Current Affairs – 1st Jan 2024

#On This Day:

  • 35 years ago: The Montreal Protocol came into force in 1989, stopping the use of chemicals contributing to ozone depletion.
  • 65 years ago: Cuban Revolution 1959: Fulgencio Batista, dictator of Cuba, is overthrown by Fidel Castro’s forces.
  • 75 years ago: United Nations cease-fire took effect in Kashmir from one minute before midnight in 1949. War between India and Pakistan stops accordingly.
  • 147 years ago: Queen Victoria of the United Kingdom was proclaimed as Empress of India in 1877.

India-UAE joint military exercise ‘Desert Cyclone’ to be held in Rajasthan from January 2:

  • The joint drills under ‘Desert Cyclone 2024’ will aim to enhance interoperability by learning and sharing best practices in urban operations.
  • The first-ever India-UAE Joint Air Forces exercise took place in September 2008 at the Al-Dhafra base in Abu Dhabi.
  • India has also been a regular participant at the biennial International Defence Exhibition (IDEX) in Abu Dhabi.

Ex-NITI Aayog vice-chairman Arvind Panagariya to lead 16th Finance Commission:

  • The government has appointed former vice-chairman of NITI Aayog and Columbia University professor, Arvind Panagariya, as the chairman of the 16th Finance Commission.
  • This announcement comes approximately a month after the government outlined the terms of reference (ToR) for the commission on November 29.
  • The 16th Finance Commission has a crucial role in recommending the devolution formulated for tax revenues between the Centre and states. According to an official order, the commission, under Panagariya’s leadership, is expected to submit its report by October 31, 2025, covering a five-year period from April 1, 2026.
  • The terms of reference for the 16th Finance Commission include a comprehensive review of the distribution of net proceeds of taxes between the Union and the States, in accordance with Chapter I, Part XII of the Constitution.
  • Additionally, the commission is tasked with outlining the principles governing grants-in-aid of revenues for the States from the Consolidated Fund of India.
  • Furthermore, the commission is expected to propose measures to augment the consolidated fund of a state, supplementing resources for panchayats and municipalities based on recommendations from respective state finance commissions.
  • A notable aspect of the ToR is the commission’s potential review of present arrangements concerning the financing of Disaster Management initiatives. This includes a scrutiny of funds constituted under the Disaster Management Act, 2005 (53 of 2005), with the aim of making appropriate recommendations in this regard.
  • The 16th Finance Commission, under the leadership of Arvind Panagariya, is poised to play a crucial role in shaping fiscal policies, promoting financial devolution, and addressing critical issues such as disaster management financing. The outcomes of its recommendations are anticipated to have a far-reaching impact on the economic landscape of the country.

The National Payments Corporation of India (NPCI) officially introduced ‘UPI for Secondary Market’, enhancing the ease of equity trading in the country:

  • The initiative, approved by the Securities and Exchange Board of India (SEBI) and based on the RBI-approved facility of single-block-and-multiple-debit in UPI, marks a substantial leap toward a more streamlined and efficient financial ecosystem.
  • The launch signals the initiation of the beta phase in the equity cash segment.
  • During the live phase, investors can block funds in their bank accounts, with clearing corporations debiting these funds only upon trade confirmation during settlement. This innovative approach streamlines the process, ensuring that clearing corporations process payouts directly to clients on a T+1 basis.
  • ‘T+1 basis’ in financial transactions denotes that the settlement or completion of a trade occurs one business day after the trade takes place. For example, if you buy or sell stocks today (T), the actual transfer of money and stocks happens between parties on the next business day (T+1).

ISRO successfully launches its maiden X-ray polarimeter satellite:

  • India has now become the second country after the United States, to deploy a dedicated astronomy observatory specifically focused on studying black holes and neutron stars.
  • This significant launch, part of ISRO’s PSLV-C58 Mission, aims to explore and understand space-based polarisation of X-ray emissions originating from a variety of celestial sources.
  • Its primary mission objective is to delve into the dynamics of bright astronomical X-ray sources, offering insights into these celestial phenomena that occur in extreme conditions
  • This mission includes the PSLV Orbital Experimental Module-3 (POEM-3) experiment, aiming to accommodate and execute ten identified payloads contributed by ISRO and IN-SPACe.
  • XPOSAT represents India’s inaugural dedicated polarimetry mission, aiming to study the complex dynamics of bright astronomical X-ray sources in space. It carries two significant payloads designed to meet its objectives:
  • POLIX: Developed collaboratively by the Raman Research Institute (RRI), Bangalore, and U R Rao Satellite Centre (URSC), POLIX operates within the medium X-ray energy range of 8-30 keV photons. Its primary role is to measure polarimetry parameters (degree and angle of polarisation) from various astronomical sources. Comprising a collimator, scatterer, and four X-ray proportional counter detectors, POLIX aims to observe around 40 bright astronomical sources throughout its projected mission duration of approximately 5 years.
  • XSPECT: Functioning within the energy range of 0.8-15 keV, XSPECT provides spectroscopic information and enables fast timing with high-quality spectroscopic resolution in soft X-rays. It complements POLIX by facilitating long-term monitoring of spectral state changes, line flux variations, and temporal monitoring of soft X-ray emissions. Equipped with Swept Charge Devices (SCDs) and passive collimators, XSPECT targets various sources, including X-ray pulsars, black hole binaries, low-magnetic field neutron stars, active galactic nuclei (AGNs), and Magnetars.
  • The primary objectives of the mission encompass measuring X-ray polarisation in the 8-30keV energy band from approximately 50 cosmic sources using the POLIX payload. Additionally, XSPECT will conduct prolonged spectral and temporal studies of cosmic X-ray sources within the 0.8-15keV energy band.
  • The emission mechanisms of various astronomical sources, including black holes, neutron stars, active galactic nuclei, and pulsar wind nebulae, are intricate and challenging to comprehend. Polarimetry measurements provide astronomers with essential dimensions of polarisation degree and angle, serving as vital diagnostic tools to decode these complex emission processes.
  • Looking ahead, the agency is pursuing endeavours like the Gaganyaan Mission, envisioning the establishment of the ‘Bharatiya Antariksha Station’ by 2035, and aiming for the first Indian lunar landing by 2040.

Poila Baisakh:

  • The West Bengal government has declared ‘Poila Baisakh’, the first day of the Bengali New Year, as the State Day and ‘Banglar Mati, Banglar Jal’ written by Nobel laureate Rabindranath Tagore as the State Song.

 

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