News In Short-03-10-2024

Arun River Basin Contributing to Rise in Mt Everest

Syllabus: GS1/ Geography

Context

• A recent study suggests that Mount Everest’s height may be increasing due to the erosion of the Arun River, located near the base of the Himalayas. 

About

• Arun River, located approximately 75 kilometers from Everest, carves the surrounding landscape and  reduces pressure on the Earth’s crust.
• This erosion is linked to an isostatic rebound, a process that pushes the Earth’s crust upward as material is removed, allowing Mount Everest and its neighboring peaks to grow.
  • Everest is rising at a rate of about two millimeters per year. 
• The Role of Plate Tectonics: The primary force behind the rise of Everest remains the tectonic collision between the Indian and Eurasian plates—an event that began around 40 to 50 million years ago.

Arun River – It is a transboundary river in the Himalayas, flowing through Tibet, Nepal, and India. – It originates from the Tibet Autonomous Region of China, where it is known as the Phung Chu or Bum-chu River. – After flowing through Nepal, it joins the Koshi River, which eventually merges into the Ganges in India.

Source: IE

Lal Bahadur Shastri Jayanti

Syllabus: GS 1/History 

In News

• The Prime Minister paid tribute to former PM Shri Lal Bahadur Shastri on his birth anniversary. 

Lal Bahadur Shastri

• Early Life: Born on October 2, 1904, in Mughalsarai, Uttar Pradesh.
• Education and Influence: Became interested in India’s freedom struggle, inspired by Mahatma Gandhi’s views on Indian princes and British rule.
• Participation in Freedom Struggle: At age 16, he joined the Non-Cooperation Movement, abandoning his studies despite family disapproval.
  • He joined Kashi VidyaPeeth, where he engaged with nationalists and intellectuals; earned the title “Shastri.”
  • He participated fervently in the Salt March in 1930 and led several campaigns against British rule.
    • Imprisoned for a total of seven years due to his activism.
• Post-Independence Roles: Recognized for his dedication and competence; appointed as Parliamentary Secretary in Uttar Pradesh in 1946, later becoming Home Minister.
  • Held various ministerial portfolios in the Union Cabinet, including Railways, Transport, and Home Affairs.
  • He resigned as Minister for Railways after a major accident, showcasing his accountability and integrity.
  • He contributed significantly to the Congress Party’s success in the General Elections of 1952, 1957, and 1962 through his organizational skills.
• Legacy and Values: Known for his integrity, humility, and inner strength; recognized as a leader who understood the needs of the people.
  • Influenced by Mahatma Gandhi’s teachings, he emphasized hard work and moral values, embodying the best of Indian culture.
  • He led India toward progress with a vision rooted in the principles of hard work and dedication to the nation.

Source: PIB

STARS Program

Syllabus :GS 2/Education

In News

• At the opening ceremony of the workshop for the STARS project, the School Education Minister emphasized the importance of continuously improving the education system to lay a foundation for a developed India by 2047.

About  Strengthening Teaching-Learning and Results for States (STARS) program 

• It was approved by the Cabinet in October 2020 as a centrally sponsored scheme. It became effective on February 23, 2021, following the signing of the Loan Agreement, and will be implemented for five years, until FY 2024-25

• It supports reform to improve the quality and governance of school education in the states of Himachal Pradesh, Kerala, Madhya Pradesh, Maharashtra, Odisha, and Rajasthan. 
• It focuses on strengthening early-years education, learning assessment systems, teacher performance and classroom practice, school-to-work transition and governance and decentralized management for improved service delivery.
• It is aligned with the Government of India’s Samagra Shiksha scheme
• It  is supporting the operationalization of key tenets of the National Education Policy (NEP) 2020. 

Source :TOI 

India-Germany Military Cooperation Sub Group Meeting

Syllabus :GS 2/IR

In News

• The 17th edition of the India-Germany Military Cooperation Sub Group (MCSG) meeting took place on October 1-2, 2024, in Berlin, Germany. 

About India-Germany Military Cooperation Sub Group (MCSG) 

• The MCSG serves as a forum for boosting defense collaboration through regular strategic and operational discussions between India’s Integrated Defence Staff and Germany’s Armed Forces International Cooperation Department. 
• The meeting was co-chaired by representatives from both countries, including the Deputy Assistant Chief of Integrated Defence Staff from India and the Deputy Director from Germany.
• The discussions aimed to enhance bilateral military cooperation and strengthen ongoing defense engagements.
  • The meeting was conducted in a friendly and cordial atmosphere. 

Source:PIB

India’s Core Sectors Slipped

Syllabus: GS3/Economy

Context

• As per the data released by the Commerce Ministry, the index of eight core industries fell by 1.8% annually in August compared with a 6.1% gain in July.

About

• Only two of the eight sectors, fertilisers and steel, reported a sequential rise in production in August. 
• The output of coal, crude oil, natural gas, refinery products, cement and electricity all contracted.
• The ICI (index of eight core industries) gives an indication of the production performance of the industries which are of a ‘core’ nature and measures the individual and collective performances of the production in these eight core industries.

What are the Core Sector Industries?

• These core industries are considered as main or key industries of the economy and serve as the backbone of all other industries.
• The eight-core sector industries include coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity.
• The eight core industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

Source: BS

Dharti Aaba Janjatiya Gram Utkarsh Abhiyan (DAJGUA).

Syllabus: GS2/Governance

Context

• The Prime Minister launched the Dharti Aaba Janjatiya Gram Utkarsh Abhiyan (DAJGUA).

About

• The scheme is launched for improving the socio-economic condition of tribal communities, by adopting saturation coverage for tribal families in tribal-majority villages and aspirational districts.
• The Abhiyan will cover around 63,843 villages benefitting more than 5 crore tribal people in all tribal majority villages and aspirational blocks in 30 States/UTs.
• It envisions saturation of critical gaps in social infrastructure, health, education, livelihood. 
• The Mission comprises 25 interventions which will be implemented by 17-line ministries.
  • Each Ministry/Department would be responsible for implementation of schemes related to it in a time bound manner through funds allocated to them under the Development Action Plan for Scheduled Tribes (DAPST) in the next 5 years.

Source: PIB

The Insolvency and Bankruptcy Board of India (IBBI)

Syllabus: GS3/Economy

Context

• The Insolvency and Bankruptcy Board of India (IBBI) celebrated its Eighth Annual Day on 1st October, 2024.

About

• It is a statutory body established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016 (Code). 
• Functions: Its primary role is to oversee the insolvency and bankruptcy processes in India, ensuring a more efficient resolution of financial distress and the protection of stakeholder interests.
  • It regulates insolvency professionals, agencies, and information utilities, ensuring they adhere to ethical and professional standards.
  • The board formulates policies related to insolvency and bankruptcy, promoting a uniform framework for such proceedings across India.

Source: PIB

SEBI Tightens Futures and Options (F&Os) Rules

Syllabus: GS3/ Economy

Context

• The Securities and Exchange Board of India (SEBI) tightened the norms for equity derivatives (F&Os or futures and options) trading by raising the entry barrier 

About

• SEBI announced a set of six measures which include;
  • Increasing the contract size for index futures and index options to Rs 15 lakh from the present contract size between Rs 5 lakh and Rs 10 lakh,
  • Rationalization of weekly index derivatives products by allowing each exchange to provide a contract for only one of its benchmark index with weekly expiry,
  • Upfront collection of option premium from options buyers, 
  • Intraday monitoring of the position limit,
  • Increase in tail risk coverage, or the chance of a loss occurring due to a rare event, on the day of options expiry, and 
  • Removal of calendar spread treatment on the expiry day.

Futures and Options (F&Os) – F&Os are derivative contracts that derive their value from underlying assets that include stocks, commodities, currencies etc.  – Based on their expectation of future price movement, investors enter into a contract to buy or sell the asset in ‘lots’ (a lot has multiple units of the asset) by paying a small margin amount. Futures Contracts – A futures contract is a standardized agreement between two parties to buy or sell an asset at a specific future date for a predetermined price. – Both buyer and seller are obligated to execute the contract on the specified future date. – Investors pay only a margin (a fraction of the total value) upfront, not the full cost of the underlying asset. – Underlying Assets: Stocks, commodities, currencies, etc. Options Contracts – An options contract gives the buyer the right, but not the obligation, to buy (call option) or sell (put option) an asset at a pre-set price before or on the contract’s expiration date. – The buyer of the option has the flexibility to exercise the contract if it benefits them, or let it expire if not. 1. The buyer pays a premium for this right.

Source: IE

Fluorescent nanodiamonds (FNDs)

Syllabus :GS 3/Science and Tech

Context

• In a recent study published in Nature Communications, physicists from Purdue University in the U.S. reported floating fluorescent nanodiamonds (FNDs) in a high vacuum and spinning them very fast. 

About

• It paves the way for FNDs multiple applications in industry, especially as sensors, and in fundamental research.

What are FNDs?

• They are nanometre-sized diamonds made of carbon nanoparticles, produced in a high temperature and high pressure process. 
• FNDs are stable under light and aren’t toxic to living things, so they have many applications in high-resolution imaging, microscale temperature sensing, and correlative microscopy, among others. 
• In biology, scientists use FNDs to track cells and their progeny over long periods.

Source: TH

Integrated Defence Staff (IDS) 

Syllabus: GS3/ Defence

Context

• Headquarters, Integrated Defence Staff (IDS) celebrated its 24th Raising Day on October 01, 2024. 

About

• The HQ IDS was raised on October 01, 2001 as a Tri-Service entity with the motto of ‘Victory through Jointness’.
• Objective: To provide an institutional framework for managing defence at a higher level, and integrate the three Services and other relevant elements in the quest of credible and comprehensive national power.

key milestones under the aegis of HQ IDS

• Adoption of Integrated Capability Development System 
• Joint Communication Architecture for seamless integration of defence networks and exploitation of data, 
• Tri-services Satellite Earth Stations & integration of NavIC with IRNSS, 
• Joint Doctrines on CyberSpace Operations and Amphibious Operations etc.

Source: PIB