06-Oct-2023-Daily-Current-Affairs

CENTRE NOTIFIES ESTABLISHMENT OF NATIONAL TURMERIC BOARD

GS 2 (POLITY AND GOVERNANCE): SOURCE – THE ECONOMIC TIMES

National Turmeric Board Formation

• The Indian government, following Prime Minister Narendra Modi’s announcement, has notified the establishment of a National Turmeric Board.
• The primary aim of the board is to raise awareness about turmeric and explore new markets to boost exports.
• It will provide leadership in turmeric-related matters, enhance efforts, and foster coordination with the Spices Board and other government agencies for the development of the turmeric sector.
• The establishment of the National Turmeric Board is a response to the needs of turmeric farmers and future opportunities.

Composition of the Board

• The Board will have a designated
• Its members will include representatives from various government departments, research institutions, turmeric farming and export communities, and a secretary appointed by the Department of Commerce.
• The Board will also have rotating senior representatives from different states.

Export Dominance

In 2022-23, India dominated the global turmeric market, accounting for over 62% of the world’s turmeric trade.

Indian exports exceeded 1.534 lakh tonnes of turmeric and turmeric products, generating a total value of $207.45 million.

Key export destinations included Bangladesh, UAE, USA, and Malaysia.

The Board aims to increase turmeric exports significantly, targeting $1 billion by 2030.

About Turmeric

• Turmeric can be grown in diverse tropical conditions from sea level to 1500 m above sea level.
• Turmeric (Curcuma longa) is used as a condiment, dye, drug and cosmetic in addition to its use in religious ceremonies.
• India is a leading producer and exporter of turmeric in the world.
• The top five turmeric-producing states of India in 2020-21 are Telangana, Maharashtra, Karnataka, Tamil Nadu and Andhra Pradesh.

CHEMISTRY NOBEL 2023: NANOPARTICLES AND QUANTUM EFFECTS

GS 3 (SCIENCE AND TECHNOLOGY): SOURCE – THE HINDU)

Nobel Prize in Chemistry 2023: The Nobel Prize in Chemistry for 2023 has been awarded to Alexei Ekimov, Louis Brus, and Moungi Bawendi for their pioneering work in the field of nanoparticles and their understanding of how particle size affects behaviour.

Nanoscale Behaviour:

• About forty years ago, scientists discovered that very small particles, in the nanoscale range (1 to 100 billionth of a meter), exhibited different behaviours compared to larger particles of the same element.
• This finding challenged the fundamental assumption in chemistry that every piece of a pure element, regardless of size, has exactly the same properties.

Deviant Behaviour:

• For instance, a nanoparticle of gold displayed unique properties that differed from larger gold particles. This phenomenon was not previously observed and was initially theorized but unverified.
• Alexei Ekimov in the USSR and Louis Brus in the United States independently observed this deviant behaviour in nanoparticles, particularly in Copper Chloride and Cadmium Sulphide nanoparticles, respectively.
• Moungi Bawendi later developed more efficient methods for producing nanoparticles with altered properties.

Applications:

Their groundbreaking research has had a significant impact on modern technology. Nanoparticles with altered behaviour have become crucial components in various applications, including television and computer screens, LED lamps, biochemistry, and medicine.

Quantum Effects:

• The unique behaviour of small nanoparticles is attributed to quantum effects.
• Quantum Theory, developed by physicists a century ago, describes the unusual behaviour of sub-atomic particles like electrons.
• Despite being much larger than individual atoms, nanoparticles, when reduced to the nanoscale, can exhibit quantum effects.

EQUALITY AND IDENTITY: THE SIGNIFICANCE OF BIHAR’S CASTE SURVEY

GS 2 (POLITY AND GOVERNANCE): SOURCE – THE HINDU

Bihar’s Caste Survey: Bihar’s caste survey, which resembled a census, revealed that 63% of the state’s 13 crore population belong to Extremely Backward Classes (EBC) and Other Backward Classes (OBC). The socio-economic profiles of these groups have been recorded but are not yet disclosed.

National Implications:

• The survey may influence the demand for a nationwide caste census and challenge the 50% legal ceiling on total reservation in education and government services.
• It may also impact party politics, particularly the BJP’s efforts to consolidate Hindu support versus other parties relying on OBC support.

Influence on Judiciary:

The data could provide “quantifiable data” for the judiciary to justify reservation levels in various states, addressing a long-standing requirement.

Methodology:

Bihar’s survey methodology assigned a code to each of the 214 castes in the state’s lists, subsuming sub-castes and sects under broader caste names. T

his approach helped avoid the confusion and unwieldiness faced by the Union government in the 2011 ‘Socio-economic and Caste Census,’ where respondents provided numerous caste-related names.

Balance between Data and Caste lessness:

While precise caste numbers have functional advantages, the larger constitutional goal remains a casteless society.

Affirmative action addresses societal inequities, but the state should also focus on ensuring equality of opportunity and equitable resource distribution without accentuating caste identities.

SIKKIM FLOODS

GS 2 (DISASTER MANAGEMENT): SOURCE – THE HINDU

Key Highlights

Death Toll and Missing Persons:

• The confirmed death toll from flash floods in Sikkim has reached 14. Currently, 102 people are missing, including 22 Army personnel.
• These floods were triggered by a flash flood in the Teesta River basin following an incident involving the glacier-fed Lhonak lake in north Sikkim.
• The Sikkim State Disaster Management Authority has set up 26 relief camps in the affected districts

Hydropower Project Impact:

• The Chungthang dam, crucial to the Teesta-3 hydropower project, has been severely damaged due to the floods.
• The Teesta River flows through Sikkim, West Bengal, and Bangladesh.
• Floods have disrupted projects operated by the National Hydropower Corporation (NHPC). The Teesta-V hydropower station’s dam was overtopped, leading to severe damage to roads and the residential colony.

Possible Trigger:

• The exact cause of the glacial lake outburst is still uncertain. The South Lhonak lake, situated at a high altitude, had been expanding over the years, possibly due to ice melting.
• There are suggestions that excessive rainfall or an earthquake might have triggered the event.

NIIF AND JBIC PARTNERSHIP FOR ESG INVESTMENTS IN INDIA

GS 3 (ECONOMY): SOURCE – THE ECONOMIC TIMES

Partnership:

• India’s National Investment and Infrastructure Fund (NIIF) has established a bilateral vehicle in collaboration with Japan Bank for International Cooperation (JBIC), a Japanese government-backed financial institution.
• This partnership aims to make equity investments in India’s environmental preservation sector.

MoU and Fund Corpus:

• The fund was created as part of a memorandum of understanding (MoU) signed between NIIF and JBIC in November of the previous year.
• The fund will have a corpus of $600 million and will focus on investments in various areas, including renewable energy, e-mobility, and circular economic sectors like waste and water management.

Government Commitment:

The Indian government will contribute approximately 49% of the fund, while the remaining portion will be funded by JBIC.

Objective:

The partnership is aimed at addressing India’s environmental and social requirements, fostering sustainable development, and creating an ecosystem to mobilize resources for financing such development initiatives.

NIIF’s Existing Portfolio:

• NIIF currently manages over $4.9 billion in equity capital commitments across its four funds, including the India-Japan Fund.
• The organization is also planning to launch a second Fund of Funds (FoF) with a target to raise around $1 billion.

BADIS LIMAAKUMI: A CHAMELEON FISH

GS 3 (ENVIRONMENT): SOURCE- THE HINDU

• Scientists have identified a new fish species called “Badis limaakumi” in the Milak River in Nagaland, India.
• It is named after Limaakum, an assistant professor and head of the zoology department at Fazl Ali College, Nagaland.
• Badis limaakumi is a freshwater fish belonging to the Badidae family.
• It is commonly found in streams with slow or moderate water flow and can also inhabit ditches and stagnant water bodies in various countries, including India, Bangladesh, Nepal, Pakistan, Thailand, and Myanmar.

Distinctive Features:

• This new species is distinguished from other members of its family by specific characteristics.
• Notably, it has a dark opercular blotch at the base of its opercular spine and lacks spots on its sides and cleithrum.
• Fish from the Badis family are often referred to as chameleon fish due to their remarkable ability to change color.
• This color-changing adaptation helps them blend with their surroundings when they experience stress.

PROJECT MARIANA: CROSS-BORDER TESTING OF CENTRAL BANK DIGITAL CURRENCIES (WCBDCS)

GS 2 (INTERNATIONAL RELATIONS): SOURCE – THE INDIAN EXPRESS

The Bank for International Settlements (BIS) partnered with the central banks of France, Singapore, and Switzerland to successfully conclude Project Mariana.

Objective:

• Project Mariana aimed to test the cross-border trading and settlement of wholesale central bank digital currencies (wCBDCs) among financial institutions.
• It explored new concepts in decentralized finance (DeFi) technology on a public blockchain.

Key Elements: The project relied on three main components:

Common Technical Token Standard: Provided by a public blockchain to facilitate the exchange and interoperability of different wCBDCs.

Bridges: These allowed seamless transfers of wCBDCs between various networks.

Automated Market Maker (AMM): A specialized decentralized exchange designed for automatic trading and settlement of spot foreign exchange (FX) transactions.

Bank for International Settlements (BIS):

1.  Establishmentt: BIS is an international financial institution founded in 1930.
2. Ownership: It is owned by 63 central banks, representing countries from around the world, collectively accounting for approximately 95% of global GDP.
3. Mission: BIS serves the primary purpose of supporting central banks in their efforts to maintain monetary and financial stability through international cooperation. It functions as a bank for central banks.
4. Locations: BIS is headquartered in Basel, Switzerland, with two representative offices in Hong Kong SAR and Mexico City.