November 2024 Current Affairs: The 51st Monetary Policy Committee (MPC) meeting of the Reserve Bank of India (RBI) brought key economic updates, including an unchanged repo rate of 6.5%, a neutral policy stance, and a GDP growth projection of 7.2% for FY25. Additionally, major judicial and government announcements like the Supreme Court’s redesigned Lady Justice statue and Maharashtra’s ‘Rajyamata’ status for desi cows highlight shifts in policy and governance.
For law aspirants, these developments reflect evolving legal, economic, and regulatory landscapes—key areas for constitutional, economic, and administrative law. Stay updated on these shifts to strengthen your legal acumen!
November 2024 Current Affairs: Key Decisions from the 51st MPC Meeting
Key Decisions Taken at the 51st MPC Meeting
Recently, the 51st Monetary Policy Committee (MPC) meeting of the Reserve Bank of India (RBI) was chaired by the RBI Governor. What are the Key Decisions Taken at the 51st MPC Meeting?
- Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 6.5% for the 10th consecutive time.
- The MPC changed the policy stance to ‘Neutral’ from ‘withdrawal of accommodation’.
- The RBI has retained its Consumer Price Index (CPI) inflation forecast for FY2025 at 4.5%. The RBI kept its real GDP growth projection for FY25 at 7.2%.
- The RBI has hiked the UPI 123PAY per transaction limit to Rs 10,000 from Rs 5,000.
- RBI issued a strong advisory to non-banking financial companies (NBFCs), microfinance institutions (MFIs) and housing finance companies (HFCs), to follow a ‘compliance first’ culture and take a sincere approach to customer grievances.
Global and National Recognitions
- The High Altitude Stadium in Tawang District has received the prestigious FIFA quality certification for its football turf, confirming our commitment to providing world-class sports facilities.
- Nepal’s Urmila Chaudhary wins the Global Anti-Racism Championship Award 2024. US Secretary of State, Antony J.Blinken presents the award.
- The European Parliament has awarded its prestigious Sakharov Prize for Freedom of Thought to Venezuelan opposition leaders María Corina Machado and Edmundo González. This esteemed honor recognizes their unwavering commitment to representing the Venezuelan people in their struggle to restore freedom.
- Indian filmmaker Payal Kapadia continues to shine, securing the Best Director honour at Harper’s Bazaar’s prestigious Women of the Year Awards for her remarkable film All We Imagine as Light.
- Popular film Producer, Director and screenwriter Rajkumar Hirani was given the National Kishore Kumar Award in Khandwa, Madhya Pradesh on the occasion of 37th death anniversary of renowned singer and actor Kishore Kumar.
Diplomatic Visits and Honours
- President Droupadi Murmu who is on a visit to Algeria, as part of her three nation visit was conferred with Honorary Doctorate in Political Science by Sidi Abdellah Science and Technology Pole University in Algiers.
- The United Nations Population Fund (UNFPA) has recognized India’s extraordinary progress in advancing Maternal Health and Family Planning. Commends India’s monumental efforts in reducing the Maternal Mortality Ratio (MMR) by an impressive 70% between 2000 and 2020.
New Appointments in Indian Defence Forces
- DG Paramesh Sivamani took over as the 26th Director General of the Indian Coast Guard (ICG).
- Surgeon Vice Admiral Kavita Sahai, SM, VSM assumes charge as Director General Medical Services (Navy).
- Lieutenant General Rajiv Ghai appointed as Director General of Military Operations.
Judicial and Cultural Initiatives
- The Supreme Court of India has unveiled a redesigned version of the iconic ‘Lady Justice’ statue, signaling a transformative step in the judicial outlook of the country. This change, led by Chief Justice of India (CJI) D.Y. Chandrachud, underscores the judiciary’s evolving identity—i.e. one rooted in constitutional principles and vigilance rather than colonial-era symbolism.
- Uttar Pradesh Chief Minister Yogi Adityanath unveiled the new multi-colored logo for Mahakumbh 2025 at an event. Kumbh Mela, recognised by the UNESCO as an ‘Intangible Cultural Heritage of Humanity,’ is regarded as the world’s largest peaceful gathering of pilgrims.
Government Initiatives and Announcements
- The Maharashtra government granted the status of ‘Rajyamata’ to desi cows in the state. This is the first time that such a title has been bestowed on any creature. The Indian giant squirrel is the state animal. In a government resolution (GR) passed by the dairy development department, the state specified that the status of Rajyamata will be extended only to desi cows. “These cows were called the kamdhenu and they carry scientific, religious, and economic importance,” said the GR. There are desi variants of cow such as Devani, Lal Kandhari in Marathwada, Khillar in Western Maharashtra, Dangi in North Maharashtra, and Gavlau in Vidharbha. The GR said that there has been a marked decrease in the number of desi cows in the state. A daily grant of ₹50 per cow will be given to their owners for their well-being.
- India and Columbia have signed the Audio-Visual Co-Production Agreement which will enable Indian and Colombian film producers to utilize a platform for collaboration on various facets of film making. The agreement is expected to deepen the engagement between the critical sectors of the film industries of both countries thereby, unfolding a new chapter of collaboration. Colombia – 17th Country to sign Audio Visual co-production Agreement with India The agreement between India and Columbia is expected to benefit producers from both the countries in pooling their creative, artistic, technical, financial and marketing resources for the co-production. It will also lead to exchange of art and culture and create goodwill among the people of both the countries thereby boosting cultural ties.
Launch of eMigrate V2.0 Portal
- External Affairs Minister Dr S Jaishankar inaugurated the emigrate V2.0 web portal and Mobile App in Delhi. The emigrate portal promotes safe and legal mobility channels for Indian migrants. In his address, Dr Jaishankar asserted that the launch of the emigrate V2.0 portal is a testament to the government’s efforts to create safe, transparent and inclusive mobility for Indians.
- He said the revamped version of the portal is a symbol of the government’s commitment to protecting the rights and dignity of Indian workers in foreign lands.
Frequently Asked Questions (FAQ) for Law Entrance Exams
1. What is the Monetary Policy Committee (MPC) and why is it important for law aspirants?
The Monetary Policy Committee (MPC) is a statutory body under the Reserve Bank of India (RBI) that determines key interest rates such as the repo rate to manage inflation and economic stability. Law aspirants should be aware of its decisions as they impact the economy, banking laws, and financial regulations, which are often asked in Legal & General Awareness sections of exams like CLAT, AILET, and Judiciary Exams.
2. What are the key economic decisions made in the 51st MPC meeting?
- Repo rate remains unchanged at 6.5% for the 10th consecutive time.
- Policy stance changed from ‘withdrawal of accommodation’ to ‘neutral.’
- CPI inflation forecast for FY25 retained at 4.5%.
- Real GDP growth projection for FY25 remains at 7.2%.
- UPI 123PAY per transaction limit increased from ₹5,000 to ₹10,000.
These economic changes are relevant for law aspirants preparing for questions on banking laws, financial regulations, and monetary policies.
3. Why should law aspirants be aware of global and national recognitions?
Knowledge of awards, honors, and recognitions is essential for Legal GK as such topics are frequently asked in exams. Some important recent recognitions include:
- Sakharov Prize for Freedom of Thought awarded to Venezuelan opposition leaders for promoting democracy.
- Nepal’s Urmila Chaudhary won the Global Anti-Racism Championship Award 2024.
- Indian filmmaker Payal Kapadia won Best Director at Harper’s Bazaar Women of the Year Awards.
- Rajkumar Hirani received the National Kishore Kumar Award.
- FIFA quality certification granted to the High Altitude Stadium in Tawang.
Questions on these awards could appear in General Knowledge (GK) or Legal Aptitude sections.
4. How does international recognition of India’s progress in maternal health impact legal studies?
- The United Nations Population Fund (UNFPA) commended India for reducing its Maternal Mortality Ratio (MMR) by 70% between 2000-2020.
- This reflects India’s commitment to healthcare laws, women’s rights, and public policy, crucial topics for law aspirants preparing for Public International Law and Human Rights Law.
5. What are the recent key appointments in Indian defense forces that law aspirants should know?
Appointments in defense and judiciary are often asked in Legal GK sections. Some key new appointments:
- DG Paramesh Sivamani became the 26th Director General of the Indian Coast Guard.
- Surgeon Vice Admiral Kavita Sahai assumed charge as Director General Medical Services (Navy).
- Lt. Gen. Rajiv Ghai appointed as Director General of Military Operations.
These appointments may be relevant for law exams with defense law or national security components.
6. Why is the Supreme Court’s new ‘Lady Justice’ statue significant for law students?
- The Supreme Court of India unveiled a redesigned ‘Lady Justice’ statue, emphasizing a shift towards constitutional principles and vigilance rather than colonial-era symbolism.
- This aligns with ongoing judicial reforms and could be a potential Legal Reasoning question in CLAT/AILET or Judiciary Exams.
7. What is the significance of the Mahakumbh 2025 logo launch?
- Kumbh Mela is recognized by UNESCO as an ‘Intangible Cultural Heritage of Humanity.’
- Law aspirants should note that cultural heritage and protection laws are part of constitutional and environmental law subjects.
8. What is the ‘Rajyamata’ status given to desi cows by Maharashtra, and why does it matter for law exams?
- Maharashtra granted ‘Rajyamata’ status to desi cows and announced a daily grant of ₹50 per cow for their well-being.
- This touches upon animal rights laws, government policies on agriculture, and environmental law, which could be relevant in Judiciary & Legal Awareness sections.
9. What is the India-Colombia Audio-Visual Co-Production Agreement, and why is it relevant?
- India signed an Audio-Visual Co-Production Agreement with Colombia, making it the 17th country to have such an agreement.
- This agreement enhances intellectual property rights (IPR), entertainment laws, and cultural exchange laws, which are essential topics in Media Law & IPR-related exams.
10. What is eMigrate V2.0, and how is it important for law aspirants?
- External Affairs Minister S. Jaishankar launched the eMigrate V2.0 portal, which promotes safe and legal mobility for Indian workers abroad.
- This initiative is important for law aspirants studying immigration laws, labor laws, and international treaties.
