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CURRENT AFFAIRS : BANKING & FINANCE

India Records Near 5-Year High Banking Liquidity Deficit

India’s banking system liquidity deficit has widened to the highest in nearly 5 years on monthly goods and services tax payments.
The liquidity deficit is the amount of funds banks need to borrow from the interbank market or from the central bank.

What is banking system liquidity?

Liquidity in the banking system refers to readily available cash that banks need to meet short-term business and financial needs.
According to the Reserve Bank of India (RBI), the liquidity deficit stood at Rs 1.74 lakh crore ($20.90 billion).
It is highest since 2018, when it had hit Rs 1.86 lakh crore.
On a given day, if the banking system is a net borrower from the RBI under Liquidity Adjustment Facility (LAF), the system liquidity can be said to be in deficit.
LAF refers to the RBI’s operations through which it injects or absorbs liquidity into or from the banking system.
If the banking system is a net lender to the RBI, the system liquidity can be said to be in surplus.

CURRENT AFFAIRS: NATIONAL NEWS

Raksha Mantri Rajnath Singh approves capital acquisition proposals worth Rs 2.23 lakh crore to boost Indian Defence Industry

Defence Acquisition Council headed by Raksha Mantri Rajnath Singh approved capital acquisition proposals worth 2 lakh 23 thousand crore rupees to enhance the operational capabilities of the Armed Forces.
Defence Ministry, 98 per cent of the total amount will be sourced from domestic industries.
This will give a substantial boost to the Indian Defence Industry with the aim of achieving the goal of Aatmanirbharta.
The Council has approved the procurement of two types of Anti-tank Munitions namely, Area Denial Munition (ADM) Type-2 and Type-3, which are capable of neutralising Tanks and Armoured personnel carriers and enemy personnel.
The Acceptance of Necessity was also accorded for ‘155 mm Nubless projectile’ for use in 155 mm Artillery guns which will enhance lethality and safety of the projectiles.
The procurement and integration of Automatic Target Tracker and Digital Basaltic Computer for T-90 Tanks have also been accorded which will help in maintaining a combative edge of T-90 tanks over adversary platforms.
The procurement of Medium Range Anti-Ship Missiles for the surface platform of Indian Navy has also been accorded.
In addition, the Defence Acquisition Council has also accorded approval for procurement of Light Combat Helicopters for Indian Air Force and Indian Army.

Centre launches first-ever auction of critical mineral blocks to boost economy and support its transition towards clean energy

Union Minister for Mines Pralhad Joshi has launched the first-ever tranche auction of critical mineral blocks at a function in New Delhi.
Twenty blocks of critical and strategic minerals are being auctioned in the first tranche.
The blocks include Graphite, Lithium, Molybdenum, nickel, Copper and Potash.
They are located in Odisha, Chhattisgarh, Jammu and Kashmir, Uttar Pradesh, Jharkhand, Bihar, Tamil Nadu and Gujarat.
It is a landmark initiative that will boost India’s economy, enhance national security and support its transition to clean energy.
Later talking to reporters, the Minister said, the estimated value of the 100 blocks of critical and strategic minerals which have been identified up till now is 45,000 crore rupees.
The auction of these critical mineral blocks will culminate close on 28th of February.
The auction will be held online through a transparent two-stage ascending forward auction process.

Cabinet approves Terms of Reference for the Sixteenth Finance Commission

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the Terms of Reference for the Sixteenth Finance Commission.
The Terms of Reference for the Sixteenth Finance Commission will be notified in due course of time.
The 16th Finance Commission’s recommendations, upon acceptance by the government, would cover the period of five (5) years commencing April 1, 2026.
Article 280(1) of the Constitutions lays down that the modalities for setting up of a Finance Commission to make recommendation on the distribution of net proceeds of taxes between the Union and the States, allocation between the States of respective shares of such proceeds; grants- in-aid and the revenues of the States and measures needed to supplement the resources of the Panchayats during the award period.
The Fifteenth Finance Commission was constituted on November 27, 2017.
It made recommendations covering the period of six years commencing on 1st April, 2020 through its Interim and Final Reports.
The recommendations of the Fifteenth Finance Commission are valid upto the financial year 2025-26.
The Finance Commission shall make recommendations as to the following matters, namely:
The distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them under Chapter I, Part XII of the Constitution and the allocation between the States of the respective shares of such proceeds;

KeY Highlights

The principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India and the sums to be paid to the States by way of grants-in-aid of their revenues under article 275 of the Constitution for purposes other than those specified in the provisos to clause (1) of that article; and
The measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities in the State on the basis of the recommendations made by the Finance Commission of the State.
The Commission may review the present arrangements on financing Disaster Management initiatives, with reference to the funds constituted under the Disaster Management Act, 2005 (53 of 2005), and make appropriate recommendations thereon.
The Commission shall make its report available by 31st day of October, 2025 covering a period of five years commencing on the 1st day of April, 2026.
The Fifteenth Finance Commission (the 15th FC) was constituted on 27.11.2017 for making recommendations for a five-year period of 2020-21 to 2024-25. On 29.11.2019, the ToR of the 15th FC was amended requiring the Commission to submit two reports, namely a first report for financial year 2020-21 and a final report for an extended period of 2021-22 to 2025-26.
As a result, the 15th FC made its recommendations for a six-year period from 2020-21 to 2025-26.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Ministry of Tourism Hosts International Tourism Mart in Shillong, Meghalaya to Showcase North East Region’s Tourism Potential

The Ministry of Tourism, Government of India is organising the 11th edition of International Tourism Mart at Shillong, Meghalaya.

About the International Tourism Mart :

The International Tourism Mart is an annual event held by the Ministry in one of the North Eastern States on rotation basis.
Objective : To provide a bigger platform to the North Eastern stakeholders to interact with their counterparts from both within the country and overseas markets as well as to create awareness about the tourism potential of North East Region (NER) and highlight its unique tourism products, rich biodiversity, unique intangible heritage including local traditions, dance forms, arts, handicrafts and handlooms to a domestic and international audience.
The International Mart is also going to be a unique event, as it has been planned as a Green Event by adopting low carbon options on the lines of the action points formulated by Ministry of Environment, Forest and Climate Change, GOI for implementation of Mission LiFE and sensitising the tourism stakeholders and generating greater awareness about its objectives.
There will be no use of SUP (Single Use Plastic), a digital and paperless route will be followed as well as a tree plantation drive will be undertaken.
The event is scheduled to be inaugurated by Union Minister of Tourism, Culture and DoNER, Shri G. Kishan Reddy and will be attended by North-Eastern Tourism Ministers, Seniors Officials of North-Eastern States, State Governments and Heads of the Tourism & Hospitality Associations.
The earlier editions of this Mart have been held in Guwahati, Tawang, Shillong, Gangtok, Agartala, Imphal, Kohima and
Shillong will be hosting this event for the second time, since its inception.
An approximate number of 100 delegates including domestic and international, would be participating in the event.
The event will include an exclusive session dedicated to business meetings between local North Eastern stakeholders and domestic and international buyers.
The 8 North Eastern States would present the updates on their new destinations as well as new opportunities in their States.
Knowledge sessions and panel discussions with panellists from both the Government and private sectors would deliberate on the advances and development of connectivity in the region.
At present, there are more than 16 airports providing accessibility to tourist destinations in the NorthEast Region.
The Ministry of Tourism has collaborated with the Ministry of Civil Aviation under their RCS-UDAN Scheme.
As part of this collaboration, 53 tourism routes have become operational of which 10 routes are exclusively for the NorthEast Region.
The 3 vistadome trains operating in the NorthEast region have greatly contributed to not only connectivity but also in enhancing its tourism appeal.

About Ministry of Tourism :

Cabinet Minister : G. Kishan Reddy
Minister of State : Shripad Naik, Ajay Bhatt

CURRENT AFFAIRS : STATE NEWS

Bihar Government Initiates Program for 25 Lakh Academically Challenged School Children

The Bihar government will launch a programme in December 01, 2023 for nearly 2.5 million children lagging woefully behind their peers in schools with some of them incapable of reading simple Hindi words despite having reached upper primary classes.
As part of the programme, ‘Mission Daksh’, the state Education Department has directed teachers to intensively mentor such students, in batches of not more than five, with the “warning” that any laxity will cause them to face action.
The effective implementation of ‘Mission Daksh’ will be monitored by District-wise monitoring committees led by district magistrates (DMs).
Academically weak students will be identified and then Principals will coordinate with teachers to conduct additional classes, limited to five students at a time, after lunch.
The main aim of the programme is to provide individual attention to academically weaker students.
This targeted approach will help students grasp challenging concepts and bridge learning gaps.
All 25 lakh (approximately) such (academically weak) students will appear in their final examinations in April, 2024.
If these students fail in their final examinations, strict departmental action will be initiated against their headmasters/ principals and teachers by the Education Department.

About Bihar :

Governor : Rajendra Arlekar
Chief Minister : Nitish Kumar
Capital : Patna
National Park : Valmiki National Park
Wildlife Sanctuaries : Bhimbandh Sanctuary, Nagi Dam Bird Sanctuary, Udaypur Vanya Prani Sanctuary

CURRENT AFFAIRS: AWARDS AND HONOURS

NATIONAL METALLURGIST AWARDS

The National Metallurgist Award was announced.
This award was announced by the Union Steel Ministry.
Union Minister of State for Steel, congratulated the five distinguished metallurgists on being conferred with coveted NMA 2022 in four categories.

The awardees and categories:-

Dr Kamachi Mudali Uthandi – Lifetime Achievement Award
Dr Debashish Bhattacharjee – National Metallurgist Award
Dr Rameshwar Sah – R&D in Iron & Steel Sector
Dr Niloy Kundu – Young Metallurgist (Environment) Award
Agilan Muthumanickam – Award Young Metallurgist (Metal Science) Award
India’s production and consumption of steel during April-October 2023 YoY has grown by 15% to about 82 million tonnes and 75.8 million tonnes respectively.
India has achieved the status of 2nd largest steel producer globally.

PR Icon Suganthy Sundararaj Receives PRSI National Award for Outstanding Contributions to Healthcare Communications

Suganthy Sundararaj received the PRSI National Award for Outstanding Contributions to Healthcare Communications.
She received the honour for Outstanding Contributions to the Public Relations Society of India and the public relations industry.
Suganthy Sundararaj received the Award at the International Public Relations Festival in New Delhi.
This event has brought together professionals and young minds from the PR space to facilitate knowledge exchange.
The Festival this year is being organized around the theme ‘G20: Showcasing Indian Values and The Emerging India to the World: Opportunities for Public Relations’.
For more than 40 years, Suganthy Sundararaj executed PR mandate for Apollo Hospitals.
She launched many initiatives during her career to build relationships with the media.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

HDFC Bank’s board approves appointment of Bhanwala as Additional Independent Director

The Board of Directors of HDFC Bank has approved the appointment of Harsh Kumar Bhanwala as an Additional Independent Director of the Bank for 3 years from January 25, 2024.
The Board has also given the green light to the appointment of V Srinivasa Rangan as Executive Director (Whole-time Director) for 3 years, effective from November 23, 2023.

Details about Harsh Kumar Bhanwala :

Harsh Kumar Bhanwala served as the Executive Chairman of Capital India Finance, a Non-Banking Financial Company (NBFC).
Prior to that role, he held the position of Chairman at the National Bank for Agriculture and Rural Development (NABARD) from 2013 to 2020.

Details about V Srinivasa Rangan :

V Srinivasa Rangan, the newly appointed Executive Director, previously served as the Executive Director and Chief Financial Officer of the erstwhile Housing Development Finance Corporation Ltd.
He has been a member of various committees related to financial services such as RBI’s Committee on Asset Securitisation and Mortgage Backed Securitisation, Technical Group formed by National Housing Bank (NHB) for setting up of a Secondary Mortgage market Institution in India, NHB’s Working Group on Covered Bonds and NHB’s Working Group on Credit Enhancement Mechanism.

About HDFC Bank :

Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
Headquarters : Mumbai, Maharashtra, India
MD & CEO : Sashidhar Jagdishan
Tagline : We Understand Your World

CURRENT AFFAIRS : DEFENCE NEWS

Defence Minister Shri Rajnath Singh Reveals Crest of Project 15B Stealth Guided Missile Destroyer Yard 12706 (Imphal)

The crest of Yard 12706 (Imphal), the third amongst the four Project 15B stealth guided missile destroyers, was unveiled by Raksha Mantri Shri Rajnath Singh, in the presence of Manipur Chief Minister Shri N Biren Singh, in New Delhi.
The unveiling of Imphal’s crest, adorned with the Kangla Palace and ‘Kangla-Sa’ is a befitting tribute to the sacrifice made by the people of Manipur towards India’s independence, sovereignty and security.
The crest design depicts the Kangla Palace on the left and ‘Kangla-Sa’ on the right.
The Kangla Palace is an important historical and archaeological site of Manipur, and was the traditional seat of the past kingdom.
With a dragon’s head and lion’s body, the ‘Kangla-Sa’ is a mythical being from Manipur history, and is symbolic as the guardian/protector of its people. ‘Kangla-Sa’ is also the state emblem of Manipur.
Designed by the Indian Navy’s Warship Design Bureau and built by Mazagon Dock Shipbuilders Limited (MDL), Mumbai, this ship is a hallmark of indigenous shipbuilding and is amongst the most technologically advanced warships in the world.
The ship was delivered by the MDL to the Indian Navy on October 20, 2023.
A guided missile destroyer with a displacement of 7,400 tons and overall length of 164 metres, Imphal is a potent and versatile platform equipped with state-of-the-art weapons and sensors, including surface-to-air missiles, anti-ship missiles and torpedoes.
Powered by Combined Gas and Gas (COGAG) propulsion, she is capable of achieving speeds in excess of 30 knots (56 km/hr).
The ship boasts of a high indigenous content of approximately 75% that includes the following:
Medium Range Surface-to-Air Missiles (BEL, Bangalore)
BrahMos Surface-to-Surface Missiles (BrahMos Aerospace, New Delhi)
Indigenous Torpedo Tube Launchers (Larsen & Toubro, Mumbai)
Anti-Submarine Indigenous Rocket Launchers (Larsen & Toubro, Mumbai)
76mm Super Rapid Gun Mount (BHEL, Haridwar)
Imphal’s keel was laid on May 19, 2017 and the ship was launched into water on April 20, 2019.
The ship had sailed out for her maiden sea trials on April 28, 2023, and has undergone a comprehensive schedule of trials in harbour and at sea, leading up to its delivery on October 20, 2023 within a record time-frame of 6 months.

Ministry of Defence Signs Contract with Bharat Heavy Electricals Limited for ₹2956.89 Cr to Acquire 16 Upgraded Super Rapid Gun Mounts and Accessories for Indian Navy

The Ministry of Defence has signed a contract with M/s Bharat Heavy Electricals Limited (BHEL), Haridwar for procurement of 16 Upgraded Super Rapid Gun Mount (SRGM) along with associated equipment/ accessories for Indian Navy under Buy (Indian) category at a total cost of ₹2956.89 Cr.
The upgraded SRGM will be manufactured by BHEL at its Haridwar Plant.

Features of Upgraded SRGM :

The upgraded SRGM is described as a medium-caliber anti-missile/anti-aircraft point defense weapon system.
It provides a sustained rate of fire and high accuracy.
The weapon system is capable of multiple engagements in multi-threat scenarios
It has a proven record of very good performance against missiles and highly maneuverable fast attack crafts.

Key Highlights :

Upgraded SRGMs will be installed onboard Indian Navy’s in-service and newly built ships by M/s Mazagaon Dock and Shipbuilders Ltd., Mumbai, and Garden Reach Shipbuilders & Engineers, Kolkata.
The project is expected to generate employment of two and a half lakh mandays over a 5-year period.
The initiative encourages active participation from various Indian industries, including MSMEs, aligning with the government’s goal of achieving ‘Atmanirbharta’ (self-reliance) in defense.

14th edition of India-United States of America Joint Military Exercise ‘Vajra Prahar’ Commences In Meghalaya’s Umroi

The 14th Edition of the Indo-US Joint Special Forces exercise, “VAJRA PRAHAR 2023,” has commenced at the Joint Training Node in Umroi, Meghalaya spanning from 21st November to 11th December 2023.

Participating Forces :

The US contingent comprises personnel from the 1st Special Forces Group (SFG) of the US Special Forces, while the Indian Army contingent is led by Special Forces personnel from the Eastern Command.

About Exercise VAJRA PRAHAR :

Exercise VAJRA PRAHAR is a joint exercise conducted between the Indian Army and US Army Special Forces.
It aims at sharing best practices and experiences in areas such as joint mission planning and operational tactics.
Over the next three weeks, both sides will jointly plan and rehearse various special operations, counter-terrorist operations, airborne operations in simulated conventional and unconventional scenarios, particularly in mountainous terrain.
The exercise will include key highlights such as combat-free fall insertion of troops from stand-off distances, water-borne insertion of troops, precision engagement of targets at long ranges, combat air controlling of fixed-wing and rotary-wing aircraft, and airborne insertion and sustenance of troops.
Exercise VAJRA PRAHAR serves as a platform to exchange ideas and share best practices between the Special Forces of both nations.
It plays a crucial role in enhancing interoperability and strengthening defence cooperation between the armies of India and the United States of America.

History :

The 1st edition was conducted in the year 2010 in India.
The 13th edition of the Indo-US Joint Special Forces exercise was conducted at the Special Forces Training School (SFTS), Bakloh,Himachal Pradesh (HP).

About Ministry of Defence :

Defence Minister : Rajnath Singh
Minister of State : Ministry of Defence
Defence Secretary : Giridhar Aramane

Indian Coast Guard Conducts 9th National Level Pollution Response Exercise (NATPOLREX-IX) off Vadinar, Gujarat·

Indian Coast Guard conducted the 9th National Level Pollution Response Exercise (NATPOLREX-IX) near Vadinar, Gujarat.
DG Rakesh Pal, Director General Indian Coast Guard, and the Chairman NOSDCP reviewed the preparedness of all agencies during the exercise.
Various ministries and departments of central and coastal state governments, ports, oil handling agencies, and other stakeholders participated in the exercise.
More than 31 foreign observers and 80 delegates participated in the exercise.
The NATPOLREX-IX accomplished its objective of testing the level of preparedness and coordination between various resource agencies to respond to a marine oil spill invoking provisions of the National Oil Spill Disaster Contingency Plan or NOSDCP.
Pollution Response Vessels (PRVs), Offshore Patrol Vessels (OPVs), Advanced Light Helicopter Mk-III, and Dornier Aircraft participated in the exercise.
The event also showcased India’s industrial prowess in terms of the ‘Make in India’ thrust under Prime Minister Shri Narendra Modi’s vision of ‘Aatmanirbhar Bharat’.
Major ports have also deployed their maritime assets to showcase synergized efforts in combating marine pollution.
ICG assumed responsibilities for protecting the marine environment in the maritime zones of India on 07 Mar 1986, when these responsibilities were transferred from the Ministry of Shipping.
Subsequently, the Coast Guard prepared the NOSDCP for combating oil spill disasters at sea, which was approved by the Committee of Secretaries in 1993.
Apart from drawing up the NOSDCP, the Coast Guard has established four Pollution Response Centers at Mumbai, Chennai, Port Blair and Vadinar.

Note :

The Indian Coast Guard conducted the 8th edition of the National Level Pollution Response Exercise, codenamed NATPOLREX-VIII, from April 19-20, 2022, off Mormugao Harbour, Goa.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

IndiGo Introduces AI Chatbot 6Eskai for Assistance in Flight Booking, Web Check-in, and Discount Information

In a significant leap forward in the realm of Indian aviation, IndiGo, the country’s largest airline, has unveiled a cutting-edge AI chat assistant, 6Eskai, powered by GPT-4 technology.
This innovative chatbot, developed in collaboration with Microsoft, is poised to reshape the passenger experience by efficiently handling customer queries in 10 different languages.
To begin with, it will address customer queries in 10 different languages.
Early results show a 75% reduction in customer service agent workload.
A fortnight ago, Air India too launched Maharaja, which too is powered by AI.
IndiGo is among the first few airlines in the region to harness cutting-edge AI technology.
The AI bot uses 1.7 trillion parameters, allowing it to answer a diverse range of commonly asked questions with ease.
6ESkai is capable of performing a wide range of tasks, including booking tickets, applying promotional discounts, booking addons, performing web check-ins, helping in seat selection, planning trips, answering FAQs, and connecting customers with an agent.
One of 6Eskai’s standout features is its multilingual capabilities, allowing it to effortlessly converse with passengers in ten different languages.
This multilingual prowess is expected to cater to the diverse traveller base in India and further enhance the airline’s appeal.

About IndiGo :

Headquarters : Gurgaon, Haryana, India
CEO : Pieter Elbers.
InterGlobe Aviation Limited, doing business as IndiGo, is an Indian low-cost airline.

Saturn’s Rings Will Temporarily Disappear From View in 2025

In 2025, Saturn’s rings will seemingly disappear from Earth’s view due to the phenomenon known as the “Saturnian equinox.“
The Saturnian equinox occurs when the Sun crosses Saturn’s equator, resulting in approximately equal durations of day and night on the planet.
Saturn experiences equinoxes roughly every 15 Earth years due to its extended orbital period.

Key Highlights :

During the Saturnian equinox, Saturn’s rings become invisible from Earth.
This phenomenon happens because Saturn, at this time, is positioned at an angle from Earth that allows observation only of the edges of the rings, making them appear thin and almost invisible.
While Saturn’s rings will be seemingly invisible in 2025, they are expected to become visible again in 2032.
Saturn is the 6th planet from the Sun and is a gas giant primarily composed of hydrogen and helium.
Saturn has more than 80 moons, with many yet to be confirmed.
Notably, Titan is Saturn’s largest moon and is characterized by a thick atmosphere, making it the only moon in the solar system with a significant atmosphere.

China Establishes World’s First ‘Near-Space Command

China has established the world’s first near-space command, which is the fifth branch of the People’s Liberation Army (PLA), focusing on the development of hypersonic weapons.
The near-space command operates in the near-space area, ranging from an altitude of 20 km to the lower boundary of space at 100km.
Equipped with hypersonic missiles, the near-space command is designed to target critical military assets and conduct high-altitude surveillance globally using automated drones and spy balloons.
Hypersonic weapons possess speeds of at least Mach 5, making them highly maneuverable and capable of changing course during flight.
The term “Mach” is a unit of measurement representing the speed of a moving object relative to the speed of sound.
A Mach number is used to classify speeds, with supersonic speed below Mach 5 and hypersonic speed above Mach 5.

Details about China’s Near Space Command :

Role and Reporting Structure : The Near Space Command is the 5th force of the Chinese PLA, alongside the Army, Navy, Air Force, and Rocket Force.
It operates in the near-space region and reports directly to the highest level of the military.
Equipment Composition : The command is equipped with modern hypersonic missiles, a significant number of spy balloons, solar-powered long-endurance drones, and other associated equipment.
Tasks and Responsibilities : In the event of future wars, the near-space command is tasked with carrying out attacks on critical targets and conducting high-altitude surveillance using automated drones and spy balloons.

What is Near Space?

Near Space refers to the area in Earth’s atmosphere approximately 20 to 100 kilometres from the Earth’s surface, known as the mesosphere.

Unique Characteristics :

In this region, air is very thin, preventing traditional military aircraft from flying, and gravity is strong enough to prevent satellites from remaining in orbit, creating a No-Man’s land region.
However, hypersonic missiles can easily operate in this area due to the rarefied atmosphere, enabling them to fly at hypersonic speeds for long ranges.
The characteristics of the near-space region are what the Chinese hope to exploit using the ‘near-space’ command.

About China :

President: Xi Jinping
Capital: Beijing
Currency : Renminbi

CURRENT AFFAIRS: MOUS AND AGREEMENT

Nasscom signs MoU with NRW Global to establish launchpad in Germany

An MoU has been signed between Nasscom and NRW Global to establish a launchpad in Germany.
The MoU has been signed to promote innovation, investment, and technological exchange between North Rhine-Westfalia (NRW) in Germany and India.
The state-owned foreign trade promotion agency NRW Global Business is the partner for all companies to investment projects and settling in North Rhine-Westphalia.
It also works for the development of foreign markets for North Rhine-Westphalian companies and networking with international business partners.
NASSCOM is the apex body for the $245 billion technology industry in India, with over 3,000 member companies that account for 90% of the industry’s revenue.
The MoU will promote the establishment of the first NASSCOM Launchpad in Germany following its success in the UK.

About NASSCOM

The National Association of Software and Service Companies is an Indian non-governmental trade association and advocacy group that primarily serves the Indian technology industry.
Founded in 1988, NASSCOM operates as a nonprofit organization and serves as a key entity within the Indian technology sector. Chairperson: Krishnan Ramanujam

UNLF signs peace agreement with Centre & Manipur government

Government of India and Government of Manipur signed a Peace Agreement with United National Liberation Front (UNLF), the oldest valley-based armed group of Manipur in New Delhi.
The UNLF was formed in 1964 and has been operating both within and outside Indian Territory.
The agreement is poised to give a fillip to usher in a new era of peace in the North East in general and Manipur in particular.
The agreement will not only bring an end to hostilities between UNLF and security forces which have claimed precious lives on both sides over the last more than half a century but also provide an opportunity to address the longstanding concerns of the community.
A Peace Monitoring Committee (PMC) will be constituted to oversee enforcement of the agreed ground rules.
The development is likely to be a significant step in restoring peace and normalcy in the State.
The United National Liberation Front (UNLF) and its armed wing, the Manipur Peoples’ Army (MPA), were among several Meitei extremist organisations in Manipur banned by the Union home ministry earlier this month.
Manipur has been witnessing incidents of ethnic violence since May 3 this year, after a ‘Tribal Solidarity March’ was organised in the hill districts to protest against the Meitei community’s demand for Scheduled Tribe (ST) status.
More than 180 people have been killed since the violence broke out in the state.

CURRENT AFFAIRS: IMPORTANT DAYS

World AIDS Day: 1st December

World AIDS Day 2023 is observed on the 1st of December 2023.
On 1st December, WHO, together with communities and partners will commemorate World AIDS Day 2023, under the theme “Let communities lead”.
World AIDS Day was first initiated in 1998 and observed on December 1.
World AIDS Day was the first day celebrated for health awareness.
The day is an opportunity for everyone around the world to come together in the fight against the disease and stand in solidarity to support those suffering from HIV, as well as remember those who lost their lives to this illness.
The Idea of Conceiving World AIDS Day was started in 1988.
From 1996 onwards, the observance of World AIDS Day was taken over by the United Nations Programme on HIV/AIDS, expanding the campaign to an annual education and prevention campaign.
The World AIDS Campaign was registered as a nonprofit organization in 2004 in the Netherlands.

Daily CA One- Liner: December 1

Defence Acquisition Council headed by Raksha Mantri Rajnath Singh approved capital acquisition proposals worth 2 lakh 23 thousand crore rupees to enhance the operational capabilities of the Armed Forces
Union Minister for Mines Pralhad Joshi has launched the first-ever tranche auction of critical mineral blocks at a function in New Delhi.
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the Terms of Reference for the Sixteenth Finance Commission.
The National Metallurgist Award was announced.
Suganthy Sundararaj received the PRSI National Award for Outstanding Contributions to Healthcare Communications
An MoU has been signed between Nasscom and NRW Global to establish a launchpad in Germany
Government of India and Government of Manipur signed a Peace Agreement with United National Liberation Front (UNLF), the oldest valley-based armed group of Manipur in New Delhi
India’s banking system liquidity deficit has widened to the highest in nearly 5 years on monthly goods and services tax payments.
The Ministry of Tourism, Government of India is organising the 11th edition of International Tourism Mart at Shillong, Meghalaya.
The Bihar government will launch a programme in December 01, 2023 for nearly 2.5 million children lagging woefully behind their peers in schools with some of them incapable of reading simple Hindi words despite having reached upper primary classes.
The Board of Directors of HDFC Bank has approved the appointment of Harsh Kumar Bhanwala as an Additional Independent Director of the Bank for 3 years from January 25, 2024.
The crest of Yard 12706 (Imphal), the third amongst the four Project 15B stealth guided missile destroyers, was unveiled by Raksha Mantri Shri Rajnath Singh, in the presence of Manipur Chief Minister Shri N Biren Singh, in New Delhi.
The Ministry of Defence has signed a contract with M/s Bharat Heavy Electricals Limited (BHEL), Haridwar for procurement of 16 Upgraded Super Rapid Gun Mount (SRGM) along with associated equipment/ accessories for Indian Navy under Buy (Indian) category at a total cost of ₹2956.89 Cr.
The 14th Edition of the Indo-US Joint Special Forces exercise, “VAJRA PRAHAR 2023,” has commenced at the Joint Training Node in Umroi, Meghalaya spanning from 21st November to 11th December 2023.
Indian Coast Guard conducted the 9th National Level Pollution Response Exercise (NATPOLREX-IX) near Vadinar, Gujarat.
In a significant leap forward in the realm of Indian aviation, IndiGo, the country’s largest airline, has unveiled a cutting-edge AI chat assistant, 6Eskai, powered by GPT-4 technology.
In 2025, Saturn’s rings will seemingly disappear from Earth’s view due to the phenomenon known as the “Saturnian equinox.“
China has established the world’s first near-space command, which is the fifth branch of the People’s Liberation Army (PLA), focusing on the development of hypersonic weapons.
World AIDS Day 2023 is observed on the 1st of December 2023

Daily Current Affairs December 01 2023 | Latest News | Download PDF