Daily Current Affairs UPSC 1 February 2024

Asteroid Bennu

• NASA unlocked a canister of dust from asteroid Bennu.
• NASA's OSIRIS-REx mission brought the sample from asteroid Bennu back to Earth.

About Asteroid Bennu:

• Type: A small, near-earth carbon-rich asteroid.
• Age: Around 4.5 billion years old.
• Composition: Established within 10 million years of the formation of our solar system.
• Close encounters: Comes very close to Earth every 6 years.
• Asteroids are small, rocky objects that orbit the Sun and are much smaller than planets.
• Main Asteroid Belt is found between Mars and Jupiter.

Computerization Scheme for RCSs and ARDBs.

• Minister of Cooperation launched a computerization scheme for offices of Registrar of Cooperative Societies (RCSs) and Agriculture and Rural Development Banks (ARDBs) of the states.
• Aims to computerize 1851 units of ARDBs located in 13 States/UTs and link them with NABARD through a Common National Software.
• Benefits small and marginal farmers connected with ARDBs for credit and related services through Primary Agriculture Credit Societies (PACSs).

Computerization of offices of RCSs:

• Improves efficiency, accountability, and transparency in RCS offices.
• Ensures linkage with national database for better management.

Interim Budget 2024-25

• Interim budget is presented in an election year and is not the regular yearly budget.
• It is debated in Lok Sabha and is valid for the entire year, serving as a transition arrangement.
• Interim budget is also known as a 'vote-on-account' and authorizes specific expenditures until a new government comes to power.
• A vote-on-account is an upfront allocation of grant from the 'Consolidated Fund of India' to address immediate expenditure needs.

Open Market Sale Scheme (OMSS)-Domestic

• OMSS-Domestic involves offering food grains (wheat & rice) in the open market at prices set by the Ministry of Consumer Affairs, Food & Public Distribution through e-auction.
• It is a tool to control market prices by providing food grains at reduced prices to curb inflation.
• The scheme is implemented by the Government of India through the Food Corporation of India (FCI) and is available to processors, atta chalki, and flour millers of wheat products. Traders and bulk buyers are not allowed to participate.

NewSpace India Limited (NSIL)

• NSIL has signed a Memorandum of Understanding (MOU) with a French company to establish a long-term partnership for supporting satellite launch missions.
• The objective of the MOU is to meet the global commercial satellite launch service market needs.
• NSIL is a government-owned company under the Department of Space in India.
• It was established in March 2019 to handle ISRO's commercial activities.
• NSIL's primary responsibility is to enable Indian industries to engage in high-technology space-related activities.

One District One Product (ODOP)

• DPIIT's ODOP Sampark initiative aims to create awareness about ODOP.
• ODOP aims to foster balanced regional development across all districts of the country.
• It aims to select, brand, and promote at least one product from each district.
• States/UTs will identify the food product for each district.

Crude Oil Benchmarks

• Brent crude and West Texas Intermediate (WTI) are global crude oil benchmarks.
• Brent Crude is used in Europe, Africa, and the Middle East, originating from the North Sea.
• It is the international benchmark used by OPEC and India.
• WTI is the benchmark for the US oil market, sourced from US oil fields.

Health Technology Access Pool (HTAP)

• HTAP is the successor to the COVID-19 Technology Access Pool (C-TAP) by WHO.
• C-TAP was launched to ensure equitable access to COVID-19 health products.
• HTAP aims to increase equitable access to a broad range of health products.
• It will achieve this through the sharing of intellectual property, knowledge, and scientific innovation.

Kalpana Chawla (1962-2003)

• Kalpana Chawla was an Indian-born American astronaut and the first Indian-born woman in space.
• She flew on STS-87 (1997) and STS-107 (2003), spending a total of 30 days, 14 hours, and 54 minutes in space.
• She and her crew tragically lost their lives during Space Shuttle Columbia's re-entry in 2003.

Honour and Recognition:

• The first exclusive meteorological satellite built by ISRO was named Kalpana.
• The Tamil Nadu government established the Kalpana Chawla award for acts of bravery by women.
• A lunar crater was named after Kalpana Chawla.

Values:

• Kalpana Chawla embodied values such as courage, passion for science, determination, and perseverance.

India’s Ramsar Sites Rise to 80 as 5 Wetlands Added to The Global List of Wetlands of International Importance under Ramsar Convention

Wetland State Features:

1. Ankasamudra Bird Conservation Reserve in Karnataka:

• A humanmade village irrigation tank built centuries ago.
• Home to Painted Stork and Black-headed Ibis.

2. Aghanashini Estuary in Karnataka:

• Formed at the confluence of Aghanashini River with the Arabian Sea.
• Traditional fish farming in the estuarine rice fields known as Gazni rice fields.

3. Magadi Kere Conservation Reserve in Karnataka:

• A human-made wetland constructed to store rainwater for irrigation purposes.
• One of the largest wintering grounds for the Bar-headed goose in Southern India.

4. Karaivetti Bird Sanctuary in Tamil Nadu:

• Home to various bird species such as Pin-tailed duck, Garganey, Northern Shoveler, Common Pochard, Eurasian Wigeon, Common teal, and Cotton teal.

5. Longwood Shola Reserve Forest in Tamil Nadu:

• Forested wetlands that serve as habitats for various bird species including Black-chinned Nilgiri Laughing thrush, Nilgiri Blue Robin, and Nilgiri Wood-pigeon.

6. Ramsar Convention:

• The Ramsar Convention is an intergovernmental treaty adopted in 1971.
• It provides a framework for the conservation and wise use of wetlands and their resources.
• A wetland must meet at least one of the nine criteria set by the convention, such as regularly supporting 20,000 or more water birds or conserving biological diversity.
• India ratified the Ramsar Convention in 1982, with Tamil Nadu having the maximum number of Ramsar sites followed by Uttar Pradesh.

Centre Released Advisories, Survey to Boost Female Workforce Participation

• Event titled "Women in the Workforce for Viksit Bharat" jointly held by Ministry of Women & Child Development and Ministry of Labour & Employment.
• Aimed to chart a path for women-led development by adopting a comprehensive, whole-of-government approach.
• National Minimum Standards and Protocol for Crèches (Operation and Management) Released.

• • Standards and Protocol focus on standardizing and institutionalizing the Care economy.
  • Aims to assist various entities to establish creches.
• Advisory for Employers to Promote Women Workforce Participation.
  • Key recommendations include promoting women in leadership and management roles, crafting gender-neutral job advertisements, establishing working women hubs, and gender-neutral creche breaks.
• Launch of Employer Rating Survey Within Employees' Provident Fund Organisation (EPFO).
  • Provides a robust understanding of working conditions based on feedback from women.
• Female Workforce Participation.
• • According to Periodic Labour Force Survey (2022-23), women participation has increased from 23.3% (2017) to 37% (2022-23).
• Push and Pull factors for female participation in employment.

• • Economic development, education levels, fertility rates, access to childcare, cultural and normative context of society, and social norms.

Role of Emerging Digital Technologies in Central Banking and Finance highlighted at SAARC FINANCE meet

Network of Central Bank Governors and Finance Secretaries of the SAARC Region (SAARCFINANCE):

• Established in 1998.
• Objective: Share experiences on macroeconomic policy issues among member countries of the SAARC region.

Opportunities provided by Emerging Digital Technologies (EDT) for the financial sector:

• Data-driven policy-making: Helps detect trends and anomalies for better policy formulation.
• Regulatory compliance: Automates compliance processes, risk assessments, and transaction monitoring.
• Design new products and services: Assists central banks in creating specific products like Central Bank Digital Currency.
• Improve efficiency: Eliminates paperwork, streamlines operations, and boosts employee productivity.

Challenges associated with Emerging Digital Technologies (EDT):

• Concerns about transparency, data biases, governance, privacy, and algorithm robustness.
• Cyber risk with fraudulent apps, deep fakes, and mis-selling through dark patterns.
• Fragmentation of the financial world due to differing systems.
• Issue of digital financial exclusion for users unaware of advanced products released using EDT.

Use of EDT in the Indian financial sector:

• Majority of Indian banks and NBFCs have implemented chatbots and virtual assistants.
• RBI is working on establishing a cloud facility for the financial sector in India.
• RBI has promoted responsible innovation in the financial sector through initiatives like regulatory sandbox.
• NPCI is upgrading India's fast payment system, the Unified Payment Interface (UPI).

Five countries officially joined the BRICS

Expansion of BRICS (Brazil, Russia, India, China, South Africa):

• New members: Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
• Argentina has decided not to join BRICS.
• Last expansion occurred in 2010 when South Africa joined.
• Significance of expansion: Increased global representation, shifting power dynamics, South-South cooperation, strategic importance.

Challenges with BRICS:

• Divergence between countries in their world views.
• Economic disruptions due to economic and political sanctions on members.
• Internal trust deficit and lack of common understanding among member states.
• Overlapping with other groups like IBSA (India, Brazil, and South Africa).

Reserve Bank of India (RBI) places additional curbs on Paytm Payments Bank (PPB)

• PPB will not accept fresh deposits in any customer accounts, prepaid instruments, wallets, FASTags, etc. after February 29, 2024.
• RBI exercised its powers under section 35A of the Banking Regulation Act of 1949.
• RBI took action due to persistent non-compliance observed by external auditors and material supervisory concerns in the PPB.
• RBI has broad powers to issue directions in the public interest or in the interest of banking policy under the act.

Payment banks:

• Nachiket Mor committee suggested the introduction of specialized banks or 'payments banks' for financial inclusion.
• They need to register as a Public Limited Company and obtain a license as per the Banking Regulation Act 1949.
• They can carry out most banking operations but cannot advance loans or issue credit cards.
• They can take deposits up to 2 lakh, issue debit cards, and provide mobile and internet banking facilities.

Challenges with payment banks:

• Lack of avenues for earning revenue since they cannot lend.
• The need for a digital presence demands high investment in digital infrastructure.
• Competition from traditional banks offering mobile banking services, unified payments interface, etc.

President Highlights Rising Global Interest in Heritage Tourism in India

• Heritage Tourism as a tool of economic development.
• Draws visitors interested in historical, artistic, or cultural aspects of a place.

Reasons for the Growth of India's Heritage Tourism:

• India's rich and diverse cultural heritage.
• Influence of different religions, dynasties, regions, and communities.
• Strong global presence and influence of India's diaspora.
• Supportive government policies such as Incredible India, Swadesh Darshan, PRASAD, and Adopt a Heritage.
• Large number of World Heritage sites in India.

Significance of Heritage Tourism:

• Preserving and promoting cultural heritage.
• Generating income and employment.
• Enhancing India's image and reputation.
• Fostering cross-cultural understanding and exchange.

Challenges:

• Encroachments around heritage monuments.
• Funding issues for conservation.
• Balancing the needs and interests of various stakeholders.