Daily Current Affairs
29 November, 2024
National Affairs
1. PMJAY for 70+ group meets 3% of target in first month
Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) Registration Rates
- Till November 28, around 1.87 million people aged 70 and above have registered for the expanded AB-PMJAY.
- The pace of registration is raising concern due to the country’s rapidly aging population.
- The 70 plus category now consists 4.1% of the total estimated population of 1.45 billion.
Ministry: The Ministry of Health and Family Welfare (MoHFW)
Minister: Shri Jagat Prakash Nadda
Launch Date: 23rd September 2018 in Ranchi, Jharkhand.
Read more: Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY)
2. Govt proposes a range of bills to boost economy, job creation
India’s Legislative Proposals for Economic Growth, Modernisation, Job Creation, and Sustainability
- The government has proposed transformative bills in the winter session of Parliament, focusing on economic growth, modernisation, job creation, and sustainability.
- The Oilfields (Regulation & Development) Bill, 2024, will help to modernizes terminology and opens up unconventional hydrocarbon exploration.
- The Merchant Shipping Bill, 2024, will streamlines maritime laws and removes criminal penalties for minor infractions.
- These bills are seen as a blueprint for India’s future, aiming to erase colonial legacies, empower critical sectors, boost job creation, and pledge sustainable practices.
- The Railways (Amendment) Bill, 2024, is primarily expected to simplify legal structures and enhance operational efficiency, leading to job opportunities in infrastructure and maintenance.
- The Coastal Shipping Bill, 2024, will help to reduces logistics costs, making Indian exports more competitive and generating jobs in shipping and related fields.
- The Disaster Management (Amendment) Bill introduces urban disaster management authorities, as well as enhancing safety and creating jobs in hazard monitoring and emergency services.
Agri Business
1. Seed coating breakthrough: IIOR launches revolutionary biopolymer technology
Indian Institute of Oilseeds Research (IIOR) Releases Biopolymer Technology
- The Indian Institute of Oilseeds Research (IIOR) has patented a biopolymer technology to private companies.
- The technology coats seeds, delivering beneficial microbes, nutrients, and safer chemicals directly to the plant.
- The coating acts like a time-release capsule, releasing active ingredients as the seed germinates and grows.
- The technology is expected to boost crop yields by 25-30% by providing essential nutrients and protecting against pests and diseases.
Indian Institute of Oilseeds Research (IIOR) Established
- Was established on August 1, 1977, with the elevation of All India Coordinated Research Project on Oilseeds (AICORPO).
- Operates from Rajendranagar, Hyderabad, with a Project Director and seven Project Coordinators.
- Delinked from the Directorate in 1979 and 1993 for groundnut and rapeseed-mustard.
- Separated AICRP on sesame & niger and linseed from IIOR in April 2000.
- Upgraded DOR to IIOR, adding sesame, niger, and linseed with existing mandate crops like castor, safflower, and sunflower.
2. U-WIN
India’s Government’s 100-day health agenda includes the rollout of the U-WIN portal, a digital platform for vaccination management.
- U-WIN is part of India’s Universal Immunization Programme (UIP), under the Reproductive and Child Health (RCH) programme of the National Health Mission (NHM).
- Key features include electronic registration, digital vaccination certificates, self-registration and scheduling, making universal vaccination accessible, automated alerts, frontline worker support, and the Ayushman Bharat Health Account (ABHA) Identity Card.
- The portal is being integrated with the existing eVIN platform for inventory management and tracking of vaccine doses.
- The portal aims to reduce the number of children with “zero dose” by half by 2030.
Banking/Finance
1. GST fitment panel to review 18% tax on co-lending services
GST Council to Review 18% GST on Co-lending Services
- The Fitment Committee of the GST Council is going to review the 18% GST on co-lending services, following a report by the SBI-led committee on colending.
- The Department of Financial Services (DFS) has requested to review of the GST on co-lending services.
- The decision will be sent to the GST Council.
The Fitment Committee of the Goods and Services Tax (GST)
The Fitment Committee of the Goods and Services Tax (GST) Council is a committee which is there to examine proposals for revising rates on goods and services and then makes recommendations to the GST Council. The committee primarily deals with issues related to GST rates, exemptions, and clarifications.
Here are some things the Fitment Committee does:
- Reviews proposals: The committee reviews proposals for revising rates on goods and services (GST).
- Makes recommendations: The committee makes recommendations to the GST Council.
- Deals with issues: The committee deals with issues related to GST rates, exemptions, and clarifications.
The recommendations of the Fitment Committee are placed in front of the GST Council for its recommendation.
2. SBI’s business may hit Rs 100 trillion in FY26, says Chairman CS Setty
State Bank of India (SBI) Aims to Reach ₹ 100 Trillion Business in Next Financial Year
- SBI Chairman CS Setty predicted that SBI will reach ₹ 100 trillion in total business in the next financial year, provided it maintains a 14-16% loan growth rate and 10% growth in deposits.
- The bank’s loan book was ₹ 39.2 trillion at the end of September, while deposits stood at ₹ 51.17 trillion.
- SBI aims for 10% growth in deposits and maintains an incremental credit deposit (CD) ratio of 100%.
- SBI is opening 65,000 savings accounts daily to facilitate deposit mobilisation.
State Bank of India (SBI)
- A multinational public sector bank headquartered in Mumbai, Maharashtra.
- 48th largest bank globally by total assets.
- Ranked 178th in the Fortune Global 500 list of 2024’s biggest corporations.
- Chairman: Challa Sreenivasulu Setty
- Founded in: 1 July 1955
3. GDP shocker: growth rate dipped to 5.4%
Economic Growth in FY25
- Manufacturing led to a 5.4% GDP growth in Q2 of FY25, compared to 6.7% in April-June and 8.1% in the previous quarter.
- Real Gross Value Added (GVA) grew by 5.6% in Q2 of FY25, compared to 7.7% in Q2 of FY24.
- Nominal GVA saw a exponential growth rate of around 8.1% in Q2 of FY25, compared to 9.3% in Q2 of FY24.
- Despite slow growth in manufacturing and mining & quarrying sectors, real GVA in H1 (April-September) recorded a growth rate of 6.2%.
- Agriculture and allied sector saw a 3.5% growth rate in Q2 of FY25.
- Construction sector saw 7.7% and 9.1% growth rates in Q2 and H1 of FY25.
- Tertiary sector saw a 7.1% growth rate in Q2 of FY25.
- Trade, hotels, transport, communication, and broadcasting services saw a 6% growth rate in Q2 of FY25.
India’s Economic Growth Data for Q2 2022-23
- GDP and GVA are the two main indicators of a country’s economic performance.
- GDP measures the monetary measure of all final goods and services produced in a country.
- Four key engines of GDP growth include private consumption, government consumption, investments, and net effect of exports and imports.
- GDP calculation: GDP = private consumption + gross investment + government investment + government spending + (exports-imports).
- GVA calculates the same national income from the supply side by adding up all value added across different sectors.
- GDP and GVA are related by the equation: GDP = (GVA) + (Taxes earned by the government) — (Subsidies provided by the government).
4. India economy grows 5.4% in July-Sept, well below expectations
India’s Economy Slows in July-September
- India’s economy expanded by only 5.4% year-on-year in July-September, despite a 6.5% increase in GDP.
- The growth in GDP was lower than the 6.5% projected by a Reuters poll and the central bank’s 7% estimate.
- Despite this, India remains one of the fastest-growing major economies, with government officials and economists forecasting a potential regaining of momentum in the second half of the fiscal year.
- The Reserve Bank of India (RBI) predicted GDP growth of 7.2% for the fiscal year ending in March 2025.
- Private consumption, accounting for 60% of GDP, has been hit by slower urban spending due to higher food inflation, high borrowing costs, and weak real wage growth.
- India’s finance and trade ministers have called for interest rate cuts, but the central bank is expected to keep policy rates unchanged next week.
Science & Tech
1. Review of Moiré superconductivity and application of the Roeser-Huber formula
Moiré Materials: A New Superconducting Property
Why in News?
Recent research in Nature shows that semiconductor-based moiré materials, like twisted bilayer tungsten diselenide (tWSe₂), exhibit superconductivity, challenging the previous belief that it’s exclusive to graphene-based systems.
Key Highlights
- Moiré materials are unique materials having unique properties due to interference patterns formed when two periodic structures are overlaid at a slight angle.
- They are created by pile up two layers of a two-dimensional material and twisting one layer at a small angle.
- The twist creates an unique moire pattern, resulting in new electronic behaviors not present in individual layers.
- The twist in layers creates flat bands in the electronic structure, boosting electron-electron interactions, crucial for superconductivity.
- Tungsten Diselenide (tWSe₂) demonstrated superconductivity at a transition temperature of approximately –272.93º C, comparable to high-temperature superconductors.
- Graphene-based moiré materials achieve superconductivity through electron-lattice interactions and flat band formation, while tWSe₂ relies on electron-electron interactions.
- Stable superconductivity at low temperatures enables practical applications in quantum computing and electronics.
- Superconductivity was discovered in 1911 by Heike Kamerlingh-Onnes, who won the 1913 Nobel Prize in Physics.
Facts to Remember
1. Indian Chemical Council (ICC) Receives 2024 OPCW-The Hague Award
- ICC is a national body representing India’s chemical industry, was awarded the 2024 OPCW-The Hague Award.
- The council was founded in 1938, ICC represents various industries including organic & inorganic chemicals, plastics, and more.
- Some key points include the Chemical Weapons Convention Helpdesks, Nicor Globe, and the Responsible Care Program.
- The mission is to promote sustainable practices and ensure chemical safety and industry security.
2. India’s Network Readiness Index 2024 Ranking
- India secured 49th position in the Network Readiness Index 2024 (NRI 2024).
- The ranking was primarily based on advancements in digital transformation and telecommunications.
- The index rated133 economies on the basis of four points: Technology, People, Governance, and Impact.
- India’s leadership ranks include 1st in AI scientific publications, AI talent concentration, and ICT services exports.
- India ranks 2nd among lower-middle-income countries, after Vietnam.
3. Indian Army Incorporates Sabal-20 Logistics Drone
- Sabal-20 drone developed by IIT-Kanpur-incubated EndureAir Systems.
- Electric UAV with variable pitch technology and large rotors inspired by Chinook helicopters.
- Capable of carrying up to 20 kg, about half its own weight.
- Features tandem rotor configuration for improved lift and stability in high-altitude and rugged terrains.
- Features VTOL technology for vertical take-off and landing.
- Low RPM design minimizes noise for sensitive missions.
- Supports delivery of critical supplies in inaccessible areas.
- Durable for tough terrains and extreme operational demands.
- Enhances logistical efficiency in remote and high-altitude regions.
- Promotes indigenous defense manufacturing under “Make in India” and “Atmanirbhar Bharat”.
