September 19, 2023 | Your One-Stop Solution for Daily Preparation
Recent Additions to UNESCO World Heritage Sites | Explained
Explore the profound history of Santiniketan and the architectural marvels of the Hoysala Temples as they earn coveted spots on UNESCO's World Heritage list. Dive into the legacy of Rabindranath Tagore's vision in Santiniketan, a hub of art and education, and marvel at the intricate stone carvings of Karnataka's Hoysala Temples.
Highlights of the Day
1. Government Clears 33% Women's Reservation Bill After 27-Year Wait
After a 27-year wait, the Government has reportedly cleared the women's reservation Bill, reserving 33% of seats for women in Parliament and legislative Assemblies. The Union Cabinet convened an unscheduled meeting, signaling a historic decision. While the bill is expected to be introduced in the ongoing session, implementation may not occur before the 2024 Lok Sabha elections. The delimitation process is likely to delay full execution until 2029. This move fulfills a longstanding promise, as women's reservation was part of the BJP's manifesto in 2014 and 2019. The development has the potential to reshape Indian politics [1].
2. UNESCO Designates Hoysala Temples in Karnataka as World Heritage Sites
On September 18, the Hoysala temples at Belur, Halebidu, and Somanathapur in Karnataka were designated as UNESCO World Heritage Sites, garnering global recognition and potentially increasing international tourism to these historic sites. These temples, known for their ornate architecture, were officially nominated by India in 2022 and underwent site visits by experts from the International Commission on Monuments and Sites (ICOMOS). Constructed from soapstone, they follow a distinctive stellate plan and are protected by the Archaeological Survey of India. The recognition is expected to boost tourism and celebrate the rich sculptures and carvings of these monuments [2].
3. IRDAI Forms Steering Committee for Bima Sugam Online Insurance Platform
The Insurance Regulatory and Development Authority of India (IRDAI) has established a steering committee for its Bima Sugam platform, aimed at enabling online purchase of various insurance policies. The platform aims to provide a central marketplace for insurance companies, agents, brokers, banks, and aggregators, offering easy access to insurance-related services. It will function as a centralized database for consumer queries, facilitate faster acceptance of new insurance products, and streamline policy purchase, claim settlement, advice, and grievance redressal. The platform's go-live date has been set for July 2024, with Cyril Amarchand Mangaldas appointed as legal counsel for the project [3].
4. Gold ETFs in India See Highest Monthly Inflow in 16 Months
Gold exchange-traded funds (ETFs) in India saw a robust inflow of Rs 1,028 crore in August, marking the highest monthly influx in 16 months. This surge in investment was attributed to rising interest rates in the US, which slowed down economic growth there. Year-to-date, these ETFs have attracted over Rs 1,400 crore. The appeal of gold as a safe haven and hedge against inflation remains strong due to ongoing US interest rate hikes and lingering geopolitical tensions. Investors' interest is also reflected in a growth in folio numbers and a 4% increase in assets under management for Gold ETFs in August [4].
5. World Leaders Commit to Accelerate SDG Progress and Address Climate Change at High-Level Summit
World leaders convened at the High-level Sustainable Development Goals (SDG) Summit in New York and endorsed a resolute political declaration, emphasizing their commitment to achieving the SDGs by 2030. They recognized the need for increased investments to ensure equitable access to food, energy, digital technology, education, and social security in developing nations. The annual funding gap for SDGs has grown to an estimated $4.2 trillion. Leaders called for the implementation of an SDG stimulus proposal to boost funding by $500 billion annually and urged an overhaul of the international financial system. Climate change was highlighted as a significant challenge threatening SDG progress [5].
Source: The Hindu | Indian Express | DownToEarth
Practice Questions for Prelims
Q1: Consider the following statements about the Reserve Bank of India (RBI):
I. The RBI is the sole authority responsible for issuing currency notes in India.
II. It acts as the fiscal agent and banker to the government of India.
III. The RBI is a fully autonomous institution and does not report to the Ministry of Finance.
IV. The RBI's primary objective is to maintain price stability in India.
Choose the correct statements from the options below:
A) I and II only
B) II and III only
C) I, III, and IV only
D) I, II, and IV only
Q2: Consider the following statements about the Rajya Sabha (Council of States) in India:
I. Members of the Rajya Sabha are elected by the people of India.
II. The Rajya Sabha represents the states and union territories of India.
III. Members of the Rajya Sabha serve a fixed term of six years.
IV. The Rajya Sabha has the power to amend the Constitution of India.
Choose the correct statements from the options below:
A) I and II only
B) II and III only
C) I, III, and IV only
D) II, III, and IV only
Q3: Consider the following statements about inflation:
I. Inflation is defined as a decrease in the general price level of goods and services over time.
II. Demand-pull inflation occurs when demand for goods and services exceeds their supply.
III. Stagflation is a situation where inflation is high, and economic growth is also high.
IV. Central banks often use interest rates as a tool to control inflation.
Choose the correct statements from the options below:
A) I and II only
B) II and IV only
C) I, III, and IV only
D) I, II, and IV only
Q4: Consider the following statements about the Mughal Emperor Akbar:
I. Akbar implemented a policy of religious tolerance and sought to promote religious harmony.
II. He established a centralized administrative system known as the Mansabdari system.
III. Akbar's reign witnessed the construction of the Red Fort in Delhi.
IV. Akbar was succeeded by his son Aurangzeb.
Choose the correct statements from the options below:
A) I and II only
B) II and III only
C) I, III, and IV only
D) I, II, and IV only
Q5: Consider the following statements about the Ring of Fire:
I. The Ring of Fire is a horseshoe-shaped zone in the Pacific Ocean basin known for its frequent volcanic eruptions and earthquakes.
II. It is characterized by a high concentration of active volcanoes and tectonic plate boundaries.
III. The majority of the world's earthquakes occur within the Ring of Fire.
IV. The Ring of Fire is located in the Atlantic Ocean region.
Choose the correct statements from the options below:
A) I and II only
B) II and III only
C) I, III, and IV only
D) I, II, and III only
Today’s Question for Mains Answer Writing
Evaluate the economic implications of a universal basic income (UBI) program in a developing country. Discuss its potential to alleviate poverty, stimulate economic growth, and address income inequality, while also considering the fiscal challenges and policy adjustments required for successful implementation. (Word limit: 250 words)
Need help in writing or evaluation?
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