Current Affairs GK 6th to 10th Februrary 2024

1. THE 17TH LOK SABHA HELD ITS SESSIONS BETWEEN JUNE 2019 AND FEBRUARY 2024 –

• In the five years, Lok Sabha functioned for 88% of its scheduled time, while Rajya Sabha worked for 73%.

Key Bills Passed Include-

• The Women’s Reservation Bill, 2023, the J&K Reorganisation Bill, 2019, the Appointment of CEC Bill, 2023, three Labour Codes, the Digital Data Protection Bill, 2023, and three Farm laws (which were later repealed).
• Three Bills replacing the IPC, 1860, the CrPC, 1973, and the Indian Evidence Act, 1872 were also passed.
• Over the years, the time spent on budget discussions in Lok Sabha has reduced.The 17th Lok Sabha discussed the annual budget for 35 hours on average (in the Lower House). As per the provision of Article 79 of Indian Constitution, the House of the People, the Lok Sabha is the lower House of the parliament.
• Lok Sabha is composed of representatives of the people chosen by direct election on the basis of the adult suffrage.
• The maximum strength of the House envisaged by the Constitution is 552.
• At present, the Lok Sabha has 543 seats filled by elected representatives. The term of the Lok Sabha, unless dissolved, is five years from the date appointed for its first meeting.

2. FARMERS DEMAND TO LEGALISE MSP –

• Several farmer associations, from Punjab and Haryana, are marching to Delhi, seeking a law to guarantee the minimum support price (MSP) for their produce.
• Minimum Support Price (MSP) is a form of market intervention by the Government of India to insure agricultural producers against any sharp fall in farm prices.MSP protects the producer- farmers against distress sale during bumper production years.
• MSPs have no statutory backing — a farmer cannot demand MSP as a matter of right.

The Centre announces the MSP for 22 mandated crops. These include:

• 14 kharif crops (paddy, jowar, bajra, maize, ragi, tur/arhar, moong, urad, groundnut, soyabean, sunflower, sesamum, niger seed, cotton),
• 6 rabi crops (wheat, barley, gram, masur/lentil, rapeseed and mustard,and safflower) and
• 2 commercial crops (jute and copra).
• In addition, MSP for Toria and de-husked coconut is also fixed on the basis of MSPs of rapeseed & mustard and copra respectively.

Calculation Formula-

• The Cabinet Committee of Economic Affairs announces the MSP at the start of each sowing season, taking into account the recommendations of the Commission for Agricultural Costs and Prices (CACP).
• The CACP makes projections using state-wise, crop-specific production cost estimates provided by the Directorate of Economics & Statistics in the Agriculture Ministry.
• The CACP calculates three types of costs — A2, A2+FL and C2 — for each mandated crop for different states.
• A2 cost: It is the lowest and covers all paid-out costs directly incurred by the farmer — in cash and kind — on seeds, fertilizers, pesticides, hired labor, leased-in land,fuel, irrigation, etc.
• A2+FL cost: It includes A2 plus an imputed value of unpaid family labor.
• C2 cost: It is the highest of the three costs and defined as a more comprehensive cost that factors in rentals and interest for owned land and fixed capital assets, on top of A2+FL.

3. INDIANS WHO FACED DEATH ROW IN QATAR RETURN HOME –

• The release of eight Indian Navy veterans from Qatari custody marks a significant diplomatic achievement and is a good achievement of India’s foreign policy.
• The Indian nationals were arrested by the Qatar intelligence agency in August 2022, on allegations of espionage.
• Qatar’s Court of First Instance handed over death sentences to them on October 26, 2023 which came as a surprise for the Indian government.
• As the Ministry of External Affairs launched extensive diplomatic efforts, the Court of Appeal on December 28, 2023 reduced the capital punishment to jail terms for varying durations to each of eight Navy veterans.

4. ELECTIONS IN PAKISTAN –

• In the recent Pakistan general elections, the Pakistan Muslim League-Nawaz (PML-N) and Bilawal Bhutto’s Pakistan People’s Party (PPP) is set to discuss power sharing formula due to absence of a clear winner.
• Neighbourhood country- India would be closely monitoring all activities in its neighbouring country ahead of the elections particularly focusing on the Pakistan Army’s involvement in selecting the next prime minister.
• It is crucial for India as Pakistan’s support of terrorism has been a concern for India and its national security.
• Nawaz Sharif, the former Prime Minister of Pakistan has shown openness towards India but also conditioned the peace process on India’s reversal of its decision to abrogate Article 370 in Jammu and Kashmir.

5. NAZOOL LAND –

• Recently, violence erupted in Uttarakhand’s Haldwani district after the administration conducted a demolition drive at the site of a mosque and madrasa, allegedly on Nazool land.
• Nazool land- A land owned by the government but most often not directly administered as state property.
• British, after defeating the opposing kings and kingdoms would take their land away from them. The British vacated these lands but with kings and royals often lacking proper documentation to prove prior ownership, these lands were marked as Nazool land to be owned by the respective state governments.
• Several states passed government orders for the purpose of framing rules but the Nazool Lands (Transfer) Rules, 1956 is the law mostly used for Nazool land adjudication.
• Usage- For public purposes like building schools, hospitals, Gram Panchayat buildings, etc. and also leasing it to any entity.

6. INDIA TO REPLACE MILITARY PERSONNEL WITH TECHNICAL STAFF IN MALDIVES –

• India has announced the replacement of military personnel operating aviation platforms in the Maldives with competent Indian technical personnel. This decision comes after negotiations between Indian and Maldivian authorities, with the latter expressing a clear demand for the withdrawal of Indian troops.
• Approximately 80 Indian military personnel are stationed in the Maldives to operate helicopters and a Dornier plane for medical evacuation and search and rescue missions.
• Indian technical personnel will replace military personnel in one aircraft by March 10. Replacement of military personnel in the other two aircraft will be completed by May 10.
• Maldivian President Mohamed Muizzu highlighted the withdrawal of Indian military personnel as a significant factor in his electoral victory. The demand for withdrawal was a cornerstone of the ruling alliance’s ‘India Out’ campaign, reflecting popular sentiment in the Maldives.

7. INDIA IN TALKS FOR FULL MEMBERSHIP WITH IEA –

• India is engaged in discussions with ministers from member countries of the International Energy Agency (IEA) regarding its application to attain full membership in the Paris-based organization, comprising 31 nations. These talks acknowledge India’s strategic significance in addressing global energy and climate challenges, as highlighted during the IEA’s 2024 ministerial meeting held in Paris.
• The IEA acknowledges India’s pivotal role in addressing global energy and climate issues.
• India’s formal request for full membership was submitted in October 2023, subsequent to its status as an associate member since 2017.
• Prime Minister Narendra Modi, addressing the meeting via video conference, emphasized India’s position as the world’s fastest-growing major economy.
• Modi highlighted the crucial link between sustained economic growth, energy security, and sustainability, expressing confidence in India’s enhanced role within the IEA.
• India, the world’s third-largest energy consumer, has been engaged with the IEA for a considerable period.
• A strategic partnership agreement was established in 2021 to bolster cooperation in global energy security, stability, and sustainability.
• The IEA, comprising 31 member countries and eight associates, has four countries, including India, seeking full membership.
• Full membership prerequisites include OECD membership and maintaining strategic oil reserves equivalent to 90 days of net imports.

8. INDIA’S SERVICES TRADE SURPLUS HITS RECORD HIGH TO $44.9 BILLION IN THE OCTOBER-DECEMBER QUARTER –

• India’s services trade surplus reached an unprecedented $44.9 billion in the October-December quarter of FY24, marking a 16% year-on-year increase. This surge in surplus, amidst challenging global conditions, is anticipated to alleviate the current account deficit (CAD) for the period.
• Services Export Growth: Services exports expanded by 5.2% to $87.7 billion during Q3, while services imports saw a 4.3% contraction, totaling $42.8 billion for the same period.
• CAD Trends: The CAD has moderated to 1% of GDP in the first half of FY24, down from 2.9% in FY23, driven by a lower merchandise trade deficit and higher net services receipts.
• Projections: Fitch Ratings forecasts a further narrowing of CAD to 1.4% of GDP in FY24 and 2024-25, compared to 2% in FY23, while IDFC Bank revises its estimate to 1.2% of GDP, incorporating the increased monthly services surplus.
• IT Dominance: India’s services exports, led by software exports, encompass a broad spectrum ranging from IT services to medical professionals’ services abroad.
• Emerging Sectors: “Other business services” exports, notably Global Capability Centers (GCCs), have witnessed significant growth, constituting 26.4% of total services exports in H1 FY24, up from 19% in 2013-14.
• Export Goals: The Indian government aims for combined goods and services exports to reach $2 trillion by 2030, leveraging the resilience of the services sector.
• Global Trade Share: India holds a 4% share in global commercial services exports and a 3.52% share in global commercial services imports for 2021, while its merchandise trade accounts for 1.77% of world exports and 2.54% of world imports.

9. RELIANCE INDUSTRIES HITS ₹20-LAKH CRORE MARKET CAP MILESTONE –

• Reliance Industries Limited (RIL) achieved a significant milestone on Indian stock exchanges by surpassing a market capitalization of ₹20-lakh crore. This marks the first instance of any company achieving this valuation on the Indian bourses. The surge in market value is attributed to various factors including robust performance across its business segments and favorable market conditions.
• RIL shares reached a record high of ₹2,958 on the Bombay Stock Exchange (BSE), registering a 1.8% increase intraday.
• The day concluded with RIL’s shares closing at ₹2,930, marking a 0.88% increase.
• Year-to-date, RIL shares have gained 13.4%, while over the past year, they have surged by 26.1%.
• In the third quarter ending December, RIL reported an operating profit of ₹40,660 crore, reflecting a robust year-on-year growth of 15.4%.
• Earnings before interest, taxes, depreciation, and amortization (EBITDA) growth was primarily driven by the upstream oil & gas and retail segments.
• The oil to chemicals segment experienced subdued growth due to planned maintenance and inspection shutdowns, impacting overall growth.
• Reliance Jio witnessed continued growth with subscriber additions and increased data consumption.
• Retail segment growth was broad-based, spanning various consumption baskets.