Daily Current Affairs UPSC 08 June 2024

Insolvency and Bankruptcy Board of India (IBBI)

• IBBI (Insolvency and Bankruptcy Board of India) has issued new guidelines to streamline the process of appointing Insolvency Professionals (IPs) as resolution professionals.
• IBBI is a statutory body under the Insolvency and Bankruptcy Code, 2016, with its headquarters in New Delhi and under the Ministry of Corporate Affairs.
• The functions of IBBI include regulatory oversight over service providers in the insolvency ecosystem and providing a regulatory framework for insolvency and resolution processes of corporates and individuals.
• The functioning of IBBI is governed by a Governing Board constituted by the Central Government.

Common Service Centres (CSCs)

Memorandum of Understanding (MoU) signed between CSC Special Purpose Vehicle (SPV) and Ministry of Agriculture & Farmer's Welfare

• Aim to convert 10,000 Farmer Producer Organizations (FPOs) into CSCs
• FPOs are legal entities formed by primary producers, with farmer members

About CSC

• CSCs provide citizen access to Government-to-Citizen e-services through ICT infrastructure
• Initially part of National e-Governance Plan, now under Digital India Mission
• Currently, there are 5.43 lakh functional CSCs
• Nodal Ministry: Ministry of Electronics and Information Technology

Liquid Nitrogen

• FSSAI advisory on unauthorized use of liquid nitrogen in food establishments.
• Nitrogen is a colorless, odorless gas or liquid used as a freezing agent, propellant, packaging gas, and foaming agent.
• Per Food Safety and Standards Regulation, nitrogen is a Good Manufacturing Practice additive.
• Allowed in dairy-based ice cream desserts at GMP levels for contact-freezing and cooling purposes.
• Health effects of liquid nitrogen include frostbite, burns, asphyxiation, and damage to internal organs.

White Phosphorous

Accusations against Israel for using white phosphorus munitions in southern Lebanon.

White Phosphorus:

• Toxic substance derived from phosphate-containing rocks.
• Reacts and burns in air at temperatures above 30 °C until deprived of oxygen.
• Uses:

1. 1. Military: In ammunition for smoke production and target identification.
   2. Industrial: In manufacturing chemicals for fertilizers, food additives, and cleaning compounds.

• Not classified as a chemical weapon under the Chemical Weapons Convention (CWC).

Avian influenza A(H5N2)

• First human infection with avian influenza A(H5N2) virus in Mexico.
• Influenza A viruses classified by original host: avian, swine, or other animal types.
• Avian influenza primarily affects birds.
• Some subtypes can infect humans, causing severe respiratory illnesses like H5N1.
• Symptoms include fever, cough, sore throat, muscle aches, and severe respiratory distress in advanced cases.

Heat Dome

Heat Dome is causing heat waves in cities in the southern and western states of the USA.

• Heat Dome is a weather phenomenon caused by a ridge of high pressure getting stuck in the atmosphere.
• This phenomenon traps hot air that expands vertically into the atmosphere and is pushed toward the ground by high pressure.
• Normally, winds move from high pressure areas, but the dome's stationary nature causes weather systems to become almost immobile.

Orchids

Recent studies have shown that Orchid plants support the growth of their seedlings through a network of fungi underground.

Orchid Plant Characteristics

• Orchids can grow in various habitats such as on trees, rocks, decaying matter, or in water.
• They can be propagated through seeds, tissue culture, or vegetative methods.

Orchid Species in India

• India is home to a large number of orchid species, with only a small percentage protected under wildlife laws.
• Arunachal Pradesh is known as the "Orchid Paradise of India" due to its high diversity of orchid species.
• Different regions in India, such as the North Eastern Himalayas, Western Ghats, and Andaman and Nicobar Islands, are known for their orchid diversity.

Antlions

• Two antlion species, Pseudoformicaleo nubecula and Creoleon cinnamomeus, were discovered in India, Thailand, and Vietnam for the first time by researchers.
• These species were specifically found in Kerala.

About Antlions:

• Antlions are part of the insect family.
• They are similar in appearance to damselflies, but can be distinguished by their long antennae.
• Antlions are known for their pit-building behavior as a way to catch prey.
• They are carnivorous and help control harmful pests in their ecosystem.

Rana Punja Bhil

• Rana Punja Bhil was a tribal leader from the Bhil tribe who lived during the same time as Maharana Pratap.
• He played a significant role in the Battle of Haldighati by leading guerilla warfare and preventing Mughal advances.
• Maharana Pratap honored him with the title of "Rana" for his bravery and leadership qualities.
• Rana Punja Bhil's key contributions include his courage and leadership in defending against the Mughal forces during the battle.
• Beliefs: Courage, Leadership, etc.

"UNESCO's Green Education Initiatives"

UNESCO's New Tools: Greening Curriculum Guidance (GCG) and Green School Quality Standards (GSQS)

• The GCG provides a common understanding of climate education and how to integrate environmental topics into curricula.
• The GSQS sets minimum requirements for creating green schools through an action-oriented approach.

Greening Education Partnership

• A global initiative with 80 member states that supports countries in addressing the climate crisis through education.
• Objective is to equip learners with knowledge, skills, values, attitudes, and actions to tackle climate change and promote sustainable development.
• Pillars of Green Education:
• Greening Schools: Ensuring schools achieve green accreditation and address climate change in teaching, facilities, and operations.
• Greening Curriculum: Integrating climate education into school curricula, vocational education, and workplace skills development.
• Greening Teacher Training and Education Systems' Capacities: Building school capacities through climate education integration.
• Greening Communities: Strengthening community resilience through community learning centers and learning cities.

Education and Climate Change:

• In a recent survey by UNESCO, half of the 100 countries examined did not include climate change in their educational curriculum.
• Approximately 70% of young individuals lack the ability to explain climate disruption.
• Those with a higher level of education are more likely to take action to adapt to climate change.
• Improving girls' education can indirectly help combat climate change by reducing demographic growth.

Greening Education in National Education Policy 2020:

• Incorporate climate literacy into core subjects in National Education Policy 2020.
• Include education on water and resource conservation in curriculum.
• Integrate traditional learning methods and sustainable practices into education system.

"RBI MPC Maintains Repo Rate"

• Repo rate announcement made in bi-monthly meeting of RBI MPC.
• Repo rate is the rate at which central bank lends money to commercial banks against collateral.

Additional Steps on Developmental and Regulatory Policies by RBI:

• Rationalisation of Export and Import regulations under Foreign Exchange Management Act (1999) to promote ease of doing business.
• Proposal to establish Digital Payments Intelligence Platform (DPIP) to prevent payment fraud using advanced technology.
• Committee led by A.P. Hota to examine setting up digital public infrastructure for DPIP.
• Proposal to include UPI Lite in e-mandate framework with auto-replenishment feature.
• Revision of bulk deposit definition for Scheduled Commercial Banks and Local Area Banks to ₹3 crore and above and ₹1 crore and above respectively.

About Monetary Policy Committee (MPC)

• The Monetary Policy Committee (MPC) is established under the amended RBI Act, 1934.
• It consists of six members, with three members from the RBI and three members appointed by the government.
• The MPC is responsible for setting the policy repo rate to achieve the inflation target.
• Each member of the MPC has one vote, with the Governor having a second or casting vote in case of a tie.

"Building Better: GTRI Report on India's Infrastructure Quality"

The report focuses on important issues and offers suggestions on how India can improve its quality infrastructure.

India's Quality Infrastructure Components:

• Standardization, Quality Control Orders (QCOs), and Compulsory Registration Orders (CROs) led by Bureau of Indian Standards (BIS).
• QCOs are mandatory regulatory standards ensuring product quality, safety, and performance.
• CROs are similar to QCOs but require pre-registration with a government agency.
• Conformity assessment through third-party inspections.
• Certifications and Accreditation coordinated by Quality Council of India.

Key Highlights of the Report:

• India has expedited issuance of QCOs and CROs but needs to strengthen its quality infrastructure.
• Over 140 QCOs have been issued for more than 550 products since the implementation of the BIS Act 2016.
• Rapid issuance of QCOs has posed challenges for firms, importers, and government agencies.

Recommendations for Enhancing Quality Infrastructure:

• Seek international accreditation for BIS certifications.
• Balance regulations with industry capacity.
• Support SMEs with gradual implementation of QCOs and CROs, financial aid, and technical guidance.
• Conduct regulatory impact assessments.

Impact of QCOs:

• Decrease in import of substandard products.
• Reduction in consumer complaints and product recalls related to safety issues.
• Increase in domestic electronics production and R&D spending in related sectors.
• Facilitated international trade.

"Boeing Starliner Docks NASA Crew at ISS"

Starliner's innovative structure and features

• Weldless, reusable structure lasting up to 10 missions.
• Six-month turnarounds.
• Wireless internet interfaces.

International Space Station (ISS) overview

• Artificial satellite research facility developed by multiple countries.
• Largest manmade and habitable artificial satellite.
• Altitude: 400 km above Earth.

Benefits of ISS

• Research on Earth: aids climate research, disaster monitoring, and light pollution studies.
• New Frontier in Physics: microgravity environment offers insights into physics research.
• Advancing Human Health: study disease, test drugs, examine human biology using microgravity tools.
• Low Earth Orbit Economy: platform for small businesses, entrepreneurs, and researchers.
• Long-Duration Space Travel: aids understanding of space travel's impact on humans.

India's Own Space Station

• Conceptualisation Phase: ISRO developing India's first space station, Bharatiya Antariksh Station.
• Planned to be assembled in phases like ISS by 2035.
• Gaganyaan mission expected to launch by 2026 to demonstrate India's capability to send humans into space.

"HCES 2022-23 Report Released"

• NSSO released a factsheet with key highlights from the Household Consumption Expenditure Survey (HCES) in February.
• HCES collects information on consumption of goods and services by households.

Key Findings of the Survey

• Gini coefficient decreased for both rural and urban spending between 2011-12 and 2022-23.
• Gini coefficient measures inequality, with zero representing perfect equality and one representing perfect inequality.
• Average estimated Monthly Per Capita Consumption Expenditure (MPCE) in 2022-23 was Rs. 3,773 in rural India and Rs. 6,459 in urban India.
• Share of expenditure on food was 46% in rural India and 39% in urban India.

Utilisation of HCES

• Helps understand consumption patterns, standard of living, and well-being of households.
• Key role in reviewing economic indicators like GDP, poverty levels, and Consumer Price Inflation.
• Essential for planning, policymaking, and statistical analysis by government organizations, academics, researchers, and scholars.

National Sample Survey Office (NSSO) Information

• Headed by the Director General, NSSO has conducted large scale sample surveys in diverse fields on an All India basis since 1950.
• Data collected through household surveys, Annual Survey of Industries (ASI), etc.
• Under the Ministry of Statistics and Programme Implementation.

"OECD/G20 Inclusive Framework on BEPS Meeting Concludes"

The inclusive framework on BEPS is close to finalizing negotiations on Pillar One, while the Global Minimum Tax agreed upon in Pillar Two is in the process of being implemented in countries around the world.

BEPS and its Impact

• BEPS refers to tax planning strategies used by Multinational Enterprises (MNEs) to avoid paying taxes by exploiting gaps in tax rules.
• Developing countries are disproportionately affected by BEPS due to their reliance on Corporate Income Tax (CIT).
• BEPS practices result in countries losing USD 100-240 billion in revenue annually.

OECD/G20 Inclusive Framework on BEPS

• The Inclusive Framework on BEPS is a global initiative involving 147 countries and jurisdictions, including India, to combat tax avoidance.
• Established in 2016, it adopted a Two-pillar approach: Pillar One focuses on reallocating profits of large MNEs to countries where their consumers are located, while Pillar Two introduces a Global Minimum Corporate Tax (GMCT) of 15% for MNEs.

Significance of the Inclusive Framework

• The Inclusive Framework aims to ensure fairness in tax systems and combat tax avoidance.
• It strengthens the international tax framework to adapt to evolving business models and digitalization of the economy.
• The GMCT under Pillar Two is expected to generate up to USD 192 billion annually for both developed and developing countries.