{"id":43131,"date":"2024-07-08T10:37:54","date_gmt":"2024-07-08T10:37:54","guid":{"rendered":"https:\/\/edukemy.com\/blog\/?p=43131"},"modified":"2024-07-08T10:37:56","modified_gmt":"2024-07-08T10:37:56","slug":"upsc-daily-current-affairs-08th-july-2024-edukemy","status":"publish","type":"post","link":"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/","title":{"rendered":"UPSC Daily Current Affairs &#8211; 08th July 2024 &#8211; Edukemy"},"content":{"rendered":"\n<p>In today&#8217;s daily current affairs briefing for UPSC aspirants, we explore the latest developments that hold relevance for the upcoming civil services examination. Our focus today includes a critical analysis of recent policy changes, international affairs, and national developments, all of which play a pivotal role in shaping the socio-political and economic landscape of India. Stay informed and stay ahead in your UPSC preparations with our daily current affairs updates, as we provide you with concise, well-researched insights to help you connect the dots between contemporary events and the broader canvas of the civil services syllabus.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/edukemy.com\/upsc-current-affairs?utm_source=Blog&amp;utm_medium=Banner&amp;utm_campaign=Current+Affairs\" target=\"_blank\" rel=\"noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1280\" height=\"300\" src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/19.png\" alt=\"\" class=\"wp-image-42406\" srcset=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/19.png 1280w, https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/19-1170x274.png 1170w, https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/19-585x137.png 585w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-69d3d20071868\" class=\"ez-toc-cssicon-toggle-label\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d3d20071868\"  \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Indias_Balance_of_Payments\" title=\"India\u2019s Balance of Payments\">India\u2019s Balance of Payments<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Why_in_the_news\" title=\"Why in the news?\">Why in the news?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#What_is_Balance_of_Payments_BoP\" title=\"What is Balance of Payments (BoP)?\">What is Balance of Payments (BoP)?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Constituents_of_the_BoP\" title=\"Constituents of the BoP:\">Constituents of the BoP:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#How_does_the_BoP_Balance\" title=\"How does the BoP Balance?\">How does the BoP Balance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Why_does_the_RBI_Intervene\" title=\"Why does the RBI Intervene?\">Why does the RBI Intervene?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#How_to_Read_the_RBIs_Q4FY24_BoP_Figures\" title=\"How to Read the RBI\u2019s Q4FY24 BoP Figures?\">How to Read the RBI\u2019s Q4FY24 BoP Figures?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Manufacturing_in_Defence_Hits_Record_High_at_Rs_127_Lakh_Crore\" title=\"Manufacturing in Defence Hits Record High at Rs 1.27 Lakh Crore\">Manufacturing in Defence Hits Record High at Rs 1.27 Lakh Crore<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Why_in_the_News\" title=\"Why in the News?\">Why in the News?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Steps_Taken_by_the_Government_to_Boost_Defence_Manufacturing\" title=\"Steps Taken by the Government to Boost Defence Manufacturing:\">Steps Taken by the Government to Boost Defence Manufacturing:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Defence_Manufacturing_in_FY_2023-24\" title=\"Defence Manufacturing in FY 2023-24:\">Defence Manufacturing in FY 2023-24:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Defence_Exports\" title=\"Defence Exports:\">Defence Exports:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Primary_Agriculture_Credit_Societies\" title=\"Primary Agriculture Credit Societies\">Primary Agriculture Credit Societies<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Why_in_the_News-2\" title=\"Why in the News?\">Why in the News?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#What_is_a_Primary_Agricultural_Credit_Society_PACS\" title=\"What is a Primary Agricultural Credit Society (PACS)?\">What is a Primary Agricultural Credit Society (PACS)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Number_of_PACS_in_India\" title=\"Number of PACS in India:\">Number of PACS in India:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Significance_of_PACS\" title=\"Significance of PACS:\">Significance of PACS:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Challenges_Faced_by_PACS\" title=\"Challenges Faced by PACS:\">Challenges Faced by PACS:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#News_Summary\" title=\"News Summary:\">News Summary:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Karnataka_Bill_Promise_Gig_Workers\" title=\"Karnataka Bill Promise Gig Workers\">Karnataka Bill Promise Gig Workers<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Why_in_the_News-3\" title=\"Why in the News?\">Why in the News?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#What_is_the_Gig_Economy\" title=\"What is the Gig Economy?\">What is the Gig Economy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Who_is_a_Gig_Worker\" title=\"Who is a Gig Worker?\">Who is a Gig Worker?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#What_is_the_Size_of_the_Gig_Economy_in_India\" title=\"What is the Size of the Gig Economy in India?\">What is the Size of the Gig Economy in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#What_is_the_Average_AgeIncome_of_Gig_Workers_in_India\" title=\"What is the Average Age\/Income of Gig Workers in India?\">What is the Average Age\/Income of Gig Workers in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Challenges_Faced_by_Gig_Workers\" title=\"Challenges Faced by Gig Workers:\">Challenges Faced by Gig Workers:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#What_Needs_to_be_Done_in_Order_to_Improve_the_Living_Standards_of_these_Gig_Workers\" title=\"What Needs to be Done in Order to Improve the Living Standards of these Gig Workers?\">What Needs to be Done in Order to Improve the Living Standards of these Gig Workers?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Fiscal_Incentives\" title=\"Fiscal Incentives:\">Fiscal Incentives:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Retirement_Benefits\" title=\"Retirement Benefits:\">Retirement Benefits:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-30\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#The_Rajasthan_Platform-Based_Gig_Workers_Registration_and_Welfare_Act_2023\" title=\"The Rajasthan Platform-Based Gig Workers (Registration and Welfare) Act 2023:\">The Rajasthan Platform-Based Gig Workers (Registration and Welfare) Act 2023:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-31\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Key_Features_of_the_Draft_Bill\" title=\"Key Features of the Draft Bill:\">Key Features of the Draft Bill:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-32\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Tax_on_Ultra_High_Net_Worth_Individuals\" title=\"Tax on Ultra High Net Worth Individuals\">Tax on Ultra High Net Worth Individuals<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-33\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Why_in_the_News-4\" title=\"Why in the News?\">Why in the News?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-34\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#What_is_a_Wealth_Tax\" title=\"What is a Wealth Tax?\">What is a Wealth Tax?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-35\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Pros_and_Cons_of_a_Wealth_Tax\" title=\"Pros and Cons of a Wealth Tax:\">Pros and Cons of a Wealth Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-36\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Analysing_the_Proposal_to_Tax_Ultra_High_Net_Worth_Individuals\" title=\"Analysing the Proposal to Tax Ultra High Net Worth Individuals:\">Analysing the Proposal to Tax Ultra High Net Worth Individuals:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-37\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Relevance_of_the_Proposal_for_India\" title=\"Relevance of the Proposal for India:\">Relevance of the Proposal for India:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-38\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Resolution_of_the_Pending_Issues_Between_Telangana_and_Andhra_Pradesh\" title=\"Resolution of the Pending Issues Between Telangana and Andhra Pradesh\">Resolution of the Pending Issues Between Telangana and Andhra Pradesh<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-39\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Why_in_the_News-5\" title=\"Why in the News?\">Why in the News?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-40\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Issues_Pending_Between_Telangana_and_Andhra_Pradesh\" title=\"Issues Pending Between Telangana and Andhra Pradesh:\">Issues Pending Between Telangana and Andhra Pradesh:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-41\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#How_will_the_Issue_be_Handled_by_the_Two_Committees\" title=\"How will the Issue be Handled by the Two Committees?\">How will the Issue be Handled by the Two Committees?<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-42\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Chinas_Ambitions_for_Pan-Asian_Rail_Network\" title=\"China\u2019s Ambitions for Pan-Asian Rail Network\">China\u2019s Ambitions for Pan-Asian Rail Network<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-43\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Why_in_the_news-2\" title=\"Why in the news?\">Why in the news?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-44\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#About_the_ECRL_Project\" title=\"About the ECRL Project :\">About the ECRL Project :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-45\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Chinas_Pan-Asian_Rail_Network_Ambitions\" title=\"China\u2019s Pan-Asian Rail Network Ambitions:\">China\u2019s Pan-Asian Rail Network Ambitions:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-46\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Implications\" title=\"Implications:\">Implications:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-47\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Impact_on_Indias_Interests\" title=\"Impact on India\u2019s Interests:\">Impact on India\u2019s Interests:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-48\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Way_Forward_for_India\" title=\"Way Forward for India:\">Way Forward for India:<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-49\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#CAR-T_Cell_Therapy\" title=\"CAR-T Cell Therapy :\">CAR-T Cell Therapy :<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-50\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Why_in_the_news-3\" title=\"Why in the news?&nbsp;\">Why in the news?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-51\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#About_the_Chimeric_Antigen_Receptor_CAR-T_Cell_Therapy\" title=\"About the Chimeric Antigen Receptor (CAR)-T Cell Therapy:\">About the Chimeric Antigen Receptor (CAR)-T Cell Therapy:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-52\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#How_CAR-T_Cell_Therapy_Cause_Secondary_Cancer\" title=\"How CAR-T Cell Therapy Cause Secondary Cancer:\">How CAR-T Cell Therapy Cause Secondary Cancer:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-53\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#What_are_the_concerns_With_CAR-T_Cell_Therapy\" title=\"What are the concerns With CAR-T Cell Therapy?\">What are the concerns With CAR-T Cell Therapy?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-54\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#ASUSE\" title=\"ASUSE\">ASUSE<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-55\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Why_in_the_news-4\" title=\"Why in the news?\">Why in the news?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-56\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Scope\" title=\"Scope:\">Scope:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-57\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#About_Unincorporated_Enterprises\" title=\"About Unincorporated Enterprises:\">About Unincorporated Enterprises:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-58\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Key_Highlights\" title=\"Key Highlights:\">Key Highlights:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-59\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Significance_of_Unincorporated_Enterprises\" title=\"Significance of Unincorporated Enterprises:\">Significance of Unincorporated Enterprises:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-60\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Challenges_Faced_by_Unincorporated_Enterprises\" title=\"Challenges Faced by Unincorporated Enterprises:\">Challenges Faced by Unincorporated Enterprises:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-61\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Mount_Etna\" title=\"Mount Etna\">Mount Etna<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-62\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Why_in_the_news-5\" title=\"Why in the news?\">Why in the news?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-63\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#About_the_Mount_Etna\" title=\"About the Mount Etna:\">About the Mount Etna:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-64\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#What_are_Volcanoes\" title=\"What are Volcanoes?\">What are Volcanoes?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-65\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Types_of_Volcanoes\" title=\"Types of Volcanoes:\">Types of Volcanoes:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-66\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Eruption_Mechanism\" title=\"Eruption Mechanism:\">Eruption Mechanism:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-67\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Significant_Regions\" title=\"Significant Regions:\">Significant Regions:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-68\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Prediction_of_Volcanic_Eruptions\" title=\"Prediction of Volcanic Eruptions:\">Prediction of Volcanic Eruptions:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-69\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Frequently_Asked_Questions_FAQs\" title=\"Frequently Asked Questions (FAQs)\">Frequently Asked Questions (FAQs)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-70\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Q_What_are_daily_current_affairs\" title=\"Q: What are daily current affairs?\">Q: What are daily current affairs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-71\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Q_Why_is_it_important_to_stay_updated_with_daily_current_affairs\" title=\"Q: Why is it important to stay updated with daily current affairs?\">Q: Why is it important to stay updated with daily current affairs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-72\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Q_Where_can_I_access_daily_current_affairs_information\" title=\"Q: Where can I access daily current affairs information?\">Q: Where can I access daily current affairs information?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-73\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Q_How_can_I_effectively_incorporate_daily_current_affairs_into_my_routine\" title=\"Q: How can I effectively incorporate daily current affairs into my routine?\">Q: How can I effectively incorporate daily current affairs into my routine?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-74\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Q_What_are_some_tips_for_critical_analysis_of_daily_current_affairs\" title=\"Q: What are some tips for critical analysis of daily current affairs?\">Q: What are some tips for critical analysis of daily current affairs?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-75\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#To_get_free_counselingsupport_on_UPSC_preparation_from_expert_mentors_please_call_9773890604\" title=\"To get free counseling\/support on UPSC preparation from expert mentors please call 9773890604\">To get free counseling\/support on UPSC preparation from expert mentors please call 9773890604<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-76\" href=\"https:\/\/edukemy.com\/blog\/upsc-daily-current-affairs-08th-july-2024-edukemy\/#Visit_our_YouTube_Channel_%E2%80%93_Here\" title=\"Visit our YouTube Channel \u2013 Here\">Visit our YouTube Channel \u2013 Here<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Indias_Balance_of_Payments\"><\/span><strong>India\u2019s Balance of Payments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Tags- GS-3 , Economy- Fiscal Policy- BOI<\/strong><\/p><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_in_the_news\"><\/span><strong>Why in the news?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>After a gap of 10 quarters, India\u2019s current account balance posted a surplus of $5.7 billion or 0.6% of gross domestic product (GDP) during the fourth quarter (Jan-Mar) 2024 (Q4FY24) mainly due to a surge in services exports.<\/li><\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXerSh6AlcJZdCUTe5ah-5BLN8_K8FmdXQWvHMJh0niKBWZYdmMOmRN5Mb6aQNN_HsNuGtSv0pLb72vAVVvP4zXVom5nQhc4ovWOKeUZKivEt4oYYFO392aZbSPNEOlP8aPY1hGikRjZwPYX-_kvBgEtXs93c4UPH_b3osJiT6pgr2nzFwewlAw?key=VyYJBkIOkyGBH8gkQnUDqw\" alt=\"Balance of Payments\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" \/><figcaption><strong>Balance of Payments<\/strong><\/figcaption><\/figure><\/div>\n\n\n<ul class=\"wp-block-list\"><li>The country\u2019s current account cannot be understood in isolation, and the larger picture is provided by the so-called \u2018Balance of Payments\u2019.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Balance_of_Payments_BoP\"><\/span><strong>What is Balance of Payments (BoP)?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Understanding the Meaning of BoP:<\/strong><ul><li>BoP summarises all transactions that a country&#8217;s individuals, companies, and government bodies complete (over a defined period) with individuals, companies, and government bodies outside the country.<\/li><li>For example, it shows how much money (in US Dollar or Indian Rupee terms) went out of the country and how much money came into the country.<\/li><li>These transactions could be:<ul><li>Trade (export or import) of goods or services.<\/li><li>Investments (an Indian buying land in the US or an American firm investing in the Indian stock exchanges).<\/li><li>Exchange of loans between Indian and other countries of the world, etc.<\/li><\/ul><\/li><\/ul><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Constituents_of_the_BoP\"><\/span><strong>Constituents of the BoP:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXf3eOjf42C38iW4vytwMUHm9jb5pCVFjELPmLwzoM4oXTIw_WAAgjtDutC5ZBBC0DD4iobGct0R2O1m4tztiAl6ucULak6ZvIZxcma3xtDbrVicJq00TASABr1RfVE6QuRR67J-KIkDnxSY6-jEkhsp1TyP1dLH8TjRRgjG0xj5Gr6rfcsuVik?key=VyYJBkIOkyGBH8gkQnUDqw\" alt=\"BOP\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" \/><figcaption>BOP<\/figcaption><\/figure><\/div>\n\n\n<ul class=\"wp-block-list\"><li>All possible transactions are divided into two main accounts &#8211; the Current Account and the Capital Account.<ul><li><strong>Current Account:<\/strong><ul><li>It refers to all transactions that are related to current consumption and is further divided into:<ul><li>Trade Balance (the export and import of physical goods).<\/li><li>Invisibles Trade (trade in services, e.g., banking, IT, tourism, etc).<\/li><\/ul><\/li><li>As seen from the table, India had a trade deficit (import&gt;export) but a surplus in the Invisibles trade.<\/li><li>However, since the trade deficit was bigger than the surplus on the Invisibles trade, the overall current account of India is also in negative or deficit. This is called the Current Account Deficit (CAD).<\/li><\/ul><\/li><li><strong>Capital Account:<\/strong><ul><li>The capital account refers to those transactions which are not for current consumption but for investment.<\/li><li>It includes net foreign investments (either foreign direct investment or foreign portfolio investments) and loans or money that countries borrow from each other.<\/li><li>As seen from the table, India had a capital account surplus of $90 billion from April-December 2021 as against a current account deficit of $26.6 billion.<\/li><\/ul><\/li><li><strong>BOP:<\/strong><ul><li>Individually, either of these accounts can be in surplus or deficit.<\/li><li>A surplus implies that more money is coming into the country than going out of it, whereas a deficit (shown with a (-) mark) implies more money is going out of the country than coming in.<\/li><li>By definition, the BoP always balances, which implies that the deficit on one account must be balanced by a surplus on the other account.<\/li><\/ul><\/li><\/ul><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_does_the_BoP_Balance\"><\/span><strong>How does the BoP Balance?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>The net result of a current account deficit ($26.6 billion) and a capital account surplus ($90.1 billion) is that a total of 63.5 billion US dollars have entered the Indian economy.<\/li><li>To balance the BoP, RBI takes out these dollars and keeps them with itself (shown with a (-) sign before it) and adds (as assets) to its foreign currency reserves.<\/li><li>The increased forex also leads to an increased money supply in the Indian economy (which can also lead to higher inflation), as RBI increases its liabilities by the same amount ($63.5 billion) by printing the domestic currency.<\/li><li>This elucidates RBI\u2019s role in maintaining the BoP, which in turn determines India&#8217;s exchange rate and foreign exchange reserves.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_does_the_RBI_Intervene\"><\/span><strong>Why does the RBI Intervene?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>Take a case when more and more dollars have started coming into the Indian economy because of a growing capital account surplus.<\/li><li>If the RBI does not intervene, the increased demand for rupees vis-a-vis the dollar would have meant that the rupee would have appreciated in value.<\/li><li>As a result, India\u2019s exports would have become costlier for the US or the rest of the world, thus bringing down their demand.<\/li><li>At the same time, Indians would have found foreign goods cheaper, thus India\u2019s imports would have gone up.<\/li><li>This would have led to a widening of the trade deficit or the current account deficit to such an extent that the BoP would have balanced on its own.<\/li><li>When the RBI intervenes, India&#8217;s exchange rate remains constant while its forex reserves increase.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Read_the_RBIs_Q4FY24_BoP_Figures\"><\/span><strong>How to Read the RBI\u2019s Q4FY24 BoP Figures?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXfGFY06wKGrjYCUdAG41bCIX2_ZJbCaCPSAJzOzec7dS4qEPIQW5dzGZfIdrRz6vy2umb2EprAC1QfTu5iWyXBjz9x7yLv4fNBmlHDNGf1inIPdo_rLgwy3pePGMgHV6xB2Ui3JNZc2AJVl0wwmL8naoo-7mBNv--VgRuXsefJS1DZmmb5jBV8?key=VyYJBkIOkyGBH8gkQnUDqw\" alt=\"Green zone\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" \/><figcaption>Green zone<\/figcaption><\/figure><\/div>\n\n\n<ul class=\"wp-block-list\"><li>Apart from a current account surplus of $5.7 billion, the Q4FY24 shows a net surplus of $25 billion on the capital account.<\/li><li>There was a current account deficit of $1.3 billion (0.2% of GDP) during the fourth quarter, which was $8.7 billion (1% of GDP) during the quarter ended December 2023 (Q3FY24).<\/li><li>Contrary to the images they evoke, the words \u2018deficit\u2019 and \u2018surplus\u2019 do not always correlate to \u2018bad\u2019 and \u2018good\u2019 respectively.<\/li><li>For example, a surplus on the current account in FY 2020-21 did not lead to much economic activity due to Covid-induced lockdowns.<\/li><li>Typically, for a country like India, a current account deficit happens because a developing economy needs to import lots of capital goods (say, machineries) to build up its capacity to produce more exports.<\/li><li>A trade deficit also suggests that India\u2019s underlying economy has a strong demand impulse.<\/li><li>For a country like India, a current account deficit of 1.5%-2% of GDP is consistent with a GDP growth rate of 7%-8%.<\/li><\/ul>\n\n\n\n<p>Source: <a href=\"https:\/\/indianexpress.com\/article\/explained\/explained-economics\/how-to-read-indias-balance-of-payments-9435678\/\">IE<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Manufacturing_in_Defence_Hits_Record_High_at_Rs_127_Lakh_Crore\"><\/span><strong>Manufacturing in Defence Hits Record High at Rs 1.27 Lakh Crore<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Tags: GS-3 ,Defence Technology\u2013 Indigenization of Technology<\/strong><\/p><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_in_the_News\"><\/span><strong>Why in the News?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>According to the Defence Ministry, India\u2019s indigenous defence production surged to a record high of Rs 1.27 lakh crore in 2023-24.\u00a0<\/li><li>This 16.7% growth compared to the previous fiscal year is credited to government policies and self-reliance initiatives.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Steps_Taken_by_the_Government_to_Boost_Defence_Manufacturing\"><\/span><strong>Steps Taken by the Government to Boost Defence Manufacturing:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Policy Reforms and Strategic Initiatives:<\/strong><ul><li><strong>Defence Procurement Procedure (DPP):<\/strong><ul><li>The DPP has been revised to promote indigenous manufacturing and enhance transparency and efficiency in the procurement process.<\/li><li>It includes a category called &#8216;Buy (Indian-IDDM)&#8217; which prioritises products designed, developed, and manufactured indigenously.<\/li><\/ul><\/li><li><strong>Defence Production and Export Promotion Policy (DPEPP) 2020:<\/strong><ul><li>This policy aims for a turnover of \u20b91.75 lakh crore in aerospace and defence goods and services by 2025, including \u20b935,000 crore in exports.<\/li><\/ul><\/li><li><strong>Strategic Partnership Model:<\/strong><ul><li>This model encourages collaboration between Indian private companies and foreign original equipment manufacturers (OEMs) to set up manufacturing facilities in India, fostering technology transfer and capability building.<\/li><\/ul><\/li><li><strong>Negative Import List\/Positive Indigenisation List:<\/strong><ul><li>Five positive indigenisation lists have been released.<\/li><li>Items on these lists cannot be imported by the Services and must be sourced domestically.<\/li><\/ul><\/li><li><strong>Defence Offset Policy:<\/strong><ul><li>This policy requires foreign defence companies to invest a part of their contract value in India, promoting technology transfer and local manufacturing.<\/li><\/ul><\/li><\/ul><\/li><li><strong>Financial and Structural Support:<\/strong><ul><li><strong>Foreign Direct Investment (FDI):<\/strong><ul><li>The FDI limit in the defence sector has been raised to 74% through the automatic route and up to 100% through government approval in cases involving access to modern technology or other specified reasons.<\/li><\/ul><\/li><li><strong>Defence Corridors:<\/strong><ul><li>Defence industrial corridors have been established in Uttar Pradesh and Tamil Nadu to create a conducive ecosystem for defence manufacturing.<\/li><li>These corridors aim to attract investments and generate employment.<\/li><\/ul><\/li><li><strong>Budget 2023-24:<\/strong><ul><li>The government allocated 75% of its defence capital budget for 2023-24 towards procurements from domestic sources.<\/li><\/ul><\/li><\/ul><\/li><li><strong>Infrastructure and Innovation:<\/strong><ul><li><strong>Innovation for Defence Excellence (iDEX):<\/strong><ul><li>iDEX fosters innovation and technology development in defence and aerospace by engaging startups and MSMEs.<\/li><li>It provides financial support and a platform for showcasing solutions.<\/li><\/ul><\/li><li><strong>Technology Development Fund (TDF):<\/strong><ul><li>This fund supports the indigenous development of defence technology and products. It offers grants to MSMEs, startups, and academia for research and development projects.<\/li><\/ul><\/li><\/ul><\/li><li><strong>Public-Private Partnership<\/strong><ul><li><strong>Ordnance Factory Board (OFB) Corporatization:<\/strong><ul><li>The OFB has been restructured into seven new Defense Public Sector Undertakings (DPSUs) to enhance autonomy, efficiency, and accountability.<\/li><\/ul><\/li><li><strong>Increased Role of Private Sector:<\/strong><ul><li>The government has actively encouraged private sector participation in defence manufacturing by allowing private companies to bid for contracts previously reserved for DPSUs.<\/li><\/ul><\/li><\/ul><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Defence_Manufacturing_in_FY_2023-24\"><\/span><strong>Defence Manufacturing in FY 2023-24:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>India\u2019s defence production achieved an unprecedented milestone, reaching approximately Rs 1.27 lakh crore in the financial year 2023-24.<\/li><li>This represents a 16.7 percent increase over the previous year and a significant 60 percent growth since 2019-20.<\/li><li>In FY 2023-24, Defense Public Sector Undertakings (DPSUs) and other Public Sector Units (PSUs) contributed 79.2% of the total value of production (VoP) in India&#8217;s defence manufacturing sector, while the private sector accounted for 20.8%.<\/li><li>Both public and private sectors have shown steady growth in absolute terms.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Defence_Exports\"><\/span><strong>Defence Exports:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>India\u2019s defence exports have also experienced remarkable growth, contributing to the overall rise in indigenous defence production.<\/li><li>Defence exports reached a record high of Rs 21,083 crore in FY 2023-24, reflecting a 32.5 percent increase over the previous fiscal\u2019s Rs 15,920 crore.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>UPSC Civil Services Examination, Previous Year Question (PYQ)<\/strong><br><br><strong>Prelims<\/strong><br><strong>Q:1\u00a0 Which one of the following is the best description of \u2018INS Astradharini\u2019, that was in the news recently? (2016)<\/strong><br>a) Amphibious warfare ship<br>b) Nuclear-powered submarine<br>c) Torpedo launch and recovery vessel<br>d) Nuclear-powered aircraft carrier<br><strong>Ans: (c)<\/strong><br><br><strong>Q.2 Consider the following in respect of Indian Ocean Naval Symposium (IONS): (2017)<\/strong><br>1. Inaugural IONS was held in India in 2015 under the chairmanship of the Indian Navy.<br>2. IONS is a voluntary initiative that seeks to increase maritime co-operation among navies of the littoral states of the Indian Ocean Region.<br><strong>Which of the above statements is\/are correct?<\/strong><br>a) 1 only<br>b) 2 only\u00a0<br>c) Both 1 and 2<br>d) Neither 1 nor 2<br><strong>Ans: (b)<\/strong><br><br><strong>Q:3 The term \u2018IndARC\u2019, sometimes seen in the news, is the name of (UPSC 2015)<\/strong><br>a) an indigenously developed radar system inducted into Indian Defence<br>b) India\u2019s satellite to provide services to the countries of the Indian Ocean Rima <br>c) scientific establishment set up by India in the Antarctic region<br>d) India\u2019s underwater observatory to scientifically study the Arctic region<br><strong>Answer: (d)<\/strong>\\<br><br><strong>Q: 4 What is &#8220;Terminal High Altitude Area Defence (THAAD)&#8221;, sometimes seen in the news? (UPSC 2018)<\/strong><br>a) An Israeli radar system<br>b) India&#8217;s indigenous anti-missile programme<br>c) An American anti-missile system<br>d) A defence collaboration between Japan and South Korea<br><strong>Answer: (c)<\/strong><br><br><strong>Q:5 Which one of the following is the best description of \u2018INS Astradharini\u2019, that was in the news recently? (UPSC 2016)<\/strong><br>a) Amphibious warfare ship<br>b) Nuclear-powered submarine<br>c) Torpedo launch and recovery vessel<br>d) Nuclear-powered aircraft carrier<br><strong>Answer: (c)<\/strong><br><br>Mains<br><strong>Q:1 Foreign Direct Investment (FDI) in the defence sector is now set to be liberalised.What influence is this expected to have on Indian defence and economy in the short and long run? (UPSC 2014)<\/strong><\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p><strong>Source:<\/strong> <a href=\"https:\/\/indianexpress.com\/article\/india\/defence-production-rs-1-27-lakh-crore-2023-24-9434778\/#:~:text=Govt%20committed%20to%20making%20India%20a%20defence%20manufacturing%20hub%3A%20Rajnath&amp;text=India's%20indigenous%20defence%20production%20rose,policies%20and%20self%2Dreliance%20initiatives\">IE<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Primary_Agriculture_Credit_Societies\"><\/span><strong>Primary Agriculture Credit Societies<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Tags: GS-3, Economy-\u00a0 Agricultural incentive &amp; Schemes<\/strong><\/p><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_in_the_News-2\"><\/span><strong>Why in the News?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Union Minister of Home Affairs and Cooperation, Amit Shah, urged stakeholders in cooperative societies to support the establishment of primary agricultural credit societies (PACS) in all villages and blocks of the country.<\/li><\/ul>\n\n\n\n<p class=\"has-text-align-center\"><strong><img decoding=\"async\" data-src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXd-BWoECAEW49qF69tocu1nZQTpYEIbrNiG_aDAU-lyTm2OK1WmI7JyyL2Prm7xr4q7Bwz6LdE-JIP5zFhDIHXLdAvB4fi7ixzWv1B1Yhm-L7KXDLNP995WAWXoAoMYpIx4zcxrGU9KXXsb3UUxidzoOCwSO4WP9IZaWJYmlu9q8HJexy96WQE?key=VyYJBkIOkyGBH8gkQnUDqw\" width=\"480\" height=\"270\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" style=\"--smush-placeholder-width: 480px; --smush-placeholder-aspect-ratio: 480\/270;\"><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_Primary_Agricultural_Credit_Society_PACS\"><\/span><strong>What is a Primary Agricultural Credit Society (PACS)?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Definition:<\/strong>&nbsp;<ul><li>PACS are village-level cooperative credit societies that serve as the last link in a three-tier cooperative credit structure headed by the State Cooperative Banks (SCB) at the state level.<\/li><\/ul><\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Credit Structure:<\/strong><ul><li>Credit from the SCBs is transferred to the District Central Cooperative Banks (DCCBs), which operate at the district level.<\/li><li>The DCCBs work with PACS, which deal directly with farmers.<\/li><\/ul><\/li><li><strong>Membership and Governance:<\/strong><ul><li>Since these are cooperative bodies, individual farmers are members of the PACS, and office-bearers are elected from within them.<\/li><li>A village can have multiple PACS.<\/li><\/ul><\/li><li><strong>Functions:<\/strong><ul><li>PACS provide short-term and medium-term agricultural loans to farmers for various agricultural and farming activities.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Number_of_PACS_in_India\"><\/span><strong>Number of PACS in India:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Historical Background:<\/strong> The first PACS was formed in 1904.<\/li><li><strong>Current Statistics:<\/strong><ul><li>There are more than 1,00,000 PACS in the country.<\/li><li>These PACS have a huge member base of more than 13 crore farmers.<\/li><li>However, only 65,000 of them are functional.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Significance_of_PACS\"><\/span><strong>Significance of PACS:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Last Mile Connectivity:<\/strong><ul><li>PACS provide crucial connectivity to the farmers, ensuring they reach the end beneficiaries efficiently.<\/li><\/ul><\/li><li><strong>Timely Access to Capital:<\/strong><ul><li>Farmers need prompt access to funds at the beginning of their agricultural activities, which PACS can facilitate.<\/li><\/ul><\/li><li><strong>Minimal Paperwork:<\/strong><ul><li>PACS are capable of extending credit with minimal paperwork and in a short time frame.<\/li><\/ul><\/li><li><strong>Comparison with Scheduled Banks:<\/strong><ul><li>Farmers often face tedious paperwork and bureaucratic delays with scheduled commercial banks.<\/li><\/ul><\/li><li><strong>Collective Strength:<\/strong><ul><li>PACS offer strength in numbers, as the office-bearer of the PACS manages most of the paperwork for the farmers.<\/li><\/ul><\/li><li><strong>Individual Requirements:<\/strong><ul><li>In scheduled commercial banks, farmers have to individually fulfil requirements and often need agents to get their loans sanctioned.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Challenges_Faced_by_PACS\"><\/span><strong>Challenges Faced by PACS:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Political Influence:<\/strong><ul><li>Political compulsions can overshadow financial discipline, impacting the recovery of loans.<\/li><\/ul><\/li><li><strong>Identified Issues:<\/strong><ul><li>Various committees have highlighted issues such as:<ul><li>Lack of active participation by members<\/li><li>Lack of professionalism<\/li><li>Absence of corporate governance<\/li><li>Bureaucratisation<\/li><li>Ageing and unenthusiastic employees<\/li><\/ul><\/li><\/ul><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"News_Summary\"><\/span><strong>News Summary:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Government Initiative:<\/strong><ul><li>Union Minister Amit Shah, addressing a program in Gandhinagar for the 102nd International Day of Cooperatives, announced the government&#8217;s plan to establish PACS in every village and block.<\/li><\/ul><\/li><li><strong>Current Deficit:<\/strong><ul><li>There are currently 2 lakh gram panchayats without PACS.<\/li><\/ul><\/li><li><strong>Cooperative Sector Strengthening:<\/strong><ul><li>Shah urged cooperative societies to open bank accounts with local cooperative banks and buy from local dairies to strengthen the cooperative sector.<\/li><\/ul><\/li><li><strong>Expansion Drive:<\/strong><ul><li>The cooperation ministry aims to establish 2 lakh dairies and PACS in the 2 lakh gram panchayats currently lacking such facilities.<\/li><\/ul><\/li><li><strong>Database Initiative:<\/strong><ul><li>In March 2024, the government launched the National Cooperative Database, releasing the &#8216;National Cooperative Database 2023: A Report&#8217; to identify and address gaps through comprehensive analysis.<\/li><\/ul><\/li><li><strong>Future Plans:<\/strong><ul><li>The Centre plans to form PACS in every village by 2029.<\/li><li>A new national cooperative policy is expected within a month to replace the existing 2002 policy, aiming to further strengthen the cooperative movement in the country.<\/li><\/ul><\/li><\/ul>\n\n\n\n<p><strong>Source:<\/strong> <a href=\"https:\/\/timesofindia.indiatimes.com\/india\/government-to-unveil-new-cooperative-policy-within-a-month-amit-shah\/articleshow\/111545285.cms#:~:text=Union%20Minister%20Amit%20Shah%20announces,promoting%20cooperation%20among%20cooperative%20institutions\">TOI&nbsp;<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Karnataka_Bill_Promise_Gig_Workers\"><\/span><strong>Karnataka Bill Promise Gig Workers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Tags: GS-3, Economy- Gig Workers<\/strong><\/p><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_in_the_News-3\"><\/span><strong>Why in the News?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Recently, on June 29, the Karnataka government published the draft of the Karnataka Platform-based Gig Workers (Social Security and Welfare) Bill, making it the second Indian State to initiate such a move, the first being Rajasthan.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Gig_Economy\"><\/span><strong>What is the Gig Economy?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>A gig economy is a free market system in which organisations hire or contract workers for a short span of time.<\/li><li>Simply put, the positions are temporary to meet the company\u2019s requirements by having short-term engagements.<\/li><li>Startups like Ola, Uber, Zomato, and Swiggy have established themselves as the main source of the gig economy in India.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_is_a_Gig_Worker\"><\/span><strong>Who is a Gig Worker?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>According to the Code on Social Security, 2020 (India), \u201cA gig worker is a person who performs work or participates in work arrangements and earns from such activities, outside of the traditional employer-employee relationship.\u201d<\/li><li>They are independent contractors, online platform workers, contract firm workers, on-call workers, and temporary workers.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Size_of_the_Gig_Economy_in_India\"><\/span><strong>What is the Size of the Gig Economy in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>A NITI Aayog study on \u201cIndia\u2019s Booming Gig and Platform Economy\u201d has estimated that at present, about 47 per cent of the gig work is in medium-skilled jobs, about 22 per cent in high skilled, and about 31 per cent in low-skilled jobs.<\/li><li>These figures clearly indicate the importance of the gig working community in the Indian economy.<\/li><li>Ensuring the comfort and security of this community is investing in a more progressive and prosperous future.<\/li><li>Research studies by Boston Consulting Group (BCG) have indicated that participation in the gig economy is higher in developing countries (5-12 percent) versus developed economies (1-4 percent).<\/li><li>Most of these jobs are in lower-income job-types such as deliveries, ridesharing, microtasks, care, and wellness.<\/li><li>These studies further estimate that in 2020-21, 77 lakh workers were engaged in the gig economy.<\/li><li>The gig workforce is expected to expand to 2.35 crore workers by 2029-30.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Average_AgeIncome_of_Gig_Workers_in_India\"><\/span><strong>What is the Average Age\/Income of Gig Workers in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The median age of Indian gig workers is 27 and their average monthly income is Rs 18,000.<\/li><li>Of these, about 71 per cent are the sole breadwinners of their families. Additionally, gig workers operate with an average household size of 4.4.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Challenges_Faced_by_Gig_Workers\"><\/span><strong>Challenges Faced by Gig Workers:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>While platform companies have created avenues of employment, it has often been marred by low wages, unequal gender participation, and a lack of possibility for upward mobility within an organisation.<\/li><li>This has triggered protests from workers at companies like Swiggy, Zomato, Ola, Uber, and Urban Company, among others.<\/li><li>Gig workers are typically hired by companies on a contractual basis and are not considered their employees.<\/li><li>As a result, they do not receive some of the benefits that an on-roll employee of the company may have.<\/li><li>This means they often do not receive benefits like paid sick and casual leaves, travel and housing allowances, and provident fund savings, among other things.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Needs_to_be_Done_in_Order_to_Improve_the_Living_Standards_of_these_Gig_Workers\"><\/span><strong>What Needs to be Done in Order to Improve the Living Standards of these Gig Workers?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fiscal_Incentives\"><\/span><strong>Fiscal Incentives:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>NITI Aayog in its report &#8220;India\u2019s Booming Gig and Platform Economy&#8221; has suggested that fiscal incentives such as tax-breaks or startup grants may be provided for businesses that offer livelihood opportunities where women constitute a substantial portion of their workers.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Retirement_Benefits\"><\/span><strong>Retirement Benefits:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The report also recommended firms adopt policies that offer old age or retirement plans and benefits, and other insurance cover for contingencies such as the Covid-19 Pandemic.<\/li><li>Such plans and policies may be envisaged under the Code on Social Security, 2020.<\/li><li>Businesses should consider providing income support to workers as it would be a \u201ccritical step in providing assured minimum earnings and social security from income loss in the wake of uncertainty or irregularity in work.\u201d<\/li><li>It also suggested offering paid sick leave to workers apart from insurance cover.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Rajasthan_Platform-Based_Gig_Workers_Registration_and_Welfare_Act_2023\"><\/span><strong>The Rajasthan Platform-Based Gig Workers (Registration and Welfare) Act 2023:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Recently, the Rajasthan State Assembly passed the Rajasthan Platform-Based Gig Workers (Registration and Welfare) Act 2023.<\/li><li>Under the Act, a board will be established to ensure gig workers\u2019 registration and welfare, addressing their vulnerabilities and providing a platform for collective bargaining and negotiations.<\/li><li>The board can serve as an independent grievance redress mechanism.<\/li><li>The Act also has a provision of establishing a social security fund funded through a fee on every transaction.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Features_of_the_Draft_Bill\"><\/span><strong>Key Features of the Draft Bill:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Termination Clause:<\/strong><ul><li>The draft Bill mandates that the contract between the aggregator and the worker must include a comprehensive list of grounds for terminating the contract.<\/li><li>Aggregators are prohibited from terminating a worker without providing valid reasons in writing and giving a prior notice period of 14 days.<\/li><li>Arbitrary terminations, a longstanding grievance among gig workers, are addressed to ensure fair treatment.<\/li><\/ul><\/li><li><strong>Payment Regulations:<\/strong><ul><li>Aggregators are required to make payments to workers at least every week.<\/li><li>They must inform workers about any deductions in their payments, specifying the reasons for these deductions.<\/li><\/ul><\/li><li><strong>Right to Refuse Gigs:<\/strong><ul><li>Under the new draft, gig workers have the right to refuse a specified number of gigs per week with &#8216;reasonable cause&#8217;, without facing adverse consequences from the aggregator.<\/li><\/ul><\/li><li><strong>Welfare Fund:<\/strong><ul><li>A welfare fee will be levied either on each transaction between the worker and the company or based on the company&#8217;s total revenue.<\/li><li>Contributions from this fee, combined with funds from Union and State governments, will constitute a welfare fund aimed at supporting gig workers.<\/li><\/ul><\/li><li><strong>Registration and Database:<\/strong><ul><li>All gig workers must be registered, and aggregators are obligated to provide the government with a comprehensive database of these workers.<\/li><\/ul><\/li><li><strong>Working Conditions:<\/strong><ul><li>Aggregators are required to ensure reasonable and safe working conditions for gig workers, although the draft does not specify the exact criteria for what constitutes &#8216;reasonable&#8217; condition<\/li><\/ul><\/li><\/ul>\n\n\n\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.thehindu.com\/news\/national\/karnataka\/what-does-the-karnataka-bill-promise-gig-workers-explained\/article68375781.ece#:~:text=As%20per%20the%20new%20draft,cause'%20without%20any%20adverse%20consequences.&amp;text=Taking%20a%20leaf%20out%20of,welfare%20fund%20for%20gig%20workers\"><strong>T<\/strong>H<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tax_on_Ultra_High_Net_Worth_Individuals\"><\/span><strong>Tax on Ultra High Net Worth Individuals<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Tags: GS-3 , Economy- Tax report<\/strong><\/p><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_in_the_News-4\"><\/span><strong>Why in the News?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Recently, the Global Tax Evasion Report 2024, commissioned by Brazil\u2019s G-20 presidency, proposes an annual 2% tax on individuals with wealth exceeding $1 billion.<\/li><\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXfkpuhDgYs4J2rfFKTnU_59ziBZ2xGFB_hIavuqRh9NaCxsf25dmi1q2fXRSrbjuLfSvXYn1tlrC6Yiipkt9s1wTgRIgyH1A9QlGgke4uVTHvNKgQ3TXxh2_ma5MPSZnGA1hgWHdqfxzjm4Kbj-5BezdF_85SVoh4lUqM_pp9aZg5kixdV7xVE?key=VyYJBkIOkyGBH8gkQnUDqw\" alt=\"Wealth Tax\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" \/><figcaption><strong>Wealth Tax<\/strong><\/figcaption><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_Wealth_Tax\"><\/span><strong>What is a Wealth Tax?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Meaning:<\/strong> A wealth tax assesses the market value of assets owned by a taxpayer. In India, it was governed by the Wealth Tax Act, 1957, but abolished from April 1, 2016.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pros_and_Cons_of_a_Wealth_Tax\"><\/span><strong>Pros and Cons of a Wealth Tax:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Proponents:<\/strong><ul><li><strong>Equity:<\/strong> Seen as fairer than income tax alone, particularly in societies with significant wealth disparity.<\/li><li><strong>Fairness:<\/strong> Considers taxpayers\u2019 overall economic status and their ability to pay taxes.<\/li><\/ul><\/li><li><strong>Critics:<\/strong><ul><li><strong>Economic Growth:<\/strong> Critics argue it discourages wealth accumulation, a driver of economic growth.<\/li><li><strong>Challenges:<\/strong> Administration and valuation disputes pose challenges, potentially leading to tax evasion.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Analysing_the_Proposal_to_Tax_Ultra_High_Net_Worth_Individuals\"><\/span><strong>Analysing the Proposal to Tax Ultra High Net Worth Individuals:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Recommendation:<\/strong><ul><li>Individuals with wealth exceeding $1 billion should pay a minimum 2% annual tax on their total assets, including equity shares.<\/li><\/ul><\/li><li><strong>Rationale for Such a Tax:<\/strong><ul><li><strong>Surge in Wealth Concentration:<\/strong> Since the mid-1980s, the wealth of the top 0.0001% households has increased more than fourfold.<\/li><li><strong>Global Wealth Share:<\/strong> Initially owning 3% of world GDP in wealth, their share rose significantly to 13% by 2024.<\/li><li><strong>Ineffectiveness of Current Tax Systems:<\/strong> Current tax systems globally inadequately tax the wealthiest individuals, with effective tax rates typically ranging from 0% to 0.5% of their wealth.<\/li><li><strong>Taxation Discrepancy:<\/strong> Ultra-high-net-worth individuals consequently pay proportionately less tax relative to their income.<\/li><li><strong>Implications:<\/strong><ul><li><strong>Revenue Loss:<\/strong> Governments suffer significant tax revenue losses due to under-taxation of the wealthiest.<\/li><li><strong>Economic Disparity:<\/strong> Contributes to concentrating the benefits of globalisation among a small segment of the population.<\/li><li><strong>Social Sustainability:<\/strong> Undermines the broader social sustainability of economic globalisation efforts.<\/li><\/ul><\/li><\/ul><\/li><li><strong>Significance:<\/strong><ul><li>Progressive taxation supports social cohesion and governmental trust for collective welfare.<\/li><li>Increased tax revenues are essential for climate crisis mitigation efforts.<\/li><\/ul><\/li><li><strong>Impact:<\/strong><ul><li>Finance Ministers of the G-20 will discuss the proposal in Rio de Janeiro, aiming to address global inequality by ensuring adequate taxation of billionaires.<\/li><\/ul><\/li><li><strong>Supporters and Opposers:<\/strong><ul><li><strong>Supporters:<\/strong> Brazil, France, Spain, Colombia, Belgium, the African Union, and South Africa endorse the idea.<\/li><li><strong>Opposers:<\/strong> U.S. Treasury Secretary Janet Yellen opposes a global wealth levy.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Relevance_of_the_Proposal_for_India\"><\/span><strong>Relevance of the Proposal for India:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Income and Wealth Disparity:<\/strong> According to the study \u2018Income and Wealth Inequality in India,\u2019 from 2014 to 2023, there has been a sharp rise in wealth concentration among the top 1% income and wealth holders, reaching historical highs of 22.6% and 40.1% respectively.<\/li><li><strong>Global Comparison:<\/strong> India&#8217;s top 1% income share ranks among the highest globally, highlighting significant wealth disparities within the country.<\/li><li><strong>Proposal Impact:<\/strong> Implementing a \u2018super tax\u2019 on the wealthiest individuals could effectively mitigate growing inequality and generate substantial fiscal resources for the government.<\/li><li><strong>Revenue Potential:<\/strong> For example, a modest 2% tax on the total net worth of India&#8217;s 162 wealthiest families could potentially yield revenue equivalent to 0.5% of the nation&#8217;s GDP.<\/li><li><strong>Social and Economic Goals:<\/strong> Such a measure aims not only to redistribute wealth more equitably but also to bolster economic stability and support social welfare initiatives.<\/li><\/ul>\n\n\n\n<p><strong>Source:<\/strong> <a href=\"https:\/\/www.thehindu.com\/business\/Economy\/can-the-uber-rich-worldwide-be-taxed-better\/article68375785.ece\">TH<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Resolution_of_the_Pending_Issues_Between_Telangana_and_Andhra_Pradesh\"><\/span><strong>Resolution of the Pending Issues Between Telangana and Andhra Pradesh<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Tags: GS-2, Polity &amp; Governance- Inter- state relations\u00a0<\/strong><\/p><\/blockquote>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_in_the_News-5\"><\/span><strong>Why in the News?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>Recently, in a significant development aimed at resolving long standing issues stemming from the Andhra Pradesh Reorganisation Act 2014, the Chief Ministers of Telangana and Andhra Pradesh have agreed to establish two committees.<\/li><\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXdMlDsnYMI8qvQ4MXGtOl5rNzBklKTuxm61RrnTO3TYzGqCnfY79xyhz3rEzMzamU1eM8F9GX_r6_1KOn-S-yJZMzX_S6kII1_xR_P7GyUVkGs9OE1H6owQWuV7MAcUWSHQbRqUjZAmhtod30COl4nAPfJEewoNBRe3DmEGQHZgSQFLDSrmo_M?key=VyYJBkIOkyGBH8gkQnUDqw\" alt=\"Telangana and Andhra Pradesh\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" \/><figcaption><strong>Telangana and Andhra Pradesh<\/strong><\/figcaption><\/figure><\/div>\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Issues_Pending_Between_Telangana_and_Andhra_Pradesh\"><\/span><strong>Issues Pending Between Telangana and Andhra Pradesh:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Background:<\/strong>&nbsp;<ul><li>Following the bifurcation of Andhra Pradesh in 2014, the division of assets and liabilities between Telangana and Andhra Pradesh remains unresolved.<\/li><li>Both states interpret provisions of the Andhra Pradesh Reorganisation Act 2014 differently.<\/li><\/ul><\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Assets for Division:<\/strong><ul><li>91 institutions under Schedule IX<\/li><li>142 institutions under Schedule X<\/li><li>Additional 12 institutions outside the Act\u2019s purview<\/li><li>Total fixed asset value of \u20b91.42 lakh crore<\/li><\/ul><\/li><li><strong>Key Contention:<\/strong><ul><li>Dispute over institutions like RTC headquarters and Deccan Infrastructure and Landholdings Limited (DIL), which hold substantial land parcels.<\/li><\/ul><\/li><li><strong>Andhra Pradesh\u2019s Claims:<\/strong><ul><li>Advocates for implementing recommendations of the Sheela Bhide committee on division of 89 Schedule IX institutions.<\/li><li>Accuses Telangana of selective acceptance causing delays.<\/li><\/ul><\/li><li><strong>Telangana\u2019s Stand:<\/strong><ul><li>Opposes Sheela Bhide committee recommendations as unfavourable.<\/li><li>Proposes division based on population, especially for assets located outside the United state.<\/li><\/ul><\/li><li><strong>Role of the Centre:<\/strong><ul><li>Empowered to intervene under the Act but efforts by dispute resolution committees, chaired by the Union Home Secretary, have not resolved issues post-bifurcation.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_will_the_Issue_be_Handled_by_the_Two_Committees\"><\/span><strong>How will the Issue be Handled by the Two Committees?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Ministers\u2019 Committee:<\/strong><ul><li>Composed of ministers from Telangana and Andhra Pradesh.<\/li><li>Tasked with developing a plan to resolve contentious issues, including assets and liabilities under Schedule IX, X, and others.<\/li><li>Will address issues escalated from the officials\u2019 committee.<\/li><\/ul><\/li><li><strong>Officials\u2019 Committee:<\/strong><ul><li>Consists of administrative representatives from both states.<\/li><li>Initially addresses issues that can be resolved at the bureaucratic level.<\/li><li>Issues unresolved at this level will be forwarded to the ministers\u2019 committee.<\/li><\/ul><\/li><li><strong>Chief Ministers\u2019 Intervention:<\/strong><ul><li>Remaining unresolved issues will be escalated to the Chief Ministers of Telangana and Andhra Pradesh for final resolution<\/li><\/ul><\/li><\/ul>\n\n\n\n<p>Source: <a href=\"https:\/\/www.thehindu.com\/news\/national\/chief-ministers-of-tg-and-ap-take-concrete-step-for-resolution-of-pending-bifurcation-issues\/article68375458.ece\">TH<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Chinas_Ambitions_for_Pan-Asian_Rail_Network\"><\/span><strong>China\u2019s Ambitions for Pan-Asian Rail Network<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Tags: GS-2, IR- China agreements- ECRL<\/strong><\/p><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_in_the_news-2\"><\/span><strong>Why in the news?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>China has expressed interest in collaborating with Malaysia to explore connecting the East Coast Rail Link (ECRL) with railway networks in Laos and Thailand.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_the_ECRL_Project\"><\/span><strong>About the ECRL Project :<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>East Coast Rail Link (ECRL):<\/strong><ul><li>A 665-km railway project in Malaysia.<\/li><li>It aims to connect Kota Bharu on the Kelantan River in the northeast to Port Klang on the Strait of Malacca in the west.<\/li><li>Significant economic cooperation project between China and Malaysia.<\/li><li>Part of China\u2019s Belt and Road Initiative (BRI).<\/li><li>Enhances connectivity and upgrades public transportation along Malaysia\u2019s rail network.<\/li><li>Initially launched in 2017 but faced funding and political challenges, leading to delays until a renegotiated deal in 2020.<\/li><li>Expected completion by 2027.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Chinas_Pan-Asian_Rail_Network_Ambitions\"><\/span><strong>China\u2019s Pan-Asian Rail Network Ambitions:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Comprehensive Rail Network:<\/strong><ul><li>China plans extensive rail networks across Southeast Asia under the BRI.<\/li><li>Includes western, central, and eastern lines linking China with Myanmar, Laos, Thailand, Vietnam, Cambodia, and Malaysia.<\/li><li>Aims to boost regional connectivity and strengthen economic ties.<\/li><li>Challenges include differences in rail track standards and financial viability.<\/li><\/ul><\/li><li><strong>Current Status:<\/strong><ul><li>Laos-China section operational since 2021, linking Kunming to Laos.<\/li><li>Projects in Thailand facing delays and scrutiny over costs and terms of Chinese involvement.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Implications\"><\/span><strong>Implications:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Regional Influence:<\/strong><ul><li>China asserts significant influence in Southeast Asia due to geographic proximity and economic ties.<\/li><li>ECRL and broader rail network projects showcase China\u2019s regional ambitions and infrastructure investments.<\/li><\/ul><\/li><li><strong>BRI and Geopolitical Dynamics:<\/strong><ul><li>BRI viewed it as a strategy to extend Chinese influence globally.<\/li><li>Concerns over debt-trap diplomacy and geopolitical tensions with other regional powers.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Impact_on_Indias_Interests\"><\/span><strong>Impact on India\u2019s Interests:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>BRI Concerns:<\/strong><ul><li>India views BRI as potentially increasing China\u2019s influence in its neighbourhood.<\/li><li>Concerns include debt dependency among neighbouring countries and strategic implications such as CPEC affecting India\u2019s borders.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Way_Forward_for_India\"><\/span><strong>Way Forward for India:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Utilising Soft Power:<\/strong><ul><li>India can leverage its cultural, religious, and civilizational ties to counterbalance Chinese influence.<\/li><li>Strengthening relationships with ASEAN countries and promoting initiatives like the Quad for regional stability.<\/li><\/ul><\/li><li><strong>Balanced Engagement:<\/strong><ul><li>India advocates maintaining constructive relations with China while upholding firm positions on issues like the BRI and border disputes.<\/li><li>Continued engagement with regional partners like Russia to enhance Eurasian cooperation.<\/li><\/ul><\/li><li><strong>Act Far East Policy:<\/strong><ul><li>India should expedite its Act Far East policy to strengthen ties with Southeast Asia and counterbalance Chinese presence effectively.<\/li><\/ul><\/li><\/ul>\n\n\n\n<p><strong>Source: <\/strong><a href=\"https:\/\/indianexpress.com\/article\/explained\/explained-global\/china-pan-asian-trains-network-bri-9421068\/\"><strong>IE<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"CAR-T_Cell_Therapy\"><\/span><strong>CAR-T Cell Therapy :<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Tags: GS-3, Science &amp; Technology- Biotechnology<\/strong><\/p><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_in_the_news-3\"><\/span><strong>Why in the news?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>CAR-T cell therapy\u2019s risk of causing secondary cancer is small.<\/li><li>Secondary cancer, also known as metastatic cancer or secondary malignancy, refers to cancer that has spread from its original site to other parts of the body.<\/li><li>It can also describe a new, distinct cancer that arises from treatment for a previous cancer.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_the_Chimeric_Antigen_Receptor_CAR-T_Cell_Therapy\"><\/span><strong>About the Chimeric Antigen Receptor (CAR)-T Cell Therapy:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXe8SK-w6SST5cfGO4UZMtP7-z4JMwF1PWZSKsRhG13gGln_sXn2dmQYUU0TW53Qtq8jxhyJkKbUlkBq9580lWJkZ5t8i02telSXjzhvwAK5LyPeUFRAX3Om2x8hUsLt_Xkr6WUJ7e-vWpQ19Zygz20SIl1l37tnay_-_0MkB5FBbOORhpeIQg?key=VyYJBkIOkyGBH8gkQnUDqw\" alt=\"CAR-T Cell Therapy\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" \/><figcaption><strong>CAR-T Cell Therapy<\/strong><\/figcaption><\/figure><\/div>\n\n\n<ul class=\"wp-block-list\"><li>CAR-T (chimeric antigen receptor T-cell) therapy is an advanced treatment that reprogrammes a patient\u2019s immune cells to target and fight cancer.<\/li><li>Initially used for patients with no other options, CAR-T therapy is now approved as a second-line treatment for certain blood cancers, such as lymphoma and multiple myeloma.<\/li><li>Scientists are also exploring its potential for treating solid tumours, brain cancers, autoimmune diseases, ageing, HIV, and other conditions.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_CAR-T_Cell_Therapy_Cause_Secondary_Cancer\"><\/span><strong>How CAR-T Cell Therapy Cause Secondary Cancer:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>CAR-T cell therapy involves extracting T-cells (a type of white blood cell crucial to the immune system) from a patient and modifying them in a lab to recognise better and attack cancer cells.<\/li><li>These re-engineered T-cells are called CAR-T cells. They are multiplied and infused into the patient.<\/li><li>Creating CAR-T cells involves inserting the gene for a chimeric antigen receptor (CAR) into T-cells using engineered retroviruses.<\/li><li>Although these retroviruses are modified to be safe, there is a risk that the new genetic material could disrupt important genes. This phenomenon is called \u201cinsertional mutagenesis\u201d.<\/li><li>Insertional mutagenesis can potentially lead to cancer.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_concerns_With_CAR-T_Cell_Therapy\"><\/span><strong>What are the concerns With CAR-T Cell Therapy?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Cytokine Release Syndrome (CRS):<\/strong><ul><li>CRS is an inflammatory response that may occur post CAR-T cell therapy.<\/li><li>Severe cases can lead to organ failure and potentially death.<\/li><\/ul><\/li><li><strong>Neurotoxicity:<\/strong><ul><li>A spectrum of side effects affecting the nervous system.<\/li><li>Ranges from mild symptoms like headache and confusion to severe outcomes such as seizures and coma.<\/li><\/ul><\/li><li><strong>Low Blood Cell Counts:<\/strong><ul><li>CAR-T therapy can result in decreased counts of red blood cells, white blood cells, and platelets.<\/li><li>This may lead to increased risk of bleeding and infections.<\/li><\/ul><\/li><li><strong>Infection Risk:<\/strong><ul><li>The therapy can weaken the immune system, making patients more vulnerable to infections.<\/li><li>Strict monitoring and preventive measures are crucial to manage this risk effectively.<\/li><\/ul><\/li><li><strong>Potential for Off-Target Effects:<\/strong><ul><li>CAR-T cells may mistakenly target and attack healthy tissues alongside cancer cells.<\/li><li>This unintended effect requires careful consideration and management to minimise adverse outcomes.<\/li><\/ul><\/li><\/ul>\n\n\n\n<p><strong>Source: (<\/strong><a href=\"https:\/\/www.thehindu.com\/sci-tech\/science\/could-groundbreaking-car-t-cancer-therapy-trigger-more-cancer\/article68362837.ece\"><strong>TH<\/strong><\/a><strong>)<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ASUSE\"><\/span><strong>ASUSE<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Tags: GS-3 , Economy- Govt. policies &amp; program<\/strong><\/p><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_in_the_news-4\"><\/span><strong>Why in the news?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Recently, ASUSE was conducted by the National Sample Survey Office, Ministry of Statistics and Programme Implementation.<\/li><\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXfsaLakP5u1woEojnPvl-079T_v505X58fxma-PaHLUw82pN6d_RKxBjsbQIP6oLY81PNNO-qs8gzSFffq0DIh5gYH3rIUfIFc26PMOJoCFZnDcoHJLk46M7JXrTceMhXDlu4_Nq8o1P8HDrp69VDyt_-XZfWjhxwD6Cxzf_TeTR7UzE-WTCzM?key=VyYJBkIOkyGBH8gkQnUDqw\" alt=\"ASUSE\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" \/><figcaption>ASUSE<\/figcaption><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Scope\"><\/span><strong>Scope:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>ASUSE covers unincorporated non-agricultural establishments.<\/li><li>Includes proprietorships, partnerships (excluding LLPs), Self-Help Groups (SHGs), cooperatives, societies\/trusts, etc.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_Unincorporated_Enterprises\"><\/span><strong>About Unincorporated Enterprises:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>These are producer units not incorporated as separate legal entities.<\/li><li>Assets used belong to owners, not the enterprises.<\/li><li>Enterprises cannot engage in transactions or incur liabilities independently.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Highlights\"><\/span><strong>Key Highlights:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Establishments Growth:<\/strong> Grew by 5.88% from 2021-22 to reach 6.50 crore, with 55% in rural areas.<\/li><li><strong>Top States:<\/strong> Uttar Pradesh, West Bengal, and Maharashtra have the highest number of establishments.<\/li><li><strong>Gross Value Added (GVA):<\/strong> Increased by 9.83% from 2021-22.<\/li><li><strong>Women Entrepreneurs:<\/strong> Led 54% of proprietary establishments in the Manufacturing sector.<\/li><li><strong>Digitization:<\/strong> Rapid digitization with a 7.2% increase in internet usage for entrepreneurial purposes.<\/li><li><strong>Credit Availability:<\/strong> Improved, with outstanding loan per establishment rising to Rs. 50,138 in 2022-23.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Significance_of_Unincorporated_Enterprises\"><\/span><strong>Significance of Unincorporated Enterprises:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Contribution to Economy:<\/strong><ul><li><strong>GDP and Employment:<\/strong> Unincorporated enterprises are pivotal contributors to GDP and employment generation, with approximately 11 crore workers employed in 2022-23.<\/li><li><strong>Supply Chain Integral:<\/strong> They play a crucial role in the supply chain by acting as suppliers and service providers to the incorporated sector.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Challenges_Faced_by_Unincorporated_Enterprises\"><\/span><strong>Challenges Faced by Unincorporated Enterprises:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Financial Constraints:<\/strong><ul><li><strong>Access to Formal Credit:<\/strong> Many face challenges in accessing formal credit, limiting their growth potential.<\/li><li><strong>Registration Issues:<\/strong> Lack of formal registration can hinder their ability to participate fully in the economy.<\/li><\/ul><\/li><li><strong>Regulatory Vulnerabilities:<\/strong><ul><li><strong>Minimal Oversight:<\/strong> Limited regulatory oversight makes them vulnerable to economic shocks and sudden policy changes, affecting their stability and growth prospects.<\/li><\/ul><\/li><\/ul>\n\n\n\n<p>Source: <a href=\"https:\/\/www.mospi.gov.in\/press-release\/press-release-reports-annual-survey-unincorporated-sector-enterprises-asuse-results\">MOSPI<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mount_Etna\"><\/span><strong>Mount Etna<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Tags: GS-1, World Geography- Volcano eruption<\/strong><\/p><\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_in_the_news-5\"><\/span><strong>Why in the news?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Recently, Italy&#8217;s Mount Etna and the smaller Stromboli volcano have been active, ejecting hot ash and lava, prompting heightened alert levels on the Mediterranean island of Sicily.<\/li><\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXc9DBq33U-b7u6Z-AC_vtedpJKp5G05eGqRXcAULmAsJ-aXoM7Oim4xUQ6UZyyj5K3cIW3iv2FzlEggxKAPeswbJgRrgGXhjIMgd_zLhOOMQ9pzNlmQvgvlsTG2RmCXRco8WbifbxwbVIwFl6JxppLwHkuCaXPy_KMcfVSZu_DKVTuGBBABig?key=VyYJBkIOkyGBH8gkQnUDqw\" alt=\"Mount Etna\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" \/><figcaption><strong>Mount Etna<\/strong><\/figcaption><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_the_Mount_Etna\"><\/span><strong>About the Mount Etna:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Europe\u2019s Most Active Volcano:<\/strong> Mount Etna is Europe\u2019s most active volcano and one of the largest in the world.<\/li><li><strong>Historical Activity:<\/strong> Recorded volcanic activity at Mount Etna dates back to 1500 B.C.<\/li><li><strong>Location:<\/strong> It is situated on the eastern coast of Sicily, Italy.<\/li><li><strong>Geographical Features:<\/strong> Mount Etna stands at about 3,326 metres (10,912 feet) high, making it the highest peak in Italy south of the Alps. It is also the highest Mediterranean island mountain.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_Volcanoes\"><\/span><strong>What are Volcanoes?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Definition:<\/strong> Volcanoes are openings or vents on the Earth\u2019s surface where lava, tephra (small rocks), and steam erupt.<\/li><li><strong>Formation:<\/strong> They can form on land and in the ocean, often due to the movement and collision of tectonic plates.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_Volcanoes\"><\/span><strong>Types of Volcanoes:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Cinder Cones:<\/strong><ul><li><strong>Description:<\/strong> Steep conical hills made of loose pyroclastic fragments like volcanic ash and scoria.<\/li><li><strong>Formation:<\/strong> Built around a volcanic vent from explosive eruptions.<\/li><\/ul><\/li><li><strong>Composite or Stratovolcanoes:<\/strong><ul><li><strong>Description:<\/strong> Steep cones formed by layers of hardened lava and tephra.<\/li><li><strong>Lava Type:<\/strong> High viscosity lava that solidifies quickly, limiting spread.<\/li><li><strong>Example:<\/strong> Mount Etna in Italy.<\/li><\/ul><\/li><li><strong>Shield Volcanoes:<\/strong><ul><li><strong>Description: <\/strong>Broad, gently sloping volcanoes formed by low-viscosity lava that spreads over large distances.<\/li><li><strong>Formation:<\/strong> Repeated eruptions build up thin layers of lava.<\/li><li><strong>Example: <\/strong>Mauna Loa in Hawaii.<\/li><\/ul><\/li><li><strong>Lava Domes:<\/strong><ul><li><strong>Description: <\/strong>Circular mounds formed by slow extrusion of viscous lava.<\/li><li><strong>Characteristics: <\/strong>Typically found in the crater of larger volcanoes.<\/li><li><strong>Example: <\/strong>Novarupta Dome in Alaska.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eruption_Mechanism\"><\/span><strong>Eruption Mechanism:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Cause:<\/strong> Volcanoes erupt due to pressure from magma beneath the Earth\u2019s surface forcing its way through cracks and vents.<\/li><li><strong>Process:<\/strong> This release of pressure results in the expulsion of lava, ash, and gases.<\/li><li><strong>Intensity:<\/strong> Eruptions can be explosive when pressure exceeds the crust&#8217;s ability to contain it.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Significant_Regions\"><\/span><strong>Significant Regions:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Ring of Fire:<\/strong> A highly volcanic and seismically active region encircling the Pacific Ocean.<\/li><li><strong>Location:<\/strong> Includes countries like Japan, Indonesia, New Zealand, and the western coasts of North and South America.<\/li><li><strong>Activity:<\/strong> Approximately 90% of global earthquakes occur within the Ring of Fire due to tectonic plate interactions.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prediction_of_Volcanic_Eruptions\"><\/span><strong>Prediction of Volcanic Eruptions:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Seismographic Data:<\/strong><ul><li><strong>Method:<\/strong> Monitoring earthquakes and tremors near volcanoes.<\/li><li><strong>Significance:<\/strong> Sudden increases in seismic activity can indicate magma movement and potential eruption.<\/li><\/ul><\/li><li><strong>Ground Deformation:<\/strong><ul><li><strong>Method:<\/strong> Using GPS and satellite radar to measure changes in the ground\u2019s shape.<\/li><li><strong>Significance:<\/strong> Swelling or bulging of the volcano indicates magma movement beneath the surface.<\/li><\/ul><\/li><li><strong>Gas Emissions:<\/strong><ul><li><strong>Method:<\/strong> Monitoring volcanic gas emissions, including sulfur dioxide and carbon dioxide.<\/li><li><strong>Significance:<\/strong> Changes in gas composition and volume can signal increasing volcanic activity.<\/li><\/ul><\/li><li><strong>Gravity and Magnetic Field Changes:<\/strong><ul><li><strong>Method:<\/strong> Tracking alterations in gravity and magnetic fields near volcanoes.<\/li><li><strong>Significance:<\/strong> Magma movements can cause subtle changes in these fields, which are detected by specialised instruments.<\/li><\/ul><\/li><\/ul>\n\n\n\n<p>Source: <a href=\"https:\/\/www.reuters.com\/world\/europe\/italys-etna-stromboli-volcanoes-erupt-catania-airport-closed-2024-07-05\/\">RW<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_FAQs\"><\/span>Frequently Asked Questions (FAQs)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"has-text-align-left wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_are_daily_current_affairs\"><\/span>Q: What are daily current affairs? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: Daily current affairs refer to the most recent and relevant events, developments, and news stories that are happening around the world on a day-to-day basis. These can encompass a wide range of topics, including politics, economics, science, technology, sports, and more.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_Why_is_it_important_to_stay_updated_with_daily_current_affairs\"><\/span>Q: Why is it important to stay updated with daily current affairs? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: Staying updated with daily current affairs is crucial because it helps individuals make informed decisions in their personal and professional lives. It enables people to understand the world around them, stay aware of significant events, and engage in informed discussions about important issues.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_Where_can_I_access_daily_current_affairs_information\"><\/span>Q: Where can I access daily current affairs information? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: There are various sources for daily current affairs, including newspapers, news websites, television news broadcasts, radio programs, and dedicated apps or newsletters. Social media platforms are also widely used to share and access current affairs information.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_How_can_I_effectively_incorporate_daily_current_affairs_into_my_routine\"><\/span>Q: How can I effectively incorporate daily current affairs into my routine? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: To incorporate daily current affairs into your routine, consider setting aside specific times each day to read or watch news updates. You can also subscribe to newsletters or follow news apps to receive curated content. Engaging in discussions with peers or participating in online forums can further enhance your understanding of current events.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_are_some_tips_for_critical_analysis_of_daily_current_affairs\"><\/span>Q: What are some tips for critical analysis of daily current affairs? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: When analyzing daily current affairs, it&#8217;s essential to cross-reference information from multiple sources to ensure accuracy. Additionally, consider the source&#8217;s credibility and bias, if any. Develop the ability to identify the main points and implications of news stories, and critically evaluate the significance and impact of the events reported.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><a href=\"https:\/\/edukemy.com\/upsc\/upsc-essay?utm_source=Blog&amp;utm_medium=Banner&amp;utm_campaign=Essay\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" data-src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/UPSC-Essay-Course-1280\u00d7300-1-3.svg\" alt=\"\" class=\"wp-image-42688 lazyload\" width=\"781\" height=\"182\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 781px; --smush-placeholder-aspect-ratio: 781\/182;\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"To_get_free_counselingsupport_on_UPSC_preparation_from_expert_mentors_please_call_9773890604\"><\/span><strong>To get free counseling\/support on UPSC preparation from expert mentors please call 9773890604<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\"><li>Join our Main Telegram Channel and access PYQs, Current Affairs and UPSC&nbsp; Guidance for free \u2013 <a href=\"https:\/\/t.me\/WithEdukemy4IAS\" rel=\"noreferrer noopener\" target=\"_blank\">Edukemy for IAS<\/a><\/li><li>Learn Economy for free-<a href=\"https:\/\/t.me\/+uq2Jq2ezMHE3ZjA1\" rel=\"noreferrer noopener\" target=\"_blank\"> Economy for UPSC<\/a><\/li><li>Mains Answer Writing Practice-<a href=\"https:\/\/t.me\/+HS9DZh7PTytkNjJl\" rel=\"noreferrer noopener\" target=\"_blank\">Mains Answer Writing<\/a><\/li><li>For UPSC Prelims Resources, <a href=\"https:\/\/edukemy.com\/upsc-cse-prelims-resource-centre\" rel=\"noreferrer noopener\" target=\"_blank\">Click here<\/a><\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Visit_our_YouTube_Channel_%E2%80%93_Here\"><\/span>Visit our YouTube Channel \u2013 <a href=\"https:\/\/www.youtube.com\/@EduKemyforIAS\" target=\"_blank\" rel=\"noreferrer noopener\">Here<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>In today&#8217;s daily current affairs briefing for UPSC aspirants, we explore the latest developments that hold relevance for the upcoming civil services<\/p>\n","protected":false},"author":21,"featured_media":43133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[265],"tags":[160,161,232,140],"class_list":["post-43131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs","tag-daily-current-affairs","tag-daily-current-affairs-upsc","tag-upsc","tag-upsc_preparation_strategy"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/43131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/comments?post=43131"}],"version-history":[{"count":1,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/43131\/revisions"}],"predecessor-version":[{"id":43138,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/43131\/revisions\/43138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/media\/43133"}],"wp:attachment":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/media?parent=43131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/categories?post=43131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/tags?post=43131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}