1. India’s External debt grew by 8.2% year on year ending March 2022
Tags: National Economy/Finance
Releasing the 28th edition of the Status Report on India’s External Debt 2021-22 the Department of Economic Affairs (DEA), Ministry of Finance, said that India’s external debt is being managed prudently and is sustainable. There is no fear of any Sri Lanka type situation.
According to the report, from a cross-country perspective, India’s external debt is modest, occupying 23th position globally.
Total External Debt of the country
The total external debt of the country at the end of March 2022 was USD 620.7 billion as compared to USD 573.7 billion in the same time period.
It grew by 8.2% as compared to the same time period last year.
Long and short term debt share in total external debt
The long-term debt was estimated at USD 499.1 billion. Long term debt means loans which have a duration of one years or more.
The share of the long term debt in the total external debt was 80.4 per cent. Higher the ratio of the long term debt in the total debt is a good sign for a country.
The short-term debt was at USD 121.7 billion. The share of the short term debt in the total external debt was 19.6 percent of the total debt. The short-term trade credit was predominantly in the form of trade credit (96 per cent) financing imports.
Short term debt means it has a maturity period of less than one year.
Favourable debt indicators
External Debt as a ratio to GDP fell to 19.9 per cent as at end-March 2022 from 21.2 percent a year ago.
Foreign currency reserves as a ratio to external debt stood slightly lower at 97.8 per cent as at end-March 2022 than 100.6 per cent a year ago. It means that India has enough foreign exchange to pay off its entire debt.
The share of the sovereign borrowing (money borrowed by the Government of India) was USD 130.7 billion. It increased by 17.1 percent over the same period last year mainly due to additional allocation of Special Drawing Rights (SDR) by the International Monetary Fund (IMF) during 2021-22.
The non-sovereign debt (borrowed by companies), on the other hand, grew 6.1 per cent to USD 490.0 billion over the level as of end-March 2021.
Commercial borrowings, NRI deposits and short-term trade credit are the three biggest constituents of the non-sovereign debt, accounting for as much as 95.2 per cent.
While NRI deposits declined by 2 per cent to USD 139.0 billion, commercial borrowings at USD 209.71 billion and short-term trade credit at USD 117.4 billion rose by 5.7 per cent and 20.5 per cent, respectively,
While 53.2 percent of the total external debt is denominated in US dollar, Indian rupee denominated debt, estimated at 31.2 per cent, was the second largest.
The debt service ratio fell to 5.2 per cent during 2021-22 from 8.2 per cent during 2020-21 due to buoyancy in current receipts and a decline in debt service payments.
2. Mary Elizabeth Truss to be the new Prime Minister of United Kingdom
Tags: Person in news International News
Mary Elizabeth Truss or Liz Truss has been chosen as the next Prime Minister of the United Kingdom (UK) by her Conservative party on 5 September 2022. She is the third women Prime minister of the UK after Margaret Thatcher and Theresa May. She will be the 56th Prime Minister of the United Kingdom.
The ruling conservative party also known as Tories voted to elect their leader after the current Prime Minister Boris Johnson announced his resignation in July after months of scandal.
Liz Truss who was serving as the Secretary of State for Foreign, Commonwealth and Development Affairs since 2021 defeated Rishi Sunak by getting 57% of the valid votes cast. She got 81,326 votes while Sunak got 60,399.
Rishi Sunak, former finance minister in the Boris Johnson government, is a person of Indian origin and married to the daughter of Infosys founder N. R. Narayana Murthy.
Boris Johnson will travel to Scotland to meet Queen Elizabeth on 6 September to officially tender his resignation. Truss will follow him and be asked to form a government by the monarch Queen Elizabeth II.
Truss will become the Conservatives' fourth prime minister since a 2015 election.
Truss takes over as the country faces a cost of living crisis, industrial unrest, a recession and war in Europe, where Britain has been a leading backer of Ukraine.
3. Centre Grants ‘in-Principle’ Approval of three Bulk Drug Parks to Himachal Pradesh, Gujarat and Andhra Pradesh
Tags: National National News
The Pharmaceutical Department under Ministry of Chemical & Fertilizershas given 'in-principle' approval to the proposals of three states- Himachal Pradesh, Gujarat and Andhra Pradesh under the scheme of "Promotion of Bulk Drug Parks".
Objective of Bulk Drug Parks
Reducing the cost of manufacturing bulk drugs by creating world class common infrastructure supported by the central government.
To enhance the competitiveness of the domestic bulk pharmaceutical industry.
Bulk Drug Parks Scheme
The scheme was notified in the 2020 with a financial outlay of Rs 3,000 crore.
The Department of Pharmaceuticals is implementing so many schemes to make the country self-reliant in API and Drug Intermediates.
One of the major initiatives under this is also the scheme of Bulk Drug Park.
The bulk drug parks to be developed under this scheme will provide common infrastructure facilities at one place.
This will create a strong ecosystem for bulk drug manufacturing in the country and will also bring down the manufacturing cost significantly.
Under this scheme, financial assistance will be provided to three states for setting up bulk drug parks.
The Indian pharmaceutical industry is the third largest in the world by size.
Financial Assistance to States for Bulk Drug Parks
The financial assistance for the proposed bulk drug parks in Gujarat and Andhra Pradesh will be 70 per cent of the project cost of common infrastructure.
The financial assistance to Himachal Pradesh being a hill state would be 90 percent of the total project cost.
The maximum assistance under the scheme for a bulk drug park would be limited to Rs 1,000 crore.
Bulk Drugs Park to be constructed on 1402.44 acres of land in Tehsil Haroli of Una district in Himachal Pradesh
Bulk Drugs Parks to be constructed on 2015.02 acres of land in Jambusar Tehsil of Bharuch district of Gujarat
Bulk Drugs Parks will be constructed on 2000.45 acres of land in KP Puram and Kodhaha of Thondagi mandal of East Godavari district of Andhra Pradesh.
Other Initiatives of Pharmaceutical Department
Production Linked Incentive (PLI) Scheme for Domestic Manufacturing of KSM/Drug Intermediates (DI) and API
4. Centre Grants ‘in-Principle’ Approval of three Bulk Drug Parks to Himachal Pradesh, Gujarat and Andhra Pradesh
Tags: National National News
The Pharmaceutical Department under Ministry of Chemical & Fertilizershas given 'in-principle' approval to the proposals of three states- Himachal Pradesh, Gujarat and Andhra Pradesh under the scheme of "Promotion of Bulk Drug Parks".
Objective of Bulk Drug Parks
Reducing the cost of manufacturing bulk drugs by creating world class common infrastructure supported by the central government.
To enhance the competitiveness of the domestic bulk pharmaceutical industry.
Bulk Drug Parks Scheme
The scheme was notified in the 2020 with a financial outlay of Rs 3,000 crore.
The Department of Pharmaceuticals is implementing so many schemes to make the country self-reliant in API and Drug Intermediates.
One of the major initiatives under this is also the scheme of Bulk Drug Park.
The bulk drug parks to be developed under this scheme will provide common infrastructure facilities at one place.
This will create a strong ecosystem for bulk drug manufacturing in the country and will also bring down the manufacturing cost significantly.
Under this scheme, financial assistance will be provided to three states for setting up bulk drug parks.
The Indian pharmaceutical industry is the third largest in the world by size.
Financial Assistance to States for Bulk Drug Parks
The financial assistance for the proposed bulk drug parks in Gujarat and Andhra Pradesh will be 70 per cent of the project cost of common infrastructure.
The financial assistance to Himachal Pradesh being a hill state would be 90 percent of the total project cost.
The maximum assistance under the scheme for a bulk drug park would be limited to Rs 1,000 crore.
Bulk Drugs Park to be constructed on 1402.44 acres of land in Tehsil Haroli of Una district in Himachal Pradesh
Bulk Drugs Parks to be constructed on 2015.02 acres of land in Jambusar Tehsil of Bharuch district of Gujarat
Bulk Drugs Parks will be constructed on 2000.45 acres of land in KP Puram and Kodhaha of Thondagi mandal of East Godavari district of Andhra Pradesh.
Other Initiatives of Pharmaceutical Department
Production Linked Incentive (PLI) Scheme for Domestic Manufacturing of KSM/Drug Intermediates (DI) and API
5. UN Security Council Counter-Terrorism Committee will hold special meeting in India focused on new and emerging technologies
Tags: Summits International News
The United Nations has announced that the United Nations Security Council Counter-Terrorism Committee will hold a special meeting in India on 29 October 2022.
The theme of the Conference is: Increasing threat posed by the misuse of new and emerging technologies.
The Special meeting will focus on three areas where there is an increasing threat of abuse by the Terrorist namely
(a) the Internet and social media,
(b) terrorism financing,
(c) unmanned aerial systems (UAS).
UN Security Council :
It is one of the 6 Principal organs of the United Nations. The Security Council has primary responsibility for the maintenance of international peace and security.
It consists of 15 members. Five members, the United States, Russia, China, France and the United Kingdom are permanent members with veto power.
The Remaining 10 members are elected by the General Assembly for two years. They do not have veto power.
6. 30th Southern Zonal Council meet
Tags: National National News
Union Home Minister Amit Shah inaugurated the 30th Southern Zonal Council meeting of South Indian States and Union Territories in Thiruvananthapuram, Kerala on 3 September.
IMPORTANT FACTS -
- The objective of the meeting was to promote regional cooperation between the states on issues of common national importance.
Kerala Chief Minister Pinarayi Vijayan, chief ministers of other southern states - Tamil Nadu, Karnataka, Andhra Pradesh, Telangana - and the lieutenant governors of the southern union territories of Puducherry, Lakshadweep and Andaman and Nicobar Islands attended the meeting.
During the meeting, 26 issues were discussed, nine were resolved, 17 were put up for further consideration, of which nine were related to the reorganisation of Andhra Pradesh.
The Union Home Minister called upon the southern states to find an amicable solution to end all issues, especially those related to river water sharing.
The Home Minister said that the Ministry of Home Affairs is trying to check the drug menace by emphasising the need for regular NCORD (Narco Coordination Centre) meetings between the states.
Since 2015, Rs 4,206 crore has been approved for the Fisheries Infrastructure Development Fund scheme in Andhra Pradesh, Karnataka, Kerala, Puducherry, Tamil Nadu and Telangana.
About Zonal Councils :
In 1956 first Prime Minister of India, Pandit Jawaharlal Nehru give the idea of creation of Zonal Councils.
There are five Zonal Councils in India which were established in 1957 under Section 15-22 of the States Reorganization Act, 1956.
A Standing Committee is constituted by each Zonal Council consisting of the Chief Secretaries of their respective Zonal Councils of the Member States.
These Standing Committees meet from time to time to resolve the issues.
Chairman - The Union Home Minister is the Chairman of each of these Councils
Vice-chairman - Chief Minister of the host state
7. 30th Southern Zonal Council meet
Tags: National National News
Union Home Minister Amit Shah inaugurated the 30th Southern Zonal Council meeting of South Indian States and Union Territories in Thiruvananthapuram, Kerala on 3 September.
IMPORTANT FACTS -
- The objective of the meeting was to promote regional cooperation between the states on issues of common national importance.
Kerala Chief Minister Pinarayi Vijayan, chief ministers of other southern states - Tamil Nadu, Karnataka, Andhra Pradesh, Telangana - and the lieutenant governors of the southern union territories of Puducherry, Lakshadweep and Andaman and Nicobar Islands attended the meeting.
During the meeting, 26 issues were discussed, nine were resolved, 17 were put up for further consideration, of which nine were related to the reorganisation of Andhra Pradesh.
The Union Home Minister called upon the southern states to find an amicable solution to end all issues, especially those related to river water sharing.
The Home Minister said that the Ministry of Home Affairs is trying to check the drug menace by emphasising the need for regular NCORD (Narco Coordination Centre) meetings between the states.
Since 2015, Rs 4,206 crore has been approved for the Fisheries Infrastructure Development Fund scheme in Andhra Pradesh, Karnataka, Kerala, Puducherry, Tamil Nadu and Telangana.
About Zonal Councils :
In 1956 first Prime Minister of India, Pandit Jawaharlal Nehru give the idea of creation of Zonal Councils.
There are five Zonal Councils in India which were established in 1957 under Section 15-22 of the States Reorganization Act, 1956.
A Standing Committee is constituted by each Zonal Council consisting of the Chief Secretaries of their respective Zonal Councils of the Member States.
These Standing Committees meet from time to time to resolve the issues.
Chairman - The Union Home Minister is the Chairman of each of these Councils
Vice-chairman - Chief Minister of the host state
8. 64th Ramon Magsaysay award 2022 announced
Tags: Awards International News
The Ramon Magsaysay Award Foundation (RMAF), Manila, Philippines has announced the winners of the 64th Ramon Magsaysay award 2022 on 31 August 2022.
It is given to Individuals and organisation for providing solutions to some of the most challenging problems of human development in Asia or the world.
The award which is considered to be equivalent to the ‘Asian Nobel Prize’ will be given to Tadashi Hattori, Gary Bencheghib, Sotheara Chhim, and Bernadette J. Madrid on 30 November 2022.
Awardee of 2022
Sotheara Chhim
He is from Cambodia. He has been honoured for his role as an Psychiatrist and mental health advocate who has played a key role in providing treatment of thousands of traumatized survivors of the Khmer Rouge's brutal rule and other patients in his country
Tadashi Hattori
He is from Japan. He is an ophthalmologist and humanitarian who has been honoured for his commitment in providing free eye surgeries in Vietnam.
Bernadette J.Madrid
She is a paediatrician from the Philippines. She has been honoured for her work as championing the Filipino child’s right to protection by creating safe spaces for abused children nationwide.
Gary Bencheghib
He is from France. He has been honoured for his work in eradicating marine plastic pollution in Bali, Indonesia.
Ramon Magsaysay Award
- The Ramon Magsaysay Award was founded in 1957 in memory of the Philippines President Ramon Magsaysay who died in a plane crash in 1957.
- The award was established by the American philanthropist Rockfellers Brothers fund.
- The first award was given on 31 August 1958 and Vinoba Bhave of India was amongst the first five awardee.
- It was till 2008 given in 6 categories annually. They were Community Leadership,Public Service, Government Service, Journalism, Literature, and Creative Communication Arts,Peace and International Understanding,Emergent Leadership.
- Starting in 2009, the Ramon Magsaysay Award is no longer being given in fixed Award categories, except for Emergent Leadership.
9. Lok Sabha Speaker Om Birla unveils first statue of Swami Vivekananda in Mexico
Tags: International News
Lok Sabha Speaker Om Birla on 3 September unveiled a statue of Swami Vivekananda at University of State of Hidalgo in Mexico.
IMPORTANT FACTS -
- This is the first statue of Swami Vivekananda in Latin America.
Birla said that the teachings and personality of Swami Vivekananda have inspired people not only in India but across the world.
This statue will be a source of inspiration to the youth to strive and bring change that will take their country to new heights.
Today, people across the world are embracing his ideals and taking a pledge to follow them for the betterment of their lives and society.
Om Birla is leading the Indian Parliamentary Delegation to Mexico.
Om Birla on 2 September also unveiled a statue of freedom fighter Dr Pandurang Khankhoje at Chapingo University in Mexico.
Earlier, the Speaker of the Lok Sabha had inaugurated the Indo-Mexico Friendship Garden in the Mexican Parliament Complex.
About Swami Vivekananda :
Born - January 12, 1863
Childhood Name - Narendranath Dutt
He is best known for his speech at the World Parliament of Religions in Chicago in the year 1893.
Netaji Subhas Chandra Bose called him "the architect of modern India".
He introduced the world to the Indian philosophy of Vedanta and Yoga.
Mexico :
Mexico is a country in southern North America.
It is the third largest country in Latin America after Brazil and Argentina.
President - Andrés Manuel López Obrador
Capital - Mexico City
Currency - Mexican peso
Official Language - Spanish
10. Crime Multi Agency Centre (Cri-MAC)
Tags: National National News
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At least seven states and one union territory have not uploaded a single alert on the Crime Multi Agency Centre (Cri-MAC) portal since its launch in March 2020.
Important facts
West Bengal, Andhra Pradesh, Bihar, Chhattisgarh, Mizoram, Manipur, Nagaland and Sikkim and the Union Territories of Dadra, Nagar Haveli and Daman and Diu have not uploaded a single alert on the platform.
Delhi, Assam and Haryana uploaded the highest number of alerts on the portal.
About Crime Multi Agency Centre (Cri-MAC)
Launched - 2020 by the Ministry of Home Affairs(MHA)
Objective - To share information on crime and criminals 24×7 with various law enforcement agencies and ensure seamless flow of information between them.
Implementation - The application is implemented by National Crime Records Bureau (NCRB).
Significance of the portal
It facilitates dissemination of information on important crimes including human trafficking across the country on a real time basis and enables inter-state coordination.
It helps in the detection, identification of victims of trafficking as well as in crime prevention and investigation.
