1.2.23 UKPSC Daily Current Affairs

Uttarakhand: Now, cattle smugglers to be booked under Gangster Act
To curb “illegal transportation and smuggling of cattle, particularly cows”, Uttarakhand police will now book cattle smugglers under the Gangster Act, state police headquarters informed.
Under the UPCP Act cases, if the accused are found to be committing the aforementioned crimes in a gang as part of an organised crime or are repeat offenders, then they would also be booked under the Gangster Act so that it acts as a deterrent. Directions have been given to SSPs and SPs in 13 districts,” said Murugesan, adding, “Once accused are booked under the Gangster Act, police will start attaching their properties accumulated illegally with the crime money.” A total of 214 cases were registered under the UPCP Act and Prevention of Cruelty to Animals (PCA) Act in 2021.
India and Japan to conduct joint exercise to strengthen cooperation in air defence
The joint exercise, which will go through January 26th, intends to encourage international collaboration in air defence.
Four Su-30 MKI, two C-17, and one IL-78 aircraft from the Indian contingent will take part in the air exercise, while four F-2 and four F-15 aircraft from the JASDF will take part.
According to a statement from the Ministry of Defence, the first exercise would involve several aerial combat drills between the two Air Forces.
They’ll engage in sophisticated multi-domain air combat operations while exchanging best practises.
Economic Survey 2022-23
 The Economic Survey is an annual report card of the economy, which is presented a day before the budget and examines the performance of each and every sector and then suggests future moves.
  • India’s economy to grow 6.5% in 2023-24, compared to 7% this fiscal and 8.7% in 2021-22. Gross domestic product (GDP) in nominal terms to be 11% in next fiscal
  • Growth driven by private consumption, higher capex, strengthening corporate balance sheet, credit growth to small businesses and return of migrant workers to cities
  • Real GDP growth to be in the range of 6-6.8% next fiscal depending on global economic, political developments
  • Challenge to rupee depreciation persists with the likelihood of further interest rate hikes by the US Fed
  • Current account deficit (CAD) may continue to widen as global commodity prices remain elevated, economic growth momentum stays strong. If CAD widens further, rupee may come under depreciation pressure
The country’s current account deficit widened to 4.4% of the GDP in the quarter ending September, from 2.2% of the GDP during the April-June period due to a higher trade gap, according to the latest Reserve Bank of India (RBI) data.
  • India has sufficient forex reserves to finance CAD and intervene in forex market to manage rupee volatility
  • The growth in exports has moderated in second half of current fiscal; the surge in growth rate in 2021-22 and first half of current fiscal led to production processes shifting gears from ‘mild acceleration’ to ‘cruise mode’
  • Slowing world growth, shrinking global trade led to loss of export stimulus in the second half of current year
  • Bank credit growth likely to be brisk in FY24 on back of benign inflation, moderate credit cost
  • Credit growth to small businesses high at over 30.5% in January-November, 2022
  • Central govt capex grew 63.4% in April-November of current fiscal
  • Stock market gave positive returns in calendar year 2022 unfazed by FPI withdrawal
  • Private consumption, capital formation led economic growth in current fiscal has helped generate employment; urban employment rate declined, while Employee Provident Fund registration rose
  • The Survey said that ‘entrenched inflation’ may prolong the tightening cycle and therefore borrowing costs may stay higher for longer
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