PT 360 Economy November 2024: UPSC 2025

BIHTA DRY PORT 
•    Bihar's first dry port, also known as an Inland Container Depot (ICD), was inaugurated in Bihta, near Patna.
Features of Dry Ports
•    Dry ports serve as logistical hubs located away from traditional seaports or airports, facilitating cargo handling, storage, and transportation.
Significance of the Bihta Dry Port
•    Boosting Exports: This facility is expected to enhance exports of agro-based products, garments, and leather goods from Bihar.
•    Enhanced Logistics: It will optimize cargo handling and transportation, reduce transportation costs, and ensure efficient storage and handling.
•    Regional Benefits: The port will cater to the logistics needs of the entire eastern India region, benefiting neighboring states.
•    Connectivity: It is linked by rail to key gateway ports like Kolkata, Haldia, Visakhapatnam, Nhava Sheva, and major national and international trade routes.
DIRECT BENEFIT TRANSFER (DBT) 
News Context
A recent report by the State Bank of India revealed that the Direct Benefit Transfer (DBT) amount disbursed to women under various schemes has surpassed ₹2 trillion across multiple states.
Key Highlights of the Report
•    State-wise Distribution: In eight states, a total of ₹2.11 lakh crore has been allocated under various schemes, comprising approximately 3% to 11% of the respective state's revenue receipts.
•    Economic Impact: The report highlights the schemes’ potential to enhance consumption and overall economic spending, especially among low-income families.
•    Major Schemes: 
o    Gruha Lakshmi (Karnataka): ₹2,000 per month to female heads of families.
o    Mukhya Mantri Majhi Ladki Bahin Yojana (Maharashtra): ₹1,500 per month for women aged 21-60 years.
o    Mukhyamantri Ladli Behna Yojana (Madhya Pradesh): ₹1,250 per month for eligible women.
o    Subhadra Yojana (Odisha): ₹50,000 over five years for women aged 21-60 years.
About Direct Benefit Transfer (DBT)
Overview
•    Launch: 2013
•    Objective: Streamline cash subsidies and benefits to reduce leakages, ensure faster delivery, and eliminate delays in fund flow.
Scope of Support
•    Cash Transfers: Examples include PM-KISAN, pensions for widows and the elderly, and scholarships.
•    In-Kind Support: Fertilizer subsidies, PDS (food grain distribution), and school meals under PM Poshan.
Mechanism (India Stack-Based)
•    Public Financial Management System (PFMS): Handles beneficiary data, digital approvals, and payments via the Aadhaar Payment Bridge (APB) of NPCI.
•    JAM Trinity (Jan Dhan-Aadhaar-Mobile): Links Aadhaar-seeded Jan Dhan accounts with mobile numbers for seamless fund transfers.
•    Banking Infrastructure: Leverages Business Correspondents, Payment Banks, and Aadhaar-enabled Payment Systems (AePS) for last-mile financial inclusion.
•    UPI Integration: Enhances interoperability, involving both public and private sectors in subsidy and benefit delivery.
Transformative Impact of DBT on Social Welfare
Effective Implementation of Schemes
•    Since 2016, DBT has delivered over 450 schemes to 900 million people, transferring $450 billion directly to beneficiaries, covering 60% of the Union Government's welfare budget.
Relief During COVID-19
•    DBT transferred ₹27,442 crore to 11.42 crore beneficiaries through PM-KISAN and MGNREGS between March and April 2020.
•    States disbursed ₹9,217 crore to 4.59 crore beneficiaries across 180 welfare schemes during the pandemic.
Financial Inclusion
•    Over 53.13 crore bank accounts were opened under PM Jan Dhan Yojana (PMJDY), with 67% in rural and semi-urban areas, and 56% owned by women.
Transparency and Accountability
•    Aadhaar-seeding eliminated 90 million fake beneficiaries, saving the government $40 billion by reducing leakages, which previously accounted for 2% of GDP annually.
Socio-Economic Impact
•    Social Mobility: Enabled rehabilitation through programs like Self-Employment for Manual Scavengers.
•    Agricultural Support: Strengthened rural economies by offering direct financial aid for fertilizers and insurance to farmers.
•    Women Empowerment: Enhanced financial independence via direct transfers to Jan Dhan accounts under schemes like PM Garib Kalyan Yojana.
International Recognition
•    The IMF described India’s DBT system as a “logistical marvel,” benefiting women, farmers, and the elderly.
•    The World Bank President commended its efficiency, reaching 85% of rural households and 69% of urban households.
DOMESTIC SYSTEMICALLY IMPORTANT BANKS (D-SIBS)
Reserve Bank of India (RBI) 2024 List of Domestic Systemically Important Banks (D-SIBs)
•    The Reserve Bank of India has released the 2024 list of Domestic Systemically Important Banks (D-SIBs).
•    The following banks continue to be designated as D-SIBs for 2024: 
o    State Bank of India (SBI)
o    HDFC Bank
o    ICICI Bank
About D-SIBs
•    D-SIBs are banks whose operations are critical due to their size, complexity, cross-jurisdictional activities, and interconnections, with no viable substitutes. 
o    These banks are considered "too big to fail", meaning their failure would cause significant disruption to the banking sector and the broader economy.
D-SIB Declaration Framework
•    The RBI identifies D-SIBs based on its 2014 D-SIB Framework, which aligns with the Basel Committee on Banking Supervision (BCBS) guidelines.
•    Key criteria for D-SIB designation: 
o    Banks with a size equivalent to 2% or more of GDP are evaluated for inclusion in the list.
o    Banks are categorized into five buckets, depending on the Additional Common Equity Tier 1 (CET1) capital requirements as a percentage of Risk-Weighted Assets (RWAs): 
    Bucket 1 requires the lowest CET1 capital.
    Bucket 5 requires the highest CET1 capital.
o    Foreign banks with a branch presence in India that are classified as Global Systemically Important Banks (G-SIBs) must maintain an additional CET1 capital surcharge. 
    The Financial Stability Board (FSB) publishes the list of G-SIBs globally.
Key Terms
•    Risk-Weighted Assets (RWAs): A measure of the minimum capital a bank needs, based on the risk associated with its asset portfolio. Assets are assigned different risk weights according to their risk profiles.
•    Common Equity Tier 1 (CET1): A component of Tier 1 capital, comprising primarily of common stock. It represents the highest-quality regulatory capital, capable of absorbing losses immediately.
FOOD CORPORATION OF INDIA (FCI) 
News Context
•    The Cabinet Committee on Economic Affairs (CCEA) has approved an equity infusion of ₹10,700 crore into the Food Corporation of India (FCI) for its working capital needs in 2024-25.
•    Background: FCI began with an authorized capital of ₹100 crore and an initial equity of ₹4 crore. Over the years, its equity base has been periodically increased.
•    Significance of the Current Infusion: 
o    Enhances FCI's operational capabilities to effectively meet its objectives.
o    Reduces dependency on short-term loans, leading to lower interest costs and decreased government subsidies.
About the Food Corporation of India (FCI)
•    Overview: FCI is a Public Sector Undertaking under the Ministry of Consumer Affairs, Food & Public Distribution.
•    Establishment: It was created as a statutory body under the Food Corporations Act, 1964.
•    Financial Journey: Starting with an authorized capital of ₹100 crore and equity of ₹4 crore, FCI's equity has been incrementally raised.
•    Primary Role: FCI is the main agency implementing the food policies of the Government of India.
•    Functions: 
o    Responsible for the procurement, storage, interstate movement, distribution, and sale of food grains.
Key Objectives of FCI
•    Ensure effective price support operations to safeguard farmers' interests.
•    Facilitate the nationwide distribution of food grains under the Public Distribution System (PDS).
•    Maintain adequate operational and buffer stocks of food grains to uphold national food security.
Working Mechanism of FCI
•    Procurement: Alongside state agencies, FCI procures food grains to ensure Minimum Support Price (MSP) for farmers and affordable grains for vulnerable populations.
•    Procurement Models: 
o    Direct Procurement: FCI or State Government Agencies (SGAs) handle procurement, storage, and distribution.
o    Decentralized Procurement (DCP): States manage procurement, storage, and distribution while transferring surplus stocks (wheat/rice) to FCI for the Central Pool.
Initiatives to Enhance FCI’s Efficiency
Structural Reforms
•    Direct Benefit Transfer (DBT): Introduction of the ‘One Nation, One MSP’ scheme for direct online payments to farmers.
•    Modernized Storage: 
o    Replacement of traditional Cover and Plinth storage (30.25 LMT in 2014) with scientifically managed depots and silos.
o    Operationalization of 22.75 LMT of steel silos, with 41 LMT more under construction.
•    Digital Reforms: 
o    Implementation of AI-enabled video surveillance and the ANNA DARPAN portal for streamlined supply chain management.
o    Introduction of a Vehicle Location Tracking System, Warehouse Inventory Network and Governing System (WINGS) app for mill tagging and space allocation in warehouses.
IMPORTANCE OF LARGE TRADE AGREEMENTS 
News Context
•    The NITI Aayog CEO recently emphasized the need for India to consider joining major trade agreements like the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
•    The World Bank’s India Development Update recommended reforms to reduce trade costs, lower barriers, and rethink India’s stance on participation in free trade agreements (FTAs) such as the RCEP.
o    An FTA is a treaty between two or more nations that establishes mutual obligations impacting trade in goods and services, as well as provisions for investor protection and intellectual property rights.
•    In contrast, the Global Trade Research Initiative (GTRI) opposed the World Bank’s suggestion for India to reconsider joining the RCEP.
About the Regional Comprehensive Economic Partnership (RCEP)
•    What is RCEP?
o    A comprehensive free trade agreement involving the 10 ASEAN Member States and 5 FTA partners: Australia, China, Japan, South Korea, and New Zealand.
•    Objective: To establish a modern, comprehensive, high-quality, and mutually beneficial economic partnership among ASEAN members and their FTA partners.
•    Timeline and Significance:
o    Negotiations began in 2013, and the agreement was signed in 2020.
o    India withdrew from negotiations in 2019.
o    RCEP is the world’s largest free trade agreement, accounting for 30% of global GDP and encompassing a third of the world’s population.
About the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
•    What is CPTPP?
o    A free trade agreement among 11 countries: Canada, Mexico, Peru, Chile, New Zealand, Australia, Brunei, Singapore, Malaysia, Vietnam, and Japan.
o    The United Kingdom is set to officially join by December 15, 2024.
•    Economic Impact: CPTPP accounts for 11.4% of global GDP and 6.5% of the global population.
21ST LIVESTOCK CENSUS 
•    The Union Minister of Fisheries, Animal Husbandry, and Dairying has inaugurated the 21st Livestock Census to gather updated data on livestock populations. This initiative aims to tackle crucial challenges such as disease management, breed enhancement, and the promotion of rural livelihoods.
Highlights of the 21st Livestock Census
•    Timeline: Scheduled from October 2024 to February 2025.
•    Key Features:
o    Fully digitized process, continuing the approach used in the 20th census.
o    Comprehensive data collection on 16 livestock species and 219 indigenous breeds.
o    Inclusion of data on pastoralists for the first time.
o    Emphasis on understanding gender roles in livestock rearing.
•    Background: The livestock census has been conducted every five years since 1919, with the most recent census completed in 2019.
MORMUGAO PORT AUTHORITY 
The Mormugao Port Authority has achieved global recognition as an incentive provider on the Environmental Ship Index (ESI) platform.
About the Environmental Ship Index (ESI):
•    Published by the International Association of Ports and Harbors (IAPH) since 2011.
•    Identifies ships that exceed the current emission standards set by the International Maritime Organization (IMO) by reducing air emissions.
About Mormugao Port:
•    A major Indian port situated in Goa.
•    Pioneered the Green Ship Incentives initiative in India through the Harit Shrey scheme, leveraging the ESI.
Harit Shrey Scheme (2023):
•    Offers incentives to ships with favorable ESI scores.
•    Aims to promote decarbonization and support the transition to green shipping practices.
NANO FERTILIZERS 
Indian scientists have created a nanomaterial coating using nanoclay for muriate of potash (MoP).
•    MoP fulfills 80% of the demand for potassium-based fertilizers.
About Nano Fertilizers
•    Nano fertilizers are nutrients encapsulated or coated with nanomaterials (with a size of 100 nanometers or less). 
o    They allow for a controlled release and gradual diffusion of nutrients into the soil.
Benefits of Nano Fertilizers
•    Sustainable Farming: Helps reduce soil and water contamination.
•    Cost-Effectiveness: Enhances nutrient absorption, minimizes wastage, and lowers the frequency of application.
PAN (PERMANENT ACCOUNT NUMBER) 2.0 
•    The Cabinet Committee on Economic Affairs (CCEA) has approved the PAN 2.0 Project initiated by the Income Tax (IT) Department.
Overview of the PAN 2.0 Project
•    e-Governance Initiative: The project aims to revamp taxpayer registration services by re-engineering business processes through technology-driven transformation.
•    Upgraded System: PAN 2.0 will enhance the existing PAN/TAN 1.0 ecosystem. 
o    PAN (Permanent Account Number): A unique ten-digit alphanumeric identifier issued by the IT Department to link and track transactions, including tax payments.
o    Issuing Agencies: Protean (previously NSDL e-Governance) and UTI Infrastructure Technology and Services Ltd (UTIITSL).
Key Benefits
•    Unified Identifier: Functions as a common identifier across digital systems of designated government agencies.
•    Data Accuracy: Ensures consistency and reliability of data.
•    Centralized Information: Acts as a single source of truth for relevant information.
RURAL NON-FARM ECONOMY (RNFE) 
News Context
The "State of Rural Youth Employment 2024" report reveals that most rural youth perceive agriculture as unappealing and prefer non-agricultural jobs, including opportunities in small businesses.
Key Highlights of the Report
•    Source: The report was prepared by the Development Intelligence Unit (DUI), a collaborative effort by Transform Rural India (TRI), Sambodhi Research, and the Global Development Incubator (GDI).
•    Findings: 
o    70% of rural youth attribute their shift away from farming to low productivity and poor profitability in agriculture.
About the Rural Non-Farm Economy (RNFE)
•    RNFE encompasses various activities beyond primary agriculture, such as: 
o    Value Chain Activities: Agro-processing, transport, distribution, marketing, and retail.
o    Other Sectors: Tourism, manufacturing, construction, and self-employment ventures like handicrafts, bakeries, mechanics, and kiosks.
o    RNFE is classified based on geography (rural areas) and activity (non-agricultural).
•    Current Trends: 
o    While agriculture traditionally dominated rural economies, two-thirds of rural income now comes from non-agricultural activities (RNFE).
o    Over half of India's manufacturing value addition occurs in rural areas.
Key Determinants of RNFE in India
•    Government Policies:
o    The Dr. Ashok Dalwai Committee emphasized transitioning surplus agricultural labor to non-farm sectors to double farmers' incomes.
o    Initiatives like promoting agri-startups and schemes like Namo Drone Didi aim to support this transition.
•    Education and Skills: Higher levels of education are directly linked to increased non-farm income opportunities.
•    Family Size: Larger families tend to earn less from farming but gain more from non-farm activities.
•    Impact of Climate Change: Climate vulnerabilities in agriculture underscore the importance of diversifying into RNFE.
•    Public Spending and Diversification: Investments in infrastructure, factory growth, and manufacturing expansion significantly boost RNFE.
•    Infrastructure Development: Rural infrastructure investments enhance employment opportunities in construction, benefiting both men and women.
Key Initiatives Supporting RNFE
•    Institutional Arrangements: Khadi and Village Industries Commission (KVIC), National Small Industries Corporation (NSIC).
•    Traditional Industry Promotion: Schemes like SFURTI (Scheme of Fund for Regeneration of Traditional Industries) and USTAD (Upgrading the Skills and Training in Traditional Arts/Crafts for Development).
•    Credit Support for Small Enterprises:
o    SHG Bank Linkage Program under NABARD.
o    Establishment of Small Industries Development Bank of India (SIDBI).
•    Skill Development:
o    Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY).
o    Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM).
•    Infrastructure Development:
o    Digital connectivity through BharatNet.
o    Improved rural connectivity under Pradhan Mantri Gram Sadak Yojana (PMGSY).
o    Digital literacy via Pradhan Mantri Gramin Digital Saksharta Abhiyan.
•    Employment Guarantee Scheme: Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA), a demand-driven wage employment program.
RBI ISSUES FRAMEWORK FOR RECLASSIFICATION OF FPI TO FDI 
Under current regulations, foreign portfolio investments (FPIs) are capped at 10% of the total paid-up equity capital of an Indian company, which represents the funds received by the company in exchange for shares from its shareholders.
•    If FPIs exceed this 10% limit, they face two options: 
o    Divesting (selling) the excess shares.
o    Reclassifying the surplus as Foreign Direct Investment (FDI).
•    When opting for reclassification as FDI, FPIs must adhere to specific operational guidelines outlined below.
RBI's New Operational Framework for FPI-to-FDI Reclassification
•    Prohibited Sectors: Reclassification is not allowed in sectors where FDI is banned, such as chit funds and gambling.
•    Approvals: 
o    Government approvals are mandatory for FPI investments from countries sharing land borders with India.
o    Consent from the Indian investee company is also required.
•    Compliance: Investments must comply with: 
o    Entry routes (Automatic or Government).
o    Sectoral caps and investment limits.
o    Pricing guidelines and other FDI-related regulations.
•    Regulation Basis: The reclassification process will follow the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019.
Significance
•    Enhanced Investment Appeal: Facilitates increased foreign investment.
•    Strategic Flexibility: Allows FPIs to transition to more strategic investment roles.
•    Investor Confidence: Improves clarity and transparency for foreign investors in India's markets.
About Foreign Direct Investment (FDI)
•    FDI refers to foreign investors acquiring ownership in a company or project promoted by an individual, institution, or the government in India.
•    Characteristics:
o    Represents a long-term investment.
o    Primarily involves non-debt capital flows.
•    Approval Routes for FDI:
o    Automatic Route: No government approval required.
o    Government Route: Requires approval from the relevant ministry or department.
•    FDI investments can target both listed and unlisted companies, broadening opportunities for capital inflows.
SCHEME FOR MEDICAL DEVICE INDUSTRY 
Scheme for Strengthening the Medical Device Industry: Launched by the Ministry of Chemicals and Fertilizers
Overview
•    Aims to address critical aspects of the medical device industry to make India self-reliant in this sector.
•    India's medical device market, currently valued at $14 billion, is projected to grow to $30 billion by 2030.
Key Features
•    Total Outlay: ₹500 crore
•    Components: The scheme is structured around five sub-schemes: 
o    Common Facilities for Medical Devices Clusters: Focuses on improving infrastructure by establishing shared facilities like R&D labs, design and testing centers, and animal labs.
o    Marginal Investment Scheme to Reduce Import Dependence: Encourages localized production of key components and raw materials.
o    Capacity Building and Skill Development for Medical Devices: Provides financial assistance for training programs to develop a skilled technical workforce.
o    Medical Device Clinical Studies Support Scheme: Offers funding for animal studies, human trials, and clinical performance evaluations.
o    Medical Device Promotion Scheme: Supports industry associations and export councils in organizing events, conducting studies, and surveys.
Challenges in the Medical Device Industry
•    Limited infrastructure, including R&D labs, design centers, and testing facilities.
•    Heavy reliance on imports for high-end medical devices.
•    Low capital investment in the sector.
•    Issues with the inverted duty structure.
Government Initiatives to Promote Medical Devices Manufacturing
•    Production Linked Incentive (PLI) Scheme: Aims to enhance domestic manufacturing of medical devices.
•    Promotion of Medical Device Parks: Supports the creation of specialized industrial parks to facilitate production and innovation.
‘THE STATE OF FOOD AND AGRICULTURE 2024’ REPORT RELEASED BY FAO 
The report underscores the importance of value-driven transformation in agrifood systems, building on previous estimates regarding the global hidden costs of these systems (from farm to table).
Understanding Hidden Costs
•    Hidden costs refer to external costs (negative externalities) or economic losses caused by market or policy failures.
Key Findings of the Report
•    Global Hidden Costs: Industrial and diversifying agrifood systems contribute the most to global quantified hidden costs, estimated at approximately $5.9 trillion (2020 PPP dollars). The majority of these costs stem from health-related issues linked to non-communicable diseases. 
o    Major Contributors: Unhealthy dietary patterns (e.g., low whole-grain intake, high sodium consumption) account for 70% of the quantified hidden costs.
o    Other factors include: 
    Social costs: Resulting from undernourishment and poverty.
    Environmental costs: Linked to greenhouse gas emissions and other ecological impacts.
•    India’s Position: India’s hidden costs are estimated at $1.3 trillion annually, making it the third-largest contributor after China and the USA. Unhealthy dietary patterns are the primary drivers.
Recommendations for Transforming Agrifood Value Chains
•    For Industrial Agrifood Systems (Long value chains, high urbanization): 
o    Develop food-based dietary guidelines using an agrifood systems approach.
o    Implement mandatory nutrient labeling, certifications, and information campaigns.
•    For Traditional Agrifood Systems (Short value chains, low urbanization): 
o    Combine conventional productivity-focused strategies with environmental and dietary measures to minimize the environmental footprint.
India’s Initiatives to Reform Agrifood Systems
•    Sustainable Farming Practices:
o    Schemes: Paramparagat Krishi Vikas Yojana (PKVY), Per Drop More Crop (PDMC), and National Bamboo Mission (NBM).
•    Agricultural Infrastructure Development:
o    Initiatives: Agriculture Infrastructure Fund (AIF) and Agricultural Marketing Infrastructure (AMI) scheme.
•    Enhancing Farmers' Welfare:
o    Programs: Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) and the Formation and Promotion of Farmer Producer Organizations (FPOs).
UNIFORM PROTECTION PROTOCOL
•    The Central Electricity Authority has approved the Uniform Protection Protocol for users of the Indian Grid, to be implemented across the country.
About the Uniform Protection Protocol
•    Objective: To enhance grid stability, reliability, and security while supporting India’s goal of integrating 450 GW of renewable energy into the National Grid by 2030.
•    Scope: Focuses on meeting protection requirements for thermal and hydroelectric generating units, among others.
•    Functionality: 
o    Ensures proper coordination within the protection system to safeguard equipment and systems from abnormal operating conditions.
o    Facilitates the isolation of faulty equipment.
o    Prevents unintended activation of the protection system.
VENTURE CAPITAL FUND FOR SPACE SECTOR
•    The Union Cabinet has recently approved the creation of a ₹1,000 crore Venture Capital Fund for the space sector, which will operate under the Indian National Space Promotion and Authorization Centre (IN-SPACe). 
o    Venture Capital Fund: This is a form of private equity financing specifically aimed at early-stage startups with high growth potential.
o    IN-SPACe: An autonomous nodal agency within the Department of Space (DOS), acting as a single-window interface between ISRO and Non-Governmental Entities (NGEs). 
    It facilitates private sector involvement in the space industry.
    Responsibilities include authorizing and supervising activities such as building launch vehicles, manufacturing satellites, and sharing space infrastructure.
About the VC Fund for the Space Sector
•    Purpose: The fund will support startups across the entire space supply chain, including upstream, midstream, and downstream sectors.
•    Financial Structure: 
o    Operates over five years, with an annual allocation of ₹150-250 crore.
o    Investments per startup range from ₹10-60 crore.
o    Targeted to support approximately 40 startups.
•    Goals: 
o    Boost India’s position as a leading space economy.
o    Attract additional funding to support later-stage development of startups.
o    Enable the private space industry to achieve a five-fold expansion in the next decade.
o    Drive technological advancements and enhance private sector participation in space activities.
Benefits of the VC Fund
•    Encourages Indian space companies to remain domiciled within the country.
•    Generates employment in fields such as engineering, software development, data analysis, and manufacturing.
•    Fosters an innovation-driven ecosystem to improve global competitiveness.
India’s Space Sector
•    Currently ranks 5th globally and contributes 2-3% of the global space economy.
•    Valued at $8.4 billion, with a projected target of reaching $44 billion by 2033.
WORLD ORGANISATION FOR ANIMAL HEALTH (WOAH) 
The Indian Council of Agricultural Research-National Research Centre on Equines (ICAR-NRC Equine) in Haryana has achieved the prestigious status of a WOAH Reference Laboratory.
•    Recognition: This designation acknowledges the centre's expertise in addressing Equine Piroplasmosis. 
o    Equine Piroplasmosis: A disease caused by tick-borne protozoan parasites, affecting horses, donkeys, mules, and zebras.
About WOAH
•    Established: 1924 as an intergovernmental organization.
•    Mission: To share knowledge on animal diseases and enhance global animal health.
•    Membership: 183 countries, including India.
•    Headquarters: Paris, France.
WORLD INTELLECTUAL PROPERTY INDICATORS 2024 REPORT
•    World Intellectual Property Indicators 2024: The World Intellectual Property Organization (WIPO) released its World Intellectual Property Indicators 2024 report, highlighting India's notable growth in intellectual property (IP) filings, particularly patents, which doubled between 2018 and 2023.
Key Findings Related to India
•    Patents
o    India ranks 6th globally with 64,500 patent filings.
o    The country's Patent-to-GDP ratio improved significantly from 144 in 2013 to 381 in 2023.
•    Trademarks
o    India's IP office holds the second-highest number of active registrations globally.
o    India ranks 4th globally in trademark filings.
•    Industrial Design Filings
o    India is ranked 10th globally, with a 36% increase in filings in 2023, reflecting growth in creative design.
Factors Driving the Surge in Patent Filings
•    Government Initiatives and Policy Support: Measures like the Patents (Amendment) Rules, 2024 (reduced renewal fees and filing timelines), the National IPR Policy, 2016, and a simplified patent process.
•    Improved Application Clearance: Over 1.03 lakh patents were granted in the financial year 2023–24.
•    Strengthened IP Infrastructure: Digitization of filing processes and the establishment of IPR facilitation centers have streamlined operations.
Challenges/Issues in India's Patent Ecosystem
•    Abolition of the Intellectual Property Appellate Board: This has left a gap in handling IP-related appeals effectively.
•    Evergreening of Patents: Companies extend patent periods to maintain monopolies, particularly in the pharmaceutical sector.
•    Other Issues: Challenges such as compulsory licensing and lack of fixed timelines for procedural steps impact efficiency.
WIPO and Patent Regulation
Global Framework
•    World Intellectual Property Organization (WIPO) and agreements like the WTO TRIPS Agreement (1994) regulate patents globally.
•    Key conventions include the Patent Cooperation Treaty (1970) and the Budapest Treaty (1977).
India’s Patent Framework
•    The Patents Act, 1970, amended in 2005, ensures alignment with the WTO TRIPS Agreement.

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