Current Affairs 22 & 23 December, 2024

Daily Current Affairs Quiz

22 & 23 December, 2024

International Affairs

1. Trump threatens to retake control of Panama Canal

Context:

Donald Trump said Saturday that the Panama Canal is charging “exorbitant prices and rates of passage” on US naval and merchant ships, and he demanded that fees be lowered or else Panama should return the canal to the US.

Panama Canal

• This is an artificial 82-kilometer waterway in Panama connecting the Atlantic and Pacific Oceans, cutting across the Isthmus of Panama.
• Significance
  • Used for maritime trade and across the Isthmus of Panama.
  • Shortens time for ships crossing between Atlantic and Pacific oceans.
  • Avoids the hazardous route around southernmost tip of South America.
• One of the biggest and most challenging engineering projects.

2. India and Sweden on Green Technology

Context:

Swedish Officials Advocated for Increased Cooperation in Innovation and Green Technology with India.

Key Highlights:

• Focus on Tackling Global Climate Issues by Sustainable Industrial Practices and Renewable Energy Solutions.
• Sweden is considered a leader in green technologies, while India can implement on a large scale.
• Some areas of cooperation
  • green hydrogen, carbon capture, or circular economy practices.

Green Energy

• Green energy is energy that is produced from renewable sources.
• It is called clean energy or sustainable energy or renewable energy.
• Advantage
  • Does not emit dangerous greenhouse gases into the atmosphere
  • Has little or no environmental impacts.
• Sources for renewable energy
  • Solar, Wind, Geothermal, Biogas, Low-impact hydros, and some qualified Biomass sources.

3. H5N1

Context:

H5N1 Cases in U.S. Rises

Key Highlights:

• First H5N1 case reported in Texas in April.
• Despite 52% fatality since 2003, no deaths reported.
• B3.13 genotype of H5N1 clade 2.3.4.4b in dairy cows, infected 63 people.
• D1.1 genotype infected in Louisiana patient, detected in wild birds and poultry.

Avian influenza A(H5N1), also known as bird flu, is a highly infectious respiratory disease that can affect birds, mammals, and humans as well.

National Affairs

1. GST Review on Life, Health Insurance

Context:

The GST Council defered reviewing life and health insurance premium in view of a Group of Ministers discussion on it.

Key Highlights:

• A Group of Ministers headed by Bihar Deputy Chief Minister Samrat Chaudhary will meet again to consider insurance levies before finalizing their recommendations.
• Ideas for rate rationalisation of 150 items, with the differential levy for garments, the 5% levies for packaged drinking water and bicycle under ₹10,000, were also put off.
• Tax rates were revised to exclude gene therapy and long-range surface-to-air missiles (LRSAMs) from tax while raising levies on the sales of used cars from 12% to 18%.

Also Read: Goods and Services Tax (GST) and Council Formation

2. Conduct of Election Rules, 1961

Context:

Recently, the Government of India had amended Rule 93(2)(a) of the Conduct of Election Rules, 1961, which denied access to public some electronic records of elections, like footage of CCTV cameras and recordings of webcasting.

Key Highlights:

• The Conduct of Election Rules were amended by the Centre as it sought to bar public access to the particular section of poll documents.
• This change was the result of the recommendation made by the Election Commission (EC).
• Rule 93(2)(a) of the 1961 Rules stated that all other election papers regarding elections would be open to inspection in the public domain.

About Conduct of Election Rules, 1961:

3. Pashminas

Context:

J&K Chief Minister Omar Abdullah on Saturday said his government would ensure that famed Pashmina shawls were not considered in the higher slabs of Goods and Services Tax (GST) .

Pashmina

• Pashmina are Kashmiri wool or cashmere wool produced by Changthangi goats.
• The Geographical Indication (GI) tag for Kashmiri Pashmina was introduced in 2008.

4. National Quantum Mission (NQM)

Context:

India to Launch Quantum Satellite for Quantum Communications: NQM is a Department of Science & Technology program aimed at accelerating the use of quantum physics for advanced communications and sensing systems.

Highlights:

• The National Quantum Mission (NQM) is a government of India initiative to develop quantum technologies and make India a leader in quantum research and innovation.
• The NQM was approved by the Union Cabinet in April 2023 at ₹6,000 crore, with the planned quantum satellite as part of this package.

Quantum Satellite

• Quantum satellite is a communication satellite which utilizes quantum physics in its security.
• Quantum computers can easily destroy the prevailing techniques that protect messages; however, quantum physics also gave a path to protection.

Security of Messages

• Encryption:
  • Encryption task conceals the information behind a term, called a cipher.
  • Cryptographic Security works on a principle hiding secret code behind a complicated mathematical problem.
• The most advanced encryption standards in current use may be broken with future quantum computers.

5. Moon was Formed 4.51 billion Years Ago: Study

Context:

New analyses indicate a ‘remelting’ surface of the Moon around 4.35 billion years ago, hiding a very older history.

Key Highlights:

• The Moon is said to be formed by the collision of Earth and a Mars-sized protoplanet in the last giant impact in the history of our planet.
• The Moon, some 4.35 billion years old, has some inconsistencies in the explanation of thermal models and other observations regarding its age.
• Evidence
  • The repeated occurrence of rocks about 4.35 billion years old indicates that remelting of moon has occurred due to the evolution of the orbit.
  • The remelting of the Moon is a possible explanation for the reduced numbers of impact basins formed in the early bombardment.
• About the Moon
  • It is Earth’s only natural satellite and is about one-fourth the size of Earth in diameter. 
  • It has a surface area that’s about 1/16th of Earth’s and a mass that’s roughly 1.2% of Earth’s Mass.

6. Green Ammonia Reactor Development

Highlights:

• Inspired by natural ammonia production.
• Produces nitrogen from air and water without any carbon footprint.
• Plasma-electrochemical reactor maintains a high ammonia production rate.
• Produces directly from air, offering competitive industrial production.

What is Green Ammonia?

Green ammonia reactor development is the process of creating reactors that produce ammonia using renewable energy sources and carbon-free hydrogen and nitrogen.

7. HP invokes Kyoto Protocol

Context:

The Himachal Pradesh government urged the Centre to make some arrangement for hilly states in lieu of the revenue loss due to GST implementation and sought compensation on the pattern of the Kyoto protocol.

Kyoto Protocol

• This is an international agreement to reduce the emission of greenhouse gases.
• Adoption
  • in 1997, it came into effect in 2005.
• It obliges 37 developed nations and the European Union
• Established
  • To reduce greenhouse gas emissions by 5% below emission levels in 1990 between 2008-2012.
• Features
  • Included provisions for the trading of emission reduction credits and monitoring of emissions.
  • By October 2020, there were 147 states that had ratified the Doha Amendment.

Goods and Services Tax (GST) and Council Formation

8. India – Kuwait ‘Strategic Partnership’

Context:

India signed a defence cooperation memorandum of understanding with Kuwait for sharing defence personnel, joint exercises, and supply of military equipment between the two countries.

Key Highlights:

• It covers areas such as pharmaceuticals, IT, fintech, infrastructure, and security.
• The MoU will institutionalize bilateral cooperation in defence.

About Kuwait

• Capital: 
  • Kuwait City
• Currency: 
  • The Kuwaiti dinar (KWD)
• President: 
  • Sheikh Mishal al-Ahmad al-Jabir al-Sabah 

9. MGNREGS Funds on Hold by Centre

Context:

The MGNREGS funds were put on hold by the Centre in West Bengal.

Key Highlights:

• The Centre with held funds under the MGNREGS for irregularities in implementation during the last three years.

Mahatma Gandhi National Rural Employment Guarantee Act ( MGNREGA )

10. Mumps Vaccine in Universal Immunisation Programme

Context:

The Directorate of Public Health and Preventive Medicine, Tamil Nadu has made an appeal to the Union Government to include the Measles, Mumps, Rubella (MMR) vaccine as part of the Universal Immunisation Programme (UIP).

11. Biomedical Waste

Context:

A team of 70 officials from Kerala on Sunday began operations to remove truckloads of hazardous waste, which was brought from Kerala and dumped in various locations across Tirunelveli district.

What is Biomedical Waste Management?

12. Urban Homes a Major Air Pollution Source: Studies

Context:

Major emitters of the urban air pollution include Indian houses, transportation and power generation sectors.

Key Highlights:

• Studies monitored the sources of PM2.5 and energy use emissions in cities.
• Residential emissions dominated PM2.5 pollution in 29 cities, including Srinagar, Kanpur, Allahabad.

Air Quality Index India

In brief, the AQI is a number, according to which pollutants are present along with their concentration and health responses. The level is multiplied by the emissions of these eight key air pollutants – Particulate Matter (PM2.5, PM10), Ozone (O3), Carbon Monoxide (CO), Nitrogen Dioxide (NO2), Sulphur Dioxide (SO2), Lead (Pb), and Ammonia (NH3) – and then summed up for creating the cumulative pollution.

Air Quality Index India

• Launch in 2014, it is under Swachh Bharat Abhiyan:
  • National Air Quality Index at New Delhi.
• An expert group formed by CBPC recommended AQI scheme for India.
• Continuous monitoring in six cities of India for getting the real time data.

13. Sambhal Tunnel with 1857 Rebellion ‘links’

Context:

A 150-year-old stepwell and a tunnel were unearthed during an anti-encroachment drive at Sambhal, Chandausi U.P.

Indian Rebellion of 1857

• It erupted on 10 May 1857 in Meerut, India, and branched into other mutinies in the upper Gangetic plain and central India.
• It posed a military threat to the British power. The uprising was brought under control when the rebels were defeated at Gwalior on 20 June 1858.
• First War against Independence.
• Leader
  • Bahadur Shah 2 and others.

14. Zeenat: The Tigress

Why in News?

A three-year-old tigress, Zeenat, who was shifted from Maharashtra to Odisha’s Similipal Tiger Reserve, leaving forest officials worried. The tigress had strayed into Jharkhand and was likely moving towards West Bengal in defiance of conservation plans.

Highlights:

• Zeenat, who is just three years old, has been transferred from Maharashtra to the Similipal Tiger Reserve in Orissa.
• Zeenat- who has strayed from Tadoba-Andhari Tiger Reserve of Maharashtra into Jharkhand-is most likely making her way towards West Bengal.
• Tiger Population in India
  • As of 2022, India is home to an estimated 3,682 wild tigers, which is more than 70% of the world’s wild tiger population

Source: TOI

15. Dark Matter

Dark matter is a mysterious and invisible stuff that constitutes about 85% of the matter existing in the universe, yet is not detectable directly using current instruments. It doesn’t emit, absorb, nor reflect light (or any form of electromagnetic radiation); hence it is “dark” and cannot be viewed.

Some Key Points about Dark Matter

• Invisible Medium:
  • Dark matter cannot emit, absorb, or reflect light; hence, it is invisible.
• The Majority of Universe Mass:
  • Dark matter is 85% of the universe’s matter.
• Interaction through Light:
  • Dark matter interacts through gravity only.
• Gravitational Outstanding features:
  • Dark matter exists with one and only property, the effects that can be measured using normal visible matter.
• It cannot be detected through any current modes of detection, as it does not interact with electromagnetic forces.
• A galaxy’s rotation curve is influenced by dark matter.
• Mostly invisible:
  • Dark matter is something that has been inferred through indirect evidence.

16. Telecommunications (Procedures and Safeguards for Lawful Interception of Messages) Rules, 2024

The Union Government has notified the Telecommunications (Procedures and Safeguards for Lawful Interception of Messages) Rules, 2024 that allow certain law enforcement and security agencies to invoke specific circumstances to intercept telephone calls. These rules are to the replaced Rule 419A in the Indian Telegraph Rules made in 1951.

Key Points:

• The rules empower Union Home Secretary and the Secretary to the State government in-charge of the Home Department as competent authority to order interception of any message or any class of messages.

Breach of Right to Privacy?

• Major Rulings
  • In K.S. Puttaswamy v. Union of India, the Supreme Court declared that privacy is regarded as one of the elements comprising the core non-transferable right.
• Constitutional Provision
  • Privacy is guaranteed as a component of life and personal liberty by virtue of Article 21 as well as with Part III of the Constitution.
• Restrictions
  • The restrictions to privacy are the legislative mandate, legitimate state purpose, and proportionate state action.

Indian Telegraph Rules, 1951: Taping Telephone

Phone Taping: According to Rule 419A, this specifies the procedure for tapping a telephone, which requires an order from the Secretary to the Government of India or from the Secretary to the State Government.

• Definitions:
  • These include an “Answer Back Code”, an “Automatic Transmitter” and a “Call”.
• Charging Areas:
  • LDCA, LDCC, SDCA, and SDCC have been defined.
• The Indian Telegraph Act of 1885 underwent several amendments. It is the Telecommunications Bill 2023 that rescinds the Act.

Rule 419A of Indian Telegraph Rules, 1951

17. Green Deposit

Context:

RBI, in April 2021, released a framework for accepting green deposits from lenders and encouraging green finance.

• Definition:
  • A green deposit is a fixed deposit that’s used to fund environmentally friendly projects.
  • Green Deposits- Interest-bearing deposits received for a fixed term by a lender with proceeds dedicated toward green finance.
• Green deposits can fund projects related to solar, wind, biomass, and hydropower energy projects, energy efficiency, clean transportation, climate change adaptation, and sustainable water and waste management.

Also Read: Green Energy

18. ISRO to Study How Crops Grow in Space

Study Includes:

• Developing Seed Sprouting in Space
• Robotic Arm to Catch Tethered Debris
• Green Propulsion Tests
  • PSLV-C60 Mission Part of Twin Satellites ‘Chaser and Target’
• Poem with 24 onboard experiences
• Isro to grow cowpea seeds in a closed box with active thermal control.

ISRO International Space Research Organization

Banking/Finance

1. GST Council Announces Measures to Help Small Businesses

Context:

GST Council Meeting in Jaisalmer, Rajasthan.

Key Highlights:

• Decisions have been taken with an emphasis on benefit of small-scale sector and to avoid monopolization in markets.
• Mandate be enforced specifying state of online services in bills.
• Issues of tax rate on food in hotels with premium room rents, tax on medicines for specific cancer treatments and late fee on gst returns were discussed.

Goods and Services Tax (GST) and Council Formation

2. Separate GST rate for Caramelised Popcorn!

Context:

Caramel popcorn being taxed at 18% and salty popcorn being taxed at 12% is a lesson to all of us that we must learn to cook our meals at home.

Key Highlights:

• The GST council has clarified tax rates on some food items. The council has said that no new tax is being levied.
• Critics say that the GST Council is headed towards more complexity and a greater difficulty in enforcement, rather than simplifying the tax system.
• Haseeb Drabu, former finance minister of Jammu & Kashmir, and Rathin Roy have raised issues with the tax treatment of caramelised popcorn.

3. GST Council Amendments and Trade Facilitation Measures

Context:

GST Council is now providing for retrospective amendment of the GST input tax credit so that it may defeat the judgment of the Supreme Court.

Key Highlights:

• Under the CGST Act, 2017, a new provision, Section 148A, will empower the government to set up a track-and-trace mechanism in the commodities which are at high risk of evasion.
• The said mechanism will use the Unique Identification Marking on the goods or their packaging.
• The amendments are also proposed for modifying Sections 107 and 112 of the CGST Act 2017, reducing the amount of pre-deposit for appeals made to the Appellate Authority and the Appellate Tribunal, respectively.

Types of GST Tax in India: 

1. Integrated Goods and Services Tax or IGST

• The Integrated Goods and Services Tax or IGST is a tax under the GST regime applied on the interstate (between 2 states) supply of goods and/or services and on imports and exports.2. State Goods and Services Tax or SGST

2. State Goods and Services Tax or SGST

• The State Goods and Services Tax or SGST is a tax under the GST regime that is applicable on intrastate (within the same state) transactions. In the case of an intrastate supply of goods and/or services, both State GST and Central GST are levied.

3. Central Goods and Services Tax or CGST

• Just like State GST, the Central Goods and Services Tax of CGST is a tax under the GST regime that is applicable on intrastate (within the same state) transactions. The CGST is governed by the CGST Act. The revenue earned from CGST is collected by the Central Government.

4. Union Territory Goods and Services Tax or UTGST

• The Union Territory Goods and Services Tax or UTGST is the counterpart of State Goods and Services Tax (SGST) which is levied on the supply of goods and/or services in the Union Territories (UTs) of India.

Agri Business

1. 25% of India’s Total Area under Green Cover

Context:

India’s forest and tree cover has reached a quarter of the country’s total geographical area, according to the India State of Forest Report (ISFR) 2023, released by the Government of India on Saturday.

Key Highlights:

• In this regard, the India State of Forest Report 2023 has recorded forest and tree cover as 25% of the total geospatial extent of India.
• This translates to a 25.17% improvement in which forest and tree covers accounted for 21.76 and 3.41 percentage points, respectively.
• FSI releases the report

Forest Survey of India (FSI)

• Founded
  • 1981
• Headquarter
  • Dehradun
• Director General
  • Anoop Singh

2. Subsidies to Farmers to keep non-Milching Livestock

Context:

Parliamentary Standing Committee on Agriculture recommends subsidies for farmers for stray cattle.

Key Highlights:

• The PSC under former Punjab Chief Minister and Congress MP Charanjit Singh Channi recommends the provision of subsidies to farmers under conditions of keeping non-milching animals to manage stray cattle.
  • Non-milching animals are animals that are not raised for milk production.
• It recommends the commission to increase the livestock insurance fund allocation and to stop the increase of stray cattle from the present existing livestock population of 193.46 million cattle and 109.85 million buffaloes.

Draft: National Policy Framework on Agricultural Marketing

3. Rain Dashes Farmers’ Hopes for a Windfall in Odisha

• Waterlogging of Agricultural Lands:
  • Incessant rain caused widespread waterlogging in Odisha’s agricultural lands, impacting crops.
  • The fields became partially submerged, preventing farmers from harvesting their ready-to-reap paddy crop.
• Low-Pressure Area and Incessant Rain:
  • The rains were triggered by a low-pressure area in the west-central and southwest Bay of Bengal, leading to heavy rainfall across the state.
  • The depression caused by this system resulted in widespread rainfall, affecting all districts of Odisha.
• Impact on Farmers’ Hopes:
  • Farmers had hoped to get ₹3,100 per quintal of paddy, which would have been a significant windfall for them this kharif season.
  • However, the rain has shattered these hopes, as the ready-to-harvest paddy remains submerged in the waterlogged fields, making it difficult to recover the crop.
• Delayed Harvest and Losses:
  • Due to the waterlogging and damage caused by the rain, farmers will face challenges in reaping the crop, leading to potential losses and delays in the harvest season.
• Widespread Damage:
  • The extensive rainfall, combined with the waterlogging, has affected the entire agricultural landscape, making it difficult for farmers to recover their investment in the crop.

4. Direct Centre to legally back MSP: Farmer unions urge SC

Context:

Delhi Farm Leader Jagjit Singh Dallewal and Farmers’ Unions Call for Supreme Court to Enforce Legally Ensured Support Prices

Key Highlights:

• The committee’s report on 20 December stated MSPs for farm produce were “essential.”
• Dallewal and other protesting farmers’ unions have sought the Supreme Court to issue necessary directions to the central government to enact the MSP guarantee law.
• The committee has also suggested that the agriculture ministry formulate a road map for implementing the MSP proposal.

What is MSP?

MSP Needs Recognition

5. National Mission on Edible Oils and Oilseeds of India: The Self-Reliant Challenge

• Establishment of the Mission:
  • The National Mission on Edible Oils and Oilseeds was set up in 2021 with the goal of achieving self-reliance in edible oils over the course of seven years.
• Challenges in Achieving Self-Reliance:
  • Despite the mission’s establishment, India remains highly dependent on imports for edible oils, which are essential for the domestic market.
  • Indigenous production of oilseeds and edible oils has increased, but the growth rate has not kept pace with the rise in demand.
• Growth vs. Demand Gap:
  • Since 2006-07, the output of edible oils has increased by only 2.2% per year, while demand has grown at nearly double the pace—4.3% annually.
  • The annual import bill for edible oils has surged from $2.2 billion to over $15 billion, making edible oils the third-largest import item for India, after crude oil and gold.
• Impact of the 1986 Technology Mission on Oilseeds (TMO):
  • The first Technology Mission on Oilseeds (TMO), launched in 1986, achieved significant results by giving the mission full autonomy to make policy decisions without bureaucratic interference.
  • However, the mission’s success was diluted when the focus was broadened to include the production of pulses, adding additional burdens and reducing its effectiveness in raising oilseed production.
• Dependence on Imports:
  • India’s overwhelming dependence on imports for essential cooking oils is concerning, especially since the bulk of these imports are palm oil and its derivatives, sourced mainly from Indonesia and Malaysia.
  • The high reliance on just two countries for such a critical commodity makes India vulnerable to supply chain disruptions.

6. India should try the Amul model for all Agricultural Commodities

• Current Challenges for Indian Farmers:
  • Indian farmers typically receive only one-third of the final sale price of their produce, while two-thirds go to intermediaries like wholesalers and retailers.
  • A Reserve Bank of India (RBI) research paper highlights how APMCs (Agricultural Produce Market Committees) have exacerbated the problem, increasing the burden of middlemen on farmers.
• Success of Farmer Cooperatives in India (Amul Model):
  • The Amul model has demonstrated how a well-knit farmers’ cooperative can significantly improve the livelihoods of farmers by bypassing middlemen and directly connecting producers to the market.
  • Amul, a farmer cooperative, has grown into a nationally recognized brand, with nationwide marketing and distribution, benefiting millions of farmers.
• Key Elements of the Amul Model:
  • Farmer cooperatives have proven highly successful in the dairy sector, creating a nationally recognized federation for dairy products.
  • Visionary leadership by Verghese Kurien, the architect of Amul, emphasized the importance of farmer involvement and efficiency in the entire value chain.
  • Farmers benefit from large discounts on animal feed supplies and veterinary healthcare, enhancing their productivity and lowering costs.
• The Role of Cooperative Networks:
  • The district cooperative bank network further strengthens the model, providing financial support to cooperatives at affordable rates.
  • The government’s Sahakar se Samriddhi initiative promotes cooperatives in areas like organic farming, farm exports, and seed production.
• Attraction for Commercial Banks:
  • Commercial banks are drawn to the cooperative model because it offers affordable financial products for farmers, thereby lowering overall operational costs.
• International Examples:
  • The cooperative model has been successfully implemented globally in countries like the Netherlands (e.g., Rabo Bank) and Ukraine and Russia, showing that farmer cooperatives can be economically viable.

Economy

1. The financial sector of India in the year 2024

Policy Rate and Growth-Inflation Dynamics

• The RBI maintained its policy rate at 6.5% throughout the year.
• In December, the RBI stepped back from the cash reserve ratio for banks to free cash.

Inflation Trends

• The CPI inflation was measured at 5.69% in December 2023, falling to 5.10% in January 2024, then down to 3.6% in July, before finally rising back up again to 6.2% in October.
• The rate at which the real GDP increased declined from 7.76% in March to 5.36% in September 2024.

Yields and bond prices

• 7.17 of the 10 years’ yield in 2023 increased to the value of 6.79% by December 2024
• The US 10-year yield increased from 3.88% to 4.55% in 2024.

Rupee-dollar Exchange Rate

• The rupee-dollar exchange rate went between 83.21 and 85.02 last year.

Foreign Exchange Reserves

• Highest foreign exchange reserves of India reached $704.9 billion in 2004.

Stock Market Index

• At the end of the year, Nifty 50 stood at 21,731.
• Brent Crude increased to a height of $92.18 a barrel in April 2024.

Last Bank

• By November 29, 2024, banks exceeded 175 trillion rupees in credit.

RBI Health of the Financial System Report 2024

• Gross NPAs in the banking system reduced from 3.2% in September 2023 to 2.8% in March 2024.

Facts to Remember

1. Modi in Kuwait, calls diaspora ‘mini-Hindustan’

• Prime Minister Narendra Modi expressed happiness over the diverse Indian presence in Kuwait, referring to it as a “mini-Hindustan,” highlighting India’s potential.