National News

Gujarat's Ascendance as India’s Petro Capital:

• Gujarat proudly claims the title of India’s petrochemical powerhouse, hosting the world’s largest grassroots oil refinery and an advanced petrochemical complex.
• The exponential growth in the petrochemical sector, exemplified by Reliance Industries Ltd’s Jamnagar refinery and ONGC Petro additions Limited (OPaL) in Dahej, positions Gujarat at the forefront.
• Key industry players like Reliance, Shell, and ONGC have firmly established manufacturing units, indicating Gujarat's unparalleled status in the chemicals and petrochemicals sector.
• The 10th edition of VGGS, themed ‘Gateway to the Future,’ is anticipated to catalyze further investments and collaborations in the petrochemical domain.

International News

Argentina's Rejection of BRICS Membership:

• President Javier Milei of Argentina has formally declined the invitation to join the BRICS grouping, citing it as inappropriate for the current geopolitical climate.
• The rejection, conveyed through letters to BRICS leaders, signifies a shift in foreign policy towards prioritizing ties with the United States and Israel, distancing from communist nations.
• This marks a departure from the previous administration's approach, reflecting a comprehensive review of Argentina's diplomatic stance.

Transparent PSU Hiring in Kerala:

• Chief Minister Pinarayi Vijayan inaugurated the Kerala Public Enterprises (Selection and Recruitment) Board, a significant step towards enhancing transparency and efficiency in the recruitment processes of public sector units (PSUs).
• This board aims to streamline the selection process for competent individuals, initially focusing on public sector units under the Department of Industries and Commerce, with plans to extend its services to other departments.

Gujarat's Submarine Tourism in Dwarka:

• The Gujarat government, in collaboration with Mazgaon Dock Limited (MDL), is set to revolutionize the tourism industry by introducing India’s first submarine tourism venture.
• This ambitious project aims to explore the marine life around Bet Dwarka, a sacred island off Dwarka's coast, with operations expected before Diwali in 2024.

Defence News

HAL’s Aero Engine R&D Facility in Bengaluru:

• Defence Secretary Shri Giridhar Aramane inaugurated a new design and test facility at Hindustan Aeronautics Limited's (HAL) Aero Engine Research and Development Centre (AERDC) in Bengaluru.
• Spanning over 10,000 sq. meters, this facility signifies HAL’s commitment to innovation in aerospace engineering.

Indian Navy's Heritage-Inspired Epaulettes:

• Prime Minister Narendra Modi announced the unveiling of new designs for Admirals’ epaulettes and a renaming of ranks within the Indian Navy.
• The redesigned epaulettes draw inspiration from India’s rich maritime heritage, featuring the octagon, naval ensign elements, and symbols of Chhatrapati Shivaji's rajmudra.
• This move reflects India’s commitment to its maritime legacy, departing from colonial vestiges.

Economy News

Core Sector Output Growth Hits Six-Month Low:

• In November, the growth of eight crucial infrastructure sectors hit a six-month low at 7.8%, primarily due to declines in crude oil and cement.
• Despite this slowdown, coal and refinery product outputs demonstrated double-digit growth.
• For April-November 2023-24, the combined growth reached 8.6%, contributing significantly to the Index of Industrial Production (IIP).

Projected Threefold Growth in Tax Collection:

• Under Prime Minister Narendra Modi's leadership, a projected threefold growth in tax collection is expected, reaching over Rs 19 trillion in 10 years.
• The net direct tax collections, encompassing personal income and corporate tax, show a remarkable increase from Rs 6.38 trillion in FY 2013-14 to Rs 16.61 trillion in FY 2022-23.
• The current fiscal year anticipates a 20% increase, surpassing the estimated Rs 18.23 trillion in the 2023-24 Budget.

Schemes News

Government Modifies Interest Rates On Small Savings Schemes:

• The Union government has recently made adjustments in the returns on specific savings schemes, maintaining the Public Provident Fund (PPF) rate at 7.1% for the sixth consecutive quarter.
• Notably, the Sukanya Samriddhi Account Scheme (SSAS) will now yield 8.2%, showing an increase from the previous 8%, while the 3-year time deposit rate rises marginally to 7.1% from 7%.
• The rates for the upcoming quarter are determined by government bond yields between September and November 2023, following an adopted formula.
• This decision comes after a series of rate adjustments in select small savings schemes over the past six quarters.

Government Allocates Rs 1,170 Crore For Ladakh Roads: Gadkari:

• In a significant move to enhance infrastructure in Ladakh, Union Minister Nitin Gadkari announced a substantial allocation of Rs 1,170.16 crore for 29 road projects in the region.
• This initiative aims to address the connectivity challenges faced by Ladakh, the largest Union Territory in terms of area and the second least populous in the country.
• As part of the Central Road and Infrastructure Fund (CRIF) scheme for the fiscal year 2023-24, an additional Rs 181.71 crore has been earmarked specifically for the construction of eight bridges in Ladakh.

Agreements News

ULFA Peace Accord Marks Historic Day For Assam: Amit Shah:

• The pro-talks faction of the United Liberation Front of Asom (ULFA) recently inked a historic peace accord with the central and state governments, marking a significant stride towards ending decades of insurgency in Assam.
• A pivotal aspect of the accord is the ULFA’s commitment to renounce violence and disband the organization, fostering an atmosphere of peace.
• Embracing the democratic process, the ULFA has pledged to participate in peaceful political activities within the framework of the law, promoting stability and unity.
• The accord includes ULFA’s agreement to vacate all camps occupied by its armed cadres, showcasing a tangible step towards normalcy and reconciliation.

Appointments News

Vice-President Jagdeep Dhankhar Appointed As Ex-Officio Chancellor Of Pondicherry University:

• The Vice President of India, Jagdeep Dhankhar, has been appointed as the ex-officio Chancellor of Pondicherry University, following a modification in Statute 1(1) of the Pondicherry University Act of 1985.
• This change is effective from December 5, as published in the official gazette by the Government of India.
• Pondicherry University, established in 1985 by an Act of Parliament, has been a prominent institution for higher education in the region.
• The Pondicherry University Act of 1985 outlines the governance structure of the university, including the position of the Chancellor.

Books & Authors News

A Book Titled “The Babri Masjid Ram Mandir Dilemma” Authored By Madhav Godbole:

• Delving into the complexities of the Babri Masjid Ram Mandir dispute, Madhav Godbole's recent publication, "The Babri Masjid Ram Mandir Dilemma: An Acid Test for India’s Constitution," emphasizes missed opportunities for resolution and the imperative for a modern and equitable solution.
• The book underscores the possibility of preventing the Babri Masjid’s demolition, citing instances where timely intervention by leaders such as Rajiv Gandhi, V.P. Singh, and P.V. Narasimha Rao could have averted the hardening of political positions.

Science & Technology News

NASA To Study Asteroid ‘Apophis’, Approaching Earth On April 13, 2029:

• NASA, the renowned space agency, has redirected its OSIRIS-REx spacecraft from its recent mission to asteroid Bennu to study another celestial body: Apophis.
• This asteroid, named after the Egyptian god of Chaos, is anticipated to pass within a remarkably close distance of 32,000 kilometers from Earth’s surface on April 13, 2029.
• Apophis is classified as an “S-type” asteroid, composed of silicate and nickel-iron materials, distinguishing it from other asteroid types. As Apophis approaches Earth, OSIRIS-APEX will get within 25 meters of its surface, aiming to extract crucial information.

China’s Groundbreaking Voyage: Mengxiang Sets Sail For Earth’s Mantle Exploration:

• China has introduced its groundbreaking ocean drilling vessel, Mengxiang. Developed by the China Geological Survey in collaboration with 150 research institutes and companies, the vessel is named “dream” in Chinese, reflecting its ambitious mission.
• The Mengxiang aims to penetrate Earth’s crust and delve into the mysteries of the mantle, marking humanity’s inaugural foray into this uncharted territory. Weighing an impressive 33,000 tonnes and stretching 179 meters (590 feet), Mengxiang is a colossal ship with exceptional capabilities.
• Engineered to withstand powerful tropical cyclones, it stands as a testament to advancements in deep-sea drilling technology. The vessel’s drilling prowess is unmatched, with the capacity to reach depths of 11,000 meters below the sea’s surface.