29 June 2023 : Daily Current Affairs

DAILY CURRENT AFFAIRS

29-June-2023

Daily Current Affairs For UPSC ,Daily Current affairs of The hIndu and Indian Express.

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1. Biofertilizer scheme gets Central govt.’s green light.

Topic: GS2 – Government initiatives

Context:

• The Cabinet Committee on Economic Affairs (CCEA) approved the PM-PRANAM scheme.
• The scheme aims to promote the use of nutrient-based biofertilizers for sustainable agriculture.

More about PM-PRANAM scheme:

• The PM-PRANAM scheme, or the Pradhan Mantri Promotion of Alternate Nutrients for Agriculture Management Yojana, is a new scheme that aims to promote the use of alternate nutrients in agriculture, such as bio-fertilizers and organic manure, in order to reduce the use of chemical fertilizers and improve soil health.
• Under the PM-PRANAM scheme, the central government will provide financial incentives to states that reduce their consumption of chemical fertilizers.
• The incentives will be based on the amount of savings in fertilizer subsidy that the states achieve.
• The states can use the incentives to promote the use of alternate nutrients, such as by providing subsidies for bio-fertilizers and organic manure, or by setting up training and awareness programs for farmers.
• The total outlay of the scheme is ₹3,70,128.7 crore.

Here are some of the key features of the PM-PRANAM scheme:

• It aims to promote the use of alternate nutrients in agriculture, such as bio-fertilizers and organic manure.
• It will provide financial incentives to states that reduce their consumption of chemical fertilizers.
• The incentives will be based on the amount of savings in fertilizer subsidy that the states achieve.
• The states can use the incentives to promote the use of alternate nutrients, such as by providing subsidies for bio-fertilizers and organic manure, or by setting up training and awareness programs for farmers.
• The PM-PRANAM scheme is expected to help reduce the government’s fertilizer subsidy bill, improve soil health and productivity, and make Indian agriculture more sustainable.

Source: The Hindu, 29 June 2023, page – 1

Importance of news:

1. Question can be asked in prelims exam.
2. Information can be added in mains answer.

2. SC Collegium gets a makeover with two new judges joining.

Topic: GS2 – Supreme Court.

Context:

• A majority of the judges in the current Supreme Court Collegium are likely to become Chief Justices of India in the coming years based on seniority.
• The collegium recently gained two new members, Justices B.R. Gavai and Surya Kant.
• Justice Sanjeev Khanna is now the third-ranked judge in the collegium, following the Chief Justice and Justice Sanjay Kishan Kaul.
• Justice Khanna was expected to succeed Chief Justice Chandrachud in November 2024.
• The collegium returned to its usual five-member composition after the retirement of Justice M.R. Shah.

What is Supreme Court collegium:

• The Supreme Court collegium is a body of judges responsible for the appointment and transfer of judges within the Indian judiciary, particularly in the Supreme Court and High Courts. It is a system unique to India and operates as a part of the judicial appointment process.
• The collegium consists of the Chief Justice of India and a group of senior judges of the Supreme Court. The exact composition of the collegium may vary over time, but it typically includes the Chief Justice and the four most senior judges of the Supreme Court.
• The collegium’s primary function is to recommend appointments and transfers of judges. It considers and assesses the suitability and merit of candidates for judicial positions. The collegium’s recommendations are typically forwarded to the President of India for formal appointment. The President’s role is largely ceremonial, and the collegium’s recommendations are usually binding.
• The collegium system was established through judicial interpretation of the Indian Constitution and evolved over time through various court judgments. It is intended to safeguard judicial independence and ensure that appointments to the higher judiciary are made on the basis of merit and integrity.
• However, the collegium system has also faced criticism for lacking transparency and being susceptible to subjective decision-making. Over the years, there have been ongoing discussions and debates regarding possible reforms to the appointment process of judges in India.

Source: The Hindu, 29 June 2023, page – 10

Importance of news:

1. Question can be asked in prelims exam.
2. Means question can be expected on collegium system of Supreme Court.

3. Sunak looking for ‘ambitious trade deal’ with India.

Topic: GS2 – International relations.

Context:

• K. Prime Minister Rishi Sunak expressed the desire to strike an ambitious and mutually beneficial trade deal between the U.K. and India.
• The statement was made during a Downing Street reception for ‘U.K.-India Week,’ an event organized by India Global Forum.

More about the news:

• Sunak highlighted the potential for tremendous opportunities for businesses and consumers in both countries through such a trade deal.
• He emphasized the importance of ambition and highlighted the achievements of leaders in various fields, showcasing the possibilities that can be achieved.
• The statement reflects the U.K.’s intention to strengthen economic ties and enhance cooperation with India.

Source: The Hindu, 29 June 2023, page – 12

Importance of news:

1. Information can be added in mains answer about India – UK relations.

4. Centre plans ‘market’ scheme to promote sustainable living.

Topic: GS3 – Sustainable environment

 Context:

• The Environment Ministry has released a draft notification for a proposed ‘Green Credit Scheme’ aimed at incentivizing environmental actions.

More information about the scheme:

• The scheme aims to generate ‘green credits’ through activities such as afforestation, water conservation, waste management, and air pollution remediation.
• These green credits can be traded for money through a yet-to-be-specified mechanism.
• The scheme intends to encourage voluntary environmental actions by individuals, communities, private sector industries, and other entities.
• The government plans to create a supply of green credits through voluntary actions and subsequently create demand by incentivizing companies and organizations to purchase and trade these credits.
• Unlike carbon markets, the Green Credit Scheme involves accounting for a wide range of environmental actions.
• The draft notification lists eight sectors or activities that qualify for generating green credits, including tree plantation, water conservation, sustainable agriculture, and waste management.

Source: The Hindu, 29 June 2023, page – 12

5. Cabinet clears NRF Bill to offer strategic direction to research

Topic: GS2 – Polity.

 Context:

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the introduction of the National Research Foundation (NRF) Bill, 2023 in Parliament.

More information about National Research Foundation Bill:

• The NRF aims to establish an apex body that will promote and support Research and Development (R&D) and foster a culture of research and innovation in India’s universities, colleges, research institutions, and R&D laboratories.
• The establishment of NRF aligns with the recommendations of the National Education Policy (NEP) and is estimated to cost Rs. 50,000 crore over five years (2023-28).
• The Department of Science and Technology (DST) will be the administrative department of NRF, and it will be governed by a Governing Board consisting of eminent researchers and professionals across disciplines.
• The Prime Minister will serve as the ex-officio President of the Board, while the Union Minister of Science & Technology and Union Minister of Education will be the ex-officio Vice-Presidents.
• NRF’s operations will be overseen by an Executive Council chaired by the Principal Scientific Adviser to the Government of India.
• NRF will facilitate collaborations among industry, academia, government departments, and research institutions, fostering participation and contribution from industries and state governments.
• It will focus on creating a policy framework and regulatory processes to encourage collaboration and increased industry spending on R&D.
• The bill also includes the repeal of the Science and Engineering Research Board (SERB) and its integration into NRF, expanding NRF’s mandate to cover activities beyond those of SERB.

Source: The Hindu, 29 June 2023, page – 12

 Significance of the news:

1. Features of the bill can be asked in the prelims exam.
2. Direct question can be asked in mains exam.

6. Indian economy resilient despite global risks: RBI

Topic: GS3 – Indian economy.

 Context:

• The Reserve Bank of India (RBI) has stated in its Financial Stability Report that the Indian economy and domestic financial system remain resilient despite global economic uncertainties.

More information about the news:

• The gross non-performing assets ratio of scheduled commercial banks (SCBs) decreased to a 10-year low of 3.9% in March 2023, and the net non-performing assets ratio declined to 1%.
• The RBI’s macro stress tests indicate that SCBs would be able to meet minimum capital requirements even under severe stress scenarios.
• While the global financial system has faced strains due to banking turmoil in the US and Europe, India’s financial sector has remained stable and resilient.
• Governor Shaktikanta Das mentioned that both banking and corporate sector balance sheets have been strengthened, leading to a “twin balance sheet advantage” for growth.

 

Source: The Hindu, 29 June 2023, page – 14

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