TNPSC CURRENT AFFAIRS – 30.09.2024

1. ENVIRONMENT

WHO CLEARS BAVARIAN NORDIC’S SHOT FOR MPOX

• This approval is significant as it marks the first vaccine prequalified by WHO for Mpox
• Prequalification Significance:
• WHO prequalification is an official endorsement that a vaccine meets global standards for quality, safety, and efficacy.
• It serves as a benchmark for procurement by developing countries, facilitating wider access to the vaccine.
• The prequalification of this vaccine is crucial in combating current outbreaks, particularly in Africa, and in preventing future outbreaks. The vaccine will play a key role in managing and controlling the disease.

2. ECONOMY

THE SHOCK OF CRUMBLING INFRASTRUCTURE AND THE SOLUTION

• The government has allocated a substantial budget for infrastructure projects, with ₹11.11 lakh crore (3.4% of GDP) earmarked in Budget 2024.
• Key Issues in Infrastructure Development
• Quality Control and Project Implementation: The collapse of underconstruction bridges in Bihar highlights severe issues in quality control and project implementation. These incidents are not isolated and point to systemic problems in the infrastructure sector.
• Time Delays and Cost Overruns: According to a report by the Ministry of Statistics and Programme Implementation, 431 infrastructure projects with investments of ₹150 crore or more suffered a cost overrun of ₹4.82 lakh crore as of December 2023. Additionally, 779 projects were delayed, with 36% running behind schedule for 25 to 60 months.
• Multiple Clearances and Bureaucratic Hurdles: Industrial and commercial activities in India require multiple clearances, leading to delays and increased costs. This is exacerbated by gaps in project management practices, especially in urban infrastructure projects.
• Lack of Comprehensive Planning: Urban local bodies and local selfgovernment institutions often lack the capacity for comprehensive planning and management, leading to additional expenditure and increased procurement costs.

3. NATIONAL

ADANI DENIES LINK AS SWISS COURT FREEZES $311 MN OF PROXY

• Money Laundering: The process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to be earned legitimately. This is a significant issue in global finance and is closely monitored by financial authorities worldwide.
• Securities Forgery: The illegal act of falsifying documents or records related to securities (stocks, bonds, etc.) to deceive investors or regulatory bodies. This can include creating fake stock certificates or manipulating financial statements.
• Sequestration of Assets: The legal process of freezing or confiscating assets by authorities during an investigation. This is often done to prevent the dissipation of assets that may be involved in illegal activities.
• Opaque Investment Funds: These are investment vehicles that lack transparency, often registered in offshore jurisdictions like the British Virgin Islands (BVI), Mauritius, or Bermuda. They are sometimes used to hide the true ownership of assets and can be involved in money laundering or tax evasion.
• Short Selling: A trading strategy where an investor borrows shares and sells them, hoping to buy them back later at a lower price. Short sellers often investigate and expose financial irregularities in companies.

4. POLITY

RIGHTS GROUPS SLAM CENTRE OVER DELAY IN FILLING NHRC POSTS

• NHRC has been without a full-time chairperson since June 1, 2024.
• Only one member, Vijayabharathi Sayani, is currently serving out of the required five full-time members.
• Impact on Global Reputation: Human rights groups warn that the delay in filling vacant posts will harm India’s global reputation.
• The Geneva-based Global Alliance of National Human Rights Institutions (GANHRI) deferred NHRC’s accreditation due to lack of transparency and poor representation.
• Transparency Issues: GANHRI cited lack of transparency in appointing members and poor gender and minority representation.
• Amnesty International criticized the delay in recruitment, highlighting a lack of political will to address human rights violations.
• International Criticism: The U.S. State Department’s 2023 human rights report flagged various human rights abuses in India, including extrajudicial killings and arbitrary arrests.
• Human Rights Watch emphasized the need for an independent and properly resourced NHRC.

5. ECONOMY

ANTITRUST BREACHES, SUSPEND AMAZON, FLIPKART OPERATIONS

• Definition:
• Antitrust laws are regulations that promote competition by limiting the market power of any particular firm. These laws are designed to prevent monopolies, cartels, and other forms of unfair business practices that can harm consumers and the economy.
• Objectives:
• Promote Fair Competition: Ensure a level playing field for all businesses.
• Prevent Monopolies: Avoid concentration of market power in the hands of a few.
• Protect Consumers: Prevent practices that could lead to higher prices, lower quality, or less innovation.
• Key Antitrust Practices: Price Fixing: Agreement between competitors to set prices at a certain level.
• Market Allocation: Agreement between competitors to divide markets among themselves.
• Monopolization: Actions taken by a company to dominate a market and exclude competitors.
• Exclusive Dealing: Agreements that restrict a party from buying, selling, or promoting the goods or services of a competitor.

ONE LINER

1. PM inaugurated the fourth Global Renewable Energy Investors Meet and Expo in Gujarat
2. India has achieved Tier 1 status in the Global Cyber Security Index (GCI), 2024