UPSC QUIZ 08.12.2023

Explanation:

• According to the latest data from the Ministry of Statistics and Programme Implementation (MoSPI) , India’s Gross Domestic Product (GDP) grew by 7.6% in second quarter (Q2) of 2023-24, covering the months of July to September.India’s economy in Q2 witnessed a decline in agriculture, a surge in manufacturing, and a slowdown in services sectors.

Significance of This Growth Data

• Not only is this a fairly impressive level of economic growth, it also beats all market expectations.
• The recent quarterly GDP growth has triggered a flurry of upward revisions in the GDP forecast for the full financial year.
• It appears that India's central bank accurately predicted the country's GDP growth rate for the fiscal year, despite initially seeming optimistic compared to other economists.
• Now, with many experts revising their projections to align with the bank's forecast of 6.5%, the Reserve Bank of India (RBI) seems to have made an accurate prediction.
• This also means that RBI is unlikely to cut interest rates sooner than expected. Had the growth rate been below market expectations, the probability of a rate cut would have heightened.

Explanation:

• President of India advocated for All India Judicial Service (AIJS) to enhance diversity in the judiciary by increasing representation from marginalized social groups.

All India Judicial Service

• AIJS is a proposed centralized recruitment system for judges at the level of additional district judges and district judges across all states.
• AIJS aims to centralize the recruitment of judges, similar to the Union Public Service Commission (UPSC) model, assigning successful candidates to states.
• Originating from Law Commission reports in 1958 and 1978, AIJS seeks to address structural issues like varying pay, faster vacancy filling, and standardized nationwide training.
• The idea was revisited in 2006 by the Parliamentary Standing Committee, supporting a pan-Indian judicial service.

Explanation:

• Central Consumer Protection Authority (CCPA), India's top consumer watchdog, has recently notified guidelines for prevention and regulation of Dark Patterns, 2023.
• These guidelines, issued under the Consumer Protection Act, 2019, are designed to protect consumers from deceptive practices employed by online platforms.

Dark Patterns

• Dark patterns, also known as deceptive patterns, refer to strategies employed by websites and apps to make users perform actions they did not intend to or discourage behaviors that are not advantageous for the companies.
• These patterns often exploit cognitive biases and employ tactics such as false urgency, forced actions, hidden costs etc.

Explanation:

• In an initiative to combat the rising threat of methane emissions, the World Bank has announced plans to launch a series of country-led programs, to reduce up to 10 million tons of methane over the course of their investment lifespans.
• Methane accounts for approximately 19% of global greenhouse gas emissions (GHGs), making it a substantial contributor to climate change.
• Rice production accounts for 8%, livestock 32%, and waste 18% of all human-driven methane emissions, making targeted efforts in these areas crucial.
• Methane has a much higher global warming potential (GWP) than carbon dioxide.
• Despite methane being 80 times more potent than carbon dioxide in terms of warming the palnet, it has received less attention and funding.

Explanation:

• Over the past five years, all Scheduled Commercial Banks (SCBs) have written off around Rs 10.6 lakh crore.
• Out of this, 50 percent belong to large industrial houses.
• Government said that nearly 2300 borrowers wilfully defaulted around Rs 2 lakh crore.
• These borrowers are having a loan amount of Rs 5 crore or more.
• Write-offs do not result in waiver of liabilities of borrowers to repay.
• Write-off does not benefit the borrower. The process of recovery of dues from the borrower in written-off loan accounts continues.
• Minister of State in the Finance Ministry Bhagwat Karad said that all SCBs have collected an aggregate amount of Rs. 5,309.80 crore as penal charges.
• According to Karad, the Central Repository of Information on Large Credits (CRILC) receives specific credit information from Scheduled Commercial Banks (SCBs) and All India Financial Institutions about all borrowers with an aggregate exposure of at least Rs. 5 crore.
• According to the CRILC database, as of 31.3.2023, 2,623 distinct borrowers had an aggregate amount owed by SCBs of more than Rs 1.96 lakh crore and were categorised as wilful defaulters.