Daily Current Affairs for UPSC IAS: 1st Aug 2023

INS Visakhapatnam : Entered Oman

To enhance the maritime partnership between Indian Navy and Royal Oman Navy, the indigenously built destroyer INS Visakhapatnam recently entered Oman.

• INS Visakhapatnam is the lead ship and the first of the Indian Navy’s Visakhapatnam-class stealth guided-missile destroyers.
• It was commissioned on November 21, 2021, is one of the largest destroyers in Indian Navy service.
• It measures 163m in length, 17m in breadth.
• Displacement: 7,400 tonnes.
• It is propelled by four powerful Gas Turbines, in a Combined Gas and Gas (COGAG) configuration.
• It is capable of achieving speeds in excess of 30 knots.
• The ship has enhanced stealth features resulting in a reduced Radar Cross Section (RCS) achieved through efficient shaping of hull, full beam superstructure design, plated masts and use of radar transparent materials on exposed decks.
• The ship is equipped to fight under Nuclear, Biological and Chemical (NBC) warfare conditions.
• It is named after the historic city of Andhra Pradesh on the east coast, Visakhapatnam, the ‘City of Destiny’, the ship has a total complement of about 315 personnel.

Foreign Exchange Reserves : Declined

India’s Forex Reserves recently declined by $1.9 billion to $607.03 billion, its lowest level in nearly 3 months.

• Foreign Exchange Reserves are reserve assets held by a central bank in foreign currencies.
• They are used to back liabilities on their own issued currency, support the exchange rate and set monetary policy.
• These may include foreign currencies, bonds, treasury bills, and other government securities.
• Reserves are denominated and expressed in the US dollar, which is the international numeraire for the purpose.
• RBI is the custodian of the Foreign exchange reserves in India.
• India’s foreign exchange reserves comprise of;
  • Foreign currency assets (FCAs): These are maintained in currencies like the US dollar, euro, pound sterling, Australian dollar and Japanese yen.
  • Gold
  • SDR (Special Drawing Rights): This is the reserve currency with IMF.
  • RTP (Reserve Tranche Position): This is the reserve capital with IMF.
• The biggest contributor to India’s Forex reserves is foreign currency assets, followed by gold.

National Digital Nagrik Forum:

The Confederation of All India Traders (CAIT) Sunday announced the creation of a National Digital Nagrik Forum.

• National Digital Nagrik Forum is an online platform that aims to advance the rights of traders and consumers and other sections of society, and shape policy to boost the digital trade economy.
• The forum aims to raise awareness about digital regulations and help build the capacities of citizens to engage with innovation via expert sessions and instructional materials.
• Objective is to shape policy discourse around digital economy trade in India with a view to contributing to the Government of India’s vision of creating a trillion-dollar digital economy while maintaining an open, safe, trusted and accountable internet ecosystem.
• It will conduct awareness camps, digital and physical dialogues and trainings, as well as targeted outreach to stakeholders from government, private sector and civil society.

Worldcoin Project : Re-introduced

OpenAI CEO formally re-introduced Worldcoin project of his that was eclipsed by the popularity of ChatGPT.

• Worldcoin Project is an initiative to create a digital network in which everyone can claim some kind of stake, and join the digital economy.
• This venture runs on a simple model: allow your eyes to be scanned in order to prove your human uniqueness, and receive some crypto and an ID (called a World ID) in exchange.
• Using a device called “Orb,” Worldcoin volunteers known as ‘Orb operators’ scan a person’s iris pattern to collect their biometric data and help them get a World ID through the World app.
• With the app, scanned participants can collect a cryptocurrency called Worldcoin [WLD] at regular intervals or make transactions with their World ID where possible.
• This process is called “proof of personhood” and makes sure that people do not sign themselves up multiple times in exchange for crypto.
• Worldcoin claims it is building the “world’s largest identity and financial public network” open to people worldwide.
• Worldcoin lists 18 locations — largely in Delhi, Noida, and Bangalore — where Orb operators are scanning people’s eyes.

ULLAS Initiative : Launched Logo And slogan

The Union Minister of Education launched the logo, slogan-Jan Jan Sakshar and mobile application of ULLAS in New Delhi.

• The Understanding Lifelong Learning for All in Society (ULLAS) initiative is poised to revolutionise education and literacy across the nation.
• It is done by fostering a learning ecosystem that reaches every individual, bridging the gaps in basic literacy and critical life skills.
• It imparts basic education, digital and financial literacy and critical life skills to citizens aged 15 and above who lost on the opportunity to go to school. It is being implemented through volunteerism.
• Slogan of the Initiative: ULLAS: Nav Bharat Saksharta Karyakram.
• For this purpose ULLAS app was launched which is user-friendly and interactive app available both on android and ios.
• It will serve as a digital gateway for learners to engage in diverse learning resources through the DIKSHA portal of NCERT.
• The ULLAS app can be used for registration of learners and volunteers either through self-registration or by surveyors.

World Nature Conservation Day 2023: Theme

World Nature Conservation Day is observed annually on July 28 annually with an aim to preserve natural resources, biodiversity and ecology across all regions.

• The National Zoological Park, New Delhi commemorated World Nature Conservation Day linking it with the goals of Mission-LiFE.
• Theme for World Nature Conversation Day 2023 is ‘Forests and Livelihoods: Sustaining People and Planet’
• At UNFCCC COP26, India’s Prime Minister introduced Mission LiFE, aiming to prioritize individual behaviors in global climate action.
• LiFE seeks to shift from the wasteful ‘use-and-dispose’ economy to a sustainable circular economy based on mindful and intentional consumption.

Remembering Hazrat Imam Hussain:

On the occasion of Ashura, PM Narendra Modi remembered the sacrifices made by Hazrat Imam Hussain. He praised his courage and commitment to the ideals of justice and human dignity.

• Hazrat Imam Hussain (626 to 680 AD) was a grandson of the Islamic prophet Muhammad and a son of Ali ibn Abi Talib and Muhammad’s daughter Fatima.
• He is the third Imam of Shia Islam after his brother, Hasan, and before his son, Ali.
• He is highly revered for his stand against injustice and tyranny.

Ashura :

• It is a significant day in the Islamic calendar, observed on the 10th day of Muharram.
• It marks the martyrdom of Hazrat Imam Hussain and his followers in the Battle of Karbala in 680 CE.
• The event symbolizes the struggle for justice and the fight against oppression in the face of great adversity.
• It holds deep religious and spiritual significance for Muslims, especially the Shia community.

Standing Committee on Statistics : Meeting

The new Standing Committee on Statistics (SCoS) held its first meeting.

• The newly-formed Standing Committee on Statistics held its first meeting recently and discussed the yet-to-be-released results of the Annual Survey of Industries and Annual Survey of Unincorporated Enterprises in detail.
• The Annual Survey of Industries (ASI) covers all factories registered under the Factories Act across the country, and is considered an important source of industrial statistics of the registered organized manufacturing sector of the economy.
• The survey results for 2020-21 are expected to be released in 2023.
• Standing Committee on Statistics (Sos) was constituted on July 13, 2023.
• The government renamed and expanded the scope of coverage of the Standing Committee on Economic Statistics (SCES) formed in December 2019 as the Standing Committee on Statistics (SCoS).
• The SCoS has a broader mandate to review the framework and results of all surveys conducted under the aegis of the National Statistical Office (NSO).
• NSO is the Statistics Wing of the Ministry of Statistics and Programme Implementation (MOSPI) and was created in 2019 by merging the National Sample Survey Office (NSSO) and the Central Statistical Office (CSO)
• It will provide a new internal oversight mechanism for official data, revamping a SCES set up in 2019.

Members of the Standing Committee on Statistics (SCoS):-

• The Standing Committee on Economic Statistics had 28 members which made reaching consensus difficult. ( Standing committee)
• Currently, the Standing Committee on Statistics is composed of 14 members.
• It includes four non-official members, 9 official members, and a member secretary.
• The committee can have a total of 16 members, with the possibility of extending this number based on future requirements.

India’s Growth Projection : IMF

The IMF has projected the Indian economy to grow at 6.1% in 2023 in its World Economic Outlook report.

Highlights of Report:-

• The IMF projected a growth rate of 6.1% for India in 2023, which is a 2 percentage point upward revision compared with the April 2023 projection.
• This is reflective of the “momentum” from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment,
• Global growth is projected to fall from an estimated 5% in 2022 to 3% in both 2023 and 2024.
• Global headline inflation expected to fall from 8.7% in 2022 to 6.8% in 2023 and 5.2% in 2024.
• Underlying (core) inflation is projected to decline more gradually, and forecasts for inflation in 2024 have been revised upward.
• Financial sector: the turbulence could resume as markets adjust to further policy tightening by central banks.
• The United States economy has slowed down considerably and faces uncertainty amid global and domestic headwinds.
  China’s recovery could slow, in part as a result of unresolved real estate problems, with negative cross-border spillovers.

SpaceX Crew-7 Mission : NASA

NASA’s SpaceX Crew-7 mission is a testament to the power of international cooperation and collaboration in advancing space exploration.

• A diverse group of astronauts representing NASA, ESA, JAXA, and Roscosmos is embarking on a vital expedition to the International Space Station (ISS).
• The spacecraft responsible for carrying the astronauts to the ISS is named Endurance.
• Developed by SpaceX, this Dragon spacecraft will accelerate at an astonishing speed of 17,500 mph during its orbital insertion to rendezvous with the orbiting laboratory.
• The Falcon 9 rocket will propel the Dragon spacecraft, Endurance, into space.