Daily Current Affairs for UPSC – 22 December 2022

Daily Current Affairs for UPSC 2022

Q) Which one of the following lakes is the furthest east in North America?

1. Lake Erie
2. Lake Michigan
3. Lake Huron
4. Lake Ontario

Daily Current Affairs for UPSC – 21 December 2022

Explanation:

• Option (4) is correct: The Great Lakes are a series of interconnected freshwater lakes located in northeastern North America, on the Canada–United States border. The Great Lakes are believed to have been born some 20,000 years ago, when the Earth started to warm and water from melting glaciers filled the basins on its surface.  They connect to the Atlantic Ocean via the St. Lawrence Seaway and the Gulf of the St. Lawrence.  The Great Lakes from west to east are Lake Superior, Lake Michigan, Lake Huron, Lake Erie and Lake Ontario. Except for Lake Michigan, the lakes provide a natural border between Canada and the United States. Lake Superior is entirely a freshwater body, rendering it the largest freshwater lake in the world. Lake Huron is the second largest of the Great American Lakes after Superior. It is both the deepest and most voluminous of the Great Lakes of North America. Lake Michigan is the fourth largest lake in the world. It is also the largest lake contained within one country. Lake Erie is the smallest of the Great Lakes by volume, the shallowest and second-smallest in surface area. Presently, the Great Lakes contain a fifth of the world’s total freshwater, and is a crucial source of irrigation and transportation.

Q) With reference to Global Minimum Tax (GMT), consider the following statements:

1. GMT aimsto check corporate profit shifting and tax base erosion.
2. A GMT of 20 percent will be applicable on the Multinational Enterprises working in India.
3. GMT is in accordance with the global tax agreement framed by the Organisation for Economic Cooperation and Development in 2021.

Which of the statements given above are correct?

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

Explanation:

• Statement 1 is correct: AGlobal Minimum Tax (GMT) applies a standard minimum tax rate to a defined corporate income base The framework of GMT aims to discourage nations from tax competition through lower tax rates that result in corporate profit shifting and tax base erosion.
• Statement 2 is incorrect: Members of the European Union has recently agreed in principle to implement a minimum tax of 15% on Multinational Enterprises. India has not yet implemented GMT on Multinational Enterprises.
• Statement 3 is correct: Global Minimum Tax (GMT) is in accordance with Pillar 2 of the global tax agreement framed by the Organisation for Economic Cooperation and Development (OECD) in 2021. In 2021, 136 countries had agreed on a plan to redistribute tax rights across jurisdictions and enforce a minimum tax rate of 15% on large multinational corporations. It aims to ensure that big businesses with global operations do not benefit by domiciling themselves in tax havensin order to save on taxes. The minimum tax and other provisions aim to put an end to decades of tax competition between governments to attract foreign investment.

Q) Consider the following statements about Mission Amrit Sarovar:

1. It focuses on proper utilization of the soil excavated from the water bodies to boost infrastructural projects.
2. It is a central sponsored scheme financed by the Ministry of rural development.

Which of the statements given above is/are not correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 nor 2

Explanation:

• Statement 1 is correct: The Mission Amrit Sarovar focuses on water conservation, people’s participation and proper utilization of soil excavated from the water bodies to boost infrastructural projects. The Mission Amrit Sarovar had initially planned a target to construct or rejuvenate 50,000 Amrit Sarovar ponds across India till 15th August 2023. Now, additional 50,000 Amrit Sarovar ponds will be constructed by 15th August 2023.  Every district of the country will construct or rejuvenate at least 75 Amrit Sarovars. Every Amrit Sarovar will have a pondage area of at least 1 acre with a water holding capacity of about 10,000 cubic metre. Every Amrit Sarovar will be surrounded by trees like Neem, Peepal and Banyan etc.
• Statement 2 is incorrect: There is no separate financial allocation for Mission Amrit Sarovar. It works through the States and Districts with convergence from various ongoing schemes such as Mahatma Gandhi National Rural Employment Guarantee Scheme (Mahatma Gandhi NREGS), 15th Finance Commission Grants, Pradhan Mantri Krishi Sichayi Yojna sub schemes such as Watershed Development Component, Har Khet ko Pani, besides States’ own scheme. Public contribution like crowd funding and Corporate Social Responsibility is also allowed for the work. Involves participation from the Ministry of Rural Development, Ministry of Jal Shakti, Ministry of Culture, Ministry of Panchayati Raj, Ministry of Environment, Forest & Climate Change and technical organizations.

Q) Consider the following statements about the formation of fog:

1. The fog is a cloud with its base at or very near the ground.
2. The occurrence of western disturbances is one of the factors contributing to fog formation in northwestern India.

Which of the statements given above is/are correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 nor 2

Explanation:

• Statement 1 is correct: The fog is a cloud with its base at or very near to the ground it forms when the temperature of an air mass containing a large quantity of water vapour falls all of a sudden, condensation takes place within itself on fine dust particles. Fog begins to form in the early hours of the morning, when the temperature is at its lowest. Areas near water bodies, for instance, may see denser fog because of the higher humidity.
• Statement 2 is correct: Fog formation in North-western India is influenced by Western Disturbances (WD). It can result in increased moisture levels over the region. WD’s are the storms that originate in the Mediterranean Sea and bring moisture-bearing winds to northwest India.

Q) With reference to Purse Seine fishing, consider the following statements:

1. This method of fishing uses a wide net to draw in fish.
2. In this method, no contact with the seabed is made.
3. It was recently banned by the Union government due to ecological concerns.

Which of the statements given above is/are correct?

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

Explanation:

• Statement 1 is correct: In Purse Seine Fishing a vertical net ‘curtain’ is used to surround the school of fish, the bottom of which is then brought together to enclose the fish, rather like tightening the cords of a drawstring purse. This mode of fishing uses a wide net to draw the targeted fishes.
• Statement 2 is correct: Purse Seine Fishing is generally considered to be an efficient fishing method. It has no contact with the seabed and can have low levels of bycatch. Purse seining is a non-selective fishing method that captures everything that it surrounds, including protected species. Sea turtles can be captured by a purse seine as it is set and then become entangled in the net mesh as it is hauled in.
• Statement 3 is incorrect: The Union government has objected to the ban imposed by certain coastal states on Purse Seine fishing. The fishing method is prohibited by several States and Union Territories, including Tamil Nadu, Kerala, Puducherry, Odisha, Dadra and Nagar Haveli and Daman and Diu Andaman and Nicobar Islands in their respective territorial waters of up to 12 nautical miles. There is no ban imposed by the Union government on Purse Seine fishing.

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