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News Highlights provides you with the best compilation of the Daily News Highlights taking place across the globe: National, International, Sports, Science and Technology, Banking, Economy, Agreement, Appointments, Ranks, and Report and General Studies
1.
The Public Accounts Committee (PAC) headed by senior Congress leader and Lok Sabha member K.C. Venugopal will hold a performance review of “regulatory bodies established by Act of Parliament”, such as the Securities and Exchange Board of India. The PAC will also audit “fees, tariffs, user charges, and so on” levied on the use of public infrastructure such as airports. Currently, seven Indian airports are managed by the Adani Group. The PAC is responsible for auditing the revenue, and the expenditure of the government. According to the Lok Sabha bulletin dated September 2, the PAC has picked 160 subjects for deliberations during its tenure. The subjects were decided at the first meeting of the PAC held on August 29. The 22-member committee has 12 members from the BJP-led National Democratic Alliance (NDA) and eight Opposition MPs, including four from the Congress. The panel has picked five subjects for suo-motu investigations, including “performance review of regulatory bodies established by Act of Parliament” and “levy and regulation of fees, tariffs, user charges, etc. on public infrastructure and other public utilities”.
2.
Kerala has emerged the country leader in two categories of business-centric reforms and seven categories of citizen-centric reforms in the ranking of the Union Ministry of Commerce and Industry. The rankings were announced at the Conference of State Industries Ministers held in New Delhi on Thursday. Industries Minister P. Rajeev received the Business Reforms Action Plan ’22 (BRAP 22) award of the Department for Promotion of Industry and Internal Trade (DPIIT) from Union Minister of Commerce Piyush Goyal at the conference. Union Minister of State for Commerce and Industry Jitin Prasada was present. The business-centric reforms in which Kerala emerged top performer are facilitating utility permits for business and paying taxes.
3.
Union Home Secretary Govind Mohan said new age crimes, such as cyber-enabled financial frauds, online radicalisation, and transnational organised crime networks, were not confined by borders and, therefore, in an increasingly interconnected world the importance of international police cooperation could not be overstated. Mr. Mohan inaugurated the 10th Interpol Liaison Officers (ILOs) conference organised by the Central Bureau of Investigation (CBI) on the theme “Strengthening International Law Enforcement Partnerships” ahead of the coming UN International Day of Police Cooperation.
4.
With 159 Maoist cadres having been killed in anti-Naxalite operations led by security forces in 2024, the year so far has been one of major setbacks to the longstanding, left-wing extremist movement in India. After suffering major casualties in ambushes in April 2021 and April 2023, paramilitary and police forces are coordinating better and firming up a no-holds-barred approach towards the militants. This has resulted in the Maoists experiencing blow after blow in what is perhaps their only remaining bastion — south Chhattisgarh — even though they retain a presence in other forested districts in Jharkhand, Bihar, Odisha and Maharashtra. The success in taking on the Maoists is also a consequence of the weakening base of support for the insurgents as intelligence is a vital component of the operations. This should not come as any surprise.
5.
The ILO’s World Employment and Social Outlook study (September) has definitively linked declining trends in labour’s income share of total income within nations to technological advances — mainly automation and artificial intelligence. In an analysis of the past two decades, it mentions a 1.6% drop in the global labour income share between 2004-24. More ominously, almost 40% of this decline was in the pandemic years of 2019-22 — a drop that has not been recouped in the past couple of years. Labour income share is a measure widely used to assess income inequalities within economies. The 1.6% drop might seem insignificant, but it amounts to $2.4 trillion in lost wages at constant purchasing power parity, in relation to what workers would have earned had the labour income share been stable since 2004. $2.4 trillion lost globally is more than half of India’s nominal GDP forecast for FY2023-24.
6.
During the discussion on the National Food Security Act (NFSA) 2013, there was nervousness about guaranteeing food security through the Public Distribution System (PDS). The nervousness stemmed from the poor record of the PDS — according to National Sample Survey (NSS) data, in 2011-12, at the all-India level, leakages were at 41.7%. The main argument in favour of continuing with the PDS was that States that had undertaken PDS reforms had witnessed major improvements. Between 2004-5 and 2011-12, several early reforming States saw a dramatic reduction in leakages: Bihar (from 91% to 24%), Chhattisgarh (from 52% to 9%) and Odisha (from 76% to 25%). With the same package of PDS reforms being mandated by the NFSA 2013, there was hope that more States could improve. The NSS’s Household Consumption Expenditure Survey (HCES) data for 2022-23 bears out this hypothesis. The HCES is the First large-scale nationally representative survey after the implementation of the NFSA 2013. It suggests that PDS leakages were down to 22% in 2022-23.
7.
In the Union Budget 2024-25, Union Finance Minister Nirmala Sitharaman announced the setting up of a Critical Mineral Mission. In August the Ministry of Mines organised a seminar to discuss its objectives. Officials noted that efforts are being fast tracked in ‘mission mode’ towards three aims: expand domestic production, prioritise the recycling of critical minerals, and incentivise overseas acquisition of assets. Work on these fronts is underway. The amendment made to the Mines and Minerals (Development and Regulation) Act of 1957, resulted in the Mines and Minerals (Development and Regulation) Amendment Bill, 2023 removing six minerals from the atomic list, thus allowing the private sector to explore these in India. To engage with mineral-rich countries overseas with a mandate to secure supply of critical minerals for the Indian economy, a joint venture of three public sector undertakings, Khanij Bidesh India Limited (KABIL), was founded in 2019.
8.
The financial relationship between the Union government and the States in India is asymmetrical, as in many other countries with a federal constitutional framework. As the 15th Finance Commission noted, States incur 61% of the revenue expenditure but collect only 38% of the revenue receipts. In short, the ability of the States to incur expenditures is dependent on transfers from the Union government. Consequently, there is the problem of Vertical Fiscal Imbalance (VFI) in Indian fiscal federalism where expenditure decentralisation overwhelms the revenue raising powers of the States.
9.
In the wake of the devastating landslides that recently struck Kerala’s Wayanad district, a crucial conversation has emerged around whether subnational entities can seek compensation through the United Nations Framework Convention on Climate Change (UNFCCC)’s Loss and Damage Fund (LDF). While this demand is justifiable, accessing climate funds is far more complex than it appears. The Loss and Damage Fund (LDF) was established at the 2022 UNFCCC Conference (COP27) in Egypt to provide financial support to regions suffering both economic and non-economic losses caused by climate change. These include extreme weather events and slow-onset processes, such as rising sea levels. The LDF is overseen by a Governing Board that determines how the Fund’s resources are disbursed, with the World Bank serving as the interim trustee.
10.
Reserve Bank of India (RBI) Governor Shaktikanta Das urged the private sector to step up to the task of supporting sustainable growth in the economy by investing in a significant manner, especially at a time when consumption demand was showing clear signs of a revival. Noting that the key demand drivers of consumption, investment and exports would have to move in tandem to sustain economic momentum, Mr. Das said: “Higher domestic consumption would help insulate the economy from the vagaries of external uncertainties. Investment remains critical for sustainable growth... and, given the current confluence of favourable factors, it is time for the private corporate sector to come forward in a big way”.
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