Daily Prelims Notes 24 March 2024

March 24, 2024
Posted by: OptimizeIAS Team
Category: DPN

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Daily Prelims Notes

24 March 2024

Table Of Contents

1. Why did SEBI ask fund houses to stop ETF inflows?

Subject: Economy

Section: Capital Market

Context:

Markets regulator Securities and Exchange Board of India (SEBI) has directed mutual fund houses to stop accepting any more inflows in schemes that invest in overseas exchange-traded funds (ETFs), starting April 1, 2024.

More on news:

SEBI has issued these directions as inflows in these overseas ETFs have come close to the mandated investment limit of $1 billion in foreign ETFs.
The mutual fund industry has already reached 95 per cent or ($ 950 million) of the $1 billion limit. This is the reason why SEBI has asked mutual funds to temporarily stop accepting money in overseas ETFs

Why is SEBI’s direction to MFs ?

The capital market regulator has asked asset management companies (AMCs) not to accept funds in mutual fund plans that invest in overseas exchange-traded funds (ETFs) as the upper limit of $1 billion for these investments is close to being breached.
The regulator has asked to stop fresh inflows in such schemes from April 1.

What is the overall limit for mutual funds to invest in overseas ETFs?

There is an overall cap of $7 billion set by the Reserve Bank of India (RBI) for fund houses to invest in overseas stocks or mutual funds.
MFs are also permitted to invest up to $1 billion in overseas exchange traded funds.
Mutual fund industry has been demanding the RBI to hike the overseas investment limit of $7 billion.

What is an exchange traded fund?

An ETF, or exchange traded fund, is a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund.
Unlike regular mutual funds, an ETF trades like a common stock on a stock exchange.
The traded price of an ETF changes throughout the day like any other stock, as it is bought and sold on the stock exchange.
The trading value of an ETF is based on the net asset value of the underlying stocks that an ETF represents.
ETFs typically have higher daily liquidity and lower fees than mutual fund schemes, making them an attractive alternative for individual investors.
ETFs are considered to be more tax efficient compared to other mutual fund schemes.
There are mainly five types of ETFs – equity ETF, bonds ETF, commodity ETF, international ETF and sectoral/thematic ETF.

2. Hong Kong lawmakers pass new national security law, giving government more power to curb dissent

Subject: Economy

Section: Capital Market

Context:

Hong Kong lawmakers passed a new national security law on Tuesday that grants the government more power to quash dissent, widely seen as the latest step in a sweeping political crackdown that was triggered by pro-democracy protests in 2019.

More on news:

The legislature passed the Safeguarding National Security Law during a special session on Tuesday.
It comes on top of a similar law imposed by Beijing four years ago, which has already largely silenced opposition voices in the financial hub.
Hong Kong’s Legislative Council, which is packed with Beijing loyalists following an electoral overhaul, expedited the process.

About the law:

The law threatens stringent penalties for a wide range of actions authorities call threats to national security, with the most severe — including treason and insurrection — punishable by life imprisonment.
Lesser offenses, including the possession of seditious publications, could also lead to several years in jail.
Some provisions allow criminal prosecutions for acts committed anywhere in the world.
It is also know as Article 23

3. Kerala challenges withholding of Presidential assent to State bills in Supreme Court

Subject: Polity

Section: Parliament and Legislature

Context:

In an unprecedented move, the Kerala Government on March 23 filed an appeal in the Supreme Court as President Droupadi Murmu has withheld assent for four Bills passed by the Kerala Legislature without disclosing any reasons.

More on news:

It has also moved the Court against Kerala Governor Arif Mohammed Khan’s office for keeping the Bills pending for a long and indefinite period, and later reserving them for the consideration of the President.
The act of the President in withholding the assent for the four Bills without giving any reason was highly arbitrary and in violation of Articles 14, 200 and 201 of the Constitution.
The reference of the seven Bills to the President has to be recalled on the grounds of Constitutional morality.

State Government’s views:

The State contends that the actions of the Union Government in advising the President to withhold assent to Bills passed by the Legislative Assembly 11 to 24 months back, which were wholly within the domain of the State Government, subverted and disrupted the federal structure of the Constitution.
It was also a grave encroachment into the domain entrusted to the State under the Constitution.

Reservation of Bills under Article 201:

Article 201 (Bills reserved for consideration)

When a Bill is reserved by a Governor for the consideration of the President, the President shall declare either that he assents to the Bill or that he withholds assent therefrom.
Notably, there is no specified timeframe for the President to decide on the Bill’s outcome.
Provided that, where the Bill is not a Money Bill, the President may direct the Governor to return the Bill to the House or, as the case may be, the Houses of the Legislature of the State together with such a message as is mentioned in the first provision to Article 200.
When a Bill is so returned, the House or Houses shall reconsider it accordingly within a period of six months from the date of receipt of such message and, if it is again passed by the House or Houses with or without amendment, it shall be presented again to the President for his consideration.

4. Putin says gunmen who raided Moscow concert hall tried to escape to Ukraine. Kyiv denies involvement

Subject: IR

Section: Places in news

Context:

A violent attack occurred at Crocus City Hall, a suburban Moscow music venue, resulting in a devastating fire and over 130 deaths. The incident has led to a complex web of accusations, denials, and geopolitical implications.

Details of the Event:

The assault on the Crocus City Hall in Krasnogorsk by gunmen caused more than 130 fatalities and injured over 100 individuals.
The Islamic State group’s Afghanistan affiliate (ISIS-K) claimed responsibility for the attack.
Despite ISIS-K’s claim, President Putin did not attribute the attack to them in his national address, instead suggesting a connection to Ukraine—a claim strongly denied by Kyiv.
The U.S. confirmed ISIS-K’s responsibility, emphasizing there was no Ukrainian involvement.
Geopolitical and Social Implications:
- The attack has sparked a range of reactions, from calls for crackdowns on Tajik migrants to criticism of Russian security services for not preventing the attack despite prior warnings from the U.S.
- The incident has intensified the discourse around Russia’s internal security and its relations with Ukraine, Central Asian nations, and the international community regarding terrorism.
International Reaction and Solidarity:
- The event highlights the ongoing global struggle against terrorism and its implications for international relations and domestic policies in Russia and beyond.

About ISIS-K:

Islamic State – Khorasan Province (ISIS-K or IS-KP) is a branch of the Islamic State active in South-Central Asia, primarily Afghanistan, aiming to establish a Caliphate governed by Islamic sharia law.
It seeks to destabilize and overthrow governments in the historic Khorasan region to create and expand a Caliphate into South and Central Asia.
Origins and Recruitment:
- Formed by Afghan and Pakistani militants from al-Qaeda-aligned groups returning from the Syrian civil war, recruiting dissatisfied Taliban fighters and dissenters.
- Conflict with Taliban: Engaged in a protracted conflict with the Taliban government in Afghanistan, aiming to discredit, destabilize, and overthrow the Taliban to establish its own rule.
Taliban’s Response: Conducts violent raids against ISIS-K, protects foreign diplomats from attacks, and downplays ISIS-K’s presence to attract foreign recognition and investment.

Source: abc News

5. Uttarakhand to translocate four tigers to Rajasthan says official

Subject: Environment

Section: Species in news

Context:

The Uttarakhand government has approved the relocation of four tigers to Rajasthan, responding to a request from the western state’s authorities. This decision comes amidst similar discussions for tiger translocation to Odisha.

Details:

The Principal Chief Conservator of Forest (Wildlife) has initiated the selection process for tigers to be relocated to Rajasthan.
These tigers will be sourced from the buffer zone, not the protected forest area, in alignment with National Tiger Conservation Authority (NTCA) guidelines.
Following a successful tiger relocation project within Uttarakhand—from Corbett Tiger Reserve to Rajaji Tiger Reserve—the states of Rajasthan and Odisha have sought Uttarakhand’s expertise for their tiger translocation efforts. The Odisha request is currently under consideration.
Alongside the approval for tiger relocation, the Uttarakhand government has also agreed to share its relocation expertise with forest personnel in Rajasthan, highlighting the collaborative approach towards wildlife conservation.

Importance of translocation of tigers:

This initiative reflects a broader commitment to wildlife conservation, emphasizing the importance of genetic diversity and habitat expansion for tigers. By relocating tigers from areas with higher populations to those with fewer or no tigers, the efforts aim to foster healthier tiger populations and ecosystems.
The willingness of the Uttarakhand government to assist other states not only in relocating tigers but also in imparting relocation skills signifies a noteworthy instance of interstate collaboration in conservation efforts, potentially setting a precedent for future wildlife management and conservation projects.

Rajaji National Park

It is nestled between the Shivalik ranges and the Indo-Gangetic plains.
Broadleaved deciduous forests, riverine vegetation, scrubland, grasslands and pine forests form the range of flora in this park.
The park is spread over three districts of Uttarakhand: Haridwar, Dehradun and PauriGarhwal.
The Ganga and Song rivers flow through the park.
It is at the northwestern limit of distribution for both elephants and tigers in India and has the largest population of elephants in Uttarakhand.
The Park is also home to the Great Pied Hornbill, Himalayan Pied Kingfisher and the fire tailed sunbird.
This area is the first staging ground after the migratory birds cross over the Himalayas into the Indian subcontinent.
In 2015, Rajaji National Park was notified as a tiger reserve by the central government. Benefits of Tiger Reserve – Protected area for Tigers, Tourist attraction, Huge Development fund for the park, Eco-Tourism development.
Jim Corbett National Park is the oldest national park in India and was established in 1936 as Hailey National Park to protect the endangered Bengal tiger.
It is located in Nainital district and Pauri Garhwal district of Uttarakhand and was named after hunter and naturalist Jim Corbett.
The Park was the first to come under the Project Tiger initiative.
The Park encompasses the Patli Dun valley formed by the Ramganga river.
Ramganga, Sonanadi, Mandal, Palain and Kosi are the major rivers flowing through the Corbett National Park.
The national park is a protected area covered by the World Wide Fund (WWF) for Nature under their Terai Arc Landscape Program.

Source: TheWire

6. ‘Regrettable to criticize T M Krishna’ says Tamil Nadu CM MK Stalin; derides criticism of Periyar by musicians

Subject: History

Section: Modern India (Personality)

Context:

Tamil Nadu Chief Minister M K Stalin has publicly supported Carnatic vocalist T M Krishna amidst a controversy surrounding the awarding of the Sangita Kalanidhi title by the Music Academy, Madras. The issue has garnered political and social attention, especially concerning criticisms of the social reformer E V R Periyar.

Details:

Controversy Over Periyar:
- The controversy gained political dimensions when singers Ranjani and Gayathri withdrew from the December music season, citing Krishna’s praise of Periyar—who they inaccurately alleged advocated for genocide—as a reason. This led to public backlash and discussions about Periyar’s views on equality and women’s rights.
Defense of Periyar: Both M K Stalin and DMK MP Kanimozhi Karunanidhi defended Periyar’s legacy, emphasizing his lifelong dedication to social reform, equality, and women’s rights. They argued that a proper understanding of Periyar’s work would counteract the criticism.
Broader Implications:
- This controversy reflects the broader tensions in Tamil Nadu and Indian society between cultural appreciation and political ideologies, especially in the context of caste and social reform.
- It underscores the challenges of maintaining cultural spaces free from political disputes and highlights the ongoing relevance of Periyar’s legacy in contemporary debates.

About E V Ramasamy ‘Periyar’:

Born in 1879, E V Ramasamy ‘Periyar’ is remembered for the Self Respect Movement to redeem the identity and self-respect of Tamils.
Periyar started his political career as a Congress worker. He quarrelled with Gandhi over the question of separate dining for Brahmin and non-Brahmin students.
He resigned from the party in 1925, and associated himself with the Justice Party and the Self Respect Movement, which opposed the dominance of Brahmins in social life, especially the bureaucracy.
Periyar’s fame spread beyond the Tamil region during the Vaikom Satyagraha of 1924, a mass movement to demand that lower caste persons be given the right to use a public path in front of the famous Vaikom temple. He would later be referred to as VaikomVeerar (Hero of Vaikom).
In the 1940s, Periyar launched a political party, DravidarKazhagam (DK), which espoused an independent Dravida Nadu comprising Tamil, Malayalam, Telugu, and Kannada speakers.
As a social reformer, he focused on social, cultural and gender inequalities, and his reform agenda questioned matters of faith, gender and tradition.
Periyar died in 1973 at the age of 94. Over the years, Periyar is revered as Thanthai Periyar, the father figure of modern Tamil Nadu.

Source: Deccan Herald

7. Rising from the ashes

Subject: History

Section: Art and culture

Context:

Masaan Holi is a unique two-day festival celebrated on various ghats of Varanasi, attracting devotees worldwide.
It’s known for its distinctive blend of spirituality, where participants use ashes from funeral pyres and gulal (pink powder) during the festivities, symbolizing a celebration of life and death.

Details:

The festival is characterized by large processions where devotees dance, sing, and chant “Har-Har Mahadev” while navigating through the narrow lanes of Varanasi to reach the ghats. The air during the celebration becomes thick with the ashes and gulal, adding to the event’s intense atmosphere.
The event sees a vibrant display of culture, tradition, and spirituality, with devotees engaging in various activities—singing, dancing, dressing up for processions, and participating in the evening aarti prayers. The use of ashes and gulal symbolizes the festival’s deep spiritual and cultural connotations.

Varanasi as the Spiritual Hub:

Varanasi, the spiritual capital of India, is famed for its deep-rooted religious significance, home to over 2,000 temples and ghats.
The city hosts several rituals, including the evening aarti prayers on the banks of the Ganga, drawing thousands of devotees seeking divine blessings and spiritual cleansing.
Modern Influence: The impact of social media on the celebration was notably visible, with a significant number of attendees capturing the event on their devices, highlighting a modern twist to the traditional festivities.
Atmospheric Description: Masaan Holi offers a powerful experience, not just through its unique traditions but also through the immersive environment created by the crowds, the ritualistic use of ashes and gulal, and the overall fervent devotion of the participants, making it an event of profound spiritual significance and communal celebration.

Source: TH

8. One of the major gaps in our weather observational system is over the oceans: Elena Manaenkova

Subject: Geography

Section: Climatology

Context:

The World Meteorological Organization (WMO) commemorates World Meteorological Day every March 23, marking the establishment of the UN body in 1950. The day highlights the crucial role of meteorological and hydrological services in society’s safety and well-being.
2024 Theme: The theme for World Meteorological Day 2024 is “At the frontline of climate action,” reflecting urgent climate, weather, and water-related issues.

Global Greenhouse Gas Watch Programme (G3W):

It is a new greenhouse gas (GHG) monitoring initiative of the World Meteorological Organisation (WMO).
G3W will fill critical information gaps, providing an integrated, operational framework under all space-based and surface-based observing systems under one roof, along with modelling and data assimilation capabilities.
It will build on WMO’s experience in coordinating international collaboration in predicting the weather and analysing climate on long-standing activities in greenhouse gas monitoring and research under the guidance of the Global Atmosphere Watch, established in 1989.
G3W predicts a top-down approach to the flux evaluation, which builds on existing capabilities in surface- and space-based observations and modelling, ensuring the timely exchange of all observations and data.
The G3W will consist of four main components:

Comprehensive, sustained, global surface- and satellite-based observations of CO2, methane, and nitrous oxide concentrations, partial column amounts, total column amounts, vertical profiles, and fluxes supporting oceanic, meteorological, and terrestrial variables, internationally exchanged as rapidly as possible.
Prior estimates of the GHG emissions based on the activity data and process-based models.
Global high-resolution Earth system models representing GHG cycles.
Data assimilation systems combining the observations with model calculations to generate products of higher accuracy.

“Early Warnings for All” Initiative:

The “Early Warnings for All” initiative is a groundbreaking effort to ensure that everyone on Earth is protected from hazardous weather, water, or climate events through life-saving early warning systems by the end of 2027.
Project partners:
- The Early Warnings for All initiative is co-led by the World Meteorological Organization (WMO) and the United Nations Office for Disaster Risk Reduction (UNDRR), with support from the International Telecommunication Union (ITU) and the International Federation of Red Cross and Red Crescent Societies (IFRC) and other partners.
- The Early Warnings for All initiative partners beyond the UN with the Red Cross and Red Crescent movement, civil society, Big Tech companies, donor governments, development banks, and the insurance sector.

The Early Warnings for All initiative is built around four key pillars:

Disaster risk knowledge and management
- Systematically gather data and conduct risk evaluations under the supervision of UNDRR.
Detection, observation, monitoring, analysis, and forecasting
- Advancing hazard monitoring and early warning systems under the direction of WMO.
Warning dissemination and communication
- Conveying clear risk information and early warnings under the leadership of ITU.
Preparedness and response capabilities
- Develop national and community response capacities under the guidance of IFRC.

Global Cryosphere Watch (GCW) system:

The WMO has established the Global Cryosphere Watch system but faces challenges in obtaining sufficient physical instrumentation data.
- The World Meteorological Organization’s Global Cryosphere Watch (GCW) is an international mechanism for supporting all key cryospheric in-situ and remote sensing observations.
- GCW provides authoritative, clear, and useable data, information, and analyses on the past, current and future state of the cryosphere.
There’s a pressing need for a strategic plan to understand and predict changes in the cryosphere, which significantly impacts global weather and climate patterns.
This includes addressing observational network deficiencies and facilitating policy-driven information exchange among affected countries.

Source: DTE

9. Operation Sankalp

Subject: IR

Section: Places in news

Why in news: Operation Sankalp in the Gulf of Aden completed 100 days, which involve deployment of 5000 person ,21 ships and 900 hour of maritime surveillance aircraft

It also involve 40 hour of operation by destroyer INS Kolkata to secure Vessel Ruen and forced surrender of 35 pirates and freed 17 crews
This operation was carried out at a distance of 2600 km away from Indian coast by IAF C-17 aircraft dropped Marine commando and combat boat

Piracy map Of Arabian sea

Why Indian Navy vigil now:

Rising Incident of attack on merchant vessels passing through international shipping lanes in red sea, Gulf of Aden and central and northern Arabian sea

Eg: Piracy Incident on MV Ruen (700 nautical miles from Indian coast)

India being a largest Naval power of Indian Ocean region (IOR) so its responsibility of Indian Navy to ensure safe, secure and stable Indian Ocean region for free, open, inclusive and rule-based order is maintained
Recent Attack led to the ships following cape of Good Hope routes (40 -50% company reroutes their shipping through Cape of Good hope
The cost insurance rates will go up, With Declaration of Red sea as high risk area insurance rates goes up by (35-40)% and cost of container have gone up by $500 to $ 2000
Shifting Maritime Incident closer to Indian EEZ(Exclusive economic zones 200 nautical miles) so effective surveillance of EEZ is essential to secure coast

Drone attack on MV Chem Pluto ( 220 Nautical miles from Porbandar)

Indian ocean act as important of sea lanes of communication for flow of oils 40 % of total oil transported through through Arabian sea
Help in Promoting India as first responder in case of Emergency Under Security and growth for all in the region (SAGAR) initiative and Humanitarian Assistance and Disaster Reliefs (HADR)

Deployment by Indian Navy: P 8I long range patrol Aircraft for surveillance, INS Mormugao, INS Kochi and INS Kolkata

10. Activist write to pm highlighting shortage of vital anti-TB drug

Subject: Science and tech

Section: Health

About the news:Activist, Public health experts and survivors wrote a letter PM ahead of World tuberculosis day (24th March) request urgent intervention to address the shortage of Anti-TB Drug

Letter also highlight shortage of drug essential for treating drug sensitive (DS-TB)
Till february shortage of 1st line Drug Isoniazid, Rifampicin, Pyrazinamide, Ethambutol drugs

Why Shortage of Drug: Unavailability due to lack of demand in the open market

How Shortage will Impact India:

Highest burden of TB in the world and shortage of critically required drug affects to treat patient
According to Nationally TB Elimination Program (NTEP) uninterrupted supply of quality drug is essential for Directly observed Therapy Short Course (DOTS)
Inadequate access to quality TB Drug may cause emergence of Drug Resistance variety of TB strain which is very difficult and costly to treat
This Shortage Poses a significant risk to the survivor of Multidrug Resistant TB
Affects treatment outcomes like India pledge to eliminate TB by 2025

TB Burden of India as per global TB report 2023:

Highest burden of TB in the world 2.8 million that is 27% of TB burden
Case fatality ratio 12% (out of 100 TB cases 12 case resulted into death)
India having 1.1 lakh of Multidrug TB (MDR-TB)

Step Taken by India to tackle TB problem:

PM TB Mukt Bharat Abhiyaan: To bring together all community stakeholder to support those on TB treatment and accelerate the country progress towards TB elimination
New Drug like Bedaquiline and Delamanid made available for treatment of Drug resistant TB
National TB Control Program: Anti-TB Drug are procured and supplied to various states and then distributes to various states
Nikshay Poshan: Direct benefit transfer of Rs 500 to TB patient/month for nutrition
Universal drug susceptibility test to ensure every diagnosed TB patient is tested to ruled out drug resistance

Different Type of TB

Multidrug Resistance TB (MDR-TB) : TB which is resistance to 1st line anti-TB drug, it is developed when course of antibiotics is interrupted and can be treated with second line antibiotics Drug
Extensive Drug Resistance TB (XDR-TB):Caused by strain that is resistance to both firstline and second line antibiotics
Totally Drug Resistant TB (TDR-TB):It is a form of Tuberculosis which is resistant to all currently used drug

11. Anaemia prevalence in eight states found to be overstated

Subject: Science and tech

Section: Health

Why in news: Study across 8 states found that prevalence of Anaemia has been overestimated by previous National family Health survey (NFHS-5)

More about News:

NFHS Survey measured the hemoglobin using finger prick based capillary blood, these methods underestimate the true blood cells count in capillary blood than venous blood methods
This lower reading of Haemoglobin due to tissue fluid get mixed with capillary blood while drawing the blood samples leading to dilution thus lower reading of Haemoglobin

Finding of study:

Assam is highest Anaemia prevalence 69% (78.3% Women) and lowest Meghalaya 12.1 % (14.6% for women)

The Iron Deficiency for whole group was just 18.4% , only 25% of women anaemic women(42%) have iron deficiency

Biased in treatment :

Thoughanaemia is caused by multiple factors like vitamin B 12 and folate deficiency and inflation
But it is generally believed Iron deficiency as cause of anaemia so focus primarily on treatment of iron deficiency
Danger of excess iron intake cause oxidative stress on all organs as it is not easy to excrete

Way forward:

Focus should be on reducing inflammation by consumption of fruits and vegetables
Diversifying diets to improve intake of all nutrients
With climate change the nutritional content in cereal decline so we need to diversify from cereal to millets

Anaemia Mukt Bharat

Anaemia Mukt Bharat strategy is focused on benefitting six target beneficiary groups, through six interventions and six institutional mechanisms to achieve the envisaged target of anaemia reduction under the POSHAN Abhiyaan.

Key highlights of the strategy

Provision of supervised biweekly iron-folic acid(IFA) supplementation by the ASHA for all under-five children
Weekly IFA supplementation for 5-10 years old children
Annual/biannual deworming (children and adolescents)
Point of care testing(POCT) and treatment for in-school adolescents and pregnant women using newer technologies
Establishing institutional mechanisms for advanced research in anaemia
Addressing non-nutritional causes of anaemia and
Setting a comprehensive communication strategy including mass/mid media/social media communication material (radio and TV spots, posters, job-aids, interpersonal communication material

12. Dispersal out of Africa may have occurred during arid period

Subject: History

Section: Msc

Why in news: Recent Study Published in the Journal Nature suggest the most recent widespread migration of human out of Africa takes place less than 1,00,000 years, may have taken place during Arid period following Toba super volcano eruption in Indonesia

More About News:

It was earlier believed that dispersal of Human out of Africa occurred during Humid period as it creates a Green corridor and facilitates the movement of people
Period of Aridity are thought to have constrained human movement and creates food insecurity

New Evidence in support:

Near Shinfa River Evidence Human presence in the form of Chipped stone from tool manufacturing and Animal remains and chemical analysis of Glass Shards found they were from Toba Super eruption (74000 years ago)
Evidence from Ostrich Egg-Shells and fossil mammal teeth indicates that the environment at that time was particularly Arid

New Finding:

With Increasing AridityRiver Shrank in the dry season so fish were trapped easily in water holes by using bow and arrows
Adaptive Forage along with Dry season Waterhole would have transformed seasonal river into blue highways , potentially facilitating out-of Africa dispersal
Behavioral flexibility documented at this site helped these humans to survive aftermath of the super eruption and may play critical role for modern human to prosper in the diverse climates and habitats across the world