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.
Highlights
• 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.
Introduction
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.
Highlights
• 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.
Highlights
• 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.
Highlights
• 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.
Highlights
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.