VisionIAS Daily Current Affairs 23 May 2024
VisionIAS Daily Current Affairs 23 May 2024
VisionIAS Daily Current Affairs 23 May 2024
PitchBook (private organisation) recently released its 2024 global rankings for the best startup cities.
It ranked Mumbai at 32nd place, Bengaluru at 34th and Gurugram at 48th among the top 50 startup cities globally.
About Startups & its status
It is an entity working towards innovation, development or improvement of products or processes or services, or with a
scalable business model etc.
It should have age less than 10 years and annual turnover not exceeding Rs 100 crore.
Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry recognize business as a
startup.
India has 3rd largest startup ecosystem in the world and record of 114 unicorns as of March 2024.
Unicorn is a startup business worth more than $1 billion.
Promoting factors
Big corporations connecting. Initiatives for Startups
Rich talent pool of skilled engineers, developers, etc. Startup India by DPIIT which aim to build a strong ecosystem
for nurturing innovation and encouraging investments
Digital revolution helped startups to reach a vast and diverse
Atal Incubation Centers by NITI Aayog
consumer base.
Startup Grants - NIDHI Programme by Department of Science
Large demography provides a vast market. & Technology
Significance: MAARG portal - Mentorship, Advisory, Assistance, Resilience
Creation of more than 12 lakh jobs. and Growth of Startup India by DPIIT.
Rise in number of patents by Startups.
Attracting foreign funding, Democratising consumption, etc.
Challenges: Availability of finance, Poor revenue generation, lack of mentorship, tight regulations related to intellectual property
rights, etc.
AHMEDABAD | BENGALURU | BHOPAL | CHANDIGARH | DELHI | GUWAHATI | HYDERABAD | JAIPUR | JODHPUR | LUCKNOW | PRAYAGRAJ | PUNE | RANCHI 1/4
National Green Tribunal’s (NGT’s) Judgement on Coastal Regulation Zone (CRZ)
Southern Bench of the NGT has directed to halt Chennai Shoreline Renourishment and Revitalization Project (includes cycle
track, food court, etc.) in the CRZ II zone, where such activities are prohibited.
The Project aims to get Blue Flag certification for beaches.
Blue Flag Certification is a voluntary globally recognized eco-tag given to environment-friendly & clean beaches marinas
and boats, accorded by Foundation for Environmental Education (FEE).
NGT has directed Authorities to take approval from State Coastal Zone Management Authority before carrying out any activity
on the beaches, besides cleaning and removing encroachments.
About Coastal Regulation Zone (CRZ)
CRZ notification, 1991 issued by the Ministry of Environment, Forest and Climate Change (MoEF&CC) under the Environment
Protection Act, 1986.
Replaced later by the CRZ Notification, 2011 Classification of CRZs
(reviewed by Shailesh Nayak Committee) Ecologically Sensitive Areas like Mangroves, Salt Marshes
and CRZ Notification, 2019. CRZ-IA
etc.
CRZ Notification, 2019 requires states Intertidal zone i.e. area between Low Tide Line and High
CRZ-1B
to update Coastal Zone Management Tide Line.
Plans (CZMPs) created as per the 2011 Constitute the developed land areas up to or close to the
notification. CRZ-II shoreline, within the existing municipal limits or in other
existing legally designated urban areas.
Institutional Mechanism:
National Coastal Zone Management Land areas that are relatively undisturbed (viz. rural areas,
CRZ-III
etc.) and those which do not fall under CRZ-II.
Authority (NCZMA) at the Union.
State/Union Territory Coastal Zone Area between Low Tide Line up to 12 nautical miles on the
CRZ-IVA
seaward side.
Management Authorities (SCZMAs/
UTCZMAs) in every coastal State/UT CRZ-IVB Applicable on Tidal influenced water bodies.
District Level Committees (DLCs) in every
district that has a coastal stretch
About ISA
Objective: A treaty-based intergovernmental organization that is an action-oriented, member-driven, collaborative platform for
increased deployment of solar energy technologies.
Genesis: Jointly launched by India and France in 2015 on the sidelines of COP-21 of the United Nations Framework Convention
on Climate Change (UNFCCC) in Paris.
It was officially established in 2017, with the entry into force of the ISA Framework Agreement.
With the amendment of the Framework Agreement in 2020, all member states of the United Nations are eligible to join the
ISA.
Key Strategy: Guided by the ‘Towards 1000’ strategy. Under it, ISA aims to
Mobilise USD 1,000 billion of investments in solar energy solutions by 2030
Delivering energy access to 1,000 million people
Installation of 1,000 GW of solar energy capacity.
Observer Status of UN: In 2021, the UN General Assembly
Initiatives taken by ISA
conferred Observer Status to the ISA.
One Sun One World One Grid (OSOWOG): Aims to connect
HQ: Gurugram, India different regional grids through a common grid that will be used
to transfer renewable energy power.
Significance of ISA
The Global Solar Facility (GSF): Catalyze solar investments in
Ensuring Just energy transition through solar by facilitating underserved segments and geographies across Africa.
technology transfer, mobilising finance, etc. Solar Technology Application Resource Centre [STAR C]
ISA along with initiatives like Global Biofuels Alliance and Initiative: To support capacity building efforts.
Coalition for Disaster Resilient Infrastructure are mechanisms Development of Large-Scale Solar Power Projects under Solar
for India to assert its soft power. Park Concept in Cluster/Group of ISA Member Countries.
AHMEDABAD | BENGALURU | BHOPAL | CHANDIGARH | DELHI | GUWAHATI | HYDERABAD | JAIPUR | JODHPUR | LUCKNOW | PRAYAGRAJ | PUNE | RANCHI 2/4
Reserve Bank of India (RBI) approves BIMSTEC acquires ‘legal personality’ after
surplus transfer of Rs 2.11 lakh crore to charter comes into force
government for FY24
The Bay of Bengal Initiative for Multi-Sectoral Technical and
The transfer (140% higher than last year) is based on the Economic Cooperation (BIMSTEC) charter was signed and
Revised Economic Capital Framework (ECF). adopted during the 5th summit of the grouping in Sri Lanka,
in 2022.
RBI has also decided to increase the Contingency Risk With the endorsement of the charter by Nepal, all member
Buffer to 6.5% for FY 2023-24 from 6%. states completed the ratification of the foundational
document and the charter came into force on May 20,
About Surplus Transfer and ECF 2024.
As the manager of Government finances, every year, About BIMSTEC Charter
the RBI pays a dividend to Government to help with the BIMSTEC Charter is a foundational document that outlines
the goals, principles, and structure of the BIMSTEC.
Government’s finances from its surplus profit.
Charter confers legal personality on the grouping and
Section 47 of the RBI Act, 1934 mandates that any paves the way for external partnerships and admission of
profits made by the RBI from its operations be sent to observers and new members.
the Centre. About BIMSTEC
Genesis: Established in 1997 with the signing of the
ECF provides a methodology for determining the Bangkok Declaration.
appropriate level of risk provisions and profit distribution
Members: Bangladesh, India, Sri Lanka, Thailand, Myanmar,
to be made under Section 47 of the RBI Act, 1934. Nepal and Bhutan
RBI constituted a Committee headed by Bimal Jalan to Secretariat: Dhaka, Bangladesh
review the 2015-16 ECF in 2018. Purpose: To create an enabling environment for rapid
economic development and social progress and maintain
RBI also has to maintain a CRB within a range of 6.5% peace and stability in the Bay of Bengal region.
to 5.5% of the RBI’s balance sheet. Significance for India
Ways by which RBI earn its profit Give boost to India’s Act East and Neighbourhood First
policy.
Open market operations, wherein a central bank purchases It acts as a bridge between South and SouthEast Asia.
or sells bonds. BIMSTEC would provide an alternative platform especially
after dysfunction of SAARC since 2016.
Interest received from bonds.
Challenges:
Returns from its foreign currency assets. Slow Organizational progress: The charter enforced after
27 years of formation.
Lending to banks for very short tenures Absence of a Free Trade Agreement among BIMSTEC
Contingency Risk Buffer members: Members involved in bilateral, multilateral trade
CRB is a fund kept for unforeseen contingencies like
with non-members.
depreciation of securities values, risks from monetary rate Strained relations between members: Bangladesh-
policy, etc. Myanmar relations over the Rohingya refugee crisis, the
India-Nepal border issue, etc.
Also in News
Ministry of Commerce and Industry shared certain items to Ministry Wildlife authorities in Himachal Pradesh have started a survey to es-
of Finance to address Inverted Duty Structure (IDS). timate the population of the Himalayan ibex along with blue sheep.
About Inverted Duty Structure About Himalayan ibex
Refers to situation where import duties on input goods are higher It is a goat with sweeping horns.
than on finished goods. Habitat: Above the tree line in the Himalayas up to 5500 m, grazes
In other words, the GST rate paid on purchases is more than on alpine pastures but always close to rocky precipitous terrain.
the GST rate payable on sales. Occasionally enters forests.
Impact of IDS: Distribution: Mountains of Pakistan, China, India (Ladakh,
Affects domestic industry, manufacturers’ have to pay high Himachal Pradesh and Jammu and Kashmir), Afghanistan, etc.
price for raw material than on finished products. Conservation status: Schedule I of Wild Life Protection Act (WPA),
Expensive inputs make their products costly and cannot 1972.
compete in the export market.
Taxpayers who face an inverted duty structure will always About Blue Sheep (Bharal)
have Input Tax Credit (ITC) in their GST electronic credit ledger Habitat: Open grassy slopes in high mountains from 2,500-5,500
Creates working capital issues for the taxpayers as their m.
resources remain blocked in the form of Input Tax Credit (ITC) Distribution: Bhutan, China, India, Myanmar, Nepal and Pakistan
due to high input tax. Conservation status: Least Concern (IUCN) and Schedule I of
♦ Also, IDS leads to refund-related issues under the GST WPA, 1972
regime.
AHMEDABAD | BENGALURU | BHOPAL | CHANDIGARH | DELHI | GUWAHATI | HYDERABAD | JAIPUR | JODHPUR | LUCKNOW | PRAYAGRAJ | PUNE | RANCHI 3/4
Geopolitical Recession Shallow Aquifer Management (SAM)
Political scientist Ian Bremmer defines a geopolitical recession SAM pilot models was recently launched in Telangana.
as a situation where established global power frameworks are About SAM:
crumbling.
It is a sustainable urban water management technique
According to him, like economic recession, Geopolitics have
boom and bust cycles, too. It involves drilling shallow water borewells to pump out water.
The underneath layers are recharged during rainfall causing rise
During geopolitical recession, responding to a crisis becomes
in water tables.
significantly more challenging due to the decreased resilience of
political institutions. It is part of Atal Mission for Rejuvenation and Urban
Transformation (AMRUT) scheme of the Ministry of Housing and
Reasons for current geopolitical recession
Urban Affairs
Long-term rise of China and the Global South, combined with
a decline of European and Japanese economic power. National Aquifer Mapping and Management program (NAQUIM)
Tensions over trade between the US and China. aims to characterize aquifers and develop plans for Ground Water
management.
Animal Diplomacy
Wind Shear
Malaysia is aiming to improve its environmental image by putting for-
ward “orangutan diplomacy”, a type of Animal diplomacy. Recently, a plane of Singapore Airlines experienced severe mid-air
About Animal Diplomacy turbulence (irregular motion of the air).
Involves giving or lending animals as a sign of friendship or One of the primary kinds of turbulence is called the Clear-air
turbulence and it is caused by wind shear.
goodwill between countries.
These creatures possess cultural significance or are About Wind shear
indigenous to the country that gifts them. Defined as the change in wind speed, wind direction, or both,
over some distance.
Considered as an element of soft power.
Occurs either horizontally or vertically. Also, it can occur at both
Key Examples: China’s panda diplomacy; Australia’s koala high and low altitude.
diplomacy, etc. Usually associated with the weather phenomenon such as jet
Ethical Concern: Animals are being used as a means (considering streams, mountain waves or temperature inversion layers,
them as an object) to fulfil interest of Nations. thunderstorms etc.
Graphite
Jagannath Temple
Violence has erupted in Kyrgyzstan, with mobs targeting hostels housing students from India, Bangla-
desh and Pakistan.
Political Features
The country is located in Central Asia.
Boundaries: Kazakhstan (Northwest and North), China (East and South) Tajikistan (South) and
Uzbekistan (West).
It is a landlocked country.
Geographical Features
Highest Peak: Victory (Pobedy) Peak
Major Rivers: Syr Darya, Naryn and Chu River
Lake: Ozero Issyk-Kul, second largest saline lake after the Caspian Sea
Natural resources: Gold, Coal, oil and natural gas
AHMEDABAD | BENGALURU | BHOPAL | CHANDIGARH | DELHI | GUWAHATI | HYDERABAD | JAIPUR | JODHPUR | LUCKNOW | PRAYAGRAJ | PUNE | RANCHI 4/4