Table of Contents
National News
UK Universities Set to Establish Campuses at GIFT City, Gujarat
Two UK universities, Queen’s University Belfast and Coventry University, have filed applications to set up international campuses at Gujarat’s GIFT City, continuing the trend initiated by Australian institutions. This marks a significant step as India opens its doors to foreign educational institutions through relaxed regulations.
International News
US Declare Bald Eagle As National Bird After 250 Years
On Christmas Eve 2024, President Joe Biden signed a historic law officially designating the bald eagle as the national bird of the United States. Although the bald eagle has been an enduring emblem of the country, appearing on the Great Seal of the US since 1782, it was never formally recognized as the national bird until this legislation. Spearheaded by lawmakers from Minnesota, this decision honors the bald eagle’s symbolic representation of strength, courage, and freedom while acknowledging its remarkable recovery from near extinction.
China Approves $137-Billion Mega Dam on Brahmaputra Near Indian Border
China has approved the construction of the world’s largest dam on the Yarlung Zangbo (Brahmaputra) in Tibet, close to the Indian border. Estimated at $137 billion, this project raises strategic and environmental concerns for India and Bangladesh. The massive hydropower dam, located at a tectonic boundary prone to earthquakes, has been touted as safe by Chinese authorities, who emphasize ecological protection and advanced engineering techniques.
Defence News
SLINEX 2024 India Sri-Lanka Naval Drill in Visakhapatnam
The bilateral naval exercise SLINEX 24 (Sri Lanka-India Exercise 2024) was held from December 17 to 20, 2024, in Visakhapatnam under the Eastern Naval Command. This annual exercise is a significant platform to strengthen maritime cooperation, enhance interoperability, and ensure a safe, rule-based maritime domain in the Indian Ocean. SLINEX 24 was conducted in two phases—Harbour Phase and Sea Phase—and featured participation from both navies’ Special Forces and key naval vessels.
India’s Defence Exports Reach Rs. 21,083 Crore In 2023-24
In the fiscal year 2023-24, India achieved a significant milestone in its defence sector. The country’s defence exports reached a record-high value of Rs 21,083 crore (around USD 2.63 billion), marking a 32.5% growth over the previous year. This growth is part of a broader trend in India’s defence sector, reflecting both enhanced domestic production and export capabilities. In parallel, India’s indigenous defence production also set a record, with a value of Rs 1,26,887 crore, representing a 16.7% increase compared to the previous fiscal year. The combined efforts of the private sector and Defence Public Sector Undertakings (DPSUs) have been crucial in this success, contributing to a strengthened and self-reliant defence ecosystem.
State News
UP CM Inaugurates Atal Yuva Maha Kumbh
Uttar Pradesh Chief Minister Yogi Adityanath and Defence Minister Rajnath Singh inaugurated the ‘Atal Yuva Maha Kumbh’ in Lucknow to honor the birth centenary of former Prime Minister Atal Bihari Vajpayee. The event, aimed at celebrating Vajpayee’s legacy, included the recognition of meritorious students, cultural tributes, and discussions on Vajpayee’s contributions. December 25 marks Vajpayee’s 100th birth anniversary, which is also observed as ‘Good Governance Day’ across India.
Banking News
Indian Banks’ Profitability Soars with Low NPAs and Strong Credit Growth
Indian public sector banks (PSBs) have reported strong profitability, with a 25% increase in net profit in H1 2024-25, totaling Rs 85,520 crore, compared to Rs 68,500 crore in H1 2023-24. This upward trajectory is expected to continue, driving PSB profits beyond the Rs 1.5 trillion mark for FY25. Key factors contributing to this growth include low NPAs, robust credit growth, and a solid capital adequacy ratio.
Amitava Chatterjee Appointed as MD & CEO of J&K Bank
Jammu and Kashmir (J&K) Bank’s share price soared by 7.4% on December 26, 2024, following the announcement of Amitava Chatterjee’s appointment as the new Managing Director (MD) and Chief Executive Officer (CEO). This significant development comes after the bank’s board appointed Chatterjee for a three-year term starting December 30, 2024. The Reserve Bank of India (RBI) approved his appointment, with Chatterjee set to take over from Baldev Prakash, who retires on December 27, 2024.
RBI Sets Up Panel for Ethical AI Framework in Financial Sector
The Reserve Bank of India (RBI) has constituted an eight-member committee to develop the Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the financial sector. Announced during the RBI’s December monetary policy meeting, this initiative focuses on guiding the adoption of AI technologies responsibly in financial services such as banks, NBFCs, FinTechs, and payment system operators.
Economy News
India’s Economic Growth Forecast for FY25: 6.5%
India’s economic growth is expected to reach 6.5% in FY25 despite facing a subdued first half, as outlined in the Finance Ministry’s Monthly Economic Review. The report attributes the slowdown primarily to the Reserve Bank of India’s (RBI) restrictive monetary policy stance and weaker demand. While global uncertainties weigh on the economy, domestic factors like agricultural activity and industrial gains are expected to drive growth in the second half of the fiscal year.
Schemes News
‘Viksit Panchayat Karmayogi’ Initiative
On Good Governance Day, Dr. Jitendra Singh launched the ‘Viksit Panchayat Karmayogi’ initiative, aiming to empower Panchayati Raj Institutions (PRIs) and decentralize governance. This initiative is part of the broader ‘Prashasan Gaon Ki Aur’ campaign, which seeks to enhance governance at the grassroots level by providing elected representatives and officials with modern tools and knowledge for effective decision-making and planning.
Summits and Conferences News
PM Modi Chairs 45th PRAGATI Meeting
Prime Minister Narendra Modi chaired the 45th PRAGATI meeting on December 26, 2024, focusing on the review of eight key projects and public grievances. PRAGATI, an ICT-based multi-modal platform for Pro-Active Governance and Timely Implementation, facilitates coordination between the Centre and state governments. The projects reviewed in this meeting span sectors such as urban transport, road connectivity, thermal power, and renewable energy, with a combined cost exceeding Rs 1 lakh crore. The Prime Minister emphasized the importance of timely execution, resolving public grievances efficiently, and adopting innovative practices for project implementation.
Awards News
RINL Wins Gold at AP State Energy Conservation Awards 2024
Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), has won the prestigious Gold Award at the Andhra Pradesh State Energy Conservation Award 2024. The award, presented by the State Energy Conservation Mission of Andhra Pradesh, recognizes RINL’s impactful initiatives in energy conservation in the iron and steel sector. This achievement highlights the company’s commitment to sustainability and innovation in harnessing waste energy over the past three years.
President Confers PM Rashtriya Bal Puraskar 2024
President Droupadi Murmu presented the Pradhan Mantri Rashtriya Bal Puraskar 2024 on December 26, 2024, to 17 exceptional children from across India. These awards honor remarkable achievements in seven categories: art and culture, bravery, innovation, science and technology, social service, sports, and environment. During the ceremony, the President lauded the awardees for their exceptional contributions and emphasized the importance of providing opportunities to nurture children’s talents. She highlighted the courage and patriotism demonstrated by these young achievers, which inspire confidence in India’s future.
Science and Technology News
Nvidia Unveils the Jetson Orin Nano Super Generative AI Supercomputer
Nvidia has recently announced the launch of its Jetson Orin Nano Super Generative AI supercomputer, marking a significant advancement in affordable AI solutions. With a price-tag of $249, this new model is significantly more affordable compared to its predecessor, which was priced at $499. The new Jetson Orin Nano promises to deliver exceptional AI performance, making it an ideal choice for a variety of users, including hobbyists, developers, and students.
Obituaries News
Former Prime Minister Dr. Manmohan Singh Passes Away
Former Prime Minister Dr. Manmohan Singh, a towering figure in Indian politics and economics, passed away at the age of 92. Dr. Singh, India’s 13th Prime Minister, served the nation from 2004 to 2014 and played a pivotal role as Finance Minister during the economic liberalization of the 1990s. A distinguished economist, scholar, and statesman, his contributions have left an indelible mark on the trajectory of India’s economic and political landscape.
Osamu Suzuki, Former Suzuki Chairman Passes Away Aged 94
Osamu Suzuki, the long-serving chairman and CEO of Suzuki Motor Corporation, passed away at the age of 94 on Christmas Day 2024. Widely credited for transforming Suzuki into a global automotive powerhouse, he played a pivotal role in revolutionizing the Indian car market. Known for his frugality and astute business acumen, Suzuki was also a man with a profound personal commitment to the company he led for over four decades. His death marks the end of an era for Suzuki, a company that he meticulously shaped into a global leader in small cars.
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