Daily Current Affairs for UPSC – 4 May 2023

Daily Current Affairs for UPSC 2023

Q) Recently seen on news, the ‘World Press Freedom Index, 2023’, was released by which one of the following statements:

1. World Bank
2. World Economic Forum
3. Reporters without Borders
4. The Institute of World Politics

Daily Current Affairs for UPSC – 3 May April 2023

Explanation:

• Option (3) is correct: India’s rank in the World Press Freedom Index 2023 has witnessed a fall, attaining 161st rank out of 180 countries. Press Freedom Index is an annual report released by Reporters Without Borders (RSF). The index aims to compare the level of press freedom enjoyed by journalists and media in 180 countries and territories. RSF is a Paris-headquartered international NGO whose self-proclaimed aim is to defend and promote media freedom. Calculation is based on five contextual indicators: political context, legal framework, economic context, socio-cultural context and safety. Norway, Ireland and Denmark occupied the top three positions, while Vietnam, China and North Korea made up the bottom three. In India’s neighborhood, Pakistan was placed at 150, while Sri Lanka improved its ranking to 135th this year as against 146th in 2022. According to Reporters Without Borders (RWF), press freedom is defined as “the ability of journalists as individuals and collectives to select, produce, and disseminate news in the public interest independent of political, economic, legal, and social interference and in the absence of threats to their physical and mental safety”.

Q) Consider the following statements about Asian Development Bank (ADB):

1. ADB provides both technical assistance and grants to promote social development.
2. At present, India and China are the largest shareholders of the bank.
3. ADB is the largest source of investment in rupee-denominated bonds.

Which of the statements given above is/are correct?

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

Explanation:

• Statement 1 is correct: Asian Development Bank (ADB) is a regional development bank (ADB) established on 19th December 1966. It is headquartered in Manila, Philippines. It envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific. It aims to eradicate extreme poverty in the region. It assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. It facilitates policy dialogues, provides advisory services, and mobilizes financial resources through financing operations that tap official, commercial, and export credit sources.
• Statement 2 is incorrect: ADB is modelled closely on the World Bank and has a similar weighted voting system where votes are distributed in proportion to members’ capital subscriptions. Among the five largest shareholders are Japan and the United States (each with 15.6% of total shares), the People’s Republic of China (6.4%), India (6.3%), and Australia (5.8%). India was one of the 31 initial member countries.
• Statement 3 is incorrect: Recently, Asian Development Bank (ADB) president has said the bank will explore the option of raising resources via rupee-denominated bonds. They are debt products that aid in the raising of funds in local currency from international investors. These bonds can be issued by both the government and private businesses. These bonds are available to investors from outside India who want to invest in Indian assets.

Q) With reference to National Company Law Tribunal (NCLT), consider the following statements:

1. It is a quasi-judicial body established under the Companies Act 2013.

1. A case cannot be dismissed after the NCLT has granted an insolvency petition under the Insolvency and Bankruptcy Code.

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: Recently, Go First approached the National Company Law Tribunal (NCLT) and sought the admission of its insolvency plea. National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies. The tribunal was established under the Companies Act 2013 and was constituted on 1 June 2016 by the government of India.
• Statement 2 is correct: The benches of the National Company Law Tribunal are headed by a retired judicial member or a High Court judge who is already serving and a Technical member from the ICLS (Indian Corporate Law Service) Cadre. Under the Insolvency and Bankruptcy Code, 2016, the NCLT also serves as the Adjudicating Authority for insolvency proceedings. When the NCLT grants an insolvency petition under the IBC, 2016, the case cannot be dismissed, even if the party agrees to settle. However, the Supreme Court can authorize it by citing Art. 142.

Q) Consider the following statements about Monkeypox (Mpox):

1. It is a zoonotic disease that can transmit from human to human through direct contact with body fluids.
2. Recently, the WHO approved a new vaccine for curbing the spread of Mpox.

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:Mpox/monkeypox is a viral zoonotic disease caused by the monkeypox virus.  Monkeypox virus was initially discovered in lab monkeys in Copenhagen, Denmark, in the year of 1958. The first human case of mpox was recorded in 1970 in the Democratic Republic of the Congo (DRC). Human-to-human transmission of mpox occurs through direct contact with body fluids, lesions, prolonged face-to-face contact, including sexual contact, and indirect contact with contaminated clothing or bedding.
• Statement 2 is incorrect:There are no specific treatments/vaccines for monkeypox virus infection.  The European Union has recommended a Small Pox Vaccine, Imvanex to treat monkeypox. Typically, up to a tenth of people ill with monkeypox may die, with most deaths occurring in younger age groups. Recently, Pakistan’s Punjab province reported its first case of monkeypox, days after the country declared itself free from mpox prompting authorities in Punjab province to take emergency measures.

Q) With reference to ‘Fit for 55’package, consider the following statements:

1. It was recently announced during India’s presidency of the G20.
2. Under this package, the countries of the Group of 20 aimed to reduce net greenhouse gas emissions by at least 50 percent by 2050.
3. As per the package, the power-generating companies have to eradicate their polluting practises by 2050.

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

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

Explanation:

• Statements 1 and 2 are incorrect: The European Parliament has voted to approve a combination of policies as part of the “Fit for 55” package. Fit for 55 refer to the European Union’s target of reducing net greenhouse gas emissions by at least 55% by 2030. The proposed package aims to bring EU legislation in line with the 2030 goal.It plans to reduce greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels in line with the European Climate Law.
• Statement 3 is incorrect: Emissions Trading System includes fully integrating aviation into the mechanism and extending it to cover shipping emissions. It also compels power generators and heavy polluters to curb their pollution by 62 percent by 2030. It establishes a parallel carbon market to cover fossil fuels used to power cars and heat buildings from 2027.

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