Daily Current Affairs for UPSC – 7 October 2022

Daily Current Affairs for UPSC 2022

Q) Consider the following statements regarding the Trade and Development Report 2022

1. The world economic growth will increase to 2.5 per cent in 2023 from 2.2 per cent in 2022 as the world recovers from pandemic.
2. The global slowdown will affect all economies. But developing countries are exposed most to the cascade of debt, health and climate crises.
3. India’s economic growth is expected to increase to 9.7 per cent this year from 8.2 per cent in the last year.

Which of these statements are correct?

1. 2 only
2. 1 and 3 only
3. 1 and 2 only
4. 2 and 3 only

Daily Current Affairs for UPSC – 6 October 2022

Explanation:

Context: The UNCTAD (United Nations Conference on Trade and Development) has released the Trade and Development Report 2022 with the theme ‘Development prospects in a fractured world – Global disorder and regional responses’.

Major highlights from the report

Global Scenario

• Growth outlook:
  • The world economic growth will slow to 2.5 per cent in 2022 and drop to 2.2 per cent in 2023. (Statement 1 is not correct)
  • The global slowdown will affect all economies. But developing countries are exposed most to the cascade of debt, health and climate crises. (Statement 2 is correct)
  • Middle-income countries in Latin America and low-income countries in Africa could suffer some of the sharpest slowdowns this year.

Recommendations by the report

• UNCTAD calls for course correction and multilateral synchronization of monetary and fiscal policies, a substantial debt-reduction programme for developing and low-income countries, and a massive increase in official development assistance.
• UNCTAD has called for advanced economies to avoid austerity measures and international organizations to reform the multilateral architecture to give developing countries a fairer say.

Indian Scenario

• Growth outlook:
  • India’s economic growth is expected to decline to 5.7 per cent this year from 8.2 per cent in 2021. (Statement 3 is not correct)
  • The country’s growth will further drop to 4.7% in 2023.
• Reasons cited by the report for lowering India’s growth projections

Q) Consider the following statements regarding the Insolvency and Bankruptcy Code (IBC)

1. The IBC was introduced to overhaul the corporate distress resolution regime in India and consolidate existing laws to create a time-bound mechanism for debt resolution.
2. The resolution process has to be compulsorily completed within 330 days.
3. The Insolvency Professional invites and examines proposals for a resolution plan for a company and submits eligible plans to the Committee of Creditors. The plan goes ahead if it receives 75% of the voting share of committee members.

Which of these statements are correct?

1. 2 and 3 only
2. 3 only
3. 1 and 2 only
4. 2 only

Explanation:

The Insolvency and Bankruptcy Code (IBC)

• The IBC was introduced to overhaul the corporate distress resolution regime in India and consolidate existing laws to create a time-bound mechanism for debt resolution. (Statement 1 is correct)
  • IBC works with a creditor-in-control model as opposed to the debtor-in-possession system. The creditor-in-control model provides control of the debtor to its creditors and relies upon the managerial skills of a newly appointed management to take over an ailing company and ensure business continuance.
• Amount of default: Previously, the minimum amount of default after which the creditor or debtor could apply for insolvency was Rs 1 lakh.
  • The amount was raised to Rs 1 crore, considering the stress on companies amid the pandemic.
• Authority: For initiating insolvency process, creditor/debtor has to approach a stipulated adjudicating authority (AA) under the IBC.
  • The benches of National Company Law Tribunal (NCLT) across India act as AAs.
• Time-period: The Tribunal has 14 days to accept or reject the application. It has to provide a reason if the admission is delayed.
  • The resolution process has to be compulsorily completed within 330 days. (Statement 2 is correct)
• Committee of Creditors: The CoC decides whether the defaulting company is good enough to be restructured and given a fresh start, or needs to be liquidated.
  • The CoC appoints an insolvency professional (IP), who looks after the operations of the company during the resolution process.
• Resolution plan: The IP invites and examines proposals for a resolution plan for a company and submits eligible plans to the CoC. The plan goes ahead if it receives 66% of the voting share of committee members. (Statement 3 is not correct)

Q) Recently, a report titled “Poverty and Shared Prosperity 2022: Correcting Course”, has cited the Covid pandemic as the biggest setback to global poverty alleviation in decades. This report has been released by –

1. World Economic Forum
2. Food and Agriculture Organization
3. United Nations Development Programme
4. World Bank

Explanation:

Context: A World Bank report, titled “Poverty and Shared Prosperity 2022: Correcting Course”, has cited the Covid pandemic as the biggest setback to global poverty alleviation in decades.

Highlights of the Report

• Slowing poverty reduction rate: The rate of poverty reduction was slowing since 2015 but the Covid pandemic and the war in Ukraine has reversed the outcomes.
  • Poverty reduction has slowed because of subdued global economic growth. At this rate, the global goal of ending extreme poverty by 2030 would not be achieved.
• Increase in extreme poverty: The number of people living below the extreme poverty line rose by over 70 million in 2020. This was the largest one-year increase since start of monitoring of global poverty in 1990.

Q) Consider the following statements regarding poverty estimation.

1. The Poverty Line calculation in India is now carried out by the Ministry of Statistics based on the data collected by the National Sample Survey Office (NSSO).
2. The World Bank defines a person as extremely poor if she is living on less than 1.90 international dollars a day.

Which of these statements are correct?

1. 2 only
2. Both 1 and 2
3. Neither 1 nor 2
4. 1 only

Explanation:

Poverty Estimation in India:

• Individuals or households that fall below a minimum level are designated to be Below the Poverty Line and are considered poor.
  • The Poverty Line calculation in India is now carried out by the NITI Aayog based on the data collected by the National Sample Survey Office (NSSO). (Statement 1 is not correct)
• The World Bank defines a person as extremely poor if she is living on less than 1.90 international dollars a day, which are adjusted for inflation as well as price differences between countries. (Statement 2 is correct)

Q) Consider the following statements regarding Schedule Caste

1. 2011 Census places the number of scheduled castes in India at 16.6 percent of the total population, or approximately 166,635,700 people.
2. Article 330 promises reservation for Scheduled Castes and Scheduled Tribes in the Lok Sabha, once more, on a proportional basis to the total population of SC/STs to overall population
3. Article 15 of the Constitution also assures equal opportunity to all citizens for employment in any office under the State, including in promotions, without any discrimination based on caste.

Which of these statements are correct?

1. 3 only
2. 1 and 2 only
3. 1 and 3 only
4. 2 only

Explanation:

About Scheduled Caste

• 2011 Census places the number of scheduled castes in India at 16.6 percent of the total population, or approximately 166,635,700 people. (Statement 1 is correct)
• Constitution provides for the protection of the rights of Scheduled Castes under several provisions.
  • Article 15 of the Constitution says the State shall not discriminate on the basis of caste, religion, race, or place of birth. (Statement 3 is not correct)
  • Article 16 of the Constitution also assures equal opportunity to all citizens for employment in any office under the State, including in promotions, without any discrimination based on caste.
  • Article 46 of the Constitution also states that the State shall promote the educational and economic interests of weaker sections, namely “Scheduled Castes and Scheduled Tribes.”
  • Article 243D provides for reservation for Scheduled Castes and Scheduled Tribes in Panchayats in the same proportion as the population of Scheduled Castes or Scheduled Tribes in the village.
  • Article 243T promises the same proportionate reservation of seats in Municipalities.
  • Article 330 promises reservation for Scheduled Castes and Scheduled Tribes in the Lok Sabha, once more, on a proportional basis to the total population of SC/STs to overall population. (Statement 2 is correct)

Q) Consider the following statements regarding Jal Jeevan Mission

1. To provide a Functional Household Tap Connection (FHTC) to every rural household by 2024, in collaboration with States and Union Territories (UTs).
2. It is Central Sector Scheme with 100 % outlay from Central Government.
3. No state in India has yet achieved 100% tap water connections.

Which of these statements are not correct?

1. 2 only
2. 1 and 3 only
3. 2 and 3 only
4. 3 only

Explanation:

Jal Jeevan Mission (JJM)

• Aim: To provide a Functional Household Tap Connection (FHTC) to every rural household by 2024, in collaboration with States and Union Territories (UTs). (Statement 1 is correct)
  • To develop bulk water transfer facilities, treatment plants and a robust in-village water distribution network.
• Funding: Outlay of Rs 3.60 lakh crore, the Centre has pledged a contribution of 100% funds for UTs without a legislature, 90% for North Eastern and Himalayan States/UTs and 50% for other states. (Statement 2 is not correct)
• Status: States like Goa, Telangana and Haryana and UTs like Andaman & Nicobar Islands, Puducherry, Dadra & Nagar Haveli and Daman & Diu have achieved 100% tap water connections. (Statement 3 is not correct)

Q) Recently, eChhawani Portal has been launched by which of the following?

1. Micro-finance
2. Mudra loans
3. Quick loans
4. None of the above

Explanation:

• The Central government has approved the extension of Online Building Plan Approval System (OBPAS) under eChhawani portal to five more Cantonment Boards, namely Agra, Ranikhet, Babina, Jammu and Cannanore.

About eChhawani Portal

• It is a unified portal for 62 Cantonment Boards. And it’s a project of the Directorate General of Defence Estates, Ministry of Defence.
• Using eChhawani portal citizens can avail all civic services offered by respective Cantonment Board.
• It aims to improve citizen interaction with Cantonment Boards while making Cantonment Board employees better equipped, informed and responsive to public needs with transparency and in an effective

Q) Recently in news, Lecanemab drug relates to the treatment of which of the following diseases?

1. Schizophrenia
2. Alzheimer’s Disease
3. Bipolar Disorder
4. None of the above

Explanation:

Context: Lecanemab, an experimental Alzheimer’s drug made by Eisai Co Ltd, and Biogen has shown some promising results in slowing the advance of the disease.

About Lecanemab

• It is an antibody that targets and removes toxic clumps of a protein called amyloid beta that accumulate in the brains of Alzheimer’s patients.

Q) Recently in news, Banni Festival has been celebrated since the ancient times. Which of these empires were said to celebrate this festival?

1. Kakatiya Empire
2. Rashtrakuta Empire
3. Vijayanagar Empire
4. None of the above

Explanation:

Context: Banni festival is an annual festival celebrated in Andhra Pradesh.

• Festival was celebrated by people under Vijayanagara Empire. It is believed to be a very ancient festival.
• Banni actually refers to mock fight for capturing the idols during the Banni festival.

Banni Festival Strange celebration

• Every year, on the night of Dussehra festival (Vijayadashami), hundreds of men head towards Devaragattu temple in Kurnool district of Andhra Pradesh.
• They carry long sticks or lathis with them for hitting each other with these sticks.
• People reach here from Andhra Pradesh and Karnataka both as the temple is located on the border of these states.
• Stick Fight Ritual: A traditional ritual held between groups of villagers with the winning group taking hold of the idols and taking them in a procession to their respective village.
  • It is believed that the village which prevails in this fight will enjoy a good agricultural yield that year.
  • Supreme Court had put a ban on this festival in 2008, but the ritual has continued to be held over the years.

Q) Consider the following statements regarding Organization of Petroleum Exporting Countries (OPEC)

1. It is a permanent, intergovernmental organization, created at the Baghdad Conference in 1960, and is headquartered at Doha, Qatar.
2. It aims to manage the supply of oil in an effort to set the price of oil in the world market, in order to avoid fluctuations that might affect the economies of both producing and purchasing countries.

Which of these statements are correct?

1. 1 only
2. Neither 1 nor 2
3. 2 only
4. Both 1 and 2

Explanation:

Organization of Petroleum Exporting Countries (OPEC):

• About: It is a permanent, intergovernmental organization, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
• Objective: It aims to manage the supply of oil in an effort to set the price of oil in the world market, in order to avoid fluctuations that might affect the economies of both producing and purchasing countries. (Statement 2 is correct)
• Headquarters: Vienna, Austria. (Statement 1 is not correct)
• Membership:
  • It currently had 13 members which include Saudi Arabia, the UAE, Iran, Iraq, Kuwait, Algeria, Angola, Equatorial Guinea, Gabon, Libya, Nigeria, the Republic of the Congo, and Venezuela.
  • OPEC membership is open to any country that is a substantial exporter of oil, and which shares the ideals of the organization.

Daily Current Affairs for UPSC – 8 October 2022

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