December 28, 2023 | Your One-Stop Solution for Daily Preparation
Earthquakes | Explained
In this comprehensive article, we embark on an exploration of earthquakes—unveiling their origins, examining their diverse causes, delving into their profound effects, and uncovering essential strategies for mitigation.
Highlights of the Day
1. Cabinet Raises Copra Minimum Support Price, Boosting Coconut Farmers and Production
The Cabinet Committee on Economic Affairs increased the minimum support price (MSP) for copra: ₹11,160 per quintal for milling copra and ₹12,000 per quintal for ball copra, effective next year. Despite global price falls, the decision ensures a 50% higher MSP than production costs. This move aims to boost coconut growers' earnings, promote copra production, and meet rising domestic and international demand. The MSP hike, witnessing a 113% to 118% rise over a decade, targets enhancing remuneration and expanding procurement. In 2023, over 1.33 lakh metric tonnes of copra were procured, benefiting 90,000 farmers, a 227% increase from the previous year [1].
2. Banks Witness Decadal Low in Non-Performing Assets, Embrace Growth and Resilience
Reserve Bank of India's report reveals a decadal low in Gross Non-Performing Assets (GNPA) for scheduled commercial banks (SCBs), dropping to 3.2% by September 2023. SCBs saw a 45% reduction in GNPAs, driven by recoveries and upgradations. The banking sector experienced growth in balance sheets, higher credit rates, improved profitability, and capital positions. The RBI emphasizes vigilance against credit losses, advocating for strong governance, enhanced disclosures, and robust risk management. The sector aims to fortify against cyber threats, broaden funding sources, and elevate customer service, ensuring resilience amidst global uncertainties and fostering economic growth [2].
3. India Targets $1 Billion Banana Export in 5 Years via Sea Routes
India aims to boost banana exports to $1 billion in 5 years, transitioning from air to sea routes. Protocols for bananas, mangoes, pomegranates, and jackfruit are being developed for ocean export, considering ripening, harvesting, and farmer training. Successful trial shipments to the Netherlands signal potential global markets, targeting the US, Russia, Japan, Germany, China, the UK, and France. Despite being the largest producer with 26.45% global share, India's current banana export share is 1%. With efforts from APEDA and prospects in states like Andhra Pradesh, India's agricultural exports are set for expansion [3].
4. Japan's SLIM Mission: Lunar Orbit Entry Sets Stage for Precision Moon Landing
Japan's SLIM spacecraft, entering lunar orbit, aims to soft-land on the moon, potentially becoming the fifth nation to achieve this feat. Its success or failure could impact India's Chandrayaan 4 mission. SLIM, significantly lighter than Chandrayaan 3, follows an elongated trajectory, aiming for a precise landing on January 19 near the Shioli Crater. The mission plans to deploy rovers, study lunar surface conditions, and explore the moon's mantle. SLIM's precision landing attempts influence future missions, like India's LUPEX mission, set to explore the moon's south pole with technologies tested by SLIM [4].
5. Government Considers 'Bharat' Branding for FCI Rice Sales
The Government mulls selling FCI rice under 'Bharat' brand to curb inflation, awaiting decision on discounted rates. Efforts to stabilize rice prices via Open Market Sale Scheme receive limited response. FCI proposes offering rice at ₹29/kg; decision pending with Group of Ministers. Wheat sales at 82.89 lakh tonnes, but only 3.04 lakh tonnes of rice sold. With rice inflation at 13%, Government eyes managing key food prices pre-2024 elections [5].
Source: The Hindu
Practice Questions for Prelims
Q1: 'Eutrophication' is caused primarily by an excess of:
a) Nitrogen and phosphorus
b) Carbon dioxide
c) Heavy metals
d) Chlorofluorocarbons (CFCs)
Q2: Consider the following statements related to Fundamental Rights.
1. Right to Freedom of Speech and Expression can be restricted only by a constitutional amendment.
2. Right to Life under Article 21 is not applicable during a declared emergency.
3. The State can impose reasonable restrictions on the freedom of assembly in the interest of public order.
Which statements are true?
a) Only one statement is correct
b) Only two statements are correct
c) All three statements are correct
d) None of the above
Q3: Consider the following statements regarding the Earth's Atmosphere:
1. The troposphere is the layer closest to the Earth's surface and contains most of the atmospheric moisture.
2. Stratosphere contains the ozone layer, which absorbs harmful ultraviolet radiation.
3. Mesosphere is the coldest layer and meteors burn up in this layer due to friction with gases.
Which statements are true?
a) 1 and 2
b) 2 and 3
c) 1 and 3
d) All of the above
Q4: Consider the following statements about Monetary Policy in India:
1. The Reserve Bank of India formulates and regulates monetary policy in India.
2. Open Market Operations are a tool used by the RBI to adjust liquidity in the banking system.
3. Cash Reserve Ratio (CRR) is the percentage of deposits banks must maintain with themselves in cash.
Which statements are true?
a) 1 and 2
b) 2 and 3
c) 1 and 3
d) All of the above
Q5: The 'Laffer Curve' illustrates the relationship between tax rates and:
a) Government expenditure
b) Tax revenue
c) Inflation rates
d) GDP growth
Today’s Question for Mains Answer Writing
Land subsidence is a critical geohazard impacting urban areas globally. Discuss the primary causes, effects, and preventive measures of land subsidence, emphasizing its implications on infrastructure, environment, and groundwater resources.
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