UPSC EXAM QUIZ 02.07.2024

Explanation:

• Indian coffee exporters are witnessing a surge in demand from European buyers, who are building up their stocks ahead of the deadline to comply with the proposed EU Deforestation Regulation (EUDR) norms.

Eudreforce regulation

• In December 2022, the European Union and its member states signed the EUDR agreement to take measures to prevent deforestation and forest degradation caused by imported products.
• The aim of the EUDR is to minimise imports of products linked to deforestation.
• EU members are mandated to comply with the requirements of the EUDR norm from 30 December 2024.

Explanation:

• World Bank has approved a $1.5-billion loan to help India accelerate its low-carbon energy development.This strategic funding will help create green hydrogen and electrolyzers and make it easier for the country to use renewable energy.

Objective and Implementation

• The main goal of this money is to improve India’s energy policies and rules so that more investments can be made in the energy transition industry.
• One important part of this is encouraging new ideas in green hydrogen and sustainable energy.
• The World Bank’s plan is set up to do more than just fund direct projects. It also aims to support policymaking and provide professional assistance for creating important interventions.

Explanation:

• India has allowed limited imports of corn, crude sunflower oil, refined rapeseed oil, and milk powder under the Tariff-Rate Quota (TRQ).This has been taken with the effort to control the rising food inflation.

Tariff-Rate Quota (TRQ)

• It is a trade policy tool that allows a set amount of a specific good to be imported at a reduced tariff rate, while quantities above this threshold are subject to a higher tariff.
• This is used to balance protecting domestic industries with the need to meet demand through imports.

Explanation:

• The Employees' Pension Scheme (EPS), 1995 was amended by the Government of India to ensure that withdrawal benefits are also available to Employees' Pension Scheme members with less than 6 months of contributory service.
• This amendment will benefit more than 7 lakh Employees' Pension Scheme members every year who leave the scheme after less than 6 months of contributory service.
• Further, the Central Government has revised Table D and ensured that every full month of service is taken into account for granting proportionate withdrawal benefit to the members.
• The amount of withdrawal benefit will now depend on the number of completed months of service rendered by the member and the salary on which the Employees' Pension Scheme contributions were received.
• It is estimated that over 23 lakh members will benefit from this amendment in Table D every year.
• More than 30 lakh withdrawal benefit claims were settled in the financial year 2023-24.
• During the financial year 2023-24, about 7 lakh claims for withdrawal benefits were rejected due to less than 6 months of contributory service.
• After this amendment, all such Employees' Pension Scheme members who have not attained the age of 58 years by 14 June 2024 will become eligible for withdrawal benefits.

Explanation:

• Artificial Intelligence readiness of 174 countries mapped by IMF.
• On June 25, the Artificial Intelligence Readiness Index (AIPI) dashboard was released by the International Monetary Fund (IMF) on its website.
• It tracked 174 economies globally for AI readiness.
• The index has classified each country into an advanced economy (AE), emerging market economy (EM) and low-income country (LIC).
• Singapore (0.80), Denmark (0.78) and the United States (0.77) are among the AEs with the highest ratings.
• India (0.49) is ranked 72nd out of a total of 174 countries, while Bangladesh (0.38) is ranked 113th, Sri Lanka (0.43) is ranked 92nd, and China (0.63) is ranked 31st. South Sudan(174th) ranked last.
• Each country is given this rating based on an assessment of its readiness in four key areas – digital infrastructure, human capital and labour market policies, innovation and economic integration, and regulation.