Current Affairs One - Liner : 6th December 2024

The National Institution for Transforming India (NITI Aayog) reported that the number of gig and platform workers in India is expected to increase to 23.5 million by 2029-30. This is a significant rise from 7.7 million in 2020-21, with the gig workforce projected to constitute 6.7% of the non-agricultural workforce and 4.1% of the total livelihood by 2029-30.

On December 5, 2024, the Indian Parliament approved the Indian Airforce Bill 2024, replacing the Aircraft Act, 1934. This new legislation aims to simplify aviation regulations, enhance safety standards, and promote ease of doing business in the aviation sector.

The 13th round of Foreign Office Consultations between India and Egypt was held in New Delhi on December 5, 2024. Co-chaired by Arun Kumar Chatterjee from India and Ambassador Ahmed Shaheen from Egypt, the discussions focused on strengthening bilateral relations and addressing regional and global issues.

On December 6, 2024, the Reserve Bank of India (RBI) kept the policy repo rate unchanged at 6.50% for the 11th consecutive time to manage inflation. The RBI also cut the GDP growth forecast for 2024-25 to 6.6% from 7.2% and reduced the Cash Reserve Ratio (CRR) to 4% from 4.5% to support economic growth.
The Reserve Bank of India (RBI) increased the UPI Lite transaction limit to Rs 1,000 per transaction and the wallet limit to Rs 5,000 on December 4, 2024. This update aims to make digital payments more convenient, especially for low-value transactions and areas with poor internet connectivity.

Morgan Stanley revised India's GDP growth projection for FY25 from 6.7% to 6.3% on December 4, 2024, due to a slowdown in the July-September quarter. They anticipate a rebound later in the fiscal year, driven by increased government spending, improved rural demand, and easing financial conditions.
Foreign direct investment (FDI) inflows to India surged by 45% year-on-year to USD 29.79 billion in the second quarter from April to September 2024. This growth was driven by strong inflows in sectors such as services, computer software and hardware, telecom, and pharmaceuticals.
The 10-year government bond yield in India dipped to a 3-year low on December 4, 2024, reaching 6.6886%. This decline was influenced by expectations of the RBI easing monetary policy, consistent foreign inflows, and slower-than-expected economic growth.

The U.S. State Department approved a $1.17 billion deal on December 3, 2024, for support systems for MH-60R helicopters. This deal under the Foreign Military Sales (FMS) program aims to enhance India's anti-submarine warfare capabilities with advanced communication systems, sensors, and logistical support.

Mahaparinirvan Diwas was observed on December 6, 2024, to commemorate the death anniversary of Dr. B.R. Ambedkar, the chief architect of the Indian Constitution. The theme for 2024 is "Remembering Dr. B.R. Ambedkar: Champion of Social Justice and Equality."
The Border Security Force (BSF) celebrated its 60th Raising Day on December 1, 2024, marking six decades since its establishment in 1965. The theme for the celebration was "Guardians of India's Borders: Six Decades of Valor and Dedication."

Eurogrip Tyres appointed cricket legend Mahendra Singh Dhoni as their brand ambassador on December 5, 2024. Dhoni will endorse the entire product line, reflecting Eurogrip's values of dependability and performance.

On 6th December 2024, Two Indian heritage conservation projects were recognized at the UNESCO Asia-Pacific Awards for Cultural Heritage Conservation 2024. The Abathsahayeswarar Temple Conservation Project in Tamil Nadu won the Award of Distinction, and the BJPCI Conservation Project in Mumbai received the Award of Merit.

Questions:

1 What is the revised GDP growth forecast for 2024-25 as per the RBI's announcement on December 6, 2024?

2 Under which program was the $1.17 billion deal for MH-60R helicopter support systems approved?