- National:
- According to the PwC Global Risk Survey 2023, cyber risks are indeed cited as the biggest threat faced by Indian organizations. The survey reveals that 38% of respondents feel highly or extremely exposed to it. This marks a significant shift, as cybersecurity has jumped two spots from number three to number one on the risk radar when compared to the 2022 Global Risk Survey.
- India’s cumulative installed capacity in the rooftop solar segment has crossed 10 GW, with Gujarat contributing 30% to this total. The Ministry of New and Renewable Energy (MNRE) launched its Rooftop Solar Programme Phase-II in 2019 to achieve 40 GW capacity in the rooftop solar segment. As of November 2023, Gujarat’s share was 3.2 GW, followed by Maharashtra at 1.9 GW and Rajasthan at 1.1 GW.
- The first-ever ‘Shimla Winter Carnival’ was inaugurated by the Chief Minister of Himachal Pradesh, Sukhvinder Singh Sukhu, at the historic Ridge. The event started with a cultural parade and the participation of 450 women presenting Mahanati, showcasing the talent of self-help groups and Anganwadi workers. The Winter Carnival in Shimla is a historic moment for the city, which will last up to 5th January next year and it aims to boost tourism activities in the State.
- On 25th December 2023, Uttar Pradesh Chief Minister Yogi Adityanath inaugurated the state's first Intra District Chopper Service from Bateshwar in Agra to Govardhan in Mathura. This helicopter service is based on the private-public partnership (PPP) and is to be run by a private player from Uttrakhand.
- Prime Minister Narendra Modi’s YouTube channel has indeed reached 2 crore subscribers, making him the first world leader to achieve this milestone. His channel has approximately 23,000 videos and more than 4.5 billion views. This digital footprint extends beyond YouTube to other platforms such as Instagram and WhatsApp.
- International:
- A Hindu woman named Saveera Parkash has indeed filed her nomination papers for a general seat in the upcoming 2024 general elections in Pakistan. This is a historic development in Pakistan politics. Saveera Parkash is from the Khyber Pakhtunkhwa region and is running for the PK-25 seat. She completed her MBBS in 2022 from Abbottabad International Medical College, Khyber Pakhtunkhwa.
- India made its first-ever payment in rupees for the purchase of crude oil from the United Arab Emirates (UAE). This move is part of India’s broader efforts to diversify oil suppliers, cut transaction costs, and establish the rupee as a viable trade settlement currency.
- India and Oman have indeed adopted a vision document to expand bilateral cooperation. This significant development took place during the maiden visit of His Majesty Sultan Haitham bin Tarik, the Sultanate of Oman, to India. The joint vision document, titled ‘A Partnership for the Future’, aims to strengthen bilateral cooperation in diverse areas and scale up the partnership between India and Oman.
- Banking:
- The Reserve Bank of India (RBI) has granted a one-year extension to the co-branded credit card partnership between Bajaj Finance and RBL Bank. This extension is valid until December 21, 2024. Bajaj Finance had sought a longer extension for its credit card ties with RBL Bank.
- On 25th December 2023, Adani Green Energy (AGEL) signed a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) to supply 1,799 MW of solar power. This agreement marks the completion of AGEL’s power procurement arrangements for the 8,000 MW manufacturing-linked solar tender awarded by SECI in June 2020.
- Walt Disney and Reliance Industries have indeed signed a non-binding agreement to merge their Indian media operations. The agreement was signed on December 25, 2023. Under the merger, Reliance would own 51% through a combination of shares and cash, with Disney holding the remaining 49%. This arrangement would give more control to Mukesh Ambani’s Reliance group.
- Economy:
- India's current account deficit (CAD) declined to $8.3 billion, which is 1% of the country's Gross Domestic Product (GDP) in the second quarter of FY24 (July 2023 -September 2023) owing to a “narrowing of merchandise trade deficit” the RBI said in its latest release of data.
- India Ratings and Research has indeed warned that India’s fiscal deficit could exceed the targeted 5.9% for FY24. This is due to the likelihood of revenue spending exceeding the Budget Estimate by about Rs.2 lakh crore. Even though tax collections have been buoyant and may offset a wide shortfall in disinvestment outcomes, the fiscal deficit may breach the 5.9% of GDP target for this year and could hit 6%.
- Science & Technology:
- On Tuesday, December 26, China successfully launched a Long March-11 carrier rocket into space from the South China Sea, deploying three experimental satellites into their planned orbit. This launch was the second-ever rocket launch from the South China Sea and the eighth sea-based launch of Chinese rockets.
- Reports:
- According to the “India’s Crypto Portfolio 2023” report by CoinSwitch, Delhi has emerged as the leader in India’s crypto adoption. The Indian cryptocurrency market has seen a significant increase, with a 160% spike in Bitcoin. Solana (SOL) was identified as the best-performing crypto, boasting a 633% growth. Interestingly, Delhi and Hyderabad recorded the highest participation of women investors. The report also highlighted that a majority of the crypto investments were concentrated in Delhi (9%), Bangalore (8%), and Mumbai (5%). Furthermore, it was found that 75% of the users who invested were below the age of 35. The top invested cryptos were Dogecoin (DOGE), Bitcoin (BTC), and Ethereum (ETH), which together contributed to 26% of the total value. This report underscores the significant growth and diversification of the Indian cryptocurrency market in 2023.
- Important Days:
- Veer Bal Diwas is observed on December 26th every year to honor the sacrifice of Guru Gobind Singh’s sons. This day commemorates the martyrdom of Sahibzada Zorawar Singh and Sahibzada Fateh Singh. The day serves as a reminder of the importance of standing up for one’s beliefs and fighting against injustice.
- Awards & Honors:
- The 18th NASSCOM-DSCI AISS was held from 19th to 21st December 2023 in Gurugram. The 13th DSCI Excellence Awards (2023) were presented during the summit to recognize contributions in cybersecurity and privacy. Winners included Axis Bank, SBI Card, Ujjivan Small Finance Bank, GAIL India Ltd., Bharat Electronics Ltd., Electronics Corporation of India Limited (ECIL), Tata Consultancy Services Ltd., Target India Pvt. Ltd., and Multi Commodity Exchange of India Ltd.. The event also saw the launch of Secure in India 2023, India Cyber Threat Report 2023, and India Cybersecurity Domestic Market Report 2023.
- Appointments:
- On 25th December 2023, Satish Kumar Kalra, a former executive of Andhra Bank, was appointed as the interim Managing Director and Chief Executive Officer of the North East Small Finance Bank (NESFB). This appointment has been approved by the Reserve Bank of India.
- Books:
- “Breaking the Mould: Reimagining India’s Economic Future” is a book written by economist Rohit Lamba and former governor of the Reserve Bank of India (RBI), Raghuram Rajan. The book was published on 7th December 2023.
Questions:
Q.1 Who has been appointed as the interim Managing Director and Chief Executive Officer of the North East Small Finance Bank (NESFB)?a. Ratan Tata
b. Mukesh Ambani
c. Satish Kumar Kalra
d. Anand Mahindra
Q.2 Who inaugurated the first Intra District Chopper Service in Uttar Pradesh?
a. Prime Minister Narendra Modi
b. Chief Minister Yogi Adityanath
c. President Ram Nath Kovind
d. Home Minister Amit Shah
