09-December-2023-Daily-Current-Affairs

RBI KEEPS REPO RATE AT 6.5%, RAISES GDP GROWTH FORECAST

GS 2 (ECONOMY): SOURCE – THE HINDU

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) recently announced its decision to maintain the key repo rate at 6.5%. Despite acknowledging progress in curbing inflation, RBI Governor Shaktikanta Das warned of potential spikes in inflation during November and December, influenced by uncertain food prices.

Key Points:

• Unchanged Repo Rate: The MPC opted to keep the repo rate stable at 6.5%, providing no immediate relief for borrowers.
• GDP Growth Forecast: The GDP growth projection for 2023-24 was raised to 7% from 6.5%, reflecting optimism about economic recovery.
• Inflation Outlook: While average inflation forecast remains at 5.4%, the RBI anticipates potential spikes, especially driven by volatile food prices.
• Policy Stance: Five out of six MPC members focus on a policy stance geared toward the “withdrawal of accommodation,” emphasizing a cautious approach.
• Uncertainty and Forward Guidance: Governor Das highlighted the challenges of providing forward guidance amid excessive uncertainty about the future economic landscape.

Conclusion:

The RBI’s decision to maintain the status quo on interest rates underscores a cautious approach to economic management. While acknowledging positive strides in controlling inflation, the central bank remains vigilant, particularly regarding unpredictable food prices.

The adjustment in the GDP growth forecast indicates optimism about India’s economic trajectory. The RBI’s emphasis on sustained 4% inflation highlights the commitment to long-term stability, with the road ahead subject to evolving economic dynamics and potential shocks.

SC NOTICE TO L-G ON PLEA FOR FUND RELEASE

GS 2 (POLITY AND GOVERNANCE): SOURCE – THE HINDU

The Supreme Court has issued a notice to Delhi Lieutenant Governor Vinai Kumar Saxena in response to a plea by the Delhi government urging the release of funds for its ‘Farishtey Dilli Ke’ scheme. This initiative aims to provide free treatment to road accident victims and has faced obstacles due to withheld funds.

Key Points:

• Notice to L-G: The court, led by Justice B.R. Gavai, directed a response from Lieutenant Governor Vinai Kumar Saxena regarding the release of funds for the ‘Farishtey Dilli Ke’ scheme.
• Intra-Governmental Conflict: Justice Gavai questioned the internal conflict within the government and emphasized the need for cooperation instead of internal disputes.
• Scheme Overview: ‘Farishtey Dilli Ke’ provides cashless treatment to road accident victims in private hospitals, encouraging prompt assistance to those in need.
• Legal Representation: Senior advocate A.M. Singhvi, representing the Delhi government, argued that the scheme is purely for social welfare, devoid of political motives. He highlighted the cessation of payments for the scheme.
• Petition Demands: The plea urges the immediate reinstatement of the scheme, settlement of pending bills, timely payments to private hospitals, and disciplinary action against officials contributing to the scheme’s deactivation.
• Challenges Faced: The petition underscores the scheme’s operational standstill for over a year, attributing it to inaction, mismanagement, and officials’ lackadaisical approach.

Conclusion:

The Supreme Court’s intervention in the dispute over funding for the ‘Farishtey Dilli Ke’ scheme emphasizes the importance of social welfare initiatives.

The conflict within the government, as pointed out by the court, raises concerns about the collaborative functioning of different wings.

The scheme’s significance in providing immediate aid to accident victims underscores the urgency of resolving the funding issue for the effective continuation of this noble initiative.

The court’s commitment to addressing the matter promptly after the Christmas vacation signals its recognition of the scheme’s critical role in addressing public welfare.

AN ICY WARNING

GS 3 (ENVIRONMENT): SOURCE – THE HINDU

Glaciers, integral to the Earth’s cryosphere, serve as critical indicators of the climate crisis. The World Meteorological Organization’s recent report highlights alarming trends in glacier health, emphasizing the urgent need for heightened awareness and risk assessment. The impact of shrinking glaciers extends beyond environmental concerns, posing imminent threats to ecosystems and human livelihoods.

Key Points:

Global Glacier Thinning:

• The report reveals that, on average, glaciers worldwide experienced an annual thinning of approximately one meter from 2011 to 2020, indicative of a pervasive trend of global glacier reduction.

Regional Variability:

• While regional variations exist, the overarching pattern underscores the universal decline in glacier sizes across the globe.
• Reference glaciers, vital for long-term assessments, are vanishing, exacerbating concerns.

African Glacial Projections:

• Glaciers on the Rwenzori Mountains and Mount Kenya are anticipated to vanish by 2030, with Kilimanjaro following suit by 2040.
• The accelerated growth of pro-glacial lakes raises the specter of glacier lake outburst floods (GLOF), amplifying threats.

GLOF Catastrophes:

• The Uttarakhand floods of 2013, fueled by glacial melt, exemplify the devastating consequences of GLOF events.
• The recent Chungthang dam disaster in Sikkim serves as a poignant reminder of the potential cataclysmic impact downstream.

Rapid Himalayan Glacier Disappearance:

• The Hindu Kush Himalayas witnessed glacier disappearance accelerate by 65% in the 2010s compared to the previous decade, as per a separate report.
• With global temperature increases, glacier volume is projected to decline by 55%-75%, jeopardizing freshwater supply.

Conclusion:

The vulnerability of glacier systems underscores the imperative for vigilant monitoring and immediate actions. Urgent steps, equivalent to early warning systems for cyclones and earthquakes, are essential to elevate the risk posed by contracting glaciers.

NEW CLIMATE DRAFT SEEKS TRIPLING OF RENEWABLE ENERGY CAPACITY

GS 3 (ENVIRONMENT): SOURCE – THE HINDU

The ongoing UN climate summit in Dubai has witnessed significant developments with the latest draft of the Global Stocktake proposing a substantial increase in renewable energy capacity while advocating for a phased reduction in fossil fuel use. The draft reflects a strong commitment by leaders at COP-28 to accelerate the transition away from fossil fuels and emphasizes the importance of strategic implementation.

Key Points:

Tripling Renewable Energy Capacity:

• The draft suggests a global target of tripling renewable energy capacity by 2030.
• Emphasis is placed on strategically implementing this expansion to displace energy derived from fossil fuels, ultimately reducing reliance on non-renewable and high-emission sources.

India’s Position:

• India, a significant participant, is hesitant about endorsing the clause due to its prescriptive nature.
• While open to tripling renewable energy capacity, India is wary of conditions that it deems unacceptable, requiring further consultations.

Evolution of Fossil Fuel Phasing Out:

• The initial call for a “just and orderly phase-out of fossil fuel” has evolved into four distinct options.
• These options range from phasing out fossil fuels to align with the 1.5-degree Celsius target to making energy companies fossil fuel-free by mid-century.

Coal Phase-Out and COP-26 Legacy:

• The draft maintains the stance on the “rapid phase-out of unabated coal power,” aligning with the COP-26 agreement to “phase down” but not “phase out” coal.

Concerns over Climate Finance:

• India addresses the critical issue of climate finance, highlighting the lack of a clear definition.
• Emphasizing the necessity for trust and transparency, Environment Minister Bhupender Yadav calls for a well-defined concept of climate finance to facilitate clean energy transitions.

Conclusion:

As the UN climate summit progresses, the draft’s proposals signal a global commitment to prioritizing renewable energy expansion while navigating challenges related to fossil fuel phase-out and climate finance definitions. The evolving negotiations underscore the complexity of aligning diverse interests and the crucial need for inclusive discussions to craft effective and equitable climate policies.

CHINA LAUNCHES WORLD’S 1ST FOURTH-GENERATION NUCLEAR REACTOR

GS 2 (INTERNATIONAL RELATIONS): SOURCE – NDTV

China has achieved a historic milestone by launching the world’s first fourth-generation nuclear reactor, utilizing helium gas for cooling instead of conventional pressurized water. This Small Modular Reactor (SMR) marks a significant advancement in nuclear technology, offering various benefits over traditional reactors.

Key Points:

Fourth-Generation Nuclear Reactor:

• The newly launched reactor in China represents the fourth generation, incorporating innovative features for enhanced efficiency and safety.
• Unlike conventional designs, it employs helium gas for cooling, contributing to improved performance.

Small Modular Reactor (SMR) Design:

• SMRs are characterized by their smaller physical size, typically a fraction of traditional nuclear reactors.
• Modular construction allows factory assembly, reducing costs and construction time.

Advantages Over Traditional Reactors:

• Cost and Construction Time: Factory-built SMRs lead to lower construction costs and quicker deployment compared to on-site construction.
• Simpler and Safer: Reduced fuel requirements make SMRs simpler and safer, addressing concerns associated with traditional reactors.
• Incremental Deployment: SMRs offer flexibility for incremental deployment to align with increasing energy demands.

Nuclear Power in India:

• India currently operates 22 reactors with an installed capacity of 7480 MWe.
• The country is progressing through the second stage of its three-stage nuclear program, emphasizing the importance of nuclear energy in its energy mix.

Conclusion:

China’s successful launch of the fourth-generation nuclear reactor underscores the global advancements in nuclear technology, particularly with the adoption of Small Modular Reactor designs. As India continues to be a significant player in the nuclear energy landscape, such innovations present opportunities for the nation to enhance its energy infrastructure in the pursuit of a sustainable and diversified energy portfolio.

OVER 50 COUGH SYRUP MANUFACTURERS IN INDIA FAIL QUALITY TESTS: GOVERNMENT REPORT

GS 2 (POLITY AND GOVERNANCE): SOURCE – TIMES OF INDIA

The Central Drugs Standard Control Organisation (CDSCO) has flagged concerns as 50 Indian cough syrup manufacturers fail to meet required quality standards.

A recent report highlights that approximately 6% of samples from 54 firms did not clear the quality tests, raising issues about the safety and efficacy of these pharmaceutical products.

This comes amid global apprehensions, including those expressed by the World Health Organisation, regarding the substandard quality of Indian cough syrups linked to adverse health outcomes in countries like Gambia and Uzbekistan.

Key Points:

Quality Test Results:

• CDSCO’s report reveals that samples from 50 Indian cough syrup manufacturers failed to meet the necessary quality standards, accounting for 6% of the total samples tested.

Global Concerns:

• The World Health Organisation had previously expressed concerns over the substandard quality of Indian cough syrups, associating them with adverse health incidents, especially affecting children in various countries.

Export Regulations:

• Starting from June 1, 2023, the Director General of Foreign Trade has mandated the testing of cough syrup samples and obtaining a Certificate of Analysis from designated laboratories for export purposes.

Drug Regulation in India:

• Governed by the Drugs and Cosmetics Act (DC Act), 1940, and Drugs and Cosmetics Rules, 1945.
• CDSCO, under the Ministry of Health and Family Welfare, ensures standards for drug safety, efficacy, and quality in India.
• Drug Controller General of India, heading CDSCO, approves licenses for specific drug categories.

Challenges in Drug Regulation:

• Lack of a centralized drugs database hampers effective surveillance of pharmaceutical companies.
• Multiplicity of regulators, with nearly 36 regional authorities overseeing drugs.
• Limited emphasis on Good Manufacturing Practice Standards, as only a fraction of manufacturing units comply with WHO-GMPS.

Conclusion:

The CDSCO’s findings regarding the quality of cough syrups from Indian manufacturers underscore the imperative for robust drug regulation. As the nation navigates challenges related to multiple regulatory bodies and manufacturing standards, addressing these concerns becomes pivotal for ensuring the safety and efficacy of pharmaceutical products both domestically and globally.

INDIA’S LOGISTICS EFFICIENCY

GS 2 (POLITY AND GOVERNANCE): SOURCE – INDIAN EXPRESS

The Department for Promotion of Industry and Internal Trade collaborated with the World Bank, showcasing key logistics initiatives.

• These include the Land Port Management System for digitizing operations at Integrated Check Posts, the National Logistics Portal (Marine) for comprehensive maritime logistics solutions, FASTag-based toll collection, and e-Air WayBill and e-Cargo Security Declaration for paperless air cargo transport.
• Additionally, the Ministry of Road and Transport plans 35 multi-modal logistics parks, contributing to India’s logistics sector development.
• These initiatives aim to enhance efficiency, transparency, and connectivity in the country’s logistics network