Daily Current Affairs Quiz: September 30, 2024

Answer: D

Celebrated on 1^st October.

• Theme : Ageing with Dignity : The Importance of Strengthening Care and Support Systems for Older Persons Worldwide”.
• Aim : to raise awareness about the issues affecting older persons, promote their rights, and encourage a shift in societal attitudes towards aging.
• The first International Day of Older Persons was celebrated on October 1, 1991.

Answer: B

Observed on 1^st October.

• Aim : To promote and celebrate coffee as a beverage, with events now occurring in places around the world.
• The first official date was 3 October 2015, as agreed by then International Coffee Organization and was launched in Milan.

Answer: B

Observed annually on October 1.

• Aim : to promote vegetarianism and educate people about the health and social benefits of a meat-free diet.​
• Established by the North American Vegetarian Society (NAVS) in

Answer: C

Current Context : India and Republic of Uzbekistan sign Bilateral Investment Treaty in Tashkent.

PURPOSE:

• Assures protection to Uzbekistan investors in India and Indian investors in the Republic of Uzbekistan.
• Aims to enhance economic cooperation and boost bilateral investments.
• It will increase the comfort level and boost the confidence of investors.

KEY FEATURES:

• Guarantees minimum standard of treatment and non-discrimination for investors.
• Provides an independent arbitration forum for dispute resolution.
• Protects investments from expropriation.
• Ensures transparency, transfer of funds, and compensation for losses.

INDIA-UZBEKISTAN RELATIONS :

• Strategic Partnership: Uzbekistan is a key partner for India in Central Asia, with strong cooperation across various sectors.
• Economic Relations: India is among Uzbekistan’s top 10 trade partners, with major exports like pharmaceuticals and machinery​
• Defense Cooperation: Joint military exercises, such as DUSTLIK, bolster security and defense ties.
• Multilateral Engagement: Both countries collaborate in global forums like the UN, SCO, BRICS, and G20.
• Energy Security: India imports uranium ore from Uzbekistan to support its energy needs.
• People-to-People Ties: Around 14,000 Indians live in Uzbekistan, contributing to strong cultural and educational connections​​​

Answer: B

Current Context : External Affairs Minister S Jaishankar attended the first-ever Joint Ministerial Meeting of L.69 and C-10 groupings of nations on the sidelines of the 79th session of the United Nations General Assembly.

ABOUT L69 GROUPING

• Composition: The L69 Group consists of 32 developing countries, including India, from regions like Asia, Africa, Latin America, the Caribbean, and the Pacific Islands.
• Established in 2007, the group is named after the draft resolution L.69, which was presented to the UN General Assembly.
• Focus: to advocate for reforms in the United Nations Security Council (UNSC) to improve representation for developing countries.

Goals:

• Push for a more inclusive and representative Security Council.
• Enhance the role of developing nations, especially from Africa.
• Support the Common African Position (CAP), which is based on the Ezulwini Consensus and Sirte Declaration. This position demands at least two permanent seats for Africa in the UNSC with full veto power, along with increased non-permanent seats​

ABOUT COMMITTEE OF TEN (C-10)

• Composition: The C-10 is a coalition of ten African nations: Algeria, Equatorial Guinea, Republic of the Congo, Kenya, Libya, Namibia, Senegal, Sierra Leone, Uganda, and Zambia.
• Formation: The group operates under the auspices of the African Union (AU) and was established to promote African interests at the international level.
• Focus: The C-10 is committed to advocating for the Ezulwini Consensus, which calls for a reformed United Nations Security Council (UNSC) that includes greater representation for African nations.
• Education, Science, and Technology: The C-10 emphasizes the advancement of education, science, and technology as essential for achieving the goals outlined in Agenda 2063, which envisions “the Africa We Want.”

Answer: D

Current Context : Foreign ministers from India, Brazil, and South Africa jointly condemned terrorism and called for concerted action against Pakistan-based groups like LeT and JeM.

ABOUT IBSA FORUM :

Establishment : in 2003 as a Trilateral Dialogue Forum between India, Brazil, and South Africa.

• Formalized under the Brasilia Declaration to promote closer coordination on global issues.
• Aim: to enhance cooperation on global matters among three large, multicultural, and multiracial democracies from Asia, South America, and Africa.
• Focus areas include promoting democracy, human rights, sustainable development, and cooperation in various sectors like trade, education, and health​

IBSA Fund : Established in 2004, the IBSA Fund supports human development projects focused on reducing poverty and hunger in developing nations.

• It is managed by the UN Office for South-South Cooperation (UNOSSC)​

IBSAMAR : IBSAMAR is a joint multinational naval exercise involving the Indian, Brazilian, and South African navies.

• It plays a crucial role in defense cooperationand improving naval capabilities between these nations​

IBSA promotes reforms in global governance, including the UN Security Council, to increase the participation of developing countries.

Answer: C

Current Context : The Goods and Services Tax (GST) Council has set up a 10-member GoM, chaired by Minister of State for Finance Pankaj Chaudhary, to decide on the taxation of luxury, sin and demerit goods once the compensation cess ends in March 2026.

ABOUT GST COMPENSATION CESS

GST (Compensation to States) Act, 2017 was enacted to ensure that states are compensated for any loss of revenue due to the implementation of the Goods and Services Tax (GST).

Compensation Cess is imposed on certain goods to generate funds for compensating states for revenue losses.

• It is levied over and above the 28% GST rateon specific items classified as luxury, sin goods, or demerit goods.

Goods Subject to Compensation Cess:

• Luxury goods: Items like large cars, high-end motorcycles, and yachts.
• Sin goods: Products considered harmful to individuals and society, such as tobacco products and aerated drinks.
• Demerit goods: These include items that are seen as socially undesirable or harmful, like pan masala, coal, and gambling activities.

Compensation Period:

• The Act initially guaranteed states compensation for a five-year period (2017–2022).
• Due to revenue shortfalls, the government extended the collection of the compensation cess until March 2026to repay loans taken to cover the compensation gap.

Answer: C

Current Context : India has ranked 39th out of 133 economies in the Global Innovation Index (GII) 2024.

• Released by:World Intellectual Property Organization (WIPO).
• Criteria for Innovation:Institutions, human capital, research, infrastructure, investment, credit, knowledge creation, diffusion, and creative outputs.

KEY FINDINGS:

• Top Performers:Switzerland (1st), followed by Sweden, US, and Singapore.
• India’s Ranking:39th globally (up from 40th in 2023), 1st among lower middle-income economies.
• India’s Strengths:Strong in ICT services exports, venture capital, and intangible asset intensity.

GII 2024 Theme: Social Entrepreneurship

• Developing innovative solutions to address social/environmental challenges without profit as the main goal.
• Global Impact:
  • Economic Contribution: ~$2 trillion to global GDP.
  • Employment: 10-11 million social enterprises, ~30 million social entrepreneurs.
  • Tackles poverty, environmental issues, and social injustice.

ABOUT WIPO

• Established:1967 as a UN specialized agency.
• Mission:Develop a fair, global IP system that promotes creativity and innovation for economic growth.
• Members:193 countries (India joined in 1975).
• Major Treaties:
  • Paris Convention (1998)
  • Berne Convention (1928)
  • Patent Cooperation Treaty (1998)
• Headquarters:Geneva, Switzerland.