• Japan’s economy is now the world’s fourth-largest after it contracted in the last quarter of 2023 and fell behind Germany.
• The government reported the economy shrank at an annual rate of 0.4% in October to December
  • It contracted 2.9% in July-September.
  • Two straight quarters of contraction are considered an indicator an economy is in a technical recession.
• USA, China, Germany are the top 3 largest economies in the world, while India is ranked at 5^th
• The comparison among nations’ economies is based on nominal GDP and is in dollar terms.

• In a strategic move to bolster its pathbreaking green energy initiatives, Cochin International Airport Ltd (CIAL) has entered into a Memorandum of Understanding (MoU) with the Bharat Petroleum Corporation Ltd (BPCL) for setting up a green hydrogen plant in the premises of Cochin Airport.
• This collaborative effort will result in the world’s first green hydrogen plant and fueling station located within an airport setting.
  • CIAL is already the world’s first airport fully solar-powered airport.
• Green hydrogen, produced from water using renewable energy sources, is recognized as a future fuel and aligns with zero-carbon energy strategies.

• The Finance Minister recently presided over the 19th Foundation Day celebrations of the Security Printing and Minting Corporation of India Limited (SPMCIL).

ABOUT SPMCIL

• Security Printing and Minting Corporation of India Limited is a Miniratna Category–I, Central Public Sector Enterprise (CPSE).
• It is under the administrative control of Department of Economic Affairs, Ministry of Finance.
• SPMCIL is engaged in the manufacture/ production of Currency and Bank Notes, Security Paper, Non-Judicial Stamp Papers, Postal Stamps & Stationery, Travel Documents viz. Passport and Visa, Security certificates, Cheques, Bonds, Warrant, Special Certificates with security features, Security Inks, Circulation & Commemorative Coins, Medallions, Refining of Gold & Silver, and Assay of Precious Metals.

• A professor in the Electrical Engineering Department of IIT Jammu, Dr. Karan Nathwani has developed an anti-drone system that works mainly on sound technology.
• The drone system is the first of its kind which is developed based on an entirely new technology called ‘sound-based detection’.
• This system detects the sound emitted by drones, producing a unique signature that helps in their identification.
• This signature is compared with the system’s database, and if a match is found, the drone is detected.
• The cost of this system is about 4 lakh rupees.
• The drone system is not only cost effective but also user-friendly, making it accessible to the general public.
• The system is easy to operate, and there are no issues with cameras or radar and was designed considering various challenges, making it versatile.
• With the help of this system, this device will be able to easily detect drones, aircraft, multiple drones or birds flying up to 300 meters by their sound.

• The 16^th conference of the World Social Forum (WSF) 2024 commenced in Kathmandu.
• The five-day WSF 2024 under the “Another World is Possible” banner aims to open horizontal exchange among civil society organisations, social movements, trade unions and individuals opposing neoliberal globalisation.
• Some forty thousand people from 92 countries are expected to participate in the WSF.
• This edition of the WSF will focus on a myriad of pressing issues including economic inequality, climate justice, labour, migration, caste discrimination, gender equality, peace, sustainable development etc.
• Organized for the first time in 2001 in Porto Alegre (Brazil), the WSF has been a beacon for social movements, unions and activists to come together, share experiences, and build strategies for change.

• Consumer Affairs Secretary Rohit Kumar Singh recently asserted that integration of artificial intelligence in ‘e-Jagriti’ portal will help reduce the number of pending cases in consumer courts.

ABOUT E-JAGRITI PORTAL

• It is an initiative of the Department of Consumer Affairs, Ministry of Consumer Affairs, Food, and Public Distribution.
• It is a unified platform that caters to the needs of all stakeholders in Consumer Grievance redressal mechanism.
• It is envisaged to integrate consumer grievance platforms, namely, the Online Case Monitoring System (OCMS), E-Daakhil, the National Consumer Dispute Redressal Commission (NCDRC) Case Monitoring System, CONFONET website, mediation application, on a single platform.
• The e-Jagriti platform has case filing, online fee payment, case monitoring modules for seamless disposal of cases by all the Commissions.
• The portal will integrate a Virtual court facility for a convenient and accessible resolution of consumer complaints.
• It is designed to optimise the existing procedures by minimising redundancy, reducing human interventions, and automating end-to-end workflows.
• It provides a simple, fast, and cost-effective consumer dispute redressal software solution at all levels.

ABOUT THE NATIONAL CONSUMER DISPUTE REDRESSAL COMMISSION (NCDRC)

• A quasi-judicial body established in 1988 under the Consumer Protection Act 1986.
• Headquarters- New Delhi
• It is headed by a sitting or retired Judge of the Supreme Court or a Chief Justice of a High Court.
• Section 21 of the Consumer Protection Act, 1986, posits that the National Commission shall have jurisdiction to entertain a complaint valued at more than two crores and also have appellate and revisional jurisdiction from the orders of State Commissions or the District, as the case may be.
• Appeals against NCDRC orders can be made to the Supreme Court within 30 days.

• India has rejected the demand of the European Free Trade Association (EFTA) for ‘data exclusivity’ provisions in the free trade agreement that both sides are negotiating.
• India and EFTA have been negotiating the Trade and Economic Partnership Agreement since January 2008.

WHAT IS DATA EXCLUSIVITY?

• Data Exclusivity is a form of intellectual property protection that applies specifically to data from pharmaceutical clinical trials.
• It means that generic drug manufacturer cannot apply for regulatory approval for equivalent drugs relying on the originator’s data for a specified number of years.
• It is not mandatory under Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement (WTO) and Indian laws do not provide for it.
• Impact
  • Data exclusivity provisions will bar generic drug producers from using data of preclinical tests and clinical trials of former patent holders.
  • If generic medicine makers wish to introduce their version of an off-patent drug then they will have to either generate their own clinical data or wait for the exclusivity period to end.

ABOUT EFTA

• It is an intergovernmental organisation established in 1960 by the Stockholm Convention.
• EFTA’s members — Iceland, Liechtenstein, Norway, and Switzerland — are countries that have opted out of the European Union.
• The members of this organization are all open, competitive economies committed to the progressive liberalisation of trade in the multinational arena as well as in free trade agreements.
• In contrast to the European Union (EU), it is not a customs union.

• A five-judge Constitution Bench of the Supreme Court unanimously struck down the Centre’s electoral bond scheme which facilitates anonymous political donations for being unconstitutional.
  • It underscored that the scheme violates the right to information under Article 19(1)(a) of the Constitution.
  • The court also struck down the amendments made to the Income Tax Act and the Representation of People Act which enabled such anonymous political contributions.
  • Amendments to Companies Act 2013 provision allowing unlimited corporate contributions were declared arbitrary and violative of Article 14.

DETAILS

1. Section 182 of the Companies Act, 2013 restricted corporate donations, imposing a cap (7.5% of the average profits of the preceding three fiscal years) and disclosure requirements.
   1. The Finance Act, 2017 Intervention removed the cap and disclosure obligations for corporate donations.
2. Section 29C of Representation of the People Act, 1951 mandated political parties to disclose donations exceeding Rs 20,000, balancing the right to information with donor privacy.
   1. Finance Act, 2017 introduced an exception exempting donations via Electoral Bonds from disclosure requirements.
3. Section 13A(b) of Income-tax Act, 1961 mandated the maintenance of records for contributions above Rs 20,000.
   1. Finance Act, 2017 exempted Electoral Bond contributions from record-keeping requirements.

DIRECTIONS ISSUED

• The SBI has been ordered to immediately stop the issuance of any further electoral bonds and furnish details of such bonds purchased by political parties since April 12, 2019, to the ECI by March 6.
• Such details must include the date of purchase of each bond, the name of the purchaser of the bond and the denomination of the bond purchased.
• The ECI shall subsequently publish all such information shared by the SBI on its official website by 13 March 2024.
• Electoral bonds that are within the validity period of fifteen days but have not yet been encashed by the political party will have to be returned following which the issuing bank will refund the amount to the purchaser’s account.

• Miss Earth India 2022, Vanshika Parmar, said that she had been made the ambassador of tourism for Himachal Pradesh.
• She would represent the state at the international level and present to the world a window on its unexplored scenic treasures, picturesque landscapes, rich cultural heritage and festivals.
• Vanshika was born at Tunhi village in Nadaun tehsil of Hamirpur district. Her father SK Parmar is an officer in the Indian Air Force.
• She is an Indian beauty pageant titleholder and was crowned Miss Earth India 2022 at the age of 19.

• February 15^th is marked as International Childhood Cancer Day (ICCD).
• International Childhood Cancer Day (ICCD) is a global campaign to raise awareness about childhood cancer and its unique challenges, showing support for children and adolescents with cancer, survivors and their families worldwide.
• International Childhood Cancer Awareness Day was established in 2002 by Childhood Cancer International.