Syllabus

• Prelims – Current Event

Context: Greek PM Kyrios Mitsotakis emphasises the need to proceed ahead with IMEC despite conflict in middle east.

Background:-

• Despite the Israeli war in Gaza “destabilising” plans for the India-Middle East Economic Corridor (IMEC), India and Greece should persevere with the project said Greek Prime Minister Kyrios Mitsotakis.He also also inaugurated the annual Raisina Dialogue in New Delhi on February 21.
• IMEC was announced during G20 meeting in New Delhi.

About India-Middle East Economic Corridor (IMEC)

• The India-Middle East-Europe Economic Corridor (IMEC) is a planned economic corridor that aims to bolster economic development by fostering connectivity and economic integration between Asia, the Persian Gulf, and Europe.

Key Features of IMEC

• The proposed IMEC will consist of Railroad, Ship-to-Rail networks, and Road transport routes extending across two corridors: The East Corridor (connecting India to the Arabian Gulf) and The Northern Corridor (connecting the Gulf to Europe).
• The IMEC corridor will also include an electricity cable, a hydrogen pipeline, and a high-speed data cable.
• Signatories include India, the US, Saudi Arabia, UAE, the European Union, Italy, France and Germany.
• Ports to be connected include Mundra and Kandla in Gujarat, and Jawaharlal Nehru Port Trust in Navi Mumbai in India; Fujairah, Jebel Ali, and Abu Dhabi in the UAE; Dammam and Ras Al Khair ports in Saudi Arabia; Haifa port in Israel; and Piraeus port in Greece, Messina in South Italy, and Marseille in France.
• IMEC is seen as a potential counter to China’s Belt and Road Initiative (BRI) in the Eurasian region.
• It can serve to counterbalance China’s growing economic and political influence, especially in regions with historically strong ties to the U.S.

Source: The Hindu

Syllabus

• Prelims – Economy

Context: Fresh measures to curb unauthorised online lending apps’ operations could be on the anvil, following deliberations on the issue at the Financial Stability and Development Council (FSDC) chaired by Finance Minister Nirmala Sitharaman on Wednesday.

Background:

• The FSDC, which has all financial sector regulators on board including the Reserve Bank of India, also discussed issues related to macro financial stability and the country’s preparedness to deal with any challenges that may come up.

About Financial Stability and Development Council (FSDC):

• It is non-statutory apex council constituted by the Executive Order in 2010.
• It works under the Ministry of Finance
• The Raghuram Rajan committee (2008) on financial sector reforms first proposed the creation of FSDC.
• It is chaired by the Finance Minister and its members include the heads of all Financial Sector Regulators (RBI, SEBI, PFRDA & IRDA), Finance Secretary, Secretary of Department of Economic Affairs (DEA), Secretary of Department of Financial Services (DFS), Chief Economic Adviser, Secretary of Department of Electronics and Information Technology, Chairperson of the Insolvency and Bankruptcy Board of India (IBBI) and the Revenue Secretary.
• The Council can invite experts to its meeting if required.

Functions:

• To strengthen and institutionalize the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development.
• To monitor macro-prudential supervision of the economy. It assesses the functioning of the large financial conglomerates.

Source: The Hindu

Syllabus

• Mains – GS3

Context:India’s aviation industry has witnessed remarkable growth in recent years. However, this rapid expansion has also highlighted critical issues including a severe shortage of experienced pilots.

Background:

• India’s aviation industry is a collective sector encompassing all aspects of civil aviation within the country. It includes various components, such as airlines, airports, aircraft manufacturing, aviation services, and regulatory authorities.

Status of India’s Aviation Industry:

• India has become the third-largest domestic aviation market in the world. India’s airport capacity is expected to handle 1 billion trips annually by 2023.
• According to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), FDI inflow in India’s air transport sector (including air freight) reached USD 3.73 billion between April 2000 – December 2022.

Challenges/Issues faced by India’s Aviation Industry:

• Many major airports in India, including those in Mumbai and Delhi, face severe congestion, leading to delays and operational inefficiencies. Many major cities are well-connected, and smaller towns and regions often lack adequate airport infrastructure and air connectivity.
• Indian airlines are projected to record a consolidated loss of $1.6 to 1.8 billion in FY24, due to the heavy financial bleeding of Go First, Spice Jet, and Jet Airways.
• High taxes on aviation turbine fuel (ATF) and airport charges contribute to increased operating costs. Some Indian states charge up to 30% taxes on jet fuel, which makes shorter flight routes unprofitable for smaller airlines.
• India’s per capita penetration of domestic air travel (0.13 seats deployed per capita) remains significantly lower than countries like China (0.49) and Brazil (0.57). This indicates the failure of the aviation industry in India to tap the maximum potential of the domestic air market.
• Airlines in India often announce ambitious growth plans without adequately analysing their financial security, infrastructural and personnel requirements. For example- The failure of Kingfisher, Jet Airways, and Go First on account of inflated projections.
• Beyond terrorism and hijacking, security concerns are increasingly associated with cyber threats to aviation infrastructure, which can disrupt operations and compromise passenger data.
• The Aircraft Act, of 1934 and Aircraft Rules, of 1937 have not kept pace with modern technology in aerospace. This has led to increased costs for the industry’s operation and ultimately affected passenger growth.

Government Initiatives to Promote Aviation Sector in India:

• National Civil Aviation Policy, 2016 aims to improve the international footprint of India-based airline services. Airlines can commence international operations, provided they deploy 20 aircraft or 20% of their total capacity (whichever is higher) for domestic operations.
• UDAN Scheme aims to expand access to air travel for Tier 2 and Tier 3 cities and shift the traffic pattern away from Metro routes.
• Open Sky Policy aims to liberalise the aviation sector in India by opening the airport sector to private participation.
• Open Sky Air Service Agreement allows for airlines from the two countries to have an unlimited number of flights as well as seats to each other’s jurisdictions. India has signed these agreements with multiple nations like the US, Greece, Jamaica, Japan, Finland, and Sri Lanka.
• 100% FDI is allowed under the automatic route for greenfield projects, whereas 74% FDI is allowed under the automatic route for brownfield projects.

Source: Financial Express

Syllabus

• Prelims – Science

Context: Two giant exoplanets, each possibly several to tens of times the mass of Earth, crashed into each other.

Background:

• The collision completely liquified the two planets, leaving behind a single molten core surrounded by a cloud of gas, hot rock, and dust. This event is a testament to the brutal nature of the universe and provides a unique opportunity for scientists to study the aftermath of such colossal planetary collisions. The research team is planning to use NASA’s James Webb Space Telescope to further observe this system and what remains of the two worlds.

About Exoplanets:

• Exoplanets are the planets that orbit around other stars located outside our solar system.
• Exoplanets are also called extrasolar planets.
• Most of the exoplanets discovered so far are located in the Milky way galaxy.
• In fact, astronomers have detected a few exoplanets in other galaxies, such as Andromeda and M31.

Key Points about Exoplanets:

• Discovery: The first possible evidence of an exoplanet was noted in 1917, but the first confirmation of detection occurred in 1992.
• Methods of Detection: Transit photometry and Doppler spectroscopy are the most common methods used to detect exoplanets.
• Types of Exoplanets: Some exoplanets are massive, like Jupiter, but orbit much closer to their host star than Mercury does to our Sun. Others are rocky or icy, and many simply do not have analogues in our Solar System.
• Habitable Zone: There is special interest in planets that orbit in a star’s habitable zone, where it is possible for liquid water, a prerequisite for life as we know it, to exist on the surface.
• Future Exploration: The James Webb Space Telescope (JWST) is expected to discover more exoplanets, as well as provide further insight in regard to aspects including their composition, environmental conditions, and potential for life.

Source: Business Today

Previous Year Question

Q1. Which of the following pair is/are correctly matched?

Spacecraft                                  Purpose

1. Cassini-Huygens             Orbiting the Venus and transmitting data to the Earth
2. Messenger                        Mapping and investigating the Mercury
3. Voyager 1 and 2               Exploring the outer solar system

Select the correct answer using the code given below.

1. 1 only
2. 2 and 3 only
3. 1 and 3 only
4. 1, 2 and 3

Syllabus

• Prelims – Environment

Context: In a significant move towards boosting India’s renewable energy sector, the Indian Renewable Energy Development Agency Ltd. (IREDA) has unveiled plans to establish a subsidiary aimed at the retail market.

Background:

• The proposed subsidiary will focus on facilitating projects in areas such as Rooftop Solar, PM-KUSUM, Electric Vehicles, and other Business-to-Consumer (B2C) segments, contingent upon the approval from the Government of India.

About INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LTD. (IREDA)

• The Indian Renewable Energy Development Agency Ltd. (IREDA) is a state-owned non-banking finance company that develops renewable energy and energy conservation projects.
• It provides financial support to projects for generating electricity through new and renewable resources.
• It provides loans, equity funding, and grants to renewable energy and energy efficiency projects in India.
• It also collaborates with other banks and financial institutions for co-lending and loan syndication.
• It functions under the Ministry of New and Renewable Energy (MNRE).
• It was established in 1987 and awarded the status of “Mini Ratna” (Category-I) in 2015.
• Its motto is “Energy for Ever”.
• It finances all renewable energy technologies and value chain such as solar, wind, hydro, bio-energy, waste to energy, energy efficiency, e-mobility, battery storage, biofuel, and new and emerging technologies.

Renewable Energy Projects in India

• Renewable energy is the energy that comes from natural sources such as sunlight, wind, water, and biomass.
• Renewable energy projects aim to harness these sources to generate electricity, heat, or fuel in a sustainable and environmentally friendly way.
• India is one of the leading countries in renewable energy, with a target of achieving 500 GW of renewable energy capacity by 2030.
• As of December 2023, India’s installed renewable energy capacity (including large hydro) was 179.57 GW, which is about 42% of the country’s total capacity.
• India stands 4th globally in Renewable Energy Installed Capacity, 4th in Wind Power capacity and 5th in Solar Power capacity as per International Renewable Energy Agency – Renewable capacity statistics 2023.

Some of the major renewable energy projects in India are

• Puga Geothermal Energy Project in Ladakh
• Bhadla Solar Park in Rajasthan
• Muppandal Wind Farm in Tamil Nadu
• Koyna Hydroelectric Project in Maharashtra

Source: Economic Times

Syllabus

• Prelims – Polity

Context: An Indian delegation is set to leave for London in an effort to seal the free trade agreement with the UK, as dates for the general elections are expected to be announced in less than a month, which will trigger the Model Code of Conduct (MCC).

Background:

• For the previous general elections in 2019, the MCC had come into force in the first half of March, and its presence may impede the Central Government’s ability to provide commitments in any FTAs till a new regime is sworn in post-elections.

About MODEL CODE OF CONDUCT (MCC)

• The Model Code of Conduct (MCC) is a set of guidelines issued by the Election Commission of India (ECI) for the conduct of political parties and candidates during elections.
• The MCC aims to ensure free and fair elections and to prevent any misuse of power or resources by the ruling party or government.
• As per the Election Commission of India, the model code of conduct was first observed during the 1960 polls (Kerala State Election) and since 1991 it has become an integral part of Indian election.
• The MCC comes into force from the date the election schedule is announced until the date that results are out.
• The MCC is not legally binding, but the ECI can take action against the violators under the Representation of the People Act, 1951 and the Indian Penal Code, 1860.
• The ECI can also use its constitutional powers under Article 324 to issue orders and directions to ensure compliance with the MCC.

Sources : CNBC

Q1.)With reference to the Model Code of Conduct (MCC) which of the following statements is not correct?

1. The Model Code of Conduct is a set of guidelines issued by the Union Government of India.
2. The MCC comes into force as soon as the election schedule is announced by the Election Commission of India and remains in effect till the end of the election process.
3. The MCC is not enforceable by law.
4. ECI can take action against the violators under the Representation of the People Act, 1951.

Q2.)Consider the following pairs:

Renewable energy projects                                        States

1. Puga Geothermal Energy Project              Himachal Pradesh
2. Bhadla Solar Park                                         Rajasthan
3. Muppandal Wind Farm                                  Kerala
4. Koyna Hydroelectric Project                        Maharashtra

How many of the above are correctly matched?

1. Only one
2. Only two
3. Only three
4. All four

Q3.) Consider the following devices:

1. European Southern Observatory’s Very Large Telescope (ESO’s VLT)
2. Kepler Space Telescope
3. Transiting Exoplanet Survey Satellite (TESS)
4. James Webb Space Telescope

How many of the above are designed to find out Exoplanets?

1. Only one
2. Only two
3. Only three
4. All four

Comment the answers to the above questions in the comment section below!!

ANSWERS FOR ’  22nd February  2024 – Daily Practice MCQs’ will be updated along with tomorrow’s Daily Current Affairs.st

Q.1) – c

Q.2) – d

Q.3) – b