Daily Current Affairs
To the Point Notes
1.Na Anka Famine
Key Points:
- Occurrence: Ravaged Odisha in 1866, two years before the establishment of Ravenshaw University.
- Severity: Approximately one-third of Odisha’s population perished.
- Regnal Year: Occurred in the 9th Regnal year of King Divya Singha Deva.
- Thomas Edward Ravenshaw: British Bureaucrat and colonial commissioner of Odisha division during the famine.
- Causes: Communication challenges, inaccessibility of Orissa.
- Famine Commission of 1866: Recommended improving communication and constructing a Trunk Road to prevent future famines.
- Irrigation Canals: Suggested making irrigation canals navigable, leading to the construction of the Orissa Coast Canal.
2.Cocoa (Theobroma Cacao)
Key Points:
- Evergreen Tree: Belongs to the Malvaceae family.
- Flowers: Produced on the trunk and older branches (cauliflory).
- Fruit: Called a cacao pod, ovoid, ripening yellow to orange, and contains 20-60 seeds.
- Seeds: Known as “beans,” embedded in a white pulp.
- Uses: Cocoa beans are used to make chocolate liquor, cocoa solids, cocoa butter, and chocolate.
- Growing Conditions: Thrives in regions with warm weather and abundant rain, about 20 degrees north and south of the equator.
- Soil Preference: Requires deep and well-drained soils, primarily clay loam and sandy loam.
- Temperature Requirements: Optimum temperature between 15°C and 35°C.
3.Aparajita Bill
Key Points:
- Passage: Unanimously passed by the West Bengal Legislative Assembly.
- Amendments: Seeks changes in the Bharatiya Nyaya Sanhita (BNS) 2023.
- Punishment: Introduces death penalty or life imprisonment for rape, gangrape, and murder cases.
- Key Elements: Increased punishment, speedy investigation, and rapid dispensation of justice.
- Aparajita Task Force: State government will form a special task force for time-bound investigations.
- Capital Punishment: For those convicted of rape resulting in death or vegetative state.
- Investigation Timeframe: Rape case investigations must be concluded within 21 days.
- Presidential Assent: Bill requires Presidential assent under Article 254(2) to become law in West Bengal.
4.Brunei Darussalam
Key Points
- First-ever bilateral visit by an Indian PM: A historic milestone in India-Brunei relations.
- Absolute monarchy: Ruled by Sultan Hassanal Bolkiah.
- Location: Coastal strip on the northern part of Borneo, surrounded by Malaysia.
- Population: Less than half a million, making it the smallest country in Southeast Asia by population.
- Official religion: Islam.
- Economy: Heavily reliant on hydrocarbon exports (oil and natural gas).
- India-Brunei Relations:
- Strengthening defense ties for regional security.
- Exploring collaboration in space-related initiatives.
- Fostering people-to-people connections.
- Aligning with the 40th anniversary of diplomatic relations.
- Brunei as a key partner in India’s Act East Policy and Indo-Pacific Vision.
5.The Investor Education and Protection Fund Authority
Context
- The Investor Education and Protection Fund Authority (IEPFA), launched a new toll-free number as part of its ongoing efforts to enhance claimant support services.
About
- It is designed to provide users with access to an upgraded, multi-language Interactive Voice Response System (IVRS) and an enhanced Call Centre.
- This initiative aligns with the Ministry of Corporate Affairs’s broader efforts to streamline corporate compliance and improve user experience.
About IEPFA:
- It was established in 2016, under the Ministry of Corporate Affairs.
- IEPFA is responsible for managing the Investor Education and Protection Fund, which focuses on safeguarding investor interests by facilitating the refund of shares, unclaimed dividends, and matured deposits/debentures.
- Through its initiatives, the IEPFA aims to ensure transparency, protect investors’ rights, and promote financial literacy across the country.
6.Financialization of Capital Markets
Context
- Chief Economic Adviser (CEA) V. Anantha Nageswaran cautioned that financialization of capital markets might distort macroeconomic outcomes.
About
- Financialization of capital markets is the dominance of the role of financial markets in public policy.
- India’s stock market capitalisation being about 140% of its GDP indicates a high level of financialisation.
Consequences
- While high market capitalization signals a robust financial sector, it also suggests that the economy is overly reliant on financial markets rather than the real economy.
- The financial sector’s record profitability exacerbates income inequality, as gains from financialisation typically accrue to a small segment of the population.
- Advanced economies have seen unprecedented levels of both public and private debt, largely driven by the financialisation process.
- Economic growth in financialised economies often relies on the continuous inflation of asset prices, such as stocks, bonds, and real estate.
- This can create asset bubbles, which, when burst, can lead to severe economic downturns.
7.Defence Acquisition Council (DAC) Approves Capital Acquisition Proposals
- DAC: Top decision-making body for military procurement in India.
- AoN: Acceptance of Necessity, first step towards buying military equipment.
- Chaired by: Defence Minister.
- Aim: Expeditious procurement of military equipment within budgetary constraints.
Projects Approved:
- Stealth Frigates (Project-17B): 7 stealth frigates to be built by GRSE and MDL.
- Future-Ready Combat Vehicles (FRCV): Main battle tanks to replace T-72 and T-90 tanks.
- Air Defence Fire Control Radars (FCR): For detecting and tracking aerial targets.
- Dornier-228 Aircraft: For various operational needs, including surveillance and patrolling.
- Patrol Vessels: Next-generation fast patrol vessels and offshore patrol vessels.
Indigenous Sources: 99% of procurement costs to be from indigenous sources.
Indian Coast Guard (ICG) Enhancements:
- Dornier-228 Aircraft: For enhanced surveillance and patrolling.
- Next Generation Fast Patrol Vessels: For high operational features in rough weather.
- Next Generation Offshore Patrol Vessels: For advanced technology and long-range operations.
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