Daily Current Affairs Quiz
2 January, 2025
Table of Contents
ToggleInternational Affairs
1. Ukraine Diverted Russian Gas Supplies
Context:
Following the lapse last year of a pre-war transit agreement, Ukraine diverted Russian gas supplies from European customers.
- Russia has the world’s largest natural gas reserves and is the world’s second-largest producer of natural gas.
Who is World’s Largest Producer of Crude Oil?
The United States is the world’s largest producer of crude oil.
- Production:
- In 2023, the United States produced 19.4 million barrels of oil per day.
- Share of world total:
- The United States produces 22% of the world’s oil.
- Comparison to other countries:
- Saudi Arabia and Russia rank second and third in oil production, producing around 11.4 and 11.1 million barrels per day, respectively.
- India’s Import Status
- Russia is the largest supplier of crude oil to India, almost 41% of India’s crude imports are from Russia as of May 2024.
2. Pakistan as Non-Permanent Member of UNSC
Context:
Pakistan has commenced its two-year term as a non-permanent member of the United Nations Security Council (UNSC) on Wednesday.
The United Nations Security Council (UNSC)
The UNSC is a core organ of the UN responsible for the maintenance of international peace and security, recommendation of new members to the General Assembly, and approval of amendments to the UN Charter. It has powers such as creating peacekeeping missions, imposing sanctions, and conducting military operations.
- Membership
- The Security Council consists of fifteen members, among which five are permanent.
- Permanent Members
- Five are permanent, including China, France, Russia, the United Kingdom, and the United States.
- Non Permanent Members
- Elected on Regional Basis on term of 2 Years.
- Presidency
- Rotates monthly amongst its members.
- India’s Status
- Was Non Permanent Member on 2021-22.
National Affairs
1. Will Accept SC Decision: Centre
Context:
According to Shivraj Singh Chouhan, Union Minister of Agriculture, it would abide by whatever going happen as a result of the Supreme Court directive regarding the indefinite hunger strike by farmer leader Jagjit Singh Dallewal.
Key Highlights:
- Their demands include a legal guarantee of minimum support price (MSP) as well as farm loan waiver.
- A farm loan waiver is the central or state government’s relief measure for farmers who are incapable of repaying their loans due to either devastating natural calamities or poor monsoons. The government takes the liability from the farmer and repays the banks.
Some Government Loan Waiver Schemes
- Agricultural and Rural Debt Relief (ARDR) program
- The first farm loan waiver in India, introduced in 1990, offered relief of up to Rs 10,000 to farmers.
- Agricultural Debt Waiver and Debt Relief Scheme (ADWDRS)
- Was announced in 2008, this scheme offered a complete waiver to marginal and small farmers, and a 25% relief to other farmers.
- State government loan waivers
- Between 2014 and 2022, various state governments announced loan waivers worth Rs 2.52 lakh crore.
The Minimum Support price (MSP)
2. India’s Education Development in 2024 and 2019
Context:
The continuation of education into higher grades has remarkably increased in 2024 compared to 2019.
Key Highlights:
- Of every 100 girls who started schooling, over 80 completed their secondary education without dropping out in 2024.
- States with Positive Drop Rates
- Karnataka and Rajasthan have shown considerable increases in the number of students dropping out of upper primary and secondary schools.
- Kerala and Tamil Nadu, the number of students attaining upper primary and secondary levels gradually increased from good to excellent.
- States with Negative Drop Rates
- Bihar and Assam, the dropout ratio of students further declined in 2024.
Schemes to Minimise Dropout Rates in in India
Scheme Name | Year Launched | Ministry | Key Features |
---|---|---|---|
Mid-Day Meal Scheme | 1995 | Ministry of Education (MoE) | Provides free meals to students from Class 1 to 8 in government schools to improve enrolment, attendance, and retention rates. |
Beti Bachao Beti Padhao | 2015 | Ministry of Women and Child Development, Ministry of Education | Focuses on girls’ education, ensuring their participation and retention in schools, while promoting their safety and well-being. |
Samagra Shiksha Abhiyan | 2018 | Ministry of Education (MoE) | Integrated scheme for school education from pre-school to senior secondary level. Focuses on quality education, teacher training, and reducing dropout rates. |
National Scheme of Incentive to Girls for Secondary Education (NSIGSE) | 2008 | Ministry of Education (MoE) | Provides financial incentives to girls who pass Class 8 and enrol in Class 9, aiming to reduce the dropout rates among girls at the secondary education level. |
Pradhan Mantri Poshan Shakti Nirman (PMPSN) | 2022 | Ministry of Education (MoE) | A new initiative for revamping and strengthening the Mid-Day Meal Scheme to enhance the nutritional value, further promoting school attendance and retention. |
Kasturba Gandhi Balika Vidyalaya (KGBV) | 2004 | Ministry of Education (MoE) | Provides quality education to girls, especially in rural areas, to reduce dropout rates. Special focus on vulnerable girls from disadvantaged groups. |
Rashtriya Madhyamik Shiksha Abhiyan (RMSA) | 2009 | Ministry of Education (MoE) | Focuses on improving access to secondary education and reducing dropout rates at the secondary level. Offers financial support for infrastructure and teacher development. |
National Means-cum-Merit Scholarship Scheme (NMMSS) | 2008 | Ministry of Education (MoE) | Provides scholarships to talented students from economically weaker sections to prevent dropout after Class 8. Encourages continuation of education at the secondary level. |
Shiksha Sahyog Yojana | 2019 | Ministry of Education (MoE) | Provides additional resources and support for students from weaker socio-economic backgrounds to keep them in schools and prevent early dropouts. |
Saakshar Bharat Programme | 2009 | Ministry of Education (MoE) | Aimed at reducing illiteracy, this scheme focuses on adult education to prevent dropouts in rural areas by enabling the community to value education. |
The Right to Education Act (RTE) | 2009 | Ministry of Education (MoE) | Ensures free and compulsory education for children aged 6 to 14 years, aiming to reduce dropouts by making education accessible to all children, regardless of their background. |
3. Multi-Role Fighter Aircraft (MRFA)
Context:
Today, the Indian Air Force has only 31 fighter squadrons left, compared to its authorized strength at 42 fighter squadrons.
- Issue Facing
- The entire issue of 114 Multi-Role Fighter Aircraft (MRFA) has been bedeviled for years and the procurement process has always been stating that it is going to be a foreign aircraft, but with a substantial transfer of technology in India.
The Multi-Role Fighter Aircraft (MRFA)
The Multi-Role Fighter Aircraft (MRFA) is a program by the Indian Air Force (IAF) which aim is to acquire 114 fighter jets to bolster the country’s air combat capabilities. The IAF announced the program back in April 2018, and the government issued a request for proposals in 2018. The valuation of program is expected to be $20 billion.
- Aircraft:
- The IAF is planning a number of aircraft, including the Boeing F/A-18E/F Super Hornet, Dassault Rafale, Eurofighter Typhoon, Saab JAS-39 Gripen E/F, Mikoyan MiG-35, and Sukhoi Su-35.
- Make in India:
- The government has decided that the jets is going to be manufactured in India.
- Procurement:
- The tender is expected to be issued by mid-2025.
- Challenges:
- The program facing multiple challenges, which includes the need to fast-track the procurement process while ensuring the jets are up to date. The IAF’s squadron strength is currently down, and some say that 4.5-generation aircraft may not be enough to compete with fifth-generation platforms.
A multirole combat aircraft (MRCA) is a combat aircraft that can perform a variety of roles, including air to air combat, air support, aerial bombing, reconnaissance, and electronic warfare.
4. Scorpene-Class Submarine
Context:
Scorpene-class submarine among 3 frontline platforms to be inducted by Navy on Jan. 15
INS Vagsheer (s-26) and INS Tushil
5. Report FCRA violations by NGOs, govt. asks CAs
Context:
The home ministry of the Union has now published the terms necessary for audit return filing by these CAs on behalf of the NGOs. It is a known fact that as per the Foreign Contribution (Regulation) Act, 2010, the CAs cannot just specify the name of NGO but must also certify that the organization does not violate any provision of the Act.
Non-Governmental Organization (NGO)
It is an independent, as well as non-profit organization that operates outside of government control. NGOs are basically a part of the “third sector” of society, along with the public and private sectors.
- NGOs Focuses on Aspects Like:
- Community health promotion and education
- Environmental issues
- Economic empowerment
- Inclusive Growth
- Women and children’s rights
Non-governmental organizations (NGOs) can receive funds from multiple sources such as, Donations, Membership fees, Grants from state govt. as well as private donors, Crowdfunding as well as MSMEs.
In order to receive foreign donations, the NGOs must:
- Be registered under the Foreign Contributions Regulation Act (FCRA)
- Be structured as a Trust, Society, or Section 8 Company
- Have existed for at least three years at the time of FCRA application
- Get government approval before receiving foreign contributions
The Foreign Contribution (Regulation) Act (FCRA)
The Foreign Contribution (Regulation) Act (FCRA) is a law that primarily regulates accepting and use of foreign funds by certain individuals, organizations, and companies in India. The FCRA was first enacted in 1976 and was later revised in 2010.
- Purpose
- Prevent the use of foreign funds for activities that are harmful to India’s national interests.
- Restricting the Indian non-profit organizations that receive foreign donations.
6. Annual Report from Indian Cyber Coordination Center against Crime
Context:
The 2023-24 annual report from the Indian Cyber Coordination Center against Crime. Against cyber crime, the Union Ministry of Home Affairs and State governments have added 54,800 volunteers.
The Indian Cybercrime Coordination Centre (I4C)
The Indian Cybercrime Coordination Centre (I4C) is a government program that assists the government in addressing issues related to cybercrime in the country. Set up by the Ministry of Home Affairs (MHA), it provides a platform for coordinated comprehensive action on issues related to cybercrime.
Goals of 14C:
- Research problems identification
- The I4C collaborates with research institutes and the academic world in both India and abroad to develop new technologies and forensic tools.
- Prevention of extremist and terrorist use of cyberspace
- I4C strives to thwart the use of cyberspace by extremist and terrorist organizations.
- Cyber law amendment in recommendation
- I4C recommends amending cyber laws to keep abreast of rapidly changing technologies and international cooperation.
- Coordination of Mutual Legal Assistance Treaties (MLAT)
- The I4C coordinates implementation with other countries of MLAT for cybercrime.
7. ISRO’s Chandrayaan-4 Mission and Space-Docking
Context:
ISRO’s first Space Docking Experiment (SpaDeX) is one of the vital technologies for future Indian missions as well as for Chandrayaan-4 and subsequently its final orbital Bharatiya Antariksh Station.
SpaDeX Mission
Chandrayaan-4
Chandrayaan-4 is the fourth mission in the Indian Space Research Organisation’s Chandrayaan lunar exploration programme, scheduled to be launched in 2027. The mission will return up to 3 kg of lunar regolith from the landing site of Chandrayaan-3.
- Mission Type
- Lunar sample return
- Launch Date
- 2027 (Planned)
- Launch Rocket
- 2xLVM3
Bharatiya Antariksha Station
Bharatiya Antariksha Station is India’s planned modular space station that will work under the aegis of ISRO. Weighting around 52 tonnes, it would be stationed at a distance of 400 km above Earth. . Launch of the inaugural component aboard an LVM3 launch vehicle is planned for 2028, followed by launching the remaining components by 2035 on the Next Generation Launch Vehicle, Soorya.
- Launching Rocket
- LVM3, LVM3, Next Generation Launch Vehicle (NGLV)
8. Nuclear Power Sector Ready to Welcome Private Investment
Context:
Nuclear Power Corporation of India Limited (NPCIL) invites interest from private players for the establishment of Bharat Small Reactors (BSRs). The BSRs will be commercially available small reactor systems with capacity up to 220 megawatts.
Bharat Small Reactors BSRs
NPCIL has invited the private sector proposals for setting up Bharat Small Reactors BSRs, having a capacity of 220 MW. The Nuclear reactors would replace coal fired thermal power plants with captive usage by energy intensive units like steel, aluminium, copper and cement units.
Nuclear Power Corporation of India Limited (NPCIL)
Some Important Nuclear Power Plants in India
Power Plant Name | Location | Installed Capacity (MW) | Type of Reactor |
---|---|---|---|
Jaitapur Nuclear Power Project | Maharashtra | 9,600 (6 units of 1,600 MW each) | European Pressurized Reactor (EPR) |
Kudankulam Nuclear Power Plant | Tamil Nadu | 2,000 (2 units of 1,000 MW each) | Pressurized Water Reactor (PWR) |
Chutka Nuclear Power Project | Madhya Pradesh | 2,000 (2 units of 1,000 MW each) | Pressurized Heavy Water Reactor (PHWR) |
Tarapur Nuclear Power Station | Maharashtra | 1,400 (2 units of 500 MW each, 2 units of 1,000 MW each) | Boiling Water Reactor (BWR) |
Kakrapar Atomic Power Station | Gujarat | 1,400 (2 units of 700 MW each) | Pressurized Heavy Water Reactor (PHWR) |
Rajasthan Atomic Power Station | Rajasthan | 1,180 (2 units of 220 MW each, 2 units of 700 MW each) | Pressurized Heavy Water Reactor (PHWR) |
Gorakhpur Haryana Anu Vidyut Pariyojana (GHAVP) | Haryana | 1,400 (2 units of 700 MW each) | Pressurized Heavy Water Reactor (PHWR) |
Kaiga Nuclear Power Station | Karnataka | 880 (4 units of 220 MW each) | Pressurized Heavy Water Reactor (PHWR) |
Narora Atomic Power Station | Uttar Pradesh | 440 (2 units of 220 MW each) | Pressurized Heavy Water Reactor (PHWR) |
Bhavini (Fast Breeder Reactor) | Tamil Nadu | 500 | Fast Breeder Reactor (FBR) |
9. Caste Discrimination: Centre Amends Prison Manual Rules
Context:
The Union Home Ministry has amended the prison manual rules to check discrimination and classification of inmates in jails on the basis of their caste.
- A prison manual is a set of rules that establish standards and protocol for the construction and maintenance of prisons, and the treatment of prisoners.
- The Major Amendments:
- Prohibition of caste discrimination in prisons and on duty or work allocation imparting whimsical section 55(A) to read as- “Prohibition of Caste Discrimination in Prisons and Other Correctional Institutions“.
- Prohibition of manual scavenging or cleaning of sewers or septics within the precincts of prisons.
- Habitual Offender:
- A habitual offender is a person convicted and sentenced under two or more convictions to jail time for offenses not part of the same transaction, and whose conviction has not been reversed on appeal or review.
Constitutional Rights against Discrimination
- Article 15 of the Constitution of India prohibits discrimination against citizens based on the following grounds: religion, race, caste, sex, and place of birth.
- Appeal in Case of Violation
- Supreme Court of India and High Courts as well
- Appeal in Case of Violation
10. The National Statistical Commission (NSC)
Context:
National Statistical Office is set to expand survey capacity in partnership with private survey agencies. More resources and expertise will be employed for efficient conduct of surveys.
The National Statistical Commission (NSC)
The National Statistical Commission (NSC) of India is an autonomous body which formed on 12 July 2006 under the recommendation of Rangarajan commission. The objective of its formation is to reduce the problems faced by statistical agencies in the country in relation to collection of data.
- Chairperson
- Prof. Rajeeva Laxman Karandikar
- Ministry
- Ministry of Statistics and Programme Implementation
11. Mineral Exploration Progress Report by GSI
Context:
The Geological Survey of India (GSI) conducted 195 mineral exploration programs in 2024, which is a growth of 53% from that in the previous year.
Geological Survey of India
Geological Survey of India is one of the foremost scientific institutions in India and ranks second across the globe for being the oldest organization in this field. The aim is to take geological surveys and studies apart from providing baseline data regarding earth science.
- Established
- 1851
- Ministry
- Ministry of Mines
12. VAHAN Portal
Context:
Data from the VAHAN portal (Ministry of Road Transport and Highways) showed that total new vehicle registrations were 24.16 million in 2019, 18.6 million in 2020, 18.9 million in 2021, and 21.5 million in 2022.
The VAHAN portal
The VAHAN portal is an online platform that offers many services related to vehicles, including registration, permits, taxes, and enforcement. The portal is part of the National Transport Project, a Mission Mode Project (MMP) under the National eGovernance Program (NeGP).
The National e-Governance Plan (NeGP)
The National e-Governance Plan (NeGP) is a government plan to integrate e-governance initiatives across India. The plan’s goals are to:
- Make government services accessible to citizens
- Ensure the efficiency, transparency, and reliability of services
- Realize basic needs of citizens
The plan was approved by the government on May 18, 2006. It includes: 31 Mission Mode Projects (MMPs), 8 components, Core infrastructure components, and Support components.
Mission Mode Project (MMP)
A Mission Mode Project (MMP) is a project that focuses on a specific aspect of electronic governance. MMPs are part of the National e-Governance Plan (NeGP) and are characterized by clearly defined objectives, timelines, and measurable outcomes. e.g. e-Panchayat Mission Mode Project (MMP) and Vehicle Registration and Driving License (Vahan and Sarathi).
13. Indian Renewable Energy Development Agency (Ireda)
Context:
Stateowned Indian Renewable Energy Development Agency (Ireda) has logged 41%% loan disbursement growth to 17,236 crore in the December quarter.
The Indian Renewable Energy Development Agency Limited (IREDA)
The Indian Renewable Energy Development Agency Limited (IREDA) is an Indian public sector enterprise, which provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation.
- Founded
- 1987
- Chairman
- Pradip Kumar Das
14. Chemical Waste
Context:
Twelve trucks carrying toxic waste from the Union Carbide factory site in Bhopal left for the Pithampur industrial area near Indore at 9.05 p.m. amid heavy security. The waste was lying at the site for 40 years after the tragedy that claimed the lives of more than 5,000 people.
Chemical Waste
Chemical waste refers to the byproducts or products produced in industrial, chemical, or manufacturing processes that can be hazardous or nonhazardous in nature but still need to be disposed of as they pose potential risks to human health, ecosystems, or the environment.
Types and Effects of Chemical Waste
- Categories of Hazardous Waste Chemicals
- Toxic: Chemicals that cause death, toxicity, or other signs via inhalation, ingestion or skin contact.
- Corrosive: Chemicals that burn or destroy tissue and materials.
- Reactive, Flammable, Radioactive, Non-Hazardous Less hazardous toxic chemical.
- Sources of Chemical Waste
- Industrial operations, Laboratory sources, Agricultural operations, Households, Mining.
- Effects of Chemical Waste
- Effects on Environment, Effects on Health, Effects on Flora and Fauna
- Chemical Waste Decomposition or Management Methods
- Neutralization:
- Making chemical waste neutral with reference to a safe material to counteract its deleterious consequences.
- Incineration:
- Burning waste chemicals at very high temperatures so that hazardous species chemicals are degraded into less toxic materials.
- Biodegradation:
- Breaking organic chemicals into simpler and less harmful forms.
- Landfilling:
- This involves depositing waste into a landfill site that has been designated for that particular type of waste.
Bhopal Gas Tragedy (1984)
The Bhopal Gas Tragedy is one of the world’s worst industrial disasters. It happened during the night of December 2-3, 1984, in Bhopal, the capital city of Madhya Pradesh, India. The disaster led to the death of thousands and long-term health damage of the residents. It was, therefore, a defining moment in the history of industrial safety and disaster management.
Banking/Finance
1. Gross GST Collection is Down Output and Net Collection by India
Context:
Net GST collection, after adjustments for refunds, has fallen to 3.3%, lowest for current period 2024-25.
Goods and Services Tax (GST) and Council Formation
2. Bank Loan Growth Dropped for the Fifth Month
Context:
For the fifth month, Indian banks reported a drop in their loan growth in November due to continued “crackdown” by the Reserve Bank of India (RBI) on “exuberant” lending activities.
Bank Loan Growth
Bank loan growth is the change in the total amount of credit that banks provide to the economy over a year. It includes loans for food, non-food, cash, and overdrafts
- Loan growth and bank performance
- Loan growth is a key indicator of a company’s performance. Above-average loan growth mean that a bank is pricing money cheaply and loosening credit standards.
P2P bad loans doubled: Report
3. UPI Transaction Hike
Context:
UPI transactions surged to a record 16.73 billion in December, value at Rs. 23.25 trillion (US$ 271.96 billion) In December 2024.
Unified Payments Interface (UPI)
4. Resolution of Public Grievances in Banking
Context:
The Finance Ministry on Wednesday urged public sector banks and insurance companies to expedite the resolution of public grievances.
Resolution of Public Grievances in Banking
The resolution of public grievances in banking is crucial for ensuring consumer satisfaction and maintaining trust in the financial system. India has established several frameworks and regulatory mechanisms to address complaints and disputes related to banking services.
Banking Ombudsman Scheme and RBI’s Consumer Protection and Complaints Redressal Mechanism
- Banking Ombudsman Scheme
- Initiated by RBI in 1995 to settle complaints against banks.
- Covers all commercial banks, regional rural banks, and co-operative banks of India.
- RBI’s Consumer Protection and Complaints Redressal Mechanism
- RBI’s “Consumer Protection” division ensures banks adhere to fair practices and customer-centric norms.
- Complaint resolution process involves filing a complaint with the Grievance Redressal Officer of the bank.
- National Consumer Helpline (NCH)
- It is an initiative of the Department of Consumer Affairs. NCH provides a platform for consumers to escalate unresolved issues.
- NCH Toll-Free Number: 1800-11-4000 (toll-free) and 14404.
- Banking Codes and Standards Board of India (BCSBI)
- BCSBI is an autonomous body, which lays down the standards for customer service for banks.
- BCSBI has formulated a Code of Bank’s Commitment to Customers, specifying basic rights of customers and the responsibility of banks.
5. Major Developments of RBI in 2024
Context:
Lists all major developments of RBI in 2024 such as: Next Generation Data Warehouse, RBI Retail Direct Mobile Application, Fintech Repository, PRAVAAH portal, and Internationalization of UPI.
1. Next Generation Data Warehouse (NGDW):
- Purpose:
- Provides real-time data access to internal stakeholders for better policy formulation.
- To strengthen data storage and processing capabilities of the Reserve Bank of India (RBI).
- Features:
- Centralized data repository for storing vast volumes of financial data.
- Data analytics and reporting with better efficiencies in decision-making processes.
- Objective:
- Ensure secure, scalable, and efficient data management for RBI’s various departments.
2. RBI Retail Direct Mobile Application
- Purpose:
- To enable retail investors to directly invest in government securities.
- Features:
- Provides a seamless interface for individual investors to access and invest in Government Securities (G-Secs).
- Allows investments in Treasury Bills, Sovereign Gold Bonds, and other G-Sec instruments.
- Integrated with RBI’s Retail Direct platform for easy registration, purchase, and management of investments.
- Objective:
- Encourage retail participation in the government securities market and provide a safe and secure investment avenue.
3. Fintech Repository
- Purpose:
- To provide a comprehensive database of financial technologies (fintech) used in the Indian financial ecosystem.
- Features:
- Fintech innovation catalog in payments, lending, insurance, and other financial services.
- Helps identify potential fintech solutions for financial inclusion, efficiency, and transparency.
- Supports collaboration between fintech startups, financial institutions, and regulators.
- Objective:
- Foster innovation, ensure better regulation, and drive digital transformation in the Indian financial services industry.
4. PRAVAAH Portal
- Objective:
- To enable the processing of ECBs in India.
- Features:
- Applications for ECB approvals as well as for amendments can be submitted online.
- Applications and approvals follow real-time status tracking.
- ECB transactions become easier to comply and report about.
5. Internationalization of UPI (Unified Payments Interface)
- Objective:
- Position UPI as a global payment system.
- Features
- Facilitate cross-border payments using UPI partnering with banks and payment systems across the world
- Offer international remittances and payments in various currencies
- Assure seamless India digital payment integration with the global marketplace.
- Objective:
- Position UPI as the measure of global payments, further enhance the India digital payment ecosystem, and bring financial inclusion to the world.
7. Credit Expansion in the Non-Banking Financial Company (NBFC) Sector of India
Context:
Compared to the credit growth during the same fortnight of 2023, the credit growth for the NBFC sector shrank to 7.8% for the fortnight ending November 29, 2024.
Non-Banking Financial Company (NBFC)
8. Small Finance bank (SFB)
Context:
Microfinance company VFS Capital has applied for a small finance bank (SFB) licence under the guidelines for ´on tap´ licensing of SFBs in the private sector, the Reserve Bank of India (RBI) said on Wednesday.
Small finance Banks (SFB)
Small finance banks (SFB) are niche banks in India that offer basic banking services, including deposit acceptance and lending, to underserved sectors like small business units, marginal farmers, micro and small industries, and unorganised sector entities.
- Governed Under
- Reserve Bank of India Act, 1934, Banking Regulation Act, 1949.
Economy
1. RBI’s Intervention in Foreign Exchange Markets for Growth Support
Context:
Reserve Bank of India is in a supportive mood and accepts rupee depreciation to grab the growth cycle.
The Foreign Exchange Market
The foreign exchange market is a global decentralized OTC market for currency trading, determining foreign exchange rates for each currency. It encompasses buying, selling, and exchanging currencies at current prices, making it the largest trading market globally, following the credit market.
2. MSMEs Seek Exemption from Audits
Context:
Industry bodies representing micro, small, and medium enterprises (MSMEs) have asked the government to exempt MSMEs with turnovers below ₹ 5 crore from unnecessary audits and inspections unless major discrepancies are detected.
Micro, Small and Medium Enterprises (MSME)
MSME stands for Micro, Small and Medium Enterprises. These are businesses that are relatively small in budget and have limited operations. MSMEs are a vital part of the Indian economy, contributing to employment, industrialization, and the socio-economic development of the country.
The MSMED Act of 2006 defines the classification of MSMEs, which was revised in 2020:
- Micro
- Investment in plant and machinery or equipment is less than ₹1 crore, and turnover is less than ₹5 crore
- Small
- Investment in plant and machinery or equipment is less than ₹10 crore, and turnover is less than ₹50 crore
- Medium
- Investment in plant and machinery or equipment is less than ₹50 crore, and turnover is less than ₹250 crore
Agriculture
1. Groundwater Pollution in India and Nitrate Contamination
Context:
In 2023, the number of districts found to be excessively nitrate-contaminated is 440, as against 359 in 2017.
- Importance of Nitrate Concentration in Agriculture:
- Soil fertility and Crop productivity
- Nitrate can cause soil fertility and crop productivity to be affected.
- Water Pollution
- Nitrate contamination can lead to water pollution that causes methemia in infants.
- Ecosystem Degradation
- Nitrate can cause ecosystem degradation, deplete oxygen, and kill aquatic animals.
- Greenhouse Gases
- Nitrate can increase the emission of greenhouse gases and thus intensify global warming.
- Productivity of Agriculture
- Nitrate can lower the cost-effectiveness and productivity of agriculture.
- Soil fertility and Crop productivity
- Control Measures Against Nitrate Contamination
- Balanced fertilizers, slow-release or controlled-release fertilizers, precision agriculture, improved irrigation, crop rotation and diversification, regulation and monitoring, training and awareness, remediation of contaminated groundwater, advanced filtration technologies, etc.
2. Fasal Bima Scheme and DAP Price
Context:
Union cabinet has approved the continuation of Pradhan Mantri Fasal Bima Yojana or PMFBY till 2025-26. This implies that crop insurance coverage is in force.
Key Highlights:
- The outgo for the PMFBY was revised to ₹69,515.71 crore for the period 2021-22 to 2025-26.
- PMFBY and RWBCIS would be extended for another year, that is 2025-26.
- “A one-time special DAP subsidy package has been approved to keep the retail price of DAP fertilizer at ₹1,350 per 50kg bag”.
Revised Restructured Weather-Based Crop Insurance Scheme (RWBCIS)
- Ministry
- The Ministry of Agriculture & Farmers Welfare
- Launched in India as a replacement for the National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Variable Scheme (MNAIS).
- Coverage
- There is no loss in crop production yield but coverage based on weather parameters.
- Weather-Based Risk Coverage:
- Compensation in respect of deviations in weather conditions which affect the development of crops.
- Area-Based
- Data of weather collected from AWIS for any area.
- Crop Coverage
- Valid for most crops from food crops and oilseed varieties to horticultural and cash crops.
- Premium Subsidy
- With cost-sharing by the States subsidized by the central government.
- Determination of Pay
- Pay-outs as per AWI.
Pradhan Mantri Fasal Bima Yojana
Diammonium Phosphate (DAP) Fertilizer
3. Organic Standard Review Revised in India
- Updated Organic Standards:
- The Government will now bring In Indian organic standards in sync with the grades in the EU.
- NPOP Update:
- The National Programme for Organic Production (NPOP) will update progressively keeping pace with changes in the global organic landscape and market dynamics.
- The National Programme for Organic Production (NPOP) is a set of standards and procedures for organic agriculture in India.
- The National Programme for Organic Production (NPOP) will update progressively keeping pace with changes in the global organic landscape and market dynamics.
- Data Analytics Under Pinning The Update Will Reinforce:
- Data analytics-driven regulatory oversight for the efficient monitoring of organic production.
- International Accepts:
- NPOP standards have been recognized by the European Commission, Switzerland, and Great Britain.
- Implementation and Regulation:
- Apeda will implement and certify NPOP standards.
- 5 Date of Issue:
- The updated standards will be officially released on 9 January 2025.
Facts to Remember
1. Bhuvnesh Kumar takes charge as UIDAI CEO
- Bhuvnesh Kumar took charge as the Chief Executive Officer of the Unique Identification Authority of India (UIDAI), which administers Aadhaar, on Wednesday.
2. ₹2000 notes worth ₹6,691 cr. yet to be returned: RBI data
- The total value of ₹2000 banknotes in circulation, which stood at ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced, has declined to ₹6,691 crore at the close of business on December 31, 2024, as per updated data released by the Reserve Bank of India (RBI).