October 11, 2023 | Your One-Stop Solution for Daily Preparation
Arab-Israeli Conflict | Explained
Explore the intricate history of the Arab-Israeli conflict, from its roots in the late 19th century to recent tensions, including the Yom Kippur War and contemporary developments. Gain insights into the ongoing challenges, peace efforts, and the need for international dialogue in this comprehensive overview.
Highlights of the Day
1. Net Direct Tax Collections Soar by 21.8% to ₹9.57 Lakh Crore
India's net direct tax collections surged by 21.8% to reach ₹9.57 lakh crore by October 9, surpassing more than half of the year's Budget estimates. This growth was driven by a 32.5% increase in personal income tax revenues and a 12.4% rise in corporate taxes. However, around ₹1.5 lakh crore in tax refunds have been issued to taxpayers, with some refunds being withheld due to pending tax demands from past years. The Central Board of Direct Taxes (CBDT) mentioned challenges related to validating bank accounts and addressing legacy tax cases. As of October 9, direct tax collections, minus refunds, accounted for 52.5% of the annual Budget estimates [1].
2. India and Italy Forge Defense Cooperation Agreement to Enhance Bilateral Ties
India and Italy have inked a defense cooperation agreement, aiming to collaborate in various areas including security and defense policy, research and development, military education, maritime awareness, information sharing, and industrial cooperation. This pact resulted from discussions between India's Defense Minister Rajnath Singh and his Italian counterpart Guido Crosetto during Singh's visit to Italy and France. The talks also explored opportunities for defense industrial cooperation and suggested fostering connections between Indian startups and Italian defense firms. This agreement follows the elevation of India-Italy relations to a Strategic Partnership in March 2023. Singh will further engage in defense discussions in Paris during his visit [2].
3. IMF Raises India’s GDP Growth Projection to 6.3% Amid Global Economic Concerns
The International Monetary Fund (IMF) has raised India's GDP projection to 6.3%, a slight increase from the previous estimate of 6.1% for 2023-24. This growth projection is more optimistic than the Reserve Bank of India's (RBI) estimate of 6.5%. India's growth is anticipated to surpass that of China, with China's growth forecast revised downward to 5% for 2023 and 4.2% for 2024 due to lower investment, particularly in the property market. The IMF cited India's strong growth, supported by robust consumption in April-June, and noted that monetary policy aligns with the RBI's inflation target. Concerns about food security, export restrictions, and increased oil imports from Russia were also highlighted. Other international organizations, such as the World Bank and OECD, have also maintained growth forecasts for India at 6.3% [3].
4. RBI Extends Prompt Corrective Action Framework to Government NBFCs From October 2024
The Reserve Bank of India (RBI) will extend the 'prompt corrective action (PCA) framework for non-banking financial companies (NBFCs)' to government NBFCs (excluding base layer) starting from October 1, 2024, based on their audited financials as of March 31, 2024. The PCA framework aims to facilitate timely supervisory intervention and remedial measures for NBFCs to restore their financial health and maintain market discipline. RBI's menu of corrective actions varies depending on the extent of breach of risk thresholds. These actions include restrictions on dividends, equity infusion by promoters, and governance-related measures. The framework was implemented in October 2022 for NBFCs [4].
5. Indian Climate Trends: Are We Facing Shifting Patterns or Decadal Cycles?
Climate studies over the Indian subcontinent reveal various trends, including decreasing monsoon rainfall over six decades and intensifying extreme weather events like rainfall, droughts, heatwaves, and cyclones. While global warming is often implicated, a key question is whether these are trends, shifts, or decadal cycles. The distinction is vital for resource planning, as it affects how we manage water, crops, energy, and more. Terms like "anthropogenic trend," "secular trend," and "decadal variability" are used to describe these changes. Recent research highlights a significant shift in cyclone formation potential in the late 1990s, linked to the 'Warm Arctic, Cold Eurasian' pattern, prompting the question of whether these changes are shifts or longer-term cycles. Understanding these patterns is crucial for adapting to future climate risks in India [5].
Source: The Hindu | Indian Express | Business Line
Practice Questions for Prelims
Q1: Consider the following statements about Rajasthan:
I. Rajasthan is known for its desert landscapes and is often called the “Land of Deserts.”
II. The state shares its borders with Pakistan and China.
III. Jaipur, also known as the Pink City, is the capital of Rajasthan.
IV. Rajasthan has a humid subtropical climate.
Which of these statements are accurate?
A) I and II
B) I and III
C) II and IV
D) III and IV
Q2: Consider the following statements regarding the structure of an atom:
I. Protons are positively charged subatomic particles found in the nucleus.
II. Electrons are negatively charged and orbit the nucleus.
III. Neutrons have no charge and are found outside the nucleus.
IV. The atomic number is determined by the number of protons in an atom.
Which of these statements are true?
A) I and II
B) II and III
C) I, II and IV
D) I, III and IV
Q3: Consider the following statements about the “Preamble” of the Indian Constitution:
I. It is the introductory part of the Constitution.
II. The Preamble is not enforceable by courts.
III. The words “socialist” and “secular” were added to the Preamble by the 44th Amendment.
IV. The Preamble outlines the objectives of the Constitution.
Which of these statements are true?
A) I and II
B) I and III
C) I, II and IV
D) III and IV
Q4: Consider the following statements about the “World Trade Organization” (WTO):
I. WTO aims to promote global peace and security.
II. It deals with international trade agreements and dispute resolutions.
III. WTO headquarters is located in New York, USA.
IV. The organization was established in the 21st century.
Which of these statements are accurate?
A) I only
B) I and II only
C) II only
D) II, III and IV
Q5: The “Green Revolution” in agriculture was characterized by:
I. The development of high-yielding crop varieties.
II. The extensive use of chemical fertilizers and pesticides.
III. A focus on organic farming practices.
IV. Increased agricultural productivity and reduced food scarcity.
Which of these statements are accurate?
A) I and II
B) I and III
C) I, II and IV
D) I, III and IV
Today’s Question for Mains Answer Writing
Examine the role of agriculture in India’s economy and its impact on rural development. Discuss the challenges faced by the agriculture sector and propose measures for enhancing agricultural productivity, farmer income, and ensuring food security.
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