1. EIGHT CORE INDUSTRIES (Syllabus: GS Paper 3 – Economy)

Context: The combined Index of Eight Core Industries (ICI) increased by 8.0% (provisional) in July 2023 as compared to the Index of July 2022. The production of Coal, Steel, Natural Gas, Cement, Electricity, Refinery Products, Fertilizers and Crude Oil increased in July 2023 over the corresponding month of last year.

Combined Index of Eight Core Industries

• The ICI evaluates both collective and individual performance within the production of eight essential industries. 
• Core Industries: Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement, and Electricity. 
• These Eight Core Industries constitute 40.27% of the overall weight in the Index of Industrial Production (IIP). 
• Released By: The Office of Economic Adviser (OEA) under the Department for Promotion of Industry and Internal Trade (DPIIT), part of the Ministry of Commerce and Industry.
• Base Year: 2011 -012
• These indices offer advanced insights into the production performance of industries classified as 'core' prior to the IIP assessment.

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2. REGIONAL RURAL BANKS (Syllabus: GS Paper 3 – Economy)

Context: Union Finance Minister recently emphasised regional rural banks (RRBs) to upgrade their digital capability and increase penetration under Pradhan Mantri Mudra Yojana.

Regional Rural Banks

• About: RRBs, are government-owned scheduled commercial banks in India, functioning at the regional level across different states.
• These banks cater to rural areas, offering essential banking and financial services to the rural population.
• Origin: The Narasimham Committee on Rural Credit (1975) recommended establishing RRBs, which was realized through the RRB Act 1976 and an ordinance on September 26, 1975.
• The first RRB, Prathama Grameen Bank, was founded on October 2, 1975.
• Functions of RRBs: Providing basic banking services in rural and semi-urban areas, facilities such as locker services, internet and mobile banking, debit and credit cards, extend credit to rural individuals like small farmers, artisans, and entrepreneurs, while also accepting deposits.
• Regulation: RBI, and NABARD supervises RRBs.
• Ownership; Government of India (50%), Sponsor Bank (35%), and relevant State Government (15%).
• Management: Board of Directors with a Chairman, Directors nominated by the Central and State Governments, and those nominated by the sponsor bank.

Pradhan Mantri Mudra Yojana: A flagship scheme of the Government of India to extend affordable credit to micro and small enterprises. Mudra schemes are designed to bring enterprises into the formal financial system, or to “fund the unfunded”.  MUDRA does not lend directly to micro-entrepreneurs/individuals. It has created three products i.e. 'Shishu', 'Kishore' and ‘Tarun’.

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3. INDIA’S GDP (Syllabus: GS Paper 3 – Economy)

Context: Strong domestic demand driven by government capex and a continuing recovery in contact intensive services helped the Indian economy build on its growth momentum despite external headwinds in the first quarter of the current fiscal year.

Key Points

• India’s GDP growth in the quarter ending June was 7.8%, the National Statistical Office (NSO) said in a release on August 31. 
• The latest numbers are exactly in line with a projection by Bloomberg poll of economists and 1.7% points more than the 6.1% number in the previous quarter.
• Indian economy’s “growth prospects appear bright” despite downward risks from external factors such as “firming of prices of crude oil” and “prolonged geopolitical uncertainty”
• An expenditure-side analysis of the GDP numbers shows that private consumption and investment (as captured by Gross Fixed Capital Formation) numbers have played an important role in driving the growth momentum.
• A look at the sector-wise Gross Value Added (GVA) numbers shows that services played an important role in building the growth momentum during this period.
• This is likely to give a further boost to inflation for key food items such as cereals which are already at uncomfortable levels.

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4. GABON (Syllabus: GS Paper 2 – IR)

Context: Mutinous soldiers in Gabon say they have ousted the president whose family has ruled for 55 years.

• In his first public appearance since the coup attempt, President Ali Bongo Ondimba called on people to ‘make noise’ to support him.

Key Points 

• Gabon experiences a recent attempted coup, joining a series of coup attempts in Africa.
• This potential coup marks the eighth instance in West and Central Africa since 2020.
• Notable recent coups have occurred in Niger, Mali, Guinea, Burkina Faso, and Chad, the most recent being in July.
• The prevalence of coups jeopardizes the progress of democratization achieved by the continent over the last twenty years.
• Behind the Issues: Corruption, mismanagement, and poverty.

Gabon

• Location: The Republic of Gabon is positioned at the Equator in West-Central Africa, adjacent to the Atlantic Ocean.
• Borders: It shares borders with Equatorial Guinea and Cameroon to the north, and the Republic of the Congo to the east and south.
• Colonial Legacy: Previously a French colony, Gabon maintains strong connections to France, the French language, and culture.
• Independence: On August 17, 1960, Gabon gained independence from France.
• International Affiliations: Gabon holds memberships in the United Nations, the African Union, and the Organization of Petroleum Exporting Countries (OPEC).

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5. FISCAL DEFICIT (Syllabus: GS Paper 3– Economy)

Context: India's fiscal deficit for the first four months of this fiscal year through July stood at 6.06 lakh crore rupees, or 33.9% of annual estimates, government data showed.

• While the fiscal impact after the Indian government this week slashed LPG cylinder prices by Rs 200 per unit is seen to be limited as the move for now seems to only trim oil refiners’ profit margins, the rising clamor for the need to cut petrol and diesel prices may have an impact on budget gap.

Fiscal Deficit

• About: It is the gap between the government's overall income (including taxes and non-debt capital receipts) and its total expenditure excluding any borrowed funds.
• Causes of fiscal deficit arise: When government spending surpasses its income.

oIt represents the extent to which the government has spent more than its earnings, usually presented as a percentage of the GDP.

• The Fiscal Responsibility and Budget Management (FRBM) Act was established in 2003, aiming to establish targets for reducing fiscal deficits.
• Reduced fiscal deficit target: In Union Budget 2023-24, the fiscal deficit to GDP is pegged at 5.9% in FY24. This ratio has declined from 6.4% in 2022-23 (revised estimate) and 6.7% in 2021-22 (actual).

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6. RAMON MAGSAYSAY AWARD (Syllabus: GS Paper 1 – Art & Culture)

Context: Oncologist R. Ravi Kannan of the Cachar Cancer Hospital and Research Centre wins the 2023 Ramon Magsaysay award.

1. Ravi Kannan: He is credited with revolutionising cancer treatment in Assam through people-centric and pro-poor healthcare. According to the citation on the website of the Ramon Magsaysay Award Foundation, under Dr. Kannan’s leadership, the CCHRC became a full-fledged comprehensive cancer hospital and research centre.

Ramon Magsaysay Award

• About: The award is given to individuals and organisations in Asia for selfless service to society in various fields.
• Launched: In 1958, the Ramon Magsaysay Award is widely considered to be Asia’s equivalent to the Nobel Prize.
• Award was set up by: Trustees of the Rockefeller Brothers Fund and the Philippine government to carry forward Magsaysay’s legacy of service to the people, good governance, and pragmatic idealism.
• The award is given out every year on August 31, on Magsaysay’s birth anniversary.
• The awardees are presented with a certificate and a medal with an image of Ramon Magsaysay.
• Indian winners on the list: Vinoba Bhave in 1958, Mother Teresa in 1962, Kamaladevi Chattopadhyay in 1966, Satyajit Ray in 1967, Mahasweta Devi in 1997.

oIn recent years, Arvind Kejriwal (2006), Anshu Gupta of Goonj (2015), human rights activist Bezwada Wilson (2016), and journalist Ravish Kumar (2019) have won the award.

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7. HOTTEST MONTH IN CENTURY (Syllabus: GS Paper 1 – Geography)

Context: August was not just the driest since 1901 (in a century), but was also the hottest ever recorded in India, said the India Meteorological Department (IMD).

Key Points

• August recorded high temperatures (maximum and mean) primarily due to subdued monsoon activity over a significant portion of the country.
• Reduced rainfall led to decreased cloud cover, allowing temperatures to rise.
• This phenomenon is indicative of climate change, as several recent months have set temperature records.
• The Intergovernmental Panel on Climate Change (IPCC) highlighted the trend of expecting record temperatures in the future in its Physical Science Basis report.
• Central India, especially, was hit hard.
• Negative Indian Ocean Dipole over the tropical Indian Ocean, a phenomenon where the western Indian ocean becomes colder than the eastern one, and which is unfavourable for monsoon prevailed throughout August, contributing to deficient rainfall. 
• There were also fewer typhoons in the West Pacific and so there was an absence of westward movement of their remnants into Bay of Bengal. This led to fewer low-pressure systems forming over Bay of Bengal.

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8. INSPIRE PROGRAM (Syllabus: GS Paper 2 – GOVERNANCE)

Context: Re-advertisement for 01 temporary post of Scientist C under INSPIRE program in DST on deputation basis.

INSPIRE Scheme

• Innovation in Science Pursuit for Inspired Research (INSPIRE)" is an innovative programme sponsored and managed by the Department of Science & Technology for attraction of talent to Science.
• Goal: Attract Young Talent to opt research as a career. A striking feature of INSPIRE Scheme is that it does not conduct any competitive exam(s) for identification of talent at any level. 

oIt relies on the efficacy of the existing educational structure for identification of talent.

• Scope: Covers the entire meritorious youth who is interested to study science right from school to college and university level and choose scientific research as a career. It carries out enabling activities of human capacity building including scholarships and fellowships, research exposure training of human resources.
• INSPIRE attracts and nurtures young bright students to study basic and natural sciences at the college and university level and to pursue research careers in both basic and applied science areas including engineering, medicine, agriculture and veterinary sciences.

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9. DSC A 20 (Syllabus: GS Paper 3 – Sci & Tech)

Context: Launch of ‘DSC A 20 (yard 325)’ first ship of 05 x diving support craft (DSC) project being built by M/s Titagarh Rail Systems Ltd (TRSL), Kolkata was held recently.

Key Points

• These ships are designed to undertake operational/ training diving operations in harbours and coastal waters. 
• They are 30 m long catamaran hull ships, with a displacement of approx. 300 tons. All five (05) DSC are anticipated to be delivered to the Indian Navy in FY 2024-25.
• DSC are being equipped with advanced diving equipment and tools to carry out diving operations.
• The ships are designed and constructed within the guidelines of Naval Rules and Regulations of the Indian Register of Shipping (IRS), following indigenous approaches.
• The ships will be commissioned in the Indian Navy to provide diving assistance for ships inside and close to harbour, for underwater repairs, maintenance and salvage.
• The ships predominantly utilize main and auxiliary equipment from local manufacturers, aligning with the Make in India and Make for the World initiatives.
• Supported by: Government of India (GoI) and the Ministry of Defence (MoD).

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10. NEGLECTED TROPICAL DISEASES (Syllabus: GS Paper 3 – Sci & Tech)

Context: The World Health Organization (WHO) has called for increased investments in Africa to control and eliminate neglected tropical diseases.

Key Points

• The diseases are recognised as a public health problem for poor populations living in tropical environments and difficult-to-access areas especially in low-income and developing countries. These diseases often receive inadequate attention and resources compared to other more well-known and prevalent diseases, hence the term "neglected."

oExamples: African trypanosomiasis, also known as sleeping sickness; lymphatic filariasis, also known as elephantiasis; onchocerciasis or river blindness; schistosomiasis or bilharzia and chronic ulcers and other skin infections.

• A global roadmap by WHO released in 2021 seeks to reduce by 90% the number of people requiring treatment for these diseases through 2030. It also aims to reduce associated disability by 75 per cent. 
• The African Regional Framework endorsed the roadmap for the control, eradication and elimination of tropical and vector borne diseases.
• Guinea worm-free status has been granted to 42 African countries and trachoma has been deemed to be no longer be a public health issue in six African nations. Last year, Togo became the first African country to eliminate four neglected tropical diseases.
• India: India has the world's largest absolute burden of at least 10 major NTDs, including hookworm, dengue, lymphatic filariasis, leprosy, visceral leishmaniasis or kala-azar and rabies.

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