Revise the Entire Polity Syllabus Through

Short Notes & 950+ MCQ’s

MASTERING

POLITY PRO
Score 28+ Marks with
our Polity Pro Combo UPSC & STATE PCS 2024

950+
MCQ’s

 
 Polity Revision  Polity Pro 2024
Short Notes 2024
• Polity Learn Bits (Static + Current) • Polity Revision Test
• Total 03 Booklets • Polity Learn Bits (Static + Current)
• Current Affairs Coverage: January • Total 03 Booklets & 950+ MCQ’s
2023 – April 2024 • Current Affairs Coverage: January
2023 – April 2024

for First 100 Subscribers Only

FEATURES
3 Booklets that cover Entire Polity 15 Tests covering 750+ Most
(Static + Current) Crucial Polity MCQs

2 Full Mock Tests for Rigorous

Practice

+91 91222 34717 www.learnfinite.com [email protected]

 Total 2
booklets
(E-book)

For UPSC, State

Annual Current
PCS & all other
Affairs
competitive
Compilation exams

JAN 2023 -
Prelims Hack to
APR 2024 score 40+ marks

LEARN BITS TEST

CURRENT AFFAIRS
SERIES
Polity (Jan 2023 - Jan 2024)
About

Envt. & Geo. (Jan 2023 - Jan 2024)

Learn Bits
Economy (Jan 2023 - Jan 2024)
Total 14 Tests

Revise 450+ Days I.R. + Society (Jan 2023 - Jan 2024)

Current Affairs in Just 1

Culture + S&T + Schemes (Jan 2023 - Jan 2024)
week + Prelims Test
Full Length (static)

Economic Survey + Budget

Features
All Subjects Current Affairs (Feb 2024)

Topic-wise current Full Length (static)

affairs (16 month

All Subjects Current Affairs (Mar 2024)
coverage in 02 parts

st Full Length (Current Affairs Till March)

01 Test Series from
10th, Feb 202 Full Length (Static + Current Affairs)

Detailed Report Car All Subjects Current Affairs (Apr 2024)

Latest MCQ’s pattern Full Length (Static + Current Affairs)

16 Month Current Affairs 9122234717

₹ 799
with 1400+ MCQ’s @2499 www.learnfinite.com

for the first 1000 [email protected]

subscribers
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Index
HYDROGEN FOR HERITAGE ..................................................... 4 INCOME TAX DEPARTMENT LAUNCHES AIS APP FOR TAXPAYERS ... 23
INDIA TO LAUNCH HYDROGEN-POWERED TRAINS ON HERITAGE DIGICLAIM ........................................................................ 23
ROUTES BY DEC 2023 ........................................................... 4 CHENAB BRIDGE ................................................................. 24
CEA RELEASES DISASTER MANAGEMENT PLAN FOR POWER SECTOR . 5 DAYLIGHT SAVING TIME ....................................................... 25
SEBI ASKS EXCHANGES TO SET UP SYSTEM SHIELDING AGAINST DEEP OCEAN MISSION......................................................... 26
BROKER'S TECH GLITCH .......................................................... 5 EUROPEAN COMMISSION GRANTS GI TAG FOR HIMACHAL’S KANGRA
INTERNATIONAL YEAR OF MILLETS (IYM) 2023 KICK STARTS ........ 5 TEA .................................................................................. 26
RBI LAUNCHES UTKARSH 2.0 FOR THE PERIOD 2023-2025 ......... 6 TAMIL NADU’S CUMBUM GRAPES GET GEOGRAPHICAL INDICATION
SBI, ICICI BANK, HDFC BANK CONTINUE TO BE TOO BIG TO FAIL .. 7 TAG.................................................................................. 27
DRAFT RULES FOR ONLINE GAMING .......................................... 7 SAGARMALA INNOVATION AND START-UP POLICY ..................... 27
CABINET CLEARS ₹19,744-CR NATIONAL GREEN HYDROGEN NEW FOREIGN TRADE POLICY ................................................ 28
MISSION ............................................................................. 8 NO CHARGES ON UPI .......................................................... 29
BROADCASTING INFRASTRUCTURE AND NETWORK DEVELOPMENT INDIA POST PAYMENTS BANK LAUNCHES WHATSAPP BANKING
(BIND) .............................................................................. 9 SERVICES........................................................................... 30
PRADHAN MANTRI NATIONAL APPRENTICESHIP MELA................. 9 SAGAR SETU MOBILE APP .................................................... 30
EAT RIGHT STATION ............................................................ 10 MAJOR ACHIEVEMENTS OF INDIAN RAILWAYS IN FINANCIAL YEAR -
KERALA BECOMES COUNTRY’S FIRST FULLY DIGITAL BANKING STATE10 2022-23 .......................................................................... 31
3,700 DAMS IN INDIA WILL LOSE 26% STORAGE CAPACITY BY 2050: NATIONAL ELECTRICITY PLAN (2022-27) ................................ 31
UN STUDY ........................................................................ 10 MARCHA RICE GETS GI TAG .................................................. 32
BHARATPE RECEIVES IN-PRINCIPLE NOD FROM RBI FOR ONLINE SKILL MINISTRY LAUNCHES DIGITAL VERSION OF EMPLOYABILITY SKILLS
PAYMENT AGGREGATOR ....................................................... 11 CURRICULUM ..................................................................... 32
CABINET APPROVES SETTING UP OF A NATIONAL LEVEL MULTI-STATE STATE ENERGY EFFICIENCY INDEX 2021-22............................. 33
COOPERATIVE SEED SOCIETY .................................................. 12 DABBA TRADING ................................................................ 34
INCENTIVE SCHEME FOR PROMOTION OF RUPAY DEBIT CARDS AND KOCHI WATER METRO ......................................................... 35
LOW-VALUE BHIM-UPI TRANSACTIONS (P2M) ....................... 12 INDIAHANDMADE PORTAL..................................................... 35
FSSAI NOTIFIES COMPREHENSIVE REGULATORY STANDARDS FOR NATIONAL CONFERENCE ON AGRICULTURE FOR KHARIF CAMPAIGN-
BASMATI RICE.................................................................... 13 2023 ............................................................................... 36
SETHUSAMUDRAM PROJECT .................................................. 13 NATIONWIDE AHDF KCC CAMPAIGN ..................................... 36
WEF'S CENTER FOR FOURTH INDUSTRIAL REVOLUTION TO BE SET UP RAIL VIKAS NIGAM LIMITED (RVNL) GRANTED NAVRATNA STATUS
IN HYDERABAD ................................................................... 14 ....................................................................................... 37
STATES’ GROSS FISCAL DEFICIT SET TO FALL IN 2022-23: RBI ...... 14 INDIA’S FIRST INTERNATIONAL MULTIMODAL LOGISTICS PARK..... 37
NARAYANI RIVER ................................................................ 15 INDIA’S 1ST UNDERSEA TWIN TUNNELS IN MUMBAI ................... 38
MISSION ANTYODAYA SURVEY (MAS) 2022-23...................... 15 CENTRE FOR PROCESSING ACCELERATED CORPORATE EXIT (C-PACE)
SHIVAMOGGA AIRPORT ........................................................ 16 ....................................................................................... 38
CENTRAL GOVERNMENT LAUNCHES HIGH PRICE DAY AHEAD PASHMINA CERTIFICATION CENTRE ........................................ 39
MARKET AND SURPLUS POWER PORTAL (PUSHP) .................... 16 INTERNATIONAL CONFERENCE ON CHEMICALS AND PETROCHEMICALS
INDIA RANKS 42ND OUT OF 55 NATIONS IN GLOBAL IP INDEX ...... 17 ....................................................................................... 39
INDIA APPROVES $3.9 BN HYDROPOWER PROJECT NEAR CHINA VANDE BHARAT EXPRESS ..................................................... 40
BORDER IN NORTHEAST ........................................................ 17 ADB, INDIA SIGN FOR INDUSTRIAL CORRIDOR DEVELOPMENT IN
MYANMAR TEAK WOOD...................................................... 18 ANDHRA PRADESH .............................................................. 40
WOMEN, BUSINESS AND THE LAW REPORT .............................. 19 INDIA’S LONGEST SEA BRIDGE MUMBAI TRANS HARBOUR LINK
RBI INITIATES 75 DIGITAL VILLAGES PROGRAMME ..................... 19 (MTHL) ........................................................................... 41
CENTRE PLANNING HALLMARKING OF GOLD BULLION MANDATORY 20 NEW RULES FOR COMPUTATION OF TAX ON WINNINGS FROM ONLINE
MINISTRY BRINGS CRYPTO ASSETS UNDER PREVENTION OF MONEY GAMING............................................................................ 42
LAUNDERING ACT ............................................................... 20 INTERNATIONAL CONFERENCE ON GREEN HYDROGEN ................ 42
IREDA GETS ‘INFRASTRUCTURE FINANCE COMPANY’ STATUS FROM MINISTRY OF AGRICULTURE & FARMERS WELFARE SIGNED A MOU
RBI.................................................................................. 21 WITH PIXXEL SPACE INDIA PVT. LIMITED.................................. 43
TRADE INFRASTRUCTURE FOR EXPORT SCHEME (TIES)............... 21 DRAFT AIRCRAFT BILL ........................................................... 44
BASIC ANIMAL HUSBANDRY STATISTICS 2022 .......................... 22 TIME OF DAY TARIFF ........................................................... 44
INVEST INDIA ..................................................................... 22 ADB LAUNCHES INDIA STRATEGY FOR 2023-27 ....................... 45

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 1
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

LIGHTWEIGHT PAYMENTS SYSTEM .......................................... 46 MINES AND MINERALS (DEVELOPMENT & REGULATION)
100 ENTREPRENEURSHIP AWARENESS PROGRAMMES ............... 46 AMENDMENT BILL, 2023 .................................................... 70
RBI LAUNCHES ‘100 DAYS 100 PAYS’ CAMPAIGN TO RETURN ROADMAP TO MAKING INDIA A $5 TRILLION ECONOMY .............. 70
UNCLAIMED DEPOSITS .......................................................... 46 GI TAGS FOR GOAN MANGOES AND BEBINCA, CRAFTS FROM
ENHANCED SURVEILLANCE FOR MSME ................................... 47 RAJASTHAN AND U.P .......................................................... 71
RAILWAY KAVACH SYSTEM .................................................... 48 ‘RAJMARGYATRA’ APP ......................................................... 72
E-COMMERCE POLICY .......................................................... 49 PORT HEALTH ORGANISATION (PHO) UNDER SAGAR SETU......... 72
KERALA FIRST STATE TO SET UP OWN SERVICE PROVIDER ............. 49 DIGITAL INDIA RISC-V’ SYMPOSIUM ...................................... 73
GURGAON METRO.............................................................. 50 BHARAT CAMPAIGN UNDER AGRICULTURE INFRASTRUCTURE FUND
RBI REVISES OTS GUIDELINES ............................................... 50 ....................................................................................... 73
RBI GIVES GREEN SIGNAL TO FIRST LOSS DEFAULT GUARANTEE RAJOURI CHIKRI WOOD CRAFT AND MUSHQBUDJI RICE RECEIVE GI
(FLDG) FRAMEWORK .......................................................... 51 TAGS ................................................................................ 74
SAHAKAR SE SAMRIDHI ........................................................ 51 ONE DISTRICT ONE PRODUCT ‘ODOP WALL’ LAUNCHED ........... 75
DAILY LIMIT ON UPI TRANSACTIONS ....................................... 51 NCLT GIVES FINAL NOD FOR MERGER OF SONY AND ZEE............. 75
INDIA-UAE COMPREHENSIVE ECONOMIC PARTNERSHIP AGREEMENT GLOBAL SUMMIT ON TRADITIONAL MEDICINE ........................... 76
....................................................................................... 52 19TH MARITIME STATE DEVELOPMENT COUNCIL MEETING (MSDC)
“THE GLOBAL 2000” LIST OF TOP COMPANIES ......................... 53 ....................................................................................... 76
COCHIN HARBOUR MODERNISATION PROJECT ........................... 53 BUREAU OF PORT SECURITY .................................................. 76
SOVEREIGN GOLD BOND SCHEME 2023-24 ............................ 54 BHARAT NEW CAR ASSESSMENT PROGRAMME ........................ 77
SEBI BARS ONLINE BOND PLATFORMS FROM SELLING UNLISTED RBI'S PILOT PROJECT FOR FACILITATING FRICTIONLESS CREDIT ...... 77
BONDS ............................................................................. 55 KHANAN PRAHARI APP ........................................................ 78
NHAI LAUNCHES ‘KNOWLEDGE SHARING PLATFORM’ ............... 55 MERA BILL MERA ADHIKAAR SCHEME .................................... 78
BACK APPLE TO LAUNCH ITS CREDIT CARD IN INDIA, PLANNING TO RBI GOVERNOR SHAKTIKANTA DAS LEADS GLOBAL CENTRAL BANKERS
TIE-UP WITH HDFC BANK .................................................... 56 IN A+ RATING .................................................................... 79
NEW DRUG AND INOCULATION SYSTEM .................................. 56 JAL JEEVAN MISSION ........................................................... 80
UTPRERAK ...................................................................... 57 FIRST SET OF INFRA LOANS FOR TIER 2, TIER 3 CITIES TO BE DISBURSED
9 YEARS' ACHIEVEMENT OF DEPARTMENT OF ANIMAL HUSBANDRY SOON ............................................................................... 80
& DAIRYING ...................................................................... 57 BHARAT DRONE SHAKTI 2023 ........................................ 81
NEW CSR GUIDELINES ‘SAGAR SAMAJIK SAHAYOG’................... 59 ADOPTION OF CBDCS CAN MAKE CROSS-BORDER PAYMENTS MORE
SEVEN PRODUCTS FROM UTTAR PRADESH GET GEOGRAPHICAL EFFICIENT .......................................................................... 81
INDICATION TAG ................................................................. 59 NPCI LAUNCHES NEW PRODUCTS; USERS CAN NOW MAKE VOICE-
MAHILA SAMMAN SAVINGS CERTIFICATE ................................ 60 ENABLED UPI PAYMENTS...................................................... 82
UNIFIED LOGISTICS INTERFACE PLATFORM (ULIP) .................... 61 ONE-HOUR TRADE SETTLEMENT ............................................. 83
GRAIN-EX SYSTEM .............................................................. 61 FIRST GLOBAL SYMPOSIUM ON FARMERS' RIGHTS..................... 83
CRCS-SAHARA REFUND PORTAL ........................................... 62 BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORTING (BRSR)
GLOBAL MARITIME INDIA SUMMIT 2023 ............................... 62 WORKSHOP ....................................................................... 84
INDIA MAKES PRESENTATION ON E-SHRAM, WORLD’S LARGEST WORLD'S HIGHEST FIGHTER AIRFIELD IN LADAKH'S NYOMA ....... 84
DATABASE OF UNORGANISED WORKERS ................................... 62 INTERNATIONAL CONFERENCE ON DAM SAFETY ........................ 85
GLOBAL FOOD REGULATORS SUMMIT 2023 ............................ 63 NATIONAL LOGISTICS POLICY ................................................ 85
NATIONAL CONFERENCE ON RURAL WASH PARTNERS' FORUM.. 63 INDIGENOUS COMMUNICATION-BASED TRAIN CONTROL SYSTEM .. 86
5TH HELICOPTER & SMALL AIRCRAFT SUMMIT ......................... 64 INTERNATIONAL CONVENTION AND EXPO CENTRE, CALLED
CANNABIS RESEARCH PROJECT .............................................. 64 ‘YASHOBHOOMI’ ................................................................ 87
BANKS GET ₹5,729 CRORE FROM “DEPOSITOR EDUCATION AND SAMUDRAYAAN PROJECT ...................................................... 87
AWARENESS” (DEA) FUND .................................................. 65 INDIA GETS ITS FIRST C-295 AIRCRAFT .................................... 88
NADA HAS LAUNCHED AN ANTI-DOPING HELPLINE NUMBER (1800- NATIONAL WORKSHOP ON E-NAM 2.0 .................................. 88
119-919) ........................................................................ 65 ANNUAL CAPACITY BUILDING PLAN (ACBP) OF DEPARTMENT OF
BHARAT MANDAPAM .......................................................... 66 FISHERIES .......................................................................... 89
SUMMIT ON “GLOBAL CHEMICALS AND PETROCHEMICALS NATIONAL POLICY ON RESEARCH AND DEVELOPMENT AND
MANUFACTURING HUBS IN INDIA” ........................................ 67 INNOVATION IN PHARMA-MEDTECH SECTOR IN INDIA ............... 89
GREENFIELD AIRPORTS ........................................................ 67 NORTH KOEL RESERVOIR PROJECT ......................................... 90
PM INAUGURATES SEMICONINDIA 2023 IN GANDHINAGAR, BHASHINI SET TO INTRODUCE RBI'S MULTILINGUAL FRICTIONLESS
GUJARAT .......................................................................... 68 CREDIT PLATFORM .............................................................. 90
NATIONAL PENSION SYSTEM TRUST ....................................... 68 RUPAY DOMESTIC CARD SCHEME AGREEMENT BETWEEN INDIA AND
CONSUMER PROTECTION ACT, 2019 ..................................... 69 THE UAE .......................................................................... 91

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 2
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

BULLET REPAYMENT SCHEME ................................................ 92 HEALTH MINISTRY NOTIFIES REVISED PHARMA MANUFACTURING
MUMBAI AIRPORT GETS ‘DISABLED AIRCRAFT RECOVERY KIT’ ..... 92 RULES UNDER SCHEDULE M TO ENSURE QUALITY CONTROL ........ 116
RBI EXTENDS PROMPT CORRECTIVE ACTION FRAMEWORK TO GOVT 7 ODISHA PRODUCTS THAT HAVE BAGGED GI TAGS .................. 117
NBFCS ............................................................................. 93 SEBI’S NEW NORMS SAFEGUARD INVESTORS .......................... 119
NEW STANDARDISED PROTOCOL FOR MANAGEMENT OF WORLD ECONOMIC FORUM ............................................... 120
MALNUTRITION IN CHILDREN ................................................ 94 WHAT ARE LABOUR RULES FOR WORKERS ABROAD? ................ 121
INDIGENOUS INTELLIGENT TRANSPORTATION SYSTEMS SOLUTIONS TAX CONTRIBUTION BY STATES NEEDS TO BE REVISITED ............. 122
FOR TRAFFIC SCENARIO........................................................ 94 THE RISING GAP IN INCOMES ............................................... 124
SAGAR MAITRI MISSION-4 ................................................... 95 FPI DISCLOSURE NORMS DEADLINE EXTENDED ........................ 125
INDIA’S FIRST REGIONAL RAPID TRANSIT SYSTEM (RRTS) ........... 96 RBI’S GUIDELINES ON STATE ‘GUARANTEES’ ON BORROWINGS... 125
GREEN ENERGY CORRIDOR ................................................... 97 AADHAAR-BASED PAY A BAD IDEA FOR MGNREGS ................. 127
VIZHINJAM INTERNATIONAL SEAPORT PROJECT ......................... 97 INDIA RE-ELECTED TO INTERNATIONAL MARITIME ORGANISATION
JAMRANI DAM MULTIPURPOSE PROJECT................................. 98 ..................................................................................... 128
INFORM CUSTOMERS WHEN BANKS ASK FOR THEIR CREDIT SCORE . 99 MINING FOR CRITICAL MINERALS.......................................... 128
JIO DEMONSTRATES INDIA’S FIRST SATELLITE-BASED GIGA FIBER ENVIRONMENTAL IMPACT OF WHAT WE EAT .......................... 129
SERVICE .......................................................................... 100 MARKS, FINANCIAL STATUS NO BAR FOR OVERSEAS HIGHER STUDIES
IMPORTANCE OF QR CODES ON FOOD LABELS ........................ 101 ..................................................................................... 131
INDIA BANS EXPORTS OF SOME RICE VARITIES ......................... 102 2023 LOGISTICS EASE ACROSS DIFFERENT STATES (LEADS) SURVEY
INTERNATIONAL SOLAR ALLIANCE’S GLOBAL SOLAR FACILITY SET TO ..................................................................................... 131
RECEIVE A CAPITAL CONTRIBUTION OF $35 MILLION DOLLARS .... 104 TAX ‘HFSS’ FOODS ........................................................... 132
GST COLLECTIONS SURGED SHARPLY IN OCTOBER ................... 105 DHARAVI REVAMP............................................................. 134
UNDERSTANDING WORKER PRODUCTIVITY ............................. 106 WORKING OF TOUCHSCREENS ............................................. 135
KAVACH INSTALLATIONS IN TRAINS....................................... 107 NEW INITIATIVES FOR TOURISTS UTTARAKHAND ...................... 136
‘MISLEADING’ ADS FOR IAS COACHING INSTITUTES BEING PROBED BY INDIA’S JOBS CRISIS ........................................................... 137
CONSUMER PROTECTION BODY ............................................ 108 INDIA-ASEAN SET TO REVIEW TRADE PACT FOR MODERNISATION IN
INDIA FINANCE REPORT ..................................................... 110 EARLY 2024 .................................................................... 139
CENTRE APPOINTS ARVIND PANAGARIYA AS CHAIRMAN OF 16TH ARE GRADUATES FACING UNEMPLOYMENT? ........................... 140
FINANCE COMMISSION ...................................................... 110 T+0, INSTANT SETTLEMENT CYCLE ........................................ 141
INDIA’S 1991 CRISIS AND THE RBI GOVERNOR’S ROLE ............. 111
GI TAGS FOR OVER 17 PRODUCTS FROM ODISHA, ARUNACHAL
PRADESH, WEST BENGAL, AND J&K..................................... 113
WHY HAVE TRUCK DRIVERS CALLED FOR A STRIKE?................... 114
HOW HAS RED SEA TROUBLE IMPACTED INDIA? ...................... 115

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 3
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Hydrogen for Heritage

In News
Indian Railways (IR) has envisaged to run 35 (thirty-five) Hydrogen trains under “Hydrogen for Heritage” at an
estimated cost of ₹ 80 crores per train and ground infrastructure of ₹ 70 crores per route on various heritage/hill
routes.

Hydrogen for Heritage

• The IR has also awarded a pilot project for retro fitment of Hydrogen Fuel cell on existing Diesel Electric
Multiple Unit (DEMU) rake along with ground infrastructure at the cost of ₹111.83 crore which is planned to
be run on Jind –Sonipat section of Northern Railway.
• The field trials of the first prototype on Jind –Sonipat section of Northern Railway is expected to commence
in 2023-2024.
• The se of Hydrogen as fuel provides larger benefits in the direction of green transportation technology to
support zero carbon emission goals as a clean energy source.

Benefits
• It will reduce the reliance on fossil fuels and promote the use of green energy in public transportation.
• The trains will be more efficient and require less maintenance compared to their fossil fuel counterparts.
• The introduction of these trains is expected to lead to a better travel experience for passengers, as they will
be equipped with vistadome coaches for a more comfortable and immersive journey.

India to launch hydrogen-powered trains on heritage routes by Dec 2023

In News
Envisioned on the lines of hydrogen trains running in China and Germany, Indian Railways plans to roll out hydrogen-
powered trains on its narrow-gauge heritage routes turning them “completely green".

Heritage Routes
• The heritage routes of Indian Railways, which primarily run on diesel include Darjeeling Himalayan Railway,
Nilgiri Mountain Railway, Kalka Shimla Railway, Matheran Hill Railway, Kangra Valley, Bilmora Waghai and
Marwar-Devgarh Madriya.
• All these routes are narrow gauge.

Significance
• The implementation of hydrogen-powered trains on these heritage roots is expected to bring a number of
benefits.
• It will reduce the reliance on fossil fuels and promote the use of green energy in public transportation.
• The trains will be more efficient and require less maintenance compared to their fossil fuel counterparts.
• The introduction of these trains is expected to lead to a better travel experience for passengers, as they will
be equipped with vistadome coaches for a more comfortable and immersive journey.

Implementation
• To operate the hydrogen-powered trains on these heritage roots, several technical changes are being made.
• A propulsion unit will be installed in every coach to ensure smooth operation.
• In addition, vistadome coaches will be added to each train to enhance the travel experience for passengers.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 4
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

CEA releases disaster management plan for power sector

In News
The Central Electricity Authority (CEA) has released the disaster management plan (DMP) for the power sector in a
bid to evolve a proactive and integrated approach to strengthen disaster mitigation, preparedness, emergency
response, and recovery efforts.

Features of the DMP

• The DMP provides a framework and direction to the utilities in the power sector for all phases of the
disaster management cycle.
• It is intended to guide all agencies within the sector with a general concept of potential emergencies and
roles and assignments before, during, and
The main objectives of the DMP are to find out
following emergency situations.
the quantitative risk involved in power networks
• It includes investing in risk mapping globally,
and to devise effective strategies for prevention,
creating a network of universities working on
mitigation, response, and recovery.
disaster-related issues, leveraging social media
and mobile technologies for disaster risk reduction, as well as building local capacities for disaster
management, reduction, and relief.
• The CEA emphasised that to estimate threats to power infrastructure, it is pertinent that fragility and
vulnerability analysis is carried out for civil structures like buildings, tall structures, foundations in the
generation infrastructures, towers, gantry structures, and foundations in transmission and distribution
facilities.

Sebi asks exchanges to set up system shielding against broker's tech glitch

In News
The Securities and Exchange Board of India (Sebi) has asked stock exchanges to set up an Investor Risk Reduction
Access (IRRA) platform to enable investors to square-off or close their open positions and cancel pending orders in
case of a technical glitch at the stockbroker.

About the platform

• The market regulator has directed the stock exchanges to monitor parameters like connectivity, social media
posts, order flow, and others. It also called on the stock The Investor Risk Reduction Access (IRRA)
exchanges to initiate the enablement of the service if platform will be jointly developed by the stock
required, irrespective of the trading member’s request. exchanges to enable investors to square off
• The SEBI also called on the stock exchanges to put in their position or cancel the pending orders if
place a detailed framework to support the reverse there is a disruption of services provided by the
migration from the IRRA system to the trading member’s trading members.
trading system when the trading system is revived and a
request is made in this regard.
• The stock exchanges are also required to periodically test the IRRA platform from time to time for the
seamless functioning of the service.

International Year of Millets (IYM) 2023 kick starts

In News
The Government of India sponsored the proposal for International Year of Millets (IYM) 2023 was accepted by the
United Nations General Assembly (UNGA).

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 5
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

About Millets
• These grains are a staple cereal crop for millions of smallholder dryland farmers in Sub-Saharan Africa and
Asia and offer a variety of benefits such as nutrition,
Millets are small-seeded grasses that are often
income, and livelihood for farmers. They can also be
referred to as “Nutri-cereals”. Some common types
used for food, feed, fodder, biofuels, and brewing.
of millets include sorghum (jowar), pearl millet
• ‘Millets’ were among the first crops to be (bajra), finger millet (ragi), little millet (kutki),
domesticated in India with several evidence of its foxtail millet (kakun), proso millet (cheena),
consumption during the Indus valley civilization. barnyard millet (sawa), and kodo millet (kodon).

Benefits
• Millets are nutritionally superior to wheat and rice due to their higher protein levels and a more balanced
amino acid profile.
• They also contain various phytochemicals which have therapeutic properties due to their anti-inflammatory
and anti-oxidative properties.
• In addition to being climate resilient, millet grains are rich in nutrients like carbohydrates, protein, dietary
fiber, and good-quality fat; minerals like calcium, potassium, magnesium, iron, manganese, zinc, and B
complex vitamins.
• Importantly, millet production does not depend on the use of chemical fertilizers, making it a sustainable
and environmentally friendly option.

Efforts by Indian Govt.

• In April 2018, Millets were rebranded as “Nutri Cereals”, followed by the year 2018 being declared as the
National Year of Millets, aiming at larger promotion and demand generation. The global millets market is
projected to register a CAGR of 4.5% during the forecast period between 2021-2026.
• The Indian Government has recognized the significant potential of millets and has prioritized them, aligning
with several UN Sustainable Development Goals (SDGs). In December 2022, the Food and Agriculture
Organization (FAO) of the United Nations hosted the opening ceremony for the International Year of
Millets – 2023 in Rome, Italy, which was attended by a delegation of senior government officials from India.
• The High Commission of India in Abuja and Consulate General of India in Lagos, as part of promotion of
IYM, have planned a Millets Food Festival and a Millets Food preparation competition in January 2023.

RBI launches Utkarsh 2.0 for the period 2023-2025

In News
RBI Governor Shaktikanta Das recentlylaunched Utkarsh 2.0, the second phase of the central bank’s medium-term
strategy for strengthening regulatory and supervisory mechanism.

Utkarsh 2.0
• Utkarsh 2.0 is the second phase of the RBI’s medium-term Utkarsh 2.0 will guide the RBI over the
strategy for strengthening regulatory and supervisory period from 2023 to 2025 and includes six
mechanisms. vision statements that are designed to
• It builds upon the foundation laid by Utkarsh 2022, which improve the performance of the RBI’s
was launched in July 2019 and covered the period from statutory and other functions, enhance its
2019 to 2022. relevance and significance at the national
and global levels, and improve its internal
Six Visions governance, infrastructure, and human
resources.
• Excellence in performance of its statutory and other
functions,
• strengthened trust of citizens and institutions in the RBI,
• enhanced relevance and significance in national and global roles,
• transparent, accountable, and ethics-driven internal governance,

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 6
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• best-in-class and environment-friendly digital and physical infrastructure, and

• innovative, dynamic and skilled human resources will guide the strategy.

About RBI
• The Reserve Bank of India is the central bank of India and was established under the Reserve Bank of India
Act of 1934.
• It began operations on April 1, 1935, and was nationalized in 1949, with the government of India becoming
its owner.
• The RBI is responsible for regulating banks under the Banking Regulation Act of 1949 and non-banking
financial companies (NBFCs) under the Reserve Bank of India Act of 1934.
• It is also the regulator of the digital payment system under the Payment and Settlement Act of 2007.
• The headquarters of the RBI are in Mumbai.

SBI, ICICI Bank, HDFC Bank continue to be too big to fail

In News
The top three Indian lenders - State Bank of India, ICICI Bank, and HDFC Bank - stayed Domestic Systemically
Important Banks (D-SIBs) for the banking regulator as the Reserve Bank of India (RBI) lists out lenders that are too big
to fail.

About D-SIBs
• D-SIBs are those interconnected entities, whose failure can impact the whole of the financial system and
create instability.
• Systemically important banks attract closer supervision and Foreign banks with a branch presence in
regulation from the country's central bank as these entities India that are designated as Global
are too big-to-fail banking companies. Systemically Important Banks (G-SIBs)
• In addition to the usual capital conservation buffer, D-SIBs in must also maintain additional CET1
India are required to maintain additional Common Equity Tier capital surcharges in India as required by
1 (CET1) capital. the rules for G-SIBs.
• According to the RBI’s latest press release, SBI must maintain
an additional 0.60% CET1 as a percentage of its risk-weighted assets, while ICICI Bank and HDFC Bank must
maintain an additional 0.20% each.

Draft rules for online gaming

In News
A self-regulatory body, mandatory know-your-customer norms for verification, and a grievance redressal mechanism
are among the key proposals in the draft rules for online gaming.

Draft Rules
• Online games will have to register with a self-regulatory body, and only games cleared by the body will be
allowed to legally operate in India.
• Online gaming companies will not be allowed to engage in betting on the outcome of games.
• The rules aimed at safeguarding users against potential harm from skill-based games, have been introduced
as an amendment to the Information Technology (Intermediary Guidelines and Digital Media Ethics Code)
Rules, 2021.
• The attempt is to regulate online gaming platforms as intermediaries and place due diligence requirements
on them.
• The self-regulatory body will have a board of directors with five members from diverse fields, including
online gaming, public policy, IT, psychology and medicine.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 7
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• It must ensure that the registered games don’t have anything “which is not in the interest of sovereignty and
integrity of India, defence of India, security of the state, friendly relations with foreign states or public order,
or incites the commission of any cognizable offence relating to the aforesaid.
• Online gaming firms will be required to undertake additional due diligence, including KYC of users,
transparent withdrawal and refund of money, and a fair distribution of winnings. For KYC, they will have
to follow norms laid down for entities regulated by the Reserve Bank of India (RBI).
• Gaming companies will also have to secure a random number generation certificate, which is typically used
by platforms that offer card games to ensure that game outputs are statistically random and unpredictable.
They will also have to get a “no bot certificate” from a reputed certifying body.
• Similar to social media and e-commerce companies, online gaming platforms will also have to appoint a
compliance officer who will ensure that the platform is following norms, a nodal officer who will act as a
liaison official with the government and assist law enforcement agencies, and a grievance officer who will
resolve user complaints.

Why these rules?

• Around 40 to 45 % of the gamers in India are women, and therefore it was all the more important to keep
the gaming ecosystem safe.
• It is believed to be a great first step for comprehensive regulation for online gaming and will reduce the
state-wise regulatory fragmentation that was a big challenge for The revenue of the Indian mobile
the industry. gaming industry is expected to
• The industry grew at a compound annual growth rate (CAGR) of reach USD 5 billion in 2025.
38% in India between 2017-2020, as opposed to 8 % in China and
10% in the US.
• It is expected to grow at a CAGR of 15 % to reach Rs 153 billion in revenue by 2024, as per a report by VC
firm Sequoia and management consulting company BCG.

Cabinet clears ₹19,744-cr National Green Hydrogen Mission

In News
The Union Cabinet recently approved the ₹19,744-crore National Green Hydrogen Mission with an objective to
become a major exporter in the field and make India a global hub for the production, utilisation, and export of Green
Hydrogen and its derivatives.

Objectives
• Development of green hydrogen production capacity of at least 5 MMT (Million Metric Tonne) per annum
with an associated renewable energy capacity addition of about 125 GW in the country
• Over Rs. Eight lakh crores in total investments
• Creation of over Six lakh jobs
• Cumulative reduction in fossil fuel imports over Rs. One lakh crore
• Abatement of nearly 50 MMT of annual greenhouse gas emissions

Benefits
• Creation of export opportunities for Green Hydrogen and its derivatives.
• Decarbonisation of industrial, mobility and energy sectors; reduction in dependence on imported fossil
fuels and feedstock; development of indigenous manufacturing capabilities.
• creation of employment opportunities; and development of cutting-edge technologies.
• India’s Green Hydrogen production capacity is likely to reach at least 5 MMT per annum, with an associated
renewable energy capacity addition of about 125 GW.
• Nearly 50 MMT per annum of CO2 emissions are expected to be averted by 2030.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 8
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

SIGHT Programme
• The Mission will also support pilot projects in Under the Strategic Interventions for Green Hydrogen
emerging end-use sectors and production Transition Programme (SIGHT), two distinct financial
pathways. incentive mechanisms – targeting domestic manufacturing
of electrolysers and production of Green Hydrogen – will
• Regions capable of supporting large scale
be provided under the Mission.
production and/or utilization of Hydrogen
will be identified and developed as Green Hydrogen Hubs.

Broadcasting Infrastructure and Network Development (BIND)

In News
Prime Minister Narendra Modi recently said the Broadcasting Infrastructure and Network Development (BIND)
scheme will augment the broadcasting infrastructure, particularly in the remote areas.

About BIND scheme

• The outlay for the scheme is Rs. 2539.61 crore. The “Broadcasting Infrastructure and
• The BIND scheme will enable the public broadcaster to Network Development” scheme of the
undertake a major upgradation of its facilities with better Ministry is the vehicle for providing
infrastructure which will widen its reach, including in the financial support to Prasar Bharati for
LWE, border and strategic areas and provide high quality expenses related to expansion and
content to the viewers. upgradation of its broadcasting
• Another major priority area of the scheme is the infrastructure, content development and
development of high-quality content for both domestic and civil work related to the organization.
international audience and ensuring availability of diverse content to the viewers by upgradation of capacity
of DTH platform to accommodate more channels.
• The Scheme will increase coverage of AIR FM transmitters in the country to 66% by geographical area and
80% by population up from 59% and 68% respectively.
• The Scheme also envisages free distribution of over 8 lakh DD Free Dish STBs to people living in remote,
tribal, LWE and border areas.

Pradhan Mantri National Apprenticeship Mela

In News
As a part of Prime Minister Shri Narendra Modi’s vision to boost career opportunities for India’s youth under Skill
India Mission, the Ministry of Skill Development and Entrepreneurship (MSDE) is organising the Pradhan Mantri
National Apprenticeship Mela (PMNAM) on January 9, 2023, across 242 districts in 28 States and Union Territories of
India.

About PMNAM
• These fairs provide immense value to newcomers seeking the right opportunities, providing umpteen
benefits to businesses, communities, and families.
• The government is aiming to train 1 million youth per PMNAM is a platform that fast-tracks the
year through this initiative and platform. In addition to meeting of apprenticeship aspirants and
the valuable on-the-job training that will be provided, employers and allows the aspirants to have
candidates will also earn National Council for Vocational one on one interaction with the employers
Education and Training (NCVET)-recognized certifications and provide them with the opportunity to
upon completion of the training session. know about the industry in which they want
to train and build a career.
• To be eligible for PMNAM, candidates must have
successfully cleared class 5 to class 12 and must have skill training certificates, or ITI diploma holders or
graduates.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 9
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Eat Right Station

In News
Varanasi Cantt Railway Station has been awarded a 5- star 'Eat Right Station' certification for providing high-quality,
nutritious food to passengers.

Eat Right Station

• The station is awarded a certificate upon a conclusion of an FSSAI-empanelled third-party audit agency with
ratings from 1 to 5.
• The 5-star rating indicates full compliance by the station to
The 'Eat Right Station' certification is
ensure safe and hygienic food is available to passengers.
awarded by FSSAI to railway stations
• The certification is part of the 'Eat Right India' movement- a that set benchmarks in providing safe
large-scale effort by FSSAI to transform the country's food and wholesome food to passengers.
system to ensure safe, healthy, and sustainable food for all
Indians.
Other stations with this distinction include-
• Anand Vihar Terminal Railway Station (Delhi)
• Chhatrapati Shivaji Terminus (Mumbai)
• Mumbai Central Railway Station (Mumbai)
• Vadodara Railway Station
• Chandigarh Railway Station
• Bhopal Railway Station

Kerala becomes country’s first fully digital banking state

In News
Kerala has become the first state in India to enable digital banking in all eligible accounts.

Kerala Fibre optical Network

• The state government has been working on the Kerala In 2021, Thrissur became the first district in
Fiber Optic Network (KFON) project, which is aimed at Kerala to implement digital banking under the
providing cost-effective internet access to the public. scheme.
• The Chief Minister has announced that 90% of the work
on the project has been completed and that optical fibre cable has been drawn over a distance of 17,155 km.
• The project envisions linking government offices to the network and arranging over 2,000 free Wi-Fi
hotspots across the state.

3,700 dams in India will lose 26% storage capacity by 2050: UN study

In News
Around 3,700 dams in India will lose 26 per cent of their total storage by 2050 due to accumulation of sediments
which can undermine water security, irrigation and power generation in future, warns a new study by the United
Nations.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 10
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Major Findings
• The loss of 1,650 billion cubic metre storage capacity is The study by the United Nations
roughly equal to the annual water use of India, China, University Institute on Water,
Indonesia, France and Canada combined. Environment and Health (UNU-INWEH),
• In 2022, the Asia-Pacific region, the world's most heavily also known as the UN's think tank on
dammed region, is estimated to have lost 13 per cent of water, shows that 6,316 billion cubic
its initial dam storage capacity. metre of initial global storage in 47,403
• It will have lost nearly a quarter (23 per cent) of initial large dams in 150 countries will decline
storage capacity by mid-century. to 4,665 billion cubic metre, causing 26
• The region is home to 60 per cent of the world's per cent storage loss by 2050.
population and water storage is crucial for sustaining water and food security.
• UNU-INWEH estimates that India's 3,700 large dams will have lost on average 26 per cent of their initial
total storage by 2050.
• China, meanwhile, the world's most heavily dammed nation, has lost about 10 per cent of its storage and will
lose a further 10 per cent by 2050.
• Water storage infrastructure is critical for development. Large dams and reservoirs provide hydroelectricity,
flood control, irrigation, and drinking water and often perform multiple functions simultaneously.
• UNU-INWEH estimates that India's 3,700 large dams will have lost on average 26 per cent of their initial
total storage by 2050.
• China, meanwhile, the world's most heavily dammed nation, has lost about 10 per cent of its storage and will
lose a further 10 per cent by 2050.
• Accumulation of sediments decreases a reservoir's capacity over the years and determines a reservoir's life
expectancy.
• A dam is considered large if it is higher than 15 m or between 5 and 15 m high, but impounds over 3
million cubic metres.

BharatPe receives in-principle nod from RBI for online payment aggregator

In News
Fintech unicorn BharatPe recently said it has received in-principle approval from the Reserve Bank of India (RBI) to
operate as Payment Aggregator.

Payment Aggregator
• They do not require merchants to create a separate payment integration system of their own.
• The RBI had issued a Payment Aggregator Framework, mandating payment gateways to obtain a license for
acquiring merchants and providing them with digital payment acceptance solutions.

Bharat Pe
• BharatPe, founded in 2018, began by launching the first interoperable UPI code. It serves more than 1
crore merchants across 400+ cities.
• This in-principal approval for Payment Aggregator license, is a vital step for BharatPe to continue its
operations and provide digital payment acceptance
solutions. Payment aggregators are entities that facilitate
• The in-principle approval from the Reserve Bank of India e-commerce sites and merchants to accept
for BharatPe to operate as a Payment Aggregator is a various payment instruments from customers.
significant milestone for the fintech unicorn, which has been facing controversies and high-profile exits in
recent times.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 11
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Cabinet approves Setting up of a national level multi-state cooperative seed society

In News
The Union Cabinet, chaired by the Prime Minister has approved a historic decision to set up and promote a national
level multi-state seed cooperative society under Multi State Cooperative Societies (MSCS) Act, 2002.
It will act as an apex organization for production, procurement, processing, branding, labelling, packaging, storage,
marketing and distribution of quality seeds; strategic research & development;

Multi-state seed cooperative Society

• It would act as an apex organization for production, procurement, processing, branding, labelling, packaging,
storage, marketing and distribution of quality seeds; strategic research & development; and
• To develop a system for preservation and promotion
of indigenous natural seeds; through various The proposed society will help to increase the
cooperative societies across the country with support seed replacement rate, varietal replacement
from relevant ministries especially Ministry of rate, ensuringthe role of farmers in quality seed
Agriculture and Farmers Welfare. cultivation and seed variety trials, production
• The availability of quality seeds will help in increasing and distribution of certified seeds with a single
agricultural productivity in strengthening food security brand name, by utilizing the network of all levels
and also increasing the income of the farmers. of cooperatives.

Significance
Quality seeds production through this national level seed cooperative society will increase the agriculture
production in the country thereby leading to more employment in the agriculture and cooperative sector; reducing
the dependence on imported seeds and provide boost to rural economy, promoting “Make in India” and leading to
Atmanirbhar Bharat.

Incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions
(P2M)

In News
The Union Cabinet, chaired by the Hon’ble Prime Minister Shri Narendra Modi, has approved the incentive scheme
for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (person-to-merchant) for a period of one
year from April 2022.

About the incentive scheme

• The scheme has a financial outlay of ₹ 2,600 crore.
• Under the said scheme, acquiring banks will be provided financial incentive, for promoting Point-of-Sale
(PoS) and e-commerce transactions using RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) for
the current financial year FY 2022-23.
• This incentive scheme will facilitate building of a robust digital payment ecosystem and promoting RuPay
Debit Card and BHIM-UPI digital transactions.
• In-line with the objective of ‘Sabka Saath, Sabka Vikas’, the scheme will also promote UPI Lite and UPI
123PAY as economical and user-friendly digital payments solutions and enable further deepening of digital
payments in the country, across all sectors and segments of the population.
• National Payments Corporation of India (NPCI) requested, among other things, for incentivisation of BHIM-
UPI and RuPay Debit Card transactions to create a cost-effective value proposition for ecosystem
stakeholders, increase merchant acceptance footprints and faster migration from cash payments to digital
payments.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 12
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

FSSAI notifies comprehensive regulatory standards for Basmati Rice

In News
For the first time in the country, Food Safety and Standards Authority of India (FSSAI) has specified the identity
standards for Basmati Rice.

FSSAI Standards
• Basmati rice shall possess natural fragrance characteristic of basmati rice and be free from artificial
colouring, polishing agents and artificial fragrances.
• These standards also specify various identity and quality parameters for basmati rice such as average size of
grains and their elongation ratio after cooking; maximum limits of moisture, amylose content, uric acid,
defective/damaged grains and incidental presence of other non-basmati rice etc.
• The standards are aimed at establishing fair practices in the trade of Basmati rice and protect consumer
interest, both domestically and globally.
• These standards will be enforced w.e.f 1st August, 2023.

Basmati Rice Basmati rice is a premium variety of rice cultivated in

• Agro-climatic conditions of the specific the Himalayan foothills of the Indian sub-continent and
geographical areas where Basmati rice is grown; is universally known for its long grain size, fluffy texture
as well as the method of harvesting, processing and unique inherent aroma and flavour.
and ageing of the rice contributes to the
uniqueness of Basmati rice.
• Due to its unique quality attributes, Basmati is a widely consumed variety of rice both domestically and
globally and India accounts for two thirds of its global supply.
• Being a premium quality rice and fetching a price higher than the non-basmati varieties, Basmati rice is
prone to various types of adulteration for economic gains which may include, among others, undeclared
blending of other non-basmati varieties of rice.

Sethusamudram project

In News
The Sethusamudram project is a shipping canal that would create a continuously navigable channel around the
Indian peninsula by connecting the Gulf of Mannar with the Palk Strait.

About the project

The project would bypass the traditional shipping route through the Palk Strait, which is considered a navigational
hazard.

Concerns
• The construction of the canal would cause significant damage to the marine ecosystem of the Palk Bay and
the Gulf of Mannar.
• They claim that the dredging and blasting required for the construction of the canal would harm the coral
reefs and other marine life in the area.
• The economic viability of the project, arguing
that the cost of construction would be high It aims to construct a shipping canal through the shallow
and the benefits would be limited. waters of the Palk Bay and the Gulf of Mannar,
• They say that the canal would not be able to whichwould reduce the distance and time required for
accommodate large ships and would not ships to travel between the east and west coasts of India.
offer a significant reduction in the distance travelled by ships, compared to the existing route through the
Palk Strait.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 13
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The project would increase the security risk for India, as it would provide an opening for foreign ships to
enter into the Bay of Bengal, making it easier for hostile forces to attack India’s eastern coast.

WEF's Center for Fourth Industrial Revolution to be set up in Hyderabad

In News
• The World Economic Forum Center for Fourth Industrial Revolution, “the first thematic centre in India to
focus on life sciences and healthcare,” will be set up in Hyderabad.
• The Centre - C4IR Telangana - will be an autonomous, non-profit organization, leading on policy and
governance for healthcare and life sciences.

About C4IR
• With the establishment of this center, Telangana will become an important node in the global network of 4IR
centers, and will also help Telangana consolidate its leadership position globally.
• Telangana is recognised as one of Asia's top life sciences hubs.
• Telangana accounts for 1/3 of global vaccine output and is regarded as the vaccine capital of the world.
• Also, the state contributes to about 35% of India’s
pharmaceutical production. The Fourth Industrial Revolution (4IR) Network,
which covers four continents, now includes C4IR
Other Industrial Revolutions Telangana as its 18th centre.
• First Industrial Revolution (1800s): It used water and steam power to mechanise production. Example:
Steam engine.
• Second Industrial Revolution (early 1900s): It used electric power to create mass production. Example:
Electricity.
• Third Industrial Revolution (late 1900s): It used electronics and information technology to automate
production. Example: Computer and Internet.

States’ gross fiscal deficit set to fall in 2022-23: RBI

In News
The Gross fiscal deficit (GFD) of states is budgeted to narrow to 3.4 per cent of gross domestic product (GDP) in
2022-23 from 4.1 per cent in 2020-21, as per RBI report released recently.

Major Findings
• While states’ debt is budgeted to The report titled "State Finances: A Study of Budgets of 2022-23" is
ease to 29.5 per cent of GDP in 2022- a comprehensive analysis of the financial position of the Indian
23 as against 31.1 per cent in 2020- states, including the trends and challenges in their revenue and
21, it is still higher than the 20 per expenditure.
cent recommended by the FRBM
Review Committee, 2018.
• The report said that states have budgeted for higher revenue receipts in 2022-23, driven primarily by state
goods and services tax (SGST), excise duties, and sales tax collections.
• States’ capital outlay-GDP ratio is likely to improve from 2.3 per cent in 2021-22 (provisional account) to 2.9
per cent in 2022-23 (budget estimate).
• In the current fiscal, states have budgeted higher capital outlay than in 2019-20, 2020-21 and 2021-22.

Suggestions
• To crowd in private investment, state governments may continue to focus on creating a congenial
ecosystem for the private sector to thrive.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 14
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• This can be achieved by implementing policies and regulations that make it easy for private companies to do
business, as well as providing incentives and support for private investment.
• The states also need to encourage and facilitate higher inter-state trade and businesses to realise the full
benefit of spillover effects of state capex across the country.
• The report is proposing that it would be beneficial to establish a fund that would be used to buffer capital
expenditure during periods of strong revenue growth.

Narayani River

In News
Under Namami Gange Program, the development of river front on Narayani River in the district of Gopalganj, Bihar
has been undertaken and two Ghats have been constructed at a total cost of Rs. 6.62 crore.

Namami Gange program

• It is dynamic and evolving in nature to address the emerging needs and priorities for the rejuvenation of
river Ganga & its tributaries.
• The main pillars of the Namami Gange It is an Integrated Conservation Mission, approved as a
Programme are- ‘Flagship Programme’ by the Union Government in
• Sewerage Treatment Infrastructure June 2014 with a budget outlay of Rs.20,000 Crore to
• River-Front Development accomplish the twin objectives of effective abatement
• River-Surface Cleaning of pollution, conservation, and rejuvenation of the
• Biodiversity National River Ganga.
• Afforestation
• Public Awareness
• Industrial Effluent Monitoring
• Ganga Gram

Narayani River
• The Narayani River, also known as Gandaki River, is one of the major rivers in Nepal.
• It is a left bank tributary of the Ganges in India.
• The river’s total catchment area amounts to 46,300 km2 (17,900 sq mi), most of it in Nepal.
• In the Nepal Himalayas, it is notable for its deep canyon.
• The basin also contains three mountains over 8,000 m (26,000 ft), namely Dhaulagiri, Manaslu, and
Annapurna I.
• Dhaulagiri is the highest point of the Gandaki basin.

National Waterway-37
• The Gandak River, also known as the Narayani and the Gandak, was declared as National Waterway-37
from Bhaisalotan Barrage to Gandak and Ganga river confluence at Hajipur along with 111 NWs in the
country vide National Waterways Act, 2016.
• Based on the findings of the study reports of Gandak River, the waterways was found feasible for
development of shipping and navigation

Mission Antyodaya Survey (MAS) 2022-23

In News
The Union Minister for Rural Development and Panchayati Raj Shri Giriraj Singh inaugurated the Mission Antyodaya
Survey (MAS) 2022-23 including launching of its portal and mobile application at a function in New Delhi.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 15
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

About MAS The survey aims to lend support to the process of

• Annual survey in Gram Panchayats across the participatory planning for Gram Panchayat Development
country is an important aspect of Mission Plan(GPDP) which will improve service delivery, enhance
Antyodaya framework. citizenship, create pace for an alliance of people’s
• The survey is being conducted to collect institutions, and groups and improve governance at the
village level data on 183 indicators under 216 local level.
data points of 21 sectors.
• The survey questions have been categorized into five stratums:
• (i) Panchayat Infrastructure; (ii) Panchayat Services; (iii) Village Infrastructure; (iv) Village Services; and (v)
Village Practices.

Shivamogga airport

In News
The Prime Minister Shri Narendra Modi inaugurated the newly constructed Shivamogga Airport in Shivamogga,
Karnatak.

About Airport
• The new airport is developed at a cost of around Rs 450 crore.
• The Passenger Terminal Building of the airport is spread over 4340 sq. meters and can handle 300
Passengers per hour.
• The Shivamogga Airport is designed like a lotus flower. It is suitable for A-320-type aircraft.
• This airport is spread across 758 acres of land.
• The night landing facility is also available at this airport which will start after some time.

UDAN Scheme
• There were 74 operational airports in 2014 and because of the UDAN scheme, this number has increased to
141 now. The UDAN scheme was initiated on 21st
• 68 underserved/unserved destinations which include 58 October 2016 to fulfill the aspirations of the
Airports, 8 Heliports & 2 Water Aerodromes have been common citizen by following the vision of
connected under the scheme. ‘Ude Desh ka Aam Nagrik’, with enhanced
• With 425 new routes initiated under the scheme, it has aviation infrastructure and air connectivity in
provided air connectivity to more than 29 States/ UTs tier II and tier III cities.
across the length and breadth of the country.
• More than one crore passengers have availed the benefits of this scheme as on 4th August 2022.

Central Government launches High Price Day Ahead Market and Surplus Power Portal
(PUShP)

In News
The Central Government has launched a High Price Day Ahead Market and Surplus Power Portal (PUShP) – an
initiative to ensure greater availability of power during the peak demand season.

About PUSHP Portal

• The surplus power portal is a one-of-its-kind initiative, reflecting the ingenuity of the Ministry of Power and
the Regulator.
• Distribution Companies have tied up long term PPAs for power supply.
• They have to pay fixed charges even when they do not schedule the power.
• Now the DISCOMs will be able to indicate their surplus power in block times / days / months on portal.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 16
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• Those DISCOMs who need power will be able to requisition the surplus power.
• The new buyer will pay both variable charge (VC) and fixed cost (FC) as determined by Regulators.
• Once power is reassigned, the original beneficiary shall have no right to recall as entire FC liability is also
shifted to the new beneficiary.
• Financial liability of new buyer shall be limited to quantum of temporary allocated / transferred power.

India ranks 42nd out of 55 nations in global IP index

In News
India has been ranked 42nd out of 55 countries in the US Chamber of Commerce’s latest International IP Index
report.

About IP Index
• The report covers everything from patent and The annual International IP Index evaluates the
copyright laws to the ability to monetise IP protection of IP rights in 55 of the world’s leading
assets and the ratification of international economies, together representing around 90% of global
agreements. GDP.
• The report shows a torrent of proposals —
both domestic and international — are threatening to erode intellectual property (IP) rights.
• By analysing the IP landscape in global markets, the index aims to help nations navigate toward a brighter
economic future marked by greater innovation, creativity, and competitiveness.
• It is an annual report compiled by the US Chambers of Commerce.
• It evaluates the protection of IP rights in the world’s 55 major economies, which represent approximately
90% of global GDP.
• The report covers topics ranging from patent and copyright laws to the potential for monetizing IP assets and
the ratification of international agreement.

Intellectual Rights
• Intellectual Property (IP) refers to creations of the mind, such as inventions, literary and artistic works,
symbols, names, and images used in commerce.
• It is a form of legal protection in the form of Intellectual Property Rights (IPR) given to individuals or
companies for their creative and innovative works.
• These rights are outlined in Article 27 of the Universal Declaration of Human Rights.
• These legal protections allow the creators to control use of their work and prevent others from using or
reproducing them without permission.

India approves $3.9 bn hydropower project near China border in northeast

In News
India approved its largest ever hydropower project in the mountainous northeastern region bordering China as the
country seeks to build renewable generation to meet rising power demand.

Dibang Multipurpose project

• The government approved the estimated investment of 319 billion rupees ($3.9 billion) for the 2,880-
megawatt Dibang project in Arunachal Pradesh, state-run
This project will be developed by
hydropower producer NHPC Ltd.
National Hydroelectric Power
• It is expected to take 9 years to be completed. It involves the
Corporation (NHPC) Limited.
construction of a 278-meter-high Concrete Gravity Dam and
various horseshoe-shaped head race tunnels, horseshoe-shaped tailrace tunnels and an underground
Powerhouse.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 17
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The main purpose of the project is flood control and also water storage.
• The Government of Arunachal Pradesh will receive 1346.76 MU of water after completion.

Dibang River
• The river originates on the Indo-China border, that is, near Keya pass.
• It flows through the Mishmi hills. It joins River Lohit near Dibru-Saikhowa Sanctuary.
• The tributaries of Dibang are Emra, Ithun, Dri, Rangon, Mathun, and Sisar.

Why this project?

• Dihang, Dibang, and Lohit are the major tributaries of Brahmaputra.
• Together the rivers flood the northeast region during Since its foundation in 1994, FSC has grown to
rainy seasons. become the world’s most respected and
• The Brahmaputra is called the Sorrow of Assam for its widespread forest certification system.
floods and changing direction of flow.
• Controlling the water flow in Dibang is controlling the water flow in Brahmaputra.

Myanmar Teak Wood

In News
Since the 2021 military coup in Myanmar prompted Western sanctions on timber trade from that country, India has
emerged as a favourite pit-stop for Myanmar’s teak.

Myanmar Teak Wood Conflict

• Since the February 2021 coup in Myanmar, the military junta has also taken control of Myanmar Timber
Enterprises (MTE). The term "blood teak" is used to draw
• MTE the state-owned company has exclusive rights over the parallels to "blood diamonds," which are
country’s precious timber and teak trade. diamonds mined in war zones and sold to
• The MTE has held an estimated dozen timber auctions since finance armed conflict.
the coup. The revenue generated after the sales are a key revenue stream for the military regime.
• Hence, pro-democracy supporters have termed the imported teak from Myanmar as “Conflict Wood.”
Sometimes, it is also called known as "blood teak."
• The term used to describe teak timber that has been illegally harvested in conflict zones or other areas of
instability, such as Myanmar's ethnic conflict zones.

Teak Wood
• Teak from Myanmar’s deciduous and evergreen forests is considered the most tensile and durable
hardwood, resistant to water and termites.
• This prized wood is in demand for high-end furniture, veneer and ship-decking – much sought-after by the
luxury yacht industry.
• Adding to its value, ironically, is Myanmar’s shrinking forest cover and depleting teak reserves.
• Global Forest Watch says the country, over the last two decades, has lost forest cover roughly the size of
Switzerland.

Role of the Forestry Stewardship Council (FSC)

• FSC is an international, non-governmental organisation dedicated to promoting responsible management of
the world’s forests.
• The FSC has made significant efforts to prevent the trade of the illegally harvested teak from Myanmar, but
the trade continues to persist.
• One of the challenges faced by FSC is the limited resources and capacity to monitor and enforce its
certification standards across the entire supply chain.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 18
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• FSC relies on third-party certification bodies to verify compliance with its standards, and there have been
cases where these bodies have failed to identify or address violations of FSC's standards.

Women, Business and the Law report

In News
According to the World Bank’s (WB) Women, Business and the Law report 2023 - an index on the life cycle of a
working woman, India's score dropped to 74.4 out of 100.

Major Findings
• For India, the Index used data on the laws and regulations applicable in Mumbai, viewed as the country’s
main business city.
• The laws affecting the Indian working woman’s pay, pension, work after having children, starting and
running a business, property and inheritance, do not provide for equality with Indian men, dragging India’s
score down to 74.4.
• India gets a perfect score, when it comes to constraints on freedom of movement, laws affecting women’s
decisions to work, and constraints related to marriage.
• It has eight indicators- Mobility, Workplace, Pay, Marriage, Parenthood, Entrepreneurship, Assets, and
Pension.
• For India, the Index used data on the laws and India scored higher than the 63.7 average for
regulations applicable in Mumbai, viewed as the the South Asian region, though lower than
country’s main business city. Nepal which had the region’s highest score of
• The laws affecting the Indian working woman’s pay, 80.6.
pension, work after having children, starting, and
running a business, property and inheritance, do not provide for equality with Indian men, dragging India’s
score down to 74.4.

Global Scenario
• Only 14 scored a perfect 100: Belgium, Canada, Denmark, France, Germany, Greece, Iceland, Ireland, Latvia,
Luxemburg, The Netherlands, Portugal, Spain and Sweden.
• In 2022, the global average score is 76.5 out of 100.
• Nearly 2.4 billion women of working age around the world live in economies that do not grant them the
same rights as men.

RBI initiates 75 digital villages programme

In News
The Reserve Bank of India (RBI) has launched a programme to adopt 75 villages and convert them into digital
payment enabled villages.

About 75 Villages Digital Programme

• Launching the Har Payment Digital initiative to encourage digital payments adoption among people.
• Payment system operators (PSOs) will “adopt 75 villages in the country and convert them into digital
payment-enabled villages,” under the 75 Digital Villages programme and in observance of 75 years of
independence.
• They (PSOs) will conduct two camps in each of these villages to enhance awareness and onboard merchants
in the village for digital payments.

About PSOs
• PSOs are entities authorised by RBI to set up and operate a payment system.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 19
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• As of February 20, 2023, according to the data on the RBI’s website, there are 67 PSOs including NPCI,
Mastercard, Visa, SBI, Punjab National Bank, Amazon Pay (India), PhonePe, Muthoot Finserv USA, Ola
Financial Services, PayU Payments, and more under various categories such as retail payments organisations,
card payment networks, ATM networks, prepaid payment instruments, etc.

UPI Transactions
• The peer-to-merchant (P2M) UPI transactions grew 119 per cent in February 2023 to 415.32 crore from
189.58 crores in February 2022.
• The value of transactions had also increased by 71.1 per cent from Rs 1.63 lakh crore in February 2022 to Rs
2.79 lakh crore in February 2023.
• P2M transactions had a 55.12 per cent share in total UPI volume of 753.4 crore transactions in February
compared to 338.1 crore peer-to-peer (P2P) transactions with a 44.8 per cent share.

Centre planning hallmarking of gold bullion mandatory

In News
Bureau of India Standards (BIS) has prohibited the sale of hallmarked gold jewelry or gold artefacts without 6 digit
alphanumeric Hallmark Unique Identification Number (HUID) after 31st March 2023.

About Hallmarking
• Hallmarking is the accurate determination and official recording of the proportionate content of precious
metal in precious metal articles.
• However, mandatory hallmarking was implemented in 288
Hallmarking was started by the BIS in
districts of the country with effect from June 23, 2021, through
the year 2000.
the Hallmarking of Gold Jewellery and Gold Artefacts Order,
2022.
• With the introduction of the HUID, the hallmark has three identifiers: the BIS logo, the purity of the article,
and the six-digit alphanumeric HUID.
• A consumer can check and authenticate hallmarked gold jewellery items with HUID number using ‘verify
HUID’ in BIS CARE app which is available in both android as well as iOS.
• It provides information of the jeweller who got the article hallmarked, their registration number, purity of
the article, type of article as well as details of hallmarking centre which test and hallmarked the article.

Significance
• As per BIS Rules, 2018, in case Hallmarked jewelry bought by the consumer is found to be of lesser purity
than that marked on jewelry, then the buyer/customer shall be entitled for compensation which shall be two
times the amount of difference calculated based on shortage of purity for the weight of such article sold and
the testing charges.
• It is a tool to safeguard and protect the consumers and enhance their confidence in purchase of hallmarked
gold jewelry with traceability and assurance of quality.

Ministry brings crypto assets under Prevention of Money Laundering Act

In News
The Union Finance Ministry’s move to bring in virtual digital assets under the money laundering law is aimed at
widening the taxation and regulatory net and giving teeth to agencies.

Significance
• The measure is expected to aid investigative agencies in carrying out action against crypto firms.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 20
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• These include an exchange between virtual digital assets and fiat currencies, between one or more forms of
virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or
instruments enabling control over such assets, and participation in and provision of financial services related
to an issuer’s offer and sale of a virtual digital asset.
• From April 2022, India introduced a 30 per cent income According to the Finance Act, a virtual digital
tax on gains made from cryptocurrencies. asset means any information or code or
• In July 2022, rules regarding 1 per cent tax deducted at number or token (not being Indian currency
source on cryptocurrency came into effect or any foreign currency), generated through
cryptographic means or otherwise.
About VDA
• The definition includes non-fungible tokens (unique and can't be replaced with something else) as well as
other tokens of a similar nature.
• It provides a digital value that is exchanged for, with the promise of having inherent value or functions as
a store of value or a unit of account and includes its use in any financial transaction or investment.
• This means, it is not limited to investment schemes and can be transferred, stored or traded electronically.

IREDA gets ‘Infrastructure Finance Company’ status from RBI

In News
• The Reserve Bank of India (RBI) has granted an ‘Infrastructure Finance Company (IFC)’ status to Indian
Renewable Energy Development Agency (IREDA) recently.
• It was earlier classified as ‘Investment and Credit Company (ICC)’.

Significance
• The recognition of IREDA as an IFC will increase the investors’ confidence, enhance the brand value, and
generate positive outlook in the market.
• The grant of IFC status is a recognition of IREDA’s 36 With the IFC status, IREDA will be able to take
years of infrastructure financing and development higher exposure in RE financing. The IFC status will
with focused development of Renewable Energy. also help the company to access wider investor
• With IFC status, IREDA will keep contributing towards base for fund mobilisation, resulting in competitive
Govt. of India’s target of 500 GW installed capacity of rates for fund raising.
non-fossil fuels by 2030.
• The IFC status is a significant milestone for IREDA and will enable us to maintain our leading position as a
financier of RE space.
• IREDA will continue to play a motherly role for development of RE sector.

About IREDA
• IREDA has been promoting, developing and financing new and renewable sources of energy with the
motto: “Energy for Ever” since 1987.
• It finances all RE technologies and value chain such as solar, wind, hydro, bio-energy, waste to energy,
energy efficiency, e-mobility, battery storage, biofuel and new and emerging technologies.

Trade Infrastructure for Export Scheme (TIES)

In News
The Department of Commerce, Government of India, is implementing the Trade Infrastructure for Export Scheme
(TIES) w.e.f. FY 2017-18 to assist Central and State Government agencies in creating appropriate infrastructure for
the growth of exports.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 21
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

About the Scheme

• The scheme replaces a centrally sponsored scheme —
Assistance to States for creating Infrastructure for the The objective of the TIES is to enhance
Development and growth of Exports (ASIDE). export competitiveness by bridging gaps in
• The Central and State Agencies, including Export Promotion export infrastructure, creatingfocused
Councils, Commodities Boards, SEZ Authorities and Apex export infrastructure and first-mile and
Trade Bodies recognised under the EXIM policy of last-mile connectivity.
Government of India; are eligible for financial support under this scheme.
• The scheme would provide assistance for setting up and up-gradation of infrastructure projects with
overwhelming export linkages like the Border Haats, Land customs stations, quality testing and
certification labs, cold chains, trade promotion centres, dry ports, export warehousing and packaging, SEZs
and ports/airports cargo terminuses.

Basic Animal Husbandry Statistics 2022

In News
Union Minister (FAHD) Shri Parshottam Rupala unveiled the department’s annual publication, the ‘Basic Animal
Husbandry Statistics 2022’ recently.

Major Highlight
• Total milk production in the country during 2021-22 is 221.06 million tonnes.
• In the current year 2021-22, the milk production has registered an annual growth rate of 5.29%.
• In 2021-22, the total egg production in the country is 129.60 billion nos which has increased by 6.19% as
compared to previous year.
Top five major milk producing States are
• Total five major egg producing States are Andhra Pradesh
Rajasthan (15.05%), Uttar Pradesh (14.93%),
(20.41%), Tamil Nadu (16.08%), Telangana (12.86%), West
Madhya Pradesh (8.06%), Gujarat (7.56%)
Bengal (8.84%) and Karnataka (6.38%).
and Andhra Pradesh (6.97%).
• The total meat production in the country is 9.29 million
tonnes for the year 2021-22 with an annual growth rate of 5.62%.
• The total five major meat producing States are Maharashtra (12.25%), Uttar Pradesh (12.14%), West Bengal
(11.63%), Andhra Pradesh (11.04%), and Telangana (10.82%).
• The total wool production in the country during 2021-22 is 33.13 thousand tonnes which has decline by
10.30% as compared to previous year.
• The top five major wool producing States are Rajasthan (45.91%), Jammu and Kashmir (23.19%), Gujarat
(6.12%), Maharashtra (4.78%) and Himachal Pradesh (4.33%).
• The per-capita availability of milk is 444 gram/day during 2021-22 increased by 17 gram/day over previous
year.

Animal Husbandry
• Animal husbandry refers to livestock raising and selective breeding. It is the management and care of
animals in which the genetic qualities and behavior of animals are further developed for profit.
• India is the highest livestock owner of the world.
• As per the 20th Livestock Census, the total Livestock population is 535.78 million in the country showing an
increase of 4.6% over Livestock Census-2012.

Invest India

In News
In the 32nd Board Meeting of Invest India, the Board appointed Ms. Manmeet K Nanda, IAS, West Bengal Cadre
(2000 Batch) as the Managing Director & CEO (Addl charge) of Invest India until a full time regular appointment.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 22
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Invest India
• Invest India's work spans the entire spectrum of India's transformational business sector, from supporting
India's rapidly expanding start-up ecosystem to harnessing the power of innovation from India's laboratories
and bringing it to market, or identifying, developing, and deploying technologies on the ground.
• Invest India was awarded the Investment Promotion Award, 2020 by the United Nations Conference on
Trade and Development for our good practices during the pandemic.

Income Tax department launches AIS app for taxpayers

In News
The Income Tax Department of India has launched a new mobile app called ' AIS for Taxpayers' to facilitate taxpayers
to view their information as available in the Annual Information Statement (AIS) .

About the App

• The app offers taxpayers an easy way to access all information related to their AIS on their smartphones.
• It is aimed at providing a comprehensive Created under the Hon’ble Prime Minister’s vision of a New
view of the AIS/TIS to the taxpayer, India, Invest India today is well acknowledged by
displaying information collected from stakeholders for its tangible contributions and instrumental
various sources pertaining to the taxpayer. role in executing the Government’s flagship initiatives
• The app is currently available for Android including Make in India, Startup India, National Single
users only. Window System, Project Monitoring Group.
• To access this mobile app, taxpayers need
to register on the app by providing their PAN number, authenticate with the OTP sent to their mobile
number and email registered on the e-filing portal.

Benefits
• The app is expected to simplify the process of accessing taxpayer information by providing all available data
related to the tax deducted or collected at source, interest, dividends, and share transactions on a single
platform.
• The app also offers taxpayers the option to provide feedback in case of discrepancies in the data that the tax
authorities receive from banks or registration offices.

DigiClaim

In News
Union Minister of Agriculture & Farmers Welfare, Shri Narendra Singh Tomar launched National Crop Insurance
Portal’s digitized claim settlement module namely DigiClaim under the ambit of Pradhan Mantri Fasal Bima Yojana
(PMFBY) at Krishi Bhawan, New Delhi.

About DigiClaim
• With the launch of the module, claims will be disbursed electronically, which will benefit the respective
farmers of six states.
• Now, the automated claim settlement process will be an ongoing activity to ease all insured farmers' lives
and provide them with a sustainable financial flow and support.
• DigiClaim is yet another feather in PMFBY's cap in its ongoing effort to usher in advanced technological
solutions such as automated calculation and disbursement of crop insurance claims.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 23
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Significance
• With the launch of a DigiClaim Module, insurance claims totaling Rs 1260.35 crore have been disbursed on
March 23, 2023 to insured farmers in the states of Rajasthan, Uttar Pradesh, Himachal Pradesh,
Chhattisgarh, Uttarakhand and Haryana.
• Till date Rs 1.32 lakh crore claim amount has been disbursed to the insured farmers under PMFBY.
• This would directly impact the claim reversal ratio, which is expected to go down with DigiClaim.
• Another noteworthy feature of this digital advancement is that farmers would be able to track the claim
settlement process on their mobile phones in real-time and avail the scheme’s benefits.

About PMFBY
• Launched in 2016 and is being administered by the Ministry of Agriculture and Farmers Welfare.
• It replaced the National Agricultural Insurance Scheme (NAIS) There will be a uniform premium of
and Modified National Agricultural Insurance Scheme (MNAIS). only 2% to be paid by farmers for all
Kharif crops and 1.5% for all Rabi
Objectives crops. In the case of annual
• To provide insurance coverage and financial support to the commercial and horticultural crops,
farmers in the event of failure of any of the notified crops as a the premium to be paid by farmers
result of natural calamities, pests & diseases. will be only 5%.
• To stabilize the income of farmers to ensure their continuance in
farming.
• To encourage farmers to adopt innovative and modern agricultural practices.
• To ensure the flow of credit to the agriculture sector.
• Premium over and above these limits is shared by the Central and State Governments on 50:50 basis except
in North Eastern Region where it is 90: 10.
• There is no upper limit on Government subsidies. Even if the balance premium is 90%, it will be borne by the
Government.

Chenab bridge

In News
The world’s highest railway bridge being built by Indian Railways is expected to be ready in the coming months.

Chenab Bridge
• The Chenab Bridge is 35 meters taller than the Eiffel Tower in Paris, making it the world’s highest rail
bridge.
• The 1.3 km long bridge has a design speed of 100 kmph for trains and a lifespan of 120 years.
• The 111 km stretch from Katra to Banihal is essential, and the 1.3 km long Chenab Bridge is a crucial part of
this stretch.
• Once completed, the entire USBRL Railway project will provide all-weather connectivity and join Jammu and
Kashmir to the rest of India.

Design
• The Chenab Bridge would be designed as a large span single steel arch brdh with approach viaducts on
arthur sde.
• The chords of the trusses are sealed steel boxes, internally stiffened and filled with concrete to assist in
controlling wind-induced forces on the bridge.
• Another advantage of concrete filling is that internal painting will not be required.
• The number of bearings has been minimized, particularly on the approach viaduct, through the use of
continuous construction.
• This is advantageous, as it reduces the maintenance and inspection efforts, and improves the riding quality.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 24
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The viaduct piers are of concrete, while the piers near the arch are steel.

Unique Features
• Bridge designed for blast load in consultation with DRDO for Bridge designed to withstand high wind
the first time in India. speed up to 266 Km/Hour.
• Bridge designed to bear earthquake forces of highest intensity zone-V in India.
• First time on Indian Railways, Phased Array Ultrasonic Testing machine used for testing of welds.
• First time on Indian Railways, National Accreditation Board for Testing and Calibration Laboratories (NABL)
accredited lab established at site for weld testing.

Daylight Saving Time

In News
Lebanon was thrown into mass confusion after its government at the last minute delayed the start of daylight saving
time by a month.

About DST
• According to Norway-based Time and Date, DST is the practice of setting the clocks forward one hour from
the standard time during the summer and back again in the autumn.
• This is done to make better use of natural daylight as it extends daylight into the evening.
• India does not follow daylight saving time as countries near the Equator do not experience high variations in
daytime hours between seasons.
• The practice of DST began in Canada in 1908 when the residents of Port Arthur, Ontario—today’s Thunder
Bay—turned their clocks forward by one hour to start the world’s first DST period.
• Other locations in Canada soon followed suit. DST caught on globally after Germany and Austria introduced it
on April 30, 1916, to minimize the use of artificial lighting and save fuel during World War I.

Benefits
• One of the primary benefits of DST is that it maximizes the amount of natural light available during the
longer days of summer.
• This practice can reduce energy consumption and greenhouse gas emissions, as people rely less on artificial
light and air conditioning.
• Furthermore, DST can reduce traffic accidents and fatalities, as there is more daylight during peak driving
hours.

Issues
• Despite the benefits of DST, it is not without its drawbacks. Many people argue that the disruption of the
body clock due to the time change has adverse health effects.
• A study conducted by the American Academy of Sleep Medicine showed that the incidence of heart
attacks increased by 24% on the Monday following the spring DST transition.
• Another study found that DST could cause a higher rate of workplace injuries, due to decreased alertness
and concentration.

Recent Issue
• Lebanon usually sets its clocks forward an hour on the last Sunday in March.
• However, this year, its caretaker Prime Minister Najib Mikati said that the clocks would be reset on April 21.
• The confusion was created as some institutions, including Christian churches, reset their clocks despite
Mikati’s decision.
• Thus, airlines, cell phone operators, schools, workplaces, etc., are no longer following the same time.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 25
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Deep Ocean Mission

In News
Union Minister Dr Jitendra Singh chairs the first Steering Committee Meeting of Deep Ocean Mission.

Deep Ocean Mission

• The Deep Ocean Mission was sanctioned in September 2021.
• The estimated cost of the Mission is Rs. 4047 Cr for 5 years with two phases: Phase I – Rs. 2823.40 Cr. – three
years, Phase-II – Rs. 1223.60 Cr. – after successful review of Phase -I.
• The Deep Ocean Mission consists of 6 themes:
1. Development of Technology for deep sea mining, manned submersible and underwater robotics,
2. Development of Ocean and climate change Advisory services,
3. Technology innovations for exploration and conservation of deep sea biodiversity,
4. Deep Ocean survey and exploration,
5. Energy and Freshwater from the Ocean,
6. Advanced marine station for Ocean Biology.

Significance
• Oceans, which cover 70% of the globe, remain a key part of our life. About 95% of the Deep Ocean remains
unexplored.
• Three sides of India are surrounded by the oceans and around 30% of the country's population living in
coastal areas, the ocean is a major economic factor supporting fisheries and aquaculture, tourism,
livelihoods and blue trade.
• India has a unique maritime position. Its 7517 km long coastline is home to nine coastal states and 1382
islands.
• The Government of India's Vision of New India by 2030 announced in February 2019 highlighted the Blue
Economy as one of the ten core dimensions of growth.
• Oceans are also a storehouse of food, energy, minerals, medicines, modulator of weather and climate and
underpin life on Earth.

European Commission grants GI tag for Himachal’s Kangra tea

In News
The European Commission (EC) has granted protected geographical indication (PGI) for India’s unique Kangra tea,
which is grown in Himachal Pradesh’s Kangra district.

Kangra Tea
• Kangra tea has a rich history that dates back to the mid-19th century, when it was first introduced in the
Kangra district of Himachal Pradesh.
• The British colonial authorities were
interested in developing tea plantations in The Kangra tea industry flourished in the late 19th century,
India, and in 1852, Dr. Jameson, a British civil and Kangra tea became famous for its unique flavor and
surgeon, planted tea seeds in the Kangra aroma. In 1882, the Kangra tea estate won a gold medal at
valley. the Calcutta Exhibition, which further boosted its
• However, the industry suffered a setback in reputation.
the early 20th century, when a blight known as “orange rust” destroyed many of the tea plantations.
• According to the Tea Board, Kangra tea is a little milder than Darjeeling tea in terms of flavour and has
more body and liquor.
• The climate, the characteristic terrain and soil conditions, and the coolness of the snow-clad mountains in
the Kangra region all play a role in crafting a delightfully distinct cup of quality tea.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 26
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

European Commission
• The European Commission (EC) is the executive branch of the European Union (EU).
• It is responsible for proposing legislation, implementing decisions, upholding the EU treaties, and
managing the day-to-day business of the EU.
• The Commission is composed of one representative from each of the 27 member states of the EU, who are
appointed by their respective governments.
• The Commission President is elected by the European Parliament and appointed by the European Council.
• The Commission is headquartered in Brussels, Belgium, and has a staff of around 32,000 people.
• Its work is organized into departments, known as Directorates-General (DGs), which are responsible for
specific policy areas such as agriculture, competition, environment, and trade.

Tamil Nadu’s Cumbum grapes get Geographical Indication tag

In News
• Tamil Nadu’s famous Cumbum Panneer Thratchai, also known as Cumbum grapes.
• The Cumbum grapes recently earned the Geographical Indication tag or GI tag.

About Cumbum grapes

• This variety, also known as Muscat Hamburg, is
The Cumbum Valley located at the Western Ghats in
popular for its quick growth and early maturity,
Tamil Nadu is known as the ‘Grapes City of South India’
ensuring that the crop is available in the market
and cultivates the Panneer Thratchai.
almost throughout the year.
• The Panneer grapes were first introduced in Tamil Nadu by a French priest in 1832 and are rich in vitamins,
tartaric acid and antioxidants and reduce the risk of some chronic diseases.
• They are also known for a superior taste apart from the purplish brown-colour.

GI Tag
• A geographical indication (GI) is a sign used on products that have a specific geographical origin and
possess qualities or a reputation that are due to that origin.
• In order to function as a GI, a sign must identify a product as originating in a given place.
• In addition, the qualities, characteristics or reputation of the product should be essentially due to the place
of origin.
• The Geographical Indications of Goods (Registration and Protection) Act, 1999 seeks to provide for the
registration and better protection of geographical indications relating to goods in India.
• It is governed and directed by the WTO Agreement on TRIPS.

Sagarmala Innovation and Start-up Policy

In News
The Ministry of Ports, Shipping and Waterways (MoPSW) recently released the draft Sagarmala Innovation and
Startup Policy for feedback from stakeholders concerned.

Features of the policy

• The draft startup policy envisages the creation of a conducive environment for the facilitation of innovation
and startups in the maritime sector
• The new framework is aimed at scaling efficiency in areas such as operation, maintenance, and
infrastructure development in the maritime startup ecosystem

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 27
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The new framework envisages the convergence of different schemes and programmes to ‘groom fresh ideas
and approaches’ to address ecosystem bottlenecks and scale efficiency in areas such as operation,
maintenance, and infrastructure development.
• The draft identifies several key areas for startup participation-
• Decarbonisation
• Optimisation of processes through data
• Maritime education
• Multi-modal transportation
• Manufacturing
• Maritime cybersecurity
• Smart communication
• Marine electronics
• The policy also envisages the setting up of working spaces and the adoption of these startup-made products
and solutions at the ports.
• The regulatory support under the policy will also cover aspects such as tendering and subcontracting for
startups, although it wasn’t clear whether this included government contracts as well
• Maritime Innovation Hubs (MIHs) will also be set up under the policy to promote maritime startups.
• Under these MIHs, maritime-specific incubators and accelerators will be established with state-of-the-art
facilities, enabling these startups to move from the ideation phase to full-scale deployment.

Sagarmala Program
• It is a port-led development initiative that The Sagarmala Programme is an initiative by the
aims to enhance infrastructural growth, Shipping Ministry to utilise India’s 7,500 km of
which will improve logistical competitiveness, coastline and advantageous location in the Indian
increase industrialisation and job creation, Ocean Region.
and ultimately support the growth of the
coastal economy as a whole.
• It strives to improve connection with major economic centres and beyond by expanding rail, inland water, co
astal, and road services.
• It also promotes the optimal modal split and develops access to new growth zones.

New foreign trade policy

In News
India recently launched a “dynamic and responsive” Foreign Trade Policy (FTP) without any sunset clause that will
be effective from April 1 with an aim to achieve $2 trillion goods and services exports by 2030.

Major Provisions
• The policy included a new one-time amnesty scheme for defaulters in export obligations, and measures to
facilitate international trade settlement in rupee even with countries facing currency crisis.
• The new FTP is based on four pillars The new Foreign Trade Policy is designed to facilitate greater
including moving from incentives to trade, boost manufacturing, promote exports, further
remission, export promotion through enable ease of doing business and also work towards making
collaboration with exporters. Indian rupee a global currency, adding further impetus to
• States, districts and Indian missions, ease India’s emergence as the global trading hub.
of doing business, reduction in transaction
cost and e-initiatives as well as encouraging emerging areas such as e-commerce, developing districts as
export hubs and streamlining the SCOMET policy.
• The FTP has also outlined a roadmap for establishing e-commerce hubs and related elements such as
payment reconciliation, book-keeping, returns policy, and export entitlements.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 28
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The consignment wise cap on e-commerce exports through courier has been raised from Rs 5 lakh to Rs 10
lakh and depending on the feedback of exporters, it would be further revised or eventually removed.
• The FTP has also envisaged automatic approval of various permissions based on process simplification and
technology implementation, which would now be done within one day for issuances of EPCG and Advance
Authorisation, revalidation of authorisations and extension of export obligations.
• There will also be a reduction in user charges for MSMEs under AA and EPCG.
• Four new towns, Faridabad, Mirzapur, Moradabad and Varanasi, have been designated as Towns of Export
Excellence (TEE) in addition to the existing 39 towns.
• It will also partner with states to take forward the districts as export hubs (DEH) initiative to promote exports
at the district level.

Significance
• The new FTP has focused on the ease of doing business through paperless regulation and rule-based
automatic approval systems.
• It also rationalised export performance threshold to enable more beneficiaries to achieve higher recognition
and reduce transaction cost for exports, for example, qualifying criterion for a five-star exporter has been
reduced from $2 billion to $800 million

No charges on UPI

In News
• The National Payments Corporation of India (NPCI) clarified about the recently introduced interchange
charges, saying they are only applicable for the prepaid payment instruments (PPI) transactions and there is
no charge to customers.
• There are no charges for the bank account to bank account based UPI payments i.e. normal UPI payments

PPI
• The RBI defines PPIs as payment instruments that facilitate the buying of goods and services, including the
transfer of funds, financial services, and remittances, against the value stored within or on the instrument.
• PPIs are in the form of payment wallets (like Paytm Wallet, Amazon Pay Wallet, PhonePe Wallet, etc.)),
smart cards, mobile wallets, magnetic chips, vouchers, etc. As per the regulations, banks and NBFCs can issue
PPIs.

NPCI
• National Payment Corporation of India (NPCI) is an umbrella organization for operating retail payments
settlement systems in India.
• NPCI facilitates all the retail payments in India. NPCI was established jointly by the Reserve Bank of India
• NPCI operates the RuPay card network, which (RBI) and Indian Bank’s Association (IBA) under the
is India’s domestic card network. Payment and Settlement Systems Act of 2007 for creating
• NPCI operates the Unified Payments Interface a robust Payment & Settlement Infrastructure in India.
(PUI), which is a real-time payments system that allows for instant payments between bank accounts.

About UPI
• Unified Payments Interface (UPI) is a common platform through which a person can transfer money from
his bank account to any other bank account in the country instantly using nothing but his/her UPI ID.
• It was launched in 2016 as Mobile First digital payments platform.
• It enables immediate money transfer through mobile device round the clock 24*7 and 365 days based on the
Immediate Payment Service (IMPS) platform to make cashless payments faster, easier and smoother.
• UPI is completely interoperable and as such, it is unique in the world, where you have an interoperable
system on the ‘send’ and ‘receive’ side.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 29
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

India Post Payments Bank launches WhatsApp Banking Services

In News
India Post Payments Bank (IPPB), in collaboration with Airtel, announced the launch of WhatsApp Banking Services
for IPPB customers in New Delhi.

Whatsapp Banking Services

• The newly launched IPPB WhatsApp Banking channel will enable IPPB customers to seamlessly connect with
the bank on WhatsApp and effortlessly In line with the ambition of the Government to bring digital
avail a host of banking services, including and financial inclusion to citizens in their language, the Airtel
doorstep service request, locating nearest – IPPB WhatsApp Banking solution is also working on to build
Post Office and much more. multi-language support, enabling added convenience to
• Airtel has been working with IPPB to customers, especially to those in the rural parts of the country
deliver as many as 250 million messages to access banking services in theirpreferred language.
per month to the bank’s customers many
of whom are located in mofussil towns and tier 2,3 cities.
• The addition of the WhatsApp messaging will add to customer’s accessibility to connect with the bank on
their fingertips, furthering Digital India mission of the Government, as part of which IPPB has been working
tirelessly to deliver banking services in the rural pockets of the country.

About IPPB
• It was launched on September 1, 2018 under the Department of Posts, Ministry of Communication
• Its 100% equity is owned by the Government of India.
• Vision: To build the most accessible, affordable and trusted bank for the common man in India.
• Fundamental mandate- To remove barriers for the unbanked and under-banked and reach the last mile
leveraging a network comprising 160,000 post offices (145,000 in rural areas) and 400,000 postal employees.
• IPPB’s reach and its operating model is built on the key pillars of India Stack - enabling Paperless, Cashless
and Presence-less banking in a simple and secure manner at the customers' doorstep, through a CBS-
integrated smartphone and biometric device.

Sagar Setu Mobile App

In News
Union Minister for Ports, Shipping and Waterways Shri Sarbananda Sonowal recently launched the App Version of
National Logistics Portal (Marine) ‘Sagar-Setu’.

Sagar - Setu app

• The app has been envisaged with deliverables covering features like Login Module, Service Catalogue,
Common Application Format, Letter of Credit, Bank Guarantee, Certification, and Track & Trace etc.
• It will provide real-time information of activities that are generally not in reach of the importer, exporter,
and customs broker including vessel-related information, gate, container freight stations and transactions
on fingertips.
• It also enables digital transactions for payments required for the clearance process of import and export like
container freight station charges, shipping line charges, transportation charges, etc.
• Mobile App will ensure data mobility such that approvals & monitoring shall be at the finger tips of port &
ministry officials and stakeholders as well’.

Benefits for Traders

• Improve convenience with reduced turnaround time for approval and compliances.
• Increase visibility of operations and tracking.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 30
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Benefits for Service Providers

• Help in tracking of records and transactions offered
• Receive notification of service requests.

Major achievements of Indian Railways in Financial Year -2022-23

In News
During the Financial Year 2022-23, Indian Railways (IR) achieved milestones in various categories including freight
loading, electrification, New Line/ Doubling/ Gauge Conversion, Loco production.

Major Achievements
• IR has loaded 1512 MT during 2022-23 as compared to 1418 MT during FY 2021-22 registering an increase of
6.63% in terms of loading. This is the highest ever loading for IR in a Financial Year.
• Indian Railways is rapidly progressing to accomplish Mission100Percent Electrification and become the
largest green railway network in the world.
• During 2022-23, IR has upgraded 530 Kms with automatic signaling as compared to 218 Kms during 2021-
22, registering an increase of 143.12%.
• Large number of Digitally Interlocked Stations have been created from old lever frame to computer-based
operating system. Electronic Interlocking is being adopted on a large scale to derive benefits of digital
technologies in train operation and to enhance safety.
• To facilitate the public to cross the tracks on roads, during 2022-23, 1065 Flyovers/Underpass were provided
as compared to 994 Flyovers/Underpass during 2021-22 showing an increase of 7.14%.
• During 2022-23, 880 LC gates were eliminated as compared to 867 LC gates during 2021-22.
• During 2022-23, 30 Freight Terminals were created as compared to 21 Freight Terminals in 2021-22.
• As part of ‘Sugamya Bharat Abhiyan’, to provide ease of movement for Divyangjans, aged and children on
railway platforms, Indian Railways is installing lifts and escalators at railway stations across the country.
• Indian Railways makes all out efforts to optimally utilise resources by mobilising scrap materials and sale
through e-auction.

National Electricity Plan (2022-27)

In News
A new blueprint for the country’s power sector planners - the National Electricity Plan (NEP) 2022-27 - marks a
discernible reversal in the policy thrust from its last edition.

National Electricity plan

• The Central Electricity Authority (CEA) must create a National Electricity Plan in line with the National
Electricity Policy, according to the Electricity Act 2003, to –
• Create short-term (every 5-year) and perspective plans (15 years)
• Analyse the need for planning capacity expansion.
• Coordinate the efforts of different planning agencies to The 1st National Electricity Plan was
ensure that resources are used optimally. published in 2007, the 2nd in 2013, and
• Support the needs of the country’s economy. the third (2018) includes the detailed Plan
• A projected battery storage requirement in 2031-32 of for 2017–22 and the perspective Plan for
between 51 GW to 84GW with a daily usage rate of 5-hours. 2022–27.
• Estimated to be Rs 10 crore per MW, this could translate into investments into battery storage between Rs
5 - 8 lakh crore over the next ten years as backup for renewable capacity.
• Battery Energy Storage systems (BESS) especially based on Lithium - ion batteries are one of the storage
options.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 31
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The cost of the BESS is reducing in an unprecedented way making it one of the preferred options for
deployment.
• BESS has various advantages of balancing the grid against load fluctuations, intermittency in generation etc.
• Energy storage can provide energy time-shifting which can be useful with the large-scale deployment of
variable renewable energy sources.
• The hybrid generation models. This will basically perform solar energy shifts and provide backup power.
• The water-based systems, where no barrage on the river is required (economical).
• During charging the water is lifted to the reservoir and during discharge the water generates electricity.

Challenges
• The continued reliance on old, inflexible coal-fired plants for base load capacity.
• India’s vast fleet of coal-fired thermal power plants of 200 MW series are more than 25 years old, run-on
old technology and do not promise robust reliability.
• Lack of clarity on how the renewables-dominated grid will be actually managed, despite a pronounced
reliance on renewable generation for meeting capacity additions.
• The inertia, which imparts stability to the grid, has been declining due to poor progress of hydro power and
zero inertia solar generators.
• There is also no assessment of ramping rate for thermal plants under various scenarios of solar generation
going out.
• If battery storage is to be relied on, the total fund requirement for the period 2022-27 is estimated to be
14.30 lakh crore.

Marcha Rice gets GI tag

In News
The Mircha rice variety from West Champaran district of Bihar has recently been granted the GI tag. The grains of
this rice are similar in size and shape to black pepper, which is why it is called Mircha or Marcha rice.

Marcha Rice
• The GI tag has been awarded to the indigenous variety of paddy called Mircha Rice, which is produced
exclusively in the West Champaran region of Bihar.
• The rice is primarily grown in the Mainatand, Gaunaha,
Narkatiaganj, Ramnagar, and Chanpatia blocks of West This unique rice has a grain size and shape
Champaran district, with an average yield of 20-25 quintals like black pepper, which is the reason
per hectare. behind its name. It is known for its distinct
• The tall plants of this paddy are ready for harvest in 145-150 aroma, palatability, and the quality of rice
days. Out of the 18 blocks in West Champaran, this rice is flakes (chura) it produces.
cultivated in six blocks.
• It is worth mentioning that before this the products of agriculture and horticulture of Bihar- Zardalu mango,
Katarni rice of Bhagalpur, Shahi litchi of Muzaffarpur, Magahi paan of Magadh region and Makhana of
Mithila have got GI tag.
• Apart from this, Manjusha art, Sujani Embroidery work, Applique Khatwa work, Sikki grass products,
Bhagalpuri silk, Madhubani painting and Silav’s Khaja have also got GI tags.

Skill ministry launches digital version of employability skills curriculum

In News
The Union Minister of Education and Skill Development and Entrepreneurship unveiled the digital version of the
Employability Skills curriculum for students enrolled in India’s Industrial Training Institutes (ITIs) at the Future Skills
Forum in New Delhi.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 32
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Future skills forum

• The Future Skills Forum – is an initiative of the Future Right Skills Network (FRSN) a collaborative effort by
QUEST Alliance, Accenture, Cisco, and J.P. Morgan.
• It brings together government skills training institutions, civil society organisations, industry and corporate
social responsibility partners to help young people acquire critical skills for the future.

Features of the Curriculum

• The digital lessons include modules on financial and digital literacy, diversity and inclusion, career
development, goal setting and entrepreneurship.
• These are drawn from the upgraded ES curriculum which was launched by the MSDE in September 2022.
• Aimed at fulfilling the need for anytime, anywhere learning, these modules will be accessible to more than
2.5 million learners through the Government of India’s Bharat Skills Portal as well as other platforms.
• Developed with active industry contribution, the curriculum includes 12 modules in a bite-sized, gamified
format and each lesson is followed by assessments that is designed to help learners assess the depth of their
learning.
• The storytelling approach followed in the modules provides learners with relatable scenarios that they can
apply to real-world situations.
• The constructive feedback system ensures that learners receive feedback that is specific, timely, actionable
thus enabling improved learning outcomes.
• The digital lessons will be instrumental in introducing innovative pedagogical models like blended learning
in Industrial Training Institutes (ITI), which will empower educators to create and lead 21st century
classrooms.

State Energy Efficiency Index 2021-22

In News
Union Minister of Power and New & Renewable Energy, Shri R. K. Singh recently released the report of State Energy
Efficiency Index (SEEI) 2021-22.

Major Findings
• Five states – Andhra Pradesh, Karnataka, Kerala, Rajasthan, and Telangana – are in the Front Runner
category, while four states – Assam, Haryana, Maharashtra, and Punjab – are in the Achiever category.
• Karnataka, Andhra Pradesh, Assam, and Chandigarh are the top-performing states in their respective state
groups.
• Telangana and Andhra Pradesh showed the most improvement since the last index.

Categories of the Index

• SEEI 2021-22 categorized the states into two groups, Front Runner and Achiever.
• The Front Runner category includes states with a score greater than 60 points, while the Achiever category
comprises states with scores between 50-60 points.

Recommendations
• The SEEI report recommends several actions to help states drive change in energy efficiency (EE) and
contribute towards the fulfillment of SDGs and NDC.
• These include enabling fiscal assistance for energy efficiency in the focus sectors, developing institutional
capacity in states and UTs to address emerging needs and challenges in energy efficiency implementation,
enhancing cross-functional collaborations across financial institutions, energy service companies, and energy
professionals in large-scale.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 33
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

About BEE
• The Government of India set up the Bureau of Energy Efficiency (BEE) on 1st March 2002 under the
provisions of the Energy Conservation Act, 2001.
• BEE coordinates with designated consumers, designated agencies and other organizations and recognise,
identifies and utilise the existing resources and infrastructure, in performing the functions assigned to it
under the Energy Conservation Act.
• The Energy Conservation Act provides for regulatory and promotional functions.

Dabba Trading

In News
Recently, the National Stock Exchange (NSE) issued a string of notices naming entities involved in ‘dabba trading’.

Dabba Trading
• Dabba (box) trading refers to informal trading that takes place outside the purview of the stock
exchanges.
• Traders bet on stock price movements without incurring a real transaction to take physical ownership of a
particular stock as is done in an exchange.
• In simple words, it is gambling centered around stock price movements.
• An investor places a bet on a stock at a price point, say Rs.1,000. If the price point rose to Rs.1,500, he/she
would make a gain of Rs.500.
• However, if the price point falls to Rs. 900, the investor would have to pay the difference to the dabba
broker.
• Thus, it could be concluded that the broker’s profit equates to the investor’s loss and vice-versa.
• The equations are particularly consequential during bull runs or bear markets.

Benefits
• Despite the risk involved, dabba trading can be profitable since it is not governed by any rules and
regulations.
• What lures potential investors is the aggressive The mission of the Bureau of Energy Efficiency is to
marketing of brokers, ease of trading (using apps assist in developing policies and strategies with a
with quality interface) and lack of identity thrust on self-regulation and market principles, within
verifications. the overall framework of the Energy Conservation
• Depending on the individual’s trading profile, Act, 2001 with the primary objective of reducing the
observable volumes and trends, brokers keep energy intensity of the Indian economy.
their fees and margins open to negotiation as well.

Prevention
• The Securities Contracts (Regulation) Act, 1956, already prohibits 'dabba trading' and provides for severe
penalties upon conviction. However, these laws need to be more strictly enforced, and culprits should be
punished to deter others from engaging in such activities.
• Retail investors need to be educated and made aware of the dangers of 'dabba trading'. Financial regulators
can conduct awareness campaigns and disseminate information about the risks associated with such trades.
• 'Dabba trading' is often facilitated through mobile apps and social media. Regulators can monitor these
platforms and take action against those who promote or engage in it.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 34
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Kochi Water metro

In News
Prime Minister Narendra Modi will flag off the country’s first water metro service, connecting Kochi’s islands to the
mainland.

About Water Metro

• The project boasts a distinct infrastructure and has the capacity to carry over one lakh passengers.
• During the initial phase of the project, it is expected to transport more than 34,000 passengers. Upon the
completion of the metro system, this The main objective of the Kochi Water Metro project is to
number is predicted to rise significantly, link ten island communities in Kerala’s city with the
reaching up to 1.5 lakhs of passengers mainland, resulting in shorter travel times and more cost-
daily. effective transportation.
• The Kochi Water Metro is a modern ferry
transport project consisting of numerous boats running along 16 routes across Greater Kochi.
• The boats in the Kochi Water Metro are powered by batteries and require only 10 to 20 minutes to traverse
each route.
• The incorporation of innovative technology enables smooth sailing even in adverse weather conditions.

Indiahandmade portal

In News
Indiahandmade Portal is an e-commerce portal launched by the Indian Government with the aim of empowering
artisans and weavers by providing them a platform to sell their products directly to customers.

Features
• An authentic Indian handloom & handicraft virtual store
• Aroma of Indian timeless heritage at your fingertips
• Free shipping with return options for hassle-free shopping
• Safe and secure, multiple payment gateways for smooth transaction experience
• Diverse variety of authentic sellers can register over this portal, namely, artisans, weavers, producer
companies, SHGs cooperative societies etc.
• Sellers enjoy higher profits with 0% commission.
• No intervention of middlemen thereby ensuring improvement in the dwindling situation of Indian craftsmen
• Integration with multiple logistic partners for smooth order processing
• Free handholding of sellers from registration till order fulfilment to ensure “ease of doing business.”
• Artisans/Weavers will be directly connected to the buyers through a common platform.

Significance
• Indiahandmade Portal is part of the government’s PM Vishwakarma Kaushal Samman Yojana (PM-
broader efforts to promote artisans and weavers in VIKAS) aims to provide small artisans and
India. craftsmen with training on quality, scale, and
• The portal complements the PM-VIKAS initiative by reach, as well as access to advanced skill training,
providing a platform for artisans and weavers to modern digital techniques, brand promotion,
showcase their products and sell them directly to linkage with local and global markets, digital
customers. payments, and social security.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 35
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

National Conference on Agriculture for Kharif Campaign- 2023

In News
Union Agriculture Minister, Shri Narendra Singh Tomar inaugurated National Conference on Agriculture for Kharif
Campaign 2023-24 at NASC Complex, New Delhi.

About the Conference

• Agriculture is at the core of the socio-economic development of the country. It accounts for around 19 per
cent of the GDP and about two-thirds of the population is dependent on the sector.
• The priority of government is agro-ecological based crop planning for diversion of land from excess
commodities like rice and wheat to deficit commodities like oilseeds and pulses and high value export
earning crops.
• Special Mustard programme was initiated during rabi 2020-21 that has brought most spectacular results.
Mustard production has jumped by 40% from 91.24 to 128.18 lakh tonnes in last 3 years.
• The Conference set the national targets for production of foodgrains and other commodities.
• National targets for total food grains production set at 3320 lakh tonnes for the year 2023-24.
• Target for production of pulses have been fixed at 292.5 lakh tonnes compared to 278.1 lakh tonnes this year
and oilseeds production will be increased from 400 to 440 lakh tonnes in 2023-24.
• For modernization of agriculture and facilitate farmer, government launched the SATHI (Seed Traceability,
Authentication and Holistic Inventory) Portal and Mobile App, a Centralized Online System for seed
traceability, authentication and inventory designed to deal with the challenges of seed production, quality
seed identification and seed certification.

Nationwide AHDF KCC campaign

In News
As part of Aazadi KaAmrit Mahostav, Union Cabinet Minister for Fisheries, Animal husbandry and Dairying, officially
launched the Nationwide AHDF KCC Campaign for 2023-24.
• The scheme was introduced in 1998 for providing adequate and timely credit support from the banking
system, under a single window with flexible and simplified procedure to the farmers for their cultivation and
other needs like purchase of agriculture inputs such as seeds, fertilizers, pesticides etc. and draw cash for
their production needs.
• The scheme was further extended for the investment credit requirement of farmers viz. allied and non-farm
activities in the year 2004. The objective of this conference was to review and
• The scheme comes with an ATM-enabled assess the crop performance during the preceding
RuPay debit card with facilities for one-time crop seasons and fix crop-wise targets for Kharif
documentation, built-in cost escalation in season in consultation with State Governments,
the limit, and any number of drawals within ensure supply of critical inputs and facilitate
the limit. adoption of innovative technologies with a view to
• Besides ensuring saturation, banks will also enhance production and productivity of the crops.
be taking steps to link Aadhaar immediately
as no interest subvention will be given if the Aadhaar numbers are not seeded to KCC accounts.
• Also, the government has taken several initiatives for KCC saturation which include adding farmers engaged
in animal husbandry and fisheries, no processing fee of loan under KCC and raising the limit of collateral free
agriculture loan from Rs. 1 lakh to Rs.1.6 lakh.
• The KCC facility will help fisheries and animal husbandry farmers to meet their short-term credit
requirements of rearing of animals, poultry birds, fish, shrimp, other aquatic organisms and capture of fish.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 36
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Rail Vikas Nigam Limited (RVNL) granted Navratna Status

In News
Rail Vikas Nigam Limited (RVNL), a Central Public Sector Enterprises of Ministry of Railways, has been granted
Navratna Status.

Navratna Status
Navaratna Companies (Navaratnas) is a category of Central Public Sector Enterprise (CPSE) which meets certain
operational and financial eligibility based on net profit, the total cost of production, earnings per share and inter-
sectoral performance.

Significance of the status

• Financial Independence: Up to Rs. 1,000 crores, or 15%
of their net worth, on a single project, or 30% of their Navratnas are a set of public sector
net worth for the entire year (not exceeding Rs. 1,000 companies that possess financial autonomy to
crores). invest up to 1000 crores without any approval
• It will enhance operational and financial autonomy, thus from the central government. Navratna status
increasing the power to make financial decisions. was first allotted to 9 public sector enterprises
• It will enable the PSUs to make equity investments and in 1997.
undertake various financial joint ventures (JV) and wholly owned subsidiaries
• This development will lead to mergers and acquisitions (M&A) in India as well as abroad.
• The company boards could implement and modify schemes pertaining to personnel as well as human
resource management and training.
• Companies could float fresh equity, transfer assets, divest shareholding in subsidiaries, however, would be
subjected to the condition that the delegation will only be in respect of subsidiaries set up by the holding
company.

About RVNL
• RVNL was incorporated as PSU on 24th January 2003, with the twin objectives of implementation of
projects relating to creation and augmentation of capacities of rail infrastructure on fast track basis and
raising of extra budgetary resources for SPV projects.
• The company began its operation in 2005 with the appointment of Board of Directors.
• The company was granted Mini-Ratna status in September 2013.
• The authorized share capital of the company is Rs. 3000 Crore, with paid up share capital of Rs. 2085 crore.

India’s First International Multimodal Logistics Park

In News
Union Minister of Ports, Shipping & Waterways and Ayush, reviewed the progress of India’s first International Multi
Modal Logistics park in Jogighopa, Assam.

About the Park

• The multi-modal logistics park will be constructed at an estimated cost of Rs. 694 crores
• It will provide direct connectivity through air, road,
rail and waterways to the people. The multi-modal logistic park will be developed
• This is being developed in 317-acre land along the under the ambitious Bharatmala Pariyojna.
Brahmaputra.
• The distance of 154 km between Jogighopa and Guwahati will be covered by making a 4-lane road on this
stretch, a 3-km rail line will connect Jogighopa station to the MMLP, another 3-km rail link will connect it to
the IWT, and the road to newly developed Rupsi airport will be upgraded to 4-lanes for easier connectivity.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 37
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Bharatmala Pariyojana
• Bharatmala Pariyojana is a new umbrella program for the highways sector that focuses on optimizing
efficiency of freight and passenger movement across the country by bridging critical infrastructure gaps
through effective interventions.
• Like development of Economic Corridors, Inter Corridors and Feeder Routes, National Corridor Efficiency
Improvement, Border and International connectivity roads, Coastal and Port connectivity roads and Green-
field expressways.

India’s 1st undersea twin tunnels in Mumbai

In News
India’s first undersea twin tunnels in South Mumbai are nearing completion and are set to open in November 2023.

Features
• The tunnels have a diameter of 12.19 meters and feature six crosswalks, four for pedestrians and two for
motorists.
• Each tunnel has three 3.2-meter-wide
C-PACE is situated at the Indian Institute of Corporate Affairs
lanes, with two lanes operational and the
(IICA) in IMT Manesar, Gurgaon, Haryana. This strategic
third used in case of emergencies or
location provides a conducive environment for efficient
increased vehicular density.
processing and disposal of applications.
• The tunnels also have fibreglass facades
resembling the Queen’s Necklace, a famous C-shaped promenade on Marine Drive.
• The entry and exit points are designed to provide easy access to the tunnels, and the crosswalks allow for
safe pedestrian and vehicular movement.
• The MCRP is expected to reduce the 45-minute commute from Girgaon to Worli to just 10 minutes during
peak hours.
• The high-speed coastal road, spanning 10.58 kilometers, connects Marine Drive to the Bandra-Worli Sea
Link.
• The undersea tunnels are a critical component of the project, cutting down commute time and easing traffic
congestion in the area.

Centre for Processing Accelerated Corporate Exit (C-PACE)

In News
The Ministry of Corporate Affairs (MCA) has moved a step forward by centralising the strike off process of
companies with the establishment of the Centre for Processing Accelerated Corporate Exit (C-PACE).

About C-PACE
• By centralizing the strike-off process, the Registry’s workload will be reduced, ensuring a cleaner registry and
more meaningful data for stakeholders.
• The efficient operation of C-PACE will contribute to a smoother exit process for companies, aligning with the
government’s focus on ease of business and creating a conducive environment for entrepreneurship and
growth.
• The establishment of the C-PACE will help to reduce the stress on the Registry along with keeping the
registry clean besides availability of more meaningful data to the stakeholders.
• The C-PACE will also benefit the stakeholders by providing a hassle-free filing, timely and process-bound
striking off their company’s names from the Register.
• The C-PACE institution, established under sub-section (1) of section 396, shall be in operation through the
Registrar of Companies (RoC) for the purposes of exercising functional jurisdiction of processing and disposal
of applications.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 38
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Pashmina Certification Centre

In News
Union Minister of Environment, Forest and Climate Change Shri Bhupender Yadav inaugurated Pashmina
Certification Centre (PCC) set up in Wildlife Institute of India,Dehradun,Uttarakhand with tagging the first unique ID
barcode and issuing the PCC certificate.

About the Centre

• The PCC at WII, Dehradun, will assist honest exporters and traders involved in the trade of genuine
Pashmina products. Setting up such a facility in India will be a game changer for the seamless trade of
genuine Pashmina products with authentic certification.
• In concurrence with the Central Government’s policy, it
The purpose of setting up this PCC is to
is a kind of facility based on the Public-Private
streamline the Pashmina Trade and to provide
Partnerships (PPP) model for assisting the Pashmina a one-stop testing facility to certify genuine
traders in obtaining authenticity certificates for selling Pashmina Product free from any prohibited
certified and genuine Pashmina products. fibers to the associated manufacturers,
• Under this MoU, the advanced technologies have been exporters, and traders.
housed in a single facility supporting Pashmina test
procedures.
• It is an example of a self-sustaining and revenue-generating facility in a government organization supporting
associated exporters and traders on a payment basis.
• This certification will help buyer to procure authenticated and certified Pashmina products.
• The PCC certification will have national and international importance with the availability of authenticated
certification.

Significance
• PCC in WII will be one focal center to obtain a certificate for seamless trade of Pashmina products, thereby
will assist in revenue generation for the country through artisans and traders.
• Pashmina is a major source of livelihood for the artisan and weaver community of Jammu & Kashmir.
• This center will also help them to speed up their industry, which was under scrutiny due to the unavailability
of such facility and frequent confiscation at the exit point of the country by the Customs due to suspect of
potential mixing of prohibited fiber and export a mixed lot of banned wool along with the Pashmina under
misleading name and labels.

International Conference on Chemicals and Petrochemicals

In News
Department of Chemicals and Petrochemicals is organizing a B20 conference for the global business community, in
collaboration with Confederation of Indian Industry (CII).

About the conference

• The conference is an effort to promote sustainable development in chemical and petrochemical sector and
to deliberate upon sustainable solutions of
various issues being faced by the industry. The aim of the Conference is to improve the safety and
sustainable ecosystem for chemicals and
• The conference will facilitate in identifying
petrochemicals industry across the four pillars of De-
potential opportunities, exchange of
carbonization, Circular Economy, Biodiversity and
knowledge amongst G20 countries on
Water Conservation.
sustainability and circularity.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 39
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Objectives
• Create a strong collective ecosystem for compliance and regulatory excellence that can remain as one of
the non-negotiable agenda for the B20 members.
• Change the present connotation with a positive image of chemical industry and its products by engaging
government, industry, academia, and other concerned B20 stakeholders.
• Promotion of best-in-class smart manufacturing to transform the industry by promoting advanced,
innovative manufacturing and operational efficiency to produce better quality products at competitive
prices.

Outcomes of the Conference

• To enhance manufacturing capabilities of B20 members in medium and long term to become competitive in
the global market.
• Making the industry more sustainable by introduction to green technologies to circumvent the
environmental impact.
• To strengthen synergy and collaboration between industry and government administration to encourage
transfer and adoption of best safety & sustainability practices.
• To envision a collective action plan & strategy for sustainable chemistry: Develop Green Carbon Dioxide
(CO2) from natural sources for synthesis of basic chemicals, Reduction in Carbon footprint with
manufacturing process efficiency and Technologies for Carbon capture (CO2) and its long-term usage /
storage etc.

Vande Bharat Express

In News
• The Prime Minister, Shri Narendra Modi flagged off the inaugural run of Vande Bharat Express from
Dehradun to Delhi.
• He also dedicated to the nation, newly electrified rail sections, and declared Uttarakhand a 100% electric
traction state.

Vande Bharat Express

• The train has been indigenously and is equipped with advanced safety features including the Kavach
technology.
This will be the first Vande Bharat to be introduced in
• The new Vande Bharat Express will cover
Uttarakhand. With world-class amenities, it will herald a
the distance between Dehradun to Delhi in
new era of comfortable travel experiences, especially for
4.5 hours.
tourists traveling to the state.
• It is an indigenously designed and
manufactured semi high speed, self-propelled train that is touted as the next major leap for the Indian
Railways in terms of speed and passenger convenience since the introduction of Rajdhani trains.
• The first Vande Bharat was manufactured by the Integral Coach Factory (ICF), Chennai as part of the ‘Make
in India’ programme, at a cost of about Rs. 100 crore.
• It can achieve a maximum speed of 160 kmph due to faster acceleration and deceleration, reducing journey
time by 25% to 45%.
• It also has an intelligent braking system with power regeneration for better energy efficiency thereby making
it cost, energy and environment efficient.

ADB, India sign for industrial corridor development in Andhra Pradesh

In News
The Asian Development Bank (ADB) and the Government of India signed a $141.12 million loan to support the
development of high-quality internal infrastructure.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 40
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

About the project

• This financing is the second tranche of the $500 million multi-tranche financing facility (MFF) for the program
approved by ADB in 2016 to build infrastructure in
three industrial clusters in the Visakhapatnam and This financing will help strengthen industrial
Srikalahasthi-Chittoor nodes in the state. infrastructure in Visakhapatnam node with the
• Internal infrastructure in the proposed clusters will development of internal infrastructure in the
include internal roads, storm water drains, water start-up area of the 160-hectare (ha) Rambilli and
supply systems, and electric power distribution 441-ha Nakkapalli industrial clusters, widening of
systems. 13.8-kilometer (km) of the Atchuthapuram–
• In Srikalahasthi-Chittoor node, the project will help Anakapalli road and improvement of 4.4-km
develop the start-up area of the 938-ha Chittoor– access road to the Nakkapalli cluster.
South industrial cluster and improve a 9.5-km access road to the Chittoor-South industrial cluster and an 8.7-
km access road to the Naidupeta industrial cluster.

Benefits
• The project will support the state in rolling out an updated marketing action plan for investment
promotion and enhance skills of people including the socially and economically vulnerable sections.
• To strengthen industrial cluster resilience under extreme weather, the project will help establish a green
corridor model operational guidelines and develop a disaster risk management plan.
• For long term sustainability, the program will formulate a plan to improve operation and maintenance of
start-up industrial clusters and will roll out a toolkit with gender-responsive and socially inclusive guidance to
integrate industrial and urban planning including industry housing in areas adjacent to industrial clusters.

India’s longest sea bridge Mumbai Trans Harbour Link (MTHL)

In News
• The Prime Minister, Shri Narendra Modi expressed his happiness over India’s longest sea bridge Mumbai
Trans Harbour Link (MTHL).
• It is next generation infrastructure which will boost ‘Ease of Living’ for people.

Features
• MTHL aims to connect Mumbai with Navi Mumbai in order to mitigate traffic congestion and promote
economic development.
• MTHL will be the first sea bridge in India to have an Open Road Tolling (ORT) system.
• Theoretically, the new system should allow Mumbai Trans Harbour Link will be the
commuters to drive past the toll booth at speeds of up longest sea bridge in India and would cater
to 100kmph without slowing down to pay the toll. to almost 70,000 vehicles.
• MMRDA is also planning on installing artificial
intelligence-based cameras that are expected to reduce congestion on the road.
• AI-based cameras will allow the control room to be aware of vehicle breakdowns and the authorities can
subsequently tow away the broken-down vehicles via the emergency lane.
• Built at a cost of around ₹18,000 crore, MTHL will significantly reduce the travel time between Mumbai
and Navi Mumbai.
• It will be possible to travel from Sewri in central Mumbai to Chirle in Navi Mumbai in 15-20 minutes.
• The 22 km long bridge will bring places like Goa, Pune, and Nagpur closer to Mumbai.
• The project is being developed by Mumbai Metropolitan Region Development Authority (MMRDA).
• MMRDA is a Maharashtra government agency, financed by the Japan International Cooperation Agency.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 41
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

New rules for computation of tax on winnings from online gaming

In News
Central Board of Direct Taxes (CBDT) has amended Income Tax rules to streamline and standardize the calculation
and reporting of winnings from online gaming to improve tax compliance.

New Changes
• The new rule said that net taxable winning in a year would be the difference between the sum of amount
withdrawn from the user account and the closing balance and the sum of non- taxable deposits made in
the user account and the opening balance.
• The rule also prescribes formulas for tax to be deducted at source (TDS) at various stages such as first and
subsequent withdrawals from the user account.
• The new rules also define terms like non-taxable deposit in the user account such as borrowed amounts
deposited in it. The conference is being organized by the Ministry of New
• The rules also define the taxability of and Renewable Energy, in partnership with the Ministry of
bonus, referral bonus and incentives etc.
Petroleum and Natural Gas, Council of Scientific and
• As per this, online gaming platforms need
not deduct tax at source on winnings Industrial Research and Office of Principal Scientific Advisor
withdrawn by players if the amount is less to Government of India.
than ₹100 a month and meets certain riders.
• The guidelines had made it clear that net winnings below ₹100 in a month will not be subject to tax
deducted at source (TDS) at the time of withdrawal provided the tax liability will be deducted when the net
winnings withdrawn exceeds this limit in the same or the subsequent month or at the end of the fiscal year.

Impact
• Impact on professional gamers and streamers, potentially higher taxes and more complex financial
management.
• Esports organizations may need to adjust financial models and consider tax implications for revenue streams.
• Financial implications and potential reduction in gaming income.
• Compliance challenges in understanding and adhering to new tax rules.

CBDT
• It is a statutory authority that functions under the Central Board of Revenue Act, 1963.
• It is a part of the Department of Revenue in the Ministry of Finance.
• It provides inputs for policy and planning of direct taxes in India and is also responsible for the administration
of direct tax laws through the Income Tax Department.
• Direct Taxes include income tax, corporation tax etc.

International Conference on Green Hydrogen

In News
The Government of India is organizing an International Conference on Green Hydrogen (ICGH-2023) during 5th – 7th
July 2023 at Vigyan Bhawan, New Delhi.

About the conference

• The conference will enable the sector stakeholders to explore the evolving green hydrogen landscape and
innovation-driven solutions in the sector.
• The fundamental aim of the Conference is to explore how we can establish a Green Hydrogen ecosystem and
foster a systemic approach for meeting the global goals for decarbonization through Green Hydrogen.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 42
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• Apart from domain-specific research interactions on hydrogen production, storage, distribution and
downstream applications, the conference will also discuss green financing, human resource upskilling and
startup initiatives in this area.
• The conference will enable to share and learn from international best practices in the sector.

National Green Hydrogen Mission

• The Mission places significant emphasis on R&D in green hydrogen and aims to make India a global hub of
Green Hydrogen production, utilization, and export.
• The National Green Hydrogen Mission was launched by the Government of India on 4th January 2023, as
part of its decarbonization strategy.
• The Mission will kickstart major interventions in policies and technology to develop a robust Green Hydrogen
ecosystem in the country.
• It seeks to do this by creating demand, strengthening the supply side, and focusing on policy and regulatory
frameworks, innovation and affordability.
• The Mission will encourage private investment in the sector and enable rapid scale-up, technology
development, establish standards & regulatory framework and enable rapid cost reduction.

Ministry of Agriculture & Farmers Welfare signed a MOU with Pixxel Space India Pvt.
Limited

In News
The Union Ministry of Agriculture & Farmers Welfare (DA&FW) has signed a Memorandum of Understanding (MoU)
with Pixxel Space India Pvt. Limited to build a project for enhancement of India’s agriculture ecosystem.

About the MoU

• It aims to develop various geospatial solutions on pro bono basis for the Indian Agriculture Ecosystem
using Pixxel’s hyperspectral dataset.
• The project focuses on leveraging sample hyperspectral data from Pixxel’s path finder satellites to develop
analytics models focused on crop mapping, crop stage discrimination, crop health monitoring, and soil
organic carbon assessments.
• This will enable the Government to develop use cases with hyperspectral data provided by PIXXEL.

Hyperspectral remote sensing technology

• It includes spectral measurements in narrow wavelength bands by satellites and such measurements offer
certain unique indices to monitor and assess health of crops and soils.
• This is an emerging technology with unique capabilities for monitoring agriculture.
• Crop health monitoring by detecting the changes in chlorophyll content and canopy moisture status, using
hyperspectral data would be beneficial to find crop risk management solutions to farmers.

Soil nutrient mapping

• Including soil organic carbon assessments is one of the important applications of hyperspectral technology.
• The soil reflectance observations measured by the sensors offer more direct, cost-effective datasets to
estimate soil organic carbon.
• This will also help to develop the early detection of crop stress, accurate diagnostics of crop stress due to
pest/disease or water using hyper spectral data offer numerous opportunities to strengthen the current
advisory system of the Government benefiting to millions of farmers.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 43
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Significance
• Such types of collaboration with young startup company will go a long way for developing innovative
geospatial solutions using advanced satellite imaging technology.
• The new technology will reduce dependence on manual surveys and measurements which are time
consuming and prone to errors.

Draft aircraft bill

In News
The civil aviation ministry has come out with a draft bill for putting in place a simplified approach for regulations
pertaining to the aviation sector.

Features of the bill

• The Draft Aircraft Bill, 2023 is a proactive measure by the civil aviation ministry to establish an effective
framework for the regulation and control of various aspects related to aircraft operations in India.
• It recognizes the need to modernize and simplify existing regulations to meet the current needs of the
industry.
• It emphasizes the need for The draft bill provisions for creation of Statutory body namely
comprehensive provisions to regulate Bureau of Civil Aviation Security and the Aircraft Accident
and control various aspects of aviation. Investigation Bureau to discharge the regulatory and oversight
This includes matters connected to the function entrusted for implementation of the Standards and
design, manufacture, possession, use, Recommended Practice (SARPs) as prescribed under Chicago
operation, sale, import, and export of Convention.
aircraft, ensuring a holistic approach to aviation regulation.
• It aims to have an Act to make better provisions for regulation and control of the design, manufacture,
possession, use, operation, sale, import and export of aircraft and for connected matters.
• The Draft Bill 2023 is well defined document than Aircraft Act, 1934, giving enough powers to administer
the regulatory role to statutory body, such as the DGCA [Directorate General of Civil Aviation], meeting
regulatory challenges in current scenarios.

Time of Day Tariff

In News
Union government introduced an amendment to the Electricity (Rights of Consumers) Rules, 2020, recently.

Time Based Tariff

• The time-based power tariff structures mentioned in the announcement can be categorized into two types:
static and dynamic.
• Static tariffs are predetermined tariffs based on specific time blocks, while dynamic tariffs are determined in
real-time according to the actual demand conditions.
• The focus of the proposed changes is on static tariffs, which will be decided in advance for different blocks of
the day.

Discounted Tariffs
• Under the Time-of-Day (ToD) tariff system, the power tariff during “solar hours” will be at least 20% lower
than the normal tariff.
• The duration of solar hours will be specified by the respective State Electricity Regulatory Commission
(SERC).

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 44
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• By providing discounted tariffs during solar hours, consumers are

This initiative aims to encourage
incentivized to shift their energy consumption to these periods.
consumers to consume electricity
• For commercial and industrial consumers, the tariff during peak
during daylight hours when solar
hours will experience a minimum increase of 20% compared to power generation is at its peak.
the regular tariff.
• This surge pricing during peak consumption aims to discourage excessive load on the grid during high-
demand periods.
• The ToD tariff system will be applicable for commercial and industrial consumers with a maximum demand
of 10 KW and above from 1st April 2024.
• For all other consumers, except agricultural consumers, it will be effective from 1st April 2025.

Significance
• Time-based power tariff structures have been implemented in approximately 20 countries, encompassing
some 17 European nations as well as the United States.
• The objective is to balance electricity demand and supply efficiently while promoting the integration of
renewable energy sources.
• One of the major challenges in integrating renewable energy generation is the variability in generation
trends.
• Solar and wind power are dependent on weather conditions and may not align with the demand cycle.
• To address this issue, alternative technologies such as hydrogen and hybrid generation models blended with
off-stream pumped storage are being considered for energy storage.

ADB launches India strategy for 2023-27

In News
The Asian Development Bank (ADB) recently rolled out its 2023-27 country partnership strategy for India.

About Strategy plan

• The Manila-headquartered multilateral bank said it is focussed on deepening its engagement with the
country and supporting the country's drive for robust, climate-resilient, and inclusive growth for the nextfive
years.
• Focus Areas –
• Accelerate structural transformation and job creation
• Promote climate-resilient growth
• Deepen social and economic inclusiveness
• The bank plans to intervene in energy transition, transport decarbonisation, climate adaptation, and disaster
risk management.
• By doing so, ADB aims to contribute to India’s efforts in addressing climate change and building a sustainable
future.
• ADB will increase its support for education, health, and social protection in India.
• The strategy also focuses on improving urban liveability and rural development.
• ADB recognizes the importance of gender empowerment and environmental sustainability in achieving
inclusive growth. Hence, these aspects are also incorporated into its objectives for India.
• ADB projects that India’s economy will grow at a rate of 6.4% in FY24.
• ADB intends to aid the nation’s progress by participating in major national initiatives such as industrial
corridors, multimodal logistics systems, urban infrastructure, skill ecosystem, and small enterprises.
• The bank intends to leverage public-private partnerships as a means to achieve its objectives effectively.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 45
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Lightweight payments system

In News
The Reserve Bank of India (RBI) has conceptualised a lightweight payment and settlements system, which it is calling
a “bunker” equivalent of digital payments.

Lightweight payment system

• The infrastructure for this system will be independent of the technologies that underlie the existing systems
of payments such as UPI, NEFT, and RTGS.
• This could ensure near zero downtime of the payment and settlement system in the country and keep the
liquidity pipeline of the economy alive and intact by facilitating uninterrupted functioning of essential
payment services like bulk payments, interbank payments and provision of cash to participant institutions.
• The system is expected to process transactions that are critical to ensure the stability of the economy,
including government and market related transactions.
• Having such a resilient system is also likely to act as a bunker equivalent in payment systems and thereby
enhance public confidence in digital payments and financial market infrastructure even during extreme
conditions.

UPI v/s lightweight system

• The key difference lies in the resilience and availability of the two systems.
• UPI and other conventional systems prioritize handling large transaction volumes and require a stable and
robust infrastructure.
• On the other hand, the lightweight system is designed to operate even in volatile and extreme conditions
when regular payment systems may not be accessible.

100 Entrepreneurship Awareness Programmes

In News
The National Commission for Women (NCW) in collaboration with the Entrepreneurship Development Institute of
India (EDII) announced the launch of 100 Entrepreneurship Awareness Programmes (EAPs).

About the programme

• The aim of the EAP is to orient participating women to the benefits of adopting entrepreneurship as a
career, learn the finer skills and overcome social, economic, and familial barriers to becoming
entrepreneurs.
It was launched for potential women entrepreneurs across
• The EAPs are aimed at developing
the country at Vikram University in Madhya Pradesh’s Ujjain.
entrepreneurial skills among women so
that they could gain knowledge, skills and
motivation to build their own businesses.
• Women need to be encouraged to become economically empowered. India has a conducive ecosystem to
support women entrepreneurship. Given this, women are getting motivated to set up their MSMEs.

RBI launches ‘100 Days 100 Pays’ campaign to return unclaimed deposits

In News
The Reserve Bank of India (RBI) on June 1 launched a ‘100 Days 100 Pays’ campaign to trace and settle the top 100
unclaimed deposits of every bank in every district within 100 days.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 46
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

About the campaign

• As of February end, the total amount of so-called unclaimed deposits, which are accounts that have not been
operated for 10 years or more, transferred to the RBI by state-run banks was Rs 35,012 crore, the central
bank said earlier.
• In order to improve and widen the access of depositors/beneficiaries to such data, RBI has decided to
develop a web portal to enable search across multiple banks for possible unclaimed deposits based on user
inputs.

Unclaimed deposits
• Unclaimed deposits refer to funds that have remained untouched or inactive for a period of ten years or
longer.
• When such deposits exhibit no activity, banks transfer the funds to the “Depositor Education and
Awareness” (DEA) Fund, which is maintained by the RBI.
• However, depositors retain the right to claim their
deposits, along with applicable interest, from the bank(s) This mechanism will be instrumental in
where these deposits were held, even after they have been monitoring and controlling the price
transferred to the DEA Fund. fluctuations of small-capcompanies,
• The accumulation of unclaimed deposits primarily occurs providing stability to the market.
due to several reasons.
• One common reason is the non-closure of savings or current accounts that depositors no longer intend to
operate.
• Additionally, depositors may fail to submit redemption claims for matured fixed deposits, leading to the
transfer of funds to the DEA Fund.
• There are also instances where deposits belong to deceased individuals, and their nominees or legal heirs do
not come forward to make a claim on the respective bank(s).

Enhanced surveillance for MSME

In News
To curb volatility in small-cap counters, leading stock exchanges BSE and NSE have put in place an enhanced
surveillance mechanism for companies that have a market cap of less than ₹500 crore.

About Mechanism
• The Enhanced Surveillance Measure (ESM) will come
into effect from June 5, marking a crucial milestone in The banking regulator’s ‘100 Days 100 Pays’
the regulatory landscape of stock exchanges. campaign will complement its efforts to cut the
• The parameters for shortlisting the securities under the quantum of unclaimed deposits in the banking
ESM framework include high-low price variation and system and return such deposits to their rightful
close-to-close price variation. owners/claimants.
• Under the framework, the trading for these securities will be settled through a trade for trade mechanism
with a price band of 5 per cent or 2 per cent (if the scrip is already in the 2 per cent band).
• These metrics enable the identification of securities that display excessive price swings, warranting closer
monitoring and potential regulatory intervention.
• Securities falling under the ESM framework will have trading conducted through a trade-for-trade
mechanism. A price band of 5% will be applicable for most securities. However, for securities that are
already in the 2% price band, the trading will be settled within the existing 2% range.
• This mechanism ensures a controlled trading environment for these securities, limiting sudden and drastic
price movements.
• The ESM framework excludes certain types of securities from the shortlisting process. Securities of public
sector enterprises, public sector banks, and those on which derivative products are available are not subject
to this enhanced surveillance.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 47
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• This exclusion aligns the surveillance mechanism with the specific dynamics and requirements of small-cap
companies.
• Securities identified under Stage II of the ESM framework must undergo a minimum surveillance period of
one month. If, during the weekly stage review, a security demonstrates a close-to-close price variation of
less than 8% within a month, it will transition from Stage II to Stage I.

Railway kavach system

In News
The death of over 288 passengers in the ghastly train accident recently at Bahanaga Bazaar railway station in the
Balasore district of Odisha has brought into sharp focus the safety mechanisms needed to prevent such tragedies.

Kavach System
• The trials were facilitated by the South-Central Railway to achieve safety in train operations across Indian
Railways.
The KAVACH is an indigenously developed Automatic Train
• It is a state-of-the-art electronic system
Protection (ATP) system by the Research Design and
with Safety Integrity Level-4 (SIL-4)
Standards Organisation (RDSO) in collaboration with the
standards.
Indian industry.
• It is meant to provide protection by
preventing trains to pass the signal at Red (which marks danger) and avoid collision.
• It activates the train’s braking system automatically if the driver fails to control the train as per speed
restrictions.
• In addition, it prevents the collision between two locomotives equipped with functional Kavach systems.
• The system also relays SoS messages during emergency situations.
• An added feature is the centralised live monitoring of train movements through the Network Monitor
System.
• ‘Kavach’ is one of the cheapest, SIL-4 certified technologies where the probability of error is 1 in 10,000
years.

Significance
• Different nations and organizations have implemented various anti-collision systems for trains with the aim
of improving safety and preventing collisions.
• Automatic Train Protection (ATP) systems have been implemented in many countries worldwide to ensure
the security of train operations.
• The European Train Control System (ETCS) is a well-known standardized system used in Europe, which
employs signaling, communication, and train control technology to achieve its goals.
• Positive Train Control (PTC) is an ATP system primarily employed in the United States.
• It utilizes GPS, wireless communication, and onboard computers to regulate and monitor train movements,
aiming to prevent train-to-train collisions, derailments caused by excessive speed, and unauthorized train
movement.
• In the United Kingdom, the Train Protection and Warning System (TPWS) is deployed to prevent train
collisions and overspeed incidents.
• TPWS employs trackside transmitters and onboard receivers to regulate train speed and maintain speed
limits.
• Centralized Traffic Control (CTC) is a commonly used ATP system in North America and combines track
circuits, signals, and centralized control to regulate train movement, monitor train positions, and avoid
collisions.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 48
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

E-commerce policy

In News
The national e-commerce policy will seek to create a conducive environment for the overall development of the
sector and boost exports.

About the policy

• The national e-commerce policy aims to establish By 2030, India's e-commerce export potential is
a regulatory framework that facilitates ease of estimated to range between 200 billion USD to 300
doing business in the sector. billion USD annually.
• With global cross-border e-commerce exports projected to reach 2 trillion USD by 2025, India aims to
capitalize on this growth opportunity.
• Local traders' associations have been advocating for an empowered regulatory body to enforce e-commerce
rules and curb violations.
• While 100% foreign direct investment (FDI) is allowed in the marketplace model, FDI is not permitted in the
inventory-based model.
• Traders have expressed concerns regarding the violation of e-commerce rules, such as deep discounts and
preferences given to select sellers.
• The policy intends to clarify these issues and provide greater transparency in the rules governing FDI in e-
commerce.

Significance
• The e-commerce policy will serve as an overarching framework for the sector, ensuring coherence among
various governing acts.
• The sector is governed by the FDI policy, the Consumer Protection Act, of 2019, the Information
Technology Act of 2000, and the Competition Act, of 2002.
• The policy aims to streamline these regulations and create a conducive environment for the growth of the e-
commerce industry.

Kerala first state to set up own service provider

In News
Kerala has become the first state to have its own internet service after Chief Minister Pinarayi Vijayan inaugurated
the Kerala Fibre Optic Network (KFON) project.

About KFON
• KFON network is being set up by the Kerala government in collaboration with the Kerala State Electricity
Board and the Kerala State Information Technology Infrastructure Ltd.
• Each household will receive 1.5 GB of data per day at 15 Mbps speed.
• While the Internet connections for BPL Kerala Fibre Optic Network (KFON) is a project initiated
families and government institutions are by the Kerala government to provide free Internet
provided for free, the rest of the network connections to 20 lakh below-poverty-line families and
will be monetized, by leasing out a portion connect 30,000 government institutions in Kerala.
of the network for commercial purposes.
• KFON project has the potential to bring about positive changes in access, bridge the digital divide, and
transform Kerala into Gigabit Economy and opportunities at the grassroots level in Kerala.
• Kerala has been declared India’s first fully e-governed state, implementing the e-office system and digital
literacy campaigns; In 2019, Kerala announced that Internet connection would be a basic right in the State,
becoming the first State in the country to do so
• In 2016, United Nation passed a resolution recognising Internet access as a basic human right.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 49
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Gurgaon Metro

In News
• The Union Cabinet, chaired by Prime Minister Narendra Modi has sanctioned Rs 5,452 crores for the project.
• The proposed metro line from the HUDA City Centre to Cyber City in Gurugram will also have a Spur to
Dwarka Expressway, Gurugram covering 28.50 km having 27 stations on the route.

About the project

• The entire metro line will be constructed as a
standard gauge line measuring 1435 mm (5 ft 8.5 The project will be undertaken by the Haryana
inches). Mass Rapid Transport Corporation Limited
• The project will be elevated throughout its entire (HMRTC), which will be established as a 50:50
length. The metro connectivity will begin from the Special Purpose Vehicle (SPV) jointly owned by the
existing HUDA City Centre on the Delhi Metro’s Government of India and the Government of
Yellow Line. Haryana.
• The project is anticipated to be completed within the next four years.

Significance
• The significance of this metro line lies in its ability to bridge the gap in metro connectivity between New
Gurugram and Old Gurugram.
• Currently, there is no metro line in Old Gurugram, and the establishment of this new line will address this
deficiency, bringing about a significant improvement in transportation infrastructure.
• The proposed metro network will also provide convenient connectivity to Gurugram railway station,
further enhancing the overall transportation options available to commuters.
• The project will be extended to the Indira Gandhi International (IGI) airport in future.

RBI revises OTS guidelines

In News
The Reserve Bank of India has issued instructions to regulated entities that include the UCBs, regarding compromise
settlements and technical write-offs in respect of stressed accounts.

Major Guidelines
• The primary objective of the detailed guidelines provided by the RBI is to establish a comprehensive
framework for OTS and technical write-offs.
• These guidelines aim to define the process, set precedents, and outline a graded framework for staff
accountability, all within specific timelines.
• The guidelines also emphasize the need for a settlement policy that includes permissible sacrifices for
different exposures and focuses on maximizing recovery while minimizing expenses.
• Borrowers opting for an OTS are subject to a cooling period of at least 12 months for farm credit exposures.
• During this period, regulated entities cannot assume fresh exposures with these borrowers. Additionally,
when there are ongoing judicial recovery proceedings against a borrower, any settlement reached must be
approved by the judicial authorities, as specified by the RBI.
• An important development is the extension of the OTS framework to include urban co-operative banks
(UCBs).
• Previously, this framework was limited to commercial banks.
• This expansion acknowledges the growing reliance of commercial banks on OTS as an effective means of
recovery, particularly considering the delays and complexities associated with other recovery routes such as
the Insolvency and Bankruptcy Code (IBC).

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 50
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

RBI gives green signal to first loss default guarantee (FLDG) framework

In News
The Reserve Bank of India (RBI) has granted its approval for First Loss Default Guarantee (FLDG) framework.

Major Guidelines
• FLDG scheme allows Indian fintechs to partner with banks and NBFCs.
• Regulated entities must ensure that the total amount of default loss guarantee cover on any outstanding
loan portfolio does not exceed five percent of that portfolio.
• It is the responsibility of the regulated entity to recognize individual loan assets in the portfolio as non-
performing assets and make the necessary provisions accordingly.
• Furthermore, the RBI has directed regulated entities to establish a board-approved policy before entering
into any DLG arrangement.
• It is important to note that the DLG arrangement cannot act as a substitute for credit appraisal
requirements.
• Robust credit underwriting standards must be maintained irrespective of the guaranteed cover.
• Under the framework, RBI directed that RE shall ensure that the total amount of DLG cover on any
outstanding portfolio which is specified upfront shall not exceed 5% of the amount of that loan portfolio.
• In the case of implicit guarantee arrangements, the DLG Provider shall not bear a performance risk of more
than the equivalent amount of 5% of the underlying loan portfolio.
• Also, the RE shall invoke DLG within a maximum overdue period of 120 days, unless made good by the
borrower before that.

Sahakar se Samridhi

In News
To realise Prime Minister Shri Narendra Modi’s vision of ‘Sahakar se Samridhi, four important initiatives have been
taken to strengthen 1,514 Urban Co-operative Banks (UCBs) in the country.

About initiatives
• In order to avail this facility, UCBs have to get the policy approved by their board and comply with the
Financially Sound and Well Managed (FSWM) Norms.
• RBI has notified a framework governing this
UCBs can now open new branches up to 10% (maximum
aspect for all regulated entities including
5 branches) of the number of branches in the previous
Urban Co-operative Banks. Now co-operative
financial year without prior approval of RBI in their
banks through board-approved policies may
approved area of operation.
provide process for technical write-off as well
as settlement with borrowers.
• The Reserve Bank of India has decided to extend the timeline for UCBs to achieve Priority Sector Lending
(PSL) targets by two years i.e. up to March 31, 2026. Deadline of March 31, 2023, to achieve PSL target of
60% has now also been extended to March 31, 2024.
• To meet the long pending demand of the cooperative sector for closer coordination and focused interaction,
RBI has recently notified a nodal officer as well.

Daily limit on UPI transactions

In News
Unified Payments Interface (UPI) transactions have been on the rise since its introduction by the National Payments
Corporation of India (NPCI) in 2016.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 51
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Limits by NPCI
• Currently, users can make up to 20 transactions or ₹1 lakh in a single day, either all at once or throughout
the day.
• Certain specific categories of transactions, such as capital markets, collections, insurance, and forward
inward remittances, have a higher limit of ₹2 lakh.
• For UPI-based ASBA (Application Supported by Blocked Amount system) IPO and retail direct schemes, the
limit for each transaction was increased to ₹5 lakh in December 2021.
• ASBA is a facility for investors to participate in Initial Public Offerings (IPOs) and invest in the stock market.
• Punjab National Bank (PNB) and Bank of Baroda have a lower limit of ₹25,000, with PNB's daily limit being
₹50,000.
• Google Pay users face a breach of the daily limit if they attempt to send money more than ten times in a
single day across all UPI apps.
• Punjab National Bank (PNB) and Bank of Baroda have a lower limit of ₹25,000, with PNB's daily limit being
₹50,000.
• Google Pay users face a breach of the daily limit if they attempt to send money more than ten times in a
single day across all UPI apps.

Significance
• The imposition of limits helps maintain the security infrastructure of UPI and ensures its seamless
functioning.
• Limits assist in preventing potential fraud and risk concerns while balancing customer convenience.
• Higher limits are set for specific categories with higher average transaction values, such as capital markets or
credit card bill payments.

India-UAE Comprehensive Economic Partnership Agreement

In News
India and UAE successfully held the 1st Meeting of the Joint Committee (JC) of the India-UAE CEPA.

Outcomes of the meeting

• Both agreed to operationalize the established committees/sub-committees/technical council under the
CEPA,
• Agreed on mutual exchange of preferential trade data on quarterly basis for effective monitoring of the
CEPA,
• Discussed various matters related to the implementation of the Agreement and agreed on addressing any
issue that may potentially act as a hindrance to CEPA implementation or its usage by businesses on both
sides,
• Agreed on creation of a new sub-committee on Trade in Services, and
• Also agreed to set-up a UAE-India CEPA Council (UICC) as a B2B collaboration mechanism, with a focus on
MSMEs and start-ups, for building greater economic linkages and optimizing CEPA benefits.
• India’s exports to the UAE also recorded a remarkable growth of 12%, reaching USD 31.6 billion in 2022-
2023.

About CEPA
• It is a kind of free trade pact that covers negotiation on the trade in services and investment, and other
areas of economic partnership.
• It may even consider negotiation in areas such as trade facilitation and customs cooperation, competition,
and IPR.
• Partnership agreements or cooperation agreements are more comprehensive than Free Trade Agreements.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 52
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• CEPA also looks into the regulatory aspect of trade and encompasses an agreement covering the regulatory
issues.

India-UAE
• UAE is the 7th largest investor in India with cumulative FDI inflows of US$ 15,179 million from April 2000 –
September 2022.
• Major Indian exports to UAE are petroleum products, gems and jewellery, machinery and instruments,
chemicals, iron and steel, textiles and garments, cereals, meat and meat products, etc.

“The Global 2000” List of top companies

In News
NTPC Limited, India's largest power generation company, has climbed 52 positions to secure the 433rd rank in
Forbes' “The Global 2000” List for 2023.

Major Rankings
• US’ largest bank JP Morgan, with assets of $3.74 trillion, took top position in the Global 2000 list, led by
improved revenue growth and deposits.
• The US had 611 companies on the ranking and China second with 346 companies.
• In all, 55 Indian companies feature on the list, which includes 17 from the BFSI space, 10 in the
manufacturing (metals and automobile) space and five from the technology space.
• The second highest Indian ranked firm, SBI, India’s largest lender, continues to build on to its position.
• It had reported stellar growth in the March-ended quarter, led by improved interest income and margins
growth, which led to an 83 percent jump in net profit for the quarter.
• Kotak Mahindra Bank comes in at 13th and the public sector Bank of Baroda at 16th spot. The smaller Yes
Bank comes in at rank 55 and 1995 overall in the list.
• India’s top banks, both private and public sector, have seen impressive growth in the past 12-18 months due
to stronger balance sheets, led by capital and liquidity positions.

About NTPC
• NTPC Ltd. is a central Public Sector Undertaking (PSU) under the Ministry of Power.
• It is India’s largest energy conglomerate with roots
planted way back in 1975 to accelerate power UAE is India's 3rd largest trading partner
development in India. (after US, China). Bilateral trade turnover
• Aim: To provide reliable power and related solutions in an between the two was US$ 68.4 billion in 2021.
economical, efficient and environment-friendly manner, driven by innovation and agility.
• It became a Maharatna company in May 2010.
• It is located in New Delhi.

Cochin harbour modernisation project

In News
The Cochin Fisheries Harbour in Thoppumpady will be modernised by March 2024.

About the project

• The Cochin Fishing Harbour modernisation project is estimated to cost 169.17 crore. Funding for the project
comes from two significant sources.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 53
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The remaining investment of Rs 55.84 crore comes from the public-private partnership (PPP) operator.
• The modernisation project focuses on various infrastructure improvements.
• These include the construction of three air-conditioned auction halls, one non-air-conditioned hall, fish
dressing units, internal roads, loading
and unloading platforms, waste The Pradhan Mantri Matsya Sampada Yojana (PMMSY), a
management areas, and other scheme under the Department of Fisheries, contributes Rs 50
ancillary units. crore, while the Sagarmala Project scheme of the Ministry of
• These enhancements aim to bring the Ports, Shipping and Waterways (MoPSW) provides an additional
harbour’s basic infrastructure up to Rs 50 crore.
international standards and maintain high hygienic standards.
• One of the significant developments of the project is the construction of four temperature-controlled
auction halls, measuring 60mx18m each, equipped with mechanical retrieval and conveyance systems.
• This upgrade is expected to increase the fishing harbour’s capacity by a remarkable 415 tonnes of fish per
day.

Sagarmala Project
• The Sagarmala Programme was approved by the Union Cabinet in 2015 which aims at holistic port
infrastructure development along the 7,516-km long coastline through modernisation, mechanisation and
computerisation.
• The vision of the Sagarmala Programme is to reduce logistics costs for EXIM (Export-Import) and domestic
trade with minimal infrastructure investment.
• Sagarmala could boost India’s merchandise exports to USD 110 billion by 2025 and create an estimated 10
million new jobs (four million in direct employment).

Sovereign Gold Bond Scheme 2023-24

In News
The Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds
(SGBs) in tranches.

About SGBs
• The first SGB scheme was launched by the Government in November 2015, under Gold Monetisation
Scheme with an objective to reduce the demand for physical gold and shift a part of the domestic savings -
used for the purchase of gold - into financial savings.
• The bond will be Issued by the Reserve Bank of India on behalf of the Government of India.
• The tenor of the SGB will be for a period of eight years with an option of premature redemption after 5th
year.
• Minimum permissible investment will be One gram of gold.
• The maximum limit of subscription shall be 4 Kg for individuals, 4 Kg for HUF and 20 Kg for trusts and
similar entities per fiscal year (April-March) notified by the Government from time to time.
• In case of joint holding, the investment limit of 4 Kg will be applied to the first applicant only.
• Price of SGB will be fixed in Indian Rupees on the basis of simple average of closing price of gold of 999
purity, published by the India Bullion and Jewellers Association Limited
• SGBs will be sold through Scheduled Commercial banks (except Small Finance Banks, Payment Banks and
Regional Rural Banks), Stock Holding Corporation of India Limited, Clearing Corporation of India Limited,
designated post offices and National Stock Exchange of India Limited and Bombay Stock Exchange Limited,
either directly or through agents.
• The interest on SGBs shall be taxable as per the provision of the Income Tax Act, 1961. The capital gains tax
arising on redemption of SGB to an individual is exempted.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 54
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Sebi Bars Online Bond Platforms From Selling Unlisted Bonds

In News
Securities and Exchange Board of India (Sebi) recently permitted online bond platform providers to offer
government securities, sovereign gold bonds and several other instruments, enhancing investors' options.

Guidelines
• SEBI’s guidelines restrict online bond platform providers from offering products other than listed debt
securities on their platforms.
• This ensures that investors have access to transparent and regulated investment options.
• By focusing on listed debt securities, the guidelines enhance market integrity and reduce potential risks
associated with unlisted bonds and other unregulated offerings.
• Online bond platform providers are allowed to offer a range of securities on their platforms.
• These include Government Securities, Treasury Bills, listed Sovereign Gold Bonds, listed municipal debt
securities, and listed securitized debt instruments.
• These permissible offerings provide investors with diversified options and facilitate their participation in the
bond market.
• Under the new rules, online bond platform providers are required to register as stockbrokers in the debt
segment of the stock exchange.
• This registration ensures that OBPPs operate within a regulated framework, adhere to established norms,
and maintain the necessary professional standards. By
being registered as stockbrokers, OBPPs demonstrate This initiative will help the authority to
their commitment to transparency, accountability, and collaborate with experts and citizens who
investor protection. want to share knowledge andinsights related
to topics such as road design, construction,
Penalties road safety, environment sustainability and
related fields.
• SEBI’s guidelines make it clear that entities acting as
online bond platform providers must strictly adhere to the permissible product offerings outlined in the
rules. Failure to comply with these guidelines will result in the cessation of offering such products on their
platforms or any other platform website.
• This underscores the importance of adherence to regulatory requirements and safeguards the interests of
investors.
• The guidelines also address the issue of unauthorized usage of an online bond platform provider’s name,
brand name, or any similar name by its holding company, subsidiary, or associate for unregulated products
or services.

NHAI Launches ‘Knowledge Sharing Platform’

In News
For sharing of knowledge and innovative best practices, NHAI has launched a ‘Knowledge Sharing’ platform.

Features of the platform

• The platform will encourage sharing of best practices from around the world and will contribute towards
holistic development of the National Highway infrastructure in the country.
• The best practices can be uploaded on the NHAI web portal https://ksp.nhai.org/kb/ in the form of video
clips, power point presentation and .PDF files.
• The uploaded information on this platform will be reviewed by NHAI officials and will be evaluated for
implementation.
• The knowledge sharing platform will encourage experts and citizens to share best practices and contribute
towards Nation Building.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 55
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• Apart from innovative use of recycled materials such as fly-ash and plastic waste, NHAI is also encouraging
use of Recycled Asphalt (RAP) and Recycled Aggregates (RA) in the National Highway construction to
promote sustainable and eco-friendly practices.

Back Apple to launch its credit card in India, planning to tie-up with HDFC Bank

In News
• Apple Inc is planning to launch its credit card in India, also known as Apple Card.
• The iPhone maker is planning to tie up with HDFC bank to bring its credit card to its Indian customers.

Features of Apple Card

• There is no late fees charged by Apple Customers using the Apple Card for making regular purchases
to its Apple card holders. The with the physical card can earn upto 1% of cashback, which
company does not charge on foreign increases to 2% if payment is done with Apple Pay. For those who
transaction, returned payment, or are using the card for making payment at Apple stores and
annual credit card fees. However, selected partners, cashback percentage reaches to 3%.
users have to pay interest fees
generated for carrying balance.
• Savings: Apple card owners can open 4.15% savings account (No minimum balance limit) to deposit their
daily cash.
• Every customer will get a unique card number for each device. The number is stored ina secure element
which is used by Apple Pay to handle transactions and on-device cryptographic functions.

Why India?
• India has been a focus country for Apple for the last couple of years, with iPhone sales growing at a rapid
pace, albeit from a low base.
• Apple's revenue in India touched around Rs 50,000 crore or $6 billion in FY23, representing a 50% growth
over Rs 33,500 crore (around $4 billion) in FY22.
• Apple's global services revenue stands at around $80 billion. Converting a significant portion of these
transactions through the Apple Card would have a substantial impact.
• Apple currently holds approximately 4% of the overall smartphone market in India, which accounts for
roughly two crore users.
• If 20-30 percent of Indian smartphone users switch to iPhone over the next decade, as is the case in other
middle-income countries, India could become Apple's third-largest market, after the US and China.

New Drug and Inoculation System

In News
Union Minister of Fisheries, Animal Husbandry & Dairying, launched Nandi - NOC Approval for New Drug and
Inoculation System portal recently at Krishi Bhawan, New Delhi.

Features of the portal

• This initiative would also provide valuable support to researchers and industries from a commercial
perspective. With this portal, DAHD will facilitate the regulatory
• By raising awareness among livestock rearers and approval process with transparency to assess and
improving logistical facilities, there would be an examine veterinary product proposals will be more
increase in the consumption of drugs. streamlined through seamless integration with the
• NANDI will bring about growth and innovation by SUGAM portal of Central Drugs Standard Control
enabling quick and easy coordination between Organization.
various Government Departments, Institutes, and

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 56
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Industry through a seamless interconnected system designed to expedite and strengthen the regulatory
process.
• The portal has inbuilt features for end-to-end coordination between Departments,
Committees/Subcommittee and Applicants.
• With the launch of NANDI (NOC Approval for New Drug and Inoculation System), DAHD continues to stride
towards achieving the interventions laid out as part of its Animal Pandemic Preparedness Initiative (APPI).

UTPRERAK

In News
The Ministry of Power, Government of India has set up a dedicated Centre of Excellence to accelerate industry
adoption of clean technologies and thus scale up India’s contribution to the global energy transition.

About UTPRERAK
• Named UTPRERAK, short for Unnat Takniki Pradarshan Kendra, the Centre of Excellence to Accelerate
Adoptionof Energy Efficient Technologies seeks to play a catalytic role in improving energy efficiency of
Indian industry.
• The Centre, named otherwise as Advanced Industrial Technology Demonstration Centre (AITDC), has been
set up by the Bureau of Energy efficiency (BEE), Ministry of Power, at the Badarpur, New Delhi.
• The Centre is mandated to become the key reference and resource institution on industrial energy-efficient
technologies. As its name indicates, the Advanced Industrial Technology Demonstration Centre will
demonstrate and showcase energy-efficient technologies in key industry sectors.
• It will act as an exhibition cum information centre and knowledge repository.
• It will be a knowledge exchange platform, where best practices from across various key sectors could be
diffused among industry professionals through workshops and seminars.
• UTPRERAK will also serve as a strategic capacity-building institution and seeks to be a one-stop solution
provider for energy professionals from across India for trainings and education in energy efficiency.
• It is expected to provide intensive training to more than 10,000 energy professionals from the industry and
other potential sectors over the next five years.

9 Years' achievement of Department of Animal Husbandry & Dairying

In News
Union Minister Shri Parshottam Rupala said while addressing media that the Department of Animal Husbandry and
Dairying has taken several important initiatives during the last nine years for improvement of per animal
productivity.

Achievements

Livestock Sector
• Livestock Sector is an important subsector of agriculture in the Indian economy.
• It grew at a CAGR of 7.93 per cent during 2014-15 to 2020-21 (at constant prices).
• The contribution of livestock in total agriculture and allied sector GVA (at constant prices) has increased from
24.32per cent (2014-15) to 30.13per cent (2020-21). Livestock sector contributed 4.90per cent of total GVA
in 2020-21.

Livestock Population
• India has vast resources of livestock and poultry, which play a vital role in improving the socio-economic
conditions of rural masses.
• There are about 303.76 million bovines (cattle, buffalo, mithun and yak), 74.26 million sheep, 148.88 million
goats, 9.06 million pigs and about 851.81 million poultry as per 20th Livestock Census in the country.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 57
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Dairy Sector
• Dairy is the single largest agricultural commodity contributing 5 per cent of the national economy and
employing more than 8 crore farmers directly.
• India is ranked 1st in milk production contributing 23 percent of global milk production.
• Milk production has increased by 51.05% over the past 8 years from 146.3 million tonnes during 2014-15 to
221.06 million tonnes during 2021-22.

Egg and Meat Production

• According to FAOSTAT production data (2020), India ranks 3rdin Egg Production and 8thin meat
production in the world.
• Egg production in the country has increased from 78.48 billion in 2014-15 to 129.60 billion Nos. in 2021-22.
• Egg production in the country is growing at the rate of 8% per annum.

RASHTRIYA GOKUL MISSION

• The RashtriyaGokul Mission (RGM) is being implemented for development and conservation of indigenous
bovine breeds since December 2014.
• The scheme is important in enhancing milk production and productivity of bovines to meet growing demand
of milk and making dairying more remunerative to the rural farmers of the country.
• The scheme has been continued under umbrella scheme Development Programmes from 2021 to 2026 with
a budget outlay of Rs.2400 crore.

Nationwide Artificial Insemination Programm

• The flagship programme "Nationwide Artificial Insemination programme (NAIP)” was launched by the
Hon'ble Prime Minister on 11thSeptember 2019 in 605 districts with less than 50% Artificial Insemination
(A.I) coverage.
• Under the programme, quality AI services are delivered free of cost at farmers doorstep.

Establishment of Gokul Gram

• Integrated indigenous cattle development Centres – “Gokul Grams”- are being established under the
Rashtriya Gokul Mission with the aim of conservation and development of indigenous bovine breeds in a
scientific and holistic manner.
• Funds have been released for establishment of 16 Gokul grams.

GOPALA app
• A comprehensive breed improvement marketplace and information portal for direct use of farmers in the
form of the e-GOPALA app (Generation of Wealth through Productive Livestock) has been launched by
Hon’ble PM on 10th September 2020.
• e- Gopala app the digital platform is helping farmers in managing livestock including buying and selling of
disease free germplasm in all forms (semen, embryos, etc); availability of quality breeding services (Artificial
Insemination, veterinary first aid, vaccination, treatment etc) and guiding farmers for animal nutrition,
treatment of animals using appropriate ayurvedic medicine/ethno veterinary medicine.
DIDF was launched by DAHD in December 2017
DAIRY PROCESSING & INFRASTRUCTURE DEVELOPMENT FUND (DIDF) with the objective to create/ modernize the milk
• Under this scheme 2.5% interest subvention loan processing, chilling and value addition
from National Bank for Agriculture and Rural infrastructure towards components Milk
Development (NABARD) through NDDB/NCDC. processing, Chilling and Value added Products
• Under DIDF, Funding Period is 2018-19 to 2022-23 facilities, etc. for the Dairy Co-operative, Multi
and repayment period is upto 2030-31 with spill over State Dairy Cooperative, Milk Producer Companies
to first quarter of the FY 2031-32. (MPC), NDDBs subsidiaries.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 58
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

New CSR guidelines ‘Sagar Samajik Sahayog’

In News
The Union Minister of Ports, Shipping & Waterways and Ayush Shri Sarbananda Sonowal launched ‘Sagar Samajik
Sahayyog’ - the new guidelines of Corporate Social Responsibility (CSR).

New Guidelines
• Under the new guidelines, ports in India will allocate a specific percentage of their net annual profit towards
CSR activities.
• Ports with an annual turnover of less than Rs 100 The committee will consist of two other members.
crores will spend 3-5 per cent on CSR, CSR projects must be implemented into the
• Ports with a turnover between Rs 100 to 500 crores business plans of major ports, addressing social
will spend 2-3 per cent and environmental concerns related to their
• Ports with a turnover exceeding Rs 500 crores will operations. A corporate social responsibility plan
spend 0.5-2 per cent. will also need to be prepared for each financial
• Two per cent of the total CSR expenses will be year.
dedicated to project monitoring by the ports in order to ensure effective implementation and monitoring of
the respective CSR projects.
• Each major port will establish a corporate social responsibility committee, headed by a deputy chairperson,
to plan and implement CSR initiatives.
• The CSR projects and programmes will focus on activities specified in Section 70 of the Major Port
Authorities Act, 2021.
• The guidelines allocate specific portions of the CSR budget for various purposes. 20 per cent of the funds
will be earmarked for the Sainik Kalyan Board at the district level, the National Maritime Heritage
Complex, and the National Youth Development Fund.
• The remaining 78 per cent will be directed towards social and environmental welfare projects benefiting the
community.
• These projects include initiatives in areas such as drinking water, education, vocational training, skill
development, renewable energy, healthcare, livelihood promotion, community centers, and hostels.
• The renewed guidelines for CSR activities allows our ports to initiate, undertake and expedite projects for
community welfare through a framework where local communities can also become partners of
development & change.

Seven products from Uttar Pradesh get Geographical Indication tag

In News
The Geographical Indications Registry in Chennai has given tags to seven different products from Uttar Pradesh.

Amroha Dholak: A Musical Marvel

• Preferred wood choices include mango, jackfruit, and teakwood.
• Animal skin, usually goatskin, is meticulously fitted to create the
drum's surface. The Amroha Dholak is a musical
instrument crafted from natural
Baghpat Home Furnishings wood.
• Baghpat and Meerut are renowned for their exclusive handloom home furnishing products.
• The weaving process involves cotton yarn and is predominantly done on frame looms.

Barabanki Handloom Product

• Barabanki and its surrounding areas are home to around 50,000 weavers and 20,000 looms.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 59
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The annual turnover of the Barabanki cluster is estimated to be ₹150 crore.

Kalpi Handmade Paper

• Kalpi is recognized for handmade paper manufacturing.
• Munnalal 'Khaddari,' a Gandhian, introduced the craft in the 1940s, although its roots in Kalpi's history may
extend further.

Mahoba Gaura Patthar Hastashlip

• Mahoba Gaura Patthar Hastashlip represents the unique stone craft of Mahoba.
• The stone used, scientifically known as the 'Pyro Flight Stone,' is a soft and radiant white-coloured stone
predominantly found in the region.

Mainpuri Tarkashi
• Mainpuri Tarkashi is a popular art form characterised by brass wire inlay work on wood.
• Traditionally used for khadaous (wooden sandals), Mainpuri Tarkashi has been a household necessity.
• Leather alternatives were sought due to cultural considerations regarding cleanliness.

About GI Tag
• GI or Geographical Indication Tag is used for products which have specific geographical origin or have
qualities that can be attributed specifically to the region.
• A GI is primarily an agricultural, natural or a manufactured product (handicrafts and industrial goods)
originating from a definite geographical territory.
• It is a part of the intellectual property rights that comes under the Paris Convention for the Protection of
Industrial Property.
• In India, Geographical Indications registration is administered by the Geographical Indications of Goods
(Registration and Protection) Act of 1999.

Mahila Samman Savings Certificate

In News
Mahila Samman Saving Certificate (MSSC) 2023 accounts, the newest small savings scheme, can now be opened in
12 public sector banks and four private sector banks.

About the Scheme

• Provides attractive and secured investment option to all girls and women
• An account can be opened under this scheme on or before the March 31, 2025 for a tenure of two years
• The deposit made under MSSC will bear interest at the rate of Mahila Samman Savings Certificate,
7.5% per annum which will be compounded quarterly. Therefore, 2023 scheme was announced in the
the effective interest rate will be roughly 7.7 percent. Union Budget FY 2023-24 by the
• Minimum of ₹1000 and any sum in multiple of 100 may be Central Government to provide
deposited within the maximum limit of ₹200,000. financial security to every girl and
• Maturity of the investment under this scheme is two years from woman in India.
the date of opening of the account under the scheme.
• It envisions flexibility not only in investment but also in partial withdrawal during the scheme tenor. The
account holder is eligible to withdraw maximum up to 40% of the eligible balance in the scheme account.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 60
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Unified Logistics Interface Platform (ULIP)

In News
The Prime Minister, Shri Narendra Modi has hailed the role of Unified Logistics Interface Platform (ULIP) in
transforming India’s logistics sector.

About ULIP
• It was launched in 2022 as a part of the ‘National Logistics Policy (NLP)’.
• It is designed for enhancing efficiency and reducing the cost of logistics in India by creating a transparent,
single-window platform to provide real-time information to all stakeholders.
• It was emphasized that the solution should have visibility of multi-modal transport and all the existing
systems should be integrated with the ULIP system to create a National Single Window Logistics Portal.
• It will provide real-time monitoring of cargo movement and ensure the confidentiality of data with end-to-
end encryption.
• There are three key components of this platform namely
• Integration with existing data sources of ministries
• Data exchange with private players
• Unified document reference in the supply chain

Grain-Ex system

In News
Ministry of Electronics and Information Technology (MeitY) Additional Secretary Shri Bhuvnesh Kumar has
inaugurated Product Design Centre (PDC), set up at Centre for Development of Advanced Computing (C-DAC),
Kolkata.

Features
• The centre has prototyping and system designing facilities
equipped with all the software and printing technologies An appearance-based detection system i.e.,
for system designing, prototyping, ideation, and Grain-Ex through machine vision technology
fabrication. for pulses developed under ‘National
• This facility will be beneficial to startups, enterpreneurs programme on Electronics and ICT
and MSME’s of the eastern region of the country. applications in Agriculture and Environment
• The appearance-based e-Quality detection system for 14 (AgriEnIcs)’ alongwith ICAR-IARI, New Delhi
types of pulses (Grain-Ex), would bring about a was also launched on this occasion.
transformative change in the e-NAM markets for quality based pricing.
• This will be helpful for more than 1,200 e-NAM connected markets.

e-NAM
• It was launched on 14th April 2016 as a pan-India electronic trade portal linking Agricultural Produce Market
Committees (APMCs) across the States.
• It provides for contactless remote bidding and mobile-based anytime payment for which traders do not need
to either visit mandis or banks for the same.
• Already 585 mandis in 16 States and 2 Union Territories have been integrated on e-NAM portal and will be
soon expanded to cover additional 415 mandis, which will take the total number of e-NAM mandis to 1,000.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 61
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

CRCS-Sahara Refund Portal

In News
Union Home Minister and Minister of Cooperation, Shri Amit Shah will launch ‘CRCS-Sahara Refund Portal’ in New
Delh.

Features o the portal

• A portal has been developed for submission of legitimate claims by the genuine depositors of the Sahara
Groupof cooperative societies namely -- Sahara Credit Cooperative Society Ltd, Saharayan Universal
Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd and Stars Multipurpose Cooperative
Society Ltd.
• The Hon’ble Supreme Court vide its order dated 29th March 2023 had directed that Rs. 5000 Crores be
transferred out of the “Sahara-SEBI Refund Account”, to the Central Registrar of Cooperative Societies
(CRCS) for disbursement against the legitimate dues of the genuine depositors of the Sahara Group of
Cooperative Societies.

Global Maritime India Summit 2023

In News
The Ministry of Ports, Shipping and Waterways is coming with the third edition of its most prestigious ‘Global India
Maritime Summit’ this year.

Global India Maritime Summit

• The objective of this event is to create an international forum for key decision makers and industry
leaders; toProvide opportunity platform for start-ups, researchers and incubators;
• To Showcase the latest technology and emerging trends in the maritime sector; to Recognize and
celebrate achievers in the maritime sector and to created a Platform to access skilled manpower
through industry academia interaction.
• This exclusive pre-event will provide a glimpse into the grandeur and significance of the main summit,
highlighting India's strength in the maritime sector and setting the stage for fruitful collaborations and new
investments opportunities.
• The Curtain Raiser Event will also mark the official launch of the Global Maritime India Summit’s dedicated
website.
• The website will serve as a central hub for participants and stakeholders, offering easy access to vital
resources and updates.
• The event will focus upon new investments opportunities along with collaborations for knowledge and
technology, enhancing trade between nations and to promote Ease-of-Doing-Business.

India makes presentation on e-Shram, world’s largest database of unorganised workers

In News
The 4th Employment Working Group (EWG) Meeting under India’s G20 Presidency began in the city of Indore,
Madhya Pradesh.

E-Shram portal Aim: To register 38 crore unorganised workers such as

• The workers will be issued an e-Shram card construction labourers, migrant workforce, street
containing a 12 digit unique number. vendors, and domestic workers, among others.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 62
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• If a worker is registered on the eSHRAM portal and meets with an accident, he will be eligible for Rs 2.0 Lakh
on death or permanent disability and Rs 1.0 lakh on partial disability.
• The formation of e-Shram portal came after the Supreme Court directed the Government to complete the
registration process of unorganized workers so that they can avail the welfare benefits given under various
government schemes.

Significance
• According to the Periodic Labour Force Survey (PLFS 2018-19), 90% of workers were in the informal sector,
which is 419 million of the 465 million workers.
• Informal workers in rural and urban areas have been hit the most due to the pandemic, because of the
seasonality of their employment and lack of formal employee-employer relationship.

Global Food Regulators Summit 2023

In News
Union Minister for Health and Family Welfare, Dr. Mansukh Mandaviya inaugurated the maiden Global Food
Regulators Summit 2023.

Global Food Summit 2023

• This summit is an endeavour of the Food Safety and PM-PRANAM scheme which encourages a
Standards Authority of India (FSSAI) under the aegis of the balanced use of chemicals and fertilizers in
Ministry of Health and Family Welfare (MoHFW) to create a food cultivation, and encourages farmers to
global platform of food regulators to exchange perspectives take up organic, natural and alternative
on strengthening food safety systems and regulatory farming.
framework across the food value chain.
• Food-o-Copoeia, a collection of food category-wise monographs and a single point reference for all
applicable standards for a specific product category detailing quality and food safety standards, labelling
and claim requirements, packaging requirements, test methods and any other regulatory provisions as per
the Food Safety and Standards Regulations (FSSRs) that need to be adhered to.
• A Common Digital Dashboard was also launched during the Summit by the Union Minister of Health and
Family Welfare.
• The Dashboard is a common unified IT-portal that provides comprehensive information on standards,
regulations, notifications, advisories, guidelines, contamination limits and the latest developments by Food
Regulators in India.
• The Global Food Regulators Summit 2023 brings together food regulators from around the world to
exchange perspectives and knowledge on crucial issues related to food safety systems.

National Conference On Rural WASH Partners' Forum

In News
The Union Minister for Jal Shakti, Shri Gajendra Singh Shekhawat inaugurated a two-day National Conference on
Rural WASH Partners' Forum (RWPF) at Vigyan Bhawan in New Delhi.

About the conference

• The theme of the conference is ‘Accelerating Progress towards a Swachh Sujal Bharat’.
• RWPF is a platform set up by the Department of Drinking Water and Sanitation (DDWS) in collaboration
with KPMG India for Development/ Sector Partners working in rural WASH space of India.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 63
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

The main objective of the Forum is to support the

• The Forum has brought organizations working expeditious implementation of the Jal Jeevan Mission
in the rural WASH sector under one umbrella (JJM) and Swachh Bharat Mission-Grameen (SBM-G),
for better collaboration & synergy, besides the flagship missions of DDWS, Ministry of Jal Shakti,
creating an environment of learning and Govt. of India.
knowledge sharing, finding scalable and cost-
effective solutions, sharing best practices & success stories while avoiding overlap in efforts.
• Digital WASH Academy aims to build the capacity of various stakeholders associated with water supply
programme viz. administrators, engineers, panchayat functionaries, technicians, sanitation workers and foot
soldiers.

5th Helicopter & Small Aircraft Summit

In News
The 5th Helicopter & Small Aircraft Summit is to be jointly organised by the Ministry of Civil Aviation, Government of
Madhya Pradesh, Pawan Hans Ltd. and the Federation of Indian Chambers of Commerce and Industry (FICCI) in
Khajuraho, Madhya Pradesh.

About the Summit

• Provide a common platform for all industry stakeholders, and policymakers to discuss the growth story of
the Indian Helicopter and Small Aircraft industry.
• Enhance the scope of the UDAN Scheme in remote and hilly terrains and expand the country's rural to urban
connectivity.
• Boost Helicopter & Small Aircraft connectivity to places with existing and potential tourism hotspots by
providing uninterrupted services.
• Helicopters and small aircraft play integral roles in India's transportation ecosystem.
• Civilian helicopters contribute to improved accessibility, particularly in remote areas, while offering
tremendous potential for tourism, allowing travellers to experience scenic landscapes and cultural
destinations in unique ways.
• small aircrafts provide efficient and convenient transportation options for business and leisure travellers,
enhancing regional air connectivity and promoting the exploration of lesser-known destinations.
• The aviation and tourism industries mutually benefit from each other, fostering employment opportunities
and driving economic growth across the country.

Significance
• The Summit comes at a crucial time when the Indian civil aviation industry is undergoing a paradigm
transformation.
• The sector has now become the need of the hour not only for India but for humankind across the world as it
always brings with it two important multipliers- the economic multiplier and the employment multiplier.
• The 5th Heli Summit will bring industry stakeholders together to engage and collaborate with policymakers
to implement efficient and rational decisions that would boost India’s civil aviation industry further.

Cannabis Research Project

In News
Union Minister of State (Independent Charge) Science & Technology; MoS PMO,Dr Jitendra Singh said, Jammu is
going to pioneer India's first Cannabis Medicine Project.

Features of the project

• The collaboration has the potential to produce medicines that are currently imported from foreign countries,
thereby promoting indigenous production and reducing dependency on external sources.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 64
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The project aims to harness the potential of cannabis for medical purposes, particularly in treating
neuropathies, cancer, and epilepsy.
• The cannabis research project holds promise for discovering therapeutic properties of the plant, previously
known for abuse, and obtaining regulatory approvals for clinical studies and drug development.
• It will foster investment opportunities in Jammu and Kashmir
• The project will boost CSIR-IIIM’s reputation as a prestigious scientific research institute in India

Cannabis
• Cannabis (also called marijuana), a psychoactive drug from the cannabis plant, has been used for
recreational and medicinal purposes for centuries.
• In India, possession of prohibited drugs is an offence, but ‘Cannabis Research Project’ of CSIR-IIIM
medical use is allowed. Jammu is a first of its kind in India initiated
• Cannabis-based medical treatment utilizes compounds under the leadership of Prime Minister
like THC and CBD to manage conditions like chronic pain, Narendra Modi, in Private Public Partnership
nausea, muscle spasms, and epilepsy, interacting with the with a Canadian firm.
body’s endocannabinoid system.

Banks get ₹5,729 crore from “Depositor Education and Awareness” (DEA) Fund

In News
The “Depositor Education and Awareness Fund Scheme, 2014”, was notified by Reserve Bank of India (RBI), which
covers norms related to unclaimed deposits and outlines details of utilisation of fund.

Scheme Guidelines
• By notifying the fund scheme, the RBI laid the
foundation for promoting financial literacy and The main objective is to create awareness among
safeguarding consumers’ rightful claims. depositors and protect their interests in the
• Public sector banks have made significant financial realm.
contributions to the DEA Fund, transferring a staggering Rs 36,185 crores of unclaimed deposits until March
31, 2023.
• Private banks have also shown responsibility by transferring Rs 6,087 crores to the DEA Fund during the
same period.
• The RBI has taken proactive measures to expedite the process of locating and paying unclaimed deposits.
• The “100 Days 100 Pays” campaign challenges banks to locate and settle the top 100 unclaimed deposits in
each bank and district within 100 days, commencing on January 6, 2023, and concluding on September 8,
2023.
• This campaign fosters a sense of urgency and dedication in facilitating rightful claimants to access their
unclaimed funds.
• The RBI plans to establish a centralized web facility.
• This web facility will allow the public to locate unclaimed deposits across various financial institutions,
facilitating the resolution process and ensuring unclaimed funds reach their rightful owners.

NADA has launched an Anti-Doping helpline number (1800-119-919)

In News
National Anti-Doping Agency (NADA) has launched an Anti-Doping helpline number for the athletes and athlete
support personnel to provide information about Anti-Doping rules and guidelines.

Initiatives by NADA
• The Helpline number is: 1800-119-919.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 65
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• To report any drug abuse or Doping activities in sports, NADA also provides the “Speak Up!” portal, where is
intended for athletes and others to report any alleged Anti-Doping Rule Violations (ADRVs); non-compliance
under the NADA Anti-Doping Rules; or, any act or omission that could undermine the Fight Against Doping in
Sport.
• NADA also ensures maintenance of strict confidentiality of the informer and the information shared.
• To help the competing athletes, need based awareness-cum-education material has been prepared by
NADA in association with the NSFs.
• NADA has introduced mass awareness programmes NADA has launched an Anti-Doping helpline for
for athletes to create awareness among athletes the athletes and athlete support personnel to
across the country about the Anti-Doping Rules and provide information about Anti-Doping rules and
the ill effects of Doping. guidelines.
• The Anti-Doping education programmes are
conducted at various places across the country during the sporting events/training sessions at SAI
Centres/SAI Training Centres, Physical Education Colleges/Universities, State Sports Associations and
Services Sports Control Boards, etc.
• Woman coach to be a mandatory part of any contingent with female athletes during domestic/international
camps and competition exposures.

Bharat Mandapam

In News
• The Prime Minister, Shri Narendra Modi inaugurated the International Exhibition-cum-Convention Centre
(IECC) complex at Pragati Maidan in New Delhi recently.
• He also unveiled the G-20 coin and G-20 stamp.

About IECC
• Bharat Mandapam is a call for India’s capabilities and new energy of the nation, it is a philosophy of India’s
grandeur and willpower.
• The project revamps the old and outdated facilities at Pragati Maidan and developed as a National project at
a cost of about Rs 2700 crores.
• With a campus area of approximately 123 acres, the IECC complex has been developed as India’s
largest MICE (Meetings, Incentives, Conferences, and Exhibitions) destination.
• The Convention Centre is developed as the centrepiece of the Pragati Maidan complex.
• It is a grand architectural marvel, designed to host large-scale international exhibitions, trade fairs,
conventions, conferences, and other prestigious events.
• It is equipped with multiple meeting rooms, lounges, auditoriums, an amphitheatre and a business centre
making it capable of hosting a wide range of events.
• Its majestic multi-purpose hall and plenary hall have a combined capacity of seven thousand people,
which is larger than the seating capacity of the famous Sydney Opera House in Australia.
• Its magnificent Amphitheater is equipped with a seating capacity of 3,000 individuals.
• The shape of the building is derived from the Shankha (conch shell), and different walls and facades of the
Convention Centre depict several elements of India's traditional art and culture including ‘Surya Shakti’
highlighting India’s efforts in harnessing solar energy
• ‘Zero to ISRO’, celebrating our achievements in space, Pancha Mahabhuta signifying the building blocks of
universal foundation - Aakash (Sky), Vayu (Air), Agni (Fire), Jal (Water), Prithvi (Earth), among others.

Other features
• The Convention Centre include 5G-enabled fully Wi-Fi-covered campus, 10G Intranet connectivity,
interpreter room equipped with cutting-edge technology to support 16 different languages, advanced AV
systems with huge-sized video walls,

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 66
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• Building management system ensuring optimal functionality and energy efficiency, light management system
with dimming and occupancy sensors, state-of-the-art DCN (Data Communication Network) system,
integrated surveillance system and energy-efficient centralized air conditioning system.
• The IECC complex features seven exhibition halls and each one serves as a versatile space for hosting
exhibitions, trade fairs, and business events.
• The exhibition halls are designed to accommodate a diverse range of industries and showcase products and
services from around the world.

Summit on “Global Chemicals and Petrochemicals Manufacturing Hubs in India”

In News
The Ministry of Chemicals & Fertilizers in association with the Federation of Indian Chambers of Commerce and
Industry (FICCI) is organizing the 3rd edition of the Summit on GCPMH 2023.

About GCPMH 23
• The summit will bring together global leaders, CEOs, government authorities, key industry players, state
governments and subject matter experts from around the globe in an open dialogue to discuss the key
developments, sectoral issues and the way forward with respect to Indian chemicals and petrochemicals
industry.
• It will help to develop possible strategies, sharing insights, exploring opportunities, and addressing
challenges which will shape the Chemicals and Petrochemicals Industry in India and across the world in the
next decade.
• The Chemical and Petrochemical The Summit is one of the largest composites biennial event for
Industry is a key contributor to the promotion of Chemical and petrochemical manufacturing hubs in
social and economic development of India.
our country.
• To seize the opportunity to establish India as a leading chemicals & petrochemicals manufacturing hub,
Department of Chemicals and Petrochemicals has been organizing the “Global Chemicals and Petrochemicals
Manufacturing Hubs” (GCPMH) Summit biennially since 2019.

Greenfield Airports

In News
Government of India has accorded 'In-Principle' approval for setting up of 21 new Greenfield Airports namely, Mopa
in Goa, Navi Mumbai, Shirdi and Sindhudurg in Maharashtra etc.

Greenfield Airports
• This airport is built to minimize the congestion at the
existing airports. A greenfield airport is one that is built from
• Usually, it is at a greater distance from the city and scratch on undeveloped land, where no
constructed in a way that special consideration is given to work has been done in the past.
the environmental impact.

Greenfield Airport policy

• Development of a Greenfield airport is governed under the Greenfield Airports (GFA) Policy, 2008.
• As per the Policy, a State Government, or an Airport Developer, willing to establish an airport is required to
send a proposal to the Ministry of Civil Aviation (MoCA) for 2-stage approval i.e. 'Site-Clearance' followed by
'In-Principle' approval.
• Such proposals are considered by MoCA as per the procedure stipulated in the GFA Policy.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 67
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The responsibility of implementation of airport projects including funding of the projects rests with the
concerned airport developer including the respective State Government (in case the State Government is the
project proponent).

21 Greenfield Airport
• Mopa in Goa,
• Navi Mumbai, Shirdi and Sindhudurg in Maharashtra,
• Kalaburagi, Vijayapura, Hassan, and Shivamogga in Karnataka,
• Dabra (Gwalior) in Madhya Pradesh,
• Kushinagar and Noida (Jewar) in Uttar Pradesh,
• Dholera and Hirasar in Gujarat,
• Karaikal in Puducherry,
• Dagadarthi, Bhogapuram and Oravakal (Kurnool) in Andhra Pradesh,
• Durgapur in West Bengal,
• Pakyong in Sikkim,
• Kannur in Kerala and
• Donyi Polo, Itanagar in Arunachal Pradesh.

PM inaugurates SemiconIndia 2023 in Gandhinagar, Gujarat

In News
Prime Minister Narendra Modi recently inaugurated the second edition of Semicon India, with the 3-day event taking
place in Gandhinagar, the capital of his native state Gujarat.

About Semicon India

• It aims to bring together global leaders from industry, academia, and research institutions.
• It showcases India’s semiconductor strategy and policy which envisions making India a global hub for
semiconductor design, manufacturing, and technology The theme of the Conference is ‘Catalysing
development. India’s Semiconductor Ecosystem’.
• SemiconIndia 2023 will witness the participation of
representatives of major companies such as Micron Technology, Applied Materials, Foxconn, SEMI, Cadence,
and AMD among others.
• At present, India's electronics production has more than tripled to over 100 billion dollars, up from less
than 30 billion dollars in 2014 when he began his first term.
• The Gujarat government signed an memorandum of understanding (MoU) worth Rs 22,500 crore with
semiconductor chip giant Micron Technology to establish an Assembly, Testing, Marking, and Packaging
(ATMP) facility in the state.

National Pension System Trust

In News
Dr. Deepak Mohanty, Chairman, Pension Fund Regulatory & Development Authority (PFRDA) launched the
revamped website of the National Pension System Trust.
The new website accessible at https://npstrust.org.in
Features marks a significant milestone in NPS Trust’s commitment
• The new website features a sleek and intuitive to enhancing user experience and providing seamless
design, optimized for both desktop and mobile access to information related to the National Pension
devices. It incorporates a range of new features System (NPS) and Atal Pension Yojana (APY).
and improvements to better serve the needs of
the people.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 68
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The key highlights of the website are:

• Streamlined navigation and menu structure
• Structured Information
• Enhanced online services with new features
• Enhanced user experience
• Improved search functionality
• The menu structure is organised and standardised into 6 simpler categories, for both NPS and APY - Features
and Benefits, Online Services, Returns and Charts, NPS Calculator, Grievances and Exit.
• Under the online services, by authenticating their PRAN, Date of Birth and OTP, the subscribers can also view
their NPS holdings with their respective CRA.

Consumer Protection Act, 2019

In News
To further strengthen the provisions for consumer protection especially in the new era of globalization, online
platforms, e-Commerce markets etc., the Consumer Protection Act, 2019 was enacted to replace the Consumer
Protection Act 1986.

Provisions of the act

• The Consumer Protection Act 2019 has widened the scope of the definition of "consumer" to include
persons who buy or avail of goods or services online or through electronic means which was not present in
the Consumer Protection Act 1986.
• The Consumer Protection Act 2019 has also included definition of advertisement as any audio or visual
publicity, representation, endorsement or pronouncement made by means of, inter-alia, electronic media,
internet or website.
• The CCPA has notified the Guidelines for Prevention of Misleading Advertisements and Endorsements for
Misleading Advertisements, with the objective to
curb misleading advertisements and protect the Under the provisions of the Consumer Protection
consumers, who may be exploited or affected by Act, 2019, a Central Consumer Protection
such advertisements. Authority (CCPA) hasbeen established to regulate
• The CCPA has issued advisories to, inter-alia, e- matters, inter alia, relating to false or misleading
commerce companies to desist from manufacturing, advertisements which are prejudicial to the
selling or listing of products or services which are interests of public and consumers as a class.
dangerous to life of the consumers which included selling and listing of car seat belt alarm stopper clips,
illegal sale and facilitation of wireless jammers and also advised all marketplace e-commerce platforms to
display information provided by sellers as per the E-Commerce Rules, 2020.
• CCPA has also issued two safety notices cautioning consumers against buying goods that do not hold valid ISI
Mark and violate compulsory BIS standards, such as Helmets, Pressure Cookers and Cooking gas cylinders
and other household goods including electric immersion water heaters, sewing machines, microwave ovens,
domestic gas stoves with LPG etc.
• The Consumer Protection Act 2019 explicitly includes e-commerce transactions within its scope, defining e-
commerce as the buying or selling of goods or services including digital products over digital or electronic
network.
• The Department of Consumer Affairs has urged the e-commerce companies, industry associations to
refrain from indulging in any design or pattern in the online interfaces of their platform that may deceive
or manipulate consumer choices and fall into the category of dark patterns.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 69
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Mines and Minerals (Development & Regulation) Amendment Bill, 2023

In News
The Rajya Sabha has passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2023 for
making amendments to the Mines and Minerals (Development and Regulation) Act, 1957 (hereinafter referred to as
‘the Act’).

Provisions of the act

• Omission of 6 minerals from the list of 12 atomic minerals specified in Part-B of the First Schedule of the Act,
namely, Lithium bearing minerals, Titanium bearing minerals and ores, Beryl and other beryllium bearing
minerals, Niobium and Tantalum bearing minerals and Zirconium-bearing minerals.
• Empowering Central The MMDR Act, 1957 was comprehensively amended in 2015 to bring several
Government to reforms in the mineral sector, notably, mandating method of auction for
exclusively auction grant of mineral concessions to bring transparency in allocation of mineral
mineral concessions for resources, for establishing District Mineral Foundation (DMF) for the welfare
critical minerals specified of the people and areas affected by mining and for establishing National
in Part D of the First Mineral Exploration Trust (NMET) to give thrust to exploration and for
Schedule of the Act. ensuring stringent penalty for illegal mining.
• Revenue from these
auctions will accrue to concerned State Government.
• Introducing exploration licence for deep-seated and critical minerals
• The Bill provides to remove certain minerals from the list of atomic minerals, viz. minerals of lithium,
beryllium, titanium, niobium, tantalum and zirconium are technology and energy critical having use in space
industry, electronics, technology and communications, energy sector, electric batteries and are critical in
net-zero emission commitment of India.
• Involvement of private agencies in exploration would bring advanced technology, finance and expertise in
exploration for deep-seated and critical minerals.

Roadmap to making India a $5 trillion economy

In News
The Government’s roadmap for making India a $5 trillion economy comprises focussing on growth at the macro level
and complementing it with all-inclusive welfare at the micro level, promoting digital economy and fintech,
technology-enabled development, etc.

About the Strategy

• The Government’s Road Map was put into effect in 2014.
• The major reforms including Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC), a
significant reduction in the corporate tax rate, the Make in India and Start-up India strategies, and
Production Linked Incentive Schemes, among others, have been implemented.
• The Government has also focused on a capex-led growth strategy to support economic growth and attract
investment from the private sector, increasing its capital investment outlay substantially during the last
three years.
• Central Government’s capital expenditure has increased from 2.15 per cent of GDP in 2020-21 to 2.7 per
cent of GDP in 2022-23.
• The Union Budget 2023-24 has taken further steps to sustain the high growth of India's economy.
• These include a substantial increase in capital investment outlay for the third year in a row by 33 per cent to
₹10 lakh crore (3.3 per cent of GDP).
• Direct capital investment by the Centre is also complemented by Grants-in-Aid to States for the creation of
capital assets.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 70
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The ‘Effective Capital Expenditure’ of the Centre was accordingly budgeted at 13.7 lakh crore (4.5 per cent
of GDP) for 2023-24.

GI tags for Goan mangoes and bebinca, crafts from Rajasthan and U.P

In News
Seven products from across India, including four from Rajasthan, were given the Geographical Indication (GI) tag by
the Geographical Indications Registry in Chennai.

GI tags
• An enchanting Mango Variety
Jalesar Dhatu Shilp is an complex Metal Craft originating from the town
from Goa, Goa Mankurad
of Jalesar in Uttar Pradesh’s Etah district. Over 1,200 small units in this
Mango, also referred to Goa
region are passionately engaged in creating exquisite metal craft and
Mancurad or Goa Alphonso is
brassware. The craftsmanship involves the production of decorative
a delightful mango variety
items such as ghungrus (anklets) and ghantis (bells). This traditional art
grown in Goa. Due to its sweet
form is particularly mastered by the local community known as
taste, juicy pulp, thin skin, and
Thatheras, residing in Hathuras.
pleasant aroma, it is regarded
as one of the finest mango varieties in India.Initially named “malcorada” by the Portuguese, which means
‘poor colored’ it later evolved into “mankurad aamo” (mango) in Konkani.
• The Regal Dessert of Goa, Goan Bebinca, also known as Bibik or Bebinka, is a traditional dessert hailing from
Goa. It is a layered cake made with thin layers of flour, eggs, coconut milk, sugar, and ghee (clarified butter).
After adding each layer, the cake is baked in an earthen oven, resulting in a rich and moist texture. This
delectable dessert is a traditional Indo-Portuguese pudding, often regarded as the “queen of Goan desserts”.
• The Udaipur Koftgari Metal Craft from Rajasthan produces exquisite ornamented weapons. This intricate art
involves a complex process of etching intricate designs, embedding gold and silver wires into metal, and
meticulously polishing it to perfection. The primary purpose of this craft is to ornament weapons, imparting
them with a regal and artistic appearance.
• Bikaner Kashidakari Craft offers exquisite needlework for special occasions. It is traditionally crafted on
cotton, silk, or velvet and showcases fine stitches and mesmerizing mirror-work. This craft is often employed
for objects associated with weddings, particularly gift items. The mirrors used in the craft are believed to
protect against the “evil eye” due to their reflective surfaces. The skilled Meghwal community in Bikaner and
nearby districts is responsible for preserving and practicing this art form.
• Bandhej, known as one of the most renowned textile art forms of Rajasthan, is the Rajasthani art of tying
and dyeing. This technique involves creating patterns or designs on fabrics by tying them with threads and
then dyeing them in various colors. Cotton thread is skillfully used to tie the fabric, resulting in intricate
patterns and designs.
• The Bikaner Usta Kala Craft, also referred to as gold nakashi or gold manauti work for its enduring golden
hue, showcases artistic camel hide craftsmanship. This unique art form entails treating raw camel hide and
skillfully molding it into a range of products. The skilled Dapgar community of leather craftsmen carries
forward this tradition with finesse.

About GI tag
• A geographical indication (GI) is a sign used on products that have a specific geographical origin and
possess qualities or a reputation that are due to that origin.
• The granting of Geographical Indication tags to these products not only promotes their uniqueness but also
safeguards the traditional knowledge and craftsmanship associated with them.
• It ensures that these cultural treasures continue to thrive and find recognition not only in India but also on
the global stage.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 71
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

‘Rajmargyatra’ app

In News
The National Highways Authority of India (NHAI) takes a significant stride towards improving the highway user
experience with the launch of 'Rajmargyatra,' a citizen-centric unified mobile application.

Features
• This user-friendly app is now available for download on both Google Play Store and iOS App Store,
empowering travelers with comprehensive information on Indian National Highways while also offering an
efficient complaint redressal system.
• The app is currently available in Hindi and English.
• The app comes equipped with an inbuilt
complaint redressal and escalation Rajmargyatra' serves as a one-stop repository of essential
mechanism. information for National Highway users. Get real-time
• Users can easily report highway-related weather conditions, timely broadcast notifications, and
issues, attaching geo-tagged videos or access to details about nearby toll plazas, petrol pumps,
photos for better clarity. hospitals, hotels, and other essential services that ensure a
• The registered complaints will be handled seamless and safe journey on National Highways.
in a time-bound manner, with system-generated escalations to higher authorities in case of any delays.
• Users can also track the status of their grievances for complete transparency.
• 'Rajmargyatra' integrates its services with various bank portals, making it convenient for users to recharge
their FASTags, avail monthly passes, and access other FASTag-related banking services – all within a single
platform.
• Over-speeding notifications and voice-assistance to encourage responsible and safe driving behavior.
• 'Rajmargyatra' aims to create a seamless, user-friendly experience for highway users, fostering a safer and
more enjoyable journey on Indian National Highways.

Port Health Organisation (PHO) under Sagar Setu

In News
The Union Minister of Ports, Shri Sarbananda Sonowal launched Port Health Organisation (PHO) module under Sagar
Setu - National Logistics Portal (Marine) - in an attempt to enable faster and simpler ecosystem to promote Ease of
Doing Business (EODB).

About Port Health Organisation

• PHO will conduct disease surveillance, health inspection and quarantine measures to safeguard citizens
and port workers.
• The launch of the PHO module is yet another step towards digitalisation and modernisation of our systems
which will further the ease of doing business in the country.
• This Port Health Organization module has been envisaged as a part of ‘Ease of Doing busine’ by covering
features like request for PHO clearance certificates, approval by PHO, online certification generation,
tracking of request status etc.
• The PHO module will help the Shipping Agents, PHO’s, Port Authorities, Customs etc allowing easier access
to functionalities of PHO clearance through online process.
• This will help in collaborating with different departments & agencies for accordance of approval etc. It will
also ensure data mobility such that approvals and monitoring shall be paperless transparency. With a focus
on public health, the Port Health Organization will conduct disease surveillance, health inspections, and
quarantine measures to safeguard citizens and port workers.
• For Custodians like Ports Authorities and Customs, this module will help in providing Seamless
Communication.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 72
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• PHO module of Sagar Setu (NLP-M) will boost maritime trade by enhancing ease of doing business and
implementing digitisation process in Maritime process.

Sagar Setu
• National Logistic Portal - Marine would help the Shipping Agents to submit the request for Free Pratique and
Health Declaration Certificates to PHOs at Port through online for the vessel arriving and leaving the Ports.
• Approvals and issuance of certificates by PHOs can also be made through the PHO module and notifications
to Port Officials.
• The SAGAR-SETU’, the mobile app version of NLP-Marine, was launched in April, 2023.
• This app gives real-time information on vessel-related details, gate information, container freight stations,
and transactions.
• The app also facilitates digital payments for charges associated with import and export clearance processes,
such as shipping line charges, transportation fees, and container freight station charges.

Digital India RISC-V’ Symposium

In News
Ministry of Electronics and Information Technology, IIT Madras and IITM Pravartak Technologies Foundation are
collaborating to present the "Digital India RISC-V Symposium, a one-day event showcasing the future of Electronics"
in India through the RISC-V pathway.

About RISC-V
• The RISC-V project began in 2010.
• The RISC-V ISA enables a new era of processor innovation through open standard collaboration and aims
to deliver a new level of free, extensible software and hardware freedom on architecture, paving the way
for the next 50 years of computing design and innovation.
‘RISC’ stands for ‘Reduced Instruction Set
• Prof Kamakoti developed ‘SHAKTI,’ India’s first Computer’ and ‘V’ stands for the fifth
indigenously-designed microprocessor based on RISC-V generation.
ISA.
• The RISC-V foundation was formed in 2015 with IIT Madras being one of the founder members.
• The DIR-V (Digital India RISC-V) Microprocessor Program was launched in 2022 by the GOI, with an overall
aim to enable the creation of Microprocessors for the future in India, for the world and achieve industry-
grade silicon & Design wins by December 2023.
• The RISC-V ISA based designs are used by many companies and start-ups. It is open source and free of cost.
• For academicians, the pedagogy of RISC-V ISA opens up an industry-relevant curriculum with numerous
exciting research and applications.

Bharat Campaign under Agriculture Infrastructure Fund

In News
Agriculture Secretary of Ministry of Agriculture and Farmers Welfare, Manoj Ahuja launched a new campaign for
banks under Agri Infra Fund name BHARAT (Banks Heralding Accelerated Rural & Agriculture Transformation).

About Bharat Campaign

• This is a month-long Campaign from A new campaign named 'BHARAT’ (Banks Heralding Accelerated
15th July 2023 to 15th August 2023. Rural & Agriculture Transformation) has been launched by the
Top performing Banks under Government under Agriculture Infrastructure Fund Scheme to
different categories i.e. commercial provide maximum benefits to thepeople and to create a
Banks in public and private Sector, competitive spirit among the Banks and lending institutions to
Regional Rural Banks, Small Finance mobilize agriculture infrastructure projects loan at a faster pace.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 73
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Banks (SFBs), Non-Banking Financial Companies (NBFCs) and cooperative Banks will be selected at the end of
the Campaign and their special contribution will be recognized.
• This Campaign was launched on 12th July, 2023 which was attended by more than 100 Banking Executives
that included MDs/Chairman, EDs of commercial Banks in public and private sector, Regional Rural Banks,
Small Finance Banks, NBFCs and select cooperative Banks.
• Banks have been requested to achieve the targets considering the potential for agri infra projects from time
to time and the response of the banks is encouraging.
• Ministry conducts capacity building programmes at Bankers’ Training Colleges on physical mode and
awareness sessions on AIF Scheme with Bank officials from Head Offices and controlling offices of various
Banks on VC mode to promote the Scheme.

About Agriculture Infrastructure Fund

• Agriculture Infrastructure Fund has been approved by the Union Cabinet in 2020.
• The scheme aims to provide medium-long term debt financing facility for investment in viable projects
related to post-harvest management infrastructure and community farm assets.
• This scheme provides interest subvention and financial assistance.
• The scheme has been launched for a total of 10 years from FY2020 to FY2032.
• Interest Subvention- Interest Subvention of 3% is available on all loans up to a limit of Rs.2 crore. This rebate
is available for a maximum period of 7 years.
• Credit Guarantee Coverage- eligible borrowers can avail credit guarantee coverage under the Credit
Guarantee Fund Trust for Micro and Small Enterprises Scheme (CGTMSE). This is provided for the loans up to
Rs.2 crore and the fee is paid by the government.

Rajouri Chikri Wood Craft and Mushqbudji Rice Receive GI Tags

In News
In a noteworthy tribute to local craftsmanship and agricultural heritage, the prestigious Geographical Indication (GI)
Tags have been granted to Rajouri Chikri Wood Craft from Rajouri district and the prized Mushqbudji Rice variety
from Anantnag district.

Features
• When cooked, this rice tantalizes the senses with its unique
The Mushqbudji rice is not just a
fusion of flavors and captivating aroma.
culinary delight but a testament to
• The expansion of its cultivation into districts like Budgam and the region’s agronomic brilliance.
Kulgam stands testimony to its increasing significance.
• Parallelly, the Chikri wood, known for its fine grains, finds its home amidst the picturesque hill ranges of the
Jammu province, echoing the region’s rich artisanal heritage.
• Admired for its pale, honey-colored softwood, Chikri Wood Craft comes to life through careful carving and
intricate detailing.

About GI tag
• Geographical Indication (GI) is an indication used to identify goods having special characteristics
originating from a definite geographical territory.
• The Geographical Indications of Goods (Registration and Protection) Act, 1999 seeks to provide for the
registration and better protection of geographical indications relating to goods in India.
• It is governed and directed by the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights
(TRIPS).
• It was decided and also stated under Articles 1 (2) and 10 of the Paris Convention that the protection of
industrial Property and Geographical Indication are elements of Intellectual Property.
• It is primarily an agricultural, natural or a manufactured product (handicrafts and industrial goods).

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 74
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

One District One Product ‘ODOP Wall’ launched

In News
One District One Product (ODOP) and Deendayal Antyodaya Yojna - National Rural Livelihoods Mission (DAY-NRLM)
joined hands to launch ‘ODOP wall’.

About ODOP
• The program selects, brands, and promotes one unique product from each district, showcasing the diverse
range of products across the country which encompasses various sectors, including handlooms and
handicrafts.
• Under this Collaboration- The One District One Product (ODOP) program, an initiative under
products are being identified the Department for Promotion of Industry and Internal Trade
from all districts to be promoted (DPIIT), Ministry of Commerce & Industry, aims at manifesting the
for their unique qualities and vision of the Prime Minister to make the country and its people self-
cultural significance which reliant by fostering balanced regional development across all
include various handicrafts, districts of the country.
handloom, and agricultural products that have been associated with the identity of their place of origin.
• This collaboration aims to drive consumers towards emporia, boosting sales and increasing the visibility
SARAS products even further to promote indigenous crafts and artisans of rural SHGs women.

SARAS Aajeevika
• SARAS Aajeevika is an initiative by Deendayal Antyodaya (DAY-NRLM), Ministry of Rural Development,
Government of India.
• SARAS Aajeevika is a strong supporter of women's empowerment, with a special focus on uplifting women
artisans and Self-Help Groups (SHGs).
• By creating a special marketplace for their well-crafted products, SARAS Aajeevika boosts the skills and
talents of these women, helping them become independent entrepreneurs.

NCLT gives final nod for merger of Sony and Zee

In News
The Mumbai bench of the National Company Law Tribunal recently gave its final approval to Sony Pictures Network
India’s (Culver Max Entertainment) proposed merger with Zee Entertainment Enterprises Ltd.

Merger Significance
• The merged entity is poised to reshape the landscape of the entertainment industry.
• The collaborative strength of these two industry titans holds the potential to inaugurate a fresh era of
exceptional entertainment, captivating audiences and molding the trajectory of India’s prominent
entertainment realm.
• This transformation extends beyond a mere redefinition of industry dynamics.

NCLT
• The National Company Law Tribunal, functioning as a quasi-judicial entity in India, holds the responsibility
of adjudicating matters concerning Indian corporations.
• Instituted on 1 June 2016 by the Indian government under the provisions of the Companies Act 2013, this
tribunal possesses the jurisdiction to resolve both cases that were previously under consideration by the
Board for Industrial and Financial Reconstruction (BIFR) and those awaiting resolution under the Sick
Industrial Companies (Special Provisions) Act, 1985.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 75
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Global summit on traditional medicine

In News
World Health Organisation (WHO) and Ministry of Ayush will host the first-ever global summit on traditional
medicine at Gandhinagar, Gujarat.

About Summit
• The key focus areas of summit being research, evidence and learning policy, data and regulations,
innovation and digital health and biodiversity, equity and traditional knowledge.
• The summit is expected to develop a roadmap toward creating a more holistic and healthier world for future
generations by recognising the inter-connectedness between human health, planetary harmony, and
technological advancement.
• The summit will also see exhibitions of traditional systems of medicine from across the globe.
• In 2022, WHO, with the support of the Government of India, established the Global Centre for Traditional
Medicine.
• Prime Minister of India, Shri Narendra Modi, laid the foundation stone of WHO-GCTM last year in the
presence of the Director-General, WHO, Dr Tedros Adhanom Ghebreyesus. The centre is a collaborative
project of the Ministry of Ayush of India and the World Health Organization (WHO) and is the first and only
global outpost for traditional medicine across the globe.
• The WHO GCTM will provide leadership on all global health matters related to traditional medicine as well as
extend support to member countries in shaping various policies related to traditional medicine research,
practices and public health.
• In a significant move, this year's highly anticipated event in the form of the WHO Global Summit on
Traditional Medicine is taking place.

19th Maritime State Development Council meeting (MSDC)

In News
Union minister for ports, shipping, and waterways Sarbananda Sonowal presided over the 19th meeting of the
Maritime State Development Council (MSDC.

About MSDC
• The day one of the summit incorporated various insightful sessions around the development of various
projects, issues and challenges facing the sector and
MSDC is an apex advisory body constituted in
the significant achievements.
May 1997 for the development of the Maritime
• The series of discourse threw up countless ideas to
Sector to ensure integrated development of
foster better coordination among major and non-
major and other than major ports.
major Ports, coastal Ports and maritime Boards.
• GMIS 2023 is a premier maritime sector focused event to bring together pivotal figures from the industry to
explore opportunities, understand challenges, and stimulate investment within India's maritime sector.
• Building upon the legacy of its preceding editions of 2016 and 2021, this third edition of summit aims to
unveil broader prospects for domestic and international maritime stakeholders and investors.
• More than 100 countries and a number of delegates from them are expected to participate in the Summit
with exhibitors and investors from various domains of the maritime sector.

Bureau of Port Security

In News
The Central Government will soon put together the Bureau of Port Security towards upgrading security across all
ports in the country.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 76
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Bureau of Port Security

• The government intends to set up a dedicated Bureau of Port Security to bolster security across India's ports.
• Deendayal Port Authority has already finalised MoUs worth ₹1.68 lakh crore for this venture.
• India's aim to quadruple its port capacity by 2047, with plans already in motion for major ports.
• The country’s port capacity is set to surge from the current 2,600 MTPA to over 10,000 MTPA in 2047.
• The nation is also shifting toward increased private sector participation, with about 50% of cargo at major
ports currently handled through Public-Private Partnership (PPP) terminals.
• The government has also set ambitious goals for cargo movement on India's National Waterways, aiming for
500 MTPA by 2047, underscoring the maritime sector's role in national development.

Bharat New Car Assessment Programme

In News
Union Minister of Road Transport and Highways, Shri Nitin Gadkari will launch the much-awaited Bharat New Car
Assessment Programme (Bharat NCAP).

About Bharat NCAP

• The programme aims to provide a tool to the car customers to make a comparative assessment of crash
safety of motor vehicles available in the market.
• Based on the performance of the car in the tests, car will be awarded star ratings for Adult Occupants (AOP)
and Child Occupant (COP).
• Potential car customers can refer to these star
ratings to compare the safety standards of Under this programme, car manufacturers can
different vehicles and accordingly make their voluntarily offer their cars tested as per Automotive
purchase-decision. Industry Standard (AIS) 197.
• It is expected that the demand for safer cars will increase, encouraging the car manufacturers to comply with
customer needs.
• With high safety standards, Indian cars will be able to compete better in the global market, increasing the
export potential of the car manufacturers in India.
• The programme is expected to develop a safety sensitive car market in India.

RBI's pilot project for facilitating frictionless credit

In News
The Reserve Bank of India (RBI) launched a pilot project in the form of a "Public Tech Platform for Frictionless
Credit".

Public Tech Platform for Frictionless Credit

• The public tech platform seeks to make this process seamless by providing all the required information in
one place to facilitate credit.
• Frictionless credit is a borrowing Developed by the Reserve Bank Innovation Hub (RBIH), It is an
approach that seeks to streamline the end-to-end digital platform that will have an open architecture,
lending process for consumers. open Application Programming Interfaces (APIs), and standards
• Unlike the traditional credit systems, to which all banks can connect in a "Plug and Play" Model.
where individuals need to go through extensive paperwork, credit checks and lengthy approval procedures,
frictionless credit promises a smoother and faster experience.
• RBI's project is designed to smoothen Kisan Credit Card lending by automating various processes within the
banks and integrating their systems with service providers.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 77
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Benefits
• Before a credit or loan is approved, it often takes lenders several days, a week or even months to process
several sets of information.
• Currently, data has to be sourced from credit information bureaus, account aggregators, and banks, which
has led to obstacles in the timely delivery of lending.
• The public tech platform seeks to make this process seamless by providing all the required information in
one place to facilitate credit.
• The platform is meant to be rolled out as a pilot project in a measured way, both in terms of access to
information providers and use cases.
• The platform will help to disburse loans quicker, the central bank added.
• During its pilot run, the public tech platform will emphasise products such as Kisan Credit Card loans of up
to Rs 1.6 lakh per borrower, dairy Loans and MSME loans (without collateral).
• The public tech platform will facilitate linkages with services such as Aadhaar e-KYC, PAN validation, Aadhaar
e-signing, account aggregation and house/property search data, among other things.

Khanan Prahari App

In News
The Government of India has launched a mobile app “KhananPrahari” and a web app Coal Mine Surveillance and
Management System (CMSMS) for reporting unauthorized coal mining activities.

Features
• The objective of the Khanan Prahari mobile app and CMSMS web portal is to encourage public participation
through reporting about illegal coal mining.
• The corresponding web portal called as Coal Mine Surveillance & Management System (CMSMS) has been
developed in association with the Bhaskaracharya Institute of Space Application & Geoinformatics,
Gandhinagar, and CMPDI, Ranchi.
• Reporting Incidents: Users can easily report incidents of illegal mining by taking photographs and providing
comments on the incident. The app allows for the geotagging of photographs by enabling the GPS location
feature.
• Confidentiality: The user's identity is kept confidential, ensuring privacy and security.
• Complaint Tracking: Complainants receive a complaint number, which they can use to easily track the status
of their reported complaints on the Khanan Prahari mobile app.
• With a total of 483 complaints registered. Out of these, 78 complaints have been verified as accurate and
appropriate actions have been taken accordingly.

Significance
• Illegal coal mining poses a threat to the environment, the lives of those involved in illegal mining, and the
general decay in the traditional subsistence base and the country's economy.
• The government aims to take transparent action against illegal mining, using space technology, as an e-
Governance initiative.
• The government recognizes the importance of public participation in combating this menace.
• The Khanan Prahari mobile app serves as a powerful tool for citizens to contribute to the fight against illegal
coal mining.

Mera Bill Mera Adhikaar scheme

In News
The Government of India, in association with State Governments, is launching an ‘Invoice incentive Scheme’ by the
name ‘Mera Bill Mera Adhikaar’ to encourage the culture of customers asking for invoices/bills for all purchases.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 78
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

About the scheme

• The Scheme will be launched on 1st September, 2023.
• This scheme will initially be launched as a pilot in the States of Assam, Gujarat & Haryana and UTs of
Puducherry, Dadra Nagar Haveli and
Daman & Diu. The objective of the scheme is to bring a cultural and
• All B2C invoices issued by GST registered behavioural change in the general public to ‘Ask for a Bill’ as
suppliers (registered in the States of Assam, their right and entitlement.
Gujarat & Haryana and UTs of Puducherry, Dadra Nagar Haveli and Daman & Diu) to consumers will be
eligible for the scheme. Minimum value for invoices to be considered for a lucky draw has been kept at Rs.
200.
• Invoices can be uploaded on Mobile Application ‘Mera Bill Mera Adhikaar’ available on IOS and Android as
well as on web portal ‘web.merabill.gst.gov.in’
• All residents of India will be eligible to participate in this Scheme irrespective of their State/UT. Maximum 25
invoices can be uploaded by an individual on App/web portal in a month to be considered for lucky draw.
• For each uploaded invoice an Acknowledgement Reference Number (ARN) will be generated which will be
used for the draw of prizes.
• Winning invoices will be picked by a method of random draw at regular intervals (monthly/quarterly).
• For Bumper prize, a quarterly draw will be conducted for all invoices uploaded in the last 03 months (till 5th
of the month of the bumper draw) will be considered.
• Duplicate uploads and invoices with inactive or fake GSTIN will be rejected by the system
• Alert/Notification to the winners will be made through SMS/push Notification on the app/web portal only.
• Winning person will be requested to provide some additional information like PAN number, Aadhar Card,
Bank Account Details, etc, through the app/web portal, within a period of 30 days from such date of
informing them (date of SMS/App/Web Portal Notification), for enabling transfer of the winning prize to
them through the said bank account.
• This Pilot Scheme will run for a period of 12 months.

RBI Governor Shaktikanta Das leads global central bankers in A+ rating

In News
Reserve Bank of India Governor Shaktikanta Das is among three central bank chiefs to earn an “A+” grade in the
Global Finance Central Banker Report Cards 2023.

Major Highlights
• The grades are based on a scale from A to F for success in inflation control, economic growth goals,
currency stability and interest rate management. An “A” grade represents an excellent performance down
through an “F” for outright failure.
• Fighting inflation, which has been fueled by pent-up demand and disrupted supply chains, has everyone
turning to their central bankers for help.
• Global Finance’s annual Central Banker Report Cards celebrate those bank governors whose strategies
outperformed their peers through orgininality, creativity and tenacity.
• The other two central bank chiefs who earned “A+” grades along with Das are -- Thomas J. Jordan
(Switzerland) and Nguyen Thi Hong (Vietnam).
• The Central Banker Report Cards, published annually by Global Finance since 1994, grade the central bank
governors of 101 key countries, territories and districts, including the European Union, the Eastern
Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States.

The Bank Governors who earned an “A" grade

• Brazil Roberto Campos Neto
• Israel Amir Yaron
• Mauritius Harvesh Kumar Seegolam

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 79
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• New Zealand Adrian Orr

• Paraguay Jose Cantero Sienra
• Peru Julio Velarde
• Taiwan Chin-Long Yang
• Uruguay Diego Labat

Jal Jeevan Mission

In News
The Jal Jeevan Mission (JJM) recently achieved another milestone of providing tap water connections to 13 Crore
rural households.

Mission objectives
• Jal Jeevan Mission was announced by the Prime Minister, Shri Narendra Modi from the ramparts of the Red
Fort on 15th August, 2019 as the country celebrated its 73rd Independence Day.
• Bihar at 96.39%, followed by Mizoram at Goa, Telangana, Haryana, Gujarat, Punjab and Himachal
92.12%, are also poised to achieve Pradesh) and 3 UTs - Puducherry, D&D and D&NH and A&N
saturation in the near future. Goa, Haryana, Islands, have reported 100% coverage.
Punjab, A&N Islands, Puducherry, D&NH
and D&D are ‘Har Ghar Jal certified States/ UTs i.e., in these states/ UTs, the villagers have confirmed
through Gram Sabhas that ‘all households and public institutions’ in the village are getting adequate, safe
and regular supply of water.
• As many as 145 districts and 1,86,818 villages in the country have reported 100% coverage.
• The Mission implements the programme in partnership with States/ UTs and it is the combined efforts of all
including development partners that transformational change is seen on ground. Every second, one tap
water connection is getting installed thereby changing the rural landscape of the country.
• Since 1st January 2023, on an average 87,500 tap connections are provided every day.
• Uttar Pradesh has topped the progress chart in the current FY by installing 61.05 lakh Functional Household
Tap Connection (FHTC) since January 2023.

Significance
• Jal Jeevan Mission believes in not just providing water but ensuring that quality water is supplied every time.
• In this regard regular testing of water sample from source and delivery points are collected and checked.
• Recognizing the work carried out by the Department, this year Silver Award was bestowed by Department of
Personnel & Training upon the WQMIS under the category “Application of emerging technologies for
promoting citizen centric services”.

First set of infra loans for tier 2, tier 3 cities to be disbursed soon

In News
The first tranche of loans to fund ongoing projects in tier-2 and tier-3 cities — under the Urban Infrastructure
Development Fund (UIDF) announced in the FY24 Budget — will likely be disbursed soon.

About UIDF
• The fund makes low-cost loans available to 459 tier-2 cities with a population between 1 lakh and 9,99,999
and 580 tier-3 towns with a population between 50,000 and 99,999 as per the 2011 Census.
• The National Housing Bank (NHB), in charge of executing the UIDF, had issued guidelines in July and asked
states to submit their proposals by September.
• Cities must repay the loan amount within seven years from the date of withdrawal in five equal installments,
including a two-year moratorium period where interest payments are due at the end of each quarter.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 80
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• UIDF funds cannot be used for projects related to maintenance, administrative expenses, housing, power,
telecom, urban transport, health, or education, as specified in the guidelines.
• Cities can obtain loans at a rate 1.5 percentage points lower than the prevailing bank interest rate through
the UIDF, making it an attractive financing option for urban development projects.
• The amount of the loan will be 90 per cent, 85 per cent and 75 per cent for project costs of Rs 5-10 crore, Rs
10-50 crore and Rs 50-100 crore, respectively.
• Among the projects that can be funded under the UIDF are water supply, sanitation, construction of roads,
comprehensive area development, local area planning for decongestion, heritage conservation, town-
planning schemes and parks with open gyms that do not involve major construction.

BHARAT DRONE SHAKTI 2023

In News
To capitalize on its experience with unmanned platforms, the Indian Air Force (IAF) is teaming up with the Drone
Federation of India to co-host ‘Bharat Drone Shakti 2023’.

Bharat Drone Shakti

• To exploit its rich experience in using these unmanned platforms, the IAF is partnering with the Drone
Federation of India to co-host the 'Bharat Drone Shakti 2023'.
• The event to be held on 25th & 26th September 2023 will be hosted at the lAF's airbase in Hindan
(Ghaziabad), where the Indian drone industry shall give live aerial demonstrations.
• 'Bharat Drone Shakti 2023' will present the prowess of the Indian drone industry at full capacity hosting over
50+ live aerial demonstrations showcasing survey drones, agriculture drones, fire suppression drones,
tactical surveillance drones, heavy-lift logistics drones, loitering munition systems, drone swarms, and
counter-drone solutions and witness participation from more than 75 drone start-ups and corporates.
• The event is expected to attract around 5,000 attendees, including representatives from central government,
state departments, public and private industries, armed forces, paramilitary forces, representatives from
friendly countries, academicians and students and drone enthusiasts.
• Most importantly, 'Bharat Drone Shakti 2023' will give a fillip to India's commitment to becoming a global
drone hub by 2030.

Adoption of CBDCs can make cross-border payments more efficient

In News
Reserve Bank of India (RBI) Governor Shaktikanta Das recently said the adoption of Central Bank Digital Currency
(CBDC), or digital currency, can help in making cross border payments more efficient.

CBDCs
• It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency.
• A fiat currency is a national currency that is not pegged to the price of a commodity such as gold or silver.
• The digital fiat currency or CBDC can be CBDCs are a digital form of a paper currency and
transacted using wallets backed by blockchain. unlike cryptocurrencies that operate in a regulatory
• Though the concept of CBDCs was directly vacuum, these are legal tenders issued and backed by
inspired by Bitcoin, it is different from a central bank.
decentralised virtual currencies and crypto
assets, which are not issued by the state and lack the ‘legal tender’ status.
• The main objective is to mitigate the risks and trim costs in handling physical currency, costs of phasing out
soiled notes, transportation, insurance and logistics.
• It will also wean people away from cryptocurrencies as a means for money transfer.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 81
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Significance
• CBDCs possess unique attributes that can revolutionize cross-border transactions.
• Instant settlement feature of CBDCs as a significant advantage, making cross-border payments cheaper,
faster, and more secure.
• CBDC can gradually bring a cultural shift towards virtual currency by reducing currency handling costs.
• The increased use of CBDC could be explored for many other financial activities to push the informal
economy into the formal zone to ensure better tax and regulatory compliance.
• The first issue to tackle is the heightened risk to the privacy of users—given that the central bank could
potentially end up handling an enormous amount of data regarding user transactions.
• If sufficiently large and broad-based, the shift to CBDC can impinge upon the bank’s ability to plough back
funds into credit intermediation.

NPCI launches new products; users can now make voice-enabled UPI payments

In News
The NPCI recently launched a slew of new payment options on popular payments platform UPI, including
conversational transactions.

Credit Line on UPI

• The “Credit Line on UPI” is a game-changer, offering pre-sanctioned credit lines via the Unified Payments
Interface (UPI).
• This innovation grants users instant access to credit, significantly expanding financial inclusivity.
• It caters to those without traditional banking access, empowering them to meet immediate financial needs
and engage in seamless digital transactions, ultimately propelling the shift toward a cashless economy.

UPI LITE X
• “UPI LITE X” emerges as a digital payment solution designed for offline transactions, ensuring users can
make payments even when internet connectivity is limited.
• This feature enhances the resilience of the digital payment landscape, particularly in regions prone to
connectivity issues or during network disruptions.
• Users can continue to transact conveniently under various circumstances, fostering uninterrupted access to
digital payments.

UPI Tap & Pay

• UPI Tap & Pay” revolutionizes the digital payment experience by advocating the use of QR Code and Near
Field Communication (NFC) technology.
• With a simple tap on NFC-enabled QR codes at merchant locations, users can swiftly and securely complete
payments.
• This technology streamlines the payment process, enhances user convenience, and ensures contactless and
secure transactions, making it a valuable addition to the digital payment ecosystem.

Hello! UPI – Conversational Payments on UPI

• “Hello! UPI – Conversational Payments on UPI” introduces voice-enabled UPI payments in Hindi and
English, with plans for regional language support.
• This groundbreaking feature empowers users to conduct payments through UPI apps, telecom calls, and IoT
devices using voice commands.
• By leveraging voice technology, this innovation enhances accessibility and convenience, particularly for users
who may not be comfortable with traditional text-based digital payments.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 82
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

BillPay Connect
• “BillPay Connect – Conversational Bill Payments” simplifies bill payment processes, enabling customers to
initiate payments with a simple ‘Hi’ on messaging apps or through missed calls.
• This approach caters to users without smartphones or immediate mobile data access, ensuring a broader
population can participate in the digital payment ecosystem.
• Furthermore, Voice Assisted Bill Payments allow customers to settle bills through voice commands on smart
home devices, further enhancing convenience.
• This feature enhances both the security and convenience of in-person bill payments.

One-hour trade settlement

In News
Securities and Exchange Board of India (SEBI), which had in July announced it was working to launch real-time
settlement of trades, is now planning to implement one-hour settlement of trades first.

Trade settlement
• Trade settlement is a critical process in the financial markets that involves the transfer of funds and
securities between parties involved in a trade.
• It ensures that the buyer receives the purchased securities, and the seller receives the agreed-upon funds.
• In the context of securities trading, this settlement process finalizes the transaction.

T+1 Settlement Cycle

• In January 2023, India adopted the T+1 settlement cycle,
where T represents the trade date. India became the second country, after China,
• This means that trade-related settlements occur within to implement the T+1 settlement cycle in top-
one business day or 24 hours of the actual transaction. listed securities.
• This transition brought several advantages, including increased operational efficiency, faster fund transfers,
prompt share delivery, and improved convenience for participants in the stock market.

Benefits
• Under the current T+1 settlement cycle, if an investor sells securities, the money gets credited into the
person’s account the next day.
• In one-hour settlement, if an investor sells a share, the money will be credited to their account in an hour,
and the buyer will get the shares in their demat account within an hour.
• Reducing the settlement time can mitigate counterparty and market risk, enhancing overall market stability.
• Investors will appreciate the swifter access to their funds and securities, making the market more user-
friendly.

First Global Symposium on Farmers' Rights

In News
The President of India, Smt Droupadi Murmu will inaugurate the first 'Global Symposium on Farmers' Rights' (GSFR)
at the ICAR Convention Centre, National Agricultural Science Centre Complex in New Delhi.

Global Symposium On Farmers' Right

• The inaugural ceremony will also feature the presentation of the Farmers' Award instituted by the Protection
of Plant Varieties and Farmers’ Rights (PPVFR) Authority as per the provisions of the PPVFR Act, 2001,
honoring ‘Plant Genome Saviour Communities’ and ‘Plant Genome Saviour Farmers of India’ for the years
2021 and 2022.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 83
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• Is being hosted by Ministry of Agriculture and Farmers Welfare in collaboration with Protection of Plant
Varieties and Farmers’ Rights (PPVFR) Authority,
Indian Council of Agricultural Research (ICAR), Organised by the Secretariat of the International
ICAR-Indian Agricultural Research Institute (IARI), Treaty on Plant Genetic Resources for Food and
and ICAR-National Bureau of Plant Genetic Agriculture (International Treaty) of the Food and
Resources (NBPGR). India is hosting this first Agriculture Organization (FAO), Rome, the Global
'Global Symposium on Farmers' Rights' from Symposium
September 12 to 15, 2023.
• The proposal to hold the first GFSR was mooted by Government of India at the Ninth Session of the
Governing Body (GB9) of the International Treaty on Plant Genetic Resources for Food and Agriculture
(International Treaty) held in India in September 2022
• The Article 9 of the Treaty focuses on recognizing, realizing, and promoting Farmers' Rights concerning
plant genetic resources for food and agriculture (PGRFA).
• The Treaty places the responsibility for realizing Farmers' Rights on national governments and outlines
potential measures to safeguard, enhance, and achieve these rights, he said. Farmers are the custodian and
holders of work done over millennia in selecting saving and sharing seeds for availability of food to the
world.
• The rights of farmers to save sow and share as well as space in decision making process are much needed
and also to celebrate their contributions.

Business Responsibility and Sustainability Reporting (BRSR) Workshop

In News
Indian Institute of Corporate Affairs (IICA), organised a workshop on Business Responsibility and Sustainability
Reporting (BRSR) in collaboration with UNICEF and National Stock Exchange.

About Workshop
• The workshop aimed to provide a comprehensive understanding of the BRSR framework, which is based on
the nine principles of the National Guidelines for Responsible Business Conduct (NGRBC).
• The workshop also covered various topics such as CSR & ESG as tools for establishing responsible brands,
effective BRSR disclosures, digital tools, IT
portal/software for BRSR and the application of The BRSR framework is a mandatory disclosure
family-friendly policies in business. mechanism for top 1000 listed companies or
• The workshop enabled the participants to businesses to report their performance on
enhance their knowledge and skills in BRSR and environmental, social and governance (ESG)
its implementation. aspects and demonstrate their commitment to
• The workshop was part of the ongoing responsible business practices.
collaboration between IICA and UNICEF to promote responsible business conduct among corporates and
relevant stakeholders in India.

World's Highest Fighter Airfield In Ladakh's Nyoma

In News
The Border Roads Organisation (BRO) will construct the world's highest fighter airfield in Nyoma, a village in Ladakh.

About Fighter Airfield

• The Nyoma village is located close to the south Bank of Pangong Tso at an altitude of about 13,700 feet.
Nyoma is around 46 kilometres from the Line of Actual Control with China.
• The construction of a fighter airfield in Ladakh is strategically significant as it enhances India’s defense
capabilities and infrastructure in the border region, contributing to improved connectivity and security.
• The budget for border infrastructure development has increased significantly in recent years.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 84
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• In 2008, it was approximately Rs 3,000 crore, increasing to Rs 5,000-6,000 crore in 2017, Rs 8,000 crore in
2019, and around Rs 12,340 crore in the last year.
• Of the dedicated amount of ₹ 2,900 crores, Nyoma Airfield will be developed at a cost of approximately ₹
200 crore.
• Nyoma is notably home to an Advanced Landing Ground (ALG) established in 1962.
• Nyoma’s elevation reaches an impressive 4,180 meters (13,710 feet) above sea level, making it one of the
highest-altitude locations in the region.

International Conference on Dam Safety

In News
The Vice President of India, Shri Jagdeep Dhankhar will inaugurate the International Conference on the theme “Safe
& Secure Dams Ensure Nation’s Prosperity".

About Conference
• In line with this objective, the Union Minister for Jal Shakti, Shri Gajendra Singh Shekhawat will inaugurate
the National Centre for Earthquake Safety, at MNIT Jaipur.
• The conference will witness the participation from
The conference was organised by the Department of
about 15 countries.
Water Resources, River Development, and Ganga
• The International Conference on Dam Safety is
Rejuvenation, Ministry of Jal Shakti at Rajasthan
testament to India's commitment to ensuring the
International Centre (RIC) in Jaipur.
safety and longevity of its dams.
• As these structures play a pivotal role in ensuring prosperity of India, such initiatives underline the
importance of collaborative efforts, knowledge sharing, and technological advancements in the realm of dam
safety.
• The collective vision shared by the experts and leaders at the conference is bound to inspire confidence and
positivity, ensuring a safer and prosperous future for all.
• The Dam Safety Act (DSA) 2021 mandates the establishment of the National Committee on Dam Safety,
National Dam Safety Authority (NDSA), State Committee on Dam Safety, and State Dam Safety
Organisation.
• It requires dam owners to have dedicated Dam Safety Units, Emergency Action Plans, and regular safety
evaluations.
• Dam safety is primarily the responsibility of dam owners, which include state governments, CPSUs, and
private agencies.
• The project costs Rs. 10,211 crore, with contributions from external loans and participating states and
central agencies.

National Logistics Policy

In News
India marked one year of the National Logistics Policy on September 17, 2023, after Prime Minister Narendra Modi
launched the NLP last year to complement PM GatiShakti’s National Master Plan (NMP).

About NLP
• The policy focuses on key areas such as process re-engineering, digitisation, and multi-modal transport.
• It is a crucial move as high logistics cost impacts the competitiveness of domestic goods in the international
market.
• The need for a national logistics policy was felt since the logistics cost in India is high as compared to other
developed economies.
• The targets of the NLP are to:

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 85
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• Reduce cost of logistics in India;

• improve the Logistics Performance Index ranking – endeavor is to be among top 25 countries by 2030, and
• create data driven decision support mechanism for an efficient logistics ecosystem.
• To achieve these targets, a Comprehensive Logistics Action Plan (CLAP) as part of the NLP was launched
covering eight action areas including
• Integrated Digital Logistics Systems;
• Standardization of Physical Assets and Benchmarking of Service Quality Standards;
• Logistics Human Resource Development and Capacity Building;
• State engagement; (v) EXIM Logistics;
• Services Improvement Framework;
• Sectoral Plans for Efficient Logistics (SPEL); and
• Facilitation of Development of Logistics Parks.

Significance
• PM Gati Shakti will get further boost and complementarity with the launch of the National Logistics Policy.
• The Policy will help make the sector an integrated, cost-efficient, resilient, and sustainable logistics
ecosystem in the country as it covers all bases of the sector along with streamlining rules and addressing
supply-side constraints.
• The policy is an endeavor to improve the competitiveness of Indian goods, enhance economic growth and
increase employment opportunities.

Indigenous communication-based train control system

In News
The Delhi Metro Rail Corporation and Bharat Electronics Limited (BEL) recently joined hands to develop an
indigenous communication-based train control (i-CBTC) system.

About i-CBTC
• The development of the i-CBTC system aligns with the “Make in India” initiative championed by the
Government of India.
• It signifies a significant leap forward for the Delhi Metro as it embraces a cutting-edge train control system,
optimizes train operations, increases i-CBTC, being indigenously developed for the first time in
frequency, and enhances passenger India, will enable unmanned operations of metro and trains.
services while efficiently utilizing rail
infrastructure.
• The DMRC deployed the indigenous Automatic Train Supervision System (i-ATS) on its Red Line earlier,
tailored to Indian conditions, showcasing its commitment to innovation.
• The i-CBTC project represents a monumental stride towards self-reliance in metro signalling and train
control systems, reducing dependence on foreign vendors and fostering indigenization and
standardization.
• The collaboration aims to achieve self-reliance by developing and deploying an indigenous train control
system.
• It involves a dedicated team of 50 engineers from DMRC and BEL with expertise in signalling technology,
software development, hardware development, safety processes, RAMS, testing, and more.

About BEL
• Bharat Electronics Ltd (BEL) is a Navratna public sector undertaking (PSU) under the Ministry of Defence
engaged in the design, development, manufacturing, supply and support of a wide range of defence
electronics products, systems, strategic components, services and select non-defence products.
• BEL’s revenue grew to Rs 3,962 crore in September quarter compared to Rs 3,678 crore in the same quarter
a year ago.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 86
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

International Convention and Expo Centre, called ‘Yashobhoomi’

In News
Prime Minister Shri Narendra Modi will dedicate to the nation Phase 1 of India International Convention and Expo
Centre (IICC), called ‘Yashobhoomi’, at Dwarka, New Delhi.

About IICC
• The Convention Center, built across more than 73 thousand square metres of area, comprises 15
convention rooms including the Main auditorium, the Grand ballroom and 13 meeting rooms with a total
capacity of holding 11,000
delegates. With a total project area of over 8.9 lakh square metres and total
• The Convention centre has the built up area of more than 1.8 lakh square metres, ‘Yashobhoomi’ will
largest LED media facade in the find its place among the world’s largest MICE (Meetings, Incentives,
country. Conferences, and Exhibitions) facilities.
• The plenary hall in the Convention Center is equipped with a seating capacity of around 6,000 guests.
• The auditorium has one of the most innovative automated seating systems which allows the floor to be a flat
floor or an auditorium style tiered seating for different seating configurations.
• The wooden floors and the acoustic wall panels used in the auditorium will ensure the world class
experience for the visitor.
• The Grand Ballroom, with a unique petal ceiling, can host around 2,500 guests. It also has an extended open
area that can seat up to 500 people.
• The 13 meeting rooms that are spread across eight floors are envisaged to hold a variety of meetings of
different scales.
• ‘Yashobhoomi’ also offers one of the largest Exhibition halls in the world.
• These Exhibition halls, built across over 1.07 lakh square metres, will be utilised for hosting exhibitions, trade
fairs, and business events, and are connected to a grand foyer space which is uniquely designed with copper
ceiling which filters light in the space through the various skylights.
• It is made of materials and objects inspired from Indian culture in the form of terrazzo floors with Brass inlay
representing rangolis patterns, suspended sound absorbent metal cylinders and lit up patterned walls.
• ‘Yashobhoomi’ is also equipped with high-tech security provisions to ensure safety for the visitors.
• The underground car parking facility for over 3,000 cars is also equipped with more than 100 electric
charging points.

Samudrayaan project

In News
India's ambitious Samudrayaan project, aimed at exploring the deep ocean and its resources, is set to send three
personnel to a depth of 6000 meters in a submersible vehicle.

Features of the project

• The mission will not disturb the ecosystem as the submersible is used solely for exploration purposes.
• The project is part of the larger Deep Ocean Mission, which supports the centre's Blue Economy policy.
• This policy aims to utilise ocean resources
sustainably for the country's economic growth, The Samudrayaan project, India's first manned
improved livelihoods, job creation, and maintain ocean mission, is designed to study deep-sea
ocean ecosystem health. resources and conduct biodiversity assessments.
• The Samudrayaan project is expected to be realized by 2026 and is being designed and developed by the
National Institute of Ocean Technology (NIOT) in Chennai.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 87
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The submersible vehicle, named 'MATSYA 6000', has an endurance of 12 hours under normal operation and
96 hours in case of emergency for human safety.
• The mission is significant as it will allow scientific personnel to observe and understand unexplored deep-sea
areas through direct intervention.
• It also aligns with the Central government's vision of 'New India', highlighting the Blue Economy as one of the
ten core dimensions of growth.
• With this mission, India could join the elite group of countries with specialist technology and vehicles to
conduct subsea missions, including the United States, Russia, France, Japan, and China.
• The cost of the Deep Ocean Mission, which includes the Samudrayaan project, has been estimated at Rs.
4,077 crores over a five-year period and will be implemented in phases.

India gets its first C-295 aircraft

In News
India got its first C-295 transport aircraft, providing a crucial boost to the nation’s defence capabilities.

Features of C-295
• In 2021, the defence ministry signed a Rs 21,935 crore deal with Airbus and Space SA, Spain, to procure 56 C-
295MW transport aircraft to replace IAF’s Avro fleet.
• Under the pact, Airbus will deliver the first 16 aircraft in ‘fly-away’ condition, manufactured at its facility in
Seville The C-295 final assembly line in India is the first
• The remaining 40 aircraft will be manufactured and concrete, large-scale Make-in-India defence
assembled by Tata Advanced Systems (TASL) in India in programme in the private sector that will
collaboration with Airbus. unlock the industrial value chain of design,
• The first made-in-India aircraft will be delivered in manufacturing, assembly, testing, delivery, and
2026, while the rest 39 by 2031. maintenance of the complete lifecycle of the
• TASL, which set up a factory in Telangana’s Hyderabad aircraft.
last year, will produce major components such as fuselage at this facility
• Airbus’ C-295 aircraft can carry up to nine tonnes of cargo.
• The military plane, with the capacity to transport 71 troops, has a cruising speed of 260 knots or around 481
kilometres per hour.
• The C295 is powered by two Pratt & Whitney Canada PW127G turboprop engines that provide excellent
manoeuvrability, outstanding hot-and-high performance, with fuel consumption for a very long endurance
of up to 13 hours aloft.
• The aircraft acquired by India will be equipped with indigenous radar warning receivers and missile approach
warning systems developed by Bharat Electronics Limited (BEL).
• The Bharat Dynamics Limited (BDL) will provide a countermeasure dispensing system for the military planes.

Significance
• The project will strengthen India’s aerospace ecosystem, wherein several MSMEs spread across the country
will produce components of the aircraft.
• This will reportedly generate 15,000 high-skilled jobs and 10,000 indirect jobs in the next decade.
• It is also expected to reduce import dependency by enhancing domestic aviation manufacturing.
• Amid potential threats from China and Pakistan, the multi-role tactical airlifter will play a significant role in
keeping India’s defences strong.

National Workshop on e-NAM 2.0

In News
National Workshop on e-NAM 2.0 and Agri Marketing Reforms was conducted recently in New Delhi.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 88
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

About NAM 2.0

• National Agriculture Market (e-NAM) is a pan-India electronic trading portal, launched on 14th April 2016, by
the Prime Minister of India Shri Narendra Modi, networks the existing APMC mandis.
• The trading portal leveraging available infrastructure with existing APMCs to create a Unified National
Market for agricultural commodities.
• The portal is managed by “Small Farmers’ Agribusiness Consortium (SFAC)”, under the aegis of the Ministry
of Agriculture and Farmers’ Welfare, Government of India.
• e-NAM has been able to bring competence in APMC mandi operations via technology interventions:
accuracy in weighment via digital weighbridge and weighing scale; accuracy in assaying via advance
assaying equipment; real-time online information on commodity prices,
• Access to more buyers/sellers and transparency in trade (due to on-line mode of auction) resulting in
competitive bidding and there by better price discovery; transparency in payment via multiple online
payment modes and better efficiency in overall mandi operations via digitalization.

Annual Capacity Building Plan (ACBP) of Department of Fisheries

In News
Minister of Fisheries, Animal Husbandry and Dairying, Shri Parshottam Rupala launched the Annual Capacity Building
Plan (ACBP) of Department of Fisheries in New Delhi.

About ACBP
• ACBP of Department of Fisheries will play a pivotal role in service delivery, program implementation and
performing core Government functions and will enhance the abilities of the officials by attending basic
training to acquire relevant competencies and to enable them to perform better.
• A budgetary outlay of 2.5% of salary head of the Department has been earmarked for implementation of
ACBP.
• CBU will prioritize the training needs of employees of the Department. The trainings will be both in online
and offline mode.
• Capacity Building Commission has identified the institute and knowledge partners to impart trainings to the
employees.
• The Department will assess the impact of the trainings on its employees to ascertain the efficacy of ACBP.

National Policy on Research and Development and Innovation in Pharma-MedTech Sector in

India

In News
Union Health Minister Dr Mansukh Mandaviya recently launched the National Policy on Research and Development
and Innovation in Pharma-MedTech Sector in India.

Policy Guidelines
• The industry could potentially grow to USD 120-130 Billion over the next decade; one of the key drivers for
this growth to be expansion of the industry’s presence in the innovation space.
• The police had been drafted to Catalyse R&D and Indian pharmaceutical industry is the 3rd
Innovation in the Pharma MedTech Sector in India’ has largest pharmaceutical industry in the world by
been prepared to encourage R&D in pharmaceuticals volume with current market size of around USD
and medical devices and to create an ecosystem for 50 Billions.
innovation in the sector in order for India to become
leader in drug discovery and innovative medical devices through incubating an entrepreneurial environment.
• To create a regulatory environment that facilitates innovation and research in product development,
expanding the traditional regulatory objectives of safety and quality.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 89
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• To build an enabling ecosystem designed to support innovation and cross-sectoral research as a strong
institutional foundation for sustainable growth in the sector.
• It is also proposed to set up an Indian Council of Pharmaceuticals and Med-tech Research and
Development to facilitate and promote collaboration among industry, academia and research institutions
across Departments, promoting domestic and international collaboration in R&D in Pharma Med-tech
sectors.
• The policy will lead to higher contribution in the GDP of the 5 Trillion economy; increased exports and
forex inflow; increase in global market share; increased drug security and availability; improvement of
overall healthcare index and reduced disease burden; creation of high-end jobs in R&D and Innovation and
opportunity to attract back Indian talent with expertise in R&D and Innovation.

North Koel Reservoir Project

In News
The Cabinet Committee on Economic Affairs Chaired by Prime Minister Shri Narendra Modi, has given its approval to
complete the balance works of North Koel Reservoir Project at a revised Cost of Rs. 2,430.76 crore.

North Koel Reservior Project

• The North Koel Reservoir is located in the Palamau and Garhwa districts of Jharkhand State. It is situated on
North Koel river which is a tributary of Sone river finally joining the river Ganga.
• The major components of project are -
• Mandal dam
• Mohammadganj barrage (located 96 km downstream of the dam)
• and two canals originating from Mohammadganj Barrage with distributaries system for irrigation.
• The project aims to provide irrigation to drought prone areas of Palamu & Garhwa districts in Jharkhand and
Aurangabad & Gaya districts in Bihar.The Construction of dam and ancillary activities started in the year 1972
by Govt. of Bihar from its own resources.
• The work continued till 1993 and was stopped in that year by the Forest Department, Govt. of Bihar.
• In the year 2016, the Govt. of India decided to provide assistance for completion of balance works of the
North Koel Reservoir Project in order to operationalise the project to realise the envisaged benefits.
• It was decided to reduce the reservoir level so as to save the core area of Palamu Tiger Reserve.

Bhashini Set To Introduce RBI's Multilingual Frictionless Credit Platform

In News
• The Digital India Bhashini Division (DIBD) has joined forces with the Reserve Bank Innovation Hub (RBIH), a
subsidiary of the Reserve Bank of India (RBI).
• This collaboration, cemented through a memorandum of understanding (MoU) signed at the recent Global
Fintech Fest in Mumbai, will look to revolutionise the accessibility of financial services by bridging language
divides.

Significance
• The primary objective of this partnership is to extend the reach of digital financial services by enabling
communication in local languages.
• By breaking down language barriers, the DIBD and RBIH aspire to create seamless banking experiences for
all, irrespective of their linguistic backgrounds.
• The RBI had unveiled an end-to-end digital credit delivery platform, developed by RBIH, designed to
streamline and enhance credit delivery by financial institutions.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 90
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• This platform serves as the foundation for the collaborative effort, with a focus on expanding the scope of
financial inclusion across the country.
• Bhashini's language translation and voice-processing capabilities will play a pivotal role in achieving these
goals
• Offering financial services in users' native languages is expected to boost their confidence in digital financial
solutions, thus contributing to a more inclusive and accessible financial landscape.
• This collaboration comes at a crucial juncture when the fintech sector is undergoing transformation in India,
driven by increased smartphone penetration and reduced data usage costs.
• These advancements have improved financial inclusion; however, certain sectors and population segments
still find themselves on the fringes of the formal financial sector.

About DBID
• Digital India Bhashini Division is a Division under Digital India Corporation, section 8 Company under Ministry
of Electronics and Information Technology, Govt of India.
• The vision of Bhashini is to “harness natural language technologies to enable a diverse ecosystem of
contributors, partnering entities and citizens for the purpose of transcending language barriers, thereby
ensuring digital inclusion and digital empowerment in an Aatma Nirbhar Bharat.
• To read more, visit www.bhashini.gov.in or mail [email protected]

About RBIH
• The Reserve Bank Innovation Hub (RBIH) – a wholly-owned subsidiary of the Reserve Bank of India (RBI) – is
an organisation that works to enable frictionless finance for a billion Indians.
• RBIH acts as an enabler and facilitator in the ecosystem, bringing together members from financial,
technological, and academic institutions to promote and accelerate innovation across the financial sector.
• With a robust ecosystem that facilitates the exchange of ideas and supports the research and development
of prototypes, RBIH aims not only to strengthen the Indian financial system but also to position India at the
forefront of global financial innovation.

RuPay Domestic Card Scheme Agreement between India and the UAE

In News
NPCI International Payments Limited (NIPL), has entered into a strategic partnership agreement with Al Etihad
Payments (AEP) for Domestic Card Scheme (DCS) Implementation in UAE.

Significance
• AEP is an indirect subsidiary of the Central Bank of UAE (CBUAE).
• As per the agreement, NIPL and AEP will work together to build, implement, and operationalize UAE's
national domestic card scheme.
• The DCS will aim to facilitate the growth of e-commerce and digital transactions in the UAE, bolster financial
inclusion, support the UAE's digitization agenda, increase alternate payment options, reduce the cost of
payments, and enhance the UAE's competitiveness and position as a global payments leader.
• The partnership aligns perfectly with NIPL's mission to offer its knowledge and expertise to assist other
countries in establishing their own cost-efficient, and secure payment systems.
• The DCS solution is based on the principles of sovereignty, speed to market, innovation, digitization, and
strategic independence.
• The DCS solution provided by NIPL consists of a RuPay stack and value-added services like fraud monitoring
services and analytics.
• NIPL will also assist AEP in formulating the operating regulations for their domestic card scheme.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 91
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

About Rupay card

• RuPay is an indigenous, highly secure, and widely accepted card payment network in India.
• RuPay cards have debit, credit, and prepaid propositions.
• More than 750 Million RuPay cards are in circulation as of date.
• RuPay cards make up more than 60% of total cards issued in India, with every second Indian having a RuPay
card now.
• These cards are issued through the entire banking spectrum, including public sector, private, and small
banks.

Position of India
• India's world-renowned Digital Public Infrastructure (DPI) is driving massive transformation in the payment
space.
• DPI framework includes digital identity, digital payments, and digital data exchange layers - a combination of
these three is the force behind the fintech revolution in India.
• Simply speaking, in India, nearly every adult has access to banking services, a way to remotely authenticate
themselves (through Aadhar), and access to the internet through efficient and affordable mobile
connectivity.
• A combination of these factors makes India the third largest fintech ecosystem in the world, with rapidly
surfacing unicorns. India has witnessed an exponential growth of 367% in customers participating in digital
transactions in the last five years, with an active customer base of more than 340 million.

Bullet repayment scheme

In News
The Reserve Bank of India (RBI) recently announced an increase in the maximum limit for gold loans under the bullet
repayment scheme from Rs 2 lakh to Rs 4 lakh, specifically for certain urban co-operative banks.

Bullet payment Scheme

• Under the gold loan bullet repayment option, borrowers are required to repay the entire principal and
interest amount at the conclusion of the loan tenure.
• Unlike traditional loans with monthly EMI schedules, this option eliminates the need for periodic payments
during the loan term.
• However, it's important to note that the interest on the gold loan is calculated monthly throughout the
tenure, and the borrower is obligated to make a single payment of the total principal and interest at the end
of the loan term.
• RBI permitted bullet repayment of gold loans up to ₹1 lakh to start with (in 2007), which was increased
later (in 2014) to ₹2 lakh, with the repayment being restricted to 12 months.
• UCBs are allowed to extend gold loans under the Bullet Repayment and Equated Monthly Instalment (EMI)
Repayment routes for 12 months.

Mumbai airport gets ‘Disabled Aircraft Recovery Kit’

In News
The Chhatrapati Shivaji Maharaj International Airport (CSMIA) has become the first airport in Asia to have a
Disabled Aircraft Recovery Kit (DARK) facility equipped with high-pressure lifting bags.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 92
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

DARK Facility
• The DARK facility is designed to swiftly recover aircraft in the event of a “runway excursion”, which occurs
when an aircraft unintentionally veers off or overruns the runway during take-off or landing.
• This scenario can be potentially dangerous that requires quick and precise intervention is crucial to ensure
the safety of passengers, the aircraft, and airport operations.
• The use of high-pressure lifting bags in the DARK facility allows for more efficient aircraft recovery,
significantly reducing the downtime and impact on travellers.
• In the past, the airport relied on conventional methods, which took longer and had a greater impact on
airport operations.
• The CSMIA, which operates with a single crossover runway, can now leverage the DARK facility to expedite
the movement and deployment of resources, thereby restoring runway operations while safeguarding the
aircraft.
• With a maximum weight of 390 tonnes, DARK can quickly recover large commercial and transport aircraft
including the world’s biggest aircraft, the Boeing 777-300ER, and others that may be involved in runway
excursions or other incidents.
• The recovery process encompasses a meticulous sequence of steps, from ground preparations to aircraft
lifting, de-bogging and towing, and the DARK’s compact design enhances its transportability, allowing
rescuers to reach crash sites faster, so that disruptions in operations are minimised, especially as CSMIA has
a single cross-over runway operation.

RBI extends prompt corrective action framework to govt NBFCs

In News
The Reserve Bank of India has decided to extend the ‘prompt corrective action (PCA) framework for non-banking
financial companies (NBFCs)‘ to government NBFCs (except those in base layer) with effect from October 1, 2024.

PCA
• RBI initiated the Scheme of Prompt Corrective Action (PCA) in 2002.
• Prompt Corrective Action or PCA is a framework under which financial institutions with weak financial
metrics are put under watch by the RBI.
• Until now, the RBI had imposed PCA only on banks. This is the first time PCA framework is extended to
NBFCs.
• The move comes in the wake of large NBFCs such as IL&FS, DHFL, SREI Group and Reliance Capital getting
into financial trouble over the last few years.
• The objective of the PCA Framework is to enable supervisory intervention at appropriate time and require
the supervised entity to initiate and implement remedial measures in a timely manner, so as to restore its
financial health.
• The framework is also intended to act as a tool for effective market discipline. It does not preclude the apex
bank from taking any other action as it deems fit at any time in addition to the corrective actions prescribed
in the Framework.

Indicators
• The central bank will track three indicators
• Capital To Risk-Weighted Assets Ratio (CRAR) - It is bank's available capital expressed as a percentage of a
bank's risk-weighted credit exposures.
• Tier I leverage ratio - It is the relationship between a banking organization's core capital and its total assets.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 93
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• Net Non-Performing Assets (NNPAS) Including Non-Performing Investments (NPIS). NPA are loans for which
the principal or interest payment remained overdue for a period of over 90 days
• In the case of core investment companies (CICs), the RBI will track
• Adjusted Net Worth/Aggregate Risk Weighted Assets.
• Leverage Ratio
• NNPAs, including NPIs.
• A breach in any of the three risk thresholds under the above mentioned indicators could result in invocation
of PCA.

Capital Adequacy Ratio

• The CAR is a measure of a bank's available capital expressed as a percentage of a bank's risk-weighted credit
exposures.
• CAR is the measurement ratio that assesses the ability of banks to absorb losses.
• The Capital Adequacy Ratio, also known as capital-to-risk weighted assets ratio (CRAR), is used to protect
depositors and promote the stability and efficiency of financial systems around the world.

New standardised Protocol for Management of Malnutrition in Children

In News
A new standardised Protocol for Management of Malnutrition in Children (Protocol) was launched by Union
Minister of Women and Child Development.

About Protocol
• The Protocol for Management of Malnutrition in Children has been jointly prepared by the Ministry of
Women and Child Development and the Ministry of Health and Family Welfare, Govt of India.
• The protocol will be a core component of the efforts by MoWCD to reduce malnutrition through Mission
Saksham Anganwadi and Nutrition 2.0.
• The protocol clearly describes the process of assessing and caring for malnourished children through the
Anganwadiand medical ecosystem.
• The newly launched protocol for identification and management of malnourished children provides detailed
steps for identification and management of malnourished children at the Anganwadi level, including decision
making regarding referral, nutritional management and follow-up care.
• The key steps, explained in the protocol, include, Growth Monitoring & Screening, Appetite Test for SAM
children, Medical Assessment, Decision making regarding level of care, Nutritional Management, Medical
Management, Nutrition, Health Education & counselling including WASH practices, Home Visit by AWW and
Referral, Duration of Monitoring and Follow-up Care.
• The new guidelines will check malnutrition among children.
• The identification of malnourished children and their treatment is an integral aspect of Mission Poshan 2.0
and more than 17 crore activities have taken place during the ‘poshan maah’ (nutrition month).
• This is the first time this issue would be addressed at the Anganwadi level, including decision-making for
referral, nutritional management and follow-up care.

Indigenous Intelligent Transportation Systems Solutions for Traffic Scenario

In News
The Ministry of Electronics and Information Technology (MeitY) has launched several applications under the
Intelligent Transportation System (ITS) as part of the InTranSE- II program to improve India's traffic scenario.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 94
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

About ITS
• The CMOS Sensor based Camera for Industrial Vision Applications (iViS): Indigenous technology for
automated inspection and identification of objects. It supports AI based applications employing Machine
Learning and Deep Learning Techniques.
• Thermal Sensor based Camera (TvITS): AI powered thermal sensor based smart vision camera for road
traffic applications. It can provide data of stationery as well as of moving objects with high accuracy even in
complete dark environment in all weather conditions. The modular design provides ease of operation and
changing of lenses as per need.
• Online Sucro Crystal Imaging System (OSIS): It is a system developed using the industrial camera for
measurement of crystal size in sugar industries. It is very important quality parameters which is required by
the sugar industries.
• Onboard Driver Assistance and Warning Systems or Odaws: It includes vehicle radar sensors and navigation
sensors to actively monitor the immediate surroundings of a car in order to avoid road accidents.
• Bus Signal Priority System(BSPS): It will seek to actively track congestions at major urban arterial road traffic
junctions and use conditional priority to facilitate faster movement of public transport services such as buses
in order to reduce such congestions.
• Common Smart IoT ‘Connectiv’ (Cosmic): It is an open-standard IoT (internet of things) platform that is
compatible with the OneM2M IoT compatibility standard.

Sagar Maitri Mission-4

In News
Sagardhwani, an oceanographic research vessel operated and maintained by the Indian Navy for the Naval Physical
& Oceanographic Laboratory (NPOL), will embark on a two-month-long Sagar Maitri Mission-4.

Sagar Maitri Mission-4

• Sagar Maitri is a novel initiative of DRDO that supports the broad objective of Prime Minister Shri Narendra
Modi’s policy declaration ‘Safety and Growth for All in the Region (SAGAR)’ to promote closer cooperation
in socio-economic aspects as well as more significant scientific interaction, especially in ocean research
among Indian Ocean Rim (IOR) countries.
• Under the aegis of this policy, DRDO initiated a scientific component named ‘MAITRI (Marine and Allied
Interdisciplinary Training and Research Initiative)’, which focuses on establishing long-term collaboration
with IOR countries in the field of ‘Ocean Research and Development’.
• In the SAGAR MAITRI programme, INS Sagardhwani will retrace the tracks of INS Kistna, which participated
in the International Indian Ocean Expedition during 1962-65.
• The missions aim to establish long-term scientific partnerships and collaborations with Oman, the Maldives,
Sri Lanka, Thailand, Malaysia, Singapore, Indonesia, and Myanmar — the eight IOR countries.
• The current mission (SM-4) plan includes scientific deployments onboard INS Sagardhwani in the Northern
Arabian Sea and initiating collaborative research programmes with the Department of Marine Sciences &
Fisheries at Sultan Qaboos University, Oman.
• These missions give the scientists an opportunity to cooperate and build strong working relationships with
their IOR counterparts studying the oceans.

INS Sagardwani
• INS Sagardhwani is a marine acoustic research ship designed and developed by NPOL, Kochi and
constructed indigenously by GRSE Ltd.
• It was launched in July 1994.
• The NPOL is involved in studying the ocean environment and other related fields.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 95
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The vessel has been engaging in extensive oceanic observing missions and research for the last 25 years.

India’s first Regional Rapid Transit System (RRTS)

In News
Prime Minister Shri Narendra Modi will inaugurate the priority section of Delhi-Ghaziabad-Meerut RRTS Corridor at
Sahibabad RapidX Station, Uttar Pradesh.

About RRTS
• The 17 Km priority section of Delhi-Ghaziabad-Meerut RRTS Corridor that will be inaugurated, will connect
Sahibabad to ‘Duhai Depot’ with stations at Ghaziabad, Guldhar and Duhai on the way.
• To transform regional connectivity in the country through construction of new world class transport
infrastructure, the Regional Rapid Transit System (RRTS) project is being developed.
• RRTS is a new rail-based, semi-high-speed, high-frequency commuter transit system.
• With a design speed of 180 Kmph, RRTS is a transformational, regional development initiative, which is
designed to provide high-speed trains for intercity commuting every 15 minutes, which can go up to a
frequency of every 5 minutes as per requirement.
• A total of eight RRTS corridors have been identified to be to be developed in NCR, out of which three
corridors have been prioritised to be implemented in Phase-I including Delhi – Ghaziabad – Meerut Corridor;
Delhi – Gurugram – SNB – Alwar Corridor; and Delhi – Panipat Corridor.
• The Delhi-Ghaziabad-Meerut RRTS being developed at a cost of more than Rs 30,000 crore, and will connect
Delhi to Meerut in less than an hour of travel time going through the urban centres of Ghaziabad,
Muradnagar, and Modinagar.
• RRTS being developed in the country, is a state-of-the-art regional mobility solution, and is comparable to
the best in the world.
• It will provide safe, reliable and modern intercity commuting solutions in the country.
• In line with PM GatiShakti National Master Plan, the RRTS network will have extensive multi-modal-
integration with Railway stations, Metro stations, Bus services etc.
• Such transformative regional mobility solutions will boost economic activity in the region; provide improved
access to employment, education & healthcare opportunities; and help in significant reduction of vehicular
congestion & air pollution.

Features
• The train has five standard coaches, with one reserved for women, and a premium coach.
• While a ticket for a seat in the standard coach costs ₹20, passengers have to shell out double that amount to
enjoy a ride in the premium coach.
• End-to-end travel in a standard coach will cost a total of ₹50 and ₹100 in the premium coach.
• Travel is free for children whose height is below 90 cm.
• Multiple entry/exit points have been provided on either side of the road at every station. A foot overbridge
has been constructed for those who wish to cross the road to take a train ride or reach the bus terminal.
• QR code-based paper tickets can be purchased from ticket counters or ticket vending machines (TVMs)
installed at the stations using currency notes, bank cards, or unified payments interface (UPI).
• The TVMs can also be used to recharge National Common Mobility Cards (NCMC).
• The RRTS will allow commuters to use any NCMC card from the first day of operations.
• Commuters can also travel by purchasing a QR code-based digital ticket using the RAPIDX Connect mobile
application.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 96
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The platforms are equipped with public address systems that will announce the arrival of upcoming trains,
route maps of the multiple stops, and a detailed action plan to evacuate commuters during emergencies.
• All stations have diaper changing stations, separate restrooms for women, and first aid kits.
• For medical emergencies, ambulance services can be availed through centralised accident and trauma
services.
• Women are expected to comprise 50% of the staff at all stations.

Green Energy Corridor

In News
The Cabinet Committee on Economic Affairs, chaired by the Hon’ble Prime Minister, Shri Narendra Modi, approved
the project on Green Energy Corridor (GEC) Phase-II – Inter-State Transmission System (ISTS) for 13 GW Renewable
Energy Project in Ladakh.

About GEC
• The project is targeted to be set up by FY 2029-30 with total estimated cost of Rs.20,773.70 crore and
Central Financial Assistance (CFA) @ 40 percent of the project cost i.e. Rs.8,309.48 crore.
• Power Grid Corporation of India Limited (POWERGRID) will be the Implementing Agency for this project.
• State of the art Voltage Source Converter (VSC) based High Voltage Direct Current (HVDC) system and Extra
High Voltage Alternating Current (EHVAC) systems will be deployed.
• The transmission line for evacuating this power will pass through Himachal Pradesh and Punjab up to Kaithal
in Haryana, where it will be integrated with the National Grid.
• An interconnection is also planned from this project in Leh to existing Ladakh grid so as to ensure reliable
power supply to the Ladakh.
• It will also be connected to Leh-Alusteng-Srinagar line to provide power to Jammu & Kashmir.
• The project will entail setting up of 713 km transmission lines (including 480 km HVDC line) and 5 GW
capacity of HVDC terminal each at Pang (Ladakh) and Kaithal (Haryana).
• The project will contribute to achieving the target of 500 GW of installed electricity capacity from non-fossil
fuels by year 2030.
• The project will also help in developing long term energy security of the country and promote ecologically
sustainable growth by reducing carbon footprint.
• It will generate large direct & indirect employment opportunities for both skilled and unskilled personnel in
power and other related sectors, especially in Ladakh region.
• The InSTS GEC-II scheme targets addition of 10,753 circuit km (ckm) of transmission lines and 27546 MVA
capacity of substations having estimated project cost of ₹12,031.33 crore and CFA at 33 per cent (₹3,970.34
crore).

Vizhinjam international seaport project

In News
• The Rs 7,600 crore transshipment deepwater multipurpose seaport project is being built by Adani Ports
and SEZ Private Limited.
• It's India's first deepwater transshipment port.

Features
• The Rs 7,600 crore transshipment deepwater multipurpose seaport project is being built by Adani Ports and
SEZ Private Limited on a design, build, finance, operate and transfer (DBFOT) model.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 97
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The project has been in the pipeline for decades — different governments tried to develop but it was the
Kerala Congress government in 2015 that finally inked a deal with the Adani Group.
• According to the agreement, out of the total investment, Adani Group is supposed to invest Rs 2,454 crore
and another Rs 1,635 crore will be mobilised from the state and central governments as viability gap funding.
• The Kerala government has also gave 500 acres of land.
• The DBFOT deal is for 40 years, with provisions extending for 20 years.

Significance
• India has 13 major ports. However, the country lacks a landside mega-port and terminal infrastructure to
deal with ultra-large container ships.
• Hence, nearly 75 per cent of India’s transshipment cargo is handled at ports outside India, mainly Colombo,
Singapore, and Klang.
• In fiscal 2021-22, the total transshipment cargo of India was about 4.6 million TEUs (twenty-foot
equivalent units), out of which about 4.2 million TEUs were handled outside India.
• Developing a port into a Transshipment Hub will accrue significant benefits such as forex savings, foreign
direct investment, increased economic activity at other Indian Ports, development of related logistics
infrastructure, employment generation, improved operation/logistics efficiencies and increase in revenue
share.
• Several other allied businesses viz. ship chandlery-ship supplies, ship repair, crew change facility, logistics
value-added services, warehousing and bunkering also come up at the transshipment port.

Benefits
• A deepwater container transshipment port can attract a large share of the container transshipment traffic
which is now being diverted to Colombo, Singapore and Dubai.
• It can also ensure India’s economic development and open up immense job opportunities.
• Located near Thiruvananthapuram, Vizhinjam would be India’s first international deepwater
transshipment port with a natural depth of more than 18 meters, scalable up to 20 meters, which is crucial
to get large vessels and mother ships.
• It is designed to cater to container transshipment, multi-purpose, and break-bulk cargo.
• The port is located ten nautical miles from the international shipping route. Other features include minimal
littoral drift along the coast and virtually no requirement for any maintenance dredging.
• The port is expected to compete with Colombo, Singapore, and Dubai for winning trans-shipment traffic.
• The cost of movement of containers to and from foreign destinations is likely to come down.
• Its capacity in the first phase is one million TEU, which can be increased to 6.2 million TEU.
• The project is expected to generate 5,000 direct job opportunities, apart from giving a boost to an
industrial corridor and cruise tourism.
• Vizhinjam port offers large-scale automation for quick turnaround of vessels with state-of-the-art
infrastructure to handle Megamax container ships.

Jamrani Dam Multipurpose Project

In News
The Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister Shri Narendra Modi, has approved
inclusion of Jamrani Dam Multipurpose Project of Uttarakhand under Pradhan Mantri Krishi Sinchayee Yojana-
Accelerated Irrigation Benefit Programme (PMKSY-AIBP).

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 98
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Jamrani Dam Multipurpose project

• The CCEA has approved central support of Rs.1,557.18 crore to Uttarakhand for completion of the project
with estimated cost of Rs.2,584.10 crore by March, 2028.
• The project envisages construction of a dam near Jamrani village across river Gola, a tributary of river Ram
Ganga, in Nainital district of Uttarakhand.
• The dam would feed the existing Gola barrage, through its 40.5 km length of canal system and 244 km long
canal system, which was completed in 1981.
• The project envisages additional irrigation of 57,065 ha (9,458 ha in Uttarakhand and 47,607 ha in Uttar
Pradesh) in Nainital & Udham Singh Nagar districts of Uttarakhand, and Rampur & Bareilly districts in Uttar
Pradesh.
• Apart from construction of two new feeder canals, 207 km of existing canals are to be renovated and 278 km
pucca field channels are also to be taken up under the project.
• In addition, the project also envisages hydro power generation of 14 MW, as well as provision of 42.70
million cubic metre (MCM) of drinking water to Haldwani and nearby areas benefitting more than 10.65 lakh
population.

PMKSY
• Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) was launched during the year 2015-16, with an aim to
enhance physical access of water on farm and expand cultivable area under assured irrigation, improve on-
farm water use efficiency, introduce sustainable water conservation practices, etc.
• Government of India has approved implementation of PMKSY during 2021-26 with an overall outlay of
Rs.93,068.56 crore (central assistance of Rs. 37,454 crore).
• Accelerated Irrigation Benefits Programme (AIBP) component of PMKSY is for creation of irrigation
potential through major and medium irrigation projects.
• So far 53 projects have been completed under PMKSY-AIBP and additional irrigation potential of 25.14 lakh
hectare has been created.
• Six projects have been included after AIBP component of PMKSY 2.0 since 2021-22.
• Jamrani Dam Multipurpose Project is seventh project to be included in the list.

Inform customers when banks ask for their credit score

In News
The Reserve Bank of India (RBI) has directed credit information companies (CICs) to alert customers through SMS or
email when their Credit Information Report (CIR) is accessed by banks and non-banking finance companies (NBFCs).

Credit Information Companies

• CICs maintain and analyse the consumer and business credit information of individuals and companies
across the country, as provided to them by banks and NBFCs.
• Based on this information, a CIC calculates and generates credit scores for individuals and credit ranks for
companies as per their creditworthiness and past credit history.
• A customer can get a loan at a relatively attractive rate if their credit score is high. If the credit score is low —
perhaps due to defaults on earlier loans — they may not get a loan or a credit card. However a customer’s
credit score is not the only factor that determines whether she will get a loan.
• TransUnion CIBIL Ltd, Equifax India, and CRIF High Mark are some prominent CICs in India. Where scores
are awarded in the range of 300 and 850, and a score of 700 is generally considered good

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 99
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The RBI has said that CICs should provide easy access to a “Free Full Credit Report (FFCR)”, including credit
score, once in every calendar year (January-December) to all individuals whose credit history is available with
the CIC.
• The link to the FFCR must be displayed prominently on the CIC’s website, so that individuals are able to
access their report conveniently.

Other Steps CICs should take

• The central bank said that CICs should have a board-approved policy for undertaking a periodic review, at
least on a half-yearly basis, of the ‘search & match’ logic algorithm that they use to generate the borrower’s
CIR.
• CICs should undertake a “root cause analysis” of complaints, use it to identify issues in the ‘search & match’
logic algorithm.
• “Results of the RCA (root-cause analysis) and subsequent changes in the search and match logic should be
placed before the Board of Directors of the CIC for review,.
• It asked CICs to “ingest credit information data received from banks and NBFCs as per its data acceptance
rules, into their databases within seven calendar days of its receipt from them”.
• CICs should disclose on their websites the details of complaints registered against them and the CIs.

Jio demonstrates India’s first satellite-based giga fiber service

In News
Reliance Jio Infocomm (Jio), demonstrated India’s first satellite-based giga fiber service to provide high-speed
broadband services in previously inaccessible geographies in the country.

Satellite based giga fiber service

• Jio says it is partnering with Luxembourg-based satellite communications company SES to provide medium
Earth orbit (MEO) satellite internet.
• The company claims that SES’s O3v and o3b mPOWER networks are the only MEO constellation capable of
delivering fiber-like internet services from space.
• The more common method of delivering high-speed satellite internet usually involves constellations of low-
Earth orbit satellites.
• LEO satellites orbit at a height of between 250 and 2,000 kilometres above the planet.
• Both Starlink, the service provided by Elon Musk’s SpaceX, and the solution by OneWeb, a company backed
by India’s Bharti group, use LEO satellite technology for low-latency, high-speed internet.
• Currently, there are over 5,000 Starlink satellites in LEO, with SpaceX currently planning to deploy another
7,000.
• The total number could later be expanded to 42,000.
• OneWeb, in comparison, only plans to have about 630 satellites in orbit.
• Project Kuiper, which falls under Jeff Bezos’s Blue Origin, plans to have over 3,000 satellites in orbit.
• Services like Starlink and OneWeb can usually be accessed with a small terminal that can be bought by both
individuals and organisations.
• Jio connected four remote locations with JioSpaceFiber—Gir in Gujarat, Korba in Chattisgarh, Nabarangpur
in Odisha, and Jorhat in Assam.
• While Jio promises low-latency internet, chances are that its JioSpaceFiber internet will have a much higher
latency than Starlink or other LEO services.
• This is because MEO satellites orbit at a much higher distance from the planet, and therefore, radio signals
take much longer to travel the distance.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 100
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• One advantage of an MEO solution over an LEO one is that the former, in theory, can cover a larger area of
the globe with much fewer satellites.

Importance of QR codes on Food labels

In News
The Food Safety and Standards Authority of India (FSSAI) has recommended the inclusion of a QR (quick response)
code on food products for accessibility by visually impaired individuals stating that this will ensure access to safe
food for all.

Significance
• The move is vital as India is one of the largest markets of packaged foods in the world and is currently
witnessing a growing burden of non-communicable diseases (NCDs) which have seen an abrupt rise globally
since the last two decades, according to the World Health Organization.
• Besides other factors, this trend is attributed to aggressively marketed, cheaper, and more easily available
pre-packaged foods which is finding a growing preference among consumers.
• With this new initiative an informed choice will be offered to consumers.

Information on QR codes
• The FSSAI has advised that these new QR codes should encompass comprehensive details about the product,
including, but not limited to, ingredients, nutritional information, allergens, manufacturing date, best
before/expiry/use by date, allergen warning, and contact information for customer enquiries.
• It adds that the inclusion of a QR code for the accessibility of information does not replace or negate the
requirement to provide mandatory information on the product label, as prescribed by relevant regulations.
• The latest advisory caters to two important regulations — the FSSAI’s Food Safety and Standards (Labelling
and Display) Regulations, 2020 which outlines the information to be included on labels of food products and
the Rights of Persons with Disabilities Act, 2016 which recognises the rights of individuals with disabilities
and emphasises accessibility of health for persons with disabilities.

About QR code
• A QR code is a type of two-dimensional matrix barcode, invented in 1994, by the Japanese company Denso
Wave for labelling automobile parts.
• Using QR codes on food products can help improve their brand image, customer loyalty, and operational
efficiency.
• The front-of-pack labelling (FOPL), proposed by FSSAI in 2019, is a key strategy to alert and educate
consumers in making an informed choice.
• The increase in smartphone usage by consumers indicate that QR codes are emerging as one of the most
promising technologies to enhance the information provided to consumers and influence their buying
behaviour.

Trends worldwide
• The U.S., India, France and the U.K. are among the top users of QR code.
• The size of the global packaged food market is estimated at $303.26 billion in 2019, with a compound annual
growth rate of 5.2% over this period.
• 57% scanned a food QR code to get specific information about the product, 38.99% of respondents want to
see QR codes used more and 67% of the respondents agreed that these codes make life easier.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 101
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

India bans exports of some rice varities

In News
In July this year, India banned the export of non-basmati white rice amid depleting public stock in the Central pool,
elevated cereal prices, and looming threat of the uneven monsoon.

Impact across the globe

• After India banned the export of non-basmati white rice on July 20, there was a sharp jump in the price of
rice across markets. In the following months, prices have come down, but are still higher than the pre-ban
period.
• There has been no respite from the increase in the prices of rice despite the export ban.
• As per the data available on the Agriculture Ministry’s UPAg portal, the daily average wholesale price of rice
was recorded at Rs 5,800 per quintal on October 24, 2023, which was 27.43 per cent higher than a month
ago (Rs 4,208.57 per quintal).

Banned rice
• India is the biggest exporter of rice in the world.
• As per the United States Department of Agriculture (USDA), India accounted for about 40 per cent of the
total rice exports (56 million tonnes) in the world during calendar year 2022.
• India’s rice exports are broadly categorised into basmati and non-basmati rice.
• The non-basmati rice category includes 6 sub-categories— rice in husk of seed quality; other rice in husk;
husked (brown) rice; rice parboiled; non-basmati white rice; and broken rice.
• While the government has banned export of two sub-categories of broken rice and non-basmati white rice,
there is no ban on the remaining four sub-categories.

Basmati Rice
• In the financial year 2022-23, India’s basmati export stood at 45.61 lakh metric tonnes.
• Iran, Saudi Arabia, Iraq, UAE, and Yemen were the top 5 destinations of Indian basmati during 2022-23.
• In all, India exported basmati to 149 countries during the last financial year.
• During the first five months (April-August) of the current financial year (2023-24), the basmati rice export has
reached 20 lakh metric tonnes.

Non-Basmati Rice
• The non-basmati rice includes varieties like Sona Masuri and Jeera rice.
• In financial year 2022-23 (April-March), India exported 177.91 lakh metric tonnes of non-basmati rice, of
which a maximum 78.48 lakh metric tonnes was parboiled rice, and it was followed by non-basmati white
rice (64.01 lakh metric tonnes), and broken rice (30.49 lakh metric tonnes).
• The other three categories accounted for a lower quantity: other rice in husk (4.61 lakh metric tonnes); rice
in husk of seed quality (19.68 thousand metric tonnes); and husked (brown) rice (11.65 thousand metric
tonnes).

Non-basmati White Rice

• Out of the 64.01 lakh metric tonnes of non-basmati white rice India exported during the last financial year, a
maximum of 5.82 lakh metric tonnes was exported to Benin, followed by Madagascar (5.55 LMT), and
Kenya (5.46 LMT). Cote D’ Ivoire, Mozambique, Vietnam, Angola, Togo and Nepal were other countries
among the top 10 buyers of India’s non-basmati white rice.
• In all, India exported the non-basmati white rice to 142 countries during 2022-23.
• Most of these countries were poor, and were located in Africa.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 102
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• In the first 5 months (April-August) of the current financial year (2023-24), 19.74 lakh metric tonnes of non-
basmati white rice has been exported to 117 countries, with Kenya (4.12 lakh metric tonnes) topping the
chart, followed by Mozambique (2.01 lakh metric tonnes, and Vietnam (1.53 lakh metric tonnes).

Par-boiled Rice
• The dictionary meaning of ‘parboil’ is ‘partly cooked by boiling’.
• Thus, the term par-boiled rice refers to the rice that has been partially boiled in paddy form before milling.
• There is no ban on export of this category of rice from India. In 2022-23, India exported 78.48 lakh metric
tonnes of par-boiled rice to 131 countries.
• Benin (9.69 lakh metric tonnes), Bangladesh (7.26 lakh metric tonnes), Guinea (7.07 lakh metric tonnes),
Côte D’ Ivorie (6.97 lakh metric tonnes), and Togo (6.89 lakh metric tonnes) were the top five importers of
the Indian par-boiled rice in the last financial year.
• In the first five months (April-August) of the financial year 2023-24, 37.72 lakh metric tonnes of par-boiled
rice has been exported, which is 19.28 per cent higher than 31.62 lakh metric tonnes in the same period last
year. In the current financial year, Benin, Guinea, Togo, Somalia and Vietnam are the top five buyers of
Indian par-boiled rice.

Husked (Brown) Rice

• The husked (brown) rice is the type of rice from which only the husk has been removed, while the brown
rice is unpolished rice.
• A quantity of 11,656.86 metric tonnes of husked (brown) rice was exported from India during the financial
year 2022-23, which was 76.80 per cent lower than the quantity (50,249 metric tonnes) exported in the year
2021-22.
• Netherlands, UK, USA, Saudi Arabia, and Canada were top 5 buyers of this category of rice during the last
financial year.
• In the first five months of the current financial year, only 7,146 metric tonnes of husked (brown) rice have
been exported.

Rice procurement, requirement

• Total production of rice during 2022-23 is estimated to be at a record 1357.55 lakh tonnes.
• It is higher by 62.84 lakh tonnes than previous year’s Rice production of 1294.71 lakh tonnes .
• Procurement is on for the kharif marketing season (KMS) 2023-24.
• A quantity of 56.04 lakh metric tonnes of paddy has been procured from 8 states—Chhattisgarh, Haryana,
Himachal Pradesh, Punjab, Tamil Nadu, Uttar Pradesh, Uttarakhand, and West Bengal.
• Under the National Food Security Act, 2013, the monthly requirement (allocation) of rice is about 32 lakh
tonnes.
• Taking into consideration other welfare schemes including ICDS, PM-Poshan, the monthly requirement is 35
lakh metric tonnes.

Rice Stocks in the Central Pool

• As per the Food Corporation of India, a stock of 221.87 lakh metric tonnes of rice is available in the Central
Pool as on October 1, 2023.
• In addition to this, a stock of 138.36 lakh metric tonnes of unmilled paddy (equal to 92.70 lakh metric
tonnes of rice) is also available in the Central Pool, taking the total rice stock to 314.57 lakh metric tonnes.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 103
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

International Solar Alliance’s Global Solar Facility set to receive a capital contribution of $35
million dollars

In News
The International Solar Alliance (ISA) announced that the Global Solar Facility (GSF), a payment guarantee fund
formed by ISA to stimulate investments into solar power projects, is set to receive a capital contribution of $35
million dollars.

About GSF
• The Global Solar Facility (GSF) is designed to catalyze solar investments in underserved segments and
geographies across Africa, unlocking commercial capital in the process. Last year, the ISA Assembly
approved the Global Solar Facility, which is expected to attract private capital to flow into off-grid solar
projects, rooftop solar projects, and productive use solar projects.
• This financing vehicle, bolstered by payment guarantees, insurance, and investment funds, aims to
mitigate project risks, provide technical assistance to address regulatory gaps, reduce currency risks, and
resolve contractual and financial uncertainties in the solar energy sector.
• The Government of India is considering a $25 million investment as capital contribution in the GSF in
addition to $10 million coming from the ISA. Bloomberg Philanthropies and CIFF have also committed their
support to the GSF.
• The target for the GSF is to raise 100 million USD. Africa has immense potential in deploying solar energy
capacities, yet due to risks in investments, the region has not been able to leverage its potential.
• The GSF aims to address this challenge and provide security to investments. India is a good example of
development due to private sector investments.
• It has no sovereign risks and has a strong legal and security framework with a dispute mechanism and
security of payments, which has enabled India to attract investments.
• The GSF is expressly designed to provide investors with the confidence to take up projects in Africa and to
enabling $10 billion in investments, which will facilitate clean energy access in 35–40 million African
households by 2030 and benefit around 200 million people in the region.
• The world requires an investment of $12.5 trillion in renewable energy and $23 billion in off-grid solar by
2030.
• The ISA through its Global Solar Facility is stepping up as current global solar investment falls woefully short,
constituting only 10% of the required amount for achieving net-zero emissions.
• Additionally, there is profound disparity in investments — with developing countries, home to over 50% of
the global population, receiving just 15% of 2022's renewable energy investments.
• Sub-Saharan Africa's per capita renewable energy investment has plummeted by 44% from 2015 to 2021.
• In stark contrast, investments in North America are 41 times higher, and in Europe, they are 57 times
greater. The GSF will further our vision of addressing the urgent need for universal energy access and a clean
energy transition

Significance
• The ISA highlighted the need for diversifying investments in solar energy in Africa for mitigating climate
change and a balanced energy transition.
• Despite its vast solar potential, Africa possesses only 1.3% of the world’s installed solar capacity (11.4 GW
out of 849 GW in 2021).
• With nearly 600 million people in Africa lacking access to electricity, there exists a compelling case for
distributed solar power projects.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 104
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• Following the approval and launch of GSF at COP27, the ISA Secretariat has been conducting discussions with
potential investors including member countries, development finance institutions, pension funds, and
potential investment managers from across the world.
• The ISA has signed Memorandum of Understanding (MOUs) with Multi-Lateral Investment Guarantee
Fund (MIGA), Africa 50, West African Development Bank (BOAD) for facilitating investments through the
GSF in Africa.
• After Africa, the GSF aims to expand to regions such as Asia, Latin America and the Middle East, where the
Regional Facilities will be tailored to meet specific requirements.
• In the future, GSF plans to invest in innovative technologies to enhance solar energy efficiency, support
startups for faster solar energy implementation, and explore emerging solar energy sectors

ISA assembly
• The Assembly is the apex decision-making body of ISA, in which each Member Country is represented.
• This body makes decisions concerning the implementation of the ISA’s Framework Agreement and
coordinated actions to be taken to achieve its objective.
• The Assembly meets annually at the ministerial level at the ISA’s seat.
• It assesses the aggregate effect of the programmes and other activities in terms of deployment of solar
energy, performance, reliability, cost, and scale of finance.
• The Sixth Assembly of the ISA is deliberating on the key initiatives of ISA on three critical issues energy
access, energy security, and energy transition.

GST collections surged sharply in October

In News
Gross Goods and Services Tax (GST) collections surged 13.4 per cent year-on-year in October (for sales in
September) to Rs 1.72 lakh crore, the second-highest level since the July 2017 rollout of the indirect tax regime.

GST Numbers
• With the latest print, GST revenue collections have averaged at Rs 1.66 lakh crore per month during April-
October 2023, up 11.4 per from the monthly average of Rs 1.49 lakh crore seen during April-October 2022.
• Overall, the total GST collections stood at Rs 1,72,003 crore in October, recording the highest year-on-year
growth rate in 10 months.
• Out of the total GST revenue in October, Central GST — the tax levied on intra-state supplies of goods and
services by the Centre — was Rs 30,062 crore, State GST — the tax levied on intra-state supplies of goods
and services by the states — was Rs 38,171 crore, Integrated GST (IGST) — the tax levied on all inter-state
supplies of goods and services — was Rs 91,315 crore (including Rs 42,127 crore collected on import of
goods) and cess was Rs 12,456 crore (including Rs 1,294 crore collected on import of goods).
• Revenues from domestic transactions (including import of services) were 13 per cent higher the figure
from the same month last year, the Finance Ministry said in its statement.
• In October, the government settled Rs 42,873 crore to Central GST and Rs 36,614 crore to State GST from
Integrated GST. As a result, the total revenue for the month after settlement was Rs 72,934 crore for the
Centre and Rs 74,785 crore for State GST.

State wise GST revenue

• GST revenues increased across the country in October, with at least 25 states/union territories recording a
growth rate higher than 10 per cent.
• Maharashtra, Karnataka, Uttar Pradesh and Tamil Nadu — the states with the highest SGST share —
recorded a growth of 14 per cent, 12 per cent, 10 per cent and 9 per cent, respectively.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 105
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• However, strife-torn Manipur posted a 19 per cent decline, while Himachal Pradesh, hit by floods and
landslides, recorded a 2 per cent contraction.
• After settlement, the SGST revenue, which accounts for SGST revenue and the share of SGST from the IGST,
totalled Rs 4.97 lakh crore during April-October, an increase of 12 per cent from the period last year.

Reasons for GST increase

• With the recent notices being sent by the GST authorities for recovery of non-payment of tax, or
underpayment, or of wrongful availment of input tax credit, some businesses would have made payments to
settle the disputes.
• The government could possibly explore rate rationalisation as the next measure under GST.
• This significantly increased collection could be linked to settlement of disputes for FY 17-18 as the normal
period of limitation was ending on September 30.
• A mid-year collection of such an increased number is definitely worth a cheer and the ongoing festivities
driven consumption could help this continue.
• The growing emphasis on audits led by specific information available on various databases, not only on the
GST portal, has led to a significant increase in compliance across sectors and states.
• This is also reflected in the upsurge in the GST collections across key manufacturing and consuming states.
• A pickup in GST revenues would also imply a significant support for the government’s fiscal arithmetic, as it is
likely to see a shortfall in the disinvestment receipts and as direct tax revenue growth remains a step behind.

Understanding worker productivity

In News
Infosys founder N.R. Narayana Murthy sparked a debate recently by urging young Indians to work 70 hours per
week, citing Japan and Germany as examples of countries that grew because their citizens worked harder and for
longer hours to rebuild their nations in the aftermath of the Second World War.

Work Productivity
• The only conceptual difference between the two is that the ‘work’ in worker productivity describes mental
activities while the ‘work’ in labour productivity is mostly associated with manual activities.
• Productivity of an activity is usually measured as the quantum of output value per unit of labour (time) cost
at a micro level.
• At a macro level, it is measured in terms of the labour-output ratio or change in Net Domestic Product (NDP)
per worker in each sector (where working hours are assumed to be 8 hours per day).

Productivity
• Productivity in a more sophisticated usage is an attribute not of time but of skill.
• Human capital including education, training, nutrition, health etc., enhances the ability of labour to become
more productive, or churn out greater quantum of value within the same number of working hours.
• Based on this understanding, the reduction in the number of working hours does not hamper the value of
output produced, but in turn enhances the leisure and quality of life of workers in real terms, while the value
added to the economy could still be increasing, nominal wages remaining the same.

Link between worker productivity and economic growth

• While an increase in productivity made through any sector is likely to affect the value added and the
accumulation or growth in the economy, the relationship between the two could be quite complex.
• If by prosperity we intend to suggest prosperity of the workers, this may or may not be true.
• In 1980, India’s Gross Domestic Product was about $200 billion, which by 2015 exceeded $2,000 billion.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 106
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• However, in terms of the distribution of income across groups in India,have shown that during 1980-2015,
where the share in the national income of 40% of the middle income group and 50% of the low income
group in India had decreased from 48% to 29% and 23% to 14% respectively, the top 10% income groups
share had increased from 30% to 58%.
• This effectively means that the income groups in the bottom 50% in India experienced an increase in their
income from 1980 to 2015 by 90%, whereas income groups in the top 10% experienced an increase in
income by 435%
• The top 0.01% has had an increase of 1699% percent from 1980 to 2015 and the top 0.001% have had an
increase of 2040%.
• The increase in incomes or the prosperity of the richest people is not quite explained by their productivity.

Comparison around the world

• Japan and Germany are neither comparable in terms of the size and quality of labour force nor in terms of
the nature of their technological trajectories or their socio-cultural and political structures.
• India presents a unique case and any arbitrary comparison would only lead to dubious analytical
inferences and fallacious policy prescripts.
• Enhancing social investments, focusing on exploring domestic consumption potential for increased
productivity with a human centric assessment of development achievements is the way to a more
sustainable and desirable outcome.

Kavach installations in Trains

In News
The deadly collision between two passenger trains in southern India’s Vizianagaram district in Andhra Pradesh
which killed 14 people and injured fifty persons could have been averted if Traffic Collision Avoidance Systems
(TCAS) were in place.

TCAS- Kavach
• Kavach is a cab signalling train control system with anti-collision features.
• Simply put, it plays the role of a watchdog over the existing signalling system.
• It was developed over a period of 10 years, starting in 2012, by the Indian Railways Research Designs and
Standards Organisation (RDSO).
• Kavach is designed to give out warnings to the loco pilot in case he does not notice the ‘red signal,’ and
instead of stopping, is going to overshoot the signal.
• After giving warnings on the locopilot’s display, if the pilot does not slow down below 15 kilometres per
hour, the Kavach system automatically applies brakes to bring the train to a halt.

Deployment of Kavach system

• In the Kavach set-up, the railway stations along the route where this tech is sanctioned to be deployed are
provided with three components.
• First is Radio Frequency Identification (RFID) technology in the tracks.
• RFID tech uses radio waves to identify people or objects.
• It uses electromagnetic fields to automatically identify and read information contained in a wireless
device from a distance without making physical contact or requiring a line of sight.
• Secondly, the locomotive, which is the driver’s cabin, is provided with RFID readers, computer, and brake
interface equipment.
• And finally, radio infrastructure which are towers and modems are installed at railway stations.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 107
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Working of Kavach infrastructure

• The three components of Kavach on rail tracks, locomotives and at railway stations are communicating
with each other to monitor train movements, and transmit signals ahead to locomotives. Their function is
not affected by visual interferences like hilly geography or haze.
• There is direct loco-to-loco communication and information regarding location and track IDs are exchanged,
in case it is noted that both trains are on the same line.
• The locomotives have antennas which communicate with towers on railway stations and display warnings
to the driver on his monitor.

Costing of Kavach System

• Deploying Kavach costs ₹50 lakh per kilometre for the Indian Railways.
• Experts say present coverage for Kavach is only 1,500 km and at this rate, it may take many years to ensure
Kavach even on high-density routes as Railways has a total route length of 68,000 kms.
• Current Kavach coverage includes the 1,400 km stretch in South Central Railway and 200 to 250 km routes
from Delhi to Mumbai and Delhi to Kolkata where it is still under testing in patches, installed in 100 kms here
and there, not in continuous sections and not operational.
• Currently the Indian Railways has allotted ₹4,000 crore under the Signalling and Telecom budget head
which includes ₹2,000 crore under the Rashtriya Rail Sanraksha Kosh (RRSK) fund which implements
Kavach.
• From this RRSK head, fund allotment for Kavach may be around ₹1,500 crore for FY23-24.
• From this, we may be able to implement only about 2,500 to 3,000 km of installation during this year.

‘Misleading’ ads for IAS coaching institutes being probed by consumer protection body

In News
• The Central Consumer Protection Authority (CCPA) said that it was probing 20 IAS coaching institutes for
making misleading claims in their advertisements and for unfair trade practices.
• Four of the twenty institutions have already been slapped with a penalty of Rs 1 lakh.

CCPA observation
• Names and pictures of the top rankers are used in these ads to indicate their enrolment at the institute.
• However, they do not disclose the nature of the enrolment, that is, the course they might have pursued in
the institute.
• CCPA has observed that most rank holders showcased in the advertisements only took mock interviews from
these institutes.
• In fact, coaching institutes have been found to provide mock interviews free of cost, since it serves their own
interests.
• This information is not disclosed in the advertisements, which ideally must include the course they enrolled
for (which could be a test series, learning course or a revision course).
• Thus, it would qualify as deliberate concealment of important information and categorisation as a
‘misleading advertisement’ under Section 2(28) of the Consumer Protection Act, 2019.
• First time violations may invite penalties up to Rs 10 lakh.
• Subsequent violations may attract penalties up to Rs 50 lakh, with other potential legal action should the
non-compliance continue.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 108
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Claims by Institutes
• UPSC recommended a total of 933 candidates post its CSE examinations in 2022. However, as observed by
CCPA, the total selections claimed by the institutes being probed exceeded the recommendations
significantly— the cumulative count was over 3,500.
• This could also be because of multiple enrolments among students.
• At present, four institutes have been fined — Chahal Academy, IQRA IAS, Rau’s IAS Study Circle and IAS
Baba.
• While IAS Baba has received a stay on the probe from the Karnataka High Court, Rau’s IAS has appealed
against the order in the National Consumer Disputes Redressal Commission (NCRDC).
• Other coaching institutes currently being probed include Vajirao and Reddy Institute, KSG- Khan Study Group
IAS, Drishti IAS, Sriram IAS, NEXT IAS and Vision IAS, among others.
• During the probe, the institutes were given the opportunity to make their submissions against the
allegations of exaggerated claims.
• Their submissions reveal some of the same concerns raised by the CCPA. For example, Khan Study Group
claimed that 682 of the 933 selected belonged to their institute.
• However, their submission indicated that 673 students took mock interviews, and 9 students were enrolled
in test series and general studies programmes.
• Vajirao and Reddy also professed about 617 selections – all of whom took the interview guidance
programme. Drishti IAS claimed more than 216 selections in their interviews.
• All of them had taken the interview guidance and mentorship programme.

India's coaching industry

• Education has emerged as “one of the most violative sectors in advertising” in recent years.
• Over the last two years, the self-regulatory body has processed more than 3,300 education ads, including
those by coaching classes targeting students for competitive exams.
• Most violations would be in the areas of leadership claims, placement to best colleges, success assurances
etc. While there is fierce pressure in education, misleading ads in the category often perpetuate the problem
and end up targeting vulnerable students and parents.
• According to Pune-based consultancy Infinium Global Research LLP, the coaching class market in India is
expected to reach about Rs 1.79 lakh crore by 2030 and grow at a Compounded Annual Growth Rate of
14.07% over a forecast period of 2023-30.
• The CCPA also observed that coaching for students (typically) starts from 10 years of age and goes on until
the next two decades.
• While Delhi is considered the hub of UPSC CSE coaching, approximately two lakh students move to Kota
annually (primarily for IIT-JEE coaching).
• With migration also forming a part of the landscape, the coaching centre system is further complimented by
the demand for associated services such as rented accommodation in nearby areas and local tiffin services,
among other things.
• This according to Infinium Global Research, “has led to a surge in demand for rented accommodation, such
as hostels, paying guest (PG) accommodations and shared apartments,” with local property owners
catering to this demand and, thereby, “creating a thriving real estate market in these areas.”

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 109
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

India Finance Report

In News
The first edition of the India Finance Report published by the Centre for Advanced Financial Research and Learning
(CAFRAL),has taken stock of India’s non-bank financial companies sector — commonly called the shadow banking
sector — and pointed out both the ongoing improvements and emerging risks.

Major findings
• The CAFRAL report finds that after the liquidity crisis of 2018 and the Covid pandemic, the NBFC sector has
improved, along all dimensions — capital position, asset quality, and profitability.
• For instance, as against the stipulated norm of 15 per cent of the capital to risk-weighted assets ratio (CRAR),
in 2022-23, NBFCs witnessed a notable improvement with the CRAR rising to 27.6 per cent from 22.9 per
cent in 2019-2020. Similarly, gross and net non-performing asset (NPA) ratios continue trending downwards.
• The study notes that in the past few years, bank financing for NBFCs has begun to rise again.
• The risk which arises due to externalities that individual firms do not take into account in their decision-
making process, and an unravelling of which can have deleterious effects on the real economy.
• It underlines that systemic risks build up in periods of tranquil financial conditions due to increased risk-
taking, and tend to aggravate the effect of a shock through negative spillovers such as fire sales across firms
during a crisis.

There are two reasons both the RBI and the government should take this report’s findings seriously.
• One, the global, as well as the Indian, economy has just witnessed two periods of stark contrast in terms
of monetary policy.
• First, there was an extremely loose monetary policy, aimed at protecting economic growth and businesses
during the pandemic.
• This was immediately followed by an equally sharp contraction in monetary stance following the sudden and
sharp rise in inflation.
• The back-to-back monetary shocks are catching businesses off-guard.
• Two, the events of the past 15 years have shown that the health of India’s NBFC sector is crucial to
sustaining India’s economic growth, especially through millions of MSMEs.
• In the decade after the Global Financial Crisis of 2008, the NBFCs acted like shock absorbers to the Indian
economy — providing credit when formal banks were struggling with NPAs. Regulators must ensure that
past mistakes are not repeated.

Centre appoints Arvind Panagariya as Chairman of 16th Finance Commission

In News
• The Central government appointed former NITI Aayog Vice Chairman Arvind Panagariya as the Chairman of
the 16th Finance Commission

• Shri Ritvik Ranjanam Pandey has been appointed as Secretary to the Commission.

The Commission shall make recommendations as to the following matters, namely

• The distribution between the Union and the States of the net proceeds of taxes which are to be, or may be,
divided between them under Chapter I, Part XII of the Constitution and the allocation between the States of
the respective shares of such proceeds;
• The principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated
Fund of India and the sums to be paid to the States by way of grants-in-aid of their revenues under article

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 110
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

275 of the Constitution for the purposes other than those specified in the provisos to clause (1) of that
article; and
• The measures needed to augment the Consolidated Fund of a State to supplement the resources of the
Panchayats and Municipalities in the State on the basis of the recommendations made by the Finance
Commission of the State
• The Commission may review the present arrangements on financing Disaster Management initiatives, with
reference to the funds constituted under the Disaster Management Act, 2005 (53 of 2005), and make
appropriate recommendations thereon.
• The Finance Commission shall make recommendations as to the following matters, namely: The
distribution between the Union and the States of the net proceeds of taxes which are to be, or may be,
divided between them under Chapter I, Part XII of the Constitution and the allocation between the States
of the respective shares of such proceeds…
• It shall also make recommendations on the “principles which should govern the grants-in-aid of the revenues
of the States out of the Consolidated Fund of India and the sums to be paid to the States by way of grants-in-
aid of their revenues under article 275 of the Constitution for the purposes other than those specified in the
provisos to clause (1) of that article.
• The erstwhile 15th Finance Commission under NK Singh had recommended that states be given 41 per cent
of the divisible tax pool of the Centre during the five-year period 2021 22 to 2025 26, which is at the same
level as was recommended by the 14th Finance Commission.

Arvind Panagariya
• Panagariya, is professor of Economics and the Jagdish Bhagwati Professor of Indian Political Economy at
Columbia University.
• He was first vice-chairman of NITI Aayog from January 2015 to August 2017 and served as India’s G20 Sherpa
in 2017.
• In April 2023, he was appointed chancellor of Nalanda University.

India’s 1991 crisis and the RBI Governor’s role

In News
S.Venkitaramanan, an IAS officer who served as the Governor of the Reserve Bank of India (RBI) from December
1990 to December 1992 passed away recently.

1991 crisis
• Starting in late 1990, India faced a severe balance of payments stress.
• This had been precipitated by a slowing of inward remittances and a rise in the price of oil following the
invasion of Kuwait by Saddam Hussain.
• The current account of the balance of payments was subjected to a double whammy, a reduction of receipts
and a rise in the value of imports.
• In 1990-91 the current account deficit swelled to 3 percent of the GDP, a level highest by far in two
decades.
• The import cover afforded by India’s reserves plummeted to a historic low of three weeks at the peak of the
crisis.
• There was speculation that India would default on its external payment obligations.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 111
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• It was at that moment that the RBI led by Mr. Venkitaramanan played a sterling role, which in effect came to
pledging its gold to international banks for a hard currency loan.

India's response
• In April 1991, the Government raised $200.0 million from the Union Bank of Switzerland through a sale
(with a repurchase option) of 20 tonnes of gold confiscated from smugglers (sic).
• Again, in July 1991, India shipped 47 tonnes of gold to the Bank of England to raise another $405.0 million.
• This action helped the country repay its international donors and creditors, though it was not sufficient to
completely absolve the country of the crisis.”
• A country builds reserves in anticipation of using it on a rainy day. For the RBI to have used its gold to
stave off a default was an act of courage. and imagination.
• Indeed, it was the smartest economic management.
• Not only India’s prestige but also its reputation as a reliable counterparty in business had been salvaged. It
only needs to be recalled that India imports around 80 percent of its oil to recognise the practical value of
the manoeuvre.

Economic reforms
• Before its efforts to raise international loans, the RBI had begun a programme of import compression,
implemented mainly via raising the cash margin on imports.
• The cash margin was hiked four-fold between October 1990 and April 1991.
• Supplementary measures that raised the cost of imports were implemented too, together constituting a
stringent effort to rein them in.
• This strategy turned out to be a winner, and the current account deficit flipped from a high of 3 percent in
1990-91 to a mere .3 percent of GDP in 1991-92.
• This almost eliminated the need to raise foreign exchange to finance India’s non-debt payments.

Role of Manmohan Singh

• In 1991, Manmohan Singh, India's Finance Minister, was pivotal in managing the Balance of Payment
Crisis.
• He executed significant economic changes termed the "New Economic Policy" or "LPG" (Liberalization,
Privatization, and Globalization) to tackle the crisis.
• Guided by Singh, the government embraced trade and investment liberalization, reduced bureaucracy, and
connected India's economy to global markets.
• Dr. Singh initiated policies to incentivize foreign investment, simplify trade rules, and boost export-
oriented industries.
• He led negotiations with international financial entities like IMF to secure loans and aid for economic
stabilization.
• Singh's reforms enhanced India's foreign reserves, attracted foreign investment, and spurred economic
growth.
• His contributions are widely acknowledged for reshaping India's economy and establishing the groundwork
for its subsequent rapid progress.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 112
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

GI tags for over 17 products from Odisha, Arunachal Pradesh, West Bengal, and J&K

In News
From Odisha’s Lanjia paintings to Arunanchal’s Wancho Wooden Craft to West Bengal’s Kai Chutney, a selection of
17 products from four States bagged the coveted Geographical Indication tag.

Lanjia Saura

• The Lanjia Saura paintings are a style of wall mural art.

• Those paintings also called ekons or the idital, and have a significant spiritual importance for the tribe.
• The Lanjia Sauras are an indigent society today, and labour in preserving their culture - the iditals being an
important part of it.
• The traditional knitted shawls of the hill tribe Dongaria Kondh are both unique and ancient.
• Their culture, tradition, faith, and beliefs, as well as the biodiversity of their forests are reflected in the
shawls. Dharanipenu, the much adored goddess of the Dongaria, has a home in every village.
• The art and drawings made in the Dharanipenu residence are reflected in their shawls. Although the modern
world has had significant impact on their traditional apparel, the Dongaria shawl continues to be popular
with the tribe.

Khajuri Guda

• Odisha’s Khajuri Guda (date palm jaggery) is a natural sweetener produced from the sweet juice of palm
called neera.
• The jaggery is prepared by the tribal populations, including the Lanjia Saura, of Gajapati, Boudh, Angul, and
Dhenkanal districts in Odisha.

Wancho Wooden Craft

• From Arunachal Pradesh, the Wancho Wooden Craft intimately weaves into the socio-cultural fabric of the
skilful Wancho of Longding and Changlong districts.
• This rare ethnic art has been practiced by these Wancho tribes since many a generation.
• It is used both to decorate their own drawing rooms and also as a gift to beloved friends.
• In the past, the Wanchos would make wood carvings to decorate the posts and log drums in the paa or
paang (boys‘ dormitory) or to decorate the village chief‘s house.

Other GI tags

• The West Bengal – the Tangail Saree of Bengal, Garad Saree and Korial saree. Odisha’s Dhenkanal Magji, a
milk product and Similipal Kai Chutney also got a GI tag.
• The ‘Kai’ is indigenous to Mayurbhanj and Keonjhar which are found in abundance in the jungles of every
block areas of the districts. The Kai Chutney prepared from these Kai is the main source of protection to
the health and safety measures of the local tribes.
• The tribes in the Mayurbhanj and Keonjhar District commonly use the chutney as a delicious food and
traditional medicine to treat different aliments in their daily life.
• The Nayagarh Kanteimundi Brinjal, a vegetable crop with lots of prickly thorns on the flesh as well as the
whole plant grown in whole of Nayagarh district of Odisha also received a tag.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 113
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The other products that were given a GI tag are West Bengal’s Kalonunia Rice, West Bengal’s Sundarban
Honey, Gujarat’s Kachchhi Kharek; Jammu Kashmir’s Ramban Anardana; Koraput Kalajeera Rice and the
Arunachal Pradesh Adi Kekir (Ginger).

Why have truck drivers called for a strike?

In News
Truck drivers announced a month-long strike on January 1 to protest against stricter punishment for hit-and-run
cases under the new law, the Bharatiya Nyaya Sanhita (BNS), 2023.

Hit & Run Clause

• Section 106 (1) of the BNS says, “Whoever causes death of any person by doing any rash or negligent act not
amounting to culpable homicide, shall be punished with imprisonment of either description for a term which
may extend to five years, and shall also be liable to fine.”
• And Section 106 (2) states, “Whoever causes death of any person by rash and negligent driving of vehicle
not amounting to culpable homicide, and escapes without reporting it to a police officer or a Magistrate
soon after the incident, shall be punished with imprisonment of either description of a term which may
extend to ten years, and shall also be liable to fine.”
• Currently, under Section 304A of the Indian Penal Code (IPC), which will be replaced by the Bharatiya
Nyaya Sanhita, the punishment for causing death by negligence is two years imprisonment and fine, or
both.
• The BNS also does not provide the relief provided under Section 134 in the Motor Vehicles Act, 1988 which
lays down the duty of a driver in case of an accident and requires him to secure medical attention for the
injured person unless “it is not practicable to do so on account of mob fury or any other reason beyond his
control.

Govt. response
• The MHA held a meeting with the AIMTC, following which Home Secretary Ajay Bhalla appealed to drivers to
return to work assuring them that the new law had not been implemented yet, and any decision to invoke
Section 106 (2) of the BNS would be taken after consulting the AIMTC. While this helped dampen the
protest, truck drivers have distanced themselves from the AIMTC which they say is a transporter’s body and
doesn’t represent them.
• Truck driver’s associations in several States, including the All Punjab Truck Operator’s Union (APTOU),
continue to hold demonstrations through roadblocks, and have threatened to further intensify their protest
in the coming days if the government fails to withdraw the penalties.
• Truckers have said the changes in the new law have been brought without any consultations with them.
• They say that the jail term and fine are too steep for drivers who earn only ₹10,000 to ₹15,000 per month
and that the new law fails to provide a detailed accident investigation protocol in the country, in the absence
of which drivers of heavy vehicles will continue to be deemed guilty even before an investigation is
conducted.

Road accidents
• A total number of 4,61,312 road accidents were reported across the country in the calendar year 2022,
claiming 1,68,491 lives.
• Of these, 56% accidents and 60.5% of fatalities occurred on National and State Highways.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 114
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• Trucks accounted for 9% of total accident deaths and buses 3.5%. Hit-and-run cases were 18.1% of total
accident deaths.
• Truck drivers are a vulnerable category of road users and easy targets for the police who tend to deem
drivers of heavier vehicles guilty.
• Therefore, there is a need for police training in not just implementing the IPC (now BNS), but also in how
to establish rash and negligent driving with the help of driving regulations such as the Motor Vehicles Act,
1988, and Motor Vehicles (Driving) Regulations 2017.
• There are many factors beyond the control of drivers of heavy vehicles, such as assigning the left-most lane
on roads for buses and trucks which are also used by cyclists and even pedestrians where there are no
footpaths.
• And finally, there is the issue of driver fatigue which should be addressed by regulating their working hours
as well as ensuring that their truck cabins are ergonomic so that they are comfortable and in better control
of the vehicle they are driving.

How has Red Sea trouble impacted India?

In News
A spate of attacks on cargo ships in the Red Sea has forced freighters to take a longer transit around the Cape of
Good Hope in Africa’s southern tip, making shipments both dearer and longer to deliver.

Impact on Indian Trade

• After the attacks, major cargo shipping lines decided they would not operate on this route.
• Even small feeder vessels have of late stopped plying in these waters.
• Almost 90% of western hemisphere cargo, both inbound or shipped from India, that used to go through the
Red Sea is now getting re-routed through the Cape of Good Hope.
• The impact of this move varies on the type of buyer-seller contract. If it is FOB (free on board), the freight
burden is on the buyer, and in CIF (cost, insurance and freight) or C&F (cost and freight) contracts, the
freight has to be borne by the exporter.
• In cases of FOB, and where the buyers have comfortable inventory, they are asking the Indian exporter to
hold back consignment.
• Likewise, exporters who have to bear the freight are requesting their buyers to allow them to hold the
consignment given the increase in freight costs, which includes peak season surcharge and contingency
surcharge.
• Roughly 20-25% consignments are being held up. Container Corporation of India is saying about 25% of its
containers are being held back by Indian exporters.
• All consignments are likely to be impacted by the increase in freight cost — by up to six-fold in some cases —
and the longer voyage time, the pinch would be felt most by low-value, high-volume cargo as well as
perishables.

Impact on India's Imports

• Besides the extra time taken on account of the longer route, the developments could make imports costlier
and call for better inventory management.
• For instance, the Red Sea crisis could come in the way of any plans to reduce pump prices of petrol and
diesel. Gross imports of crude oil and petroleum products as a share of India’s gross imports in value terms
was 25.8% in 2022-23, and 22.6% in the first half of the current fiscal.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 115
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• In fact, India’s import dependence (based on consumption) in the April-September 2023 period was 87.6%,
according to the government’s Petroleum Planning and Analysis Cell.
• Additional war risk premiums in the Red Sea have been partially contributing to the freight-rate increases
for the relevant routes, but this surcharge is significantly lower than the costs linked to re-routing via the
Cape of Good Hope.
• Because of the current pricing dynamics, the tankers that are diverting are predominantly the ones
chartered from companies announcing diversions as well as the ones operated by U.S. and Israel-linked
entities.
• Commodities are the worst affected whether it be chemicals, plastic, petrochemicals, because margins are
not there to absorb the hike in freight.
• For high value, low volume commodities airlifting is possible, but goods which are moved are generally large
volume.

Health Ministry notifies revised Pharma manufacturing rules under schedule M to ensure
quality control

In News
Aimed at ensuring robust quality control for pharma and biopharmaceutical products, the Union Health Ministry
notified revised rules under Schedule M of the Drugs and Cosmetics Rules, 1945.

Schedule M
• Schedule M prescribes the Good Manufacturing Practices (GMP) for pharmaceutical products and the
revised Schedule M has been notified as rules to ensure GMP is adhered to, and requirements of premises,
plant, and equipment for pharmaceutical products.
• GMP is mandatory standards which builds and brings quality into a product by way of control on materials,
methods, machines, processes, personnel, and facility/environment, etc.
• GMP was first incorporated in Schedule M of the Drugs and Cosmetics Rules, 1945 in the year 1988 and
the last amendment was done in June, 2005.
• With the amendment, the words ‘Good Manufacturing Practices’ (GMP) has been replaced with ‘Good
Manufacturing Practices and Requirements of Premises, Plant and Equipment for Pharmaceutical Products’.

Significance
• This would bring our GMP recommendations at par with global standards, especially to those of World
Health Organization (WHO) and ensure production of globally acceptable quality of drug.
• The changes introduced in the revised Schedule M include introduction of a pharmaceutical quality system
(PQS), quality risk management (QRM), product quality review (PQR), qualification and validation of
equipment, and a computerised storage system for all drug products.
• The manufacturers must assume responsibility for the quality of the pharmaceutical products to ensure that
they are fit for their intended use, comply with the requirements of the licence, and do not place patients at
risk due to inadequate safety, quality, or efficacy.
• The companies must market a finished product only after getting “satisfactory results” on tests of the
ingredients and retain a sufficient quantity of the samples of intermediate and final products to allow
repeated testing or verification of a batch.
• The revision of Schedule M by the government is a positive step and an important milestone for the Indian
pharmaceutical sector.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 116
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• This will elevate and update the quality standards of medicines, reinforcing the reputation of our industry
and improving patient outcomes.
• The revised regulations of Schedule M will help ensure compliance with international quality standards
and will benefit both patients and the industry by promoting the manufacturing of safe, effective, and
high-quality drugs.
• The focus on risk management, qualification and validation of equipment, and self-inspection will be vital
contributions.

Implementation
• The revised rules is to be implemented on the basis of company turnovers where the medium and small
manufacturers include those with an annual turnover of less than ₹250 crore who will have to implement
the revised rules within 12 months from its date of publication, whereas large manufacturers with an
annual turnover of over ₹250 crore will be given six months to do so.
• The revised Schedule M has 13 parts which provide GMP guidelines for the specific requirements for
manufacturing pharmaceutical drugs.
• The revised rules has five new categories of drugs including pharmaceutical products containing hazardous
substances such as sex hormones, steroids (anabolic and androgenic), cytotoxic substances, biological
products and radiopharmaceuticals.

7 Odisha products that have bagged GI tags

In News
Seven products from Odisha, ranging from the Similipal Kai chutney made with red weaver ants to the embroidered
Kapdaganda shawl, have bagged the coveted Geographical Indication (GI) tag.

Kapdaganda shawl

• Woven and embroidered by the women of the Dongria Kondh tribe, a particularly vulnerable tribal group
(PVTG) in the Niyamgiri hills in Odisha’s Rayagada and Kalahandi districts, the shawl reflects the rich tribal
heritage of the Dongria Kondhs.
• It is embroidered on an off-white coarse cloth with red, yellow and green coloured threads, with each colour
holding significance.
• Green symbolises the mountains and hills, and yellow stands for peace and happiness. Red stands as the
symbol of blood.
• The motifs in the shawls are mostly lines and triangles, believed to be a reflection of the importance of
mountains for the community.
• The shawl is worn by both men and women and the Dongrias gift it to their family members as a token of
love and affection.
• The art form belongs to the Lanjia Saura community, a PVTG largely residing in the Rayagada district.
• These paintings are in the form of exterior murals painted on the mud walls of homes. White paintings figure
over a crimson-maroon background.
• It is believed that the Lanjia Sauras paint their walls with Idital artworks to show gratitude to their deities
and forefathers, and also for the well-being of their community.
• Reflecting the love and affection of the primitive tribes for nature, they feature subjects like tribal humans,
trees, animals, birds, the Sun and the Moon.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 117
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Koraput Kala Jeera Rice

• The black-coloured rice variety, also known as the ‘Prince of Rice’, is famous for its aroma, taste, texture
and nutritional value.
• Tribal farmers of the Koraput region have preserved the rice variety for around 1,000 years.
• As the rice grains resemble cumin seeds, it is also called Kala Jeera.
• Consumption of the rice variety helps in increasing haemoglobin levels and improves metabolism in the
body.

Similipal Kai chutney

• The chutney made with red weaver ants is a traditional delicacy of the tribals in Odisha’s Mayurbhanj
district.
• The ants are found in the forests of Mayurbhanj, including in the Similipal forests – Asia’s second-largest
biosphere.
• Rich in medicinal and nutritional value, the chutney is believed to be a good source of nutrients like
protein, calcium, zinc, vitamin B-12, iron, magnesium, potassium, etc.
• The tribals prepare the Kai chutney by grinding the ants manually on a Sil Batta or the grinding stone.

Nayagarh Kanteimundi Brinjal

• Nayagarh Kanteimundi Brinjal is known for its prickly thorns on the stems and the whole plant.
• The green and round fruits contain more seeds as compared to other genotypes.
• It is famous for its unique taste and relatively short quick cooking time.
• The plants are resistant to major insects and can be grown with minimal pesticide.
• It is being widely cultivated in Nayagarh district of the state.
• The growers are getting a yield of up to 200 quintals per hectare and selling at around Rs 60 per kg.

Odisha Khajuri Guda

• Odisha’s “Khajuri Guda” or jaggery is a natural sweetener extracted from date palm trees and has its origin
in the Gajapati district.
• Traditionally, the jaggery is prepared in a trapezoidal form called ‘Patali Gur’ and is organic by nature. It is
dark brown and has a unique taste.

Dhenkanal Magji
• Dhenkanal Magji is a type of sweet made from cheese from buffalo milk, with distinct characteristics in
terms of appearance, taste, flavour, shape, and size. It also has unique nutritional values that distinguish it
from other cheese-based sweets.
• The region was the hinterland of buffalo milk production and cheese was the third largest produce, after
milk and curd. Mandar-Sadangi area of Gondia block is believed to be the centre of origin of the sweet
stuff, which has now been spread to the entire district.
• The sweet is prepared by draining moisture from the cheese and then frying it, finally forming balls from the
mixture.

GI tag
• Geographical Indications of goods refer to the place of origin of a product.
• Such tags are accorded as they convey an assurance of quality and distinctiveness, attributable to the fact of
its origin in a specific geographical locality, region or country.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 118
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• In India, the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry,
awards GIs.
• A GI registration is given to an area, not a trader, but once a product gets the registration, traders dealing
in the product can apply to sell it with the GI logo.
• Authorised traders are each assigned a unique GI number. If any unauthorised trader tries selling the
product under that name, they can be prosecuted under The Geographical Indications of Goods
(Registration and Protection) Act, 1999.

SEBI’s new norms safeguard investors

In News
Starting July this year, investors will be allowed to freeze or block their trading accounts in case they notice any
suspicious activity.

Guidelines by SEBI

• SEBI has decided that a framework for trading members to provide the facility of voluntary
freezing/blocking the online access of the trading account to their clients on account of suspicious
activities will be laid down on or before April 1, 2024.
• The guidelines will be formulated by the Brokers’ Industry Standards Forum (ISF) under the aegis of stock
exchanges, and in consultation with the capital markets regulator.
• Currently, SEBI has provided investors with the facility of voluntary blocking or freezing their demat
accounts, which allow investors to hold their financial instruments in an electronic form, but not their
trading accounts, which actually carry out trades in the stock market (more on this later).

Why these guidelines?

• The stock broking industry in India has moved from a call and trade type of scenario to largely being
online, wherein investors use the login IDs and passwords provided to them by the trading members.
• A trading member is a stock broker of a stock exchange and registered with SEBI.
• The member has rights to trade on their account as well as on their clients’ account, but they cannot clear
and settle these trades.
• The markets regulator said that it has been observed that at times, suspicious activities are noticed by
investors, but the facility of freezing/blocking of accounts is not available with the majority of trading
members.
• Many a times, investors raise issues of suspicious activities in their trading accounts and thus, there is an
urgent need to address the situation of having a facility for blocking of trading accounts as it is available for
blocking of ATM cards and credit cards
• The new facility will protect investors from any possible fraud in their trading accounts.

Significance
• The guidelines will have a detailed policy for voluntary freezing or blocking the online access of the trading
account of the client.
• It will include modes through which a client can request the trading member to voluntarily block their
trading accounts and the time period within which the request shall be processed and the trading account
shall be frozen/blocked.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 119
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The guideline will also talk about the action a trading member has to take upon receipt of a request for
freezing of trading account and the process for re-enabling the client for trading.

Trading account
• A trading account is an investment account which helps retail investors to buy or sell securities.
• While trading in the stock market, the first step is opening of a demat account and the second is opening of a
trading account which enables investors to buy and sell shares in the domestic market.
• Trading account is opened with a stock broking firm which, in turn, provides access to the trading platform
of a stock exchange, and allows the execution of trades on behalf of the account holder.
• It works as a link between the demat account and the bank account.

World Economic Forum

In News
Davos brings together around 3,000 participants (including paying members and select invitees) — investors,
business leaders, political leaders, economists, celebrities, and others — to discuss global issues across 500 sessions.

Historical background
• German professor Klaus Schwab founded the WEF.
• He was a mechanical engineering graduate who then earned a Master of Public Administration degree from
the John F. Kennedy School of Government at Harvard University.
• From 1972 to 2003, Schwab was a professor of business policy at the University of Geneva.
• He founded WEF in 1971, originally known as the European Management Forum.
• It introduced the concept of “stakeholder capitalism.”
• According to Schwab, “It is a form of capitalism in which companies do not only optimize short-term
profits for shareholders, but seek long term value creation, by taking into account the needs of all their
stakeholders, and society at large.”
• The WEF website says of the idea: “A company should serve all its stakeholders, not just its shareholders:
employees, suppliers, and the community it is part of.” As an extension of this, business, government and
civil society leaders have made their way to the high Alps “to consider the major global issues of the day and
to brainstorm on solutions to address these challenges".

Working of WEF
• Initially, Professor Schwab focused the meetings on how European firms could catch up with US
management practices.
• Events in 1973, namely the collapse of the Bretton Woods fixed exchange rate mechanism and the Arab-
Israeli War, saw the Annual Meeting expand its focus from management to economic and social issues.
• Two years later, the organisation introduced a system of membership for ‘the 1,000 leading companies of
the world’.
• The European Management Forum was the first non-governmental institution to initiate a partnership
with China’s economic development commissions in 1979 – the same year China and the US established
diplomatic ties.
• The WEF has become a forum for various stakeholders to meet and discuss global and regional socio-
economic issues.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 120
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The WEF is largely funded by its partnering corporations. These are generally global enterprises with
annual turnover greater than $5 billion.

Significance
• In the past, it has been used as a location for pivotal international diplomacy as leaders can break tensions in
the town.
• The WEF website states that North and South Korea held their first ministerial-level meetings in Davos. At
the same Meeting, East German Prime Minister Hans Modrow and German Chancellor Helmut Kohl met to
discuss German reunification.
• The G20 meeting was eventually elevated to a summit.
• This happened in 2008 when the US hosted a G20 summit in Washington DC to address the impact of the
global economic crisis.
• The WEF also went on to regularly publish global rankings and indices, such as the Global Competitiveness
Report and the Global Gender Gap Report.

What are labour rules for workers abroad?

In News
The Uttar Pradesh and Haryana governments, with the help of the National Skill Development Corporation (NSDC),
have started the process of recruiting about 10,000 workers to go to Israel, primarily for construction activities.

Rules in abroad
• Workers going to conflict zones or places without sufficient labour protections are required to register with
the Ministry of External Affairs’ ‘e-migrate’ portal.
• Passports issued under the ECR (Emigration Check Required) scheme cover workers travelling to 18
countries, including Afghanistan, Bahrain, Indonesia, Iraq, Jordan, the Kingdom of Saudi Arabia, Kuwait,
Lebanon, Libya, Malaysia, Oman, Qatar, South Sudan, Sudan, Syria, Thailand, the UAE, and Yemen.
• Israel is not on this list and the ‘e-migrate’ system will not be used for those going to Israel despite
continuing violence due to Israel’s bombing of Gaza.
• The Rules say that no recruiting agent shall collect from the worker service charges more than a maximum
of ₹30,000 and the service charges shall include costs of domestic travel or lodging and boarding for
conducting of interviews by the recruiting agent.
• Here, the workers will have to pay a fee to the NSDC, pay for their flight tickets, etc, which will add up to
almost ₹1 lakh.
• The unions point out that paid recruitment in a war zone facilitated by governments violates provisions of
the Emigration Act.

International convention
• The international practices for protection of migrant workers are governed by two conventions of the
International Labour Organisation: the Migration for Employment Convention (Revised), 1949 (No. 97) and
Migrant Workers (Supplementary Provisions) Convention, 1975 (No. 143).
• While India has not ratified both conventions, Israel had ratified the 1949 convention in 1953.
• The 1949 convention says: “Each Member for which this Convention is in force undertakes that it will, so far
as national laws and regulations permit, take all appropriate steps against misleading propaganda relating to

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 121
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

emigration and immigration. For this purpose, it will where appropriate act in co-operation with other
Members concerned.”
• According to a 2017 report prepared by the ILO, international migration has grown significantly in the last
two decades. The number of migrants from Asia to the Arab states has more than tripled, from 5.7 million in
1990 to 19 million in 2015.

Way forward
• The global unemployment rate is set to increase in 2024 while growing social inequalities remain a
concern, said the ILO’s World Employment and Social Outlook: Trends 2024 report.
• Joblessness and the jobs gap have both fallen below pre-pandemic levels but global unemployment will rise
in 2024, it said.
• It added that many low- and middle-income countries will experience a demographic transition after 2030
and asked the countries to design sensible migration policies and skilling initiatives to support and develop
local labour markets with growing populations.
• “To do so will require, among other things, a more accurate forecast of labour demand by occupations and
sectors in destination countries, and a strengthened education and training system in countries with
excess labour resources,” the report said.
• In 2019, a report of the Parliament Standing Committee on External Affairs had asked the Centre to draft a
migration policy.

Tax contribution by States needs to be revisited

In News

The Finance Commission’s important job is to recommend a distribution formula specifying each State’s share in the
part of the Union tax revenue assigned to States.

Finance commission
• Two important tasks of the Finance Commissions are (i) to recommend the proportion of the Union tax
revenues to be assigned to States and (ii) to recommend the share of each State in the assigned tax
revenue.
• Till 2000, that is, the 10th Finance Commission, the States’ share was restricted only to personal income tax
and Union excise duties and after that, all the Central tax revenues were pooled, and States’ shares were
decided.
• With reference to the second task, the Finance Commission devises a distribution formula to arrive at a
share for each State, and it is based on the principles of equity and efficiency.
• Equity stipulates that the revenue-scarce States and States with higher expenditures get larger shares of
Union tax revenue than others.
• Efficiency is to reward the States that are efficient in collecting revenue and rationalising spending.
• The trade-off between equity and efficiency is normative and remains dynamic in successive Finance
Commission recommendations.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 122
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Issues
• Successive Finance Commissions have assigned 10% to 20% weight to income tax revenue
collection/assessment in the distribution formula for income tax revenue because collection is not a good
indicator of contribution.
• In the case of Union excise duties, the value of taxable products consumed in a State is essential to decide its
contribution.
• Due to the unavailability of proper consumption statistics, contribution was never a determinant in the
distribution formula for Union excise duties.
• Population, a chief indicator of the expenditure needs of the State, was given 80% to 90% weight in the first
seven Finance Commissions as far as income tax distribution was concerned.
• In the case of distributing revenue from Union excise duties, the entire distribution was based on
population or other indicators of expenditure needs such as area, per capita income, proportion of
Scheduled Caste/Scheduled Tribe population, and some indicators of social and physical infrastructure
needs.
• Since the 10th Finance Commission, the Commission has recommended a single distribution formula for
both income tax and Union excise duties. Thus, the Finance Commissions have always favoured assigning
more than 75% weight to equity indicators.

Formula for tax distribution

• Since 2000, the formula for the distribution of pooled Central tax revenues included tax effort and fiscal
discipline as efficiency indicators with a weight of around 15%.
• Tax effort is broadly defined as the ratio of own revenue of a State to its Gross Domestic Product.
• Fiscal discipline is the proportion of own revenue to the revenue expenditure of a State.
• In the 15th Finance Commission, the distribution formula had tax effort with a weight of 2.5%, and
demographic performance, an indicator of efficiency in population control, was given a weight of 12.5%.
• The remaining 85% weight was distributed among equity indicators of per capita income, population as per
the 2011 Census instead of the conventional 1971 Census, area, forest cover, etc.

GST
• GST is a consumption-based destination tax that is equally divided between the State and Central
governments.
• In other words, the State GST accrual (inclusive of Integrated GST settlement) to a State should be the
same as the Central GST accrual to the Union government from that State.
• Therefore, accurately estimating the tax contribution from a State to the Union exchequer is feasible under
GST.
• The absolute amount of GST revenue generated from each State would differ by the size and structure of
States’ economies, and this marks the importance of the inclusion of this tax contribution as an efficiency
indicator in the distribution formula.
• A State’s GST contribution is not affected by discretionary tax policies of the State; it only reflects the
accurate tax base of the State that is being exploited for the national good.
• In addition to GST, petroleum consumption is also an indicator of tax contribution to the national
exchequer.
• The Union excise duty and sales tax on petroleum products are outside GST.
• The cascading tax burden of these two taxes in addition to the burden of customs duty on petroleum
imports falls on the final consumers of petroleum products in a State.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 123
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• Just like GST, the relative shares of petroleum consumption vary across States, but such shares are stable
over time for every State.
• Therefore, the relative share of a State’s petroleum consumption reflects the relative contribution of the
State to the national exchequer in the category of Union excise duties and customs duties on petroleum
products.
• The share of CGST and Union excise duty is about 30% of States’ share in Central tax revenue in 2021-22 and
the similar ratio for personal and corporate income taxes is 64%.
• There is a persuasive case for the 16th Finance Commission, recently constituted by the Union
government, to debate and include these ratios as a measure of efficiency with a weightage of at least
33% in the distribution formula.

The rising gap in incomes

In News
According to a recent report by the State Bank of India (SBI), India has witnessed a significant fall in inequality over
the last decade.

Major takeaways
• The report claims that the Gini coefficient — a standard measure of inequality that ranges from 0,
indicating perfect equality, to 1, indicating perfect inequality — has fallen from 0.472 in 2014-15 to 0.402
in 2022-23.
• A fall of almost 15% in the Gini coefficient indicates a significant reduction in inequality.
• Incomes of the top 10% have grown faster than the bottom 30%, with polarisation largely seen amongst self-
employed workers.
• Only those individuals who earn income from work are considered, excluding those who work as unpaid
family helpers (a large proportion of whom are women)
• The category of the self-employed includes own-account workers — such as individual farmers, roadside
hawkers, etc. — and those who are self-employed but also employ other workers.
• The Gini for the self-employed workers rises from 0.37 to 0.3765, an increase of 1.5%.
• For regular and casual wage workers, the Gini coefficients register falls of 1.7% and 4.8%, respectively.
• The Gini coefficient is an aggregate measure, which delivers an estimate of inequality considering all
incomes in a given sample.
• It is possible for the Gini coefficient to register a fall in inequality even with a divergence between different
classes of income-earners.
• The income of the top 10% of self-employed individuals was 8.3 times that of the bottom 10% in 2022-23,
a significant increase as compared to 2017-18.
• The entire polarisation in incomes has come from divergence in incomes of the self-employed.

Concerns
• The analysis is conducted on taxpayer data, and a majority of income-earners fall outside the tax net.
• According to data from the 2022-23 Periodic Labour Force Survey (PLFS), nearly 80% of income-earners earn
less than ₹2.5 lakh per annum — the minimum taxable amount.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 124
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

FPI disclosure norms deadline extended

In News
Foreign portfolio investors (FPIs), who are mandated to liquidate their holdings as per the Securities and Exchange
Board of India’s (Sebi) January-end deadline, will get seven months more to provide additional disclosures.

SEBI guidelines
• The new regulations required an entity of a country, sharing a land border with India or where the
beneficial owner of an investment into India is situated or is a citizen of any such country, to invest only
under the Government route.
• Also, in the event of the transfer of ownership of any existing or future FDI in an entity in India, directly or
indirectly, resulting in the beneficial ownership falling within the restriction/purview of the said policy
amendment, such subsequent change in beneficial ownership will also require government approval.

Why these guidelines?

• Sebi said certain FPIs have been observed to hold a concentrated portion of their equity portfolio in a single
investee company/ corporate group.
• Such concentrated investments raise the concern and possibility that promoters of such investee
companies/ corporate groups, or other investors acting in concert, could be using the FPI route to
circumvent regulatory requirements such as that of disclosures under Substantial Acquisition of Shares
and Takeovers Regulations, 2011 (SAST Regulations) or maintaining Minimum Public Shareholding (MPS)
in the listed company.
• The regulator said while Press Note 3 or PN3 issued by the government in April 2020 does not apply to FPI
investments, there are concerns that entities with large Indian equity portfolios could potentially disrupt the
orderly functioning of Indian securities markets by misusing the FPI route. To mitigate these concerns, a
need was felt to obtain detailed information from FPIs.
• Sebi has said FPIs holding more than 50 per cent of their Indian equity assets under management (AUM) in
a single Indian corporate group or holding over Rs 25,000 crore of equity AUM in the Indian markets are
required to disclose details.

Exemption
FPIs who are sovereign wealth funds (SWFs), listed companies on certain global exchanges, public retail funds, and
other regulated pooled investment vehicles with diversified global holdings, are exempted from making enhanced
disclosures.

RBI’s guidelines on State ‘guarantees’ on borrowings

In News
Recently, working group constituted by the Reserve Bank of India (RBI) made certain recommendations to address
issues relating to guarantees extended by State governments.

Guarantee
• A ‘guarantee’ is a legal obligation for a State to make payments and protect an investor/lender from the risk
of default by a borrower.
• Per the Indian Contracts Act (1872), it is a contract to “perform the promise, or discharge the liability, of a
third person in case of his default.”
• The contract involves three parties: the principal debtor, creditor, and surety.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 125
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The entity to whom the guarantee is given is the ‘creditor’, the defaulting entity on whose behalf the
guarantee is given is called the ‘principal debtor’ and the entity giving the guarantee (State governments
in this context) is called the ‘surety’.
• If A delivers certain goods or services to B and B does not make the agreed-upon payment, B is defaulting
and at the risk of being sued for the debt. C steps in and promises that s/he would pay for B. A agrees to the
forbear request. This constitutes a guarantee.
• A guarantee must not be confused with an ‘indemnity’ contract that protects the lender from loss caused to
them by the conduct of the promisor (or the principal debtor).

Purpose of a guarantee
• Primarily, guarantees are resorted to in three scenarios at the State level:
• First, where a sovereign guarantee is a precondition for concessional loans from bilateral or multilateral
agencies (to public sector enterprises);
• Second, to improve viability of projects or activities with the potential to provide significant social and
economic benefits; and
• Lastly, to enable public sector enterprises to raise resources at lower interest charges or on more favourable
terms.
• State governments are often required to sanction, and issue guarantees, on behalf of State-owned
enterprises, cooperative institutions, urban local bodies and/or other State-governed entities, to
respective lenders.
• The latter could be commercial banks or other financial institutions. In return, the entities are required to
pay a guarantee commission or fee to the governments.

Definition of Guarantee
• The Working Group has suggested that the term ‘guarantee’ should be used in a broader sense and
include all instruments, by whatever name they may be called, if they create obligation on the guarantor
(State) to make a payment on behalf of the borrower at a future date.
• Further, it must make any distinction between conditional or unconditional, or financial or performance
guarantees in order to assess the fiscal risk.
• These are contingent liabilities that may crystallise later— in other words, present a potential risk in the
future.

Guidelines
• The Working Group has recommended that government guarantees should not be used to obtain finance
through State-owned entities, which substitute budgetary resources of the State Government.
• Additionally, they should not be allowed to create direct liability/de-facto liability on the State.
• It further recommends adherence to Government of India guidelines that stipulate that guarantees be
given only for the principal amount and normal interest component of the underlying loan.
• Furthermore, they must not be extended for external commercial borrowings, must not be extended for
more than 80% of the project loan (depending on the conditions imposed by the lender) and they must not
be provided to private sector companies and institutions.
• Finally, appropriate preconditions, such as period of guarantee, levy of (guarantee) fee to cover risk,
government representation on the management board of the borrowing entity, and right to audit, among
other things, must be specified.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 126
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Aadhaar-based pay a bad idea for MGNREGS

In News
Recently, the Rural Development Ministry made Aadhaar-Based Payment Systems (ABPS) mandatory in the
Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS).

Mode of wage payment in MGNREGA

• There are two modes of wage payments in MGNREGS: account-based and ABPS.
• For the first, wage transfers use the workers’ name, bank account number, and the IFSC code of the bank
branch.
• For ABPS, a few steps are minimally needed.
• First, a worker’s Aadhaar number must be seeded with their job card, which means authenticating her job
card details with the Aadhaar database.
• Authentication is successful only when all the details including spelling and gender in the job cards match
with those in the Aadhaar database.
• Second, their Aadhaar must be linked to their bank account.
• Third, the Aadhaar number of each worker must be mapped correctly through their bank branch with a
software mapper of the National Payments Corporation of India, which acts as a clearing house of ABPS.
• The Aadhaar number acts as the financial address and cash transferred gets deposited to the last Aadhaar-
linked bank account.
• Incorrectness in any of the above steps for ABPS means that the worker is denied work, does not receive
wages, or is not paid in their preferred account. Consequently, workers have to spend hundreds of rupees
and lose several days of their livelihood to fix these technological glitches.

Benefits
• The government has claimed that ABPS would remove duplicate job cards, reduce wage payment delays,
and have lower payment rejections.
• Aside from some uses in assessing duplicates, the other claimed reasons stand on questionable grounds.
• Two recently published research papers in Economic and Political Weekly show how officials have resorted
to deleting job cards owing to pressure from the Union government to meet 100% of the Aadhaar seeding
targets.
• The Rural Development Ministry reported that there was a 247% increase in job card deletions in FY 2022–
23 compared to previous years. In the last two years alone, job cards of over 7 crore workers got deleted.
• As per the government’s own data, as on January 11, 2024, out of a total of 25.6 crore registered workers,
only 16.9 crore workers are eligible for ABPS while all workers are eligible for account-based payments.

Way forward
• The government has also claimed lower rejection rates in ABPS compared to account-based payments.
• The paper finds no statistically significant difference between the rejection rates in the two modes of
payments either.
• In summary, the paper refutes the Ministry’s repeated claims of higher efficiency in wage payments using
ABPS.
• Timely payments is only a function of the government allocating adequate funds. With adequate funds,
the time taken to pay workers will not be different whether it uses ABPS or account-based payments.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 127
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The difficulties in resolving problems with ABPS far outweigh the difficulties in resolving problems with
account-based payments and so we advocate for account-based payments.

India re-elected to International Maritime Organisation

In News
India was re-elected to the International Maritime Organisation (IMO) Council with the highest tally, and the term of
council will be for the biennium 2024-25.

Significance
• India's re-election falls under the Category of 10 states with "the largest interest in international seaborne
trade", alongside Australia, Brazil, Canada, France, Germany, the Netherlands, Spain, Sweden, and the
United Arab Emirates (UAE).
• India secured the large-scale support of the international community at the International Maritime
Organisation for India to continue to serve the global maritime domain.
• The International Maritime Organisation (IMO) is the leading authority that regulates the maritime
industry, which supports global trade, transportation, and all marine operations.
• The council is the executive organ of IMO and is responsible, under the assembly, for supervising the work of
the organization.
• Between sessions of the assembly, the council performs the functions of the assembly, except that of making
recommendations to governments on maritime safety and pollution prevention.

MIV 2030
• Under the MIV 2030 to enhance representation at IMO India aims at appointing permanent representatives
at IMO London.
• With a view to enhance and garner maritime expertise for India, it is proposed that India should nominate at
least 2 qualified candidates for the Junior Professional Officer (JPO) Program at the IMO.
• The JPO Program is an established program within the United Nations with the main objective of providing
young professionals an opportunity to gain hands-on experience in international cooperation under the
supervision of specialists and to contribute to the advancement of their nation’s mandate.
• The Amrik Kaal Vision 2047 has also set goals to strengthen India’s global maritime presence.
• There are 43 initiatives identified as part of Amrit Kaal Vision 2047 Action Plan of which, the key initiatives
focus on strengthening our global maritime presence which includes dedicated IMO cell in India,
appointment of a permanent representative at IMO headquarters, London, implementation of BIMSTEC
Master Plan, creating a robust BIMSTEC institutional structure to ensure implementation of regional projects
in a coordinated & timely manner etc.

Mining for critical minerals

In News
• Twenty blocks of critical minerals are currently on auction for commercial mining by the private sector.
• The mineral blocks contain lithium ore, which has use in batteries and electric vehicles, and another 10 of
the 30 minerals that the government declared as “critical” in July.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 128
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Minerals Auction
• This is the first time that rights related to the mining of lithium ore are being auctioned to private parties.
Other minerals in the blocks include nickel, copper, molybdenum, and rare earth elements (REEs).
• All these minerals are utilised in key supply chains for vehicle batteries, energy storage devices, consumer
electronics, and vital industrial processes.
• The Notice Inviting Tender (NIT) floated by the Ministry of Mines says the 20 blocks are spread over eight
states.
• There are seven blocks in Tamil Nadu, four in Odisha, three in Bihar, two in Uttar Pradesh, and one each in
Gujarat, Jharkhand, Chhattisgarh, and Jammu & Kashmir.
• Only four of these 20 blocks are being auctioned for a Mining Licence (ML), which means that once the
licence is granted, the licensee can begin mining operations after obtaining the requisite clearances.

Estimated minerals in the block

• The two blocks of lithium reserves, one each in J&K and Chhattisgarh, are up for auction for a CL.
• According to the NIT, the J&K block has an inferred reserve of a 5.9 million tonne (mt) of bauxite column,
which contains more than 3,400 tonnes of lithium metal content. This block also contains more than 70,000
tonnes of titanium metal content.
• The block in Chhattisgarh contains lithium and REEs, but no drilling has been conducted yet to estimate
total reserves.
• Nickel ore reserves have been found in three blocks, one each in Bihar, Gujarat, and Odisha. While no drilling
has been conducted for the blocks in Bihar and Gujarat, in the Odisha block, the NIT states an inferred value
of 2.05 mt of nickel ore, which amounts to 3,908 tonnes of nickel metal content.
• This Odisha block is being auctioned for an ML. It is also the only block among the 20 that contains deposits
of copper — amounting to 6.09 mt of copper ore and 28,884 tonnes of copper metal content.

Import of minerals
• India imported 2,145 tonnes of lithium carbonate and lithium oxide at a total cost of Rs 732 crore. Lithium
carbonate contains up to 19 per cent lithium. Lithium oxide, which is usually converted to lithium hydroxide,
contains 29 per cent lithium.
• India also imported 32,000 tonnes of unwrought nickel at a cost of Rs 6,549 crore, and 1.2 million tonnes of
copper ore at a cost of Rs 27,374 crore, in 2022-23.
• India is 100 per cent reliant on imports for its lithium and nickel demand. For copper, this figure is 93 per
cent.
Environmental Impact of what we eat

In News
The ever-increasing demand for agricultural products is leading to significant social and environmental consequences
worldwide

Food based impact accounting

• The expansion of such imports has contributed to increasing the environmental pressure in the exporting
countries.
• Recent studies have shown that a substantial share of the total ecological impact is due to the
displacement of environmental damage through international trade.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 129
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• Tackling these demand-supply dynamics is now a key aspect of international environmental governance and
represents a great challenge in achieving the U.N. Sustainable Development Goals and other climate action
and biodiversity conservation goals.
• The current paradigm in measuring impacts and allocating responsibility is based on a production-based
accounting method: it measures impacts in the place where the products are produced.

Consumption based accounting

• Consumption-based accounting accounts for impacts at the point of consumption, attributing all the social
and environmental impacts that occurred during production and trade to the final products and to the
eventual consumers.
• That is, the approach urges the consumer (whether social groups or countries) to accept responsibility for
the embodied or ‘virtual’ impacts of the product that is being consumed.

Demand Perspective
• From a demand perspective, the basis for this approach is straightforward: since the pressure on natural and
human resources is largely the direct result of consumption practices in developed economies, the
responsibility for any consequences due to the production process should fall on those consumers as well.
• This also reflects arguments of equity and justice surrounding the issue of historical responsibility.
• Studies suggest that developing economies like India have contributed only 23% of global cumulative
emissions and are responsible for about 20-40% of the global average temperature rise since the
preindustrial era.
• A consumption-based approach thus highlights the responsibility of industrialised states to mitigate impact
and the rights of developing economies to not carry an excessive burden.
• This approach also accounts for a growing element of international trade: the existence of trilateral supply
chains, where products are produced in one country, processed in a second country, and consumed in a
third country.
• By tracing the flow of intermediate and final products through a global supply chain, it can establish links
between where the product is eventually consumed and where its environmental impact is manifesting

Supply Perspective
• From a supply perspective, the proponents of consumption-based accounting claim that it can encourage
cleaner production since producer countries are implicitly encouraged to implement strategies that lower
the environmental footprint of their exports.
• The approach can also go a long way to fix ‘leaks’ in production systems, where production is often taken
to jurisdictions that are relatively lenient about production standards (including India).

Benefits
• The application of this approach to estimate carbon emissions, in the form of embodied emissions, and
water use, in the form of virtual water, has also been around in the scientific literature for some time, but
has only recently made inroads into policymaking.
• For example, the European Commission recently initiated steps to ensure products consumed in the
European Union have not contributed to deforestation in their country of origin.
• This measure is expected to significantly reduce carbon emissions from deforestation as well as biodiversity
loss, since the European Union is a major consumer of agricultural and forestry products.
• Currently, major developed economies have an environmental footprint in India because of their
consumption of Indian agricultural produce.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 130
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• Conversely, India’s own deforestation footprint outside its borders has increased over the last two decades
and is rapidly growing, even if it remains below that of several G-20 countries on a per-capita basis.

Marks, financial status no bar for overseas higher studies

In News
Student migration from Kerala to overseas destinations is not a new trend considering the migration history of the
State.

Major Highlights
• The survey was conducted in 2023 as part of the Centre for Public Policy Research’s (CPPR) Youth Leadership
Fellowship, among 104 students who recently migrated to various countries, revealed that 38% of students
have scored only marks in the range of 50%–75% in their graduation or secondary level.
• Around 45% of students have scored marks in the range of 76%–90% while the remaining 16% have scored
above 91% marks.
• The 2018 Kerala Migration Survey reported women’s participation in migration at 15.8%. In the latest survey,
female students represented 32% of the total respondents.
• A travel agency in Kochi facilitated visas for 7,236 students heading for Canada in a single intake in July 2023.
• Of these, around 45% were female students, indicating that there has been a big leap in women from Kerala
pursuing overseas education.
• Among the respondents, close to 60% of the students come from families with annual earning less than ₹5
lakh, followed by 24% from families with annual income between ₹5 and ₹10 lakh and 11% with income of
₹10–₹15 lakh.
• Only 6% of the respondents hail from families with an annual income above ₹15 lakh.
• Among students from families with an annual income below ₹10 lakh, 16% have decided against applying for
PR. In contrast, within the higher income bracket of above ₹10 lakh, 35% have opted not to apply for PR.

2023 Logistics Ease Across Different States (LEADS) survey

In News
The Logistics Ease Across Different States (LEADS) perception survey, released by the Union Ministry of Commerce
and Industry, flags some challenges in logistics and states performance on a regional basis.
Performance of landlocked states
• The government’s perception survey based on responses from 7,321 respondents said that average scores
across parameters such as quality of roads, terminal, cost of logistics and availability of skilled workforce
have improved in landlocked states as compared to 2019.
• However, official data shows that only five states namely Gujarat, Tamil Nadu, Karnataka, Maharashtra and
Telangana continue to make up for 70 per cent of exports.
• Over the years this has caused a widening gap in income and job generation between the landlocked states
and coastal states.
• The survey results on the quality of roads and terminals said that Bihar, Himachal Pradesh, Jharkhand, and
Chhattisgarh have received low perception scores on these counts while user satisfaction in Telangana,
Uttar Pradesh, and Punjab improved.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 131
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

North- Eastern States

• The North Eastern states that have seen considerable social unrest during the last year contribute barely 2.8
per cent towards India’s GDP and require the maximum logistics-related upliftment.
• The survey said that there has been a marked improvement in all parameters compared to the 2019 survey.
• On Manipur, the survey said that user satisfaction levels for the state are generally lower than the average
of the North-East Group for all indicators across pillars.
• The data indicated relatively high stress in the ‘easy of entry’ category.
• While Assam performed better than average on most counts, the user performance assessment was also
below the average of North-East Group in the case of Meghalaya.

Coastal States

• Indian coastal states including Andhra Pradesh, Goa, Gujarat, Karnataka, Kerala, Maharashtra, Odisha, Tamil
Nadu and West Bengal account for 75 per cent of total exports from the country and have fared well in
logistics historically.
• Gujarat accounts for 33 per cent followed by Maharashtra with 16 per cent and Tamil Nadu with 9 per
cent share.
• However, the survey showed that Goa, Odisha and West Bengal continue to perform below the average
among coastal states.
• In the case of Odisha, the survey said that there has been an improvement in the overall perception of the
state’s logistics ecosystem since 2019 but despite this, the indicator averages for this year have remained
below the Coastal Group average.
Tax ‘HFSS’ foods

In News
According to a World Bank report of 2019, worldwide, 70% of all overweight and obese people live in Low- and
Middle-Income Countries, with a 55% rise in rural areas across the globe, dispelling the perception that
overweight/obesity is only a problem in high-income countries and urban and affluent communities.

Burden of NCDs
• The Non-Communicable Diseases (NCDs) burden in India has skyrocketed from 38% in 1990 to 65% in 2019.
• The global burden of diseases study shows that annually, 1.2 million deaths in India can be attributed to
dietary risks alone.
• The economic impact of overweight and obesity in India was estimated at $23 billion in 2017.
• If unattended, this is likely to rise to $480 billion by 2060.

Shift from dietary habits

• The ultra-processed food sector in India witnessed a compounded annual growth rate of 13.4% between
2011 and 2021.
• As the world’s largest producer and consumer of sugar in 2022, the country has seen an alarming surge in
consumption of HFSS foods.
• About 50%-60% of edible sugar, salt and fat produced in India is consumed by the processed food industry.
• Sales of snacks and soft drinks have tripled over the past decade, exceeding $30 billion last year,
indicating a disturbing trend in dietary habits.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 132
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• This not only poses severe health risks but also impacts productivity and economic growth, necessitating
urgent interventions to curtail the rising consumption of these products.

Tax on HFSS food

• There is a global trend of utilising fiscal measures to combat obesity.
• Taxation is considered to be an effective means to reduce the consumption of these products as most
consumers are price responsive towards them.
• While taxation on sugar-sweetened beverages (SSBs) is far more wide and used in more than 60 countries,
taxation on HFSS food is less common, although rapidly increasing.
• Some 16 countries including Denmark, France, Hungary, Mexico, South Africa, the United Kingdom and the
United States, among others, now have a dedicated tax on HFSS foods.
• Most recently, Colombia’s “junk food law” introduced a gradually increasing levy on ultra-processed foods,
providing a model for other nations.
• In India, Kerala had also introduced a ‘fat tax’ way back in 2016, which later got subsumed into India’s Goods
and Services Tax in 2017.

Implications of high tax

• The imperative for taxing HFSS arises from significant market failures associated with their consumption,
contributing to negative externalities and internalities.
• Negative externalities manifest as societal costs in the form of increased health-care expenditures.
• For example, the escalation of diabetes and obesity due to increased HFSS consumption leads to external
costs imposed on society, necessitating substantial health-care expenditures, borne through elevated
taxes to finance public health insurance such as the Ayushman Bharat Yojana.
• Meanwhile, internalities, stemming from consumers’ limited understanding, influenced by aggressive
marketing, result in inadvertent harm to themselves.
• Taxes can offer a targeted and effective means to curb detrimental consumption habits, thereby reducing
societal burdens.
• Implementing such taxes has shown promise in various countries, demonstrating a reduction in the purchase
of unhealthy items.
• Tax rates need to be differentiated based on the nutritional quality of the food so as to incentivise product
reformulations.
• For example, it is possible to have a GST system with HFSS foods in the highest rate structure while their
healthier alternatives have either zero or minimal tax rates so that the net tax burden on a household’s food
consumption basket remains the same.
• This would create a level-playing field between HFSS and their healthier alternatives, making healthier food
choices more affordable and accessible.

Case in India
• Current GST rates on ultra-processed foods, such as salty snacks and SSBs, do not adequately align with
nutritional content.
• For example, tax on SSBs with a 28% GST rate and 12% compensation cess, overlooks sugar content.
• All aerated beverages are taxed uniformly as well. Similarly, juices face a flat 12% rate, irrespective of
their fruit and sugar content.
• Salty snacks are taxed at 12% regardless of their salt content.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 133
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• Such inconsistencies fail to consider the varying nutritional impact of these products and hence show limited
impact on altering consumption baskets in favour healthier alternatives.

Way forward
• Effectively designed taxes can reap multiple benefits — they can act as a deterrent to consuming HFSS;
• promote healthier food choices; prompt manufacturers to reformulate foods;
• improve public health outcomes; reduce the burden on the health-care system, and
• foster the nation’s well-being. When combined with other measures such as promotion of nutrition literacy
and effective food labelling, it can be a more potent tool to combat the rising epidemic of overweight and
obesity by creating a more sustainable and equitable food system.

Dharavi revamp

In News
Recently, wielding flags and banners bearing slogans like “Remove Adani, Save Dharavi”, thousands of protesters led
by Opposition parties in Maharashtra marched towards billionaire Gautam Adani’s Mumbai office to express their
dissent.

Dharavi Redevelopment Project

• The Maharashtra government has been struggling to find a ‘perfect’ bidder, who can take up the challenge
of rebuilding a ‘city within a city’ by relocating all the slum-dwellers and their businesses till the
redevelopment is finished.
• In November of last year, Adani Properties Private Limited successfully secured the 259-hectare
redevelopment project through competitive bidding.
• The conglomerate quoted ₹5,069 crore for the project, while the DLF Group submitted a bid of ₹2,025
crore.
• The redevelopment plan is an integrated development approach of the residential, commercial, and
industrial with a floor space index of over 4.

Controversy
• In November 2018, the State government under the leadership of the then Chief Minister Devendra Fadnavis
approved a new model for redeveloping the slum.
• Although a Dubai-based consortium - Seclink Technologies Corporation - successfully bid against Adani in
January 2019, the tender was not awarded due to the decision to incorporate 47.5 acres of Railway land
into the redevelopment project.
• In October 2020, the Maharashtra Vikas Aghadi (MVA) government, led by Uddhav Thackeray, annulled the
tender, citing plans to issue new tenders soon.
• The MVA government stated that one reason for cancelling the tender was the delay by the Centre in
transferring the critical railway land necessary for the project.
• The Seclink Technologies Corporation launched a legal battle alleging the State government improperly
cancelled an original 2018 tender for the slum redevelopment and favoured Adani Group in giving the new
contract.
• The Congress alleged that the BJP government is “benefitting” Adani Group by relaxing norms for the
Dharavi redevelopment project with the party’s general secretary (communication) Jairam Ramesh alleging
that the Maharashtra Urban Development Department, which had originally expressed its reservations
about relaxing the rules, “has been compelled to issue a notification that removes the provision of

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 134
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

indexation in Dharavi’s real estate Transferable Development Rights (TDR), and made it mandatory for all
Mumbai builders to buy the first 40% of their TDRs from Adani”.

Current status of the project

• DRP and Adani Properties formed a Special Purpose Vehicle (SPV) called the Dharavi Redevelopment
Project Pvt Ltd (DRPPL).
• The developer holds 80% equity in SPV and the State government will hold the remaining 20%.
• The chairman/chairperson of the SPV will be appointed by the government, and the managing director will
be appointed by the Adani Group. Both positions are still vacant.
• The deadline for submitting the master plan is set at 150 days.
• This plan will provide comprehensive information about the designated areas for rehabilitation buildings and
free sale buildings, along with the positioning of public amenities such as schools, hospitals, gardens, and
playgrounds.
• The masterplan and survey reports will be submitted to the government which will take a final call.
• The Maharashtra government is highly optimistic about completing the entire process of rehabilitation
and redevelopment in seven years starting next year.
• However, the developer stated that the period is ‘insufficient’ and sought at least 10-12 years for the entire
process to be completed.

Working of Touchscreens

In News
The computing power of the smartphones in our pockets have often drawn comparisons to computing machines of
the mid-20th century, which themselves were powerful for their time.

Touchscreen
• A touchscreen is a surface that combines two functions: to receive inputs for a computer (say, tapping on
an app) and to display the output (launching the app).
• Aside from smartphones, touchscreens are also found today on ATM machines, various household
appliances (including TVs and refrigerators), e-readers, billing systems, and electronic voting machines.
• The touchscreen was invented by an engineer named E.A. Johnson at the Royal Radar Establishment in
Malvern, U.K., in 1965. In two papers he published in 1965 and 1967.
• The idea of the Touch Display was conceived at R.R.E. in an attempt to overcome the limitations in man-
machine communications.
• It was originally put forward in the context of an Air Traffic Control Data-processing System for which it has
clear application, but it is felt that the arrangement has much wider application.
• In 1982, Nimish Mehta at the University of Toronto developed a touchscreen that could sense two touches
at the same time (i.e. multitouch).
• In 1983, the American artist Myron Krueger reported a way to capture different hand gestures as actions on
a screen.
• Bob Boie at Bell Labs built on Mehta’s work to develop the first transparent (capacitive) multitouch interface
in 1984.
• In the early 2000s, engineers lead the way with wall-sized touchscreens that multiple people could
interact with, even remotely; devices that could render ‘normal’ computers capable of sensing touch and

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 135
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

gestures; early touchpads that used multitouch to bring finger movements into the virtual realm; plus
various improvements to the way touchscreens worked.
• Vis-a-vis consumer electronics, there were two big breakthroughs in 2007: the release of the LG Prada and
the Apple iPhone, which were the first phones with touchscreens.

Working
• The two most common types of touchscreens are capacitive and resistive; there are other techniques as
well. Of these, capacitive touchscreens are used in smartphones and other portable ‘information
appliances’.
• Such a touchscreen consists of a surface with a grid of capacitors.
• A capacitor is an electronic device that consists of two plates parallel to each other, with an air gap in
between, and each plate connected to the circuit.
• The plates store electric charge. When a finger touches the surface, an imperceptible amount of charge
from a capacitor nearby flows through the wires into the finger, distorting the electric field at that point.
• Sensors located at the edges of the screen locate this distortion and relay it to a signal-processor to
determine where the finger has touched. (This is why some touchscreens can’t sense touch if the user is
wearing gloves.)
• A more involved architecture, called the projected capacitive method, is used in smartphones with the
mutual capacitance architecture. Here, there are two conducting layers.
• Each layer consists of strips of conducting material: in one, the strips run left to right, and in the other from
top to bottom.
• When two strips cross over each other, they form a capacitor, and the chances in its capacitance are used to
measure where a finger has touched the screen.
• This scheme is amenable to detecting multiple simultaneous touches.
• Instead of capacitors, a resistive touchscreen uses resistance.
• That is, there are two sheets, both conductors, separated by a small gap. When a finger touches one
sheet, it moves it at that point to touch the underlying sheet, allowing a current to pass there.
• Again, sensors pick up on this distortion from a grid of wires attached to one of the two sheets and, using a
processor, determine the point of touch. Other touchscreen technologies are based on optical inputs and
acoustic waves, among others.

Future of touchscreen
• While touchscreen technology has advanced rapidly, innovation continues to this day, given the advent of
smartwatches and their small screens; machine-learning approaches that can extract more and more
information from noisy inputs; and the integration of more and more sensors into smartphones themselves.

New initiatives for tourists Uttarakhand

In News
To offer a novel experience to visitors, Uttarakhand is planning a “breakfast tourism” scheme, which aims to
combine the thrill of aviation with the serenity of nature.

Features of the scheme

• Uttarakhand already has The Himalayan AirSafari service, and the government aims to add one more
element to it — breakfast in the clouds.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 136
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• In this, tourists will be flown to select locations difficult to reach by road, where they can enjoy a sumptuous
breakfast along with the peace and quiet that comes from being close to nature.
• According to a proposal for phase one, Kalsi, Chinyalisaur, Gaucher, Bairagi Camp, Nainisaini and
Pantnagar have been identified as starting points, and breakfast arrangements can be made at places like
Raithal, Harsil, George Everest, Rishikesh and Nainital.
• Future phases of the scheme envision multiple meals at distinct scenic spots, promising diverse encounters
with Uttarakhand’s landscapes.

Gyrocopters
• A gyrocopter is a mix between a helicopter and an airplane.
• It has a big rotating blade on top, like a helicopter, but it does not use an engine to spin it. Instead, when it
moves forward, the air pushes through the blades, making them spin, which helps it stay up in the air.
• Gyrocopters are generally considered safe and stable. They are also nimble and maneuverable, allowing
pilots to fly closer to attractions.
• Gyrocopters don’t require extensive runways for take-off and landing, so they can operate from smaller
airfields or even open spaces.
• In the future, gyrocopters could be used in the breakfast tourism plan too, as they need only around a 1-km
strip.
• They can fly in any weather conditions, and because they fly at a much lower altitude, they provide a better
view to the tourists. Having more open space, they also provide a sense of adventure.
• Under a pilot project, two gyrocopters brought from Germany have been introduced in the PPP mode
under the Himalayan AirSafari scheme.

India’s jobs crisis

In News
There are many indications everywhere that India continues to be going through a jobs crisis.

Types of employment in India

• The first is wage employment which is a result of labour demanded by employers in their pursuit of
profits.
• The second is self-employment where labour supply and labour demand are identical, i.e., the worker
employs herself.
• A further useful distinction can also be made between wage labour and jobs.
• The first includes all forms of labour done for an employer including daily wage work at one extreme and
highly paid corporate jobs at the other.
• But, jobs generally refer to relatively better paid regular wage or salaried employment.
• In other words, all jobs are wage labour, but all wage labour cannot be called jobs. When we speak of a jobs
problem, we are speaking of inadequate labour demand particularly for regular wage work.
• The Indian economy has historically been characterised by the presence of both open unemployment (out
of work job-seekers) as well as high levels of informal employment consisting of the self-employed as well
as casual wage workers.
• The last is also called “disguised unemployment” because, being similar to open unemployment, it also
indicates a lack of adequate employment opportunities in the formal sector.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 137
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Labour demand
• The labour demand in the formal non-agricultural sector is determined by two distinct factors.
• First, since firms in the formal sector hire workers to produce output for profit, labour demand depends
on the amount of output that firms are able to sell. Under any given level of technological development,
labour demand in the formal sector rises when demand for output rises.
• Second, labour demand depends on the state of technology that dictates the number of workers that
firms need to hire to produce one unit of output.
• Introduction of labour-saving technologies enables firms to produce the same amount of output by hiring a
lower number of workers.

Employment growth rate

• Employment growth rate is determined by the relative strength of two factors — the output growth rate
and the labour productivity growth rate (growth rate of output per worker).
• If labour productivity growth rate does not change, higher output growth rate increases employment
growth rate.
• In other words, policies that promote higher economic growth would also achieve higher employment
growth. On the other hand, if labour productivity growth rate rises, employment growth rate falls for a given
output growth rate.
• In India, the employment growth rate of the formal and non-agricultural sector remained unresponsive
despite a significant rise in the GDP growth rate and the value added growth rate during the 2000s as
compared to the decade of the 1980s and 1990s.
• The lack of responsiveness of employment growth rate to changes in output growth rate reflects a
phenomenon of jobless growth. It indicates a strong connection between labour productivity growth rate
and output growth rate.

Jobless growth
• Responsiveness of labour productivity growth rate to output growth rate is weak.
• The possibility of jobless growth in this case emerges exclusively on account of automation and the
introduction of labour-saving technology.
• But employment growth rate in such regimes would necessarily increase if output growth rate happens to
increase.
• Under weak responsiveness of labour productivity, the positive effect of GDP growth rate on employment
would dominate over the adverse effect of labour-saving technologies. Here, the solution to the jobs crisis is
just more rapid economic growth.
• In the second case, which happens to be the Indian one, the responsiveness of labour productivity growth
rate to output growth rate is high.
• Here, the positive effect of output growth rate on employment fails to counteract the adverse effect of
labour-saving technologies.
• Employment growth rate in such regimes cannot be increased simply by increasing GDP growth rate.

Macroeconomic policy framework

• Fiscal policy was perceived to increase labour demand by stimulating output.
• The developing countries that inherited a dual economy structure during their independence, confronted
additional constraints on output.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 138
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• The Mahalanobis strategy identified the availability of capital goods as the binding constraint on output
and employment, putting forward the policy for heavy industrialisation.
• The structuralist theories based on the experiences of developing countries highlighted the possibility of
agrarian constraint and the balance of payment constraints.
• Both these constraints led to key policy debates in India, particularly during the decade of the 1970s and
early 1990s.
• Nonetheless, what remained common to all these different frameworks was the presumption that increasing
the output growth rate in the non-agricultural sector would be a sufficient condition for increasing the
employment growth rate in the formal sector.

Way forward
• Such employment policies will need both demand side and supply side components.
• For example, to the extent firms in India find it easier to automate due to a lack of adequate skilled
labour, increasing the quality of the workforce through better public provisioning of education and health
care, as well as bridging the skills gap, are important.
• On the demand side, direct public job creation will be needed.
• Financing such expenditures while maintaining debt-stability requires the reorienting of the current
macroeconomic framework in a significant way, including increasing the direct tax to GDP ratio by reducing
exemptions and improving compliance, and a more imaginative use of macro-policy to pursue a constructive
employment agenda.

India-ASEAN set to review trade pact for modernisation in early 2024

In News
The talks aim to modernise the agreement, introducing product-specific rules and trade remedies while excluding
new areas like labour and environment

New FTA
• There will be a complete re-look at the entire FTA with the broad objective of bringing down the trade deficit
for India.
• New elements such as product specific rules and trade remedies will be brought in to make the FTA more
efficient.
• The first round of negotiations for reviewing the FTA, officially known as the ASEAN India Trade in Goods
Agreement (AITGA), will be on February 18-19 in New Delhi
• India’s trade deficit with the region, which was $7.5 billion per annum when the pact was implemented,
has since ballooned to $43.57 billion.
• In 2022-23, India’s exports to the region were valued at $44 billion, while its imports were at $ 87.57 billion.
• Sectors that need propping up include chemicals and alloys, plastics and rubber, minerals, leather, textiles,
gems and jewellery, per an industry analysis.
• India will also need to make some concessions for the ASEAN as the review will have to benefit both but the
objective of bringing balance has to be central.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 139
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Revamping AITGA
• Modernising the AITGA will include incorporating changes in the Rules of Origin (ROO), which can work in
favour of India by increasing market access for some items as well as blocking possible re-routing of goods by
China through the ASEAN countries.
• ROO are the criteria to determine the origin of a product and establish if it qualifies for duty cuts under an
FTA.
• PSRs will be introduced in the ROO chapter which can help India have relaxed rules for certain items to
increase exports. At the same time, loopholes could be blocked to check circumvention by China.
• The modernised AITGA will also have a chapter on trade remedies, which will seek to provide a safety net for
domestic industry against unfair trading practices or unforeseen surges in imports of goods.

ASEAN
• The ten-member ASEAN, which includes Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei,
Vietnam, Laos, Myanmar and Cambodia, accounted for 11.3 per cent of India’s global trade in 2022-23.
• The ASEAN was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN
Declaration (Bangkok Declaration) by the Founding Fathers of ASEAN: Indonesia, Malaysia, Philippines,
Singapore and Thailand.
• The organization's goal is to promote stability and economic growth across these nations.
• Its chairmanship rotates annually, based on the alphabetical order of the English names of Member
States.
• The region has one of the largest economies in the world, and it is believed that by 2050, it will have the 4th-
largest economy in the world.

Are graduates facing unemployment?

In News
The unemployment rate, which hit a high of 6.1% in 2017-18, has reduced to 3.2% in 2022-23, according to the latest
data from the Periodic Labour Force Survey (PLFS).

Key Findings
• The unemployment rates for the aggregate labour force of individuals aged 18 to 65.
• Unemployment rates had always been low since the early 1990s, jumping to a historical high of 5.77% in
2017-18. By 2022-23, the unemployment rate showed signs of reducing, falling to 3.15% for this cohort.
• While unemployment rates are currently higher than in previous decades, it has shown a reduction
compared to 2017-18.
• Individuals with higher education have always faced higher unemployment rates than the rest of the
population, a situation that has characterised the Indian economy since the 1990s.
• The unemployment rates for those with graduate degrees. From roughly 9% in the 1990s, the rate fell to
7.66% in 2011-12, before rising to 17% in 2017-18 and then 13% in 2022-23.
• From 1993-94 to 2004-05, almost a fifth to a quarter of all young individuals with graduate degrees faced
long unemployment spells of 6 months or more.
• The rate dropped to 20% in 2011-12, before rising to a staggering 36% in 2017-18. The rate has been
reduced by 2022-23 with 27% of young graduates facing long spells of unemployment.
• Earlier, these high rates of unemployment were concentrated amongst a relatively small section of the
labour force.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 140
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

• Overall unemployment rates remain low even though graduates face high unemployment because the share
of educated workers in the labour force is low.
• As enrolment rates continue to rise, the share of graduates in the labour force will increase, leading to
increases in the aggregate unemployment rate. The problems of young job-seekers are not an aberration,
but a worrying feature of the Indian labour market.

Causes
• The problem of youth unemployment is a serious issue.
• Much more work is required to outline the exact factors causing unemployment amongst the highly
educated - be it the inability of the education system to impart the requisite skills, or the inability of the
growing economy to generate enough jobs for the increasing numbers of educated job-seekers entering the
labour force each year - to ensure that the aspirations of the youth are not thwarted and the potential of the
demographic dividend is properly harnessed.

T+0, instant settlement cycle

In News
The Securities and Exchange Board of India (SEBI) has proposed the introduction of a facility for clearing and
settlement of funds and securities on T+0 (same day) and instant settlement cycle on an optional basis.

Current system
• In its endeavour to keep pace with the changing times and carry out its mandate of development of
securities markets and investor protection, SEBI has shortened the settlement cycle to T+3 from T+5 in 2002
and subsequently to T+2 in 2003.
• At present, the settlement of funds and securities happens on the T+1 cycle.
• It was introduced in 2021 in a phased manner and was fully implemented in January 2023. Under it,
securities and funds are settled by the next day of the trade.

New proposal
• It said that for the equity cash segment, in addition to the existing T+1 settlement cycle, a shorter
settlement cycle may be introduced as an option.
• It proposed to implement it in two phases – Phase 1: T+0 Settlement Cycle and Phase 2: Instant Settlement
Cycle.
• In Phase 1, an optional T+0 settlement cycle (for trades till 1:30 PM) is envisaged, with settlement of funds
and securities to be completed on the same day by 4:30 PM.
• In Phase 2, an optional immediate trade-by-trade settlement (funds and securities) may be carried out. In
the second phase, trading will be carried out till 3.30 pm.
• SEBI has suggested that to begin with, T+0 settlement shall be made available in the top 500 listed equity
shares based on the market capitalisation.
• This will be done in three tranches of 200, 200, and 100, from lowest to highest market cap.
• As per the consultation paper, the exchanges will have to coordinate to publish a common list of securities
and calendar for migration under T+0 settlement.
• The surveillance measures applicable in the T+1 settlement cycle will also apply to securities in the T+0
settlement cycle.
• Securities under the trade-for-trade settlement will not be permitted for T+0.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 141
 Future of education
Annual Current Affairs Compilation
(First AI based Learning Platform) (Jan 2023 to Jan 2024) - Economy

Reason behind such move

• Over the last few years, Indian securities markets have seen tremendous growth, both in terms of volumes,
value, as well as number of participant.
• This increase in the participation of new investors puts a greater onus on the regulator to make markets
more efficient and safer for its participants, with a special focus on retail participants.
• The significant evolution of payment systems in the country in recent years coupled with sophisticated
and robust technologies used by Markets Infrastructure Institutions (MIIs) appears to present further
opportunities for advancing the clearing and settlement timelines, on an optional basis.
• The average Indian has rapidly embraced UPI (Unified Payments Interface) and instant payment platforms.
This flexibility can be extended to equity dealing as well.
• In today’s age, reliability, low cost and high speed of transactions are key features that attract investors to
particular asset classes.
• To that extent, reducing settlement time and hence increasing the operational efficiency of dealing in Indian
securities can further draw and retain investors into this asset class.

Features of new system

• It is observed that a high percentage of retail investors bring upfront funds and securities before placing an
order.
• For the period June 2023, for around 94 per cent of delivery-based trades with value up to Rs 1 lakh per
transaction, investors made early pay–in of funds and securities.
• An instant settlement mechanism would enable instant receipt of funds and securities, vis-a-vis existing pay-
out on T+1 day.
• It would eliminate the risk of settlement shortages since both funds and securities will be required to be
available before placing the order.
• It will strengthen investor protection by enhancing the control of the investor over the securities and funds
as funds and securities would be credited into the client’s account directly for those who are trading through
blocked amounts using the UPI facility (UPI Clients).
• Providing the option for instant settlement will help establish Indian equities as an asset class with the
features of resilience, low cost and time for transaction, superior in all ways to emerging claimants of
alternative asset classes.

Benefits
• For clients, the option is expected to provide flexibility in terms of faster pay-out of the funds against the
securities to the sellers and faster pay-out of securities against the funds to the buyers.
• For the securities market ecosystem, the option is expected to provide flexibility in terms of faster pay-out of
the funds against the securities to the sellers and faster pay-out of securities against the funds to the buyers.

Learn Finite © 2024 | All Rights Reserved | www.learnfinite.com Annual BITS Page | 142