Daily Current Affairs December 06 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI Allows Banks to Open Current Accounts for Export Proceeds Alongside Special Rupee Vostro Accounts                                

• The Reserve Bank of India (RBI) permitted banks to open additional current accounts for export proceeds in addition to special rupee vostro accounts with a view to provide greater operational flexibility to exporters.
• To provide greater operational flexibility to exporters, banks maintaining a special rupee vostro account as per the provisions of the RBI circular dated July 11, 2022 are permitted to open an additional special current account for its exporter constituent exclusively for settlement of their export transactions.
• In July 2022, the RBI had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency.
• Accordingly, authorised Indian banks must open and maintain special rupee vostro accounts of the partner trading country’s banks.
• These accounts keep the foreign bank’s holdings in the Indian counterpart in rupees.
• When an Indian trader wants to make a payment to a foreign trader in rupees, the amount will be credited to this vostro account.
• Similarly, in the reverse scenario, the amount to be paid to an Indian trader is deducted from the vostro account, and credited to the person’s regular account.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Swaminathan Janakiraman, Michael Patra, M. Rajeshwar Rao, T Rabi Sankar

Private general insurers expand market share to 53.58% in H1 FY24

• Private general insurers increased their combined market share to 53.58% in gross direct premium underwritten in the first half of the current financial year from 50.81% in the year-ago period.

Key Highlights :

• As many as 31 insurers from the non-life industry had underwritten gross direct premiums of Rs 1.43 lakh crore in the first half of the current financial year, according to data on segment-wise gross direct premiums up to September 2023 released by Insurance Regulatory and Development Authority of India (IRDAI).
• Private insurers registered an annual increase of 14.86% in gross direct premiums.
• The non-life industry recorded a gross direct premium (GDP) of Rs 1,25,194 crore in the April-September period of the previous financial year (2022-23).
• PSU general insurers had a combined market share of 31.99% during April-September, 2023 period with a growth rate of 12.16% as compared to a market share of 32.76% in the corresponding period of the last financial year, 2022 with a growth rate of 6.43%.
• IRDAI data showed that New India Assurance Company is the largest insurer with a market share of 13.09% followed by ICICI Lombard General Insurance Company (8.67%) and Bajaj Allianz General Insurance Company (7.69%).
• These top 3 insurers have a combined market share of 29.46% with a growth rate of 18.45%.
• The 8 insurers have more than 5% market share of total non-life GDP YTD September 2023.
• According to the IRDAI data, up to September 2023 health insurance was the largest non-life segment followed by motor (total) and crop insurance.

Mutual Funds Allocate ₹3,000 Crore for Debt Fund Backstop Facility

• Mutual funds have set aside ₹3,100 crore as part of the Corporate Debt Market Development Fund (CDMDF) created by the capital market regulator Securities and Exchange Board of India (SEBI) as a backstop arrangement to bailout specified debt schemes in times of crisis in the market.
• SBI Mutual Fund will manage the funds deposited by mutual funds for the CDMDF.

Key Highlights :

• Contributions by Asset Management Companies : Asset management companies will make a one-time contribution equivalent to 2 basis points (bps) of the Assets Under Management (AUM) of specified debt-oriented schemes.
• Basis for Initial Contribution : The initial contribution will be based on the AUM of specified mutual fund schemes as of December 31, 2022.
• Background and Rationale : The decision to establish a backstop facility was prompted by market crises, including the defaults by IL&FS and DHFL, as well as the abrupt closure of six debt mutual fund schemes by Franklin Templeton during the Covid pandemic.
• In June,2023 SEBI notified rules for setting up a CDMDF in the form of a closed-ended alternative investment fund.
• The close-ended scheme has an initial tenure of 15 years from the date of its initial closing.

What is the Corporate Debt Market Development Fund (CDMDF)?

• CDMDF is an alternative investment fund designed to address the requirements of the corporate debt market in India.
• It will be launched as a close-ended scheme, indicating a fixed tenure for its operation.

Purpose and Role :

• CDMDF serves as a backstop facility specifically for investment-grade corporate debt securities.
• Its primary function is to provide stability and boost investor confidence in the corporate debt market.

Financial Contributions:

• CDMDF provides a backstop facility of Rs 33,000 crore has been established for Mutual Funds.
• The government will contribute Rs 30,000 crore, and the Asset Management Companies will provide the remaining Rs 3,000 crore.

Objective of CDMDF :

• CDMDF aims to enhance secondary market liquidity by creating a permanent institutional framework that can be activated during periods of market stress.

Support during Market Stress :

• The fund acts as a safety net for investors during times of market dislocation, providing support and stability to the corporate debt market.

CURRENT AFFAIRS: BUSINESS NEWS

LIC stock crosses ₹700 mark after 11 months

• Following a subdued performance post listing, LIC shares experienced a notable upswing in November, concluding with a substantial gain of 12.83%, marking the most significant monthly increase for the stock since its debut in May 2022.
• In the previous trading session, the stock crossed the ₹700 mark after 11 months, finishing the trade at ₹
• At current levels, the stock is just 4.9% away from its 52-week high of ₹754.20 apiece.
• The surge in momentum is attributed to the anticipation surrounding its new non-par product, ‘Jeevan Utsav,‘ translating to the “celebration of life.”
• LIC has introduced a new non-par product, LIC Jeevan Utsav, featuring a combination of limited pay (5–16 years) with lifelong income.
• According to a recent note from domestic brokerage firm Kotak Institutional Equities, Jeevan Utsav offers internal rate of return (IRR) ranging from 4.0% to 5.5% in select cohorts.
• These rates are slightly lower than those offered by non-par products from leading private players.
• Non-par is a value-adding segment, and an increase in the share of non-par can boost LIC’s overall margins, Kotak highlighted.

Bharti Airtel becomes the 8th company to surpass ₹6 lakh crore Mcap

• The full market capitalisation of Bharti Airtel (partly plus fully paid-up) hit ₹6 lakh crore for the first time on
• Share of Bharti Airtel added another 2%, taking their year-to-date gain to 28%. In contrast, the benchmark Nifty has gained 14.3% during the same period.
• The stock has been generating positive returns for the last five years, with 2019 being the highest.
• After a close to 60% surge in 2019, the stock of Bharti Airtel gained 12% and 37%, respectively in 2020 and 2021.
• Other companies that surpassed the Rs 6 lakh crore milestone in the past include—Reliance Industries, TCS, HDFC Bank, ICICI Bank, HUL, Infosys, and ITC.

About Mcap:

1. Market capitalizationrefers to the total dollar market value of a company’s outstanding shares of stock.
2. The investment community uses this figure to determine a company’s size instead of sales or total asset figures.

CURRENT AFFAIRS: NATIONAL

‘India Internet Governance Forum 2023’ to discuss public policy issues related to Internet in New Delhi

• ‘India Internet Governance Forum 2023’ will be held in New Delhi.
• The forum is a multi-stakeholder platform bringing together representatives from various groups to discuss public policy issues related to the Internet.
• The theme of the event is Moving Forward – Calibrating Bharat’s Digital Agenda.
• Electronic and IT Ministry stated, the event is an effort to discuss issues such as building a secure, trusted and resilient cyberspace for Bharat, Enabling Innovation for India’s Developmental Goals, Bridging Divides and Calibrating Bharat’s Digital Agenda.
• The India Internet Governance Forum is an initiative associated with the UN Internet Governance Forum.

South Central Railway commissions electrification of 64 Km line between Devarkadra-Krishna in ongoing Munirabad-Mahabubnagar new railway line project

• South Central Railway has completed electrification of the existing rail network in Telangana region except for the newly laid rail lines.
• In the next step, as part of electrification of newly constructed lines, 64 route Kms between Devarkadra – Krishna has been electrified o­n mission mode.
• The New Broad Gaugeline between Krishna – Devarkadra has been completed and recently commissioned as part of Mahabubnagar – Munirabad new line project.
• The DEMU passenger train services were also commissioned in this new section recently in October, 2023.

Benefits from the Project:

• The section between Devarkadra and Krishna will now become the most accessible route to many important cities of Southern States like Raichur, Guntakal, Bellary, Hubli, Goa from Hyderabad.
• Iron ore and other bulk commodities such as Cement, Steel etc., which are now being moved in other routes can now be transported this alternate route.
• The project will help in expanding the rail network between Hyderabad and the Mining belt of Karnataka, benefitting both the Passenger and goods traffic.
• The section between Devarkadra – Krishna has been executed by South Central Railway as part of Munirabad – Mahabubnagar new line project, while the balance portion between Munirabad – Raichur is being executed by South Western Railway and is in fast progress.
• Once the entire project is completed, it reduces the distance between Secunderabad and Hubli, Goa and beyond considerably by more than 100 Kms.
• The operation of trains with electric traction helps in reducing the carbon emission and proves to be environment friendly. It helps the rail passengers by providing seamless movement of trains by avoiding change in traction power, reduces enroute detention of both the coaching and freight trains and improves the average speed of the trains.
• With regards to Railways, Fuel costs can be saved o­n a large scale and also helps in operational efficiency.

Indian Navy ranks to be renamed as per Indian culture: PM Modi during Navy Day celebrations

• While congratulating the Indian Navy for appointing India’s first woman commanding officer of the naval ship, Prime Minister Narendra Modi pushed for a culture rejig in the ranks of Indian Navy.
• PM Modi announced that the ranks of the Navy personnel and officers will be renamed as per the Indian culture.
• During his Navy Day address, PM Modi revealed the plans of the Indian government, which is working on to increase the women’s power in our defence forces.
• PM Modi mentioned the role played by great Indian legend Chhatrapati Shivaji Maharaj and he emphasized on the importance of the naval power.
• The Indian Navy observes Navy Day on 4 December in remembrance of the daring “Operation Trident,” a significant naval assault on Karachi harbor carried out during the 1971 War.

India emerges as major contributor to organic and natural products market globally

• India has emerged as a major contributor to the organic and natural products market globally and its share in the market was 17 thousand 8 hundred 53 crore Rupees in the last three years.
• In a written reply in Lok Sabha, Union Minister for Agriculture and Farmer Welfare Narendra Singh Tomar stated that as per the report of the World of Organic Agriculture Statistics and Emerging Trends 2023, the demand for organic products has increased throughout the world from 21 Billion US Dollars in 2001 to 135.50 Billion US Dollars in 2021.
• The major organic products exported from the country during the last three years include Cereals, millet, Processed Food, Tea, Spices, Condiments, Dry Fruits, Sugar, Medicinal plant products, Pulses, Coffee, Oil seeds.
• He stated that the country is bestowed with significant potential to produce all varieties of organic products due to the diversity in its agro-climatic conditions.
• This holds promise for the organic producers to tap the market which is growing steadily in the domestic and export sector.
• Several initiatives have been taken by the Government to enhance the export of organic products from the Country.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Prime Minister Shri Narendra Modi Advocates India as Host for 2028 Climate Conference, Urges Nations to Prioritise Global Interests

• Prime Minister (PM) Shri Narendra Modi calls on countries to prioritise global interests over self-interest and fulfil all climate obligations.
• Emphasizes the need for developing countries to have appropriate access to the remaining global carbon budget.

Key Highlights :

• Speaking at the high-level segment of the COP28 meeting in Dubai (UAE), he also proposed to host the 2028 climate change conference, COP33, in India.
• India has hosted the annual climate change conference called the conference of parties (COP) of the UNFCCC once earlier – COP8 in 2002.
• Then, the scale of this conference used to be much smaller unlike the most high-profile annual event that it has evolved into now, attracting the attendance of over 100 heads of states and governments, etc.
• India was among very few large economies which were on track to fulfil their climate commitments.
• The global climate initiatives India had launched are – International Solar Alliance, Coalition of Disaster-Resilient Infrastructure, Lifestyle for Environment (LiFE) Campaign and Decisions like Renewable Energy Tripling and Global Biofuels Alliance taken by the G20 summit under India’s presidency.
• The Indian Environment Ministry recently launched Green Credits Initiative, which provides a way for incentivising environmental actions by offering green credits for projects that help the environment in any way.
• In its first round, activities in water conservation and afforestation would be acknowledged.
• The Indian PM also stressed that developing countries must get to utilise an appropriate share in the fast-depleting carbon budget.
• Carbon budget is the amount of GHG emissions that science says can be allowed without breaching the 1.5-degree Celsius temperature target.

Pakistan Submits BRICS Membership Application in 2024   

• Pakistan has filed an application to join the BRICS group of nations in 2024 and is counting on Russia’s assistance during the membership process.

Key Highlights :

• Pakistan’s application came as the grouping of emerging economies was set for its biggest expansion with 6 new members under Russia’s rotating Presidency in 2024.
• New Members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) as new members formally admitted to the BRICS summit-2023 held in South Africa.
• However, they will formally join during the 2024 summit in Kazan, Russia.
• Pakistan, currently experiencing a severe economic and political crisis, sees joining BRICS as an opportunity to open up new economic prospects.

About New Development Bank (NDB) :

• New Development Bank (NDB) is a multilateral development bank established by BRICS during the Summit held in Fortaleza on July 15, 2014, and the Bank started operations on July 21, 2015.
• It consists of Brazil, Russia, India, China, and South Africa, which was previously known as BRIC before South Africa’s inclusion in 2010.

About Pakistan:

• Capital: Islamabad
• Currency: Rupee
• President: Arif Alvi

UAE Commits $30bn to Climate-Focused Investment Vehicle – ALTÉRRA       

• The UAE announced a US$30 billion commitment to the newly launched catalytic climate vehicle, ALTÉRRA.

About ALTÉRRA :

• With this US$30 billion commitment, ALTÉRRA becomes the world’s largest private investment vehicle for climate change action and will aim to mobilize US$250 billion globally by 2030.
• It aims to steer private markets towards climate investments and focus on transforming emerging markets and developing economies, where traditional investment has been lacking due to the higher perceived risks across those geographies.
• ALTÉRRA has been established by Lunate, an independent global investment manager, and is domiciled in the Abu Dhabi Global Market.

Need for ALTERRA : 

• Emerging markets and developing economies require US$2.4 trillion annually by 2030 to combat climate change.
• That is why COP28 made fixing climate finance a key pillar of its Action Agenda and has worked to deliver ambitious solutions, including mobilising private markets at scale.

Benefits of ALTERRA:

• ALTÉRRA provides a transformational solution for attracting private capital.
• Its scale and structure will create a multiplier effect in climate focused investment, making it a vehicle like no other.
• Its launch reflects the COP Presidency’s Action Agenda and the UAE’s efforts to make climate finance available, accessible and
• ALTÉRRA is one of a range of finance-led initiatives launched during COP28 to accelerate the global transition to a low-carbon economy and build climate resilience.

Structure of ALTERRA:

• ALTÉRRA has an innovative two-part structure to stimulate new ideas and incentivize policy and regulatory frameworks.
• Focus on solutions across the entire value chain of the new climate economy.
• Dedicated investment focus on Energy Transition, Industrial Decarbonization, Sustainable Living, and Climate Technologies.

ALTERRA and Climate Change:

• ALTÉRRA TRANSFORMATION supports inclusivity, leveraging concessional finance for Least Developed Countries (LDCs) and Small Island Developing States (SIDS).
• The ALTERRA vehicle will add to the UAE’s leading change as a trusted facilitator at the global crossroads between North, South, East and West.
• ALTÉRRA, in collaboration with BlackRock, Brookfield and TPG as inaugural launch partners, has committed US$6.5 billion to climate-dedicated funds for global investments, including the Global South.

ALTERRA and India:

• From the vehicle’s initial commitment, immediate capital investment has been earmarked for the development of over 6.0 GW of new clean energy capacity in India.
• This includes the construction of 1,200 MW of wind and solar projects that will begin producing clean power by 2025.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Madagascar Court Upholds Andry Rajoelina’s Presidential Election Victory               

• Madagascar’s Constitutional Court has confirmed President Andry Rajoelina re-election following a controversial election a fortnight ago.
• The court said Mr Rajoelina secured 59% of the votes cast, declaring him elected for a third term.
• It dismissed complaints by the opposition over the credibility of the vote, which recorded a low turnout of 46%.
• 10 out of 13 presidential contenders had withdrawn their candidacies but their names remained on the ballot.
• Mr Rajoelina defeated his two closest rivals, Siteny Randrianasoloniaiko and ex-President Marc Ravalomanana, who got 14% and 12% of the vote respectively.

About Madagascar :

• Capital: Antananarivo
• Currency: Malagasy Ariary.

Pradeep Kumar Pal (IRSSE) Assumes Director Role at UPSC          

• Pradeep Kumar Pal, an officer from the Indian Railway Service of Signal Engineers (IRSSE) of the 2009 batch, has been selected for the position of Director in the Union Public Service Commission (UPSC).
• According to an order issued from the Department of Personnel & Training (DoPT), Pal has been selected for the appointment under the Central Staffing Scheme for a period of 5 years from the date of taking over charge of the post or until further orders, whichever event takes place earlier.

About UPSC :

• Founded: 1 October 1926
• Headquarters : New Delhi, Delhi
• Chairperson: Manoj Soni.
• Union Public Service Commission, commonly abbreviated as UPSC, is India’s premier central recruitment agency for recruitment of all the Group ‘A’ officers under Government of India.

Microsoft hires ex-OpenAI leaders Altman and Brockman to lead new AI group

• Microsoft’s Chief Executive Officer (CEO) Satya Nadella, stated that the company has hired OpenAI co-founders Sam Altman and Greg Brockman to lead a new advanced AI research team.
• The announcement followed closely after OpenAI’s board of directors stated that Sam Altman would not be returning to his position at OpenAI.
• The sudden removal of Sam Altman surprised not only OpenAI’s employees but also major investors, including Microsoft.

OpenAI’s Background :

• OpenAI was established in December 2015 as a non-profit AI research organization.
• The primary goal was to develop “artificial general intelligence” (AGI) – software as smart as humans.
• AGI, or artificial general intelligence, refers to software that possesses intelligence comparable to human intelligence.
• OpenAI aimed to ensure that AGI benefits all of humanity, preventing any single tech company from monopolizing its advantages, such as Google.
• OpenAI made headlines in November, 2022 after it released a free preview of ChatGPT, which was based on the GPT-3.5 architecture.

CURRENT AFFAIRS : DEFENCE NEWS

Ministry of Defence inks deal with Agnit Semiconductors                                 

• The Ministry of Defence (MoD) has signed a contract with Agnit Semiconductors Private Limited for design and development of advanced Gallium Nitride (Gan) semiconductors essential for the next generation of wireless transmitters in defence applications ranging from radars to electronics warfare jammers.
• This contract marks the 300th agreement under the Innovations for Defence Excellence (iDEX) initiative of the Defence Innovation Organisation (DIO).
• The iDEX-DIO aims to eliminate imports in Gallium Nitride (GaN) components, classified as sensitive and cutting-edge technology with controlled and restricted exports by many countries.
• In another development, state-owned Bharat Electronics Ltd (BEL) became the first Defence PSU to sign a procurement contract under iDEX scheme with its winner Blurgs Innovations Private Limited for their solution TRIDENT.
• Through the iDEX framework, launched by the Prime Minister in 2018, the MoD provides a platform of co-creation and co-development in the defence sector, engages start-ups and develops defence and aerospace set up in the country.

About Ministry of Defence :

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

CURRENT AFFAIR: AWARDS & HONOUR

Rizz crowned Oxford Word of the Year 2023

• After over 30,000 language lovers around the world got involved to help refine our shortlist of eight words, we are pleased to announce that the Oxford Word of the Year 2023 is rizz.
• This year, we created a shortlist of eight words, all chosen to reflect the mood, ethos, or preoccupations of the past year, and put them to the public to vote for their favourites.
• Through head-to-head competitions over a four-day voting period, the public narrowed down our shortlist of worthy contenders to four finalists: rizz, Swiftie, prompt, and situationship. These words were then put to our language experts, who considered our corpus data, the vote counts, and the public commentary around the words to choose the definitive word of the year for 2023.

Why ‘rizz’?

• ‘rizz’ is a colloquial noun, defined as ‘style, charm, or attractiveness; the ability to attract a romantic or sexual partner’.
• Etymologically, the term is believed to be a shortened form of the word ‘charisma’, taken from the middle part of the word, which is an unusual word formation pattern.
• Other examples of this word formation pattern include ‘fridge’ (from ‘refrigerator’) and ‘flu’ (from ‘influenza’).
• ‘rizz’ can also be used as a verb, in phrases such as ‘to rizz up’, which means ‘to attract, seduce, or chat up (a person)’. Expansions into other parts of speech like this can indicate that a word is becoming more prominent in the language.

Sheetal Devi win best young athlete award in APC conference

• Riyadh, (IANS) Hangzhou 2022 Asian Para Games gold medallist Asila Mirzayorova from Uzbekistan and the winner of China’s historic first cross-country skiing gold medal, Peng Zheng were announced as best female and best male athlete at the fourth edition of Asian Awards at an awards ceremony during the Asian Paralympic Committee’s Conference and General Assembly.
• India’s Sheetal Devi, the ‘armless archer’ who went viral after her performances in Hangzhou picked up the best youth athlete.
• Award winners were announced in six categories – Best Male Athlete, Best Female Athlete, Best Youth Athlete, Best Team Performance, Best Photography and Exemplary Asian Official.
• The best team performance went to R. Iran’s Men’s Wheelchair Basketball Team following their bronze medal at the Wheelchair Basketball World Championships in July, making them the first Asian NPC to reach the podium in 14 editions of the championships.
• The best photography award went to Masamine Kawaguchi from Japan for his images from Beijing 2022 Winter Paralympic Games which captured the dynamism, skill, and speed of the downhill skiers.
• The final award for exemplary Asian official went to Young-ju Lee from the Republic of Korea who is the coach of the Korean Para Cycling Team. Under his leadership they won 8 medals including four golds at the Hangzhou Asian Para Games.
• The Asian Order was presented to six recipients for their contribution to the Paralympic Movement in Asia. Shaikh Mohamed Duaij Al Khalifa President of NPC Bahrain, Manabu Aso from Japan, Mukhtorkhon Tashkhodjaev, President of NPC Uzbekistan and the Executive Secretary General of HAPGOC, Chen Weiqiang.
• To additional Asian Orders were presented to Jung Jin Owan from the Republic of Korea and Yasushi Yamawaki from Japan, both of whom had been awarded the Paralympic Order by the IPC.

NCRTC bags award for “Environmental Initiatives of Tunnelling” at TAI Tunnelling Awards 2023

• National Capital Region Transport Corporation(NCRTC) bagged the award in “Environmental Initiatives of Tunnelling” category at the 4th edition of the prestigious TAI Tunnelling Awards 2023, organised by the Tunnelling Association of India.

Key Highlights:

• National Capital Region Transport Corporation (NCRTC) won the 4th edition of the prestigious TAI Tunnelling Awards 2023, organised by the Tunnelling Association of India.
• The NCRTC team was awarded under the “Environmental Initiatives of Tunnelling” category. These awards celebrate the most ambitious underground projects in India as well as the latest innovations, techniques, and methods in tunnelling.
• Nimisha Singh, Executive Engineer (Civil), NCRTC, was also awarded with the “Young Tunneller of the Year” award. Ms. Singh has been a crucial part of NCRTC’s tunnelling team, helped overcome the challenges encountered during the tunnelling process, and has shown commitment to use new methods to achieve project targets.

About NCRTC Promotes:

• The comprehensive, benchmarked, and community-oriented approach to environmental sustainability in tunnelling for the RRTS project made it a standout candidate for such recognition and awards.
• With the RRTS project, NCRTC is promoting sustainable and eco-friendly practices in the industry and setting the benchmarks for such highly complex transit infrastructure projects.

Murali Sreeshankar to receive Jimmy George Award

• Kerala-born long jumper Murali Sreeshankar will receive the Jimmy George Award for the best sportsperson from the state.
• The Indian athlete is the recipient of the 35th Jimmy George Foundation Award, courtesy of his excellent performance at the Asian Games 2023.
• Sreeshankar will receive a cash prize of ₹1 lakh and a plaque.
• The Indian long jumper was picked up as the best sportsperson from Kerala by the award committee, which included Jimmy George’s brothers, Robert Bobby, Jose, Sebastian, and Stanely.
• Former Olympian and Kerala athlete Anju Bobby Georgewas also a member of the committee, that elected Sreeshankar for the Jimmy George Award.
• The 24-year-old athlete will receive the Jimmy George Award at the Jimmy George Sports Academy in Kannur.

Murali Sreeshankar wins three medals in 2023; ranked 4th in the world:

• India’s long jumper Murali Sreeshankar had a splendid outing this year, winning three medals. The World no.4 athlete in the long jump, won a couple of silver medals and a bronze medal this year.
• Sreeshankar won silver medals at the Asian Games 2023 in Hangzhou and Asian Championships in He secured a bronze medal at the Paris Diamond League held in June.
• Moreover, the 24-year-old also won a silver medal at the Commonwealth Games last year and had the opportunity to represent his nation at the Tokyo Olympics.
• He is a frontrunner to win a medal for India at the upcoming Paris Olympics.
• The player will look for a podium finish at the quadrennial event in Paris next year.

CURRENT AFFAIR: RANKING & INDEX

Novak Djokovic finishes No. 1 in ATP rankings for record 8th time

• Novak Djokovicearned the year-end 1 spot in the ATP rankings for the eighth time, adding to a record he already held.
• Djokovic won three of the four Grand Slam tournaments — the Australian Openin January, French Open in June and US Open in September — to raise his career total to a men’s-record 24 and was the runner-up at the other, Wimbledon.
• He went 56-7 this season while leading the tour with seven titles, including at the ATP Finals last month.
• The 36-year-old from Serbia regained the top ranking from Carlos Alcaraz, who edged him in a five-set final at the All England Club in July.
• Alcaraz finished 2023 at No. 2 after the two men swapped No. 1 back-and-forth repeatedly this year.
• Iga Swiatekclaimed the WTA’s year-end No. 1 ranking for the second consecutive year by winning the WTA Finals last month.
• Swiatek, who won her fourth career major championship at the French Open, overtook Aryna Sabalenka, the Australian Open champion and runner-up to Coco Gauff at the US Open.
• Gauff finished at No. 3, followed by Elena Rybakina at No. 4 and Jessica Pegula at No. 5.
• Djokovic eclipsed his own mark for the oldest player to top the ATP at the end of a season; he was 34 in 2021.
• His eight year-end No. 1s put him two ahead of previous record-holder Pete Sampras, who did it six times. Roger Federer and Rafael Nadal each finished at No. 1 five times, as did Jimmy Connors.

Delhi Remains Unsafe for Women: Alarming Rise In Crimes Revealed By NCRB Data

• With an average three rapes a day, Delhi is still among the most unsafe metropolitan city for women in the country, according to data shared by the National Crime Records Bureau (NCRB), with 14,158 crimes against women reported in 2022.
• This figure was a slight increase from the 13,982 crimes against women reported in 2021.
• Delhi’s figures translated to 186.9 crimes against women per 100,000 people.
• The city accounted for 29.04% of the 48,755 crimes against women reported in 19 major cities across the country, suggesting that law and order authorities were not working properly to create a safe environment for women.
• However, Jaipur was the most unsafe city in India, with a rate of 239.3 crimes against women. The Rajasthan capital reported 3,479 crimes against women.

The Richest Person In The World by Bloomberg Billionaires Index

• The Bloomberg Billionaires Index is a daily ranking of the world’s richest people.
• South African-born Elon Musk is the new richest person in the world, having recently surpassed United States Jeff Bezos
• They are followed by Frances Bernard Arnault , who rounds out the Top 3.
• The rest of the Top 10, in order, are: Bill Gates, Larry Ellison, Steve Ballmer, Warren Buffet, Larry Page, Mark Zuckerberg, and Sergey Brin.
• Gautam Adani becomes 16th richest globally as Adani Group and his wealth tops $70 billion

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Google Delays Launch of Next-Gen AI Model Gemini to 2024

• Google has quietly pushed back the launch of next-gen AI model Gemini until 2024.

Key Highlights :

• Complexity of Gemini : Gemini is touted as Google’s most sophisticated artificial intelligence model.
• Gemini has been described as the next generation of AI and multimodal, meaning it can process multiple types of data and is stated to have the capacity to understand and generate text and images as well other types of content- like websites based on a sketch or written description.
• Capabilities of Gemini : Gemini has been stated to strongly outperform OpenAI’s GPT-4 as it harnesses vastly more computing power than its competitor.
• Comparison with OpenAI’s GPT-4 : Gemini is reported to strongly outperform OpenAI’s GPT-4, emphasizing its superior computing capabilities.
• Formation of Google DeepMind :The news comes just months after Google combined its Brain and DeepMind AI labs to create a new research team called Google DeepMind, and just months after the launch of Bard and its next-generation PaLM 2 LLM.
• CEO of Google and Alphabet : Sundar Pichai

Daily CA on Dec 06 :

• The Reserve Bank of India (RBI) permitted banks to open additional current accounts for export proceeds in addition to special rupee vostro accounts with a view to provide greater operational flexibility to exporters.
• Private general insurers increased their combined market share to 53.58% in gross direct premium underwritten in the first half of the current financial year from 50.81% in the year-ago period.
• Mutual funds have set aside ₹3,100 crore as part of the Corporate Debt Market Development Fund (CDMDF) created by the capital market regulator Securities and Exchange Board of India (SEBI) as a backstop arrangement to bailout specified debt schemes in times of crisis in the market.
• Prime Minister (PM) Shri Narendra Modi calls on countries to prioritise global interests over self-interest and fulfil all climate obligations.
• Pakistan has filed an application to join the BRICS group of nations in 2024 and is counting on Russia’s assistance during the membership process.
• The UAE announced a US$30 billion commitment to the newly launched catalytic climate vehicle, ALTÉRRA.
• Madagascar’s Constitutional Court has confirmed President Andry Rajoelina re-election following a controversial election a fortnight ago.
• Pradeep Kumar Pal, an officer from the Indian Railway Service of Signal Engineers (IRSSE) of the 2009 batch, has been selected for the position of Director in the Union Public Service Commission (UPSC).
• Microsoft’s Chief Executive Officer (CEO) Satya Nadella, stated that the company has hired OpenAI co-founders Sam Altman and Greg Brockman to lead a new advanced AI research team.
• The Ministry of Defence (MoD) has signed a contract with Agnit Semiconductors Private Limited for design and development of advanced Gallium Nitride (Gan) semiconductors essential for the next generation of wireless transmitters in defence applications ranging from radars to electronics warfare jammers.
• Google has quietly pushed back the launch of next-gen AI model Gemini until 2024.
• ‘India Internet Governance Forum 2023’ will be held in New Delhi.
• The New Broad Gaugeline between Krishna – Devarkadra has been completed and recently commissioned as part of Mahabubnagar – Munirabad new line project.
• PM Modi announced that the ranks of the Navy personnel and officers will be renamed as per the Indian culture.
• India has emerged as a major contributor to the organic and natural products market globally and its share in the market was 17 thousand 8 hundred 53 crore Rupees in the last three years.

• Following a subdued performance post listing, LIC shares experienced a notable upswing in November, concluding with a substantial gain of 12.83%, marking the most significant monthly increase for the stock since its debut in May 2022. In the previous trading session, the stock crossed the ₹700 mark after 11 months, finishing the trade at ₹719.
• The full market capitalisation of Bharti Airtel (partly plus fully paid-up) hit ₹6 lakh crore for the first time on
• After over 30,000 language lovers around the world got involved to help refine our shortlist of eight words, we are pleased to announce that the Oxford Word of the Year 2023 is rizz.
• Sheetal Devi win best young athlete award in APC conference
• National Capital Region Transport Corporation(NCRTC) bagged the award in “Environmental Initiatives of Tunnelling” category at the 4th edition of the prestigious TAI Tunnelling Awards 2023, organised by the Tunnelling Association of India.
• Kerala-born long jumper Murali Sreeshankar will receive the Jimmy George Award for the best sportsperson from the state.
• Novak Djokovicearned the year-end 1 spot in the ATP rankings for the eighth time, adding to a record he already held.
• With an average three rapes a day, Delhi is still among the most unsafe metropolitan city for women in the country, according to data shared by the National Crime Records Bureau (NCRB), with 14,158 crimes against women reported in 2022.
• The Bloomberg Billionaires Index is a daily ranking of the world’s richest people.South African-born Elon Musk is the new richest person in the world, having recently surpassed United States Jeff Bezos