CURRENT AFFAIRS 06-07 December, 2024

CURRENT AFFAIRS 06-07 December, 2024

1. INDIA TO CHAIR 68TH SESSION OF UN COMMISSION ON NARCOTIC DRUGS –

• India has achieved a significant milestone by being named to chair the 68th Session of the UN Commission on Narcotic Drugs (CND), marking the first time the country has been chosen for this prestigious role.
• Ambassador Shambhu S Kumaran, India’s Permanent Representative to the United Nations in Vienna, officially assumed the chairmanship of this crucial forum.
• The CND, a key policy-making body of the UN, focuses on addressing global drug-related issues and promoting international collaboration on drug control measures.

2. ISRO’S PSLV MISSION SUCCESSFULLY DEPLOYS EUROPEAN SATELLITES –

• On December 5, 2024, ISRO’s PSLV-C59 rocket successfully launched the European Space Agency’s (ESA) advanced Sun-observing mission, Proba-3.
• The mission aims to explore the Sun’s outer atmosphere by conducting scientific experiments, and it will contribute to the global understanding of space weather, its economic and technological risks, and solar phenomena.
• Proba-3 is a twin-satellite mission that features the Coronagraph and Occulter spacecraft, which will fly together in a precisely controlled formation to study the Sun’s corona.

3. RBI MONETARY POLICY MEETING DEC 2024: RBI CUTS CRR BY 50 BPS TO 4%, KEEPS REPO RATE UNCHANGED –

• The Reserve Bank of India (RBI) conducted its latest bi-monthly Monetary Policy Committee (MPC) meeting in December 2024. Governor Shaktikanta Das announced several crucial measures and projections to address current economic challenges while maintaining stability. Here’s a detailed breakdown:
• To tackle liquidity concerns, the Cash Reserve Ratio (CRR) was reduced by 50 basis points to 4%. This move aligns with the RBI’s neutral policy stance, aimed at ensuring economic stability without disruptive interventions.
• The MPC decided by a 4-2 majority to maintain the repo rate at 6.5%. The Standing Deposit Facility (SDF) rate and the Marginal Standing Facility (MSF) rate were also retained at 6.25% and 6.75%, respectively. This cautious approach reflects the central bank’s focus on balancing inflation and growth.

4. NEPAL AND CHINA SIGN FRAMEWORK FOR BRI COOPERATION –

• During Prime Minister K P Sharma Oli’s official visit to China, both countries signed the Belt and Road Initiative (BRI) Cooperation Framework. This agreement aims to accelerate the implementation of BRI projects, marking a pivotal moment in Nepal-China relations. While Nepal joined the BRI in 2017, no projects were executed until now.
• The recent framework, signed by Nepal’s acting Foreign Secretary Amrit Bahadur Rai and Liu Sushe of China’s National Development and Reform Commission, includes terms like “aid and technical assistance,” replacing “grant” with “investment” following deliberations.

5. ADANI DEFENCE DELIVERS 2ND DRISHTI-10 DRONE TO INDIAN NAVY FOR MARITIME SECURITY –

• Adani Defence has delivered the second Drishti-10 Starliner surveillance drone to the Indian Navy, enhancing the nation’s maritime capabilities. This marks a significant leap in India’s indigenous defence technology, underscoring the country’s focus on self-reliance.
• The Drishti-10 drone is a highly advanced intelligence, surveillance, and reconnaissance (ISR) platform designed to monitor vast maritime territories, mitigate piracy, and provide over-the-horizon surveillance with unmatched endurance.
• The Drishti-10 Starliner drone, manufactured at Adani Defence’s Hyderabad facility, offers a 36-hour endurance and a 450 kg payload capacity. It is the only all-weather military UAV certified with NATO’s STANAG 4671 for airworthiness, allowing it to operate in both segregated and unsegregated airspace. The platform supports persistent multi-payload, fully autonomous capabilities and satellite communication-based operations, crucial for monitoring maritime threats.