Current Affairs 15 February, 2025

Daily Current Affairs Quiz
15 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

• India and the U.S. will negotiate the first part of a trade deal by fall, 2025.
• The bilateral trade should be expanded to $500 billion by 2030 as per “Mission 500” proposed by both nations.
• India will increase energy imports from the U.S. to oil and LNG to contribute to the lowering of trade deficits.

Extradition of Tahawwur Rana

• Publicly, U.S. President Donald Trump announced that the U.S. had approved the extradition of Tahawwur Rana, a key accused in the 2008 Mumbai terror attacks.
• It is under the Extradition Act against Rana for his involvement in the Mumbai terror attacks of 2008.
• The arrangement of the actual relinquishment and extradition is still to be decided.

Trade Disputes & Tariffs

• According to Trump, they were “unfair”, one of the goals was “reciprocal tariffs.”
• India specifically was called in the announcement of a new reciprocal tariffs policy.
• No concrete decision was announced about whether Trump would impose reciprocal tariffs along with the upcoming trade talks.

Energy & Investment Cooperation

• The U.S. will increase oil and gas trade with India to enhance India’s energy security.
• U.S. India Civil Nuclear Agreement shall be fully operationalized.
• India will invest in U.S. energy infrastructure to facilitate these purchases.
• Will work together on Small Modular Reactors.
• Modi argued that it should be a priority in strengthening oil and gas trade.

Strategic Alignments & Diplomatic Relations

• Modi said that he equates Trump’s Make America Great Again (MAGA) with his own vision of Viksit Bharat (Developed India).
• Defense, technology, multilateral cooperation, and people to people ties were included in the joint statement.
• The event had also started with a modulation from the Oval Office, where both leaders highlighted their personal friendship.

Other Key Developments

• Defense
  • While the co produced for the F-414 engine was not specifically mentioned in the joint communique, the U.S. would still be hopeful for the conclusion of the project.
• Technology
  • The two countries have launched TRUST (Transforming the Relationship Utilizing Strategic Technology) to replace the previous ICET framework. It includes areas like semiconductors, biotech, and energy.
• Multilateral Cooperation:
  • Reaffirmation of the commitments of India and the U.S. within Quad, IMEC (India Middle East Europe Corridor), and I2U2 partnerships, where several new initiatives will be launched.
• Legal Mobility & Security
  • Provisions for simplification of legal mobility for students, professionals, and business travelers have been included, even as India committed to taking back illegal migrants and checks against human trafficking.

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

• Strengthening military ties
  • India and the US have pledged to elevate defence cooperation across all domains including air, land, sea, space, and cyberspace.
• Joint initiatives
  • The Autonomous Systems Industry Alliance (ASIA), streamlined defence trade and technology exchange, and the new 10 year defence partnership framework are all in the purview.
• Further procurements
  • India is pursuing the purchase of six more P-8I maritime patrol aircraft along with joint production of Stryker combat vehicles and Javelin missiles.

F-35 Offer: Some Basic Considerations

Strategic Implications

• Closer US ties vs. strategic independence
  • The actual acquisition of the F-35 would deepen India’s integration into the U.S. defense ecosystem, possibly limiting its capacity for strategic autonomy.
• Geopolitical balance in arms acquisition
  • India historically has diversified its defense acquisition programs, buying fighters from Russia, France, and a few others whilst consciously avoiding U.S. jets so as not to depend too much on one supplier.
• Effect on the Indo-Russian defense partnership
  • Russia is a partner of great importance in defense, and the purchase of F-35 could further complicate matters regarding several of India’s ongoing deals, including that of the S 400 missile system.

Cost and Technology Transfer

• Issue of high acquisition and maintenance costs
  • The F-35 is reputedly one of the most expensive fighter jets, having really huge life cycle costs. India will be seeking clarification about
• Off the shelf pricing
  • Technology transfers and local manufacturing
  • Maintenance agreements and operational readiness
• Likely interference with homegrown AMCA project
  • Domestic development of the fifth generation Advanced Medium Combat Aircraft may be hindered if India diverts its attention towards the F-35.

Operational Necessity

• China pushing air power
  • China has positioned J-20 stealth fighters along the Indian border and is working on developing sixth generation aircraft, while simultaneously Pakistan may soon be getting a variant of the J 20.
• IAF continues with squadron shortages
  • Currently, there are only 30 operational fighter squadrons against the required 42.5 to operate in air superiority sets. Into this, HAL delays with Tejas and AMCA being a good decade away, this offers an interim opportunity to deter against these two states in the acquisition of F 35s (36 to 54 jets).

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

• The Teesta-3 dam was washed away by a glacial lake outburst flood (GLOF) from the South Lhonak lake.
• The flood killed over 100 people, displacing 80,000 others from four districts.
• The triggering event of this disaster was the failure of a moraine slope, allowing water to burst into the valley.
• Landslides and sediment transport aggravated the effect downstream.

Globals Warming Triggers

• Himalayan glaciers are melting at an accelerated rate due to global warming, coupled with airborne pollutants such as black carbon (soot).
• An additional rise of about 10.8% in the number of glacial lakes has been noted in the region from 2011 to 2024.
• The total surface area increased by 33.7%, hence GLOFs become more probable.
• Current models fail to foretell extreme climate related weather events, according to the experts.

The Risks of Rebuilding Teesta-3

• The new design (Teesta-3 2.0) will be made from only concrete, with a larger spillway, and will feature an early warning system.
• But climate change is a risk multiplier, a second alternative type of flood remains capable of topping the new dam.
• More landslides and earthquakes can make the dam even more vulnerable due to its location.
• Recently, a global study concluded that existing GLOF models do not factor in sediment transport and riverbank failures, leaving flood forecasting in ambiguity.

Commercial Viability vs. Human Safety

• The government insists on reconstructing Teesta-3 as it was financially viable before the disaster.
• However, the safety of human life and environment cannot take second place to financial interests.
• Pre-existing legal opposition brought into question the dam’s adherence to environmental and fiscal standards.
• Costs related to disaster preparedness and mitigation should be incorporated into the project budget.

Social & Long Term Impacts

• The life of residents in the downstream areas remains engulfed in risk; should Teesta 3 2.0 fail, it could be worse.
• Social protection schemes should ensure stability from an economic point of view among the communities affected.
• Some experts would argue that retreating from disaster prone areas is the only sustainable long term solution.

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

• Tilt of the earth affects seasons
  • While the Northern Hemisphere is tilted toward the Sun, it experiences summer.
  • Otherwise, the Southern Hemisphere has a summer when that hemisphere is hematemically tilted toward the Sun.
  • This tilt is the predominant factor in seasonal changes.

Orbital Eccentricity on Earth and Climate

• It is not true that the orbit of the Earth is a perfect circle, in fact, it is an ellipse, therefore having some variation of equivalent distance from the Sun.
• At any rate, the orbital eccentricity is normally said not to have much effect on the seasons, although recent studies pointed out that it plays an important part.
• Changes of distance from the Sun happen to be important reason why Earth receives more or less solar energy, which affect the difference of temperature of seasons.

The Pacific Cold tongue and El Niño

• A recent study of the Pacific Cold Tongue (cooler part in the North Equatorial Pacific) indicates that orbital eccentricity has a large effect on the seasonal cycle of these phenomena.
• The above ocean atmosphere coupled phenomena are associated with the El Niño Southern Oscillation (ENSO), an influential climate activity regulating global weather patterns.
• During El Niño, the Pacific Cold Tongue becomes as much as 5°C warmer, and this causes alterations in global climate, such as droughts in India.

Effects on Monsoons

• Past orbital positions of the Earth have controlled the intensity of monsoons.
• Eleven thousand years ago, the Earth would orbit closest to the Sun when it was summer in the Northern Hemisphere, resulting in hot summers, cold winters, and stronger monsoons.
• However, now it is winter in the Northern Hemisphere, and the Earth is closest to the Sun, leading to relatively mild seasonal differences.

Other Planets and Seasonal Changes

• Other planets, like Mars, also have their seasons owing to their axial tilt.
• Mars has a similar axial tilt as that of the Earth, however, it does not have oceans and substantial greenhouse gases, making it much colder than the Earth.

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.

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

• The board supersession & the new leaderships: Tirelessly:
• Shreekant took over the reins, ex-Chief General Manager, SBI, now administrator.
• A Committee of Advisors was constituted to support him, which includes:
  • Ravindra Sapra (Ex GM, SBI)
  • Abhijeet Deshmukh (Chartered Accountant).

Imposition of Operational Restrictions

• Prohibitive of loan issuance and withdrawal stoppage of deposits for a period of about six months that includes February 13.
• RBI cites recent material developments and speaks for protection of the interest of depositors.
• The intervention was warranted due to allegations of fund misappropriation by some of the bank staff.

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

• The Delhi HC upheld the constitutionality of the NFRA but stated that its process lacked neutrality in the IL&FS audits.
• The court stressed the need for a clear distinction of role between:
  • Reviewing an audit (fact finding process)
  • Beginning disciplinary proceedings (penal action)

NFRA Justification & Supreme Court Appeal

• NFRA asserts that the executive arm has got full power in law to order disciplinary actions under Sec 132(2)(B) of the Companies Act.
• It referred to findings of earlier rulings by NCLAT and Supreme Court whereby its framework on handling audit violations was ruled for the most part to be acceptable.

Further Empowerment of the NFRA: Government’s Next Steps

• Applications for the important leadership roles in NFRA have been opened by the Centre, demonstrating the efforts to strengthen regulatory oversight:

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

• FCA increased by $6.42 billion to $544.11 billion.
• Increases of gold reserve by roughly $1.3 billion.

Forex Market Interventions By The RBI

• The RBI did conduct a buy sell swap worth 5 billion dollars on the 31st of January with an exercise date for the following week.
• The consequence of the above was offset by net dollar sales by the RBI in the spot market to contain the depreciation pressures on the INR.
• Hence, more than actual intervention, these valuation gains are seen as the true catalyst of reserve rises.

Enhanced Open Market Operations of The RBI OMOs

• The RBI has increased the amount due to be purchased under Omo from ₹20,000 crores to ₹40,000 crores in the next auction.
• This is symbolic of central bank intent to take another significant liquidity management initiative.
• The bond market is expecting further conduct of OMO auctions potentially anytime soon.

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 industrial policy but often in contradictory ways.

Some Key Features of MAGAnomics

Tariffs and Protection

• A mercantilist policy as opposed to neoclassical free trade principles.
• Heavy tariffs on imports, particularly aimed at China, for the sake of reshoring and reindustrialization.
• Comforms well with economic nationalism, but don’t bargain with efficiencies based on Ricardian comparative advantage.

Industrial Policy vs. Deregulation

• Advocated by governments to support strategic industries similar to leftist developmental economics.
• At the same time, promotes deregulation and attack “deep state” which show libertarian distrust of governments.
• Create a competition between centralized economic planning and free market ideology.

Deficit Spending and Fiscal Contradictions

• Rightsize reject austerity and move toward spending deficits in the way Keynesian economics does.
• Yet favors the trickle down model that kind of then by objecting to Reaganomics.
• Tariffs and deportations, though, have an inflationary impact, make inflation break promises.

Emotion Beats Economics Coherence

• Unlike other theories in economics, MAGAnomics lives on emotion rather than analytical rigor.
• It resonates with workers who feel left behind, making them the victims of globalization, elites and cultural outsiders. His approach is more political messaging than sound economic governance.

The Sociopolitical Foundation of MAGAnomics

• Sociologist Arlie Russell Hochschild
  • Trump supporters are those who lined up waiting for the American Dream, only to see it taken by outsiders.
  • MAGAnomics steers grievance and anger into a populist, nationalistic economic vision, regardless of internal contradictions.
• It is made anti elite that fuels distrust in experts and economists, replacing technical policymaking with populist narratives.

The Broader Implications

• As such, MAGAnomics is not an organized economics school, but a reaction against the failures of globalization and economics orthodoxy.
• It exposes flaws in the postwar economic order, indicating that mainstream economics did little to develop a working class agenda.
• Unless they face those shortcomings, MAGA style economic populism will remain a powerful force in American politics.

It may or may not succeed as an economic strategy, but its political appeal is undeniable. If economists and policymakers hope to counter its rise, they must undertake the travel and deep economic grievances that fueled its rise in the first place.

2. Inflation in India

Context:

This further diminishes consumer price inflation in India to 4.3% in January, close to the 4% target of the Reserve Bank of India (RBI) on a highly favourable winter harvest of vegetables. For cities, it has receded to 3.9%, while rural inflation touches 4.6%, giving much needed relief to households. Imported inflations, edible oils price hikes, and depreciation of currency hold the risks to this progress, though.

Key Highlights:

Inflation Patterns & Reaction by RBI

• From 4.3% in January, the consumer inflation reaches its five month lowest point.
• Food inflation has dropped to 6, relieving household budgets.
• The latest interest rate cut from the RBI anticipates an eventual sharp decline in inflation.
• The central bank expects inflation to average 4.4% this quarter and 4.2% in 2025-26.

Rural Among Urban Inflation

• Urban inflation: At 3.9%, still well below the national average.
• Rural inflation: 4.6% but markedly lower than earlier months.
• With the rising prices finally loosening their grips upon the urban middle class, consumption and economic growth should gradually resume activity.

Risks Concerning the Stability of Inflation

• Rupee Depreciation
  • Rupee has lost nearly 4% value against the dollar in the latter half of 2024-25, thereby increasing the cost of imports.
• Imported inflation threats
  • Escalating fuel and edible oil prices with 60% of India’s edible oil demand being met through imports.
• Edible oils rose by 15.6% in January, the highest surge in nearly three years, characterized by wholesale prices jumping by 33.1% point and signaling further retail price surges.
• Possible weather shocks (for example summer heatwaves or a weak monsoon) could reverse most gains made in food prices.

Policy & Government Measures

• The finance minister Nirmala Sitharaman was confident that food prices will remain under control in 2025.
• To mitigate price pressures, the government should consider indirect tax reductions which would include:
• Fuel levies to ease commuting costs.
• Import duties to manage edible oil prices.
• GST cuts to benefit citizens across income levels.

Agriculture

1. Symposium on Aquatic Animal Diseases at the 14AFAF

Context:

Sri George Kurian, Union Minister of State for Fisheries, Animal Husbandry, and Dairying, inaugurated the symposium, “Aquatic Animal Diseases: Emerging Challenges and Preparedness,” from February 12 to 15, 2025, under the theme of Greening the Blue Growth in Asia Pacific at ICAR Convention Centre, New Delhi, as a preparatory event of the 14 Asian Fisheries and Aquaculture Forum (14AFAF).

Key Highlights:

Ministerial Address: On Biosecurity and Sustainability

• Shri George Kurian connected aquaculture with nutrition, biosecurity, and economic development while emphasizing the One Earth One Family framework.
• Sustainable Aquaculture Practices for Food Security and Livelihoods Were An Important Emphasis.
• He commended the government’s efforts in undertaking such initiatives, like PMMSY (Pradhan Mantri Matsya Sampada Yojana), and insisted on continued research and innovations.
• He insisted that there should be a multi-stakeholder approach to strengthening disease surveillance and biosecurity, including government agencies, research institutions, and industry stakeholders.

Strengthening the Disease Management

• Dr. Jena introduced the symposium in general and thanked GoI and NACA (Network of Aquaculture Centers in Asia Pacific) for their support.
• He talked about NSPAAD Phase II (National Surveillance Programme for Aquatic Animal Diseases) and INFAR project in enhancing disease control strategies.
• The third item was the way the Network project on Fish Health approached disease management, early response mechanisms and biosecurity.
• He emphasized the importance of vaccines, diagnostics, and therapeutics for effective disease control, especially with the expansion of aquaculture and introduction of new species.

Integrated Fish Disease Surveillance Mechanisms

• Integrated Fish Disease Surveillance Mechanisms ought to be institutionalized in India for detection and control.
• Instigate disease-free zones in major aquaculture areas so as to minimize infections.
• Integration of surveillance within the national aquaculture policies and legislative frameworks.

The Asian Fisheries and Aquaculture Forum (AFAF)

• The Asian Fisheries and Aquaculture Forum (AFAF) is organized by the Asian Fisheries Society (AFS), Kuala Lumpur, once in three years.
• 14AFAF is jointly organized by
  • AFS (Asian Fisheries Society)
  • ICAR (Indian Council of Agricultural Research)
  • DoF (Department of Fisheries, Government of India)
  • AFSIB (Asian Fisheries Society Indian Branch)
  • This is the second time AFAF is being hosted in India, first being Kochi in 2007.

The symposium reiterated the need for advanced surveillance of disease, strong biosecurity protocols, and harmonized efforts to sustain aquaculture.

Facts To Remember

1. India may review Singapore’s call for raising flight quota

India is now open to reviewing Singapore’s request for a liberalised air service agreement, potentially allowing more flights and expanded access to Indian airports — a shift from its stance in recent years.

2. ‘Special Recognition Game Changer’ award for Jay Shah

International Cricket Council Chairman Jay Shah won the ‘Special Recognition Game Changer’ award at the 2025 Sportstar Aces Awards.

3. Para shooter Avani Lekhara claims Sportswoman of the Year award

Avani Lekhara claimed the ‘Sportswoman of the Year (Para Sport)’ award in the 2025 Sportstar Aces Awards held at the Taj Mahal Palace in Mumbai 

4. India ready to host 2036 Olympics, says Home Minister Shah

A lively yet simple closing ceremony brought the curtains down on the 38th National Games here on Friday with Home Minister Amit Shah asserting that the country is well on track to host a successful Olympics in 2036.

5. Manu Bhaker receives the Sportstar of the Year (female) award

Olympic medallist Manu Bhaker receives the Sportstar of the Year (female) award from ICC chairman Jay Shah at the Aces Awards in Mumbai. czcsdf

6. India’s foreign exchange reserves increased by over 7.65 billion dollars, reaching over 638.26 billion dollars

India’s foreign exchange reserves increased by over 7.65 billion dollars, reaching over 638.26 billion dollars in the week ending 7th of February. This marks the third consecutive week of growth in the reserves.

7. PM Modi to participate in Bharat Tex 2025 on Feb 16

Prime Minister Narendra Modi will participate in Bharat Tex 2025 at Bharat Mandapam in New Delhi tomorrow. He will also address the gathering on the occasion. Bharat Tex 2025, a mega global event, is taking place from February 14-17 at Bharat Mandapam.

8. Embassy of India in Bangkok organises Khon dance and Sitar recital under SAMVAD-IV

In a unique display of Indo-Thai cultural richness, the Embassy of India in Bangkok organised a Khon dance and Sitar recital, celebrating the cultural ties of both nations. The event was a part of SAMVAD-IV, which is held in Thailand.

9. India’s Gulveer Singh breaks 17-year-old National Record in Indoor Men’s 3000 m at David Hemery Invitational meet

India’s Gulveer Singh has etched his name in history by breaking a 17-year-old National Record in the indoor Men’s 3000 metres at the David Hemery Invitational meet in Boston.

10. Fish production in country doubles in last 10 years: Ministry of Fisheries

The fish production in the country has doubled in the last ten years. According to the Ministry of Fisheries, fish production has increased from 95 lakh tons in 2013-14 to over 184 lakh tonnes in 2023-24.