India became the fifth largest economy in the worldv
Why is it in news?
Recently, India has overtaken the UK to become the fifth largest economy in the world. India is now behind the US, China, Japan and Germany in terms of economy. A decade ago, India was ranked 11th among the world's largest economies, while the UK was at number five.
• India has handled the challenges better amid the economic crisis. On the other hand, Britain is bearing the brunt of its slowness. These figures are given in dollars, and it is worth noting that the Indian rupee has outperformed the UK pound against the dollar.
• According to the report, the size of the Indian economy in terms of 'nominal' cash stood at $854.7 billion in the March quarter, compared to the size of the UK economy at $814 billion in the same period.
• India's currency was in a strong position against the pound in the quarter during the time period during which this calculation was done.
• The Indian economy, on the other hand, is growing at 7 per cent, while the UK economy is growing at less than 1 per cent. Due to these reasons, India grew rapidly but Britain could not perform like India and fell behind India in sixth place.
• Significantly, India has also performed well in the agriculture and services sector. In the first quarter (April-June) of the current financial year, the country's GDP has been 13.5 percent. At the same time, comparing it with the April-June quarter of the last financial year (2021-22), the GDP growth rate at that time was 20.1 percent.
IMF announces $2.9 billion in aid to Sri Lanka
Why is it in news?
Recently, the International Monetary Fund (IMF) has come forward to help Sri Lanka, which is facing a historic economic crisis. The IMF has announced a loan of $ 2.9 billion to Sri Lanka.
IMF is an international financial institution. Its headquarter is in Washington. 190 countries are involved in this institution. It is working to foster global monetary cooperation, facilitate international trade, secure financial stability, promote sustainable economic growth, promote high employment, and reduce poverty around the world. It was built in 1944 but started functioning formally on December 27, 1945.
• The aid aims to restore macroeconomic stability and creditworthiness in Sri Lanka as well as protect financial stability.
• The IMF and Sri Lankan authorities have agreed a 48-month loan under the Extended Funds Facility (EFF) of about $2.9 billion to help stabilize the economy and boost growth.
• The agreement between Sri Lanka and the IMF is only preliminary, and will be approved by the IMF Management and its Executive Board.
• This will only happen if the Sri Lankan authorities carry out previously agreed measures, including additional funding from multilateral partners and debt relief from Sri Lankan lenders, to help ensure creditworthiness and bridge the financial gap.
Government of India approves Tejas Mark-2 project
Why is it in news?
Recently the Cabinet Committee on Security (CCS) has approved the project to develop a more capable and powerful version of the indigenous aircraft LCA Mark 2 multirole fighter jet.
• The Tejas Mark-II is described as a 4.5-generation machine, which will not only have 70 per cent indigenization (as opposed to the Mark IA's 62 per cent), but will also use more advanced technologies to be manufactured in India. Tejas is a single engine and highly efficient multi-role supersonic fighter aircraft manufactured by Hindustan Aeronautics Limited (HAL).
• The jet will be fitted with the more powerful GE-414 engine, which will give it a longer combat range and more weapon-carrying capability than the existing Tejas Mark-1 (GE-404 engine).
• Also the look of Tejas Mark-2 is of 21st century. A canard has been added next to the wings to resemble contemporary fighters such as the Rafale, Eurofighter or Sukhoi-30 MKI.
• Apart from the weapon payload and engine, the interiors of Tejas Mark-2 will be rearranged to make it more accessible and maintenance-friendly.
• In addition to the earlier sanctioned Rs 2,500 crore, this fighter jet will be developed at a cost of over Rs 6,500 crore.
Why is Tejas Mark-2 important?
• The approval of Tejas Mark-2 is a big relief for the Indian Air Force. The IAF currently has 30 fighter squadrons against the sanctioned strength of 42, which is insufficient at a time when the country is facing threats from both China and Pakistan.
• The LCA Mark-2 fighter jets will replace the Jaguar and Mirage 2000 fighter jets.
CAPF e-Awas portal launched
Why is it in news?
Union Home Minister Amit Shah recently launched a new online portal 'e-Awas' for CAPF personnel.
• With the help of this new portal, CAPF personnel will be able to find the houses available with other forces instead of searching for accommodation available in their force. This web portal will enable online registration and allotment of residential quarters to eligible personnel of CAPFs and Assam Rifles.
• Apart from the Assam Rifles, the CAPF also includes Border Security Force (BSF), Central Reserve Police Force (CRPF), Central Industrial Security Force (CISF), Indo-Tibetan Border Police (ITBP), Sashastra Seema Bal (SSB).
• According to the data released by the Ministry of Home Affairs, at present about 19% houses of CAPF are vacant and through this portal the force personnel can find the houses available with other forces.
• The Government of India had also started the 'Ayushman CAPF' scheme some time back with the aim of providing better medical facilities to the families of the jawans.
• Under this scheme more than 35 lakh Ayushman cards have been distributed to 10 lakh workers. At the same time, about 56 thousand bills worth more than Rs 31 crore have been paid so far.
• Central Armed Police Forces (CAPF) refers to the similar nomenclature of the seven Central Armed Police Organizations in India that are under the Ministry of Home Affairs. Their mission is primarily to protect national interests against internal threats.
• Seven organizations under CAPF are Central Reserve Police Force (CRPF), Border Security Force (BSF), Indo-Tibetan Border Police (ITBP), Central Industrial Security Force (CISF), National Security Guard (NSG), Sashastra Seema Bal (SSB). ) and Special Protection Group (SPG).
• Central Armed Police Forces ITBP, BSF, SSB perform the primary functions of border security; CISF provides security to sensitive installations; The CRPF assists the NSG police in law and order handling, counter-insurgency operations, anti-Naxal operations, and anti-terrorist operations.v
• In addition to their primary role, all CAPFs support the police in law and order situations as well as the military in counter-insurgency operations. In the past, the Army has been assisted by BSF and CRPF during external aggression. The CAPFs collaborate with both the police and the military to assist them in various tasks.
Notification of Motor Vehicle Non Transport Vehicle Visiting India Rules, 2022 issued
Why is it in news?
The Ministry of Road Transport and Highways has issued Motor Vehicle Non Transport Vehicle Visiting India Rules, 2022 vide notification GSR 680(E) dated 02.09.2022. These rules formalize the movement of non-transport (personal) vehicles registered in other countries while entering or moving into the territory of India.
vThe vehicle(s) plying under these rules during the period of your stay in India should be accompanied by the following documents:-
(i) a valid registration certificate;
(ii) a valid driving license or international driving permit, as applicable;
(iii) a valid insurance policy;
(iv) a valid pollution control certificate (if applicable in the country of origin);
• If the above mentioned documents are in a language other than English, in that case an authorized translation duly certified by the issuing authority has to be carried along with the original documents.
• Motor vehicles registered in a country other than India shall not be permitted to transport local passengers and goods within Indian territory.
• Motor vehicles registered in a country other than India will be required to comply with the rules and regulations made under the Motor Vehicles Act, 1988 of India.