Daily Current Affairs Quiz30 April, 2025 International Affairs 1. India-Canada Relations Context: Prime Minister Narendra Modi recently congratulated Canadian Prime Minister Mark Carney on the re-election of the Liberal Party in Canada, emphasizing shared democratic values and a commitment to the rule of law. This gesture marks a rare positive exchange between New Delhi and Ottawa, signaling a potential reset in bilateral relations after more than two years of tension under Justin Trudeau’s leadership. Political Dynamics Shaping India-Canada Relations Mark Carney’s rise to leadership comes amid heightened tensions between the two nations following the June 2023 killing of Khalistani separatist Hardeep Singh Nijjar. Canada’s accusations against Indian government agents led to tit-for-tat expulsions of diplomats, straining relations. Opportunities for Trade and Security Engagement The possibility of reviving the India-Canada Comprehensive Economic Partnership Agreement (CEPA), suspended amid the Nijjar investigation, has captured attention. G7 Summit and India’s Role in Global Affairs Prime Minister Carney’s upcoming G7 Summit in Alberta is another pivotal moment. Speculation surrounds whether Carney will invite India as a special guest, further solidifying India’s role in global economic and security discussions. Expert Views on the Path Forward Former High Commissioner to Canada Ajay Bisaria believes that Carney has a chance to “fix what Trudeau broke,” and that both nations should prioritize rebuilding trust and boosting economic ties. David McKinnon, a former diplomat, suggests that despite the seriousness of the Nijjar case, it should not dominate the entirety of Canadian foreign policy. Carney’s Leadership and Canada’s International Strategy Carney’s leadership is partly a response to backlash against U.S. economic policies under Trump, and his campaign promises emphasized diversifying ties with countries like India. TH 2. U.S. Intellectual Property (IP) Rights Context: India has been placed again on the U.S. Trade Representative’s (USTR) 2025 Priority Watch List due to ongoing concerns over the protection and enforcement of intellectual property (IP) rights. What is U.S. Intellectual Property Rights? Patents Copyrights Trademarks Trade Secrets Other Forms of IP Protection Significance of IP Rights Inconsistent IP Progress in India Broader Global Context India’s High Customs Duties Uncertainty for Businesses TH National Affairs 1. India’s Plastic Waste Crisis Context: India is now the world’s largest plastic polluter, emitting 9.3 million tonnes (Mt) annually, accounting for nearly 20% of global plastic emissions. Plastic emissions are defined as waste (debris or burnt material) that moves from managed or semi-managed systems into the uncontrolled environment. Evidence of Underreporting Data Gaps and Policy Blind Spots Constitutional and Legal Framework Infrastructure & Institutional Fixes Operationalising EPR Effectively Tanneries Case in Tamil Nadu Legal Principle: Polluter Pays TH 2. Tree Plantation and Carbon Sequestration in India Context: India’s forest and tree cover stands at 25.17%, falling short of the 33% target outlined in the National Forest Policy (1988). Amid accelerating climate change, expanding tree cover is vital to: Role of Tree Plantations in Climate Mitigation Carbon Sequestration DefinitionCarbon sequestration is the process of capturing and storing carbon in a carbon pool to reduce the amount of carbon dioxide (CO₂) in the atmosphere. It plays a vital role in mitigating climate change. Types of Carbon SequestrationThere are two main types: Biologic Carbon Sequestration (Biosequestration) Geologic Carbon Sequestration (Carbon Capture and Storage – CCS) Importance Key Government Initiatives Corporate Participation and Strategic Shifts Economic and Social Co-Benefits Policy Gaps and Recommendations Challenge Recommendation High cost of global carbon credits (€83/t in EU ETS) Promote domestic afforestation as cost-effective alternative Lack of national carbon trading policy Establish a carbon credit registry and regulatory framework under Article 6 Limited private sector participation Offer financial incentives and streamline approval processes The Road to Net-Zero by 2070 India’s path to carbon neutrality must include: Inaction risks environmental degradation, export losses, and economic instability. Strategic afforestation is not just climate policy—it’s economic policy. TH 3. Study on India’s Public-Funded R&D Organisations Context: A study commissioned by the Office of the Principal Scientific Adviser and executed by the Confederation of Indian Industry (CII) and the Centre for Technology, Innovation, and Economic Research reveals significant gaps in India’s public-funded Research and Development (R&D) sector: R&D Expenditure and Institutional Performance The study highlights financial and structural trends in R&D spending: Staffing Trends in R&D Institutions The study notes staffing changes in India’s R&D landscape: Mandate Review and Shift Towards Innovation The study suggests a shift in the role of research institutions: Call for Improvements and Structural Changes The study emphasizes the need for closer analysis and improvement in the R&D sector, particularly in fostering a more collaborative, industry-oriented approach. Institutions are encouraged to focus on fostering innovation, external partnerships, and start-up incubation. TH Science & Tech 1. Pegasus Spyware Context: The Supreme Court, during a hearing on April 30, 2025, questioned objections to the use of Pegasus spyware by the Indian government, asking whether its deployment against anti-national elements could be considered unlawful if done for national security purposes. What is Pegasus? Pegasus is a powerful spyware developed by NSO Group, an Israeli cyber-arms company. It can covertly and remotely infect mobile devices (iOS and Android) without the user’s knowledge. Purpose vs. Misuse Installation Method Discovery and Technical Exposure TH 2. Starlink in India Context: Starlink, powered by SpaceX, could transform digital connectivity in rural India, offering high-speed, low-latency internet where terrestrial networks are inadequate. By bridging the rural-urban digital divide, it supports education, telemedicine, e-governance, and economic inclusion. However, its rollout is entangled in India’s layered legal and regulatory ecosystem. Regulatory Frameworks Governing Starlink To operate in India, Starlink must comply with a multitude of laws and regulatory bodies: Why Starlink Hasn’t Launched Yet Despite its potential, Starlink’s entry is delayed due to: These delays inflate costs, impact investor sentiment, and stall rural connectivity projects. Security Concerns and Misuse Reports Incidents of alleged misuse of Starlink terminals have triggered heightened scrutiny. Regulators now demand: Such scrutiny underscores India’s security-first approach in foreign tech deployment, especially where cross-border data flows and surveillance are involved. Anticipated Starlink Pricing in India While official pricing is unannounced, expectations include: Initially, Starlink may
India’s Microfinance Crisis: Non-Performing Assets Surge
Overview of the Crisis Financial Impact Key Factors Contributing to the Crisis Implications for the Microfinance Sector Moving Forward TET
Sebi Warns Investors on Risks of Opinion Trading Platforms
Context: The Securities and Exchange Board of India (Sebi) has issued a cautionary statement regarding opinion trading platforms, which are online services where individuals place bets or trades based on the outcome of future events. Sebi emphasized that these platforms are not recognized or regulated by the board and do not fall under its investor protection scheme. Nature of Opinion Trading Legal Implications Popular Opinion Trading Platforms in India Investor Protection and Risks Global Context TET
IndusInd Bank CEO Sumant Kathpalia Resigns Amid ₹2,000 Crore Derivatives Loss
Context: Sumant Kathpalia, MD & CEO of IndusInd Bank, resigned with immediate effect on Tuesday, citing “moral responsibility” for accounting lapses tied to a ₹2,000 crore loss from the bank’s derivatives portfolio. His resignation follows the submission of an investigative report by Grant Thornton, which was appointed to probe the discrepancies and examine the conduct of key executives. Chain Reaction of Exits Interim Management Plan Derivatives Portfolio Lapses Market Reaction Regulatory Outlook TET
Finance Ministry Monthly Economic Report
Context: The Finance Ministry, in its March 2025 Monthly Economic Review, warned that prolonged global uncertainties could negatively impact India’s private capital formation and economic growth outlook for FY26. The perception of uncertainty, more than trade disruptions themselves, may cause companies to delay investment decisions. Urging Urgent Action Private Capital Formation as a Growth Engine Strategic Recommendations Inflation and Price Outlook Summary of Finance Ministry’s Message BS
RBI Launches Three Key Surveys to Aid Monetary Policy Decisions
Context: The Reserve Bank of India (RBI) launched three important surveys on Tuesday to gather critical macroeconomic inputs for shaping its monetary policy decisions. These surveys are timed to support its bimonthly monetary policy reviews, of which there are six in a financial year. Focus Areas of the Surveys Significance for Policy BS
RBI Optimistic on US Tariffs Impact
Context: RBI Governor Sanjay Malhotra and Deputy Governor Rajeshwar Rao told the Public Accounts Committee (PAC) that they are “optimistic” about the impact of US tariffs on India. The RBI believes that in the long run, India could benefit from declining US-China trade ties as global supply chains diversify. The central bank is still assessing short-term impacts but sees no major threat to the Indian economy. Focus on Banking Reforms Key Discussions and Highlights Strategic Direction BS
NPCI Tightens UPI API Guidelines to Cut Outages, Improve Transaction Speed
Context: The National Payments Corporation of India (NPCI) has issued two new circulars aimed at enhancing the performance and reliability of the Unified Payments Interface (UPI). These updates focus on reducing API response times and curbing the misuse or overuse of API calls, with implementation mandated by June 16, 2025. Faster Response Times for Key UPI APIs NPCI has directed banks to improve response times for four critical APIs: These changes are expected to: Controlling Misuse of ‘Check Transaction Status’ API NPCI’s second circular addresses the overuse of API calls which often leads to system congestion: Why This Matters Industry Concerns and Next Steps BS
SEBI Proposes Framework for Orderly Wind-Down of KYC Registration Agencies
Context: The Securities and Exchange Board of India (SEBI) has proposed a new framework to ensure the orderly winding down of critical services by KYC Registration Agencies (KRAs) in scenarios such as: Key Goal: Core Principles of the Proposal SEBI’s consultation paper highlights the need to: Key Features of the Proposed Framework KRA Responsibilities KRAs will be responsible for: BS
RBI’s Bond Purchases to Drive Lower Lending Rates and Increased Liquidity
Context: The Reserve Bank of India (RBI) plans to buy ₹1.25 trillion in government bonds, coupled with a ₹1.5 trillion dividend transfer to the Union government in May. This will likely increase surplus liquidity in the banking system, expected to reach ₹5 trillion by June 2025. Impact on Lending Rates Liquidity Conditions and Market Response Economists’ View on RBI’s Bond Purchases Impact on Retail Lending