UPSC Quiz – 2024 : IASbaba’s Daily Current Affairs Quiz 14th June 2024

·       The Global Gender Gap Index is an annual report produced by the World Economic Forum (WEF) that measures gender-based gaps in access to resources and opportunities in countries around the world.

·       It is the longest-standing index, tracking progress towards closing these gaps over time since its inception in 2006.

It tracks the gender gap across four key parameters:

·       Economic participation and opportunity,

·       Educational attainment,

·       Health and survival, and

·       Political empowerment.

·       It ranks countries on a scale from 0 to 1, with a score of 1 indicating that a country has achieved complete gender equality, while a score of 0 indicates a complete lack of equality.

Key findings

·       As of 2024, the global gender gap stands at 68.5% across all 146 countries indexed this year.

·       It will take 134 years, i.e., by 2158, to achieve full parity if the current rate of progress is maintained.

·       No country has achieved full gender parity, 97% of the economies included in this edition have closed more than 60% of their gap, compared to 85% in 2006.

·       The top 10 most gender-equal nations are found to be in Europe, with Iceland retaining its top position with a score of 0.935. Sudan was ranked last on the index of 146 countries.

·       Of the four gender gap areas measured, the Health and Survival gender gap has closed by 96%, the Educational Attainment gap by 94.9%, the Economic Participation and Opportunity gap by 60.5%, and the Political Empowerment gap by 22.5%.

·       The most significant shift occurs in Political Empowerment, where parity has jumped a total of 8.3 percentage points.

·       Among the eight regions studied, Southern Asia ranked 7th with a gender parity score of 63.7 per cent.

·       Called “lahar” in Indonesian, cold lava is a phenomenon that occurs when rain mixes with volcanic materials like ash, sand, and pebbles.

·       The mixture forms a concrete-like substance that destroys everything in its path.

·       Rain can carry cold lava down the slopes of a volcano during an eruption and into the paths of nearby towns or villages.

·       Unlike traditional lava flows, which move slowly and give residents time to evacuate, cold lava can advance rapidly, at a speed of hundreds of kilometres per hour, and spread as far away as 60 km from the volcano.

·       One of the defining characteristics of cold lava is its ability to pick up additional debris and sediment as it travels downhill.

·       This mixture can rapidly increase in volume and destructive potential, transforming from a relatively innocuous flow into a powerful force.

·       It is considered more destructive and deadlier compared to regular lava flows.

·       Its high density and abrasive nature mean that it can cause significant damage to buildings, bridges, and roads, posing a serious threat to human life and property.

·       Cold lava remains hot internally due to chemical reactions within the volcanic material, but its external appearance and behaviour are more akin to wet concrete.

·       While it is commonly associated with volcanic eruptions, lahars can also occur when no eruption takes place.

·       GAAR is an anti-tax avoidance law in India to curb tax evasion and avoid tax leaks.

·       It came into effect on 1st April 2017.

·       The GAAR provisions come under the Income Tax Act, 1961.

·       GAAR is a tool for checking aggressive tax planning, especially those transactions or business arrangements that are entered into with the objective of avoiding tax.

·       It is specifically aimed at cutting revenue losses that happen to the government due to aggressive tax avoidance measures practiced by companies.

·       It is meant to apply to transactions that are prima facie legal, but result in tax reduction.

Broadly, tax reduction can be divided into three categories.

·       Tax mitigation is a ‘positive’ term in the context of a situation where taxpayers take advantage of a fiscal incentive provided to them by tax legislation by complying with its conditions and taking cognisance of the economic consequences of their actions.

·       Tax evasion is when a person or entity does not pay the taxes that are due to the government.

·       Tax avoidance includes actions taken by a taxpayer, none of which are illegal or forbidden by the law.

·       With GAAR, there is no difference between tax avoidance and tax evasion. All transactions which have the implication of avoiding tax can come under the scanner of GAAR.

·       Members: Canada, France, Germany, Italy, Japan, United Kingdom, and United States; European Union as a non-enumerated member

·       The G7 was established in 1975. Russia was included in the late 1990s, creating the G8, but was suspended in 2014 after the annexation of Crimea.

·       Function: The G7 meets annually to discuss and coordinate economic policies. The leaders address many global issues, including monetary policy, security, energy, and climate change.

·       Significance: While the G7 cannot enact laws, its past decisions have had significant global consequences

·       Summits: The annual G7 summit is hosted by one of the member countries, which rotates each year. The summits provide a platform for the leaders to discuss pressing global issues and coordinate policy responses.

·       The 2024- G7 summit will take place from June 13-15 in Apulia, Italy. Italy holds the G7 presidency in 2024.

Key findings for the report:

·       Stabilization in Growth – Global growth is projected to stabilize at 2.6% in 2024 and slightly increase to 2.7% in 2025-26, marking the first steady year in three years despite geopolitical tensions and high interest rates.

·       Subdued Long-term Outlook – The growth rate remains below historical standards, nearly half a percentage point lower than the 2010-19 average.

·       About 60% of economies, representing over 80% of global population and output, will underperform compared to the 2010s average in 2024-25.

·       EMDE Growth – Growth in emerging market and developing economies (EMDEs) is expected to moderate from 4.2% in 2023 to 4% in 2024 and 2025, with vulnerable economies facing significant challenges.

·       Moderation in Inflation – Global inflation is projected to moderate to 3.5% in 2024, but at a slower rate than previously assumed.

·       Cautious Monetary Policies – Central banks are likely to maintain high policy interest rates due to persistent inflationary pressures, with rates expected to remain about double the 2000-19 average.

Key findings about India:

·       India and Indonesia are examples of robust performance.

·       India’s economy has been buoyed by strong domestic demand, with a surge in investment, and robust services activity.

·       India is expected to see continued solid per capita growth.

·       In India, growth is estimated to have picked up to 8.2 percent in fiscal year (FY) 2023/24.

·       In India, inflation has kept within the Reserve Bank’s target range of 2 to 6% since September 2023.