February 12, 2024 | Your One-Stop Solution for Daily Preparation
Quad Alliance | Explained
A Humanitarian Assistance and Disaster Relief (HADR) partnership was signed by the Foreign Ministers of the Quad (Japan, Australia, the United States, and India) during a meeting held outside the United Nations General Assembly (UNGA).
As part of the HADR, the participating nations will work with other national and international agencies as well as private non-governmental organizations to coordinate their disaster response efforts in the Indo-Pacific area.
Highlights of the Day
1. PM Svanidhi Scheme Boosts Street Vendors' Incomes, Study Finds
A study commissioned by the Union Ministry of Housing and Urban Affairs evaluated the impact of the PM Street Vendor’s Atmanirbhar Nidhi (PM Svanidhi) scheme in India, offering small working capital loans to street vendors affected by the Covid-19 lockdown. The study, conducted by the Centre for Analytical Finance of the Indian School of Business, found that the first tranche of `10,000 led to an additional annual income of `23,460 for each beneficiary. The study covered 5,141 vendors across 100 urban local bodies in 22 states, with 94% using the first loan for business investments. The NPAs declined over time, reflecting the high creditworthiness of vendors[1].
2.Indian Government to Regulate Online Gaming Sector, Rejects Industry-Led Self-Regulation
The Indian government will take on the role of regulator for the online gaming sector instead of establishing an industry-led self-regulatory organization (SRO). The Ministry of Electronics and Information Technology (MeitY) will develop a framework for certifying and permitting online games involving money. MeitY had initially proposed an SRO and invited industry proposals, but found them to be heavily industry-dominated. The rejection of these proposals implies that the government will continue to regulate the space by default. A clear regulatory structure for the online gaming sector is expected to emerge after general elections, following the formation of a group of ministers to discuss the regulatory framework
[2].
3.India's Net Direct Tax Collections Surge 20.25% YoY, PIT Revenues Outpace CIT
India's net direct tax collections showed a 20.25% YoY increase by February 10, up from a 19.4% uptick on the same date in January, according to data released by the Finance Ministry. Personal Income Tax (PIT) revenues outpaced Corporate Income Tax (CIT), with a 26.91% rise in net PIT collections compared to a 13.6% increase in CIT inflows. Net direct tax collections reached ₹15.6 lakh crore by Saturday, constituting 80.23% of the revised estimates for the year. Finance Minister Nirmala Sitharaman aims for ₹19.5 lakh crore in revised estimates for the current fiscal year. Refunds totaling ₹2.77 lakh crore were issued between April 1, 2023, and February 10, 2024[3].
4.Violence Erupts in Haldwani as Demolition Drive Targets Mosque on Government's Nazool Land
Violence erupted in Uttarakhand's Haldwani district during a demolition drive at a mosque and madrasa allegedly on Nazool land, government-owned but leased for public use. Nazool land originated during British rule, taken from kings who opposed them, later marked as state-owned. Governments use Nazool land for public purposes like schools and hospitals, leasing it to entities. The Halwani property in question, registered as Municipal Council's Nazool land, faced a demolition drive to ease traffic congestion. The administration claims it followed due process, but locals dispute the timing, requesting a wait until the High Court's next hearing on February 14[4].
5. 2023 Warming Debate: Did Earth Cross the 1.5°C Threshold?
In 2023, amid increasing climate disasters, the debate on whether the Earth crossed the 1.5 degrees C warming threshold intensified. A recent study using palaeo proxies suggested Earth has already surpassed this limit, relying on indirect evidence from specific locations. However, such proxies have limitations in providing comprehensive global temperature trends. The significance of crossing the 1.5 degrees C mark remains unclear, with inadequate explanations for specific warming patterns and associated disasters. Understanding regional variations, influenced by factors like El Niño, is crucial for managing climate impacts. The focus should shift from arbitrary thresholds to nuanced consideration of global warming patterns [5].
Source: The Hindu | TOI
Practice Questions for Prelims
Q1: A decrease in tax to GDP ratio of a country indicates which of the following?
1. Slowing economic growth rate
2. Less equitable distribution of national income
Select the correct answer using the code given below:
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Q2: Which of the following statements accurately describes burmation in reptiles?
a) Burmation is a state of increased metabolic activity in reptiles during winter.
b) It is exclusive to turtles and does not apply to other reptile species.
c) Burmation is a form of winter dormancy in reptiles, akin to hibernation in mammals.
d) Reptiles in burmation actively seek out colder environments to regulate body temperature.
Q3: What does PM Svanidhi, often in the news, primarily focus on?
a) Rural electrification
b) Women's education
c) Urban street vendors
d) Agricultural subsidies
Q4: Which of the following are some important pollutants released by the steel industry in India?
1. Oxides of sulphur
2. Oxides of nitrogen
3. Carbon monoxide
4. Carbon dioxide
Select the correct answer using the code given below.
a) 1, 3 and 4 only
b) 2 and 3 only
c) 1 and 4 only
d) 1,2, 3 and 4
Q5: Which of these best describes the term ‘Nazool Land’?
a) Owned and directly administered by private entities.
b) Leased by the government to various entities for a fixed period.
c) Originally owned by kings and royals with proper documentation.
d) Primarily used for private commercial purposes.
Today’s Question for Mains Answer Writing
Discuss the geopolitical significance and evolving role of the QUAD in the contemporary global scenario. How does the QUAD contribute to shaping regional security dynamics, and what are the potential implications for Indo-Pacific geopolitics?
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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