DAILY CURRENT AFFAIRS ANALYSIS
1 – Retaliatory Taxes on Four Indian Products: GS III – Indian Economy:
Context:
- Countervailing duties (CVDs) have been imposed by the US and the EU on four Indian products in response to the Remission of Duties and Taxes on Export Products (RoDTEP) programme that was implemented for outbound shipments in January 2021.
- The U.S. finished countervailing investigations with CVD determinations for products such as paper file folders, common alloy aluminium sheet, and forged steel fluid end blocks, while the European Commission looked into specific graphite electrode systems.
Countervailing Duty: What Is It?
- Countervailing Duty (CVD): Tariffs applied to imported goods to counterbalance the subsidies given to the exporting nation’s producers of those commodities.
- The goal of CVDs is to level the playing field between domestic and foreign manufacturers of a good or service, the latter of whom can sell their goods for less money due to government subsidies.
- The World Trade Organisation (WTO) allows its member nations to impose countervailing duties.
- WTO’s SCM Agreement: The two primary topics covered by the WTO’s Agreement on Subsidies and Countervailing Measures (SCM Agreement) are the application of countervailing measures to protect national interests from harm caused by subsidised imports and multilateral laws pertaining to subsidies.
- Rules pertaining to subsidy provisions are established by multilateral standards and are upheld by the WTO dispute resolution process.
- A member may unilaterally impose countervailing duties after conducting an investigation and meeting the requirements outlined in the SCM Agreement.
- Definition of Subsidies: According to the SCM Agreement, a “subsidy” is a monetary contribution made by a government in exchange for a benefit. The degree of specificity dictates whether a subsidy is applicable to a given business, sector, or area.
- Subsidies fall into two categories: actionable (open to dispute or countervailing actions) and forbidden (e.g., export subsidies, local content subsidies).
- Actionable subsidies may result in harm, discrimination, or the cancellation of benefits.
- Transition rules, however, give developing nations and those moving towards market economies an extension or exemption from the need to phase off certain subsidies.
In India, who Implements Countervailing Measures?
- The Ministry of Commerce & Industry’s Directorate General of Trade Remedies (DGTR) is the only national body responsible for enforcing anti-dumping, countervailing duty, and safeguard measures, among other trade remedial measures.
- The Directorate General of Anti-Dumping & Allied Duties (DGAD) which was founded in 1997 has been restructured as DGTR in May 2018 by restructuring and re-designing DGAD into DGTR by merging all the trade remedy functions i.e. under a single window framework, Anti-Dumping Duty (ADD), Countervailing Duty, Safeguards Duty (SGD), and Safeguards Measures (QRs).
- It is an independent quasi-judicial organisation that conducts investigations prior to recommending actions to the Central Government.
The RoDTEP Scheme: What Is It?
- In order to maintain competitiveness in international markets, the RoDTEP (Remission of levies or Taxes on Export Products) Scheme attempts to offset taxes and levies paid on exported items that are not otherwise reimbursed.
- Rebates on concealed Central, State, and Local duties—which include both direct and previous-stage indirect taxes—that were not reimbursed under previous systems are offered under this programme.
Source: The Hindu
2 – Parliamentary Security Vulnerability: GS II – Parliament related issues:
Context:
- A security breech occurred in the Lok Sabha recently following leaders’ commemoration of the security personnel who lost their lives in the 2001 Parliament attack.
- In addition to using sections of the Indian Penal Code (IPC) pertaining to criminal conspiracy, trespassing, inciting a riot, and impeding a public servant in the performance of their duties, the Delhi Police have also invoked sections of the Unlawful Activities (Prevention) Act, an anti-terror law, against the accused.
- The suspects had visitor credentials on them that had been given to them at the time of the incident.
What Are the Guidelines for Guests of the Parliament?
- In the Lok Sabha, “admission, withdrawal, and removal” of visitors—whom the legislature refers to as “strangers”—during House sessions is governed by Rule 386 of the Rules of Procedure and Conduct of Business.
- The Speaker may, in accordance with Rule 387, remove “strangers” from any area of the House.
- A Secretariat officer may remove or detain any stranger within a House member’s precinct by using Rule 387A, which has been approved by the Speaker.
- This includes strangers who are admitted and misbehave, break the Speaker’s rules (under Rule 386), or neglect to leave the House during sessions as instructed under Rule 387.
- Members may only apply for visitor’s cards for people they know personally.
- In order to be certified, one must state that “the above-named visitor is my relative/personal friend/known to me personally, and I take full responsibility for him/her.”
- Typically, visitor’s gallery entry cards are only good for one session, usually lasting an hour. These cards are issued subject to the holder adhering to the terms approved on them and are not transferable.
- Visitors are required to carry both the certification and a photo ID for security purposes.
- There are similar regulations in place for guests entering the Rajya Sabha.
- Members are urged to proceed with extreme caution, particularly when allowing entrance to persons who have been presented by a personal acquaintance.
- Members are liable for any unfortunate event or inappropriate behaviour that arises from cardholders in the galleries.
Source: The Hindu
3 – Jamun’s Medicinal Potential: GS II – Health-related issues:
- The genetic coding of jamun reveals a diverse range of bioactive chemicals that are accountable for its anti-inflammatory, antioxidant, and anti-diabetic properties.
- The study also reveals the existence of genes associated with glucosides and terpenoids, which are important for the plant’s anti-diabetic and defence functions, respectively.
- The technique of identifying an organism’s precise DNA building block sequence and revealing its whole genetic blueprint is known as genome sequencing.
Source: The Hindu
4 – INS Tarmugli: GS II – Internal Security:
- As part of India’s diplomatic outreach in the Indian Ocean Region (IOR), the ship was commissioned as INS Tillanchang, a Trinkat Class vessel, and served in active service until 2006. After that, the government of India gave the ship to the Maldives National Defence Force (MNDF) in 2006.
- The destroyer, which was returned to the Indian Navy in May 2023, is equipped with MTU engines, the newest communication technology, and a cutting-edge radar system. It will be heavily utilised for coastal security and surveillance along India’s east coast.
- Tarmugli Island, a little island in the Andaman group, is the inspiration behind the ship’s name.
Source: The Hindu
5 – India and the Asian Development Bank Sign Agreement for Power Project in Uttarakhand: GS II – Government Policies and Interventions:
- With the goal of improving quality, efficiency, and reliability, the project will install a 537 km long subterranean cable system together with power lines and substations to satisfy the growing demand for electricity and facilitate the seamless integration of renewable energy sources.
- The Asian and Pacific Development Bank (ADB) was founded in 1966 with the aim of advancing the social and economic progress of the area.
- Of its 68 members, 49 are from Asia and the Pacific region and the remaining 19 are not. A founding member is India. ADB’s main office is located in Manila, Philippines.
Source: The Hindu
