Daily Current Affairs
4 December, 2024
National Affairs
1. India Organic Farming Programs
The Paramparagat Krishi VikasYojna (PKVY) and the Mission Organic Value Chain Development for North Eastern Region (MOVCDNER) of India focuses on organic farming in India.
The total area under agricultural organic farming is 59.75 Lakh Ha.
The Bhartiya Prakritik Krishi Paddhati (BPKP) is allocated to eight states by the PKVY with a total area of 4.09 lakh hectares
The Government of India facilitates organic farming in India with support from PKVY and MOVCDNER to all farmers end to end.
- PKVY provides support of Rs. 31,500 per ha for three years, including training, capacity building, data management, PGS Certification, value addition, marketing, and publicity.
- MOVCDNER provides support of Rs. 46,500/ha for three years, including FPO creation, organic inputs, quality seeds/planting material, training, hand holding, and certification.
2. Prime Minister’s Internship Scheme (PMIS) announced in the Budget 2024-25, aims to provide internship opportunities to one crore youth in top 500 companies in five years
Prime Minister’s Internship Scheme Launched in India
- The PMIS looks to provide internships to one crore youth in the top 500 companies over a period of five years.
- A Pilot Project initiated on 03.10.2024 for the Financial Year 2024-25.
- Identified based on average CSR expenditure of the last three years.
- Other companies/banks/financial institutions can participate subject to an approval from the Ministry of Corporate Affairs.
- The scheme is available at an online portal at https://pminternship.mca.gov.in.
- The scheme aims to fill in the gap between what has been learned in the academic and industry requirements, thereby enhancing employability.
3. National Archives of India organizes Exhibition “Naga-Land & People in Archival Mirror” at Kisama, Kohima during 25th Hornbill Festival
“Naga – Land & People in Archival Mirror” Exhibition
• Curated by National Archives of India in collaboration with the Department of Arts and Culture, Government of Nagaland.
• Was inaugurated on 1st December 2024 at the 2nd World War Museum Complex, Kisama, Kohima.
• Has 12 thematic panels of displays of crucial happenings of Nagaland history.
• Highlights include Naga-Land & People, Colonial Inroads, World Wars, Statehood to Nagaland, and Road to Progress.
4. Mahila Samman Savings Certificate Scheme (MSSC)
Mahila Samman Savings Certificate Scheme (MSSC) Launch
Launch Date: 31.03.2023
As a tribute to ‘Azadi ka Amrit Mahotsav‘ for women and minor girls.
Objectives: To foster the financial independence of women and achieve the objectives of Financial Inclusion.
Accounts that are opened by a female or guardian on behalf of the minor girl on or before 31st March 2025.
- Minimum deposit of ₹1000/- and maximum deposit of ₹2 Lakhs for two years.
- Interest rate is 7.5% p.a. compounded quarterly and credited to the account.
- It provides partial withdrawal and premature closure on compassionate grounds.
5. Pradhan Mantri Matsya Sampada Yojana (PMMSY)
- It has been implemented in all Indian States and Union Territories (UTs) from FY 2020-21 to FY 2024-25.
- Approved activities include rearing ponds, ornamental fish rearing units, cold storage, brood bank for seaweed, fish value added enterprise, transport vehicles, freshwater aquaculture.
- Sanctioning for the establishment of a smart and integrated fishing harbor at Vanakbara in Diu.
- Beneficiary selection and project sanctioning by respective States/UTs.
6. BRAHMOS Bolstering Indian Navy´s Firepower at Sea
Indian Navy’s Modernization and Innovation
Indian Navy has expanded its strategic outreach and operational horizons, focusing on modernization and innovation.
• BRAHMOS supersonic cruise missile system has appreciably enhanced modern combat capabilities of the Navy.
• BRAHMOS is a state-of-art universal precision-guided weapon designed for both antiship and land-attack roles.
• The BRAHMOS naval variant has continued to evolve in lethality, maneuverability, and strike capability in the complicated maritime environment.
Read more…
7. Proba-3 mission launch delayed to December 5 due to anomaly: ISRO
Proba-3 Mission Launch Update
Recast Launch
- The PSLV-C59/Proba-3 launch has been postponed from December 4, 2024, to December 5, 2024, due to an anomaly found in the Proba-3 spacecraft.
- Announcement made by the Indian Space Research Organisation (ISRO).
Mission Overview
- Proba-3 is a mission of the European Space Agency (ESA).
- Launch vehicle: ISRO’s Polar Satellite Launch Vehicle (PSLV).
- Launch site: Satish Dhawan Space Centre.
8. Indian astronauts selected for joint ISRO-NASA mission to International Space Station complete initial training
ISRO: Gaganyatris Undergo Training for Axiom-4 Mission
The Indian Space Research Organisation (ISRO) reported on November 29, 2024, that Group Captain Shubhanshu Shukla and Group Captain Prasanth Balakrishnan Nair, selected for the upcoming Axiom-4 mission (Ax-4) to the International Space Station (ISS), have successfully completed the first phase of training.
Training Milestones Achieved
The Gaganyatris, designated as:
- Prime Astronaut: Group Captain Shubhanshu Shukla
- Backup Astronaut: Group Captain Prasanth Balakrishnan Nair
Key achievements during this phase include:
- Orientation and ground facility tours supporting the mission.
- Overview of mission launch phases and SpaceX suit fit checks.
- Selection of space food options.
- Familiarization with:
- The SpaceX Dragon spacecraft and its systems.
- Onboard systems of the ISS.
- Training in:
- Space photography.
- Daily operation routines and communication protocols.
- Emergency management, including medical emergencies.
This training commenced in August 2024 in the United States under the joint collaboration of ISRO and NASA.
9. India’s new legislation by Prime Minister Narendra Modi.
Prime Minister Narendra Modi and Union Home Minister Amit Shah met to review the three new laws: Bharatiya Nyaya Sanhita (BNS), Bharatiya Nagarik Suraksha Sanhita (BNSS), and Bharatiya Sakshya Adhiniyam (BSA).
- Charges for heinous crimes against women, like rape, should be framed within 60 days from the date of first hearing.
- Judgment shall be given within 45 days from the date of termination of hearing without more than two adjournments in any case.
Technologies like e Saksha, Nyay Shruti, Nyay Setu, and the e-Summon Portal were designed to breathe life into the new laws.
Chandigarh was the first place where all these reforms were implemented. It is a landmark juncture in the legal history of India.
10. Centre clears 5 projects for ₹21,772cr military upgrade
Defence Ministry Approves Five Military Modernisation Projects
- Sanction on five military modernization programs totaling Rs 21,772 crore with preliminary approval.
- Acquiring 31 new water-jet fast attack crafts for the Navy.
- Procurement of 120 fast-interceptor crafts to escort front-line warships and submarines near shores.
- Electronic Warfare suites for Sukhoi-30MKI aircraft with externally mounted airborne self-protection jammer pods and next generation radar warning receivers.
Procurement of advanced light helicopters for surveillance and security by the Coast Guard. - The projects of modernization of T-72 and T-90 main battle tanks, BMPs, and the engines of Sukhoi fighters.
Banking/Finance
1. Reporting practices for banks set to change
Amendment of Banking Regulation Act to Facilitate Claim Handling and Succession
Banking Regulation Act
Allow up to four nominees from one, ensuring easier claim handling and minimal hassle for legal heirs.
Amendments to be directed toward ensuring continuity and fewer disputes among legal heirs. As of March 2024, unclaimed amounts in banks have touched ₹ 78,000 crore. A streamlined settlement mechanism is needed.
• State Bank of India Act and the Banking Companies Act will be amended to enable transferring unclaimed shares, interest, and bond redemption amounts to the Investor Education and Protection Fund (IEPF).
• Definition of “substantial interest” would be updated with an enhancement in the shareholding threshold from ₹ 5 lakh to ₹ 2 crore.
• The reporting practices for banks would be changed, with the date of reference shifted from “reporting Friday” to the last day of fortnight, month, or quarter.
• Tenure of directors of cooperative banks shall be increased from eight years to 10 years for excluding the chairman and wholetime director.
• Director of a central cooperative bank can sit on the board of state cooperative bank.
• Changes will enable PSBs to offer competitive remuneration to statutory auditors, enhancing audit standards and financial oversight.
2. ´ Overreach´: USISPF, Nasscom object to Sebi´s specified digital platform plan
Advocacy Groups Slam Sebi’s Draft Circular on Digital Platforms
- Nasscom said that digital platforms cannot be treated as REs or intermediaries under the Sebi (Intermediaries) Regulations, 2008.
- Nasscom said that the draft circular exceeds the statutory powers vested with Sebi under Section 11(1) of the Act.
- The proposed approach is also detested by Nasscom which stated that it imposes impractical obligations on intermediaries.
- The USISPF contends that the current legal and regulatory framework is adequate to address the issues highlighted in the draft circular.
- The proposed norms vest the regulator with the final say in disputes arising between entities and platforms on content or advertisements.
- The move comes after Sebi‘s earlier circular to limit securities market participants from dealing with unregistered entities.
- These rules intend to curb such activities as stock manipulation, false investment advice, and unauthorized stock and investment recommendations.
Also read: SEBI
3. EPFO´s investible corpus more than doubled in 6 years
Employees’ Provident Fund Organisation’s Investment Corpus Doubles in Five Years
• Employees’ Provident Fund Organisation’s investment corpus doubled in the last five years to ₹ 24.75 trillion in FY24 from ₹ 11.1 trillion in FY19.
• The overall investible corpus increased to 15.8% from ₹ 21.36 trillion in FY22.
• The number of active contributing subscribers increased by 7.6% to 73.7 million in FY24 from 68.5 million in FY23.
Source: Business standard
4. RS clears Bill to ease oil exploration
Rajya Sabha Approves Oilfields (Regulation and Development) Amendment Bill, 2024
• The Rajya Sabha passed a Bill aimed at delinking petroleum operations from mining, clarifying petroleum lease grants and extensions, and introducing a new mechanism for the resolution of disputes for the exploration and production sector.
• The Bill replaces all the existing laws between 1948 and 1969 by introducing the concept of ‘petroleum lease’ which is legally differentiated from the mining lease.
• The Bill must be passed in the Lok Sabha to come into effect.
• The Bill introduces the concept ‘Mineral Oils‘, which groups together a broad spectrum of mineral oils, from shale oil and gas hydrates to coal bed methane.
5. Bank a/cs can soon have 4 nominees each
Lok Sabha passed banking law amendments.
• It allows up to four nominees in all bank accounts.
• Assures successors of account-holders or FD holders do not get locked out.
It both permits concurrent and successive nominations.
• Redefine “substantial interest” for directorships.
6. HC notice to bank & RBI after staffer siphons ₹3cr from FDs
Bombay High Court issued a notice to HDFC Bank and the RBI.
The Bombay High Court has issued a notice to HDFC Bank and Reserve Bank of India after an employee was arrested on suspicion of siphoning off Rs 3 crore from a customer’s fixed deposits.
The employee, Payal Kothari, had broken Meenakshi Kapuria’s fixed deposits worth Rs 3 crore and siphoned off the money into nonexistent accounts.
Kapuria was not notified by SMS or email during the entire process.
Agri Business
1. PM-KISAN
- Launch and Objective
Was launched by the Prime Minister in February 2019 to supplement the financial needs of land-holding farmers. - Ministry: Ministry of Agriculture and Farmers Welfare
- Financial Benefit
Financial benefit of Rs 6,000/- per year in three equal instalments every four months. - Direct Benefit Transfer (DBT)
Transfers benefits into bank accounts of farmers’ families across the country through Direct Benefit Transfer (DBT) mode. - Scale of the Scheme
One of the largest DBT Schemes of the World. - Farmer-Centric Infrastructure
Farmer-centric digital infrastructure ensures that the benefits reach all farmers in the country. - Disbursements So Far
Over Rs 3.46 lakh Cr has been disbursed in 18 instalments so far. - Verification and Transfer Process
Benefits are transferred to beneficiaries through DBT mode based on verified data from the PM-KISAN portal. - Technological Interventions
Technological interventions introduced to address ineligibility, including integration with PFMS, UIDAI, and the Income Tax Department. - Recovery from Ineligible Beneficiaries
A total of Rs. 335 Cr. has been recovered from ineligible beneficiaries.
2. As DAP sales dip, farmers turn to more beneficial NPKS
Di-Ammonium Phosphate (DAP) Scarcity and Its Impact on Rabi Crop Productivity
- Benevolent NPKS complex fertilizers sales improved year over year from April through October, replenishing the soil.
- NPKS sales increased by 23.5% YoY, while DAP sales reduced by 25.4%.
- The product with the highest sale that year was NPKS 20:20:0:13.
- Muriate of Potash sales also rose though this was one commodity whose sales were in the downtrend for two consecutive years of financial statements.
- FAI said the decline in DAP sales might not hurt the yields of rabi crops.
- Imports: DAP imports are approximately 80% of India’s annual consumption. It happens to be the second crop nutrient after urea.
- Composition includes of ammonia and phosphoric acid, containing 18% nitrogen and 46% phosphorus.
- It is highly soluble in water and soil, releasing phosphate and ammonium for plants.
- Benefits includes aiding in tissue development, regulating protein synthesis, and meeting initial nitrogen and sulfur needs.
- Application rates vary for pastures and forage crops, and lawns.
- Storage advised in bulk sheds and covered with a tarp.
- Risks include potential harm to plant roots and seedlings when DAP dissolves.
