3rd January, 2025 Current Affairs

daily Current Affairs

INTERNATIONAL 
Pakistan Begins Two-Year Term as Non-Permanent UNSC Member
•    Pakistan commenced its two-year tenure as a non-permanent member of the United Nations Security Council (UNSC). This marks Pakistan’s eighth term on the 15-member council, succeeding Japan as the Asian representative. Ambassador Munir Akram emphasized Pakistan’s commitment to playing an “active and constructive” role in addressing global challenges.
•    Pakistan secured its seat with 182 votes in the 193-member General Assembly, surpassing the required two-thirds majority. The term commenced on January 1, 2025, and will conclude on December 31, 2026.
•    This is Pakistan’s eighth term on the UNSC, with previous terms in 2012-13, 2003-04, 1993-94, 1983-84, 1976-77, 1968-69, and 1952-53.

ECONOMY 
GST Growth Slows to 7.3% in December
•    India’s GST collection growth slowed to 7.3% YoY in December 2024, with gross revenue standing at ₹1.77 lakh crore, compared to ₹1.65 lakh crore in December 2023. This marks the slowest growth in three months and highlights a slight decline in consumer spending post-holiday season. GST revenues have consistently stayed above ₹1.7 lakh crore for ten consecutive months, with the December quarter averaging ₹1.82 lakh crore—8.3% higher YoY.
•    Domestic Transactions: Grew 8.4% YoY to ₹1.32 lakh crore in December.
•    Imports: Revenue from imports grew at a slower rate of 3.9% to ₹44,268 crore.
•    Net GST Collections: Slower growth of 3.3% YoY to ₹1.54 lakh crore, driven by higher refunds—domestic refunds surged 31%, while import refunds soared 64.5%.

Most large states registered single-digit growth in GST collections:

•    Highest Performers: Tamil Nadu (11%) and Telangana (10%) showed double-digit growth.
•    Moderate Growth: Maharashtra (9%), Rajasthan (8%), and Karnataka (7%).
•    Low Growth: Gujarat (4%), Bihar (2%), Uttar Pradesh and Madhya Pradesh (1% each).
•    Decline: Andhra Pradesh saw a contraction of 6%.

RBI’s Guidelines on Government Debt Relief Scheme
•    The Reserve Bank of India (RBI) has issued detailed guidelines for lenders participating in the Government Debt Relief Scheme, aiming to provide structured relief to borrowers facing financial distress. This initiative aligns with the RBI’s ongoing efforts to enhance financial stability and support economic recovery.
•    The RBI’s guidelines outline the framework for lenders to offer debt relief to borrowers impacted by financial challenges. The scheme is designed to facilitate the restructuring of loans, ensuring that borrowers receive the necessary support while maintaining the integrity of the financial system.
•    This initiative builds upon previous measures taken by the RBI to address financial stress among borrowers. Notably, in 2016, Hindustan Construction Company (HCC) became the first firm to receive debt relief under the RBI’s Scheme for Sustainable Structuring of Stressed Assets (S4A), which allowed banks to convert a portion of the company’s loans into equity or debentures.

S&T
Human Metapneumovirus (HMPV) Outbreak in China
•    China is currently experiencing a significant increase in human metapneumovirus (HMPV) cases, leading to concerns about a potential health crisis reminiscent of the COVID-19 pandemic. 
•    Reports indicate that hospitals are becoming overcrowded, with suggestions of multiple viruses, including HMPV, influenza A, Mycoplasma pneumoniae, and COVID-19, contributing to the situation. Despite some claims of a state of emergency, there has been no official confirmation from Chinese authorities.
•    HMPV is a respiratory virus responsible for both upper and lower respiratory infections. Identified in 2001, it affects individuals across all age groups, with young children, the elderly, and those with compromised immune systems being particularly vulnerable.
•    HMPV spreads through mechanisms common to other respiratory viruses:
1.    Respiratory secretions from coughing and sneezing
2.    Close personal contact, such as touching or shaking hands
3.    Contact with contaminated surfaces followed by touching the mouth, nose, or eyes

AWARDS
Odia Poet Prativa Satpathy to Receive Gangadhar National Award
•    The Gangadhar National Award for Poetry 2023 will be conferred upon the renowned Odia poet Prativa Satpathy by Sambalpur University on its 58th foundation day. The award, instituted in 1989, recognizes excellence in the field of poetry and is named after the eminent Odia poet Gangadhar Meher. 
•    Over the years, many distinguished poets have received the award, and Prativa Satpathy is the latest recipient. This award aims to honor poets who have made significant contributions to the literary world.
•    The Gangadhar National Award, named after Gangadhar Meher, was established in 1989 and first awarded in 1991.
•    The award has been presented annually during the university’s foundation day celebrations.

Sai Paranjpye to Receive Padmapani Lifetime Achievement Award.
•    Sai Paranjpye, a legendary director and writer in Indian cinema, is set to be honored with the Padmapani Lifetime Achievement Award at the upcoming Ajanta-Ellora International Film Festival (AIFF) 2025.
•     Known for her impactful slice-of-life films such as Sparsh, Chashme Buddoor, Katha, and Saaz, Paranjpye is regarded as a pillar of India’s parallel cinema movement, which gained prominence in the 1970s and 1980s. 
•    The award recognizes her extensive contributions to both Indian cinema and Marathi literature. The 10th edition of the festival is scheduled to take place in Chhatrapati Sambhajinagar from January 15 to 19, 2025, where Paranjpye will be conferred with the prestigious award.

SPORTS
Magnus Carlsen, Nepomniachtchi Share Blitz Title
•    The decision by Magnus Carlsen and Ian Nepomniachtchi to share the World Blitz Championship title at the FIDE Rapid and Blitz Championship in New York has caused significant uproar in the chess world.
•     The controversy escalated after a video surfaced where Carlsen and Nepomniachtchi appeared to strategize on how to pressure FIDE into allowing them to co-win the title. Many prominent chess figures have voiced their criticisms, with accusations of possible match-fixing and manipulation of tournament rules. This article breaks down the sequence of events and reactions from top grandmasters and analysts.

Published date : 06 Jan 2025 09:51AM