Context: Forex Reserves: Foreign currency assets in the country during the week ending November 29 rose by $1.51 billion to $658.091 billion from $656.582 billion RBI said on Friday.. Key Findings: Current Trend in Forex Reserve: This Forex had been under a downtrend, and only last fortnight recorded an all-time high plunge of $17.761 billion. Forex Reserves It is the asset which RBI hold. In most cases, those reserves are kept in the currency of advanced countries like US Dollar, Euro, Japanese Yen, or Pound Sterling. It is used to underpin the liability-and-reserve-system created by other financial institutions or government which banks have deposited with them in safekeeping. Purposes of Keeping Forex Reserves Why High Forex Reserves? Significance of Forex Reserves Components of Forex Reserves: Assets in Foreign Currencies: A significant part of the reserves raised foreign currency assets by $2.061 billion, up to $568.852 billion. These assets reflect the impacts of the appreciation or depreciation of all currencies except the US. Gold Reserves: Gold reserves fell by $595 million and now stand at $66.979 billion. Special Drawing Rights: SDR’s rose by $22 million, now at $18.007 billion. Reserve Position with IMF: The reserve position of India with International Monetary Fund increased by $22 million to stand at $4.254 billion.
2. World’s oldest known wild bird, 74-year-old Wisdom, lays eggs after four-year gap
Oldest Wild Bird on Earth, Wisdom, Albatross of Laysanan, Lays an Egg
5. How the Supreme Court hears cases
Context: A large number of cases are filed before the Supreme Court every year, even as thousands of other cases are already pending. How does the Supreme Court decide which cases to prioritise? Prioritization of Special Leave Petitions (SLPs) Current Case Backlog Average SLP Hearing Duration Previous Chief Justices’ Approach Supreme Court Registry’s Role Conclusion
4. Struggle with Stone Crushing in Khatoli Ahir and Mahendragarh District
Context: In Haryana’s Mahendragarh, stone cutting and crushing in the Aravali mountain range impacts health and agricultural output. Ashok Kumar reports on the sufferings of the people who live in close proximity to the crushing machines. Their homes and crops are covered in dust so thick it looks like snow. Environmental Crisis in Khatoli Ahir Village Stone Crushing’s Broader Impact in Mahendragarh District Community Struggles and Resistance
3. Nafithromycin: Country’s First Indigenous Antibiotic
Breakthroughs by India in the Fight Against the Antimicrobial Resistance (AMR) Brief Overview of Antimicrobial Resistance (AMR): Key Benefits for Nafithromycin:
2. Impact and Reasons for Cyclone Fengal
Cyclone Fengal: Overview Impact IMD Classification Cyclone Fengal’s Impact Key Factors
1. Korean President Yoon Suk Yeol’s Constitutional Power Suspension Supported by Governing Party Chief of South Korea
Context: South Korea’s governing party head supports suspending President Yoon’s powers, making impeachment more likely Highlights:
Current Affairs 7 December, 2024
Daily Current Affairs 7 December, 2024 International Affairs 1. Process of Impeachment Context: Korean President Yoon Suk Yeol’s Constitutional Power Suspension Supported by Governing Party Chief of South Korea Why in News? Do you know the process of Impeachment in India? 2. World’s oldest known wild bird, 74-year-old Wisdom, lays eggs after four-year gap Oldest Wild Bird on Earth, Wisdom, Albatross of Laysanan, Lays an Egg National Affairs 1. Faster Vande Bharat Parcel Services in pipeline by Indian Railways About Vande Bharat Train: Read more… 2. Impact and Reasons for Cyclone Fengal Cyclone Fengal: Overview Impact IMD Classification Cyclone Fengal’s Impact Key Factors 3. Nafithromycin: Country’s First Indigenous Antibiotic Breakthroughs by India in the Fight Against the Antimicrobial Resistance (AMR) Brief Overview of Antimicrobial Resistance (AMR): Key Benefits for Nafithromycin: 4. Struggle with Stone Crushing in Khatoli Ahir and Mahendragarh District Context: In Haryana’s Mahendragarh, stone cutting and crushing in the Aravali mountain range impacts health and agricultural output. Ashok Kumar reports on the sufferings of the people who live in close proximity to the crushing machines. Their homes and crops are covered in dust so thick it looks like snow. Environmental Crisis in Khatoli Ahir Village Stone Crushing’s Broader Impact in Mahendragarh District Community Struggles and Resistance 5. How the Supreme Court hears cases Context: A large number of cases are filed before the Supreme Court every year, even as thousands of other cases are already pending. How does the Supreme Court decide which cases to prioritise? Prioritization of Special Leave Petitions (SLPs) Current Case Backlog Average SLP Hearing Duration Previous Chief Justices’ Approach Supreme Court Registry’s Role Conclusion Banking/Finance 1. RBI keeps rates unchanged, cuts CRR by 50 bps to 4% Context: The monetary policy committee (MPC) of Reserve Bank of India (RBI) on Friday took a decision to keep the policy repo rate unchanged at 6.5 per cent-the status quo for an 11th straight time. Key Highlights: Food prices, which have driven up headline retail inflation in recent months, are expected to cool off in the January-March quarter, which might present a case for reducing rates in the next review of policy in February. Cuts Cash Reserve Ratio reduces to 4 Percent Reason Behind the CRR Cut Benefit from CRR Cut RBI Revision of Ceiling on Interest Rate for NRI FCNR (B) Deposits Read more… 2.India´s forex reserves increased by $1.51 billion Context: Forex Reserves: Foreign currency assets in the country during the week ending November 29 rose by $1.51 billion to $658.091 billion from $656.582 billion RBI said on Friday.. Key Findings: Current Trend in Forex Reserve: This Forex had been under a downtrend, and only last fortnight recorded an all-time high plunge of $17.761 billion. Forex Reserves It is the asset which RBI hold. In most cases, those reserves are kept in the currency of advanced countries like US Dollar, Euro, Japanese Yen, or Pound Sterling. It is used to underpin the liability-and-reserve-system created by other financial institutions or government which banks have deposited with them in safekeeping. Purposes of Keeping Forex Reserves Why High Forex Reserves? Significance of Forex Reserves Components of Forex Reserves: Assets in Foreign Currencies: A significant part of the reserves raised foreign currency assets by $2.061 billion, up to $568.852 billion. These assets reflect the impacts of the appreciation or depreciation of all currencies except the US. Gold Reserves: Gold reserves fell by $595 million and now stand at $66.979 billion. Special Drawing Rights: SDR’s rose by $22 million, now at $18.007 billion. Reserve Position with IMF: The reserve position of India with International Monetary Fund increased by $22 million to stand at $4.254 billion. 3. Insurance Amendment Bill Context: Parliamentary Standing Committee on Finance Holds Reforms Under the Insurance Amendment Bill Key Highlights: 4. Bank raises limit for collateral-free agriculture loan Agri Business 1. PM KISAN Context: The Prime Minister of the Republic of India has delivered the 17th tranche of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN). Highlights: PMKISAN Scheme Payout to More than 95.8 Million Farmers About Scheme 2. Centre to fix MSP at over 50% Context: Centre to fix MSP at over 50% and procure Farmers’ Produce: Shivraj Singh Chouhan Key Highlights: Increasing budget for agriculture:-The agricultural budget has gradually increased from Rs. 21,900 crores in 2013-14 to Rs. 1,22,528 crores showing a commitment to the welfare of farmers and agricultural development. 3. Digital Public Infrastructure for Agriculture: Gujarat Forges Ahead on Generating Farmer IDs The Digital Public Infrastructure (DPI) of India
The Digital Agriculture Mission
Digital Agriculture Mission is India’s comprehensive program to convert its agriculture into a digital mode. It is the establishment of digital public infrastructure (DPI) for furthering agricultural development. The mission is also about the implementation of other activities such as the Digital General Crop Estimation Survey (DGCES) and other digitally driven initiatives that involve the central government, the state governments, and academic institutions in their execution. Key Elements of Digital Public Infrastructure (DPI): These components will deliver digital solutions and services that farmers can access to attain better productivity and sustainability. AgriStack AgriStack is a central digital infrastructure farmer-based- driven by three segments: Farmers’ Registry:This is a digital identity to the farmers similar Aadhaar. Each Farmer will have a unique-then link to key ones as: Pilot projects creating the Farmer ID have been lined up for six districts: Krishi Decision Support System (DSS) The system promises to perform the functions of: Soil Profile Maps The program will produce Soil Profile Maps which will provide exhaustive soil information of the entire country of India, covering about 142 million hectares of agricultural land, at a scale of 1:10,000
Pradhan Mantri Fasal Bima Yojana (PMFBY)
Overview: Objectives: Premium Structure : Kharif Crop : Premium paid by all is uniform at 2%Rabi Crop: Uniform premium paid by farmers at 1.5%.Commercial and Horticulture crop: 5% premium charges Use of Technology: Recent Changes-from mandatory to optional: Earlier compulsory for all the loanee farmers, but now
