16th JUNE, 2022

NEWS TT DAY
NEWS DAY
INDIA ADDED 3RD HIGHEST RENEWABLE POWER CAPACITY IN 2021 AFTER CHINA, US: REN21’S

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RENEWABLES 2022 GLOBAL STATUS REPORT
India specific findings:
India added around 15.4 GW of renewable power capacity in 2021, third highest
after China (136 GW) and the US (43 GW).

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India is now the third-largest market in the world for new solar PV capacity
and ranked fourth in the world for total solar energy installations (60.4 GW)

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following China (305.9 GW).
India ranked 2nd in new Solar Water Heating Capacity addition, 3rd in
Hydropower capacity addition and 5th in Ethanol production addition in
2021.
$24.3 billion was allotted for its solar energy schemes, providing incentives to

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domestic and international companies to set up battery manufacturing plants.
India invested $11.3 billion in renewables in 2021.
REN21 is the only global community of actors from science, governments, NGOs and industry working collectively to drive the rapid
uptake of renewables.

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It was created in 2004 as an outcome of the Bonn2004 International Conference on Renewable Energy.

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India’s Initiatives in Renewable energy:
Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM)
Solar Parks Scheme
National Policy on Biofuels, 2018 etc.

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US FEDERAL RESERVE HIKES ITS BENCHMARK INTEREST RATE BY 0.75 PERCENTAGE

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POINT, THE BIGGEST INCREASE SINCE 1994
The rate hike in the benchmark interest rates came amid record inflation in the US
since 1981 due to supply and demand imbalances, higher energy prices etc.
Based on the past experiences, the sudden rate tightening can

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trigger recession.
Recession and its Factors
Recession or slowdown is a period of declining economic performance across an
entire economy lasting for several months, usually two consecutive quarters of
negative growth.
Part of natural ‘Business Cycle’ (see image), the recession is caused by different factors such as:
Real Factors, i.e. the sudden change in external economic conditions and structural shifts triggering recession.
Financial/Nominal Factors, i.e. direct consequence of over-expansion of credit during expansion periods.
Psychological Factors such as excessive euphoria and overexposure to risky capital during an economic expansion period.
Indicators of Recession
Decline in real GDP; Decline in Real Income; Rise in Unemployment; Decline in Consumer spending, Stagnation of
manufacturing and wholesale/retail sales.
Inverted yield curve, i.e. short-term debt instruments carrying higher yields than long-term instruments of the same credit risk
profile, is an important event preceding recession.
Recently, the treasury yields of 2 and 10 year bonds inverted in the USA.

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HARYANA GRANTS NO-OBJECTION CERTIFICATE (NoC) FOR FIELD TRIALS OF Bt
COTTON VARIETY
Haryana government has issued a no-objection certificate (NoC) to conduct field trials on BG-2 RRF, a herbicide tolerant and insect
resistant variety of Bt cotton.
So far, India has allowed commercial use of BG-1 and BG-2 GM cotton in the country while the approval for the BG-2 RRF has
been pending at various stages.
Currently, the available BG-2 RRF can provide protection against devastating pest attack such as American Bollworm.
About genetic modification (GM) of crops

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GM is a technology that involves inserting DNA into the genome of an organism.
To produce a GM plant, new DNA is transferred into plant cells. Usually, the cells are then grown in tissue culture where they
develop into plants. The seeds produced by these plants will inherit the new DNA.
Depending on the nature of edit, process is divided into three categories: site
INSOLVENCY AND BANKRUPT-

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directed nuclease (SDN) 1, SDN 2 and SDN 3.
Genetic Engineering Appraisal Committee (GEAC) a statutory body under CY BOARD OF INDIA (IBBI)

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the Ministry of Environment, Forest and Climate Change is the regulator for
introduction of any GM material. AMENDS RULES FOR SWIFTER
Bt. cotton is the only GM crop approved by the GEAC for commercial AND MORE STREAMLINED RE-
cultivation in the country.
DRESSAL OF GRIEVANCES
Recent relaxation on regulation of GM crops

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IBBI has amended following:
Central government has exempted certain types of genome-edited crops from the stringent
regulations applicable on genetically modified or GM crops, paving the way for further R&D on IBBI (Grievance and Complaint Handling
them. Procedure) Regulations, 2017 which
Ministry of Environment and Forests exempted SDN1 and SDN2 genome edited plants from provide mechanism for redressal of
Environment Protect Act 1986 for manufacture, use or import or export and storage of complaints filed against insolvency
hazardous microorganisms or genetically engineered organisms or cells Rules-1989.

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professionals (IPs), insolvency professional
SDN1 and SDN2 do not involve alien genetic material and the end result is indistinguishable from
conventionally bred crop varieties. agencies (IPAs) and information utilities (IUs).
IBBI (Inspection and Investigation)

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On the other hand, SDN3 process involves larger DNA elements or full length genes of foreign
origin which makes it similar to GMO development. Regulations, 2017 which provide
mechanism for carrying out inspections
CABINET APPROVES AUCTION OF IMT/ 5G SPECTRUM and investigations on IPAs, IPs and IUs.
Over 72 GHz of Spectrum will be auctioned for a period of 20 years in various The amended rules provides for revisions in
Low (600 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz),

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various timelines related to enforcement
Mid (3300 MHz) and High (26 GHz) frequency bands. process for addressing the issue of delay in
Spectrum refers to the invisible radio frequencies that wireless signals travel over. the present mechanism.

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Mid and High band spectrum will be utilised by Telecom Service Providers
(TSPs) to roll-out of 5G services. IBBI was established in 2016 under the
Insolvency and Bankruptcy Code (IBC),
Cabinet has decided to provisionally allot 2 carriers of 250 MHz each in E-band to 2016 as one of the key pillars of the ecosystem
the TSPs to meet the backhaul demand. responsible for implementation of IBC.

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Significance of 5G: IBC 2016 aims to consolidate and amend
Strong impetus to new technologies like the Internet of Things (IoT), the laws relating to reorganisation and
Augmented Reality (AR), Virtual Reality (VR), AI, insolvency resolution of corporate
Potential to create new age businesses, generate additional revenue for persons, partnership firms and individuals
enterprises and provide employment, in a time bound manner for maximisation of
Improve access to mobile banking, online education, telemedicine etc. value of assets of such persons, to promote
entrepreneurship, availability of credit and
Challenges: balance the interests of all the stakeholders.
Potential source points for cyber threats, IBC was proposed by the Bankruptcy
Exorbitant cost of spectrum and lack of adequate cash and capital of TSPs, Legislative Reforms Committee, led by TK
Last mile Viswanathan.
connectivity in rural
Functions of IBBI:
areas. Three frequency bands being used for 5G services Regulatory oversight over the IPs, IPAs, Insolvency
5G or fifth generation Professional Entities and IUs.
is the latest upgrade in Writes and enforces rules for processes governing
the long-term corporate insolvency resolution, corporate liquidation,
individual insolvency resolution and individual
evolution (LTE) mobile bankruptcy under IBC.
broadband networks. Designated as the ‘Authority’ under the Companies
It mainly works in 3 (Registered Valuers and Valuation Rules), 2017 for
bands, namely low, mid regulation and development of the profession of valuers
in the country.
and high frequency spectrum.
THE REAL STORY BEHIND INDIA’S RECORD FOREIGN DIRECT INVESTMENT (FDI) FLOWS
FDI into India reached an all-time high of $83.57 billion in 2021-22 reflecting continuing foreign interest in the Indian economy.
RBI defines FDI as the investment through capital instruments by a person resident outside India:
In an unlisted Indian company; or
In 10% or more of the post issue paid-up equity capital on a fully diluted
basis of a listed Indian company.
Despite downward pressure on FDI due to pandemic and supply chain
disruptions, the FDI inflows in India are increasing due to:
Relaxation in FDI norms like government allowed 100% FDI in single brand
retail through the automatic route.
Economic reforms for Ease of Doing Business,
Incentives to integrate India with Global Supply Chains under Aatmanirbhar

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Bharat.
Concerns in FDI Inflows
Declining gross incoming FDI Growth (only 2%) with record FDI outflows of $44.3 billion; leading to negative net FDI Inflows.
Lack of Diversification as FDI inflows are largely concentrated to few sectors (62% of FDI inflow into just five sectors) and few
regions (78% FDI limited to three states/UT).

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Flow through Offshore financial hubs and tax havens.

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ALSO IN NEWS
Recently, the British government has announced its intention to table legislation that would
alter certain elements of this protocol, which is the most contentious element of the Brexit
agreement.

Northern Ireland Protocol
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The protocol is a special arrangement that ensures the land border between Northern Ireland
(part of the UK) and Republic of Ireland (an EU member state) continues to be invisible and
respects the peace deal that put an end to decades of sectarian violence.
Released by: Institute for Management Development (IMD)
Highlights:

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India has witnessed the sharpest rise among the Asian economies, with a six-position jump
from 43rd to 37th rank, largely due to gains in economic performance.

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Denmark has moved to the top of the 63-nation list from the third position last year.
World Competitiveness Three most important trends found to be impacting businesses in 2022 are inflationary
index 2022 pressures, geopolitical conflicts and supply chain bottlenecks with COVID being the fourth.
Note: This is different from Global competitiveness report of World Economic Forum.

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The Income Tax Department has notified the CII for current FY.
The CII is notified every year under Income Tax Act, 1961 to match the prices to inflation rate

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based on the Consumer Price Index or CPI (urban).
CII= 75% average increase in CPI for the Original Cost of
Acquisition
immediate previous year
It is used by a taxpayer to compute long-term
Cost Inflation Index (CII) capital gains (LTCG) arising out of the sale of

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capital assets after adjusting for inflation.
Union Minister of Steel inaugurated the first six lane highway road made by using Steel Slag at
Surat, Gujarat.
About Steel slag:
It is a by-product of steel making, produced during the separation of the molten steel from
impurities in steel-making furnaces.
Steel slags is also used in the agricultural sector due to its ability to correct soil acidity.
It contains some nutrients for the plants and also as silicate fertilizer that is capable of
Steel slag providing silicon to the plants.
Other Applications: Transportation industry, construction, cement production, waste water and
water treatment etc.
For the first time ever, Union Ministry of coal will have a ‘just transition’ division, which will draft
sustainable coal mine closure plans for areas economically dependent on the dry fuel.
Just transition ensures safe livelihood, land restoration and reclamation near mining areas.
It also paves the way for re-employability of communities and economic stability of regions
dependent on coal and allied industries, once a mine is shut.
Just transition

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 Several other countries such as the UK also have coal expiry dates as 2024 for phasing out coal.
The Drugs Controller General of India’s (DGCI) has recommended Serum Institute’s indigenously
developed qHPV vaccine for Cervical cancer patients.
Cervical cancer forms 16.5% of total cancer cases in Indian women and is the second most
common type of cancer amongst women after breast cancer.
It is the only type of cancer caused by the Human Papillomavirus (HPV), a virus that is generally
Quadrivalent Human transmitted through sexual contact.
Papillomavirus (qHPV) HPV doesn’t only affect women. More than 4 out of every 10 cases of cancer caused by HPV
vaccine occur among men.

Ancient DNA from bubonic plague victims buried in cemeteries has helped solve an enduring
mystery, pinpointing an area in northern Kyrgyzstan as the launching point for the Black Death
in the mid-14th century.
DNA contained Yersinia pestis, the bacterium that causes the bubonic plague.
Black Death was the deadliest pandemic on record that killed nearly 200 million people in Europe,

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Asia, and North Africa.
Black Death Called the Black Death, in reference to the gangrenous blackening and death of body parts that
can happen with the illness.
Kodavas, also known as the people of Coorg, is a small community mainly living in Kodagu (Coorg)
district in Karnataka.

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They are a warlike tribe with three main groups: Kodava Mophlas or Kodava Mappilas, Kodagu
Gowdas and the Bearys.

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They have unique customs and rituals such as no dowry system, no role of priest in marriage etc.
Language: Kodava Takke, an endangered language (by UNESCO) belonging to Dravidian Group of
Kodavas Language.
Festivals: Kaveramme (worshipping Kaveri), Kalipodh (festival of Weapons), Puttari (harvest Festival)
etc.

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Thailand (Capital: Bangkok)
Thailand parliament has passed first reading of four different
bills on same-sex unions.
Thailand is a South East Asian country lying on the
Indo-Chinese and Malay Peninsula.

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Political Boundaries: It shares land boundaries with
Myanmar, Laos, Cambodia and Malaysia.

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It shares its maritime boundaries with India, Indonesia and
Vietnam.
Places in News The Isthmus of Kra is the narrowest part of Malay Peninsula
Geographical Features:

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Highest Point: Doi Inthanon
Main River Systems: Mekong River System, Salween River (a UNESCO Natural World Heritage

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Site) System and Chao Phraya River System.

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