Current Affairs search results for: "WEF"

1. Tata Steel Unveils India’s Largest Blast Furnace at Kalinganagar

Tags: National News

Tata Steel successfully commissioned India’s largest blast furnace at its Kalinganagar facility in Odisha.

An Overview of the News

• This is part of the Phase II expansion, which involved an investment of ₹27,000 crore.

• The expansion increases the plant’s capacity from 3 MTPA to 8 MTPA, marking a significant growth in production capabilities.

Technological Advancements and Eco-Friendly Features

• The new blast furnace, with a volume of 5,870 m³, incorporates advanced technology for enhanced operational life and environmental sustainability.

• It includes four top combustion stoves, a first in India, and a dry gas cleaning plant for energy recovery.

• Features the world’s largest Top Gas Recovery Turbine (TRT) with a 35 MW capacity, contributing to a 10% energy recovery.

• Utilises an evaporative cooling system to optimise space and reduce power and water consumption by around 20%.

Focus on Sustainability

• The Kalinganagar facility has implemented a zero-process water discharge system, along with rainwater harvesting.

• Phase II expansion includes a Pellet Plant, Coke Plant, and Cold Rolling Mill, all equipped with sustainable technologies.

• Tata Steel Kalinganagar aims for a significant reduction in carbon emissions while producing high-end, value-added steel.

Impact on Socio-Economic Development

• Tata Steel has invested over ₹1,00,000 crore in Odisha over the past decade, making the state its largest investment hub in India.

• The Kalinganagar plant contributes to regional socio-economic development through initiatives in education, healthcare, and livelihood opportunities.

• Over 2,00,000 people in surrounding areas benefit from these community development programs.

Global Recognition and Safety Standards

• The Kalinganagar facility is the first Indian manufacturing plant recognised as a Global Lighthouse by the World Economic Forum (WEF).

• It received the ResponsibleSteel™ Certification in 2024 for its sustainability practices.

• The plant is known for its strong ‘Safety First’ culture, adhering to high safety standards and being considered one of the safest steel plants globally.

2. WTO Report 2023: India Retains 8th Spot as Global Agricultural Exporter

Tags: INDEX

India retained its position as the world's 8th largest exporter of agricultural products in 2023.

An Overview of the News

• This ranking is according to the World Trade Organization (WTO)'s report titled "World Trade Statistical Review 2023".

• India's agricultural exports declined from USD 55 billion in 2022 to USD 51 billion in 2023.

Top 5 Global Agricultural Exporters

• 1st: European Union (EU) - USD 836 billion.

• 2nd: United States of America (USA) - USD 198 billion.

• 3rd: Brazil - USD 157 billion.

• 4th: China - USD 95 billion.

• 5th: Canada - USD 88 billion.

Overview of the "World Trade Statistical Review 2023"

• A new interactive tool that presents key data and trends for international merchandise and commercial services trade in 2023.

• The digital platform allows users to view trends by economy, region, product group, and services sector.

Reasons for Decline in India's Agricultural Exports

• Geopolitical factors such as the Red Sea crisis and the Russian-Ukraine war, affecting regulated commodities like rice, wheat, sugar, and onions.

• The Government of India's bans on wheat (May 2022), non-basmati rice (July 2023), and sugar (October 2023) exports contributed to the decline.

Important Points

• India Ranked 82nd Henley Passport Index July 2024 and 80th position in January 2024

• India Ranked 6th in Expat Insider 2024 Survey's

• India Ranked Fifth in GenAI Innovations

• India Ranked 72nd in the AI Preparedness Index 2024

• India Ranked 63rd in the Global Energy Transition Index 2024 

• India Ranked 3rd in the Global Unicorn Index 2024

• India Ranked 159th in the World Press Freedom Index 2024

• India Ranked 129th in the Global Gender Gap Index 2024

• India Ranked 39th in WEF's Travel and Tourism Development Index 2024

• India Ranked 126th in the World Happiness Report 2024

3. Sumant Sinha Named Co-Chair of Global CEO Climate Leaders Alliance

Tags: Person in news

Sumant Sinha, Chairman and CEO of ReNew Energy Global PLC, has been appointed as co-chair of the Alliance of CEO Climate Leaders worldwide.

An Overview of the News

• He has been serving as Co-Chair of the India chapter of the Alliance since 2022.

• Founded by World Economic Forum (WEF): Launched in 2014, the Alliance of CEO Climate Leaders is the largest CEO-led climate alliance globally.

Membership and Impact:

• Comprises 130 CEOs from 12 industries across 26 countries.

• Represents USD 4 trillion in revenues and 5.2 Gigatonnes (GT) of carbon emissions, approximately 10% of global emissions.

Objectives and Initiatives:

• Purpose: To create a powerful network of business leaders committed to climate action.

• Goals:

  • Set ambitious targets for reducing carbon emissions.

  • Foster public-private collaboration in the global energy transition.

Key Figures and Collaborations:

• Eminent Members: Includes leaders such as Ester Baiget (CEO of Novonesis) and Jesper Brodin (CEO of Ingka Group Ikea).

• Strategic Leadership: Sinha's involvement includes being a founding member of the Forum's First Movers Coalition and serving as Board Chair of the Rocky Mountain Institute (RMI) in the USA.

4. India Ranks Fifth in GenAI Innovations

Tags: INDEX

India ranks fifth in Generative AI (GenAI) innovations, trailing behind China, the US, Republic of Korea, and Japan.

An Overview of the News

• India has filed 1,350 patents related to Generative AI from 2014 to 2023.

• The country ranks fifth globally in total number of GenAI patents, following China (38,210), the US (6,276), Republic of Korea (4,155), and Japan (3,409).

• India has surpassed the UK (714 patents) and Germany (708 patents) in the number of GenAI patents published.

Leading Companies in GenAI Patents:

• Chinese companies Tencent, Ping An Insurance Group, and Baidu have published the most GenAI patent families in the last decade.

• No Indian entities are in the top 20 GenAI patent owners.

• Notable Indian patents include a retail AI assistant solution by RN Chidakashi Technologies (Miko Robotics) and an AI tool for contract lifecycle management by Tata Consultancy Services.

Innovation Growth in India:

• India has recorded the highest annual growth rate in GenAI patent publications, averaging 56% growth.

• Despite this rapid growth, India holds only 3% of the total GenAI patents globally.

• China, with a high base, has a 50% growth rate in GenAI patents.

Global GenAI Patent Trends:

• A total of 54,358 patent families were published in GenAI between 2014 and 2023.

• 89% of these patents (48,398) were considered active by the end of 2023.

• Advances in AI and deep learning, including the introduction of transformer models in 2017 and the advent of popular apps like ChatGPT in 2022, have significantly increased GenAI patent activity.

• The share of GenAI patent publications among all AI patents rose from 4.2% in 2017 to 6.1% in 2023.

• Over 25% of all GenAI patents and over 45% of all GenAI scientific papers were published in 2023 alone.

Jurisdictional Insights:

• WIPO data shows the relative maturity of China's patent regime compared to other countries.

• Over 40,000 of China's GenAI patents were filed within the country from 2014 to 2023.

• The US saw over 10,700 patents filed within its own jurisdiction.

• 98% of India's 1,350 patents were filed within its own jurisdiction.

Important Points

• India Ranked 72nd in the AI Preparedness Index 2024

• India Ranked 63rd in the Global Energy Transition Index 2024 

• India Ranked 3rd in the Global Unicorn Index 2024

• India Ranked 159th in the World Press Freedom Index 2024

• India Ranked 129th in the Global Gender Gap Index 2024

• India Ranked 39th in WEF's Travel and Tourism Development Index 2024

• India Ranked 126th in the World Happiness Report 2024

5. India Ranks 72nd in IMF's Global AI Preparedness Index

Tags: INDEX

The International Monetary Fund (IMF) introduced the Artificial Intelligence Preparedness Index (AIPI) Dashboard on June 25, 2024.

An Overview of the News

• The index ranks 174 Countries worldwide based on their preparedness for adopting artificial intelligence (AI).

• India ranks 72nd with a score of 0.49, categorized as an Emerging Market (EM).

• Bangladesh ranks 113th (0.38), Sri Lanka 92nd (0.43), and China 31st (0.63).

• Rating Criteria: Ratings are based on digital infrastructure, human capital, labor policies, innovation, integration, and regulation.

Top Countries in the AI Preparedness Index

• Singapore ranks 1st with an index of 0.800.

• Denmark follows closely in 2nd place with an index of 0.778.

• The United States secures the 3rd position with an index of 0.771.

• Netherlands stands 4th with an index of 0.766.

• Estonia, Finland and Switzerland are ranked 5th with an index of 0.754.

• New Zealand and Germany are ranked 6th with an index of 0.753.

• Sweden is ranked 7th with an index of 0.747

Impact and Job Displacement

• Job Displacement: AI is projected to potentially disrupt 33% of jobs in advanced economies, 24% in emerging economies, and 18% in low-income countries.

• Economic Reshaping: Economist Giovanni Melina highlights AI's potential to enhance job productivity and create new industries globally.

International Monetary Fund (IMF):

• Establishment: 1944 (Formally came into existence in December 1945)

• Members: 190 (India joined the IMF on December 27, 1945)

• Headquarters: Washington DC

Important Points 

• India Ranked 63rd in the Global Energy Transition Index 2024 

• India Ranked 3rd in the Global Unicorn Index 2024

• India Ranked 159th in the World Press Freedom Index 2024

• India Ranked 129th in the Global Gender Gap Index 2024

• India Ranked 39th in WEF's Travel and Tourism Development Index 2024

• India Ranked 126th in the World Happiness Report 2024

6. WEF 2024 Report: Sweden Leads, India Ranked 63rd on Global Energy Transition Index

Tags: Reports INDEX

The World Economic Forum (WEF), in collaboration with Accenture, published its annual report titled "Fostering Effective Energy Transition 2024" on 19th June 2024.

An Overview of the News

• According to the report, India has achieved the 63rd position on the global Energy Transition Index (ETI) 2024.

• The report highlights that India has climbed 3 places from its 2023 rank of 67th, driven by notable enhancements in energy equity, security, and sustainability domains.

Top Countries on ETI 2024:

• Sweden secured 1st place with an ETI score of 78.4.

• Denmark followed at 2nd place with a score of 75.2.

• Finland ranked 3rd with a score of 74.5.

Fastest Improving Countries (Last 5 Years):

• Estonia, Ethiopia, and Lebanon identified as countries showing significant improvement.

About WEF:

• Established: 1971

• Founder: Prof. Klaus Schwab

• Headquarters: Cologny, Geneva Canton, Switzerland

• Managing Director: Saadia Zahidi

Important Points 

• India ranked 3rd in Global Unicorn Index 2024
• India ranked 159th in World Press Freedom Index 2024
• India ranked 129th in Global Gender Gap Index 2024
• India ranked 39th in WEF's Travel and Tourism Development Index 2024
• India ranked 126th in World Happiness Report 2024

7. India has moved up to the 39th spot in the WEF's Travel & Tourism Development Index.

Tags: INDEX

India has ascended to the 39th position in the World Economic Forum’s Travel & Tourism Development Index for 2024, marking a notable improvement from its previous ranking of 54th in 2021.

An Overview of the News

• This advancement places India at the top in South Asia among the lower-middle-income economies.

• The United States secured the top spot in the index.

• India achieved a score of 4.25 out of 7 on the overall index, where 1 represents the lowest and 7 the highest.

• The significant rise in India's ranking highlights its increasing competitiveness in the global tourism sector.

• The biennial index evaluated the travel and tourism sectors of 119 countries, assessing various factors and policies contributing to tourism development.

2024 Travel and Tourism Development Index: 

Top Five Countries

1. The United States of America leads the rankings with a score of 5.24 in the 2024 Travel and Tourism Development Index.

2. Spain follows closely behind with a score of 5.18.

3. Japan secures the third position with a score of 5.09.

4. France holds the fourth spot with a score of 5.07.

5. Australia rounds up the top five with a score of 5.00.

Bottom Ranked countries

• Mali ranks at the bottom of the list, securing a score of 2.78.

• Sierra Leone follows closely behind, ranking second from the bottom with a score of 2.9.

Travel and Tourism Development Index 2024

• The Travel and Tourism Development Index is a biennial report issued by the World Economic Forum (WEF), replacing the previous Travel & Tourism Competitiveness Index (TTCI) which was published biennially since 2007.

• It assesses and benchmarks the factors and policies facilitating sustainable and resilient development within the travel and tourism sector, contributing to a country's overall development.

• The 2024 Index was developed in partnership with the University of Surrey, England.

• This edition ranks 119 countries based on their performance in fostering the development of the travel and tourism industry.

About WEF

• The World Economic Forum (WEF) is a non-profit international think tank established by Klaus Schwab of Germany in 1971 with the aim of promoting Public-Private Cooperation.

• It serves as a platform facilitating collaboration among government entities, non-governmental organizations, businesses, academics, and other stakeholders.

• The primary goal of the WEF is to address global challenges by fostering dialogue and finding shared solutions.

• The headquarters of the WEF is located in Cologny, Switzerland.

8. RBI slaps ₹2,000 crore fine on major Indian PSUs for delayed reporting of overseas investments

Tags: National News

The Reserve Bank of India (RBI) has imposed penalties on four major Indian public sector undertakings for delayed reporting of their overseas investments.

An Overview of the News

• The companies that have been fined by RBI include ONGC Videsh Limited, Indian Oil Corporation Limited, GAIL (India) Limited and Oil India Limited and the total amount of fine imposed by RBI is ₹2,000 crore.

• Delayed reporting of overseas investments has led to restrictive measures by RBI, affecting further remittances and transfers till discrepancies are resolved.

• One of the regulatory measures taken by RBI is to stop outward remittances. Authorised Dealer banks have been instructed not to facilitate any outward remittances or financial commitments by persons resident in India to foreign entities till the reporting issues are regularised.

• Penalties for late submission have been imposed retrospectively, covering a significant number of overseas direct investment (ODI) remittances processed since 2000. The companies involved, including SBI, have reported all ODIs on the basis of documents provided by the remittance companies.

• In an effort to prevent operational disruptions and comply with RBI regulations, the affected companies have sought an extension from the central bank. They aim to resolve late deposit charges with SBI ODI (Overseas Direct Investment) cell.

Reserve Bank of India (RBI):

• The Reserve Bank of India was established under the Reserve Bank of India Act 1934. It started functioning from 1st April 1935

• It was nationalised in 1949 and now the Government of India owns the RBI.

• It has the power to regulate banks under the Banking Regulation Act 1949.

• It has the power to regulate Non-Banking Financial Company (NBFC) under the RBI Act 1934.

• RBI is also the regulator of digital payment systems under the Payment and Settlement Act 2007.

• Headquarters: Mumbai

• Governor: Shaktikanta Das

9. SpaceX launches 'Jupiter 3', world's largest private communication satellite

Tags: Science and Technology International News

On July 27, 2023, SpaceX launched the world's largest private communications satellite 'Jupiter 3' using a Falcon Heavy rocket from Launch Complex-39A of NASA's Kennedy Space Center in Florida.

An Overview of the News 

• The 'Jupiter 3' satellite, developed by Maxar Technologies in Palo Alto, California, holds the record as the largest commercial communications satellite ever built.

• This upcoming launch marks the seventh mission of SpaceX's triple-booster rocket, the Falcon Heavy, which first attracted widespread attention during its debut in 2018.

About 'Jupiter 3'

• Its size would be comparable to the wingspan of a commercial airliner, measuring between 130 and 160 feet (40 to 50 m). Its larger size will enable it to double current internet capacity to 500 Gbps, significantly improving connectivity in areas with limited cable and fibre options.

• Hughes will integrate the 'Jupiter 3' into its existing satellite network, allowing HughesNet customers in the United States and Latin America to access high-speed satellite broadband at speeds of up to 100 Mbps.

• The capabilities of satellites extend far beyond regular Internet access. It will support in-flight Wi-Fi, ensuring connectivity for passengers during air travel. It will also provide maritime connectivity, allowing internet access for ships at sea.

• 'Jupiter 3' will play a key role in enhancing enterprise networks, meeting the connectivity needs of businesses across North and South America.

• Additionally, the satellite will serve as a reliable backhaul solution for mobile network operators (MNOs), ensuring smoother and more efficient data transmission within the region's mobile networks.

• One of its essential applications is providing community Wi-Fi solutions, which help bridge the digital divide and extend Internet access to disadvantaged areas in North and South America.

About NASA

• NASA was formed on July 19, 1948, under the National Aeronautics and Space Act, replacing its predecessor, the National Advisory Committee for Aeronautics (NACA).

• NASA - National Aeronautics and Space Administration

• Headquarters - Washington D.C.

• Administrator - Bill Nelson

10. NITI Aayog released 'Export Preparedness Index (EPI) 2022' report

Tags: Reports INDEX

The ITI Commission released the 3rd edition of 'Export Preparedness Index (EPI) 2022' for the States/UTs of India.

An Overview of the News

• The report was released by Vice President Suman Berry and other officials.

• It aims to promote India as a global export player by leveraging regional competitiveness and diversity.

• The focus is on export performance both at the state and district levels.

Objectives of EPI 2022

• Empowering state governments with sector-specific insights for decision making.

• Identify strengths and address weaknesses to promote comprehensive development.

• To promote competitive federalism among the States/UTs.

Four Pillars of EPI 2022

1. Policy pillar: Evaluates the adoption of the export-related policy ecosystem and institutional framework at the state and district levels.

2. Business Ecosystem: Assesses the business environment, supporting infrastructure and transport connectivity in the States/UTs.

3. Export ecosystem: Focuses on export-related infrastructure, business support and research and development (R&D) to foster innovation.

4. Export Performance: Measures the growth, concentration and global market footprint of a state's exports.

Ten sub-pillars - Export Promotion Policy, Institutional Framework, Business Environment, Infrastructure, Transport, Connectivity, Export Infrastructure, Trade Support, R&D Infrastructure, Export Diversification, and Growth Orientation

Top Performing States/UTs

Coastal states including Tamil Nadu, Maharashtra, Karnataka and Gujarat performed well in all categories.

EPI 2022 Rankings

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