Current Affairs 27 December, 2024

Daily Current Affairs Quiz

27 December, 2024

International Affairs

1. World Bank raises China’s GDP forecast for 2024, 2025

Context:

 World Bank sees China’s gross domestic product growth at 4.9 per cent this year, up from its June forecast of 4.8 per cent.

China’s GDP in 2024 is  $18.28 trillion (nominal)

Comparing GVA and GDP

World Bank

2. The Deportation Rates by ICE

Context:

As per the ICE Fiscal Year 2024 Annual Report, An Indian is deported every six hours in the U. S.

Key Highlights:

• India saw an increase of 400 percent from 2021 to 2024 in deportation of Indians.
• Such abrupt changes occur due to immigration policies, priorities of enforcement, and bilateral relations regarding those changes.
  • Deportation means the action of forcing someone to leave a country, especially someone who has no legal right to be there or who has broken the law.

3. China To Build World’s Largest Dam on the Brahmaputra

Contex:

Chinese government clears world’s biggest dam construction

Key Highlights:

• China has established and estimates worth $137 billion the construction on the Brahmaputra River in Tibet of world’s largest dam.
• This Brahmaputra Dam is encompassed in the 14th Five-Year Plan (2021-2025) of China, as well as National Economic and Social Development and the Long-Range Objectives Through the Year 2035.

India’s Plan on Brahmaputra River:

Govt Plans India’s Second-Largest Dam On Brahmaputra at Yingkiong In Arunachal Pradesh, To Counter China’s River Diversion Plans

• Budget Estimate
  •  Estimated to cost Rs 50,000 crore 

National Affairs

1. Panel to look into issues of settlements in protected areas

Context:

A three-member team constituted by the Standing Committee of the National Board for Wildlife (NBWL) will inspect Thattekad Bird Sanctuary and the Angel Valley and Pamba Valley settlements of the Periyar Tiger Reserve this week to consider a request of the State government to exclude human settlements in these areas from the respective protected areas.

Periyar National Park and Wildlife Sanctuary

• Location
  • Idukki and Pathanamthitta districts.
• Known for elephant and tiger reserves.
• Covers 925 km2 (357 sq mi), with 305 km2 declared as PNP in 1982.
• Repositories rare, endemic, and endangered flora and fauna.
• Forms major watershed of Periyar and Pamba rivers.

Pamba Valley

Pamba Valley, also known as Kanamala, is a village in the Kottayam district of Kerala, India.

Thattekkad Bird Sanctuary

The Thattekkad Bird Sanctuary, covering an area of barely 25 km², and located about 12 km from Kothamangalam (Kerala state, India), was the first bird sanctuary in Kerala.

2. Annual Reports of Competition Commission India CCI

Context:

The Competition Commission India (CCI) takes into account sector-specific characteristics and the larger economic and policy backdrop to intervene carefully when necessary, the antitrust watchdog said in its annual report.

Key Highlights:

• CCI Chairperson Ravneet Kaur had said that the government, while framing the ex-ante (preventative) regulations for the digital markets, was very conscious of the fact that India is a hub of innovation and entrepreneurship with a large number of startups, unlike the European Union which has already implemented such laws.
• The CCI has reviewed anti-competitive behavior in sectors such as pharmaceuticals, automobiles, media and entertainment, and aviation, etc.

The Competition Commission of India (CCI)

The Competition Commission of India (CCI) is a regulatory body that enforces competition laws and promotes fair market practices in India.

• Aims and Objectives
  • Preventing practices that harm competition
  • Promoting and sustaining competition in markets
  • Protecting consumer interests
  • Ensuring freedom of trade

3. Upstream Oil and Gas Companies Call for Budget Review

Context:

In the runup to the Budget, upstream oil and gas companies have called for a review of the taxes levied on older oil blocks, which account for nearly 90 per cent of domestic production, according to officials from two large exploration and production (E&P) firms.

Tax Levied on Different Types of Oil & Gas>>

4. 76 projects sanctioned under Swadesh Darshan Scheme of Tourism Ministry

Context:

A total of 76 projects with an allocation of ₹5,287.90 crore have been sanctioned under the Swadesh Darshan Scheme, out of which 75 projects are physically complete, the Union Tourism Ministry said.

Swadesh Darshan Scheme and PRASHAD Scheme Progression

• Swadesh Darshan Scheme:
  • Total Projects Approved: 76 projects.
  • Total Financial Outlay: ₹5,287.90 crore.
  • Completed Projects: 75 out of 76 projects.
• Swadesh Darshan 2.0:
  • Total Projects Approved: 34 projects.
  • Total Sanctioned Amount: ₹793.20 crore.
  • Focus: Sustainability and responsible tourism destinations.
• Challenge Based Destination Development:
  • New Guidelines Introduced: Aimed at enhancing tourist experiences at specific destinations.
• PRASHAD Scheme (Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive):
  • Total Projects Developed: 48 projects.
  • Total Cost: ₹1,646.99 crore.
  • Completed Projects: 23 out of 48.
• Special Assistance to States for Capital Investment (SASCI):
  • Total Projects Approved: 40 projects across 23 states.
  • Total Investment: ₹3,295.76 crore.
  • Focus: Development of iconic tourist centers through long-term, interest-free loans.

7. Corporate social responsibility (CSR)

Context:

Corporate social responsibility (CSR) spending by central public sector enterprises (CPSEs) Increased.

Key Highlights:

• Surge in CSR Spending:
  • CSR spending by Central Public Sector Enterprises (CPSEs) increased by 19% in FY24.
  • The total CSR spending reached ₹4,911 crore.
• Four-Year High:
  • This is the highest CSR spending in four years, reversing the dip observed in FY23.
• Source:
  • The data is from the Public Enterprises Survey released by the Ministry of Finance.

Corporate Social Responsibility (CSR)

Corporate Social Responsibility (CSR) is a business practice that considers the social and environmental impact of a company’s activities, in addition to its economic impact. It is a voluntary practice that goes beyond legal obligations and aims to make a positive impact on society. e.g.

• Paying employees competitive wages
• Investing in local businesses and startups

8. Malaria Cases Decreases

Context:

The number of states/UTs falling with high malaria burden in India has come down from 10 in 2015 to two in 2023, latest data shared by the health ministry shows.

Malaria

• Malaria is a disease caused by Anopheles mosquitoes in vertebrates.
• Causes:
  •  Plasmodium trasmitted to humans by Anopheles mosquitoes.
• Diagnosis:
  • Antigen Detection Test.

9. PM Modi Launches Drive to Combat Malnutrition on Veer Bal Diwas

• Initiation of ‘Suposhit Gram Panchayat Abhiyan’:
  • Aimed at promoting healthy living and tackling malnutrition in rural India.
• Veer Bal Diwas:
  • Celebrates the martyrdom of Guru Gobind Singh’s sons.
  • Now formally recognized as a pan-India celebration.
• Awards to Young Achievers:
  • 17 young individuals awarded for bravery, innovation, and excellence in fields like science, technology, arts, and sports.
• Focus on Equality and Welfare:
  • PM Modi emphasized the constitutional promise of equality and youth empowerment for a developed India.
• Promotion of Healthy Competition:
  • Urged villages to compete towards becoming nourished and prosperous, fostering community-driven progress.
• Expansion of Surya Ghar Muft Bijli Yojna:
  • Benefits extended to urban flat owners, with subsidies for rooftop solar panels under the scheme.

What is Malnutrition?

Malnutrition is a condition that occurs when a person’s body doesn’t get the right amount of nutrients, or when nutrients are not used properly

10. TReDS to Spin MSME Flywheel

• TReDS Platforms’ Target: Plans are underway to onboard 1 million MSMEs in the next two years.
• Recent Discussions: The RBI and TReDS firms recently discussed key developments and updates.
• Key Topics:
  • Inclusion of Insurance Companies: Discussions centered around adding insurance companies as the fourth participant on TReDS, alongside MSME sellers, buyers, and financiers.
  • Linkage with GST Network: Another focus was on establishing **TReDS integration with the Goods and Services Tax (GST) Network for seamless operations.

Banking/Finance

1. RBI’s Monetary Policy

Context:

According to the Finance Ministry, measures taken by Reserve Bank of India with respect to monetary policy and macro-prudential interventions may have slowed down the economy.

• Macroprudential measures aim to increase the financial system’s resilience to shocks by addressing identified systemic risks.

Key Highlights:

• The review suggests that growth is more likely to be significantly improved in the second half of the year than in April and September when GDP increased by 6%.
• The Ministry’s officials from the economic division said they readjusted growth expectations for 2024-25 to “around” 6.5%.
• The credit growth has been slowing this year. It also considers the RBI’s reduction in the cash reserve ratio as a good omen to enhance credit flows.

RBI and it’s Monetary Policy

2. Leave banking to RBI, avers SC

Context:

The Supreme Court decided that the judiciary cannot claim power over banking. Instead, the Supreme Court argued that the RBI alone puts the mandate for banks.

Key Highlights:

• The judgment was upon appeals filed by HSBC, Citibank, American Express Banking Corporation, and Standard Chartered Bank, with HDFC filing an intervention.
• In 2008, the banks challenged a National Consumer Disputes Redressal Commission decision that had capped interest on credit card dues at 30%.
• Justice Sharma urged that the RBI, being the prime banking institution of India, should be vested with the supervisory role over banking and authority to issue binding directions.
• National Commission took up the authority and expertise over the RBI saying that the rate of interest levied by the banking companies shall not be considered for any scrutiny before the court.

3. RBI Panel to Set AI Ethical Framework for Financial Firms

Context:

The Reserve Bank of India (RBI) said it has constituted a committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) in the financial sector.

Key Highlights:

• The committee of Pushpak Bhattacharyya, Professor, Department of Computer Science and Engineering, IIT Bombay.
• Objective
  • The committee would assess global and Indian financial services in terms of AI adoption.
  • Identify possible risks regarding AI and recommend a framework for evaluation, mitigation, and monitoring.
  • Suggested Framework of Governance for Responsible, Ethical Use of AI in Indian Financial Sector.
    

4. Employee Turnover in Private Sector Banks: Concern of RBI

Context:

The employee attrition rates reported in various private sector banks (PVBs) and small finance banks (SFBs) have shot up sharply over the last three years.

Key Highlights:

• Attrition and turnover pose serious operational risks like service disruption while customers lose institutional memory and increased recruitment costs.
• Long-term employee engagement would mean better onboarding processes, competitive benefits, and positive work culture as suggested by the RBI.

5. Unsecured Loans Deficit and Leverage

Context:

The Reserve Bank of India (RBI) has flagged concerns over rising delinquency and leverage in unsecured loans.

Key Highlights:

• Gross NPA for banks also comes down to a low level of 2.7% in March 2024, the lowest after 13 years.
• Profitability of banks has increased for the sixth consecutive year in 2023-24 with return on assets at 1.4% and return on equity at 14.6%.
  • An unsecured loan is a type of credit that does not require the borrower to provide any type of collateral or security to the lender.
  • Non-Performing Assets (NPAs) are loans or advances issued by banks or financial institutions that no longer bring back money for the lender because the borrower has failed to make payments on the principal and interest of the loan for at least 90 days.

6. Non-Performing Microfinance Loans

Context:

Private sector lender IndusInd Bank is seeking to offload ₹ 1,573 crore of non-performing microfinance retail loans, amid mounting stress in the microfinance sector.

Non-Performing Microfinance Loans

A nonperforming loan is one in which the borrower is in default and has not made any scheduled payments of principal or interest for a certain period of time. In banking, the commercial loans are considered nonperforming if the borrower is 90 days past due.

7. Regulations by RBI regarding Fintechs and Loan Practices

Context:

The report from RBI sounds the alarm about the risk build-up in ‘top-up‘ loans, especially if such loans are collateraled during times of uncertainty or economic downturns.

Highlights:

• Banks were required to classify a top-up loan as unsecured last year and now, RBI would put strict norms over the top-up loan if needed.
• The other findings in the report that highlight irregularities are related to loans flowing from loans against gold ornaments and jewellery.

Top-Up Loan

A top-up loan is an additional loan amount that a lender provides a borrower on top of an existing loan. It allows the borrower to access more funds without taking out a new loan. 

8. Bank Frauds

Context:

In 2023-24, banks reported the lowest amount involved in frauds in 10 years. The average amount per fraud was the lowest in 16 years. In the first half of FY25, however, there has been an 8x increase in the fraud amount to Rs 21,397 crore.

What is Bank Fraud?

Bank fraud is a criminal offense that includes using deception to steal money or other property from a financial institution or its customers. It also include if one posing as a bank or financial institution to obtain money from depositors

Economy

1. Income Tax Cut for Individual

Context:

India is considering cutting income tax for individuals making up to ₹15 lakh a year in February’s Budget to provide relief to the middle class and boost consumption as the economy slows.

• Under Current tax slab, individual earning up to Rs.3,00,000/- per annum is exempted from the Income tax.

2. NSO Survey of ASUSE

Context:

The national statistical office conducted the annual survey of unincorporated sector enterprises (ASUSE) from October 2023 to September 2024.

Key Highlights:

• Growth was observed among small informal establishments accounting for 13 percent.
• However, the job consideration provided by such jobs increased but at a less-represented pace.

National Statistical Office in India

3. Goods and Services Tax (GST) and Council Formation

The GST or Goods and Services Tax is a consumption-based value addition for most goods and services available for domestic consumption. This tax paid by consumers is remitted to the government by the business selling the goods and services.

Main Features of GST

• Applicable On supply:
  • The meaning of the current GST has been that it is applicable on “supply” of goods or services rather than the old manufacture-at-sold-sum concept or sale of good precious metals or provision of services.
• Destination Based Taxation:
  • This is opposed to the current principle of origin-based taxation, that is, destination-based consumption taxation.
• Dual GST:
  • It is a dual GST with the Centre and the States simultaneously levying tax on a common base. GST should be levied by the Centre called Central GST (CGST) and the levy by the States is known as State GST (SGST).
• Imports of goods or services would have the same treatment as an inter-state supply and hence would also be subject to Integrated Goods & Services Tax (IGST) since it is other than the applicable customs duties.
• To be mutually decided GST rates: CGST, SGST & IGST are levied at rates to be mutually agreed upon by the Centre and the States. Notification of changes in rates is done based on recommendations from the GST Council.
• Multiple Rates:
  • Initially, this levy was at four rates which were 5%, 12%, 16% and 28%. The schedule or list of items that would come under these multiple slabs are worked out by the GST council.

4. The Indian Rupee Fell 2.42% This Year

Context:

It is marked by a decline turning into an all-time low of 85.27 a dollar, as an upshot in the dollar index and increased demand for the American currency among importers has pushed the local currency down.

• Reasons:
  • trade deficit, unreported gold imports, and outflow from local equities.
  • However, most of the times, pressure was on the currency from the bolstering dollar index of the US and increasing US bond yields.
  • Foreign portfolio investors are selling domestic equities at ₹64,098.8 crores.
• India’s cumulative foreign merchandise trade deficit for the month hit an all-time high of $37.84 billion.

Agri Business

1. India’s Fisheries and Aquaculture Development

• The national fish production has increased by 83 percent since 2013-14; in 2022-23.
• India is the second largest fish and aquaculture producer.
• “Sagar Mitras” are deployed as an interface between the government and sea-borne fishers, compiling information on daily marine catch, price fluctuations, and marketing needs.

Sagar Mitras

Sagar Mitras is a part of the Pradhan Mantri Matsya Sampada Yojana (PMMSY), a scheme to promote sustainable and responsible development of the fisheries sector in India.

• Roles and Responsibilities
  • Educating local fishers about government programs, policies, and regulations.
  • Promoting participatory management of fisheries resources.
  • Sharing information on weather forecasts, natural calamities, and Potential Fishing Zones (PFZ).
  • Performing other tasks assigned by the central and state governments.

Pradhan Mantri Matsya Sampada Yojana (PMMSY)

2. Govt’s Agri-preneur Scheme Receives Lukewarm Response

• Agri-Clinic and Agri-Business Centre Program (ACABC): Launched under the Krishonnati Yojana, aiming to promote agri-entrepreneurship and modern agriculture.
• Ministry:
  • Ministry of Agriculture & Farmers Welfare.
• Poor Response: In the current fiscal year (FY25), only 35 ventures have been launched, significantly lower than previous years.
  • FY24 and FY23 saw better participation, with 1,788 ventures opened in FY23, including 650 in Maharashtra.
• Scheme Objectives:
  • Designed to provide training, handholding, and credit-linked subsidies for unemployed agricultural graduates and professionals.
  • Targets individuals between 18-60 years.
  • Aims to promote modern agriculture practices and self-employment in rural areas.
• Support for Rural Entrepreneurs: ACABC is part of the April 2022 package to promote agricultural development and employment in rural areas.

3. National Mission on Natural Farming (NMNF)

Context:

The National Mission on Natural Farming (NMNF) initiated its operations on 25 November 2024 for chemical-free farming across the country. It aims at reducing the dependence on chemical inputs along with soil health for the farmers, input cost reduction, climate resilience, and improvement of livelihood for the farmers. The details of the key components under this mission are provided as guidelines below.

Key Highlights:

• Launch date:
  • 25th Nov, 2024
• Ministry:
  • Ministry of Agriculture & Farmers’ Welfare
• Purpose of the mission:
  • To catalyze natural farming (NF) in the entire country and to move farmers from present chemical-based practices toward a more sustainable, chemical-free farm.

Focus Areas:

• Soil health improvement
• Decrease in input costs
• Greater resilience to climate

Features:

1. Common Standards and Certification Procedure:
   • Common standards will be scientifically started for natural farming practices.
   • A simple, farmer-friendly procedure for certification of organic and chemical-free products will be developed.
2. A National Brand in Natural Farming:
   • A single national brand to promote and market naturally grown, chemical-free produce.
3. Separate Body for Policy and Implementation:
   • National Steering Committee (NSC): For making policy decisions.

Also read: Organic Farming

4. Initiatives of the Ministry of Environment, Forest and Climate Change in 2024

• Ek Ped Maa Ke Naam’ Campaign:
  • The Prime Minister inaugurated a campaign for the plantation of 140 crore trees by March 2025, with more than 102 crore trees planted till 2024.
• Eco-mark Scheme:
  • In new dedication made by MoEFCC notified on 26 September 2024, it made eco-friendly products complementing the ‘LiFE’ ethos.
• Climate Action and Net Zero Targets:
  • India net-zero emissions commitment by 2070 and reduced emission intensity from 2005 to 2019 by 33%.
• NCAP:
  • 40% reduction in particulate matter by 2025-26, with an allocation of Rs 11,200 crore sanctioned for pollution control.
• Circular Economy & Extended Producer Responsibility:
  • Circular economy regulations set for different streams of wastes, which of benefit to recycling industry and provide employment.
• India Cooling Action Plan (ICAP):
  • 50% reduction in HCFC consumption prior to the timeline of Montreal Protocol.
• Mangrove Initiative for Shoreline Habitats & Tangible Incomes (MISHTI)
  • Rs. 100 crore allocated by government for degraded mangrove re-plantation.
• Forest Conservation:
  • 67% of all major forest fires controlled in 24 hours of the period 2023-24.
• Biodiversity:
  • Biological Diversity (Amendment) Act 2023 came into force from 1st April 2024, and all national biodiversity targets against which state/UT action plans were submitted.
• NAEB- Nagar Van Yojana (NVY):
  • 600 Nagar Vans, as well as 400 Nagar Vatikas (Urban Forests), in the course of time before 2020 to 2027.

Facts to Remember

1. Former Prime Minister Manmohan Singh passed away

• Former Prime Minister Manmohan Singh, 92, passed away at the All India Institute of Medical Sciences here on Thursday evening.

• Liberalization of the petroleum sector was a substantial part of his term as finance minister.

• PM for two terms from 2004 to 2014.
• Finance Minister under former Prime Minister P.V. Narasimha Rao.

2. Vijyaveer wins rapid fire pistol gold

• Vijayveer Sidhu beat Gurpreet Singh 28-25 in an entertaining climax in rapid fire pistol in the 67th National shooting championship at the Dr. Karni Singh Range, Tughlakabad, on Thursday.

3. 28% OF LS SEATS HAD NO WOMAN CANDIDATE IN 2024

• The Election Commission of India on Thursday released 42 statistical reports for the Lok Sabha (LS) elections 2024. The EC said its “proactive” initiative of releasing granular data “is to enhance the public trust that constitutes the underpinning of India’s electoral system” and furthers the poll body’s “policy of maximum disclosure and greater transparency”.

4. Maha Kumbh Mela 2025

5. 10.58 lakh votes ‘not counted or rejected’ in Lok Sabha election: EC

• Over 10.58 lakh votes were not counted or rejected in the Lok Sabha election held earlier this year, says a detailed statistical report released by the Election Commission on Thursday.

6. 26th edition of Shaastra

• The 26th edition of Shaastra, hosted by the Indian Institute of Technology-Madras, will be held from January 3 to 7.