Important Daily Facts of the Day

India GDP is estimated to grow by 7.3 percent, says NSO (GS Paper 3, Economy)

Why in news?

• India’s real GDP growth in 2023-24 is estimated at 7.3%, compared to 7.2% a year ago, as per the first advance estimates of national income released by the National Statistical Office (NSO) recently.
• It assumed the economy will outperform the 7% uptick recently projected by the Reserve Bank of India (RBI).

 

Key Highlights:

• With GDP growth in the first half of 2024 clocking 7.7%, the NSO’s advance estimates, that rely on data for the first six to eight months of a year and are helpful in the Union Budget formulation, indicate the second-half growth will be about 6.9%-7%.
• The NSO expects the growth in Gross Value Added (GVA) in the economy to ease slightly from 7% in 2022-23 to 6.9% this year, and pegs nominal GDP growth at 8.9% compared to the 10.5% Budget estimate. This could translate into the fiscal deficit breaching the year’s 5.9% of GDP target to hit around 6%, economists cautioned.
• GVA growth for the farm sector is estimated to more than halve from 4% a year ago to 1.8% this year, as is the case for Trade, Hotels, Transport, Communication and Services.

 

Concerns:

• The concerning aspect in the GDP data is the weak consumption growth at 4.4%. This would be the slowest consumption growth in the past two decades barring the pandemic year.
• The NSO said the share of private final consumption expenditure in GDP is expected to drop this year to 56.9%, from 58.5% in 2022-23.

 

Indian Railways to achieve Mission Net Zero Carbon Emission

(GS Paper 3, Economy)

Why in news?

• The Union Cabinet was apprised of signing of Memorandum of Understanding between India and United States for International Development/India (USAID/India) on June 14, 2023 for supporting Indian Railways to achieve Mission Net Zero Carbon Emission by 2030.

Details:

• The MoU provides a platform for Indian Railways to interact and share the latest developments and knowledge in the railway sector. 
• The MoU facilitates utility modernization, advanced energy solutions and systems, regional energy and market integration and private sector participation and engagement, training and seminars/workshops focusing on specific technology areas like Renewable Energy, energy efficiency and other interactions for knowledge sharing.
• Earlier, USAID/India had also worked with IR focused on deployment of rooftop solar across railway platforms.

 

Key activity areas:

• Long-term energy planning including clean energy for Indian Railways.
• Develop an Energy Efficiency Policy and Action Plan for Indian Railway Buildings.
• Planning for clean energy procurement to achieve Indian Railway’s net-zero vision.
• Technical support for addressing regulatory and implementation barriers.
• Bid design and bid management support for system-friendly, large-scale renewable procurement.
• Supporting Indian Railways in the promotion of e-mobility.
• Collaboratively host event, conferences, and capacity-building programs in the mentioned identified areas.

 

Revision/Amendment:

• Either participant may request in writing a revision, modification or amendment to all or any part of this MoU.  Any revision, modification or amendment approved by the Participants will form part of the revised MoU. 
• Such revision, modification or amendment will come into effect on such date as may be determined by the Participants.

 

Tenure:

• This Memorandum of Understanding is effective as of the date of signing and is expected to continue for a period of five year or until the effective end of South Asia Regional Energy Partnership (SAREP) whichever period is shorter.

 

Impact:

• The MoU has been signed to support India Railways in achieving Mission Net Zero Carbon Emission (NZCE) by 2030. 
• This will help Indian Railways to reduce dependence on imported fuel such as Diesel, Coal etc.  Deployment of Renewable Energy (RE) plants will give fillip to RE technology in the country. 
• This will help in development of local ecosystem which subsequently gives boost to local product development.

 

Expenditure involved:

• Technical assistance for the services under this MoU is intended to be provided by USAID under the SAREP initiative. 
• This MoU is not an obligation of funds or a commitment of any kind, and it is non-binding.  This does not involve any financial commitment from Indian Railways.

 

Indian Space Research Organization (ISRO) and Mauritius Research and Innovation Council (MRIC)

(GS Paper 3, Science and Technology)

Why in news?

• The Union Cabinet was apprised of a Memorandum of Understanding signed at Port Louis, Mauritius on November 01, 2023 between Indian Space Research Organization (ISRO) and Mauritius Research and Innovation Council (MRIC).

 

Impact:

• MoU will help to establish a framework for cooperation between ISRO and MRIC on the development of a joint satellite as well as for cooperation on the use of the MRIC’s Ground Station. 
• Some of the subsystems for the joint satellite will be taken up through the participation of Indian industries and would benefit the industry.
• Collaboration through this joint development of satellite will help in further ensuring continuous support from the Mauritius Government for the Indian ground station at Mauritius, which is critical for ISRO/India’s launch vehicle and satellite missions.
• In addition, the joint satellite building will also help in ensuring MRIC support from their ground station for ISRO’s small satellite mission in future. Some of the subsystems for the joint satellite will be taken up through the participation of Indian industries and thus may result in employment generation.

 

Implementation schedule:

• Signing of this MoU shall enable the joint realisation of small satellite between ISRO and MRIC.
• The satellite realisation is proposed to be completed in 15 months’ time frame.

 

Expenditure involved:

• The estimated cost for realisation of the joint satellite is Rs.20 crore, which will be borne by the Government of India. This MoU does not involve any other exchange of funds between the Parties.

 

Background:

• The space cooperation between India and Mauritius is dated way back in late 1980s when ISRO established a ground station in Mauritius for tracking and telemetry support for ISRO’s launch vehicle and satellite missions, under a country-level agreement signed in 1986 for this purpose.
• The current space cooperation is being governed by the country-level agreement signed in 2009, which superseded the 1986 agreement.
• The MoU was signed on November 1, 2023 at Port Louis, Mauritius during the visit of Minister of State (MEA) to Mauritius for the ‘Aapravasi Diwas’ event.