6 November, 2024

Daily Current Affairs

National Affair

1. Govt can´t take over all private properties: SC

• The Supreme Court ruled that not all private property can be considered a “material resource of community” for common good.
• The ruling ensures that wealth distribution policies must avoid indiscriminate appropriations of private assets without clear community benefit.
• The court stated that private properties are not part of the “material resources of the community” that the State is obliged to equitably redistribute under Article 39(b) of the Constitution.
• The ruling emphasized that Article 31C protects laws enacted to ensure the distribution of “material resources of the community” for common good.

Supreme Court Ruling on Community Resources

• Not all private property can be considered a “material resource of community” for common good.
• Wealth distribution policies must avoid indiscriminate appropriations without clear community benefit.
• Private properties are not part of the “material resources of the community” under Article 39(b) of the Constitution.
• Article 31C protects laws ensuring distribution of “material resources of the community” for common good.

2. India´s domestic air tariff up 43% in 5 yrs, just behind Vietnam:

India’s Domestic Fare Increase in 2024

• India recorded the second-highest increase in domestic airfares in the AsiaPacific and West Asian regions in the first half of 2024.
• The increase was 43% compared to pre-pandemic levels in 2019, second only to Vietnam (63%).
• India ranks third in fare increases in international skies, behind the UAE and Malaysia.
• The study, conducted by Airports Council International (ACI) in partnership with Flare Aviation Consulting, examined airfare trends across over 60,000 routes in 19 countries.
• Vietnam topped the list of air tariff increases in the domestic market, followed by India.
• In international skies, both India and Vietnam reported a 16% rise in airfares, placing them in third position.
• The UAE led the list with a 22% increase in airfares, followed by Malaysia (21%), Australia (14%), and Thailand (7%).
• The average increase in airfares across the region was around 10%.

3. Solar cell manufacturing to outstrip global demand by 2024: report

The World Solar Market Report 2024 reports significant growth in the solar sector in 2023, with solar cell, wafer, and module capacity nearly doubling compared to the previous year.

Global Solar Manufacturing Capacity to Reach Over 1,100 GW by 2024

• Global solar manufacturing capacity is expected to surpass demand for photovoltaic panels by 2024.
• Significant growth in 2023 led to a market oversupply, resulting in negative margins for manufacturers.
• Global supply chain investments are expected to slow due to market pressures.
• China will dominate solar photovoltaic manufacturing through 2030, holding over 80% of global capacity.
• Global solar capacity rose from 1.22 GW in 2000 to 1,418.97 GW in 2023, a 40% annual growth rate.
• China holds 43% of the cumulative global solar capacity, with the US contributing 10%.
• COP29, a global conference on transitioning away from fossil fuels, triple renewable power, and double energy efficiency, emphasizes the importance of efficient and clean technologies.

COP 29, the UN Climate Change Conference, will commence in Baku, Azerbaijan, on 11 November, aiming to urgently address the global climate crisis.

4. Press release by itself can’t amend law: SC

• The Supreme Court ruled that a government press release on a policy change cannot be considered a law for benefit claims.
• The press release was deemed a promise by the government, not a pro vigore alteration of the law.
• The ruling rejected Nabha Power Ltd’s plea for relief based on a press release on a new legal regime for customs duty exemptions for mega power projects.
• The court ruled that the press release was a summary of the Cabinet decision, not a law alteration.
• The court also noted that notifications constituting change in law happened on Dec 11 and 14, 2009, not Oct 1.
• The ruling could have implications in other areas, as the government uses press notes on FDI matters after the Cabinet decides on the matter.

Environment and Ecology

1. 25 of 75 Ranthambore tigers go missing in a yr:

Ranthambore Tiger Reserve in Rajasthan Disappears

• 25 out of 75 tigers in Ranthambore National Park have disappeared within the last year, marking the first official report of such a large number of tigers missing.
• The tiger reserve has been overcrowded, leading to an increase in human-wildlife conflicts.
• The chief wildlife warden, Pavan Kumar Upadhyay, has constituted a three-member committee to investigate the disappearance of the tigers.
• The committee will review monitoring reports and recommend action against officials if any negligence by the park administration is found.
• The primary objective is to locate the 14 tigers that went missing in just four months between May 17 and Sept 30, 2022.
• The state forest department has shortlisted 24 villages for relocation of villagers, but the process has been slow.
• The situation is expected to worsen as both male and female tigers struggle to establish their territories.

Ranthambore National Park Overview

• 1,334 km2 (515 sq mi) national park in Rajasthan, India.
• Named after the historic Ranthambore Fort.
• Established as the Sawai Madhopur Game Sanctuary in 1955.
• Declared one of the Project Tiger reserves in 1973.
• Covers a total area of 392 km2 (151 sq mi), including buffer zone.
• Features dry deciduous forests and open grassy meadows.
• Core area: 275 km2 (106 sq mi).
• Ranthambore Tiger Reserve: Spreads over 1,334 km2 at an elevation range of 215–505 m (705–1,657 ft).
• Features three red stone temples devoted to Ganesh, Shiva, and Ramlalaji, and a Digamber Jain temple of Sumatinatha and Sambhavanatha.
• Padam Talao lake, with a red sandstone Jogi Mahal at its edge.

2. Pilikula zoo gets new attractions in the form of Asiatic Lion, other animals and birds:

Pilikula Biological Park Acquires Wild Animals and Birds from Nandankanan Zoological Park

• Pilikula Biological Park received three wild animals and four rare bird species from Nandankanan Zoological Park in Odisha under the animal exchange programme.
• The exchanges were done with permission from the Central Zoo Authority.
• The exchanges were done to maintain pure bloodline among animals and provide a mate for those without one.
• The Asiatic lion, which is limited in numbers in Indian zoos, was brought to mate with three lionesses at pilikula.
• The animal exchange responsibility was equally distributed among the participating zoos.

Pilikula Nisarga Dhama: Eco-Education and Tourism Development Project

• Promoted by Dakshina Kanada district in Mangalore, Karnataka, India.
• Integrated theme park with cultural and scientific attractions.
• Extends over 400 acres along Gurupura river.
• Pilikula Biological Park, 150 acres, a major attraction.
• Recognized as a major zoo by Central Zoo Authority of India.
• Animals kept in enclosures resembling their natural habitat.

3. Black Wash: A Clean Sweep That Stinks:

India’s Top 10 Most Polluted Cities in October

• Delhi-National Capital Region (NCR) was the most polluted city in India in October, with an average PM2.5 concentration of 111 micrograms per cubic metre.
• Ghaziabad, Muzaffarnagar, Hapur, Noida, Meerut, Charkhi Dadri, Greater Noida, Gurgaon, and Bahadurgarh were identified as the second to tenth most polluted cities.
• Despite the implementation of the Graded Response Action Plan, all other megacities maintained PM2.5 values below the national standard.
• Uttar Pradesh dominated the list of India’s top 10 most polluted cities for the first time this year, with six cities in the state making the list.
• Transboundary sources contributed 60-70% to Delhi’s average PM2.5 pollutants in October, while less than 10% originated from harvest stubble burning.
• Delhi recorded the highest pollution levels in October compared to the past four years, with the monthly average PM2.5 level being 111 micrograms per cubic metre.

Air Quality Index (AQI) Overview

• AQI is a daily air quality report by the Environmental Protection Agency (EPA) for five major air pollutants: ground-level ozone, particle pollution/particulate matter (PM2.5/pm 10), carbon monoxide, sulfur dioxide, and nitrogen dioxide.
• The AQI value indicates the level of air pollution and health concerns.
• AQI is calculated using different point scales, with the highest AQI value reported as the day’s AQI.
• AQI categories include Good (0–50), Satisfactory (51–100), Moderately polluted (101–200), Poor (201–300), Very Poor (301–400), and Severe (401-500).

Banking and Finance

1. Brainstorming by top minds of financial world to start today:

“Business Standard BFSI Insight Summit 2024”: Exploring India’s Economic Prospects

• The three-day event, India’s largest BFSI event, will discuss the country’s economic prospects.
• Key topics include geopolitical tensions, Federal Reserve’s monetary policy easing, rising stress in the unsecured retail portfolio, and persistent underpenetration of insurance.
• C S Setty, the newly appointed chairman of State Bank of India, will inaugurate the event.
• Setty, a career banker with over three decades of experience, previously held managing director roles in international banking, global markets, and technology portfolios.

2. IPO filings surge in 2024, fuelled by domestic liquidity, stable macros:

IPO Filings Surpass Record

• IPO filings reached a record high of 132 until October, surpassing the previous record set three years ago.
• September saw 75 filings, a record high.
• Growth driven by domestic liquidity and stable macro-economic factors.
• High subscription numbers and listing pop encourage companies to move forward with IPO plans.

IPO Market Performance: Over ₹1.03 Lakh Crore

• 68 IPOs have been launched this year, raising over ₹1.03 lakh crore.
• 54 out of these companies ended in the green on the day of listing, with 13 companies gaining over 50%.
• 15 companies have gains of 50-100% over the offer price, while eight have gained over 100%.
• Top gainers include Jyoti CNC Automation, Platinum Industries, and Bharti Hexacom.
• IPO approval and launch speed has increased, with companies entering the market within a week or two of regulatory approval.
• Market correction may lead to a slowdown in IPO activity, but Munish Aggarwal suggests it may be a temporary blip.
• 27 companies have received SEBI approval for their IPOs, and another 61 are awaiting regulatory nod.

IPO

An initial public offering (IPO) is when a private company sells shares of its stock to the public for the first time. This process allows the company to raise funds and become a publicly-traded company.

• The company selects an underwriter for securities registration and assembles a syndicate of investment banks and broker dealers.
• The company decides the number of shares to offer and the investment bank suggests an initial price.

First IPO in India

• Reliance was the first Indian company to go public in 1977.

Science and Tech

1. Suhora Technologies launches space image aggregating platform:

Union Minister of State Launches ‘Spade’ Platform

• Union Minister of State, Jitendra Singh, launches ‘Spade’, a platform that aggregates satellite-produced earth observation images.
• Suhora Technologies, a space start-up, developed the platform, which charges satellite companies for the data.
• The platform was launched at the Indian Space Conclave, 2024, organized by the Indian Space Association.
• Suhora Technologies, which started operations in 2018, has been working with several satellite owners for strategic and disaster management needs.
• Dr Rajeev Jaiswal, Associate Director, EO Division at India’s space agency, ISRO, criticized India’s reliance on high-resolution images from abroad and called for more investments in HR image generation.

Indian Space Association (ISPA) Overview

• An industry body comprising government and private sector satellite and space companies.
• Aims to encourage private sector participation in India’s space sector.
• Facilitates collaborations between public and private sector space companies.
• Includes leading national and international space players with advanced capabilities.
• Works with stakeholders to create a positive business environment and achieve government space objectives.
• Assists in formulating national policy for commercial space exploration.
• Interacts with national space agencies and private space companies to attract high-tech technology and investments.
• Aims to create skilled jobs and pave the way for India becoming a future space powerhouse.

Agriculture

1. Fisheries Ministry, CMFRI, NFDB collaborate to showcase drone tech in marine sector:

On November 8, a workshop will be held to educate on drone applications for tasks like aquaculture input dispensing, water body monitoring, and marine mammal assessments.

Drone Applications in Marine Fisheries Sector

• The Fisheries Ministry, National Fisheries Development Board, and ICAR-Central Marine Fisheries Research Institute are promoting drone applications in the marine fisheries sector.
• The initiative aims to enhance efficiency in marine fisheries, from early detection of algal blooms to precise feed broadcasting in mariculture.
• An awareness workshop and drone demonstration will be held on November 8 at CMFRI to showcase potential drone applications.
• Drones can be used in cage fish farming operations, monitoring fish health, assessing water quality, and optimizing feed distribution.
• They can also aid in early detection of algal blooms and environmental threats.
• Drones can transport live fish from remote aquaculture sites to markets, ensuring freshness and reducing transportation time.
• They can improve marine mammal stock assessment and surveillance of their interactions.
• The technology could also be used for life jacket deployment during emergency situations and for water quality assessment of the Vembanad Lake.

Ministry of Fisheries, Animal Husbandry and Dairying in India

• Established in 2019 under Ministry of Agriculture and Farmers’ Welfare.
• Previously a department.
• Current minister: Lalan Singh, appointed in June 2024.

2. Stubble burning incidents drop by a half, but UP, Rajasthan have higher cases:

Uttar Pradesh experienced a 17% increase in stubble burning incidents from 1,102 to 1,288 in the previous year, while Rajasthan saw a 9% increase from 982 to 1,072.

Stubble Burning Incidents in India

• Stubble burning incidents in India dropped by 53% from September 15 to November 3, compared to the previous year.
• However, Uttar Pradesh and Rajasthan saw an increase in incidents.
• Punjab reported 4,132 cases of crop residue burning, 68% less than 12,813 incidents in the previous year.
• Stubby burning in Punjab is reported from a 4.6 lakh hectare area, with one-third coming from three districts.
• Haryana saw 857 cases of crop residue burning, a 38% fall from 1,372 incidents in the previous year.
• Uttar Pradesh saw a 17% rise in stubble burning incidents from 1,102 to 1,288.
• The number of incidents at the end of the season (November 30) will be crucial to analyze the rise or fall in stubble burnings.
• About 26% of the paddy crop has been harvested across the country, with higher rates in northern states.
• Data shows 60-70% paddy crop has been harvested in Punjab, Haryana, Uttar Pradesh, and Madhya Pradesh.

Stubble Burning in Northern India

• Stubble burning is the intentional burning of leftover plant material after harvesting grains.
• Common in Punjab, Haryana, and Uttar Pradesh.
• Used to clear fields quickly for the next crop.
• Negative effects include air pollution, soil contamination, and smog and brown clouds.
• In India and Pakistan, stubble burning is illegal, but enforcement is weak.
• Some suggest government increase in monetary incentives or technology to help farmers avoid burning.

Sports

1. India sends ‘letter of intent’ for hosting 2036 Olympics:

• India has submitted a ‘Letter of Intent’ to the IOC’s Future Host Commission, expressing its desire to host the Olympic and Paralympic Games in 2036.
• The IOA views the Olympics as a significant opportunity for economic growth, social progress, and youth empowerment.
• The country has progressed from “informal dialogue” to “continuous dialogue” with the IOC, with the next phase being “targeted dialogue”.
• The hosts city will be announced at the IOC session in 2025.
• The IOA aims to have a transformative economic, social, and cultural impact in wider SAARC nations, contributing to a healthier and happier population.
• The IOA also plans to project the Olympics as an occasion to inspire Indian youth, highlighting India’s strength in its people.
• Ahmedabad is seen as the frontrunner for hosting the Games.
• India plans to include yoga, kho kho, kabaddi, chess, T20 cricket, and squash in the Games if the country gets hosting rights.

India’s performance in Paris Olympics 2024:

India won six medals in total including one silver and five bronze, three of which come from shooting. This was India’s joint second highest total medal haul after the previous Games.^[10] Manu Bhaker won the first medal for India in the women’s 10 m air pistol event.