India’s exports shrink 16.7% and imports rise 5.7% in October

• Merchandise exports declined 16.7% on year in October, the first drop in 20 months and the worst slide since May 2020 when a nation-wide lockdown was imposed to contain the Covid outbreak.
• The curbs on exports of select steel products, iron ore and non-basmati rice and the ban on those of wheat to ease domestic inflation have also contributed to the export decline.
• Exports dropped below the crucial $30-billion mark for the first time since March 2021 to hit $29.8 billion. Imports, however, rose 5.7%, to $56.7 billion.
• Consequently, trade deficit inched up to $26.9 billion in October from $25.7 billion in the previous month; but it still remained lower than July’s record level of $30 billion.
• The export decline in October was rather broad-based, as 24 of the 30 key segments–including petroleum products, engineering goods, gems and jewellery, textiles and garments, chemicals and pharmaceuticals–witnessed contraction, due to an economic slowdown in key markets that started to weigh down demand.
• However, the sustained rise in imports, albeit at a slower pace, suggests domestic consumption still remains stronger than in many parts of the world.
• The World Trade Organisation (WTO) recently warned of a darkened 2023 and projected that global trade growth will drop to only 1% next year from 3.5% in 2022.

PM Modi held talks with U.S. President Joseph Biden and Xi Jinping on the sidelines of the G20 summit in Bali

About G-20 Grouping

• The G20 is an informal group of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.
• The G20 membership accounts for
  • two-thirds of the world’s population,
  • 85% of global gross domestic product,
  • 80% of global investment and
  • over 75% of global trade.
• The members of the G20 are
  • USA, Canada, Mexico;
  • Argentina, Brazil;
  • EU, Germany, France, UK, Italy;
  • South Africa, Saudi Arabia and Turkey;
  • India; Indonesia; Australia;
  • Russia, China, South Korea and Japan.
• It does not have any permanent secretariat or headquarters.
• The G20 Summit is formally known as the “Summit on Financial Markets and the World Economy”.

India will become the world’s most populous country in 2023

• India is set to surpass China to become the world’s most populous country by 2023, says a report by the United Nations.
• This is because fertility rates in Chinahave declined considerably in past years, with the country expected to see an absolute decline in population numbers as early as 2023.
• The gap between both countries will continue to grow.
• By 2050, India is expected to have a population of 1.668 billion while China’s population will decline to 1.317 billion
• According to the report, the world’s population crossed the 8 billion mark by November 15.
• By 2050, Earth will be host to 9.7 billion humans.
• About half of the increase in population from the present day to 2050 will be contributed by just 8 countries, including India.
• The world’s population will hit 10.4 billion by the 2080s and will stabilise around that number by the end of the century.

Agro industries emerging as a priority area in Rajasthan

• Agro industries have emerged as a priority area for the Congress government in Rajasthan with steps being taken for the processing of agricultural produce to make them usable for different sectors.
• Rajasthan State Agro Industries Development Board chairman Rameshwar Dudi said here on Tuesday, that the farmers were being encouraged to take up biofarming, milk production, growing of medicinal plants and ancillary works.
• The Board was monitoring all activities for ensuring farmers’ growth

Assam elephant being abused again in T.N. temple: PETA

An elephant taken from Assam is being abused again in a Tamil Nadu temple despite a public relations stunt claiming otherwise, the People for the Ethical Treatment of Animals (PETA) India said

About PETA

• People for the Ethical Treatment of Animals(PETA), nongovernmental organization (NGO) committed to ending abusive treatment of animals in business and society and promoting consideration of animal interests in everyday decision making and general policies and practices.
• PETA (People for the Ethical Treatment of Animals) India, based in Mumbai, was launched in January
• It operates under the simple principle that animals are not ours to experiment on, eat, wear, use for entertainment, or abuse in any other way, while also educating policymakers and the public about animal abuse and promoting an understanding of the right of all animals to be treated with respect.
• PETA India focuses primarily on the areas in which the greatest numbers of animals suffer the most: in laboratories, in the food industry, in the leather trade, and in the entertainment business.
• PETA India’s investigations, public education efforts, research, animal rescues, legislative work, special events, celebrity involvement, and national media coverage have resulted in countless improvements to the quality of life for animals and have saved countless animals’ lives.

Veteran Telugu actor Krishna passes away

• Veteran Telugu actor and father of Mahesh Babu, Krishna passed away due to a brain hemorrhage in the early hours of Tuesday at a Hyderabad hospital.
• He was 80.
• Krishna, whose full name is Ghattamnaneni Siva Rama Krishna Murthy, was undergoing treatment at Continental Hospital in Hyderabad.

Former and sitting parliamentarians to face trial under PMLA

• 51 The number of former and sitting parliamentarians who face Prevention of Money Laundering Act (PMLA) cases lodged by the Enforcement Directorate, the Supreme Court has been informed.
• The report stated that 121 cases lodged by the CBI are pending against MPs and MLAs.
• The SC has been passing directions for speedy trial of cases against lawmakers.

About Prevention of Money Laundering Act

• The PMLA was enacted in 2002 and it came into force in 2005. The chief objective of this legislation is to fight money laundering, that is, the process of converting black money into white.

• The Act enables government authorities to confiscate property and/or assets earned from illegal sources and through money laundering.
• The PLMA has been amended three times, that is, in 2009, 2009 and 2012.
• Under the PMLA, the burden of proof lies with the accused, who has to prove that the suspect property/assets have not been obtained through proceeds of crime.

PMLA Objectives

1. Preventing money laundering.
2. Combating the channelising of money into illegal activities and economic crimes.
3. Providing for the confiscation of property derived from or involved in money laundering.
4. Providing for any other matters connected with or incidental to the act of money laundering.

India agreed to enhance digital cooperation with Finland

Theme for the 41^st India International Trade Fair is “for Local, Local to Global”.

National Press Day observed on 16th November.

ITC Limited collaborating with IIT Delhi, for the development of GIS mapping tool.

Reliance Jio communications company has been ranked as the strongest telecom brand by TRA

World Congress of Accountants to be held this year in Mumbai

Shri Sharath Kamal Achanta will be awarded the Major Dhyan Chand Khel Ratna Award 2022

Kieron Pollard appointed as the batting coach of Mumbai Indians for IPL 2023

Source : THE HINDU