Daily Current Affairs UPSC 12 April 2024

Mercenary Spyware

Warnings from Apple about Mercenary Spyware Attacks

• Mercenary spywares are designed to infiltrate smartphones and devices without user consent.
• They target specific individuals to monitor movements, communications, and steal private data.
• Examples of mercenary spywares include Pegasus, FinSpy, and Galileo.

Definition of Spyware

• Spyware is malicious software installed on a device without the user's knowledge
• It monitors or steals sensitive information from the device.

S&T – PRISM

• Fresh proposals sought for S&T-PRISM program by JNARDDC.
• Promotion of Research and Innovation in Start-ups and MSMEs in mining, mineral processing, metallurgy, and recycling sector.
• Ministry of Mines (MoM) overseeing the program.
• Objective is to promote ecosystem for research, design, development, IPR creation, pilot projects, and manufacturing.
• JNARDDC is the implementing agency, an autonomous body under MoM.
• Sub-components include startup funding with grants up to Rs. 2 crore and setting up of incubation centers with grants up to Rs. 10 crore.

Senkaku Islands

Recent Joint Statement by Japan and USA

• Opposed unilateral changes by China to Senkaku Islands.
• Long-standing dispute between Japan and China over islands.

Senkaku Island Background

• Also known as Diaoyu in Chinese.
• Located in East China Sea, 410 km west of Okinawa Island.
• Largest island is Uotsuri Island.

Eurasian Otter

Radio-tagging of Eurasian otter in Satpura Tiger Reserve

• Eurasian otter was recently radio-tagged in Satpura Tiger Reserve in Madhya Pradesh, marking the first time this has been done in India.
• Other otter species found in India include the Smooth-coated otter and Asian small-clawed otter.

Conservation Status of Eurasian Otter

• IUCN lists the Eurasian otter as near threatened.
• The Wildlife Protection Act in India classifies the Eurasian otter under Schedule I.
• CITES lists the Eurasian otter under Appendix I.

Distribution and Characteristics of Eurasian Otter

• Eurasian otters are found in Europe, Asia, and Africa.
• In India, they can be found in the northern, northeast, and southern regions.
• They have brown fur and are adapted for an aquatic lifestyle with webbed feet and the ability to close their small ears and nose underwater.

Financial Services Institution Bureau (FSIB)

FSIB Recommendation for Sanjay Shukla as Managing Director of National Housing Bank

• Established in 2022 under Department of Financial Services by Central Government.
• Secretariat includes Secretary and five officers.

Purpose

• Recommending appointments for whole-time directors and non-executive chairpersons in financial institutions.
• Providing advice on personnel management in these institutions.

Web3

India's share of Web3 developers has increased from 3% in 2018 to 12% in 2023

• Web 3 is the third generation of the World Wide Web.
• It allows peer-to-peer transactions and interactions without intermediaries.
• Users have more control and financial stake in the web.
• Enables people to control their own data.
• Includes cryptocurrencies, Non-Fungible Tokens, etc.
• Can have blockchain-based social networks.
• Operated by users collectively rather than a corporation.

Cluster Development Programme (CDP) – SURAKSHA

• States are using the SURAKSHA platform to distribute subsidies to horticulture farmers through the CDP.
• CDP is part of the National Horticulture Board's central sector scheme.
• SURAKSHA stands for 'System for Unified Resource Allocation, Knowledge, and Secure Horticulture Assistance'.
• It enables instant subsidy disbursal to farmers through e-RUPI vouchers from NPCI.
• Key features include database integration with PM-KISAN, UIDAI validation, geotagging, and geo-fencing.
• CDP-SURAKSHA provides access to farmers, vendors, Implementing Agencies, and Cluster Development Agencies.

Baobab Tree

Mission to Rejuvenate Baobab Trees

• The Global Society for Preservation of Baobabs and Mangroves has launched a mission to rejuvenate baobab trees.
• Baobab trees, part of the Adansonia genus, are long-lived deciduous trees ranging from 20 to 100 feet tall with broad trunks and compact tops.
• These trees are native to Africa, Madagascar, and Australia, and can also be found in Mandu, in the Dhar district of Madhya Pradesh.
• Baobab trees are often referred to as upside-down trees because they shed their leaves in the dry season, leaving behind bare grey and gnarled branches that resemble roots.
• The fiber from the bark of baobab trees is utilized to make various products such as rope, cloth, and musical instrument strings.

Mahatma Jyotiba Govindrao Phule (1827 – 1890)

Tributes to Jyotiba Phule on his birth anniversary.

• Jyotiba Phule was a social reformer, writer, educationalist, and champion of social justice.
• Born in Maharashtra.

a. Contribution:

• Started first school for girls in 1848 in Pune with his wife Savitribai Phule.
• Founded Satyashodhak Samaj in 1873 to attain equal rights for people from lower castes.
• Literary works include Tritiya Ratna, Gulamgiri, Shetkaryacha Aasud.

Values:

• Compassion.
• Courage.
• Humanism.

India to assist five nations in developing Early Warning Systems: IMD Chief

India assisting five nations with Early Warning Systems (EWS)

• Nepal, Maldives, Sri Lanka, Bangladesh, and Mauritius.
• Aim is to reduce loss of life and property from extreme weather events.

EW4All initiative

• Led by World Meteorological Organization and UN.
• Goal to protect everyone from hazardous weather by 2027.
• Requires investments of USD 3.1 billion for four pillars of EWS.

Importance of EWS

• Prevent deaths and economic losses.
• Mitigate impact of natural hazards.
• Address increasing disasters due to climate change.

Challenges with EWS

• Lack of coordination and language barriers.

a. Future steps.

• Improve data quality and access globally.
• Combine scientific advancements with local knowledge.

Earth Action Releases Plastic Overshoot Day 2024 Report

• Plastic Overshoot Day marks when plastic waste exceeds world's capacity to manage it.
• Determined by Mismanaged Waste Index (MWI).
• Global Plastic Overshoot Day projected for September 5th, 2024.
• India's Plastic Overshoot Day on April 23rd.

Key Findings

Global

• 220 million tonnes of plastic waste in 2024.
• 7.11% increase since 2021.
• 12 countries responsible for 60% of mismanaged plastic waste.

India

• Classified as Low-Waste-Producing Polluter.
• High MWI (68.62%).
• 8 kg per capita per year plastic waste production.
• More plastic waste imported than exported.

Causes of plastic waste in India

• Improper disposal leading to microplastic release.
• Use of additives in plastic production.

Recommendations for India

• Develop local waste management infrastructure.
• Invest in waste management policies like Extended Producer Responsibility.

Initiatives by India to reduce plastic waste

• Plastic Waste Management Amendment Rules, 2022.
• Project REPLAN (REducing PLAstic from Nature).
• India Plastics Pact, 2021.
• National Circular Economy Roadmap for reduction of Plastic waste in India.

"2024 CCRM Report: Corporate Climate Responsibility Findings"

• Released by New Climate Institute in collaboration with Carbon Market Watch.
• Assesses transparency and integrity of climate strategies of 51 major global companies.
• Focuses on tracking and disclosure of emissions, setting emission reduction targets, reducing own emissions, and taking responsibility for unabated and residual emissions.

Key Insights

• Companies' collective ambition for 2030 and net-zero climate targets has improved over the last two years.
• Most companies fall short of economy-wide emission reductions needed to limit global warming to below 1.5°C.
• Many companies rely on solutions like CCUS, RECs, bioenergy, and carbon dioxide removals instead of emission reductions.
• Report recommends reducing reliance on these solutions.

Recommendations

• Governments should set binding sectoral climate targets and expand carbon pricing or cap-and-trade systems.
• Companies should revise climate targets towards 2030 more frequently.
• Regulators, standard setters, and voluntary initiatives should create more specific guidelines for fossil fuel phase-out.

Initiatives for Improving Corporate Climate Responsibility (CCR)

• UNFCCC's Race to Zero Campaign.
• Recommendations of UN High-Level Expert Group on Net-Zero Emissions Commitments of Non-State Entities.
• ISO Net Zero Principles.
• Introduction of new SBTi standards.

IMF Warns of Rising Cyber Threats to Financial Stability

• IMF's Global Financial Stability Report 2024 highlights the increased risk of extreme losses from cyber incidents, now at $2.5 billion.
• The number of cyberattacks has nearly doubled since the COVID-19 pandemic, with financial firms being a major target.

Reasons Behind Increasing Cyber Incidents in Financial Sector

• The rise of digital financial services has created a target-rich environment for hackers.
• Insider threats, where authorized users misuse their access for monetary gain, are a significant concern.
• A cybersecurity skills gap leaves financial firms vulnerable to cyber threats.
• Geopolitical tensions, such as the surge in cyber-attacks following Russia's invasion of Ukraine, contribute to the rise in incidents.

Impact of Cyber Attacks on Macro-financial Stability

• Data breaches can lead to a loss of confidence in targeted institutions, resulting in high deposit outflows.
• Cyber-attacks on payment networks can disrupt trading and online banking, undermining a country's financial stability.
• Cyber-attacks can spread rapidly through financial systems, impacting market stability.

Policy Recommendations to Address Cyber Threats

• Financial firms should strengthen reporting of cyber incidents to supervisory agencies.
• Firms should develop and test response and recovery procedures to ensure operational resilience in the face of cyber incidents.

World Cybercrime Index

• The World Cybercrime Index, developed by the University of Oxford and UNSW Canberra, ranks countries based on cybercrime.
• India ranks 10th in cybercrime, with frauds involving advance fee payments being the most common type.
• Russia tops the list, followed by Ukraine and China.

"AUKUS Partners Prioritize Indo-Pacific Security"

• AUKUS is a trilateral security partnership formed in 2021 between the USA, UK, and Australia to strengthen security and defense interests.
• AUKUS has two main pillars: Pillar I focuses on acquiring nuclear-powered submarines, while Pillar II focuses on developing advanced capabilities like cyber, AI, and quantum technologies.

Cooperation with Japan on Advanced Capabilities Projects

• AUKUS members are considering collaborating with Japan on advanced capabilities projects to enhance joint capabilities and interoperability.
• This cooperation aims to strengthen security in the Indo-Pacific region and counter Chinese influence.

Comparison between AUKUS and Quad

• AUKUS primarily focuses on defense partnership, while Quad has a broader focus on a free, open, prosperous, and inclusive Indo-Pacific region.
• Quad includes the US, Australia, India, and Japan and aims to maintain regional stability and security.

ICRA downgrades Indian banking sector outlook

• ICRA has downgraded the outlook of the Indian banking sector from 'positive' to 'stable' due to moderation in credit growth and profitability caused by a decline in interest margins.

Credit Rating Agencies and Their Role

• Credit Rating Agencies (CRAs) assess the ability of borrowers to pay their dues on time and indicate the credit risk associated with specific credit facilities or securities. CRAs like Acuite, CRISIL, ICRA, CARE, India Ratings, INFOMERICS, and Brickwork assign credit ratings to companies, governments, and financial instruments.

Regulation of CRAs

• CRAs are primarily regulated by SEBI through the SEBI (Credit Rating Agencies) Regulations, 1999. RBI accredits CRAs as External Credit Assessment Institutions for rating bank loans and facilities.

Concerns and Solutions

• Concerns with CRAs include rating shopping, opaque methodologies, and personal bias. Solutions include transitioning to an 'investor' or 'regulator pays' model, transparent rating methodologies, and rotation of CRAs.