UPSC Daily Current Affairs- 7th July 2023 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly PDF Download

GS-I

Solar shooting stars

Why in News?

Recently, astronomers have made a stunning discovery of meteor-like streaks falling on the surface of the Sun.

About Solar shooting stars:

• These are massive clumps of plasma that plummet to the Sun's surface at incredible speeds. 
• These looks like a massive rain of fireballs that play a key role in heating up the corona which is the outermost part of the Sun's atmosphere.
• The researchers observed these solar shooting stars using the Solar Orbiter spacecraft of the European Space Agency.
• This is the first time such impacts have been spotted.
• These observations were made from a close distance of just 30 million miles from the sun.

How are coronal rains formed on Sun?

• The Coronal rain which is plasma firework displays consisting of gas with temperatures exceeding two million degrees Fahrenheit.
• Instead of water, coronal rains form when localised temperature drops, causing solar plasma to condense into dense lumps.
• These lumps then fall to the cooler surface of the Sun, known as the photosphere, as fiery rain at speeds of up to 220,000 miles per hour.

Significance of this observation

• This could help solve the mystery of why the corona, the outermost part of the Sun's atmosphere, is hotter than the layers beneath it.

Source: AIR

Global Peace Index

Why in News?

The 2023 Global Peace Index (GPI) recently released its annual ranking of the most peaceful countries in the world.

About Global Peace Index:

• It is released annually by the Institute for Economics and Peace (IEP).
• 2023 Global Peace Index (GPI) ranked 163 independent states and territories according to their level of peacefulness.
• It measures the state of peace across three domains:
  • Societal safety and security;
  • Ongoing domestic and international conflict;
  • Militarization;
• Highlights of Global Peace Index 2023:
  • The average level of global peacefulness deteriorated by 0.42 per cent.
  • Iceland is the most peaceful country in the world – a title it has held since 2008. It is accompanied at the top by Denmark, Ireland, New Zealand, and Austria. 
  • Conversely, Afghanistan is the least peaceful country in the world for the eighth consecutive year. It is followed by Yemen, Syria, South Sudan, and the Democratic Republic of the Congo.
  • India has occupied the 126th spot in the rankings, two higher than its previous position.
  • The report stated that India experienced an improvement of 3.5 per cent in overall peacefulness over the past year, owing to improvements in violent crime, neighbouring countries’ relations, and political instability.
  • Among other countries, Nepal, China, Sri Lanka, United States of America, and Pakistan, and have been ranked 79, 80, 107, 131, 146, respectively.

Source: Hindustan Times

Kanwar Yatra: What is it?

Why in News?

The Kanwar Yatra, a significant annual pilgrimage, commenced on July 4 and will continue until July 15.

What is Kanwar Yatra?

• This pilgrimage sees millions of devotees, known as Kanwariyas or Kriyas, undertaking a journey to collect water from the Ganga River and offer it to Lord Shiva.
• The Kanwar Yatra symbolizes the unbreakable bond between devotees and Lord Shiva and is considered an act of faith and devotion.

Mythological Origins of Kanwar Yatra

• Samudra Manthan: Kanwar Yatra is believed to have originated from the mythological story of Samudra Manthan, where Lord Shiva consumed poison to save the world. To alleviate the effects of the poison, all the gods poured water from the Ganga River on Lord Shiva.
• King Rama’s Offering: Another version suggests that the ritual of Kanwar Yatra began when King Ram offered water from the Ganga to a statue of Lord Shiva (shivalinga) in an earthen pot.

Customs and Rituals Performed

• Collection of Ganga Water: Devotees, dressed in saffron attire, embark on foot to collect water from the Ganga River at Haridwar, Gomukh, and Gangotri. They carry two earthen pots filled with water, hung on a decorated bamboo stick, which they balance on their shoulders.
• Significance of Purity: Devotees consider it essential to keep the pots from touching the ground or getting contaminated by dust, as it may impure the sacred water.
• Challenging Journey: Kanwariyas undertake the yatra barefoot, covering long distances in challenging terrains and extreme weather conditions.

Source: Indian Express

GS-II

Why in News?

Recently, the Prime Minister, Shri Narendra Modi congratulated new homeowners in Bengaluru’s first project under Special Window for Funding Stalled Affordable and Middle-Income Housing Projects (SWAMIH) Fund.

Background:-

• The SWAMIH Fund has helped more than 3000 families in owning their dream homes. 

About SWAMIH Fund:-

• Launched: 2019.
• It is a social impact fund specifically formed for completing stressed and stalled residential projects. 
• Sponsored by: Ministry of Finance, Government of India.
• Managed by: SBICAP Ventures Ltd., a State Bank Group company.
• Objective:-to provide priority debt financing for the completion of stalled housing projects falling under the affordable and middle-income housing categories. 
• Implementation of the scheme: The fund was set up as a Category-II AIF (Alternate Investment Fund) debt fund registered with SEBI.
  • AIFs: they are defined under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012.
  • AIFs created/funded under the Special Window would solicit investment into the fund from the Government and other private investors including cash-rich financial institutions, sovereign wealth funds, public and private banks, domestic pension and provident funds, global pension funds and other institutional investors.

Eligibility criteria for funding:-

• Real estate projects must be registered under the Real Estate (Regulation and Development) Act (RERA) 2016.
• Project must be classified as a non-performing asset (NPA) or be under insolvency proceedings.
• The project should have been declared as a “stalled” or “delayed” project by a competent authority.
• The fund is available only for projects that fall under the affordable and mid-income housing categories.

Source: Indian Express

Nirbhaya Fund

Why in News?

 The Union Minister for Women and Child Development Smriti Irani recently launched a scheme for shelter, and aid to pregnant minor rape victims under the Nirbhaya Fund.

Background:-

• The proposal for “critical care and support for accessing justice to rape/gang rape survivors and minor girls who get pregnant” has been approved by the WCD Ministry.
• It has been approved with an outlay of Rs. 74.10 crore and will be applicable across the country in a week’s time.
• The scheme aims to provide shelter, food, daily needs, safe transportation for attending court hearings and legal aid to minor girls who have been abandoned by their family due to forced pregnancy, either due to rape or gang rape, or due to any other reason, and have no other means to support themselves.
• The administrative structure has been additionally leveraged with Mission Vatsalya, in collaboration with state governments and childcare institutions, to actualise this support to minor victims on the ground.

About Nirbhaya Fund:-

• Historical Background:-
  • The fund was created by the Ministry of Finance in 2013 with a corpus of Rs 1000 crore.
  • The Government of India established the Nirbhaya Fund in response to the Nirbhaya Case in 2013.
• Objective: It is aimed specifically at projects for improving women’s safety and security. 
• Managed by: Ministry of Women and Child Development (MWCD).
• Administered by: Department of Economic Affairs of the finance ministry.
• It is a non-lapsable corpus fund.
• Major projects under the fund: Central Victim Compensation Fund (CVCF), One Stop Centers (OSCs), Universalization of Women Helpline (WHL), Mahila Police Volunteer (MPV), etc.

Mission Vatsalya Scheme

• Launched in 2021. 
• Ministry: Ministry of Women and Child Development (MWCD).
• Objective: to strengthen the juvenile justice care and protection system with the motto to ‘leave no child behind’.
• The scheme provides a roadmap to achieve development and child protection priorities aligned with the Sustainable Development Goals (SDGs).
• It lays emphasis on child rights, advocacy and awareness.
• Framework: The Juvenile Justice (Care and Protection of Children) Act 2015 [JJ Act] provisions and the Protection of Children from Sexual Offences Act 2012 [POCSO Act] form the basic framework for the implementation of the Mission.
• Implementation and Funding: The Scheme is implemented as a Centrally Sponsored Scheme in partnership with State Governments and UT Administrations to support them in universalizing access and improving the quality of services across the country.

Source: Indian Express

GS-III

Why in News?

According to the Reserve Bank of India’s (RBI) inter-departmental group (IDG), the rupee has the potential to become an internationalised currency.

• These recommendations are significant, with India remaining one of the fastest-growing countries and showing remarkable resilience in the face of major headwinds.

The Internationalisation of the Rupee:

• Meaning:
  • It is a process that involves increasing the use of the rupee in cross-border transactions. These are all transactions between residents in India and non-residents.
  • It involves -
    • Promoting the rupee for import and export trade and then other current account transactions (measures imports and exports of goods and services, etc),
    • Followed by its use in capital account transactions - measures cross-border investments in financial instruments, etc.
• It is closely interlinked with:
  • The nation’s economic progress,
  • Further opening up of the currency settlement and a strong swap and forex market,
  • Full convertibility of the currency on the capital account and
  • Cross-border transfer of funds without any restrictions.
• Currently,
  • The US dollar, the Euro, the Japanese yen and the pound sterling are the leading reserve currencies in the world.
  • China’s efforts to make its currency renminbi has met with only limited success so far.
  • India has allowed only full convertibility on the current account as of now.
• Need for alternatives:In light of the economic sanctions imposed by the US on Russia for invading Ukraine led to the growing clamour for finding an alternative to the US dollar for international transactions.

Why does the US dollar enjoy an ‘Exorbitant Privilege’ and its obvious Challenger?

• The dollar’s position is supported by a range of factors, including -
  • The size of the US economy,
  • The reach of its trade and financial networks,
  • The depth and liquidity of US financial markets, and
  • A history of macroeconomic stability and currency convertibility.
  • Dollar dominance has also benefited from the lack of viable alternatives.
• The obvious challenger to the US dollar dominance is the Chinese Renminbi. However, its ability to rival the US dollar will depend on -
  • Future policies in both the US and China and
  • The ability of the Chinese economy and its financial system to demonstrate the same long-term resilience, integrity, transparency, openness and stability.

The RBI’s Recommendations:

• For the short term,
  • Adoption of a standardised approach for examining the proposals on bilateral and multilateral trade arrangements.
  • Encouraging the opening of the rupee accounts for non-residents both in India and outside India and integrating Indian payment systems with other countries for cross-border transactions.
  • Strengthening the financial market by fostering a global 24×5 rupee market and recalibration of the FPI (foreign portfolio investor) regime.
  • A review of taxes on masala (rupee-denominated bonds issued outside India by Indian entities) bonds, international use of Real Time Gross Settlement (RTGS) for cross-border trade transactions, etc.
• For the long term,
  • Efforts should be made for the inclusion of the rupee in International Monetary Fund’s (IMF) special drawing rights (SDR).
  • The SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.
  • The value of the SDR is based on a basket of five currencies [the U.S. dollar, the euro, the Chinese renminbi, the Japanese yen, and the British pound sterling].

 Advantages of Internationalisation of the Rupee:

• Mitigates currency risk for Indian businesses: The use of the rupee in cross-border transactions will protect Indian businesses from currency volatility.
  • This will reduce the cost of doing business, enable better growth of business and improve the chances for Indian businesses to grow globally - helping to raise the stature of India and its economy globally.
• Reduces the need for holding foreign exchange reserves: While reserves help manage exchange rate volatility and project external stability, they impose a cost on the economy.
• Reducing dependence on foreign currency: It will make India less vulnerable to external shocks.

Way Ahead:

• India’s past fears of capital flight (outflow of capital from India due to monetary policies/lack of growth) and exchange rate volatility (given significant current and capital account deficits), does not permit full capital account convertibility.
• Therefore, the Tarapore Committees’ recommendations of 1997 and 2006 (reducing fiscal deficits to below 3.5%, gross inflation rate to 3%-5% and gross banking NPAs to below 5%) must be pursued before full capital account convertibility.

Source: The Hindu

What is Ambergris?

Why in News?

The discovery of a sperm whale carcass on the shore of the Canary Island of La Palma has led to an extraordinary find.

• During the post-mortem examination, a pathologist found ambergris, a highly valuable substance often referred to as “floating gold,” stuck in the whale’s colon.
• The estimated worth of the retrieved lump of ambergris is around €500,000 (Rs 4,47,62,500).

What is Ambergris?

• Origin: Ambergris is a waxy substance formed in the digestive system of protected sperm whales.
• Formation: One theory suggests that ambergris is produced in the gastrointestinal tract of sperm whales to aid the passage of hard objects ingested during feeding.
• Appearance and Odour: Freshly passed ambergris is light yellowish and fatty, but it ages and turns waxy, taking on red-brownish colors. It possesses a mild, earthy, sweet smell with hints of marine odor.

Uses and Rarity of Ambergris

• Perfume Industry: Traditionally, ambergris is used in the production of perfumes, adding a musky note.
• Historical Uses: In the past, ambergris was utilized to flavor food, alcoholic beverages, and tobacco in certain cultures.
• Rarity and Value: Ambergris is a scarce substance, contributing to its high demand and significant price in the international market.

Legal Restrictions in India

• Wildlife Protection Act: Sperm whales, the source of ambergris, are a protected species under Schedule 2 of the Wildlife Protection Act in India.
• Illegal Possession and Trade: The possession and trade of ambergris and its by-products, including in India, are prohibited under the Wildlife Protection Act of 1972.
• Smuggling and Trade Routes: Smuggling networks involved in ambergris trade often procure the substance from coastal areas in India and transport it through countries with comparatively less stringent sea trade regulations.

Source: The Hindu