CURRENT AFFAIRS ENGLISH – 7.2.2024

1. FISCAL FEDERALISM

• Net Borrowing Ceiling (NBC)
• It is a limit imposed by the Centre on the amount of money that a State can borrow
• This ceiling includes borrowings from all sources, such as open market borrowings, loans, and other forms of debt
• The Net Borrowing Ceiling is intended to ensure that States maintain fiscal discipline and do not accumulate excessive public debt
• Kerala is facing a constitutional and financial crisis due to the Centre’s imposition of a Net Borrowing Ceiling (NBC) on the State
• The Kerala government has taken issue with this, arguing that it violates Article 293 of the Indian Constitution which allows States a certain degree of autonomy in financial matters
• The crux of the issue lies in the Centre’s decision to include the debts of state-owned enterprises in the NBC § Which limits Kerala’s borrowing capacity
• This inclusion is particularly impactful for Kerala
• Because major infrastructure projects funded by the government statutory body, Kerala Infrastructure Investment Fund Board (KIIFB), are primarily financed through extra-budgetary borrowings
• Now included in the NBC,
• This restricts the state government’s ability to fund these projects
• Affects its capacity to finance pension schemes and execute welfare commitments
• Kerala contends that this measure not only undermines its fiscal autonomy but also leads to non-transparent liabilities, contradicting the principles of transparency and fiscal federalism The state has moved the Supreme Court challenging the Centre’s decision, marking a significant constitutional dispute on the fiscal autonomy of States within the Indian federal system

2. ROHAN BOPANNA

The Prime Minister, Shri Narendra Modi, congratulated tennis player Rohan Bopanna for winning the Australian Open.

• The 43-year-old Rohan Bopanna etched his name in the history books by becoming the oldest man in the Open Era to secure a major men’s doubles crown.
• Aged 43, Rohan Bopanna became the oldest male player in the Open era to ever win a grand slam title on Saturday when he and his partner, Matthew Ebden, won the Australian Open men’s doubles tournament.
• The pair have each won grand slam titles separately – Bopanna won the 2017 French Open mixed doubles while Ebden won the 2013 Australian Open mixed doubles and 2022 Wimbledon men’s doubles – but this marked their first trophy together after they lost last year’s US Open final.
• The 43-year-old Rohan Bopanna, who recently became World No. 1 in the ATP men’s doubles rankings is now the oldest grand slam winner.
• Rohan Bopanna was born in Coorg district in Karnataka in March 1980 and developed an early interest in tennis.
• He carried the game to the United States, where is attended his college and slowly made his name in the world of professional tennis championships.
• Rohan Bopanna is renowned for his success in doubles tennis.
• He has secured victories in Grand Slam events, including winning the mixed doubles title at the 2017 French Open with his partner Gabriela Dabrowski.
• Recipient of the Arjuna Award, Rohan Bopanna has been a pivotal constituent of India’s Davis Cup squad since his inaugural appearance in 2002.
• Furthermore, he clinched victory in the 2006 Asian Hopman Cup, a qualifying competition for the 2007 Hopman Cup, alongside Sania Mirza.
• Rohan Bopanna has secured considerable success on the ATP Tour.
• He has won numerous titles in doubles events, showcasing his skill and consistency as a doubles specialist on the professional circuit.
• The grand slam winner is actively involved in promoting and developing tennis in India.
• He has established the Rohan Bopanna Tennis Academy to nurture young talent and provide them with opportunities to excel in the sport, contributing to the growth of tennis in the country.

3. JAPAN AND INDIA

• Pact signed for supply for green ammonia from India to Japan
• Indian Renewable Energy company, ACME and Japanese heavy industry major IHI signed a pact to supply Green Ammonia from India to Japan.
• Details :
• Under this agreement, ACME and IHI plan to compete with the relatively cheaper but less environment-friendly blue ammonia supply with the active support and incentives being offered by the Central Government of India under the National Green Hydrogen Mission (NGHM) and the State Government of Odisha.
• The Green Ammonia will be produced at ACME’s 1.2 MMTPA Green Ammonia project being developed at Gopalpur in Odisha.
• Total investment for 1.2 MMT per annum plant will be 5 billion USD. 
• Both companies wish to partner across the value chain, starting from production to logistics, supply to Japanese customers and to create a market for green ammonia for use in a range of applications in power generation and various industrial uses in Japan to reduce the overall emissions.
• About ACME :
• It is one of the largest renewable Independent power producers in India with a portfolio of more than 5 GW of renewable energy capacity.
• In 2021, ACME built what is perhaps the world’s first Green Ammonia plant in Bikaner, Rajasthan. 
• What is Green Ammonia ?
• Green ammonia is the ammonia that is produced by a 100% renewable and carbon-free process.
•  One way of making green ammonia is by using hydrogen from water electrolysis and nitrogen separated from the air.
• These are then fed into the Haber process (also known as Haber-Bosch), all powered by sustainable electricity.
• In the Haber process, hydrogen and nitrogen are reacted together at high temperatures and pressures to produce ammonia (NH3). 
• Ammonia is a pungent gas that is widely used to make agricultural fertilisers.
• The current process of making ammonia is not a ‘green’ process.
• The production of green ammonia could offer further options in the transition to net-zero carbon dioxide emissions.

4. DIRECT TAX STATISTICS

• CBDT released key direct tax statistics through time-series data.
• Details :
• The CBDT has further released Consolidated Time-Series data as updated upto F.Y. 2022-23.
• The key highlights of some of these statistics are as under :
• Net Direct Tax Collections have increased by 160.52% from Rs. 6,38,596 crore in F.Y. 2013-14 to Rs. 16,63,686 crore in F.Y. 2022-23. 
• Gross Direct Tax Collections of Rs. 19,72,248 crore in F.Y. 2022-23 have registered an increase of over 173.31% compared to Gross Direct Tax Collections of Rs. 7,21,604 crore in F.Y. 2013-14.  
• Direct Tax to GDP ratio has increased from 5.62% in F.Y. 2013-14 to 6.11% in F.Y. 2022-23.
• The Cost of collection has decreased from 0.57% of total collection in the F.Y. 2013-14 to 0.51% of total collection in the F.Y. 2022-23.
• The total number of ITRs filed in FY 2022-23 stands at 7.78 crore showing an increase of 104.91% as compared to total number of ITRs of 3.80 crore filed in FY 2013-14.
• The availability of the Time-Series data in the public domain will be useful for academicians, research scholars, economists and the public at large in studying long-term trends of various indices of the effectiveness and efficiency of Direct Tax administration in India.

5. FIRST NATIONAL CONFERENCE ON PROMOTION OF SEAWEED CULTIVATION

• To implement seaweed cultivation on a pan-India basis and emphasise the promotion of seaweed cultivation, Union Minister of Fisheries, Animal Husbandry & Dairying, Shri Parshottam Rupala chaired the National Conference on Promotion of Seaweed Cultivation on 27th Jan 2024 at Koteshwar (Kori Creek), Kutch, Gujarat.
• Details :
• Seaweed cultivation which is an alternative for employment generation of seaweed products as it diversifies marine production and its opportunities for enhancing fish farmer income, reduces reliance on traditional fishing, and diversifies coastal communities’ livelihoods.
• The pilot project of Kori Creek can be a game changer for seaweed cultivation.
• The government aims for innovations in seaweed production, deliberate on policy frameworks, and regulations, facilitate networking opportunities and foster relationships. 
• End-to-end mapping of the seaweed value chain and addressing the bottlenecks in the value chain is the need of the hour.

6. EXERCISE ‘SADA TANSEEQ’

• The inaugural edition of the India-Saudi Arabia Joint Military Exercise ‘SADA TANSEEQ’ commenced at Mahajan, Rajasthan. 
• Exercise ‘SADA TANSEEQ ’:
• The Exercise is being conducted from 29th January to 10th February 2024.
• The Exercise aims to train troops of both sides for Joint Operations in Semi Desert terrain under Chapter VII of the United Nations Charter. 
• The Exercise will enable both sides to share their best practices in the tactics, techniques and procedures of conducting operations in the sub-conventional domain. 
• It will facilitate developing interoperability, bonhomie and camaraderie between troops from both sides.

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FEB 6 – to amplify and direct the efforts on elimination of practice of female genital mutilation with theme of Her Voice, Her Future (2024). Observed since 2003 with WHO resolution.