December 26, 2023 | Your One-Stop Solution for Daily Preparation
El Niño and La Niña | Explained
El Niño and La Niña are atmospheric phenomena that play a pivotal role in shaping global weather patterns. Understanding these phenomena is crucial for comprehending climate variability and its impacts on regions across the world. In this blog, we delve into the intricacies of El Niño and La Niña, exploring their causes, effects, and the intricate dance they perform in the vast arena of Earth's climate.
Highlights of the Day
1. UNHCR Commends Indian Authorities for Rescuing Rohingya Refugees Near Shaheed Dweep
The UNHCR praised Indian authorities for aiding 142 Rohingya refugees intercepted near Shaheed Dweep. Departing from Bangladesh, the boat headed for Indonesia carried 47 women and 59 minors. Coastal security agencies swiftly responded to alerts, towing the vessel to safety due to technical issues. While acknowledging the tragedy of lives lost on perilous sea routes, the UNHCR pledged support for those disembarked. Expressing gratitude for the humane rescue, spokesperson Babar Baloch emphasized the importance of saving desperate lives. The refugees were sheltered in Port Blair by local authorities, highlighting collaborative efforts in addressing humanitarian crises at sea [1].
2. India and ASEAN Set to Revamp Trade Pact to Address Trade Imbalance
India and ASEAN will revamp their 15-year-old trade agreement to address India's trade deficit. Negotiations, beginning February, aim to modernize the pact, incorporating product-specific rules and trade remedies. The review, scheduled quarterly until 2025, seeks balance in bilateral trade. India aims to boost market access, focusing on sectors like chemicals, textiles, and gems. Changes in Rules of Origin intend to prevent China's goods rerouting. The updated agreement will include trade remedy provisions. However, new areas like labor, environment, and gender won't be added to streamline the pact, emphasizing efficiency. ASEAN, contributing 11.3% to India's global trade, prompts the necessity for a balanced approach [2].
3. Record High: Women's Participation in MGNREGS Peaks at 10-Year Mark
Women’s participation in the MGNREGS hit a 10-year high, reaching 59.25% of total person-days in the current fiscal year. Southern states like Kerala and Tamil Nadu exceeded 70%, contrasting with lower rates in northern states. Uttar Pradesh and Madhya Pradesh hovered around 40% or less. While five states showed lower participation, three saw improvements in the current fiscal year. Overall, 5.38 crore families accessed NREGS by December 2023. The Periodic Labour Force Survey notes a significant rise in female Labour Force Participation Rate in rural areas from 18.2% in 2017-18 to 30.5% in 2022-23, with female unemployment dropping to 1.8% [3].
4. India's Pursuit of Rupee Payments for Oil Imports Aims for Global Currency Role
India's push for rupee-based oil payments, notably with the UAE, aims to globalize its currency. Seeking similar deals with other suppliers, India eyes cost-cutting by avoiding dollar conversions. While navigating oil trade shifts, India balances cost concerns and trade volumes, encouraging rupee settlements but cautious of potential challenges with larger transactions. Embracing rupee settlements aims to reduce dollar dependency and shield the economy from global currency fluctuations. Despite challenges and concerns voiced by suppliers about repatriation and high transaction costs, India's focus on internationalizing the rupee remains strategic and mindful of overarching national interests [4].
5. India's Strategic Increase in Russian Oil Imports Stabilized Global Crude Prices, Averted Chaos
India's increased Russian oil imports post-Ukraine invasion averted global crude price chaos, averting a potential $30-40 surge per barrel. Ramping up to 1.95 million barrels/day from Russia tempered the market impact, preventing prices from soaring to $120-130/barrel. India, a key oil consumer, absorbed discounted Russian crude amid Western sanctions, emphasizing its sovereignty in oil sourcing. While facing payment and logistical hurdles due to sanctions, Indian refiners navigated challenges, ensuring oil import continuity. Despite global price caps on Russian crude, Indian refiners grappled with banking demands for proof aligning oil prices with the set cap [5].
Source: The Hindu | Indian Express | Business Line | Financial Express
Practice Questions for Prelims
Q1: Match the following economic terms with their descriptions:
1. Monopoly A. Market with Many Buyers and Sellers
2. Oligopoly B. Single Seller in the Market
3. Perfect Competition C. Few Sellers in the Market
4. Monopsony D. Market with Single Buyer and Many Sellers
a) 1-B, 2-C, 3-D, 4-A
b) 1-A, 2-C, 3-D, 4-B
c) 1-B, 2-C, 3-A, 4-D
d) 1-C, 2-A, 3-B, 4-D
Q2: The 'Drake Passage' is situated between:
a) Africa and Europe
b) South America and Antarctica
c) Asia and Australia
d) North America and Greenland
Q3: The 'Keeling Curve' is associated with the measurement of:
a) Carbon dioxide levels in the atmosphere
b) Oceanic temperatures
c) Deforestation rates
d) Acidification of oceans
Q4: The 'Quad' initiative involves cooperation among which countries?
a) USA, China, Russia, India
b) USA, Japan, China, South Korea
c) USA, India, Japan, Australia
d) USA, Germany, France, UK
Q5: The 'Marginal Rate of Substitution (MRS)' measures the:
a) Rate at which one good can be exchanged for another
b) Rate at which a consumer is willing to trade one good for another
c) Rate of change in consumer preferences
d) Rate of substitution of labor for capital in production
Today’s Question for Mains Answer Writing
Explain the contrasting impacts of El Niño and La Niña on global weather patterns and their consequences on agriculture, natural disasters, and economies. Evaluate strategies used to cope with these phenomena.
Need help in writing or evaluation?
Note: For answer key and explanation of daily practice questions, join us at: t.me/tinkerchild
コメント