Current Affairs Exam

The Economic Survey is an annual report card of the economy, which is presented a day before the budget and examines the performance of each and every sector and then suggests future moves.

India’s economy to grow 6.5% in 2023-24, compared to 7% this fiscal and 8.7% in 2021-22. Gross domestic product (GDP) in nominal terms to be 11% in next fiscal

Growth driven by private consumption, higher capex, strengthening corporate balance sheet, credit growth to small businesses and return of migrant workers to cities

growth to be in the range of 6-6.8% next fiscal depending on global economic, political developments

Challenge to rupee depreciation persists with the likelihood of further interest rate hikes by the US Fed

Current Account deficit (CAD) may continue to widen as global commodity prices remain elevated, economic growth momentum stays strong. If CAD widens further, rupee may come under depreciation pressure

The country’s Current Account Deficit widened to 4.4% of the GDP in the quarter ending September, from 2.2% of the GDP during the April-June period due to a higher trade gap, according to the latest Reserve Bank Of India (RBI) data.

India has sufficient forex reserves to finance CAD and intervene in forex market to manage rupee volatility

The growth in exports has moderated in second half of current fiscal; the surge in growth rate in 2021-22 and first half of current fiscal led to production processes shifting gears from ‘mild acceleration’ to ‘cruise mode’

Slowing world growth, shrinking global trade led to loss of export stimulus in the second half of current year

Bank credit growth likely to be brisk in FY24 on back of benign Inflation, moderate credit cost

Credit growth to small businesses high at over 30.5% in January-November, 2022

Central govt capex grew 63.4% in April-November of current fiscal

Stock market gave positive returns in calendar year 2022 unfazed by FPI withdrawal

Private consumption, Capital Formation led economic growth in current fiscal has helped generate EMPLOYMENT; urban employment rate declined, while Employee Provident Fund registration rose

The Survey said that ‘entrenched inflation’ may prolong the tightening cycle and therefore borrowing costs may stay higher for longer

The joint exercise, which will go through January 26th, intends to encourage international collaboration in air DEFENCE.

Four Su-30 MKI, two C-17, and one IL-78 aircraft from the Indian contingent will take part in the air exercise, while four F-2 and four F-15 aircraft from the JASDF will take part.

According to a statement from the Ministry of Defence, the first exercise would involve several aerial combat drills between the two Air Forces.

Theyll engage in sophisticated multi-domain air combat operations while exchanging best practises.

The Ministry of Chemicals recently launched the NIPER Portal to help the pharmaceutical innovate and research.

Highlights:

NIPER is the National Institute of Pharmaceutical Education and Research.

The NIPER Research Portal will provide information on the organization’s research efforts.

The portal will also provide a list of NIPER’s patents and publications. It will house all of the NIPERs’ research data in one location. This makes information more accessible.

Researchers will be able to contact appropriate organizations with the help of the site.

It will enable researchers to work with the appropriate institution and make their study more impactful.

The gateway will aid the pharmaceutical industry’s development. It will aid collaboration between industry and academia.

The European Union is the first to propose digital rights in the world. The rights are intended to promote Democracy and protect people’s rights.

Highlights:

It ensures a secure Internet experience. The rights aspire to give all of its member countries affordable digital connectivity.

It also intends to improve the internet’s speed. The rights will equip the classrooms and hire digitally adept teachers.

In addition, digital rights will allow for seamless access to government Services. It will give children a secure .

India and the United Arab Emirates have pooled their Resources to create a $150 million fund to support startups.

Highlights:

Within the next ten years, the fund will assist in creating ten unicorns. Unicorns are companies with a market capitalization of more than one billion dollars.

The fund was announced at the Dubai EXPO 2020. The fund will act as a Catalyst for the startups’ development.

It will be highly beneficial to startups in their early stages of development.

In both countries, the fund will support at least fifty startups. The fund’s Indian representative is NASSCOM.

A Memorandum of Understanding was signed between India and the United Arab Emirates to raise the fund.

In December 2021, the United Nations’ cultural agency, UNESCO, inscribed the Nordic “clinker boats” to its Heritage List.

Highlights:

For thousands of years, wooden sailboats have allowed northern Europeans to spread influence, trade, and even conflict across continents and seas.

The UNESCO designation was requested jointly by Denmark, Iceland, Finland, Sweden, and Norway.

The term “clinker” is said to refer to the way the building’s wooden boards were attached.

The use of overlapping longitudinal hardwood hull planks distinguishes wooden clinker boats.

These planks are held together by stitched or riveted seams. Internally, boats are fortified with additional wooden components, particularly tall oak trees.

Gaps are filled with a mixture of tar or tallow, animal hair, moss, and wool.