Weekly Current Affairs (22nd to 31st January 2025) Part - 2 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

Enhanced Certificate of Origin (eCoO) 2.0 System Launched

Why in News?

• On January 28, 2025, the Directorate General of Foreign Trade (DGFT) unveiled the enhanced Certificate of Origin (eCoO) 2.0 system. This upgrade is designed to streamline the certification process for exporters and enhance trade efficiency in India. The new platform introduces user-friendly features and mandates electronic filing, reflecting significant progress in India's trade facilitation initiatives.

Key Takeaways

• The eCoO 2.0 system enables multi-user access, allowing exporters to authorize several users under a single Importer Exporter Code (IEC).
• Aadhaar-based e-signing is now available, providing an additional method for identity verification alongside digital signature tokens.

Additional Details

• Integrated Dashboard: The system features an integrated dashboard that offers easy access to various eCoO services, including information on Free Trade Agreements (FTAs) and upcoming trade events.
• In-Lieu Certificate of Origin: A new feature allows exporters to request corrections to previously issued certificates through an online application process, ensuring efficient maintenance of accurate documentation.
• Mandatory Electronic Filing: As of January 1, 2025, electronic filing of Non-Preferential Certificates of Origin is compulsory on the eCoO 2.0 platform, promoting standardization and reducing paperwork.
• Daily Processing Capacity: The eCoO 2.0 platform can process over 7,000 Certificates of Origin daily and connects with 125 issuing agencies, including 110 national and regional chambers of commerce.
• Back-to-Back Certificates of Origin: Procedures for online issuance of Back-to-Back Certificates of Origin have been introduced for goods not of Indian origin, ensuring transparency through documentary evidence from the foreign country of origin.
• Impact on Global Supply Chains: The enhancements to the eCoO system are expected to improve global supply chains by facilitating quicker processing times and simplified certification procedures for intermediary trade through India.

Overall, the launch of the eCoO 2.0 system marks a significant step towards improving the Ease of Doing Business for Indian exporters, bolstering trade efficiency, and enhancing India's position in the global trade landscape.

Retail Food Inflation in India - January 2025

Why in News?

• Retail food inflation in India has decreased to 8.39% year-on-year in December 2025, following higher rates of 9.04% and 10.87% in preceding months. Despite this decline, the future path of inflation is uncertain and is significantly impacted by factors such as supply conditions and weather patterns.

Key Takeaways

• Current agricultural activities show an increase in wheat and other crop sowing areas.
• Wheat prices have risen due to limited open market sales and uncertainty about harvests.
• Sugar production is anticipated to decline, while potato crop conditions have improved.
• Prices for edible oils remain high due to increased import duties and domestic supply issues.

Additional Details

• Current Agricultural Context: Farmers have sown 320 lakh hectares of wheat in the rabi season, surpassing the previous year's 315.63 lakh hectares. Other crops such as chickpeas, maize, potatoes, onions, and tomatoes have also seen an increase in acreage, while mustard sowing has decreased.
• Wheat Supply and Prices: Wheat stocks are at 184.11 lakh tonnes, one of the lowest levels since 2008. Wholesale prices in Delhi range from Rs 3,150 to Rs 3,200 per quintal, up from Rs 2,550 to Rs 2,600 last year, influenced by limited government sales.
• Temperature and Crop Development: Ideal temperatures for wheat grain development are in the low thirties during March. An early summer onset or extreme temperatures could adversely impact yields.
• Sugar Production Outlook: Projected sugar production for the 2024-25 season is 270 lakh tonnes, down from 319 lakh tonnes due to adverse weather affecting key sugarcane states.
• Potato Crop Status: Initial delays in potato planting caused by high temperatures have improved, resulting in better yields and falling retail prices.
• Edible Oils Price Surge: Current prices for edible oils include palm oil at Rs 145 per kg, soyabean at Rs 155 per kg, and mustard oil at Rs 165 per kg, driven by increased import duties and supply issues.

The interplay of various factors including weather challenges, high fuel prices, supply chain disruptions, and global influences continues to shape the landscape of food inflation in India. Understanding these dynamics is crucial for addressing the challenges of food prices and ensuring food security.

Telangana Government Launches New Welfare Schemes

Why in News?

• On January 26, 2025, Telangana Chief Minister A. Revanth Reddy made headlines by launching four significant welfare schemes across 563 villages in all mandals. These initiatives aim to uplift various sections of society, particularly farmers and low-income families.

Key Takeaways

• The Rythu Bharosa Scheme provides financial assistance to farmers.
• The Indiramma Atmiya Bharosa Scheme supports landless agricultural labor families.
• The Indiramma Housing Scheme aids families in constructing homes.
• New ration cards are being issued to improve food security.

Additional Details

• Rythu Bharosa Scheme: This scheme offers ₹6,000 per acre as investment assistance for farmers during the rabi season. A total of 4.41 lakh farmers benefitted across 9.48 lakh acres, receiving ₹569 crore.
• Indiramma Atmiya Bharosa Scheme: Targets landless agricultural labor families, providing annual support of ₹12,000 (with ₹6,000 as the first installment). This initiative has benefited 20,336 agricultural laborers in 561 villages, with total disbursements of ₹10.91 crore.
• Indiramma Housing Scheme: Aims to assist families in constructing homes by providing ₹5 lakh per eligible family. The government plans to build 450,000 houses during the fiscal year 2024-2025, addressing homelessness in Telangana.
• Ration Cards: To enhance food security, 15,414 new ration cards were issued, benefiting 51,912 people. Additionally, 1.03 lakh new members were added to existing ration cards, assisting families in need.
• Court Directions for Inclusivity: The Telangana High Court directed the government to consider inclusivity in the Indiramma Atmiya Bharosa scheme, particularly for urban landless agricultural workers.
• Addressing Sand Supply Issues: A study has been initiated to improve sand supply for construction under the Indiramma Housing scheme, with a committee formed to explore ways to provide sand at lower prices.

In conclusion, these welfare schemes reflect the Telangana government's commitment to supporting vulnerable populations and improving living standards across the state. The initiatives not only focus on agricultural support but also aim to enhance housing and food security for low-income families.

CRED Launches Beta E-Rupee Wallet

Why in News?

• On January 29, 2025, CRED made headlines by becoming the first fintech company to introduce a beta version of its e-rupee wallet. This innovative wallet enables transactions using India's central bank digital currency (CBDC), following the Reserve Bank of India's (RBI) initiative to widen access to CBDC-Retail. The launch aims to enhance financial inclusion and streamline digital payment methods across India.

Key Takeaways

• CRED is the first fintech company to launch a beta e-rupee wallet.
• The e-rupee wallet facilitates transactions using India's CBDC.
• The initiative aims to improve financial inclusion and digital payments.

Additional Details

• Central Bank Digital Currency (CBDC): A digital form of legal tender issued by a country's central bank, holding the same value as physical currency. CBDC is a liability on the central bank's balance sheet, allowing individuals to access digital currency without needing a bank account. It can be exchanged for physical cash and supports seamless transactions.
• Features of CRED’s E-Rupee Wallet:
  • Users can transact up to ₹10,000 per transfer, with a daily limit of ₹50,000.
  • The wallet supports zero-cost merchant transactions.
  • Loading wallets can be done via UPI, and users can send or receive money to other CBDC wallets.
  • Future updates will enhance the wallet with programmable payments and PIN-less transactions for amounts below ₹500.
• Partnerships with Financial Institutions: Yes Bank serves as the sponsor bank for CRED’s e-rupee wallet, aiding in the issuance of CBDC tokens from the RBI. Other fintech companies like PhonePe, Google Pay, and AmazonPay are also seeking to collaborate with the RBI to extend the e-rupee's reach.
• Regulatory Context: The launch comes at a time when the United States, under President Donald Trump, has prohibited the development and promotion of CBDCs, highlighting a cautious approach to digital currency. In contrast, India positions itself as a frontrunner in the digital finance landscape.
• Potential Impact on Financial Transactions: The introduction of CBDC is poised to transform financial transactions in India by enhancing efficiency and lowering costs associated with traditional banking, promoting greater financial inclusion and offering users diverse digital payment options.

The launch of CRED's e-rupee wallet marks a significant step in India's journey towards modernizing its financial ecosystem, reflecting a broader trend in global finance where digital currencies are gaining traction.

National Critical Mineral Mission

Why in News?

• The Government of India has initiated the National Critical Mineral Mission (NCMM) with a significant budget of ₹16,300 crore. This mission is designed to bolster India's self-sufficiency in critical minerals that are crucial for advanced technology industries and clean energy solutions. The Finance Minister unveiled this initiative during the Union Budget for the fiscal year 2024-25.

Key Takeaways

• The NCMM aims to reduce dependence on imported critical minerals.
• It aligns with the Atmanirbhar Bharat initiative to tackle challenges within the mineral sector.
• Focuses on boosting exploration and mining activities both domestically and offshore.
• Identifies 24 essential minerals, such as lithium, cobalt, and nickel, vital for clean energy technologies.

Additional Details

• Value Chain Development: The mission includes all phases of the value chain, from mineral exploration and mining to processing and recovery from end-of-life products. A streamlined regulatory approval process will be implemented to hasten mining project operations.
• Financial Incentives and Investments: The NCMM is projected to draw in ₹18,000 crore in investments from public sector undertakings (PSUs) and other stakeholders. Financial support will be offered for exploration activities, alongside initiatives to recover critical minerals from overburden and tailings.
• International Collaboration: The mission encourages the acquisition of critical mineral assets internationally, promoting trade between Indian PSUs, private firms, and resource-rich nations to ensure a stable supply of these minerals.
• Research and Development Initiatives: The NCMM plans to establish mineral processing parks and support research in critical mineral technologies. A Centre of Excellence on Critical Minerals will be developed to foster innovation in this field.
• Legislative Changes: Amendments to the Mines and Minerals (Development and Regulation) Act, 1957 were made in 2023 to facilitate exploration and mining activities, with the Geological Survey of India (GSI) currently overseeing 195 active exploration projects and an additional 227 planned for FY 2025-26.
• Customs Duty Elimination: To enhance the availability of critical minerals, the 2024-25 budget removed customs duties on many of these resources, encouraging industries to set up processing facilities in India.
• Commitment to Green Energy Transition: The NCMM is crucial to India's shift toward green energy, ensuring the supply of critical minerals that support the development of clean energy technologies. This initiative demonstrates India's commitment to sustainable development and economic independence.

In summary, the National Critical Mineral Mission is a strategic initiative aimed at enhancing India's mineral resource management, fostering self-reliance, and supporting the nation's transition to sustainable energy solutions.

ISRO Achieves 100th Launch Milestone

Why in News?

• On January 29, 2025, the Indian Space Research Organisation (ISRO) celebrated a significant achievement by successfully executing its 100th launch from the Satish Dhawan Space Centre located in Sriharikota. This milestone was marked by the launch of the Geosynchronous Satellite Launch Vehicle (GSLV-F15), which successfully placed the NVS-02 satellite into orbit. This event not only highlights a technical accomplishment but also signifies India's expanding capabilities in the field of space exploration and technology.

Key Takeaways

• The GSLV-F15 successfully launched the NVS-02 satellite into its designated orbit.
• NVS-02 is the second satellite in the Navigation with Indian Constellation (NavIC) series, aimed at offering precise navigation services across India and nearby regions.

Additional Details

• NVS-02 Specifications: This satellite has a lift-off mass of 2,250 kg and operates on the I-2K bus platform. It is equipped with navigation payloads that function across L1, L5, and S bands, in addition to a C-band ranging payload.
• Atomic Clocks: NVS-02 utilizes a combination of indigenous and procured atomic clocks which are essential for precise time estimation, a critical requirement for navigation services.
• Significance of GSLV-F15: This launch marks the 17th flight of India's GSLV series and the 11th flight featuring an indigenous cryogenic stage, showcasing India's technological advancements in launching heavier payloads into geosynchronous orbits.
• Historical Context: ISRO's journey began with its first launch on August 10, 1979, using the Satellite Launch Vehicle-3 (SLV-3 E10). Over the years, ISRO has developed six generations of launch vehicles, reflecting significant advancements in its capabilities.

The successful launch of NVS-02 is a testament to ISRO's evolution and its growing stature in the global space exploration arena.

Ammonia Pollution in Yamuna

Why in News?

• Recent developments have highlighted an ongoing water crisis in Delhi, primarily attributed to ammonia pollution in the Yamuna River. The Aam Aadmi Party (AAP) has accused the Haryana government of discharging excessive ammonia levels, which poses a significant threat to the water supply for millions of residents in Delhi. This situation has ignited a political and environmental debate regarding the management of the river and its tributaries.

Key Takeaways

• Ammonia pollution is a significant issue affecting water quality in the Yamuna River.
• High ammonia levels disrupt the water supply, posing health risks for residents.
• Government responses to the ammonia crisis have been criticized as inadequate.

Additional Details

• Ammonia:A colourless gas with a pungent odor, used in various industrial applications such as fertilizers and cleaning agents. Major sources of ammonia pollution include:
  • Agricultural runoff
  • Industrial effluents
  • Untreated sewage
• Impact on Water Supply: The Yamuna often sees pollution levels exceeding the treatment capacities of facilities. The Delhi Jal Board can only treat water with ammonia levels below one part per million (ppm), leading to public health concerns when elevated levels occur.
• Treatment Processes: The Delhi Jal Board uses chlorine treatment to manage ammonia. Approximately 11.5 kg of chlorine is necessary per liter of water to neutralize one ppm of ammonical nitrogen. However, high ammonia levels can reduce the effectiveness of this treatment.
• Government Responses: Efforts to tackle the ammonia crisis have been slow. A proposed ammonia treatment plant at Wazirabad is still under development, and cross-state collaboration is essential for effective pollution management.

The Yamuna River is one of India's major rivers, originating from the Yamunotri Glacier in Uttarakhand and flowing through several states before merging with the Ganga. It supports diverse ecosystems and is crucial for agriculture and drinking water supply in the region. Addressing ammonia pollution in the Yamuna is vital for ensuring safe water resources for millions.

SEBI Implements New Guidelines for Market Infrastructure Institutions

Why in News?

• The Securities and Exchange Board of India (SEBI) has recently introduced new guidelines that aim to improve the evaluation processes of statutory committees within Market Infrastructure Institutions (MIIs). This initiative responds to the growing demand for enhanced transparency and accountability in the operations of these essential entities, which include stock exchanges, clearing corporations, and depositories. Starting from the financial year 2024-2025, MIIs will be required to undergo independent external evaluations every three years.

Key Takeaways

• SEBI's guidelines focus on governance standards for MIIs.
• External evaluations will assess committee roles, meeting effectiveness, and governance practices.
• MIIs must conduct annual internal evaluations in addition to external assessments.
• The first external evaluation will be due by September 30, 2025.

Additional Details

• Evaluation Process: MIIs are required to appoint an independent external agency for evaluations, which must possess experience in the securities market and have no conflicts of interest. The evaluation will allocate 40% weightage to roles and responsibilities, while meeting effectiveness and governance will each receive 30% weightage.
• Importance of MIIs: MIIs are crucial to India’s financial ecosystem, facilitating the allocation and reallocation of capital, which is vital for economic growth. Their stability and efficiency are essential for maintaining investor confidence and overall market integrity.
• Specific Institutions: Major MIIs in India include the Bombay Stock Exchange (BSE), the National Stock Exchange (NSE), Central Depository Services Ltd., and National Securities Depository Ltd., along with seven recognized clearing houses.

In conclusion, the implementation of these guidelines by SEBI marks a significant step towards ensuring better governance and operational efficiency in MIIs, ultimately fostering a more transparent and reliable financial market in India.