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Daily Current Affairs – 30 December, 2025

    3 Years of India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA)

    In News

  • The India–Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) has completed three years of operation since its implementation in December 2022.

    • What is Ind-Aus ECTA?

  • The Ind-Aus ECTA is a bilateral free trade agreement between India and Australia, signed on 2 April 2022 and implemented from December 2022.
  • It is termed an “early harvest” or interim agreement, meaning it focuses on quick and high-impact liberalisation in goods trade, with limited but important commitments in services and investment. 
  • The ECTA serves as a foundation for a deeper and more comprehensive Comprehensive Economic Cooperation Agreement (CECA) in the future.
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    Water Guardians: A Local Fight Against Desertification

    Context

  • A group of local farmers and volunteers, called water guardians, are attempting grassroots water restoration in the semi-arid Homokhátság region in Hungary.

    • The ‘Water Guardians’ Initiative

  • Parts of Central Europe, particularly Hungary’s Great Hungarian Plain (Homokhátság), are witnessing rapid desertification, driven by climate change, falling groundwater levels, and unsustainable land and water management.
  • The initiative aims to retain and redistribute water locally, rather than allowing it to drain away unused.
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    The US Push to Redefine the WTO

    Context

  • The US recently articulated its vision for reforming the World Trade Organization (WTO). 

    • Major Highlights of the US Suggested Reforms

  • Decision-Making (Plurilateralism): The US argues consensus among 166 members is unrealistic for new trade rules.
  • It supports plurilateral agreements among willing members as the future of WTO rule-making.
  • Plurilateral describes agreements, or initiatives involving a limited group of countries that share specific interests, often focusing on particular sectors or issues, offering a flexible way to advance cooperation.
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    India Poised to Become $26 Trillion Economy By 2047–48

    In News

  • India is projected to become a $26 trillion economy by 2047–48, with per capita income exceeding $15,000, maintaining an average growth rate of ~6% per annum according to a report by Ernst & Young (EY).

    • Current Status

  • Growth Momentum :  India’s real GDP grew 8.2% in Q2 FY 2025-26, up from 7.8% in the previous quarter and 7.4% in Q4 of 2024-25, led by resilient domestic demand amidst global trade and policy uncertainties.
  • Real gross value added (GVA) expanded by 8.1%, catalysed by buoyant industrial and services sectors.
  • India’s services exports have grown by 14 per cent over the past two decades and stood at $254.5 billion in 2021–22.
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    Banking Fraud Amount Jumps 30% in April–September 2025

    Context

  • The RBI’s Trend and Progress of Banking in India 2024–25 shows that even as the incidence of banking frauds has declined, the value of losses has increased significantly, pointing to deep-seated structural and supervisory weaknesses in the banking system.

    • Key Findings from the RBI Report

  • Nature of Frauds: During 2024-25, Card and internet frauds accounted for 66.8% of total cases, highlighting persistent vulnerabilities in digital banking. In terms of amount, the share of advances-related frauds was 33.1 percent.
  • Bank-wise Distribution: In 2024-25, private banks accounted for 59.3 percent of the total number of frauds reported, while PSBs accounted for 70.7 percent of the amount involved.
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    Countries Raise Concern About ‘Fake Rabies Vaccine’ in India

    Context

  • Recently countries like the UK, US, and Australia have issued an advisory about the counterfeit batch of Abhayrab, a rabies vaccine manufactured by government-owned Indian Immunologicals Limited (IIL). 

    • About Abhayrab Counterfeit Controversy

  • Abhayrab is a cell‑culture rabies vaccine manufactured by Indian Immunologicals Limited (IIL), in use since 2000 in India and over 40 countries.
  • It reportedly holds around 40% of India’s human rabies vaccine market and is widely used in government programmes, private hospitals, and for travellers.
  • Indian Immunologicals Limited (IIL) stated that in January 2025, it detected one counterfeit batch with altered packaging.
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    News In Short 30-12-2025

    Context

  • The Sabarimala Ayyappa temple will reopen on 30 December for the Makaravilakku festival, marking the second phase of the annual pilgrimage season.

    • About Makaravilakku Festival

  • Makara Vilakku is one of Kerala’s most sacred festivals, celebrated annually at the Sabarimala Ayyappa Temple.
  • It is observed on the first day of Makara Masam in the Malayalam calendar, coinciding with Makara Sankranti. 
  • On this divine day, devotees gather to witness two powerful events:
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