Current Affairs

7^th December 2022

Top 19 Daily Current Affairs: National & International News 

Here is the Daily Current Affairs of the 07th December 2022 covering the following news headlines: Maitiri Diwas, Presidency of G20, RBI Monetary Policy 2022, Diwali Stamp-Power of One, Deepika Padukone.

National News

1. 51st Maitiri Diwas’ Marking Recognition of Bangladesh by India Celebrated in Dhaka

The 51st  anniversary of ‘Maitri Diwas’ marking the recognition granted to Bangladesh by India in 1971 was celebrated in Dhaka on 6th December.

Liberation war fighters, Parliamentarians, members from civil society, media, dignitaries,  and other prominent people took part in the event organised by the High Commission of India in Dhaka.

Minister for Liberation War Affairs of Bangladesh A.K.M Mozammel Haque  was the Chief Guest on the occasion.

International News

2. Presidency of G20, SCO, UNSC in 2022: A Historic Opportunity For India

December of 2022 began with India assuming the presidency of two global bodies — G20 on the first day of the month and UNSC on the second and the Shanghai Cooperation Organisation (SCO) in 2023 when major powers are not even talking to each other and India alone, now the fifth largest economy, is interacting with each of them, presents a historic opportunity.

New Delhi has said that while its G20 presidency is driven by the vision of “Vasudhaiva Kutumbakam” (the world is one family), its presidency of the United Nations Security Council seeks to prioritise countering terrorism and reformed multilateralism.

Leading with the “Five S’s” approach charted out by Prime Minister Narendra Modi, Samman (Respect), Samvad (Dialogue), Sahyog (Cooperation), Shanti (Peace), and Samriddhi (Prosperity), India took over UN presidency today.

Economy News

3. RBI Monetary Policy 2022: RBI Repo Rate Hike by 35 bps to 6.25%

The decision of the Reserve Bank of India (RBI) Governor Shaktikanta Das headed six-member Monetary Policy Committee (MPC) has been announced.

In the consecutive fifth hike this year, the RBI’s Monetary Policy Committee has raised the repo rate by 35 basis points (bps) to 6.25 per cent with immediate effect, making loans expensive. The policy rate is now at the highest level since August 2018. The RBI has maintained policy stance at ‘withdrawal of accommodation’.

RBI Repo Rate: Consequently, the various rates are as under

Policy Repo Rate: 6.25% (Changed)

Standing Deposit Facility (SDF): 6.00% (Changed)

Marginal Standing Facility Rate: 6.50% (Changed)

Bank Rate: 6.50% (Changed)

Fixed Reverse Repo Rate: 3.35%

Cash Reserve Ratio (CRR): 4.50%

Statutory Liquidity Ratio (SLR): 18.00%

4. World Economy Seems Headed For A Recession, Compounded With Inflation

The global economy seems headed for a severe recession and parallels are being drawn with the global financial crisis of 2008 and the slowdown brought about in 2020 by the Covid-19 pandemic. A lot of hope that any serious setback can be averted rests on a high degree of fine tuning of policy which may be difficult to deliver.

The US dollar has been surging for the past few months. It’s now the strongest it has been in two decades, and experts believe the value will grow even stronger in the coming days. But this surge in the value of the power of the greenback is agitating the economies and markets worldwide, and creating winners and losers.

Though a strong dollar bodes well for the Americans, the consequences are faced by other countries, especially the developing ones. The rise of US dollar has led to a decline in the value of UK pound, the euro, China’s yuan, Japan’s yen, India’s rupee and many others. As a result, it makes it more expensive for these nations to import essential items like food and fuel.

Defence News

5. US Unveils Its Newest Nuclear Stealth Bomber

The United States has unveiled its latest high-tech strategic bomber – the B-21 Raider – which is capable of carrying a nuclear payload and can be flown without a crew on board.

The next-generation stealth bomber was rolled out at arm’s manufacturer Northrop Grumman’s facility in California. The US Air Force plans to buy at least 100 of the B-21 aircraft, which comes with a $700m price tag per plane.

The unveiling of the new bombers comes at a time of heightened geopolitical tensions between the US, Russia and China amid the war in Ukraine and the territorial integrity of Taiwan.

6. SIPRI: HAL and BEL in the top 100 defence companies list

The government’s Make-in-India push in indigenous defence production seems to be bearing positive results as the two Indian Defence Public Sector Undertakings, Hindustan Aeronautics Limited (HAL) and Bharat Electronics Limited (BEL), have improved upon their previous rankings among the arms producing companies of the world.

HAL ranked at 42nd as BEL bagged the 63rd place with a total evaluation of $5.1 Billion in 2021.

The combined arms sales of these six companies grew by 0.4 per cent to reach $17.8 billion in 2021. The overall leader has been companies belonging to the US with a share of 51 per cent of the total arms sales.

Important takeaways for all competitive exams:

SIPRI Director:Dan Smith;

SIPRI Chair: Stefan Lofven;

SIPRI set up: 1966;

SIPRI Headquarters: Solana, Sweden.

7. United Nations: “Diwali Stamp-Power of One” awarded to four veteran diplomats and a US lawmaker

Four veteran diplomats and a US lawmaker have been honoured with this year’s annual ‘Diwali- Power of One’ award here for their efforts in working towards a peaceful and secure world.

The award, which is also known as the ‘Oscars of Diplomacy’, is presented to former top diplomats of the United Nations or a member state for their effort to help form a more perfect, peaceful and secure world for all.”

Award Winner 2022:

Former Permanent Representative of Georgia to the UN Kaha Imnadze,

Former Permanent Representative of Grenada to the UN Keisha McGuire,

Former Permanent Representative of Bulgaria to the UN Georgi Velikov Panayotov,

Former Permanent Representative of Benin to the UN Jean-Claude do Rego,

Former Chairman, Foreign Affairs Committee of the US House of Representatives Eliot Lance Engel.

Sports News

8. Deepika Padukone to unveil FIFA World Cup 2022 trophy

Deepika Padukone will unveil the FIFA World Cup trophy in Qatar later this month, according to reports. The trophy will be unveiled before the World Cup final on December 18.

Deepika will be the first actor to receive such an honour at the world’s most-watched sporting event. On December 18, Deepika Padukone is expected to unveil the World Cup trophy at the Lusail Iconic Stadium.

9. World No. 3 Sukant Kadam Strikes Gold at Peru Para Badminton International

World No 3 Sukant Kadam smashed his way to a gold medal at the recently concluded Peru Para-Badminton International, defeating ace shuttler defeated Singapore’s Chee Hiong Ang. India won 14 medals in total (6 gold, 1 silver and 7 bronze).

Sukant maintained his dominance right from the word go in the finals. He defeated Chee Hiong Ang in straight sets with a score line of 21-14 and 21-15. The match lasted 32 minutes. The ace shuttler didn’t put a foot wrong and had a great final.

Ranks and Reports News

10. BBC Releases 100 Most Influential Women’s List: 4 Indian women’s in the list

The British Broadcasting Corporation (BBC) has published the list of 100 most influential women in the world and has included women from several areas such as politics, science, sports, entertainment, and literature.

The BBC’s 100 most influential women’s list also includes four Indians: Actress Priyanka Chopra Jonas, author Geetanjali Shree, engineer and astronaut Sirisha Bandla, and social worker Sneha Jawale.

Some of the notable names included in the BBC 100 most influential women’s lists:

European Commission President Ursula von der Leyen,

Barbados Prime Minister Mia Mottle,

Ukraine’s First Lady Olena Zelenska,

Music star Billie Eilish,

Actress and disability activist Selma Blair,

Iranian climber Elnaz Rekab who recently made waves in Iran for competing in South Korea without wearing a headscarf.

From sport, Iranian climber Elnaz Rekab who recently made waves in her home country for competing in South Korea without wearing a headscarf.

Tunisian tennis star Ons Jabeur who became the first Arab or African woman to reach a Grand Slam final in the Open era.

11. India to Become 8th Largest Advertising Market in 2023

According to GroupM’s global end-of-year forecast, India is expected to surpass Brazil to become the eighth-largest advertising market in 2023. In ‘This Year, Next Year 2022’, GroupM has ranked India as the ninth-largest advertising market globally.

According to the report, India’s total advertising revenue in 2022 has grown by 15.8 per cent to touch $14.9 billion, led by growth in pure-play digital advertising. In 2023, it is expected to increase by 16.8 per cent.

In comparison, Brazil’s advertising market is projected to have grown by 9 per cent in 2022 to $15.4 billion. In 2023, it is expected to increase by 3.8 per cent. At 48.8 per cent, digital accounts for the largest chunk of India’s total advertising market in 2022, and is expected to continue increasing above pre-pandemic levels, according to the report.

Summits and Conferences News

12. India Hosts Conclave of NSAs of Central Asian Countries

This is the first time India is hosting a conclave of top security officials from Central Asian countries including Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan focussing on the evolving security situation in Afghanistan and ways to deal with the threat of terrorism emanating from that country.

The security situation in Afghanistan and the evolving dynamics in that country will figure in the deliberations. India and the Central Asian countries have shared interests in peace, security and stability in the region.  A number of Central Asian countries share land borders with Afghanistan and there have been concerns by them after the Taliban seized power in Kabul in August last year.

Science and Technology News

13. IIT Madras Researchers develop ‘Sindhuja-I’ Ocean Wave Energy Converter

Indian Institute of Technology Madras (IIT Madras) Researchers have developed an ‘Ocean Wave Energy Converter’ that can generate electricity from sea waves. The trials of this device were successfully completed during the second week of November 2022.

The product has been named ‘Sindhuja-I,’ which means ‘generated from the ocean.’ The system has a floating buoy, a spar, and an electrical module. The buoy moves up and down as the wave moves up and down. In the present design, a balloon-like system called a ‘buoy’ has a central hole that allows a long rod called a spar to pass through it.

The Device was deployed at a location about 6 KM off the coast of Tuticorin, Tamil Nadu, at a location with a depth of 20 metres. This device targets generating 1MW of power from ocean waves in the next three years.

14. Google Launches Anti-Misinformation Campaign in India

Google’s Jigsaw subsidiary is launching a new anti-misinformation project in India, aimed at preventing misleading information that has been blamed for inciting violence.

The initiative will use “prebunking” videos – designed to counter false claims before they become widespread – circulated on the company’s YouTube platform and other social media sites.

Google’s efforts to challenge the spread of misinformation mark a contrast with rival Twitter which is cutting its trust and safety teams, despite new owner Elon Musk saying it will not become a “free-for-all hellscape”.

Important Days

15. Nation remembers Dr B R Ambedkar on his 67th Mahaparinirvan Diwas

India observed December 6 as Mahaparinirvan Divas to mark the death anniversary of Dr Bhimrao Ramji Ambedkar. President Droupadi Murmu, Vice President Jagdeep Dhankhar and Prime Minister Narendra Modi paid floral tributes to Babasaheb Dr B.R. Ambedkar on his Mahaparinirvan Diwas at Parliament House Lawns in New Delhi.

BR Ambedkar, the father of the Indian Constitution, was born on April 14, 1891. Fondly known as Babasaheb, he fought for the economic and social empowerment of Dalits in the country, eradicating the social scourge of untouchability and promoting gender equality. He was also among the seven members of the drafting committee who prepared a draft of the Constitution of independent India.

In 1990, the Bharat Ratna, India’s highest civilian award, was posthumously conferred on Ambedkar. The salutation Jai Bhim used by followers honours him. He is also referred to by the honorific Babasaheb, meaning “Respected Father”.

16. International Civil Aviation Day observed on 7th December

On December 7, International Civil Aviation Day is observed globally. The aviation industry has made a huge impact on our lives. The day is observed by the International Civil Aviation Organisation (ICAO), a United Nations (UN) body responsible for maintaining the international standards for aviation safety.

ICAO has decided that from now until 2023, the theme of International Civil Aviation Day will be: “Advancing Innovation for Global Aviation Development”. Every five years the ICAO selects a special anniversary theme for the global day. However, for the years between the anniversary, the UN body select a theme for four years.

Important takeaways for all competitive exams:

International Civil Aviation Organization Headquarter: Montreal, Canada.

International Civil Aviation Organization Council President: Salvatore Sciacchitano.

International Civil Aviation Organization Founded: 7 December 1944.

17. National Armed Forces Flag Day 2022: 7th December

Every year on December 7, India commemorates Armed Forces Flag Day in order to raise donations for the welfare of the Armed Forces Staff. This day is observed to honour Indian soldiers, sailors, and pilots. The day also pays tribute to hundreds of thousands of men who have died protecting the country.

On this day, the Indian Armed Units, comprising the Indian Army, Indian Air Force, and Indian Navy, organise a variety of activities to highlight the achievements of our army forces and personnel. The general public participates in the day’s celebrations by signing up as volunteers and assisting with the collection of cash, stickers, and other goods. Many patriotic activities are planned to promote public involvement and to recognise the contributions of the country’s armed services.

Obituaries news

18. Former Union minister and noted economist Yoginder Alagh passes away

Prof Yoginder K Alagh, renowned economist, academic and a former Union minister, has passed away. He was emeritus professor at Ahmedabad-based Sardar Patel Institute of Economic and Social Research (SPIESR).

Born in Chakwal, in present-day Pakistan, in 1939, Alagh studied at the University of Rajasthan and later got a doctorate in economics from the University of Pennsylvania, USA.

Miscellaneous News

19. IMD Issue Warning of Formation of Cyclone Mandous Over Bay of Bengal

The second cyclone of the post monsoon season is likely to form over southwest Bay of Bengal and hit the east coast in Tamil Nadu, Puducherry and Andhra Pradesh, the India Meteorological Department predicted. A low pressure area has formed over south Andaman Sea.

It is likely to move west-northwestwards and become a depression over southeast Bay of Bengal by December 6 evening. It is likely to continue to move west-northwestwards, intensify further into Cyclonic storm Mandous, and reach southwest Bay of Bengal near north Tamil Nadu, Puducherry and adjoining south Andhra Pradesh by December 8 morning.