TNPSC CURRENT AFFAIRS – 12.4.2024

1. ADB PROJECTS INDIA’S GDP GROWTH IN 2024- 25 AT 7%

• Asian Development Bank (ADB) – India’s economy is expected to remain robust over the next two years ○ Headline growth in the country’s Gross Domestic Product (GDP) is forecast to slow from 7.6% in 2023-24 to 7% this year, before improving to 7.2% in 2025-26
• According to the Asian Development Bank (ADB), here are the factors affecting GDP growth in India:
• Positive factors: Strong domestic demand: Rising consumption by both rural and urban consumers is expected to drive growth.
• Investment: Continued growth in public and private sector investment will boost the economy.
• Normal monsoon: A good monsoon season will lead to a revival in rural consumption and agricultural output.
• Moderating inflation: Easing inflation will improve consumer confidence and spending. Negative factors: Global factors: A “higher for longer” interest rate regime in the US and a spike in global oil prices could lead to higher inflation and tighter financial conditions in India.
• Muted exports: Slowdown in major advanced economies could dampen India’s exports. Domestic risks: Underperformance in agriculture due to weather shocks could impact demand and inflation.  
• Upside risks – Faster FDI inflow: Increased foreign direct investment, especially in manufacturing, could boost output and productivity. ○ Stronger global growth: Better than expected global economic growth could lead to higher exports and overall GDP growth

2. INDIA TO FACE MOST IMPACT IF HIGH U.S INTEREST RATES PERSIST

• Interest Rates and the US Dollar
• When the US Federal Reserve raises interest rates, it makes saving money in US dollars more attractive
• This increases demand for US dollars
• Stronger demand for US dollars generally leads to its value going up compared to other currencies, like the Indian Rupee.
• Impact on India:  Inflation: A stronger US dollar makes imports (goods bought from other countries) more expensive for India
• This can lead to higher overall inflation in India
• Currency Exchange: A weaker Rupee means it takes more Rupees to buy the same amount of US dollars
• This can make Indian exports cheaper for foreign buyers, potentially boosting exports in the short term
• Growth: The positive effect on exports can be offset by the negative effects of higher inflation, leading to a slightly slower economic growth rate
• India vs Other Asian Economies: India’s economy is more sensitive to changes in US interest rates compared to other Asian countries for two reasons
• Exchange Rate Sensitivity: India’s inflation is more affected by fluctuations in the exchange rate. A weaker Rupee has a bigger impact on import costs in India.
• Import Reliance: India relies more heavily on imported goods compared to other developing Asian economies. The ADB Simulation
• The Asian Development Bank (ADB) ran a simulation to see how higher interest rates in the US would impact India and other Asian economies
• They found that India’s inflation could rise by 0.4 percentage points over the next two years, while economic growth might slow down slightly (under 0.2 percentage points) in 2025
• Additional Factors – Global conflicts and disruptions in shipping routes can also add to inflation pressures in India by making imports more expensive

3. ISRO’S ZERO ORBITAL DEBRIS MILESTONE

• ISRO ensured practically zero debris left in earth orbit after the PSLV-C58/XPoSat mission
• This was done by de-orbiting the fourth stage of the PSLV, called PSLV Orbital Experimental Module-3 (POEM-3), after it released the satellites
• POEM-3 was then passivated by dumping its fuel before it re-entered Earth’s atmosphere and burned up
• To avoid an explosion that could have flung small pieces of debris into orbit
• Developed by the Vikram Sarabhai Space Centre (VSSC), POEM utilises the spent fourth stage of a PSLV rocket as an orbital platform for scientific experiments
• Here’s a table summarising POEM-3: Feature Description Purpos e Low-cost space platform created by ISRO Use Conducts scientific experiments in orbit Benefit Reduces space debris by re-entering Earth’s atmosphere instead of floating in orbit Benefit Provides a platform for scientific experiments
• Space debris is a growing concern in Low Earth Orbit (LEO), where it can collide with operational satellites at high speeds (27,000 km/hr), causing damage or destruction ISRO’s efforts to minimise debris by de-orbiting rocket stages is a positive step in mitigating the risks of space debris

4. STATUE OF VALOUR WATCHES OVER BATTLE FOR AHOM PRIDE IN JORHAT

• The Statue of Valour is a 125-foot bronze statue of Lachit Borphukan, an iconic Ahom general from Assam
• Lachit Borphukan is revered for leading the Battle of Saraighat in 1671 and preventing the Mughal army from occupying Assam
• Lived: 1622 – 1672
• Military leader: Borphukan, meaning “commander-in[1]chief”
• Famous victory: Defeated the Mughal forces in the Battle of Saraighat (1671), a key turning point that thwarted Mughal expansion into Assam
• Legacy: Revered as a national hero in India, especially in Assam
• The Statue of Valour is a recent monument dedicated to him
• The statue is located in Meleng-Hollongapar, Assam, within a park that also includes the maidam (earthen pyramid) where Lachit Borphukan was buried
• The statue was inaugurated by Prime Minister Narendra Modi on March 9, 2024

5. C-VIGIL

• The term ‘C-VIGIL’ stands for Vigilant Citizen, emphasizing the proactive and responsible role citizens can play in the conduct of free and fair elections.
• The C- VIGIL app is an innovative mobile application launched by the Election Commission of India.
• It allows citizens to report violations of the Model Code of Conduct (MCC) and expenditure violations during elections.
• The app provides time-stamped evidentiary proof of violations, including live photos/videos with auto location data.
• This unique combination of timestamping, live photo with auto location can be fairly relied upon by election machinery to navigate to the right spot and take prompt action.
• The app is designed to create a fast-track complaint reception and redressal system.
• It also includes a GIS-based dashboard that provides a strong decision tool to drop and dispose of frivolous and unrelated cases even before they are acted upon, thereby reducing the workload of election machinery on ghost complaints

ONE LINER

1. TAMILNADU has the highest concentration of Special Economic Zones (SEZs) in the country.
2. For the first time in the last 40 years an Indian Film has been selected for the Golden Plam Award at the Cannes Film Festival