Daily Current Affairs Quiz: September 20,2021

ANSWER: B

WHY IN NEWS?

Recently, a Welfare Association of wooden toymakers named Ambasamudram Bharani Mara Varna Kadasal Artisans has applied for the Geographical Indications tag for  Choppu Samaan.

What is Choppu Samaan?

It is a traditional toy for kids. It is a kitchen set that is made up of fine wood with polished edges. Furthermore, it is painted with harmless natural colours, so it is safe for children. Originally, artists used teak and rosewood, but now there is more use of eucalyptus and rubberwood.

How it is made?

The wood is seasoned by the method of air drying. It is then cut into smaller cylinders to fit onto a lathe (machine for shaping wood). The toys are shaped on that lathe with standard carpentry tools. After manufacturing, the products are either lacquered on a wooden lathe or simply painted with colours. Lacquer is prepared by mixing lac with pigments. Screw-pine leaves are used to polish the finished toys. These are also known as Kadasal toys.

What is a GI tag?

A GI tag is a sign used on goods that have a specific Geographical Indications origin and possess qualities or a reputation that are specific to that origin.

The tag can be awarded for agricultural products, foodstuffs, wine, handicrafts, and industrial products.

A GI tag is a part of the intellectual property rights that comes under the Paris Convention for the Protection of Industrial Property. Once a product is accorded a GI tag, it is protected by various legislations, such as legislations by the World Intellectual Property Organization(WIPO).

ANSWER: C

WHY IN NEWS?

The World Bank Group has recently decided to discontinue publication of its ‘Doing Business’ rankings.

About the Doing Business Report

Doing Business report measures regulations across the 190 economies in 12 business regulatory areas to assess the business environment in each economy.

What led to the decision?

In August 2020, the World Bank paused the publication of Doing Business reports following a number of irregularities were reported regarding changes to the data. The irregularities had affected four countries: China; Saudi Arabia; United Arab Emirates; and Azerbaijan.

The World Bank has later confirmed that the changes were inconsistent with the Doing Business methodology.

An independent probe of data irregularities cited “undue pressure” by top bank officials, including the World Bank’s former CEO, to boost China’s ranking in 2017. This raised ethical matters involving former bank staff and board officials in calculating the rankings.

Why the report is important?

The World Bank’s annual report matters to several nations, especially developing ones. The report greatly influences investor decisions by releasing a ranking of economies based on how easy it is to open up, and operate, a business.

On the other hand, many governments criticized the rankings for their methodology that inaccurately captured the realities on the ground.

What will be done in the future?

The World Bank has now said that a new approach will be worked out to assess countries‘ business and investment climates.

ANSWER: A

WHY IN NEWS?

Recently, the Khadi and Village Industries Commission (KVIC) launched the SPIN (Strengthening the Potential of India) scheme to make potters self-sustainable.

SPIN Scheme:

About:

Under SPIN, KVIC will facilitate potters to get easy loans from banks that will help the potters to diversify their activities and enhance their income.

Objective:

It is aimed at sustainable development by creating local self-employment which is aligned with the Prime Minister’s commitment of “Job to Every Hand” (Har Hath Me Kaam).

Features:

• It is a no-subsidy program.
• KVIC facilitates potters to get bank loans under Pradhan Mantri Shishu Mudra Yojana.
• No financial burden on the exchequer.
• Beneficiaries can repay the loans in easy installments.

Significance:

• It will reduce their dependence on government subsidy and thus make potters self-reliant.

ANSWER: C

WHY IN NEWS?

Recently, the Union Cabinet approved the Rs 30,600 crore guarantee to back Security Receipts issued by National Asset Reconstruction Company Limited (NARCL) for acquiring stressed loan assets.

• The NARCL is a part of a new Bad bank structure that was announced in the Budget 2021.

About the New Bad Bank Structure:

• For resolution of huge NPAs (Non-Performing Assets) in the Indian Banking sector, the government of India has set up two new entities to acquire stressed assets from banks and then sell them in the market.
  • NPA refers to a classification for loans or advances that are in default or in arrears.
• NARCL: NARCL has been incorporated under the Companies Act and has applied to the Reserve Bank of India for a license as an Asset Reconstruction Company (ARC).
  • NARCL will acquire stressed assets worth about Rs 2 lakh crore from various commercial banks in different phases.
  • Public Sector Banks (PSBs) will maintain 51% ownership in NARCL.
• IDRCL: Another entity, India Debt Resolution Company Ltd (IDRCL), will then try to sell the stressed assets in the market.
  • PSBs and Public Financial Institutes (FIs) will hold a maximum of 49% stake in IDRCL. The remaining 51% stake will be with private-sector lenders.
• The NARCL-IDRCL structure is the new bad bank structure.

ANSWER: D

WHY IN NEWS?

Recently, the World Meteorological Organization (WMO) released a report named United in Science 2021.

• It is a multi-organization high-level compilation of the latest climate science information.
• The report is coordinated by the WMO, with inputs from the United Nations Environment Programme, World Health Organization, and Intergovernmental Panel on Climate Change, Global Carbon Project, World Climate Research Programme and the Met Office (UK).

Climate Change:

• The pace of climate change has not been slowed by the global Covid-19 pandemic and the world remains behind in its battle to cut carbon emissions.
  • It has caused only a temporary downturn in carbon dioxide (CO₂) emissions in 2020.
  • High latitude regions and the Sahel are likely to be wetter over 2021–2025, than the recent past.
• Reduction targets are not being met and there is a rising likelihood the world will miss its Paris Agreement target of reducing global warming to 1.5 degrees Celsius above pre-industrial levels.
  • There is an increasing likelihood that temperatures would temporarily breach the threshold of 1.5 degrees Celsius above the pre-industrial era, in the next five years.

Temperature:

• Average global temperature for the past five years was among the highest on record.
• Rising global temperatures are fuelling devastating extreme weather throughout the world, with spiralling impacts on economies and societies.
  • Climate hazards such as heatwaves, wildfires and poor air quality combine to threaten human health worldwide, putting vulnerable populations at particular risk.

Greenhouse Gases:

• Concentrations of major greenhouse gases in the atmosphere continued to increase last year and during the first half of 2021.

Fossil Fuel Emissions:

• Fossil fuel emissions from coal, gas, cement, etc were back to 2019 levels or even higher in 2021.

Sea Level:

• Global mean sea levels rose 20 cm from 1900 to 2018. Even if emissions are reduced to limit warming to well below 2°C, global mean sea level would likely rise by 0.3-0.6 m by 2100, and could rise 0.3-3.1 m by 2300.

Loss of Work Hours:

• An excess of 103 billion potential work hours were lost globally in 2019, compared to 2000.
  • It was due to heat-related mortality and work impairment, caused by rising temperatures.

Suggestions:

• More countries should develop long-term strategies that are consistent with the 2015 Paris Agreement.
• Net-zero commitments needed to be translated into strong near-term policies and action.
• Adaptation strategies are needed where they do not exist – especially in low-lying coasts, small islands, deltas and coastal cities.
• Covid-19 recovery efforts should be aligned with national climate change and air quality strategies to reduce risks from compounding and cascading climate hazards, and gain health co-benefits.

Way Forward

• World needs a breakthrough on protecting people and their livelihoods, with at least half of all public climate finance committed to building resilience and helping people adapt.
• And it needs much greater solidarity, including full delivery of the long-standing climate finance pledge to help developing countries take climate action.

ANSWER: D

WHY IN NEWS?

Recently, the Union Minister of State for Power attended the 15^th East Asia Summit Energy Ministers Meeting.

• The theme of the meeting was “We Care, We Prepare, We Prosper”.

About the Meeting:

• The meeting was aimed at coordinating efforts of Association of Southeast Asian Nations (ASEAN) countries in pursuing the goal of energy security and energy transition that will benefit the people of the region.
• India confirmed that ASEAN is a region of great importance and engagement with ASEAN has been, and will remain, a critical element of India’s ‘Act East’ policy and strategy.
  • Acting East is now a central element in India’s Indo-Pacific vision.
• A brief status of the Indian energy transition plans, policies, challenges and efforts towards decarbonisation was also provided.
  • Some of India’s initiatives include National Solar Mission (NSM), Pradhan Mantri Ujjwala Yojana (PMUY), Unnat Jyoti by Affordable LEDs for All (UJALA), Smart City Mission (SCM), etc.

East Asia Summit:

About:

• Established in 2005, it is a forum of 18 regional leaders for strategic dialogue and cooperation on the key political, security, and economic challenges facing the Indo-Pacific region.
• The concept of an East Asia Grouping was first promoted in 1991 by the then Malaysian Prime Minister, Mahathir bin Mohamad.
• There are six priority areas of regional cooperation within the framework of the EAS. These are – Environment and Energy, Education, Finance, Global Health Issues and Pandemic Diseases, Natural Disaster Management, and ASEAN Connectivity.

Membership:

• It comprises the ten member states of the ASEAN which are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, along with 8 other countries namely Australia, China, Japan, India, New Zealand, the Republic of Korea, Russia and the USA.
• It is an ASEAN-centred forum so it can only be chaired by an ASEAN member.
  • Brunei Darussalam is the chair for 2021.