Daily Current Affairs 30 November, 2024 National Affairs 1. India drops two places but remains among top 10 climate performers: Report India’s Climate Change Actions Rankings Key Findings Climate Change Performance Index (CCPI) Climate Change Performance Index (CCPI) 2025 report is released by think tanks Germanwatch, New Climate Institute, and Climate Action Network International. About CCPI 2. Biomedical Waste Management in India: A Historical Background Historical Background: Global and National Responses: Important Features of Biomedical Waste Management in India: Gaps in Biomedical Waste Management in India: Way Ahead: Banking/Finance 1. RBI Accepts Bids for ₹5,000-Crore Green Sovereign Bonds Green Bonds and Standard Bonds 2. Fiscal Deficit Hits 46.5% of FY25BE Revenue Expenditure Types of Revenue Expenditures Classification of Government Expenditures About: Fiscal Deficit 3. Stricter adherence to Sa-Dhan guidelines leads to better discipline in microfinance sector Microfinance Portfolio Drops in Sa-Dhan Sa-Dhan: Self-Regulatory Organization for Microfinance Institutions Source: Business Line 4. ‘GST spurring fresh tax terrorism,’ says former CEA Arvind Subramanian Former Chief Economic Adviser Arvind Subramanian Criticizes GST GST Implementation and Council Formation Background and Establishment Read more… 5. Commerce Secretary visits Norway to discuss early implementation of trade pact with EFTA bloc India-EFTA Free Trade Agreement Implementation in Norway European Free Trade Association (EFTA) 6. India plans to raise FDI limit to 100% in insurance, amend key provisions of 1938 Act Indian Finance Ministry Proposes Amendments to Insurance Act of 1938 • The Finance Ministry proposes amending the Insurance Act of 1938. • To increase foreign direct investment (FDI).• The amendments will promote policyholders’ interests, enhance financial security, facilitate entry of more players, and enhance insurance penetration.• The requirement of net-owned funds for foreign re-insurers will be reduced from ₹5,000 crore to ₹1,000 crore. • FDI limit in Indian insurance companies will be hiked from 74% to 100%.• The Insurance Act of 1938 provides the legislative framework for insurance in India and regulates the relationship between insurers, policyholders, shareholders, and the Insurance Regulatory and Development Authority of India (IRDAI). India’s FDI Understanding Foreign Direct Investment (FDI) • FDI is made by a firm or individual one country into business interests located in another country. Government Initiatives to Boost FDI FDI is a major non-debt financial resource for the economic development of India. • The components of FDI are equity capital, reinvested earnings, and intra-company loans. • FDI routes include automatic route, government route, and the Foreign Investment Facilitation Portal (FIFP). • Relaxation of FDI norms across sectors, ‘Make in India’ and ‘Atmanirbhar Bharat’ campaigns, and launch of schemes attracting investments. • Higher FDI inflows have been possible due to liberal and attractive policy regime, a good business climate, and reduced regulatory framework. Retaining Growth • Government policies/decisions are crucial in creating a conducive environment for global investors. • A sound trade policy and level playing field are necessary for continued foreign investments. 7. RBI to keep repo rate unchanged at meeting next week, chances of rate cut in February increased: Report • RBI to Continue the Policy Rate After GDP Growth of Q2 FY25 Felt Slowed• Q2 FY25 growth for GDP comes in at 5.4% YoY; that is from 6.7% YoY in Q1.• RBI to retain policy rate during its forthcoming policy given slowing GDP growth in Q2 FY25.RBI to Continue the Policy Rate After GDP Growth of Q2 FY25 Felt Slowed• Q2 FY25 growth for GDP comes in at 5.4% YoY; that is from 6.7% YoY in Q1.RBI to retain policy rate during its forthcoming policy given slowing GDP growth in Q2 FY25.• Concludes that consumption growth had decelerated because urban demand was softer and, consequently, had moderated in leveraged consumption.• GVA Growth slipped to 5.6% in Q2 after having recorded 6.8% in Q1, marking a sharp deterioration in broad-based economic performance.• Investment growth remained soft because government capex has tracked lower than last year and private investment remains largely mute.• It would indicate that the rural demand will rebound during the second half of the fiscal year due to a good performance in agriculture, payment from schemes by the government, and higher expenditure by the government. Agri Business 1. India needs to hike domestic fertilizer output to offset unstable market: Economist India’s Agricultural Adaptation to Climate Change Challenges 2. Fertilizers are source of several diseases; switch to organic farming, says Amit Shah  Union Home and Cooperation Minister Amit Shah Focuses on Health Aspects of Fertilizers National Cooperative Organics Limited (NCOL) Overview Organic Farming Organic farming also referred to as ecological or biological farming is a way of farm operation that incorporates naturally available, non-synthetic input like compost manure, green manure, and bone mealCrop rotation, intercropping, and growing companions. Encouragement of biologically controlled pests: promotion of beneficial insects .Arise in the early 20th century. In a response to increasing rapidly changes in farming system. Read more…