Daily Current Affairs 01 January 2024 – IAS Current Affairs

Current Affairs 01 January 2024 focuses on the Prelims-Mains perspective. Major events are :

BRICS Five New Members

Source: News On Air
GS II: Important International institutions, agencies and fora- their structure, mandate

Overview

1. News in Brief
2. How it helps
3. What is the significance?
4. About BRICS

Why in the News?

The upcoming BRICS summit in Russia this October is set to undergo a significant transformation as it expands its membership to include five new nations

News in Brief (BRICS Five New Members)

• The original founding five – Brazil, Russia, India, China, and South Africa.
• Expansion, features Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
• Notably, Argentina, under its new President Javier Milei, has decided to withdraw from its planned entry into the expanding BRICS club of nations.
• The last expansion of the BRICS took place in 2010 when South Africa joined, adding an “S” to the acronym a year after the bloc’s inception.

What is the significance?

• This signifies a notable shift in the global landscape, characterized by increasing multipolarity and assertive middle powers challenging the established Western-led order.
• Strategic effort to reshape the global order into a multipolar world, with voices from the Global South taking a more prominent role on the international stage.
• The inclusion of Saudi Arabia and the UAE further emphasizes the changing dynamics of international relations, highlighting a trend towards a more multipolar world and the growing assertiveness of middle powers challenging the established Western-led order.
• Expected to create new investment opportunities for the Arab world’s two largest economies – Saudi Arabia and the UAE.

What are the challenges?

• Underscores the inherent challenges of achieving unified goals within a diverse “global south.”

About BRICS

• BRICS is an acronym that refers to an association of five major emerging national economies: Brazil, Russia, India, China, and South Africa.
• The group was originally known as “BRIC” before the inclusion of South Africa in 2010.
• The BRICS countries are known for their significant influence on regional and global affairs.
• They collaborate on various political, economic, and strategic issues.
• The group aims to promote cooperation and mutual development, as well as to challenge the existing global economic order dominated by Western nations.
• The BRICS nations hold annual summits to discuss and coordinate their positions on matters such as economic development, global governance, and international security.

The formation of BRICS is often seen as a response to the increasing economic power and influence of these countries on the world stage.

Unique characteristics and strengths of member country

1. Brazil: Known for its vast natural resources and agriculture.
2. Russia: A major player in energy resources, particularly oil and natural gas.
3. India: A rapidly growing economy with a large and diverse population.
4. China: The world’s most populous country and a global economic powerhouse.
5. South Africa: The most industrialized country in Africa, contributing to the continent’s economic growth.

Mechanisms for cooperation

• The BRICS countries have established various mechanisms for cooperation.
• This includes the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA), designed to provide financial assistance and support to member countries in times of economic need.

Payments Infrastructure Development Fund Scheme

Source: CNBC
GS III: Economy

Overview

1. News in Brief
2. About Payments Infrastructure Development Fund Scheme

Why in the News?

The Reserve Bank of India (RBI) recently extended the Payments Infrastructure Development Fund (PIDF) scheme till December 31, 2025.

News in Brief

• The Reserve Bank of India (RBI) has announced an extension of the Payments Infrastructure Development Fund (PIDF) scheme until December 31, 2025.
• Initially launched in 2021 for three years, this extension aims to continue fostering financial inclusion and supporting the country’s payment infrastructure.
• Under this extended scheme, beneficiaries of the PM Vishwakarma Scheme nationwide have been incorporated as merchants eligible for deployment under PIDF.

About Payments Infrastructure Development Fund Scheme

• The Scheme was operationalized by the RBI in 2021 for three years (extendable up to 2 years) to encourage the deployment of payment acceptance infrastructure in India.
• The infrastructure includes physical Point of Sale (PoS) terminals, Quick Response (QR) codes, in tier-3 to tier-6 centers, North Eastern states and Union Territories (UTs) of Jammu & Kashmir and Ladakh.
• The objective of PIDF is to increase the number of acceptance devices multi-fold in the country.
• The Scheme is expected to benefit the acquiring banks / non-banks and merchants by lowering overall acceptance infrastructure costs.

Validity Period and PIDF Target

• Three years from January 01, 2021, extendable by two further years, if necessary.
• Increasing payment acceptance infrastructure by adding 30 lakh touch points – 10 lakh physical and 20 lakh digital payment acceptance devices every year.

Corpus

• The initial corpus of PIDF has to be substantial to initiate pan-India terminalisation and to cover the payouts in the first year.
• Contributions to the PIDF shall be mandatory for banks and card networks.
• RBI shall contribute ₹250 crore to the corpus; the authorised card networks shall contribute in all ₹100 crore.
• The card-issuing banks shall also contribute to the corpus based on the card issuance volume (covering both debit cards and credit cards) at the rate of ₹1 and ₹3 per debit and credit card issued by them, respectively.
• It shall be the endeavour to collect the contributions by January 31, 2021.
• Any new entrant to the card payment eco-system (card issuer and card network) shall contribute an appropriate amount to the PIDF.

Viksit Bharat Sankalp Yatra

Source: News On Air
GS II: Government schemes

Overview

1. News in Brief
2. About Viksit Bharat Sankalp Yatra

Why in the News?

Viksit Bharat Sankalp Yatra is achieving new heights every day to provide benefits of central government schemes to the common people.

News in Brief

• In Madhya Pradesh, information and benefits of welfare schemes of the Central Government are being provided to more than 23 thousand gram panchayats and more than 13 thousand urban areas through 366 information, education and communication mobile vans.
• In remote and sensitive Naxal-affected areas of the Balaghat district, people are getting the benefits of the campaign.
• For effective implementation of Viksit Bharat Sankalp Yatra in Madhya Pradesh, the participation of public representatives has been ensured at all places.
• Prime Minister inaugurated the campaign on 16 December in Madhya Pradesh.

About Viksit Bharat Sankalp Yatra

• Vikasit Bharat Sankalp Yatra campaigns are being held nationwide to raise awareness through outreach activities and achieve saturation of various welfare programs launched by the Centre.
• Campaign flagged off  on November 15th on Janjatiya Gaurav Divas at Khunti, Jharkhand.
• The yatra aims to cover all gram panchayats and urban local bodies through IEC vans and camps of various schemes organised at each location.

Objectives of the Viksit Bharat Sankalp Yatra

• Reaching the unreached – reach out to the vulnerable who are eligible under various schemes but have not availed benefits so far.
• Dissemination of information and generating awareness about schemes.
• Learning from the citizens – Interaction with beneficiaries of government schemes through personal stories / experience sharing.
• Enrolment of potential beneficiaries through details ascertained during the Yatra.

Ministries Linked

• Ministry of Agriculture and Farmers’ Welfare, Ministry of Rural Development and Ministry of Tribal Affairs will be the nodal Ministries for rural and areas with significant Scheduled Tribe population.
• For urban areas, Ministry of Information & Broadcasting and Ministry of Housing and Urban Affairs will be the Nodal Ministries. 

Current Status

• Currently the Yatra is going on in 26 states/UTs.
• Central Government is trying to cover more than 2.6 lakh Gram Panchayats as well as other areas by 26th January through the Yatra.
• So far, about 30 thousands Gram Panchayats have been covered, where about 80 lakh people have participated and took a pledge to create a developed India.
• Various activities and services like general health camps, TB screening, sickle cell screening camps etc. are also being conducted during the programmes.

XPoSat Launched

Source: News On Air
GS III: Science and Technology

Overview

1. News in Brief
2. About XPoSat

Why in the News?

Indian Space Research Organisation (ISRO) has successfully launched X-ray Polarimeter Satellite (XPoSat) aboard Polar Satellite Launch Vehicle PSLV-C58.

News in Brief

• The satellite was launched from Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh at 9.10 today morning.
• Ten other scientific payloads were also launched along with XPoSat.
• This mission marks India’s first dedicated scientific endeavour to study the polarisation of cosmic X-rays from celestial sources.
• Following the launch of XPoSat, India has become the second country in the world after the United States to send a specialised astronomy observatory to study black holes and neutron stars in our galaxy.

The 10 other payloads are from TakeMe2Space, LBS Institute Technology for Women, K J Somaiya Institute of Technology, Inspecity Space Labs Private Ltd, Dhruva Space Private Ltd, Bellatrix Aerospace Private Ltd (two payloads) and three payloads from the ISRO.

About XPoSat

• The mission life of the primary payload XPoSat is about five years. ISRO Chief S Somanath said, XPoSat has been successfully ed into a 650 km Low Earth Orbit as intended.
• Payload XPoSAT, short for X­ray Polarimeter Satellite.
• It is the country’s first dedicated polarimetry mission to study various dynamics of bright astronomical X­-ray sources in extreme conditions.
• Polarimetry is nothing but a method to study how light waves move.

XPoSat payloads

POLIX

• POLIX is an X-ray Polarimeter for astronomical observations in the energy band of 8-30 keV.
• The instrument is made of a collimator, a scatterer and four X-ray proportional counter detectors that surround the scatterer.

XSPECT

• XSPECT is an X-ray SPECtroscopy and Timing payload onboard XPoSat.
• It can provide fast timing and good spectroscopic resolution in soft X-rays.
• XSPECT can provide long-term monitoring of spectral state changes in continuum emission.

Prelims

Kuril Islands

News: An earthquake of magnitude 6.3 on the Richter Scale jolted Japan’s Kuril Islands.

• Kuril Islands are a volcanic stretching.
• It is divided into the Greater Kuril Chain and the Lesser Kuril Chain
• Location: It is approximately 1,300 km from Hokkaido, Japan, to the Kamchatka Peninsula, Russia.
• Dispute: Japan and Russia both asserting sovereignty.

KH-22 Missile

News: Ukraine Air Force spokesperson recently disclosed that the country’s air defense units were unable to shot down any of the Kh-22 supersonic cruise missiles launched by Russia.

• Soviet-era long-range airborne supersonic cruise missile.
• It has nuclear or highly explosive fragmenting cumulative warhead.
• The missile was updated in 1970s.
• A total of 3000 missile produced.
• Designed to destroy aircraft carriers and other large warships, or even groups of such carriers.
• In 2000, Ukraine transferred 386 Kh-22 missiles to Russia as an installment against the gas debt.

Srimukhalingam temple

News: The Chief priest of Srimukhalingam temple recently urged the Archaeological Survey of India (ASI) for inclusion in UNESCO (United Nations Educational, Scientific and Cultural Organization)

• Aiming for international recognition and financial support for temple preservation.
• Built by Kāmārnava–II of the Eastern Ganga dynasty in the 9th century CE.
• Location: In Andhra Pradesh by the Vamsadhara River.
• Also known as Dakshina Kashi
• Style: Kalinga architectural style
• Dedicated to Srimukha Lingeswara, a form of Lord Shiva).

Aadhar Enabled Payment System (AePS)

News: ABPS now mandatory for National Rural Employment Guarantee Scheme (NREGS) workers’ payments

• AePS is a bank-led model which allows online interoperable financial inclusion transactions at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.
• It aims to empower a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar-enabled bank account.
• Perform basic banking transactions like cash deposits, cash withdrawals, intrabank or interbank fund transfers, balance enquiry and obtain a mini statement through a Business Correspondent.
• It helps to serve the goal of RBI in the electronification of retail payments.
• Helps in Financial Inclusion.

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