Daily Current Affairs Quiz15 February, 2025 International Affairs 1. India U.S. Bilateral Talks Context:‘ India and the United States have promised to complete the first phase of negotiations of a trade deal that would see energy imports from America into India in an attempt to relieve apprehensions regarding the trade balance by fall 2025. The talks had a multitude of issues on the table including trade, defense, energy, and even extradition. Key Highlights: Trade Deal & Bilateral Trade Expansion Extradition of Tahawwur Rana Trade Disputes & Tariffs Energy & Investment Cooperation Strategic Alignments & Diplomatic Relations Other Key Developments Despite the promise by both heads of state to further consolidate ties, there remain disputes on tariffs in trade. It is a significant milestone in economic cooperation to commit to doubling trade and assuring energy security. 2. India-U.S. Defence Deals Context: India finds itself in the most difficult of dilemmas: to accept U.S. President Donald Trump’s invitation to purchase the F-35 fighter jet, a fifth generation stealth fighter. While the Indian Air Force (IAF) would welcome the purchase under the circumstances of Chinese military developments, the decision is clouded by many strategic, financial, and technological considerations. Milestones in India US Defence Cooperation F-35 Offer: Some Basic Considerations Strategic Implications Cost and Technology Transfer Operational Necessity The offer of the F-35 fighter jet lies against a backdrop of maintaining a subtle balance between strategic autonomy, financial viability, and operational necessity. Although the short term acquisition of stealth capabilities may benefit the IAF, India must assess the overall impact on its indigenous fighter programs and long range defence strategy. National Affairs 1. Reconstruction of Teesta-3 Context: In the light of the glacial lake outburst flood (GLOF) that struck the dam in October 2023, an expert committee set up by the Government of India has recommended rebooting the Teesta-3 dam in Sikkim. The dam was earlier seen as an economically viable project, however, climate change, geologic instability, and the risks associated with large hydroelectric schemes in the vulnerable Himalayas have cast doubt on the viability of this recommendation. Disaster of 2023 & Causes Globals Warming Triggers The Risks of Rebuilding Teesta-3 Commercial Viability vs. Human Safety Social & Long Term Impacts Reconstruction of Teesta 3 may resurrect lost power generation but at what cost? If these risks are inadequately considered, another disaster could result in greater devastation and death. A holistic approach, that prioritizes local safety, climate adaptation, and environmental resilience over temporary profits, needs to be followed rather than undertaking mere reconstruction. 2. How Earth’s Axis and Orbit Shape Its Seasons Context: The axial inclination and orbital eccentricity of earth influence its climatic adaptations and seasonal variations. While axial tilt is the primary insolation contributing factor for seasons on earth, a new research is beginning to demonstrate that the elliptical nature of earth’s orbit might cause significant differences in just temperature or precipitation. Earth’s Tilt and Seasonal Changes Orbital Eccentricity on Earth and Climate The Pacific Cold tongue and El Niño Effects on Monsoons Other Planets and Seasonal Changes Thus, axial tilt is the most important factor in maintaining the seasonal cycle on Earth, whereas newer studies suggest the importance of the other aspects such as orbital eccentricity. All these points are good for analyzing past climatic variations, as well as forecasting the coming weather trends. UPSC Civil Services Examination Previous Year Question (PYQ) Prelims Q. Variations in the length of daytime and nighttime from season to season are due to (2013) (a) the earth’s rotation on its axis(b) the earth’s revolution around the sun in an elliptical manner(c) the latitudinal position of the place(d) revolution of the earth on a tilted axis Ans: (d) Source: Times of India Banking/Finance 1. RBI supersedes New India Cooperative Bank Context: Mumbai-based New India Cooperative Bank has been under the supervision of RBI for 12 months for having issues concerning supervisory concerns and probably funds misuse. Principle Developments Imposition of Operational Restrictions The Reserve Bank of India intervened occasionally to maintain orderly conditions and curb excessive volatility in the foreign exchange market. The RBI’s intervention spells huge trouble over the financial health and governance of cooperative banks. It thus aimed to stabilize, protect depositors, and investigate possible misappropriation of funds. 2. The National Financial Reporting Authority (NFRA) Context: The National Financial Reporting Authority (NFRA) has furthered its legal endeavor by filing a special leave petition in the Supreme Court against the decision of the Delhi High Court to quash 11 showcause notices because of procedural irregularities. The development occurs in light of increasing scrutiny of audit practice and attempts for reinforcing governance in finance. About National Financial Reporting Authority (NFRA) National Financial Reporting Authority (NFRA) is the auditing and accounting supervision authority of India. The authority oversees the auditing profession and the Indian Accounting Standards under the Companies Act 2013. It was formed in October 2018. The chairperson since March 2022 is Ajay Bhushan Pandey. Important Developments Criticism of NFRA’s Procedure by Delhi High Court NFRA Justification & Supreme Court Appeal Further Empowerment of the NFRA: Government’s Next Steps Its restructuring will enhance NFRA credibility in the face of mounting audit failures and financial mismanagement. 3. India’s Forex Reserves Increased Context: India’s forex reserves increased from $7.6 billion to $638.26 billion during the week ending February 7, 2020, according to the RBI. The reserves have seen the third consecutive weekly rise, following an increase of $1.05 billion in the previous week. Factors Responsible for the Increase Rising in Foreign Currency Assets and Gold Forex Market Interventions By The RBI Enhanced Open Market Operations of The RBI OMOs India’s forex reserves are getting bulked up and strengthened on the premise of valuation gains and increased gold holding while the RBI simultaneously intervenes in the FX market for currency stability. Economy 1. MAGAnomics Context: Donald Trump’s comeback to the White House is raising debates again on his economic philosophy, popularly known as MAGAnomics. Because all economic theories have their own internal theories operating within structured frameworks, MAGAnomics instead takes an ideologically mashup, protectionist and deficit spending and deregulation and