Evening edition
Daily current affairs for UPSC, BPSC, State PCS and PSC exams.
Why in news?
Congress criticized the government over rising WPI inflation, stating that prices of essential commodities are increasing significantly, causing hardship to families.
Key points
- WPI inflation rose to 9.92% in August, up from 9.78% in July.
- Inflation in food index increased to 7.05% in August.
- WPI inflation for manufactured items reached a series high of 8.37%.
- Congress highlighted that inflation-adjusted wages have been falling, particularly in rural India.
- The rising inflation is attributed partly to the West Asia conflict and disruptions in the Strait of Hormuz.
Background & context
WPI measures the average change over time in the prices of goods while they are wholesale transactions and is an important indicator of inflation in the economy. It is influenced by global commodity prices, supply chain issues, and domestic demand-supply dynamics.
★ Prelims fact capsule
WPI inflation hovered around 10% for four consecutive months.
✎ Mains relevance
GS Paper 3: Indian Economy - Inflation, Economic Development.
Why in news?
The Supreme Court launched 'Jan Soochna Seva', a new public information service in Hindi, to make justice more accessible and inclusive, especially for persons with disabilities and those who find legal documents difficult to comprehend.
Key points
- The service will provide simplified Hindi summaries of significant judgments and orders.
- It will also feature Hindi audio and video bulletins of 15-30 minutes duration.
- The initiative aims to make justice accessible in a familiar language, promoting inclusivity.
- The service will be expanded to other Indian languages in a phased manner.
- It is launched on the occasion of Hindi Diwas.
Background & context
Accessibility and inclusivity in the justice system are crucial for upholding the rule of law. Using regional languages and simplified formats helps bridge the gap between legal pronouncements and public understanding.
★ Prelims fact capsule
The service will initially be launched in Hindi and will later extend to other Indian languages.
✎ Mains relevance
GS Paper 2: Governance, Judiciary, Social Justice.
Why in news?
India has secured an increased preferential quota for steel exports to the European Union under a trade agreement, but Indian exporters will still be subject to the EU's Carbon Border Adjustment Mechanism (CBAM).
Key points
- India gains an additional preferential quota of 694,853 tons of steel.
- The total preferential quota is 1.64 million metric tons per year.
- This quota covers about 68.4% of India's recent steel exports to the EU.
- Steel shipments exceeding the quota will face a 50% tariff.
- Indian steel will still be subject to the EU's Carbon Border Adjustment Mechanism (CBAM).
Background & context
The EU's CBAM is a climate measure aimed at preventing 'carbon leakage' by taxing imports based on their embedded carbon emissions. Trade agreements often involve balancing market access with regulatory requirements.
★ Prelims fact capsule
The additional preferential quota for Indian steel exports to the EU is 694,853 tons.
✎ Mains relevance
GS Paper 3: Economy, International Trade, Environment (Climate Change Policy).