GS PAPER: III

India’s GDP is estimated to grow by 7.3%

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) on Friday, which reckon the economy will outperform the 7% uptick recently projected by the Reserve Bank of India (RBI).

• GDP Growth Estimates for 2023-24:
  • India’s real GDP growth for 2023-24 is estimated at 7.3%, a slight increase from the previous year’s 7.2%.
  • The National Statistical Office (NSO) released the first advance estimates of national income, projecting a growth rate higher than the Reserve Bank of India’s (RBI) recent projection of 7%.
• First-Half Performance and Second-Half Projections:
  • GDP growth in the first half of the year recorded 7.7%, indicating a robust start.
  • Advance estimates suggest a moderation in the second-half growth, ranging from 6.9% to 7%, based on data for the first six to eight months of the year.
• Gross Value Added (GVA) and Nominal GDP Growth:
  • NSO expects a slight easing in Gross Value Added (GVA) growth from 7% in 2022-23 to 6.9% in 2023-24.
  • Nominal GDP growth is projected at 8.9%, deviating from the 10.5% Budget estimate, raising concerns about a potential fiscal deficit exceeding the 5.9% target.
• Sector-wise GVA Growth:
  • GVA growth for the farm sector is estimated to decrease significantly from 4% in the previous year to 1.8% in the current year.
  • Similar trends are observed in sectors like Trade, Hotels, Transport, Communication, and Services, where GVA growth is expected to halve.
• Consumption Spending Concerns:
  • Consumption spends are a cause for worry, with GDP data revealing weak consumption growth at 4.4%.
  • Chief economist at Care Edge Ratings, Rajani Sinha, points out that this would be the slowest consumption growth in the past two decades, excluding the pandemic year.
• Private Final Consumption Expenditure (PFCE) Share:
  • NSO predicts a decline in the share of private final consumption expenditure in GDP, dropping from 58.5% in 2022-23 to 56.9% in the current fiscal year.
  • Economists caution that this drop in PFCE share could have implications for the overall economic health, potentially affecting the fiscal deficit target.

GS PAPER – II

New medical education guidelines

Why in news?

The national medical commission has introduced reforms in posy graduate medical education. It has drawn certain criticism from doctors as well.

What is the regulation about?

• The regulations cover the admission, counselling, and course work for postgraduate medical education in India.
• It stipulates that the students will be provided “reasonable time for rest” in a day and will be permitted a minimum 20 days of casual leave per year and 5 days of academic leave per year.
• Stipend paid to postgraduate students at private medical college which is 50k to 70k per month.
• The regulation introduced six types of PG medical courses with varying durations, covering broad speciality qualifications.
• The eligibility criteria for pursuing PG broad speciality courses align with NMC,National exit test regulations 2023.
• The regulation prohibits the migration of students from one medical institution to another.
• Seat reservation in medical colleges for various categories will align with the prevailing laws in states / union territories.
• The regulation brought in is aimed at fostering quality, ethical practice, and inclusivity within the medical fraternity.

Problems with regulation?

• Doctors mention that key concern such as working hours, mental health, burnout issues among resident doctors as well as regularity of stipend is not mentioned.
• Guidelines is silent on Integration of Artificial intelligence in the curriculum.
• None of the recommendation provided by a group called doctors with disabilities, agents of change were taken into considerations.

GS PAPER – III

Indian Navy

Why in news?

• 21 crew members evacuated after group of armed men boarded MV Lila Norfolk after a hijacking distress call.
• It was latest attack on commercial shipping in the region.

How it followed?

• Last month the force deployed several warships into the sea to maintain a deterrent presence after a string of recent shipping attacks, including a drone strike near India’s coast with United states has blamed on Iran.
• It comes to a time when many vessels have been rerouted from the red sea due to drone and missile attack carried out by Yemen Iran backed Houthi rebels in solidarity with Palestinians in GAZA.
• Regardless of which flag ships sail under or the Nationality of their owner or operators, Israel bound vessels will become a legitimate target Houthis armed force.

What happened in recent attack?

• The 84.000 tonne bulk carrier had been boarded by five or six unknown armed personnel.
• It was done with attempt to hijack.
• But the attack was probably abandoned after a forceful warning by the Indian Navy maritime patrol aircraft and interception by Indian naval warship.
• Sanitation by MARCOS has confirmed absence of hijackers.

GS PAPER – III

Greenfield corridor project in kerela

Why in news?

• In infrastructure development, union minister for Road transport and Highways Nitin Gadkari announced a green field corridor project aimed to enhancing road connectivity in Kerala.
• The event was organised by National Highway authority of India.

Where was event and what were other announcements?

• The event was organised at Thalipadappu ground in Kasargod.
• There was virtual inauguration of three projects and laid the foundation stone for nine national highways project totalling 105 km and costing 1,464 crores under Bharat Pariyojna scheme.

Greenfield projects and its key features

• It is the 121 km NH 966 kozhikode Palakkad project at an estimate of rs 10,371 crore which will reduce travel time between Palakkad and kozhikode from one and half hours.
• Other major schemes in corridor projects include NH 744 kollam sengtottai route and Thiruvananthapuram outer ring road that will significantly reduce travel times.
• SH1 /NH 183 Thiruvananthapuram – ram kochi stretch ,kutta – Malappuram economic corridor and NH-544 Angamali – kunddanur stretch will be uploaded for improved connectivity.