Classical Status to 6 Indian Languages

• Culture and Tourism Minister Gajendra Singh Shekhawat on July 22, 2024 announced that 6 Indian languages have been granted Classical Language status.
• These 6 languages are Tamil, Sanskrit, Kannada, Telugu, Malayalam, and Odia.
•  He emphasized the Government's commitment to promoting all Indian languages, including classical ones, as highlighted in the National Education Policy, 2020.
•  The Central Institute of Indian Languages is dedicated to promoting these languages, particularly Kannada, Telugu, Malayalam, and Odia.
• The Central Institute of Classical Tamil handles Tamil’s promotion, while 3 Central Universities focus on Sanskrit. However, no proposals have been received for Classical Malayalam projects.

GDP Growth at 6.5-7% Projected

• The Economic Survey 2023-24 projected a real GDP growth of 6.5 - 7% for the fiscal year 2024-25.
• Union Finance Minister Nirmala Sitharaman presented the survey on the first day of the Budget Session in the Lok Sabha.
•  The survey noted that domestic factors have driven economic growth in 2023-24 despite global uncertainties.
• It predicts growth in exports and improved agriculture performance due to favorable rainfall and monsoon conditions.
• The survey also highlighted that structural reforms like GST and IBC are yielding results.
•  The Reserve Bank of India expects inflation to be 4.5% in 2025 and 4.1% in 2026, while the IMF projects 4.6% for 2024 and 4.2% for 2025.
• The survey reported an 8.2% GDP growth for 2024 and positive global trade outlook, though high financial market valuations could affect growth.

Economic Survey 2023-24

The Finance Minister Ms. Nirmala Sitaraman presented the Economic Survey 2023-24 in Parliament on July 22, 2024. The survey states that "the Indian economy is on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges".

Major Highlights  

• The Economic Survey has estimated a real GDP growth of 6.5%-7% in 2024-25. In 2023-24, India’s real Gross Domestic Product (GDP) grew by 8.2%. Growth in 2024-25 is expected to be supported by strong domestic investment demand, improved agricultural performance, and an increase in merchandise and services exports.
• Retail inflation in 2023-24 was 5.4%, the lowest level since the COVID-19 pandemic. Food inflation increased from 6.6% in 2022-23 to 7.5% in 2023-24.
• In 2023-24, India’s current account deficit reduced to $23.2 billion (0.7% of GDP) from $67 billion (2% of GDP) in 2022-23. The improvement in the current account balance was because of a decrease in merchandise trade deficit, increasing net services exports, and increasing remittances.
• The fiscal deficit has reduced from 6.4% of GDP in 2022-23 to 5.6% of GDP in 2023-24.
• The general government debt-to-GDP ratio increased slightly in 2023-24 due to increasing interest rates and lower-than-budgeted nominal GDP growth.
• India’s agriculture sector has recorded an annual average growth rate of 4.2% over the last five years. The sector grew at a rate of 1.4% in 2023-24, as against a growth rate of 4.7% in 2022-23.
• Allied activities such as livestock and fisheries have performed better than traditional crops. Between 2014-15 and 2022-23, the share of livestock in agriculture gross value added increased from 24.3% to 30.4% while the share of fisheries increased from 4.4% to 7.3% respectively.
• The industrial sector grew by 9.5% in 2023-24. The GVA of the industrial sector (at constant prices) in 2023-24 is 25% higher than the pre-covid level in 2019-20.
• The electronics manufacturing has witnessed significant growth since 2014. In 2021-22, it contributed 4% to India’s total GDP.
• India continues to be import dependent in key sectors like coal, capital goods, and chemicals. Sectors like textiles and food products have lost their relative positions.
• The services sector constituted 55% of India’s economy in 2023-24. The demand for services such as education, healthcare, and finance is driven by a large and young population.
• India’s e-commerce market has gained momentum over past few years due to technological advancements, new-age business models, and government initiatives.
• The government’s capital expenditure witnessed a three-fold increase in 2023-24 as compared to 2019-20 with focus on sectors such as roads and railways.
• The Indian labour market indicators have improved in the last six years with unemployment declining to 3.2% in 2022-23. However, India needs to generate an average of around 78.5 lakh jobs annually till 2030 in the non-farm sector.
• The biggest disruption for the future of work is the growth in artificial intelligence. It has the potential to boost productivity and disrupt employment in certain sectors. 
• India has performed well on the renewable energy front, achieving a cumulative 82.6 GW of installed solar power capacity at the end of April 2024. As of May 31, 2024, non-fossil fuel sources consist of 45% of the total installed electricity generation capacity in India.
• India faces a dual challenge of meeting its energy demands while reducing carbon emissions.

Abhinav Bindra awarded with Olympic Order by IOC

• The International Olympic Committee Executive Board on July 22, 2024 decided to award Abhinav Bindra with the Olympic Order for his outstanding contributions to the Olympic Movement.
• The award ceremony will take place during the 142nd IOC Session in Paris on August 10, 2024.
• The Olympic Order is the IOC’s highest honor, recognizing distinguished contributions to the Olympic Movement.
•  He has also been a member of the IOC Athlete Commission since 2018.

Shikhar Dhawan

• Eurosport India on July 22, 2024 announced the appointment of renowned cricketer Shikhar Dhawan as the brand ambassador for MotoGP in India.
• This partnership represents a significant step in promoting motorcycle racing in a cricket-dominated country.
•  Shikhar Dhawan's popularity is expected to attract a broader audience to MotoGP.
•  Eurosport India launched a campaign titled ‘Face Kar Race Kar’ with Shikhar Dhawan as the face of MotoGP in India.
• The campaign aims to encapsulate the resilient spirit of MotoGP, celebrate overcoming challenges, and inspire fans to tackle life's obstacles with determination.
•  The slogan ‘Face Kar Race Kar’ blends Hindi and English, appealing to the Indian audience while maintaining the sport's global allure.

Captain Supreetha CT

• Captain Supreetha CT on July 22, 2024 made history as the first woman officer from the Corps of Army Air Defence to be operationally deployed at the Siachen Glacier.
• This accomplishment underscores her bravery and marks a pivotal step in integrating women into frontline combat roles in the Indian Army.
• Captain Supreetha began her military journey as a Lieutenant in 2021, with initial training in Chennai and a posting in the Army Air Defence.
• Her deployment in Siachen highlights the capabilities of women officers in extreme combat situations and paves the way for more women to take on challenging frontline roles.

Sanjeev Krishan

• Sanjeev Krishan on July 22, 2024 re-elected for a second term as PwC India's chairperson, beginning April 1, 2025.
•  His reappointment highlights his impactful leadership and significant contributions to the firm’s growth and innovation.
• Sanjeev Krishan, who started his first term on January 1, 2021, will continue to represent PwC both externally and internally and maintain his role on the PwC Global Strategy Council.
•  He joined PwC in 1991 as an articled trainee, became a partner in 2006, and led the firm’s Deals, Transactions, and Private Equity business.
•  He has also worked with PwC Sweden through an international exchange program, focusing on cross-border deals with private equity funds and corporate clients.

International Tennis Hall of Fame

• Indian tennis icons Leander Paes and Vijay Amritraj were the first Asian men inducted into the International Tennis Hall of Fame in Newport, USA on July 22, 2024.
• Leander Paes, inducted under the player category at age 51, boasts an illustrious career with 18 Grand Slam titles (8 in men’s doubles, 10 in mixed doubles), an Olympic bronze (1996 Atlanta), and 462 weeks in ATP's top 10.
• He is one of only 3 men to achieve career Grand Slams in both doubles and mixed doubles.
• Vijay Amritraj, inducted under the contributor category, is celebrated for pioneering Indian tennis globally, promoting the sport in Asia, and his contributions to tennis administration.
• Their inductions mark a significant milestone for Asian tennis.

AI Era for Judicial System of Delhi

• The Delhi Court on July 22, 2024 took a major step in modernizing the judicial system by launching their first ‘Pilot Hybrid Court’ featuring Artificial Intelligence (AI) technology.
• This pioneering courtroom is equipped with a cutting-edge ‘Speech to Text Facility’, heralding a new era in judicial proceedings.
• The introduction of this technology is expected to significantly improve efficiency and productivity in the courts, making the judicial process more streamlined and effective.

Special Category Status Denied to Bihar by Centre

• The Centre on July 22, 2024 stated that special status for any state is granted based on specific criteria. The request from Bihar for Special Category Status was denied in 2012.
•  The National Development Council awards special status based on factors such as difficult terrain, low population density, significant tribal population, strategic border location, economic and infrastructural backwardness, and unviable state finances.
•  Bihar's request was reviewed by an Inter-Ministerial Group (IMG), which reported in March 2012.
• The IMG determined that Bihar did not meet the criteria for Special Category Status according to the National Development Council’s existing standards.