Tag: India Emerges as Global Manufacturing Hub with Remarkable Growth

UPSC DAILY CURRENT AFFAIRS (31ST DECEMBER, 2024) Examining India’s stance on the Rohingya crisis Syllabus :GS 2/IR In News A recent study by The Azadi Project and Refugees International highlighted “gross violations of constitutional and human rights” regarding the detention of Rohingya refugees in India. The study revealed that many Rohingya refugees remain incarcerated even after serving their prescribed sentences. Rohingya The Rohingya are an ethnic group, mostly Muslim, who live in the western Myanmar province of Rakhine. They speak a Bengali dialect, unlike the commonly spoken Burmese language. Myanmar does not grant them full citizenship, considering them as migrants from colonial times, despite their long presence in the country. Rohingyas are excluded from civil service and their movement is restricted within the Rakhine state. Concerns Regarding Rohingya Refugees: There is no standardized refugee policy in India, leading to disparate treatment based on shifting geopolitical interests. Rohingya refugees, despite being registered with the UNHCR, face arbitrary detention and criminal imprisonment, unlike other refugee groups such as Tibetans or Sri Lankans. The Citizenship Amendment Act, 2019 excludes Muslims, including Rohingya, from benefits given to other religious minorities. Rohingya refugees lack legal representation due to funding constraints and the revocation of FCRA licenses for civil society organizations working on their behalf. Detention conditions are appalling, with overcrowded and dehumanizing living conditions. Protection Under International Law:– Rohingya refugees are protected under the 1951 Refugee Convention and its 1967 Protocol, which enshrine the principle of non-refoulement (prohibiting the expulsion of individuals to countries where they face persecution).– The UNHCR and other organizations affirm non-refoulement as customary international law, binding on all states, including those not parties to the Refugee Convention. India’s Stand and International Obligations on Refugees: India is not a signatory to the 1951 Refugee Convention and other human rights treaties like the Convention against Torture. India uses the Foreigners Act, 1946, and the Passport Act, 1967 to regulate the presence of foreigners and considers Rohingya refugees as “illegal migrants.” India is a party to the International Covenant on Civil and Political Rights (ICCPR), which obligates member states to refrain from deporting individuals to places where they may face torture or cruel treatment. India has also ratified other international instruments, such as the Convention on the Elimination of All Forms of Racial Discrimination and the Convention on the Rights of the Child, which enshrine the principle of non-refoulement. Though India has signed the Convention Against Torture, it has not ratified it, meaning its provisions are non-binding. Supreme Court’s Role: India’s Supreme Court has upheld the government’s stance on national security concerns and rejected a plea to prevent deportations of Rohingya refugees. In the absence of domestic refugee law, the Supreme Court has used international conventions to safeguard human rights, as seen in landmark cases like Vishaka & Ors. v. State of Rajasthan (1997) and National Legal Services Authority v. Union of India (2014). The right to life under Article 21 of the Constitution has been interpreted by some courts to include non-refoulement. The Supreme Court directed legal services to visit detention centers to evaluate the living conditions of refugees. Suggestions and Way Forward The Rohingya crisis is a stark reminder of the importance of human rights and the need for global solidarity in the face of humanitarian disasters. It is crucial to continue raising awareness and supporting efforts to alleviate the suffering of the Rohingya people. There is a need to address its international obligations, particularly regarding the protection of refugees under customary international law. The recent study underscores the importance of creating a consistent refugee policy, providing legal aid, and improving detention conditions. Green Steel Mission: To Help Steel Industry Cut Carbon Emissions Syllabus: GS3/Economy; Context Recently, the Indian government has unveiled a comprehensive roadmap known as the Green Steel Mission, worth Rs 15,000 crore aimed at reducing carbon emissions in the steel industry. Steel Sector in India Production: India’s crude steel capacity reached 179.5 million tonnes in 2023-24. The production of finished steel, including alloy and non-alloy, has shown a consistent increase, with 139.15 million tonnes produced in 2023-24. The private sector dominates steel production, contributing about 83% of the total crude steel output. National Steel Policy 2017 aims to create a technologically advanced and globally competitive steel industry, targeting a production capacity of 300 million tonnes by 2030-31. Consumption of Steel: The total consumption of finished steel was around 75.6 million tonnes during April-October 2024. The per-capita consumption of steel stood at 86.7 kgs in FY23. Green Steel Mission It is aimed at decarbonizing the steel sector and aligning it with India’s net-zero emission targets by 2070. Key Components Production-Linked Incentive (PLI) Scheme for Green Steel: It aims to encourage the production of green steel, and attract investments and boost the domestic manufacturing of specialty steel, reducing reliance on imports. Incentives for Renewable Energy: To promote the use of renewable energy in steel production, the mission includes various incentives. It aims to help in reducing the carbon footprint of the steel industry. Mandates for Government Agencies: Government agencies are now required to purchase green steel, which will drive demand and support the industry’s transition to more sustainable practices. The Benefits of Decarbonizing the Steel Industry Positive impact on the global climate: The primary benefit of reducing steel sector emissions is the positive impact on the global climate. Lowering emissions from steel production can help limit global temperature rise, contributing to the achievement of climate targets under the Paris Agreement. Health and Environmental Protection: By adopting cleaner technologies, steel plants can reduce pollution levels, improving air and water quality. This will reduce the negative health impacts on local communities and prevent environmental degradation. The transition to green steel can create new jobs in renewable energy, technology development, and infrastructure Related policies and initiatives taken for promoting decarbonisation in steel industry Task Forces: 14 task forces were created involving industry, academia, think tanks, and government bodies to recommend decarbonisation strategies for the steel sector. Steel Scrap Recycling Policy (2019)enhances the availability of domestically generated scrap, promotes a circular economy, and facilitates the establishment of metal scrapping centers for recycling ferrous scrap, including End-of-Life vehicles (ELVs). Vehicle Scrapping Policy (2021) Increases scrap availability for the steel sector by implementing the Motor Vehicles (Registration and Functions of Vehicles Scrapping Facility) Rules under the Motor Vehicles Act. National Solar Mission (2010) promotes solar energy usage, contributing to emission reductions in the steel industry. Perform, Achieve and Trade (PAT) Scheme Incentivize energy efficiency improvements in the steel industry. Integrating National Green Hydrogen Mission: Announced by the Ministry of New and Renewable Energy (MNRE) to support green hydrogen production, with the steel sector as a key stakeholder. The steel sector is integrated into the National Green Hydrogen Mission, which focuses on producing and using green hydrogen. It is crucial for decarbonizing steel production. Green Steel Taxonomy: India has introduced a taxonomy for green steel, defining and categorizing low-emission steel. It helps in creating a market for green steel and facilitates financial support for green initiatives. Carbon Credit Trading Scheme (CCTS) notified in June 2023 to reduce emissions across sectors, including steel, through a carbon credit certificate trading mechanism. The Ministry of Steel has launched several pilot projects under the Green Steel Mission. These projects focus on producing Direct Reduced Iron (DRI) using 100% hydrogen and reducing coal/coke consumption in existing blast furnaces. Conclusion and Way Forward Reducing carbon emissions in the steel industry is an urgent need to combat climate change and ensure sustainable growth. By focusing on energy efficiency, renewable energy adoption, green hydrogen, and carbon capture technologies, the steel sector can significantly lower its carbon footprint. Collaboration between the government, industry players, and research organizations is essential to accelerate the transition toward a greener, more sustainable steel industry. Disaster of Severe Nature Syllabus: GS3/ Disaster Management Context The Union Government has declared the Wayanad landslide a disaster of “severe nature,” five months after it claimed 254 lives and left 128 missing. Severe Natural Disasters Disasters of severe nature are catastrophic events that cause extensive loss of life, property, and environmental damage. These disasters can result from natural phenomena like earthquakes, cyclones, or landslides, or human-induced causes such as industrial accidents. Implications of Declaration When a calamity is declared to be of “rare severity”/”severe nature”, support to the state government is provided at the national level. The Centre also considers additional assistance from the NDRF. A Calamity Relief Fund (CRF) is set up, with the corpus shared 3:1 between Centre and state. When resources in the CRF are inadequate, additional assistance is considered from the National Calamity Contingency Fund (NCCF), funded 100% by the Centre. Relief in repayment of loans or for grant of fresh loans to the persons affected on concessional terms, too, are considered once a calamity is declared “severe”. Impacts of Severe Natural Disasters Social Impact: Loss of life and displacement of people along with increased vulnerability of marginalized sections, including women and children. Economic Impact: Damage to infrastructure such as roads, bridges, and power systems. Environmental Impact: Increased soil erosion, deforestation, and loss of natural habitats. Government Initiatives Disaster Management Act, 2005: Establishment of the National Disaster Management Authority (NDMA). Environment Protection Act, 1986: Focus on mitigating risks from environmental degradation. Early Warning Systems: Initiatives like the Indian Tsunami Early Warning System and Doppler radar installations. State Disaster Response Fund (SDRF) and National Disaster Response Fund (NDRF) for immediate relief and rehabilitation. Technology Integration: Use of Geographic Information System (GIS) and Remote Sensing for disaster mapping and planning. Suggestions for Management of Natural Disasters Infrastructure Resilience: Implement land-use planning and zoning regulations to prevent construction in high-risk zones. International Collaboration: Share best practices and technology with other countries through platforms like the Sendai Framework for Disaster Risk Reduction. Focus on Climate Change Mitigation: Promote sustainable development to address underlying factors of disasters. Concluding remarks The increasing frequency and intensity of natural disasters call for a comprehensive approach combining prevention, mitigation, preparedness, and response. By integrating technology, and adopting climate-resilient policies, India can significantly reduce the impacts of severe natural disasters and safeguard its development trajectory. Nari Shakti Se Jal Shakti Initiative Syllabus: GS3/ Governance Context In India, the Nari Shakti Se Jal Shakti initiative is a groundbreaking effort that is leveraging women’s leadership in water conservation. About The Union government launched the fifth edition of the nationwide campaign ‘Jal Shakti Abhiyan: Catch the Rain-2024’ campaign in March, 2024 with the theme ‘Nari Shakti se Jal Shakti.’ Women-Led Action: Women under this initiative have mobilized communities to adopt water-saving practices, reduce wastage, and protect natural water bodies. Sustainability Focus: Women’s leadership ensures the sustainability of water conservation efforts, embedding these practices into community lifestyles. Significance Alignment with SDGs: The initiative directly contributes to achieving the United Nations’ Sustainable Development Goals (SDGs): SDG 5: Gender equality and empowerment of women. SDG 6: Ensuring availability and sustainable management of water and sanitation for all. Empowering Women: It recognizes women as key agents of change, enabling them to lead and sustain water conservation strategies. Water Crisis Situation The global water crisis is escalating, with projections of financial losses in lower-income countries potentially reaching GDP reductions of 15% by 2050. India faces a severe water crisis, with nearly 40 percent of its population projected to lack access to clean drinking water by 2030. Agriculture consumes about 80% of India’s water and is heavily reliant on unpredictable monsoons. Government initiatives for water conservation National Aquifer Mapping Programme (NAQUIM) to delineate and characterize the aquifer system in the country. Jal Kranti Abhiyan, aimed at consolidating water conservation and management initiatives through a holistic and integrated approach involving all stakeholders. Atal Bhujal Yojana, envisages improving ground water management in identified water-stressed areas in parts of seven States in the country with emphasis on demand management and community participation. Women participation in water budgeting has been kept at least 33% in the Gram Panchayat-level Water User Associations. National Water Policy: It advocates rainwater harvesting and emphasizes conservation and direct use of rainfall. Case Studies In Rajasthan, women-led groups have revived traditional water bodies and constructed check dams. In Maharashtra, women have played a crucial role in adopting micro-irrigation techniques, reducing water usage in agriculture while boosting crop yields. In Himachal Pradesh, women are actively involved in rainwater harvesting projects. Conclusion The Nari Shakti Se Jal Shakti initiative demonstrates how women’s leadership can transform water conservation in India, ensuring water security for future generations. This innovative program also fosters collaborations between government bodies, non-governmental organizations, and local communities, creating a robust and sustainable model for water management. India’s Defence Exports Syllabus: GS3/Economy Context As per the CareEdge Ratings report, India’s defence sector production is set to grow at a compound annual growth rate (CAGR) of around 20% during FY24-FY29. Major Highlights Budget Allocation: India’s defence budget has consistently ranged between 1.90 to 2.8% of its gross domestic product (GDP). For the fiscal year 2024-25, Rs 6.22 lakh crore has been dedicated for the defence sector. Indigenous Manufacturing: Supported by initiatives like ‘Make in India,’ the country is steadily reducing its reliance on foreign suppliers and advancing its defence capabilities. Defence Exports: Over the last six years ending FY24, Indian defence exports have grown at a CAGR of approximately 28%. India’s defence exports will grow at an estimated rate of about 19% during the next 5 years (i.e. from FY24 to FY29). India’s defence exports include various products, such as aircraft, naval systems, missile technology, and military hardware. India’s Defence Export India has set a defence export target of ₹50,000 crore by 2028-29. Defence exports of India have touched Rs 21,083 crore in the FY 2023-24, a growth of 32.5% over the last fiscal year. The private sector and the defence public sector undertakings (DPSUs) contributed around 60% and 40%, respectively, in exports from India. The country is currently exporting military hardware to around 85 countries, with around 100 local firms involved. According to the Stockholm International Peace Research Institute, between 2000 and 2023, Myanmar remained the largest importer of Indian weapons, accounting for 31% of India’s exports and Sri Lanka followed at 19%. Mauritius, Nepal, Armenia, Vietnam, and Maldives were other major importers. India’s defence production grew substantially from Rs 74,054 crore in 2016-17 to Rs 108,684 crore in 2022-23. Out of this, 21.96% of the production was done by private companies. Advantages of Growth in Defence Production Self-defence: The presence of hostile neighbors like China and Pakistan makes it necessary for India to boost its self-defence and preparedness. Strategic advantage: Self-reliance will make India’s geopolitical stance strategically stronger as a net security provider. Technological advancement: Advancement in the defence technology sector will automatically boost other industries hence catapulting the economy further ahead. Economic drain: India spends around 3% of GDP on defence and 60% of that is spent on imports. This leads to an immense economic drain. Employment: Defence manufacturing will need the support of numerous other industries which generate employment opportunities. Concerns Narrow Private Participation: Private sector participation in the defence sector is constrained by the lack of a conducive financial framework, that means our defence production is unable to benefit from modern design, innovation, and product development. Lack of Critical Technology: Lack of design capability, inadequate R&D investment, inability to manufacture major subsystems and components hamper indigenous manufacturing. Lack of Coordination Between Stakeholders: India’s defence manufacturing capability is hindered by overlapping jurisdictions between the Ministry of Defence and the Ministry of Industrial Promotion. Government steps Simplification of Export Procedures: The government has introduced the India Defence Mart, an online portal for defence exports which enables companies to apply for export licenses and track their applications online. Scheme for Promotion of Defence Exports (SPDE) to promote exports of defence products, which includes provision of financial support for attending international defence exhibitions, marketing, and publicity of Indian defence products abroad. Technology Upgradation Fund Scheme (TUFS) to encourage the modernization of the Indian defence industry. The scheme provides financial assistance for technological upgradation and modernization of manufacturing facilities. The government has introduced a Strategic Partnership Model to boost domestic production of defence equipment through partnerships with foreign companies. The BrahMos missile is a testament to the strong defence cooperation between India and Russia. Along with initiatives like Make in India, the GoI has established an Export Promotion Council (EPC) to encourage defence exports. FDI in the Defence Sector has been enhanced up to 74% through the Automatic Route and 100% by Government Route, to promote export and liberalize foreign investments. The government has established 2 dedicated Defence Industrial Corridors in the States of Tamil Nadu and Uttar Pradesh to act as clusters of defence manufacturing that leverage existing infrastructure, and human capital. Way Ahead Green Channel Status Policy (GCS) has been introduced to promote and encourage private sector investments in defence production to promote the role of private sector in defence production. India has around 194 defence tech startups building innovative tech solutions to empower and support the country’s defence efforts. With the government’s emphasis on easing restrictions on foreign investment in order to achieve India’s goal of an Atmanirbhar Bharat, the growth trajectory of the Indian defence sector remains strong. The growth is a reflection of global acceptability of Indian defence products and technologies. India Emerges as Global Manufacturing Hub with Remarkable Growth Syllabus: GS3/Economy Context India’s manufacturing sector has witnessed remarkable growth this year, underscoring its transformation into a global powerhouse. About Toy exports grew by 239%, and mobile phone production by 600%. By 2024, India ranked among the top four nations with the largest foreign exchange reserves, exceeding $700 billion. In the Global Innovation Index 2024, the country climbed to 39th place up from the 81st in 2015. India’s Manufacturing Sector Manufacturing exports have registered their highest ever annual exports of US$ 447.46 billion with 6.03% growth during FY23. By 2030, the Indian middle class is expected to have the second-largest share in global consumption at 17%. India’s gross value added (GVA) at current prices was estimated at US$ 770.08 billion as per the quarterly estimates of the first quarter of FY24. India’s e-commerce exports are projected to grow from US$ 1 billion to US$ 400 billion annually by 2030, aiding in achieving US$ 2 trillion in total exports. India’s smartphone exports surged by 42% in FY24, reaching US$ 15.6 billion, with the US as the top destination. Challenges faced by India’s manufacturing sector Technological gap: Indian manufacturing lags in the adoption of Industry 4.0 technologies such as automation, IoT, and AI, reducing global competitiveness. Skill Gap: There is a significant gap between the skills of the available workforce in India and the needs of modern manufacturing. Supply Chain Disruptions: High dependency on imported raw materials and components, especially from China, exposes the sector to global supply chain disruptions. Governance Issues: Frequent changes in industrial policies along with delays in their implementation create uncertainty for investors. Global Competition: India faces stiff competition from countries like China, where manufacturing costs are lower due to economies of scale and more efficient infrastructure. Initiatives taken by Government Goods and Services Tax (GST): The introduction of GST streamlined indirect taxation and automated tax compliances, easing the burden for businesses. Reductions in corporate taxes along with simplified construction permits and the abolition of archaic laws were implemented to improve the ease of doing business. FDI policy: Nearly all sectors allow for 100% FDI, except for certain prohibited sectors. For example the defence industry allows 74% FDI under the automatic route and 100% under the government route. Initiatives like Make in India and Digital India, improved infrastructure and ease of doing business, supported by various incentives, have stimulated domestic manufacturing and attracted foreign investments. Make in India Mittelstand (MIIM) , a collaboration between India and Germany, focuses on driving innovation and enhancing economic cooperation by encouraging small and medium-sized German companies to invest and manufacture in India. Japan-India Make-in-India Special Finance Facility: The fund aims to promote direct investment of Japanese companies and trade from Japan to India, including the development of necessary infrastructure. Production Linked Incentive (PLI) Scheme: The PLI scheme has prompted major smartphone companies like Foxconn, Wistron and Pegatron to shift suppliers to India, resulting in the manufacture of top-end phones in the country. Way Ahead India approved the construction of three semiconductor plants with investments exceeding $15 billion. This initiative aligns with India’s goal to bolster its semiconductor ecosystem and create numerous advanced technology jobs. The Mega Investment Textiles Parks (MITRA) scheme to build world-class infrastructure will enable global industry champions to be created, benefiting from economies of scale and agglomeration. The Ministry of Heavy Industries & Public Enterprises initiative of SAMARTH Udyog Bharat 4.0, or SAMARTH Advanced Manufacturing and Rapid Transformation Hubs, is expected to increase competitiveness of the manufacturing sector in the capital goods market. FACTS IN NEWS Sea otters Syllabus:GS3/Species In News Sea otters are helping control the population of green crabs, an invasive species, in California’s Elkhorn Slough National Estuarine Research Reserve. Green crabs, native to Europe, arrived in North America in the 1800s and have been damaging seagrass beds, outcompeting native species, and disrupting coastal ecosystems since the 1980s. About Sea otters They are the smallest marine mammal, yet the largest member of the weasel family. Unique Characteristics: Lives entirely in the water throughout its life. Has the densest fur of any animal on Earth (1 million hairs per square inch). It Uses tools to hunt and feed, including rocks to crack open shells and pry abalone off rocks. The only marine mammal capable of flipping over boulders to search for food. Habitat and Diet: Inhabit coastal areas with shallow water. Eat on the ocean floor and perform activities such as eating and grooming at the surface. Sea otters have high metabolic rates and eat about 25% of their body weight daily. Consume over 100 prey species including sea urchins, clams, mussels, and crabs. Geographical Range: Found in Canada, Japan, Mexico, Russia, and the United States. Ecological Importance: Known as a keystone species, they regulate populations of herbivores like sea urchins, preventing them from destroying kelp forests. Help maintain the health of coastal marine ecosystems. Threats: Threatened by oil spills and other forms of pollution. Pollution from chemicals and disease-causing organisms in the water harms Sea Otters, affecting their prey and leading to illness and death. Conservation Status: Classified as endangered by the IUCN. Balkan Blues Syllabus: GS1/ Art and Culture Context The Balkan Blues, a traditional musical form, was recently included in UNESCO’s National Inventory of Intangible Cultural Heritage. About Sevdalinka, commonly referred to as the Balkan Blues, is a melancholic urban love song originating in the Balkan region. Its roots trace back to the 16th century, reflecting a synthesis of South Slavic oral poetry and the musical influences of the Ottoman Empire. Key Features Musical Expression: It is often performed a capella or with accompaniment from traditional instruments such as the tamburica (a lute-like instrument). Cultural Transmission: The art of Sevdalinka has been preserved through oral traditions, with performances being a central element of family gatherings and community events. Intangible Cultural Heritage (ICH) – Intangible Cultural Heritage (ICH) refers to cultural practices, traditions, expressions, knowledge, and skills that are passed down through generations and form an integral part of a community’s identity and cultural heritage. – Unlike tangible heritage (such as monuments or artifacts), ICH is not physical in nature but exists in the form of traditions and living expressions.UNESCO Intangible Cultural Heritage list– The UNESCO Intangible Cultural Heritage list aims to recognize and safeguard cultural practices, traditions, and expressions that are integral to human creativity and diversity. – It stems from the 2003 Convention for the Safeguarding of Intangible Cultural Heritage, coming into force in 2008. Vasilopita Syllabus:Miscellaneous In News The vasilopita is an integral part of Greek New Year celebrations About Vasilopita The Vasilopita is a traditional Greek cake baked to celebrate the New Year. A coin, known as flouri, is hidden inside the cake, and the person who finds it is believed to receive good fortune, love, and health for the year ahead. Origin of the Tradition: The tradition is rooted in legends associated with Saint Basil, who is akin to Santa Claus in Greece. Tribute: Vasilopita means “Sweet Bread of Basil” and honors Saint Basil, a bishop known for his generosity. The first slice is dedicated to Jesus Christ, the second to the Virgin Mary, and the third to Saint Basil. Tamu Lhosar Festival Syllabus:GS1/Culture In News Tamu Lhosar was recently observed in Nepal. Tamu Lhosar Festival It is celebrated by the Gurung community to mark the New Year and bid farewell to the past year. In the Gurung language, “Lho” means year, and “Sar” denotes change. Tamu Lhosar is celebrated on the 15th of the Nepali month Push (December-January). The festival coincides with the longest night of the year, after which the night’s duration begins to shorten. Celebration Areas: The festival is observed with great enthusiasm in districts of Nepal with a significant Gurung population, including Lamjung, Gorkha, Tanahun, Syangja, Manang, Kaski, and Parbat. Cultural Programs: Gurung community members organize feasts and cultural events to celebrate the occasion. State Funeral Syllabus:Miscellaneous In News former Prime Minister Manmohan Singh was given a state funeral State Funeral: A state funeral is a ceremonial event for important figures, following set rules, involving public mourning. It is typically reserved for the death of the President, Prime Minister, a former President, or a Governor in India. However, in individual cases, the government may order a state funeral for other dignitaries. Rules for State Funeral: The funeral is attended by gazetted officers and service personnel dressed in formal state attire. The Ministry of Defence organizes the arrangements, following notifications from the Ministry of Home Affairs. Do you know?-National mourning is declared by the Centre or state governments for leaders or individuals with significant contributions to the country.– Official Protocol During Mourning: During national mourning, the national flag is flown at half mast.1. During national or state mourning, official entertainments are suspended, except for Republic Day, Independence Day, or Mahatma Gandhi’s birth anniversary. Mourning is resumed after such interruptions.– Flag Code for State Funerals: In a state funeral, the national flag is draped over the bier or coffin, with the saffron side towards the head.– The flag is not lowered into the grave or burned with the body, as per Section 3.58 of the Flag Code of India, 2002. RBI’s Financial Stability Report (FSR) Syllabus: GS3/ Economy Context The Reserve Bank of India (RBI) released the Financial Stability Report (FSR), underscoring improvements in the banking sector’s asset quality and financial resilience. Key Highlights from the FSR Gross Non-Performing Asset (GNPA) Ratio: Scheduled Commercial Banks (SCBs) achieved a remarkable 12-year low GNPA ratio of 2.6% as of September 2024. Provisioning Coverage Ratio (PCR): Improved to 77%, driven primarily by proactive provisioning from Public Sector Banks (PSBs). Slippage Ratio: Marginally increased to 0.7%, indicating controlled accretions to NPAs. Household Debt Trends: India’s household debt stood at 42.9% of GDP in June 2024, relatively low among emerging markets but on a rising trajectory. Growth Projections: India’s Real GDP is projected to grow at 6.6% in 2024-25, driven by: Revival in rural consumption. Increased government consumption and investments. Strong services exports. Financial Stability Report (FSR)– The Financial Stability Report (FSR) is a biannual publication by the Reserve Bank of India (RBI) that assesses the stability and resilience of the Indian financial system. – It offers insights into the health of various components of the financial sector, including banking, non-banking financial institutions (NBFCs), mutual funds, insurance companies, and financial markets. Pangong Tso Syllabus: Places in News Context Recently the statue of Chhatrapati Shivaji Maharaj was inaugurated on the banks of Pangong Tso Lake at an altitude of 14,300 feet. About It is one of the world’s highest saltwater lakes at an altitude of 4,350 meters above sea level, located in the eastern Ladakh region of northern India. It derives its name from the Tibetan word, “Pangong Tso”, which means “high grassland lake”. The western part of the lake lies in Indian territory, while the eastern part is under Chinese control. It is saline and does not support any aquatic life, though it is home to some migratory bird species. Changing hues: The lake showcases different shades of blue, green, and sometimes even red, depending on the angle of the sunlight and the weather conditions. Good Governance Index Syllabus: GS2/Governace Context The Centre has decided not to release the Good Governance Index 2023. The next edition is planned to be published in 2025. About It was launched on December 25, 2019, the birth anniversary of late prime minister Atal Bihari Vajpayee which is observed as Good Governance Day. The index covers over 50 indicators across sectors, including agriculture, economic governance, public health, and citizen-centric governance. Tamil Nadu and Gujarat got first place among big states in the 2019 and 2021 rankings, respectively. Good Governance Day The day is celebrated on the 25th of December every year on the birth anniversary of former Prime Minister Atal Bihari Vajpayee. In 2014, the government announced that December 25 would be celebrated as Good Governance Day. It was established with the slogan “Good Governance through e-Governance.”

Tag: India Emerges as Global Manufacturing Hub with Remarkable Growth

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