Daily Current Affairs Quiz17 April, 2025 International Affairs 1. WTO Global Trade Outlook for 2025 Revised Trade Growth Forecast Potential for Further Decline Broader Economic Implications Key Risks The WTO’s revised trade growth forecast reflects increasing risks to global trade in 2025, with U.S. tariff policies and trade uncertainty acting as key contributors to a potential decline in merchandise trade. Additionally, broader economic challenges, including slower global growth, will particularly affect developing countries, intensifying their vulnerability to trade shocks. TH 2. India’s Trade Deficit with China for FY 2024-25 Context: India recorded a trade deficit of $99.2 billion with China for the fiscal year 2024-25, a significant gap driven by a surge in imports of electronics goods and consumer durables. Implications of the U.S. Tariff Pause Trade Dynamics and Concerns India’s trade deficit with China has ballooned to $99.2 billion in FY 2024-25, fueled by imports of electronics and consumer goods. Meanwhile, the U.S. tariff pause has created potential shifts in global trade flows, with fears that Chinese goods could flood the Indian market, exacerbating the trade deficit. HT 3. Beijing Faces Up to 245% US Tariffs Amid Intensifying Trade War US-China Trade Tensions Escalate Key Developments Impact on Technology Sector: Nvidia and AI Chips US Retail Sales Surge in March TET National Affairs 1. Kailash Mansarovar Yatra 2025 Why in News? Efforts are intensifying between Indian and Chinese officials to restart the Kailash Mansarovar Yatra, suspended since 2019. With the deadline for finalizing pilgrims fast approaching, both sides are narrowing differences and aiming for a breakthrough soon. Current Status and Developments Route Enhancements Background Why This Matters TH 2. Kancha Gachibowli Deforestation Context: The Supreme Court delivered a stern warning to the Telangana government on Wednesday, ordering immediate action to protect wildlife affected by the destruction of 100 acres of the Kancha Gachibowli forest area. The court barred further tree felling and made it clear that development cannot come at the cost of the environment. Key Highlights from the Hearing Context and Consequences This case has brought the balance between urban development and ecological preservation into sharp focus, with the court prioritizing the rights of nature and wildlife over short-term infrastructural ambitions. TH 3. Gond (Gutti Koya) Tribes The Gond tribe is second largest indigenous groups in India, with a significant presence in central and south-central regions. They are categorized as a Scheduled Tribe and are known for their rich cultural heritage and traditional way of life. The Gonds are spread across several states, including Madhya Pradesh, Chhattisgarh, Maharashtra, Andhra Pradesh, and others.  Background of Displacement Role in Counter-Maoist Operations: Historical Context: Current Situation of Displaced Tribals Legal and Administrative Issues: Lack of Recognition and Rights: Pending Actions and Recommendations: TH 4. NREGS Daily Minimum Wage Unlikely to See Major Hike in FY26 Government Position Current Wage Scenario Parliamentary Panel Recommendations Effectiveness Under Scrutiny Sinha Panel (2023) Recommendations Budget Outlook Rural Consumption Implications TET 5. Japan to Gift India Two Shinkansen Bullet Train Context: Japan will gift two Shinkansen train sets (E5 and E3) to India for inspection and familiarisation. These trains will be used to train Indian engineers and test operations on the Mumbai-Ahmedabad High-Speed Rail (MAHSR) corridor. The gifted train sets are expected to arrive in early 2026. Long-Term Shinkansen Partnership MAHSR Corridor Project Progress Significance TOI Banking/Finance 1. Sebi Chairman’s Statement on Corporate Governance and Misgovernance Corporate Misgovernance: A Case of Individual Responsibility Role of Sebi and Regulatory Oversight Futures and Options (F&O) Trading Sebi’s Approach to Regulatory Oversight Sebi’s chairman, Tuhin Kanta Pandey, reassured that while the regulator has robust governance standards in place, the responsibility to prevent corporate misgovernance lies primarily with boards, independent directors, and auditors. Sebi continues to focus on timely intervention to protect public investors and curb speculative trading practices. He emphasized that regulatory changes should be systemic, not driven by the actions of a few individuals. BS 2. UPI Outages: NPCI and Banks Collaborate for a Solution Context: Unified Payments Interface (UPI) has experienced a series of outages, causing disruptions in real-time payments. The National Payments Corporation of India (NPCI), along with member banks, is now actively seeking a long-term solution to prevent repeated glitches. Focus on Transaction Status API Calls Monitoring and Control Mechanisms Root Cause Analysis Proposed Solutions Next Steps The repeated outages in the UPI system have prompted NPCI and banks to work together to address the issue of excessive Transaction Status API calls. Solutions being considered include self-regulation by banks or NPCI intervention to ensure smooth operations within the UPI ecosystem. Further discussions and reviews are expected to follow to implement an effective and lasting solution. BS 3. IndusInd Bank Derivatives Portfolio Discrepancy BS 4. Paytm Founder Vijay Shekhar Sharma Settles Sebi Case Context: Vijay Shekhar Sharma, his brother Ajay Shekhar Sharma, and One97 Communications (owner of Paytm) have agreed to pay a total of ₹2.79 crore as a settlement amount to the Securities and Exchange Board of India (SEBI). The settlement comes after SEBI accused them of misrepresenting facts and violating shareholder classification norms during Paytm’s IPO. Settlement Terms Specifics of the Violation Employee Stock Ownership Plan (ESOP) ESOP stands for Employee Stock Ownership Plan. It’s a plan where employers give their employees the option to purchase company stock, often at a discounted price or with a specific vesting period. This allows employees to become partial owners of the company and potentially benefit from its growth.  Impact of the Settlement Legal Representation Background on the Case TET 5. Sebi Reviews Regulation 24 to Ease Restrictions on Mutual Fund Business Activities What’s Happening? Current Regulatory Framework Rationale Behind Restrictions Why a Review is Needed Investor Risk Perspective Mint 6. RBI Suspends 14-Day Liquidity Window for Third Time What’s New? Implications for Liquidity Framework Emerging Policy Direction Statement from RBI Leadership Market Impact Mint 7. SEBI Set to Review ESG and Supply Chain Disclosure Norms Context: SEBI Chairman Tuhin Kanta Pandey has announced a comprehensive review of India’s ESG (Environmental, Social, Governance) disclosure norms, especially those relating to supply chain reporting.