Addapedia Odisha | Daily Current Affairs | 01 May 2024 | Download PDF

• The Reserve Bank of India (RBI) announced the launch of two surveys: 
  • ‘Inflation Expectations Survey of Households’ and 
  • ‘Consumer Confidence Survey’.
• These surveys will provide key inputs for the bi-monthly monetary policy.
• The survey will be conducted across 19 cities, including Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, and Thiruvananthapuram.

About Inflation Expectations Survey of Households:

• It aims to capture subjective assessments on price movements and inflation, based on individual consumption baskets.
• Seeks qualitative responses from households on price changes.

About Consumer Confidence Survey:

• It aims to gather qualitative responses from households regarding their views on the general economic situation, employment scenario, price levels, household income, and spending.

• The International Monetary Fund (IMF) has approved an immediate disbursal of USD 1.1 billion to Pakistan.
• It is part of a bailout package.
• The bailout package is supported by the IMF’s Stand-By Arrangement (SBA).

About SBA:

• Provides short-term financial assistance to countries facing balance of payments problems.
• All member countries are eligible for SBA.
• Most often used by advanced and emerging market countries, but low-income countries sometimes use the SBA together with the Standby Credit Facility (SCF).
• Conditions:
  • Countries’ economic policies must address the problems that led the country to seek funding.
  • Disbursements conditional on the observance of quantitative performance criteria.
  • Progress in implementing structural measures that are critical to achieving the objectives of the program is assessed in a holistic way, including via benchmarks.

• G7 energy ministers discussed a possible time frame for phasing out coal-fired power plants.
• The Group of Seven meeting in Turin is the first big political session since the world pledged at the UN’s COP28 climate summit in December to transition away from coal, oil, and gas.

About G7:

• The G7, or Group of Seven, is an intergovernmental organization consisting of some of the world’s largest advanced economies.
• Formation: 
  • Originally formed as the Group of Six (G6) in 1975, with Canada joining in 1976 to become the G7. 
  • The European Union (EU) has also participated fully in the G7 since 1981 as a “non-enumerated” member.
• Objective: The primary aim of the G7 is to discuss and coordinate economic policy among the world’s largest industrial nations. Over time, its agenda has expanded to include a wide range of global issues including trade, security, climate change, and development.
• The host of the G7 summit, also known as the presidency, rotates annually among member countries.
• It was formerly referred to as the G-8 until Russia was suspended from the group in 2014 after annexing Crimea.

• The European Society for Clinical Microbiology and Infectious Diseases (ESCMID) and the Global Leaders Group (GLG) on AMR jointly organised a high-level event, ‘Forging partnerships between science and policy’, Barcelona, Spain.
• The meeting aimed to position research, science, and implementation on antimicrobial resistance (AMR) into the political agenda and address the crisis across sectors.
• The talks were in alignment leading up to the United Nations General Assembly High-level Meeting on AMR scheduled for September 2024 in New York, United States.

About Global Leaders Group (GLG) on AMR:

• Consists of world leaders and experts from across sectors working together to accelerate political action on antimicrobial resistance (AMR).
• Performs an independent global advisory and advocacy role.
• The Quadripartite Joint Secretariat (QJS) on Antimicrobial Resistance, a joint effort by the Food and Agriculture Organization of the United Nations (FAO), the United Nations Environment Programme (UNEP), the World Health Organization (WHO), and the World Organisation for Animal Health (WOAH) provide secretariat support for the Group.

Think:

• Know about Antimicrobial resistance (AMR).

• The RBI and the Finance Ministry could look especially at the ASEAN region for a layered green taxonomy.

About Green taxonomy:

• A framework for defining what can be considered environmentally sustainable investments.
• A classification system that defines which economic activities and assets are “green” or environmentally sustainable.
• Purpose:
  • Helps prevent greenwashing.
  • Assists investors in making informed investment decisions.
  • Channels investment toward sustainable or green economic activities and assets.

• The Supersonic Missile-Assisted Release of Torpedo (SMART) system, developed by DRDO, was successfully tested at 8:30 am on Wednesday from Dr APJ Abdul Kalam Island off the coast of Odisha.

About:

• SMART enhances the Indian Navy’s anti-submarine warfare capability beyond the range of lightweight torpedoes.
• It’s a next-gen missile-based lightweight torpedo delivery system.
• Consists of advanced sub-systems: two-stage solid propulsion, electromechanical actuator, precision inertial navigation, etc.
• Carries an advanced lightweight torpedo with a parachute-based release system.
• Launched from a ground mobile launcher, validated mechanisms include symmetric separation, ejection, and velocity control.

• Beginning May 1, there will be a ban on visitors entering Bhitarkanika National Park in Odisha.

Key points:

• The ban will be in place for three months, ending on July 31, coinciding with the mating season of saltwater crocodiles.
• Assistant Conservator of Forests, Manas Das, stated the ban aims to protect the crocodiles during their breeding season.
• Mechanized boats, used by tourists and forest officials, create disturbances for the crocodiles, affecting their nesting behavior.
• Locals often trespass to collect honey and wood, further disturbing the reptiles.
• To counter this, the forest department is restricting human movement in the area.
• Female crocodiles lay eggs in mangrove forests and guard them until hatching.
• Forest guards are tasked with monitoring the movements of mother crocodiles.
• Nests are built with mangrove twigs, leaves, and mud on elevated grounds to avoid flooding and ensure exposure to sunlight.
• Sudhakar Kar, a crocodile researcher, mentioned that a female crocodile typically lays 50 to 60 eggs in a nest.

• East Coast Railway’s GM, Mohes Kumar Behera, inspected the redevelopment work at Cuttack and Bhubaneswar railway stations. 
• The stations are set to become attractions with world-class facilities, enhancing the travel experience.

Key points:

• The redevelopment of the station is being done with a project cost of Rs 303 crore under the Indian Railways’ Amrit Station Scheme. 
• Odisha’s Cuttack railway station stands as a pivotal hub connecting people around the country.

Amrit Bharat Station Scheme:

• The Ministry of Railways launched an ongoing mission in February 2023 to redevelop 1,309 Indian Railways stations nationwide.
• The mission aims to modernize these stations, improving passenger amenities, traffic circulation, inter-modal integration, and signage.
• It is based on long-term Master Planning and the implementation of the Master Plan’s elements according to station needs and patronage.
• The scheme includes introducing new amenities and upgrading or replacing existing ones.
• The ultimate goal is to transform these stations into vibrant city centers in the long term.

• Odisha’s gross GST collection increased by 17.21% in April 2024, reaching Rs 5902.25 crore, compared to Rs 5035.74 crore in April last year.

Key points:

• This growth rate surpasses the national average of 13% for the same period.
• The state also saw a remarkable growth rate of 32.94% in state GST revenue (OGST + IGST Settlement), collecting Rs 2996.05 crore in April 2024 compared to Rs 2253.71 crore in April 2023.
• The OGST collection of Rs 2081.83 crore in April 2024 is the highest-ever recorded.
• The state economy showed buoyancy, with 23.15 lakh e-waybills generated in April 2024, compared to 20.90 lakh in April 2023, marking a growth of 10.76%.

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