2nd December, 2024 Current Affairs

NATIONAL 
SC Collegium Recommends Justice Manmohan for Apex Court.
•    The Supreme Court Collegium, led by Chief Justice of India (CJI) Sanjiv Khanna, has proposed the elevation of Delhi High Court Chief Justice Manmohan to the apex court. Justice Manmohan’s recommendation comes at a time when the Supreme Court operates with 32 judges, two short of its sanctioned strength of 34, following the retirements of Justices DY Chandrachud and Hima Kohli. The five-member Collegium, which includes Justices BR Gavai, Surya Kant, Hrishikesh Roy, and AS Oka, recently convened to finalize the decision.
•    If approved by the government, Justice Manmohan’s elevation will bring the Supreme Court closer to its full capacity, reinforcing its ability to address pending cases effectively.
India Re-Elected to UN Peacebuilding Commission for 2025-2026.
•    India has been re-elected to the United Nations Peacebuilding Commission (PBC) for the 2025-2026 term, reaffirming its pivotal role in international peace efforts. The announcement was made by India’s Permanent Mission to the UN, highlighting the country’s unwavering dedication to promoting global stability as a founding member and major contributor to UN peacekeeping. 
•    This accomplishment underscores India’s ongoing engagement with the PBC since its establishment in 2005.
•    The PBC, established in December 2005, is an intergovernmental advisory body designed to support peace initiatives in conflict-affected regions. It acts as a bridge between the UN General Assembly and the Security Council to enhance coordination and ensure the effectiveness of peacebuilding strategies globally.
•    The PBC was established in December 2005 to support peace in conflict zones.

INTERNATIONAL 
India Faces Risks from Trump’s BRICS Tariff.
•    As Donald Trump gears up for a potential second term as US President, his protectionist trade policies have already started causing ripples in the global economy. 
•    A major part of his strategy involves imposing 100% tariffs on BRICS countries, including India, if they reduce their reliance on the US dollar for international transactions.
•     With the BRICS nations, including India, discussing the possibility of de-dollarisation, Trump’s comments present a serious challenge for India’s export sectors, including pharmaceuticals, textiles, and IT services.
•    Trump has threatened to impose 100% tariffs on BRICS countries, including India, if they move away from using the US dollar in global trade. This is part of his broader protectionist approach to safeguard the US dollar’s dominance.
•    During a summit held in October in Russia, BRICS nations (Brazil, Russia, India, China, South Africa) discussed reducing reliance on the US dollar for trade, which led to Trump’s strong response.
•    The US is India’s largest trading partner, with bilateral tade exceeding $120 billion in FY24. 

Indian-Origin Kash Patel Announced Next Director of FBI.
•    US President-elect Donald Trump has announced Kash Patel as the next Director of the Federal Bureau of Investigation (FBI), succeeding Christopher Wray. Patel, a long-time Trump loyalist known for his confrontational stance against the “deep state” and criticism of federal agencies, brings a history of staunch support for Trump’s policies.
•    Known for unwavering support for Trump’s agenda.
•    Vocal critic of agencies, including the FBI, that he believes undermined Trump’s policies.      

ECONOMY 
Singapore Tops FDI Inflows to India, Contributing 50% in Q3.
•    In the July-September quarter of 2024-25, Singapore emerged as the largest source of Foreign Direct Investment (FDI) for India, contributing a significant 50% of the total inflows, which amounted to USD 13.6 billion. This marks a 43% increase in overall FDI inflows to India, reflecting a strong recovery after a period of weak investment. Singapore’s cumulative FDI into India, spanning from April 2000 to March 2024, stands at approximately USD 159.94 billion, highlighting the country’s longstanding and vital role in India’s economic growth.
•    Singapore accounted for over USD 7.5 billion, making up half of the total FDI received by India in the quarter.
•    The overall FDI inflows to India in the quarter reached USD 13.6 billion, a 43% increase year-on-year.
•    In 2023-24, Singapore was India’s sixth-largest global trade partner, with a total trade value of USD 35.61 billion, contributing 29% of India’s trade with ASEAN countries.