Low Manufacturing PMI, RCEP, Turmeric for cancer News Analysis for August 02

Current Affairs and News Digest for August 02

Manufacturing PMI records steepest contraction

  • Manufacturing activity in July slowed to 47.9, the lowest level since February 2009.
  • The reading was significantly lower than the 59.9 seen in June. A score above 50 implies an expansion of activity while one below 50 denotes a contraction.
  • According to Indian manufacturers, higher tax rates sparked greater cost burdens in July.
  • The 12-month outlook for output remains positive in July, says the report.

About PMI

According to investopedia the Purchasing Managers’ Index (PMI) is an indicator of the economic health of the manufacturing sector. The PMI is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment. The purpose of the PMI is to provide information about current business conditions to company decision makers, analysts and purchasing managers.

For India, the PMI Data is published by Japanese firm Nikkei but compiled and constructed by Markit Economics

Somalia signs pact on convicts

  • New front for collaboration in anti-piracy operation in Eastern Africa, India and Somalia on Tuesday signed an agreement for transfer of sentenced convicts.
  • An agreement for transfer of sentenced persons between India and Somalia was also signed.
  • The collaboration between two sides will be significant due to the incidents of piracy that have affected Indian interests in the Indian Ocean region near the Horn of Africa.
  • India has in recent years extended development assistance to Somalia which has included mini buses to the war battered country.
  • Somalia had participated in the 2015 India-Africa Forum Summit.

The Horn of Africa is a peninsula in Northeast Africa. It is into the Arabian Sea and Indian Ocean, lying along the southern side of the Gulf of Aden. The area is the easternmost projection of the African continent.

Water conservation scheme a big success

The Rajasthan government’s flagship water conservation programme – Jal Swavalamban Abhiyan ( JSA) – has turned out to be a success in Pratapgarh district, where the groundwater table has increased, green agricultural fields have expanded.

NGT hails efforts In the Bhopal declaration, the JSA was praised as an initiative which would make every village of the State self reliant in water by using scientific tools for rejuvenating traditional water bodies.

National Green Tribunal Act, 2010 (NGT) is an Act of the Parliament of India which enables creation of a special tribunal to handle the expeditious disposal of the cases pertaining to environmental issues. It draws inspiration from the India’s constitutional provision of Article 21, which assures the citizens of India the right to a healthy environment.

GI tag need of the hour, feel Chirala silk weavers

Weavers of Chirala in Andhra Pradesh feel a Geographical Indication (GI) tag for their impressive silk sari can help them compete better and survive in the era of globalisation

About Chirala

  • The Chirala weavers inherit centuries-old rich artistic legacy. Italian traveller Marco Polo’s travelogue stands testimony to their weaving skills.
  • They are credited with manufacturing saris that can be folded and kept in matchboxes.

Geographical indication (GI) is a name or sign used on certain products which corresponds to a specific geographical location or origin. India, as a member of the World Trade Organization (WTO), enacted the Geographical Indications of Goods (Registration and Protection) Act, 1999 has come into force with effect from 15 September 2003. Darjeeling tea became the first GI tagged product in India.

Earlier in March 2017  “Bandar laddu gets GI tag”

19th RCEP Trade Negotiating Committee Meeting held in Hyderabad

All RCEP Participating Countries (RPCs) agreed that RCEP agreement has immense potential to deliver on new economic opportunities including job creation that are much needed in today’s uncertain world.

About Regional Comprehensive Economic Partnership (RCEP)

RCEP is a proposed comprehensive regional economic integration agreement amongst the 10-ASEAN countries (Brunei, Indonesia, Cambodia, Laos, Myanmar, Malaysia, Philippines, Thailand, Singapore and Vietnam) and its six Free Trade Agreements (FTAs) partners, viz. Australia, New Zealand, India, China, Japan and Korea.

RCEP negotiations were formally launched at 2012 ASEAN Summit in Cambodia. RCEP is viewed as an alternative to the Trans-Pacific Partnership (TPP), a proposed trade agreement that includes several Asian and American nations but excludes China and India.

Till 2017, RCEP member states accounted for a population of 3.4 billion people with a total GDP (in terms of PPP) of $49.5 trillion, approximately 39% of the world’s GDP (combined GDPs of China and India makes up more than half that amount).

Turmeric can be used to fight cancer in children-U.S. scientists

  1. Scientists in the US have found yet another use for curcumin, the bioactive component of turmeric that is widely used in Indian cuisine, this time to treat cancer in children.
  2. Nanoparticles loaded with curcumin can target and destroy neuroblastoma tumour cells. Neuroblastoma is the most common cancer in children younger than five years old.

Key Hihlights

  • Curcumin has been shown to have substantial anti-cancer ability, but its low solubility and poor stability have restricted its use in therapeutic applications.
  • Nanoparticles can be utilised to personalise care to patients and reduce the late effects of therapy.
  • Its therapeutic ability has earlier been shown by Indian scientists as well at the Jawaharlal Nehru University (JNU) in New Delhi in the case of tuberculosis (TB).

What is Neuroblastoma?

The cancers start in early nerve cells and commonly form in the tissue of the adrenal glands, near the kidneys. They are also associated with developmental delays, hearing loss, or other disabilities even after traditional treatments have ended. High-risk neuroblastoma can be resistant to traditional therapy, and survival can be poor.

Important News For The Day

Pakistan’s Petroleum Minister Shahid Khaqan Abbasi was elected the 18th Prime Minister of Pakistan by the National Assembly. Abbasi, was the nominee of ruling Pakistan Muslim League (N).
Arvind Panagariya (64) has resigned as Vice Chairman of NITI (National Institution for Transforming India) Aayog and announced to return to academics in US.
SEBI approves Dhirendra Swarup as BSE chairman. He was a public interest director at the BSE and replaces Sudhakar Rao.

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