Current Affairs | National | International | SSC | UPSC 29th April 2024



National News 

1. Indian Historical Records Commission adopts a new logo & motto 

  • Indian Historical Records Commission (IHRC) adopted a new logo and motto. The design for logo and motto submitted by Shaurya Pratap Singh from Delhi was selected by the IHRC. 
  • The commission received a total 436 designs for logo and motto through an online competition that was launched in 2023 on MyGov portal. 
  • The logo signifies the theme and uniqueness of IHRC. The pages in the shape of lotus petals represent IHRC as the resilient nodal institution for maintaining historical records. 
  • The Sarnath pillar in the middle represents India’s glorious past. Its brown colour theme reinforces the organization’s mission of preserving, studying and honouring India’s historical records. 

About Indian Historical Records Commission (IHRC) 

  • IHRC was established in the year 1919. 
  • IHRC is an apex advisory body on archival matters. 
  • The IHRC serves as a pan-India forum of creators, custodians and users of records to advise the Government of India on the management of records and their use for historical research. 
  • The IHRC is indeed overseen by the Union Minister of Culture. 


2. Italian Prime Minister invites India for the G7 summit in 2024 

  • Italian Prime Minister Georgia Meloni has invited Indian Prime Minister Narendra Modi to the Group of Seven (G7) Outreach Session to be held in Borgo Egnazia, Apulia, Italy from 13 to 15 June 2024. 
  • Italy holds the presidency of the 50th G7 in the year 2024. The presidency of G-7 for the year 2023 was with Japan. The first summit meeting of the G7 heads of state and government was held in Rambouillet, France in 1975. 
  • PM Meloni called PM Modi and personally extended the invitation. Italy celebrated April 25 as Liberation Day to celebrate the country's liberation from Nazi occupation and the end of fascist rule. 
  • The host country of the G7 has the right to invite important nonmember countries and international organizations to participate in the group's annual summit meeting. These meetings, which are attended by G7 member states and invited non-members, are called "outreach sessions". 
  • The first Indian Prime Minister to receive an invitation to attend a G7 outreach session was Atal Bihari Vajpayee in 2003. At the time, France was the host of the G7. Prime Minister Manmohan Singh has attended five such meetings. Prime Minister Narendra Modi has participated in the G7 outreach sessions (four times) in 2019,2021,2022,2023. 
  • The 2020 G7 summit, to be hosted by the US, was canceled due to Covid. 

G7 group 

  • The G7 is an informal grouping of the seven most industrialized democracies that does not have its own permanent secretariat. The G7 was formed in 1973 on the initiative of France to discuss the crisis caused by the sudden increase in crude petroleum oils by the Arab countries. 
  • Initially, the grouping began as the G6 with six members—France, the United States, the United Kingdom, Germany, Japan, and Italy. In 1976 it became the G7 and Canada became its seventh member. 
  • With the addition of Russia in 1997, it became the G8. However, Russia was kicked out of the group later in 2014 after annexing Ukraine's Crimea region. Following Russia's expulsion, the group was renamed G7. 


3. Government of India gave Authorized Economic Operator (AEO) status to gems and jewelery sector. 

  • Gems and Jewelery Export Promotion Council (GJEPC) has achieved a major milestone as the Government of India has granted Authorized Economic Operator (AEO) status to the gems and jewelery sector. The AEO program was introduced as a pilot project in 2011. 
  • This status, which was previously denied, now simplifies exportimport procedures, reduces cargo release times, and reduces bank guarantees by 50%, all aimed at enhancing ease of doing business. 
  • Initially excluded from the AEO programme, GJEPC's continued engagement with relevant ministries successfully advocated for the inclusion of the gems and jewelery industry. The Finance Ministry now extends eligibility for AEO participation to sector units, enabling them to avail the associated benefits. 
  • In response to the new opportunity, GJEPC conducts an informational outreach program focused on obtaining AEO status. Held on March 18, 2024, the event witnessed active participation from stakeholders interested in enhancing international trade operations, strengthening supply chain security and improving global competitiveness. 20 companies applied for AEO status. 
  • Based on these applications, so far Asian Star, a leading diamond and diamond jewelery manufacturer has been granted AEO status, making it the first in the Indian gems and jewelery industry to receive the certificate. 
  • The inclusion of the industry under AEO comes as gems and jewelery exports declined 14 per cent to $32.28 billion in the last fiscal year due to weak demand compared to $37.74 billion in the same period last year. 


4. Center attempts to soothe Maharashtra onion farmers 

  • After its move to permit exports of 2,000 tonnes of white onions from Gujarat, amid an extended ban on onion shipments, drew criticism from Opposition leaders and Maharashtra's onion farmers, the Centre seemed to have stepped into damage-control mode with the Consumer Affairs Ministry stating that 99,150 tonnes of exports have been allowed. 
  • The statement, coming hours before Prime Minister Narendra Modi's first rally in western Maharashtra on Saturday, was welcomed by BJP leaders in the State, including Deputy Chief Minister Devendra Fadnavis, who asserted it would help the State's farmers. 
  • However, horticulture exporters and farmers' bodies in the State dismissed the statement as a repackaging of export quotas for six countries have already been announced over the past two months. "There is no new notification or fresh export window. In any case, just about 6,000 tonnes of onions have actually been shipped from the 99,150 tonnes allowed so far through various notifications," a Maharashtra based exporter told The Hindu. 
  • Maharashtra is the largest producer of onions in the country. 
  • The ban on onion exports has been in place since December and was extended indefinitely last month. In early March, the Centre permitted 50,000 tonnes of onions to be exported to Bangladesh, 14,400 tonnes for the UAE, and around 5,000 tonnes for Bhutan, Maldives and Bahrain. This month, an additional 20,000 tonnes have been approved for the UAE and 10,000 tonnes for Sri Lanka. 
  • All these exports must be channeled through the National Cooperative Exports Limited (NCEL). However, white onion exports have been permitted without NCEL's involvement, and without specifying a destination country. 
  • "Once again, Maharashtra faces injustice from the BJP, only to benefit Gujarat. Why can't both States be given equal treatment? Why is BJP so anti-Maharashtra?" Shiv Sena (UBT) leader Aditya Thackeray Si had said in a social media post on Saturday. 
  • Congress also questioned the "arbitrary export ban". 


International News 

5. Iran unveils new ‘kamikaze’ drone 

  • The Iranian Islamic Revolutionary Guard Corps (IRGC) has introduced a new “Kamikaze drone” resembling Russia’s Lancet drone. 
  • According to the state Tasnim news agency, the new Iranian drone — which has not yet been publicly named — is similar to the Russian Zala Lancet drone, which was first produced in 2020. 
  • The Iranian drone, akin to the Lancet, boasts flight durations of 30 to 60 minutes and can carry payloads ranging from 3 to 6 kg, covering distances of up to 40 km. 
  • Equipped with electro-optical systems and a built-in warhead, it’s optimized for combating ambushes. 

About Iran 

  • Capital – Tehran 
  • Currency – Rial 
  • President – Ebrahim Raisi 


6.. Iraq's parliament passed a law criminalizing homosexual relations 

  • Iraq's parliament passed a law criminalizing homosexual relations on 27 April 2024. The law bans homosexual relations with a maximum prison sentence of 15 years, and provides for a minimum of seven years in prison for anyone promoting homosexuality or prostitution. 
  • Transgender people will be sentenced to three years in jail under amendments to a 1988 antiprostitution law. It has set a punishment of one to three years for men who "deliberately" behave like women. A previous draft had proposed the death penalty for homosexual relations, which campaigners called "dangerous". 
  • The amended law criminalizes "biological sex change based on personal desire and inclination" and punishes transgender people and doctors who perform genderaffirming surgeries with up to three years in prison. 
  • The amendment also bans organizations that promote homosexuality and provides for a prison sentence of 10 to 15 years for wife swapping. 
  • The law was supported primarily by conservative Shia Muslim parties who form the largest coalition in the parliament of predominantly Muslim Iraq. 
  • According to officials, the move is aimed at preserving religious values and protecting Iraqi society from moral degradation. 
  • According to available data, homosexual sexual acts are legal in more than 130 countries, while more than 60 countries have criminalized homosexual sex. 
  • According to a 2022 report by Human Rights Watch and an Iraqi non-governmental organization, LGBTQ Iraqis have been forced to live in the shadows, often targeted by "kidnapping, rape, torture, and killings" but not punished. 


7. Indian and Russian companies will jointly manage Sri Lanka's Mattala Airport.

  • An Indian firm Shaurya Aeronautics (Pvt) Ltd and a Russian Airports of Regions Management Company have been jointly entrusted with the management of Sri Lanka's Mattala Rajapaksa International Airport. 
  • According to the proposal submitted to the Cabinet by Ports, Shipping and Aviation Minister Nimal Siripala de Silva, selected Indian and Russian companies will manage the airport for a period of 30 years. 
  • This decision, in line with the recommendations of the Negotiating Committee appointed by the Cabinet of Ministers of Sri Lanka, is an important step forward in international cooperation in aviation management. The Cabinet of Ministers of Sri Lanka has approved the transfer of management responsibilities for the airport in the southern region of the island. 
  • The airport is near Hambantota, where China operates a port on lease. This airport, once described as "the world's emptiest airport", was built at a cost of $209 million. 
  • This is the second India-Russia joint project in India's neighborhood after the Rooppur Nuclear Power Plant in Bangladesh. The Mattala airport was one of the major infrastructure projects of Mahinda Rajapaksa's nearly decade-long rule of the island nation. 
  • The Lankan government had been looking for commercial partners to manage the airport since 2016 as it was incurring huge losses. 
  • The airport, built with financing from the Export-Import Bank of China, has faced challenges including minimal flights and environmental concerns since its opening in 2013. Sri Lanka is in talks with Exim Bank to restructure the debt related to the airport. 


8. National Defense University and Starburst, France sign agreement to promote innovation in aerospace, defense and homeland security 

  • National Defense University (RRU), Lavad, Gandhinagar, Gujarat and Starburst, France celebrated a significant milestone in the advancement of aerospace, defense and homeland security innovation through an important Memorandum of Understanding (MoU) signing ceremony. 
  • The MoU signing ceremony marked the beginning of a dynamic partnership between RRU, Starburst, France and the Security and Scientific Technical Research Association (SASTRA), a Section 8, non-profit company under the Companies Act 2013 established by the National Defense University. 
  • SASTRA's integral role in this collaboration focuses on innovation, incubation and technology acceleration in the field of national security and policing, further enhancing collaborative efforts towards achieving selfreliant India and ensuring the security and sovereignty of the country. 


State News 

9. IRDAI's 'Bima Manthan' held in Hyderabad, Telangana 

  • Insurance Regulatory and Development Authority of India (IRDAI) has organized the sixth edition of Bima Manthan on 25th and 26th April 2024 in Hyderabad, Telangana. Bima Manthan is a periodic meeting of IRDAI with the top leadership of insurance companies operating in India to discuss issues related to the insurance sector. 
  • IRDAI Chairman Debashish Panda and other members of the regulatory body participated in the insurance brainstorming. It was also attended by Chief Executive Officers (CEOs) of general insurance, life insurance and standalone health insurance companies. 
  • It also discussed IRDAI's insurance trinity – Insurance Sugam, Insurance Extension and Insurance Carriers – designed to make insurance accessible to all and increase insurance penetration in the country. The year 2024 is also the silver jubilee year of IRDAI. 
  • IRDAI aims to achieve insurance for all by 2047 while promoting ease of doing business and welfare of policyholders. 

Insurance Regulatory and Development Authority of India (IRDAI) 

  • It was established by the Government of India on the recommendation of R.N. Malhotra Committee on "Insurance Sector Reforms" was set up by the Government of India in 1993. 
  • Initially, it was established in 1999 as the Insurance Regulatory and Development Authority as an autonomous body under the Union Ministry of Finance.
  • The Insurance Regulatory and Development Authority (IRDA) Act1999 made it a statutory body in April 2000. The IRDA Act was amended in 2014 and renamed as Insurance Regulatory and Development Authority of India (IRDAI) on 26 December 2014. 
  • According to IRDAI, there are 26 life insurance companies, 27 general insurance or non-life insurance companies and 2 reinsurance companies in India. Its headquarters is in Hyderabad, Telangana. 


10. Cruise journey will start on Narmada river from ‘Omkareshwar to Kevadiya’ 

  • A 120-km route has been planned for the proposed cruise ride on the Narmada river between Madhya Pradesh and Gujarat, while four floating jetties will be installed on this route. 
  • This cruise is proposed to operate from Ekatm Dham (Statue of Oneness) at Omkareshwar in Madhya Pradesh to Statue of Unity at Kevadiya in Gujarat. 
  • To promote cruise tourism in the state, Madhya Pradesh Tourism Board has signed a Memorandum of Understanding (MoU) with the Inland Waterways Authority of India (IWAI) and the Government of Gujarat. 
  • As part of the MoU, IWAI will provide two floating jetties each to Madhya Pradesh and Gujarat, two of which have been supplied to Madhya Pradesh. 
  • Shiv Shekhar Shukla, managing director of Madhya Pradesh Tourism Board, said, “A total of 120 km of routes have been marked from the Statue of Unity in Kevadiya to Chandankhedi, Kukshi. From Kukshi, tourists will be taken by road to the Statue of Oneness at Omkareshwar. 
  • On the way, he will also be given darshan of Maheshwar, Mandaleshwar and Mandu. Necessary infrastructure and other facilities for cruise tourism will be developed by the state government. “There will be economic development in the area and widespread benefits to the local community.” 
  • As part of the plan, four ghats will be set up, two of which will be at Chandankhede-Kukshi and Sakarja Alirajpur in Madhya Pradesh and the other two at KhandeshwarChhota Udaipur and Statue of Unity-Kevadiya in Gujarat. 
  • The number of cruise tourism in 2023-24 is the highest ever at 4.7 lakh India's cruise tourism is booming post-pandemic, with 4.7 lakh tourist arrivals in 2023-24. The number of domestic tourists has increased by 85%, while the number of international tourists remains low. 


11. Adani Group's Vizhinjam Port will be India's first transshipment hub 

  • Adani Group's Vizhinjam Port in Kerala has received approval from the Central Government to operate as India's inaugural transshipment port. This allows cargo to be transferred from larger ships to smaller ships. 
  • At present, a large portion of India's transshipment cargo is handled by foreign ports such as Colombo and Singapore. Existing rules require shipping ministry approval to prevent competing projects from being permitted before capacity at operational ports is saturated. 
  • This approval paves the way for Customs to set up an office at Vizhinjam port. This will be India's first full-fledged deep water transshipment port. Final approval is expected from the Central Board of Indirect Taxes and Customs (CBIC) in the coming three months. 
  • Adani Ports and Special Economic Zone Limited (APSEZ) started the Vizhinjam Transshipment Project in 2015, which was planned to be completed by 2019.
  • However, it is now expected to commence operations within the current financial year. Its initial phase is designed to handle one million TEUs, with provision for expansion to 6.2 million TEUs in later phases. A transshipment port is a type of transit hub where goods are transferred from one ship to another on the way to its final destination. The initial target was to complete the ₹7,700 crore deep water port project in four years by 2019. 
  • Container volume is measured in twenty-foot equivalent units (TEU). A TEU is approximately equal to a standard size container. Adani Group has a national presence at 13 domestic ports in eight maritime states – Gujarat, Maharashtra, Goa, Kerala, Andhra Pradesh, Tamil Nadu, Odisha and West Bengal. 


Ranks & Reports News 

12. According to UNCTAD report, India will be the 7th country in the world in service sector exports in the year 2023 

  • According to a recent report by the United Nations Trade and Development (UNCTAD), Indian services sector exports grew by 11.4 per cent to $345 billion in calendar year 2023 (January-December) despite the ongoing global uncertainties. 
  • The key sectors driving India's growth include travel, transportation, medical and hospitality services. However, Chinese services exports are projected to decline 10.1 percent to $381 billion in 2023. 
  • India is the 7th largest exporter of services in the world. It is the second largest country among developing countries after China. 
  • According to Indian government data, services exports for fiscal year 2023-24 stood at $339.6 billion, up 4.4% year-on-year. 
  • The United States ($999 billion) is the world's largest services exporter, followed by the United Kingdom ($584 billion). Germany ($440 billion), Ireland ($398 billion) and France ($356 billion) round out the top 5. 
  • India's services exports have historically been concentrated in North America and Europe, but there is also significant growth potential in emerging markets such as Asia, Africa and Latin America. 
  • According to UNCTAD, services sector exports in the world are expected to grow by 8.9% in 2023 and reach US$7.9 trillion in 2023. The main reason for the growth in services sector exports was the growth in the international travel sector. Exports of travel services sector increased by 40%. The transport sector recorded a negative growth of 12 percent. 

Import 

  • According to UNCTAD, India was the world's 9th largest services importing country. The United States ($719 billion) was the leading services importer in the world, followed by China. It is followed by Germany ($508 billion), United Kingdom ($394 billion) and Ireland ($389 billion). 

United Nations Trade and Development (UNCTAD) 

  • The United Nations Organization for Trade and Development (UNCTAD) was established in 1964 as the United Nations Conference on Trade and Development. It was renamed the United Nations Organization for Trade and Development (UNCTAD) on its 60th anniversary in 2024. UNCTAD is a permanent organization of the United Nations. Its headquarters is in Geneva, Switzerland. 


13. India's Chinese import bill up 2.3 times in 15 years 

  • India's imports from China crossed $101 billion in 2023-24 from about $70 billion in 2018-19, and the country's share of India's industrial goods imports has risen from 21% to 30% over 15 years, says a report by the Global Trade Research Initiative (GTRI) which reckoned that Chinese imports will rise sharply in coming years. 
  • Goods imports from China have risen 2.3 times faster than India's total imports over 15 years, the GTRI study noted, adding that China is the top supplier in eight major industrial sectors, including machinery, chemicals, pharmaceuticals, and textiles, belying the general perception that Chinese imports are high only in Lion's share 
  • The table lists commodities imported by India, where China accounts for the largest share in total imports of the electronics sector. 
  • Trade deficit concern "Growing trade deficit with China is a cause of concern," the think tank said in its report analyzing India's growing industrial imports from China. Between 2018-19 and 2023-24, India's exports to China have stagnated around $16 billion annually while imports have surged, resulting in a cumulative trade deficit exceeding $387 billion over six years, it said. 
  • Earlier this month, the Commerce Ministry had said that India's exports to China have increased in the past year in as many as 90 principal commodities out of the total 161 items shipped to the country. These 90 commodities accounted for 67.7% of India's export basket to China and included ore, telecom instruments and electronic components. India's total merchandise imports stood at $677.2 billion in 2023-24, of which 15% or $1018 billion worth goods were sourced from China. 
  • Of this, $100 billion of imports were in major industrial product categories, amounting to 30% of such imports; the share stood over 70% for some products. Fifteen years ago, China's share of the same goods imports was 21%. GTRI noted the "significant reliance on imports from China across various sectors", citing trends from the first 10 months of 2023-24. 
  • Almost 42% of India's textile and clothing imports and 40% of its machinery imports in the period came from na, while the number was 38.4% for electronics, telecom and products, electrical China also accounted for 29.2% of chemicals and pharmaceuticals imports into India, 25.38% of plastic product imports and 23.3% of the automobile sector in bound shipments. A lower dependence on China was seen in the case of iron, steel and base metal imports, with just a 7% share of inflows coming from the nation. 
  • The strategic implications of this dependency are 'profound and affect not only economic but national security dimensions, the study said, mooting a reassessment of India's import strategies. "This is imperative not only to mitigate economic risk but also to bolster domestic industries and reduce dependency on single-country imports," it said. 


Appointment News 

14. Pakistan's Foreign Minister Ishaq Dar appointed as Deputy Prime Minister 

  • In a surprise move, Pakistan's Foreign Minister Ishaq Dar was on Sunday appointed as the country's Deputy Prime Minister. Mr. Dar, 73, a chartered accountant and a veteran politician, belongs to Prime Minister Shehbaz -Sharif's Pakistan Muslim -League-Nawaz (PML-N) party. According to a notification issued by the Cabinet Division, the appointment was made by Prime Minister Sharif "with immediate effect and until further orders". 
  • The announcement was made when both Prime Minister Sharif and Foreign Minister Dar were away in Saudi Arabia to attend a World Economic Forum's moot. It was clear what specific responsibilities Mr. Dar would perform as Deputy Prime Minister as traditionally, all powers are concentrated in the Prime Minister, who is the head of the government. 
  • He has served as Finance Minister in two previous governments. 
  • Despite being the party's go-to finance expert for decades, he was surprisingly made the Foreign Minister when Prime Minister Sharif shaped his Cabinet in march 
  • It is not the first time a Deputy Prime Minister has been appointed. Chaudhry Parvez Elahi served as Deputy Prime Minister during the tenure of the Pakistan Peoples Party (PPP) from June 25, 2012, to June 29, 2013. His role at that time was mostly symbolic R as he was rewarded by then-President Asif Ali Zardari for supporting the PPP government. 
  • Mr. Elahi is currently president of Pakistan Tehreek-e-Insaf (PTI) and is in jail due to allegations of corruption 


Awards News

15. India Today Group’s AI anchor Sana wins global media award 

  • India Today Group’s AI news anchor, Sana has won the International News Media Association (INMA)’s 2024 Global Media Award for AI-led newsroom transformation. 
  • India Today Group has been selected as the best in South Asia for ‘AI-led newsroom transformation’. 
  • The company’s human-collaborative AI anchor, Sana, won first place among national brands for the ‘best use of AI in customer-facing products’. 
  • The India Today Group introduced India’s First AI Anchor, Sana, in March 2023. 
  • Sana boasts a diverse set of capabilities, excelling in multilingual communication with virtually no learning curve. 
  • Notably, it seamlessly transitions across a spectrum of topics and formats without succumbing to fatigue, thus addressing the dynamic demands of our newsroom. 
  • The awards ceremony was held at the Victoria and Albert Museum in London. 

Recent Awards 

  • Miss Universe Buenos Aires title – Alejandra Rodr√≠guez (Argentina) 
  • Newsweek’s 2024 list of the ‘World’s Best Hospitals’ – Medanta Gurugram 
  • World Press Photo of the Year award 2024 – Mohammed Salem 
  • CIDC Vishwakarma Award for Social Development and Impact – Puravankara Limited, 
  • International Fellowship by the Engineering Academy of Japan – Kaushik Rajashekara 
  • Earns Frost & Sullivan’s 2023 Indian Company of the Year Award – STT GDC India 


16. Gina Justus wins 2024 Cambridge Dedicated Teacher Awards 

  • Gina Justus, a teacher at Our Own English High School, Sharjah Girls’ Branch, has been named the regional winner for the Middle East and North Africa (MENA) in the 2024 Cambridge Dedicated Teacher Awards. 
  • Justus, originally from Thiruvananthapuram, Kerala, has been working in the UAE since 2005 and was recognised for her outstanding mentorship and dedication to charity. 
  • This year’s competition saw a record-breaking number of nominations, with over 14,840 submissions from 141 countries. 
  • The Cambridge Dedicated Teacher Awards is a global competition that honors exceptional primary and secondary school teachers. 


Important day 

17. 28 April – World Day for Safety and Health at Work 

  • The World Day for Safety and Health at Work is observed every year on 28 April. 
  • This day is dedicated to preventing work-related accidents and diseases. It is a global commitment to ensure safe and healthy working conditions for all workers. 
  • It is now an opportunity for workers, employers, and governments to come together and commit to taking steps towards creating safer workplaces. 
  • This day was first observed in 2003 to raise awareness about the toll that work-related accidents and diseases were taking on workers’ lives. The day was established on a date coinciding with the International Commemoration Day for Dead and Injured Workers. 


18. 28 April 2024 – World Pinhole Photography Day 

  • World Pinhole Photography Day is observed every year on last Sunday of April. This year was celebrated on 28 April. 
  • The day aims to encourage people to pick up pinhole photography as a hobby and profession, and to share their techniques and pictures with the pinhole photography community. 


19. 29 April – International Dance Day 

  • International Dance Day or World Dance Day is celebrated on 29 April every year. 
  • This day is devoted to the fine art of dance, and promoting dance as a widespread value. The day also aims to promote dance in all its forms globally. 
  • The International Dance Committee of the UNESCO International Theatre Institute first introduced the concept of World Dance Day in 1982. 
  • The main target of this day is to celebrate dance, bring issues to light about its significance, and empower individuals all around the world to take part in this artistic expression. 


Banking & Finance News 

20. Towards green growth The RBI must assess the impact of climate change on economic stability 

  • A notable feature of the Reserve Bank of India's (RBI's) latest Monetary Policy Report (included in its April Bulletin) is the primacy given to "extreme weather events" and "climate shocks" affecting not only food inflation but also likely having a broader impact on the natural rate of interest, thereby influencing the economy's financial stability. 
  • Natural, or neutral, rate of interest refers to the central bank's monetary policy lever, which allows it to maintain maximum economic output, while keeping a check on inflation. The report mentions a "New-Keynesian model that incorporates a physical climate risk damage function" being used to estimate the counterfactual macroeconomic impact of climate change vis-√†-vis a no climate change scenario". The report's authors go on to warn that the "long-term (economic) output" could be lower by around 9% by 2050 in the absence of any climate mitigation policies. 
  • They ominously add that 'if 3 inflation hysteresis gets entrenched, it may lead to a de-anchoring of inflation expectations, and the undermining of the central bank's credibility would warrant higher interest rates to curb infla- tion, leading to greater output loss'. Beginning with its July 2022 discussion paper on 'climate risk and sustainable finance', the RBI has made incremental progress to address the transition to a green economy, even while admitting that India requires over $17 trillion to achieve its net zero ambitions by 2070. 
  • Its peers in advanced economies, most notably the European Central Bank, have aided the formulation of a green taxonomy for the entire Eurozone's economic value chain. A green taxonomy is a framework to assess the sustainability credentials and possible ranking of an economic activity. The RBI and the Finance Ministry could take inspiration from the developing world, especially the ASEAN region, where a layered green taxonomy as a living document keeps getting updated with sectoral views of possible sustainable trajectories. 
  • While the issuance of ₹16,000 crore worth of Sovereign Green Bonds and expanding the resource pool by allowing Foreign Institutional Investors to participate in future green government securities are welcome steps, the RBI must undertake a thorough-going assessment on the quantitative and qualitative impact on economic and financial stability due to climate change. It must encourage administrative consultation to begin populating a layered green taxonomy that is reflective of India's fragmented developmental trajectories. The effort should be to mitigate the transitional risks to the financial system as the economy moves towards a sustainable future. 


Miscellaneous News 

21. Palace to unveil true copy of Ravi Varma's Indulekha 

  • The first true copy of the painting Indulekha by legendary artist Raja Ravi Varma will be unveiled at the Kilimanoor Palace, where the artist was born in 1848, on the occasion of his 176th birth anniversary celebrations. 
  • The unreleased painting of Indulekha, the protagonist of the first modern novel in Malayalam literature by O. Chandu Menon published in 1889, emerged in the public domain in 2022 e and evoked a great sense of enthusiasm among the art fraternity. 
  • Rama Varma Thampuran, secretary of the Kilimanoor Palace Trust, which looks after the up- keep of the Chitrashala -(studio) of the iconic artist at the palace, said the trust had initially planned to unveil the original painting on the occasion of his birth anniversary. 
  • However, taking note of the security aspects, the trust decided to unveil the lone true copy of the painting. 
  • Sasikala Parakkal, who owns the painting, will unveil the copy at a function at the palace on Monday. It is believed that the famous painting Reclining Lady by Ravi Varma was modeled on Indulekha.The oil painting has Indulekha holding a letter addressing her lover Madhavan, the hero of the novel, as 'Dear Madhavan ....' dated 1892. 
  • The 19th Century painting with an over-the-top sense of symmetry and keen attention to micro-details was restored by Madhan S. of the Heritage Conservation and Research Academy. 
  • The portrait of a late member of the palace, Pooyam Thirunal C.R. Kerala Varma, by another member of the palace K. Ravi Varma, and paintings of C. Rajaraja Varma and Mangala Bayi, siblings of Raja Ravi Varma, by artist Suresh will also be dedicated on the occasion. The event will be inaugurated by O.S. Ambika, MLA.

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