1. Indian economy to grow at robust rate of 6.6% in FY24: World Bank
Tags: Economy/Finance National News
The World Bank projected the Indian economy to grow at a robust 6.6 per cent in 2023-24 (FY24), slowing down from an estimated 6.9 per cent in 2022-23 (FY23).
An overview of the News
According to the World Bank's latest “Global Economic Prospects” India's economic growth will slow to 6.6% in the next fiscal year from an expected 6.9% in the current year.
It said that the slowdown in the global economy and rising uncertainty will have an impact on export and investment growth.
After March 2024, India's potential growth rate is likely to return to above 6%.
According to the World Bank, India will be the fastest growing economy among the seven largest emerging markets and developing economies.
For the South Asian region, growth is expected to slow down to 3.6% and 4.6% in 2023 and 2024, respectively, due to weaker growth in Pakistan.
Global position
The World Bank has predicted a sharp, long-lasting recession globally, with global growth slowing to 1.7% in 2023 from 3% six months earlier.
Europe, which has long been a major exporter to China, will likely suffer from a weaker Chinese economy.
2. India to send three person to 6,000 metre below sea level under Samudrayaan Mission
Tags: Science and Technology National News
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India will send three men six thousand metres below sea level to search for mineral resources under the Samudrayaan mission.
An overview of the news
Earth Sciences Minister Dr Jitendra Singh said, a vehicle named MATSYA 6000 will carry three people and this mission is expected to be realized in the next three years.
The vehicle is being designed and developed by the National Institute of Ocean Technology, Chennai.
It can bear 12 hours under normal operation and 96 hours under emergency for human safety.
PM Narendra Modi mentioned the Deep Ocean Mission in his Independence Day address for two consecutive years in 2021 and 2022.
About Samudrayaan Mission
It is a part of the Deep Ocean Mission.
It was announced by the National Institute of Ocean Technology (NIOT) with ISRO's Gaganyaan mission.
It aims to develop a self-propelled manned submersible to carry 3 humans to a depth of 6000 meters in the ocean with scientific sensors and equipment for deep sea exploration.
Under this mission, a manned submersible vehicle named MATSYA 6000 will be sent for deep underwater studies.
What is the Deep Ocean Mission?
It was approved by the Ministry of Earth Sciences in June 2021.
It aims to explore deep sea marine resources, develop deep sea technology for sustainable utilization of ocean resources and support the blue economy initiatives of the Government of India.
The cost of the mission is about Rs 4,077 crore over a period of five years and will be implemented in phases.
3. ICG ship ‘Kamla Devi’, last vessel of FPV series, commissioned
Tags: Defence National News
Fast Patrol Vessel (FPV) ICG ship 'Kamala Devi' was commissioned on 12 January in Kolkata, the capital of West Bengal.
An overview of the news
This Fast Patrol Vessel (FPV) designed, built and delivered by Garden Reach Shipbuilders and Engineers (GRSE) Ltd to the Indian Coast Guard.
A passenger-cum-cargo ocean going ferry 'MV Ma Lisha' built by the shipyard for the Republic of Guyana was also flagged off.
This is the first such ship built by a Defense Public Sector Shipyard for export to a Latin American country.
About ICG Kamla Devi
ICG Kamla Devi is 48.9 meters long and 7.5 meters wide with a displacement of 308 tonnes.
It is capable of a top speed of 34 knots and an endurance of over 1,500 nautical miles, with three engines and water jets.
She also has an integrated bridge system and is fitted with a 40/60 gun as the main armament.
The ship has advanced livable facilities with fully air-conditioned accommodation for 35 personnel.
ICGS Kamla Devi will patrol the seas and undertake anti-smuggling, anti-poaching and search and rescue operations when required.
About MV Ma Lisha
It has been designed and built by GRSE and will be housed at Chennai, a semi-submersible vessel MV Sun Rise for the long voyage to Guyana.
The ship was launched on June 15, 2022 and within six months, GRSE secured the 'technical acceptance' of the ship on December 16.
The 70 metre long vessel with a displacement of 1,700 tonnes is propelled by two diesel engines and can attain a maximum speed of 15 knots.
The ship can accommodate 294 passengers including 14 crew members along with 14 cars, two trucks and 14 containers and cargo.
4. Centre approved ₹2,600 crore as incentive for banks to promote digital payments
Tags: Economy/Finance National News
The Union Cabinet on 11 January approved a ₹2,600 crore scheme for promoting RuPay debit cards and low-value BHIM-UPI transactions.
An overview of the news
Under the scheme, banks will be given financial incentives in the current financial year 2022-23 to promote 'Point of Sale' (PoS) i.e. payment machines and e-commerce transactions using RuPay and UPI.
The Cabinet has approved this incentive scheme to promote small amount transactions between individuals and merchants through RuPay Debit Cards and BHIM-UPI.
This will further strengthen India's progress in digital payments. Finance Minister Nirmala Sitharaman had said in the last budget, will continue to provide financial help to increase digital payments.
India has remained a cash-dependent economy since independence. India's Cash to GDP ratio is 13% while the global average is at most 8%.
Significance of the Incentive Scheme
The government had approved an incentive scheme in pursuance of the budget announcement for FY 2022 to promote digital transactions.
As a result, total digital payment transactions registered a year-on-year growth of 59 percent.
This increased from ₹5,554 crore in FY21 to ₹8,840 crore in FY22.
BHIM-UPI transactions registered a year-on-year growth of 106 per cent, from Rs 2,233 crore in FY21 to Rs 4,597 crore in FY22.
This incentive scheme will promote as a digital payment solution and enable further deepening of digital payments in the country.
5. Grand cultural program 'Sur Sarita-Symphony of Ganga' organised in Varanasi
Tags: National News
On the eve of the launch of the world's longest river cruise 'MV Ganga Vilas Cruise' on January 12, a grand cultural program 'Sur Sarita-Symphony of Ganga' was organised in Varanasi.
An overview of the news
Renowned singer Shankar Mahadevan led the grand concert being organised at the Kashi Vishwanath Corridor.
The nearly one-hour show ended with Shankar Mahadevan's rendition of 'Kartavya Ganga'.
During the concert, tourists and other dignitaries travelling on Ganga Vilas Cruise enjoyed the Sur Taranginis.
A grand cultural program 'Sur Sarita - Symphony of Ganga' was organized by the Ministry of Culture.
The world's longest river cruise MV Ganga Vilas will be flagged off by Prime Minister Narendra Modi on January 13, in Varanasi.
This luxury cruise over the coming 51 days will not only bring India's cruise tourism potential to the world but also showcase India's natural beauty, cultural heritage and spiritual splendour.
Ganga Vilas Cruise will cross Uttar Pradesh, Bihar, Bangladesh and Assam in a journey of 51 days.
6. Indian High Commission signs MoU to establish Hindi Chair at Sabaragamuwa University of Sri Lanka
Tags: International News
After World Hindi Day, the Indian High Commission signed an MoU to establish a Hindi Chair at Sabaragamuwa University in Sri Lanka.
An overview of the news
High Commissioner Gopal Bagale and Vice-Chancellor of Sabaragamuwa University Prof. Uday Ratnayake signed an MoU for establishment of Hindi Chair for cultural engagement through Indian Council for Cultural Relations.
The Hindi Chair will help to acquaint the students with India, its history and culture.
This will pave the way for popularising Hindi by appointing Indian faculties.
The Indian High Commissioner emphasised on sustainable use of resources by adopting innovative strategies in the event.
The Indian Mission will award a gold medal to the best-performing student of the Hindi Chair.
Sabaragamuwa University of Sri Lanka
It is a public university in Belihuloya, Balangoda, Sri Lanka.
It was established on 20 November 1991 and consists of nine faculties.
7. US to support restoration of Hyderabad's Paigah tombs
Tags: International News
Financial assistance of $250,000 (through the US Ambassador's Fund for Cultural Preservation) will be provided by the US for the conservation and restoration of 6 Paigah tombs built in the 18th-19th centuries in Hyderabad.
An overview of the news
The project will be implemented by the Aga Khan Trust for Culture.
Paigah Tombs Complex is a protected complex of the Department of Archaeology, Government of Telangana.
The Paigah Tomb (or Tomb Shams al-Umra) is a mausoleum belonging to the nobility of the Paigah family, who served the Nizam of Hyderabad (Asaf Jahi dynasty).
The construction of this mausoleum was started by Nawab Tegjung Bahadur in 1787 and later his son Amir-e-Kabir I helped in its construction.
It is also known for its architectural design. It is believed that the architectural style of the mausoleum is unique in the whole world.
The mausoleum is decorated with lime marble and shows a mixture of Greek, Persian, Mughal, Rajasthani, Asif Jahi and Deccani architecture.
The Paigahs were among the most influential and powerful families of Hyderabad in the 18th century. They were wealthier than most rulers, as well as responsible for the security and defence of the region.
The Paigahs claim to be descended from Hazrat Umar bin al-Khattab, the second Caliph of Islam.
8. Centre named new Integrated Food Security Scheme as Pradhan Mantri Garib Kalyan Ann Yojana
Tags: Government Schemes National News
The new integrated food security scheme has been named as PM Garib Kalyan Anna Yojana ((PMGKAY) to provide free food grains to Antyodaya Anna Yojana (AAY) and Primary Household (PHH) beneficiaries.
An overview of the news
Keeping in view the welfare of the beneficiaries and to maintain uniformity across states, all PHH and AAY beneficiaries will be provided free food grains under PMGKAY for 2023.
This integrated scheme will strengthen the provisions of NFSA, 2013 in terms of access, affordability and availability of food grains to the poor.
The implementation of this new scheme has started from January 1, 2023, which is benefiting more than 80 crore poor people.
The central government will spend over Rs 2 lakh crore in 2023 as food subsidy under NFSA and other welfare schemes to ease the financial burden of the poor.
PM Garib Kalyan Anna Yojana ((PMGKAY)
It is a part of Pradhan Mantri Garib Kalyan Package (PMGKP) to help the poor fight the battle against Covid-19.
Its nodal Ministry is the Ministry of Finance.
Under this scheme, the government provides additional free of cost 5 kg per person per month food-grains (rice/wheat) to around 80 crore beneficiaries of National Food Security Act (NFSA) including the Direct Benefit Transfer (DBT) beneficiaries.
The PMGKAY has now been linked with One Nation One Ration Card (ONORC) plan where migrant workers can get the benefit of the scheme through any ration shops in India.
9. 13th India-US Trade Policy Forum
Tags: Economy/Finance International News
Piyush Goyal was on an official visit to New York and Washington DC from January 9-11 to participate in the India-US Trade Policy Forum.
An overview of the news
The 13th Trade Policy Forum (TPF) meeting was hosted by US Trade Representative Catherine Tai in Washington on 11 January.
Commerce and Industry Minister Piyush Goyal at the forum urged the US to expedite the issuance of business visas so that people can make short trips to pursue their trade and business interests.
After participating in the forum, he said that the issuance of business visas in India is taking a long time and needs to be expedited so that investments are not affected.
His visit included delegation-level talks and a meeting with US Trade Representative Ambassador Catherine Tai.
There is an increasing movement of professionals, students, skilled workers, investors and business travellers between the two countries.
According to the commerce ministry, in 2021-22, the bilateral trade between the US and India stood at USD 119.42 billion as against USD 80.51 billion in 2020-21.
About the India-US Trade Policy Forum
It is a platform for continued engagement between the two countries in the field of trade and to further enhance bilateral trade and investment ties.
The 12th TPF Ministerial Conference was held in New Delhi on 23 November 2021 after a gap of four years.
10. Punjabi will be taught in Australian schools
Tags: International News
Punjabi is all set to be the newest language to be taught in public schools of Western Australia. The Australian government has decided to include Punjabi language in schools.
An overview of the news
The number of Punjabi speakers in Australia is continuously increasing. Punjabi language has become the fastest growing language in this country.
According to the 2021 census, Punjabi is the fastest growing language in Australia, with more than 239,000 people using the language at home.
In comparison to the year 2016, there has been an increase of 80 percent in the number of Punjabi speakers in Australia in the year 2021.
This year the syllabus from pre-primary to 12th will be prepared. After including Tamil, Hindi and Korean languages in the curriculum in 2021, it has been decided to teach Punjabi in schools.
With over 190 languages spoken in Australia, linguistic diversity is a great strength that provides social, cultural and economic benefits.
About Australia
Head of State: British Monarch, King Charles III
Prime Minister: Anthony Albanese
Currency: Australian Dollar
Capital: Canberra
