UPSC Quiz – 2024 : IASbaba’s Daily Current Affairs Quiz 16th May 2024

·       It is Part of the Sustainable Energy Council (SEC) World Hydrogen Series, the Official World Hydrogen Summit & Exhibition in Rotterdam.

·       It has partnered with the Government of the Netherlands, Province of Zuid-Holland, the Port of Rotterdam and the City of Rotterdam for the hydrogen summit.

·       The Hydrogen series of events bring together governments and companies across the entire supply chain to drive forward the industry and ensure hydrogen plays a pivotal role in the energy transition.

·       The World Hydrogen Summit, 2024 was held at Rotterdam, Netherlands.

·       The Strategic Interventions For Green Hydrogen Transition (SIGHT) programme is a major financial measure under the National Green Hydrogen Mission.

·       India has also notified scheme guidelines for use of Green Hydrogen in steel, transport / mobility and shipping sectors.

·       A dedicated portal for the National Green Hydrogen Mission has been launched recently, to serve as a one-stop location for information on the Mission and steps taken for the development of the green hydrogen ecosystem in India.

·       The portal is an initiative of the Ministry of New and Renewable Energy.

·       High volatility means large price swings, which can be either upward or downward, while low volatility indicates more stable prices.

·       Investors view volatility as a measure of risk, with higher volatility often signalling greater uncertainty about future market movements.

·       The Volatility Index, commonly known as VIX or the “Fear Index,” measures the market’s expectation of near-term volatility.

·       It is calculated based on the prices of options and reflects the anticipated fluctuation in an underlying index over the next 30 days, expressed as an annualized percentage.

·       India VIX is a volatility index for the Indian markets, computed by the National Stock Exchange (NSE) based on NIFTY options.

·       It indicates the expected market volatility over the next 30 calendar days.

·       Higher values of India VIX suggest higher anticipated volatility, reflecting increased uncertainty or fear among market participants.

·       The market moves steeply up or down and the volatility index tends to rise.

·       Section 33(7) of the RPA, 1951 was amended in 1996 to allow a candidate to contest from a maximum of two constituencies in one election.

·       Prior to that, there was no limit on the number of constituencies.

·       Section 70 of the RPA, 1951 mandates that a candidate can hold only one seat at a time, even if elected from multiple constituencies.

·       If elected from two seats, the candidate has to vacate one, leading to a by-election.

·       This provision of allowing a candidate to contest from two seats, despite being able to hold only one, has been criticized.

·       It leads to avoidable by-elections and wastage of resources/effort.

For contesting Lok Sabha (parliamentary) elections, a candidate can be a registered voter from any constituency across India to contest from any Lok Sabha seat in the country, with three exceptions:

·       Assam

·       Lakshadweep

·       Sikkim

·       For these three states/UTs, the candidate needs to be a registered voter within that particular state/UT in order to contest the Lok Sabha election from a constituency in that state/UT.

·       There is no minimum educational qualification needed to contest general elections in India.

·       Candidates must be citizens of India, registered in some constituency of the country as a valid voter and must not have been convicted of any offence punishable by more than two years.

·       Changes undertaken by the Election Commission of India (ECI) – It include decreasing the cash donation limit from 20,000 rupees to 2,000 rupees.

·       For the 2024 polls, the ECI has banned cash transportation in bank vehicles after sunset.

·       It is calculated and published by the Office of Economic Advisor, Ministry of Commerce and Industry.

·       WPI data is published monthly, with the index value representing an estimate of the price level for the month as a whole, rather than a specific date.

·       An upward surge in the WPI indicates inflationary pressure in the economy, and vice versa.

·       The quantum of rise in the WPI month-after-month is used to measure the level of wholesale inflation in the economy.

·       WPI is restricted to only goods, while CPI is for both goods and services.

·       Even as the WPI is used as a key measure of inflation in some economies, the Reserve Bank of India (RBI) no longer uses it for policy purposes, including setting repo rates. The RBI currently uses CPI, or retail inflation, as a key measure of inflation to set monetary and credit policy.

·       A positive LMIA will show that there is a need for a foreign worker to fill the job and it does not guarantee permanent residency.

·       It will also show that no Canadian worker or permanent resident is available to do the job.

·       A positive LMIA is sometimes called a confirmation letter.

·       If the employer needs an LMIA, they must apply for one and once an employer gets the LMIA, the worker can apply for a work permit.

·       Several factors are responsible for the popularity of LMIA in India that include:

·       Increasingly competitive nature of the international student visa process, due to caps on international admissions and

·       The labour shortages in sectors such as farm/dairy workers, cooks, welders, plumbers, carpenters, and caregivers.