The Analyst 29th August 2024 Current Affairs Today | Vajiram and Ravi Daily Newspaper Analysis
Vajiram and Ravi Official・2 minutes read
The Union Cabinet approved 12 new industrial cities to boost domestic manufacturing with a significant increase in industrial growth in fiscal year 2023, showcasing challenges and opportunities in the manufacturing sector. Efforts to address plastic pollution and transition Indian industries to a carbon market model are crucial for environmental conservation and energy efficiency, with a focus on the Guru Granth Sahib and a joint Russia-India plan for Emergency Management cooperation.
Insights
- The manufacturing sector in India faces challenges such as slow growth in core industries, high input costs, and low capacity utilization, impacting the sector's overall performance and competitiveness.
- Initiatives like the Zero Defect Zero Effect policy, the Anusandhan National Research Foundation, and Free Trade Agreements aim to enhance product quality, incentivize innovation, and boost demand for Indian products, showcasing government efforts to improve the manufacturing sector's performance and global competitiveness.
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Recent questions
What is the significance of the manufacturing sector in India?
The manufacturing sector in India contributes 17.7% to the GDP, employs 27 million workers, and accounts for 14% of the total gross value addition at current prices. It plays a crucial role in the country's economic growth and development.
What are the challenges faced by the manufacturing sector in India?
The manufacturing sector in India faces challenges such as slow growth in core industries, low capacity utilization at 68%, high input costs, logistic costs 14% higher than the world average, and regulatory hurdles like tariffs and labor laws. Additionally, there is a shortage of skilled workers and structural challenges like low propensity to consume due to high non-negotiable expenditures.
How does India address plastic pollution?
India addresses plastic pollution by banning single-use plastics, promoting biodegradable alternatives, and implementing initiatives like micro and nanoplastic removal projects. The country has also adopted stringent regulations and the Plastic Waste Management Rules of 2021, which ban 19 categories of single-use plastics and promote extended producer responsibility.
What measures are taken to enhance energy efficiency in industries in India?
India enhances energy efficiency in industries through schemes like the Perform Achieve and Trade scheme, which aims to reduce energy consumption in energy-intensive industries through market-based mechanisms. Designated consumers are provided energy-saving targets, and energy saving certificates are issued by the Bureau of Energy Efficiency. Industries failing to meet targets can purchase energy saving certificates from others.
What steps has India taken towards a carbon emission trading scheme?
India has taken steps towards a carbon emission trading scheme under the Energy Conservation Act of 2022. The transition to a carbon market model is crucial for environmental conservation, and the scheme involves setting caps on emissions and trading emission reduction units. This initiative aims to limit greenhouse gas emissions and promote sustainable practices in industries.
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