UPSC QUIZ 16.11.2023

Explanation:

6th Session of the India-Ethiopia Joint Trade Committee (JTC) recently concluded in Addis Ababa, Ethiopia, bringing together officials from both countries to strengthen economic ties.

India-Ethiopia JTC

• The India-Ethiopia JTC is a bilateral forum that meets periodically to review and enhance trade and investment relations between the two countries.
• The JTC is co-chaired by senior officials from the Ministry of Commerce and Industry of India and the Ministry of Trade and Regional Integration of Ethiopia.
• The JTC discusses various issues and opportunities related to trade, investment, cooperation, and policy matters.

Explanation:

• India aims to increase the Bioeconomy's contribution to GDP (Gross Domestic Product) from 2.6% to 5% by 2030, as outlined in the 'Bioeconomy Report 2022' by the Department of Biotechnology (DBT).
• Biotechnology funding in India remains stagnant, with only a 0.0001% allocation of the GDP. Despite a temporary increase during Covid-19, funding levels haven't returned to pre-pandemic standards.
• The ‘Guidelines for Genetically Engineered (GE) Insects’, issued by the DBT in April 2023, provide procedural roadmaps for those interested in creating GE insects but have issues.

Bioeconomy

• According to the United Nations Food and Agriculture Organisation (FAO), the bioeconomy is "the production, use and conservation of biological resources, including related knowledge, science, technology, and innovation to provide information, products, processes and services to all economic sectors with the aim of moving towards a sustainable economy".
• The term bioeconomy became popular in the first decade of the 21st century following its adoption by the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD) as a framework for promoting the use of biotechnology to develop new products and markets. Since then, both the EU and the OECD have implemented specific bioeconomy policies.

Explanation:

• Ministry of Road Transport and Highways proposed the installation of an inbuilt collision warning system in four vehicles.
• To reduce collisions with pedestrians and cyclists, the Ministry of Road Transport and Highways has proposed to install an inbuilt 'Moving off information system' (MOIS) in certain categories of four vehicles.
• Ministry of Road Transport and Highways in its draft proposal specified the automotive industry standard for 'moving off information system'.
• ‘Moving off Information System’ (MOIS) will detect pedestrians and cyclists in close proximity and will inform the driver. It will warn the driver of a potential collision.
• An adult or child pedestrian or an adult or child cyclist are considered as Vulnerable Road User (VRU).
• VRU safety has been increased by increasing the number of mirrors for better visibility of the area in front of the vehicle.
• The road ministry has set a target to reduce the number of accidents and the resulting deaths by half by 2024.

Explanation:

• Government of India has introduced revised rules aimed at making various small savings schemes, including the Senior Citizens Savings Scheme and Public Provident Fund (PPF), more attractive to investors.
• These changes include extending the deadline for opening Senior Citizens Savings Scheme account and revising the premature withdrawal rules for PPF.
• Under the new norms of the Senior Citizens Savings Scheme, individuals now have three months to open an account, up from the previous deadline of one month.
• As per the recent Gazette notification, individuals can initiate the account opening process within three months from the date of receiving their retirement benefits, provided they can provide proof of the date of disbursement of these benefits.
• The revised scheme allows depositors to extend their account multiple times on maturity. The deposit amount will earn interest at the rate applicable on the date of maturity or date of extended maturity.

Explanation:

• India's Forex reserves increased by 4.672 billion US Dollars and reached 590.783 billion US Dollars.
• India’s forex reserves cover of imports was at 9.6 months at the end of March 2023.
• The import cover increased in sync with the increase in forex reserves.
• The forex reserves stood at $595.051 billion as of June-end 2023 against $578.449 billion as of March-end 2023.
• Import cover is a trade-based indicator of the adequacy of reserves.
• According to RBI’s Half Yearly Report on Management of Foreign Exchange Reserves: April - September 2023, RBI’s gold holding increased to 800.79 tonnes of gold as at end-September 2023.
• At March-end 2023, RBI’s gold holding stood at 794.64 tonnes as at March-end 2023.
• The gold holding includes gold deposits of 39.89 tonnes.