24 June 2023 : Daily Current Affairs
DAILY CURRENT AFFAIRS
24-June-2023
Daily Current Affairs For UPSC ,Daily Current affairs of The hIndu and Indian Express.
1. Jet engine deal ensures 80% technology transfer to HAL; first engine in three years.
Topic: GS3 – security.
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The jet engine deal between the U.S. and India is said to be “almost done” and will involve 80% technology transfer from General Electric (GE) to Hindustan Aeronautics Limited (HAL).
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More about the news:
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The previous ‘Engine Development Agreement’ in 2012 between GE and HAL had a technology transfer of 58%.
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The manufacturing license agreement for the joint production of the F414 jet engine in India has been submitted for Congressional notification.
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It is expected that the first engine will roll out three years after the contract is signed.
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The transfer of 80% technology to HAL is considered of critical importance and has not happened before, indicating the level of trust India has gained from the U.S.
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Some of the key technologies to be transferred include coatings for corrosion, casting, machining and coating for turbine blades, nozzle guide vanes, blisk machining, forging/power metallurgy discs for turbine, and more.
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The deal requires approval from the U.S. Congress, involving Export Administration Regulations (EAR) and International Traffic in Arms Regulations (ITAR).
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The strategic trade dialogue between India and the U.S. aims to address regulatory issues related to technology cooperation.
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The deal highlights the trust in India’s Intellectual Property Rights (IPR) regime and the security of technology. The U.S. has also shown confidence in India’s military systems.
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Source: The Hindu, 24 June 2023 – page 9.
2. India, U.S. expanding scope of cooperation in strategic areas: PM
Topic: GS3 – International relations.
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Prime Minister Narendra Modi expressed gratitude for the renewed trust between India and the U.S. in the areas of new and emerging technologies.
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He mentioned that cooperation between the two countries has expanded in the defense and strategic sectors.
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Highlights of the Prime Minister’s visit to USA:
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Modi highlighted the resolution of long-standing and challenging trade issues and emphasized the progress being made together through frameworks like QUAD (Quadrilateral Security Dialogue) and I2U2 (India-U.S. Information and Communication Technology (ICT) Working Group).
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During his visit to the U.S. in 2014, President Joe Biden referred to the India-America partnership as a promise over the horizon, and Modi acknowledged the journey they have embarked on since then.
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Modi praised Vice-President Kamala Harris, who hosted the luncheon, and thanked her for her contribution to strengthening the strategic partnership between India and the U.S. He also recognized the impact of Indian Americans on various aspects of life in the United States.
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Vice-President Harris expressed gratitude for Modi’s commitment to enhancing U.S.-India ties and highlighted the natural alignment and increasing closeness between the two countries.
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Source: The Hindu, 24 June 2023 – page 9.
3. G-20 trade unions meet emphasises global social security
Topic: GS3 – social Security.
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Union Minister for Labour and Employment Bhupender Yadav addressed the Labour 20 (L-20) meeting of trade unions of G-20 countries.
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More about the news:
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The Minister highlighted the importance of social dialogue and comprehensive social security policies that adapt to the changing nature of work.
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Collaboration between governments, employers, trade unions, and international organizations is necessary to ensure inclusive and accessible social security systems.
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Equipping women with skills and knowledge is crucial for their engagement in the job market and promoting gender parity.
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The task force on International Portability of social security funds recommended collecting and analyzing data on migrants’ susceptibilities and needs for efficient social protection systems.
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The task force also suggested disaggregating national data to consider citizenship and residency status as indicators of migrant status, facilitating the computation of transferable benefits and estimating social protection coverage for labor migrants.
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Source: The Hindu, 24 June 2023 – page 10.
4. ‘Price stability is a must for growth’
Topic: GS3 – Indian economy.
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RBI officials led by Deputy Governor Patra emphasize the importance of price stability for achieving high and sustainable inclusive growth.
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More about the news:
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They highlight that bringing down inflation and stabilizing inflation expectations will revive consumer spending, boost corporate revenues and profits, and incentivize private capital expenditure.
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Recent data shows that inflation is slowing down personal consumption expenditure, moderating corporate sales, and hindering private investment in capacity creation.
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The RBI’s approach to flexible inflation targeting is aimed at growth preservation and promotion, rather than a single-minded pursuit of a single target.
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The officials stress that price stability is essential for the path to high but sustainable inclusive growth.
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They argue that once the importance of price stability is realized, the trade-offs and dilemmas in conducting monetary policy fade away.
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Source: The Hindu, 24 June 2023 – page 12.
5. ‘Most States failed to meet their capital spending targets in FY23’
Topic: GS3 – Indian economy.
What is in the news:
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Large states like Uttar Pradesh and Maharashtra faced significant setbacks in their capital spending plans for 2022-23.
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Only six states came close to meeting their capital expenditure (capex) targets, while the performance of other states was disparate and disappointing.
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Out of the 25 states analyzed, they collectively spent only 76.2% (₹5.71 lakh crore) of their planned capex of ₹7.49 lakh crore.
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Uttar Pradesh and Maharashtra, the two largest states in terms of planned capex, achieved only 70% of their targets, bringing down the average for the entire sample.
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Four states (Karnataka, Sikkim, Arunachal Pradesh, and Bihar) met or exceeded their targets, while Jharkhand and Madhya Pradesh came close at over 98% achievement.
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Eleven states crossed the 80% threshold, including Tamil Nadu (89.9%) and Gujarat (89.5%).
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The under-achievement in capex targets is not new, and the states need to improve their record to stimulate the investment cycle and encourage private sector participation.
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Source: The Hindu, 24 June 2023 – page 12.
For Enquiry
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23 June 2023 : Indian Express
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23 June 2023 : The Hindu Editorial
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22 June 2023 : Indian Express
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