Daily Current Affairs Quiz31 January, 2025 National Affairs 1. Axiom-4 Mission Context: Indian astronaut Group Captain, Shubhanshu Shukla will be the pilot of the upcoming Axiom-4 mission to the International Space Station (ISS). Mr. Shukla, who is also one of the four astronaut-designates selected for Gaganyaan mission, will become the first Indian astronaut to go to the ISS. The mission will be launched from Florida. Axiom-4 Mission Mission Objectives Key Features For India Projects    Background Facts  International Space Station (ISS) Bharatiya Antariksha Station UPSC Civil Services Examination, Previous Year Question (PYQ) Prelims Q. What is the purpose of the US Space Agency’s Themis Mission, which was recently in the news? (2008) (a) To study the possibility of life on Mars(b) To study the satellites of Saturn(c) To study the colourful display of high-latitude skies(d) To build a space laboratory to study the stellar explosions Ans: (c) Q. Consider the following statements: (2016) The Mangalyaan launched by ISRO Which of the statements given above is/are correct? (a) 1 only(b) 2 and 3 only(c) 1 and 3 only(d) 1, 2 and 3 Ans: (c) 2. INSV Tarini  Context: As part of the ongoing mission to circumnavigate the globe under the Navika Sagar Parikrama-II, Indian Navy officers Lieutenant Commander Dilna K. and Lieutenant Commander Roopa A., aboard sailing vessel INSV Tarini, passed through Point Nemo during the leg of sailing from Lyttelton Port, New Zealand, to Port Stanley, Falkland Islands. INSV Tarini Navika Sagar Parikrama-II Two Indian Navy women officers Lt Cdr Roopa A and Lt Cdr Dilna K, will set sail on a globe circumnavigating expedition aboard INSV Tarini. This expedition named Navika Sagar Parikrama-II is to repeat the first version of the circuit and showcase India’s maritime potential and work towards the vision of equipping women to sail in the ocean. Previous Indian Navy Expeditions 3. India’s AI Vision Context: Union IT Minister Ashwini Vaishnaw said that India will develop multiple sovereign AI foundation models within 8 to 10 months. This comes as China’s DeepSeek AI model gains global attention. Governments AI Strategy GPU Procurement DeepSeek AI 4. Household Consumption Expenditure (HCES), 2023-24 Context: The monthly per-capita consumption expenditure (MPCE) on food items was highest in Assam (53.2 per cent), followed by Bihar (52.5 per cent), West Bengal (51.5 per cent), and Meghalaya (50.3 per cent) during the period from August 2023 to July 2024, according to the latest report of the Household Consumption Expenditure Survey released by the National Statistics Office (NSO). Key Findings: Monthly per-Capita Consumption Expenditure (MPCE) According to experts these changes are within the margin of error not an indication of any trend shift in the market. “Per-capita consumption expenditure (MPCE)” refers to the average amount of money spent by each individual in a population on consuming goods and services, calculated by dividing the total consumption expenditure of all households by the total population; essentially, it indicates the average spending power of people in a region or country.  Key points about MPCE: Banking/Finance 1. Prevention of Money Laundering Act (PMLA) Context: The Enforcement Directorate informed a Division Bench of the Kerala High Court that large-scale money laundering had been carried out in various cooperative banks and societies and Enforcement Case Information Report (ECIR) had been registered in respect of 16 banks and two societies under the Prevention of Money Laundering Act. Prevention of Money Laundering Act (PMLA) 2002 The Prevention of Money Laundering Act (PMLA) is a law in India that aims to prevent money laundering and confiscate property that is the result of money laundering. The PMLA was enacted in January 2003 and came into effect in July 2005.  What does the PMLA do? Amendments 2009-2012: Strengthened provisions against financial crimes. PMLA Main Provisions Section-45 Strict Bail Conditions 2. RBI Files Petition Against Aviom India Context: The Reserve Bank of India said it has filed an application with the National Company Law Tribunal, New Delhi bench, for initiation of corporate insolvency resolution process against Aviom India Housing Finance Private Limited. Reason? Regulatory Actions Taken Legal Framework Insolvency Process Superintendence and Control of RBI RBI is empowered to supersede the board of directors of a financial institution, such as Aviom India Housing Finance, in case there are “significant governance concerns” and “defaults in meeting various payment obligations,” which effectively puts the RBI in control of the company on grounds of bad practices of management and failure to honour financial commitments, which is followed by the appointment of an administrator to run the company under RBI supervision. The RBI has powers under relevant acts to supersede the boards of financial institutions in case serious governance issues and payment defaults are found. The Corporate Insolvency Resolution Process (CIRP) The Corporate Insolvency Resolution Process (CIRP) is a process in India that helps resolve or liquidate a corporate debtor. The Insolvency and Bankruptcy Code (IBC) of 2016 governs the CIRP.  Implications Source: The Hindu 3. RBI’s OMO Auction Context: RBIs first Open Market Operation (OMO) purchase auction received 12 trillion in bids against a notified amount of 20,000 crore. High demand led to cutoff prices being set below secondary market pricesRBI rejected all bids for the 7.59 per cent GS 2029 bond. RBIs Liquidity Injection Plan What is Open Market Operation (OMO)? 4. Payment and Settlement Systems Act (PSS Act) Context: The Reserve Bank of India tightened norms for imposing monetary penalties and compounding offences under the Payment and Settlement Systems Act (PSS Act) to rationalise and consolidate enforcement action by the central bank. Purpose of Rule Change Payment and Settlement Systems Act (PSS Act) The Payment and Settlement Systems Act, 2007 is the law by which payment systems in India are regulated and supervised. The designated authority for these purposes is Reserve Bank of India RBI. What does PSS Act? What does RBI regulate? What payment systems are covered by the PSS Act? Major Infringements Under PSS Act New Resurrected Penalty Structure Facts To Remember 1. U.S. aircraft collides with chopper; 67 feared dead Divers pulled bodies from the icy waters of Washington’s Potomac river on Thursday after a U.S. military helicopter collided mid-air

Daily Current Affairs Quiz30 January, 2025 National Affairs 1. Issues with MGNREGA Scheme What is MGNREGA Scheme? 2. India’s White Revolution What is the White Revolution? The White Revolution is a sudden rise in milk production in India making India the worlds largest milk producer. It was spurred on by Operation Flood launched by the National Dairy Development Board (NDDB) in 1970. Verghese Kurien known as the Father of the White Revolution led this initiative. Objectives of Operation Flood Key Features Phases of Operation Flood Importance of the White Revolution Equitable Access to Milk Beyond the White Revolution Success of the White Revolution Milk production in India surpassed that of all other countries to become the world’s largest producer, yet this achievement has not translated to fair access to milk for the Indian population. Policy Recommendations White Revolution 2.0 Why in News? Recently, the Ministry of Cooperation unveiled standard operating procedure (SOPs) for White Revolution 2.0, aimed at empowering women farmers and creating job opportunities.  White Revolution 2.0 White Revolution 2.0 is a program aimed at ensuring increased milk production women empowerment and malnutrition control.It is a sequel to the original White Revolution touted as Operation Flood that was initiated by Dr Verghese Kurien in 1970. The move transformed India from a milk deficient country into the worlds number one milk producer. Targets and Goals Key Initiatives Under White Revolution 20 Empowerment of Women Tackling Malnutrition Synergistic Integration with Ongoing and Proposed Plans UPSC Civil Services Examination, Previous Year Question (PYQ)  Mains  Q. Explain various types of revolutions, took place in Agriculture after Independence in India. How have these revolutions helped in poverty alleviation and food security in India? (2017) 3. PM Vishwakarma Scheme The PM Vishwakarma Scheme targets artisans and craftsmen engaged in areas of blacksmithing goldsmithing pottery carpentry and sculpting many of which comprise traditional Indian crafts. This is more of an activity for preservation of cultural heritage of India but integrates these artisans into the formal economy and global value chains. This is a Central Sector Scheme completely funded by the Government of India. 4. Domestic Workers Context: The Supreme Court has called for making the long standing exploitation of domestic workers the thing of the past by way of formulating a comprehensive legal framework that safeguards their rights. Domestic Workers Domestic workers are individuals who provide service to private households, such as cleaning, cooking, and caring for children. They can be full-time or part-time, and may even live in or outside the employer’s house. What do domestic workers do? What are the challenges domestic workers face? What is a domestic worker according to the International Labour Organization? Highlights of the Judgment Directive for Government Action Lessons from Progressive State Laws Growing Demand Rising Vulnerability 5. Waqf Amendment Bill, 2024 Why in News? The Indian Parliament has proposed the Waqf Amendment Bill 2024 with the objective of amending the Waqf Act 1995 to introduce better accountability and transparency into the functioning of Waqf boards. The main thrust of the bill is to eliminate unchecked powers enjoyed by Waqf Boards under the present regime which gives them the freedom to declare any property as Waqf without due checks. Major Changes in the Waqf Act Amendment Bill 2024 Criticisms of the Waqf Act Amendment Bill, 2024 What is the Waqf Act 1995? A Waqf is the irrevocable donation of moveable or immovable property for religious pious or charitable purposes as recognized under Muslim law.Earnings of Waqf properties are used for educational institutions, mosques graveyards and shelter homes. History Waqf Act was enacted in 1954 and were repealed in 1995 which subsequently augmented more powers to the Waqf Boards. Again an amendment introduced in the year 2013 empowered the Waqf Boards to pronounce with great authority the properties to be treated as Waqf Property. The Central Waqf Council CWC was established in 1964 as a supervisory body for Waqf Boards at the State level Waqf Properties in India 6. PM Surya Ghar Scheme Context: Nearly a year after the Centre launched the ₹75,000-crore PM Surya Ghar scheme, 8.5 lakh households have installed rooftop solar connections, Union Minister for New and Renewable Energy Pralhad Joshi said. PM Surya Ghar: Muft Bijli Yojana The Indian government launched the PM Surya Ghar: Muft Bijli Yojana, seeking to enhance the solar rooftop capacity and empower the residential households with the ability to generate their electricity. The program is to be implemented by a National programme Implementation Agency and State Implementation Agencies. 7. Labour Code Implementation and Reforms Context: Setting the stage for the possible implementation of the four Labour Codes from April 1, a meeting of the officials and Ministers of the Union Labour Ministry and State Labour Ministries has reviewed the progress in drafting of rules under the Codes by the States. Key Highlights: Objective of the Labour Code Reforms Launch of Occupational Shortage Index (OSI) E-Shram Microsite for Unorganised Workers Key Benefits of Labour Code Reforms Labour Code Reforms Impact on Businesses and Workers Business Impact Encouragement of Investment and Growth Effects on the Workers 8. Pinaka Multi-Barrel Rocket Launcher Context: In a major boost for the indigenous Pinaka multi-launch artillery rocket systems, the PM Narendra Modi-led cabinet committee on security cleared two major deals worth around Rs 10,200 crore for its lethal ammunition. 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. Banking/Finance 1. Policy Considerations for Cooperative Banks Context: The banking sector unions, under the aegis of the All India Bank Employees’ Association (AIBEA), have sought exemption from income tax on profits of cooperative banks in the upcoming Union Budget. What are Cooperative Banks? Key Demands: Recapitalization of Cooperative Banks Revocation of the 2020 Banking Regulation Amendment (AIBEAs) Objection Source: Business