Daily Current Affairs UPSC 31 August 2024

Dispute Resolution Scheme (e-DRS)

• The e-DRS application must be submitted within one month of receiving a specified order.
• The e-DRS was introduced by the CBDT in 2022 to decrease legal disputes and assist eligible taxpayers.
• Taxpayers can choose e-Dispute Resolution under e-DRS if the proposed variations do not exceed Rs.10 lakh and the income for the assessment year is under Rs. 50 lakh.
• The Act also establishes Dispute Resolution Committees (DRC).

Earth’s Ambipolar Electric Field (AEF)

• NASA's Endurance mission confirmed the presence of the AEF that shapes Earth's ionosphere.
• The Endurance Mission, launched in 2022, aims to measure Earth's global electric potential.
• The AEF is a bidirectional weak electric field in the upper atmosphere that was hypothesized 60 years ago.
• It originates at around 250 km altitude where atoms break into electrons and positively charged ions.
• Without this field, the charges would have drifted apart.
• The AEF extends the atmosphere's height, causing some ions to escape with the polar wind.

MoU With Malaysia for Tourism

• India and Malaysia have signed an MoU to enhance collaboration in the tourism sector, specifically focusing on promoting medical tourism, business tourism, and ecotourism.
• The agreement includes initiatives such as expanding tourism research and training.
• Malaysia is a significant source market for tourists visiting India, with over 250,000 Malaysian tourists visiting in 2022.
• The relationship between India and Malaysia has been upgraded to a Comprehensive Strategic Partnership.

Colombo Security Conclave (CSC)

• The Member States of the CSC have signed the Charter and MoU to establish the CSC Secretariat.
• The Colombo Security Conclave is a regional security group focused on maritime security in the Indian Ocean Region.
• The aim of the group is to prioritize maritime security, marine pollution response, and maritime search & rescue in the IOR.
• Members of the group include India, Sri Lanka, Mauritius, Maldives, and recently joined Bangladesh.
• The group focuses on five pillars of cooperation: Maritime Security, Countering Terrorism, Combating Transnational Organised Crime, Cyber Security, and Humanitarian Assistance.

Navratna status

• Four Central Public Sector Undertakings have been granted 'Navratna' status by the government.
• The criteria for obtaining Navratna status includes being a public undertaking with Miniratna I status, being in Schedule 'A', and receiving 'excellent' or 'very good' MOU ratings in 3 out of the last 5 years.
• Companies with Navratna status can invest up to 30% of their net worth in a year, with a maximum limit of ₹1,000 crore.

Aravalli engines

• HAL has partnered with SAFHAL Helicopter Engines Private Limited to create the Aravalli engine for upcoming helicopters.
• The engine is intended for use in HAL's Indian Multi-Role Helicopter (IMRH) and Deck-Based Multi-Role Helicopter (DBMRH).
• SAFHAL Helicopter Engines Private Limited is a collaboration between Safran Helicopter Engines from France and HAL.

Joint Bank Account for Queers

• The Finance Ministry and RBI have clarified that individuals from the Queer community can open joint bank accounts and name their partners as nominees, as directed by the Supreme Court.
• The SC decriminalized same-sex relations in the Navtej Singh Johar case in 2018, but same-sex marriages are still not recognized in India.
• The Transgender Persons (Protection of Rights) Act, 2019 aims to provide welfare for transgender individuals.

Project NAMAN

• The first phase of Project NAMAN was launched by the Indian Army to provide support and services to Defence pensioners, veterans, and their families.
• Project NAMAN focuses on SPARSH (System for Pension Administration Raksha) and offers Government to Citizen (G2C) and Business to Consumer (B2C) services.
• SPARSH is being used to meet the pension sanction and disbursement needs of the Armed Forces.
• The project includes the establishment of reception and facilitation centers through a partnership between the Indian Army, Common Service Centre (CSC), and HDFC Bank.

Major Dhyan Chand (1905-1979)

August 29 is observed as National Sports Day in honor of Major Dhyan Chand's birthday.

Major Dhyan Chand (1905-1979)

• Known as the 'Hockey Wizard' and 'The Magician' for his exceptional stick work and game knowledge.
• Played a key part in India winning Olympic gold medals in 1928, 1932, and 1936.
• Awarded the Padma Bhushan in 1956.
• The Major Dhyan Chand Khel Ratna Award, named after him, is given for outstanding sports performance over four years.
• Values: Persistence, self-control, fair play, and other qualities.

"India's Fintech Excellence Showcased at GFF 2024"

• GEF was a collaborative effort between the Payments Council of India, National Payments Corporation of India, and Fintech Convergence Council.
• Fintech companies, such as Paytm and PhonePe, use technology and cloud services as their main tools to offer financial services to customers.

Fintech in India

• Fintech adoption in India is at 87%, which is higher than the global average of 67%.
• The JAM trinity (Jan Dhan, Aadhaar, and Mobile) has enabled India to contribute around 50% of the world's digital transactions.
• The Fintech industry in India has received over $31 billion in investments and experienced a 500% growth in startups over the past decade.

Key Roles of India’s Fintech Sector

Financial Inclusion and Accessibility:

• The use of UPI has allowed for round-the-clock banking services, bridging the gap between rural and urban areas in terms of access to financial services.
• Fintech companies have made it easier for street vendors to access loans under the PM SVANIDHI Scheme, promoting financial inclusion.

Empowerment of Women:

• More than 29 crore Jan Dhan accounts have been opened for women, enabling self-help groups to connect with banks.
• 70% of beneficiaries of the Mudra Yojana are women, empowering them economically.

Combating the Informal Economy:

• Digital financial transactions have increased transparency and helped in curbing black money.
• Direct Benefit Transfer has reduced leakages in government welfare schemes, contributing to the formalization of the economy.

Opportunities for Small Businesses:

• The Open Network for Digital Commerce is linking small businesses with larger opportunities.
• Platforms like e-RUPI are improving the liquidity and cash flow of small institutions, providing them with digital vouchers for transactions.

Enhancing Dignity and Quality of Life:

• Fintech has played a crucial role in Digital India by enabling remote healthcare services, digital education, and skill development, improving the overall quality of life for individuals.

Some key initiatives for facilitating Fintech growth in India

• The Bank Sakhi Programme was introduced as part of the PM Jan Dhan Yojana to assist women customers in navigating banking with the help of female Banking Correspondents.
• Eliminating Angel Tax is a key initiative to support Fintech growth in India.
• The allocation of Rs 1 lakh crores aims to promote research and innovation within the country.
• The implementation of the Digital Personal Data Protection Act 2023 is a crucial step towards facilitating Fintech growth in India.

"PM inaugurates Vadhvan Port under Sagarmala Program"

• Memorandum of Understanding (MOU) signed in 2015 to develop Vadhvan port as Maharashtra's third major port.
• Jawaharlal Nehru Port Authority (JNPA) and Maharashtra Maritime Board to jointly implement the port with a shareholding of 74% and 26%, respectively.

Key Features of Vadhvan Port

• Developed based on the landlord port model where private players handle operations and the port authority acts as a regulator.
• Expected to be the country's largest container port with a handling capacity of 23.2 million twenty-foot equivalent units.
• Features deep berths, efficient cargo handling facilities, and modern port management systems.

Significance of Vadhvan Port

• Direct connectivity to international shipping routes will reduce transit times and costs.
• Natural draft of about 20m will accommodate large container ships.
• Expected to generate employment opportunities and strengthen India's position as a global trade hub.
• Opportunities for new businesses and warehousing due to connectivity to Western Freight Corridor and proximity to Delhi-Mumbai Expressway.

India's Port Sector Overview

• India has 12 major ports governed under the Major Port Trusts act of 1963 and 200 non-major ports governed under the Indian Port Act of 1908.
• Major ports are under the administrative control of the Ministry of Shipping while minor ports are under the jurisdiction of respective State Maritime Boards/State Government.
• About 95% of India's trade by volume and 70% by value is done through maritime transport.

"SC to form bench on State borrowing limits"

• The Supreme Court will assess whether states have the legal right to increase their borrowing limit beyond the cap set by the central government.
• It will also consider whether these restrictions conflict with the role of the Reserve Bank of India (RBI) as the public debt manager.
• The reference to a Constitution Bench was made following an original suit filed by the Kerala government earlier this year.

Impact of Net Borrowing Ceiling (NBC) on States

• Violation of Principles of Federalism: Fiscal decentralization is crucial for federalism, and limiting states' borrowing may impede this principle.
• Impact on Developmental Expenditure: Restrictions on borrowing could affect spending on social-economic services, which have seen an increase over the years.
• Limited Revenue Sources: States have limited power to levy taxes, and they do not receive proceeds from Cess and Surcharge.

Provisions Related to State Borrowing

• Constitution (Article 293): States have the authority to borrow within India, with the security of the Consolidated Fund of the State.
• Centre's Role: The central government can provide loans to states or guarantee loans raised by them, but states cannot borrow without the Centre's consent if they have outstanding debt.
• Net Borrowing Ceiling (NBC): The limit for states' borrowing is set at 3% of Gross State Domestic Product (GSDP) for FY 2023-24 based on recommendations from the 15th Finance Commission.

"Rare Cyclone Asna Hits Gujarat Coast"

• Asna did not form over warm ocean waters like most cyclones, but instead started as a deep depression over land in Gujrat and was expected to become a tropical cyclone over the Arabian Sea.
• The IMD reported that only three times in history have cyclones formed over mainland India in August and gained strength as they moved into the Arabian Sea.
• Potential factors for Asna's formation include an unusual monsoon wind system, moisture from the Arabian Sea and land, warming of the Indian Ocean, among others.

Tropical Cyclones

• A quickly spinning storm that forms over warm tropical waters is called a cyclone.
• Cyclones can be categorized as either extratropical cyclones, which occur in temperate regions, or tropical cyclones.
• Different regions have their own names for cyclones, such as typhoons in the China Sea and Pacific Ocean, hurricanes in the Caribbean Sea and Atlantic Ocean, tornadoes in West Africa and the southern USA, and willy-willies in Australia.

In India

• India experiences about 10% of the global tropical cyclones, with most occurring in May-June and October-November.
• The Bay of Bengal sees more cyclones compared to the Arabian Sea, with a ratio of around 4:1.
• Climate change and the warming of the Arabian Sea are causing an increase in cyclones on the western coast of India.

Favourable Conditions for Tropical Cyclones

• Sea surface temperature above 27° C.
• Coriolis force present.
• Tropical cyclones do not form near the equator because of lack of Coriolis force.
• Small changes in vertical wind speed.
• Presence of a pre-existing weak low-pressure area.

Boosting the Fisheries Sector: PM Inaugurates 218 Projects

These Projects include:

• National rollout of Vessel Communication and Support system (VCS)
  
  • Indigenous technology developed by ISRO for communication with fishermen.
  • Ensures emergency rescue and safety of fishermen.
• Installation of mechanized/motorized fishing vessels in 13 coastal states/UTs
  
  • Aims to modernize fishing practices.
• Infrastructure projects for development, upgradation, and modernization of fishing harbors, landing centers, and fish markets.
  
  • Improves facilities for fishermen and fish traders.
• Development of Integrated Aquaparks and adoption of advanced technologies like RAS and Biofloc.
  
  • Facilitates various fisheries activities in one place.
  • RAS and Biofloc improve fish culture practices.

Significance of the projects

• Enhance fish production and post-harvest management.
• Generate over 5 lakh employment opportunities.
• Promote Women Empowerment.

India’s Fisheries Sector

• Current Status: 2nd largest fish-producing country in the world.
• Fish production stands at 170 lakh tonnes.
• Marine fisheries potential estimated at 5.31 million tons.

Schemes/Initiatives

• Pradhan Mantri Matsya Sampada Yojana (PMMSY) [2020-2025]
  
  • Aims to bring about the Blue Revolution in fisheries.
• Fisheries and Aquaculture Infrastructure Development Fund (FIDF).
• Kisan Credit Cards (KCC) facility for fishers and fish farmers for working capital requirements.