UPSC Daily Current Affairs- 3rd April 2024 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly PDF Download

GS-I

Swell Waves

Subject: Geography

Why in News?

Recently, swell waves inundated coastal areas in central and southern districts of Kerala.

About Swell Waves:

• A swell is the formation of long wavelength waves on the surface of the seas. These waves are made up of a series of surface gravity waves.

Formation:

• Swells are not caused by local winds but rather by distant storms such as hurricanes or prolonged periods of strong gale winds.
• During these storms, significant energy is transferred from the air to the water, resulting in the creation of very high waves.

Features:

• Swells have a more limited range of frequencies and directions compared to locally generated wind waves because they have traveled from their origin area, acquiring a more distinct shape and direction.
• These waves can move in directions different from the wind direction, unlike wind-generated waves.
• The wavelengths of swell waves typically do not exceed 150 meters, although exceptionally long swells over 700 meters can occur from the most intense storms.
• They occur without warning or any local wind activity.

Early Warning System in India:

• In 2020, the Indian National Centre for Ocean Information Services (INCOIS) launched the Swell Surge Forecast System, providing a seven-day advance warning for swell events in India.

Source: The Hindu

Mother of Dragons Comet

Subject: Geography

Why in News?

A rare, formerly-horned comet that astronomers have dubbed the "Mother of Dragons" is now visible after dusk in the Northern Hemisphere.

About Mother of Dragons Comet:

• Name: It is officially known as Comet 12P/Pons-Brooks.
• Type: Halley-type comet with an orbital period of roughly 71 years and a nucleus approximately 30 km wide.
• Composition: Composed of ice, dust, and rocky material. When it approaches the Sun, heat causes the ice inside the comet to turn from solid to gas.
• Classification: Classified as a Jupiter-family comet, meaning its orbit is influenced by Jupiter's gravitational pull.
• Perihelion: Typically reaches perihelion (closest approach to the Sun) around the orbit of Mars and can become visible to observers on Earth during its close approach. Closest approach to Earth will occur in June 2024.

Key Facts about Comets:

• Age: Comets are ancient cosmic icebergs, roughly 4.6 billion years old, formed at the same time as the Sun, Earth, and other planets.
• Composition: Made of dust and ice, which partly goes from solid to gas when warmed by the Sun.

Source: India Today

Tornado

Subject: Geography

Why in News?

Recently, a destructive tornado hit the Mainaguri area in the Jalpaiguri district of West Bengal, claiming five lives and leaving over a hundred individuals injured.

About Tornado:

• A tornado is a vertical column of rapidly rotating air that extends from a thunderstorm to the ground.
• Wind speeds in a tornado can range between 105-322 km/h. When a tornado occurs over water, it is referred to as a waterspout.
• The rotating column is typically linked to the cloud base or wall cloud and is often visible as a cloud-filled funnel of condensation.
• In dry conditions, a tornado may only be seen as a swirl of dirt on the ground without a visible connection to the cloud above.

Formation:

• Thunderstorms and tornadoes are formed when warm, moist air collides with dry, cool air in the presence of a low-pressure system such as a trough.

Geographical Distribution:

• Tornadoes are most commonly found on continents in the mid-latitudes, typically between 20 and 60 degrees north and south.
• They are frequently associated with thunderstorms that develop in regions where cold polar air meets warm tropical air.
• The United States, Argentina, and Bangladesh are among the countries where tornadoes are most common.

Enhanced Fujita Scale:

• The Enhanced Fujita scale is utilized to gauge the strength of tornadoes by assigning them a rating based on estimated wind speeds and resulting damage.

Source: Down to Earth

GS-II

India-China Border Dispute

Subject: International Relations

Why in News?

India rejects China's renaming of places in Arunachal Pradesh as senseless.

• India asserts Arunachal Pradesh as an integral part of its territory.

McMahon Line:

• The McMahon Line demarcates the disputed boundary in the Eastern Sector of the India-China border.
• Drawn by Sir Henry McMahon during the Shimla Conference in 1913-14.
• China does not accept the McMahon Line, leading to ongoing territorial disputes.

Indo-China 1962 War and Arunachal Pradesh:

• The largest disputed area is Arunachal Pradesh, covering approximately 90,000 sq. km.
• China occupied the region during the 1962 war but later withdrew respecting the McMahon Line.
• China continues to claim Arunachal Pradesh as its own territory.

Renaming of Places by China:

• China has released multiple lists of standardized geographical names for places in Arunachal Pradesh.
• China's renaming efforts are part of its strategy to assert territorial claims over Indian territory.

China's Strategy and Motives:

• China aims to strengthen its territorial claims over Indian territories through renaming and other actions.
• Chinese officials cite historical and cultural reasons for renaming places in Arunachal Pradesh.
• Beijing employs similar strategies in other territorial disputes to change realities on the ground.

Source: The Hindu

Powers of the Enforcement Directorate

Subject: Polity and Governance

Why in News?

The Supreme Court recently supported the authority of the Enforcement Directorate (ED), allowing the agency to request information from anyone.

About Enforcement Directorate

• The Enforcement Directorate (ED) is a national law enforcement and economic intelligence agency in India.
• It is tasked with enforcing economic regulations and combating economic offenses within the country.
• The origins of the ED can be traced back to the establishment of an "enforcement unit" in May 1956, initially responsible for addressing violations of Exchange Control Laws under the Foreign Exchange Regulation Act, 1947.
• In 1957, the unit was officially renamed the Enforcement Directorate.
• Nodal Ministry: The ED operates under the Department of Revenue, Ministry of Finance.

Objectives of the ED

• The primary goal of the Enforcement Directorate revolves around the enforcement of three key Acts established by the Government of India:
  • Foreign Exchange Management Act, 1999 (FEMA)
  • Prevention of Money Laundering Act, 2002 (PMLA)
  • Fugitive Economic Offenders Act, 2018 (FEOA)

About Prevention of Money Laundering Act, 2002

• The Prevention of Money Laundering Act (PMLA), 2002, was enacted in January 2003 with the aim of combating money laundering in India.
• The Act has three primary objectives:
  • To prevent and control money laundering
  • To confiscate and seize assets obtained through money laundering
  • To address any other issues related to money laundering within India
• The definition of money laundering under Section 3 of the Act includes various activities aimed at disguising the origins of criminal proceeds.
• The PMLA has undergone several amendments over the years, including those introduced through the Finance Acts of 2015, 2018, and 2019.

Powers of the ED under the Prevention of Money Laundering Act, 2002 (PMLA)

• Sections 48 & 49 of the PMLA grant ED officers the authority to investigate cases of money laundering.
• Section 50 (2) empowers the ED to summon any individual necessary for providing evidence or producing records during investigations or legal proceedings.
• Section 50 (3) mandates that summoned individuals must appear in person or through authorized representatives, provide truthful statements, and submit required documents.
• The ED possesses special powers for confiscating properties under the provisions of the PMLA.
• In a significant ruling in 2022, the Supreme Court upheld the ED's powers under the PMLA, emphasizing its critical role in combating money laundering.
• It was clarified that while ED officials do not have the authority to make arrests under the PMLA, they play a vital role in upholding the rule of law, necessitating checks and balances in their operations. 

Source: The Hindu

GS-III

World Bank Report on Demographic Dividend in South Asia

Subject: Economics

Why in News?

The recent 'Job for Resilience Report' by the World Bank emphasizes the underutilization of the demographic dividend in South Asia, specifically in India.

Main Findings

• South Asia's Labor Markets:
  • Employment ratios in South Asia have been on a decline since 2000, despite a post-pandemic surge.
  • Compared to other Emerging Markets and Developing Economies (EMDEs), South Asia's employment ratios are significantly lower, especially for women.
  • South Asia's output growth heavily relied on labor productivity growth and working-age population expansion, but declining employment ratios have hampered this growth.
• Indian Scenario:
  • India witnessed weak employment growth in the 2010s, which slightly rebounded post-pandemic.
  • Migrant workers in India shifted back to rural areas during the pandemic, impacting employment dynamics.
  • India's industrial sector saw growth due to public investments and eased labor regulations, while the services sector thrived on a skilled workforce and digital infrastructure.

Measures to Address Challenges:

• Implementing skill development programs to match the evolving job market's demands.
• Continuously reviewing and refining labor regulations for a balanced environment.
• Promoting inclusive growth by enhancing women's participation through various strategies.
• Investing in infrastructure to create more job opportunities, especially in rural areas.
• Enhancing productivity across sectors through technological advancements and efficient resource allocation.

Conclusion

• The World Bank warns that South Asia, including India, faces the risk of wasting its demographic dividend due to declining employment ratios and low productivity growth.
• Urgent measures are needed, including skill development, labor reforms, inclusive growth promotion, infrastructure investment, and productivity enhancement.

Source: Economic Times

90 Years of the Reserve Bank of India (RBI)

Subject: Economics

Why in News?

Recently, the Reserve Bank of India (RBI) commemorated its 90th year in Mumbai, signifying a significant milestone.

About Reserve Bank of India (RBI)

• The RBI functions as India's central bank and monetary authority.
• It was founded on April 1, 1935, under the Reserve Bank of India Act, 1934.
• The inception of RBI was based on the suggestions of the Hilton Young Commission.
• Sir Osborne Arkell Smith, an Australian, was the first Governor, followed by Sir C D Deshmukh, the first Indian Governor.
• RBI is a centralized institution crucial for regulating India's monetary and credit policies effectively.
• Initially headquartered in Kolkata, RBI permanently shifted its base to Mumbai in 1937.
• It initially operated as a privately owned entity until its complete nationalization in 1949.

Functions and Initiatives of RBI

• Monetary Authority: RBI manages money supply to stabilize exchange rates, balance payments, and control inflation.
• Issuer of Currency: It has the sole right to issue currency and combat counterfeit notes.
• Banker to the Government: Acts as a banker to both Central and State governments, offering credit and financial advisory services.
• Lender of Last Resort: Provides emergency liquidity aid to banks during crises.
• Custodian of Foreign Exchange Reserves: Manages foreign exchange reserves and administers FEMA.
• Regulator of Payment and Settlement Systems: Oversees payment systems for efficiency and security.
• Credit Control and Developmental Role: Promotes credit availability to productive sectors and fosters financial infrastructure development.

Transformative Reforms by RBI

• Green Revolution (1960s-1970s): Supported agricultural growth through credit facilities and rural credit accessibility improvements.
• Banks Nationalization (1969): Aligned banking sector goals with national policies.
• Priority Sector Lending (1972): Ensured timely credit flow to vital economic sectors.
• Economic Liberalization (1991): Opened up the economy to global markets, encouraging market-oriented growth.
• Unified Payment Interface (UPI), 2016: Facilitated seamless transactions across India.
• Inflation Targeting Framework, 2016: Set targets to guide monetary policy decisions.
• Bharat Bill Payment System (BBPS), 2019: Introduced an integrated bill payment system for customer convenience.
• Aadhar-based eKYC (2019): Streamlined customer authentication for financial institutions.
• Emergency Credit Line Guarantee Scheme (ECLGS), 2020: Provided credit support to SMEs during the COVID-19 pandemic.
• Central Bank Digital Currency (2022): Actively exploring the issuance of a digital Rupee (e₹).
• Cryptocurrency Regulation (2022): Advocated for a ban on cryptocurrencies after the Supreme Court lifted RBI's ban.
• Payment Vision 2025 Document (2023): Outlines RBI's goals into five key areas in the Payments Vision 2025 documents.

Source: Indian Express

Paradip Port: India's Leading Major Port in Cargo Handling

Subject: Economics

Why in News?

Paradip Port in Odisha has achieved a significant milestone by emerging as India's largest major port in terms of cargo volumes, surpassing Deendayal Port Authority in Gujarat in FY24.

About Paradip Port

• Located at the meeting point of the Mahanadi River and the Bay of Bengal in Odisha's Jagatsinghpur district, Paradip Port boasts a natural deep-water harbor, enabling the handling of large vessels and bulk cargo efficiently.
• Established in 1966, the port was designed to act as a key gateway for the maritime trade of eastern India.
• Managed by the Paradip Port Trust, a statutory body under the Major Port Trusts Act, 1963.

Key Features of the Port

• Infrastructure: Equipped with modern facilities for handling various types of cargo, such as dry bulk, liquid bulk, containerized cargo, and general cargo.
• Deep-Draft Port: Extensive berthing facilities and advanced cargo-handling equipment capable of managing millions of tonnes of cargo annually.
• Strategic Importance: Acts as a crucial link for the export and import trade of eastern and central India, contributing significantly to the economic development of the region.
• Connectivity: Well-connected to major cities and industrial hubs in Odisha and neighboring states through road and rail networks.

Key Feats Achieved

• Cargo Throughput: Achieved a record-breaking cargo throughput of 145.38 million metric tonnes in FY2023-24, surpassing Deendayal Port.
• Coastal Shipping Traffic: Recorded the highest-ever coastal shipping traffic of 59.19 million metric tonnes, showing a growth of 1.30% from the previous year.
• Thermal Coal Handling: Handled 43.97 million metric tonnes of thermal coal, marking a growth of 4.02% from the previous year.
• Revenue Growth: Operating revenue exceeded Rs 2,300 crore in FY24, reflecting a significant increase of 14.30% compared to the previous fiscal year.

Driving Factors of this Success

• Enhanced Operational Efficiency: Optimized operations of mechanized coal handling plants resulted in the highest handling of thermal coal at 27.12 million tonnes.
• Productivity Improvement: Improved berth productivity to 33,014 MT, the highest among all ports, with a growth of 6.33% over the previous financial year.
• Rake Handling and Ship Movements: Managed 21,665 rakes and 2,710 ships during FY24, showing significant growth year-on-year in both metrics.

Future Prospects

• Capacity Expansion: Poised to exceed a capacity of 300 million tonnes in the next 3 years with the commissioning of the Western Dock project, surpassing the current capacity of 289 million tonnes.
• Strategic Location: Positioned near a mineral-rich hinterland, Paradip Port remains a key asset for India's maritime trade and economic advancement.