9 June 2023 : Daily Current Affairs

DAILY CURRENT AFFAIRS

9-June-2023

Daily Current Affairs For UPSC ,Daily Current affairs of The hIndu and Indian Express.

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1. RBI holds rates, vows to keep price stability.

Topic: GS3 – Monetory policy.

Context:

• • • The Reserve Bank of India’s Monetary Policy Committee (MPC) has kept the policy repo rate unchanged at 6.50% for the second consecutive meeting.

Issue:

• • • Governor Shaktikanta Das emphasized the importance of price stability in supporting the economy’s potential.

    • Headline inflation remains above the target and is expected to remain so in the future, warranting continued vigilance.

    • The MPC aims to gradually withdraw accommodation to bring inflation in line with the target while supporting growth.

    • The rate decision is a pause, and future actions will depend on the evolving situation.

    • The RBI forecasts a real GDP growth of 6.5% for 2023-24 and projects CPI inflation to average 5.1% for the current fiscal year.

    • RBI Governor Shaktikanta Das highlighted the resilience of the Indian economy and its macroeconomic and financial stability.

    • Prospects for growth are steadily improving and becoming broad-based.

    • The healthy balance sheets of banks and corporates are favorable for GDP growth.

    • The external sector is in a viable condition, with a stable current account deficit, Indian rupee, and increasing forex reserves.

    • Progress has been made in containing inflation, supporting growth, and maintaining financial and external sector stability.

    • The RBI aims to achieve its primary target of 4% inflation and will take necessary measures to ensure long-term inflation expectations remain anchored.

2. Cyclone’s effect on monsoon onset

Topic: GS1 – Geography.

Context:

• • • Global warming is impacting the monsoons in terms of onset, withdrawal, seasonal total rainfall, and extremes.

Issue:

• • • Cyclone formations in the pre-monsoon cyclone season have been observed due to the influence of a warmer Arctic Ocean on winds over the Arabian Sea.

    • The monsoon is influenced by the Indian, Atlantic, and Pacific oceans, as well as atmospheric bridges and oceanic tunnels connecting distant regions.

    • The position of a cyclone is crucial as it can impact the transition of the monsoon trough, a low-pressure region associated with the monsoons.

    • Unusual anticyclones over the Arabian Sea and Bay of Bengal have led to warming in these regions, affecting cyclone behavior and the monsoon’s onset.

    • Typhoons in the northwestern Pacific Ocean, such as Typhoon Mawar, can influence wind patterns and moisture transport, impacting the monsoon.

    • Southwesterly winds over the Arabian Sea bring moisture to the Indian subcontinent, while southwesterly winds over the Bay of Bengal impede the monsoon’s progress.

    • The complex interactions between global warming, cyclones, and typhoons pose challenges in predicting the monsoon’s onset and evolution.

    • A late monsoon onset does not necessarily indicate a deficit, but the presence of an impending El Niño adds to the uncertainty.

    • Monitoring and preparations are underway as the nation anticipates the arrival of the monsoon.

3. Chandrayaan-3 to be launched in mid-July

Topic: GS3 – Science and technology.

Context:

• • • ISRO chairman S. Somnath announced plans to launch the Chandrayaan-3 moon mission in mid-July.

Issue:

• • • The Chandrayaan-3 satellite has been transferred from the U.R. Rao Satellite Centre in Bengaluru to the Satish Dhawan Space Centre in Sriharikota.

    • Initial operations, including satellite checks, are currently underway for Chandrayaan-3.

About Chandrayaan-3:

• • • Chandrayaan-3 is the third lunar exploration mission planned by the Indian Space Research Organisation (ISRO). It is a follow-up mission to the Chandrayaan-2 mission, which aimed to land a rover on the lunar surface but encountered a partial failure during the landing attempt in September 2019.

    • The objective of Chandrayaan-3 is to successfully land a lander and rover on the lunar surface, conduct scientific experiments, and further explore the Moon’s surface and environment. The mission will focus on studying the Moon’s geology, mineralogy, and the presence of water ice.

    • Chandrayaan-3 will consist of a lander, rover, and an orbiter to facilitate communication and support the mission. The lander and rover will be designed to operate on the lunar surface for a specific duration to gather valuable data and insights.

    • The development and preparation of Chandrayaan-3 have been underway, with the satellite being moved to the Satish Dhawan Space Centre in Sriharikota for further operations and testing. The planned launch for Chandrayaan-3 is set for mid-July, according to the ISRO chairman’s announcement.

4. DRDO successfully tests ballistic missile ‘Agni Prime’

Topic: GS3 – security.

Context:

• • • The Defence Research and Development Organisation (DRDO) successfully conducted the flight test of the new generation ballistic missile ‘Agni Prime’.

Issue:

• • • The test took place at Dr. A.P.J. Abdul Kalam Island off the coast of Odisha.

    • This was the first pre-induction night launch conducted by the users of the missile.

    • The successful launch validated the accuracy and reliability of the Agni Prime system.

    • Range instrumentation, including radar, telemetry, and electro-optical tracking systems, were deployed at various locations, including two down-range ships, to gather flight data throughout the missile’s trajectory.

    • The test was carried out with the involvement of the Defence Ministry.

5. U.S., U.K. forge ‘Atlantic Declaration’ to boost ties

Topic: GS2 – International relations.

Context:

• • • The United States and Britain announced a new strategic pact to counter Russia, China, and economic instability.

Issue:

• • • The leaders adopted an “Atlantic Declaration” to strengthen industry ties in defense and renewable energy, in response to growing competition from China.

    • The post-Brexit free-trade agreement between Britain and the United States did not materialize, with the focus shifting to Mr. Biden’s plan for a green economy through industrial subsidies.

    • The declaration acknowledged new challenges to international stability, including authoritarian states, disruptive technologies, non-state actors, and climate change.

    • Both leaders recognized that the world economy is experiencing significant changes comparable to the Industrial Revolution, driven in part by the development of AI.

6. Easy trade finance is key to $2-trillion in exports

Topic: GS3 – Indian economy.

Context:

• • • Easy availability of affordable trade finance is crucial for achieving India’s $2 trillion exports target by 2030, according to a government official.

Issue:

• • • Additional Director General of Foreign Trade S. C. Aggarwal emphasized that easy access to affordable trade finance enhances export competitiveness.

    • Both traders and the government need to address the issue of obtaining easy finance for domestic and cross-border trade.

    • In 2022-23, India’s exports of goods and services increased by 14.68% compared to the previous year, reaching $775.87 billion.

    • Aggarwal suggested that the industry should focus on simplifying the process of obtaining finance and finding ways to strengthen the trade finance ecosystem.

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