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Important Current Affairs for CLAT-29th September 2023

Record-Breaking US Visa Applications by Indians in 2023

In a remarkable achievement, the US Mission in India exceeded its target by processing a staggering one million non-immigrant visa applications in 2023. This milestone signifies the growing interest of Indians in visiting the United States.

Indians Account for Over 10% of Global Visa Applicants

Indians have emerged as a dominant force in the realm of US visa applications, constituting more than 10% of all visa applicants worldwide. This surge in interest reflects the enduring allure of the United States for Indian travelers.

20% of All Student Visa Applicants

Notably, Indian students have displayed a remarkable affinity for American education, with 20% of all student visa applicants hailing from India. This statistic underscores the reputation of US universities as a preferred destination for higher education among Indian scholars.

65% of H&L-Category (Employment) Visa Applicants

In the professional arena, Indians are making a significant mark, constituting a whopping 65% of all H&L-category (employment) visa applicants. This reflects the strong economic ties and opportunities that the United States offers to Indian professionals.

Surpassing Pre-Covid Levels

The US Mission in India has not only met but exceeded its pre-pandemic benchmarks, with visa application numbers soaring by 20% compared to 2019. This resurgence in interest signifies the gradual return of normalcy in international travel post-Covid.

Personal Touch from US Ambassador

US Ambassador to India, Eric Garcetti, personally presented the one millionth visa to a delighted couple. Their journey to the United States to attend their son’s graduation at MIT symbolizes the dreams and aspirations that many Indian families have of American education and opportunities.

Looking Ahead to 2024

As the year progresses, the mission continues to process visa applications at an accelerated rate, indicating sustained enthusiasm among Indians for visiting the United States. This bodes well for fostering cultural exchange, educational pursuits, and economic partnerships between the two nations.

A Lasting Impression

Ambassador Garcetti, affectionately referring to the couple as “Mr. and Mrs. One Million,” engaged with them, sharing insights and recommendations for their upcoming trip. This personal touch exemplifies the warmth and hospitality extended by the US Embassy to Indian visa applicants.

Previous Year’s Success

Last year, over 1.2 million Indians visited the United States, reaffirming the enduring bond between the two nations and the ever-growing interest of Indians in exploring the vast opportunities that the United States has to offer.

India’s Power Demand Surges to Five-Year High in September: CRISIL Report

In a recent report by CRISIL MI&A (Market Intelligence and Advisory), India’s power demand for September 2023 reached an impressive five-year high. The report also offers insights into the factors driving this surge and the challenges faced by the power sector. Here, we break down the key findings and observations.

September’s Power Demand Soars:

  • India’s power demand in September witnessed remarkable year-on-year growth, reaching 140-142 billion units (BUs), marking a five-year high.

  • Despite this, the demand in September was about seven percent lower than the previous month, primarily due to exceptionally dry conditions in August, one of the driest months in 122 years.

Record Peak Power Demand:

  • India experienced two consecutive months of all-time high peak power demand, with 238 GW in August followed by an even higher 240 GW in September.

  • This surge in peak power demand reflects the need for reliable and efficient power generation and distribution.

Power Generation Trends:

  • Overall power generation in September is estimated to have risen by 9-10 percent on a year-on-year basis, reaching 150-152 BU.

  • August 2023 saw a record high power generation of 159 BU.

  • To meet the rising demand for electricity, power generators increasingly turned to the short-term power market.

Factors Driving Demand:

  • The surge in power demand can be attributed to various factors, including agricultural, industrial, and manufacturing activities.

  • The Manufacturing Purchasing Managers’ Index rose to a three-month high of 58.6 in August, indicating increased industrial activity.

  • The onset of the festive season likely continued to drive demand into September.

Challenges Faced:

  • Meeting peak power demand has been challenging due to generation volatility.

  • Solar and wind power, while essential, face intermittency issues.

  • Hydro power, which offers steady supply, declined due to disturbed rainfall, contributing to peak price fluctuations.

Transition to Non-Fossil Fuels:

  • The report notes an improvement in the share of non-fossil fuel generation, reaching 26 percent by the third week of September, up from 23 percent in the first week.

  • This transition provided some support to coal generation, reducing pressure on the short-term market.

Coal Supply Concerns:

  • Despite the relief from non-fossil fuel sources, coal stocks at thermal power plants declined from 30 million tonnes on August 31 to 25 million tonnes as of September 25.

  • This level of coal stock would suffice for power plants for nine days, down from 10 days in August.

  • To address the increased coal requirement, the government extended the period of necessary blending of imported coal to March 2024, albeit with a reduced weightage of 4 percent from October 2023.

Future Projections:

  • CRISIL MI&A anticipates power demand to continue its growth trend, with expectations of a 9-10 percent year-on-year increase in the second quarter of fiscal 2024 and a 5 percent year-on-year rise for the full year.

Outlook on Indian Bank Credit Growth: Insights from Crisil

In a recent analysis, Crisil, a leading research and ratings agency, has provided a comprehensive overview of the projected trends in India’s bank credit growth for the fiscal year 2023-24 (FY24). Several factors have been identified that contribute to the anticipated decline in credit expansion. Here’s a breakdown of their insights and predictions:

Factors Contributing to Decline in Credit Expansion:

1. Slower Economic Growth:

  • Previous Year’s GDP Growth: 7.2%

  • Predicted Current Year’s GDP Growth: 6%

  • The slower economic growth rate is a key factor affecting credit expansion.

2. Easing Inflation and Softening Commodity Prices:

  • Impact on Working Capital Demand: Reduced demand, particularly in corporations and MSMEs.

  • Lower inflation and commodity prices are expected to alleviate the need for extensive working capital.

3. Robust Bond Issuances:

  • First Half of FY24: Witnessed strong bond issuances.

  • Impact: Substitution of bank credit with debt capital markets, impacting credit growth.

4. Base Effect in Later Half of the Year:

  • Comparison with Previous Year: Anticipated base effect due to substantial growth observed in the same period of the preceding year.

Segment-Wise Credit Growth Predictions:

1. Wholesale Credit:

  • Previous Year’s Growth: 15%

  • Predicted Current Year’s Growth: 11-11.5%

  • Wholesale credit, constituting 60% of total credit, is expected to decelerate significantly.

2. Retail Credit:

  • Previous Year’s Growth: 19-20%

  • Predicted Current Year’s Growth: Maintaining momentum.

  • Retail credit, constituting 28% of total credit, is expected to sustain its growth at a steady pace.

3. Agriculture Credit:

  • Predicted Growth Range: 9-10%

  • Agriculture credit growth is expected to remain stable, contingent upon favorable monsoon performance.

Future Projections and Optimism for FY25:

  • Expected GDP Growth in FY25: 6.9%

  • Credit Growth Trends: Anticipated positive shift in credit growth trends in FY25.

  • Wholesale Credit Growth (FY25): Expected modest increase to 11.5-12%.

  • Retail Credit Growth (FY25): Likely to remain the primary growth driver at 19-20%.

Funding Perspective and Deposit Growth:

  • Focus: Crucial for deposit growth not to lag significantly behind credit growth.

  • Expected Narrowing of Differential: Anticipated reduction to 200 basis points from the 500 bps observed in FY23. This is due to rising deposit rates.

Sectoral Insights:

  • Corporate Credit Growth: Expected to rebound, representing approximately 45% of bank credit.

  • MSME Sector: Predicted stable growth.

  • Retail Credit: Expected to remain robust at 19-20%, consistent with the previous years.

Google & HP Join Hands To Make Chromebooks In India

In a significant development, HP has announced a partnership with Google to manufacture Chromebooks in India, with production set to commence on October 2. This collaboration aims to make affordable computing devices accessible to Indian students and support the government’s “Make in India” initiative.

The Chromebook devices will be manufactured at the Flex Facility near Chennai, where HP has been producing laptops and desktops since August 2020.

Seizing the Educational Market with Local Chromebook Manufacturing

Chromebooks from Google have gained popularity in the global education sector and are also gaining traction in India. Local manufacturing of these Chromebooks, which fall within the price range of Rs 20,000–30,000, is expected to open doors for HP to secure orders from government schools. Additionally, HP aims to compete with the 9-inch tablet market by introducing its 11-inch Chromebooks.

HP and Google’s Vision for Affordable Computing in Indian Education

The collaboration between HP and Google envisions supporting the digital education ecosystem in India by providing affordable, safe, and high-quality computing devices to education authorities, schools, and institutions, allowing Indian students easy access to affordable PCs.

The Role of Chromebooks in Education

Chromebooks, which run on Google’s ChromeOS, have played a pivotal role in transforming education in India and around the world. According to the statement, Chromebooks are the leading devices in K-12 education, benefiting over 50 million students and teachers globally. These devices are known for their affordability and user-friendly interface, making them ideal for educational institutions.

Expanding HP’s India-Made PC Portfolio

HP has been steadily expanding its manufacturing operations in India since 2020. In December 2021, the company began manufacturing a wide range of laptops locally, including HP EliteBooks, HP ProBooks, and HP G8 series notebooks. Furthermore, HP expanded its portfolio of locally-manufactured commercial desktops by introducing various models of desktop mini towers (MT), mini desktops (DM), small form factor (SFF) desktops, and a range of All-in-One PCs.

Google’s 10-Year Update Commitment for Chromebook Platforms

Earlier this month, Google announced that Chromebook platforms will receive regular automatic updates for a decade, surpassing the commitment of any other operating system currently available.

What is the Five Eyes Intelligence Alliance?

The Five Eyes Intelligence Alliance, often referred to as simply “Five Eyes,” is a secretive international intelligence coalition comprising five English-speaking countries. Established in the aftermath of World War II, this alliance has played a pivotal role in shaping global intelligence and security strategies. In this article, we will delve into the history, purpose, and controversies surrounding the Five Eyes alliance.

1. Origins and Formation:

The Five Eyes alliance originated as a post-war intelligence-sharing agreement between the United States, the United Kingdom, Canada, Australia, and New Zealand. Formed in 1946, its primary objective was to share signals intelligence (SIGINT) to counter the emerging Soviet threat during the Cold War.

What is the Five Eyes Intelligence Alliance?

2. Intelligence Sharing:

One of the core functions of the Five Eyes alliance is the sharing of intelligence data, particularly in the fields of communications interception and codebreaking. Member countries pool their resources and expertise to monitor and analyze global communications, giving them a significant edge in understanding international developments.

3. Expanding Capabilities:

Over time, the alliance has expanded its focus beyond the Cold War era. It now encompasses various aspects of intelligence, including cybersecurity, counterterrorism, and economic espionage, reflecting the evolving nature of global threats.

4. Controversies and Concerns:

The Five Eyes alliance has faced criticism for its secretive operations, with concerns raised about potential violations of privacy and civil liberties. Revelations by whistleblowers like Edward Snowden shed light on the alliance’s extensive surveillance programs, raising questions about the balance between national security and individual rights.

5. Modern Challenges:

In the digital age, the Five Eyes alliance faces new challenges related to encryption, cybersecurity, and the proliferation of information. These challenges have prompted discussions on how to adapt and remain effective in a rapidly changing world.

Russia to boost its defence spending by 70% in 2024

In a move that underscores Russia’s unwavering commitment to its military endeavors, the country is poised to substantially increase its defense spending by nearly 70% in 2024. This financial shift, as revealed in a document published by the Russian Finance Ministry, comes as Moscow continues to allocate significant resources to support its extensive offensive operations in Ukraine.

Steady Escalation Since the Conflict’s Onset

Since the commencement of the Ukraine conflict, Russia has adopted a progressively aggressive stance, not only on the battlefield but also on the economic front. In an environment characterized by persistently high inflation and a depreciating ruble, Russia has intensified its arms production and funneled substantial investments into its military infrastructure.

A Massive Surge in Defense Expenditure

The document in question outlines a staggering surge in defense spending, projecting an increase of over 68% compared to the previous year. This uptick will result in defense expenditure reaching nearly 10.8 trillion rubles, which translates to approximately $111.15 billion. Remarkably, this sum accounts for roughly 6% of Russia’s GDP, surpassing the funds allocated for critical social policies.

A Disproportionate Allocation of Resources

In 2024, defense spending in Russia is set to dwarf other essential sectors. Calculations by AFP reveal that it will be approximately three times higher than the combined spending on education, environmental protection, and healthcare. This prioritization underscores the country’s unwavering focus on military supremacy.

Economic Policy Shift

The Finance Ministry’s document highlights a shift in Russia’s economic policy from crisis management to the pursuit of national development objectives. This transformation includes strengthening the nation’s defense capabilities and pursuing the integration of four Ukrainian regions that Moscow controversially claimed to annex last year: Lugansk, Donetsk, Kherson, and Zaporizhzhia.

Economic Warning Signs

Notably, this surge in defense spending occurs in the context of warnings from Russia’s central bank about a potential slowdown in economic growth during the latter half of 2023. Inflation remains above the bank’s target of four percent. However, President Vladimir Putin and other officials have downplayed the economic ramifications of the Ukraine offensive, asserting that Russia has effectively weathered the storm of Western sanctions.

International scientists make refined map of world’s ‘8th continent’ Zealandia

A dedicated team of international geologists and seismologists has embarked on a mission to chart the depths of Zealandia, a relatively unknown landmass submerged beneath the Pacific Ocean. Their efforts have resulted in the creation of an updated and highly detailed map that sheds light on the continent’s intriguing geological features.

Where in the World is Zealandia?

Zealandia, often referred to as the eighth continent, remains shrouded in oceanic mystery, with a staggering 94% of its expanse concealed beneath the sea’s surface. The remaining 6% peeks above the waves, encompassing islands such as New Zealand and its neighboring isles.

The geological history of Zealandia dates back approximately 83 million years when volcanic forces played a pivotal role in the separation of the supercontinent Gondwana, giving rise to the continents we recognize today.

International scientists make refined map of world’s ‘8th continent’ Zealandia

Unveiling the Cartographic Marvel

Creating the refined map of Zealandia was no small feat. The research team embarked on a comprehensive journey, utilizing an array of methodologies to illuminate this submerged realm. Here’s how they did it:

1. Oceanic Rock Samples and Sediments

To refine the existing maps, the scientists meticulously examined rock samples and sediment specimens collected from the ocean floor. These valuable materials were acquired through drilling operations and coastal expeditions within the region.

2. Seismic Data Analysis

The research journey extended beyond rock samples. The team delved into seismic data gathered from the Zealandia area, further enhancing their understanding of its geological makeup.

3. Mapping the Entire Continent

With these essential resources at their disposal, the scientists embarked on the monumental task of mapping Zealandia in unprecedented detail. This submerged continent spans a vast 5 million square kilometers.

Unlocking Geological Secrets

The examination of the samples uncovered intriguing geological patterns in Western Antarctica, hinting at the presence of a potential subduction zone near Campbell Plateau on New Zealand’s western coast. Despite this revelation, magnetic anomalies in the region did not disprove theories of a strike-slip along the Campbell Fault.

The scientists proposed that the Campbell Magnetic Anomaly System originated from the stretching of Gondwana as it underwent a process of fragmentation. This stretching ultimately led to a significant rupture, resulting in the creation of the ocean floor that now constitutes the lower portions of Zealandia.


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