Daily Current Affairs for UPSC IAS: 30th September 2024

China Shock 2.0:

The United States has imposed steep tariffs on Chinese imports, including a 100% duty on electric vehicles, as part of an effort to counter the influx of Chinese goods, dubbed “China Shock 2.0.” India and other countries are also taking steps to curb Chinese imports to protect domestic industries.

• China Shock 2.0 Refers to China’s rapid export growth in high-tech sectors such as solar equipment, electric vehicles, and semiconductors amid domestic demand slumps.
• China’s economic slowdown due to a property crisis and weak consumer demand.
• Countries, including India, fear job losses in manufacturing and increased economic dependence on China

World Tourism Day 2024:

The Ministry of Tourism celebrated World Tourism Day on 27th September 2024, with the theme “Tourism and Peace.” focusing on how tourism contributes to promoting world peace by encouraging cross-cultural interactions and understanding.

• Each year, World Tourism Day is celebrated with a specific theme and a host country, highlighting the unique role tourism plays in different regions around the world.
• In 2024, Georgia will have the honour of hosting this important event.
• The theme for World Tourism Day 2024 is particularly inspiring: “Tourism and Peace.”
• The day emphasises tourism’s potential as a tool for achieving the UN Sustainable Development Goals (SDGs), particularly in poverty eradication and sustainable resource management.
• It also highlights the importance of eco-tourism in supporting SDG 13 on climate action.

T+0 Settlement:

Stock exchanges have decided to delay the implementation of T+0 (same-day) settlement cycle for institutional clients, which was set to start on September 30, 2024, on a voluntary basis. T+0 was introduced for retail clients in 25 securities as a beta version in March 2024.

• T+0 Settlement refers to same-day settlement of trades where both funds and securities are exchanged on the same day.
• T+1 Settlement system, trades are settled one business day after the transaction date. It was introduced in 2021 and has already been implemented in phases.
•  Foreign portfolio investors (FPIs) are resisting T+0 due to the pre-funding requirements, and systems aren’t fully ready for seamless adoption.
• Faster Settlements reduces the risks associated with delayed settlements and facilitates quicker access to funds and securities for investors.
• T+0 can optimize fund utilization, particularly benefiting retail investors with limited capital.
• T+1 has already led to reduced error rates in settlements, especially for FPIs, improving overall market efficiency.

BRICS Grouping:

The Union Ministry of External Affairs recently met with his BRICS counterparts to affirm its role in a multipolar world.

• BRICS’ Grouping is an acronym for Brazil, Russia, India, China, and South Africa, a bloc of countries that formed a partnership following the creation of the term in 2001 by Goldman Sachs economist Jim O’Neill (but it didn’t include South Africa at the time).
• South Africa joined in 2010, making it “BRICS”.
• The group was designed to bring together the world’s most important developing countries to challenge the political and economic power of the wealthier nations of North America and Western Europe.
• The BRICS countries operate as an organization that seeks to further economic cooperation among member nations and increase their economic and political standing in the world.
• Saudi Arabia, Iran, Ethiopia, the United Arab Emirates, and Egypt joined BRICS in 2024.
• The expanded group has a combined population of about 3.5 billion, or 45% of the world’s inhabitants.
• Combined, members’ economies are worth more than $28.5tn – about 28% of the global economy.
• With Iran, Saudi Arabia and UAE as members, Brics countries produce about 44% of the world’s crude oil.

Nanjangud Rasabale Banana:

The famed Nanjangud rasabale banana variety, which had become scarce because of a fungal disease, has begun to thrive again.

• Nanjangud Rasabale Banana is a variety of banana grown in and around the Mysore district and Chamarajanagar district of Karnataka.
• It was awarded the Geographical Indication (GI) tag in 2006 for its thick pulp and distinct taste and aroma.
• The taste and pulp of this banana cannot be found in any other variety and anywhere else.
• Black clay alluvial saline soil has given a unique aroma to this banana.
• Fruits possess medicinal properties and are believed to cure neurological ailments.
• The Panama Wilt disease, a fungal infection caused by the Fuserium Wilt pathogen has been the bane of rasabale farmers.

Geographical Indication (GI) tag:

• It is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin.

Marburg Virus Disease:

Six people have died in Rwanda following an outbreak of the Marburg virus, the country’s Health Ministry said recently.

• Marburg Virus Disease earlier known as Marburg hemorrhagic fever, is a rare but severe hemorrhagic fever that affects both people and non-human primates.
• MVD is caused by the Marburg virus, a genetically unique zoonotic (animal-borne) RNA virus. Marburg and Ebola viruses are both members of the Filoviridae family (filovirus).
• The virus takes its name from the German city of Marburg, where it was first identified in 1967 in a lab where workers had been in contact with infected green monkeys imported from Uganda.
• The reservoir host of the Marburg virus is the African fruit bat, Rousettus aegyptiacus.
• The virus can be transmitted from bats to primates, including humans, and then spread through direct contact with blood or other body fluids from infected individuals.
• Initial Marburg disease signs and symptoms include Fever, Chills, Headache, Muscle aches, Rash with both flat and raised bumps, often on the torso, Chest pain, Sore throat, Nausea, vomiting, and diarrhea
• As the disease advances, symptoms can become more severe, including liver failure, delirium, shock, bleeding (hemorrhaging), and multi-organ dysfunction.
• The average MVD case fatality rate is around 50%. Case fatality rates have varied from 24% to 88% in past outbreaks depending on virus strain and case management.
• There is no treatment or vaccine for Marburg disease.
• Supportive therapy, such as intravenous fluids, electrolyte replacement, supplemental oxygen, as well as blood and blood products replacement, improves survival.

Paryatan Mitra And Paryatan Didi Initiative:

The Union Ministry of Tourism has launched a national responsible tourism initiative titled Paryatan Mitra and Paryatan Didi.

• The primary aim of this initiative is to elevate the overall experience for tourists in destinations, by having them meet ‘tourist-friendly’ people who are proud Ambassadors and Storytellers for their destination.
• The vision of this initiative is to welcome one and all to experience Incredible India through Incredible Indians, thereby creating a more welcoming, hospitable, and memorable experience for tourists when in India.
• Paryatan Mitra and Paryatan Didi were piloted in six tourist destinations across India: Orchha (Madhya Pradesh), Gandikota (Andhra Pradesh), Bodh Gaya (Bihar), Aizawl (Mizoram), Jodhpur (Rajasthan), and Sri Vijaya Puram (Andaman & Nicobar Islands).
• Under this special emphasis is being placed on the training of women and youth to enable them to develop new tourism products & experiences like heritage walks, food tours, craft tours, nature treks, homestay experiences, and other innovative tourism products based on the potential of the destination.
• This training is driven by the ‘Athithi Devo Bhava’ philosophye treating tourists as honored guests.
• It is also envisioned that locals leverage these skills to obtain gainful employment going forward as homestay owners, food & cuisine experience providers, cultural guides, natural guides, adventure guides, and other roles in tourism.
• Tourism-specific training is being followed by general training in digital literacy and digital tools to ensure that the experiences they create are discoverable and visible to tourists, nationally and globally.

Schizophrenia:

The US Food and Drug Administration (FDA) has approved Bristol Myers Squibb’s new oral medicine, Cobenfy, for the treatment of schizophrenia in adults.

• Schizophrenia is a chronic, severe mental disorderthat affects the way a person thinks, acts, expresses emotions, perceives reality, and relates to others.
• It mostly affects young adultsin the productive age group.
• One in every 100 people experiences schizophrenia and men are twice as likely to develop this condition as compared to women.
• It can differ from person to person, but they generally fall into three main categories: psychotic, negative, and cognitive.
• Psychotic symptoms include Hallucinations, Delusions, thought disorder, Movement disorder.
• Negative symptoms include loss of motivation, loss of interest or enjoyment in daily activities, withdrawal from social life, difficulty showing emotions, and difficulty functioning normally.
• Cognitive symptoms include problems in attention, concentration, and memory.
• Though there is no cure for schizophrenia, a variety of antipsychotic medications are effective in reducing the psychotic symptoms present in the acute phase of the illness.

Thermobaric Weapons:

Russia’s use of thermobaric weapons in Ukraine has drawn significant attention due to their devastating effects, but the development and deployment of these powerful bombs are not limited to Russia.

• Thermobaric Weapons are often called “vacuum bombs” or “enhanced blast weapons”.
• It consists of a fuel container with two separate explosive charges.
• This can be launched as a rocket or dropped as a bomb from aircraft. When it hits its target, the first explosive charge opens the container and widely scatters fuel mixture as a cloud.
• This cloud can penetrate any building openings or defences that are not totally sealed.
• A second charge then detonates the cloud, resulting in a huge fireball, a massive blast wave and a vacuum which sucks up all surrounding oxygen.
• The weapon can destroy reinforced buildings, equipment and kill or injure people.
• The shockwave produced by thermobaric bombs can destroy structures, while the blast’s pressure differential causes catastrophic damage to the human body, including rupturing organs and lungs.
• There are no international laws specifically banning their use, but if a country uses them to target civilian populations in built-up areas, schools or hospitals, then it could be convicted of a war crime under the Hague Conventions of 1899 and 1907.

Sunita Williams Takes Command of ISS:

NASA (National Aeronautics and Space Administration) astronaut and Indian Origin Sunita Williams has officially taken command of the International Space Station (ISS) as part of her extended mission aboard the orbiting laboratory. She is set to take command for the second time for ISS.

Women in Space Leadership Programme Initiative Launches by DST:

The Department of Science and technology (DST) in India with the collaboration with the British Council launches the initiative of “A Women in Space Leadership” (WiSLP) as a part of the UK-India Education and Research Initiative (UKIERI).

Dust Free Drive Launched in Delhi:

Delhi Lieutenant Governor (LG) Shri. L. G. Saxena launched the Dust Free Drive across the cities to combat the Air Pollution. This step looks to be important ahead of the tough and harsh air pollution in the winter in the Capital of Country.

SEBI Launches FPI Outreach Cell:

The Securities and Exchange Board of India (SEBI) has launched a dedicated Foreign Portfolio Investor Outreach Cell as part of the Alternative Investment Fund and Foreign Portfolio Investors Department (AFD). This cell will focus on direct engagement with Foreign Portfolio Investors (FPIs), and supporting them in accessing the Indian securities market seamlessly.

Oxygen Bird Park Set To Be Inaugurated By Shri. Nitin Gadkari:

Union Minister for Road, Transport and Highways Shri. Nitin Gadkari Ji, set to inaugurate Oxygen Bird Park (Amrit Mahotsav Park) on the Nagpur-Hyderabad National highway 44 in Nagpur, in state of Maharashtra.

India and Uzbekistan Sign Bilateral Investment Treaty in Tashkent:

India and Uzbekistan have signed a Bilateral Investment Treaty (BIT) aimed at boosting investor confidence and enhancing economic cooperation between the two nations. The treaty was formalized by Indian Finance Minister Nirmala Sitharaman and Uzbekistan’s Deputy Prime Minister Khodjayev Jamshid Abdukhakimovich in Tashkent.

Shigeru Ishiba Set to Become Japan’s Next Prime Minister:

Shigeru Ishiba, former defence minister, is poised to become Japan’s next prime minister after winning the Liberal Democratic Party’s (LDP) leadership vote. Ishiba will succeed Fumio Kishida, who stepped down following scandals that damaged his tenure.