DAILY CURRENT AFFAIRS IAS | UPSC Prelims and Mains Exam – 19th March 2024

Syllabus

• Prelims – Economy

Context: The National Payments Corporation of India (NPCI) said it has granted One97 Communications Ltd (OCL) to participate in Unified Payments Interface (UPI) as Third-Party Application Provider (TPAP) under multi-bank model.NPCI said four banks – Axis Bank, HDFC Bank, State Bank of India and YES Bank – will act as PSP (Payment System Provider) banks to OCL, which is the parent company of Paytm.

Background:-

• Last month, RBI directed NPCI, which owns and operates the UPI platform, to consider a request by OCL to become a TPAP.
• A Third-Party Application Provider is an entity that provides UPI compliant app(s) to the end-user customers to facilitate UPI-based payment transactions. These applications could be mobile wallets, merchant apps, or any other platform that utilises UPI for payments.

About National Payments Corporation of India (NPCI)

• National Payments Corporation of India (NPCI), is an umbrella organisation for operating retail payments and settlement systems in India.
• It was launched in 2008 by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007.
• It has been incorporated as a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013).
• The ten core promoter banks are State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank Limited, HDFC Bank Limited, Citibank N. A. and HSBC.
• In 2016 the shareholding was broad-based to 56 member banks to include more banks representing all sectors. In 2020, new entities regulated by RBI were inducted, consisting of Payment Service Operators, payment banks, Small Finance Banks, etc.
• NPCI offers a range of payment solutions and services, including the Unified Payments Interface (UPI), Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS), Bharat Bill Payment System (BBPS), Aadhaar Enabled Payment System (AePS), National Automated Clearing House (NACH), and RuPay, India’s own card payment network.
• The Unified Payments Interface (UPI) is one of NPCI’s most significant initiatives.
• Payment systems that the NPCI operate include National Financial Switch.National Financial Switch (NFS) is the largest network of shared Automated Teller Machines (ATMs) in India facilitating interoperable cash withdrawal, card to card funds transfer and interoperable cash deposit transactions among other value added services in the country.

Source: Hindu Businessline

Syllabus

• Prelims – Science

Context: An expert commission rejected a proposal to mark the start of the Anthropocene at a particular date.

Background:

• The SQS-AWG is a commission responsible for recognising time units within our most recent period of geologic time. Its members have been looking into the question of formalising the Anthropocene Epoch as the youngest epoch, superposing the Holocene. On March 4, 2024, the commission, which consists of topical experts, rejected the proposal with a majority voting against it.

About Anthropocene:

• Earth’s history is divided into a hierarchical series of smaller chunks of time, referred to as the geologic time scale. These divisions, in descending length of time, are called eons, eras, periods, epochs, and ages.
• These units are classified based on Earth’s rock layers, or strata, and the fossils found within them. From examining these fossils, scientists know that certain organisms are characteristic of certain parts of the geologic record. The study of this correlation is called stratigraphy.
• Officially, the current epoch is called the Holocene, which began 11,700 years ago after the last major ice age.
• However, the Anthropocene Epoch is an unofficial unit of geologic time, used to describe the most recent period in Earth’s history when human activity started to have a significant impact on the planet’s climate and ecosystems.
• The word Anthropocene is derived from the Greek words anthropo, for “man,” and cene for “new,” coined and made popular by biologist Eugene Stormer and chemist Paul Crutzen
• Scientists still debate whether the Anthropocene is different from the Holocene, and the term has not been formally adopted.
• The primary question that scientists needs to answer before declaring the Anthropocene an epoch is if humans have changed the Earth system to the point that it is reflected in the rock strata.

Source: National Geographic

Syllabus

• Prelims- Current Event

Context: The Passing Out Parade (POP) of the third batch of Agniveers was held at INS Chilka, Odisha.

Background:

• Agniveers are a special group within the Indian Armed Forces, created under the Agnipath recruitment scheme.

About AGNIPATH SCHEME

• The Agnipath Scheme is a short-service manpower model introduced by the Indian government for recruiting soldiers across the Army, Navy, and Air Force.
• It is a transformative initiative under the Ministry of Defence.

Objective and Eligibility:

• The scheme aims to provide an opportunity for patriotic and motivated youth to serve in the Armed Forces.
• It applies to personnel below officer ranks, excluding commissioned officers.

Recruitment and Duration:

• Around 45,000 to 50,000 soldiers (referred to as “Agniveers”) are recruited annually under this scheme.
• These recruits serve on a short-term contract of four years.
• After the initial four years, only 25% of the batch will continue for an additional 15 years under permanent commission.

Benefits for Agniveers:

• Upon completing the four-year service, Agniveers receive a one-time “Seva Nidhi” package of Rs 11.71 lakhs, including accrued interest.
• They also enjoy a life insurance cover of Rs 48 lakhs during the service period.
• In case of death, the payout exceeds Rs 1 crore, including pay for the unserved tenure.
• The government assists in rehabilitating soldiers who leave the services after four years by providing skill certificates and bridge courses.

Challenges and Concerns:

• Job Prospects: Agniveers may find it challenging to secure other jobs after their four-year service.
• No Pension Benefit: Unlike regular servicemen, Agniveers do not receive pension benefits.

Source: PIB

Syllabus

• Prelims : Current Event

Context: ISRO plans to conduct the second landing test of the Reusable Launch Vehicle (RLV) Pushpak soon.

Background:

• This ongoing research and development aim to reduce space launch costs and advance India’s space exploration missions. In 2023, ISRO successfully conducted the Reusable Launch Vehicle Autonomous Landing Mission (RLV LEX).

About REUSABLE LAUNCH VEHICLE PUSHPAK:

• The Reusable Launch Vehicle (RLV) Pushpak is a winged technology demonstrator developed by the Indian Space Research Organisation (ISRO).
• Its purpose is to explore and validate technologies essential for achieving a fully reusable launch vehicle.

Background and Purpose:

• The RLV Pushpak is part of ISRO’s efforts to develop a fully reusable launch vehicle.
• Its primary goal is to enable low-cost access to space.
• ISRO envisions building a space station by 2035, and the RLV technology plays a crucial role in achieving this objective.

Technological Advancements:

• Accurate Navigation: Utilizes pseudolite systems, indigenous instrumentation, and sensor systems.
• Ka-band Radar Altimeter: Provides precise altitude information.
• Indigenous Landing Gear: Designed for high-speed, unmanned, and precise landings.
• Aerofoil Honeycomb Fins and Brake Parachute System: Ensure controlled descent.

Source: Business Today

Syllabus

• Prelims – Current Event

Context: Pandavula Gutta designated exclusive Geo-heritage site in Telangana.

Background:

• A geo-heritage site is a place of significant geological importance, often recognized for its unique geological features, historical context, or cultural value. These sites provide insights into the Earth’s history, evolution, and natural processes.

About GEO HERITAGE SITE PANDAVULLA GUTTA

• Pandavula Gutta, also known as Pandavula Guttalu, is a remarkable hill located in the Warangal district, Telangana, India.
• Its historical and religious significance lies in the belief that it served as a refuge for the Pandavas during their exile, as narrated in the Hindu epic.
• This site is more ancient than the Himalayan hills and has been officially recognized as the sole Geo-heritage site in Telangana.
• Discovered in 1990, it predates the Himalayas and has a rich history spanning from the Mesolithic to Medieval times.
• Pandavula Gutta is adorned with Paleolithic cave paintings, a rare glimpse into prehistoric human creativity. These paintings, found on walls, ceilings, and isolated boulders, depict wildlife such as Bison, Antelope, Tiger, and Leopard.

Source: The Hindu

Syllabus

• Mains – GS 4

Context: Tendency of consumerism has been rising among people.

Background:

• Consumerism is mainly derived from lifestyle obsession instead of necessity.

About Consumerism:

• Consumerism is the idea that increasing the consumption of goods and services purchased in the market is always a desirable goal and that a person’s well-being and happiness depend fundamentally on obtaining consumer goods and material possessions.
• Consumerism is an ideology where consumers are motivated or manipulated to buy something, even if they don’t need it.
• It is mainly derived from lifestyle obsession instead of necessity. For instance, replacing a perfectly working mobile phone or laptop because a new model is launched.
• It is based on the assumption, that possession of material wealth and things make a person happy and satisfied.

Consumerism is driven by the following factors:

• The first driving force of consumerism is advertising, a vast industry dedicated to the power of persuasion.
• Credit cards, store cards, payday loans, and ‘buy now, pay later’ schemes all bring forward our expenditure.
• Obsolescence stems from the realisation by capitalism that the life cycles of products could be planned and managed.
• A tendency to have more than one.

Ethical Values Undermined by Consumerism:

• To achieve the end, both consumers and brands can resort to means that are not ethically correct. Ex: Advertisements claim that products will change the user’s life.
• In consumerism, a person just thinks about buying products and creating collections. In this race, he loses his consciousness i.e. awareness of one’s thoughts and feelings. This prevents them from making the right decisions. Ex: Doing shopping for their social media uploads.
• It has been found that societies that are driven by consumerism have huge disparities; some people live lavish lives while other’s basic needs are not fulfilled. It undermines the effort of Social Justice (fair division of resources, opportunities, and privileges).
• Most religions/societies propagate that satisfaction will bring inner solace. However, tendencies like consumerism are against it. It also includes the loss of traditional cultures and values; and the decline of altruism and community.
• Consumerism ultimately creates a selfish society in which people just think about their needs. Ex: Many people spend lakhs on clothes, and this amount can be utilised to support the education of poor children.
• An increase in demand naturally increases production, in turn, leading to changes in land use, threatening biodiversity, generation of more waste, and emission of pollutants. Ex: In the fashion industry, the skin of different animals is used to make leather products. This has pushed certain species to the verge of extinction.

Striking a Balance Between Needs and Desires:

• Adopting Ethical Consumerism promotes the practice of purchasing products and services in a way that minimizes negative impact on social and/or environmental consequences.
• Moral and Consumer Education needs to be part of the curriculum at all levels of education.
• Corporations should adopt ‘Stakeholder Capitalism’ instead of ‘Shareholder Capitalism’. Stakeholder capitalism proposes that corporations should serve the interests of all their stakeholders, and not just shareholders.
• Regulating authorities like the Advertising Standards Council of India (ASCI) should keep an eye on the advertisements that try to manipulate consumers.
• Celebrities/influencers should become role models for others by practicing responsible consumption and making sustainable choices.
• It can be controlled by imposing taxes on luxury goods and giving incentives for sustainable practices.
• Volunteers of civil society organizations can carry out awareness to combat consumerism and promote sustainable living.

Source: ET EDGE INSIGHTS

Q1.) Consider the following pairs:

Geo-heritage sites                States

1. Pandavula Gutta –              Karnataka
2. Siwalik Fossil Park –        Himachal Pradesh
3. Lonar Lake –                      Maharashtra

How many of the above pairs are correctly matched?

1. Only one
2. Only two
3. All three
4. None  

Q2.) With reference to the Reusable Launch Vehicle (RLV) Pushpak, consider the following statements:

1. It is developed by the Indian Space Research Organisation.
2. Its primary goal is to enable low-cost access to space.

Which of the statements given above is/are correct?

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

Q3.)With reference to Agnipath Scheme, consider the following statements:

1. It is a short-service manpower model introduced by the Ministry of Defence.
2. It aims for recruiting soldiers across the Army, Navy, and Air Force.
3. Unlike regular servicemen, Agniveers do not receive pension benefits.
4. The government assists in rehabilitating soldiers who leave the services after four years by providing skill certificates and bridge courses.

How many of the above statements are correct?

1. Only one
2. Only two
3. Only three
4. All four

Comment the answers to the above questions in the comment section below!!

ANSWERS FOR ’  19th March  2024 – Daily Practice MCQs’ will be updated along with tomorrow’s Daily Current Affairs.st

Q.1) – b

Q.2) – c

Q.3) – d