Daily Current Affairs 08 December 2023, Important News Headlines (Daily GK Update)

Read the most important current affairs of 08 December 2023. Today Current Affairs covers the headlines on Jewish Festival ‘Hanukkah’, RBI MPC 2023, SAARC Charter Day, 5th Nagaland Honey Bee Day.

Top 20 Current Affairs and News Headlines of 08 December 2023

International News

1.Jewish Festival Of Hanukkah Celebrated Globally

• Often referred to as the Jewish Christmas, Hanukkah or Chanukah is a festival celebrated for eight days, usually in the month of December. It is also known as the “festival of lights.” This year, Hanukkah festivities are taking place from December 7 to December 15.
• Hanukkah is observed to commemorate the rededication of the Second Temple in Jerusalem around 200 BC. Legend has it that during the Maccabean Revolt, Jews rebelled against their Greek-Syrian oppressors, leading to the term “rededication.”
• Under Greek rule, Jews were forbidden to practice their religion until they recaptured Jerusalem in 164 BC. The purification of the Second Temple and the discovery of a jar of oil, miraculously lasting eight days instead of one, is central to the celebration.

National News

2.Wax Statue of Baba Ambedkar Installed in Jaipur Wax Museum

• In a significant tribute to the chief architect of the Indian Constitution, Dr. B.R. Ambedkar, a wax statue has been unveiled at the Jaipur Wax Museum, Nahargarh Fort.
• Crafted with meticulous detail, the wax statue stands at an impressive height of 5 feet 11 inches, weighing approximately 38 kg. The sculpture faithfully replicates the iconic image of Baba Saheb, depicting him with the Constitution book in hand and adorned in his signature blue suit.
• With the inclusion of the wax statue of Baba Saheb Ambedkar, the Jaipur Wax Museum now boasts a collection 43 wax figures of prominent personalities. Notably, it holds the distinction of being the wax museum in the world situated within a “heritage site” – the historic Nahargarh Fort.

State News

3.5th Nagaland Honey Bee Day Celebrated In Kisama Village

• The 5th Nagaland Honey Bee Day was celebrated with great enthusiasm at Naga Heritage Village, Kisama, under the theme “Bee & Honey Trials.” The event witnessed the presence of Deputy Chief Minister, Planning & Transformation and National Highway, T.R. Zeliang.
• T.R. Zeliang congratulated the accomplished Honey Bee farmers at both the State and District levels. He disclosed that Nagaland boasts more than 1 lakh beekeepers, with an additional 25,000 introduced by the Nagaland Beekeeping Mission (NBHM) across 500 villages.
• T.R. Zeliang emphasized the unique quality of honey produced in Nagaland, attributing its health benefits to the non-use of artificial fertilizers in beekeeping practices. The current honey production in the State stands at 440 Metric Tonnes (MT) per annum. By 2030, it aims to acheive the target of 2000 MT.

Defence News

4.Vice Admiral Dinesh Tripathi to Become India’s New Vice Chief of Navy Staff

• In a significant development within the Indian Navy, a major reshuffle is set to take place at the top echelons of the force, with Vice Admiral Dinesh Tripathi slated to assume the position of Vice Chief of Naval Staff on January 4.
• This transition marks a crucial moment for the Navy, as Vice Admiral Tripathi steps into a role responsibility for overseeing the modernization efforts of the force. Notably, the Indian Navy is set to acquire MQ-9B Predator drones and Rafale fighter jets, underscoring the strategic importance of the position.
• Vice Admiral Tripathi’s appointment comes as Vice Admiral SJ Singh, the outgoing Vice Chief of Naval Staff, moves to take command of the Western Navy headquartered in Mumbai. This shift follows Vice Admiral Singh’s tenure of around 9 months in the vice Chief’s office, bringing a fresh perspective to the Western Naval Command.

Economy News

5.Monetary Policy vs. Fiscal Policy: Understanding the Differences

• Monetary policy refers to the tools and strategies employed by a country’s central bank to regulate the money supply and interest rates in the economy.
• Fiscal policy involves the government’s management of tax revenues and expenditures to influence economic conditions, aiming to foster growth and stability.
• Monetary policy typically targets inflation control, while fiscal policy does not have a specific target and aims more broadly at economic growth and stability.

Banking News

6.RBI MPC 2023: Why RBI has kept repo rate unchanged while growth forecast revised upwards

• In a 5:1 majority decision, the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) has decided to keep the Repo rate unchanged at 6.5%. This decision is aligned with the policy stance of ‘withdrawal of accommodation.’
• Despite the recent surge in vegetable prices, the RBI has revised its growth estimate upwards for FY 2024 from 6.5% to 7%, citing a better-than-expected second-quarter gross domestic product (GDP) print of 7.6%.
• The inflation estimate for the fiscal remains steady at 5.4%. The decision to maintain the current Repo rate is driven by concerns over potential inflationary pressures, particularly from the recent spike in vegetable prices.

7.Monetary Policy Tools in India: A Comprehensive Overview

• Monetary policy tools are crucial instruments employed by the Reserve Bank of India (RBI) to regulate the money supply, influence economic growth, and manage macroeconomic factors like inflation and unemployment.
• Divided into Quantitative and Qualitative categories, these tools play a pivotal role in shaping the financial landscape of the country. These Instruments are used by the central bank (RBI) to regulate money supply, stimulate economic growth, and control macroeconomic factors like inflation and unemployment.

8.RBI Monetary Policy Committee(MPC) Meeting Highlights – December 2023

• In the latest RBI Monetary Policy Committee meeting, the key policy repo rate remains unchanged at 6.5%, reflecting the committee’s unanimous decision. This marks the fifth consecutive meeting where the MPC opted to maintain the status quo on the repo rate, following a 25 bps increase in February 2023.
• The MPC projects a GDP growth of 7% for the fiscal year 2023-24. Inflation is anticipated to be at 5.4% for the same period, with a detailed breakdown indicating 5.6% for Q3 and 5.2% for Q4. Looking ahead to FY25, CPI inflation is projected at 5.2% for Q1, 4% for Q2, and 4.7% for Q3.
• Recognizing the importance of digital lending, the RBI has decided to establish a regulatory framework for web aggregation of loan products. This move aims to improve customer-centricity and transparency in the digital lending space.

9.RBI Cancels License Of UP Based Urban Co-operative Bank

• The Reserve Bank of India (RBI) has taken a significant step by cancelling the license of Urban Co-operative Bank (UCB) located in Sitapur, Uttar Pradesh. This decision comes into effect from the close of business on December 07, 2023, marking a crucial development in the banking sector.
• According to the RBI, the primary reason behind the license cancellation is that the Urban Co-operative Bank has ceased to carry on its banking business. The central bank has expressed concerns about the bank’s financial health, leading to the decision to terminate its operations.
• The RBI, in its statement, highlighted the Urban Co-operative Bank’s inadequate capital and earning prospects as key factors leading to the cancellation of its license. The central bank expresses concern about the bank’s ability to pay its depositors in full, leading to the conclusion that the continuance of the bank is prejudicial to the interests of its depositors.

Business News

10.Indian Oil and EKI Energy Ink Deal to Promote ‘Surya Nutan’

• In a significant move towards sustainability, Indian Oil Corp. Ltd (IndianOil) and EKI Energy Services have joined forces to promote “Surya Nutan,” an innovative indoor solar cooking system developed by IndianOil.
• The primary objective of this collaboration is to advance the production and distribution of the Surya Nutan solar cooking system. Under the MoU, IndianOil will share the technology of Surya Nutan with EKI Energy, facilitating its production and distribution.
• “Surya Nutan” is a stationary, rechargeable and kitchen-connected indoor cooking solution, utilizing IndianOil’s patented technology. This innovative system represents a sustainable approach to cooking, aligning with global efforts to reduce carbon footprints and embrace renewable energy solutions.

Important Days News

11.SAARC Charter Day: Celebrating 39 Years of Regional Cooperation

• SAARC Charter Day is observed annually on 8th December, marking a significant milestone in the history of the South Asian Association for Regional Cooperation (SAARC).
• This day commemorates the signing of the SAARC Charter in 1985 during the First SAARC Summit held in Dhaka. This year, the regional group celebrates its 39th Anniversary, highlighting the enduring commitment of South Asian nations to collaboration and mutual progress.
• SAARC’s primary objectives are centered around promoting active collaboration and mutual assistance in various domains, including the economic, social, cultural, technical, and scientific fields. The foundation of this cooperation rests on principles such as sovereign equality, territorial integrity, political independence, and non-interference in the internal affairs of each member state.

Summits & Conferences News

12.PM Modi To Address Infinity Forum 2.0 On December 9

• Prime Minister Narendra Modi is set to address the second edition of the Infinity Forum, a premier Financial Technology event scheduled for December 9, 2023. The event, hosted by the International Financial Services Centres Authority (IFSCA) and GIFT City, is under the auspices of the Government of India.
• The first edition of the Infinity Forum, organized in 2021, saw an overwhelming response with over 95,000 registrations from more than 80 countries. A key highlight of the event was the ‘FinTech Showcase,’ featuring over 100 virtual exhibitors alongside the main proceedings.
• Anticipating the Vibrant Gujarat Global Summit 2024, the second edition of the Infinity Forum is organized in a hybrid mode. The event will comprise an invite-only, in-person gathering at GIFT City and virtual participation open to attendees globally. This format aims to ensure inclusivity, allowing a diverse audience to engage with the discussions and insights presented.

Appointments News

13.Max Life Insurance appoints Rajiv Anand as Chairman

• In a recent development, Max Life Insurance, a prominent player in the insurance sector and a material subsidiary of Max Financial Services, witnessed a significant leadership change.
• The outgoing Chairman, Analjit Singh, stepped down from the Chairmanship and membership of the Board of Directors. The Board, in response, approved the appointment of Rajiv Anand as the new Chairman, marking a pivotal moment in the company’s leadership.
• Max New York Life (MNYL) holds the distinction of being the first private sector insurance company incorporated in India on July 11, 2000. Within a week of IRDAI permitting the incorporation of private sector insurance companies, MNYL was established. Notably, on November 15, 2020, MNYL received its certification of registration from IRDAI.

14.Anand Kripalu Takes the Charge as Chairperson and Independent Director at Swiggy

• Swiggy, a prominent player in the online food ordering and delivery space, has made a strategic move by appointing Anand Kripalu as the Chairperson and Independent Director of its Board.
• With an illustrious career spanning over 40 years in the fast-moving consumer goods (FMCG) industry, Anand Kripalu brings a wealth of experience to Swiggy’s leadership team. His appointment adds a seasoned leader to the executive board, further enhancing the strategic direction and governance of the company.
• Anand Kripalu currently serves as the Managing Director and Global CEO at EPL Ltd. Prior to this role, he held pivotal positions in several renowned organizations. Notably, he served as the Managing Director, CEO, and Member of the Diageo Global Executive Committee at DIAGEO India.

Awards News

15.Prashant Agrawal Receives National Award For ‘Best Personality- Empowerment of Differently-abled’

• In a ceremony organized by the Department of Empowerment of Persons with Disabilities, Prashant Agrawal, the President of Narayan Seva Sansthan, was honored with the prestigious National Award for ‘Best Personality- Empowerment of Differently-abled.’
• The award was presented by President Draupadi Murmu at Vigyan Bhavan. The event highlighted Agrawal’s commitment to the cause of disability empowerment. His instrumental role in establishing residential schools, vocational rehabilitation centers, and providing assistive devices has significantly impacted the lives of many.
• Agrawal’s commitment goes beyond medical interventions. Narayan Seva Sansthan, under his guidance, provides comprehensive training in computer skills, mobile usage, and sewing. The organization also plays a pivotal role in facilitating mass marriages, ensuring complete rehabilitation for the differently-abled individuals.

Agreements News

16.Union Bank of India Partners with Accenture for Digital Transformation

• In a significant move towards digital advancement, Union Bank of India has joined forces with Accenture, a global professional services company. The collaboration is poised to bring about a transformative journey through the implementation of advanced analytics and cutting-edge technologies.
• By leveraging advanced analytics and technology, the partnership aims to position Union Bank of India as an innovator in the industry, ensuring a seamless customer experience and sustained growth in the ever-evolving financial landscape.
• The primary goal of this strategic partnership is to enhance operational efficiency, elevate customer-centric banking services, and fortify risk management practices at Union Bank of India. The collaborative efforts aim to harness the power of data-driven insights for informed decision-making.

Sports News

17.ICC Launches New Vibrant Logo for Men’s and Women’s T20 World Cup 2024

• The International cricket scene is abuzz with excitement as the ICC T20 World Cup undergoes a dynamic makeover with the launch of its new brand identity on December 7.
• At the heart of the new identity lies a logo that ingeniously merges the iconic symbols of cricket – the bat, ball and the fervour that defines international T20 cricket.
• The ‘T20’ text seamlessly transforms into a striking batting stance, enclosed within a kinetic sphere, vividly portraying the heart-stopping drama inherent in each delivery.
• The ‘impact’ design within the ball mirrors the unparalleled vibe and vigour experienced at the ICC T20 World Cup games. A zig-zag motif, reminiscent of a lighting strike, symbolizes the suspense and adrenaline-charged moments that make T20 cricket an exhilarating experience.

Science & Technology News

18.IBM Unveils Its Latest 1,000-Qubit Quantum Chip Named ‘Condor’

• IBM has recently unveiled its latest quantum computing milestone with the introduction of Condor, a quantum processor boasting an impressive 1,121 qubits, showcasing a quantum machine with over 1,000 qubits for the first time.
• For several years, IBM has been diligently following a quantum computing roadmap characterized by a doubling of qubit numbers annually. The culmination of this effort is the Condor chip, featuring 1,121 superconducting qubits arranged in a distinctive honeycomb pattern.
• Quantum computers harness the principles of quantum mechanics, exploiting phenomena such as entanglement and superposition. These unique aspects allow qubits to exist in multiple collective states simultaneously, enabling the performance of computations beyond the capabilities of classical computers.

Obituaries News

19.Veteran Actor Junior Mehmood Passes Away at 67

• Veteran character actor Junior Mehmood, known for his roles in iconic Bollywood films such as Caravan, Haathi Mere Saathi, and Mera Naam Joker, passed away at 67.
• Mehmood Junior, whose real name was Naeem Sayyed, began his acting journey when he was very young. Junior Mehmood became well-known for acting in over 260 movies in seven different languages. Some of his famous movies include “Caravan,” “Haathi Mere Saathi,” “Mera Naam Joker,” “Brahmachari,” “Kati Patang,” “Hare Rama Hare Krishna,” and many more.
• Apart from movies, Junior Mehmood also worked on TV shows. Some of the shows he appeared in were “Pyaar Ka Dard Hai Meetha Meetha Pyaara Pyaara” and “Ek Rishta Saajhedari Ka.” This showed that he could be great on both the big and small screens.

20.Benjamin Zephaniah, Poet and ‘Peaky Blinders’ Actor, Dies at 65

• Benjamin Zephaniah, the acclaimed British poet, writer, and actor renowned for his role as Jeremiah Jesus in the hit series “Peaky Blinders,” has passed away at the age of 65.
• Over the years, Benjamin Zephaniah contributed immensely to the literary landscape. He authored a total of 14 poetry books, with notable works such as “The Dread Affair” in 1985, where he critically examined the British legal system.
• His most prominent role in the television industry was that of the preacher Jeremiah Jesus in the widely acclaimed series “Peaky Blinders,” where he appeared in 14 episodes over the show’s six seasons. Beyond this iconic role, Zephaniah graced other television productions, including “EastEnders,” “The Bill,” and “Zen Motoring.”

08 December 2023 CURRENT AFFAIRS | ALL EXAMS IMP. CURRENT AFFAIRS | ASHISH GAUTAM SIR

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