India, China agree to resume Mansarovar Yatra, border trade after talks in Beijing

MOVING TO repair bilateral ties that headed south after Chinese incursions in 2020 triggered a military standoff along the Line of Actual Control in eastern Ladakh, India and China agreed on a set of "six consensus" including resumption of the Kailash Mansarovar Yatra, transborder river cooperation and Nathula border trade. This was announced by the two sides following talks in Beijing between National Security Advisor Ajit Doval and Chinese Foreign Minister Wang Yi who are also the Special Representatives (SRs).

Govt makes fake bomb threats to flights punishable offence, fine up to 1 crore

IN THE wake of scores of fake bomb threats to flights of Indian airlines in October, which had led to significant disruption in the country's civil aviation operations, the government has made communicating such false threats a punishable offence un- der the Aircraft (Security) Rules. The amended rules were notified by the Ministry of Civil Aviation (MOCA) and took immediate effect. This is the first major change in the country's civil aviation regulations in the bid to curb the menace of bomb hoaxes to aircraft.

Modi to visit Kuwait on Dec 21-22, first Indian PM to do so in 43 years

PRIME MINISTER Narendra Modi will visit Kuwait on December 21-22, the first Indian Prime Minister to do so in 43 years. Announcing the visit on Wednesday, the Ministry of External Affairs said that Kuwait's Amir, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, had extended the invitation and during the visit, the Prime Minister will hold discussions with the leadership of Kuwait. Modi will also interact with the Indian community in Kuwait.

MP plans new home for cheetahs, relocate leopards

ANALYSING THE lineage of cheetahs to "create a strong genetic foundation", relocating leopards from the predator-proof fenced areas, and augmenting the number of prey animals are part of the Cheetah Action Plan for Gandhi Sagar Wildlife Sanctuary in Madhya Pradesh, ahead of the plans to introduce a batch of cheetahs there next year. Spread across 2,500 sq km landscape straddling Madhya Pradesh and Rajasthan, the Gandhi Sagar Wildlife Sanctuary's mix of grasslands, dry deciduous forests, and riverine evergreen patches are meant to offer an ideal habitat for the cheetahs to thrive. According to an action plan devised by the National Tiger Conservation Authority (NTCA), the MP wildlife department and Wildlife Institute of India (WII), 6- 8 cheetahs will be released into a 64 sq km predator-proof enclosure within the sanctuary's West Range in the initial phase.

SC asks Centre to form policy for managing sacred groves

THE SUPREME Court asked the Centre to create a comprehensive policy for the governance and management of sacred groves across the country while underlining their ecological importance. The judgment came on ap- plications related to protection of sacred groves of Rajasthan. A bench of Justices B R Gavai, SVN Bhatti and Sandeep Mehta said that as part of this policy, the Union Ministry of Environment, Forest and Climate Change (MoEFCC) "must also develop a plan for a nationwide survey of sacred groves, by whatever name they are identified in each State". "This survey should identify their area, location and extent, and clearly mark their boundaries. These boundaries should remain flexible to accommodate the natural growth and expansion of these forests while ensuring strict protection against any reduction in size due to agricultural activities, human habitation, de- forestation or other causes."

TRADE BARRIERS

INDIA'S TRADE DATA continues to witness sharp fluctuations. In October, merchandise exports grew at a spectacular 17.2 per cent. However, this momentum was not sustained thereafter. As per the latest data from the Ministry of Commerce and Industry, exports contracted by around 5 per cent in November. On the other hand, imports continue to trend upward, surging by 27 per cent in November. As a consequence, the trade deficit has widened to $37.84 billion-this is significantly higher than the average deficit registered in the first seven months (April-October) of this year. This deterioration suggests that the current account deficit for the full year will be higher than previously expected.

MORE MONEY, LESS PROBLEMS

As per the Union Budget 2024-25, the Centre's tax collection according to the estimated GDP would be 11.78 per cent with direct taxes contributing 7 per cent. Additional taxes are collected by the states and the local bodies, taking the total tax to GDP to around 17 per cent. This is low compared to most other countries, which means inadequate expenditure on social sectors like education and health leading to low productivity and low incomes for a majority, resulting in weak demand and slowdown of growth. Low tax collection is a result of black in- come generation. According to Oxfam estimates, the top 1 per cent on the income lad- der earn 22 per cent of the national income. Projecting that further, the top 5 per cent may be earning about 40 per cent of the income.

From aid to trade

ON HIS STATE visit to India, Sri Lanka's new President Anura Kumara Dissanayake was given a ceremonial welcome by his counter- part, President Droupadi Murmu, and received with warmth by Prime Minister Narendra Modi. In the joint statement, India has pledged to sup- ply LNG gas to Sri Lanka, enhance trade settlements between the two countries, boost education and technology exchanges and encourage Indian FDI in Sri Lanka. Sri Lanka has been South Asia's highest GDP per capita economy, reaching a peak of $4,388 in 2017. Its fall, in five years, to $3,3431 per capita, was a blow to the country. Already, since he was elected President, Dissanayake has confirmed that Sri Lanka will continue with its 17th IMF programme but with in- creased social spending to reduce high poverty.

An economic tightrope

THE YEAR 2025 is likely to be pivotal for the Indian economy in many ways. There is a possibility of India overtaking Japan to become the fourth-largest economy in the world. This will be a significant milestone and serve to reaffirm the more optimistic medium-term outlook for the Indian economy. As per a recent report, the upcoming budget may project a nominal growth of less than 10 per cent for the next year as well.

Banks report spike in NPAs in credit card and personal loan segments

INDIAN BANKS have touted their success in reducing non-performing assets (NPAs), or loans de- faulted by borrowers, over the past two years. NPAs in the personal loans segment have gone up by 51 per cent from Rs 7,422 crore, or 0.93 per cent of advances, in March 2023 to Rs 11,210 crore (1.16 per cent) in June 2024, the Reserve Bank of India (RBI) said. According to RBI data, credit card NPAs have shot up by 136 percent from Rs 2,404 crore (1.82 per cent of advances) since March 2020 to Rs 5,679 crore (2.04 per cent) by June 2024. NPAs in the credit card segment rose by 39.46 per cent from Rs 4,072 crore in March 2023 by June 2024.

Government to re-examine 'unusual' gold import surge amid indications of double-counting

THE UNION government has begun a "detailed examination of gold import data" a day after official trade figures showed that India's gold imports in November surged threefold to an all-time high of $14.8 billion compared to the previous year. The examination comes as India's record trade deficit of $38 billion in November pushed the rupee to an all-time low.

Sebi tightens norms for IPOs by small & medium enterprises

THE SECURITIES and Exchange Board of India (SEBI) strengthened the framework for initial public offerings (IPO) by small and medium enterprises (SMEs). The new norms will provide opportunities for SMEs with a sound track record to raise funds from the public and get listed on stock exchanges while protecting investors' interests. An SME will be allowed to launch IPO, only if it has an operating profit (earnings before interest, depreciation and tax) of Rs 1 crore from operations for any 2 out of 3 previous financial years at the time of filing of its draft red herring prospectus (DRHP), Sebi said.

How to secure entrance exams, stop leaks: expert panel's ideas

A SEVEN-MEMBER panel headed by former ISRO chairman K Radhakrishnan has made a set of 101 recommendations to the Ministry of Education for conducting national level entrance exams in a "transparent, smooth and fair" manner. The panel was constituted by the Ministry in June after the NEET-UG paper leak. The panel has suggested involving state and district-level authorities "in the way elections are conducted". Specifically, it has recommended setting up coordination committees at these levels comprising officials of the NTA, the National Informatics Centre (NIC), police, and the Intelligence Bureau.

HUGE MARINE HEAT WAVE KILLED 4MN ALASKA SEABIRDS IN 2014-16: STUDY

A RECORD-BREAKING marine heat wave was behind the mass deaths of a species of Alaskan seabirds, known as the common murres, nearly a decade ago, according to a new study. The analysis, 'Catastrophic and persistent loss of common murres after a marine heatwave', was published in the journal Science. More than four million common murres died due to the marine heat wave, which was nicknamed "The Blob", be- tween 2014 and 2016, according to the study. This was the largest documented die-off of a single species of wild bird or mammal. A growing body of research believes that murres were the victims of a domino effect of oceanic changes tied to the warm water. It affected marine life from plank- ton to humpback whales. Critically for the murres, it led to a collapse in the fish they depend on.

The ongoing transition in Syria

OVER THE past 10 days, two broad developments have been unfolding in Syria. Prime Minister Mohammed al-Bashir has been trying to stabilise the country, consolidate its ethnic groups, and engage with the international community before the term of his transitional government ends on March 1 next year. Prime Minister al-Bashir has a background as an administrator with the Syrian Salvation Government (SSG) that has ruled rebel held Northern Syria especially Idlib since its formation in 2017. Under him, the country's caretaker administration has focused on both internal and external fronts. First, there has been an effort to present a united Syria.

High cost of financing fiscal deficit: why the Gold Bond scheme could end

THE GOVERNMENT is considering discontinuing the Sovereign Gold Bond (SGB) Scheme due to the high cost of financing. Officials are of the view that SGBs were issued with the objective of boosting investments in gold, but the announcement in Budget 2024-25 cutting the import duty on gold has already met that objective and helped raise the demand for gold. The Government of India finances its fiscal deficit through various instruments, including dated securities, the National Small Savings Fund (NSSF), provident funds, and Sovereign Gold Bonds (SGBs).