UPSC Daily Current Affairs| Prelim Bits 28-12-2024

Fiscal Reforms

• Fiscal Discipline - The government set the target of bringing down fiscal deficit to 3-4% in the medium- term.
• It set the target of bringing the fiscal deficit target of 1992-93 to 5%, down from 6.2% in the previous year.
• Rationalising government spending - Through major cuts in subsidies and non- planned expenditures.
• Thus, the government announced major tax reforms to boost its tax revenue.

Trade Policy Reforms

• Rupee Devaluation - Rupee was devalued 18% to make Indian exports competitive.
• Import reforms – Import restrictions for exporters were reduced.
• Import of capital goods was allowed without the need of government permission.
• Export reforms - Exports trading houses were allowed to have 51% foreign equity.
• The government rationalised tariff structure and removed of quantitative restrictions on imports.

Monetary Policy Reforms

• Banking reforms – Setting of interest rates by lenders were deregulated, new private bank licences issued.

• Public listing of banks and moving to a new framework of recognition of accounts and introduction of capital adequacy norms recommended by Narasimham committee.
• Tighter policies - Tighter monetary and credit policy was envisaged to contain the current account deficit and to reduce non-discretionary imports.
• Introduced new monetary tools – 364-day T-bills, 10 and 15-year securities were introduced for the government to borrow from the market.

Industrial Policy Reforms

• Licensing reforms – Industrial licensing was abolished for all industries except 18 environmentally-risky sectors
• Amended Monopolies & Restrictive Trade Practices - MRTP Act was repealed to eliminate the need for prior approval for capacity expansion by companies.
• Increased Private role– Greater private sector participation was allowed in core and basic industries.
• Decreased Government control – Number of industries reserved for the public sector was reduced to 8 from 17.
• Small-scale enterprises were allowed to sell 44% equity to large companies.

FDI Policy reforms

• The limit for foreign equity holding raised from 40% to 51% in priority sector industries
• Foreign Investment Promotion Board was established to streamline the process of approval of FDI.

Telecom Policy reforms

• Introduced a unified access licensing regime for telecom services across the country in his tenure as PM between 2004-14.

India’s Fisheries Sector

• National Fish Production – It has witnessed an 83% since 2013-14, that stands at a record 175 lakh tons in 2022-23.
• With 75% of this coming from inland fisheries.
• India is the 2^nd largest fish and aquaculture producer globally.

One Liners 28-12-2024

History, Art and Culture

Urs Festival

• Countdown for 813^th Urs begins.
• It is an annual festival held at Ajmer, Rajasthan.
• Commemoration – For the death anniversary of Sufi saint Hazrat Khwaja Moinuddin Chishti.
• Khwaja Moinuddin Chishti – He arrived along with Sultan Illtuttmish and promulgated the Chishtiyya Order of Sufism.
• He is also known as Garib Nawaz.

Geography

Three Gorges Dam

• Located in - China’s Hubei Province.
• Built on - Yangtze River.
• It is world’s largest Dam.

International Relations and Issues

India-china Trans-border River Sharing

•  India and China don’t have any agreements.
• 2002 Memorandum of Understanding (MoU) – For sharing hydrological information on the Brahmaputra River during the flood seasons.
• In the aftermath of the 2013 Doklam standoff, Beijing suspended data sharing, which resumed only in 2018.

Operation Poseidon Archer

• It is a sustained bombing campaign to degrade Houthi military capabilities in Yemen.
• Launched by – United States, United Kingdom, and their allies.
• Supplements – Operation Prosperity Guardian, a maritime security operation begun in December 2023 to protect shipping in the Red Sea from attacks by the militants.

Agriculture

Rambhog Paddy

• Features – Sweet smell, and taste which makes it to differentiate from other paddy varieties.
• It is grown in Kanpur Dehat and Kanpur Nagar districts, located in the Terai region of Uttar Pradesh.

Environment

Article 6 of the Paris Agreement

• Paris Agreement – At COP 21 of UNFCCC in 2015.
• Article 6 – It sets out how countries can pursue voluntary cooperation to reach their climate targets.
• It facilitates emission reduction through 3 pathways
  • Internationally Transferred Mitigation Outcomes
  • UN-regulated global carbon market
  • Non-market approaches.

The Bald Eagle

• It is a key symbol of the United States, has been officially named the national bird.
• Morphology – White head, yellow beak, and brown feathers.
• Historical Importance - since 1782, it symbolizes freedom and bravery in USA.
• It has appeared on the Great Seal of the United States since its final design was approved.

Science

Metabolic dysfunction-associated steatotic liver disease (MASLD)

• It is the updated term for non-alcoholic fatty liver disease.
• It has connections to metabolic health, heart health, and cancer risk.
• Causes – It is strongly linked to metabolic syndrome, which includes obesity, diabetes, hypertension, and dyslipidemia.
• A diet high in carbohydrates, particularly refined sugars and starches, results in elevated insulin levels.
• Chronically high insulin levels lead to insulin resistance, resulting in the conversion of excess glucose into fatty acids that accumulate in the liver.

Miscellaneous

INS Sarvekshak (J22)

• Indian Navy Ship, INS Sarvekshak, arrived at Port Louis in Mauritius for undertaking Hydrographic Surveys.
• Fitted with survey equipment – Deep Sea Multi beam echo sounder system, Side Scan Sonars and a fully automated digital surveying and processing system.

Quality Council of India

• Formed in – 1997.
• Formed by – Government of India and major industry groups like ASSOCHAM, CII, and FICCI.
• 1^st chairman – Mr. Ratan Tata.
• It is a national body for accreditation and is a non-profit organization under the Societies Registration Act XXI of 1860.