Topic: Reports and Indices
1. Manufacturing PMI has declined to 57.5 in August.
- Manufacturing Purchasing Managers’ Index (PMI) was 58.1 in July.
- Despite decline in August, manufacturing PMI is still higher than long-term average, which stands at 54.
- Services PMI increased from 60.3 in July to 60.9 in August. This was highest since March.
- This is the 37th consecutive month of increase.
- Even though it was expanding more slowly in August, job creation was still growing.
- PMIs in the manufacturing and services sectors are created based on replies from 400 companies' purchasing executives each.
- A figure greater than 50 indicates growth, whilst a figure less than 50 indicates contraction.
Topic: Indian Economy/Financial Market
2. Norms for expenditure of more than Rs 500 crore has been relaxed by Finance Ministry to boost capital expenditure (capex).
- Finance Ministry has relaxed the norm to accelerate capex that is kept at Rs 11.11 trillion for the current fiscal.
- In the Budget, Finance Minister Nirmala Sitharaman has proposed to increase the capital expenditure target by 11.1% to Rs 11.11 trillion for 2024-25.
- A May 2022 memorandum stated that in order to facilitate the tracking of expenses and cash flow, the release of amounts between Rs 500 crore and Rs 2,000 crore have to be prepared.
- To capitalise on the Goods and Services Tax (GST) inflows, the dates for these releases may be limited to the 21st and 25th of a given month.
- Similarly, in order to take advantage of the inflow of direct tax receipts, bulk expenditure items valued at more than Rs 2,000 crore were scheduled for the second and final fortnight of the quarter.
- These conditions will no longer be present.
- An office memorandum dated September 2, 2024 stated that it has been agreed to relax criteria for significant releases beyond Rs 500 crore for all categories of expenditure in the current financial year.
- This has been done in order to allow the necessary operational flexibility in the execution of the Budget.
- According to the memorandum, Financial Advisers will examine and set a freeze on the timing of dividend payments and other non-tax receipts from their respective ministries and departments.
- The memorandum further stated that the dividend payments and buyback considerations will be targeted in the first half of the fiscal year.
Topic: Banking/Financial/Govt Schemes
3. EPS pensioners will get pension from any bank, any branch, anywhere in India from 1st January 2025.
- The proposal for Centralised Pension Payment System (CPPS) for Employees’ Pension Scheme, 1995 has been approved by Dr. Mansukh Mandaviya, Union Minister of Labour & Employment and Chairman, Central Board of Trustees, EPF.
- The establishment of the national level centralized system CPPS marks a major change.
- It will make it possible to receive pension through any bank, any branch throughout India.
- The centralised pension payment system is expected to benefit over 78 lakh EPS pensioners of EPFO.
- Using advanced IT and banking technologies, it will provide a more efficient, seamless and user-friendly experience for pensioners.
- CPPS will ensure disbursement of pension all over India without the need to transfer the Pension Payment Order (PPO) from one office to another even if the pensioner changes his location or his bank or branch.
- This will be a big relief for those pensioners who move to their hometown after retirement.
- This facility will be launched from January 1, 2025 as part of EPFO's ongoing IT modernisation project Centralised IT Enabled System (CITES 2.01).
- In the next phase, CPPS will make a smooth transition to Aadhaar-based Payment System (ABPS).
- As of August 31, the total assets of the National Pension System (NPS) have increased by about 30% year over year to ₹13.06 lakh crore.
- As of August 31, private sector assets (non-government sector) have grown by a strong 41.68 percent on an annual basis, totaling ₹2.62 lakh crore.
- Assets under the Atal Pension Yojana (APY) reached ₹39,959.35 crore on August 31, up 32.20 percent on a year-over-year basis.
- In 2023–2024, the PFRDA added 1.2 crore APY subscribers. The goal for this fiscal year is 1.3 crore.
Topic: Appointments
4. Rama Mohan Rao Amara has been recommended by the FSIB to be the Managing Director (MD) of the State Bank of India (SBI).
- The Financial Services Institutions Bureau (FSIB) interacted with nine applicants for the MD post at SBI.
- Amara is presently employed at SBI as the Deputy Managing Director.
- Amara is likely to take over as SBI Chairman following C. S. Setty's elevation.
- Before Amara was moved to SBI in July 2023, he was the MD and CEO of SBI Card.
- In January 2021, he was named MD and CEO of SBI Card.
Topic: Appointments
5. Y Haragopal has been appointed Managing Director of NABCONS (NABARD Consultancy Services).
- Prior to this elevation, he worked as the Chief Operating Officer of the Delhi-based consultancy firm.
- V Satish Kumar has been given the additional charge of Chairman of Indian Oil Corporation.
- He will concurrently serve as Chairman while continuing in his role as Director (Marketing).
- Indian Oil Corporation is a PSU formed in 1959. It is the largest commercial oil company in India. Its headquarters is in New Delhi.
- NABCONS is a wholly-owned subsidiary of the National Bank for Agriculture and Rural Development.
- It was created in 2003 to provide consultancy in agriculture, rural development and allied areas.
Topic: Awards and Prizes
6. The Wokha SAATHI WhatsApp Chatbot has been awarded the Gold Award at National Awards for e-Governance Scheme 2023-2024.
- The Wokha SAATHI (Smart AI-based Assistant for Timely Help & Interface) WhatsApp Chatbot is an innovative initiative of the Wokha District Administration of Nagaland.
- Deputy Chief Minister of Maharashtra, Devendra Fadnavis presented the award at the 27th National Conference on e-Governance held in Mumbai, Maharashtra.
- This is for the first time that an initiative from Nagaland has got a Gold Award for its contribution to e-Governance.
- As part of the initiative, over 40 services have been brought under one stop chat bot of the Wokha District Administration.
- This AI-based chatbot offers timely assistance. It serves as a user-friendly interface for residents.
- Open Network for Digital Commerce (ONDC) has got Gold Award under the category "Application of Emerging Technologies for Providing Citizen-Centric Services" in the National Awards for e-Governance.
- National Awards for e-Governance by the Department of Administrative Reforms and Public Grievances recognise and promote excellence in implementation of e-Governance initiatives.
- They encourage innovation in successful e-Governance solutions.
- They are conferred each year during the National Conference on E-Governance, organised every year.
- The Government of Maharashtra hosted the 27th Edition of the National Conference on E-Governance in Mumbai.
Topic: Indian Economy/Financial Market
7. World Bank increased India’s growth forecast for FY25 to 7%.
- World Bank raised India’s growth forecast for Fiscal Year 2024-25 by 40 basis points to 7 per cent. Its earlier forecast was 6.6 per cent.
- The debt-to-GDP ratio is projected to decline from 83.9 per cent in FY23/24 to 82 per cent by FY26/27.
- The current account deficit is expected to remain at around 1-1.6 per cent of GDP up to FY26/27.
- In recent years, the global trade landscape has witnessed protectionism.
- India’s robust growth prospects along with declining inflation will help in reducing extreme poverty.
- India can boost its growth further by using its global trade potential.
- India should adopt a three-pronged approach for achieving the $1 trillion merchandise export target by reducing trade costs further, lowering trade barriers, and deepening trade integration.
Topic: Miscellaneous
8. Cabinet approved Kaynes Semicon Pvt Ltd's proposal to setup a semiconductor unit in Sanand, Gujarat.
- With this decision, government aims to develop vibrant semiconductor ecosystem.
- The proposed unit will be established with an investment of 3,300 crore rupees.
- This unit can produce 60 lakh chips in a day. This unit will manufacture chips that are suitable for a broad range of applications.
- These cover markets like telecom, mobile phones, consumer electronics, automotive, electric vehicles, and industrial.
- With a 76 thousand crore rupee total expenditure, the Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India was announced in December 2021.
- In 2023 and 2024, Union Cabinet approved four semiconductor units with Micron Technologies and CG Power establishing one unit each and Tata Technologies establishing two units.
- All four semiconductor units are under construction. About 1.5 lakh crore rupees will be invested in these four units.
- These units have a daily capacity of roughly seven crore chips.
Topic: Committees/Commissions/Taskforces
9. The constitution of the 23rd Law Commission for three-year term sanctioned by President.
- The constitution of the 23rd Law Commission of India sanctioned by President Droupadi Murmu, which will serve from September 1, 2024, to August 31, 2027.
- According to the notification issued on September 2, the commission will consist:
- A full-time Chairperson
- Four full-time Members (including Member-Secretary)
- Secretary, Department of Legal Affairs, as ex officio Member
- Secretary, Legislative Department, as ex officio Member
- Not more than five part-time Members
- The role of the Commission will be to review and recommend legal reforms to improve the Indian legal system.
- The term of the 22nd Law Commission of India ended on August 31.
- The Commission has been functioning without a chairperson for several months, and several important reports, including on Uniform Civil Code and holding of simultaneous elections, are still pending.
- The Law Commission of India's Chairman, Justice Ritu Raj Awasthi, resigned in March 2024 following a 17-month term in office.
Topic: Miscellaneous
10. 30 crore registrations have been made on the eShram portal in last three years.
- The eShram portal was launched by the Ministry of Labour and Employment on August 26, 2021.
- In the last three years, 30 crore unorganized workers have been registered on the eShram portal.
- The government wants to add 20 crore more unorganised sector workers on the portal.
- The eShram portal works as a one-stop solution for all issues related to workers.
- This initiative aims to provide the benefit of various social security schemes implemented by different ministries and departments for unorganised workers through the eShram Portal.
- Union Labour Minister Mansukh Mandaviya announced that the government will offer an online window for aggregators to register their workers on the e-shram portal.
- This will done in order to expedite the implementation of social security measures for gig and platform workers.
- He stressed that employers who hire gig and platform workers, or aggregators, will be required to register their employees on the portal first.
- He emphasised on the significance of the social security code, which identifies gig and platform workers in India for the first time.
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