March 15, 2024 | Your One-Stop Solution for Daily Preparation
Basic Introduction to Economics | Explained
"There's nothing to eat in this house," as you open your refrigerator door and take a look at the food within. Afterwards, you enter a wardrobe filled with clothing and realize, "I have nothing to wear." You are dealing with a shortage. You can never get enough of everything you desire or need. It's a reality that there's an abundance of food and clothing. You choose to disregard the alternatives that were presented to you at the time, but you know that ultimately you will give in and eat the apple that is next to the dry grapes at the bottom of the bin before putting on the jeans and blouse that you hate. You are an economic being. In light of shortage, you consider your options.
Highlights of the Day
1. Push for Simultaneous Elections: Recommendations and Reactions
A high-level panel, led by former President Ram Nath Kovind, has recommended simultaneous elections for the Lok Sabha and state assemblies, followed by synchronised rural and urban local body elections within 100 days. The panel proposed 18 constitutional amendments to enable this, including the creation of Article 82A and Article 324A. It emphasized the importance of a Single Electoral Roll and Single Elector’s Photo Identity Card to streamline the process. However, the Congress criticized the move, accusing the government of attempting to undermine the Constitution[1].
2. MEITY's Troubling AI Advisory: A Case of Policy Flip-Flop and Legal Ambiguity
MEITY's recent advisory on AI governance, lacking legal basis and clarity, has drawn widespread criticism. Issued without proper definitions or statutory authority, it demands compliance without clear penalties. Despite online ridicule and confusion, the Minister's responses on social media fail to address fundamental concerns, reflecting a troubling trend of policy-making driven by media cycles and influencer culture rather than deliberative processes. This departure from past practices signals a shift towards unchecked authoritarianism in digital policy, eroding accountability and risking consequences for dissent. MEITY's mishandling of the AI advisory underscores broader governance challenges in India's tech regulation[2].
3.Gelephu Mindfulness City: Bhutan's Ambitious Venture and India's Role in Regional Connectivity
Bhutan's plan for a "Gelephu Mindfulness City" aims to create a carbon-neutral economic hub with unique architectural features. Positioned strategically near India's borders, it seeks to address Bhutan's economic challenges, including youth outmigration and geopolitical pressures from China. India's support is crucial for the project's success, aligning with its own connectivity plans in the region. Despite challenges like flooding and insurgency risks, Gelephu represents an opportunity for India to strengthen ties with Bhutan and enhance regional connectivity amidst global geopolitical shifts. The project, while risky for Bhutan, holds potential as a game-changer with India's assistance[3].
4.India Considers Free Trade Talks with Eurasian Economic Union; Modi to Visit Bhutan Amid Election Speculation
India is considering talks for a free trade agreement with the Eurasian Economic Union, according to Belarusian Foreign Minister Sergei Aleinik. Prime Minister Narendra Modi will visit Bhutan next week, following a meeting with Bhutanese Prime Minister Tshering Tobgay. The visit underscores strong bilateral ties but raises questions about election dates' impact on major policy decisions. Tobgay's visit focuses on trade, investment, and Bhutan's Gelephu Mindfulness City project. Discussions also include Bhutan-China boundary talks. If election dates are announced before Modi's trip, it might limit major agreements during his visit[4].
5. Health Risks of RhodamineB: States Ban Cotton Candy Sales
Tamil Nadu banned cotton candy sales due to RhodamineB presence, prompting Karnataka and Andhra Pradesh to act. The dye, used in textiles, poses health risks including cell death, organ damage, and cancer. Medical experts emphasize its long-term dangers and urge strict regulation. FSSAI approves safer food colors and flavors. Concerns highlight the need for stringent food safety measures and public awareness.[5].
Source: The Hindu | Indian Express | PIB |Pressreader
Practice Questions for Prelims
Q1:Consider the following statements regarding 'Vocal for Local' initiative:
1. It is launched by NITI Aayog under its Aspirational Blocks Programme.
2. It aims at strengthening local economies and nurturing grassroots entrepreneurship.
3. It encourages ethos of self-reliance among people, pushing them towards sustainable growth and prosperity
How many of the statements given above are correct?
(a) Only one
(b) Only two
(c) All three
(d) None
Q2: Consider the following states:
Consider the following diseases:
1. Measles
2. Eczema
3. Lyme
4. Ringworm
How many of the above diseases show symptoms of red rashes?
(a) Only one
(b) Only two
(c) Only three
(d) All four
Q3: Consider the following statements regarding Electric Mobility Promotion Scheme:
1. It is introduced by the Ministry of Road Transport and Highways, Government of India.
2. It is a fund limited scheme with a total outlay of rupees five thousand crores.
3. It aims to accelerate the adoption of electric vehicles in the country.
How many of the statements given above are correct?
(a) Only one
(b) Only two
(c) All three
(d) None
Q4: Consider the following statements:
Statement (i): Antimicrobial Resistance subsequently results in antibiotics turning inefficient and infections becoming increasingly difficult or impossible to treat.
Statement (ii): Antimicrobial Resistance occurs when bacteria, viruses, fungi or parasites evolve over time and become unresponsive to medicines making infections difficult to treat and enhancing the risk of disease spread, severe illness and death.
Which one of the following is correct with respect to the above statements?
(a) Both Statement (i) and Statement (ii) are correct and Statement (ii) is the correct explanation for Statement (i)
(b) Both Statement (i) and Statement (ii) are correct but Statement (ii) is not the correct explanation for Statement (i)
(c) Statement (i) is correct but Statement (ii) is incorrect
(d) Statement (i) is incorrect but Statement (ii) is correct
Q5: ‘Euscorpiops Krachan’, recently in the news, refers to which one of the following?
(a) Scorpion species discovered in Thailand
(b) Volcano erupted in Argentina
(c) Fossils found in Indonesia
(d) Traditional dish of Cambodia
Today’s Question for Mains Answer Writing
"Discuss the role of economic principles in addressing contemporary societal challenges, emphasizing the importance of resource allocation, efficiency, and sustainable development. Provide examples to support your arguments."
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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