NATIONAL NEWS
Government of India reconstituted NITI Aayog
• The Union government reconstituted the NITI Aayog, with four full-time members and 15 Union Ministers, as either ex-officio members or special invitees.
• The full-time members are unchanged: V K Saraswat, Prof. Ramesh Chand, Dr. V K Paul, and Anand Virmani.
• Prime Minister Narendra Modi will continue as the chairperson of NITI Aayog.
• Suman Bery remains in the position of Vice President, NITI Aayog.
• Defence Minister Rajnath Singh has been added as an ex-officio member along with Home Minister Amit Shah, Agriculture Minister Shivraj Singh Chouhan, and Finance Minister Nirmala Sitharaman.
• National Institution for Transforming India, better known as NITI Aayog, was formed via a resolution of the Union Cabinet on 1 January 2015.
• The government constituted NITI Aayog to replace the Planning Commission, which had been instituted in 1950.
• Special Invitees in the Reconstituted NITI Aayog:-
✓ Road Transport and Highways Minister Nitin Gadkari
✓ Health Minister Jagat Prakash Nadda
✓ Steel Minister H D Kumaraswamy
✓ MSME Minister Jitan Ram Majhi
✓ Panchayati raj Minister Rajiv Ranjan Singh
✓ Social Justice and Empowerment Minister Dr Virendra Kumar
✓ Civil Aviation Minister K Rammohan Naidu
✓ Tribal Affairs Minister Jual Oram
✓ Women and Child Development Minister Annapurna Devi
✓ Food Processing Minister Chirag Paswan
✓ Minister for Planning Rao Inderjit Singh.
STATE NEWS
Karnataka Cabinet cleared the Karnataka State Employment of Local Candidates in the Industries
• The Karnataka Cabinet has approved the Karnataka State Employment of Local Candidates in Industries, Factories, and Other Establishments Bill, 2024.
• Mandates 50% reservation for local candidates in management positions and 75% in non-management roles.
• Industries, factories, and establishments violating the bill's provisions face a penalty of up to Rs 25,000.
• Candidates must pass a Kannada proficiency exam or have a secondary school diploma with Kannada as a language.
• Establishments must train and engage local candidates within three years if qualified locals are not available.
• Businesses can appeal to the government for relaxation of the Bill's provisions if no local candidates are available.
• A nodal body will be established to verify employment information and report to the government regularly.
• All private industries are required to hire only Kannadigas for group ‘C’ and ‘D’ jobs.
SUMMIT AND CONFERENCES
2nd Asia Pacific Ministerial Conference on Civil Aviation
• India will host the 2nd Asia Pacific Ministerial Conference on Civil Aviation on September 11 and 12.
• The conference is jointly organized by the Government of India and the International Civil Aviation Organisation (ICAO) Asia-Pacific.
• The first Asia Pacific Ministerial Conference on Civil Aviation was held in Beijing in February 2018.
• Approximately 40 countries will participate, including Australia, Singapore, France, the US, the UK, China, Vietnam, Indonesia, North Korea, Pakistan, and Japan.
• The conference aims to enhance regional collaboration and promote a culture of innovation and safety within the Asia Pacific region.
• In 2023, the Asia Pacific region accounted for over 33% of total global flight departures.
• India is emerging as one of the fastest-growing markets globally, currently the third largest in the domestic sector.
• Over the past decade, India's aircraft fleet has grown from 400 to more than 800, and the number of airports has increased from 74 to 157.
INTERNATIONAL NEWS
Philippines Hosting the "Loss and Damage" Fund Board
• The Philippines has been chosen to host the board of the "Loss and Damage" fund.
• This selection marks a crucial step in providing financial assistance for countries affected by global warming to recover and rebuild.
• The U.N. "Loss and Damage" fund was established during COP27 in Egypt in 2022.
• The fund is dedicated to addressing irreparable climate-driven damage caused by drought, floods, and rising sea levels.
• The Philippines will also hold a seat on the fund's board.
• The World Bank will serve as the interim host for the fund for a period of four years.
• The fund aims to provide financial support for countries dealing with severe climate impacts.
• Hosting the fund's board highlights the Philippines' role in global climate action and international cooperation.
BANKING, ECONOMY AND FINANCE
IMF raises India's GDP forecast to 7% for 2024-25
• The IMF has raised India's growth forecast for 2024 to 7%, up from the previous estimates of 6.5% and 6.8%.
• Fastest Growing Economy: India remains the fastest growing country among emerging markets and developing economies.
• Growth Rate for 2025: The IMF projects India's growth rate at 6.5% for the year 2025.
• Strong domestic demand and a growing working population are key drivers behind the revised growth forecast.
• India and China together are expected to contribute nearly half of global growth in 2024.
• China's growth forecast for 2024 has been revised upward to 5% due to increased private consumption and strong exports.
• India's GDP grew by 8.2% in the financial year 2023-24, according to official government data.
• India's economy grew by 7.2% in 2022-23 and 8.7% in 2021-22.
India's Wholesale Inflation Rate
• India's wholesale inflation rate surged to a 16-month high of 3.36 percent in June.
• Wholesale inflation climbed to 3.36 percent in June 2024.
• The inflation increase was driven by higher prices for food articles, crude petroleum & natural gas, mineral oils, and other manufactured items.
• In May 2024, the wholesale inflation rate was recorded at 2.61 percent.
• The WPI Food Index inflation rate rose from 7.40 percent in May 2024 to 8.68 percent in June 2024.
• Inflation for food articles increased to 10.87 percent in June, up from 9.82 percent in May.
• The inflation rate for primary articles went up from 7.20 percent in May to 8.80 percent in June.
• Inflation for fuel and power decreased slightly, from 1.35 percent in May to 1.03 percent in June.
