5 November, 2024

Daily Current Affairs

Table of contents

1. Airline to Agri, GCC Inc’s Working to the Best of its Capability
2. Department of Agriculture and Farmers’ Welfare releases First Advance Estimates of major agricultural crops (Kharif only) for 2024-25
3. Indian Rare Earths Limited, (IREL) and Ust-Kamenogorsk Titanium and Magnesium Plant JSC, (UKTMP JSC) Kazakhstan Signed an Agreement to Establish Indo-Kazakh Joint Venture Company (JVC): IREUK Titanium Limited for production of Ti Slag in India
4. Shri Surjit Bhujbal, CBIC Member (Customs) participates in a seminar on ‘Gender Inclusivity in Customs supply chain’, organised by CGST & Customs Zone Pune
5. Bharat Forge, Tata likely to get DRDO-made Towed Guns Deal
6. Manufacturing gains pace; Oct PMI up at 57.5 on rising demand
7. Farmers’ reliance on paddy and maize threaten pulses, oilseeds crops
8. India’s cotton and pulses farmers shift to paddy, set to produce record 120 million tonnes rice
9. 25% dip in urad output to drag down pulses production despite rise in area
10. Oil India Q2 net surges to ₹1,834.07 crore, declares ₹3 interim dividend 
11. Government re-starts sales of rice, atta under ‘Bharat’ brand, raises prices
12. Haresh Vyas is Chairman of World Castor Sustainability Forum

1. Airline to Agri, GCC Inc’s Working to the Best of its Capability:

Global Corporations Establish Support Service Centres in India

• QSR chains like Yum Brands and Starbucks, media and entertainment firms Warner Bros and Discovery, Marriott Inter national, energy giant Chevron, and smaller firms like Curriculum Associates are establishing support centres in India.
• These centres are focusing on tier II destinations like Bengaluru and Hyderabad for robust talent pools and lower operational costs.
• Previous GCCs have been established in BFSI, retail, healthcare, life sciences, manufacturing, and automotive industries.
• India Foray for Global Entrants
• Newer industries, particularly after Covid-19, are setting up their centres in India, serving as offshore support units for parent firms.
• Flutter Entertainment and Marriott International have established their first overseas GCCs in India, with Flutter Entertainment investing $3.5 million in Hyderabad and Marriott International establishing a tech accelerator in Hyderabad.
• The number of GCCs in India increased to 1,700 in fiscal year 2024, generating $64.6 billion in export revenue and employing over 1.9 million people.
• Older GCCs leverage India’s cybersecurity talent for advanced threat prevention, while newer GCCs focus on global and emerging market solutions.
• Newer platforms, products, and technologies are being developed in industries like aerospace, defence, and semiconductors.
• Research centres are mostly established in key tier I hubs like Bengaluru and Hyderabad, with newer centres being set up in Bhubaneshwar, Noida, and Ahmedabad.
• Even smaller firms, like Curriculum Associates, are establishing GCCs in India for access to world-class talent and to improve classrooms.

2. Department of Agriculture and Farmers’ Welfare releases First Advance Estimates of major agricultural crops (Kharif only) for 2024-25:

Kharif Production Estimates 2024-25

• The Ministry of Agriculture and Farmers’ Welfare has released First Advance Estimates of Major Agricultural Crops (Kharif Only) for 2024-25.
• The estimates are based on information received from States, Remote Sensing, Weekly Crop Weather Watch Group, and other agencies.
• Stakeholder consultation with industry representatives and other Governmental Departments was also conducted.
• The Digital Crop Survey (DCS) was used for the first time to prepare area estimates.
• The total Kharif Foodgrain production is projected at 1647.05 Lakh Metric Tonnes (LMT), a record increase due to good production of Rice, Jowar, and Maize.
• The total Kharif Rice production is estimated to be 1199.34 LMT, a 66.75 LMT increase from the previous year and 114.83 LMT higher than average.
• The total Kharif Pulses production is estimated at 69.54 LMT.
• The total Kharif oilseeds production is estimated to be 257.45 LMT, a 15.83 LMT increase from the previous year.
• The total Kharif Groundnut production is estimated at 103.60 LMT, and Soybean production is estimated at 133.60 LMT.
• The production of Sugarcane is estimated to be 4399.30 lakh tonnes.
• The production of Cotton is estimated to be 299.26 lakh bales, and Jute and Mesta are estimated to be 84.56 lakh bales.

3. Indian Rare Earths Limited, (IREL) and Ust-Kamenogorsk Titanium and Magnesium Plant JSC, (UKTMP JSC) Kazakhstan Signed an Agreement to Establish Indo-Kazakh Joint Venture Company (JVC): IREUK Titanium Limited for production of Ti Slag in India:

Indo-Kazakh Joint Venture: IREUK Titanium Limited

• IREL (India) Limited and Ust-Kamenogorsk Titanium and Magnesium Plant JSC, Kazakhstan, have signed an agreement to establish a joint venture for the production of Titanium Slag in India.
• The agreement was signed by Dr. Deependra Singh, Chairman and Managing Director of IREL (India) Limited, and Ms. Assem Mamutova, President of UKTMP JSC.
• The joint venture will beneficiate low-grade Ilmenite into high-grade Titanium Feedstock, creating employment opportunities in Odisha.
• UKTMP JSC, one of the world’s largest vertically integrated titanium producers, will provide the technology for producing Ti Slag and offtake the agreed quantities for their Ti sponge plant.
• The joint venture aims to synergize the strength of the respective companies and pave the way for Atmanirbharata in the field of Titanium slag production in India.

4. Shri Surjit Bhujbal, CBIC Member (Customs) participates in a seminar on ‘Gender Inclusivity in Customs supply chain’, organised by CGST & Customs Zone Pune:

“Shari Surjit Bhujabal’s Keynote Address on Gender Inclusivity in Customs Supply Chain”

• Chaired by CBIC.
• Organized by CGST & Customs Zone Pune.
• Shri Bhujbal’s Address on Gender Inclusivity
• Emphasized on gender inclusivity as a marker of gender equality.
• Stressed on empowerment of women entrepreneurs for inclusive development.
• Addressed by Shri Mayank Kumar, Chief Commissioner, Pune Customs Zone, Shri Anupam Prakash, Joint Secretary (Customs), Smt. Vrindaba Gohil, ADG, DGGI, Pune Zonal Unit.
• Other speakers: Ms. Rujuta Jagtap, Director MCCIA, Ms. Chaitaly Mehta, Women’s Wing Head of FFFAI, Mr. Khanak Jha, HR Head, KSH Group.
• Emphasized on gender inclusivity as a marker of gender equality.
• Stressed on empowerment of women entrepreneurs for inclusive development.
• Addressed by Shri Mayank Kumar, Chief Commissioner, Pune Customs Zone, Shri Anupam Prakash, Joint Secretary (Customs), Smt. Vrindaba Gohil, ADG, DGGI, Pune Zonal Unit.
• Other speakers: Ms. Rujuta Jagtap, Director MCCIA, Ms. Chaitaly Mehta, Women’s Wing Head of FFFAI, Mr. Khanak Jha, HR Head, KSH Group.

Gender Inclusivity Initiatives at Customs

• Shri Anupam Prakash discussed government initiatives, particularly CBIC, for gender inclusivity.
• Smt. Vrindaba Gohil discussed workplace issues faced by women and CBIC’s initiatives.
• Ms. Rujuta Jagtap shared her journey and efforts for gender inclusivity in the manufacturing sector.
• Ms. Chaitaly Mehta highlighted the importance of women in leadership and logistics in Customs supply chain.
• Ms. Khanak Jha highlighted KSH Group’s initiatives for gender inclusivity, focusing on women’s emotional, physical, and financial well-being.

5. Bharat Forge, Tata likely to get DRDO-made Towed Guns Deal:

INDIGENOUS MARCH Bharat Forge has emerged as lowest bidder in ₹7,000 cr deal for advanced towed artillery gun systems

Bharat Forge Wins ₹7,000 Crillion Bid for Advanced Towed Artillery Gun Systems (ATAGS)

• Bharat Forge is the lowest bidder in a ₹7,000 crore deal for advanced towed artillery gun systems (ATAGS) developed by DRDO for the Indian Army.
• The order is likely to be split 60:40 between Bharat Forge and Tata Advanced Systems Ltd (TASL), the two developmental partners for the indigenous guns.
• The ATAGS have been tested in various terrains and have been declared fit for induction.
• The Army has issued a tender to acquire next-generation artillery guns, with a requirement of 400 in the first phase.
• The acquisition is attracting interest from the private defence manufacturing sector, with Larsen & Toubro and Bharat Forge as top contenders.

6. Manufacturing gains pace; Oct PMI up at 57.5 on rising demand:

Manufacturing Sector Performance in October

• Private survey data shows improved performance in the manufacturing sector due to festival demand.
• The Purchasing Managers’ Index (PMI) rose to 57.5 in October from an eight-month low of 56.5 in September.
• The manufacturing sector gauge, prepared by S&P Global, indicates a substantial and accelerated improvement in operating conditions.
• Rising new orders and international sales reflect strong demand growth for India’s manufacturing sector.
• Manufacturing is considered the biggest job multiplier and contributes the most to indirect taxes, especially the Goods and Services Tax.
• One in ten panellists reported an increase in employment, while 1% shed jobs, supporting the first decline in backlogs in over a year.
• Inflation pressures across the sector were signaled, with input price inflation rising to a three-month high and output prices increasing at a rate that outpaced the series trend.
• An increased appetite for safety stocks and short lead times led to a substantial rise in pre-production inventories.
• Indian manufacturers became optimistic of future output volumes, with business confidence high due to expectations of continued strong demand, new product releases, and sales pending approval.

7. Farmers’ reliance on paddy and maize threaten pulses, oilseeds crops:

Policymakers face challenges in aligning crop patterns with the country’s needs due to the shift from pulses and cash crops to stable paddy and maize.

India’s 2024 Kharif Season Production and Production Overview

• India’s rice production in 2024 Kharif season is estimated at 119.93 million tonnes, 6% higher than the previous year.
• Maize output is at an all-time high of 24.54 million tonnes, a 6% increase from 22.25 million tonnes in 2022-25.
• Pulse output is expected to remain flat at 6.95 million tonnes, while oilseeds production may marginally rise to 25.74 million tonnes.
• Production of cotton, sugarcane, and jute is also estimated to be lower.
• Shifting from pulses and cash crops to stable paddy and maize has presented challenges for policy makers.
• A digital survey revealed an unusual increase of over 6.5 million hectares in paddy area this year.
• The Agriculture Ministry data shows that maize acreage has increased by about 60,000 hectares, with production going up by more than 2 mt.
• Maize has become a new sunshine crop for smallholder farmers due to the high market price.
• The government should not rush to allow zero-duty import of maize.

8. India’s cotton and pulses farmers shift to paddy, set to produce record 120 million tonnes rice:

Area under paddy this year surged to record 43.37 million hectares (mh) from 40.73 mh year-ago.

India’s 2024 Kharif Season Production and Trends

• India’s rice production in 2024 Kharif season is estimated at 119.93 million tonnes, a 30mt increase from the previous year.
• The area under paddy this year surged to 43.37 million hectares from 40.73 million hectares.
• The Agriculture Ministry reported an all-time high maize output of 24.54 mt for the 2024-25 Kharif season.
• Foodgrain production for the Kharif season is estimated at 164.71 mt from 155.77 mt in 2023-24.
• Pulse output is expected to remain flat at 6.95 mt, while oilseeds production may marginally rise to 25.74 mt.
• The Ministry’s sugarcane production estimate could be a setback for the sugar industry, as cane output is projected to fall to 439.93 mt from 453.16 mt.
• Cotton output is estimated lower at 29.93 million bales, while jute and mesta production may also fall to 8.46 million bales.

9. 25% dip in urad output to drag down pulses production despite rise in area:

Kharif Pulses Production Decline and Import Impact

• A 25% decline in urad production due to lower acreage and excess rains is expected to decrease overall kharif pulses production to 69.54 lakh tonnes from the previous year.
• The Agriculture Ministry’s first advance estimates show tur production marginally higher at 35.02 lt, while urad output is projected to decline to 12.09 lt.
• Urad production during kharif 2024 is at a 10-year low, while moong production is higher at 13.83 lt.
• The trade believes lower projections won’t impact prices due to ample supplies via imports.
• Tur area increased by 14.13% to 46.50 lakh hectares during kharif 2024.
• Imports of tur from East African countries and urad from Myanmar are already in place.
• Despite a lower crop, prices are holding on due to imports and weak demand.

10. Oil India Q2 net surges to ₹1,834.07 crore, declares ₹3 interim dividend:

Oil India’s Q4 Net Profit Increase

• Standalone net profit increased to ₹1,834.07 from ₹325.31 crore in Q4.
• Year-on-year revenue decline to ₹5,518.95 crore.
• Interim dividend declared of ₹3 per share for 2024-25.
• Increase attributed to low base reported in corresponding period.

India’s National Oil Companies

• Indian Oil Corporation Limited (IOCL): Government-owned company formed in 1964.
• Involves entire hydrocarbon value chain from exploration to marketing.
• Has subsidiaries in UAE, Sweden, Netherlands, Mauritius, Sri Lanka, and USA.
• Oil and Natural Gas Corporation (ONGC): Aims for world-class exploration and production.

Ministry: Ministry of Petroleum and Natural Gas

The Ministry of Petroleum and Natural Gas (MOPNG) in India is led by the Cabinet Minister, Hardeep Singh Puri. 

11. Government re-starts sales of rice, atta under ‘Bharat’ brand, raises prices:

Food Minister Pralhad Joshi Launches Retail Sales of Wheat and Rice

• Food Minister Pralhad Joshi launched phase-II of retail sales of atta and rice under the ‘Bharat’ brand to provide relief from high prices.
• Atta will be sold at ₹30 per kg and rice at ₹34 per kg in 5kg and 10kg packets.
• The intervention will continue until the allocated stock is exhausted.
• The Centre has allocated 3.69 lakh tonnes of wheat and 2.91 lt of rice from the Central Pool stock, managed by the Food Corporation of India (FCI).
• Joshi clarified that the government’s objective is to give relief to consumers and control market prices.
• He called for a study to understand price firmness in rice despite surplus stock.
• Joshi will discuss the impact of delayed paddy procurement in Punjab on wheat sowing with agriculture minister Shivraj Singh Chouhan.

Ministry –Minister of Consumer Affairs, Food and Public Distribution

Concerned agencies – NCCF, NAFED and Kendriya Bhandar 

Ministry of Consumer Affairs, Food and Public Distribution:

• Established on September 2, 1946.
• Headquartered in Sansad Bhavan, New Delhi.
• Responsibilities:
• Implementing Consumer Protection Act, 2019
• Implementing Bureau of Indian Standards Act, 2016
• Implementing Standards of Weights and Measures – The Legal Metrology Act, 2009
• Regulating packaged commodities
• Monitoring essential commodity prices and availability.

12. Haresh Vyas is Chairman of World Castor Sustainability Forum:

World Castor Sustainability Forum (WCSF) Appoints Haresh Vyas as First Chairman

• Vyas, Managing Director of Royal Castor Products Ltd, brings extensive experience and commitment to sustainable agricultural practices.
• The first Governing Council includes Shailesh Baldha, General Manager of Adani Wilmar Ltd, Dharmendrasinh B Rajput, Executive Director of Gokul Agri International Ltd, and others.
• WCSF is dedicated to advancing sustainability in castor production through good agricultural practices.
• The organization aims to elevate castor cultivation quality, ensure fair livelihoods for castor seed farmers, and ensure a reliable global supply chain.

WCSF: Indian Organization for Sustainable Castor Production

• Newly formed indian organization which is launched by Indian stakeholders as a counterpart to SCA.
• Addresses need for sustainable practices in Castor farming.
• Scientific name: Ricinus communis.
• Crop type: Kharif.
• State with highest production: Gujarat.