Current Affairs November 2024 Part 2: Top News and Updates

1. Blue Economy Initiatives

Economic Significance

• The Blue Economy is a crucial aspect of India’s maritime sector, contributing over ₹5 lakh crore (4% of GDP) through industries like fisheries, coastal tourism, and port activities.
  Growth Potential
• The Blue Economy is expected to grow to ₹13 lakh crore by 2030, with an emphasis on deep-sea fishing and maritime transport.
  Initiatives to Promote the Industry
• Sagarmala Project: Aimed at reducing logistics costs, this project is expected to enhance port infrastructure and link coastal economic zones.
• National Fisheries Policy: ₹20,000 crore investment over the next decade to modernize the sector and create more job opportunities in coastal regions.
• Blue Economy Task Force: Introduced to streamline maritime regulations and improve the use of ocean resources sustainably.

2. Global South Leadership

Economic and Geopolitical Significance

• India has positioned itself as a leader of the Global South, representing developing nations in forums like the G20 and the UN. It has advocated for debt relief, vaccine equity, and fair global trade systems.
  Growth Potential
• India’s role could foster a $50 billion increase in South-South trade agreements by 2025, particularly with Africa and Latin America.
  Initiatives to Promote Leadership
• Global Biofuel Alliance: Launched to enhance biofuel production and promote clean energy solutions for developing nations.
• India-Africa Cooperation: Aimed at strengthening economic ties with African nations through infrastructure projects, technology transfer, and trade.

3. National Hydrogen Mission

Economic and Environmental Significance

• India’s National Hydrogen Mission could save up to ₹5 lakh crore annually in energy costs by transitioning to green hydrogen.
  Growth Potential
• India is aiming to produce 5 million tons of green hydrogen annually by 2030, positioning itself as a major global player.
  Initiatives to Promote the Industry
• Production Linked Incentive (PLI) for green hydrogen: ₹19,744 crore allocated for the next 5 years to boost production.
• Collaboration with UAE and Australia to establish green hydrogen hubs and share technological advancements.

4. Quantum Computing Push

Technological Significance

• Quantum computing is expected to transform industries such as healthcare, finance, and defense, with potential applications in cryptography and artificial intelligence.
  Growth Potential
• India’s quantum computing industry is projected to be worth ₹2,500 crore by 2025 and could impact 100+ industries.
  Initiatives to Promote the Industry
• National Quantum Mission: ₹8,000 crore allocated to promote quantum research and development in academic institutions.
• Collaboration with global tech companies like Google and IBM for joint research and training.

5. Tourism Revival Post-Pandemic

Economic Significance

• The tourism sector contributes about 7% of India’s GDP, employing millions of people in hospitality, travel, and retail.
  Growth Potential
• India’s tourism is projected to grow by 20% annually, reaching ₹20 lakh crore in revenue by 2026.
  Initiatives to Promote the Industry
• Dekho Apna Desh Campaign: Aimed at boosting domestic tourism through marketing and digital platforms.
• eVisa Scheme Expansion: Simplifying visa processes to increase foreign tourist arrivals, especially from the US, EU, and Japan.

6. PLI Scheme Expansion

Economic Significance

• The Production Linked Incentive (PLI) scheme has attracted over ₹2.5 lakh crore of investments, focusing on 14 key sectors such as electronics, textiles, and automobiles.
  Growth Potential
• The scheme could generate ₹10 lakh crore in exports and 5 million jobs by 2030.
  Initiatives to Promote the Industry
• Expansion of the scheme to include advanced batteries, drones, and medical devices.
• Focus on enhancing global competitiveness through technology transfer and innovations.

7. Water Security Initiatives

Economic and Environmental Significance

• India’s water scarcity costs the country ₹1.4 lakh crore annually in agricultural losses and healthcare expenses due to waterborne diseases.
  Growth Potential
• By 2030, climate-resilient crops and sustainable water management could reduce costs by ₹30,000 crore annually.
  Initiatives to Promote the Industry
• Jal Jeevan Mission: Ensures piped water to 15 crore households, with ₹3.6 lakh crore allocated for infrastructure development.
• National Aquifer Mapping: A project to recharge groundwater levels using advanced mapping techniques.

8. E-Mobility Adoption

Economic and Environmental Significance

• The e-mobility sector has contributed over ₹20,000 crore to India’s economy, significantly reducing fuel import costs and promoting clean energy.
  Growth Potential
• By 2030, India’s electric vehicle (EV) market is expected to grow to ₹75,000 crore, with 30% of total vehicle sales projected to be electric.
  Initiatives to Promote the Industry
• FAME-II Scheme: ₹26,000 crore incentives to boost the EV ecosystem, including charging infrastructure and vehicle subsidies.
• Battery Swapping Policy: To make EVs more affordable by reducing the cost of ownership.

9. Food Security Amid Climate Change

Economic and Social Significance

• Climate change threatens India’s food production, but initiatives like PM-KISAN have provided over ₹2.25 lakh crore in direct assistance to farmers.
  Growth Potential
• By promoting climate-resilient crops, India could increase food productivity by 20% by 2035, improving self-sufficiency.
  Initiatives to Promote the Industry
• National Mission for Sustainable Agriculture: Aimed at promoting water-efficient crops and organic farming.
• Promotion of Millets: India is pushing for the inclusion of millets as a staple food globally.

10. Startup India Success

Economic Contribution

• India is now home to over 100 unicorns, with startups contributing ₹7 lakh crore to the economy.
  Growth Potential
• The Indian startup ecosystem is expected to grow to ₹30 lakh crore by 2030, generating millions of new jobs.
  Key Initiatives
• Startup India Seed Fund Scheme: ₹945 crore funding to nurture early-stage startups.
• Regulatory Reforms: Simplification of patent laws and tax incentives to promote innovation and attract foreign investment.

11. Defense Exports Surge

Economic and Strategic Significance

• India’s defense exports have increased to ₹16,000 crore, up from ₹8,000 crore in 2020. The sector has become a key component of India’s foreign policy and economic strategy.
  Growth Potential
• India aims to double defense exports to ₹35,000 crore by 2030, with a focus on ASEAN and African markets.
  Key Initiatives
• Aatmanirbhar Bharat Abhiyan: Push for indigenous defense manufacturing, including drones, rockets, and armored vehicles.
• MoUs with African nations: To strengthen defense ties and establish joint manufacturing ventures.

12. India’s Energy Transition

Economic and Environmental Significance

• India is the world’s third-largest energy consumer, with renewable energy contributing 23% to the power grid in 2024.
  Growth Potential
• India aims for 500 GW of renewable energy by 2030, with an estimated market potential of ₹7.5 lakh crore.
  Key Initiatives
• National Solar Mission: Expansion of solar power plants, particularly in rural areas.
• International Solar Alliance: India’s leadership in facilitating international cooperation on solar energy.

13. Digital Skilling Programs

Economic and Social Significance

• The Skill India Mission has trained 50 lakh youth annually, boosting productivity in sectors like IT, manufacturing, and agriculture.
  Growth Potential
• The digital skilling industry is expected to contribute ₹5,000 crore to the economy by 2027.
  Key Initiatives
• eSkill India Portal: Over 400 courses in digital technologies for youth.
• Partnerships with LinkedIn and Google to provide certifications in AI, coding, and data science.

14. India’s Infrastructure Boom

Economic Significance

• The National Infrastructure Pipeline (NIP) aims to invest ₹111 lakh crore across various sectors including transport, power, and housing.
  Growth Potential
• Infrastructure development is projected to add 2% annually to India’s GDP by 2030.
  Key Initiatives
• Bharatmala Pariyojana: Expansion of national highways, focusing on connectivity to remote regions.
• Dedicated Freight Corridors: Upgradation of rail networks for faster movement of goods.

15. India’s Hydrogen Mission

Economic Significance

• India’s National Hydrogen Mission aims to establish India as a global hub for green hydrogen production, positioning it as a leader in the clean energy transition.
  Growth Potential
• The green hydrogen market is expected to grow rapidly, with $8 billion in investments projected by 2030, potentially reducing India’s carbon footprint by 25%.
  Key Initiatives
• Production-linked Incentive (PLI) Scheme: Introduced to incentivize domestic manufacturing of hydrogen electrolyzers and other critical components.
• Green Hydrogen Technology: Focus on scaling up renewable-powered hydrogen production to meet domestic energy demands and for export purposes.

16. Sustainable Urbanization and Smart Cities

Economic and Environmental Significance

• The Smart Cities Mission aims to transform 100 cities into urban hubs of innovation, enhancing economic output and quality of life.
  Growth Potential
• Over the next decade, the smart cities initiative is expected to generate ₹20 lakh crore in investment, with major growth in sectors like IoT, digital infrastructure, and green technologies.
  Key Initiatives
• Smart City Projects: Focus on improving urban transport, affordable housing, and clean energy.
• Green Building Incentives: Pushing for energy-efficient buildings with LEED certifications, promoting sustainability in urban development.

17. India’s Role in Global Climate Action

Global Influence

• India’s climate commitments, including reaching net-zero emissions by 2070, play a pivotal role in global climate negotiations.
  Growth Potential
• India is on track to increase its renewable energy capacity to 50% by 2030, offering significant market opportunities in solar, wind, and electric mobility sectors.
  Key Initiatives
• International Solar Alliance (ISA): A global coalition of solar-rich nations to promote solar energy.
• National Action Plan on Climate Change: Framework for climate adaptation and mitigation through sustainable practices.

18. India-U.S. Strategic Partnership

Geopolitical Significance

• India and the U.S. are strengthening their ties through collaborations in defense, trade, and technology.
  Growth Potential
• The bilateral trade is expected to exceed $500 billion by 2030, driven by sectors like defense, tech, and renewable energy.
  Key Initiatives
• LEMOA and COMCASA Agreements: Enhanced defense cooperation through logistics and communication sharing.
• Technology Partnership: Focus on AI, 5G, and cyber security collaborations.

19. Digital Payments Revolution

Economic Significance

• India’s digital payments sector has witnessed a growth of over 50% annually, driven by platforms like UPI, Paytm, and Google Pay.
  Growth Potential
• Digital payments are set to exceed ₹7 lakh crore in transactions by 2025, revolutionizing the financial services landscape.
  Key Initiatives
• Jan Dhan Yojana: Financial inclusion program that has opened over 45 crore accounts, facilitating easy digital access to banking.
• UPI Expansion: Internationalization of UPI for cross-border payments, improving global financial integration.

20. Air Pollution Mitigation

Environmental and Public Health Significance

• Air pollution in India costs the economy ₹3 lakh crore annually due to healthcare costs and lost labor productivity.
  Growth Potential
• Tackling air pollution through clean energy initiatives could save ₹1.5 lakh crore in health and economic damages by 2030.
  Key Initiatives
• Graded Response Action Plan (GRAP): Aimed at tackling air pollution in NCR through emergency measures.
• Clean Air Action Plan: Focus on reducing particulate matter by promoting cleaner fuels and industrial practices.

21. Corporate Tax Reforms

Economic Significance

• India’s corporate tax rates were reduced to 22% for domestic companies, aiming to enhance business competitiveness and attract foreign investment.
  Growth Potential
• These reforms are expected to increase FDI inflows by 20-25% over the next few years, particularly in sectors like manufacturing and technology.
  Key Initiatives
• Faceless Taxation: Introduced to improve tax compliance and reduce administrative burdens.
• Tax Incentives for Startups: Including tax holidays and exemptions to foster entrepreneurship.

22. India’s Space Program Advancements

Technological Significance

• The Indian Space Research Organisation (ISRO) continues to lead with advancements in satellite technology, lunar exploration, and space missions.
  Growth Potential
• The Indian space industry is expected to grow to ₹25,000 crore by 2030, with new opportunities in satellite communication, space tourism, and interplanetary exploration.
  Key Initiatives
• Gaganyaan Mission: India’s manned space mission set to launch in 2025, positioning India among the elite spacefaring nations.
• Private Sector Participation: Opening space for startups in satellite launching and research.

23. Aatmanirbhar Bharat (Self-Reliant India)

Economic and Industrial Significance

• Aatmanirbhar Bharat is focused on reducing import dependence and enhancing domestic manufacturing across key sectors like electronics, defense, and pharmaceuticals.
  Growth Potential
• The initiative could boost India’s manufacturing GDP to ₹30 lakh crore by 2030, creating millions of new jobs.
  Key Initiatives
• PLI Schemes: Incentives for companies to manufacture locally, particularly in electronics, automotive, and medical devices.
• Defense Manufacturing: Promoting indigenous production of weapons, armor, and defense systems.

24. Financial Inclusion through Technology

Economic and Social Significance

• Digital financial inclusion programs have successfully brought millions of people into the formal economy, reducing poverty and improving social mobility.
  Growth Potential
• Financial inclusion through technology could lead to ₹20,000 crore in additional GDP growth by improving access to credit and insurance.
  Key Initiatives
• PMGDISHA (Pradhan Mantri Gramin Digital Saksharta Abhiyan): Digital literacy campaign aimed at empowering rural populations.
• Pradhan Mantri Jan Dhan Yojana (PMJDY): Financial inclusion scheme for low-income households.

25. Food Processing Industry Growth

Economic Significance

• The food processing industry contributes around ₹3.5 lakh crore to India’s GDP and employs over 7 crore people.
  Growth Potential
• The sector is expected to grow by 10-15% annually, with a market size projected to reach ₹10 lakh crore by 2025.
  Key Initiatives
• Mega Food Parks: Facilities set up to promote value-added food production, providing a platform for large-scale production.
• PMFME Scheme: ₹10,000 crore fund for modernizing micro-food enterprises.