Daily Current Affairs and GK | 5 December 2024

Topic: Important Days

1. International Volunteer Day: 5 December

• International Volunteer Day is observed every year on 5 December.
• It is observed to honour the women and men who spend their time, energy and skills to make our world a healthier, more peaceful and humane place for all.
• United Nations Volunteers work for peace, justice and equality in 169 countries across the globe.
• International Volunteer Day was started by the UN in 1985.
• Volunteers create a richer culture of service within their communities. They help bridge the gap between generations and support sustainable development.

Topic: Infrastructure and Energy

2. 3 depots for the Vande Bharat Sleeper project will be set by Indo-Russian JV.

• The Indo-Russian joint venture Kinet has acquired Marathwada Rail Coach Factory in Latur for manufacturing Vande Bharat Sleeper train sets.
• It is currently undergoing equipment installation and will be equipped with a state-of-the-art assembly line.
• The JV took over operational control of the Latur plant at the end of June.
• It will be equipped with a state-of-the-art assembly line, including facilities such as a body shop, storage, assembly, testing and trolley and paint shop.
• Kinet and Indian Railways are in the process of finalizing design of the Vande Bharat Sleeper train sets.
• Kinet will supply 1,920 Vande Bharat Sleeper coaches to Indian Railways.
• First prototypes will be delivered within 24 months of the signing of the contract in September 2023.

Topic: International News

3. China's first atmospheric monitoring station in Antarctica became operational this week.

• The move aims to help monitor changes taking place on the southern continent and support the global response to climate change.
• In February, China opened its Ross Sea Scientific Research Station in Antarctica.
• It also has five other research stations in Antarctica, built between 1985 and 2014.
• Like the United States, China is also expanding its presence in Antarctica and the Arctic to explore polar resources.
• The Zhongshan National Atmospheric Background Station will carry out continuous and long-term operational observations of concentration changes in atmospheric components over Antarctica.
• The station is located in the Larsemann Hills of Eastern Antarctica.
• The station's observation data will have "unique geographical advantages and scientific value," aiding in the study of the impact of human activities on the environment.

Topic: Indian Polity

4. A bill to replace the 100-year-old Boiler Act passed by the Rajya Sabha.

• On 4 December, a bill to provide for regulation of boilers, protection of life and property from danger of explosion of steam boilers, and uniformity in registration was approved by the Rajya Sabha.
• The aim of the Boilers Bill, 2024, is to repeal the century-old Boilers Act, 1923.
• This bill was approved by voice vote in the Upper House, which aims to decriminalize seven crimes and promote ease of doing business.
• The bill also provides for ensuring the safety of people working inside boilers.
• It also states that boiler repair work should be done by qualified and competent persons.
• The Bill will benefit boiler users, including the MSME sector, as the Bill includes provisions related to decriminalization, and will promote ease of doing business.
• To ensure the safety of boilers and personnel, criminal penalties have been retained for four out of seven major offences that can cause loss of life or property.
• Financial penalties are being provided for other offences.
• 'Fines' for all non-criminal offences have been changed to 'Penalties', which will be imposed through the executive mechanism instead of courts as before.
• Similar provisions present at various places in the Boilers Act, 1923 have been grouped into six chapters for easy reading and understanding of the Act.

Topic: National Appointment

5. Senior BJP leader Devendra Fadnavis took oath as Chief Minister of Maharashtra for the third time on 5 December.

• Governor C P Radhakrishnan administered the oath of office and secrecy at the historic Azad Maidan in Mumbai.
• On December 4, Mr. Fadnavis was unanimously elected leader of the BJP legislature party.
• Mr. Fadnavis, along with allies Shiv Sena chief Eknath Shinde and NCP chief Ajit Pawar, met the governor, who invited them to form a new government in the state.
• In the recently held elections, Mahayuti won 232 seats, where BJP got 132 seats, Shiv Sena (Shinde) got 57, and Ajit Pawar's NCP got 41 seats.
• In 2014, Devendra Fadnavis became the Chief Minister of Maharashtra for the first time.

Topic: MoUs/Agreements

6. An MoU signed between India and Kuwait to establish a Joint Commission for Cooperation.

• A MoU signed by External Affairs Minister S. Jaishankar and Kuwait’s Foreign Minister Abdullah Ali Al Yahya to establish a Joint Commission for Cooperation (JCC) at the level of foreign ministers.
• On 4 December, the MoU was signed during a meeting between the two leaders in New Delhi.
• The agreement outlines the formation of new joint working groups in areas including trade, investment, education, technology, agriculture, security, and culture, among others.
• These groups will work under the JCC to review and monitor bilateral relations between the two countries.
• The two leaders also discussed the multifaceted India-Kuwait ties and ways to further advance the relationship.
• They also exchanged views on recent developments in West Asia and India's cooperation with the Gulf Cooperation Council.

Topic: Reports and Indices

7. According to the World Bank International Debt Report 2024, India's total external debt climbed by $31 billion to $646.79 billion in 2023.

• Interest payments rose from $15.08 billion in 2022 to $22.54 billion in 2023, according to the report.
• Short-term debt stocks fell slightly to $126.32 billion in 2023, while long-term debt stocks increased 7% to $498 billion.
• The report states that in 2023, the external debt stock as a percentage of exports was 80%, while debt servicing accounted for 10% of exports.
• According to the report, net stock inflows were higher in 2023 at $46.94 billion, while net debt inflows for the year totalled $33.42 billion.

Topic: Government Schemes and Initiatives

8. National Legal Metrology Portal (eMaap) is being developed by Department of Consumer Affairs, Government of India.

• It is being developed for ensuring fair trade, consumer protection and a centralized database of all stakeholders.
• The Department of Consumer Affairs is developing eMaap to integrate State Legal Metrology Departments and their portals into a unified National System.
• eMaap eliminates the need for stakeholders to register on multiple State Portals.
• eMaap will foster ease of doing business and transparency in trade practices.
• As of now, State Governments use own portals for registration of packaged commodities.
• They also use their own portals for issue of licenses and verification of weighing & measuring instrument.
• Enforcement and compounding of offences are not online.
• eMaap will include all functions of Legal Metrology including enforcement.
• eMaap simplifies issuing, renewing, and amending licenses, handling verification and stamping of weighing & measuring instruments, registration certificates, and appeals, etc.

Topic: MoUs /Agreements

9. Nepal and China have signed a framework agreement with China on the Belt and Road Initiative (BRI).

• Nepal and China signed the execution framework for the Belt and Road Initiative (BRI) in Beijing.
• It has paved the way for the implementation of the BRI projects.
• Foreign Secretary Amrit Bahadur Rai and Liu Sushe of China's National Development and Reform Commission have signed the BRI framework agreement.
• BRI is a mega connectivity project that connects China with Southeast Asia, Central Asia, Russia and Europe.
• Nepal and China had signed the Belt and Road Initiative (BRI) agreement in 2017.
• Both sides expressed their commitment to strengthening connectivity in ports, roads, railways, aviation, power grids and telecommunication.

Topic: Indian Economy

10. 10-year government bond yield dipped to a 3-year low.

• The benchmark 10-year government yield has reached 6.6928%.
• It has fallen to its lowest level in nearly three years amid expectations that the domestic central bank would ease interest rates.
• Data has revealed that India’s economic growth has slowed more than expected in the September quarter after that the bond yields have declined.
• India’s domestic output fell to a seven-quarter low of 5.4% last quarter.
• The decline in bond yield and swap rate indicate that the central bank may loosen monetary policy via a lower cash reserve ratio (CRR) for banks.
• The market is estimating a cut in the CRR by 50 bps could release over 1.1 trillion rupees ($13 billion) into the banking system.

Topic: Awards and Prizes

11. Jasleen Kaur won Turner Prize for ‘Alter-Altar’ Exhibition.

• Jasleen Kaur is a Scottish artist. Her exhibition Alter-Altar features a unique installation of a Ford Escort car decorated with a giant doily.
• Kaur beat three other finalists, Philippines-born Pio Abad, Manchester-born Claudette Johnson, and English artist Delaine Le Bas.
• Turner Prize is a major UK contemporary art award. It was established in 1984.
• It is given annually to a British artist for exceptional exhibitions or projects.
• Artists like Anish Kapoor, Damien Hirst, and Steve McQueen are previous winners of this prize.
• Previous year, Jesse Darling won for sculptures reflecting societal breakdown.

(Source: News on AIR)

Topic: Summits/Conferences/Meetings

12. CII organized 9^th International Conference on Waste to Worth.

• The conference's main goal was to address waste issues by utilising technology, creativity, and international collaborations.
• The second edition of the National Circular Economy Framework (NCEF) was released during the conference.
• CII created NCEF to help industries create sustainable business strategies.
• The 2nd National Circular Economy Framework was unveiled by Environment, Forests, and Climate Change Minister Bhupender Yadav and Masood Mallick, Chairman of CII's National Committee on Waste to Worth Technologies.
• A road map for converting cities into sustainable cities is provided by the National Circular Economy Framework (NCEF).
• In order to promote innovation, this framework supports lifecycle assessments and the use of circular principles.

Topic: International News

13. Russian President Vladimir Putin approved record-breaking spending on the military.

• Russian President Vladimir Putin has approved a massive defence budget for 2025.
• The Russian government has approved $126 billion for national defence.
• It is about 32.5 per cent of the government’s total spending.
• This year’s budget is about $28 billion more than last year’s defence spending.
• Due to the prolonged conflict in Ukraine, the Russian government is pushing to strengthen its military.
• Since World War II, the war in Ukraine has been the largest military conflict in Europe.
• Ukraine continues to rely heavily on billions in military aid from its Western allies, including the United States.

Topic: International Appointments

14. Justice Murdu Nirupa Bindushini Fernando became the 48th Chief Justice of Sri Lanka.

• Justice Murdu Nirupa Bindushini Fernando took oath as the new Chief Justice of Sri Lanka.
• She is the second woman to hold this position in Sri Lanka.
• Her appointment received approval from the Constitutional Council.
• She was appointed after the retirement of Chief Justice Jayantha Jayasuriya.
• She became Deputy Solicitor General in 1997 and Additional Solicitor General in 2014.
• She also served as the Senior Additional Solicitor General.