At Which Place is Asia's oldest Buddhist Monastery Located?

At Which Place is Asia’s oldest Buddhist Monastery Located?

Buddhist monasteries are places of worship, meditation and learning for Buddhist monks and followers. They serve as peaceful retreats, preserving Buddhist traditions and offering a space for spiritual growth. These monasteries are found across the world, often in scenic locations, reflecting Buddhist teachings and culture. In this article, we will know about the location and key facts about Asia’s oldest Buddhist monastery.

Location of Asia’s Oldest Buddhist Monastery

Tawang Monastery is located in Arunachal Pradesh, a northeastern state in India. It sits in the beautiful Tawang River Valley, near the town of Tawang. The monastery is about 2 kilometers away from Tawang town and is surrounded by mountains on three sides, making it a peaceful and scenic place.

Features of the Tawang Monastery

Tawang Monastery is a large and impressive building with three stories. It is built like a mansion and contains many important structures. The monastery has a big assembly hall, ten functional buildings, and 65 residential quarters for monks. Inside the main temple, there is a large, decorated statue of Buddha sitting in a lotus position. The monastery is rich in art and religious significance.

History of Tawang Monastery

The Tawang Monastery was founded in 1680-1681 by Merak Lama Lodre Gyatso. He built in at the request of the 5th Dalai Lama, Ngawang Lobsang Gyatso. The monastery belongs to the Gelug school of Mahayana Buddhism. At one point, it was connected to the famous Drepung Monastery in Lhasa, Tibet.

Understanding La Niña’s Effect on India’s Weather Patterns

La Niña, a phase of the El Niño Southern Oscillation (ENSO), has significant effects on global weather patterns. This climatic phenomenon is characterized by cooler-than-usual sea surface temperatures in the central and eastern Pacific Ocean. While La Niña typically leads to increased rainfall in India during the monsoon season, it can also cause disruptions in other parts of the world, such as droughts in Africa and intensified hurricanes in the Atlantic. The emergence of La Niña is a critical factor in determining India’s seasonal weather, including its monsoons and winters. However, the delay in La Niña’s expected onset in 2024 has raised questions about its eventual impact.

What is La Niña?

La Niña is part of the El Niño Southern Oscillation (ENSO) and occurs when the central and eastern Pacific Ocean experiences cooler-than-normal sea surface temperatures.
It often brings opposite weather effects compared to El Niño, which is marked by warmer sea surface temperatures.

Impact on India’s Climate

Monsoons: La Niña typically leads to normal or above-normal rainfall during the monsoon season in India.
Winter: La Niña winters tend to be colder, but not always uniformly across the country.
Summer: La Niña generally mitigates extreme heat during the summer, contrasting with the hotter, drier conditions associated with El Niño.

Delayed La Niña in 2024

The La Niña phase was expected to begin by July 2024, but it has not emerged as predicted.
Forecasts suggest that La Niña may form by late 2024 or early 2025, but its strength may be weaker than usual.
Historically, La Niña has formed more commonly in the monsoon or pre-monsoon periods. It has formed only twice between October and December since 1950.

Current Oceanic Niño Index (ONI) Values

The ONI compares three-month average sea surface temperatures in the tropical Pacific to a 30-year average.
For La Niña, ONI values must be below -0.5°C, and the current ONI value is around -0.3°C, indicating a weak La Niña.

La Niña Winter

Southern India: Cities like Bengaluru and Hyderabad have experienced colder winters, though this may not be directly linked to La Niña, given the weak ONI values.
Northern India: There has been a delay in the onset of winter, with above-normal temperatures observed.
Air Quality: La Niña winters tend to have higher wind speeds, which help in dispersing pollutants and improving air quality. However, lower planetary boundary layer heights can trap pollutants near the ground.

Effects of La Niña on Air Pollution

Faster wind speeds during La Niña winters help transport pollutants away, improving air quality.
A lower planetary boundary layer height could potentially trap pollutants, worsening air quality, especially if people burn biomass for heating.

La Niña and Monsoon Outlook for 2025

If La Niña persists into the summer of 2025, it could offer relief from extreme heat, unlike the intense heatwaves observed in El Niño years.
La Niña generally supports a robust monsoon, leading to normal or above-normal rainfall in India.
El Niño Impact: El Niño years, on the other hand, typically result in below-average rainfall during the monsoon, as seen in 2023.

Historical La Niña and El Niño Trends

India has received less rainfall during intense El Niño events (e.g., 1980s, 1990s), with more pronounced effects in north and south India.
In contrast, La Niña years (e.g., 2020, 2021, 2022) have generally provided normal or above-normal rainfall.

Potential Impact of La Niña in 2024-2025

If La Niña forms as expected, it could lead to,

A milder winter, with cooler temperatures in southern India.
A more moderate summer with less intense heat.
A stronger monsoon season, with higher rainfall across India, benefiting agriculture and water resources.

Summary/Static	Details
Why in the news?	Understanding La Niña’s Effect on India’s Weather Patterns
What is La Niña?	A cooler phase of the El Niño Southern Oscillation (ENSO), characterized by lower sea surface temperatures in the central and eastern Pacific Ocean.
Impact on India’s Monsoon	Leads to normal or above-normal rainfall during the monsoon season, improving agricultural conditions.
Impact on Winter	Typically causes colder winters, especially in northern India. However, the impact may vary, as seen in the current year.
Impact on Summer	Mitigates extreme heat, providing relief from intense heatwaves often associated with El Niño events.
La Niña in 2024	Expected to form by late 2024 or early 2025, though currently weak with an Oceanic Niño Index (ONI) value of -0.3°C.
Oceanic Niño Index (ONI)	ONI values below -0.5°C indicate La Niña. Current ONI value is -0.3°C, suggesting a weak La Niña.
Winter in 2024	Southern India has experienced colder-than-usual winters, while northern India has seen delayed winters with above-normal temperatures.
Air Quality Impact	Higher wind speeds during La Niña winters help disperse pollutants, improving air quality. However, lower planetary boundary layer height can trap pollutants near the surface.
La Niña and the Monsoon	Expected to lead to a robust monsoon with above-normal rainfall, which benefits agriculture and water resources.
El Niño vs. La Niña	El Niño brings drier conditions and extreme heat, while La Niña promotes rainfall and moderate temperatures.
Potential Impact in 2024-2025	A milder winter, moderate summer temperatures, and a stronger monsoon with higher rainfall are expected if La Niña forms.

Vice President Dhankhar Inaugurates GSI Geoscience Museum in Gwalior

On the occasion of the inauguration of the GSI Geoscience Museum in Gwalior, Vice President Shri Jagdeep Dhankhar, along with several distinguished dignitaries, marked the opening of this state-of-the-art facility. The museum, housed in the historic Victoria Market Building, serves as a hub of knowledge and a tribute to Earth’s geological wonders. The event celebrated the fusion of tradition with modern innovation and showcased the significant contributions of the Geological Survey of India (GSI) in exploring the nation’s geological resources.

Inauguration Details

Vice President Shri Jagdeep Dhankhar officially inaugurated the GSI Geoscience Museum by cutting the ribbon and unveiling the plaque.
The event was attended by several notable figures, including Shri Mangubhai Patel (Governor of Madhya Pradesh), Shri Jyotiraditya M. Scindia (Union Minister), and Shri Satish Chandra Dubey (Minister of State for Coal and Mines).

Museum Overview

The museum is located in the Victoria Market Building in Gwalior, Madhya Pradesh.
It is dedicated to showcasing Earth’s geological history, featuring interactive exhibits and rare geological specimens.

Exhibit Galleries

Gallery I: Planet Earth – Its Uniqueness in Diversity

Focuses on Earth’s geological phenomena such as volcanoes, meteorites, and magnetic fields.
Displays rare specimens like Antarctic rocks, gemstones, volcanic rocks from Japan, and dinosaur eggs.
Includes interactive models, multimedia displays, and digital storyboards.

Gallery II: Evolution of Life on Earth

Chronicles the history of life on Earth, from ancient ecosystems to the rise of Homo sapiens.
Features fossils, immersive exhibits, and detailed sections on mass extinction events and the process of evolution.

Notable Contributions and Recognition

Shri Satish Chandra Dubey issued the first ticket of the museum, marking its official opening.
Shri R.V. Karanth, a retired professor from M.S. University, Baroda, was honored for his contributions to the gemstone gallery and for donating his personal gemstone collection to the museum.

Future Goals and Impact

The museum aims to become a crucial resource for researchers, educators, and geoscience enthusiasts.
It promotes a deeper understanding of Earth’s processes and their importance in sustainable development.
The museum reflects GSI’s commitment to advancing scientific knowledge and supporting India’s development through geological exploration and resource management.

Summary/Static	Details
Why in the news?	Vice President Dhankhar Inaugurates GSI Geoscience Museum in Gwalior
Location	Victoria Market Building, Gwalior, Madhya Pradesh
Museum Focus	Showcases Earth’s geological history, rare geological specimens, and promotes science education.
Gallery I	Planet Earth: Its Uniqueness in Diversity – Highlights phenomena like volcanoes, meteorites, and magnetic fields. Features rare specimens like Antarctic rocks, gemstones, volcanic rocks, and dinosaur eggs
Gallery II	Evolution of Life on Earth – Chronicles life’s history from ancient ecosystems to Homo sapiens. Features fossils and exhibits on evolution and mass extinction events.
Museum’s Role	Serves as an educational hub for researchers, educators, and geoscience enthusiasts. Promotes sustainable development through geological knowledge.
First Ticket Issued	Shri Satish Chandra Dubey issued the first ticket, marking the museum’s official opening.
Recognition	Shri R.V. Karanth, retired professor, honored for his contribution to the gemstone gallery.
Future Impact	The museum aims to become an essential resource for understanding Earth’s processes and supporting sustainable development.
Significance	Reflects GSI’s commitment to advancing geological knowledge and contributing to India’s development.

Where is Dharamshala Located?

Dharamshala is a beautiful hill station in the northern part of India. It is known for its stunning views, pleasant weather and Tibetan culture. The town is located in the state of Himachal Pradesh, which is famous for its mountains, temples and natural beauty.

Location of Dharamshala

Dharamshala is located in the Kangra Valley of Himachal Pradesh, India. It is surrounded by the beautiful Dhauladhar mountain range and sits at an altitude of 1,457 meters (4,780 feet) above sea level. The town is close to other cities like Kangra, Shimla and New Delhi, making it a popular destination for tourists and spiritual seekers.

What is Dharamshala Known for?

Dharamshala is famous for its Tibetan culture, monasteries, and the residence of the Dalai Lama. The town has earned the nickname “Little Tibet” because it has preserved much of Tibet’s culture and religion. It is also home to the Tibet Government-in-Exile.

Other Names for Dharamshala

People often refer to Dharamshala as “Little Tibet” because of its strong Tibetan influence and the presence of Tibetan refugees.

Places to Visit in Dharamshala

Tsuglagkhang Complex: This is the Dalai Lama’s residence and an important place for Buddhist worship.
Dharamshala Cricket Stadium: Known as one of the highest cricket stadiums in the world, it often stunning views of the surrounding mountains.
Dal Lake: A small, scenic lake surrounded by deodar trees and hills. It is a peaceful spot to relax and enjoy nature.

Who is Known as the Run Machine in Cricket?

In cricket, some players stand out for their incredible ability to score runs consistently. These players earn special nicknames because of their exceptional performances and achievements. One such nickname is “Run Machine.” In this article, we will know about the cricketer who has earned the nickname of “Run Machine.”

Run Machine in Cricket

Virat Kohli, the famous Indian cricketer, is widely known as the Run Machine. He earned this title by scoring runs consistently in all formats of the game. His records, including 50 ODI centuries and high performances in Test and IPL matches, make him the most deserving of this nickname.

Why is Virat Kohli Known as the Run Machine?

Virat Kohli is known as the Run Machine because of its ability to score runs regularly throughout his career. Although he faced some struggles with his form, his overall performance has been outstanding.

Record in IPL: Virat holds the record for the most runs in a single IPL season. In 2016, he scored an unbelievable 973 runs in one season.
International Records: Kohli has played at the top level for many years. In One Day Internationals (ODIs), he scored 50 centuries in just 294 games. This record is even better than the great Sachin Tendulkar, who scored 49 centuries in 463 matches.
Test Cricket: Virat Kohli had played 113 Test matches and scored over 8,800 runs, including 29 centuries. His highest score in Tests is 254 not out against South Africa in 2019.
T20 Matches: In T20 cricket, Kohli has scored 9 centuries. He shines especially in the IPL while playing for Royal Challengers Bangalore (RCB).

What makes Player a Run Machine?

There is no official title of Run Machine, but it is a term given to players who score runs consistently in all formats of cricket.

High Average: These players often have batting averages close to 50 or more.
Big Centuries: They score many centuries and often play long, important innings.
Reliability: Run Machines are the most dependable batters in their teams. Fans trust them to score runs when the team needs it the most.

Young Run Machines in Cricket

Some young players are showing the potential to become Run Machines in the future.

Harry Book (England): Harry Book had an impressive start to his Test career, averaging close to 60 in his first 24 innings.
Yashasvi Jaiswal (India): Jaiswal made 712 runs in just 9 innings, with an average of 89.
Marnus Labuschagne (Australia): Labuschagne has been a top performer for Australia in Test Cricket.
Mohammad Rizwan (Pakistan): Rizwan has been scoring heavily in recent years, especially in T20 matches.

VIRAASAT: Weaving the Legacy of Indian Saris

The “Viraasat Sari Festival 2024” is an exclusive handloom sari exhibition organized by the Ministry of Textiles, Government of India, at Handloom Haat, Janpath, New Delhi. Running from December 15 to December 28, 2024, this mega event is dedicated to showcasing the rich and diverse handloom heritage of India. The festival aims to celebrate the tradition, artistry, and potential of the Indian handloom sector, with a special focus on handwoven saris from various regions of the country.

Event Duration and Location

Dates: December 15 to December 28, 2024
Venue: Handloom Haat, Janpath, New Delhi
Timings: 11 am to 8 pm
Inauguration: The event was inaugurated by the Secretary of Textiles, Government of India.

Stalls and Exhibitions

90 stalls in total, representing 23 states showcasing handwoven sarees and handicrafts.
72 stalls dedicated to handloom from 18 states.
18 stalls representing handicrafts from 14 states.

Event Features

Curated theme display of exquisite handloom saris from across India.
Live loom and craft demonstrations showcasing the weaving process.
Workshops and talks on saris, sustainability, and handloom weaving.
Folk dances representing various regional traditions of India.
Regional cuisines offering a taste of India’s diverse culinary heritage.

Participation and Footfall

Previous editions (2022-23 and 2023-24) saw an impressive 20,000 footfalls across all age groups, drawing significant attention to the handloom sector.

Cultural and Economic Impact

The event celebrates India’s rich and varied handloom heritage, highlighting traditional weaving techniques like Venkatgiri, Uppada Jamdani, Banarasi Brocade, and Pochampally, among many others.
The handloom sector employs over 35 lakh people, with a large number of women contributing to its growth.
The event serves as a platform for increasing the visibility of handloom products and improving market access for the handloom community.

Government Support

The Indian government has launched several schemes to promote high-quality, eco-friendly handloom products.
Zero defects and zero effects on the environment are emphasized to maintain the distinct identity of handloom products.
Exhibitors are encouraged to display and promote their exclusive products, thereby boosting the earnings of the handloom community.

Summary/Static	Details
Why in the news?	VIRAASAT: Weaving the Legacy of Indian Saris
Organized by	Ministry of Textiles, Government of India
Event Dates	December 15 to December 28, 2024
Inauguration	Inaugurated by the Secretary of Textiles, Government of India
Exhibition Stalls	– 90 stalls in total – 72 handloom stalls (18 states) – 18 handicraft stalls (14 states)
Footfall in Previous Editions	Approximately 20,000 visitors in 2022-23 and 2023-24
Event Features	– Curated display of handloom saris – Live loom demonstrations – Workshops and talks – Folk dances and regional cuisines
Cultural Impact	Showcases traditional weaving techniques: Venkatgiri, Uppada Jamdani, Banarasi Brocade, Pochampally, and others
Economic Impact	Supports over 35 lakh people in the handloom sector, with a focus on improving the earnings of the handloom community
Government Support	Launch of schemes for promoting eco-friendly, high-quality handloom products with zero defects and effects

Which District of Uttar Pradesh is Known as the City of Printing?

Uttar Pradesh is a large state in northern India, known for its rich history, culture and significance in the country’s development. It is famous for its historical sites, temples, and as the birthplace of major religions like Hinduism and Buddhism. The state is also an important center for agriculture and industry. In this article, we will know about the district of Uttar Pradesh which is known as the “City of Printing.”

An Overview of Uttar Pradesh

Uttar Pradesh is a large state in northern India, with over 241 million people, making it the most populated state in India and the world’s most populous subdivision. It shares borders with Rajasthan, Haryana, Himachal Pradesh, Delhi, Uttarakhand, Nepal, Bihar, Madhya Pradesh, Chhattisgarh and Jharkhand. The state covers an area of 243,286 square kilometers, and its capital is Lucknow, while Prayagraj serves as the judicial capital. Uttar Pradesh has 18 divisions and 75 districts.

Number of Districts of Uttar Pradesh

Uttar Pradesh has 75 districts, each managed to ensure smooth governance. To make administration easier, the state is divided into 18 divisions. These divisions help in organizing and coordinating government work more effectively across the state.

City of Printing in Uttar Pradesh

Farrukhabad, a district in Uttar Pradesh, is known as the “City of Printing.” This name comes from the city’s rich history and skilled craftsmanship in the textile industry. Farrukhabad is famous for its traditional block printing, Zari Zarodi work, and other textile printing techniques. These beautiful creations are highly sought after both in India and abroad.

Block Printing in Farrukhabad

Farrukhabad is famous for its block printing, a craft that dates back to the Mughal period. Block printing is done by using wooden or brass blocks to imprint designs on fabrics. These fabrics, often made of silk or cotton, feature bright, colorful and intricate patterns. Common designs include paisley, butis, tree of life and Kairi (mango).

Zari Zardori Industry

The district is also well-known for its Zari Zardori work, which is a type of intricate embroidery done with gold or silver threads. This craft is so popular in Farrukhabad that it has spread across the entire state of Uttar Pradesh. The Zari Zardori work is often used for wedding dresses and special occasion garments, making it a key part of India’s textile industry.

Other Type of Textile Printing

In addition to block printing and Zari Zardori, Farrukhabad is also recognized for its screen printing techniques. This method is used to create patterns on fabric by pushing ink through a mesh screen. The results are bright, clear designs that are in high demand.

Gati Shakti Vishwavidyalaya, Navy Sign MoU for Logistics Education

Gati Shakti Vishwavidyalaya (GSV) and the Indian Navy signed a Memorandum of Understanding (MoU) to enhance education, research, and training in logistics for the Navy. This collaboration is aimed at strengthening the logistics capabilities of the Indian Navy, focusing on key areas like supply chain management, multimodal transportation, and sustainability. This strategic partnership will also align with national initiatives such as the PM Gati Shakti National Master Plan 2021 and the National Logistics Policy 2022.

Key Highlights

MoU Signing

Signed by Vice Admiral Deepak Kapoor, Controller of Logistics, Indian Navy, and Manoj Choudhary, Vice Chancellor, Gati Shakti Vishwavidyalaya.

Objectives of the Collaboration

Strengthen the Indian Navy’s logistics framework.
Focus on supply chain management, multimodal transportation, and sustainability in logistics.

Alignment with National Initiatives

The collaboration supports the PM Gati Shakti National Master Plan 2021 and the National Logistics Policy 2022 to enhance national logistics efficiency.

Technological Integration

The MoU facilitates the exchange of expertise in emerging areas such as,
AI applications
Predictive analytics
Blockchain technology for logistics optimization.

Educational Opportunities for Navy Officers

Indian Navy officers will have opportunities to pursue academic degrees and management programs at GSV, focusing on logistics and management.

Partnership with Other Defence Services

GSV has existing partnerships with the Indian Army and Indian Air Force, expanding its support to all three services for education and research in logistics and transportation.

University’s Focus

GSV’s focus on transportation and logistics places it at the forefront of innovation and skill development in this crucial sector.

Statements from Leaders

Vice Admiral Deepak Kapoor emphasized that this collaboration would equip the Navy with advanced logistics capabilities and operational insights.
Manoj Choudhary highlighted the importance of efficient logistics for rapid force mobilization and affirmed GSV’s commitment to fulfilling its national mandate.

Summary/Static	Details
Why in the news?	Gati Shakti Vishwavidyalaya, Navy Sign MoU for Logistics Education
MoU Signed By	Vice Admiral Deepak Kapoor (Indian Navy) and Manoj Choudhary (GSV)
Objective	Enhance logistics education, research, and training for the Indian Navy.
Key Focus Areas	– Supply chain management – Multimodal transportation – Sustainability in logistics
National Initiatives Supported	– PM Gati Shakti National Master Plan 2021 – National Logistics Policy 2022
Technological Areas Covered	– AI applications – Predictive analytics – Blockchain technology
Educational Opportunities	Indian Navy officers to pursue academic degrees and management programs at GSV
Existing Partnerships	GSV already collaborates with Indian Army and Indian Air Force for logistics and transportation education
University’s Role	Focus on transportation and logistics innovation and skill development
Significance	Marks a milestone in strengthening the Navy’s logistics capabilities and operational efficiency

Public Sector Banks Record Net Profit of Rs 85,520 Crore In First Half FY2024-25

In the first half of FY 2024-25, Public Sector Banks (PSBs), including the State Bank of India (SBI), reported a net profit of ₹85,520 crore, marking an impressive 26% growth compared to ₹67,850 crore during the same period in the previous year. This significant achievement underscores the operational efficiency and financial resilience of PSBs, driven by improved asset quality, robust credit monitoring, and enhanced operational efficiency.

Strengthened Governance and Capital Base

The turnaround in the fortunes of PSBs can be largely attributed to strengthened governance practices and a bolstered capital base.

1. Key Governance Reforms

The government has implemented several key reforms, which include:

Arm’s-length selection of top management to ensure transparency and efficiency.
Introduction of non-executive chairpersons for nationalised banks, bringing enhanced accountability.
Filling of key leadership positions through market-based recruitment, ensuring merit-driven appointments.

These initiatives have transformed governance structures in PSBs, enabling better decision-making and leadership.

2. Capital Strengthening

Increased capital retention has significantly improved the Capital-to-Risk-Weighted-Assets Ratio (CRAR), keeping it well above the regulatory requirement.
PSBs have successfully enhanced shareholder value, distributing ₹61,964 crore in dividends over the past three years.
This reflects their financial strength and a strong commitment to rewarding stakeholders, including the government as their principal owner.

Improvement in Asset Quality

One of the most significant indicators of the progress made by PSBs is the sustained improvement in asset quality.

1. Decline in NPAs

Gross Non-Performing Assets (GNPA) have seen a sharp decline to 3.12% in September 2024, down from their peak of 14.58% in March 2018.
Net NPAs (NNPA) have also fallen to below 1%, showcasing significant progress in managing bad loans.

2. Interventions Leading to Success

This success has been driven by targeted interventions, such as:

Rigorous recoveries of defaulted loans.
Improved underwriting standards to ensure better loan approvals.
Substantial write-offs of legacy bad loans to clean up balance sheets.

3. Role of the Asset Quality Review (AQR)

A critical turning point came in 2015 when the Reserve Bank of India (RBI) introduced the Asset Quality Review (AQR).

The AQR mandated transparent recognition of NPAs and required reclassification of restructured loans.
While this initially led to a sharp increase in reported NPAs, it laid the foundation for financial discipline and sustainable growth.

Supporting Credit Growth Across Key Sectors

With strengthened financial health, PSBs have been instrumental in driving credit expansion across crucial sectors.

1. Sectoral Credit Growth

PSBs have been pivotal in extending credit to:

Retail customers, driving consumption-led growth.
Micro, Small, and Medium Enterprises (MSMEs), which are the backbone of the economy.
Infrastructure projects, supporting the development of key economic assets.

2. Focus on Green Finance and ESG Lending

PSBs are increasingly playing a role in green finance by funding environmentally sustainable projects.
Their emphasis on Environmental, Social, and Governance (ESG)-focused lending aligns them with India’s sustainability goals.

No New PSB Mergers but Stronger Synergies

Government’s Stand on PSB Mergers

Recently, Pankaj Chaudhary, Minister of State for Finance, informed the Rajya Sabha that the government is not contemplating another round of PSB mergers.
However, he highlighted that previous mergers have led to better synergies, economies of scale, and uniform improvement in financial performance.

PSBs: A Key Pillar of India’s Economic Growth

At their current pace, PSBs are expected to surpass the previous fiscal year’s net profit of ₹1.46 lakh crore.

1. Resilient Financial Institutions

The turnaround in PSBs highlights their growing role as resilient financial institutions capable of withstanding economic challenges.

2. Strategic Partners in India’s Growth

PSBs are emerging as strategic partners in India’s pursuit of a $5 trillion economy.
With their robust fundamentals and growing credit support, they are well-positioned to foster sustainable and inclusive development.

Here’s the summary of the news in tabular form:

Why in News	Key Points
PSBs Report Strong Financial Growth in FY 2024-25	– PSBs, including SBI, reported ₹85,520 crore net profit in H1 FY 2024-25, a 26% growth compared to last year.
	– This highlights PSBs’ operational efficiency, financial resilience, improved asset quality, credit monitoring, and operational efficiency.
Strengthened Governance and Capital Base	– Governance reforms: Arm’s-length selection of top management, non-executive chairpersons for nationalized banks, market-based recruitment for key leadership positions.
	– Capital strengthening: Increased capital retention improving CRAR; ₹61,964 crore distributed in dividends over the last 3 years.
Improvement in Asset Quality	– Gross NPAs dropped to 3.12% (Sept 2024) from 14.58% (March 2018).
	– Net NPAs fell below 1%, showing significant progress in managing bad loans.
	– Interventions: Rigorous recoveries, better underwriting standards, and write-offs of legacy bad loans.
	– Asset Quality Review (AQR) by RBI (2015) initiated transparency and discipline in recognizing NPAs and reclassifying restructured loans.
Supporting Credit Growth Across Sectors	– PSBs driving credit growth in retail, MSMEs, and infrastructure sectors.
	– Focus on green finance and ESG lending supporting India’s sustainability goals.
PSB Mergers	– Government not planning new PSB mergers; however, previous mergers led to synergies, economies of scale, and improved financial performance.
PSBs as Pillars of Economic Growth	– PSBs are set to exceed last year’s net profit of ₹1.46 lakh crore.
	– They are emerging as resilient financial institutions and strategic partners in India’s pursuit of a $5 trillion economy.
	– PSBs’ growing role in sustainable and inclusive development.

Wholesale Inflation Eases to 1.9% in November Amid Cooling Food Prices

India’s wholesale inflation moderated to 1.9% in November, down from 2.4% in October, with food price inflation easing significantly from a 25-month high of 11.6% in October to 8.9%. Despite this, prices for manufactured products, such as food products, furniture, pharmaceuticals, and electrical equipment, continued to rise, contributing to higher inflation in this category. Retail inflation also saw a slowdown, but food prices, particularly for certain items like edible oils and potatoes, remained high.

Key Drivers of Inflation in November

Food Price Inflation

Food inflation decelerated to 8.9% from 11.6% in October, with notable drops in vegetable prices (from 63% to 28.6%), although potato prices rose sharply by 82.8%.
Edible oils and fats saw a steep rise of 28%, up from 20.2% in October.
Inflation in pulses, fruits, wheat, and paddy persisted, but at a slower pace.

Manufactured Products Inflation

Prices for manufactured goods saw an uptick, notably in food products, pharmaceuticals, and textiles, rising 2% in November, driven by elevated input costs.

Fuel and Power

Fuel and power prices remained in deflationary territory, with a 5.83% decline year-on-year.

Core Inflation

Core inflation, excluding food and energy, remained subdued despite higher prices in manufactured goods.

Sequential Changes

On a month-on-month basis, the Wholesale Price Index (WPI) fell by 0.06%, driven by declines in primary articles and food items.
Fuel prices rose by 1.2%, breaking a two-month streak of declines, while manufactured products saw a slight increase of 0.4%.

Outlook

Experts expect further moderation in inflation, with the possibility of rate cuts by the Reserve Bank of India, even as food price inflation, especially for specific items, remains a challenge.

Summary of the news

Why in News	Key Points
Wholesale inflation eases in November	– India’s wholesale inflation dropped to 1.9% in November from 2.4% in October. – Food inflation slowed to 8.9% from 11.6%. – Vegetable inflation dropped from 63% to 28.6%. – Potato inflation surged to 82.8%. – Manufactured products inflation rose by 2%.
Primary articles and fuel prices	– Primary articles inflation eased to 5.5% from 8.1% in October. – Fuel and power prices continued in deflation, falling by 5.83%.
Food inflation specifics	– Edible oils and fats inflation surged to 28% from 20.2%. – Inflation in pulses, wheat, and paddy remained elevated at 6-8%.
Manufactured goods and fuel impact	– Manufactured goods saw a 2% rise due to higher input costs. – Fuel prices increased by 1.2%, ending a two-month deflationary trend.
Core inflation	– Core inflation, excluding food and energy, remained subdued.
Current WPI index	– The Wholesale Price Index (WPI) saw a month-on-month decrease of 0.06%.
Fiscal Year Trends	– Wholesale inflation for FY 2024-25 averaged 2.1% till November, up from a contraction of 1.3% in the same period last year.