UPSC Daily Current Affairs: 11 August 2024 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly PDF Download

GS2/International Relations

Sheikh Hasina’s exit and impact on India

Source: The Hindu

Why in news?

A week after protests in Bangladesh led to the ousting of former Prime Minister Sheikh Hasina, who fled to India, her future remains uncertain. The Indian government, under Narendra Modi, has provided her with refuge while simultaneously beginning to engage with the new regime that replaced her Awami League government. India is also assessing the impact these political changes in Bangladesh will have on its bilateral relations.

India – Bangladesh Relation during Hasina’s tenure

• Sheikh Hasina's removal from power in Bangladesh marks a significant setback for India, given the strong bilateral ties forged over the past 15 years.
• From her return to office (2009), Ms. Hasina made her intentions of strong ties with Delhi clear.
• She began a nationwide crackdown to shut down terror camps, a campaign against religious radicalisation, and extradited over 20 most wanted men accused of terrorism and crime to India.
• Hasina also worked on ending border tensions caused by illegal immigration into India, particularly the 2001 incident where brutal BDR-BSF clashes left 15 dead.
• Several border patrolling agreements and the signing of the historic 2015 land boundary agreement followed.
• India, in turn, supported Bangladesh through trade concessions, Lines of Credit, and various connectivity projects, helping transform the country's economy.
• The Manmohan Singh and Modi governments provided Bangladesh with trade concessions and low-interest Lines of Credit.
• It supported Sheikh Hasina's efforts to transform the country from a struggling economy into a developing nation that surpassed its neighbors in human development indices.
• Hasina's government, despite becoming increasingly authoritarian, maintained strong relations with India.
• She stood with India on every issue, from boycotting SAARC (South Asian Association for Regional Cooperation) over terrorism from Pakistan, to the Citizenship Amendment Act that set off protests in Bangladesh.
• Bangladesh has become crucial to India's regional connectivity plans and energy exports.
• However, with her ouster, there is concern that many of the agreements and progress made, including recent power deals with the Adani group, may now be re-evaluated under the new regime.
• India continues to engage with Bangladesh's interim government led by Muhammad Yunus, as demonstrated by the Indian High Commissioner's attendance at the swearing-in ceremony.

Impact on Bangladesh’s ties with other countries

• The recent changes in Dhaka will likely affect Bangladesh's international relations, especially with the U.S., which has been critical of the Hasina government and may have played a role in her downfall.
• The U.S. had implemented a special visa policy to promote democracy in Bangladesh, targeting Hasina and her party, so ties with the new government are expected to improve.
• Relations with Pakistan, strained under Hasina, might also improve.
• Despite Hasina's close ties with China, including joining the Belt and Road Initiative, Beijing is expected to establish strong relations with the new government as well.

GS3/Science and Technology

Why are India's Gaganyatris Going to the ISS

Source: The Hindu

Why in News?

ISRO announced that two of the astronauts selected for its maiden human spaceflight mission - Gaganyaan, will travel to the U.S. for training for a mission to the International Space Station (ISS).

• Wing Commander Shubhanshu Shukla has been assigned to fly to the ISS while Group Captain Prashanth Nair will be his back-up.

What is the Gaganyaan Mission?

• The Gaganyaan project, expected to be launched in 2025, aims to demonstrate human spaceflight capability by launching a crew of 4 members to an orbit of 400 km for a 3-day mission and bringing them back safely to Earth.
• It is part of the Indian Human Spaceflight Programme (IHSP) initiated by ISRO in 2007 to develop the technology needed to launch crewed orbital spacecraft into low Earth orbit (LEO).

Launch Vehicle for Gaganyaan

• The Launch Vehicle Mark-3 (LVM3/GSLV Mk3) rocket, identified as the launch vehicle for the Gaganyaan mission, is a well-proven and reliable heavy-lift launcher of ISRO.
• All systems in the LVM3 launch vehicle are re-configured to meet human rating requirements and christened Human Rated LVM3/HLVM3.

Gaganyaan Progres

• ISRO has completed the pad abort and high-altitude abort tests, and has tested the crew escape system.
• The LVM-3 launch vehicle for the mission has virtually completed the process of being rated to carry humans.

Developments in Gaganyaan

• The crew module is still under development and would have to be manufactured abroad.
• Engineers are working on the capsule's Environmental Control and Life Support System and the overall Integrated Vehicle Health Management System.

Upcoming Milestones

• The next major milestones for Gaganyaan include a series of uncrewed suborbital and orbital test flights.

Background on ISS Mission

• In 2023, the U.S. and India issued a joint statement after the Indian PM met the US President, mentioning a joint effort to the ISS in 2024.

ISS Mission Details

• The mission called Axiom-4/Ax-4, organized by Axiom Space, is the fourth crewed mission to the ISS and will last 14 days.
• Axiom plans to operate the world's first commercial space station.

Gaganyatris Selection

• Mr. Shukla and Mr. Nair were selected by a National Mission Assignment Board for the joint mission.
• Their flight to the ISS needs approval from the Multilateral Crew Operations Panel, representing the ISS's five international partners.

Purpose of Sending Gaganyatris

• The Gaganyatris will undertake selected scientific research and technology demonstration experiments on board the ISS and engage in space outreach activities.
• The experiences gained during this mission will benefit Gaganyaan and strengthen human space flight cooperation between ISRO and NASA.

GS3/Economy

Inside Hindenburg’s Claims SEBI Chief’s Alleged Conflicts of Interest

Source: Business Today

Why in News?

Hindenburg Research claims that the Securities and Exchange Board of India's (SEBI) chairperson had a stake in unidentified offshore companies that were allegedly involved in "the Adani money syphoning scandal."

What is Hindenburg Research?

• It is a US-based investment research firm, founded by researcher Nathan Anderson in 2017.
• The company was named after the Hindenburg disaster in 1937, which was a man-made and avoidable explosion of a German airship.
• The company specializes in forensic financial research, conducting investigations and analyses on accounting irregularities, unethical business practices, and undisclosed financial issues or transactions.

Hindenburg Research Report on the Adani Group in 2023

• According to the report, Gautam Adani (the head of the Adani group) has allegedly manipulated stock prices in 7 key listed companies to add $100 billion to the group's valuation since 2020.
• It alleged that Rajesh Adani (Gautam Adani's younger brother) had been arrested twice for forgery and tax fraud, but was promoted to managing director of the group.
• According to the firm, Adani's elder brother (Vinod Adani) operated many shell companies, which were central to the claims of money laundering.

SEBI’s Investigation of the Adani Group

• The SEBI had launched investigations into transactions by the Adani group but the probes did not go very far.
• According to the SEBI, Hindenburg Research had shared its findings on the Adani group with a New York-based hedge fund manager.
• However, Hindenburg's research rejected SEBI's claims of sharing the report and called it an attempt to silence those questioning corruption by powerful entities in India.
• The Supreme Court of India ruled that they could not interfere in the SEBI's jurisdiction to investigate claims against Adani made in the Hindenburg report.

Hindenburg Research Report on SEBI

• The report claims the SEBI chief Madhabi Buch and her husband had stakes in offshore firms owned by Adani's elder brother.
• These investments predate her appointment as a member of SEBI in 2017 and as chairperson in 2022.
• Weeks before Buch’s appointment to SEBI in 2017, her husband took over sole control of their investments to avoid coming under the scanner.
• The report suspects this reason for SEBI’s unwillingness to take meaningful action against alleged offshore shareholders in the Adani Group.

Looking the Issue from the Perspective of the ‘Conflict of Interest’

• The opposition parties called on the central government to take immediate action to eliminate all conflicts of interest in the SEBI investigation of the Adani Group.
• A conflict of interest occurs when an individual's personal interests - family, friendships, financial, or social factors - could compromise his or her judgement, decisions, or actions in the workplace.
• It is always best to be transparent and accountable to eliminate either the perceived or actual conflict of interest.

Ways for dealing with conflicts of interest:

• Establish a process: That means imagining any potential conflict that may happen and deciding how it should be handled, who should be involved in dealing with it.
• Training is valuable: In training sessions directors have the opportunity to become familiar with the terms, learn how to deal with conflicts and run through some scenarios.

GS3/Economy

Will the new Saudi Law Help Migrant Domestic Workers?

Source: The Hindu

Why in  News?

Saudi Arabia, a major global employer of migrant domestic workers (MDWs), is set to implement a new domestic worker's law. The six GCC states (Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain) collectively employ nearly 5.5 million MDWs. However, all six countries exclude MDWs from their general labour laws, with only four having enacted specific legislation for domestic workers.

Overview of Migrant Workers in Saudi Arabia

• As of Q1 2024, Saudi Arabia hosts 3.91 million migrant domestic workers (MDWs), comprising 27.32 lakh males and 11.81 lakh females, which constitutes 25% of the total workforce.
• The exclusion of MDWs from labor laws creates significant protection gaps, as critical monitoring mechanisms such as labor inspections and the Wages Protection System (WPS) do not apply to this sector.
• These vulnerabilities are exacerbated by the Kafala system, where the employer-tied visa arrangement leaves lower-income migrant workers at the mercy of their sponsors, effectively outsourcing immigration control to individuals.

Current and Upcoming MDW Laws:

• The upcoming MDW laws fall short in addressing existing protection gaps.
• Female MDWs, in particular, suffer extreme abuse both from employers and officials when seeking remedies.
• Despite regulations, Saudi Arabia's justice mechanisms fail to adequately protect MDWs.
• Additionally, the country lacks a minimum wage, with wages often determined by bilateral agreements. Overworked MDWs receive poor pay without clear overtime calculations.

Categories of Migrant Domestic Workers:

• MDWs in Saudi Arabia work in 14 different job categories, like house helpers, drivers, caregivers, chefs, and even specialized positions such as physiotherapists.
• The most extensive category, 'servants and house cleaners,' involves more than 2 million employees, with almost 60% being women.
• Male domestic workers, especially drivers, make up nearly 70% of the industry in Saudi Arabia, showing cultural expectations and household needs.

The Kafala System and Its Implications:

• The Kafala system, combined with exclusion from labor laws, gives employers absolute control over MDWs, often leading to bonded labor conditions.
• Recruitment costs, excluding wages, range between $2,000 and $5,000, fostering a perception among employers that they have "bought" the worker.
• The Musaned system, which regulates MDW recruitment and employment, tends to favor employers, further entrenching these issues.

Features of the New MDW Law:

• A maximum of 10 working hours per day
• Weekly off days
• Prohibition of identity document confiscation
• Workers' rights to communication
• Conditions for contract termination without losing entitlements
• Compensation for unjust termination
• One month of paid leave annually
• Employer-paid annual ticket home
• Additionally, Saudi has introduced mandatory insurance on new MDW contracts and included MDWs in the WPS from July 2024, with plans to cover all existing MDWs by the end of 2025.

Concerns Regarding the New Law:

• Saudi Arabia has a poor track record in implementing protections for migrant workers, with widespread wage theft and labor exploitation.
• Female MDWs remain vulnerable, particularly due to the risk of being reported as absconding if they leave their employer's household without permission.
• Despite reforms to the absconding regime, the law can still be weaponized by abusive employers.
• Limited labor inspections, communication barriers, and language issues hinder both the assessment of reform impacts and the reporting of violations by workers.

Status of Indian MDWs:

• Indians, making up 26.5 lakh of the migrant population in Saudi Arabia, are significantly represented in the domestic work sector.
• The recruitment of Indian MDWs must be through the eMigrate system, with a minimum referral wage set at SAR1,500 (₹33,400).
• Special provisions include a minimum age of 30 for female MDWs and a $2,500 financial bank guarantee.
• However, consular support for distressed workers is often limited to repatriation, with little assistance provided for access to justice or securing entitlements before deportation. The Embassy in Riyadh and the consulate in Jeddah are under-resourced to meet these needs effectively.

GS1/Geography

Lake Bolsena

Source: Times of India

Why in News?

An ancient clay figurine dating to the Iron Age has been found in Lake Bolsena, Italy.

About Lake Bolsena:

• It is a volcanic lake situated in the northern region of Viterbo in Italy.
• Being the largest volcanic lake in Europe, it spans a total area of 113.5 square kilometers.
• The lake began forming 370,000 years ago after the collapse of a caldera from the Vulsini volcano, which was active until 104 BC.
• An unusual phenomenon called "sessa" locally, causes tidal-like movements in the lake.
• The two islands, Martana and Bisentina, in the lake's southern region were created by underwater volcanic eruptions.
• The lake's shores boast nearly untouched nature, featuring forests, reed beds, serene coves, and areas of cultivated fields, olive groves, and vineyards.
• Towns Bordering: Capodimonte and Bolsena

What is a Volcanic Lake?

• A volcanic lake is water that forms inside a volcano's crater or depression.
• These lakes may appear after a volcano erupts, filling the crater or depression with water from rain, groundwater, or melting ice.

GS3/Economy

Overnight Index Swap

Source: Business Standard

Why in News?

Recently, the Deputy Governor of the Reserve Bank of India (RBI) said that RBI has been reviewing the investment limit for foreign investors in the Overnight Index Swap (OIS) market.

About Overnight Index Swap (OIS):

• It is a financial tool where profits from a fixed-rate investment are exchanged for a known daily reference rate for a set duration of time.
• Purpose: The main aim of an OIS is to handle the risk related to interest rates, especially those linked to changes in the daily lending rate.
• It is computed on a daily basis.
• This rate is determined by the typical interest that financial institutions, with loans tied to the daily rate, have paid on that specific day.

How does an OIS work?

• These are tools that enable banks to exchange the interest rates they pay without needing to refinance or alter the terms of their current loan.
• When two banks engage in an overnight index swap, one bank switches a floating overnight interest rate while the other bank exchanges a fixed short-term interest rate.
• For the swap to commence, both banks would agree to maintain their loan commitments, but at the end of a set period, the bank paying less interest will compensate the other bank for the difference.

GS3/Science and Technology

Perseid meteor Shower

Source: Indian Express

Why in News?

Perseid meteor shower which is this year’s most-awaited meteor shower is set to peak on August 11.

About Perseid Meteor Shower:

• The Perseid meteor shower is named after the Perseus constellation.
• It reaches its peak around the middle of August every year and is considered one of the finest meteor showers.
• Perseid meteors are typically fast and bright, leaving a trail of light and color as they move across the night sky.
• It is one of the most abundant showers, with nearly 100 meteors visible per hour.
• What makes the Perseids unique is their tendency to produce fireballs.
• Fireballs are bright bursts of light and color that last longer than regular shooting stars.
• This occurs because fireballs originate from larger comet fragments.

Key facts about Meteor Shower

• A meteor is a rock from space that enters Earth's atmosphere.
• As it falls, the air around it gets very hot because of rubbing against it.
• The bright streak we see is not the rock itself, but the hot air surrounding it.
• When multiple space rocks enter Earth's atmosphere together, it's called a meteor shower.
• These meteors move incredibly fast, traveling at speeds of tens of thousands of kilometers per hour before breaking apart because of the intense heat from rubbing against the atmosphere.

GS3/Science and Technology

Trichophyton indotineae

Source: The Hindu

Why in News?

The rise of drug-resistant fungal infections, notably Trichophyton indotineae, is emerging as a significant health concern in India.

About Trichophyton indotineae:

• It's a type of fungus known as ringworm or jock itch.
• Originally found in India, this fungus has spread to many countries.
• It falls under genotype VIII in the T. mentagrophytes/T. interdigitale species.
• Using steroid creams inappropriately has made this strain tough to treat.

Challenges and Symptoms

• Patients often have persistent skin rashes that are hard to treat and can look like eczema.
• Incorrect diagnosis leads to ineffective treatments, prolonging suffering and worsening the infection.
• Misdiagnosis and delayed treatment can cause the infection to spread within the community.

Treatment

• When regular antifungal meds don't work, options like itraconazole are available but need careful monitoring.
• Including detailed skin care routines can improve treatment effectiveness.