Current Affairs 23 November, 2024

Daily Current Affairs
23 November, 2024

National Affairs

1. World Bank calls for reforming skills training in India

• The World Bank has said in its report tilted ‘Jobs at Your Doorstep’ that in India, the narrative of skill education being for weak students is overpowering, leading many students who could benefit more from it to pursue conventional streams like arts, commerce, or STEM.
• Experts found that vocational skills training in India is largely rooted in traditional practices and under-recognized by policymakers, despite being supported by the World Bank’s Strengthening Teaching-Learning and Results for States programme.
• The Indian government has implemented several initiatives, including PMKVY-TI, ETP, NEEM, Atmanirbhar Bharat Rojgar Yojana, and Mahatma Gandhi National Rural Employment Guarantee Act, to address issues related to education, employment, and skilling, with a budget allocation of ₹1.48 trillion.

World Bank

• International financial institution providing loans and grants to low- and middle-income countries for economic development.
• Established in July 7, 1944 (80 years ago)
• Headquarter: Washington DC, US
• President: Ajay Banga

PMKVY-AIET Program

• Provides engineering skills training to young people.
• Implemented by All India Council for Technical Education (AICTE).
• Aims to provide entrepreneurial orientation and necessary skills.
• Provides employable skills based on National Occupational Standards.
• Offers bridge courses to certificate holders of general or vocational education.
• Provides post-placement support, tracking, and monitoring.

Atmanirbhar Bharat Rojgar Yojana (ABRY)

• Launched to mitigate job losses and create new employment during COVID-19.
• Benefits are provided to establishments registered with EPFO and their new employees.
• Special benefits include:
• Employees with monthly salary less than Rs 15,000
• Employees not working in any EPFO-registered establishment before October 1, 2020
• All applicants registered before October 1, 2020
• Employees who lost jobs between March 1, 2020 and September 30, 2020
• Benefits are given monthly to beneficiary establishments and employees.

Mahatma Gandhi National Rural Employment Guarantee Act, 2005

• Passed in 2005, provides legal guarantee of 100 days of wage employment per year to adult rural household members.
• Applicable to areas notified by the Central Government.
• Aims to enhance livelihood security in rural areas through infrastructure development.

2. 6th meeting of ASEAN-India Trade in Goods Agreement Joint Committee held in New Delhi

The 6th ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee met in New Delhi from November 15-22, 2024. The meeting, co-chaired by Additional Secretary, Department of Commerce, India, and Deputy Secretary General, Ministry of Investment, Trade & Industry, Malaysia, involved representatives from all 10 ASEAN countries, including Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and VietNam.

ASEAN: An International Organization

• Established in 1967 by Indonesia, Malaysia, Philippines, Singapore, and Thailand.
• Aims to accelerate economic growth and promote peace in Southeast Asia.
• Brunei joined in 1984, followed by Vietnam in 1995, Laos, Myanmar in 1997, and Cambodia in 1999.
• East Timor is expected to become a full member in 2025.
• Covers 1.7 million square miles and had a combined GDP of $3.62 trillion as of 2022.
• Addresses regional issues like Myanmar’s civil war and China’s economic ties and territorial disputes in the South China Sea.

3. Commerce Secretary visits Norway for implementation of Trade and Economic Partnership Agreement(TEPA)

Shri Sunil Barthwal Visits Norway to Promote Trade and Economic Partnership Agreement (TEPA)

• Secretary, Department of Commerce, Ministry of Commerce & Industry, Shri Sunil Barthwal, visited Norway on 22nd November 2024 to further the objectives of TEPA.
• TEPA is a modern and ambitious Trade Agreement signed with four developed nations, aiming to boost Make in India and provide opportunities for the young and talented workforce.
• EFTA offers 92.2% of India’s tariff lines, covering 99.6% of India’s exports. India offers 82.7% of its tariff lines, covering 95.3% of EFTA exports.
• India-EFTA Trade and Economic Partnership Agreement
• Signed on March 10, 2024, between India and EFTA.
• India’s first trade deal with a European bloc.
• Covers 14 chapters: market access, investment, intellectual property, sustainable development.

India Signs Trade Deal with EFTA

• India has signed a trade deal with the European Free Trade Association (EFTA), including Iceland, Norway, Lichtenstein, and Switzerland.
• The deal, officially called the Trade and Economic Partnership Agreement (TEPA), has been in the making for 16 years.
• India’s government prioritizes expanding its trade treaty network while preserving a balance of interests: market access, professional mobility, high-tech collaboration, and investment promotion.

Source: PIB

4. CULMINATION OF PAN-INDIA COASTAL DEFENCE EXERCISE – ‘SEA VIGIL 24’

• Conducted over 36 hours, demonstrating India’s commitment to maritime security.
• Spanning India’s 11,098 km coastline and 2.4 million sq. kms Exclusive Economic Zone.
• Participated over 21 agencies across six ministries.
• Extensive deployment of over 550 surface assets and 60 air sorties.
• Flying time of about 200 hours along the entire coastline.

India’s Recent Maritime Exercises

• Exercise Malabar 2024: Hosted by India, October 8-18, 2024, with forces from Australia, Japan, and the US.
• Singapore India Maritime Bilateral Exercise (SIMBEX) 2024: 31st edition, October 23-29, 2024, with Singapore Navy Ship RSS Tenacious.
• Sea Vigil: Simulates real-time scenarios to evaluate inter-agency coordination and identify security infrastructure gaps in India’s coastal defense architecture.
• Maritime Exercise Malabar 2024, hosted by India, took place from October 8-18, 2024. The event, which began in 1992 as a bilateral naval drill between the US and Indian Navy.
• The 31st Singapore India Maritime Bilateral Exercise (SIMBEX) will be held until October 29 at the Eastern Naval Command. The exercise will be conducted in two phases: the Harbour Phase from October 23-25 at Visakhapatnam and the Sea Phase from October 28-29 in the Bay of Bengal.

Agri Business

1. Microfinance in farming sector: Unlocking new opportunities in rural economies

• Crucial to India’s socio-economic development, relying on 42.3% of the population for livelihood.
• Contributes 18.2% of the country’s GDP.
• Consistent growth rate of 4.18% at constant prices over the last five years.
• Strategic investments, technology, research, and government support have boosted growth.

Microfinance’s Upswing in Agricultural Sector

• Microfinance in agriculture includes crop loans, term loans for operations, and post-harvest loans.
• Microfinance institutions offer specialized financial products to smallholder farmers, enhancing their livelihoods.
• Non-Banking Financial Companies (NBFCs) play a crucial role in achieving this, especially in Tier-II and Tier-III cities where banking opportunities are limited.
• NBFCs have simplified loan processes, enabling faster loan applications and minimal data processing.
• Microfinance institutions also aid farmers in augmenting supply chains by funding transportation and storage amenities.
• NBFCs have a significant share of loans disbursed and portfolio outstanding, with a total of 205 lakhs disbursed.
• Microfinance can empower underserved and economically vulnerable segments, integrating financial services with agricultural training, market insights, and technology.

Microfinance

Microfinance is a financial services model that provides small loans and other services to people and businesses who are typically excluded from traditional banking. The goal of microfinance is to help people achieve economic independence and financial inclusion. 

2. Nabard, Spices Board organise two day training programme for Rajasthan FPOs

A two-day agri-export training and exposure visits were organized by Nabard funded AEFC, APEDA, Spices Board of India, FISS, and APMC Unjha in Jodhpur. Over 50 representatives from 12 Rajasthan-based FPOs participated, and agreements were concluded for pesticide residue-free IPM cumin, sustainably-produced isabgol, and on-farm sourcing of IPM spices and medicinal plants.

The Agri Export Facilitation Centre (AEFC) in India aims to boost agricultural exports, increase farmer income, and build capacity for agri-food exports.

National Bank for Agriculture and Rural Development (NABARD) in India

• Mission: Promote sustainable and equitable agriculture and rural development.
• Functions: Promote, develop, refinance, finance, plan, monitor, supervise.
• Achievements: Build rural infrastructure, prepare credit plans, guide banking industry, supervise cooperative banks, and train artisans.
• Tribal development: Assist with tribal development through orchard-based farming systems.
• Head office: Mumbai, regional offices across states.
• Regulated by the Reserve Bank of India.

3. Fresh low-pressure area to develop over Bay by Saturday; may intensify into depression by Monday 

Upper Air Cyclonic Circulation Forms Off Sumatra Coast

• Formation over Equatorial Indian Ocean off Sumatra coast.
• Expected to deepen into low-pressure area over southeast Bay of Bengal.
• Predicted to track west-northwest and intensify into depression.
• Moves towards Sri Lanka and Tamil Nadu coast in southern India.

Cyclones Overview

• Cyclones are rapid inward air circulation around low-pressure areas.
• Originated from the Greek word Cyclos meaning the coils of a snake.
• Usually accompanied by violent storms and bad weather.
• Two types: Tropical cyclones and Extra Tropical cyclones.
• ‘Tropical Cyclone‘ refers to weather systems with winds exceeding ‘Gale Force’.
• Tropical cyclones develop between Tropics of Capricorn and Cancer, developing over tropical or subtropical waters.
• Extra tropical cyclones occur in temperate zones and high latitude regions, known to originate in the Polar Regions.

Sumatra’s Geography and Wildlife

• Bordered by Indian Ocean and Strait of Malacca.
• Western coast includes Simeulue, Nias, Mentawai, and Enggano.
• Dominated by Barisan Mountains in west and swampy plains in east.
• Backboned by Barisan Mountains rich in coal and gold.
• Home to orangutans, elephants, tigers, and Sumatran rhinoceros.

4. Indian Americans develop AI-based app launched for farmers in Caribbean

AI-Driven Farming App Launched in Trinidad and Tobago

• The LetZFarm App, developed by Abris Inc and the Carbon Zero Institute of Trinidad and Tobago, provides AI insights to farmers for better farming decisions.
• The app aids in food security and climate change adaptation.
• Abris Inc is in talks with Guyana and other Caribbean nations to expand the app’s reach.
• The app is a scalable solution, with plans to make it a one-stop solution for farmers.
• AI in agriculture can boost productivity, reduce prices, and connect farmers to the right markets at the right price, place, and time.

5. Soil degradation on 30 pc of India’s land poses threat to agriculture: Agri minister

Agriculture Minister Chouhan Concerns Soil Degradation

• Expresses concern over soil degradation affecting 30% of India’s land.
• Stresses urgent measures for maintaining soil quality for sustainable farming.
• Stresses improving soil health crucial for achieving Sustainable Development Goals.
• Highlights India’s annual foodgrain production and export worth of USD 50 billion.

Soil Degradation

• Decrease in soil quality due to physical, chemical, or biological processes.
• Caused by natural or human-made disturbances.
• Leads to nutrient loss, erosion, salinization, desertification, and reduced ecosystem services.

Soil Degradation Reasons

• Monocropping depletes nutrients from the field.
• Inefficient irrigation negatively affects earth’s structure and nutrient availability.
• Overreliance on chemical fertilizers and pesticides leads to soil health degradation.
• Aggressive cultivation practices weaken soil aggregates and disrupt ground structure.
• Misuse of fertilizers affects soil health and beneficial organisms.
• Overgrazing causes soil degradation by depleting vegetation cover.
• Deforestation destroys protective vegetative cover.
• Erosion leads to loss of topsoil, organic matter, and nutrients.
• Urban expansion leads to loss of fertile soil and land degradation.
• Industrial and mining activities introduce toxic pollutants and heavy metals.

Soil Degradation Prevention and Solutions

• Implement conservation tillage techniques to retain moisture and improve organic matter content.
• Practice crop rotation to break pest and disease cycles, enhance soil fertility, and reduce nutrient depletion.
• Use strip cropping to alternate crops annually to improve degradation management.
• Avoid over-irrigation using efficient methods like drip irrigation.
• Apply the right amount of fertilizer using VRA based on soil diagnostics and satellite imagery analytics.
• Opt for organic farming to prevent soil degradation and choose chemical-free integrated pest management practices.
• Plant cover crops to protect land, reduce weed growth, improve earth structure, and increase organic matter content.
• Adopt contour farming to mitigate land degradation and water runoff.
• Practice terrace farming on slopes to reduce hillside grade and enhance pedogenetic processes.

Banking/Finance

1. Delegates of 18 nations join RBI conference for Global South central banks

High-Level Policy Conference of Central Banks from the Global South

• The conference, organized by the Reserve Bank of India, was held in India to commemorate the 90th anniversary of its establishment.
• Key speakers included central bank governors, deputy governors, and other officials from the Global South.
• The conference aimed to foster mutually beneficial partnerships for a prosperous, stable, and sustainable future for the Global South.
• The conference aimed to strengthen the voice of the Global South and build synergies in shaping the global policy agenda.

2. UPI 123 Pay: RBI extends transaction limits- Here are key changes

• The Reserve Bank of India (RBI) increased the transaction limit for UPI 123Pay from Rs 5,000 to Rs 10,000 on October 9.
• The National Payments Corporation of India (NPCI) issued a circular instructing banks and service providers to comply with the updated limits.
• UPI 123Pay facilitates digital payments on feature phones, supporting four payment methods: IVR numbers, missed calls, and OEM-embedded apps.
• The final deadline for banks, public sector banks, and service providers to implement the changes is January 1, 2025.
• Increased transaction limit: Rs 5,000 to Rs 10,000.
• UPI Lite wallet updates: Wallet balance limit raised from Rs 2,000 to Rs 5,000.

Unified Payments Interface (UPI)

• UPI is an Indian instant payment system developed by the National Payments Corporation of India (NPCI) in 2016.
• It facilitates inter-bank peer-to-peer and person-to-merchant transactions.
• UPI is used on mobile devices to transfer funds between two bank accounts.
• It runs as an open source API on top of the Immediate Payment Service (IMPS) and is regulated by the Reserve Bank of India (RBI).
• Indian banks began making their UPI-enabled apps available on Google Play on 25 August 2016.
• UPI maintains India’s position as the global leader in instant payments, accounting for 46% of all global instant payment transactions in 2022.
• As of November 2022, the platform had over 300 million monthly active users in India.
• In 2023, the total annual value of UPI transactions in India reached ₹182 lakh crore (equivalent to $2.2 trillion), reflecting a 59% increase in transaction volume and 45% increase in transaction value compared to 2022.
• UPI transactions in July 2024 averaged ₹1,430 per transfer, with the system processing 5,390 payments every second.
• Google suggested the US Federal Reserve Board should follow UPI in developing FedNow, a real-time payment system for the United States.

International Affairs

1. IMF approves third review of Sri Lanka’s $2.9 billion bailout

IMF Approves Sri Lanka’s $2.9 Billion Bailout Review

• IMF approves third review of Sri Lanka’s $2.9 Billion bailout, but warns of economic vulnerability.
• The IMF will release $333 million, totaling around $1.3 billion, to the crisis-hit South Asian nation.
• The IMF notes signs of an economic recovery.

IMF Overview

• Major financial agency of the United Nations, funded by 190 member countries.
• Acts as the global lender of last resort to national governments and a supporter of exchange-rate stability.
• Mission: Foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty.
• Established in 1944 at the Bretton Woods Conference, aiming to reconstruct the international monetary system post-WWII.
• Plays a central role in managing balance of payments difficulties and international financial crises.
• Utilizes the fund to stabilize and foster member countries’ economies.
• Current managing director and chairperson is Kristalina Georgieva, with Gita Gopinath as first deputy managing director and Pierre-Olivier Gourinchas as chief economist.

Facts to Remember

1. Kanhirapoil Megalithic Site

Megalithic Carvings in Kanhirapoil, Kerala

• Discovery: 24 pairs of carved footprints and a human figure found on a private property in Madikkai grama panchayat, Kasaragod, Kerala.
• Artistic Features: Footprints of varying sizes, likely representing both children and adults, with a human figure accompanied by circular pits.
• Cultural Parallels: Findings resemble prehistoric rock art at Avalakki Pera in Udupi and other sites in Kerala.
• Megaliths: Monuments made of large stones, often serving as burial sites.
• Chronology: Megalithic cultures in South India date from the 3rd B.C. to the 1st A.D.
• Geographical Spread: Found in Deccan, Punjab Plains, Indo-Gangetic basin, Rajasthan, Gujarat, and Burzahom in Jammu and Kashmir.
• Iron Usage: Found in Junapani and Adichanallur.

2. Solar Energy Corporation of India (SECI)

Solar Energy Corporation of India (SECI): Navratna Status

• Founded in 2011 under the Ministry of New and Renewable Energy (MNRE).
• Facilitates implementation of the National Solar Mission (NSM) and other renewable energy targets.
• Only Central Public Sector Undertaking (CPSU) dedicated to renewable energy.
• Mission objectives: Lead in large-scale solar installations, promote solar energy use in remote areas, and deploy new technologies.
• Structure: Initially a not-for-profit Section-25 company, later restructured into a Section-3 company.
• Mandates expansion to cover entire renewable energy sector.

3. VISION Portal

VISION Portal Launch and Mission

• Launched on November 21, 2024.
• Operates under Ministry of Science and Technology.
• Aims to promote education, skill development, and innovation for underprivileged children.
• Provides mentorship and training for remote students.
• Facilitates access to startup opportunities across sectors.
• Aligns with India’s Vision India 2047 aspirations.

4. International Criminal Court

International Criminal Court Overview

• Established in 1998, began operations in 2003.
• Headquarters in The Hague, Netherlands.
• Prosecutes individuals for genocide, war crimes, crimes against humanity, and aggression.
• Recognized by 123 countries, with key non-members including the US, China, Russia, and India.
• Structure: 18 judges elected for non-renewable nine-year terms.
• Presidency: Comprises a President and two Vice-Presidents.
• Jurisdiction: Covers crimes committed in member states or by nationals of member states.
• UN Relations: Cooperates through agreements, UN Security Council can refer cases outside its jurisdiction.

5. The Global Alliance Against Hunger and Poverty

Global Alliance Against Hunger and Poverty: Launch and Objectives

• Launched at G20 Summit 2024 in Rio de Janeiro.
• Aims to address global hunger and poverty issues exacerbated by COVID-19, economic disparities, conflicts, and climate change.
• Membership includes 81 countries, 26 international organizations, 9 financial institutions, 31 NGOs, and philanthropic foundations.
• Functions as a matchmaking platform for policy sharing, technical assistance, and financial aid mobilization.
• Key initiatives include school meals, cash transfer schemes, smallholder farming support, socio-economic inclusion initiatives, maternal and early childhood interventions, and water access solutions.
• Operational costs are covered by member countries and global institutions.