DAILY CURRENT AFFAIRS BITS
TOPIC – 1 – Organisation of Islamic Cooperation (OIC)
India recently rejected the Organisation of Islamic Cooperation’s (OIC) “unwarranted references” to the Union Territory of Jammu and Kashmir
About the Organisation of Islamic Cooperation (OIC):
- It is the second-largest intergovernmental organization in the world after the United Nations, with a collective population reaching over 1.8 billion.
- It has a membership of 57 states spread over four continents.
- Objective: It aims to preserve Islamic values, safeguard and defend the national sovereignty and independence of member states, and contribute to international peace and security.
- The OIC is the collective voice of the Muslim world to ensure and safeguard their interest in economic, socio, and political areas.
- It was established in September 1969.
- Headquarters: Jeddah, Saudi Arabia.
- Its official languages are Arabic, English, and French.
- The OIC partners with international mechanisms (including every specialized UN agency), governments, and civil society organizations (CSOs) to address issues of concern to its member states and Muslims worldwide.
TOPIC – 2 – Lewis Super Acids
Recently, researchers at Paderborn University, Germany have been able to make a unique class of catalysts called “Lewis super-acids”.
About Lewis Super Acids:
- Lewis super-acids are derived from Lewis acids, named after the chemist, G N Lewis.
- Lewis superacids are used as catalysts in chemistry to accelerate reactions.
- These are compounds that add electron pairs and can be used to break strong chemical bonds and speed up reactions.
- These are highly reactive reagents, thus difficult to produce and use.
- It enables non-biodegradable fluorinated hydrocarbons (similar to Teflon) to be converted back into sustainable chemicals.
- It can even convert climate-damaging greenhouse gases, such as sulphur hexafluoride into sustainable ones.
What are Lewis Acid and Base?
- Lewis Acid: It is an electron-pair acceptor such as a Hydrogen ion (H+)
- Lewis Base: It is an electron-pair donor such as the hydroxide (OH-) ion.
TOPIC – 3 – SWAMIH Fund
Since its inception in 2019, the SWAMIH Fund has completed over 20,557 homes
About SWAMIH Fund:
- The Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund I is India’s largest social impact fund specifically formed for completing stressed and stalled residential projects.
- The Fund is sponsored by the Ministry of Finance, Government of India, and is managed by SBICAP Ventures Ltd., a State Bank Group company.
- The Fund has no precedent or comparable peer fund in India or the global markets.
- It is a Category-II AIF (Alternate Investment Fund)debt fund registered with SEBI
- Since the Fund considers first-time developers, established developers with troubled projects, developers with a poor track record of stalled projects, customer complaints and NPA accounts, and even projects where there are litigation issues, it is considered as the lender of last resort for distressed projects.
What is Alternate Investment Fund?
- Alternative Investment Fund or AIF means any fund established or incorporated in India which is a privately pooled investment vehicle which collects funds from sophisticated investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors.
TOPIC – 4 – Great Seahorse
Extensive fishing off the Coromandel coast forced the great seahorse to migrate laboriously toward Odisha.
About Great Seahorse:
- Great seahorses can be found in relatively deep waters.
- These are ovoviviparous and the males give birth to live young.
- They also have some traits, such as small body size, fast growth and high fecundity, that may confer resilience to high levels of exploitation
- There are 46 known species of seahorses worldwide. India’s coastal ecosystems are home to nine of the twelve species found in the Indo-Pacific, which is a hotspot for seahorse populations.
- They are distributed across diverse ecosystems such as seagrass, mangroves, macroalgal beds, and coral reefs.
- These nine species are distributed along the coasts of eight States and five Union Territories from Gujarat to Odisha, apart from Lakshadweep and the Andaman and Nicobar Islands.
- They are poor swimmers but migrate to new habitats by rafting (clinging to floating substrata such as macroalgae or plastic debris for dispersal by ocean currents) to ensure the survival of their population.
- Conservation status
- IUCN: Vulnerable
- CITES: Appendix II
TOPIC – 5 – European Travel Information and Authorisation System (ETIAS)
The European Union (EU) postponed the launch of the European Travel Information and Authorisation System (ETIAS) till 2024.
About European Travel Information and Authorisation System (ETIAS):
- It is a proposed digital travel authorization system for visa-exempt visitors to the EU and its Schengen Area.
- ETIAS is not a visa and is more accurately referred to as a visa waiver.
- It is a completely electronic system that allows and keeps track of visitors from countries who do not need a visa to enter the Schengen Zone.
- It will gather, keep track of, and update necessary information regarding visitors to determine whether it is safe for them to enter Schengen countries.
- The ETIAS will undergo a detailed security check of each applicant to determine whether they can be allowed to enter any Schengen Zone country.
- The ETIAS, besides being used for business and tourist purposes, will also allow people to visit the Schengen countries for medical and transit reasons.
- It will be mandatory for all countries that are Schengen visa-free.
What is the Schengen Area?
- The Schengen Area, or Schengen Countries Zone, is a group of 27 European nations that have abolished border controls between each other.
- Most European Union (EU) countries are signatories to the Schengen Agreement, although some non-Schengen countries, like Bulgaria and Romania, are signed up but not yet active members.
- Switzerland, Iceland, and Norway are not in the EU but are inside of the Schengen Area.
TOPIC – 6 – Sultanpur National Park
The G20 delegates recently visited the Sultanpur National Park, which is one of the 75 Ramsar sites in the country.
About Sultanpur National Park:
- Sultanpur National Park, formerly known as Sultanpur Bird Sanctuary, is located in the Gurgaon district in Haryana.
- It is spread over 1.42 sq km, comprising mainly wetlands.
- This national park is a major habitat for aquatic birds, including migratory and resident birds.
- It was notified as a Ramsar site, a wetland of international importance, in 2021.
- Vegetation: Tropical and dry deciduous.
- Flora: Grasses, dhok, khair, tendu, ber, jamun, banyan tree, neem, berberis, Acacia nilotica and Acacia tortilis.
- Fauna:
- More than 320 species of birds have been recorded from the Park.
- This is a very important wintering ground for waterfowl.
- Some of the resident and migratory species of birds found in the area are the Common hoopoe, Purple sunbird, Black francolin, Little cormorant, Indian Cormorant, Siberian Crane, Greater Flamingo, Common Teal, Common Greenshank, Ruff, etc.
- Other Key Fauna: There is no large wild mammal of conservation concern in this Park. Nilgai antelope (Boselaphus tragocamelus) is the major wild ungulate in this park.
TOPIC – 7 – Kermadec Islands
An earthquake of magnitude 6.9 struck the Kermadec Islands region in New Zealand recently
About Kermadec Islands:
- They are volcanic island group in the South Pacific Ocean, 600 mi (1,000 km) northeast of Auckland, New Zealand.
- They are a dependency of New Zealand.
- The islands are a volcanic island arc, formed at the convergent boundary where the Pacific Plate subducts under the Indo-Australian Plate.
- They are the tiny emergent part of a chain of submarine volcanoes that define the Kermadec ridge.
- They are uninhabited, except for Raoul Island where a team of Department of Conservation staff carry out weed control work and make meteorological observations.
- The climate of the islands is subtropical.
- The islands are seismically active.
TOPIC – 8 – Scrub typhus
Recently, a team of researchers from Christian Medical College in Vellore, Tamil Nadu, and PGIMER Chandigarh found that an antibiotic combo is best for severe scrub typhus.
About Scrub typhus:
- Scrub typhus is a life-threatening infection caused by Orientia tsutsugamushi bacteria which is a major public health threat in South and Southeast Asia.
- It is spread to people through bites of infected chiggers (larval mites).
- Symptoms: The most common symptoms of scrub typhus include fever, headache, body aches, and sometimes rash.
- Treatment: Scrub typhus should be treated with the antibiotic doxycycline. Doxycycline can be used in persons of any age.
- There is no vaccine available for this disease.
What is Typhus fever?
- Typhus fevers are a group of diseases caused by bacteria that include epidemic typhus, scrub typhus, and murine typhus.
- Epidemic typhus is caused due to Rickettsia prowazeki and spread by body lice.
- Scrub typhusis caused due to Orientia tsutsugamushi and spread by chiggers.
- Murine typhusis caused due to Rickettsia typhi spread by fleas.
TOPIC – 9 – Enemy property in India
The Central Government recently launched a National Survey of Enemy Properties, spread across 20 states and three Union territories.
About Enemy property:
- The enemy properties are those left behind by the people who took citizenship of Pakistan and China after leaving India during the partition and after 1962 war.
- The enemy properties are vested with the Custodian of Enemy Property for India (CEPI), an authority created under the Enemy Property Act 1968.
- The 2017 amendment to the Act (Enemy Property (Amendment and Validation) Act, 2017) stated that the successors of those who migrated to Pakistan and China ceased to have a claim over the properties left behind in India.
- The amended law stated that enemy property should continue to vest in the Custodian even if the enemy, enemy subject, or enemy firm ceases to be an enemy due to death, extinction, business winding up, or change of nationality or if the legal heir or successor is an Indian citizen or a citizen of a non-aggressive country.
- Of the total 9,406 enemy properties in India, 9,280 are left behind by Pakistani nationals and 126 properties by Chinese nationals.
- Maximum number of enemy properties is in Uttar Pradesh – 4,991. Bengal has 2,735, and Delhi has 487.
TOPIC – 10 – Hallmark Unique Identification (HUID)
Recently, the Union Ministry of Consumer Affairs said that the sale of gold jewellery mandates a Hallmark Unique Identification (HUID) from April 1, 2023.
About Hallmark Unique Identification:
- The HUID is a unique 6-digit alphanumeric code consisting of numbers and letters.
- The HUID will be given to every piece of jewellery at the time of hallmarking and it is unique for every piece of jewellery.
- This unique number is stamped manually, on jewellery at the Assaying & Hallmarking centres.
- Present scenario: Earlier, the HUID used to be 4 digits and now both 4 and 6-digit HUIDs are used in the market.
- From April 1st 2023, only 6-digit alphanumeric codes will be allowed.
- Symbol – The BIS Hallmark consists of 3 symbols namely the BIS logo, Purity/Fineness Grade, and a six-digit alphanumeric code
- The authenticity of hallmarked jewellery can be checked by using the ‘verify HUID’ feature on the BIS Care App.
What is the Bureau of Indian Standards?
- Bureau of Indian Standards (BIS), the National Standards Body of India established under the BIS Act 2016.
- Objective: Harmonious development of the activities of standardisation, and quality assurance of goods and articles.
- It works under the Ministry of Consumer Affairs, Food & Public Distribution.
- BIS represents India in International Organization for Standardization (ISO) and International Electrotechnical Commission (IEC).
DAILY EDITORIAL BITS
EDITORIAL – 1 : Australia PM to visit India
Why in news?
- Australian Prime Minister Anthony Albanese will be visiting India from March 8 to 11.
- This will be his first bilateral visit to the country after he took charge in May 2022.
What’s in today’s article?
- India-Australia Relation
- News Summary
India-Australia Relation
- India and Australia established diplomatic relations in the pre-Independence period, with the establishment of India Trade Office in Sydney in 1941.
Strategic Relationship
- In 2009, India and Australia established a ‘Strategic Partnership’, including a Joint Declaration on Security Cooperation.
- This cooperation has been further elevated to Comprehensive Strategic Partnership (CSP) in 2020.
- The Australian foreign policy blueprint released in November 2017 sees India in the front rank of Australia’s international partnerships.
- In order to pursue the CSP, Foreign and Defence Ministers of both countries agreed to meet in a ‘2+2’ format biennially.
Economic and Trade Relationship
- As part of its efforts to develop strong economic relationship with India, the Australian Government commissioned the India Economic Strategy to 2035 in July 2018.
- This was done to define a pathway for Australia to unlock opportunities offered by Indian Economic growth.
- Bilateral Trade:
- India had a trade deficit of $8.5 billion with Australia in FY22, with $8.3 billion worth of exports and $16.8 billion worth of imports.
- Total bilateral trade is expected to cross $45-50 billion in five years from $ 5 billion at present after the free trade deal comes into force.
- India was the 8th largest trade partner of Australia with trade in goods and services representing 3% share of the total Australian trade in FY 2019-20.
- In April 2022, India and Australia signed an Economic Co-operation and Trade Agreement (ECTA), which came into force in December 2022.
- ETCA aims to double the bilateral trade to $50 billion in five years and ease movement of people, goods and services across borders.
Civil Nuclear Cooperation
- A Civil Nuclear Cooperation Agreement between the two countries was signed in September 2014 during the visit of then PM Tony Abbott to India.
- The agreement provides the framework for substantial new trade in energy between Australia and India.
Defence Cooperation
- During PM Modi’s visit to Australia in November 2014, both sides decided to extend defence cooperation to cover research, development and industry engagement.
- Arrangement concerning Mutual Logistics Support (MLSA) and Implementing Arrangement concerning cooperation in Defence Science and Technology were concluded during the Virtual Summit held in June 2020.
- India and Australia conduct their bilateral naval exercise ‘AUSINDEX’ since 2015.
- In 2018, Indian Air Force participated for the first time in the Exercise Pitch Black in Australia.
- In October-November 2020, the Australian Navy participated in Malabar Exercises.
Repatriation of Indian Cultural Artifacts:
- A number of artifacts have been successfully repatriated to India in recent years. They include:
- Bronze Idol of Nataraja from Art Gallery of South Australia (AGSA) (2019),
- Nagaraja stone sculpture (2020),
- two Dwarpala stone sculptures (2020).
Indian Community in Australia
- The Indian community in Australia continues to grow in size and importance, with the population of about seven hundred thousand.
- India is one of the top sources of skilled immigrants to Australia.
- The number of Indian students continue to grow with approximately 105,000 students presently studying in Australian universities.
- After England, India was the second largest migrant group in Australia in 2020.
News Summary: Australia PM to visit India
- Australian Prime Minister Anthony Albanese will be visiting India next week. This visit is aimed at deepening strategic and economic ties.
- Prime Ministers of both the countries will hold the annual summit to discuss cooperation under the Comprehensive strategic partnership and regional and global issues.
- They are expected to focus on trade and investment, renewable energy, technology, and defence and security cooperation.
EDITORIAL – 2 : Women, Business and the Law report: India scores 74.4 in World Bank index on life cycle of working women
Why in News?
- According to the World Bank’s (WB) Women, Business and the Law report 2023 – an index on the life cycle of a working woman, India’s score dropped to 74.4 out of 100.
What’s in Today’s Article?
- What is Women, Business and the Law (WBL) Project?
- News Summary Regarding WBL Report 2023
What is Women, Business and the Law (WBL) Project?
- It is a World Bank Group project collecting data on the laws and regulations that affect women’s economic opportunity.
- It is committed to informing research and policy discussions about the state of women’s economic opportunities and empowerment.
- It demonstrates the progress made while emphasising the work still to be done to ensure economic empowerment for all.
- Since 2009, the project has aided economies to achieve gender equality and hence become more resilient.
- It covers 190 economies and eight topics relevant to women’s economic participation and the 2023 report measures the legal differences on access to economic opportunities between men and women.
- A score of 100 on the Index means that women are on an equal standing with men on all the eight indicators being measured.
- In the 2023 index only 14 (Belgium, Canada, Denmark, etc) economies scored a perfect 100.
News Summary Regarding WBL Report 2023:
- What is the India Specific Findings in the WBL Report 2023?
- For India, the Index used data on the laws and regulations applicable in Mumbai, viewed as the country’s main business city.
- The laws affecting the Indian working woman’s pay, pension, work after having children, starting and running a business, property and inheritance, do not provide for equality with Indian men, dragging India’s score down to 74.4.
- India scored higher than the 63.7 average for the South Asian region, though lower than Nepal which had the region’s highest score of 80.6.
- India gets a perfect score, when it comes to constraints on freedom of movement, laws affecting women’s decisions to work and constraints related to marriage.
- Reforms needed: To improve on the Pay indicator, India may wish to consider –
- Mandating equal remuneration for work of equal value,
- Allowing women to work at night in the same way as men, and
- Allowing women to work in an industrial job in the same way as men.
EDITORIAL – 3 : Why is the NCST upset with Environment Ministry over Forest Rights?
Why in News?
- The National Commission for Scheduled Tribes (NCST) is caught in a row with the Ministry of Environment, Forest and Climate Change over the latest Forest Conservation Rules (FCR), 2022.
- The row is over the potential violation of provisions enshrined in the Scheduled Tribes and Other Forest Dwellers (Recognition of Forest Rights) Act, 2006 dubbed the Forest Rights Act (FRA).
What’s in today’s article?
- About Forest Conservation Rules (Purpose, Provisions, FAC, 2022 Rules, Criticism)
- NCST’s Take on FCR 2022
- Environment Ministry’s Response
What are the Forest Conservation Rules?
- The Forest Conservation Rules deal with the implementation of the Forest Conservation Act (FCA), 1980.
- They prescribe the procedure to be followed for forest land to be diverted for non-forestry uses such as road construction, highway development, railway lines, and mining.
- The broad objectives of the Forest Conservation Act are to –
- Protect forest and wildlife,
- Put brakes on State governments’ attempts to hive off forest land for commercial projects and
- Strive to increase the area under forests.
- For forest land beyond five hectares, approval for diverting land must be given by the Central government.
- This is via a specially constituted committee, called the Forest Advisory Committee (FAC).
Role of Forest Advisory Committee (FAC):
- The FAC is a statutory body established under the Forest Conservation Act (FCA), 1980.
- The FAC considers questions on the diversion of forest land for non-forest uses such as mining, industrial projects, townships and advises the state government on the issue of granting forest clearances.
- Once the FAC is convinced and approves (or rejects a proposal), it is forwarded to the concerned State government where the land is located, who then has to ensure that provisions of the Forest Right Act, 2006, a separate Act that protects the rights of forest dwellers and tribals over their land, are complied with.
- The FAC approval also means that the future users of the land must provide compensatory land for afforestation as well as pay the net present value (ranging between Rs 10-15 lakh per hectare.)
Forest Conservation Act, 2022 Rules:
- The latest version of the rules, which consolidates changes to the Forest Conservation Act over the years from various amendments and court ruling, was made public in June, 2022.
- The new rules make a provision for private parties to cultivate plantations and sell them as land to companies who need to meet compensatory forestation targets.
- This, according to the Central government, will help India increase forest cover as well as solve the problems of the States of not finding land within their jurisdiction for compensatory purposes.
- In the earlier rules, there was no such provision.
- Also, in the new rules, there is no mention about what happens to tribals and forest-dwelling communities whose land would be hived off for developmental work.
- Prior to the updated rules, state bodies would forward documents to the FAC that would also include information on the status of whether the forest rights of locals in the area were settled.
- The opposition parties have alleged that the amended rules would disempower crores of tribals and others living in forest areas.
NCST on FCA Rules 2022:
- Within two months of the FCR, 2022 coming into force, the National Commission for Scheduled Tribe (NCST) constituted a “Working Group on the Forest Rights Act 2006.”
- It was constituted to monitor the implementation of the FRA and “make recommendations to the Union government and State governments”.
- The NCST concluded that the new FCR infringed on the rights of STs and other traditional forest dwellers (OTFDs) by violating the FRA.
- According to the FRA 2006, in case of a dispute over forest land, precedence has to be given to the rights of STs and OTFDs, who live in and off the forest and its resources, over any other party.
What is the NCST Demanding?
- In September, 2022, NCST Chairperson wrote a letter to Environment Ministry highlighting the potential consequences of FCR, 2022.
- The letter recommended that FCR 2022 be put on hold and the previous Rules, which provided for the consent clause, be strengthened.
- The NCST argued that the previous versions of the Rules provided a legal space for “ensuring completion of the processes for recognition and vesting of rights under the FRA in areas where forests are being diverted.”
Environment Ministry’s Response:
- The Ministry wrote back to the NCST chief insisting that FCR, 2022 does not violate any provisions granting land rights to STs and OTFDs.
- It said that the FCR has been issued in accordance with the Forest (Conservation) Act, 1980, which was for a procedure which will run “parallel” to the provisions of the FRA, 2006.
- It also said that there was “no legal basis” for the ST Commission’s concerns about the FCR’s impact on the FRA.
EDITORIAL – 4 : Index Providers under the purview of SEBI
Why in news?
- Noting the growing dominance of Index Providers, SEBI has proposed to bring them under its regulatory purview.
What’s in today’s article?
- News Summary
News Summary: Index Providers under the purview of SEBI
Background:
- Following a report by Hindenburg Research levelling several allegations against the Adani group, global index providers like MSCI are reviewing some of these stocks’ inclusion in its indices that are replicated by many foreign portfolio managers.
- MSCI (Morgan Stanley Capital International) is a provider of investment decision support tools, including indices, portfolio risk and performance analytics, and governance tools.
- India’s National Stock Exchange (NSE), on the other hand, has announced that five Adani group firms’ stocks will be added to 14 different indices administered by a subsidiary called NSE Indices.
Why do indices matter?
- Most observers assess a market’s general trajectory amid these individual price swings by looking at broader benchmark indices.
- There are thousands of stocks traded in stock markets around the world and their prices often moving in different directions.
- This creates confusion among investors.
- For instance, the Sensex represents the 30 largest and most actively traded stocks on the Bombay Stock Exchange (BSE).
- While economists and governments look at market indices’ movements as a barometer of the confidence levels in the economy, individual investors and fund managers use them as a gauge to compare their own portfolios’ performance.
- Mutual funds and portfolio managers often pitch to prospective investors that their investment strategies have outperformed the Sensex or other relevant benchmarks.
What are index funds?
- An index fund is a fund which tracks the performance of an underlying index, like the Nifty or the Sensex.
- Instead of trying to beat the market by selecting individual stocks, index funds aim to match the performance of the overall market or a specific market segment by investing in all the stocks in that index.
- This means that an index fund will have a portfolio of stocks that closely resembles the composition of the index it tracks.
- When one puts money in an index fund, that cash is then used to invest in all the companies that make up the particular index.
- This gives investors a more diverse portfolio than if they were buying individual stocks.
- Index investors do not need to actively manage the stocks and bonds investment as closely since the fund is just copying a particular index.
- This is why index funds are known as passive investing.
How popular are such funds in India?
- While index funds have been an option for Indian investors for about two decades, they have seen an exponential growth in assets since 2015.
- From eight such funds in 2008, there are as many as 200 options now.
- About 16% of the roughly ₹41 lakh crore assets managed by India’s mutual funds are parked in index funds and ETFs (exchange-traded fund).
How are indices made and what do providers do?
- Indices could be based on different industry sectors, size of companies (small-cap, mid-cap, etc) and quantitative parameters like liquidity and trading volumes
- The weightage assigned to each stock in an index may vary based on their market capitalisation or other gauges that index providers adopt.
- NSE Indices served as the benchmark index for 117 ETFs listed in India and 12 ETFs listed abroad using these products as benchmarks.
- MSCI and other global providers build indices that are used by international fund managers to earmark assets to stocks in different markets.
- The methodologies usually provide for a review of the index composition or cessation of specific indices owing to factors such as exceptional circumstances, market disruptions or difficulty in replicating the indices.
- However, they are not regulated by the Securities Exchange Board of India (SEBI).
What has SEBI proposed?
- Noting the growing dominance of Index Providers due to proliferation of passive funds that drive capital flows towards assets that are part of a particular market index, SEBI has proposed to bring them under its regulatory purview.
- The plan, likely to be implemented soon, includes mandating SEBI registration for index providers and subjecting them to norms pertaining to eligibility criterion, compliance, disclosures and periodic audits.
- Penal action is envisaged by SEBI in case of non-compliance and incorrect disclosures, among other things.
Why SEBI wants to regulate index funds?
- While there is an element of transparency in their functioning, SEBI believes it is possible for index makers to exercise discretion.
- Eg., these index makers can bring changes in methodology resulting in exclusion or inclusion of a stock in the index or change in the weights of the constituent stocks.
- Their decisions not only impact volumes, liquidity and price of such stocks but also impact index funds’ returns to investors.
- Concerned about possibilities of conflict of interest arising in the governance and administration of indices, SEBI has proposed to introduce an accountability mechanism for them.