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Current Affairs Summary

• The All India Rural Credit Survey recommends cooperative societies as the best form of credit organization for villages in India, due to constraints and challenges faced by financial institutions supplying agricultural finance.
• The Union Cabinet approves the establishment of the world's largest grain storage plan in the cooperative sector with a budget of around Rs 1 lakh crore.
• The United Nations Environment Programme (UNEP) gathered in Paris for the second meeting of the Intergovernmental Negotiating Committee (INC-2) to discuss the impediments in disposing of huge quantities of solid waste and safely removing toxic waste from the environment.
• The Unified Registration Portal for GOBARdhan was launched to convert waste to wealth and promote a circular economy in India.
• The legality of re-promulgation of ordinances by the Governor without placing them before the Legislature is discussed in the context of essential conditions for the exercise of legislative powers by the Governor.
• The Supreme Court Judgment of July 2018 to settle the political tussle between the Lt. Governor and elected government of Delhi is analyzed.
• A tussle between the Chief Minister of West Bengal and Governor arose over the appointment of 10 senior professors as interim Vice-Chancellors of state-run universities.
• Globalization has led to the reduction of employment in the formal sector of the Indian economy, and increased informalization may be detrimental to the country's development.
• Microfinancing of women SHGs may break the vicious cycle of gender inequality, poverty, and malnutrition, as evidenced by examples.
• Over 46.54 lakh small working capital loans have been disbursed to street vendors under the Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM-SVANidhi) in the three years since its launch.
• The Electronics Repair Services Outsourcing (ERSO) Pilot initiative has been introduced to establish India as the Repair Capital of the World and contribute up to USD 20 billion in revenue within the next five years.
• India's fiscal deficit decreased to 6.4% of GDP in the financial year 2022-23, with the government aiming to further reduce it to 5.9% in the current financial year 2023-24. India's GDP growth accelerated to 6.1% in the January to March 2023 quarter, lifting the economy's uptick in 2022-23 to 7.2% from the 7% estimated earlier.