28th November, 2023 Current Affairs

Sakshi Education

NATIONAL
Developed countries are responsible for 80% of the carbon dioxide load in the atmosphere
The Minister of Power and New & Renewable Energy, Shri R.K Singh, conducted a visit to the Subansiri Lower Hydroelectric Project, a 2000 MW facility situated in Arunachal Pradesh/Assam. During the visit:

Notable statistics were shared, indicating that India's under-construction capacity in renewables stands at approximately 70,000 MW, with 27,000 MW in thermal capacity. Additionally, plans are in place to add another 53,000 MW to the under-construction thermal capacity to fulfill the projected power demand by 2030.
The Minister highlighted India's significant achievements in the energy transition, positioning the country as a global leader. He pointed out that India has surpassed its commitment made during COP21 in Paris, achieving 40% of its capacity from non-fossil-fuel sources by 2021, nine years ahead of the target year. This accomplishment underscores India's commitment to responsible growth.
In addressing concerns about fossil fuel usage, the Minister emphasized that if fossil fuels are essential for India's growth, they will be utilized. He compared India's per capita carbon emissions, which are one-third of the global average, to the significantly higher per capita greenhouse gas emissions of developed countries.
Furthermore, he highlighted that developed countries are responsible for 80% of the carbon dioxide load in the atmosphere, contributing to global temperature rise, while India's contribution is a mere 3% despite having 17% of the world's population.

INTERNATIONAL
U.S. President Joe Biden will not attend the U.N. climate summit in Dubai

U.S. President Joe Biden will be absent from the U.N. climate summit in Dubai this week, as confirmed by a U.S. official.
The President's Thursday schedule, as released by the White House, indicates engagements such as hosting a bilateral meeting with President Joao Manuel Goncalves Lourenco of the Republic of Angola and participating in the National Tree Lighting ceremony.
The Dubai summit will witness efforts from numerous nations aiming to establish the world's inaugural agreement to phase out carbon-emitting coal, oil, and gas.
Another key objective of the summit is to mobilize additional funds to provide support for the world's most vulnerable nations in dealing with the impacts of climate change.

Indian-Origin Ex-MP Dave Sharma wins Australian Senate Seat

Former Member of Parliament (MP) of Indian Origin, Dave Sharma, clinches a Senate seat in Australia
Dave Sharma, a pioneering Indian-origin political figure, has achieved a noteworthy political resurgence by emerging victorious in the New South Wales Liberal Senate race. This triumph stands as a crucial milestone in Sharma's political journey as he takes over from the retired former foreign minister, Marise Payne.
Sharma, who originally made history in 2019 as the inaugural Indian-origin legislator in the Australian Parliament, brings with him a wealth of experience in diplomatic and foreign policy matters to the Senate.

Also Read: Weekly Current Affairs (Sports) 4-10 November 2023 Bitbank: Who is the highest wicket-taker for India in ODI World Cup history?

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ECONOMY
Ministry of Mines to Initiate the First Tranche Auction of Critical and Strategic Minerals
On November 29, 2023, the Ministry of Mines is set to launch the inaugural tranche auction of critical and strategic minerals.

Twenty blocks featuring these essential minerals are being auctioned across the country, marking a historic initiative poised to stimulate economic growth, fortify national security, and bolster shift towards a sustainable energy future.
The significance of critical minerals cannot be overstated in the context of our nation's economic development and security. The limited availability or concentration of their extraction and processing in a few nations poses potential vulnerabilities in the global supply chain. The emerging global economy will heavily rely on technologies dependent on minerals such as lithium, graphite, cobalt, titanium, and rare earth elements (REE). India, committed to achieving 50% of cumulative electric power installed capacity from non-fossil sources by 2030, anticipates increased demand for electric cars, wind and solar energy projects, and battery storage systems, consequently driving the demand for these critical minerals.
Critical and Strategic Minerals are highly sought after, typically met through imports, and are integral to sectors like renewable energy, defense, agriculture, pharmaceuticals, high-tech electronics, telecommunications, transport, and the establishment of gigafactories.
An amendment in the MMDR Act on August 17, 2023, identified 24 minerals as Critical and Strategic minerals, granting the Central Government the authority to award mineral concessions for prioritized auctions based on the country's requirements.
Revenue generated from these auctions will accrue to State Governments. Subsequently, royalty rates for critical minerals have been rationalized to encourage greater participation in auctions. The government specified royalty rates for Platinum Group of Metals (PGM) at 4%, Molybdenum at 7.5%, Glauconite and Potash at 2.5% in March 2022. On October 12, 2023, royalty rates for Lithium were set at 3%, Niobium at 3%, and Rare Earth Elements at 1%.

Standard & Poor's Global Forecasts India's Economic Growth at 6.4% for Fiscal Year 2024-25

Standard & Poor's (S&P) Global anticipates India's economic growth to reach 6.4 percent in the fiscal year 2024-25.
However, the agency has issued a cautionary note, citing the potential impact of elevated food inflation and sluggish exports on growth in the coming years.
In its Economic Outlook for the Asia Pacific region, S&P Global stated that the ongoing year and the following one are poised to witness robust growth in emerging market economies, driven by increased domestic demand.
This forecast aligns with projections from various agencies, albeit it falls slightly below the government and Reserve Bank of India's (RBI) estimation of 6.5 percent.

SPORTS
Vidya Pillai Secures 6-Red Snooker World Title

Vidya Pillai, an experienced cueist, reached a significant milestone in her distinguished career by clinching the IBSF 6-Red Snooker World Championship title in Doha, Qatar, a few days ahead of her 46th birthday.
The Bengalurean delivered an outstanding performance, showcasing dominance over her competitors throughout the championship. Notably, she secured a remarkable 4-1 victory against fellow Indian player Anupama Ramachandran in the title clash.

Published date : 28 Nov 2023 05:13PM