5th October, 2024 Current Affairs

NATIONAL
Cabinet Endorses National Mission to Enhance Oilseed Production

• The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the National Mission on Edible Oils – Oilseeds (NMEO-Oilseeds), a landmark initiative aimed at boosting domestic oilseed production and achieving self-reliance (Atmanirbhar Bharat) in edible oils.
• To increase primary oilseed production from 39 million tonnes (2022-23) to 69.7 million tonnes by 2030-31. To make India self-reliant in oilseed production in the next 7 years.
• Targeting an increase in primary oilseed production from 39 million tonnes (2022-23) to 69.7 million tonnes by 2030-31.
• Together with NMEO-OP (Oil Palm), it aims to produce 25.45 million tonnes of domestic edible oil, meeting around 72% of projected domestic requirements.

ADB Approves $162 Million Loan to Boost Sustainable Tourism Development

• The Asian Development Bank (ADB) approved a $162 million loan to enhance tourism development in Himachal Pradesh. This funding, aimed at reviving the tourism economy in the five districts severely affected by the pandemic—Hamirpur, Kangra, Kullu, Mandi, and Shimla—will support the Sustainable and Inclusive Tourism Development Project.
•  The project targets the promotion of heritage and cultural sites while developing new infrastructure, ultimately unlocking the state’s tourism potential.
• This loan is part of ADB’s broader support for India:
• In May 2024, ADB sanctioned a $2.6 billion loan for various urban development and climate resilience projects.
• In July 2024, a $240.5 million loan was approved to finance the expansion of solar rooftop systems, demonstrating ADB’s commitment to sustainable development across India.

INTERNATIONAL
Nepal, India, and Bangladesh Sign Historic Electricity Trade Agreement

• Nepal, India, and Bangladesh have recently entered into a significant tripartite agreement aimed at facilitating cross-border electricity trade, marking a notable step in regional energy cooperation.
• This agreement allows Nepal to export its surplus electricity to Bangladesh via India during the rainy season, specifically from June 15 to November 15 each year. In the initial phase, Nepal is set to export 40 MW of hydroelectricity, leveraging India’s infrastructure for transmission.
• The agreed rate per unit of electricity is fixed at 6.4 cents, with Nepal expected to generate approximately USD 9.2 million annually from this trade.
• This agreement not only strengthens energy ties among the three nations but also paves the way for further regional cooperation in energy sustainability and infrastructure development, highlighting the importance of collaboration in addressing energy needs and promoting economic growth in South Asia.

Italy and Switzerland Redraw Alpine Borders

• The redrawing of borders between Italy and Switzerland is a striking response to the rapid melting of glaciers caused by climate change. As global temperatures rise, glaciers in the Alps are shrinking, leading to shifts in natural watershed lines that have historically defined the frontier between these two countries.
• The Alpine border refers to the national boundaries that traverse the Alpine region, which is characterized by its high mountains, glaciers, and unique ecosystems. This border primarily includes the territories of several European countries, most notably Italy and Switzerland, but also extends to Austria, France, and Germany.
• Europe is experiencing some of the fastest warming in the world, with glaciers losing volume at alarming rates. In 2023 alone, Swiss glaciers recorded a 4% loss of their volume, marking a cumulative decline of 10% over two years.

UK Agrees to Transfer Chagos Islands Sovereignty to Mauritius

• The United Kingdom and Mauritius reached an historical agreement to cede sovereignty of the Chagos Islands, a strategically significant archipelago in the Indian Ocean to hand over to Mauritius. The agreement allows Mauritius to regain sovereignty while ensuring the continued operation of the U.S. military base on Diego Garcia.
• The agreement was backed by international partners, including the U.S. and India.
• The base’s location in the Indian Ocean plays a pivotal role in regional and global security.
• It makes it essential for both Western alliances and countering China’s expanding influence in the region.

Also Read: Top 30 MCQs on Ministries and Their Portfolios 2024: Who handles the Ministry of Heavy Industries?

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ECONOMY
Power Finance Corporation Secures Record USD 1.265 Billion Loan

• PFC (Power Finance Corporation), a Maharatna company and leading NBFC in the Indian power and infrastructure sector, announced the successful closing of issuance of the largest-ever foreign currency term loan from an Indian PSU amounting to USD 1.265 billion. This landmark transaction was executed through a facility agreement with multiple banks based in IFSC GIFT City, Gandhinagar.
• The loan will primarily finance assets other than thermal generation projects, aligning with PFC’s commitment to promoting renewable energy.
• It aims to support PFC in expanding its operations, enhancing market presence, diversifying funding sources, and maintaining a competitive edge in the industry.
• The loan features a floating interest rate, currently at an average rate of 4.21% per annum.
• It is denominated in G3 currencies: USD, EUR, and JPY.

Employment in India Up by 36% :Center Reports

• India has witnessed significant employment growth over the years. With employment increasing by nearly 36%, adding around 17 million jobs during 2016-17 and 2022-23, India’s economic trajectory demonstrates sustained job creation across key sectors. With a robust democracy, dynamic economy, and a culture that celebrates unity in diversity, India’s journey toward becoming a global powerhouse continues to inspire the world.
• Employment in India has grown by 36%, adding around 17 million jobs between 2016-17 and 2022-23.
• This growth showcases a sustained trend of job creation across various sectors, contradicting the notion of “jobless growth.”
• It is a survey conducted by the NSO under the Ministry of Statistics and Programme Implementation (MoSPI) to measure the employment and unemployment situation in India.
• The NSO (National Statistical Office) launched the PLFS in April 2017.