Daily Current Affairs Notes for 01 March 2023

World Seagrass Day 2023

On the 1st of March every year, World Seagrass Day is commemorated to increase awareness about seagrass and its crucial role in the marine ecosystem. Seagrass refers to a group of grass-like plants that grow in close proximity to the ocean. They are the only flowering plants that thrive in marine environments and over 60 seagrass species exist worldwide. Seagrass serves as an exceptional carbon sink and a source of nourishment for marine organisms.

Seagrass populations have been in decline since the 1930s, with almost 21% of the world's seagrasses now classified as near threatened, vulnerable, or endangered by the International Union for Conservation of Nature (IUCN). Seagrass degradation is primarily caused by pollution, coastal development activities, and land-based run-offs.

Why seagrass matters?

Found in shallow waters around the world, from the tropics to the Arctic circle, seagrasses are marine flowering plants that create vast underwater meadows. These meadows foster intricate, highly productive, and biologically diverse habitats.

Despite covering only 0.1% of the ocean floor, seagrass meadows support thousands of species of marine life, including fish, seahorses, and turtles, and sustain some of the world's largest fisheries. They also enhance water quality by filtering, cycling, and storing nutrients and pollutants, thus reducing seafood contamination. Seagrasses are highly efficient carbon sinks and can sequester up to 18% of the ocean's carbon, making them a potent nature-based solution to address the impacts of climate change. They also help buffer ocean acidification, enhancing the resilience of vulnerable ecosystems and species, such as coral reefs. Moreover, seagrasses serve as the first line of defense for coastal populations, mitigating the increasing risks of floods and storms by reducing wave energy.

World Seagrass Day: History

The General Assembly passed A/RES/76/265 in May 2022, designating March 1 as World Seagrass Day. The resolution emphasizes the critical need to raise awareness and encourage actions to conserve seagrasses at all levels. This is necessary to support their health and growth while recognizing the importance of enhancing ecosystem services and functions towards achieving the Sustainable Development Goals.

World Civil Defence Day 2023

On March 1, World Civil Defence Day is observed to promote the significance of civil defence measures in safeguarding people and their assets from natural disasters, accidents, and other emergencies. The day acknowledges the contributions of various civil defence organizations in protecting communities and saving lives. Additionally, it pays tribute to the efforts of civil defence personnel who work tirelessly to ensure the safety and well-being of their communities.

World Civil Defence Day 2023: Theme

This year's theme is "Uniting the world's leading experts for the safety and security of future generations," highlighting the significance of technical systems, technological applications, and artificial intelligence techniques in identifying risks associated with civil protection and defence.

World Civil Defence Day 2023: Significance

World Civil Defence Day underscores the significance of civil defence measures in safeguarding people and communities during emergencies. It also provides a chance for governments, civil society organizations, and individuals to evaluate their preparedness plans and identify areas for improvement.

World Civil Defence Day: History

The Association of Geneva Zones was established in 1931 by French Surgeon-General George Saint-Paul. Having witnessed the atrocities of World War I, he sought to establish safe zones where people could seek refuge during times of war. The International Civil Defence Organisation (ICDO) inaugurated World Civil Defence Day in 1990.

The Ministry of Statistics and Programme Implementation reported that India's gross domestic product (GDP) growth rate decreased for the second consecutive quarter in the October-December period, reaching 4.4 percent.

The 3rd Quarter(Q3) GDP Growth:

The recent quarterly growth figure of 4.4 percent is lower than the 6.3 percent growth reported in the second quarter of 2022-23. However, the second quarter growth rate was less than half of the 13.2 percent growth achieved in April-June 2022 due to the low base effect in the early part of the year.

RBI’s forecasts of The Fiscal Year 2023-24 GDP Growth:

The Reserve Bank of India (RBI) had predicted a growth rate of 4.4 percent for the final quarter of 2022 in December. However, the central bank had estimated a growth rate of 6.8 percent for the current year at that time.

The first advance estimate of GDP released by the statistics ministry in early January had predicted India's GDP to grow by 7 percent in 2022-23. The government's second advance estimate, released on February 28, has maintained the full-year GDP growth projection at 7 percent for this year.

Manufacturing: A cause of concern:

Data released by the National Statistical Office (NSO) shows that India's Gross Domestic Product (GDP) growth slowed to a three-quarter low of 4.4% in October-December 2022-23. This was primarily due to a 1.1% contraction in manufacturing, as well as weaker private consumption demand and government expenditure.

According to Chief Economic Adviser V Anantha Nageswaran, although the latest GDP data shows a slowdown in manufacturing due to rising input costs, there are enough high-frequency indicators to suggest robust manufacturing activity. He pointed out that the Purchasing Managers’ Index (PMI) and the performance of core sectors in January indicate a healthy manufacturing sector and a fairly robust growth rate in the fourth quarter.

7 percent GDP growth in this Fiscal Year(2023-24):

After the GDP numbers were released, Chief Economic Advisor (CEA) V Anantha Nageswaran stated in a press briefing that India is set to achieve a GDP growth rate of 7 percent in 2022-23, despite the global economic slowdown.

The Chief Economic Advisor (CEA) stated in a press briefing after the GDP numbers were released that "The growth momentum carried on in October-December and the GDP growth rate of 4.4 percent was primarily due to the base effect." The CEA also mentioned that the gross value added (GVA) growth for the third quarter was 4.6 percent, which was lower than the 5.5 percent growth recorded in the July-September period.

In the October-December period, the consumption growth rate was recorded at 2.1 percent, which is a decrease from the 8.8 percent growth rate seen in the July-September period. Additionally, the capital formation growth rate also declined to 8.3 percent in the third quarter, compared to 9.7 percent in the previous quarter of the current fiscal year.

The Real & Nominal GDP Growth for This Fiscal Year(2023-24):

The second advance estimate for India's real GDP growth for the financial year 2022-23 remains unchanged at 7 percent, as per the latest update. This is the same as the growth rate projected in the first advance estimate.

According to the second advance estimate, the nominal GDP growth for FY23 is estimated to be 15.9 percent, which is slightly higher than the 15.4 percent estimated in the first advance estimate. However, the GDP growth rate for the April-June quarter has been revised downward from 13.5 percent to 13.2 percent.