CE20 cryogenic engine at the ISRO Propulsion Complex in Mahendragiri, Tamil Nadu. This test, conducted on November 29, 2024, was a crucial step for upcoming space missions and demonstrated the engine’s restart-enabling systems under ambient conditions. The CE20 cryogenic engine, developed indigenously by ISRO, plays a vital role in enhancing India’s space exploration capabilities.
Sports News
India Clinches Women’s Junior Asia Cup Title
The Indian women’s junior hockey team successfully defended their Women’s Junior Asia Cup title by defeating China 3-2 in the final held in Muscat, Oman. India, the previous winners of the 2023 edition, claimed the 10th Women’s Junior Asia Cup in a thrilling penalty shoot-out after the match ended 1-1 in regulation time. With this victory, India qualified for the 2025 FIH Women’s Junior Hockey World Cup in Chile, alongside China, Japan, South Korea, and Malaysia.
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