Daily Current Affairs Notes with pdf - 20th November

K Sanjay Murthy as the New Comptroller and Auditor General (CAG) of India

Appointment Details

New CAG: K Sanjay Murthy, IAS (1989 batch, Andhra Pradesh cadre).
Appointed by: President Droupadi Murmu.
Previous Role: Secretary, Department of Higher Education.
Replaces: Girish Chandra Murmu, CAG since August 8, 2020.

Role of CAG

Audits all Union and state government departments, including:

Railways, Defense, India Post, and Telecommunications.

Oversees over 1,500 public commercial enterprises and 400+ non-commercial bodies.

Powers and Responsibilities

Defined under Article 149 of the Constitution.
Can inspect audited offices/organizations, review financial transactions, and access related documents.

Legislative Framework

Governed by CAG’s Duties, Powers, and Conditions Act, 1971.

Regulates government spending, revenue collection, and financial grants.

Support Structure

Supported by the Indian Audit and Accounts Department (IA&AD).

Comprises ~600 senior/mid-level officers and ~47,000 subordinate staff.

Key Facts for Exams

IA&AD: Backbone of CAG with a team of ~600 senior officers and ~47,000 staff.
CAG’s Duties, Powers, and Conditions Act (1971): Governs financial audits and responsibilities of CAG.
Article 149: Constitutional provision defining CAG’s powers to audit government departments and enterprises.

India’s Export Surge in October 2024

Key Highlights

Core Export Growth: Increased by 27.7% YoY in October 2024.
Total Merchandise Exports: Reached $39.2 billion, marking a 17.3% YoY growth—the fastest in 28 months.
Services Exports: Rose by 14.6% YoY in September.
Services Trade Surplus: Expanded to $16.1 billion in September 2024, the highest since January 2024.

Sectoral Performance

Engineering Goods: Up by 39.4%.
Electronic Goods: Surged 45.7%.
Chemicals: Increased 27.4%.
Drugs and Pharmaceuticals: Gained 8.2%.

Agricultural Exports

Rice: Soared by 85.8% after lifting export restrictions.
Other Gains:

Spices: +30.9%.
Fruits and Vegetables: +15.9%.
Tea: +9.3%.
Cashews: +7.2%.

Labour-Intensive Sectors

Readymade Garments: +35.1%.
Handicrafts: +32.7%.
Leather Products: +12.3%.
Ceramic Products & Glassware: Declined 6.1%.

Import Trends

Gold: Fell 1.4%.
Precious Stones: Dropped 29%.
Electrical Goods: Slowed to 8.7% growth.
Vegetable Oil: Surged 50.9%, reversing previous declines.

Key Facts for Exams

CRISIL: A global analytical firm providing ratings, research, and policy advisory services. It is a subsidiary of S&P Global Inc.
Merchandise Exports: Physical goods exported to foreign markets; vital for a nation’s trade balance.
Labour-Intensive Sectors: Industries dependent on human labour (e.g., textiles, garments, handicrafts), crucial for employment generation in developing economies.

Global Freight Summit 2024

The Global Freight Summit 2024 began in Dubai on November 18 and will conclude on November 20. Hosted by DP World, this third edition of the summit has brought together over 5,000 industry leaders from 155 countries to discuss advancements and challenges in global trade. The event focuses on the theme, "Acting to Reach the Opportunities of Tomorrow."

Key Themes

The summit highlights four critical areas:

Adoption of AI and Blockchain: Technologies to improve business efficiency and transparency.
Sustainability in Shipping: Emphasis on eco-friendly practices like cleaner fuels and route optimization.
Navigating Volatility: Strategies to address fluctuations in global markets.
Strengthening Trade Routes: Building resilience amid geopolitical tensions and natural disasters.

Notable Participants

Several Indian companies, including Wipro, Tech Mahindra, and SRM Tech, are key participants. Prominent personalities such as Sachin Tendulkar and Shah Rukh Khan will contribute to discussions, alongside Royston Braganza, CEO of Grameen Capital India.

Focus Areas

This year’s summit places a strong emphasis on digital solutions for global trade challenges. Sessions will explore ways to overcome hurdles in technology adoption and the increasing demand for eco-friendly shipping practices. The importance of supply chain diversification to mitigate risks in global trade routes will also be a central topic.

To foster collaboration, DP World has organized interactive sessions and keynote speeches from industry experts. These sessions aim to provide actionable insights and create strategic partnerships among businesses and governments.

Key Facts for Exams

DP World: A global logistics company headquartered in Dubai, focusing on enhancing trade and supply chain efficiency.
Grameen Capital India: A social investment firm supporting underserved communities and promoting financial inclusion.
Sustainable Shipping: Balances economic growth with environmental responsibility by using cleaner fuels and optimizing operations.

Tuna Export Hub in Andaman & Nicobar Islands

India’s tuna fish exports grew by 31.83% in 2023-24. The Andaman and Nicobar Islands are being developed as a tuna export hub due to their rich Exclusive Economic Zone (EEZ), which hosts various tuna species.

Tuna Resources

Estimated annual yield: 64,500 tonnes, including:

24,000 tonnes yellowfin
22,000 tonnes skipjack
500 tonnes bigeye
18,000 tonnes neritic tuna

Current Exports

India exported 51,626 tonnes of tuna valued at $87.96 million in 2023-24.
Neritic tuna is the main export, with some skipjack, bigeye, and yellowfin.

Challenges

Lack of modern infrastructure and technology.
Insufficient processing and storage facilities.

Government Actions

Focus on skill development and sustainable management of tuna stocks.
Investors’ meet held to encourage investment in the sector.

Expanding the tuna fishery could boost local economies, create jobs, and increase exports.

Key Facts

Andaman and Nicobar Islands: Targeted for tuna export growth.
EEZ: Grants exclusive rights to marine resources like tuna.
MPEDA: Government agency promoting seafood exports.
Neritic Tuna: Coastal tuna vital for local food security and economy.

SpaceX Launches GSAT-20 Satellite for India

On November 19, 2024, SpaceX successfully launched India’s GSAT-20 satellite from Cape Canaveral, Florida. This collaboration between ISRO and SpaceX marks a significant shift in ISRO's satellite launch strategy.

Launch Details

Rocket: SpaceX’s Falcon 9 carried GSAT-20 into orbit.
Location: Launch took place at Cape Canaveral, Florida.

Satellite Specifications

Weight: 4,700 kg (which exceeds ISRO's LVM-3 rocket capacity of 4,000 kg).
Payload: Ka-band high-throughput communications.
Lifespan: 14 years.

Communication Services

Enhanced Internet: GSAT-20 will provide better internet access in remote areas of India and offer in-flight internet for airplanes.
Beams: The satellite features 32 user beams, including 8 narrow spot beams and 24 wide spot beams, supported by hub stations across India.

Commercial Partnership

first commercial partnership between ISRO and SpaceX.
ISRO turned to SpaceX due to limited options from Arianespace and geopolitical tensions affecting other providers.

Future Collaborations

ISRO and SpaceX are also planning to send Group Captain Shubhanshu Shukla, an Indian astronaut, to the International Space Station (ISS) in 2025 using SpaceX’s Dragon spacecraft.

Key Facts for Exams

GSAT-20: A communications satellite designed to enhance India’s internet capabilities with a 14-year lifespan and Ka-band payload.
LVM-3: ISRO’s heaviest rocket, capable of launching payloads up to 4,000 kg. GSAT-20’s 4,700 kg weight required collaboration with SpaceX.

Telangana Announces 100% Tax Exemption for EVs

The Telangana government has introduced a policy offering 100% exemption on road tax and registration fees for electric vehicles (EVs) until December 31, 2026. This initiative aims to promote eco-friendly transportation and reduce air pollution, particularly in urban areas like Hyderabad.

Eligibility

Applies to two-wheelers, four-wheelers (private and commercial).
Includes three-wheelers (autorickshaws and goods carriers).
Covers electric buses for public and private use.
Electric goods vehicles, including electric tractors, are eligible.
Vehicles must be purchased and registered in Telangana.

Special Incentives for Electric Buses

TSRTC buses: Permanent exemption from road tax and registration fees.
Private buses for employee transport also benefit.
Incentives available until December 31, 2026, with no limit on registered buses.

Policy Goals

Reduce air pollution in urban areas.
Lower upfront costs of EVs to encourage adoption for personal and business use.

Key Facts for Exams

TSRTC: Telangana State Road Transport Corporation promotes EV adoption with permanent tax exemptions for its buses.
Telangana EV Policy: Focuses on reducing pollution by incentivizing electric vehicle use through financial benefits.

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