Context: The Union Cabinet cleared a ₹4,797-crore programme called ‘Prithvi’ (Earth) that is expected to subsume five existing schemes of the Ministry of Earth Sciences (MoES).
About Prithvi Vigyan Scheme:
The Prithvi scheme consolidates five existing sub-schemes, namely:
Aim:
The integration of these sub-schemes aims to enhance the understanding of Earth's systems and apply scientific knowledge for societal, environmental, and economic benefits.
Objectives and Focus Areas:
Role of the Ministry of Earth Sciences:
Holistic Approach to Earth System Sciences:
Impact and Future Prospects:
Context: India’s real GDP growth in 2023-24 is estimated at 7.3%, compared to 7.2% a year ago, as per the first advance estimates of national income released by the National Statistical Office (NSO), which reckon the economy will outperform the 7% uptick recently projected by the Reserve Bank of India (RBI).
About NSO (National Statistical Office):
Role and Affiliation: The NSO serves as the central agency within the Ministry of Statistics and Programme Implementation, overseeing the planned development of the statistical system in the country. It establishes and upholds norms and standards related to statistics, encompassing concepts, definitions, methodology for data collection, data processing, and the dissemination of results.
Components:
The NSO comprises three main entities:
Functions:
Gross Domestic Product (GDP):
GDP serves as a monetary metric for the total value of all "final" goods and services within a country during a specific period. These are the goods and services ultimately purchased by the end-user.
Four Key Drivers of GDP Growth:
Private Final Consumption Expenditure (PFCE): Represents the money spent by individuals on private consumption.
Government Final Consumption Expenditure (GFCE): Encompasses all expenditures made by the government on its current consumption, such as salaries.
Gross Fixed Capital Expenditure: Involves all investments made to enhance the economy's productive capacity, including business investments in facilities and government projects like infrastructure development.
Net Exports (NX): Captures the net impact of exports (foreign spending on domestic goods) and imports (domestic spending on foreign goods).
GDP Calculation Formula: GDP = Private Consumption + Gross Investment + Government Investment + Government Spending + (Exports − Imports)
Context: UN report has revised India’s 2024 GDP growth forecast
Key highlights:
- The United Nations has revised India's GDP growth forecast for the year 2024 to 6.2%, down from the earlier estimate of 6.7%.
- The revision is attributed to the projection of robust domestic demand and strong growth in the manufacturing and services sectors.
- The larger South Asian region is estimated to have grown by 5.3% in 2023 and is expected to increase by 5.2% in 2024, with India being the fastest-growing large economy globally.
- China's investment prospects face challenges from a struggling property sector, while India positions itself as an alternative investment destination.
- FDI flows to India rose by 10% in 2022, making it the third-largest host country for announced greenfield projects.
- Global merchandise trade and industrial production remain weak, with India being an exception, as indicated by the manufacturing Purchasing Managers’ Index.
- Slowing global demand, trade tensions, and geopolitical conflicts are impacting trade flows, influenced by the war in Ukraine and sanctions on Russia.
- Climate change-related events, such as droughts and above-average rainfall, have affected the South Asian region in 2023.
- The 2023 GDP growth projection for India was revised upwards by 0.5 percentage points to 6.3%.
About the report:
UNCTAD
Purchasing Managers’ Index
Context: Supreme Court judge Justice BR Gavai has been nominated as the Chairman of the Supreme Court Legal Services Committee (SCLSC), replacing Justice Sanjiv Khanna – the seniormost judge of the top court after the Chief Justice of India (CJI).
What is the Supreme Court Legal Services Committee:
Composition of SCLSC:
Legal Services Authorities Act
Need for legal services
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