Context: Former U.S. President Donald Trump has signed an executive order imposing sanctions on officials investigating the US and its allies, particularly after the recent arrest warrants issued by the court’s presiding judge against Israeli Prime Minister Benjamin Netanyahu and a former Israeli defense minister for their alleged roles in the Gaza conflict. Key Highlights: International Criminal Court (ICC) International Criminal Court is an independent international, international criminal law tribunal with The Hague, Netherlands base. The base was established through the 2002 Rome Statute, where Individuals may be prosecuted based on their genocide crimes against humanity, war, crimes and aggression. International Court of Justice that was created to assist in disputes regarding states. History Structure & Functioning The ICC has four key bodies:
International Criminal Court (ICC)
International Criminal Court is an independent international, international criminal law tribunal with The Hague, Netherlands base. The base was established through the 2002 Rome Statute, where Individuals may be prosecuted based on their genocide crimes against humanity, war, crimes and aggression. International Court of Justice that was created to assist in disputes regarding states. History Structure & Functioning The ICC has four key bodies:
Current Affairs 7 February, 2025
Daily Current Affairs Quiz7 February, 2025 🚨 AIC Crash Course 2025 Launched Today! 🚨 Designed to fast-track your preparation and help you achieve success! 🎯👉 Limited Time Offer at 599/- – Use Coupon Code AICCLARITY99 Don’t Miss Out!Enroll NOW and take the first step towards acing the exam! 🚀 International Affairs 1. Trump’s Freeze on Foreign Aid and its Global Impact. Context: The Administration of Donald Trump has halted foreign aid. The former president’s act is seen to be another strategy of disengagement in international agreements and obligations by his administration, following resignation from the WHO and the Paris Climate Accord“. Justifications and Rationalizations US-AID Functions and Budget Effects of the Aid Freeze 2. Chabahar Port Context: A day after U.S. President Donald Trump signed an order that could impose sanctions on India for its investment in Iran’s Chabahar port, the Union government remained silent regarding the order and its implications. Why Chabahar Port is Important for India? Important Takeaways Introduction of Chabahar Port & Indian Engagement Strategic & Economic Significance Geopolitical & Security Benefits Challenges Obstructing Chabahar’s Potential Houthi Red Sea Crisis & Regional Instability Infrastructure Building & Competition India Iran Economic Ties UPSC Civil Services Examination, Previous Year Question (PYQ) Prelims Q. What is the importance of developing Chabahar Port by India? (2017) (a) India’s trade with African countries will enormously increase. (b) India’s relations with oil-producing Arab countries will be strengthened. (c) India will not depend on Pakistan for access to Afghanistan and Central Asia. (d) Pakistan will facilitate and protect the installation of a gas pipeline between Iraq and India. Ans: (c) Mains Q. In what ways would the ongoing U.S-Iran Nuclear Pact Controversy affect the national interest of India? How should India respond to this situation? (2018) Q. The question of India’s Energy Security constitutes the most important part of India’s economic progress. Analyse India’s energy policy cooperation with West Asian countries. (2017) National Affairs 1. Pinaka Multiple Rocket Launch Systems (MRLS) Context: The Defence Ministry on Thursday signed contracts worth ₹10,147 crore for a variety of ammunition for the Army’s Pinaka Multiple Rocket Launch Systems (MRLS). The ammunition also enhances the range of the Pinaka systems. Pinaka Multi-Barrel Rocket Launcher Pinaka is a multi-barrelled rocket launcher designed and developed by the Defence Research and Development Organisation (DRDO) for the Indian Army. The rocket has a maximum range of 45 km, and one launcher can fire 12 HE rockets in 44 seconds. Pinaka is mounted on a Tatra truck and was quite effective during the Kargil War in neutralizing Pakistani positions. It has been inducted in large numbers in the Indian Army since then. 2. Ad-Hoc Judges Appointed Context: Supreme Court permitted appointment of retired judges on ad hoc basis to the high courts. On the other hand, the ad hoc judges will hear only criminal appeals as part of a Bench lead by a sitting judge. This relaxes a 2021 rule that limited such appointments to High Courts with over 20% judicial vacancies. How Are Ad-Hoc Judges Appointed? When Are Ad-Hoc Judges Appointed? The 2021 Lok Prahari case indicated some “trigger points” for ad hoc judges: What Does the Current Order Say? Instances of Ad Hoc Judicial Appointment in the Past Appointment Of Judges UPSC Civil Services Examination, Previous Year Question (PYQ) Prelims Q. With reference to the Indian judiciary, consider the following statements: Which of the statements given above is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither I nor 2 Ans: (c) Mains Q. Critically examine the Supreme Court’s judgement on ‘National Judicial Appointments Commission Act, 2014’ with reference to the appointment of judges of higher judiciary in India. (2017) 3. Green Bonds Context: The government may move away from green bonds to fall back on conventional government securities and other debt instruments for green financing in the coming years, as these so-called “climate” and “sustainable” bonds have delivered only modest returns, two people aware of the matter told. Green Bonds Green Bonds and Standard Bonds Agriculture 1. India’s Ethanol Blending Context: After having crossed the 20% ethanol blending (E20) milestone recently, the National government is now looking to extend its attempts at further increasing ethanol in petrol. A multi-ministry committee is set to assess its feasibility and submit its report by March 2025. What is Ethanol blending? What is Ethanol? What is Ethanol? India’s Ethanol Program Current Status of Ethanol Blending Next Five Year Target: 25% Blending? Impact & Benefits Challenges & Concerns Supply Chain Reforms 2. Harit Samriddhi Project Context: Roots Foundation has collaborated with Coal India Ltd (CIL) for the initiation of the Harit Samriddhi project, so the income of farmers is increased, and also every walk of inclusive rural growth is fostered in Chatra district, Jharkhand. The project, one which comes under CSR initiative of CIL, aims at the modernization of agricultural practices and sustainable income generating activities. Implementation & Reach Hands on Training & Knowledge Hubs The initiative will increase income for farmers by: Long Term Plans 3. Rural Agricultural Land Context: Tax treatment on sale of agricultural land in India varies between whether it is considered to be a rural or urban agricultural land. In India, the sale of rural agricultural land is tax exempt under capital gains, and sale of urban agricultural land is subject to capital gains tax. It is divided on specific criteria related to population and distance. What is Rural Agricultural Land? Land is rural agricultural land if it falls outside municipal or cantonment board limits based on the population criteria of the latest census (2011). Tax Consequences: Agricultural Land Rural vs. Urban State Laws & Restrictions on Sale Court Criteria for Agricultural Land Classification Banking/Finance 1. RBI’s Monetary Policy Committee Meeting Context: The Reserve Bank of India (RBI) has cut the repo rate by 25 basis points to 6.25%. This is for the first time in five years that the repo rate has been cut. The move has been considered to be in the kind of indications this reduction in the personal income tax that the government recently brought out
Union Budget 2025-26: Key Takeaways & Implications
Context: The personal income tax relief is the most important feature of the Union Budget for 2025-26, which can boost private consumption while keeping a check on fiscal discipline. Another important feature is the shift in using the debt to GDP ratio as a fiscal anchor, that is, the long term stability measure. Fiscal Deficit & Debt to GDP Ratio Personal Income Tax Relief & Private Consumption Corporate Tax Collections & Private Sector Investment Self Reliance in Pulses: Aatmanirbharta Mission Central vs State Fiscal Relations & Tied Transfers
Marginal Cost of Funds-based Lending Rate (MCLR)
Context: In anticipation of the beginning of a softer rate cycle, several banks are looking to raise the share of their marginal cost-based lending rate (MCLR)-linked loans to prevent their net interest margin from falling sharply, according to industry executives. Marginal Cost of Funds-based Lending Rate (MCLR) The Marginal Cost of Funds-based Lending Rate (MCLR) is the minimum interest rate that a bank can charge for a loan. It’s based on the cost of borrowing funds, the bank’s operating costs, and other factors. The Reserve Bank of India (RBI) implemented MCLR on April 1, 2016. How MCLR works? Factors that affect MCLR Benefits of MCLR
Indian Banking Sector
Context: The Indian banking sector, apart from small finance banks, remained muted in terms of profitability in Q3FY25 due to lower core income, declining margins, and increasing slippages. What Are Core Earnings? Core earnings are the profits derived from a company’s main or principal business, which does not take into consideration some of the expenses related to the main activities, as well as nonrecurring income or expense items that lie outside of the normal business. Key Highlights: Revenue & Profitability Trends Effects of Suggested RBI Cut It is expected that NIM will compress even in Q4 and beyond, in case RBI lowers the repo rates to enhance economic growth. Outlook & Challenges
Rural Agricultural Land
Context: Tax treatment on sale of agricultural land in India varies between whether it is considered to be a rural or urban agricultural land. In India, the sale of rural agricultural land is tax exempt under capital gains, and sale of urban agricultural land is subject to capital gains tax. It is divided on specific criteria related to population and distance. What is Rural Agricultural Land? Land is rural agricultural land if it falls outside municipal or cantonment board limits based on the population criteria of the latest census (2011). Tax Consequences: Agricultural Land Rural vs. Urban State Laws & Restrictions on Sale Court Criteria for Agricultural Land Classification
Harit Samriddhi Project
Context: Roots Foundation has collaborated with Coal India Ltd (CIL) for the initiation of the Harit Samriddhi project, so the income of farmers is increased, and also every walk of inclusive rural growth is fostered in Chatra district, Jharkhand. The project, one which comes under CSR initiative of CIL, aims at the modernization of agricultural practices and sustainable income generating activities. Implementation & Reach Hands on Training & Knowledge Hubs The initiative will increase income for farmers by: Long Term Plans
India’s Ethanol Blending
Context: After having crossed the 20% ethanol blending (E20) milestone recently, the National government is now looking to extend its attempts at further increasing ethanol in petrol. A multi-ministry committee is set to assess its feasibility and submit its report by March 2025. What is Ethanol blending? What is Ethanol? What is Ethanol? India’s Ethanol Program Current Status of Ethanol Blending Next Five Year Target: 25% Blending? Impact & Benefits Challenges & Concerns Supply Chain Reforms
Chabahar Port
Context: A day after U.S. President Donald Trump signed an order that could impose sanctions on India for its investment in Iran’s Chabahar port, the Union government remained silent regarding the order and its implications. Why Chabahar Port is Important for India? Important Takeaways Introduction of Chabahar Port & Indian Engagement Strategic & Economic Significance Geopolitical & Security Benefits Challenges Obstructing Chabahar’s Potential Houthi Red Sea Crisis & Regional Instability Infrastructure Building & Competition India Iran Economic Ties UPSC Civil Services Examination, Previous Year Question (PYQ) Prelims Q. What is the importance of developing Chabahar Port by India? (2017) (a) India’s trade with African countries will enormously increase. (b) India’s relations with oil-producing Arab countries will be strengthened. (c) India will not depend on Pakistan for access to Afghanistan and Central Asia. (d) Pakistan will facilitate and protect the installation of a gas pipeline between Iraq and India. Ans: (c) Mains Q. In what ways would the ongoing U.S-Iran Nuclear Pact Controversy affect the national interest of India? How should India respond to this situation? (2018) Q. The question of India’s Energy Security constitutes the most important part of India’s economic progress. Analyse India’s energy policy cooperation with West Asian countries. (2017)
