Current Affairs 3 December, 2024

Daily Current Affairs

3 December, 2024

National Affairs

1. India plans PLI 2.0 to establish self-sustaining drone ecosystem

India to Launch PLI 2.0 Scheme for Development of Drone Ecosystem

• The Centre is contemplating a PLI 2.0 scheme to build an autonomous drone ecosystem in the country.
• The scheme would encourage local manufacturing of drones and their parts as well as services such as leasing and selling software for operating drones.
• It will also help reduce import dependency and enhance indigenous drone manufacturing.

2. Agni & Vaayu to be set free in wild tomorrow

Cheetah Release in Kuno National Park

• International Cheetah Day: Two cheetahs Agni and Vaayu released in Kuno National Park.
• More cheetahs will be released from the enclosures in a stepwise manner.
• It is a landmark for the wild cheetah reintroduction program, which is an integral part of reviving the wild cheetah population.
• 24 cheetahs, half of whom are cubs, have been in enclosures for more than a year, because of deaths, adaptation problems, and unexplained reasons.

Kuno National Park

• National park and Wildlife Sanctuary in Madhya Pradesh, India.
• Named after Kuno River.
• Established as a wildlife sanctuary in 1981.

1. Which of the following Protected Areas are located in Cauvery basin?

1. Nagarhole National Park
2. Papikonda National Park
3. Sathyamangalam Tiger Reserve
4. Wayanad Wildlife Sanctuary

Select the correct answer using the code given below: [UPSC Civil Services Exam – 2020 Prelims]

a) 1 and 2 only
b) 3 and 4 only

c) 1, 3 and 4 only
d) 1, 2, 3 and 4

3. India’s Mega Defence Deals with France

• India is all set to sign two more mega defence deals with France for 26 Rafale-Marine fighter jets and three additional Scorpene submarines worth around Rs 1 lakh crore.
• The deals are in the final stages and likely to be signed next month or earlier.
• Induction of the second nuclear-powered ballistic missile submarine, SSBN INS Arighaat has further consolidated the underwater leg of “nuclear triad.”
• The first of two 9,800-tonne nuclear powered attack submarines, SSNs will become ready for induction by 2036-37.
• Total ships and vessels under construction in Indian shipyards currently stand at 63 while two are guided-missile frigates constructed in Russia.

4. 23L ha of forest gone? NGT seeks report

• The NGT directs FSI to file a comprehensive report on loss of forest cover since the year 2000.
• NGT cites a media report that claims a 6% decrease in tree cover
• The report was attributed to Global Forest Watch, which tracks changes in forests
• Five northeastern states accounted for 60% of the overall reduction in tree cover from 2001 to 2023.
  • It also reported that 4.1% of the humid primary forest decreased between 2002 and 2023.
  • NGT claims the report to be a carbon sink and source and relies upon data from the UN’s Food and
• Agriculture Organization stating that between 2015 and 2020, the deforestation rate of India was 3,668,000 ha annually.
• The tribunal directed FSI to furnish reports regarding the status of forest cover in the country since the year 2000.

5. ‘Pragati’ fast-tracked 340 projects: Oxford study

“Pragati’ Platform Speeds Up India’s Infrastructure Projects”

• A research by Oxford University finds ‘Pragati’ platform, initiated by PM Narendra Modi in 2015, has speeded up over 340 projects of more than Rs 17.3 lakh crore as of June 2023.
• The platform headed by PM Modi has looked into 355 projects amounting to more than Rs 18 lakh crore.
• The forum has discussed eight mega infrastructure projects.

Banking/Finance

1. GST rate overhaul: GoM to propose revisions for 150 items, report on Dec 21

GST Rate Rationalisation by GoM

• The Group of Ministers (GoM) is expected to recommend a rejig on 150 goods and services, including textiles, to the GST Council.
• The GoM is also likely to suggest a new slab of 35% for tobacco and tobacco-related products, against the current rate of 28%.
• The GoM agreed on several GST rate changes to simplify the GST framework and enhance revenue collection.
• The report is expected to be placed before the 55th GST Council on December 21.
• The GoM has suggested lowering rates for textiles, bicycles, exercise books, and luxury items.
• The GST rate structure for textiles applies a 5% tax on items priced up to ₹1,000 and a 12% tax on those priced above ₹1,000.
• The GoM has also proposed raising GST rates on luxury items, including high-end wristwatches and shoes.

2. Windfall tax on domestic oil, fuel exports scrapped

India Ends Windfall Tax on Crude Oil and Fuel Exports

• The Indian government has repealed the windfall tax on domestic crude oil production and exports of diesel, petrol, and aviation turbine fuel.
  The tax was imposed as a result of falling global crude oil prices, along with reduced profits of domestic oil producers.
• The tax has been referred to as special additional excise duty (SAED) and applies on the domestically produced crude oil effective July 1, 2022.
  Brent crude futures rose to $72.6 per barrel on Monday.

3. Razorpay partners MHA, I4C for digital payments security

Supports the Indian Cybersecurity and Digital Payment Ecosystem

Razorpay works in collaboration with the Ministry of Home Affairs and Indian Cyber Crime Coordination Centre to enhance cybersecurity and digital payment ecosystem.

• The joint effort aims to educate businesses and customers on cybersecurity and promote awareness throughout India.
• India contributes 46% of the world’s digital payment volume.
• Razorpay is responsible for implementing security frameworks, strict access controls, and 24/7 monitoring to safeguard the digital payments ecosystem.
• The collaboration is aimed at building a stronger and more secure industry foundation.

4. RBI lifts curbs on Navi Finserv

RBI Lifts Restrictions on Sachin Bansalled Navi Finserv

• RBI lifted restrictions on Sachin Bansalled Navi Finserv with immediate effect.
• The move follows a month-long ban on the nonbanking finance company from sanctioning loans or charging high interest rates.
• RBI had several rounds of interaction with Navi Finserv for rectification of deficiencies.
• The company has worked to address identified deficiencies and revamp its processes and systems.
• Navi Finserv is looking towards delivering transparent, complaint financial solutions to the customer first.
• Sachin Bansal, CEO has thanks RBI for guidance and support.

5. PSBs at only 42% of FY25 MUDRA disbursement target by Oct end

Public Sector Banks’ MUDRA Loans Performance

• The Public Sector Banks (PSBs) and their Regional Rural Banks (RRBs) have achieved till date only 42% of the target for the disbursement of MUDRA loan in FY25.
• It was possible for the Bank of Baroda to pay out only 16% of annual MUDRA target within the first seven months of FY25.
• The largest PSB, State Bank of India has achieved 44% of its annual target.
• Canara Bank has touched 52% of its annual target.
• Union Bank of India has touched 57% of FY25.
• As of October 25, MUDRA loans of ₹ 28,511 crore amounting to 12.4% of the annual target for PSBs are still under process.
• The government increased the limit of MUDRA loans under Pradhan Mantri Mudra Yojana (PMMY) to ₹ 20 lakh from ₹ 10 lakh.

6. Changes in GST rates may generate additional revenue

GST Council Proposal for Textile Tax Structure

• GoM proposes a new tax slab structure for textiles, retaining 5% GST for items up to ₹ 1,500.
• Proposes to increase tax to 18% for products between ₹ 1,500 and ₹ 10,000.
• For textiles priced above ₹ 10,000, the tax goes up to 28%.
• Present GST structure levies 5% tax on items up to ₹ 1,000 and 12% on those above.
• GST rate on bicycles having a value of less than ₹ 10,000 to be reduced to 5% from 12%.
• GST on exercise books and packaged drinking water above 20 liters to be reduced from 12% to 5%.
• GST operates on a four-tier basis, exempting essentials from the tax, and heavily taxing luxury and demerit goods.

7. Govt detects ₹ 824 cr GST evasion by crypto firms

GST Evasion by Crypto Exchanges in India

• Govt detects GST evasion of ₹ 824.14 crore from Binance, WazirX, CoinDCX and others.
• GST evasion of ₹ 722.43 crore in the name of Nest Services Ltd, a group company of Binance.
• WazirX, run by M/s Zanmai Labs Pvt. Ltd, avoided GST of ₹ 40.51 crore; in this regard, the Government has so far recovered ₹ 49.18 crore with interest and penalty.
• CoinDCX and CoinSwitch Kuber have avoided ₹ 16.84 crore and ₹ 14.13 crore respectively; from CoinDCX, the Government has recovered ₹ 20.86 crore, and from CoinSwitch Kuber, ₹ 19.38 crore.
• 47 Virtual Digital Asset Service Providers had been registered as reporting entities with the Financial Intelligence UnitIndia under the Prevention of Money Laundering Act, 2002.
• Cryptocurrencies are defined as “Virtual Digital Assets” in Section 2(47A) of the Income Tax Act, and it covers nearly all crypto assets except those like gift cards or vouchers.

Agri Business

1. Mumbai to host global expo of nuts and dried fruits in Feb 2025  

Nuts and Dry Fruits Council of India to Host Second Edition of MEWA, India

• The Second Edition of the leading B2B exhibition for nuts and dried fruits in India, MEWA, will be organized from 12 to 14 February 2025.
• Participants from over 30 countries, with over 300 participants from various countries, are expected at the event.
• The trade fair will express the potential of the Indian nut and dry fruit market and bring the world together with international exhibitors and leaders in the industry.
• The event will address international collaboration and the growing demand for dry foods in India.

2. India to set up agency to regulate carbon trade in COP29 follow-up

Indian Government to Set Up Carbon Trading Agency

• The Union government will set up an agency on the lines of National Agriculture Cooperative Marketing Federation of India, or Nafed, to regulate carbon trading.
• It will also be responsible for green initiatives like green bonds.
• This follows the decision by the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change (UNFCCC) to have rules established for a global carbon market.
• The Energy Conservation (Amendment) Bill, 2022, passed by Parliament on 12 December 2022, is an enabling bill for a carbon market in India.
• The agency will govern the carbonizing market and is going to be responsible for green industrial development.
• The government is trying to find the possibility of bringing money in the name of green through an institution.
• Now, the working committee on green finance governs the issue of sovereign green bonds.
• The Energy Conservation Act, 2022 enables the Indian government to establish a domestic carbon market and allows designated agencies to issue carbon credit certificates.

National Agriculture Cooperative Marketing Federation of India

• It was stablished on 2 October 1958 to facilitate trade of agricultural produce and forest resources.
• Headquarters in New Delhi with regional offices in Delhi, Mumbai, Chennai, and Kolkata.
• the act was registered under the Multi State Co-operative Societies Act.
• Nodal agency for price stabilization measures under “Operation Greens” that aims to double farmers’ income by 2022.
• Engaged in procurement of oilseeds, pulses, and copra under the Price Support Scheme (PSS).

3. MGNREGA work demand up 4% as farm sowing ends

MGNREGA Scheme Demand Rises
Demand for work under MGNREGA scheme rose by nearly 4% in November.
Experts associate increase with workers reemerging at worksites following sowing operations.

• Highest work demand since July, with 18.36 million households seeking work.
• Demand at work remains much higher compared to the pre-Covid years.
• ₹ 75,000 crore released so far, FY25 Budget Estimate around ₹ 86,000 crore.