Argutes

Daily Current Affairs for UPSC Civil Services Exam – 12 September 2021

Thamirabarani civilization

  1. The Thamirabarani civilization in Tamil Nadu is at least 3,200 years old, reveals carbon dating done on organic material retrieved from archeological excavations in Sivakalai, Thoothukudi district.
  2.  Tamil Nadu announced a Rs 15 crore museum in Thirunelveli to exhibit findings from the excavations.
  3. The museum will be called Porunai, an ancient name for the Thamirabarani river
  4. The findings from Sivakalai have caused ripples in Tamil Nadu as it could lead to evidence that there was a city civilization in south India as long back as 3,200 years ago, the later part of the Indus Valley Civilisation.

100-day plan

  1. Union Civil Aviation Ministry unveiled a 100-day plan comprising policy measures and the development of airports along with heliports.
  2. Scindia said 50 new routes will be launched under the regional connectivity scheme in 100 days.
  3. A policy for maintenance, repair, and overhaul (MRO) was also announced which will attract more investment.
  4. Of the 50 new routes, 30 will be operational by October end.
  5. The government is also planning to update the AirSewa app, where passengers can seek redressal of grievances.
  6. AirSewa 3.0 is scheduled to go live by September 30.
  7. The aim is to make India a “global MRO hub”. The purpose of the policy that includes leasing of land through open tenders and abolishing royalty charged by airport authorities is to attract investment.
  8. Five airports: Keshod (Gujarat), Deoghar (Jharkhand), Gondia (Maharashtra), Sindhudurg (Maharashtra), Kushinagar (Uttar Pradesh)
  9. Six heliports: Sanjoli (near Shimla), Sase (near Manali), Mandi, Baddi (both Himachal), Haldwani, Almora (both Uttarakhand)
  10. Operationalisation of 50 routes. 30 by October 2021

UDAN scheme:

  1. The Regional Connectivity Scheme (RCS)- Ude Desh Ka Aam Nagrik (UDAN) is a flagship scheme of the Ministry of Civil Aviation (MoCA) envisaged to make air travel affordable and widespread in the country.
  2. The scheme intends to boost inclusive national economic growth, employment opportunities, and air transport infrastructure development across the nation.
  3. To date, 325 routes and 56 airports including 5 heliports and 2 Water Aerodromes have been operationalized under the UDAN scheme.
  4. The UDAN 4.1 round is focused on connecting smaller airports, along with special helicopter and seaplane routes. In addition to these, some new routes have been proposed under the Sagaramala Seaplane Services in consultation with the Ministry of Ports, Shipping, and Waterways

Click here to view the Courtesy official PIB Release.

India Meteorological Department releases data

  1. With 19 days still left in September, Delhi received the highest rainfall for September in 77 years.
  2. This is also the second-highest rainfall for the month of September in 121 years.
  3. The city has till now received 380.2 mm rainfall in September this year, and the highest was 417.3 mm in 1944, according to the IMD.

IMD:

  1. Indian Meteorological Department.
  2. IMD is under the Ministry of Earth Sciences.
  3. It is the principal agency for reporting all weather-related forecasts, seismology, and meteorological observations.

Rajasthan boosts tourism

  1.  The Federation of Hospitality and Tourism of Rajasthan (FHTR) has launched the first digital campaign to promote tourist destinations and connect tourism activities with the State’s rich heritage of arts and crafts.
  2. The campaign has started with the focus on eco-tourism in forest areas with the participation of local communities.
  3. The FHTR has also taken an initiative to form a Tourism Promotion Council along with the State government to focus on activities such as offline promotion, digital marketing, and cooperation through a hub-and-spoke model, offering a full array of services through an anchor and several secondary establishments
  1.  Reserve Bank is quite optimistic about its 9.5 percent GDP growth estimate for the financial year 2021-22 at present.
  2. The second wave of COVID-19 has waned by August, and economic growth will be better from the second quarter onwards on a sequential basis.
  3.  RBI has decided to give more emphasis on growth because of the pandemic and operate in the 2 to 6 percent inflation band set by the government.
  4. The central bank will seek to gradually move towards achieving the 4 percent target over a period of time.

S&P Global rating study

  1. India is expected to post strong economic growth in the coming quarters, even as inflation, led by food prices, is likely to remain elevated
  2. The economy is expected to clock 9.5% growth in the current fiscal year, followed by 7% expansion in the next year.
  3. Given India’s weak fiscal settings and a high stock of debt around 90% of GDP, the nominal GDP growth is going to be very important to prevent any further erosion of fiscal settings.
  4. The fiscal deficit would remain elevated over the next two years but the debt to GDP ratio is expected to stabilize or flatten out.

Account aggregator framework

  1. Reserve Bank of India launched the account aggregator framework aimed at making financial data more easily accessible.
  2. Under it, a number of fin-tech entities have been granted the license to operate as account aggregators.
  3. The RBI has allowed a number of companies like PhonePe to act as account aggregators to facilitate this process

How will an account aggregator work?

  1. The framework will allow financial data to be exchanged between the holders of data and its users.
  2. Account aggregators will act as intermediaries who will collect data from one financial entity and exchange it with another.
  3. If a bank is processing a loan application from a potential borrower may want to access a variety of financial data about the borrower.
  4. The lending bank can access details of the borrower’s savings, past loan repayment record, mutual fund holdings, and insurance holdings through an account aggregator.
  5. The borrower, however, will have to grant consent for the sharing of his data with the lending bank.

What are its benefits?

  1. All this data can be easily collated and shared through account aggregators with the consent of the individual.
  2. Easier availability of data will have significant benefits for the economy.
  3. It will help financial institutions make better assessments of the creditworthiness of individuals, and thus make better loan decisions.
  4. The availability of wider financial data may also help financial institutions offer better products tailored to the needs of individual customers.

Government reduces duty

  1. The government reduced the standard rate of duty on both crude and refined palm oil, soyabean oil, and sunflower oil in order to reduce edible oil prices.
  2. The standard rate of duty on crude palm oil, crude soyabean oil, and crude sunflower oil was reduced to 2.5%
  3. The standard rate of duty was reduced to 32.5% for refined palm oil, refined soyabean oil, and refined sunflower oil.
  4. The agri-cess for crude palm oil had been increased to 20% from 17.5%.
  5. Import duty on edible oils is one of the important factors that impacted landed cost of edible oils and thereby domestic prices