Daily Current Affairs- 19th December 2025

Daily Current Affairs- 19th December 2025

Deepinder Goyal Tops Hurun Rich List 2025 for India’s Self-Made Entrepreneurs

In the News: IDFC FIRST Private Banking and Hurun India released the third edition of the "Top 200 Self-Made Entrepreneurs of the Millennia 2025" list. Deepinder Goyal, founder and CEO of Eternal (formerly Zomato), topped the rankings for the first time, overtaking retail veteran Radhakishan Damani of Avenue Supermarts (DMart). The list recognizes the 200 most valuable companies established in India on or after 2000, based on market capitalization for listed companies and valuation for non-listed companies as of September 25, 2025.

Key Points:

• Deepinder Goyal at #1: Deepinder Goyal, the 42-year-old founder, Managing Director, and CEO of Eternal (formerly Zomato), secured the top position with a valuation of Rs 3,20,700 crore (Rs 3.2 lakh crore), marking a 27% increase from the previous year. This marks the first time a food-tech entrepreneur has topped the prestigious list, symbolizing the massive wealth creation potential of digital platforms. Goyal, an IIT Delhi graduate in Mathematics and Computing, founded FoodieBay in 2008 which evolved into Zomato and eventually Eternal, growing through strategic acquisitions including Uber Eats India and Blinkit.
• Radhakishan Damani Slips to #2: Radhakishan Damani, the 70-year-old founder of Avenue Supermarts (DMart), who topped the list in 2023 and 2024, slipped to second place with a valuation of Rs 2,97,800 crore (Rs 3 lakh crore), down 13% year-on-year.
• InterGlobe Aviation Makes Strong Debut: Rahul Bhatia and Rakesh Gangwal, estranged co-founders of InterGlobe Aviation (parent company of IndiGo), made a powerful debut by directly entering the top three with a company valuation of Rs 2,19,300 crore (Rs 2.2 lakh crore).
• Complete Top 10 Rankings: The remaining top 10 positions include: (4) Abhay Soi of Max Healthcare Institute (Rs 1,11,000 crore, up 15%), (5) Sriharsha Majety and Nandan Reddy of Swiggy (Rs 1,06,000 crore, up 5%), (6) Deep Kalra and Rajesh Magow of MakeMyTrip (Rs 94,500 crore), (7) Yashish Dahiya and Alok Bansal of PolicyBazaar/PB Fintech (Rs 80,300 crore), (8) Falguni Nayar and Adwaita Nayar of Nykaa (Rs 67,500 crore, up 19%), and (9) Peyush Bansal, Amit Chaudhary, Neha Bansal.
• New Entrants to Top 10: Paytm and Lenskart made their entry into the top 10 for the first time in 2025, highlighting the rise of tech-driven consumer brands and digital financial services. Meanwhile, Razorpay (founders Harshil Mathur and Shashank Kumar) and Zerodha (founders Nithin Kamath and Nikhil Kamath) dropped out of the top 10, along with Dream11 (founders Harsh Jain and Bhavit Sheth), signaling shifting dynamics as consumer-centric ventures gain prominence over pure-play fintech platforms.
• New Entries and Turnover: A record 102 new founders and 53 new companies made the 2025 list, demonstrating rapid turnover and entrepreneurial dynamism in India's startup ecosystem.
• Fastest Growing Companies: The fastest gainers in valuation include Anthem Biosciences (up 273%), Groww (up 148%), and Jumbotail (up 147%), indicating the next wave of scalable businesses emerging from diverse sectors including pharmaceuticals, fintech, and B2B commerce. The biggest rank movers were Vinay Sanghi of CarTrade Tech (jumped 88 positions to Rs 11,700 crore), Ashish Jhina and Karthik Venkateswaran of Jumbotail (advanced 83 places to Rs 8,900 crore), and Vineet Sukumar of Vivriti Capital (rose 74 positions to Rs 11,500 crore).
• Women Entrepreneurs: The 2025 list features 20 women entrepreneurs with a combined company valuation of Rs 3.3 lakh crore. The top women entrepreneurs include: (1) Falguni Nayar of Nykaa (Rs 67,500 crore), (2) Adwaita Nayar of Nykaa (Rs 67,500 crore), (3) Neha Bansal of Lenskart (Rs 67,000 crore), (4) Ruchi Kalra of OfBusiness, (5) Kavitha Subramanian of Upstox, and others. Adwaita Nayar, at 34 years old, is the youngest woman entrepreneur on the list.

India to Get Its First Forest University in Gorakhpur, Uttar Pradesh

In the News: Uttar Pradesh is set to establish India's first dedicated forest university in Gorakhpur, marking a significant milestone in forestry and environmental education. The project, announced by Chief Minister Yogi Adityanath on September 6, 2024, during the inauguration of the world's first Jatayu Conservation and Breeding Centre, will be developed with an estimated investment of ₹500 crore on a 125-acre campus.

Key Points:

• Project Announcement: Chief Minister Yogi Adityanath announced the establishment of the Forest University on September 6, 2024, at Campierganj, Gorakhpur, during the inauguration of the Jatayu Conservation and Breeding Centre. The university will be North India's first and the country's second dedicated forest university after Telangana.
• Campus Location and Size: The university will be developed on a sprawling 125-acre campus in Gorakhpur, strategically located near the Jatayu Conservation and Breeding Centre in the Bhariwasi area. The site has been selected for its proximity to existing wildlife and environmental conservation infrastructure.
• Budget Allocation: The Uttar Pradesh government allocated ₹50 crore in the 2024 state budget for preliminary groundwork and initial development. The total project investment is estimated at approximately ₹500 crore, covering complete infrastructure development and establishment.
• Academic Programs: The university will offer specialized degree and diploma courses in forestry, agroforestry, social forestry, horticulture, wildlife studies, ecology, climate change, environmental sustainability, and biotechnology. The curriculum will emphasize field-based learning and practical exposure in natural ecosystems.
• Infrastructure Development: The campus will feature comprehensive facilities including hostels for approximately 500 students with separate accommodations for male and female students, modern laboratories, classrooms, an auditorium, sports facilities, and residential quarters for faculty members.
• Project Status: The land approval process has been completed, and the Detailed Project Report (DPR) has been finalized. A technical experts' committee is currently drafting the curriculum and academic structure.

Parliament Passes SHANTI Bill, AERB Gets Statutory Status

In the News: Parliament passed the Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) Bill, 2025, marking a sweeping overhaul of India's nuclear energy legal framework. The Rajya Sabha approved the legislation following its passage in the Lok Sabha on December 17, 2025. The bill was introduced on December 16, 2025, by Union Minister of State for Science and Technology and Atomic Energy Dr. Jitendra Singh. Prime Minister Narendra Modi hailed the passage as a "transformational moment for India's technology and clean energy landscape," emphasizing that "this is the ideal time to invest, innovate and build in India."

Key Points:

• Repeal of Existing Laws: The SHANTI Bill repeals two fundamental legislations—the Atomic Energy Act, 1962, and the Civil Liability for Nuclear Damage (CLND) Act, 2010—consolidating and modernizing their provisions into a single comprehensive legal framework.
• Statutory Status to AERB: The bill accords statutory recognition to the Atomic Energy Regulatory Board (AERB), which until now functioned only through executive orders. The AERB is now established under parent legislation with enhanced powers, bringing it in line with global best practices and making it accountable to Parliament. The Board will consist of a Chairperson, one whole-time member, and up to seven part-time members appointed by the central government.
• AERB Composition and Appointments: Appointments to the AERB will be made by the central government upon recommendations of a search-cum-selection committee constituted by the Atomic Energy Commission. The committee will include the Chairperson of the Board when considering selection of its members. The Chairperson and members will hold office for an initial period of three years, extendable by a further three years.
• Private Sector Participation: For the first time since Independence, the bill permits private Indian companies, joint ventures, and other companies to participate in the nuclear power sector. Private companies are allowed to build, own, operate, or decommission nuclear power plants/reactors, subject to strict national security and safety safeguards. Private entities can hold up to 49% minority equity in nuclear power projects, with the government retaining majority control. The bill also permits up to 49% Foreign Direct Investment (FDI) in certain nuclear activities.
• Removal of Supplier Liability: A significant change removes the operator's right of recourse against suppliers for defective equipment or materials, addressing a major concern of foreign nuclear vendors. Under the CLND Act 2010, operators could recover compensation paid from suppliers when nuclear incidents arose from defective equipment.
• Atomic Energy Redressal Advisory Council: The bill establishes the Atomic Energy Redressal Advisory Council to hear appeals against orders or decisions of the central government or the AERB. The Council will be chaired by the Chairperson of the Atomic Energy Commission and will include the Director of Bhabha Atomic Research Centre, Chairperson of AERB, and Chairperson of the Central Electricity Authority as members. Appeals against the Council's decisions will lie before the Appellate Tribunal for Electricity.
• Small Modular Reactors (SMRs): The bill facilitates and promotes Small Modular Reactors, defined as reactors with maximum output of 300 Megawatt electric (MWe). SMRs are being promoted for faster deployment, industrial decarbonisation, captive power generation, and improved grid stability. Finance Minister Nirmala Sitharaman had announced a Rs 20,000 crore Nuclear Energy Mission in the February 2025 Budget focused on research and development of SMRs, with plans to operationalize five indigenously developed SMRs by 2033.
• Current Nuclear Landscape: At present, the Nuclear Power Corporation of India Ltd (NPCIL), a public sector undertaking under the Department of Atomic Energy, is the sole operator of all 24 commercial nuclear reactors in the country with a combined capacity of 8.88 GW. The Atomic Energy Act, 1962, currently bars private entities and state governments from operating nuclear power plants. The SHANTI Bill fundamentally alters this monopoly structure while ensuring government oversight of sensitive activities.

Sabka Bima, Sabki Raksha Bill, 2025

In the News: The Parliament of India passed the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025, after its introduction in the Lok Sabha by Finance Minister Nirmala Sitharaman on December 16, 2025. The landmark legislation aims to modernize India's insurance sector, expand coverage, strengthen regulatory oversight, and align with the government's vision of "Insurance for All by 2047."

Key Points:

• Legislative Amendments: The Bill amends three foundational laws governing India's insurance sector—the Insurance Act, 1938; the Life Insurance Corporation Act, 1956; and the Insurance Regulatory and Development Authority of India (IRDAI) Act, 1999. These comprehensive reforms seek to balance industry growth, consumer protection, and broader financial sector modernization.
• 100% FDI in Insurance Companies: The most significant reform raises the Foreign Direct Investment (FDI) limit in Indian insurance companies from 74% to 100% of paid-up equity capital, enabling full foreign ownership. This applies to life, general, health, and reinsurance businesses.
• Enhanced IRDAI Powers: The regulator gains significantly strengthened enforcement capabilities, including disgorgement powers to recover wrongful gains from insurers and intermediaries—similar to SEBI's enforcement toolkit. IRDAI is empowered to approve schemes of arrangement between insurers and non-insurance companies, supersede the Board of Directors when an administrator is appointed in cases prejudicial to policyholders' interests, and regulate remuneration, commission, or rewards payable to insurance agents and intermediaries.
• Operational Autonomy for LIC: The Life Insurance Corporation of India, the country's largest insurer, gains greater operational flexibility. LIC can now open new zonal offices without prior government approval and restructure its overseas operations in accordance with host country laws.
• Reinsurance Reforms: The Bill significantly reduces the Net Owned Funds (NOF) requirement for foreign entities engaged in reinsurance business from Rs 5,000 crore to Rs 1,000 crore. The net-owned fund comprises paid-up equity capital, free reserves, balance in share premium account, and capital reserves from surplus arising from sale proceeds. This reform addresses industry demands to widen participation beyond the public sector General Insurance Corporation (GIC Re) and is expected to boost reinsurance capacity, competition, and risk diversification in India.
• Insurance Cooperative Societies: The Bill removes the requirement of minimum paid-up share capital of Rs 100 crore for insurance cooperative societies engaged in life, general, or health insurance businesses.
• Application to International Financial Services Centres: The central government's existing powers to relax or modify the application of the Insurance Act to Special Economic Zones (SEZs) have been extended to International Financial Services Centres (IFSCs) located in SEZs. This alignment aims to promote India as a global financial hub and facilitate easier regulatory compliance for insurers operating in these specialized zones.

Brazil Hands Over BRICS Presidency to India

In the News: Brazil officially transferred the BRICS presidency to India during the concluding session of the 4th BRICS Sherpas Meeting held in Brasília. The ceremonial handover marks a significant leadership transition within the bloc as India prepares to steer BRICS discussions and initiatives throughout 2026. Although the ceremony took place on December 12, Brazil will formally remain BRICS president until December 31, 2025, with India officially assuming leadership from January 1, 2026.

Key Points:

• Ceremonial Handover: Brazilian Sherpa Ambassador Mauricio Lyrio handed over the symbolic gavel to India's Sherpa Ambassador Sudhakar Dalela at the two-day gathering in Brasília. The ceremonial gavel was crafted from repurposed wood sourced from the Amazon rainforest, symbolizing sustainability and environmental cooperation. This gavel represents the official transfer of leadership and responsibility within the BRICS grouping.
• Brazil's Presidency Achievements: Brazil's presidency, which ran under the motto "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance," witnessed significant accomplishments. Leaders signed the Rio de Janeiro Declaration at the July 2025 summit comprising 126 commitments across political, economic, and cultural cooperation. The year involved over 200 meetings and the creation or reinforcement of 200 new cooperation mechanisms in areas including hunger eradication, climate change, and emerging technologies.
• Brazil's Six Priority Areas: During its presidency, Brazil focused on six major areas—global health cooperation (including the BRICS Partnership for the Elimination of Socially Determined Diseases and Neglected Tropical Diseases), trade, investment and finance, multilateral architecture for peace and security (including UN Security Council reform), governance of artificial intelligence, climate change and disaster risk reduction, and institutional development of BRICS structures.
• India's Vision - Redefining BRICS: Prime Minister Narendra Modi announced that India will redefine BRICS in a "new form" during its 2026 presidency. The new acronym will represent "Building Resilience and Innovation for Cooperation and Sustainability" (BRICS).
• India's Four Pillars for 2026: India has structured its BRICS presidency priorities around four key pillars—resilience (building robust systems and institutions), innovation (promoting technological advancement and digital transformation), cooperation (strengthening multilateral partnerships and South-South collaboration), and sustainability (advancing climate action and environmental protection).
• 18th BRICS Summit in 2026: India will host the 18th BRICS Summit in 2026, bringing together all 11 member states to discuss key issues and shape the group's future agenda. The summit is expected to advance cooperation across three main pillars—political and security issues, economic and financial matters, and cultural and people-to-people exchanges. The gathering will serve as a platform for emerging economies to collectively address global challenges and advance their shared interests.

India–Oman CEPA Signed to Boost Trade and Investment

In the News: India and Oman signed a Comprehensive Economic Partnership Agreement (CEPA) in Muscat, marking a significant milestone in India's strategic engagement with the Gulf region. The agreement was signed by Commerce and Industry Minister Piyush Goyal and Oman's Minister of Commerce, Industry & Investment Promotion H.E. Qais bin Mohammed Al Yousef in the presence of Prime Minister Narendra Modi and His Majesty Sultan Haitham bin Tarik. This is Oman's first bilateral trade agreement in nearly 20 years since its FTA with the United States in 2006, and India's second Free Trade Agreement in the last six months following the UK agreement.

Key Points:

• Labour-Intensive Sectors Benefit: All major labour-intensive sectors receive full tariff elimination under the CEPA, including gems and jewellery, textiles, leather, footwear, sports goods, plastics, furniture, agricultural products, engineering products, pharmaceuticals, medical devices, and automobiles.
• Current Bilateral Trade: Oman ranked as India's 29th largest export destination and 25th largest source of imports in FY 2024-25, making it India's 28th largest trading partner overall. India runs a trade deficit largely due to energy and fertilizer imports. India's major exports include petroleum products (naphtha, petrol), processed minerals (calcined alumina), machinery, basmati rice, and manufactured goods, while imports are dominated by crude oil, petroleum gas, LNG, fertilizers, ammonia, and chemical products.
• Comprehensive Services Package: Oman has made substantial commitments across 127 sub-sectors, including Computer Related Services, Business and Professional Services, Audio-visual Services, Research and Development, Education and Health Services. Oman's global services imports amount to USD 12.52 billion, with India's current share at only 5.31%, indicating significant untapped potential.
• Enhanced Professional Mobility (Mode 4): For the first time, Oman has offered wide-ranging commitments under Mode 4 of services trade. The quota for Intra-Corporate Transferees has been notably increased from 20% to 50%. The permitted duration of stay for Contractual Service Suppliers has been extended from 90 days to two years, with the possibility of a further two-year extension (total of four years).
• 100% FDI in Services Sectors: The CEPA provides for 100% Foreign Direct Investment by Indian companies in major services sectors in Oman through commercial presence.
• Part of Broader Trade Strategy: This agreement is India's sixth free trade pact in the past five years, following deals with Mauritius (2021), UAE (2022), Australia (2022), EFTA bloc (Switzerland, Norway, Iceland, Liechtenstein - 2024), and the UK (2025). The CEPA is part of India's strategy to sign trade agreements with developed economies that are not competing with India's labour-intensive interests and provide opportunities for Indian businesses.
• GCC Trade Relations: With negotiations with the broader Gulf Cooperation Council (GCC) having stalled, this agreement makes Oman the second GCC member after the UAE to conclude a comprehensive trade agreement with India.