Daily Current Affairs 31 January 2024 for Banking/Insurance/SSC and other related exams.
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NATIONAL NEWS
Finance Ministry Issues ‘Indian Economy – A Review’ Report Instead of Economic Survey
Finance Minister Nirmala Sitharaman will present the Interim Budget 2024 on February 1. Every year, a day before the presentation of the budget document, the central government presents an Economic Survey. However, the survey will not be presented on January 31.
- Due to the general elections, the government will present an interim budget to manage necessary financial tasks. The full-fledged budget will be presented after the completion of the Lok Sabha elections and the formation of the new government.
- Instead, the Centre has released a report on India’s journey for the past 10 years titled ‘Indian Economy–A Review’. The report also shared glimpses of the outlook for the economy in the coming years. The report was prepared by the office of the Chief Economic Advisor (CEA) V Anantha Nageswaran.
- The Indian economy is likely to grow at over 7 per cent in the coming years and is expected to become the third-largest economy in the world in the next three years, with a GDP of $5 trillion, driven by domestic demand along with supply-side measures such as investment in infrastructure and measures to boost manufacturing.The report said India can aspire to become a $7-trillion economy by 2030
- Noteworthy is India’s adept management of crude oil supply, and the CEA pegs the growth rate at or above 7% for FY24, projecting another year of 7% real growth in FY25.It now appears very likely that the Indian economy will achieve a growth rate at or above 7% for FY24, and some predict it will achieve another year of 7% real growth in FY25 as well.
- The report identifies challenges, including concerns over global supply chains, AI’s impact on services trade, and the significant energy transition challenge. It acknowledges the global struggle for recovery post-COVID, emphasizing the importance of addressing these challenges for sustained growth.
- The Union government has taken the overall public sector capital investment from Rs 5.6 lakh crore in FY15 to Rs 18.6 lakh crore in FY24.That is a rise of 3.3X. Whether the total length of highways, freight corridors, number of airports number of airports, metro rail networks or the trans-sea link, the ramp-up of physical and digital infrastructure in the last ten years is real, tangible and transformative.
- The report highlights a robust financial sector, emphasizing its willingness to lend. Indian households exhibit good financial health, with Jan Dhan Yojana accounts holding substantial deposits. Household financial assets have risen, and Nageswaran notes the positive trends in non-food credit growth and the reduction of fiscal and current account deficits.
- Contrary to 2014, the report notes improved economic conditions regarding jobs and unemployment. The economy has created jobs, with a considerable decline in the unemployment rate post-COVID.
- The female labour force participation rate (LFPR) hiked from 23.3% in 2017-18 to 37% in 2022–23. Through the Skill India Mission, Start-Up India and Stand-Up India, female participation is also growing in human capital formation.The female Gross Enrolment Ratio (GER) in higher education has quadrupled from 6.7% in FY01 to 27.9% in FY21. While the GER has more than doubled from 24.5%.
Punjab Govt sets up ‘Sadak Surakhya Force’ (SSF), first of its kind in India, to reduce road fatalities
In Punjab, the State government has set up the ‘Sadak Surakhya Force’ (SSF), the first of its kind in the country, to reduce road fatalities.
- The State Chief Minister Bhagwant Singh Mann flagged off 144 hi-tech vehicles from Jalandhar. Anyone in the State can get help by dialing number 112, and the vehicle will reach the spot within ten minutes of receiving the call.
- With more than 1,200 police jawans, 144 hi-tech vehicles have been flagged off and about 90 female drivers will also handle the steering of vehicles. The vehicles will cover 5,500 km of State and national highways, each covering a distance of nearly 30 kilometres. The vehicles are fitted with specialised equipment to check for drunken driving and overspeeding.
INTERNATIONAL NEWS
India ranks 93 in Global Corruption Index
India ranked 93 out of 180 countries on the corruption perceptions index for 2023 as its overall score remained largely unchanged. The report highlighted minimal progress in addressing public sector corruption, as the global average for CPI remained stagnant at 43 for the twelfth consecutive year.
- The index, which ranks 180 countries and territories by their perceived levels of public sector corruption according to experts and business people, uses a scale of 0 to 100, where 0 is highly corrupt and 100 is very clean.
- The 2023 Corruption Perceptions Index (CPI) released by Transparency International shows that most countries have made little to no progress in tackling public sector corruption,” said the report.
- Denmark tops the index for the sixth year in a row, with a score of 90, owing to its “well-functioning justice systems”.Finland and New Zealand are in second and third place. This year’s top ten countries are Norway (84), Singapore (83), Sweden (82), Switzerland (82), the Netherlands (79), Germany (78), and Luxembourg (78).
- Most corrupt countries in the world : Taking the bottom spots in the CPI are Somalia (11), Venezuela (13), Syria (13), South Sudan (13), and Yemen (16). These countries are all affected by protracted crises, primarily armed conflicts.
- Nicaragua (17), North Korea (17), Haiti (17), Equatorial Guinea (17), Turkmenistan (18), and Libya (18) are the subsequent lowest performers on the index.
Burkina, Mali, Niger quit West African bloc ECOWAS
The military regimes in Burkina Faso, Mali and Niger announced their immediate withdrawal from the West African bloc ECOWAS, that has been pressing them to return to democratic rule.
- The leaders of the three Sahel nations issued a statement saying it was a “sovereign decision” to leave the Economic Community of West African States “without delay”.
- They accused ECOWAS of having “moved away from the ideals of its founding fathers and Pan-Africanism” after nearly 50 years of its establishment and claimed that the bloc is “under the influence of foreign powers.”
WHO awards countries for progress in eliminating industrially produced trans fats for first time
The World Health Organization (WHO) has issued its first-ever certificates acknowledging advancements in eliminating trans fatty acids (TFA), both industrially produced and naturally occurring.
- Five countries—Denmark, Lithuania, Poland, Saudi Arabia, and Thailand—have been commended for their pioneering efforts in demonstrating effective policies and robust monitoring and enforcement mechanisms in their TFA elimination strategies.
BUSINESS & ECONOMY
IMF raises India’s FY24 growth forecast to 6.7% from 6.3%
The International Monetary Fund (IMF) has revised India’s growth forecast upwards amid better-than-expected resilience in its domestic demand, it said in its latest World Economic Outlook update for January.
- IMF now expects India’s GDP to grow by 6.7% in FY24 as against 6.3% forecast made in October 2023. For FY25 and FY26, India’s GDP growth is seen steady at 6.5%.
- The IMF forecast global growth of 3.1% in 2024, up two-tenths of a percentage point from its October forecast, and said it expected unchanged growth of 3.2% in 2025. IMF edged its forecast for global economic growth higher, upgrading the outlook for both the United States and China – the world’s two largest economies – and citing faster-than-expected easing of inflation.
Toyota keeps crown as world’s top-selling automaker in 2023
Toyota Motor sold a record 11.2 million vehicles in 2023, it said 30, taking the crown as the world’s top-selling automaker for a fourth straight year.
- The Japanese automaker reported a 7.2% jump in global group sales last year, including those of truck unit Hino Motors and small-car maker Daihatsu, helped by record overseas sales of 8.9 million vehicles.
- Second-ranked German rival Volkswagen Group earlier this month reported a 12 percent rise in deliveries last year to 9.2 million cars, marking a post-pandemic recovery as supply chain bottlenecks eased.
AWARDS
2-Year-Old From Scotland Becomes “Youngest” Person To Reach Everest Base Camp
A two-year-old from Scotland has become the youngest to person to reach Mount Everest base camp.
- According to reports, Carter Dallas climbed to the south side of Nepal, at an altitude of 17,598 feet above the sea level, on his father Ross’ back.
- The toddler’s mother Jade was walking alongside the duo. The family is on a year-long trip around Asia, and their son is believed to have broken the world record previously held by four-year-old Zara from the Czech Republic.
OBITUARIES
Historian R. Champakalakshmi Passes Away
Historian R. Champakalakshmi, former president of Indian History Congress and professor in the Centre for Historical Studies, Jawaharlal Nehru University, passed away.
- R. Champakalakshmi’s career was distinguished by her deep and varied expertise in subjects such as archaeology, iconography, ideology, statecraft, and trade. She was known for her ability to bridge the gap between traditional and modern approaches in historiography, contributing significantly to the understanding of early and medieval South India.