Topic: Indian Economy/Financial Market
1. India imported 2.02 million tonnes (mt) of coking coal from Russia during the April–June period (Q1).
- This is a five-year high level of import of coal from Russia.
- Australia is a major source of coking coal. Its share of total imports has dropped to 8.64 million metric tonnes, or 56%. This is a five-year low level.
- Australia continues to be India's top supplier, despite its gradually dropping share in coal imports to India.
- With 2.08 million tonnes, down 2.5 percent year over year, the USA is the second-largest supplier of coking coal.
- Between Q1FY21 and Q1FY25, the percentage of Russian coking coal in total imports has increased progressively from 9% to 13%.
- From April to June of this fiscal year, imports from Russia increased by 45% year over year to 1.40 mt.
- This is based on data gathered by market research company BigMint.
- Russia has replaced other sources like Mozambique and Canada.
- India is the second largest crude steel producer globally. India is the largest importer of coking coal.
Topic: World Economy
2. Global steel production increased by 0.5% in June 2024 to 161.4 million tonnes (mt).
- This increase is in comparison to 160.6 mt output in the corresponding period a year ago.
- According to the World Steel Association, China’s steel output increased to 91.6 mt in June.
- This was an increase of 0.2% from the year-ago period.
- India’s steel output (production) increased by 6 per cent y-o-y at 12.3 mt.
- The steel output of Germany increased by 8.9% and reached at 3.2 mt.
- South Korea’s steel output increased by 7.2% to 5.1 mt. Brazil’s steel production increased by 11.8%.
- The steel output of Japan, Russia, US and Iran declined.
- Region-wise, Africa saw its production increased by 9.6%. Asia and Oceania’s steel output increased by 0.3%.
Topic: RBI
3. RBI introduced the PCA framework to improve the financial conditions of UCBs.
- For weak urban cooperative banks (UCBs), the Reserve Bank of India (RBI) has approved a Prompt Corrective Action (PCA) framework.
- This Prompt Corrective Action (PCA) framework will be applicable to urban co-operative banks (UCBs), with deposits above ₹100 crore (upper tier category).
- Under the PCA framework, a financially unsound and ill-managed UCB can be brought under this.
- If a UCB breaches the risk thresholds related to capital and profitability, then it can be brought under the PCA.
- Currently, there are 1500 UCBs in the country, which are categorized into four tiers. Tiers 2 to 4 come under the upper Tier.
- Tier-I (deposits up to ₹100 crore)
- Tier-2 (deposits above ₹100 crore and up to ₹1,000 crore)
- Tier-3 (deposits above ₹1,000 crore and up to ₹10,000 crore)
- Tier-4 (deposits above ₹10,000 crore)
- The main objective of the PCA is to enable supervisory intervention at an appropriate time.
- The provisions of the PCA Framework will be effective on April 1, 2025.
- Three risk thresholds have been prescribed by RBI for invoking PCA for breach of CRAR and in the case of NNPAs.
- In the case of profitability, only one parameter of “incurred losses during two consecutive years” for breach has been prescribed by RBI.
Topic: Banking System
4. IndusInd Bank has launched 'Wrestle for Glory' program.
- It is a Corporate Social Responsibility (CSR) initiative of the IndusInd Bank.
- The bank has collaborated with Inspire Institute of Sport (IIS) to launch 'Wrestle for Glory'.
- The aim of the program is to empower 50 talented female wrestling athletes from across India.
- It aims to provide them with coaching at the IIS facility on fully-funded scholarships.
- The 'Wrestle for Glory' program has been launched as a part of the 'IndusInd For Sports' initiative.
- The 'IndusInd For Sports' initiative, a non-banking sports vertical of the Bank, established in 2016.
Topic: Indian Economy/Financial Market
5. The All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) for June 2024 have been released.
- The All-India CPI-AL and CPI-RL (Base: 1986-87=100) registered an increase of 11 points each in June 2024.
- The All-India CPI-AL and CPI-RL (Base: 1986-87=100) reached levels of 1280 and 1292, respectively in June 2024.
- The year-on-year inflation rates based on CPI-AL and CPI – RL for June 2024 were recorded at 7.02% and 7.04%, respectively.
- The year-on-year inflation rates for May, 2024 were 7.00% for CPI-AL and 7.02% for CPI-RL.
- The Labour Bureau has been compiling All-India CPI-AL and CPI-RL every month.
- They are compiled on the basis of retail prices collected from 600 villages spread over 20 States.
- The Labour Bureau is an attached office of the M/o Labour & Employment.
All India Consumer Price Index (General and Group-wise)
Group
|
Agricultural Labourers
|
Rural Labourers
|
|
May, 2024
|
June, 2024
|
May, 2024
|
June, 2024
|
General Index
|
1269
|
1280
|
1281
|
1292
|
Food
|
1205
|
1220
|
1212
|
1227
|
Pan, Supari, etc.
|
2058
|
2060
|
2068
|
2070
|
Fuel & Light
|
1351
|
1342
|
1342
|
1333
|
Clothing, Bedding & Footwear
|
1296
|
1300
|
1355
|
1361
|
Miscellaneous
|
1339
|
1343
|
1339
|
1344
|
Topic: Reports and Indices
6. India's ranking has dropped to 82 in the World's Most Powerful Passport ranking 2024.
- The Henley Passport Index for 2024 and ranking of the world's most powerful passports have been released.
- India is ranked 82nd globally, allowing Indian passport holders to travel to 58 countries without requiring a visa.
- This represents a drop of two places compared to last year, when India was ranked 80th.
- In the 2024 Index, Singapore's passport has reclaimed its title as the world's most powerful, granting visa-free or visa-on-arrival access to 195 countries.
- Afghanistan ranked last with visa-free entry to only 26 destinations.
- Henley Passport Index:
- It was launched in 2006. The index covers 199 passports and 227 travel destinations.
- It is based on the data collected from the International Air Transport Association (IATA).
- Each passport is scored on the total number of destinations the holder can access visa-free.
Top most powerful passports for 2024
|
Rank
|
Country
|
Visa-Free Access
|
1
|
Singapore
|
195
|
2
|
France, Germany, Italy, Japan, Spain
|
192
|
3
|
Austria, Finland, Ireland, Luxembourg, Netherlands, South Korea, Sweden
|
191
|
4
|
Belgium, Denmark, New Zealand, Norway, Switzerland, United Kingdom
|
190
|
5
|
Australia, Portugal
|
189
|
82
|
India
|
58
|
Topic: Miscellaneous
7. A renowned economist, C.T. Kurien, passed away on 23 July 2024.
- Christopher Thomas Kurien is a distinguished economist.
- He is known for lifelong work with a deep focus on economics for understanding and eradicating poverty.
- His notable work include Wealth and Illfare, and Economics of Real Life.
- "WEALTH AND ILLFARE — An Expedition into Real Life Economics" was his latest book.
- He secured a Ph.D. on the subject ‘Factor Market Structure and Technological Characteristics of an Underdeveloped Country: An Indian Case Study’.
- He has written 15 books on various aspects of economics and approaches economics from the viewpoint of fighting poverty.
Topic: Banking/Financial/Govt Schemes
8. ‘Model Skill Loan Scheme’ launched by Government to provide education and skill development opportunities to 25,000 youth.
- Revised Model Skill Loan Scheme aims to provide access to skill courses to the youth of the country without any financial barriers.
- These include high-level courses, which often require high course fees. This initiative will help India's youth become a future-ready workforce.
- Under this scheme, education and skill development opportunities will be provided to 25 thousand youth across the country.
- The loan amount limit under the new scheme has been increased from 1.5 lakh rupees to 7.5 lakh rupees.
- Several non-banking financial companies (NBFCs), scheduled banks, and rural banks have also been roped in under the scheme, which will provide hassle-free loans to students.
- The new Model Skill Loan Scheme is designed to support advanced-level skills courses, which often come with high fees, causing a significant financial barrier for many eligible students.
- The aim of this initiative is to bridge that gap, and ensure that interested candidates receive the financial support they need for their skills training.
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