August 5, 2023 | Your One-Stop Solution for Daily Preparation
Hiroshima Day | Explained
Reflect on the tragic events of Hiroshima Day, commemorating the atomic bombing of Hiroshima in 1945. Explore the present impacts of the attack, the city's transformation into a symbol of peace, and its global implications. Learn about the advocacy for nuclear disarmament and the legacy of Hiroshima's survivors.
Highlights of the Day
1. DGFT Delays Import Restrictions on Electronics to November 1 Amidst Customs Hold-ups; Assures Swift Licensing for Most Applicants
DGFT Delays Import Restrictions on Electronics to November 1 Amidst Customs Hold-ups. Government assures prompt licensing for most applicants under new regime. Move aims to achieve self-sufficiency in electronics production, not linked to PLI scheme. IT hardware imports from China affected. DGFT clarifies implementation details. No ban for future importers; clearance expected within minutes to a few days. Criteria for rejecting license applications kept confidential. Signals government's focus on secure devices [1].
2. Pakistan's Senate Approves Bill to Establish Anti-Money Laundering Authority, Aims to Stay Off FATF Grey List
Pakistan's Senate approved a Bill to establish a new authority combating money laundering and terror financing, aiming to stay off the Financial Action Task Force (FATF) grey list. The legislation, previously passed by the National Assembly, forms a central authority bringing all institutions related to FATF under one command. The authority will be headed by a chairman appointed by the Prime Minister and will include representatives from various agencies. The bill seeks to coordinate efforts to counter money laundering, terror financing, and targeted financial sanctions. Once signed by the President, the bill will become law, bolstering Pakistan's efforts to address these challenges effectively [2].
3. Union Cabinet Clears Draft Indian Telecommunication Bill 2023 with Relaxations for OTT Services, Unlikely to Introduce in Current Session
The Union Cabinet has approved the draft Indian Telecommunication Bill 2023, which relaxes regulations for OTT communication services like WhatsApp and Google Meet. However, the Bill is unlikely to be introduced in the current session of Parliament. The new version eases the process of regulating OTT services by not requiring them to obtain a government license, a contentious issue in the previous version. It also removes provisions attempting to dilute the Telecom Regulatory Authority of India's role. The Bill aims to replace three existing laws related to telecommunication, but its introduction is currently postponed [3].
4. India's Market Takes the Lead as Morgan Stanley Upgrades Rating to 'Overweight' and Predicts Long Wave Boom Ahead
Morgan Stanley has upgraded India's rating to 'Overweight' and elevated its market position from sixth to first place due to the implementation of structural reforms that have unlocked growth opportunities. The reforms include infrastructure development, formalization of the economy through GST and IndiaStack, real estate regulation changes, and more. The country's positive demographic trends, low household debt, and ability to leverage multipolar world dynamics are also advantageous. Conversely, China's rating was downgraded to 'Equal weight' due to potential weaker fundamentals reflected in its exchange rate. The upgrade is expected to attract more foreign portfolio investments to India, making it a leading emerging market [4].
5. Climate Risk Horizons Report: Indian Banks Unprepared to Tackle Climate Risks Amidst Rising Extreme Weather Incidents
Indian banks are ill-prepared to face climate risks despite the country experiencing extreme weather events on 314 out of 365 days in 2022, according to a report by Climate Risk Horizons. The analysis evaluated the climate-preparedness of India's 34 largest banks and revealed significant gaps in measuring, managing, and mitigating climate risks. Only a few banks have started disclosing emissions and measuring financed emissions, while none have conducted climate-related scenario analyses. The report calls for mandatory guidelines from the Reserve Bank of India on climate-related disclosures and common frameworks to manage climate risks, emphasizing the urgency of addressing the climate crisis [5].
Source: The Hindu | Indian Express | DownToEarth
Practice Questions for Prelims
Q1: Which of the following statements regarding the Fundamental Rights in the Indian Constitution is NOT correct?
a) Fundamental Rights are enforceable against private individuals and organizations.
b) Article 19 guarantees six freedoms, including the right to freedom of speech and expression.
c) Article 20 provides protection against double jeopardy and self-incrimination.
d) Right to Constitutional Remedies (Article 32) enables individuals to move the Supreme Court for the enforcement of Fundamental Rights.
Q2: Which of the following economic indicators is used to measure the average change in prices of a basket of goods and services consumed by households?
a) GDP (Gross Domestic Product)
b) CPI (Consumer Price Index)
c) WPI (Wholesale Price Index)
d) Gini Coefficient
Q3: Which of the following phenomena is primarily responsible for the occurrence of the Northern Lights (Aurora Borealis)?
a) Reflection of sunlight from the Earth's surface
b) Emission of light by polar animals
c) Interaction of solar winds with the Earth's magnetic field
d) Refraction of light through ice crystals in the atmosphere
Q4: Which of the following statements is correct regarding the impeachment process of the President of India?
a) The impeachment motion can only be initiated in the Lok Sabha.
b) The President can be removed from office only if the Supreme Court declares him guilty of a criminal offense.
c) The impeachment motion must be passed by a special majority of both Houses of Parliament.
d) The Vice President presides over the impeachment proceedings.
Q5: Consider the following statements regarding the "Gini coefficient":
I. It measures income inequality within a population.
II. A Gini coefficient of 0 indicates perfect income equality, while a coefficient of 1 denotes maximum income inequality.
III. Gini coefficient is calculated based on the Lorenz curve, which plots the cumulative share of population against the cumulative share of income.
Select the correct statements:
a) I and II only
b) I and III only
c) II and III only
d) All of the above
Today’s Question for Mains Answer Writing
Discuss the role of artificial intelligence in revolutionizing healthcare. Analyze the benefits and challenges of AI adoption in medical diagnosis, treatment, and patient care. Evaluate the ethical considerations surrounding AI use in healthcare and propose strategies to ensure responsible and equitable implementation. (Word limit: 250 words)
Need help in writing or evaluation?
Note: For answer key and explanation of daily practice questions, join us at: t.me/tinkerchild
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