UPSC Daily Current Affairs: 10 July 2024 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly PDF Download

GS2/Polity

Draft Digital Competition Bill

Source: The Hindu

Why in news?

In February 2023, the Ministry of Corporate Affairs (MCA) established the Committee on Digital Competition Law (CDCL) to assess the need for a distinct law addressing competition in digital markets.

• After a year of deliberations, the CDCL determined that the existing Competition Act, 2002, operating on an ex-post framework, required supplementation with an ex-ante framework to proactively address issues.
• Ex-ante competition regulation is rare, with the European Union being the sole jurisdiction currently enforcing a comprehensive ex-ante competition framework under the Digital Markets Act.
• This led to the formulation of the draft Digital Competition Bill, aimed at enhancing the current regulatory system for digital markets.

About

The bill aims to regulate large digital enterprises, including news aggregators, to ensure fair competition in the digital space. Proposed in March 2024, the law could prevent tech giants like Google, Facebook, and Amazon from favoring their services or using collected data to benefit other business arms.

It introduces presumptive norms to curb anti-competitive practices before they occur and threatens heavy penalties for violations.

Similarity with EU's Digital Markets Act (DMA)

• DMA, which recently came into full effect, mandates large tech firms to open their services and avoid favoritism towards their offerings.

Nodal ministry: The Ministry of Corporate Affairs (MCA) oversees the draft.

List of Core Digital Services (CDS)

• The bill outlines core digital services under Schedule I, including online search engines, social networking services, video-sharing platforms, and more.

Significant entities

The bill suggests designating Systemically Significant Digital Enterprises (SSDEs) based on financial strength and user base criteria.

• SSDEs are entities providing core digital services in India with a substantial presence and financial standing.

Obligations imposed on SSDE

• SSDEs are barred from practices like self-preferencing and anti-steering, with penalties of up to 10% of their global turnover for violations.

Associate Digital Enterprises

The bill introduces Associate Digital Enterprises (ADEs) to scrutinize data sharing within major tech groups for potential benefits between entities.

Significant compliance burden

An ex-ante framework's strict norms could burden big tech firms with compliance, potentially shifting focus from innovation to regulatory adherence.

Stringent requirements of the EU's DMA and associated impact

• Experts note delays in Google search results and concerns about the broad definition of significant platforms in the Indian law compared to the EU's DMA.

Impact on smaller businesses

• Smaller businesses fear adjustments to their platforms and reduced data sharing, affecting their reach to target audiences.

GS-III/Economy

Financial Inclusion Index 2024

Source: Indian Express

Why in News?

The Reserve Bank's FI-Index, capturing the extent of financial inclusion across the country, rose to 64.2 in March 2024, showing growth across all parameters.

About Financial Inclusion Index:

• The Financial Inclusion Index (FI Index) is a tool created by the Reserve Bank of India (RBI) to measure how well financial services are being provided to people across the country.
• It helps understand how accessible and inclusive financial services are, such as banking, insurance, and investment products, for all sections of society, including the underprivileged and underserved.

Key Features of FI Index:

• Purpose: The FI Index aims to track the progress of financial inclusion efforts in India. It helps in identifying areas where improvements are needed and in assessing the effectiveness of policies and initiatives designed to promote financial inclusion.
• Components: The Index is composed of three main parameters:
  • Access (35%): This measures the availability and reach of financial services. It includes factors like the number of bank branches, ATMs, and banking correspondents.
  • Usage (45%): This assesses how frequently people use financial services. It looks at the number of savings accounts, loans, and digital transactions.
  • Quality (20%): This evaluates the quality of financial services provided. It considers customer satisfaction, financial literacy, and the safety of financial transactions.
• The FI-Index is responsive to ease of access, availability and usage of services and quality of services, consisting of 97 indicators.
• Scoring: The FI Index provides a score between 0 and 100. A score of 0 indicates complete financial exclusion, where no financial services are available or used, while a score of 100 signifies full financial inclusion, where everyone has access to and uses a wide range of financial services.
• It was first published by the RBI in 2021, without any 'base year', and is published in July every year.

Significance of FI Index:

• Empowerment: By measuring financial inclusion, the FI Index helps empower people by ensuring they have access to financial services that can improve their economic well-being.
• Economic Growth: Increased financial inclusion leads to greater economic participation, boosting overall economic growth and stability.
• Social Equality: It helps bridge the gap between different socio-economic groups, promoting social equality by providing financial services to underserved and marginalized communities.

GS2/International Relations

Highlights of the Indian PM's Two-Day Visit to Russia

Source: Hindustan Times

Why in news?

The Indian PM departed for Austria after concluding a two-day high-profile visit to Russia, where he attended the 22nd India-Russia annual summit with President Vladimir Putin.

Highlights of the Indian PM's Two-Day Visit to Russia:

• Receives highest civilian honour:
  • The Indian PM was conferred with Russia's highest civilian honour - Order of St Andrew the Apostle - by the Russian President (announced in 2019, but presented now).
• Bilateral talks - A meeting of two close friends and trusted partners:
  • It was held to review ties between the two nations, including in areas like defence, investment, energy cooperation, education, and culture.
• Solution to the Ukraine conflict:
  • The Indian PM expressed that a solution to the Ukraine conflict is not possible on the battlefield and emphasized the need for peace talks.
• Expedited discharge of Indians by Russian military:
  • The Russian President agreed to expedite the discharge of all Indians who have been recruited by the Russian military.
• Interactions with Indian community in Moscow:
  • The Indian PM highlighted India's rising global profile and praised the Indian community for their contributions to India-Russia relations.
• Opening of Indian Consulates:
  • Indian Consulates are to be opened in Kazan and Yekaterinburg.
• Visit to Rosatom Pavilion:
  • The Indian PM observed the "Atomic Symphony" at the Rosatom Pavilion, showcasing the VVER-1000 reactor used in India's Kudankulam Nuclear Power Plant.

A Joint Vision Statement on Trade and Economic Cooperation:

• A shift from previous Summits:
  • The focus on economic issues marked a departure from previous Annual Summits that emphasized military supplies and defense partnerships.
• Key issues to be resolved by 2030:
  • Issues include the elimination of non-tariff barriers, bilateral settlement system using national currencies, customs procedure improvements, and the development of new connectivity routes.
• Investment areas highlighted:
  • Focus areas include energy sector investments, infrastructure development, and investment promotion.
• MoUs signed:
  • India and Russia signed several MoUs on climate change, polar research, legal arbitration, pharmaceutical certification, and more.
• Bilateral trade target:
  • Both countries aim to increase bilateral trade to $100 billion by 2030, utilizing national currencies to navigate around Western sanctions.

Conclusion of the Indian PM's Two-Day Visit to Russia:

• Invitation to Extended BRICS summit:
  • The Indian PM was invited to the first "Extended BRICS" summit by the Russian leader, including five new members to the grouping of emerging economies.
• Next destination - Austria:
  • The Indian PM departed for Austria, marking the first visit by an Indian PM in over four decades.

GS-III/Environment and Ecology

Veerangana Durgavati Tiger Reserve

Source: The Week

Why in News?

The Madhya Pradesh government has initiated an inquiry into the alleged poaching of tigers and irregularities in the newly established Veerangana Durgavati Tiger Reserve

About:

• Location: Spans Sagar, Damoh, and Narsinghpur districts of Madhya Pradesh.
• Area: Covers 2,339 square kilometres, including the Nauradehi and Durgavati Wildlife Sanctuaries.
• Tiger Reserve: Seventh in Madhya Pradesh, named after Rani Durgavati, queen of the Gondi people.
• Landscape: Diverse with hills, valleys, rivers, streams, waterfalls, and grasslands.
• Rivers: Part of the Narmada and Yamuna River basins.
• Singorgarh Fort: Located within the reserve.
• Vegetation: Dry deciduous type.
• Flora: Includes Teak, Saja, Dhaora, Ber, Amla, etc.
• Fauna:
  • Predators: Tiger, leopard, wolf, jackal, Indian fox, striped hyena.
  • Herbivores: Nilgai, Chinkara, Chital, Sambhar, Black Buck, Barking deer.
  • Primates: Rhesus Macaque.
  • Raptors: Stronghold for critically endangered White-Rumped and Indian Vultures.
• Green Corridor: Will link Panna Tiger Reserve (PTR) with Durgavati for natural tiger movement.

GS-III/Science and Technology

Key Facts about Denisovans

Source: Times of India

Why in News?

Denisovans survived and thrived on the high-altitude Tibetan plateau for more than 100,000 years, according to a new study.

About:

• Denisovans are an extinct species of hominid and closely related to modern humans.
• First identified in 2010 from remains found in a Siberian cave.
• Lived in diverse environments, including cold mountains of Siberia and Tibet and jungles of Southeast Asia during the last Ice Age.
• Existed between 500,000 to 30,000 years ago.
• DNA evidence shows Denisovans are related to both Neanderthals and modern humans, and likely interbred with both.
• Shared a common ancestor, Homo heidelbergensis, with modern humans and Neanderthals, which probably lived in Africa.
• Likely had dark skin, dark hair, and dark eyes.
• The Denisovan genome shows low genetic diversity, indicating their population might have been small.

GS-III/Environment and Ecology

Salazar Pit Viper

Source: Money Control

Why in News?

Salazar Pit Viper, named after Salazar Slytherin from the popular 'Harry Potter' series, has been found in Assam's Kaziranga National Park.

What are Pit Vipers?

• Pit viper: A species of viper (venomous snakes) with two movable fangs and a heat-sensitive pit organ between each eye and nostril.

  • Pit organ: Allows them to sense infrared thermal radiation (heat) from prey in the dark.

• Habitat: Found in diverse habitats, including deserts, forests, grasslands, and wetlands. They can be terrestrial, arboreal, or aquatic.

• Distribution:

  • Commonly found in tropical and subtropical regions.
  • Some species also found in temperate regions.
  • Present on every continent except Antarctica.
  • Majority of species found in Asia and the Americas.

• Reproduction:

  • Some species lay eggs.
  • Others produce live young.

Salazar Pit Viper:

• First identified in Arunachal Pradesh in 2019.
• Nocturnal snake with a unique orange-to-reddish stripe on the head and body in males.
• Scientific Name: Trimeresurus salazar.
• Belongs to the genus Trimeresurus:
  • Charismatic venomous snakes with morphologically and ecologically diverse species.
  • Distributed across East and Southeast Asia.
  • At least 48 nominate species known, with at least 15 species occurring in India.
  • Typically green, but some have yellow, black, orange, red, or gold markings.
  • Diet includes lizards, amphibians, birds, rodents, and other small mammals.
  • Morphologically cryptic, making them difficult to distinguish in the field.

GS-II/Polity and Governance

Power of Attorney (POA)

Source: India Times

Why in News?

The Supreme Court recently observed that there would be an implied revocation of Power of Attorney (“POA”) granted to the agent if the act of Principal choosing to act for himself is known to an agent and third person.

About:

GS-III/Science and Technology

Regional Analysis of Indian Ocean System

Source: Indian Express

Why in News?

Recently, the Indian National Centre for Ocean Information Services (INCOIS) has upgraded its Regional Analysis of Indian Ocean (RAIN), system for gathering information on the health of the Indian Ocean.