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Current Affairs Daily Digest – September 18 & 19 2024

1. Cabinet Clears Chandrayaan-4 and Venus Orbiter Mission for Space Exploration

The Union Cabinet has approved two important space missions: Chandrayaan-4 and the Venus Orbiter Mission (VOM). Let’s break them down:

Chandrayaan-4 Mission

The Chandrayaan-4 mission is designed to land on the moon, collect samples, and return those samples to Earth for study. The goal is to develop new technologies that will help make this process possible. This mission has a total cost of Rs 2,104.06 crore, which will cover:

• Building the spacecraft needed for the mission.
• Two launches using India’s powerful LVM3 rockets.
• Support from ISRO’s deep space network, which is responsible for communicating with the spacecraft.
• Special tests to ensure everything works as planned.
• The entire mission is expected to take about 36 months to complete, and it will involve a lot of cooperation from industry and academic institutions to develop the necessary technology and research.

Venus Orbiter Mission (VOM)

The Cabinet also approved the Venus Orbiter Mission, which is set to launch in March 2028. The goal of this mission is to study Venus, one of Earth’s closest neighbors, to learn more about how both planets evolved. The mission will explore Venus’ surface, subsurface, and atmosphere.

The total budget for VOM is Rs 1,236 crore, with Rs 824 crore allocated specifically for building the spacecraft. ISRO will be responsible for developing and launching this spacecraft. By studying Venus, scientists hope to gain valuable information that can help us better understand the evolution of Earth and Venus.

Both missions represent significant advances in India’s space exploration efforts and will provide new scientific knowledge about the moon and Venus.

2. India Becomes 6th Largest Market in MSCI ACWI

India has now become the sixth largest market in the MSCI All Country World Investable Market Index (ACWI IMI), surpassing China and closing in on France. As of August 2024, India’s share in this index is 2.35%, slightly higher than China’s 2.24%. France is just a bit ahead of India, with a difference of only 3 basis points (0.03%). Importantly, India is now the largest emerging market (EM) in the MSCI ACWI IMI for the first time.

What is the MSCI ACWI IMI?

The MSCI ACWI IMI is an index that tracks large- and mid-cap stocks from countries around the world. It helps investors understand how much different countries contribute to the global stock market.

India’s role in this index has grown significantly—its weight has more than doubled since early 2021. On the other hand, China’s share in the index has halved during the same period. Despite India’s rise in the ACWI IMI, in the standard MSCI ACWI Index (which includes a slightly different set of stocks), China still has a higher weight, with India at 2.07% and China at 2.41%.

3. Cabinet Gives Nod to Bio-RIDE Scheme to Support R&D in Biotechnology

The Union Cabinet has approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme, aimed at promoting biotechnology research, innovation, and entrepreneurship. The scheme has a budget of ₹9,197 crore, covering the period of the 15th Finance Commission from 2021-22 to 2025-26.

Key Features of Bio-RIDE:

Merging of Existing Programs: The scheme combines two existing programs—Biotechnology Research and Development (R&D) and Industrial and Entrepreneurship Development (I&ED)—to create a more streamlined approach to supporting biotechnology.
New Component: It introduces a new part called ‘Bio-manufacturing and Bio-foundry’, which focuses on strengthening India’s bio-manufacturing capabilities and fostering biotech innovation.

Objectives:

The scheme aims to encourage innovation, support bio-entrepreneurs, and boost India’s global standing in the biotechnology and bio-manufacturing sectors. It will provide funding for research, product development, and help transition academic research into industrial applications.

The initiative aligns with broader national and global goals in areas like healthcare, agriculture, sustainability, and clean energy. This initiative will play a crucial role in advancing India’s leadership in the biotechnology field by fostering the development of new technologies and industries.

4. Cabinet gave approval for CHANDRAYAAN-4 Mission

The Union Cabinet, led by Prime Minister Narendra Modi, has approved a new moon mission called Chandrayaan-4. The goal of this mission is to develop and demonstrate key technologies that will enable India to land on the moon, collect lunar samples, and then successfully return to Earth. This mission represents a significant step toward India’s future goal of sending humans to the moon by 2040.

About Chandrayaan-4:

The mission will focus on achieving the necessary technological capabilities for a future manned lunar landing and safe return to Earth. Key technologies that will be demonstrated include:

• Docking and undocking of spacecraft.
• Lunar landing technologies.
• Technologies for a safe return from the moon.
• Successful collection and analysis of lunar samples on Earth.

This mission will lay the groundwork for more advanced space exploration and bring India closer to its long-term goal of a manned moon mission.

5. Haryana Overtakes Punjab in GDP, West Bengal’s Decades-Long Economic Decline

A new working paper by the Economic Advisory Council to the Prime Minister (EAC-PM), authored by EAC-PM member Sanjeev Sanyal, examines the economic performance of Indian states over the long period from 1960-61 to 2023-24. The report, titled “Relative Economic Performance of Indian States: 1960-61 to 2023-24,” offers insights into how states have contributed to the national economy over time.

Key Findings:

In 1960-61, West Bengal held a significant position, contributing 10.5% to India’s GDP, making it the third-largest state in terms of economic output.
However, over the decades, West Bengal’s share of the national GDP has consistently declined, and by 2023-24, it accounts for just 5.6% of India’s GDP.

6. Atishi Marlena Set To Be New CM of Delhi

Atishi Marlena, a 43-year-old leader from the Aam Aadmi Party (AAP), has been chosen as the new Chief Minister of Delhi, replacing AAP leader and party chief Arvind Kejriwal. The decision was made during a meeting of the Members of the Legislative Assembly (MLAs).

About Atishi Marlena:

• Born on June 8, 1981, to professors Vijay Singh and Tripta Wahi from Delhi University, she is a long-time resident of Delhi.
• Atishi completed her primary education at Springdales School, New Delhi, and earned a Bachelor’s degree in History from St. Stephen’s College.
• She further pursued her Master’s in History from Oxford University and completed a second master’s degree in 2005 at Oxford’s Magdalen College as a Rhodes Scholar.
• After completing her studies, she became actively involved in politics and eventually joined the Aam Aadmi Party (AAP).
• Atishi Marlena has played a key role in shaping the party’s education policies in Delhi, contributing significantly to the reforms in the public school system.

7. Indian Men’s Hockey Team Won Asian Champions Trophy 2024

India’s Men’s Hockey Team secured their fifth Asian Champions Trophy title in 2024, with a narrow 1-0 victory over China in the final, thanks to a crucial goal by Jugraj Singh.

Highlights of the Game:

• Harmanpreet Singh provided the assist, and Jugraj Singh scored the winning goal, making for an unexpected but successful combination that sealed India’s victory.
• China’s defense put up a strong performance, frustrating India throughout the first half of the game.
• After two quarters, the scoreboard remained 0-0, as India continued to search for an opening goal, while China had some chances on the counter-attack that required India’s defense to stay vigilant.
• Eventually, Jugraj Singh’s goal broke the deadlock, allowing India to defeat China and successfully defend their Asian Champions Trophy title.
• This win adds another prestigious achievement to India’s rich hockey legacy.

8. India is set to become the Third-largest Economy by 2030-31

India is on track to become the third-largest economy by fiscal year 2030-31, according to a report by credit rating agency S&P Global titled “India Forward: Emerging Perspectives”. The report highlights that India’s economic rise will be driven by a projected annual growth rate of 6.7%.

Strong Growth Momentum:

In the post-pandemic world, India has emerged as the fastest-growing large economy with solid medium-term prospects.

For the fiscal year ending in March 2024, India’s economic growth reached 8.2%, exceeding the government’s earlier estimate of 7.3%.

Over the past year, India has consistently seen the highest expansion in private sector PMI (Purchasing Managers Index) output worldwide, showcasing strong business and manufacturing activity.

These factors highlight India’s solid economic foundation, positioning it to become a global economic powerhouse by the next decade.