October 14, 2023 | Your One-Stop Solution for Daily Preparation
Electoral Bonds | Explained
Explore the complexities of India’s Electoral Bonds: A tool for political funding, designed for transparency but mired in controversy. Learn about their features, the ongoing debate, and their impact on political financing.
Highlights of the Day
1. India’s Export Decline and Import Contraction Deepen Trade Deficit
In September, India's exports dropped 2.6% to $34.47 billion compared to the previous year, while imports fell 15% to $53.84 billion, resulting in a trade deficit of $19.37 billion. This trend continued for the fiscal year, with exports contracting 8.77% to $211.4 billion, and imports decreasing by 12.23% to $326.98 billion from April to September. Commerce Secretary Sunil Barthwal mentioned ongoing negotiations for the India-UK Free Trade Agreement, emphasizing the need to resolve differences. These figures reflect the challenges in India's international trade, influenced by global economic conditions and trade dynamics [1].
2. India’s AI Roadmap Highlights Public-Private Partnerships and Robotics Strategy
Six working groups tasked with shaping India's AI roadmap have delivered their initial report, emphasizing recommendations for public-private partnerships in semiconductor manufacturing for AI applications. These partnerships will also be leveraged to establish GPU clusters, valuable for resource-intensive graphics processing in AI. These resources will be accessible to Indian startups and researchers. The report details use cases spanning agriculture, healthcare, education, fintech, security, and governance. Additionally, India is planning a vast Dataset Platform, providing anonymized datasets for training AI models. Furthermore, a draft National Strategy on Robotics is being developed, aiming to facilitate local manufacturing, technology testing, and capacity building in the robotics sector [2].
3. ImmunoACT’s NexCAR19 Receives CDSCO Approval for Breakthrough CAR-T Cell Therapy in India
IIT Bombay-incubated Immunoadoptive Cell Therapy (ImmunoACT), backed by Laurus Labs, has gained CDSCO approval for the 'first' humanized CD19-targeted CAR-T cell therapy for relapsed/refractory B-cell lymphomas and leukemia in India. ImmunoACT aims to provide the CAR-T cell therapy, NexCAR19, to partner hospitals soon. This indigenously developed product marks India's entry into advanced cell and gene therapies. Laurus Labs, a major investor in ImmunoACT, has supported their R&D and commercialization with over $18 million. NexCAR19 is the result of a decade-long collaboration between IIT Bombay and Tata Memorial Centre, highlighting India's advancement in cell therapy for blood cancer treatment [3].
4. India’s Palm Oil Imports Surge, Posing Challenges for Domestic Refiners and Vegetable Oil Market
India's palm oil imports have surged by 29.21% to 90.80 lakh tonnes in the first 11 months of the 2022–23 oil year compared to the previous year, with a notable increase in RBD Palmolein shipments. This growth poses a significant challenge to domestic refiners. Overall, India's total vegetable oil imports have risen by 20% to 156.73 lakh tonnes during the November–September period in 2022–23, with a slight decline in vegetable oil imports in September. A drop in domestic edible oil prices has driven this increased demand, affecting the domestic palm oil refining industry. Per capita consumption has also risen, particularly for RBD Palmolein. The surge in RBD Palmolein imports constitutes over 25% of total palm imports and has significantly impacted the refining industry. Additionally, inbound shipments of sunflower and soybean oils have increased, further affecting the market [4].
5. India and UK Close to Concluding Free Trade Agreement
India and the UK are in advanced negotiations for a free trade agreement (FTA) but still need to resolve remaining issues. The FTA discussions, initiated in January 2022, cover 26 policy chapters, with most either closed or in advanced negotiation stages. India seeks better access for its skilled professionals, while the UK wants reduced import duties on goods like scotch whiskey and more opportunities for its services in India. Successful negotiations would mark India's first FTA with a developed country, potentially serving as a model for future pacts. In parallel, the UK is also discussing a Bilateral Investment Treaty with Indian officials. Bilateral trade between India and the UK has been growing, reaching $20.36 billion in 2022-23. Negotiations for an FTA with the European Union are also ongoing [5].
Source: The Hindu | Indian Express
Practice Questions for Prelims
Q1: Which of the following gases is the primary contributor to the “Greenhouse Effect”?
I. Oxygen (O2)
II. Carbon Dioxide (CO2)
III. Nitrogen (N2)
IV. Methane (CH4)
Which of these statements are correct?
A) I and II
B) I and III
C) II and IV
D) III and IV
Q2: The “Narmada River” flows through which of the following states in India?
I. Gujarat
II. Madhya Pradesh
III. Maharashtra
IV. Rajasthan
Which of these statements are accurate?
A) I and II
B) I and III
C) II and IV
D) III and IV
Q3: The “Baltic Sea” is bordered by which of the following countries?
I. Sweden
II. Denmark
III. Poland
IV. Netherlands
A) I and II
B) I and III
C) II and IV
D) I, II and III
Q4: The “Oort Cloud” is a hypothetical region in space that is believed to contain:
I. Icy bodies and comets.
II. Planets in the solar system.
III. Dwarf planets like Pluto.
IV. Asteroids and meteoroids.
A) I only
B) I and III
C) II and IV
D) III and IV
Q5: The “Gulf Stream” is a warm ocean current in the Atlantic Ocean that has a significant impact on the climate of:
I. Eastern United States
II. Western Europe
III. East Asia
IV. South America
A) I and II
B) I and III
C) II and IV
D) II and III
Today’s Question for Mains Answer Writing
Discuss the evolving landscape of cybersecurity threats and their implications for national security in the 21st century. Analyze the measures taken by countries to secure their critical infrastructure and data against cyberattacks.
Need help in writing or evaluation?
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