March 07, 2024 | Your One-Stop Solution for Daily Preparation
IRDAI| Explained
IRDAI or The Insurance Regulatory and Development Authority of India forms the chief regulatory agency of the insurance industry in India. Created through the IRDAI Act of 1999, the main goal of the body is the protection of the interest of the policyholders, promoting the orderly advancement of the insurance sector, and ensuring financial stability. It supervises different insurance products and services, monitors the operations of insurance companies, and encourages financial security in the industry. It also plays a major part in boosting insurance awareness
Highlights of the Day
1.Supreme Court Condemns Illegal Tree Felling for 'Eco-Tourism' at Corbett, Calls for Environmental Restoration and Tiger Protection
The Supreme Court denounced the illegal felling of over 6,000 trees for "eco-tourism" at Jim Corbett National Park, citing a nexus between politicians and officials. The judgment condemns the audacity of former Uttarakhand Forest Minister Harak Singh Rawat and ex-Divisional Forest Officer Kishan Chand. A specialized committee, formed by the Ministry of Environment, will assess damage, identify responsible individuals, and recover restoration costs. The court approved a Central Bureau of Investigation probe and emphasized the importance of protecting tigers and ecosystems. Tiger safaris, if recommended, should adhere to eco-centric principles, with guidelines applicable nationwide, rejecting 2019 NTCA provisions and emphasizing environmental preservation[1].
2. Italy's Supreme Court Rules Against Forced Return of Migrants to Libya, Citing Human Rights Risks
Italy's highest court, the Supreme Court of Cassation, ruled in February that it is "unlawful" to force migrants rescued at sea to return to Libya, emphasizing the risk to their fundamental rights. The case involved the ship Asso 28, whose captain was prosecuted for violating international humanitarian and refugee laws by returning 101 migrants to the Libyan coastguard in 2018. The court highlighted the principle of nonrefoulement and the migrants' high risk of "inhuman and degrading treatment" in Libyan detention centers. The ruling underscores the danger in Libya and challenges anti-immigration policies, potentially impacting search and rescue efforts[2].
3. PM Modi Unveils India's First Underwater Metro in Kolkata, Inaugurates Agra Priority Corridor
Prime Minister Narendra Modi unveiled multiple metro projects, including India's first underwater metro line in Kolkata. The Rs 4,965-crore Howrah Maidan-Esplanade section of Kolkata Metro's East-West Corridor features the country's first transportation tunnel beneath a major river. The PM inaugurated the Agra Priority Corridor, enhancing metro access to attractions like the Taj Mahal and Agra Fort. The Howrah stretch includes the deepest metro station in India, while the Agra project aims to facilitate direct metro travel for tourists. These initiatives mark significant milestones in India's metro infrastructure, improving connectivity and accessibility to key landmarks[3].
4.Indian Navy Expands Strategic Presence with INS Jatayu in Lakshadweep and MH60R Squadron Commissioning
The Indian Navy commissioned INS Jatayu at Minicoy island, its second Lakshadweep base, enhancing surveillance and security near the Nine Degree channel and vital sea lanes. The move aims to strengthen maritime domain awareness, improve facilities, and expand capacities. Chief of Naval Staff Admiral R. Hari Kumar highlighted plans for jetty infrastructure improvement and connectivity enhancement on Minicoy. Simultaneously, the Navy commissioned its first MH60R multirole helicopter squadron, INAS 334 'Seahawks,' in Kochi, boosting rotary fleet capabilities and antisubmarine warfare. The initiatives signify a phased expansion plan for strategic island presence and reinforce the Navy's assertive posture in the Arabian Sea[4].
5. 2023-2024 El Niño Peaked Among Strongest on Record, Continues Impact on Global Climate
The 2023-2024 El Niño has peaked as one of the five strongest on record, impacting global temperatures and extreme events, making 2023 the warmest year recorded. The World Meteorological Organization (WMO) stated that despite a weakening trend, El Niño will persist, contributing to above-normal temperatures globally until May. There's a 60% chance of El Niño lasting through March-May, with an 80% chance of neutral conditions in April-June. Scientists suggest that if La Niña conditions develop by June-August, India may experience improved monsoon rains. El Niño's lasting impact is anticipated, influencing climate and economies, with 2024 expected to see significant consequences[5].
Source: The Hindu | Indian Express | PIB |Pressreader
Practice Questions for Prelims
Q1: With reference to Union Budget, which of the following is/are covered under Non-Plan Expenditure?
1. Defence -expenditure
2. Interest payments
3. Salaries and pensions
4. Subsidies
Select the correct answer using the code given below.
a) 1 only
b) 2 and 3 only
c) 1, 2, 3 and 4
d) None
Q2: "The “CERN” (European Organization for Nuclear Research) is famous for its research in:
I. Particle physics
II. Climate change
III. Astronomy
IV. Marine biology"
a) I only
b) II only
c) III only
d) All of the above
Q3: Under which Schedule of the constitution of India can the transfer of tribal land to private parties for mining be declared null and void?
a) Third Schedule
b) Fifth Schedule
c) Ninth Schedule
d) Twelfth Schedule
Q4: What is the primary objective of the Trade Receivables Discounting System (TReDS)?
a) To regulate the export-import transactions of large corporations
b) To facilitate the financing and discounting of trade receivables for Micro, Small, and Medium Enterprises (MSMEs)
c) To provide a platform exclusively for government departments to manage invoices
d) To establish a barter system between MSMEs and corporate buyers
Q5: What is NISAR (NASA-ISRO Synthetic Aperture Radar)?
a) A lunar exploration satellite jointly developed by NASA and ISRO
b) An Earth-observation satellite developed by NASA and ISRO
c) A weather monitoring satellite exclusively developed by ISRO
d) A communication satellite designed for global internet coverage
Today’s Question for Mains Answer Writing
"Discuss the impact of the Insurance Regulatory and Development Authority of India (IRDAI) on the country's insurance sector, examining its regulatory functions, consumer protection measures, role in market development, and international collaborations. Assess the significance of IRDAI in fostering financial stability, promoting insurance awareness, and contributing to the overall economic resilience of India. Provide specific examples and insights to support your analysis."
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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