UPSC Daily Current Affairs

COST INFLATION INDEX FOR FY25

May 30, 2024

The Income Tax Department has announced the Cost Inflation Index (CII) for the financial year 2024-25 (FY25) at 363. The CII is a critical tool used for computing long-term capital gains on the sale of assets, such as immovable property, securities, and jewelry, by adjusting the purchase price to reflect current inflation. UNDERSTANDING THE COST INFLATION INDEX (CII) The CII is based on the Consumer Price Index (CPI) of the preceding year. It adjusts the purchase price of assets to account for inflation, ensuring that taxpaye... Read More...

WIPO TREATY:THE SIGNIFICANCE for INDIA AND THE GLOBAL SOUTH

May 30, 2024

On May 24, 2024, a historic treaty was concluded at the World Intellectual Property Organization (WIPO) headquarters in Geneva, marking a significant achievement for India and the Global South. This treaty focuses on the protection of genetic resources (GRs) and associated traditional knowledge (ATK), providing a robust safeguard against their misappropriation by developed countries and multinational corporations. KEY HIGHLIGHTS OF THE TREATY 1. Protection of Genetic Resources and Traditional Knowledge: The t... Read More...

NATIONAL FINANCIAL REPORTING AUTHORITY (NFRA)

May 30, 2024

What Is NFRA? • The National Financial Reporting Authority (NFRA) is an independent regulator overseeing the auditing profession and Indian Accounting Standards. • It was established under the Companies Act 2013 and began operations in October 2018. Responsibilities: • Recommending accounting and auditing policies and standards in India. • Investigating auditors and audit firms. • Imposing ... Read More...

ISRO:LVM3 COMMERCIALISATION INITIATIVE

May 30, 2024

What Is LVM3? • LVM3 (Launch Vehicle Mark-III) is ISRO’s most powerful rocket, used in Chandrayaan-2 and Chandrayaan-3 missions. • It can carry up to 4-tonne satellites to geostationary orbit and 8-tonne satellites to lower earth orbits. What Is the Commercialisation Plan? • ISRO’s commercial arm, New Space India Limited (NSIL), has invited private firms to manufacture LVM3. • The collaboration will last ... Read More...

GAPING GILL CAVE SYSTEM

May 30, 2024

What Is Gaping Gill? • Gaping Gill is one of the longest and most complex cave systems in the UK, located in the Yorkshire Dales near Ingleborough. • The main shaft is about 365 feet (111 meters) deep, equivalent to the height of St Paul’s Cathedral. What Is Happening This Weekend? • The Bradford Pothole Club is offering the public a chance to be winched down into the cave system from May 25 to 31. &bul... Read More...

WTO AND US–CHINA CLEAN ENERGY DISPUTE

May 30, 2024

What Is the US–China Clean Energy Dispute? • The dispute involves competition between the United States and China in the clean energy sector. • China challenged the US Inflation Reduction Act (IRA) at the World Trade Organization (WTO). Why Is This Important? • Both the US and China are leading economies and major investors in clean energy. • Their competition impacts global efforts to reduce greenhouse gas emi... Read More...

LOAM SOIL:SIMPLIFIER

May 30, 2024

Loam soil is considered the ideal soil type for gardening and agriculture due to its balanced texture and nutrient content. Here’s a comprehensive look at its characteristics, benefits, and uses. Characteristics of Loam Soil: • Composition: Loam soil is a mixture of approximately 40% sand, 40% silt, and 20% clay. • Texture: It has a crumbly texture that retains moisture while allowing good drainage. • Nu... Read More...

SIMPLIFIER:CLIMATE CHANGE UNDER THE LAW OF THE SEA

May 30, 2024

In a landmark ruling, the International Tribunal for the Law of the Sea (ITLOS) has declared that greenhouse gases are considered marine pollution. This judgement mandates countries to take action against climate change to protect the marine environment under the United Nations Convention on the Law of the Sea (UNCLOS). Key Points of the Ruling: • Climate Change as Pollution: The tribunal confirmed that greenhouse gases meet the definition of “pollution” under UNCLOS, obliging states to preve... Read More...

NASA's PACE satellite and climate change

May 30, 2024

Q: What is the PACE satellite? A: PACE (Plankton, Aerosol, Cloud, ocean Ecosystem) is a satellite launched by NASA to study tiny particles in the Earth's atmosphere and oceans. Q: What do these tiny particles do? A: These particles, called aerosols, help form clouds, which affect the climate and weather. Q: Why is it important to study aerosols? A: Aerosols play a big role in shaping our climate, but sci... Read More...

SIMPLIFIER: FDI VS FPI – WHICH ONE IS BETTER

May 30, 2024

WHAT IS FDI? Foreign Direct Investment (FDI) involves a foreign entity investing in another country with the intention of establishing a long-term commercial presence. This usually involves purchasing at least 10% of a foreign company’s shares to obtain a controlling position and management power. There are three main ways to make an FDI: • Creating a joint venture • Through mergers and acquisitions • Establishing a subsidiary company WHAT IS FPI?... Read More...

SIMPLIFIER: GIFT CITY JOURNEY AND CHALLENGES

May 30, 2024

WHAT IS GIFT CITY? GIFT City (Gujarat International Finance Tec-City) is India’s first and only international financial services hub located in Gujarat. It was conceptualized in 2007 and gained significant momentum after being approved as an operational International Financial Services Centre (IFSC) in 2015. WHAT ARE THE KEY MILESTONES IN GIFT CITY’S DEVELOPMENT? • 2007: Inception of GIFT City. • 2014: M... Read More...

SIMPLIFIER: DIRECT AIR CAPTURE (DAC) AND CLIMATE CHANGE

May 30, 2024

WHAT IS DIRECT AIR CAPTURE (DAC)? Direct Air Capture (DAC) is a nascent technology designed to remove CO₂ directly from the atmosphere. The captured CO₂ is then stored underground, effectively reducing the amount of greenhouse gases in the air. HOW DOES DAC WORK? DAC plants consist of modular units with fans and filters that suck in air and extract CO₂. This CO₂ is then compressed and stored underground. The modular nature of DAC plants allows for scalabilit... Read More...

Jupiter's Great Red Spot

May 29, 2024

- What is the Great Red Spot on Jupiter? The Great Red Spot is a huge elliptical-shaped anticyclone — a long-lasting area of high pressure on Jupiter that creates a persistent storm. - How long will Jupiter's Great Red Spot last? Read More...

Waterhole survey: Godawan population rises in Jaisalmer

May 29, 2024

WATERHOLE SURVEY RESULTS In a recent waterhole census, 64 Great Indian Bustards, also known as ‘Godawans,’ were spotted in Jaisalmer district. The survey, conducted from May 23 to May 24, saw 21 birds in the Ramdevra region and 43 in the Sudasari, Gazai Mata, Jamra, Chouhani, Sipla, and Barna areas. WILDLIFE CENSUS DETAILS This annual wildlife census, timed with Vaishakh Purnima, involved 42 water points set up in the Desert National Pa... Read More...

SIMPLIFIER: PASTORALISM AND CLIMATE CHANGE

May 29, 2024

WHAT IS PASTORALISM? Pastoralism is a traditional livelihood system involving the herding of livestock in migratory patterns. It contributes significantly to the economy, culture, and environmental sustainability by providing goods such as milk, meat, fiber, and hides. HOW DOES PASTORALISM CONTRIBUTE TO ENVIRONMENTAL SUSTAINABILITY? Pastoralism plays a crucial role in environmental sustainability through practices that enhance biodiversity, promote carbon sequestrat... Read More...