Daily Current Affairs for UPSC

Daily Current Affairs for UPSC 2023

Q) Recently seen in news, the Carbon Border Adjustment Mechanism in introduced by which one of the following country/group?

ASEAN
China
Russia
European Union

Daily Current Affairs for UPSC – 6 July April 2023

Explanation:

Option (4) is correct: The European Union’s introduction of a Carbon Border Adjustment Mechanism (CBAM) could impede India’s exports of steel, iron ore and cement. In April, the EU approved the world’s first plan to impose a levy on high-carbon goods imports from 2026, aiming to become a net zero emitter of greenhouse gases by 2050. It is a proposed policy that would place a price on the carbon content of certain imported goods. It’s a type of carbon pricing mechanism designed to prevent carbon leakage, which occurs when companies move their operations to countries with weaker climate policies in order to avoid carbon pricing or other climate regulations.

Q) Consider the following statements about National Green Tribunal (NGT):

The NGT is a statutory body that adjudicates cases related to biodiversity conservation.
The chairperson of the NGT is appointed by the Chief Justice of India.
NGT has the powers of a civil court under the Code of Civil Procedure, 1908 and its decisions are binding in nature.

How many of the statements given above is/are correct?

Only one
Only two
All three
None

Explanation:

Statement 1 is correct: National Green Tribunal (NGT) was established in 2010 under the National Green Tribunal Act, 2010 as a specialized judicial body for adjudicating environmental cases in the country. It was formed by replacing the National Environment Appellate Authority. India is the third country in the world after Australia and New Zealand, to setup a specialized environmental tribunal and also the first developing country to do so. The NGT has the power to hear and adjudicate cases related to environmental disputes, including those related to air and water pollution, environmental clearances, biodiversity conservation, and forest conservation.
Statement 2 is incorrect: The Chairperson of the National Green Tribunal (NGT) is appointed by the Central Government of India in accordance with the Chief Justice of India. A Selection Committee is formed by the central government of India for the appointment of Judicial Members and Expert Members.
Statement 3 is correct: The NGT has the power to seek the assistance of experts in various fields, including environmental science, to help it make informed decisions. The NGT has both civil and criminal jurisdiction, and it can impose fines and penalties on those found guilty of environmental offenses. The decisions of the Tribunal are binding and the Tribunal’s orders are enforceable as the powers vested are the same as in a civil court under the Code of Civil Procedure, 1908.

Q) With reference to Foreign Direct Investment (FDI), consider the following statements:

FDI refers to the investment made by the government of one country in assets located in another country.
FDI proposals involving total foreign equity inflows of more than Rs 50 billion are approved by the Ministry of Finance.
The gross inward FDI in India has increased by nearly ten percent in the financial year 2023.

How many of the statements given above is/are correct?

Only one
Only two
All three
None

Explanation:

Statement 1 is correct: Foreign Direct Investment (FDI) refers to the investment made by individuals, companies, or governments from one country into businesses or assets located in another country. In FDI, the investor acquires a lasting interest in an enterprise operating in a foreign country. FDI can involve establishing a new business, merging with an existing business, or acquiring shares in a foreign company. FDI plays a significant role in the global economy as it facilitates the flow of capital, technology, and expertise between countries.
Statement 2 is incorrect: The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry is the nodal department for the formulation of the Government’s policy on Foreign Direct Investment (FDI). DPIIT is the administrative ministry for FDI proposals by Non-Resident Indians (NRl)/ Export Oriented Units (EOU’s) requiring approval of the Government. FDI proposals involving total foreign equity inflow of more than Rs 50 billion are referred to Cabinet Committee on Economic Affairs (CCEA).
Statement 3 is incorrect: Gross inward foreign direct investment (FDI) in FY23 declined 16.3 per cent on a year-on-year basis to $71 billion from $84.8 billion in FY22. According to the present FPI policy, investment up to 10% shareholding by a single foreign investor in an Indian firm is FPI. More than 10% shareholding will be considered as FDI.

Q) Consider the following statements about Jagannath Temple:

It was built by Anantavarman of the Chodaganga dynasty.
The idols located here are carved out of wood rather than stone.
The main temple is built in such a way so that it never casts a shadow on the ground during any part of the day.

How many of the statements given above is/are correct?

Only one
Only two
All three
None

Explanation:

Statement 1 is correct: The Jagannath Temple rath yatra has just been concluded in Odisha. Odisha is known as the land of Lord Jagannath (literally meaning the Lord of the Universe). The Jagannath Temple at Puri is one of the most revered Vaishnava sites of worship in India. It is one of the Dhamas (Holiest of the holy place) out of four Dhamas i.e. Puri, Dwarika, Badrinath & Rameswar, in India. It is one of the oldest Hindu temples to still be in use, its main shrine was built by Anantavarman of the Chodaganga dynasty in the 10^th About 70-80% of the people in the town are dependent on the temple’s economy.
Statement 2 and 3 are correct: A unique feature of the temple is that the idols of the holy trinity are carved out of wood rather than stone or metal idols. They are also the only deity with the trappings of mortality. The temple was in the 19th century, recognised by European sailors as the “white pagoda”. The main temple is constructed in such a way that no shadow of the temple falls on the ground at any time of the day. There are many festivals and rituals associated with the Lord, we list a couple. Devasnana Purnima is the annual bathing ritual, where the holy trinity has brought out from their sanctum on seated in a raised platform and bathed with purified water drawn from a well within the temple premises. Chariot Festival happens during the month of June/July. During the festival, the Lord comes out to the street to greet his devotees, people irrespective of caste; creed and colour can seek his blessings.

Q) With reference to Competition Commission of India (CCI), consider the following statements:

The members of the CCI are appointed by the Central Government.
The orders of the CCI can be appealed before the National Company Law Appellate Tribunal.

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: The Competition Commission of India (CCI) is a statutory body. Itwas established in 2009 by Government of India under the Competition Act, 2002 for the administration, implementation, and enforcement of the Act. CCI consists of a chairperson and 6 Members appointed by the Central Government. It should be noted that on the recommendations of Raghavan committee, the Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act) was repealed and replaced by the Competition Act, 2002. CCI is a quasi-judicial body.
Statement 2 is correct: CCI has been called a ‘Toothless regulator’ by critics as most of the orders of the CCI are under appeal before the National Company Law Appellate Tribunal (NCLAT) or under challenge in the high courts or the Supreme Court. The Union Government is pushing infrastructure growth to scale up demand, hence there is a possibility of threat from cartelisation. Input costs are rising despite India having a huge capacity to cater to both domestic and export demands. There is a global shortage of commodities due to the pandemic and war in Eastern Europe, hence, the supply chain has been adversely affected. There is a need to ensure that there are no monopolistic/duopolistic tendencies leading to price rise and supply side manipulations. In spheres such as telecom, internet and big-technology, CCI’s functions also overlap with other regulatory bodies such as the Telecom Regulatory Authority of India (TRAI).