DAILY CURRENT AFFAIRS ANALYSIS
1 – Roman telescope: GS III – Science and Technology
Context:
- NASA is getting ready to launch a Roman telescope, giving humanity the furthest view into the Milky Way galaxy to date.
Important information:
- Hundreds of millions of stars will be observed by the Roman Space Telescope, which will search for telltale flickers that indicate the presence of planets, far-off stars, tiny frozen objects that linger on the edge of our solar system, isolated black holes, and more.
- Most likely, the telescope will set a new record for the furthest-known exoplanet.
- This could provide us with an insight into uncharted planetary neighbourhoods that might harbour planets distinct from the 5,500 that we now know about.
The Roman Telescope: What Is It?
- The NASA long-term surveillance system is called Roman Telescope.
- It is a benefit to the field of time-domain astronomy, which studies how the cosmos evolves across cosmic ages.
- Roman is scheduled for launch by NASA in 2027.
How will it behave?
Looking into the Milky Way:
- It will concentrate on the Milky Way in its Galactic Bulge Time-Domain Survey.
- In order to do this, it will employ infrared vision to look through dust clouds that may obscure the view of our galaxy’s dense core.
- Roman intends to document this by shooting a picture every 15 minutes for approximately two months.
- Over the course of Roman’s five-year primary mission, this process will be repeated six times, for a total of more than a year of observations.
Studies on stellar seismology:
- A million massive stars will be the subject of stellar seismology research by scientists.
- This will be accomplished by examining the variations in brightness that a star experiences when sound waves reverberate through its gaseous innards.
- They will gain knowledge about the star’s composition, age, and other characteristics as a result.
Source The Hindu
2 – According to a survey, India’s economy would rank third by 2030: GS III – Economy-related issues
Context:
- According to a survey by S&P Global Market Intelligence, India’s GDP is expected to surpass both that of Japan and Germany by 2030, making it the third largest in the world.
The main drivers of India’s economic growth were:
High-value investments:
- India has become an increasingly important investment destination for a wide spectrum of multinationals in numerous areas, including manufacturing, infrastructure, and services, thanks to its quickly expanding domestic consumer market and sizable industrial sector.
- Leading international corporations in e-commerce and technology are drawn to the Indian market as a result.
- India’s internet population is expected to reach 1.1 billion users by 2030, more than doubling from the projected 500 million users in 2020.
FDI:
- The past ten years have seen an acceleration of foreign direct investment inflows into India, which is indicative of the country’s economy’s good long-term growth prognosis.
- Younger demographics and quickly rising urban household incomes also contributed to this.
- Homegrown unicorns will benefit from the quick expansion of e-commerce and the transition to 4G and 5G smartphone technologies.
Comparing the GDP of India:
- According to forecasts, India’s nominal GDP in US dollars will increase from $3.5 trillion in 2022 to $7.3 trillion in 2030.
- By 2030, India’s GDP would have surpassed that of Japan due to its swift economic growth, positioning it as the second largest economy in the Asia-Pacific area.
- The GDP of India surpassed both the GDPs of the UK and France by the year 2022.
- India’s GDP is expected to overtake Germany by 2030.
- With a GDP of $25.5 trillion, the US currently has the largest economy in the world.
- It contributes 25% of the global GDP.
Way Forward:
- For the next ten years, India’s economy is predicted to remain among the fastest-growing in the world.
- India will thereby become one of the most significant long-term growth markets for multinational corporations operating in a variety of sectors, including the manufacturing of goods and services as well as electronics and vehicles.
Source The Hindu
3 – Guidance from the RBI to Credit Information Companies: GS III – Economy-related issues
Context:
- Credit information companies (CICs) are required by the Reserve Bank of India (RBI) to notify clients via email or SMS whenever banks and non-banking financing firms (NBFCs) access their Credit Information Reports (CIRs).
Credit Information Companies: What Are They?
- The consumer and corporate credit data of people and businesses nationwide is kept up to date and analysed by CICs.
- They receive the information from NBFCs and banks.
- A CIC uses this data to compute and produce credit rankings for businesses based on their creditworthiness and previous credit history, as well as credit scores for people.
The value of a credit score:
- If a client has good credit, they may be able to secure a loan at a rate that is somewhat appealing.
- They might not be approved for a loan or credit card if their credit score is low (perhaps as a result of defaults on previous loans).
- But other factors also come into play when deciding whether or not a customer will be approved for a loan.
Getting your credit score:
- The CIC will provide the credit score, typically in exchange for payment.
- But according to the RBI, CICs must give everyone whose credit history is on file with them simple access to a “Free Full Credit Report (FFCR)” that includes their credit score once a year (January through December).
Data correction:
- Applying for a customer’s CIR data correction involves a process.
- In order to help clients better comprehend the difficulties in the CIR, banks and NBFCs should let them know why their request for data correction was denied.
- To all credit institutions, or CIs, CICs should distribute a list of the reasons behind request rejections.
- When informing consumers and CICs of the denial of their requests for data rectification throughout the grievance redress procedure, CIs ought to follow the same protocol.
The future of CICs:
An authorised board policy:
- CICs should have a board-approved policy in place for reviewing their “search & match” logic algorithm, which produces the borrower’s CIR, at least every six months.
Further examination of the complaints:
- It is recommended that CICs do a root cause analysis of complaints in order to pinpoint problems with the “search & match” logic process.
Increased openness:
- The specifics of complaints made against CICs and CIs should be posted on their websites.
Source The Hindu
4 – Qatar and India’s natural gas relations: GS II – International relations
Context:
- The worst threat to New Delhi’s long-standing cordial relations with Doha is the death sentences handed down to eight former Indian Navy members by a Qatari court.
Important information:
- Trade relations are important in the interaction between countries.
- The trade balance between India and Qatar is significantly skewed in favour of Qatar, meaning that the country’s purchases far exceed its exports to India.
- The nature of the trade, which is dominated by liquefied natural gas (LNG), a commodity of vital importance to India, also provides Qatar with enormous power.
- LNG is a gas that has been carried by water after being extremely chilled to a liquid state.
- More than half of India’s total LNG import volumes come from this source, making it the country’s major supplier of the fuel.
- Nearly half of all Indian imports from Qatar (measured by value) come from the LNG trade.
Import dependence of gas:
- About 50% of India’s natural gas needs are imported.
- Even if local natural gas output rises, imports are expected to increase in the upcoming years due to the government’s deliberate efforts to raise consumption of the fuel.
- The largest LNG importer in India, government-owned Petronet LNG, has a long-term agreement with Qatar for the import of 8.5 million tonnes of LNG annually (mtpa).
- India has set an ambitious goal for itself: from slightly more than 6% of the primary energy mix at the moment to 15% by 2030.
- Over the coming years, there will undoubtedly be a sharp rise in LNG imports as a result.
- In addition to being typically less expensive than crude oil, natural gas is thought to be a far cleaner alternative to traditional petroleum fuels like diesel and petrol.
- With over 85% of its crude oil imports, petrol is both more cost-effective and a superior transition fuel for India in the energy transition process.
Exchange of numbers:
- In FY2022-23, India’s total imports from Qatar were valued at $16.81 billion, of which $8.32 billion, or 49.5, came from LNG imports alone.
Other important commodities and goods associated with fossil fuels that India buys in large quantities from Qatar include:
- LPG, or liquefied petroleum gas,
- polymers, and
- additional petrochemicals.
- In FY2022-23, India’s exports to Qatar were only worth $1.97 billion.
Among the principal exporters are:
- grains
- copper-based items
- steel and iron items
- veggies
- fruit
- herbs
- prepared food items.
- 74 million tonnes, or 54%, of the 19.85 million tonnes of LNG that India imported in FY23 came from Qatar.
- In addition to the 8.5 million tonnes of LNG Qatar supplied under the terms of the Petronet LNG deal, further 2.25 million tonnes of gas were bought on a spot basis from Qatar.
The world market for LNG:
- Following Russia’s invasion of Ukraine and the sanctions that have crippled Russian natural gas supplies to Europe, the worldwide LNG market is a seller’s market.
- The spot LNG market is more volatile in terms of price than term contracts (like Petronet’s with Qatar).
- Spot prices typically decline more sharply during a supply glut than term contracts since the latter’s pricing is determined by a formula that is mutually agreed upon by the supplier and the buyer.
- Furthermore, spot prices typically increase far higher than term contract rates when supplies are scarce.
- Qatar, the biggest LNG exporter in the world, is in a unique position of strength as a result of the war.
- Pushing term contracts in LNG is necessary.
- Due to the recent high price volatility in the global LNG markets, it is now clear that term contracts—rather than spot purchases—are a more practical way to guarantee supply at a fair and steady price.
- Due to this, LNG importers from all over the world—including India—are now searching for long-term agreements with significant suppliers, the most prominent of whom is Qatar.
- Doha has signed agreements with French, Dutch, and Italian energy firms for a 27-year supply of LNG.
- It had committed to providing Germany and China with LNG under long-term contracts.
- The term contract for Petronet (India) expires in2028, and talks to extend it are presently underway.
- Additionally, India wants to ink additional long-term LNG contracts.
Source The Hindu
5 – The highest cancer rate in India is seen in Mizoram: GS II – Health-related issues
Context:
- A study reveals that Mizoram has the highest incidence rate of cancer in India, despite being the second least populated State in the nation.
Important information:
- “Cancer awareness, diagnosis, and treatment needs in Mizoram, India: evidence from 18 years trends (2003–2020)” was the title of the study.
- According to the most recent data from an 18-year trend study, the State’s cancer incidence and mortality have been steadily rising.
- Lung cancer is the leading cause of cancer-related fatalities in women, whereas stomach cancer is becoming the leading cause of cancer-related deaths in males.
- In Mizoram, the younger generation is becoming more likely to die from cancer. This could be due to the endogamous tribal population’s stagnant lifestyle and nutrition, which could lead to a genetic predisposition.
Reasons behind the increase:
The following could be the cause of the rise in death rates:
- specialised diagnostic resources and knowledgeable personnel
- therapeutic approaches influenced by genetic research, and
- transportation-related issues.
Male cancer patients:
- According to the research, stomach cancer was the most common cancer in men, followed by cancers of the head and neck, lung, oesophagus, colorectal, liver, urinary, non-Hodgkin’s lymphoma, and prostate.
Cancer in females:
- Lung cancer was the most common cancer among women in the State, followed by malignancies of the cervical, breast, stomach, head and neck, colon, oesophagus, liver, and ovary regions.
About cancer:
- The World Health Organisation defines cancer as a broad category of illnesses that can originate in nearly any organ or tissue in the body when aberrant cells proliferate out of control, crossing normal boundaries to infect nearby organs or portions of the body.
Source The Hindu
