Daily Current Affairs December 02 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

LIC Launches New Whole Life Insurance Policy ‘Jeevan Utsav                                  

• Life Insurance Corporation of India (LIC), has launched a new individual, savings, and Whole Life Insurance plan called Jeevan Utsav.

About Jeevan Utsav :

• The Plan is a Non-Linked, Non-Participating Plan.
• This is a comprehensive form of life insurance providing lifetime coverage.
• Unlike term insurance plans that cover a person for a specified term, whole life insurance, as the name implies, provides coverage for the entire lifetime of the insured individual.
• This insurance plan not only grant’s death benefits to the beneficiaries after the policyholder’s demise but also has a savings component where cash values accumulate over time.

Consider the following points before opting for the policy.

• Policy Eligibility : This plan is available for age starting from 90 days to 65 years.
• It gives guaranteed lifelong income and lifelong risk cover.
• Premium Payment Terms : The minimum premium paying term is 5 years and the maximum premium paying term is 16 years
• Guaranteed Additions : For each policy year for which premium is paid, the Guaranteed Additions @ Rs 40 per thousand Basic Sum Assured shall accrue at the end of each policy year during the premium paying term.
• Survival Benefits Options : On survival after the Premium Paying Term, the policyholder can choose from:
• Option I – Regular Income Benefit – 10% of the Basic Sum Assured, payable at the end of each policy year, starting after 3 to 6 years of the deferment period.
• Option II- Flexi Income Benefit – Policyholders can opt for a Flexi Income Benefit under which 10% of the Basic Sum Assured payable can be accumulated and withdrawn later, subject to the terms and conditions of the policy. LIC shall pay interest on such Deferred Flexi Income payments @ 5.5% p.a., compounding yearly.
• Maturity Benefits : Maturity benefits are not applicable under this plan, as regular/flexi income benefits continue for the lifetime based on the option selected.
• Basic Sum Assured : The minimum basic sum assured is Rs. 5,00,000.
• There is no limit on the maximum basic sum assured.

About LIC :

• Established : 1956
• Headquarters : Mumbai, Maharashtra
• Chairman : Siddharth Mohanty

ADB Approves $500 Million Loan for Healthcare and Medical Education in Maharashtra                         

• The Asian Development Bank (ADB) has approved a loan package worth USD 500 million to improve access to quality and affordable tertiary health care and medical education in Maharashtra, India.
• ADB has been working with the state government of Maharashtra to achieve its vision of providing affordable and accessible tertiary health care to all by 2030 and strengthening quality and professional medical practitioners.
• The programme will initiate pivotal policy reforms to bolster tertiary healthcare services and expand medical education, particularly in underserved regions.
• The Maharashtra Tertiary Care and Medical Education Sector Development Programme, financed by the ADB loan, aims to construct 4 new medical colleges with tertiary care hospitals, which will include features that are resilient to climate and disasters, gender-sensitive, and socially inclusive.
• The programme also plans to augment bed capacity in state hospitals and recruit at least 500 doctors for these new institutions.
• ADB’s contribution will foster a conducive policy environment for attracting and retaining medical professionals through performance incentives, a new talent management policy, and the creation of India’s inaugural state-led centers of excellence in healthcare and medical education.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

Asian Development Bank Commits USD 170 Million to Transform Kochi’s Water Landscape                               

• The Asian Development Bank (ADB) has approved a significant loan of USD 170 million for the modernization of water supply services in Kochi, Kerala.
• Objective of the Loan : To modernize water supply services, elevate urban living standards, ensure access to clean water, and enhance climate resilience in Kochi.

Key Highlights :

• ADB’s intervention is particularly crucial due to Kerala experiencing severe dry spells and droughts, notably in 2016, which significantly impacted water availability in the region.
• The ambitious project involves the rehabilitation and upgrade of 5 existing water treatment plants.
• The project will rehabilitate and upgrade five existing water treatment plants that have a cumulative production capacity of 325 million litres per day (MLD), as well as build a new plant with 190 MLD capacity.
• To reduce loss of treated water during distribution, around 700 kilometres of pipes will be replaced and a real-time monitoring system will be introduced.
• About 146,000 water metres will be replaced with high-quality and reliable metres.
• An innovative feature of the project is to introduce sound preventive maintenance and asset management practices through a long-term performance-based contract for the operation and maintenance of the water distribution infrastructure, as well as rehabilitation and upgrading activities.
• The project will also improve the capacity of the service provider, including through training to improve female employment in the construction, operation, and maintenance of water supply systems.
• To strengthen Kerala Water Authority’s (KWA) institutional capacity, the project will support the introduction of a mobile app for improved billing and collection, the development of a geographic information system-based maintenance management system, and the upgrading of its laboratory information system.
• Technical and managerial KWA staff will also be trained on various aspects of water supply services.
• The project will implement awareness-raising activities among community-based organizations (with 50% women participation) and school children to help improve their knowledge of household supply, water audits, water quality, and hygiene, including menstrual hygiene and waterborne diseases.

CURRENT AFFAIRS: NATIONAL NEWS

Centre approves reconstruction plan worth over 1658 crore rupees for Joshimath in Uttarakhand

• Centre has approved the recovery and reconstruction plan of over 1658 crore rupees for Joshimath which was affected by landslide and ground subsidence early this year.
• A High-Level Committee under the chairmanship of Union Home Minister Amit Shah approved the plan.
• Under it, around 1080 crore rupees of Central assistance will be provided from the recovery and reconstruction window of the National Disaster Response Fund.
• The Uttarakhand government will provide over 126 crore rupees from its State Disaster Response Fund towards relief assistance.
• It will also provide around 452 crore rupees from its budget.
• Union Home Ministry said the recovery plan for Joshimath will be implemented in three years following the best practices, Build Back Better principles and sustainability initiatives.
• After the incident, The Central Government extended all necessary technical and logistical support to the State Government.
• All technical agencies were put into action and they helped the Uttarakhand Government in preparing the recovery plan for Joshimath expeditiously.

Union Minister for Power RK Singh inaugurates National Conference on “Energy Transition in India in Gandhinagar

• Union Minister for Power and New and Renewable Energy Shri R.K. Singh inaugurated a two-day National Conference on “Energy Transition in India – Road Travelled and Opportunities Ahead” in Gandhinagar.
• Shri Kanubhai Desai, Minister of Energy Petrochemicals and Finance, Government of Gujarat was also present along with other dignitaries on the occasion.
• Organized as a part of the upcoming Vibrant Gujarat Global Summit 2024, the event is being attended by more than 250 Indian and foreign representatives of power and renewable energy sector.
• The two-day conference will focus on scaling up renewable energy, generation and consumption by considering challenges related to grid integration, financing tools and developing supporting infrastructure.
• The Union Minister for Power in his address said the main objective of this conference is to move forward with an ambitious vision of promoting clean energy and facilitating the energy transition.
• India is committed to reducing the emission intensity of its GDP by 45 percent by 2030 compare to 2005 level.
• Gujarat is also the first state in the country to issue policies on renewable energy providing incentives for the development of renewable energy.
• Gujarat ranked first in the country in terms of installed wind power capacity, accounting for 25 per cent of the country’s total installed wind power capacity.
• In addition, Gujarat has the highest installed rooftop solar capacity, accounting for 26 percent of India’s total rooftop solar capacity.

Unemployment rate dips to 6.6 pc in Sep quarter

• According to the Periodic Labour Force Survey (PLFS), the unemployment rate in urban areas has decreased from 7.2% in July-September, 2022 to 6.6% in July–September 2023.
• The unemployment rate was 6.6% for persons under the age of 15 years.
• For persons aged 15 years and above, the worker-population ratio (WPR) in urban areas has increased from 44.5% in July-September, 2022 to 46% in July-September, 2023.
• For the male category, it has increased from 68.6% to 69.4% while it has increased from 19.7% to 21.9% for women during this period.
• PLFS defines the unemployment rate as the percentage of persons unemployed among the persons in the labour force.
• The LFPR in urban areas has increased from 47.9% in July-September, 2022 to 49.3% in July–September 2023 for persons aged 15 years and above.
• Labour Force Participation Rate (LFPR): LFPR is defined as the percentage of persons in labour force (i.e. working or seeking or available for work) in the population.
• Worker Population Ratio (WPR): WPR is defined as the percentage of employed persons in the population.
• Unemployment Rate (UR): UR is defined as the percentage of persons unemployed among the persons in the labour force.
• Current Weekly Status (CWS): The activity status determined on the basis of a reference period of last 7 days preceding the date of survey is known as the current weekly status (CWS) of the person.

CURRENT AFFAIRS : STATE NEWS

Uttar Pradesh Government Enters into MoUs with Council of Scientific and Industrial Research and Defence Research and Development Organization to Advance Research in the Medical Sector     

• The Yogi government in Uttar Pradesh is focusing on connecting the proposed Bulk Drugs Park in Lalitpur with technology along with research and innovation to provide high-quality and affordable medicines and medical devices.
• The Uttar Pradesh government has given approval for the establishment of the state’s first Pharma Park in Lalitpur district, located in Bundelkhand.
• The government has allocated a budget of Rs 1560 crore for the development and provision of necessary facilities to investors in Lalitpur Pharma Park.

Key Highlights :

• For this, the government has linked big institutions of the Government of India like the Council of Scientific and Industrial Research (CSIR) and Defense Research and Development Organization (DRDO) with the Bulk Drug Park and made them its knowledge partners.
• The Bulk Drugs Park in Lalitpur is being developed according to international standards, aligning with Chief Minister Yogi’s vision.
• The aim is to benefit not only India but also make it accessible to 196 countries worldwide, promoting the availability of affordable medicines and medical devices.
• Research and innovation will get a boost in Lalitpur Bulk Drugs Park, CSIR and DRDO to become knowledge partners.
• CONCOR has been appointed as the logistics partner, playing a crucial role in the distribution of medicines and medical devices both nationally and internationally.

About UP :

• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National Park
• Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Historic sale of Khadi and village industry products worth Rs 15.03 crore in India International Trade Fair-2023

• Khadi and Village Industries Commission (KVIC), Ministry of Micro, Small and Medium Enterprises, participated in the 42nd India International Trade Fair (IITF) – 2023 held at Pragati Maidan, New Delhi from 14 to 27 November, 2023.
• In this international trade fair that lasted for 14 days, Khadi lovers made huge purchases in the ‘Khadi Pavilion’ set up in Hall No. 3.
• For the first time in the history of the KVIC, the sales figure of Khadi and village industry products at IITF cross Historic sale of Khadi and village industry products worth Rs 15.03 crore in India International Trade Fair-2023.
• According to KVIC Chairman Shri Manoj Kumar, this time in the Khadi India Pavilion of IITF, the massive impact of the Prime Minister Shri Narendra Modi’s ‘Vocal for Local’ campaign was noticed on the people of Delhi.
• Delhiites purchased Khadi and Village industry products worth Rs. 15.03 crore.
• The sale of Khadi and village industry products in IITF held in the year 2022 was Rs 12.06 crore, which increased by 25 percent this year to Rs 15.03 crore.
• Historic sale of Rs 15.03 crore evidently shows that under the leadership of Prime Minister Shri Narendra Modi, ‘New Khadi of New India’is leading  the Self-reliant India campaign.
• The Khadi Pavilion was also awarded with the Special Commendation Medal Award by the India Trade Promotion Organization (ITPO).

CURRENT AFFAIRS: AWARDS AND HONOURS

Former Somali Refugee Wins Prestigious UN Award

• Abdullahi Mire of somalia has been named the winner of the UNHRC’s prestigious Nansen Award.
• Abdullahi Mire has received the award for giving 1,00,000 books to the hands of children in Kenya’s crowded Dadaab refugee camps.
• Abdullahi Mire has spent 23 years in Dadaab, where 90,000 refugees reside.

About Abdullahi Mire

• Abdullahi Mire is a journalist and former refugee from Somalia.
• Abdullahi Mire set up the Refugee Youth Education Hub to raise awareness about the refugees’ educational needs and promote book donations.
• This organization has distributed more than 1 lakh books in the camps and has opened three libraries.

Key Highlights

• The UNHCR Nansen Refugee Award was instituted in 1954.
• It honours individuals, groups and organizations who protect refugees as well as internally displaced and stateless people.
• Abdullah Habib, Sahat Zia Hero, Salim Khan and Shahida Win (Asia-Pacific): four Rohingya storytellers documenting the experiences of stateless Rohingya refugees

Safeena Husain, Founder of Educate Girls, honoured with the WISE Prize for Education

• The prestigious WISE Award was honoured to Safina Hussain at the WISE 11 Summit (World Innovation Summit for Education).
• The WISE Prize for Education is the first global award of its kind that honours an individual for outstanding contributions to education.
• Educate Girls is an example of this innovative approach, using AI to identify villages with a high number of out-of-school girls.
• More than 21,000 gender champions go door-to-door in India’s most remote villages to identify these girls.
• Working in partnership with government and communities, Educate Girls reintegrates them into the formal education system.
• Educate Girls has mobilized over 14 lakh girls to enroll and provided remedial education to over 19 lakh students since its inception through this comprehensive approach in Rajasthan, Uttar Pradesh, Madhya Pradesh, and Bihar.

About WISE Prize

• The WISE prize was established in 2009 by the Qatar Foundation under the visionary leadership of its Chairperson, Her Highness Sheikha Moza bint Nasser.
• WISE (World Innovation Summit for Education) has evolved into an international, multi-sector platform dedicated to promoting innovation and evidence-based approaches in education.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Rajat Kumar Jain was appointed as the Chairman of Fino Payments Bank                                    

• Mumbai-based Fino Payments Bank has received approval from the Reserve Bank of India (RBI) for the appointment of former managing director of Xerox India and Walt Disney India, Rajat Kumar Jain, as its part-time chairman.
• The RBI has approved the appointment with effect from November 24, 2023 till November 1, 2025.

About Rajat Kumar Jain :

• Rajat Kumar Jain, an alumnus of IIT Delhi and IIM Ahmedabad, is an accomplished corporate executive turned entrepreneur, business mentor/angel investor and serves as a non-executive director on various Boards including group companies of Aditya Birla and Mahindra conglomerates.
• Jain brings over three decades of strategic leadership experience across the Consumer, Telecom, Media, and Technology sectors.
• He is the Founder and Director of PadUp Ventures, a knowledge and mentoring platform that provides deep mentoring, incubation, and acceleration services to early-stage tech startups across sectors, including Fintech.

About Fino Payments Bank :

• Established : 2017
• Headquarters: Navi Mumbai, Maharashtra
• MD & CEO : Rishi Gupta

AS-IT-IS Nutrition Appoints Ravindra Jadeja, Indian Cricket Sensation, as Brand Ambassador                              

• AS-IT-IS Nutrition, a trusted leader in the fitness and sports nutrition sector, has signed Ravindra Jadeja, the celebrated Indian cricketer, to their distinguished brand ambassador lineup.
• AS-IT-IS Nutrition stands out for its commitment to delivering nutritional products in their most natural form, without any added fillers or additives.

About AS-IT-IS Nutrition :

• Founders : Arvind Jain, Himmath Jain
• Director : Pavan Jain
• AS-IT-IS Nutrition, a prominent figure in the health and fitness industry, is acclaimed for delivering high-quality nutrition supplements.
• The company focuses on providing natural Whey protein to athletes and fitness enthusiasts, catering to those dedicated to their gym routines.
• It holds the prestigious position as the No. 1 Whey protein, a distinction acknowledged by Amazon and Flipkart.
• With a proven history of collaborating with over 100 national-level athletes, AS-IT-IS is widely recognized as a leading provider of exceptional fitness supplements for the body.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Tata Advanced Systems and Satellogic to Collaborate on Building LEO Satellites in India    

• Indian aerospace company Tata Advanced Systems (TASL) and Satellogic have signed a deal to develop local space technology capabilities in India and manufacture Earth observation (EO) satellites.

Key Highlights :

• Under the deal announced TASL is now a customer of Satellogic’s Space Systems business.
• TASL and Satellogic will collaborate on the development of a new satellite design and work together to integrate multiple payloads on a single satellite that will generate a range of data over India.
• They plan to build sub-meter resolution EO satellites, the first of which will be called TSAT-1A.
• The focus will be on manufacturing satellites and developing imagery in India for national defense and commercial applications.
• TASL is commissioning a satellite assembly integration, and testing plant at its Vemagal facility in India’s Karnataka state.

About TASL :

• Founded : 2007
• Headquarters : Hyderabad, Telangana, India
• Chairman : Banmali Agrawala
• MD & CEO : Sukaran Singh
• TASL is an Indian aerospace manufacturing, military engineering and defense technology company.
• It is a fully owned subsidiary of Tata Sons, a holding company for the Tata Group.

About Satellogic :

• Founded : 2010
• CEO & Founder : Emiliano Kargieman
• Satellogic is a company specializing in Earth-observation satellites.

CURRENT AFFAIRS: MOUS AND AGREEMENT

NLCIL Signs MoU with TNSDC & NTTF for Skill Development Training Programme for Unemployed Youth

• NLC India Limited, a Navratna PSU under the Ministry of Coal, entered into a tripartite Memorandum of Understanding (MoU)in Chennai with Tamil Nadu Skill Development Corporation (TNSDC), the  Nodal Agency of Government of Tamil Nadu for skill development and M/s Nettur Technical Training Foundation (NTTF), Bengaluru, a pioneer institution on providing skill training to unemployed youth,  to meet the present industry demands.
• This collaboration of NLCIL, TNSDC & NTTF will impart job-oriented skill development training for 540 wards of project affected families (PAFs’) of NLCIL’s operating areas in Neyveli.
• NLCIL has committed to spend Rs1.12 lakh per candidate for this free residential programme under its budget for Rehabilitation and Resettlement (R&R).
• This programme will help the candidates to become technically trained and get employment opportunities in premier companies.
• The MoU was singed in the presence of Minister for Youth Welfare and Sports Development, Special Program Implementation Department Shri Udhayanidhi Stalin, by Shri Prabhu Kishore.K, Executive Director  and other senior functionaries of NLCIL and the State Government.
• This is yet another another major initiative by NLCIL towards its commitment to providing opportunities for PAFs who have given their land and houses to NLCIL for  project development.

CURRENT AFFAIRS: IMPORTANT DAYS

National Pollution Control Day: 2nd December

• National Pollution Control Day 2023 is observed on the 2nd of December 2023.
• National Pollution Control Day is observed to create awareness about pollution which is causing harm to our environment and living beings.
• It is nationally observed for the remembrance of an Industrial accident that took place in Bhopal which took thousands of lives in 1984.
• The Bhopal gas tragedy happened on the night of 2nd and 3rd December in the year 1984 because of the unintentional discharge of the poisonous chemical known as Methyl Isocyanate (also called MIC) as well as some other chemicals released from the Union Carbide Chemical Plant positioned in the city.
• Nearly 25000 people died due to the release of Poisonous gas and it is reported as one of the biggest Industrial Pollution disasters that took place in history.

International Day for the Abolition of Slavery: 2nd December

• International Day for the Abolition of Slavery 2023 is observed on the 2nd of December 2023.
• The International Day for the Abolition of Slavery focuses on eradicating modern forms of slavery like trafficking, sexual exploitation, child labour, forced marriage, and forced recruitment of children into armed conflict.
• The International Labor Organization puts the number of victims of modern slavery at 40 million worldwide.
• From past times to the present, slavery has spanned various nations, civilizations, and religions.
• Similarly, victims of slavery hailed from a wide range of races and religious backgrounds.
• Africans were kidnapped in the 17th and 18th centuries, sold into slavery in the American colonies and exploited to work as slaves in the production of products such as tobacco and cotton.
• ILO has adopted a legally binding Protocol designed to strengthen global efforts to eliminate forced labor, which entered into force in November 2016.
• N. Working Group on Slavery submitted a report that tendered the date for consideration as the World Day for the Abolition of Slavery in 1985.

World Computer Literacy Day: 2nd December

• World Computer Literacy Day 2023 is observed on the 2nd of December 2023.
• World Computer Literacy Day was launched in 2001 by an Indian company called N.I.I.T. to celebrate its 20th anniversary.
• The Company was founded in 1981 by Rajendra Singh Pawar and Vijay K. Thadani. N.I.I.T stands for National Institute of Information Technology, is a skills and talent development company.
• A study revealed that men formed the majority of computer users in the world.
• As a result, N.I.I.T took up the cause of educating more women and children by equipping them with computer literacy skills.
• Since its starting in 1981, the company has spread to over 30 countries of the world.

Daily CA One- Liner: December 2^nd

• Life Insurance Corporation of India (LIC), has launched a new individual, savings, and Whole Life Insurance plan called Jeevan Utsav.
• The Asian Development Bank (ADB) has approved a loan package worth USD 500 million to improve access to quality and affordable tertiary health care and medical education in Maharashtra, India.
• The Asian Development Bank (ADB) has approved a significant loan of USD 170 million for the modernization of water supply services in Kochi, Kerala.
• Centre has approved the recovery and reconstruction plan of over 1658 crore rupees for Joshimath which was affected by landslide and ground subsidence early this year
• Union Minister for Power and New and Renewable Energy Shri R.K. Singh inaugurated a two-day National Conference on “Energy Transition in India – Road Travelled and Opportunities Ahead” in Gandhinagar
• According to the Periodic Labour Force Survey (PLFS), the unemployment rate in urban areas has decreased from 7.2% in July-September, 2022 to 6.6% in July–September 2023.
• Khadi and Village Industries Commission (KVIC), Ministry of Micro, Small and Medium Enterprises, participated in the 42nd India International Trade Fair (IITF) – 2023 held at Pragati Maidan, New Delhi from 14 to 27 November, 2023
• Abdullahi Mire of somalia has been named the winner of the UNHRC’s prestigious Nansen Award
• The prestigious WISE Award was honoured to Safina Hussain at the WISE 11 Summit (World Innovation Summit for Education).
• NLC India Limited, a Navratna PSU under the Ministry of Coal, entered into a tripartite Memorandum of Understanding (MoU)in Chennai with Tamil Nadu Skill Development Corporation (TNSDC), the  Nodal Agency of Government of Tamil Nadu for skill development and M/s Nettur Technical Training Foundation (NTTF), Bengaluru, a pioneer institution on providing skill training to unemployed youth,  to meet the present industry demands.
• The Yogi government in Uttar Pradesh is focusing on connecting the proposed Bulk Drugs Park in Lalitpur with technology along with research and innovation to provide high-quality and affordable medicines and medical devices.
• Mumbai-based Fino Payments Bank has received approval from the Reserve Bank of India (RBI) for the appointment of former managing director of Xerox India and Walt Disney India, Rajat Kumar Jain, as its part-time chairman.
• AS-IT-IS Nutrition, a trusted leader in the fitness and sports nutrition sector, has signed Ravindra Jadeja, the celebrated Indian cricketer, to their distinguished brand ambassador lineup.
• Indian aerospace company Tata Advanced Systems (TASL) and Satellogic have signed a deal to develop local space technology capabilities in India and manufacture Earth observation (EO) satellites.
• National Pollution Control Day 2023 is observed on the 2nd of December 2023.
• International Day for the Abolition of Slavery 2023 is observed on the 2nd of December 2023
• World Computer Literacy Day 2023 is observed on the 2nd of December 2023