8 November, 2024

Daily Current Affairs

Science and Tech

1. Govt unveils new schemes for meditech sector:

Government Launches Medical Devices Strengthening Scheme

• Initial outlay of ₹500 crore for three years (2024-2025 to 2026-27).
• Five sub-schemes: common facilities for medical devices clusters (₹100 crore), marginal investment for reducing import dependence (₹180 crore), capacity building and skill development for medical devices (₹100 crore), and medical device promotion (₹10 crore).
• Indian Medical Device Industry Scheme Aims to Lead Globally
• Health Minister J.P. Nadda calls the scheme a game changer, aiming to strengthen the medical device industry.
• The scheme focuses on manufacturing key components and accessories, skill development, clinical studies, infrastructure development, and industry promotion.
• India is the 4th largest medical device market in Asia and among the top 20 global.
• The market size of the Indian medical device industry is $14 billion.
• Exports have grown 13.8% over the last three years, while imports have decreased by 2.08%.
• The scheme encourages Indian medical device manufacturers to become in-house manufacturers.

2. HQ IDS Conducts First Annual Niche Technology Nexus Seminar on Quantum and Electronic Warfare:

India’s Fisheries Sector Transformation and Drone Technology

• The Indian government has invested Rs 38,572 crore in the fisheries sector over the past decade.
• The Pradhan Mantri Matsya Sampada Yojana (PMMSY) focuses on sustainable, economically viable, and inclusive growth in the sector.
• Key initiatives include modern aquaculture practices, satellite-based monitoring, and drone technology for fish transport, surveillance, and environmental monitoring.
• Drones are used in water sampling, disease identification, fish feed management, aquaculture farm management, fish marketing monitoring, and natural disaster rescue operations.
• A workshop on the application and demonstration of drone technology in fisheries and aquaculture was organized on 8th November 2024 at ICAR- Central Marine Fisheries Research Institute.
• The Minister of State announced the development of 100 climate-resilient coastal fishermen villages under PMMSY, with ₹2 crore allocated per village.
• Plans to equip one lakh fishing vessels with transponders for real-time tracking, weather alerts, and communication were revealed.

Banking and Finance

1. SBI Q2 PAT rises 28 per cent to ₹18,331 crore on higher other income:

State Bank of India’s Q4 Net Profit Report

• SBI reported a 28% YoY and 8% QoQ increase in net profit for Q4 ended September at ₹18,331 crore.
• The bank’s other income increased by 42% YoY to ₹15,271 crore.
• Net interest income (NII) grew at a slower pace of 5% YoY at ₹41,620 crore.
• Net interest margin (NIM) was down 8 basis points sequentially at 3.14 per cent.
• SBI Chairman CS Setty expects NIM to stabilise from hereon.
• SBI’s overall deposits increased by 9% YoY to ₹51.17 lakh crore, with low-cost current account and savings accounts having a 40% share.
• Overall advances of the bank increased by 15% YoY to ₹39.20 lakh crore, expected to grow by 14-16% in current fiscal.

SBI’s Q2 Asset Quality Improvement

• Gross and net non-performing asset ratios moderated to 2.13% and 0.53% respectively.
• Credit cost moderated to 0.38% in Q2, and slippage ratio declined to 0.51% from 0.84% in Q1.
• Capital adequacy ratio stood at 13.76% in Q2.
• Central board approved raising ₹20,000 crore via infrastructure bonds in FY25.

Agri Business News

1. India’s Sept tea output a tad lower at 164.62 million kg:

Tea Production Decline in India

• Tea production in India decreased by nearly 2% in September 2024, reaching 164.62 million kg compared to 167.76 mkg a year ago.
• Assam, the largest producing state, saw a marginal decrease in total production at 89.98 mkg.

India’s Tea Production

• Second-largest tea producer globally and largest black tea producer.
• In 2023, produced over 1.37 billion kilograms of tea.
• Majority of tea production from northeastern states, Assam and West Bengal.

2. Wheat prices zoom near record highs as Centre dithers over OMSS:

Wheat Prices in India Reach Record High

• Wheat prices in India, especially in the South, are nearing a record high of ₹34,000 a tonne for Railways goods shed delivery.
• This has led to flour mills launching the open market sale scheme (OMSS) or permitting lower duty imports.
• Wheat is only available in Uttar Pradesh, causing a tight supply-demand situation.
• The Food Ministry’s decision not to resume OMSS this fiscal and the lack of imports are cited as reasons for the price spike.
• The weighted average price of wheat is ₹2,811 a quintal at APMC yards.

Wheat Production in India

• Uttar Pradesh: Largest wheat producer, accounting for over 34% of total.
• Madhya Pradesh: Contributed 16.08% to total wheat production.
• Punjab: Produced 15.65% of total wheat.

The world produced 808.4 million tonnes of wheat in 2022. The top wheat-producing countries in 2022 were: 

• China: The world’s largest wheat producer 
• India: The second largest wheat producer 
• Russia: The third largest wheat producer 

3. Hyderabad to host international poultry expo from November 27:

Indian Poultry Expo to Be Organized by IPEMA

• IPEMA to host a three-day poultry expo in Hyderabad from November 27.
• Technical seminar on ‘Unlocking Poultry Potential’ to be held on November 26.
• Over 400 exhibitors from 50 countries expected to participate.
• Over 40,000 poultry farmers and others expected to participate.
• Knowledge Day event on November 26 will cover modern poultry production, feed mill nutrition innovations, and animal health.
• Seminar sessions will cover key poultry industry issues.
• K G Anand of Venkateshwara Hatcheries Limited emphasizes the poultry industry’s potential to boost farmers’ incomes.
• IPEMA Founder Anil Dhumal anticipates a large turnout and a platform for stakeholders to explore new business opportunities.

IPEMA stands for International Play Equipment Manufacturers Association, and is the only certifying body for the play industry in the United States. IPEMA was formed in 1995 by a group of 12 playground equipment manufacturers

4. Urgent need for climate services to mitigate intensifying climate threats, says World Meteorological Organization:

Climate Services Needed for Mitigation, Adaptation, and Resilience amidst Climate Change

• The World Meteorological Organization (WMO) report highlights the urgent need for climate services to support mitigation, adaptation, and resilience.
• Despite progress in providing climate information for decision-making in the past five years, significant gaps remain and investment lags behind needs.
• One third of National Meteorological and Hydrological Services (NMHSs) provide climate services at an ‘essential’ level, and nearly one third at an ‘advanced’ or ‘full’ level.
• Countries in Asia and Africa have made strides in boosting their capacity due to targeted adaptation funding.
• The report highlights the increasing frequency and intensity of climate extremes, with economic losses increasing despite improved early warnings and disaster risk management.
• Despite increased investment, continued investment is not necessarily translating into support for building the capacities of NMHSs.
• From 2020 to mid-2024, floods remained the most frequently reported disaster, but heat-related hazards became the leading cause of deaths.
• Of the $63 billion being spent on climate adaptation, nearly a third goes towards climate-informed investments, with a small portion supporting climate services and early warning activities.

“WMO: United Nations’ Specialized Agency”

• Specialized agency of the UN that promotes international cooperation in atmospheric science, climatology, hydrology, geophysics.

Formation: 23 March 1950

Headquarter: Geneva, Switzerland

President: Abdulla Al Mandous (UAE)

Economy

1. Incoming US govt policies may open new doors for India: CEA

Indian Chief Economic Advisor Assuages Trade War Concerns

• Chief Economic Advisor V Anantha Nageswaran dismisses concerns of a trade war following Donald Trump’s election.
• He argues that global growth is more unpredictable than restrictive trade policies elsewhere.
• Nageswaran emphasizes the need for India to prepare for potential trade disruptions in industries exposed to the US market.
• He warns of potential stiffer action on the tariff front due to Trump’s “reciprocal tariffs” against Indian goods.
• Nageswaran predicts that the government’s capital expenditure for the current fiscal year may surpass previous year’s levels.

2. GST Council likely to meet soon after winter session, insurance to be in focus:

GST Council Meeting Post-Winter Session in India

• The 55th GST Council meeting is expected to take place after the winter session of the Parliament.
• The meeting will focus on the rate rejig on insurance products, 20-litre bottled water, bicycles, exercise notebooks, high-end wristwatches, and shoes.
• The winter session of the Parliament is scheduled to begin on November 25 and end on December 20.
• The Council is chaired by Finance Minister Nirmala Sitharaman, with the Minister of State in the Finance Ministry, Ministers of 28 States, and the 3 Union Territories.
• The agenda of the meeting is yet to be finalised, but issues such as the rate structure rejig for insurance products, progress of the rate rationalisation committee, rate rejig on a few goods and services, and the future of the compensation cess are expected to be taken up.
• The GoM on insurance appears to have completed its deliberations and was asked to finalise the report by October 30.
• The GST rate on premia for health insurance, term and unit-linked insurance plans attracts 18% GST.
• Another GoM under the convenorship of Chaudhary, on rate rationalisations, agreed to recommend lowering tax rates on 20-litre packaged drinking water bottles, bicycles, and exercise notebooks to 5% but suggested raising taxes on high-end wristwatches and shoes.

3. Govt advances release time of GDP data by 90 mins to 4 pm:

MoSPI Revises GDP Estimate Release Time

• MoSPI has extended the release of GDP estimates from 5.30 pm to 4 pm.
• The change aligns with the closing hours of major financial markets in India, ensuring data dissemination doesn’t interfere with active trading.
• The next press release of GDP estimates for the second quarter of 2024-25 will be available on November 29, 2024, at 4 pm.
• MoSPI also revised the release time for Index of Industrial Production (IIP) and Consumer Price Index (CPI) from 5.30 pm to 4.00 pm.

4. SEBI to consider demerger of equity exchanges, clearing corporations:

SEBI’s Consideration for Equity Clearing Corporations Demerger

• The Securities and Exchange Board of India (SEBI) is considering a demerger of equity stock exchanges and their equity clearing corporations (CCs) to diversify their ownership.
• SEBI Whole-Time Member, Ananth Narayan, suggests making CCs independent and self-sufficient, with broad-based ownership and risk-based skin in the game.
• The move aims to ensure a level playing field across all Mutual Investment Institutions (MIIs).
• SEBI may also ensure sufficient resources are available for CCs to invest in technology, risk management, and people.
• CCs act as central counterparties for clearing and settlement.
• India has introduced interoperability in the equities market settlement since 2018, improving trading and settlement ease for investors.
• The dominant equity clearing corporation, owned by the dominant exchange, clears over 85% of all cash and derivative equity market trades.
• SEBI plans to enhance its supervision of MIIs, particularly by building a specialized cadre of IT supervisors.
• SEBI may also get involved in approving the appointment of the Chief Technology Officer, Chief Information Security Officer, Chief Risk Officer, and Chief Compliance Officers of MIIs.

5. 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.

• Kharif crops: are dependent on the monsoon, and their cropping season runs from July to October. Examples include rice, maize, millet, ragi, pulses, soybean, groundnut, etc.
• Rabi crops: are sown in the winter after the monsoon rains are over and harvested in the summer, their cropping season runs from October to April. Examples include wheat, barley, mustard (rapeseed), oats, gram, linseed, etc.

6. Department of Consumer Affairs, Government of India organizes day long Round Table consultation on ‘Food Price Management and Expanding Pulses & Horticultural Crop Production in North Eastern Region’:

North-East States Urged to Increase Pulse Production

• Smt. Nidhi Khare, Secretary of Consumer Affairs, Government of India, urged North-East states to increase pulse production to reduce import dependency and increase national availability.
• She stressed the importance of Northeastern states in achieving self-sufficiency in pulses production by 2027.
• A shipment of 840 MT onion was distributed by NCCF in various districts of Assam, Meghalaya, Tripura, and other NE States, ensuring wider availability and reducing prices.
• Bulk transportation of onions from Nashik to major destinations like Delhi, Chennai, and Guwahati was adopted for cost-effective disposal.
• The workshop was organized by the Department of Consumer Affairs, Government of India, with support from NCCF to address issues concerning pulse production and food price management in Northeastern States.
• The workshop highlighted the importance of an integrated and inclusive approach of states, the role of NCCF, and the paddy production transformation in Assam.
• Representatives from ICAR, Department of Agriculture & Farmer’s Welfare, and NCCF discussed research progress, pulse varieties availability, seed mini kit distribution, and action plans to support pulse production.

7. Union Minister of State Shri George Kurian inaugurates workshop on Application and Demonstration of Drone Technology in Fisheries and Aquaculture:

India’s Fisheries Sector Transformation and Drone Technology

• The Indian government has invested Rs 38,572 crore in the fisheries sector over the past decade.
• The Pradhan Mantri Matsya Sampada Yojana (PMMSY) focuses on sustainable, economically viable, and inclusive growth in the sector.
• Key initiatives include modern aquaculture practices, satellite-based monitoring, and drone technology for fish transport, surveillance, and environmental monitoring.
• Drones are used in water sampling, disease identification, fish feed management, aquaculture farm management, fish marketing monitoring, and natural disaster rescue operations.
• A workshop on the application and demonstration of drone technology in fisheries and aquaculture was organized on 8th November 2024 at ICAR- Central Marine Fisheries Research Institute.
• The Minister of State announced the development of 100 climate-resilient coastal fishermen villages under PMMSY, with ₹2 crore allocated per village.
• Plans to equip one lakh fishing vessels with transponders for real-time tracking, weather alerts, and communication were revealed.

Security

1. CDS Gen Anil Chauhan inaugurates the 2nd Edition of Indian Military Heritage Festival:

Indian Military Heritage Festival Launched by Chief of Defence Staff General Anil Chauhan

• The festival, held from November 08-09, 2024, engages global and Indian think tanks, corporations, public and private sector undertakings, non-profits, academicians, and research scholars.
• Project ‘Shaurya Gatha’, launched by the Department of Military Affairs and the USI of India, aims to conserve and promote India’s military heritage through education and tourism.
• Chauhan released publications on military topics, including ‘Because of this: A History of the Indo-Pak Air War December 1971’, ‘Valour and Honour’, and ‘War-wounded, Disabled Soldiers, And Cadets’.
• The Defence Research and Development Organisation (DRDO) arranged a photo exhibition showcasing its contributions to Atmanirbhar Bharat.
• The festival aims to bridge the gap in national discourse and cultural calendar, enhancing understanding of India’s military traditions and security concerns.

2. INDIA- AUSTRALIA JOINT MILITARY EXERCISE AUSTRAHIND COMMENCES IN MAHARASHTRA:

Exercise AUSTRAHIND: 3rd Edition

• Commenced at Foreign Training Node, Pune, Maharashtra.
• Conducted from 8th to 21st November 2024.
• An annual event in India and Australia.
• Indian contingent: 140 personnel, mostly from DOGRA Regiment and Indian Air Force.
• Australian Army contingent: 120 personnel, from the 13th Light Horse Regiment of the 10th Brigade of 2nd Division.
• Aim: Promote military cooperation through enhanced interoperability in joint operations.
• Phases: Combat conditioning, tactical training, and validation phase.
• Drills include response to terrorist actions, establishment of Joint Operations Centre, counter terrorism operations, helipad securing, drone use, and Special Heli Borne Operations.