CURRENT AFFAIRS 14-12-2024

IMPORTANT DAYS

National Energy Conservation Day 2024 observed on December 14.

• National Energy Conservation Day is observed annually on December 14.

• The day aims to raise awareness about global warming, climate change, and energy conservation.

• Celebrated since 1991, it highlights the importance of saving energy.

• The Bureau of Energy Efficiency (BEE) organizes the event.

• BEE works under the Government of India to promote energy efficiency policies.

• The Energy Conservation Act was implemented in 2001 to support energy-saving measures.

• BEE, established on March 1, 2002, plays a key role in energy conservation efforts.

• During the celebrations, the National Energy Conservation Awards are presented.

INTERNATIONAL NEWS

Inaugural India-Philippines Maritime Dialogue held in Manila, Philippines

• The first India-Philippines Maritime Dialogue took place in Manila, Philippines.

• Both nations exchanged views on current maritime challenges.

• Discussions focused on enhancing cooperation for mutual growth and global well-being.

• The dialogue emphasized sharing best practices in maritime affairs.

• Both sides agreed to collaborate on maritime capacity-building initiatives.

• Key areas of cooperation include Maritime Industry, Marine Scientific Research, and Ocean Economy.

• The next round of dialogue will be hosted in New Delhi in 2025.

• Both countries reiterated the importance of a rules-based order, particularly the UN Convention on the Law of the Sea.

Switzerland will suspend the most favored nation (MFN) clause in DTAA with India.

• Switzerland will suspend the MFN clause in its Double Taxation Avoidance Agreement (DTAA) with India, effective January 1, 2025.

• This suspension will cause the withholding tax rate on dividends paid to Indian residents to rise from 5% to 10%.

• The move follows a 2023 Supreme Court ruling that clarified the MFN clause does not automatically apply when a country joins the OECD.

• The MFN clause ensures equal tax treatment but does not apply automatically if a prior tax treaty exists.

• Swiss multinational Nestlé had requested a tax refund, citing the MFN clause in the India-Switzerland tax treaty.

• Initially, Switzerland believed the MFN principle applied automatically, but the Supreme Court ruling clarified otherwise.

• The ruling emphasized that the MFN clause cannot be implemented without official notification under Section 90 of the Indian Income Tax Act.

• Switzerland's decision is unlikely to impact investments from the European Free Trade Association (EFTA) into India.

STATE NEWS

Six new schemes have been launched by the Himachal Pradesh government.

• The Himachal Pradesh government, under CM Sukhvinder Singh Sukhu, launched six new schemes to mark two years in power.

• The schemes aim to promote natural farming, support small farmers, boost rural incomes, and improve healthcare access.

• The Rajiv Gandhi Natural Farming Start-up scheme targets 36,000 new farmers with an investment of Rs 680 crore.

• A scheme was introduced to buy organic and vermicompost at Rs 300 per quintal to support sustainable farming.

• Rs 1 lakh was disbursed to 100 farmers through direct benefit transfer (DBT) to enhance rural income.

• The Indira Gandhi Sukh Shiksha Yojana offers financial assistance for the education of children, widows, destitute women, divorced women, and parents with disabilities.

• The Himachal Pradesh Subtropical Horticulture, Irrigation, and Value Addition Project (HP Shiva) was launched to enhance agricultural productivity.

• These initiatives reflect the government's commitment to improving the state's agriculture, education, and social welfare systems.

RANKING AND INDEX

India witnessed a significant rise in women's participation in the labour force.

• India's female labour force participation (LFPR) has risen significantly, especially in rural areas.

• The study "Female Labour Force Participation Rate: An Observational Analysis of the Periodic Labour Force Survey" covers trends from 2017-18 to 2022-23.

• Rural women's LFPR increased by nearly 70%, from 24.6% in 2017-18 to 41.5% in 2022-23.

• States like Jharkhand and Bihar saw massive growth, with rural LFPR rising by 233% in Jharkhand and six times in Bihar.

• Married rural women, especially in Rajasthan and Jharkhand, showed marked increases in LFPR.

• Despite having the lowest LFPR previously, rural Bihar has shown notable improvements.

• Punjab and Haryana continue to have persistently low female LFPR.

• Western and Southern India also experienced growth in rural female LFPR, with urban areas seeing more modest increases.

APPOINTMENTS

Francois Bayrou has been named as new Prime Minister of France.

• François Bayrou has been appointed as France's new Prime Minister by President Emmanuel Macron.

• His appointment follows a no-confidence vote that ousted the previous government.

• Bayrou becomes the fourth Prime Minister of France in 2024.

• Michel Barnier, the former Prime Minister, served just three months.

• Barnier now holds the record for the shortest-serving Prime Minister in French history.

• The Prime Minister of France is the head of government, second only to the President.

• In January 2024, Gabriel Attal became the youngest Prime Minister of France.

SUMMIT AND CONFERENCE

World Hindu Economic Forum begins in Mumbai.

• The World Hindu Economic Forum (WHEF) has begun in Mumbai, with Maharashtra CM Devendra Fadnavis inaugurating the event.

• The summit will span three days, attracting global delegates from various sectors.

• WHEF brings together industrialists, entrepreneurs, and startups from the Hindu community worldwide.

• The theme for this year's forum is "Think in Future, for the Future."

• The event serves as one of the largest gatherings of business leaders and innovators within the Hindu community.

• The World Hindu Economic Forum was launched in 2012 in Hong Kong.

• The forum was previously held in Bangkok in 2023.

MISCELLANEOUS

Elon Musk's net worth surpasses $400 billion, making him the first person to do so.

• Elon Musk becomes the first person to exceed a net worth of $400 billion.

• Tesla's stock reached an all-time high of $420.

• Musk's appointment as co-leader of the Department of Government Efficiency (DOGE) helped Tesla's stock rise 70% this year.

• Musk owns X (formerly Twitter) and founded SpaceX.

• Tesla unveiled a self-driving taxi at the "We, Robot" event.

• Musk showcased Optimus, Tesla's humanoid robot, during the same event.

• Musk co-founded seven companies, including Tesla, SpaceX, and xAI.

• In 2022, he acquired Twitter for $44 billion and rebranded it as X.

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