NABARD released Second All India Rural Financial Inclusion Survey (NAFIS) 2021-22.

• NAFIS was launched in 2016-17 as a national level survey that offers comprehensive overview of rural population in terms of their status of livelihoods and level of financial inclusion (including loans, insurance, pension etc.).
• Second NAFIS provides key insight into economic and financial indicators of rural development since 2016-17.

Key highlights of survey

• Average monthly income of households increased by 57.6%.
• Share of food in consumption basket of households declined from 51% to 47%.
• Kisan Credit Card as a prominent instrument of financial inclusion in rural farm sector has been found to be very effective. 
• Average size of landholding declined to 0.74 hectare from 1.08 hectare.
• Proportion of respondents indicating good financial literacy increased from 33.9% to 51.3%.
• Proportion of agricultural households that took loans from institutional sources increased from 60.5% to 75.5%.

Reasons for rise in rural income

• Government Support: Example, under Mahatma Gandhi National Rural Employment Guarantee Scheme, 5.6 crore households availed employment (January 2023), thus increasing their incomes and provides livelihood security.
• Rise in Rural Female Labour Force Participation Rate: From 19.7% in 2018-19 to 27.7% in 2020-21 (Economic Survey 2022-23).

Rules notified under Offshore Areas Mineral (Development and Regulation) Act, 2002 aim at regulating exploration and production of minerals in specified offshore regions.

• This is significant in the backdrop of the planned first-ever offshore mineral auction of 10 blocks. These blocks will include sand, lime mud, and polymetallic nodules.

Key Highlights of Rules

• Applicability: All minerals in offshore areas, except Mineral oils and hydrocarbons and specified Atomic minerals 
• Lease Surrender: Provides for surrender of lease after 10 years in case of uneconomic production operations.
• Provide for Priority access to government and government-owned companies, in case of operating rights for reserved offshore zones.

Offshore mining and its significance:

• Also called deep sea mining, Offshore mining is process of retrieving mineral deposits from deep seabed i.e. ocean below 200m.
  • It will cater to increasing demand for metals in context of depleting terrestrial deposits and reduce dependence on mineral imports.

Issues/Challenges in offshore Mining:

• Potential environmental damage: Can endanger biodiversity by habitat destruction, underwater noise, and pollution.
• Impact on fishing communities: May harm fish populations, impacting livelihood of fishing communities.
• Technology: Lack of adequate R&D and technological development for deep-sea mining.

Union Ministry of Power launched National Electricity Plan (Transmission).

• National Electricity Plan (NEP) (Transmission) has been developed by the Central Electricity Authority (CEA), entrusted under Electricity Act 2003.
• Transmission system establishes the link between source of generation and distribution system, which is connected to load / ultimate consumer.

Key highlights of NEP (Transmission)

• Aim of transmitting of 500 GW of Renewable Energy Installed Capacity by 2030 and over 600 GW by 2032.
• It is aimed at meeting a peak demand of 458 GW by 2032 and will expand transmission network from 4.85 lakh ckm (circular kilometer) in 2024 to 6.48 lakh ckm in 2032.  
• Inter-regional transmission capacity is planned to increase to 168 GW by 2032, from present level of 119 GW.
• Incorporates innovative elements in transmission sector such as integration of 10 GW offshore wind farms, 47 GW battery energy storage systems, and 30 GW pumped storage plants. 
• Aims to address power needs of Green Hydrogen and Green Ammonia Manufacturing hubs of coastal locations.
• Covers Cross border interconnections with Nepal, Bhutan, Myanmar, Bangladesh, Sri Lanka and probable interconnections with Saudi Arabia, UAE etc. 

Challenges in India’s Transmission System: Transmission losses, issues in integration with renewable sources, obsolete technology, skewed focus of regulators towards generation, cyber security etc.

Bureau of Indian Standards is creating a NAC similar to National Building Code and National Electrical Code.

About NAC

• Code will have two parts. First will contain general principles for all crops, and second will deal with crop-specific standards for paddy, wheat, oilseeds, and pulses.
• NAC will cover all agriculture processes and post-harvest operations, like crop selection, land preparation, sowing/transplanting etc.
• Objectives
  • Create national agricultural code that considers agro-climatic zones, crop types, etc.
  • Create comprehensive guide for farming community to ensure effective decision making in agricultural practices.
  • Address horizontal aspects of agriculture like SMART farming, sustainability, etc.

Recently, the platinum jubilee of the Central Silk Board was celebrated.

About Central Silk Board 

• Statutory body established in 1948 by an Act of Parliament.
• Ministry: Ministry of Textiles
• Mandate:
  • Advise the government on all matters concerning sericulture and silk industry. 
  • Standardization of various production processes, etc. 
• HQ: Bengaluru

About Silk Production in India

• India is 2nd largest silk producer in the world with 42% of global production (2023)
• Karnataka contributed around 32% of the total silk production, followed by Andhra Pradesh. 
• Silk Produced: Mulberry, Eri, Tasar and Muga.

Union Minister of Road Transport & Highways launched the Humsafar Policy. 

About Humsafar Policy

• Aim: To provide a comprehensive framework to ensure that the commuters have access to standardized, well-maintained, and hygienic facilities along National Highways and Expressways
• Key Benefits:
  • Registered service providers will be able to avail a waiver of renewal fees for access permissions, if they maintain an average rating of 3 or higher.
  • Reliable passenger convenience establishments at regular intervals

Mission has been launched by the Ministry of Ports, Shipping and Waterways. 

About Cruise Bharat Mission

• Aim: To excel in India’s vision to become a global hub for cruise tourism and promote the country as the leading global cruise destination. It also aims to
  • double cruise passenger traffic within five years; i.e. by 2029. 
    • In 2024 passengers traffic is  4.6 lakh. 
  • double volume of cruise calls from 254 in 2024 to 500 by 2030. 
• Phase-wise implementation:
  • Phase 1 (2024 to 2025): Focus will be on forming cruise alliances with neighbouring countries, etc. 
  • Phase 2 (2025 to 2027): Developing new cruise terminals, destinations etc.
  • Phase 3 (2027 to 2029): Integrating all cruise circuits across the Indian Subcontinent. 
• Three key cruise segments:
  • Ocean & Harbour Cruise segment: Encompasses ocean cruises, including deep-sea and coastal cruises, along with harbour-based yachting and sailing cruises.
  • River & Inland Cruise segment: Focuses on river and inland cruises on canals, backwaters, creeks, and lakes.
  • Island Cruise segment: Highlights inter-island cruises, lighthouse tours, etc. 

Recently militants attacked Z-Morh Project site in Jammu and Kashmir.

About Z-Morh Project:

• It is a 6.4-km tunnel on the Srinagar-Sonamarg highway at an altitude of 8,500 feet aimed at all weather connectivity to Sonamarg, a famous tourist destination.
• It has acquired its name from presence of a Z-shaped road stretch at the construction location.
• Strategic importance: 
  • It is part of the Zojila tunnel project that aims to provide all weather connectivity from Srinagar to Ladakh throughout the year.
  • It connects Srinagar, Dras, Kargil and Leh regions , apart from this all-weather connectivity reduces army’s reliance on air transport.