Current Affairs 28 December, 2024

Daily Current Affairs Quiz

28 December, 2024

International Affairs

1. Brahmaputra dam will not affect India, Bangladesh: China

Context:

Brahmaputra dam will not affect India, Bangladesh said China.

• Major Concern:
  • The $137 billion dam location is also located at an ecologically-fragile Himalayan area, close at the same time to a boundary of a tectonic plate.
    • Tectonic plates are large, irregular shaped slabs of solid rock that is located up the Earth’s crust.

Key Highlights:

• China has established and estimates worth $137 billion the construction on the Brahmaputra River in Tibet of world’s largest dam.
• This Brahmaputra Dam is encompassed in the 14th Five-Year Plan (2021-2025) of China, as well as National Economic and Social Development and the Long-Range Objectives Through the Year 2035.

India’s Plan on Brahmaputra River:

Govt Plans India’s Second-Largest Dam On Brahmaputra at Yingkiong In Arunachal Pradesh, To Counter China’s River Diversion Plans

• Budget Estimate
  •  Estimated to cost Rs 50,000 crore 

2. Impeachment of South Korean President

Context:

Impeachment of acting president of south-korea Han Duck-soo passed with a 192-0 vote.

What is Impeachment?

• Impeachment refers to the process through which a congress brings a charge against an officer, among whom is the President, for misbehavior.
• It is a serious process and is only carried out in cases where offenses are severe such as:
  • Treason.
  • Bribery.
  • Corruption.
  • Abuse of power.
  • An infraction of the fundamental rights.

Impeachment of the President in India

3. Cyclone Chido in Mayotte.

Context:

Cyclone Chido Ruins Mayotte’s Environment and Biodiversity in Mayotte, France.

Effects of Cyclone Chido:

• Soils have been washed into the lagoon as a result of the loss of trees, leading to mud accumulation.
• The reef in the lagoon will get destroyed along with 300 species of fishes, corals, vertebrates, and mollusks.

Coral Reef

A coral reef is an underwater ecosystem characterized by reef-building corals. Reefs are formed of colonies of coral polyps held together by calcium carbonate. 

4. China Launched Amphibious Assault Ship

Context:

China launched a new amphibious assault ship Friday, capable of launching fighter jets and designed to strengthen the navys combat ability in distant seas.

Amphibious assault ships

Amphibious assault ships are warships used to land and support ground forces in armed conflicts. They are developed from aircraft carriers, which are used as helicopter carriers, and modern designs support amphibious landing craft with well decks. Some ships also support V/STOL fixed-wing aircraft and have a secondary role as aircraft carriers.

Also Read: J-35 Fighter Jet

5. US Mission to India

Context:

US Mission to India to Issues More than One Million Nonimmigrant Visas.

Key Highlights:

• For the second consecutive year, over a million nonimmigrant visas were issued by the US mission, also marking the highest count for visitor visas in the same period.
• More than two million Indians traveled to the US in the first 11 months of 2024, marking a 26% increase from 2023 figures.
• Over five million Indians currently hold a nonimmigrant visa granted by the United States, and the figure grows by thousands each day.

H1B Visa Programme

National Affairs

1. Household Consumption and Expenditure Surveys (HCES)

Context:

Consumption inequality declined across rural and urban areas between Aug 2023 and July 2024 compared to the previous year, a survey showed.

Key Highlights:

• A sustained momentum in rural consumption continued and the gap between rural and urban narrowed in 2023-24 compared to 2022-23.
• The Gini coefficient, a statistical measure of inequality in the population, declined to 0.237 in 2023-24 from 0.266 in 2022-23 for rural areas and to 0.284 in 2023-24 from 0.314 in 2022-23 for urban areas.
• Average Household Consumption
  • According to the HCES, average household consumption expenditure in India has increased by 3.5% from August 2023 to July 2024.
  • This indicates a narrowing of the divide between rural and urban spending, and it brings down inequalities in consumption.
• Source
  • By the Union Statistics Ministry, estimates relating to poverty status levels are released on the basis of HCES findings and updated Consumer Price Index (CPI) data for use in measuring economic well-being.

The Gini coefficient, a statistical measure of inequality

2. Zeenat: The Tigress

Context:

Bengal Forest Department deploys new ‘torch’ teams to trap elusive tiger Zeenat.

Key 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

3. Over 40 batches of drugs are ‘not of standard’: CDSCO

Context:

More than 40 batches of drugs being sold in the market have been found to be not-of-standard quality (NSQ) by the Central Drug Standards Control Organisation (CDSCO) in latest survey.

The Central Drugs Standard Control Organization (CDSCO)

The Central Drugs Standard Control Organization (CDSCO) is the National Regulatory Authority (NRA) of India for drugs and cosmetics. It is basically responsible for ensuring the safety, quality, and efficacy of medical products within the country.

• Ministry Responsible
  • Minister of Health and Family Welfare
• Minister
  • Jagat Prakash Nadda 
• Headquarter
  • New Delhi, India

Banking/Finance

1. Current Account Deficit

Context:

The current account deficit of India in Q2 2024-25 declined to $11.2 billion, 1.2% of GDP.

Key Highlights:

• The trade deficit in merchandise increased to $75.3 billion from $64.5 billion in Q2 2023-24.
• Net invisibles receipts went up from $39.9 billion the previous year to $44.5 billion now.
• Net direct foreign investment suffered an outflow of $2.2 billion in Q2, below estimates.

Current Account Deficit

If an economy is running a current account deficit, it is absorbing (absorption = domestic consumption + investment + government spending) more than that it is producing. This situation can arise if some other economies are lending their savings to it (in the form of debt to or direct/ portfolio investment in the economy) or the economy is running down its foreign assets such as official foreign currency reserve.

Trade Deficit

Merchandise Export Falls

2. RBI Permits UPI Transactions via PPI Wallets

Context:

The Reserve Bank of India (RBI) has decided to allow prepaid instrument holders (PPIs) to make/receive UPI payments through third-party mobile applications.

Key Highlights:

• Aim
  • To Enable PPI holders to make and receive UPI payments through the mobile application of third-party UPI applications.
  • Provide more flexibility to holders of PPIs such as gift cards, metro rail cards and digital wallets, among others.

UPI: Revolutionizing Digital Payments in India

4. India’s Foreign Exchange Reserves

Context:

India’s foreign exchange reserves fell by $8.4 billion to $644 billion in the week ended December 20, latest data released by the Reserve Bank of India (RBI) showed.

India’s Foreign Exchange Reserves

5. SEBI Issued a Directive on Transfer of Shareholdings

Context:

The Securities and Exchange Board of India (Sebi) issued clarifications on the transfer of shareholding among immediate relatives and the transmission of shareholding of investment advisers, research analysts, and KYC registration agencies (KRAs).

Key Highlights:

• Aims
  • At harmonizing regulatory processes and protecting the investor interest in the securities market.
• Clause
  • Transfer of control does not include inter-spouse transfer, parent-to-child transfer, sibling transfer, or parent-to-child transfer.
  • In case of proprietary firms, transfer in ownership or inheritance by bequest is treated as change in control. A new owner of the firm should obtain the necessary prior approval and apply for a fresh registration under their name.

Economy

1. Treasury Bills

Context:

Govt. plan to borrow ₹3.9 trillion through treasury bills in the fourth quarter of the current financial year.

Treasury bills, or T-bills

Treasury bills, or T-bills, are short-term debt instruments issued by the government to raise money for short-term needs.

• How they work
  • T-bills are issued at a discounted price and later redeemed at face value at maturity. For example, a 91-day T-bill with a face value of ₹100 may be issued at ₹98.20, and then redeemed at ₹100 when it matures. 
• Maturity period
  • T-bills have a maximum maturity period of 364 days. They are issued in three tenors: 91 days, 182 days, and 364 days. 
• Interest
  • T-bills are zero coupon securities, meaning they pay no interest. Instead, the interest is determined by market forces. 
• Safety
  • T-bills are considered as safest investment because they are backed by the government. 
  • The funds collected from T-bills are used to meet the government’s short-term needs, which helps to reduce the country’s fiscal deficit. 

2. Reforms by Dr. Manmohan Singh

• 1991
  • India gave gold to raise the foreign currency reserves.
• 1991-92
  • Quantitative import restrictions removed .
• 1992
  • SEBI has been created as statutory body
• 1993-94
  • RBI has granted licenses to 10 private sector banks
• 1995
  • Allowed banks to fix interest rates on domestic term deposits.
• 2005
  • The act on the Right to Information came into existence to enhance transparency.
  • The Mahatma Gandhi National Rural Employment Guarantee Act, 2005, is a landmark legislation aimed at providing livelihood security to rural households by guaranteeing at least 100 days of wage employment annually.
• 2008
  • Singh’s leadership was pivotal in securing the India-US civil nuclear deal, announced in 2005 and finalized in 2008. 
• 2009
  • The Right to Education Act came into passage, which demanded free and compulsory education as a fundamental Right.
• 2010
  • Unique Identification Authority of India (UIDAI) launched the Aadhaar initiative for better service delivery.
• 2012
  • Tremendously increased limits of Foreign Direct Investment.
• 2013
  • Direct Benefit Transfer (DBT) for cash transfers.
• 2013
  • Food Security Act enacted on subsidised food grains.
• 2013
  • Companies Act, 2013 passed to improve corporate governance standards.

Agri Business

1. The Role of Solar Energy in Vertical Farming

Vertical Farming

• Vertical farming is a method of growing crops in stacked layers, either vertically or horizontally, to increase the amount of produce grown in a given space. It usually uses controlled-environment agriculture and soilless farming techniques like hydroponics, aquaponics, and aeroponics.
• It is designed to enhance food production by utilizing limited resources through technologies such as hydroponics, aeroponics, and controlled environment agriculture.
• Benefits
  • Cuts operational costs and carbon footprint.
  • Increase productivity by maximum utilization of the space.

2. Kisan Kavach

Context:

It is designed to protect farmers from the harmful effects of pesticide exposure, this innovation marks a transformative step in ensuring farmer safety and aligns with Prime Minister Narendra Modi’s vision of using science and technology to empower the agricultural community.

Key Highlights:

• Antipesticide Clothing
  • Developed using ‘oxime fabric’ that chemically breaks down pesticides upon contact with the skin in spraying operations.
• Design and Innovation
  • BRIC-inStem has designed Kisan Kavach in a collaboration with Sepio Health Pvt. Ltd.

Crisis Due to Pesticides in India

• In the year 2020, India alone consumed more than 61,000 tonnes of pesticide, thus being a leading consumer of such pesticides.
• Every year, 385 million acute pesticide poisoning cases take place globally, and South Asia is the most affected region with 11,000 deaths worldwide.

Read more>>

Sustainable Agriculture

3. Biodigester Gas

Context:

Biodigester Gas is produced through anaerobic digestion of organic matter such as cow dung and leftover food. It includes biogas, the energy resource produced renewably, and digestate, the rich-nutrient by-product which is suitable for use as organic fertilizer.

Key Highlights:

• Benefits
  • Biodigesters capture methane– the strong greenhouse gas, thereby reducing the carbon footprint of dairy farms.
  • Reduces waste runoff and hence advocates principles of environmental and agricultural productivity.
  • Energy Independence and Cost Savings.
  • Improving Soils With Digestates.

Read more>>

Organic Farming

India Organic Farming Programs

4. Guava Seed to Biofuel production

Context:

Guava seeds, which are usually discarded as waste, are being used to produce biodiesel and biomass by Coimbatore-based start-up Buyofuel. 

Key Highlights:

• These produce biodiesel an eco-friendly alternative to diesel fuel, as guava seeds contain about 15-20% oil.
  • Biodiesel is a renewable, biodegradable, and clean-burning liquid fuel that can be used in diesel engines.
• The remaining seed of guava, which is rich in fibres, is used as biomass for industrial purposes in boilers and heating appliances.
• Buyofuel promotes sustainable farming and processing, reducing agricultural wasted outputs with no contamination processes.

5. Union Minister of Cooperation Amit Shah Reviews BBSSL

Context:

Mr. Amit Shah called upon BBSSL to pursue its focus on the collection and conservation of India’s traditional seeds and to prepare a 10-year roadmap for this endeavor. He also asked BBSSL to evaluate the nutritional value of indigenous and hybrid seeds and boost the production of both pulses and oilseeds.

Key Highlights:

• BBSSL wants to achieve ₹18,000 crore turnover by 2032-33 and tap unexplored ₹40,000-crore seed market.

Bhartiya Beej Sahkari Samiti Limited (BBSSL)

• Ministry
  • Ministry of Cooperation under Multi-State Cooperative Societies (MSCS) Act, 2002.
• Founded by
  • IFFCO, KRIBHCO, NAFED, National Dairy Development Board (NDDB), and NCDC.
• Aims and Objectives
  • Under a single brand, the quality seeds would be produced, procured and marketed through cooperatives.
  • The society aims to increase seed replacement rate and varietal replacement rate by ensuring farmers’ role in seed production.
  • BBSSL will focus on production, testing, certification, procurement, processing, storage, branding, labelling, and packaging of two generations of seeds.
  • Reduce dependence on imported seeds, enhance agriculture production, boost the rural economy, promote “Make in India”, and lead to Atmanirbhar Bharat.