DAILY CURRENT AFFAIRS

By admin: Aug. 13, 2022

Retail inflation in India eases to 6.71% in July

Tags: Economy/Finance

India's retail inflation eased to 6.71% in July on moderation in food inflation, according to data from the National Statistical Office, but remained well above the 4-6% limit set by the Reserve Bank of India for the seventh consecutive month.

Important facts

• Food inflation in July 2022 moderated to 6.75% as against 7.75% in June, according to the data.

• Retail inflation remained above 7% in the first three months of the current fiscal.

• Retail inflation remained elevated despite a fall in vegetable and edible oil and other commodity prices.

• In such a situation, the RBI may make another hike in the policy rate in the proposed monetary policy review at the end of September.

• According to the data, the main reason for the moderation in retail inflation in July is the reduction in vegetable and edible oil prices. In terms of fuel and power, prices remain high.

• As per the data, inflation in vegetable and oil and fat segments moderated in July to 10.90 per cent and 7.52 per cent, respectively.

• In the month of June, it was 17.37 percent and 9.36 percent respectively.

• Fuel inflation stood at 11.76 per cent in July as against 10.39 per cent earlier.

• India's factory output, as measured by the Index of Industrial Production (IIP), fell to 12.3 per cent in the month of June, compared to 19.6% in May.

• Manufacturing sector output grew 12.5% in June 2022.

• Mining production grew by 7.5% and electricity generation by 16.4% in June this year.

• The index rose 12.7% in April-June 2022, compared to a rise of 44.4% in the same period a year ago.

What is CPI based inflation or retail inflation?

• CPI (Consumer Price Index) monitors retail prices at a certain level for price movement of a particular commodity, goods and services at rural, urban and all India levels.

• The change in the price index over a period of time is known as CPI-based inflation, or retail inflation.

• CPI formula - (Price of basket in current period / Price of basket in base period) x 100

'Har Ghar Tiranga' campaign to mark 75 years of India's Independence to kick off today

Tags: National News

The 'Har Ghar Tiranga' campaign is starting from August 13 to encourage people to bring home and hoist the tricolour to commemorate the 75th year of India's independence.

What is the Har Ghar Tiranga campaign?

• This campaign will run till 15th August.

•  The campaign envisages to inspire Indians everywhere to hoist the national flag at their home.

• Since the announcement of the campaign, more than 20 crore national flags have been made available to the people.

• The idea behind this initiative is to inculcate the feeling of patriotism in the hearts of the people and promote awareness about the tricolour.

• Apart from homes, the flag will also be hoisted in public undertakings, local self-governing bodies, government, educational institutions, commercial establishments and private firms.

About National Flag

• On 22 July 1947, the Constituent Assembly adopted the national flag.

• The flag which was chosen has undergone several changes since it was originally designed by Pingali Venkayya in 1923.

• Venkayya was a freedom fighter.

• He was known as Jhanda Venkayya because he published a book on 30 designs for the Indian flag in 1916.

• His 146th birth anniversary was on 2 August 2022.

Flag Code of Conduct, 2002

• The rules for the use, display and hoisting of the National Flag are laid down in the Flag Code of Conduct, 2002.

• This code of conduct was implemented on 26 January 2002.

• The Flag Code of Conduct, 2002, allows unrestricted display of the tricolour while maintaining the honour and dignity of the flag.

• The Flag Code of India, 2002 is divided into three parts-

• The first part contains a general description of the national flag.

• The second part deals with the display of the national flag by members of the public, private organisations, educational institutions, etc.

• The third part gives information about the hoisting of the national flag by the central and state governments and their organisations and agencies. It mentions that the tricolour cannot be used for commercial purposes.

• Apart from this, the flag should not be used as a festival or for the purposes of any kind of decoration.

• For official display only flags conforming to the specifications prescribed by the Bureau of Indian Standards and bearing its mark may be used.

Hoisting the national flag is a fundamental right

• A bench headed by Chief Justice of India VN Khare in its judgement said that under Article 19(1)(a) of the Constitution of India, citizens have a fundamental right to hoist the national flag in its premises throughout the year.

• However, it was also held by the court that the dignity of the national flag should be maintained in the premises.

Constitutional and Statutory Provisions

• Article 51A(a) – To abide by the Constitution and respect its ideals and institutions, the National Flag and the National Anthem.

• Emblems and Names (Prevention of Improper Use) Act, 1950

• Prevention of Insults to National Honour Act, 1971

Govt to bring model by-laws to govern all Primary Agricultural Cooperative Societies

Tags: Economy/Finance National News

Union Home and Cooperation Minister Amit Shah has said that the government will bring a model bye-law to govern all Primary Agriculture Cooperative Societies (PACS) in the country.

Important facts

• He was addressing a national conference on rural cooperative banks organised by the Ministry of Cooperation and the National Federation of State Cooperative Banks (NAFSCOB) at Vignan Bhavan in New Delhi on 12 August.

• He said that sick and discontinued packs should be revived or taken for liquidation.

• PACS will not be viable just by giving agriculture loans, they should diversify their business.

• He stressed the need to set up more than 2 lakh new PACS across the country to achieve the target of providing agri-finance of Rs 10 lakh crore through cooperatives.

• Presently there are more than 95,000 packs, of which only 63,000 packs are operational.

• The implementation of these model bye-laws will depend on the states as cooperatives are a subject in the State List (Schedule VII).

What are Primary Agricultural Cooperative Societies (PACS)? 

• These are grassroots level cooperative credit institutions that provide short-term and medium-term agricultural loans to farmers for various agricultural and agricultural activities.

• It works at the gram Panchayat and village level.

• The first Primary Agricultural Credit Society (PACS) was set up in 1904.

• PACS are registered under the Co-operative Societies Act and regulated by RBI.

Objectives of PACS

• Raise capital for the purpose of making loans

• Supporting members' essential activities

• Collect deposits from members with the goal of improving their savings habit

• Arrange for the supply and development of improved breeds of livestock to the members

• Supply agricultural inputs and services to members at reasonable prices

Social Justice Ministry launches SMILE-75 initiative

Tags: Government Schemes

The Ministry of Social Justice and Empowerment launched the 'SMILE-75' initiative for comprehensive rehabilitation of persons engaged in begging in 75 municipalities on the occasion of 75th year of independence on 12th August. 

About SMILE -75 Scheme

• Full name of SMILE - Support for Marginalized Individuals for Livelihood and Enterprise

• The scheme is a sub-scheme under the 'Central Sector Scheme for Comprehensive Rehabilitation of Persons engaged in begging'.

• This scheme also focuses on rehabilitation, provision of medical facilities and intervention, counselling, education, skill development, economic linkages to transgender persons.

• Under this, many comprehensive welfare measures have been included for the persons engaged in begging.

• A total budget of Rs 100 crore has been allocated for the SMILE scheme for the period 2025-26 by the Ministry of Social Justice and Empowerment.

• Under the scheme, a target has been set to develop a support system for the holistic rehabilitation of the people engaged in begging.

Implementation of the Scheme

• The scheme will be implemented by the Ministry of Social Justice and Empowerment.

• It will be implemented with the support of State/UT Governments/Local Urban Bodies, Voluntary Organizations, Community Based Organizations, institutions and others.

Status of begging in India

• According to the 2011 census, the total number of beggars in India is 4,13,670 (including 2,21,673 males and 1,91,997 females).

• West Bengal has the highest number of beggars, followed by Uttar Pradesh and Bihar at number two and third place respectively.

• According to the 2011 census, there are only two beggars in Lakshadweep.

• The Union Territory of New Delhi has the highest number of beggars, followed by Chandigarh.

• Among the northeastern states, Assam tops the number of beggars, while Mizoram is at the bottom.

Union Minister Dr Jitendra Singh unveils India’s first Saline Water Lantern

Tags: Science and Technology National News

Union Minister of State (Independent Charge) Science & Technology, Dr Jitendra Singh on 13 August launched India’s first Saline Water Lantern.

About Saline Water Lantern  

• It uses the sea water as the electrolyte between specially designed electrodes to power the LED lamps.

• It is the first-of-its kind lantern named “Roshni”. 

• The Roshni Lamp has been invented by the National Institute of Ocean Technology (NIOT), Chennai.

• This technique can also be used in areas where sea water is not available, as any saltwater or normal water mixed with common salt can be used to power lanterns.

Significance 

• It will bring "ease of living" to the poor and needy, especially the fishing community living along India's 7500 km long coastline.

• It will also give a boost to and complement Prime Minister Narendra Modi's UJALA scheme launched in 2015 for the distribution of LED bulbs across the country.

• It is not only cost-effective, but very easy to operate. 

India adds 11 more wetlands to the list of Ramsar sites, a total of 75

Tags: National News

India on August 13 added 11 more wetlands to the list of Ramsar sites in the 75th year of independence making it a total of 75 Ramsar sites covering an area of 13,26,677 hectares in the country.

Important facts

• The 11 new sites are - Four in Tamil Nadu, Three in Odisha, Two in Jammu & Kashmir and One each in Madhya Pradesh and Maharashtra.

• A total of 28 sites have been declared as Ramsar sites during the year 2022.

• Tamil Nadu has the highest number of Ramsar sites (14), followed by Uttar Pradesh (10).

11 wetlands designated as Ramsar sites

Year wise designation of 75 Ramsar sites 

Summary of 11 new Ramsar sites  

1. Tampara Lake = It is among the most prominent freshwater lakes in the State of Odisha situated in Ganjam district. There are at least 60 species of birds, 46 species of fish, at least 48 species of phytoplankton and more than seven species of terrestrial plants and macrophytes.

2. Hirakud Reservoir - It is the largest earthen dam in Odisha started operating in 1957. Of the 54 fish species found in the reservoir, one is classified as endangered, six near threatened and 21 fish species of economic importance. At present, about 480 metric tonnes of fish are caught annually from fisheries and it is the mainstay of livelihood for 7,000 fisher families.

3. Ansupa Lake - It is the largest freshwater lake of Odisha situated in Cuttack district and has its fame from time immemorial for its scenic beauty, biodiversity, and natural resources. It is home to at least 194 species of birds, 61 species of fishes and 26 species of mammals in addition to 244 species of macrophytes.

4. Yashwant Sagar - It is one of the two Important Bird Areas (IBA) in the Indore region as well as one of the most important birding sites in Malwa region of Madhya Pradesh. It is mainly used for water supply in Indore city and is also being used for fish farming on a commercial scale.

5. Chitrangudi Bird Sanctuary - It is located in Ramanathapuram district in Tamil Nadu. The wetland has been a protected area since 1989 and declared as Bird Sanctuary.

6. Suchindram Theroor Wetland Complex - It is part of the Suchindrum-Theroor Manakudi Conservation Reserve. It is declared an Important Bird Area and lies at the southern tip of the Central Asian flyway of migratory birds. 

7. Vaduvur Bird Sanctuary - It is a large human-made irrigation tank and shelter for migratory birds as it provides a suitable environment for food, shelter, and breeding ground.

8. Kanjirankulam Bird Sanctuary - It is a Protected area near Mudukulathur Ramanathapuram District, Tamil Nadu, declared in 1989. It is notable as a nest for several migratory heron species that settle in the acacia groves there.

9. Thane Creek - It is located in Maharashtra. There are several sources of fresh water to the creek, of which Ulhas River is the largest, followed by many drainage channels from various suburban areas of Mumbai, Navi Mumbai & Thane. It has been declared as Thane Creek Flamingo Sanctuary. 

10. Hygam Wetland Conservation Reserve - It falls within the River Jhelum basin and plays a significant role as a flood absorption basin, biodiversity conservation site, eco-tourism site, and livelihood security for the local communities. It is located in the Baramulla district. 

11. Shallbugh Wetland Conservation Reserve -  It is located in the District Srinagar, UT of J&K. Large areas of the wetland dry up between September and March. The area has extensive reedbeds of Phragmites communis and Typha angustata, and rich growth of Nymphaea candida and N stellata on open water.

NMDC and FICCI to organise Conference on Indian Minerals & Metal Industry

Tags: National News

National Mineral Development Corporation Ltd. (NMDC) and FICCI will be organizing a conference on the Indian minerals and metals industry on 23rd and 24th August at  New Delhi.

Important facts

• The two-day event is being organized to commemorate the 75 glorious years of India's independence and the ongoing "Azadi Ka Amrit Mahotsav" in association with the Union Ministry of Steel and Mines.

• Speakers from industry, policy and academia will participate in the conference.

• Global and domestic producers, mineral associations, policy makers, mine equipment manufacturers, global corporates, central and state government officials, among others, will be present and address the conference.

• The event will also witness a panel discussion on the future of minerals and metals around the world.

Theme of the conference - ‘Transition Towards 2030 & Vision 2047’

Objective of the conference

• The objective of the event is to deliberate on the roadmap for the minerals and metals sector to achieve 'Vision 2047'.

About Minerals

• A mineral is a natural substance of organic or inorganic origin with definite chemical and physical properties.

• Minerals are of two types - Metallic minerals and Nonmetallic minerals

• Examples of metallic minerals are iron ore, copper, gold, etc.

• Non-metallic minerals are basically inorganic such as mica, limestone and graphite, etc.

• Metallic minerals are sub-divided as ferrous and non-ferrous metallic.

National Mineral Development Corporation Ltd. (NMDC)

• It was established in 1958 as a wholly owned public enterprise of the Government of India.

• It is under the administrative control of the Ministry of Steel, Government of India.

• It is India’s largest Iron Ore producer.

• The company was classified as a "Navratna" Public Sector Enterprise in 2008 by the Department of Public Enterprises.

7.3 percent of the population in India has cryptocurrencies: UNCTAD report

Tags: Economy/Finance

According to the report of UNCTAD, a UN trade and development body, 7.3 percent of the Indian population held cryptocurrencies in 2021.

Highlight of the report

• According to the report Global use of cryptocurrencies has increased exponentially during the COVID-19 pandemic, including in developing countries.

• 15 of the top-20 economies in terms of the share of the population holding cryptocurrencies include developing economies.

• Ukraine is on the top in the list with 12.7 per cent, followed by Russia (11.9 percent), Venezuela (10.3 percent), Singapore (9.4 per cent), Kenya (8.5 per cent) and the US (8.3 percent).

• India ranks seventh in the list, while Pakistan is at 15th with 4.1 per cent.

• The report said that digital currency is being used to fight inflation.

What is Digital currency?

• It refers to any mode of payment that is done purely electronically.

• This is accounted for and transferred using an online system.

• A well-known form of digital money is the cryptocurrency bitcoin.

What is cryptocurrency?

• A cryptocurrency is a virtual currency used for financial transactions. 

• It uses blockchain technology for various transactions. 

• Earlier, the RBI has issued a circular prohibiting use of these virtual currencies.

• Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems.

• Bitcoin is the first decentralized cryptocurrency.

Taxpayers will no longer be part of Atal Pension Yojana

Tags: Economy/Finance Government Schemes

According to a gazette notification issued by the Ministry of Finance Any citizen who is or has been an income-tax payer, shall not be eligible to join Atal Pension Yojana (APY). The rule will come into effect on October 1, 2022.

Important facts

• As per notification those who are already participating in the scheme will cease to be a part of it from October 1. However, they will receive the money deposited in their respective accounts.

•  If a subscriber, who has joined on or after October 1, 2022, is later found to be an income tax payer on or before the date of application, the APY account will be closed and the pension amount accumulated till now will be given to the subscriber

• Income tax payer is a person who is liable to pay income tax as per the Income Tax Act, 1961 as amended from time to time.

About Atal Pension Yojana (APY)

• Launched -  2015 

Purpose

• To provide social security to the people working in the unorganized sector as the people working in such sectors mainly belong to the low income group.

Eligibility

• Any Indian citizen in the age group of 18-40 years having a savings bank account / post office savings bank account.

• The minimum period of contribution by the subscriber under APY shall be 20 years or more.

• It is administered by Pension Fund Regulatory and Development Authority (PFRDA).

Pension under the APY

• Under the scheme a subscriber receives a minimum guaranteed pension of Rs 1000 to Rs 5000 per month from the age of 60 years, depending upon his contribution. 

• In the event of the death of the pensioner, the amount of pension will be given to his/her spouse.

• In case of death of both the subscriber spouse, the pension amount deposited till the age of 60 years of the subscriber will be returned to the nominee.