Daily Current Affairs Quiz19 & 20 January, 2025 International Affairs 1. Generalized System of Preferences (GSP) The Generalized System of Preferences is a program allowing developing countries to export specific products to developed countries with reduced or eliminated customs duties. The GSP program was designed to promote the growth of developing countries and reduce poverty in these countries. India-US GSP The United States (US) removed India’s Generalized System of Preferences (GSP) on June 5, 2019. GSP is a facility that provides developing countries with an opportunity to export goods to the US without paying duty. 2. European Free Trade Association (EFTA) Context: A meeting held between Mr. Goyal and Maros Sefcovic, European Commissioner for Trade and Economic Security in Brussels. Background India signed a free trade pact on March 10 2024, India EFTA Trade Pact with a group of European nations — Switzerland, Norway, Iceland and Liechtenstein — committing to reduce tariffs, while New Delhi will receive $100 billion in investments over the next 15 years. European Free Trade Association (EFTA) Trading of EFTA with India India exported USD 1.92 billion worth of goods to EFTA countries in 2022-23, and imports stood at USD 16.74 billion. Trade and Economic Partnership Agreement (TEPA) The objectives: Coverage: Key Take-Aways: Importance of India-EFTA Deal Economic Growth and Employment Generation: Beyond Trade: Long-Term Benefits Important Issues: India-EFTA Agreement Suggested Solutions: India-EU Relation 3. India-Oman FTA Context: India is not seeking customs duty concessions on over 100 product categories such as liquor, and cigarette in the proposed free trade agreement (FTA) with Oman, which is under negotiations between the two countries, sources said. Free Trade Agreement (FTA) An FTA is an agreement between two or more countries that reduce or remove trade barriers. The main purpose of an FTA is to increase trade between the participating countries. 4. Nigeria Joins BRICS! Context: Nigeria has become a partner state of the BRICS group of emerging market powers. BRICS National Affairs 1. SVAMITVA Scheme Context: Prime Minister Narendra Modi distributed over 65 lakh property cards to rural families in more than 50,000 villages across 12 States and UTs under the Centre’s SVAMITVA (Survey of Villages and Mapping with Improvised Technology in Village Areas) scheme. 2. Take-Home Ration (THR) Context: The Jharkhand government started the distribution of ‘Shishu Shakti’ packets, an enhanced version of the take-home ration (THR) for severely malnourished children, with the aim of making the State malnutrition-free, an official said. Take Home Ration (THR) Take Home Ration (THR) is a program in India. It provides fortified rations to pregnant women, lactating mothers, and children. The program falls under the Integrated Child Development Services (ICDS) scheme. It is a report that was released by NITI Aayog and the World Food Program. 3. The Integrated Child Development Services (ICDS) The ICDS is a government initiative in India, offering healthcare, nutrition, and education for children up to six years old and their mothers. The ICDS was introduced in 1975 with the purpose of improving the nutritional condition of children and reducing child health problems. ICDS Scheme Schemes Under ICDS ICDS Objectives Other Comparable Government Initiatives UPSC Civil Services Examination Previous Year Question (PYQ) Prelims Q. Which of the following can be said to be essentially the parts of ‘Inclusive Governance’? (2012) Select the correct answer using the codes given below: (a) 1 and 2 only(b) 3 and 4 only(c) 2, 3 and 4 only(d) 1, 2, 3 and 4 Ans: (c) Explanation: Mains Q. Hunger and Poverty are the biggest challenges for good governance in India still today. Evaluate how far successive governments have progressed in dealing with these humongous problems. Suggest measures for improvement. (2017) 4. “RNA Damage Drives Acute Sunburn” Study Key Highlights: What is Sunburn? Sunburned skin looks red, painful, and damaged due to too much exposure in the sun. The ultraviolet (UV) rays from the sun or a tanning bed burn your skin when you get a sunburn. You don’t have to spend a whole day at the beach or swimming pool to get a sunburn. Multiple sunburns can cause premature skin aging and skin cancer. Ribosomes Ribosomes are molecular machines that synthesize proteins in all cells. They are made of RNA and protein, and are found in the cytoplasm of cells. The Ribotoxic Stress Response (RSR) The ribotoxic stress response pathway is a mechanism that senses for stress in cells and initiates stress response programmes. RSR is involved with cell death and inflammation, though it also plays some role in regulation of metabolism. Genome Genome India Project 5. Jallikattu (Sallikkattu) Context: A total of 83 people were injured in the jallikattu organised at Mukkanipatti village in Pudukottai district and Pallapatti village in Tiruchi district. Jallikattu (Sallikkattu) Jallikattu (or Sallikkattu), also known as Eru Taḻuvuṭal and Manju-virattu is an Indian event where a zebu bull is released into a crowd, and people try to grab the large hump on the bull’s back while it tries to escape. It is mostly practiced in southern Tamil Nadu during Pongal celebrations on Mattu Pongal day. Animal rights organizations have called for a ban on the sport due to incidents of injury and death. It was banned several times by the Supreme Court of India but a fresh ordinance was issued in 2017 to make it continue its sporting activities. 6. Initiatives by TRAI Against Spam Blockchain in Anti-Spam Measure Efficacy of Measures Other Government Initiatives The Telecom Regulatory Authority of India (TRAI) The Telecom Regulatory Authority of India (TRAI) is a regulatory body set up by the Government of India under section 3 of the Telecom Regulatory Authority of India Act, 1997. It is the regulator of the telecommunications sector in India. It consists of a chairperson and not more than two full-time members and not more than two part-time members. The TRAI Act was amended by an ordinance, effective from 24 January 2000, establishing a Telecom Disputes Settlement and Appellate Tribunal to take over the adjudicatory and disputes functions from TRAI. 7. Beti Bachao, Beti Padhao (BBBP) Scheme It was launched in January 2015 with the aim to
Real Effective Exchange Rate (REER)
Context: The Real Effective Exchange Rate (REER) of the rupee moderated in December to 107.20 after hitting a peak of 108.14 in November, latest data released by the Reserve Bank of India (RBI) showed. The REER was 103.66 in January 2024. Real Effective Exchange Rate (REER): Background and Formula The Real Effective Exchange Rate (REER) is the value of a country’s currency relative to a basket of other currencies, adjusted for inflation. A country’s REER can be indicative of such factors about the country’s outward position and macroeconomic condition. How REER is Calculated What REER is Used For Determinants of REER Source: Business Standard
Credit Costs (CCs)
Context: Private sector banks that announced their earnings for the October-December quarter (Q3) of 2024-25 (FY25) reported a rise in credit costs due to higher provisions, mainly for unsecured retail loans. Credit Costs Credit costs are the sum of the sum that a lender demands from the borrower as repayment, over and above the amount taken. They comprise interest, fees, and other charges related to a credit agreement. What Constitutes Credit Costs? How to Calculate Credit Costs Source: Business Standard
Business Correspondents (BCs)
Context: The Department of Financial Services (DFS) has called a meeting of the monitoring committee on the functioning of business correspondents (BCs) Business Correspondent (BC) A Business Correspondent (BC) is a representative of the bank, who offers banking services to people in the unorganized sectors. BCs are an important constituent of financial inclusion, which means making banking accessible to everyone. Key Agenda Items: Scrutiny of C. S. Setty Report (December 2022) Issues in Business Correspondent (BC) Capacity-Building and Governance Source: Business Standard
Seaweed Farming in India
Seaweed farming in India is an inexpensive and less laborious activity that may help coastal communities find an alternate source of income. Seaweed is high in vitamins and minerals and finds applications in food, cosmetics, and fertilizers. How is seaweed farmed in India? What varieties of seaweeds are cultured in India? Where are the seaweeds cultivated in India? Growing Demand and Cultivation Global Advancement in Seaweed Production Indian Seaweed Sector: Current Situation Research and Facilitation Challenges in Seaweed Industry State Initiatives Pradhan Mantri Matsya Sampada Yojana (PMMSY) PMMSY, introduced as part of the ‘Atma Nirbhar Bharat’ package, aims to develop the sustainable and responsible fisheries sector in India. The scheme is implemented in all States and Union Territories for five years from FY 2020-21 to FY 2024-25.
National Policy Framework on Agricultural Marketing (NPFAM)
National Policy Framework on Agricultural Marketing (NPFAM)
Ayushman Bharat Digital Health Account (ABHA)
Context: The National Health Authority (NHA) has asked the National Medical Commission (NMC) to direct all medical colleges and government and private hospitals to register all patients for an Ayushman Bharat Digital Health Account (ABHAID). Ayushman Bharat Digital Health Account (ABHA) Ayushman Bharat Digital Health Account is a 14-digit number, which allows the people to safely store and share their health records. It’s part of the Ayushman Bharat Digital Mission (ABDM), a government initiative to improve India’s digital healthcare infrastructure. Ayushman Bharat – Pradhan Mantri Jan Aarogya Yojana (AB-PMJAY)
Beti Bachao, Beti Padhao (BBBP) Scheme
It was launched in January 2015 with the aim to address sex selective abortion and the declining child sex ratio which was at 918 girls for every 1,000 boys in 2011. Other Initiatives for Girl Children Beti Bachao Beti Padhao Scheme Achievements
Initiatives by TRAI Against Spam
Blockchain in Anti-Spam Measure Efficacy of Measures Other Government Initiatives The Telecom Regulatory Authority of India (TRAI) The Telecom Regulatory Authority of India (TRAI) is a regulatory body set up by the Government of India under section 3 of the Telecom Regulatory Authority of India Act, 1997. It is the regulator of the telecommunications sector in India. It consists of a chairperson and not more than two full-time members and not more than two part-time members. The TRAI Act was amended by an ordinance, effective from 24 January 2000, establishing a Telecom Disputes Settlement and Appellate Tribunal to take over the adjudicatory and disputes functions from TRAI.
Insolvency and Bankruptcy Code (IBC)
Context: The Insolvency and Bankruptcy Code, 2016 (IBC) is a significant economic reform in India aimed at structured insolvency resolution. Initially seen as a tool to help India’s business standing, the law has evolved, addressing issues related to institutional capacity and procedural efficiency. The recent Supreme Court of India judgment in Jet Airways has highlighted structural issues in India’s insolvency regime. The Insolvency and Bankruptcy Code, 2016 The Insolvency and Bankruptcy Code, 2016, is a legislation that pertains to the Indian insolvency resolution of individuals, partnership firms, and corporations. It was enacted in the year 2016 and has been called as the exit law of India. Issue and Drawbacks Too much of work burden for over-stretched NCLT and NCLAT to tackle matters both under IBC as well as Companies Act. Proposed Reforms Sources: The Hindu