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UPSC Civil Services Daily Current Affairs 3rd May 2022

DAILY CURRENT AFFAIRS ANALYSIS

03 MAY 2022

 

S. No. Topic Name Prelims/Mains
1.     Basavanna Jayanti Prelims & Mains
2.     G 7 Summit to be held next month Prelims & Mains
3.     Disinvestment of LIC Prelims & Mains
4.     What are Payment Banks Prelims Specific Topic
5.     COVID XE Variant Prelims Specific Topic

 

1 – Basavanna Jayanti:

 GS I

 Indian Culture 

  • Context:
  • Basavanna Jayanti was celebrated recently on 26th
  • About him:
  • Basavanna, also known as Basaveshwara was born in Bagevadi (in Karnataka’s undivided Bijapur district) around 1131 AD. He is the founder of the Lingayat religion.
  • In the 12th century, his spiritual discipline was built on the concepts of Arivu (true knowledge), Achara (right action), and Anubhava (divine experience), and it ushered in social, religious, and economic change.
  • Lingangayoga is practised in this path in a holistic manner (union with the divine). In a well-balanced manner, this comprehensive discipline encompasses bhakti (devotion), jnana (knowledge), and kriye (activity).
  • In Kalyana, the Kalchuri monarch Bijjala (1157-1167 AD) initially selected Basaveshwara as a karanika (Accountant) in his court, then as Prime Minister.
  • Basaveshwara fought against the traditionalistic society’s social problems and brought about a significant shift in numerous aspects.
  • His pragmatic approach and the development of the ‘Kalyana Rajya’ (Welfare State) gave all citizens of the society a new status and position, regardless of class, caste, creed, or sex.
  • About Anubhava Mantapa:
  • He founded the AnubhavaMantapa, a shared forum for all to discuss current socioeconomic, economic, and political issues, as well as religious and spiritual ideas and personal issues.
  • As a result, it was India’s first and foremost Parliament, where Sharanas (welfare society people) sat together and debated the democratic ideas of socialism.
  • All of the Sharana talks were written in the form of Vachanas.
  • Vachanas were a unique literary style composed in a basic Kannada dialect.
  • Basaveshwara went on to explain two additional crucial socioeconomic truths. They are as follows:
  • Kayaka (Divine work): According to this, every member of society should choose a job that he or she enjoys and do it with sincerity.
  • Dasoha (Equal Distribution): Dasoha is a Sanskrit word that means “equal
  • For equal effort, there must be equal pay.
  • The labourer (Kayakajeevi) may be able to get by on his hard-earned money. However, he should not save money or property for the future. He must put the surplus money to good use for society and the underprivileged.

 

  • Source: The Hindu

 

2 – G 7 Summit to be held next month:

 GS II

 International Relations 

  • Context:
  • The G-7 Summit will take place in the coming month of June.
  • What exactly is G7?
  • The G7, formerly known as the G8, was founded in 1975 as an informal meeting for leaders of the world’s largest industrial nations.
  • Leaders from the European Union (EU) and the following nations are expected to attend: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
  • The G-7’s primary goal is to discuss and reflect on global economic concerns. It occasionally works together to assist solve other global challenges, with a particular focus on economic issues.
  • What happened when G7 became G8?
  • In 1998, Russia was formally admitted to the organisation, transforming the G7 into the G8.
  • The other G8 nations, on the other hand, were outraged by Russian President Vladimir Putin’s heinous conduct of sending Russian soldiers into eastern Ukraine and seizing Crimea in 2014.
  • As a result of Russia’s actions, the other members of the group decided to suspend Russia from the G8, and the group was renamed G7 in 2014.
  • Build Back Better Initiative:
  • The Build Back Better for the World Project is targeted directly at competing with China’s trillion-dollar Belt and Road infrastructure programme, which has been severely criticised for saddling tiny countries with insurmountable debt but, since its inception in 2013, has included even G7 member Italy.
  • It will catalyse hundreds of billions of dollars in infrastructure investment for low- and middle-income nations (in Asia and Africa) while also providing a values-driven, high-standard, and transparent cooperation with the G7.
  • G-7 and guest countries signed off on a joint statement (Democracies 11) on “open societies,” reaffirming and encouraging the ideals of freedom of expression, including online and offline, as a right that defends democracy and helps people live free of fear and oppression.
  • Politically motivated internet shutdowns are also mentioned as a threat to freedom and democracy in the declaration.
  • While the comment is addressed at China and Russia, India has been criticised for Internet restrictions in Jammu and Kashmir, even as the government is involved in a battle with tech companies over its New IT guidelines for 2021.
  • Rising authoritarianism, electoral interference, corruption, economic coercion, information manipulation, including disinformation, online harms and cyber attacks, politically motivated internet shutdowns, human rights violations and abuses, terrorism, and violent extremism are all threats to freedom and democracy in Democracies 11.
  • Carbis Bay Declaration:
  • The Carbis Bay Declaration was signed by the G7 countries. Its goal is to prevent future pandemics.
  • The G7 also offered over 1 billion coronavirus vaccine doses for poorer countries, with the US providing half and the UK providing 100 million.
  • By mid-2022, 11 billion doses will be required to vaccinate at least 70% of the world’s population.
  • The dosages would be delivered both directly and via the COVAX worldwide initiative.
  • Climate Change:
  • Reaffirmed their commitment to increase their contributions in order to meet an overdue spending target of USD 100 billion per year to assist poorer countries in reducing carbon emissions.
  • By 2030, he promised to halt and reverse biodiversity loss.
  • By 2050, they have committed to achieving net zero carbon emissions.
  • China’s Opposition:
  • The G-7 statement, which India and other outreach countries did not sign, slammed China for violating “human rights and fundamental freedoms” in Xinjiang (Uyghur Muslims) and Hong Kong, as well as unilateral measures to alter the status quo in the South China Sea.
  • It also demanded that the World Health Organization’s Covid origins investigation in China be conducted in a transparent and timely manner.
  • In a statement made at the World Health Assembly, India asked for the same.
  • India’s Position:
  • India is a natural ally for the G7 countries in the fight against autocracy, terrorism, and violent extremism, as well as disinformation and economic pressure.
  • Concerns have been expressed that open societies are more prone to disinformation and cyber-attacks.
  • It asked for the group’s help in lifting patent protections on Covid-19 vaccinations.
  • Countries working in isolation will not be able to maintain the planet’s atmosphere, biodiversity, or oceans, according to the UN, which has urged for global action on climate change.
  • India is the only member of the G-20 that is on track to reach its Paris targets.
  • Developing nations need improved access to climate finance, according to the report, which calls for a comprehensive strategy to climate change that addresses mitigation, adaptation, technology transfer, climate financing, equity, climate justice, and lifestyle changes.
  • Through applications like Aadhaar, Direct Benefit Transfer (DBT), and the JAM (Jan Dhan-Aadhaar-Mobile) trinity, the revolutionary influence of digital technologies on social inclusion and empowerment in India was highlighted.

 

  • Source: The Hindu

  

3 – Disinvestment of LIC:

 GS III
 Indian Economy 
  • Why is it in the news?
  • The Life Insurance Corporation (LIC) is holding an Initial Public Offering (IPO) from May 4 to May 9, 2022.
  • About LIC:
  • The government owns 100% of LIC.
  • It was founded in 1956.
  • It holds the largest portion of the Indian insurance market.
  • What is IPO:
  • The sale of securities to the general public in the main market is known as an IPO (a type of capital market).
  • New securities are issued for the first time on the primary market. The new issues market is another name for it.
  • It differs from the secondary market, which is used to buy and sell existing securities. It’s also known as a stock exchange or stock market.
  • An IPO occurs when an unlisted firm issues new securities or makes an offer to sell existing securities to the public for the first time.
  • An unlisted firm can become listed on the stock exchange through an IPO.
  • It is commonly utilised by small and medium-sized businesses seeking capital to build and expand their operations.
  • Details about the LIC’s Initial Public Offering (IPO):
  • Given the size and scope of LIC, the IPO is projected to be the largest in Indian financial markets.
  • In 2018-19, the LIC’s total assets reached an all-time high of Rs. 31.11 lakh crore.
  • The government is requesting an exemption from the Securities and Exchange Board of India in relation to the LIC IPO (SEBI).
  • Benefit: It will assist the government in reducing the government’s growing fiscal deficit.
  • The budget deficit of India’s government (centre and states) is expected to climb to 11% of GDP in FY21, up from 7.8% in FY20, according to S&P.
  • An IPO will increase transparency in LIC’s operations because it will be forced to report its valuation and other market-related developments to stock markets on a timely basis.
  • It also allows regular investors to participate in LIC’s wealth development.
  • Companies that are listed on stock markets are disciplined because they are subjected to more scrutiny. It also gives the company access to financial markets, increasing its worth.
  • LIC is now coping with a large number of non-performing assets.
  • Background:
  • The government announced plans for an IPO of LIC as well as a proposal to sell the government’s equity in the stressed IDBI Bank to private, retail, and institutional investors via the stock exchange in the Budget 2020-21.
  • IDBI Bank is a majority-owned subsidiary of LIC.
  • The government hopes to raise Rs 90,000 crore from the sale of LIC and IDBI Bank stakes, as well as additional Rs 1.2 lakh crore from other disinvestments.
  • The government had previously listed the shares of General Insurance Corporation and New India Assurance through initial public offerings (IPOs) in 2017.

 

  • Source: The Indian Express

 

4 – What are Payment Banks:

 Prelims Specific Topic 
  • Context:
  • The promoters of the FINO Payment Bank have recently outvoted their director and chairman. 
  • What are Payment Banks and How Do They Work?
  • A payments bank (Airtel Payments Bank, India Post Payments Bank, and so on) is a bank that operates on a smaller or more limited scale than a traditional bank.
  • With the Payments Bank, there is no credit risk. It can perform the majority of banking functions, but it cannot make loans or issue credit cards.
  • Only demand deposits, such as savings and current accounts, are accepted, not time deposits.
  • Payment banks are unable to establish subsidiaries to provide non-banking financial services.
  • A committee led by Dr.NachiketMor suggested that a ‘Payments Bank’ be established to serve low-income individuals and small companies.
  • Benefits include the expansion of rural banking, access to a broader range of services, and social and financial inclusion.
  • Challenges include a lack of client knowledge, a lack of incentives for agents, a lack of infrastructure, and technological limitations.

 

  • Source :  The Indian Express

 

5 – COVID XE Variant:

 Prelims Specific Topic 

  • Context:
  • The COVID XE Variant has been confirmed in India recently and is not a variant of concern as of now in India, according to officials.
  • What is the Coronavirus XE Variant? 
  • The Omicron variant has two significant sub-variants, BA.1 and BA.2, which are responsible for approximately 90% of the infections reported in 2022.
  • The XE variation is referred to as a’recombinant’. This suggests it has the mutations found in both BA.1 and BA.2 Omicron variants.
  • Recombinant variations are a regular occurrence.
  • Variants with the Delta and Omicron distinctive mutations, for example, have been discovered.
  • The first sample of XE was discovered in the United Kingdom in January 2022, and more than 600 samples have since been identified in other countries.
  • In fact, variations including the Delta and Omicron hallmark mutations have been discovered.
  • Is XE Variant a threat currently:
  • There is currently no indication that the XE version differs considerably from the other Omicron kinds.
  • This variety, on the other hand, is around 10% more transmissible than the dominant BA.2 variant.
  • During the third wave in India, the BA.2 was the most prevalent.
  • Nonetheless, given that the virus has not been eradicated and is undergoing mutations, a new wave of infections in India cannot be ruled out.
  • What Happens When New Variants Are Created?
  • When a virus replicates, it doesn’t always succeed in making an exact clone of itself.
  • This means that, over time, the virus’s genomic sequence may begin to differ slightly.
  • A mutation occurs when the viral genetic sequence changes during this process.
  • Viruses that have undergone new mutations are known as Variants. One or more mutations can differentiate variants.
  • A new strain of the virus is sometimes referred to when a new variety has different functional capabilities than the original virus and gets established in a population.
  • Variations are strains, but not all strains are variants.

 

  • Source: WHO Website

 

UPSC Civil Services Daily Current Affairs 3rd May 2022

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