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.