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Read the most important current affairs of 02 December 2023. Today Current Affairs covers the headlines on ‘Jal Itihas Utsav’, Economic Growth Forecasts (2023-2025), First Woman of Supreme Court passed away.
Top 20 Current Affairs and News Headlines of 02 December 2023
1.Ministry Of Jal Shakti Organises ‘Jal Itihas Utsav’ In Delhi
- The National Water Mission, under the Department of Water Resources, River Development, and Ganga Rejuvenation, Ministry of Jal Shakti, hosted the ‘Jal Itihas Utsav‘ at Shamsi Talab, Jahaz Mahal in Mehrauli, Delhi.
- The aim was to raise public awareness about safeguarding water heritage sites, instill a sense of ownership among the masses, promote tourism, and contribute to the restoration of these historical structures.
- The restoration of Shamsi Talab, Jahaz Mahal in Mehrauli was successful. The cleaning and leveling of the Talab and its surrounding park were undertaken in partnership with the Archaeological Survey of India (ASI) and the Municipal Corporation of Delhi (MCD).
2.UAE Unveils $30 Billion Fund For Global Climate Solutions At COP28
- The United Arab Emirates, playing host to COP-28, has made a groundbreaking commitment of US$30 billion to ALTERRA, a climate initiative by Lunate, the world’s largest private climate investment vehicle.
- This privately managed fund aims to mobilize a staggering US$250 billion globally by 2030, focusing on climate investments to reshape emerging markets and developing economies.
- Part of the initial tranche of funding has been allocated to develop over 6.0 GW of new clean energy capacity in India. This includes the establishment of 1,200 MW of wind and solar projects, set to commence clean power production by 2025.
3.Union Minister Dharmendra Pradhan Lays Foundation Stone for NSTI Plus
- Shri Dharmendra Pradhan, Union Minister for Education and Skill Development & Entrepreneurship, marked a significant step by laying the foundation stone for the National Skill Training Institutes (NSTI) Plus. The initiative aims to enhance the skills of Odisha’s youth through demand-driven and high-quality vocational education.
- Constructed on a 7.8-acre campus in Jatni, Bhubaneswar, NSTI Plus aims to accommodate institutions like NIESBUD, NSDC, and SIIC. It aspires to become a hub for diverse skill development activities and an incubation center for emerging start-ups.
- Under the Directorate General of Training (DGT), NSTI Plus will train 500 instructors in Phase-1 through the Craftsmen Instructor Training Scheme (CITS). Additionally, it plans to incorporate another 500 instructors for upskilling and reskilling, aligning with the vision of making India a global skilling destination.
4.Bihar Launches ‘Mission Daksh’ To Aid 25 Lakh Academically Weak Students
- The Bihar government launched a new initiative aimed at supporting nearly 25 lakh children facing significant academic challenges in state-run schools, “Mission Daksh” (Dynamic Approach for Knowledge and Skill).
- The initiative focuses on providing specialized Hindi, Mathematics, and English classes to students in classes 3-8 statewide. Each teacher will mentor only five students, specifically those struggling with fluency in Hindi and English and facing challenges in basic Mathematics
- ‘Mission Daksh’ focuses on addressing the individual needs of these students to enhance their academic performance. To ensure the effective implementation of ‘Mission Daksh,’ district-wise monitoring committees, led by district magistrates, will oversee the program’s progress.
5.iDEX-DIO Marks 300th Contract For Gallium Nitride Semiconductor Development
- The Innovations for Defence Excellence (iDEX), the flagship initiative by the Department of Defence Production, has marked its 300th contract signing. The contract focuses on the design and development of advanced Gallium Nitride Semiconductors, crucial for the next generation of wireless transmitters in defence applications.
- iDEX achieved this milestone within nine months of signing its 200th contract. The 150th contract of iDEX was inked in December 2022 This remarkable progress comes on the heels of the Indian Navy Prime challenge winner contract signed under the SPRINT initiative on February 15, 2023.
6.India Navy appointed first woman commanding officer in naval ship
- In a groundbreaking move aligning with the philosophy of ‘all roles-all ranks,’ the Indian Navy has achieved a historic milestone by appointing its first woman commanding officer for a naval ship.
- Admiral Kumar proudly announced that the overall strength of women in the Navy, referred to as Agniveers, has surpassed the 1,000 mark.
- This achievement underscores the Navy’s commitment to an ‘all roles, all ranks’ approach, showcasing the diverse deployment of women across various responsibilities within the organization.
7.Forex Reserves Jump $2.53 b to $597.93 bn
- India’s foreign exchange reserves witnessed a significant increase of $2.5 billion in the week ending November 24, as reported by the Reserve Bank of India (RBI). This boost, primarily attributed to foreign portfolio flows into the debt market, reflects a strategic move by the RBI to manage the rupee’s level.
- The surge in reserves is largely attributed to substantial foreign portfolio flows into the Indian debt market. Experts in foreign exchange suggest that the RBI strategically absorbed these inflows to regulate the rupee’s value, contributing to the overall growth in reserves.
- Despite the significant increase in foreign exchange reserves, the Indian rupee closed at a record low of 83.40 against the US dollar. This emphasizes the critical role played by the RBI in managing the currency’s value amidst global economic dynamics.
8.GST Collection Rises 15% y-o-y to ₹1.68 Lakh Crore in November
- India’s Goods and Services Tax (GST) collections for November 2023 surged by an impressive 15% year-on-year, reaching a total of ₹1.68 lakh crore.
- This marks the sixth instance during the ongoing fiscal year that gross GST collections have surpassed the ₹1.60 lakh crore milestone. Total GST revenue for November 2023: ₹1,67,929 crore
- Breakdown of GST components: CGST: ₹30,420 crore, SGST: ₹38,226 crore, IGST: ₹87,009 crore (including ₹39,198 crore from import of goods) and Cess: ₹12,274 crore (including ₹1,036 crore from import of goods).
9.Economic Growth Forecasts for India: 2023-2025
- Goldman Sachs has raised India’s growth forecast for the calendar year 2023 by 20 basis points, now standing at an impressive 6.7% year-on-year. However, their optimism is cautious as the 2024 forecast remains unchanged at 6.2%.
- Morgan Stanley takes a bullish stance, revising the financial year 2024 growth forecast upwards to 6.9% from the previous 6.4%. While optimism prevails, the forecast for the financial year 2025 remains steady at 6.5%.
- SBI Research has revised its GDP forecast for fiscal 2023-24 to approximately 7%, demonstrating confidence in India’s economic momentum. Meanwhile, DBS now envisions growth in the current financial year at 6.8%, up from the earlier projection of 6.4%.
10.RBI’s Successful Withdrawal 97.26% of ₹2,000 Banknotes in India
- The Reserve Bank of India (RBI) has achieved a significant milestone in its monetary policy as it successfully withdrew 97.26 percent of the ₹2,000 banknotes from circulation as of May 19, 2023.
- This move was initiated due to the fulfillment of its objective of introducing these notes, which was to meet the currency requirements of the economy after the withdrawal of legal tender status of all ₹500 and ₹1,000 banknotes in circulation during the November-December 2016 demonetization.
- As of November 30, 2023, the total value of ₹2,000 banknotes in circulation has dwindled to ₹9,760 crore, representing a significant reduction from the initial ₹3.56 lakh crore.
11.UPI recorded 11.24 billion transactions worth Rs 17.40 lakh crore
- The Unified Payments Interface (UPI) platform in India has witnessed remarkable growth, breaking records and setting new milestones in recent months.
- In November, UPI transactions reached a staggering ₹17.40 lakh crore, surpassing the previous high of ₹17.16 lakh crore in October. This amounted to a 1.4% increase in the value of transactions on a monthly basis and an impressive 46% year-on-year growth, as reported by the National Payments Corporation of India (NPCI).
- Yearly growth in UPI transactions has been consistently impressive. In the fiscal year 2024 (FY24) thus far, the value of transactions has maintained a growth rate of over 40%, while the volume of UPI trades has consistently grown by over 50%.
12.Actis Unit BluPine Buys Acme Solar Assets for EV of ₹1,700 cr
- London-based private equity firm Actis Llp has announced the successful acquisition of Kolkata-based Atha Group’s 404MW solar power assets by its portfolio company, BluPine Energy.
- The deal, valued at around ₹2,100 crore, reinforces Actis’ commitment to driving India’s energy transition and expanding BluPine’s renewable energy capabilities.
- BluPine Energy, a subsidiary of Actis Llp, has secured the 404MWp operating pan-India solar portfolio from Atha Group for an equity value of approximately $100 million. The enterprise value of Atha’s solar assets in the deal stands at ₹2,100 crore.
Important Days News
13.International Day for the Abolition of Slavery 2023
- The International Day for the Abolition of Slavery is observed annually on December 2nd. This day serves as a poignant reminder of the enduring struggle against slavery and its modern forms.
- The day originates from the United Nations General Assembly’s adoption of the Convention for the Suppression of the Traffic in Persons and the Exploitation of the Prostitution of Others on December 2, 1949.
- Historically, slavery was a systematic institution where individuals were treated as property, bought, and sold, often enduring unimaginable hardships. However, modern slavery has taken different forms, including human trafficking, forced labor, and the exploitation of children in various industries.
14.59th Raising Day of Border Security Force (BSF)
- The Border Security Force (BSF) celebrated its 59th raising day on 1st December. This significant organization plays a pivotal role in ensuring the security of India’s borders with Pakistan and Bangladesh.
- Established in the aftermath of the Indo-Pakistani War of 1965, the BSF’s motto, “जीवन पर्यन्त कर्तव्य” (Duty Unto Death), reflects its unwavering commitment to safeguarding the nation.
- Initially formed with 25 battalions, the BSF has witnessed substantial growth and currently comprises 192 battalions and approximately 270,000 personnel. Beyond its core battalions, the BSF houses specialized units, including air and naval wings, as well as an artillery regiment, enhancing its operational capabilities.
Summits & Conferences News
15.PM Modi Launches LeadIT 2.0, Focusing On Inclusive Industry Transition
- On the sidelines of the 28th edition of the climate change conference, COP28, taking place in Dubai, Prime Minister Narendra Modi unveiled LeadIT 2.0 on Friday.
- The initiative, with a primary focus on an inclusive and just industry transition, aims to facilitate the co-development and transfer of low-carbon technology while providing financial assistance to emerging economies.
- The initiative seeks to bridge the technological gap by promoting cooperation between nations for the development and transfer of low-carbon technologies. The focus on inclusivity underscores the importance of ensuring that emerging economies have access to sustainable and environmentally friendly technologies.
16.PM Modi proposes to host COP33 in India in 2028
- Prime Minister Narendra Modi extended India’s commitment to climate action by proposing to host the UN climate meet (COP33) in 2028. This offer was made during his address at the inaugural session of the World Climate Action Summit at COP28 in Dubai.
- The Prime Minister outlined India’s ambitious plans to triple its renewable energy capacity, develop alternative fuels like green hydrogen, and participate in the Global Biofuels Alliance. These initiatives demonstrate India’s proactive steps towards a sustainable energy future
- Expressing gratitude for global support, Modi emphasized that the world recognizes the integral role of collective efforts in safeguarding humanity. He acknowledged that the support of the international community is crucial in bolstering India’s climate initiatives.
17.RBI and Bank Of England Ink MoU For Exchange Of Information
- The Reserve Bank of India (RBI) and the Bank of England (BoE) signed an MoU on collaboration and the exchange of information related to the Clearing Corporation of India Ltd (CCIL). The MoU enables the Bank of England to assess CCIL’s application for recognition as a third-country CCP.
- CCIL, as a central counterparty (CCP), plays a pivotal role in providing clearing and settlement services for transactions in government securities, foreign exchange, and money markets within India.
- CCIL operates under the regulatory purview of the RBI. The agreement brings relief to UK-based lenders, including major institutions like Barclays and Standard Chartered, allowing them to persist in offering clearing and settlement facilities to their clients in India.
18.Sheshadri Appointed IDRCL Chair, Incumbent Gupta to Head NARCL
- Former KPMG managing partner, Narayan Seshadri, is set to assume the role of Chairman at IDRCL, the government-backed bad bank, following the resignation of Diwakar Gupta.
- Gupta, in turn, is expected to take over as Chairman of NARCL. This leadership shift aims to expedite the resolution of bad loans, a process that has faced challenges and delays.
- The IDRCL Chairman position became vacant as Diwakar Gupta resigned to join NARCL. Seshadri, currently an independent director at IDRCL, brings experience in revitalizing distressed companies.
19.Ruturaj Gaikward becomes the fastest Indian to 4,000 runs in men’s T20
- In the fourth T20I against Australia at the Shaheed Veer Narayan Singh International Stadium in Raipur, Ruturaj Gaikwad etched his name in the record books by becoming the fastest Indian to amass 4,000 runs in the shortest format of the game.
- Ruturaj Gaikwad entered the match needing just seven runs to reach the coveted 4,000-run mark in T20 cricket. He accomplished this remarkable feat in only 116 innings, showcasing his exceptional batting prowess.
- This achievement makes Gaikwad the quickest Indian batsman to achieve the milestone, surpassing the previous record held by KL Rahul, who reached 4,000 runs in 117 T20 innings. Virat Kohli, one of India’s cricketing legends, is the third-fastest Indian to achieve this feat, taking 138 T20 innings to do so.
20.Sandra Day O’Connor, First Woman on the Supreme Court, Passes Away at 93
- Sandra Day O’Connor, the first woman to serve as a justice on the U.S. Supreme Court, passed away at the age of 93 in Phoenix, Arizona. President Ronald Reagan appointed Sandra Day O’Connor to the U.S. Supreme Court in 1981.
- Sandra Day O’Connor was born on March 26, 1930, in El Paso, Texas. She earned her Bachelor of Arts and Juris Doctor degrees from Stanford University. She faced significant challenges as a female lawyer in a male-dominated profession during the mid-20th century.
- Sandra Day O’Connor retired from the Supreme Court in 2006. Her retirement allowed President George W. Bush to nominate Justice Samuel Alito as her successor.
02 December 2023 CURRENT AFFAIRS | ALL EXAMS IMP. CURRENT AFFAIRS | ASHISH GAUTAM SIR