March 16, 2024 | Your One-Stop Solution for Daily Preparation
An Overview of Economic Systems | Explained
The role of economic systems is to manage our resources to produce the goods and services that societies need and to improve human well-being. The economy is a system that is nested inside the larger social system which includes aspects of history, politics, culture, ethics, gender norms, and other human motivations. Economic activities and outcomes are directly affected by these social structures. The social system is also nested inside the natural environment. All social and economic activities require the input of natural resources and generate wastes that are absorbed by the environment. There is no one right way to structure an economy to meet all of society’s needs.
Highlights of the Day
1. Advancing Rail Infrastructure: Indian Railways' Mega Terminal Initiative
The Indian Railways, as part of Prime Minister Narendra Modi's 'Viksit Bharat' initiative, plans to establish mega railway terminals with multimodal connectivity in cities with over 10 lakh population. Railway authorities aim to enhance passenger experience through improved cleanliness and amenities. The Railway Board stresses the importance of sustained maintenance activities and warns against laxity among senior officers. Efforts include intensive cleaning of coaches and premises, with a focus on addressing operational issues like brake binding and train parting. The initiative underscores a commitment to upgrading railway infrastructure and services nationwide[1].
2.Inauguration of Nausena Bhawan: Indian Navy's Modern Headquarters
The Indian Navy's new headquarters, Nausena Bhawan, inaugurated by Defense Minister Rajnath Singh, consolidates operations previously spread across 13 locations. Designed through a nationwide competition, the four-story structure integrates sustainability features like solar power and advanced construction materials. With a focus on comfort and security, it employs advanced technologies including HVAC systems and a three-tier security setup. Achieving a Green Rating IV, the building fosters a paperless work environment and supports modern IT infrastructure. This milestone signifies India's commitment to maritime excellence and national security through state-of-the-art facilities[2].
3.Indian Army Aviation Corps Raises First AH64E Apache Unit
The Indian Army Aviation Corps establishes its first Apache unit at Jodhpur, set to receive the first batch in May and July. The $800 million deal with Boeing includes training for pilots and technicians. This follows the procurement shift from IAF to the Army for Apaches. Meanwhile, discussions continue regarding additional Apache acquisitions. The Defence Acquisition Council greenlights 156 LCH procurement, emphasizing the Army's and Air Force's requirements. With 451 Aviation Squadron's formation, India enhances its aerial capabilities, augmenting its defense preparedness along the borders[3].
4.Enhancing Monsoon Understanding: Inauguration of India's Atmospheric Research Testbed
The Atmospheric Research Testbed (ART-CI) inaugurated in Silkheda, Madhya Pradesh, aids in studying vital cloud processes during the Indian monsoon, crucial for accurate rainfall predictions. Funded by the Ministry of Earth Sciences, it deploys 25 meteorological instruments for ground-based and in-situ observations of monsoon-related phenomena. With India's significant reliance on rain-fed agriculture, particularly in the Monsoon Core Zone, the ART-CI's data will enhance forecasting accuracy, crucial for agricultural planning. The facility's phased expansion will include advanced instruments like radar wind profilers and radiosondes, further augmenting India's capability in understanding and predicting monsoon dynamics[4].
5. India's Gaganyaan Mission: A Leap Towards Technological Independence
India unveils four Air Force officers for the Gaganyaan Mission, set to launch next year, marking the country's first human spaceflight attempt in 40 years. Beyond space exploration, Gaganyaan signifies India's quest for technological independence, vital for avoiding technology denial. Amidst global rush in space missions, participation ensures access to resources and new technologies. The mission aligns with India's push for indigenisation and deep-tech capabilities, crucial for economic growth. However, sustained attention to science education and research reforms is imperative for India to become a technology powerhouse, given current resource constraints and research quality challenges[5].
Source: The Hindu | Indian Express | PIB |Pressreader
Practice Questions for Prelims
Q1:Consider the following statements: regarding Aspirational Blocks Programme:
1. Health and Nutrition
2. Education
3. Agriculture and Allied Services
4. Social Development
How many of the above include the themes covered in Aspirational Blocks Programme?
(a) Only one
(b) Only two
(c) Only three
(d) All four
Q2: Consider the following statements regarding DIANA initiative:
1. It is established by Collective Security Treaty Organization (CSTO) to find and accelerate dual-use innovation capacity across the Alliance.
2. It provides companies with the resources, networks and guidance to develop deep technologies to solve critical defence and security challenges, from operating in denied environments to tackling threats to our collective resilience.
Which of the statements given above are correct?
(a) Only 1
(b) Only 2
(c) Both 1 and 2
(d) Neither 1 nor 2
Q3: Consider the following statements regarding One Nation One Election:
Statement (i): It means holding elections to the House of the People and all the State Legislative Assemblies together, once every five years.
Statement (ii): It will enhance focus on governance and prevent policy paralysis, reduce financial burden on the government exchequer, etc. whereas voters may end up giving more importance to national issues even for state polls which would benefit larger national parties and marginalised regional parties.
Which one of the following is correct in respect of 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
Q4:Consider the following statements:
1. This route is taken when people migrate from North America to South America.
2. It is a part of the Isthmus of Panama.
3. Darien Gap connects northern Panama with southern Costa Rica.
How many of the statements given above are correct in respect to Darien Gap?
(a) Only one
(b) Only two
(c) All three
(d) None
Q5: Consider the following statements:
1. It is bordered by the Baltic Sea in the northwest.
2. It is a member of the Baltic states.
3. The Seine river passes through it.
How many of the statements given above are correct in respect to Belarus?
(a) Only one
(b) Only two
(c) All three
(d) None
Today’s Question for Mains Answer Writing
Compare the fundamental principles, mechanisms, and outcomes of socialism and capitalism as economic systems. Assess their effectiveness in addressing issues of resource allocation, income distribution, and economic growth.
Need help in writing or evaluation?
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