Topic: Appointments
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.
- Bancassurance:
- 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.
Fertiliser
|
Subsidy rate for Kharif season
|
New subsidy rate for the current Rabi season
|
N (Nitrogen)
|
₹91.96/kg
|
₹98.02/kg (increased)
|
P (Phosphorus)
|
₹72.74/kg
|
₹66.93/kg (cut)
|
K (Potash)
|
₹25.31/kg
|
₹23.65/kg (cut)
|
S (Sulphur)
|
₹6.94/kg
|
₹6.12/kg (cut)
|
- 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.
Topic: MoUs/Agreements
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.
Topic: RBI
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.
Topic: Miscellaneous
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.
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