9 November, 2024

Daily Current Affairs

Agri Business

1. 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.

2. Food Corporation of India and State agencies procures 120.67 LMT paddy in Punjab:

The KMS 2024-25 paddy procurement program has already benefited 6.58 lakh Punjab farmers with an MSP value of Rs 27995 crore.

Punjab Paddy Procurement Overview

• 126.67 LMT of paddy arrived in Punjab mandis as of 8th November 2024.
• 120.67 LMT procured by State agencies and Food Corporation of India (FCI).
• Purchased at MSP @ Rs 2320/- per Quintal.
• Total paddy purchased by Government till date is Rs 27995 crore, benefiting 6.58 lakh farmers.
• 4839 millers applied for shelling of paddy, 4743 Millers allotted work by Punjab State Government.
• Procurement commenced from 1st October 2024, with 2927 designated mandis and temporary yards operational.
• Central Government set target of 185 LMT for procurement until 30.11.2024.

Paddy Procurement Programme Overview

• Notified by the Department of Food & Civil Supplies and Consumer Affairs in November-December annually.
• Awareness programs are organized before the programme commences, and farmers are registered with bank details and certificates.
• Paddy is purchased by the PPC after testing moisture content and quality control parameters.
• Farmers are paid for the paddy and sold at MSP through A/c payee cheques.
• Paddy is staffed into gunny bags, each weighing 40kg.
• After procurement, paddy is sent to mills for milling, with transportation costs included in the milling charge.
• Custom Milled Rice (CMR) is delivered to FCI FSD, and bills for CMR are submitted to FCI.

3. Chana prices crash as imports from Australia begin and sowing starts:

Chana Prices in India Recover

• Chana prices have seen a significant correction due to a large crop being harvested in Australia.
• Large multinational trading firms are shipping Australian chana to India.
• Chana prices have corrected by over a tenth since their peak levels in September.
• Chana prices in Delhi have retreated to around ₹7,200 levels.
• Imported chana from new crop from Australia is trading around ₹7,200-7,300 levels in Mumbai.
• Chana from Africa is also entering India.
• Due to huge imports, prices may go down further.
• From April to August, about 75,000 tonnes of gram were imported from Australia.
• The MSP is ₹5,650 per quintal.
• The Government removed the import duty of 66% to boost supplies.

Madhya Pradesh is the top producer of chana in India, accounting for around 40% of the country’s total production. Rajasthan and Uttar Pradesh are the next largest producers, contributing 14% and 16% respectively.

4. Centre to develop 100 climate-resilient coastal fishermen villages:

Union Government to Develop 100 Climate-Resilient Coastal Fisheries Villages

• The Union government plans to develop 100 ‘climate-resilient coastal fishermen villages’ across India to boost economic resilience against climate change.
• The initiative, funded by the Pradhan Mantri Matsya Sampada Yojana, will provide essential fisheries infrastructure and facilities.
• Common facilities include fish drying yards, processing centres, fish markets, and emergency rescue facilities.
• The initiative promotes climate-resilient practices like seaweed cultivation, artificial reefs, and green fuel initiatives.
• Drones are expected to play a crucial role in managing aquaculture farms, monitoring fish markets, and assessing damage to fisheries infrastructure.
• The Department of Fisheries plans to install transponders in about 1 lakh marine fishing vessels, providing real-time tracking and weather alerts.
• The system will also provide information about potential fishing zones on mobile devices.

5. Students and agriculture officials grapple with logistical, technical issues during digital crop survey:

Digital Crop Survey Challenges in Tamil Nadu

• Students from agricultural colleges in Tamil Nadu are facing logistical challenges in conducting a large-scale digital crop survey.
• The survey, part of the Union government’s AGRISTACK initiative, is a pilot project that aims to replace manual assessments with e-Adangal records.
• The survey is conducted through the ‘Crop Survey’ mobile App, which is a tool for farmers to track their output.

Agri Stack: A Digital Foundation for India’s Agriculture

• Aims to improve agriculture through data and digital services.
• Brings together high-quality data for stakeholders to create new services.
• Evolved from MeitY’s InDEA 2.0 Architecture.
• Built by the Ministry of Agriculture & Farmers Welfare in an open, federated structure.

6. 14,081 farmers have accessed free power scheme in Krishnagiri:

• Over 14,081 farmers in Krishnagiri have received free farm power connections over four years.
• Hosur, the main power division, received the most connections, benefiting horticultural farmers.
• In 2022-23, 4,563 farmers received additional 50,000 free power.
• The scheme supports Hosur’s horticultural sector, aiding production and market reach.
• The favourable climate for floriculture and vegetable farming has been better utilized.

Krishnagiri District Overview

• One of 38 districts in Tamil Nadu, India.
• Derived from Dharmapuri District by 2004.

Banking and Finance

1. SBI´s earnings shoot up 28%, beat estimates:

SBI Q2FY25 Financial Performance

• The cost of deposits for domestic operations increased to 5.03% in Q2FY25, up from 4.65 per cent in Q2 FY24 and 5% in Q1FY25.
• Yield on advances increased to 8.87% from 8.86 per cent a year ago and 8.83 per cent a quarter ago.
• Net interest margin from domestic operations declined by 16 basis points yearonyear to 3.27 per cent.
• Other income surged 41.52 per cent to ₹ 15,527 crore in Q2FY25, boosted by a 129.62 per cent jump in treasury gains to ₹ 4,641 crore.
• Total gross advances grew by 14.93 per cent yearonyear to ₹ 39.2 trillion, with retail loans rising 12.3% to ₹ 13.96 trillion.
• Corporate advances grew by 18.35 per cent yearonyear, while agricultural lending rose 17.67 per cent.
• SBI anticipates 1416 per cent loan growth for FY25, supported by a corporate pipeline worth about ₹ 6 trillion.
• Deposits expanded 9.13 per cent yearonyear to ₹ 51.17 trillion, with current and savings accounts (CASA) deposits rising 4.24 per cent.
• SBI aims for a 1011 per cent deposit growth rate, with board approval for raising an additional ₹ 20,000 crore via infrastructure bonds.
• The bank’s liquidity coverage ratio stood at 129% at the end of September 2024.
• Provisions for loan losses almost doubled yearonyear to ₹ 3,631 crore in Q2FY25.

2. LIC profit slips 4%, net premium income up 11%:

• LIC reported a 3.8% decline in net profit to ₹ 7,729 crore for Q2 FY25, primarily due to a drop in other income.
• Net premium income eased to ₹ 1.2 trillion, compared to ₹ 1.07 trillion in Q2 FY25.
• Other income nearly halved to ₹ 148 crore from ₹ 248 crore in Q2.
• Total income rose to ₹ 2.29 trillion in Q2, up from ₹ 2,01,587 crore a year ago.
• Total expenses increased to ₹ 2.22 trillion in Q2, up from ₹ 1.94 trillion in Q2 2023.
• Solvency ratio improved to 198% from 190% as of September 30, 2023.
• Gross nonperforming assets reduced to 1.72% from 2.43% at the end of Q2 2023.
• LIC recorded profit growth of 3.5% to ₹ 18,082 crore in Q1 2024.
• LIC continues to lead the Indian life insurance market, holding a 61.07% market share in first year premium income.
• LIC’s MD and CEO, Siddhartha Mohanty, plans to buy a stake in a standalone health insurer in the current financial year.

Life Insurance Corporation of India Overview

• Indian multinational public sector life insurance company.
• Headquartered in Mumbai.
• India’s largest insurance company and largest institutional investor.
• Total assets under management worth ₹52.52 trillion (US$630 billion) as of March 2024.
• Under Government of India ownership and Ministry of Finance administrative control.
• Established on 1 September 1956, nationalizing the insurance industry.

National Affairs

1. India Shines in QS World University Rankings: Asia (2025):

QS World University Rankings: Asia 2025

• Highlights top Asian universities for academic excellence, innovation, and internationalization.

Key Findings:

• The ranking assesses 984 institutions across 25 countries in Eastern, Southern, South-Eastern, and Central Asia.
• India ranks highest with the highest number of institutes, showcasing a diverse array of emerging and well-established universities.
• Top 50 institutions include IIT Delhi (44th) and IIT Bombay (48th).
• Top 100 institutions include IIT Madras, IIT Kharagpur, Indian Institute of Science, IIT Kanpur, and University of Delhi.
• Top 150 institutions include IIT Guwahati, IIT Roorkee, Jawaharlal Nehru University, Chandigarh University, UPES, and Vellore Institute of Technology.

Science and Tech

1. Chandrayaan-4 will take soil and rock samples from Moon, says former ISRO chairman:

ISRO’s Chandrayaan-4 Mission Announced

• The mission will collect soil and rock samples from the Moon.
• ISRO is planning a mission for Jupiter, similar to Chandrayaan and Mangalyaan.
• Construction of a dedicated space station is set to begin in 2028, expected to be completed by 2035.
• ISRO aims to send astronauts to the Moon as part of the Gaganyaan mission.
• ISRO’s programs have bridging the urban-rural divide in India.
• The resilience of ISRO scientists was a key factor in the success of Chandrayaan-3.

Chandrayaan-4 Mission Overview

• Demonstrates technologies for lunar landing and sample return.
• Collects 2–3 kg of lunar samples from a water-ice-rich region near the moon’s south pole.
• Promotes technological advancements using domestically developed technologies and involving Indian industries.
• Aims to position India as a leader in space exploration and technological advancement.
• Launched around 2027, estimated cost at ₹2104.06 crore.
• The Chandrayaan-4 mission is expected to launch around 2028

Economy

1. India’s steel exports rise 11% in October; imports moderate for the first time this fiscal:

Indian steel exports increased to 0.44 million tonnes in October, while imports moderated to 0.98 million tonnes for the first time this year due to tighter import norms.

Indian Steel Exports and Imports Overview

• Indian steel exports saw an 11% sequential increase in October to 0.44 million tonnes.
• Outbound shipments in September were 0.4 million tonnes, a slight increase from the previous year.
• Imports for the month moderated to 0.98 million tonnes, a 4% sequential decrease.
• September imports were the highest this fiscal at close to 1.1 million tonnes.
• Year-on-year, imports increased by 34%, while exports increased by 51%.
• Export margins for exporters remain compressed.

India’s Steel Imports and Exports in Fiscal Year (Apr – Oct)

• India was a net importer of steel in the first seven months of the fiscal (Apr – Oct), surpassing exports by 2.97mt.
• Imports decreased due to quality controls and stringency on non-BIS offerings.
• The Chinese stimulus led to some arrest in steel trade price slides in India, aiding recoveries in October.
• Chinese steel prices were quoted at a premium of around ₹3000 per tonne in October.
• PSU-major SAIL confirmed improvement in domestic steel prices, especially for long products, up by 2% sequentially to ₹53,000 per tonne in October.
• Blended realisations for the company improved to ₹48500 – 49,000 per tonne in November.

India’s steel production increased by 4.4% YoY from April to October, reaching 82.65 million tonnes, with 71 million tonnes originating from the private sector.

2. India plans to set up mini Silicon Valley for GCCs in Goa: Goyal

India’s growth story would take the country’s economy $35 trillion in the next 25 years, says Goyal

International Affairs

1. Crude Check: No clarity in trend:

Brent Crude Oil Futures Analysis

• Brent crude oil futures on ICE and MCX closed the week at $73.9 and ₹5,956 per barrel respectively.
• Brent futures fluctuated between $73-76, with a barrier at $76 blocking recovery. If breached, price could decline further to $71, a support at $68.50.
• If surpassing $76, a fresh leg of uptrend could take the contract to $80.
• MCX-Crude oil rallied past ₹6,050 on Thursday, but could not sustain, leading to a drop on Friday.
• The contract lacks the thrust to break past the resistance at ₹6,100, which is a resistance band. If surpassing ₹6,100, it could appreciate to ₹6,450. If below ₹5,950, it could decline to ₹5,700, a trendline support.
• The trade strategy is advised to stay out due to the prevailing price action.

2. World Bank in talks to help finance $28 billion Turkish energy upgrade, Anadolu reports:

World Bank in Turkey’s Energy Transmission Upgrade

• World Bank in talks with Turkey to finance $28 billion energy transmission system upgrade.
• World Bank is considering increasing financing beyond $35 billion provided through 2028.
• Turkey and World Bank signed $1.9 billion financing deal for four renewable energy projects, flood management, climate change adaptation, and export sector support.

World Bank Overview

• International financial institution providing loans and grants to low- and middle-income countries for economic development.
• Comprises the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA).
• Established in 1944 with the International Monetary Fund.
• First loan to France in 1947.
• Headquarter: Mumbai
• Siddharth Mohanty (Chairperson)

3. Ahead of COP29, India to emphasise Paris Agreement red lines on climate finance:

India’s Climate Finance Strategy

• India aims to increase climate finance, a broad term for funds for climate change adaptation, without deviating from Paris Agreement principles.
• COP15 agreed on a climate finance target of $100 billion per year by 2020 for developing countries.
• Disputes exist on whether business investments in clean energy projects count as climate finance or if these funds are extraneous to economic development.
• In 2022, the OECD claimed the $100 billion target had been achieved.
• Countries agreed on additional funding for Paris goals: 45% reduction in global emissions by 2030 and temperature rise below 2°C.
• Since 2022, multiple meetings have focused on the New Collective Quantified Goal (NCQG) on climate finance.
• The NCQG should be finalized by the COP this month.

Climate Change: A Global Emergency and the Paris Agreement

• Climate change is a global issue requiring international cooperation and coordinated solutions.
• The Paris Agreement, established at the UN Climate Change Conference in 2015, outlines long-term goals to reduce global greenhouse gas emissions and limit global temperature increase to below 2°C.
• As of November 2016, 195 Parties have joined the Paris Agreement, with 195 States plus the European Union joining.

Miscellaneous

1. World Immunization Day 2024:

• Celebrated annually on November 10 to highlight the role of vaccines in preventing infectious diseases.
• Vaccines protect individuals from diseases like measles, polio, tuberculosis, and COVID-19.
• Encourages governments, healthcare providers, and communities worldwide to emphasize vaccine importance and extend coverage.