Daily Current Affairs for UPSC

Daily Current Affairs for UPSC 2023

Q) Which one of the following statements is not correct about New Development Bank (NDB)?

Its headquarters are located in Shanghai.
It mobilizes resources for sustainable development projects.
It is an observer at the United Nations General Assembly.
Iran and Paraguay are its new member countries.

Daily Current Affairs for UPSC – 25 March 2023

Explanation:

Option (1) is correct: New Development Bank (NDB) is a multilateral financial institution set up by the five BRICS (Brazil, Russia, India, China, South Africa) countries. NDB’s work complements the efforts of multilateral and regional financial institutions, toward global growth and development. NDB’s headquarters are located in Shanghai, China.
Option (2) is correct: NDB was established with the purpose of mobilising resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries.
Option (3) is correct: Former Brazilian President Dilma Rousseff has been “unanimously elected” as the head of New Development Bank (NDB). In 2018, the NDB received observer status in the United Nations General Assembly, establishing a firm basis for active and fruitful cooperation with the UN.
Option (4) is incorrect: In 2021, NDB initiated membership expansion and admitted Bangladesh, Egypt, United Arab Emirates and Uruguay as its new member countries. India’s K.V. Kamath was elected the first president of the bank. The NDB has so far approved $7.2 billion for over 20 projects in India.

Q) Consider the following statements about ‘OneWeb Constellation’:

It uses low-earth orbit satellites to provide greater coverage for broadband internet access.
New Space India Limited has collaborated with OneWeb to launch satellites under the OneWeb India-2 Mission.
The Polar Satellite Launch Vehicle was used to launch the OneWeb satellites into orbit.

Which of the statements given above is/are correct?

1 and 2 only
1 and 3 only
2 and 3 only
1, 2 and 3

Explanation:

Statement 1 is correct: OneWeb Constellation is a satellite constellation being built by OneWeb, which aims to provide broadband satellite Internet services. OneWeb (legally Network Access Associates Ltd) is a UK based communications company. The constellation uses low earth orbit (LEO) satellites to provide broadband internet access instead of the traditional method of using satellites placed in geostationary orbits (GEO).
Statement 2 is correct: In its second commercial launch, Indian Space Research Organisation (ISRO)’s LVM-3 (Launch Vehicle Mark 3) successfully placed 36 OneWeb satellites in low earth orbit (LEO). ISRO’s commercial arm New Space India Limited (NSIL) had signed a contract with OneWeb to launch 72 satellites in two phases. The first set of 36 satellites was launched in LVM3-M2/OneWeb India-1 mission on October 23, 2022.
Statement 3 is incorrect: It is a joint mission between the ISRO and OneWeb, where ISRO’s Launch Vehicle Mark-3 (LVM3) rocket was used to launch 36 OneWeb internet satellites into orbit for the OneWeb satellite constellation. This is OneWeb’s 18th launch, its third this year, bringing the total of OneWeb’s constellation to 618 satellites. OneWeb’s low Earth orbit (LEO) satellites provide greater coverage, speed, and reliability compared to traditional systems. OneWeb aims to provide internet access to remote and under-served areas around the world, bridging the digital divide. OneWeb’s network can be used for disaster relief and emergency communications, providing a reliable means of communication when traditional infrastructure is damaged or unavailable. The Launch Vehicle Mark-3 (LVM3), previously referred as the Geosynchronous Satellite Launch Vehicle Mark III (GSLV Mk3), is a medium-lift launch vehicle developed by the ISRO.

Q) With reference to ‘Vienna Convention on Diplomatic Relations’, consider the following statements:

It is a nearly universally ratified convention that deals with the establishment and termination of diplomatic relations between independent sovereign states.
The diplomats are exempted from both the criminal and civil jurisdiction of the host state.
As per the convention, the host state cannot expel the heads of diplomatic missions of the other member countries.

Which of the statements given above is/are correct?

1 only
1 and 2 only
2 and 3 only
1, 2 and 3

Explanation:

Statement 1 is correct: The Vienna Convention on Diplomatic Relations was adopted in 1961 by the United Nations Conference on Diplomatic Intercourse and Immunities held in Vienna, Austria. It provides a complete framework for the establishment, maintenance and termination of diplomatic relations on a basis of consent between independent sovereign States. It came into force on April 24, 1964 and is nearly universally ratified, with Palau and South Sudan being the exceptions.
Statement 2 is correct: The Vienna Convention on Diplomatic Relations explains the functions of a diplomatic mission, including representing the State, protecting the State, promoting friendly relations between the sending and receiving State. The security of any High Commission or Embassy is the responsibility of the host nation. While diplomatic missions can also employ their own security, ultimately, the host nation is accountable for security. The Convention codifies the longstanding custom of diplomatic immunity. Under this, the diplomatic missions are granted privileges that enable diplomats to perform their functions without fear of coercion or harassment by the host country. Diplomats are exempt from the criminal, civil and administrative jurisdiction of the host State. It is possible for the diplomat’s home country to waive immunity but this can happen only when the individual has committed a ‘serious crime’.
Statement 3 is incorrect: The Vienna Convention on Diplomatic Relations affirms the concept of “inviolability” of a diplomatic mission, which has been one of the enduring cornerstones of international diplomacy. Inviolability means the quality of being safe or protected from attack, infringement, destruction, or interference. As per the Vienna Convention, a “receiving State” refers to the host nation where a diplomatic mission is located. It allows diplomats safe passage and freedom of travel in a host country and accords almost total protection from local lawsuits and prosecution. The host State can prohibit a member of the Sending state (persona non grata) from entering or remaining in the host State. The host State can expel the envoys. This person could be the head of mission, member of the diplomatic staff, or any other member of the mission.

Q) Consider the following statements about ‘Captive investors’:

These are the kind of investors who have put all of their money into one particular company or group of companies.
A captive fund is a publicly pooled investment fund that is managed for selected investors.
Captive investors include venture capital firms that invest in a portfolio of businesses in a certain geographic area.

Which of the statements given above is/are correct?

1 and 2 only
2 only
1 and 3 only
1, 2 and 3

Explanation:

Statement 1 is correct:”Captive investors” refers to individuals, institutions or organizations that invest their funds primarily or solely in a particular company or group of companies. Captive investors are somewhat limited in their investment options, as they are not diversifying their portfolio across a range of companies or sectors. Captive investors may be bound by legal or contractual obligations to invest in a specific entity or group, or they may simply have a preference for investing in a particular industry or company.
Statement 2 is incorrect:A captive fund is a private pooled investment fund that is managed for a select group of investors or in affiliation with a single entity. It is often created for the benefit of an organization’s members or a firm’s employees. These funds are “captive” since they are limited in who can invest and in their transferability. Investors in a captive fund can only cash out by selling shares back to the fund members or administrator. Captive funds can also be created by companies to manage targeted investments, such as venture capital assets invested in private market companies.
Statement 3 is correct:Employees who invest heavily in their employer’s stock or pension plan, as well as venture capital firms or private equity funds that invest in a portfolio of companies within a specific industry or geographic region are the example of captive investors. EPFO subscribers are ‘captive investors’ of two Adani stocks.

Q) Consider the following statements about ‘Nowruz’:

Nowruz is celebrated at the beginning of the first month of the Iranian solar calendar at the spring equinox.
It was recently listed as an intangible cultural heritage of humanity by UNESCO.

Which of the statements given above is/are correct?

1 only
2 only
Both 1 and 2
Neither 1 nor 2

Explanation:

Statement 1 is correct:Nowruz marks the beginning of the Parsi New Year. Nowruz begins on the first day of the Farvardin, the first month of the Iranian solar calendar at the spring equinox, and continues for 12 days. It is also celebrated by the ethnic Iranian population every year in various parts of the world. For the Kurds, Nowruz stands as a symbol of resistance. For Persians, Nowruz is purely a cultural festival.
Statement 2 is incorrect:In India, people visit the Fire Temple, the place of worship of the Parsi community, decorate their houses, prepare delicacies, and perform rituals based on the movements of the sun during the course of the day. Across Central Asia, it is celebrated by weaving Toran, an ornated gateway; Chalk making (similar to the Hindu tradition of making rangolis) Taking around the Loban (frankincense) in the act of ritual purity. United Nations General Assembly proclaimed the International Day of Nowruz in 2010. The festival had also been listed as an Intangible Cultural Heritage of Humanity in 2016. UNESCO describes it as a festival which “promotes values of peace and solidarity between generations and within families as well as reconciliation and neighborliness.”