Daily Current Affairs for UPSC Civil Services Exam – 01 July 2021

Daily Current Affairs for UPSC Civil Services Exam – 01 July 2021

In Today’s News:

  1. Core sector output increased.
  2. The current account deficit widened
  3. BharatNet implementation through PPP model.

1. Core sector output increased

News Summary

The combined Index of Eight Core Industries stood at 125.8 in May 2021, which increased by 16.8 percent (provisional) as compared to the Index of May 2020. The production of Coal, Natural Gas, Refinery Products, Steel, Cement, and Electricity industries increased in May 2021 over the corresponding period of last year.

Click here to view the official PIB release.

Prelims GS – Economic Development

Index of Eight Core Industries:
  • Eight Core Industries comprises of the following industries:
    1. Coal
    2. Crude Oil
    3. Natural Gas
    4. Refinery Products (Petroleum)
    5. Fertilizers
    6. Steel
    7. Cement
    8. Electricity
  • The Index of Eight Core Industries is released by the Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry. (Note: UPSC Prelims Question expected)
  • In the index of eight core industries, Refinery products have the highest weight followed by Electricity and Steel.
  • The Eight Core Industries comprise 40.27 % of the weight of items included in the Index of Industrial Production (IIP).
Index of Industrial Production: (IIP)
  • Index of Industrial Production is an index that tracks manufacturing activity in various sectors of the economy.
  • The three broad sectors of IIP:
    • Mining,
    • Manufacturing,
    • Electricity
  • Besides these, the Index of eight core industries constitutes 40.27% of the weight of items in IIP.
  • IIP data is compiled and released monthly by the Central Statistical Organisation, Ministry of Statistics, and Programme Implementation.

2. The Current Account Deficit widened

News Summary

As imports revived and gold imports surged, the Current account deficit has widened in the January-March quarter and stood at $8.1 billion

Prelims GS – Economic Development

Current Account Deficit:
  • The current account deficit is a measurement of a country’s trade.
  • When the value of the goods and services imported by the country exceeds the value of the products it exports, it is said to be in the Current account Deficit.
  • The current account includes net income, such as interest and dividends, and transfers, such as foreign aid, these components make up only a small percentage of the total current account.
  • The current account represents a country’s foreign transactions and, like the capital account, is a component of a country’s balance of payments (BOP).
  • A current account deficit is an indication that the country is importing more than exporting.

Click here to know more about the Current Account deficit on the Courtesy: Investopedia website.

3. BharatNet implementation through PPP model

News Summary

The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, accorded approval for the revised implementation strategy of BharatNet through Public-Private Partnership mode in 16 States of the country.

Prelims GS – Governance/e-Governance

BharatNet:
  • BHARATNET is the World’s largest rural broadband project.
  • BharatNet has been designed to provide Broadband connectivity to the Gram Panchayats(GPs) across India.
  • The entire project is being funded by the Universal Service Obligation Fund (USOF), which was set up for improving telecom services in rural and remote areas of the country.
  • The objective is to facilitate the delivery of e-governance, e-health, e-education, e-banking, the Internet, and other services to rural India.

Courtesy: Vikaspedia.

BharatNet revised implementation:
  • BharatNet will now extend upto all inhabited villages beyond Gram Panchayats (GPs), in the said States.
  • The States covered under the Cabinet approval today are Kerala, Karnataka, Rajasthan, Himachal Pradesh, Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, West Bengal, Assam, Meghalaya, Manipur, Mizoram, Tripura, Nagaland, and Arunachal Pradesh.
  • An estimated 3.61 lakh villages including GPs will be covered.
  • The PPP Model will leverage Private Sector efficiency for operation, maintenance, utilization, and revenue generation and is expected to result in a faster rollout of BharatNet.

Mini Insights

Mains GS2 – Governance/e-Governance

Significance of PPP model in BharatNet:

BharatNet PPP Model will bring in the following consumer-friendly advantages:

  • Use of innovative technology by the Private Sector Provider for the consumers;
  • High quality of service and Service Level to consumers;
  • Faster deployment of network and quick connectivity to consumers;
  • Competitive tariffs for services;
  • Variety of services on high-speed broadband  including Over the Top (OTT) services and multi-media services as part of packages offered to consumers, and
  • Access to all online services.

Click here to view the Courtesy: official PIB release.

 

 

 

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