1. Dr G Hemaprabha has taken charge as first ever woman director of ICAR-Sugarcane Breeding Institute (SBI).
- She has been appointed Director of ICAR-SBI up to 2024 on the recommendations of Agricultural Scientists Recruitment Board under the Union Minister of Agriculture and Farmers' Welfare.
- Union government has appointed Mata Amritanandamayi Devi (Amma) as the Chair of the country's Civil 20 (C20).
- Mata Amritanandamayi Devi is a spiritual leader.
- C20 is an official engagement group of the Group of 20 (G20).
- C20 offers a platform for civil society organisations to present non-government and non-business viewpoints to the G20 leaders.
- G20 or Group of Twenty is an intergovernmental forum. It comprises of 19 countries and the European Union (EU).
- The G20 will be presided over by India from December 1, 2022, to November 30, 2023.
Topic: Banking System
2. South Indian Bank has introduced app-based foreign outward remittance service.
- The bank’s ‘SIB Mirror+’ mobile banking application allows non-resident external (NRE) and resident savings bank account holders to make foreign outward remittance.
- The foreign outward remittance service is also available on its Internet banking platform ‘SIBERNET’.
- The app of South Indian Bank allows foreign outward remittances in more than 100 currencies across the globe.
- Outward remittance is allowed 24x7 in dollars, and in other currencies during market hours.
- Niva Bupa Health Insurance Company Limited (NBHIC) has entered into a Corporate Agency partnership with IDFC FIRST Bank to provide health insurance solutions to the bank’s customers.
- It is an insurance distribution model in which an insurance company partners with bank to sell policies.
- Bank gets a commission from the insurance company, the insurer gains from the bank’s distribution network.
Topic: Indian Economy/Financial Market
3. India’s manufacturing sector showed strong growth in October.
- Purchasing Managers’ Index (PMI) increased to 55.3 in October, as against 55.1 in September.
- The increase in PMI was accompanied by a good increase in employment.
- Consumer goods was the best-performing category in October. It recorded the greatest performances for output, total sales and exports.
- PMI Value for October is above its long-run average (53.7).
- PMI is prepared by S&P Global. It is released ahead of Government data.
Topic: Indian Economy/Financial Market
4. In the first half of FY23, fiscal deficit reached at nearly 37% of Budget Estimate or at ₹6.2-lakh crore.
- It was 35% of Budget Estimate (BE) during corresponding period of last fiscal.
- Capital expenditure increased to ₹3.42-lakh crore. This is 46% of Budget Estimate.
- Data from CGA released on 31 October 2022 showed that capital expenditure as a percentage of Budget Estimate (BE) has increased in comparison to corresponding period of last fiscal.
- On the other hand, revenue expenditure has reduced according to data from Controller General of Accounts (CGA) released on 31 October 2022.
- Out of 56 Central Ministries and Departments, 21 recorded higher expenditure and 30 ministries saw lower expenditure as a percentage of BE during first six months.
- As per CGA data, capital expenditure of over ₹3.42-lakh crore (around 46% of the BE) was recorded during April-September period.
- Capital expenditure was ₹2.29 lakh crore or over 41% of the BE during the corresponding period of FY22.
- Revenue expenditure was recorded at over ₹14.80-lakh crore or 46% of BE as against around ₹14-lakh crore or 48% of FY22.
- GST collection in October crossed Rs. 1.50 lakh Crore. This is 2nd highest monthly collection this year. Highest collection was seen in April 2022.
Topic: Banking/Financial Schemes
5. PLI scheme for telecom, networking products has been extended to 42 companies.
- Government has approved 42 companies under production-linked incentive (PLI) scheme for telecom and networking products.
- These 42 companies include 28 Micro, Medium and Small Enterprises (MSMEs).
- Out of the 42 companies, 17 have applied for additional incentive of 1% under design-led manufacturing criteria.
- Some of the companies, which have been approved under the scheme, include Nokia Solutions and Networks India, Samsung India Electronics, etc.
- Design-led PLI scheme was launched in June 2022. Applications were invited for availing incentive under the PLI scheme for five years commencing from April 1, 2022.
Topic: Indian Economy/Financial Market
6. Union Cabinet has increased subsidy rates for nitrogen (N).
- It has cut subsidy support for P (phosphorus), K (potash) and S (sulphur) under the NBS (Nutrient-Based Subsidy) scheme for current rabi season from the rates fixed for the kharif season.
- According to the new rates, the overall cost of subsidies for the rabi season-2022 (from October 1, 2022, to March 31, 2023) is estimated to be at 51,875 crore rupees.
Subsidy rate for Kharif season
New subsidy rate for the current Rabi season
- Union Minister Mansukhbhai Mandaviya said that overall fertiliser subsidy bill may touch Rs 2.25 lakh crore against Rs 1.05 lakh crore Budget Estimate for FY 2022-23.
- He said government is aiming for self-sufficiency in urea before 2025.
- India produces about 250 lakh tonne (lt) against an annual demand of 350 lt.
- He announced that PM Modi will inaugurate the revived Ramagundam urea plant, Telangana on November 12.
- He said both Sindri, Jharkhand and Barauni plants will be inaugurated in November 2022.
7. Export-Import Bank of India (India Exim Bank) has signed agreement with a leading bank of Southern Africa to boost India-Africa trade.
- India Exim Bank has concluded a Master Risk Participation Agreement with FirstRand Bank (FRB) Limited.
- The agreement was signed in Johannesburg on the sidelines of the India - Southern Africa Regional Conclave.
- FRB has a presence in Southern Africa and a representative office in Mumbai.
- The agreement has been signed under India Exim Bank’s latest trade facilitation initiative, the Trade Assistance Programme.
8. RBI launched the pilot project of the Digital Rupee in the wholesale segment on 1 November 2022.
- In a statement on 'Operationalisation of Central Bank Digital Currency-Wholesale (e ₹-W) Pilot', RBI said the first pilot project in the Digital Rupee-Wholesale segment shall commence on November 1, 2022.
- Secondary market transactions in government securities were settled using Digital Rupee.
- The usage of the E-Rupee will increase the efficiency of the interbank market.
- Other wholesale transactions and cross-border payments will be the focus of future pilots. This will be based on the learnings from this pilot project.
- Nine banks have been identified for participation in the pilot project.
- These banks are State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC.
- RBI has also announced that the first pilot use of Digital Rupee in the retail segment is planned for launch within a month.
- This is planned for launch in select locations in closed user groups comprising customers and merchants.
- ₹275 crore of gilts were traded by banks in the secondary market via the digital or e-rupee on the first day of the launch of the central bank digital currency (CBDC).
- About CBDC, Digital Rupee and Cryptocurrency:
- Digital form of currency notes issued by a central bank is Central Bank Digital Currency (CBDC) or Digital Rupee.
- Digital Rupee is different from cryptocurrency, which is a decentralized medium of exchange and digital asset based on blockchain technology.
- The operation of cryptocurrency does not involve any intermediary like banks, financial institutions, or central authorities.
- CBDC issued by RBI will be a legal tender in digital form.
9. Textiles Ministry approved 20 strategic research projects worth about Rs 74 crore under 'National Technical Textiles Mission'.
- Of these, five projects are related to special fibres, six projects to agricultural textiles and two each to smart textiles, protective gear and apparel and geotextiles.
- These strategic projects were approved in a meeting held in New Delhi on 1 November under the chairmanship of Union Textiles Minister Piyush Goyal.
- National Technical Textiles Mission:
- The government has launched a National Technical Textiles Mission for promoting research and development in the textile sector.
- The focus of the Mission is to promote the use of technical textiles in various strategic sectors.
- The government had launched National Technical Textiles Mission for a period of 4 years (2020-21 to 2023-24) with an outlay of Rs.1480 crores.
Topic: Infrastructure and Energy
10. Union Cabinet has approved naming of Greenfield Airport at Hollongi, Itanagar as “Donyi Polo Airport, Itanagar”.
- State Government of Arunachal Pradesh had passed the resolution to name the airport as Donyi Polo Airport, Itanagar.
- The new name reflects the people’s reverence of the Sun (Donyi) and the Moon (Polo) to symbolize the traditions and rich cultural heritage of the State.
- Only two airports (Tezu and Passighat) are presently operational in Arunachal Pradesh. Donyi Polo Airport will be the third operational airport.
- Union government had given in-principle approval for development of Hollongi Greenfield Airport in January, 2019.
- Union cabinet has also approved signing of a Memorandum of Understanding (MoU) between India and Denmark on cooperation in the field of Water Resources Development and Management.