PIB Summary- 13th June, 2024 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

First Session of 18th Lok Sabha to be Held from 24th June to 3rd July, 2024

Context

The upcoming sessions of the 18th Lok Sabha and 264th Rajya Sabha mark the start of a new parliamentary term, with key proceedings including member oaths, the Speaker’s election, and the President’s address.

Analysis of the news:

• The first session of the 18th Lok Sabha is scheduled from June 24 to July 3, 2024.
• Newly elected Lok Sabha members will take their oaths/affirmations during this session.
• The session includes the election of the Speaker and an address by the Hon’ble President of India, followed by a discussion.
• Union Minister of Parliamentary Affairs, Shri Kiran Rijiju, shared this information on social media platform ‘X’ (formerly Twitter).
• The 264th session of the Rajya Sabha will start on June 27, 2024, and end on July 3, 2024.

More about parliamentary sessions in India:

• Types of Sessions: The Indian Parliament typically holds three sessions each year – the Budget Session (February to May), the Monsoon Session (July to September), and the Winter Session (November to December).
• Budget Session: This is the longest session, beginning with the President’s address, followed by budget discussions, presentations, and passing of finance bills.
• Monsoon Session: Held in the rainy season, this session focuses on legislative business and policy discussions that might have arisen post-Budget Session.
• Winter Session: A shorter session primarily focused on legislative business, reviewing policies, and addressing urgent matters.
• Special Sessions: These can be convened by the President on the recommendation of the Cabinet to address specific or urgent issues.
• Parliamentary Business: Sessions involve debates, question hours, zero hours, passing of bills, and discussions on various national issues.
• Quorum: For the Lok Sabha, a quorum requires at least 10% of its members to be present; for the Rajya Sabha, the quorum is 25 members.
• Joint Sessions: Rarely held, these occur when there is a deadlock between the two houses on a bill, presided over by the Lok Sabha Speaker.

INDIA’S IIP RECORDS A GROWTH OF 5.0% IN THE FIRST MONTH OF THE FINANCIAL YEAR 2024-25

Context

The Quick Estimates of the Index of Industrial Production (IIP) for April 2024 indicate a 5.0% year-on-year growth, reflecting improvements across sectors, especially in electricity and infrastructure.

This marks a slight increase from the 4.6% growth recorded in April 2023.

Analysis of the news:

• The Quick Estimates of the Index of Industrial Production (IIP) for April 2024 stand at 147.7, a rise from 140.7 in April 2023.
• Sector-wise indices for April 2024: Mining 130.8, Manufacturing 144.2, and Electricity 212.0.
• Use-based classification indices for April 2024: Primary Goods 152.2, Capital Goods 95.3, Intermediate Goods 156.9, Infrastructure/Construction Goods 183.3, Consumer Durables 118.7, and Consumer Non-durables 151.0.
• The overall IIP growth rate for April 2024 is 5.0%, compared to 4.6% in April 2023.
• Sectoral growth rates: Mining 6.7%, Manufacturing 3.9%, Electricity 10.2%.
• Top manufacturing contributors: Basic metals (8.1%), Coke and refined petroleum products (4.9%), Motor vehicles, trailers, and semi-trailers (11.4%).
• Use-based growth rates: Primary Goods 7.0%, Capital Goods 3.1%, Intermediate Goods 3.2%, Infrastructure/Construction Goods 8.0%, Consumer Durables 9.8%, Consumer Non-durables -2.4%.

Index of Industrial Production (IIP)

• The Index of Industrial Production (IIP) is a key economic indicator that measures the performance of various industrial sectors in a country.
• It reflects changes in the production levels of the industrial sector over a specific period, providing insights into the overall economic activity.IIP is calculated based on the volume of production in sectors manufacturing, mining, and electricity.
• Eight core industries of IIP:
  • Crude Oil: Weight: 8.98%
  • Coal: Weight: 10.33%
  • Natural Gas: Weight: 6.88%
  • Petroleum Refinery Products: Weight: 28.04%
  • Fertilizers: Weight: 2.63%Steel: Weight: 17.92%
  • Cement: Weight: 5.37%
  • Electricity: Weight: 19.85%
• The base year for the IIP is typically chosen to serve as a reference point for comparing production changes over time – the current base year for IIP is 2011-12
• The index helps in assessing the growth or contraction of industrial output, aiding policymakers and investors in making informed decisions.
• It plays a crucial role in economic planning, policy formulation, and monitoring of industrial performance. A higher IIP indicates industrial growth, while a lower IIP suggests a decline in production.
• The IIP is often used by the government, researchers, and analysts to analyse trends and formulate strategies for economic development.