- ZAKIR JUSSAIN WHO BEAT A SUNCRETIC RHYTHM NO MORE
SUBJECT: PERSONALITIES
- Zakir Hussain Allarakha Qureshi was an Indiantablaplayer, composer, percussionist, music producer, and film actor.
- He was known for bringing classical Indian musicto a global audience. He was the eldest son of tabla player Alla Rakhaand won four Grammy Awards.
- Hussain was awarded the United States National Endowment for the Arts’National Heritage Fellowship, the highest award given to traditional artists and musicians.
- He was also awarded the Government of India’s Sangeet Natak Akademi Awardin 1990,Sangeet Natak Akademi Fellowship, Ratna Sadsyain 2018.
- Hussain received seven Grammy Award nominations, with four wins, including three in 2024.
- Padma Vibhushan (2023): The Padma Vibhushan, the second-highest civilian award in India, was conferred upon Ustad Zakir Hussain in 2023
2. LEVY A HIGHER GST RATE ON TOBACCO SUGARED BEVERAGES
SUBJECT: ECONOMY
- India is the second-largest consumer of tobacco.
- Tobacco causes 3,500 daily deaths and contributes to non-communicable diseases(NCDs)
- Impact of Proposed GST Hike to 35%: The proposed hike will reduce consumption and boost revenue
- Beedis: 5.5% price rise → 3% consumption drop → 18.6% revenue increase.
- Cigarettes: 3.9% price rise → 1.3% consumption drop → 6.4% revenue increase.
- Smokeless tobacco: 3% price rise → 2.7% consumption drop → 1.9% revenue increase.
- Total revenue gain: ₹143 billion annually.
- Balancing GST and Excise Taxes: Sole reliance on GST (ad valorem tax) is less effective than specific excise dutiesin curbing tobacco use.
- A mixed tax system combining GSTand excise taxes could better reduce consumption.
- Sugar-Sweetened Beverages (SSBs): Excessive SSB consumption is linked to obesity, diabetes, and NCDs.
- A 35% GST rate will discourage consumption and align with India’s public health goals.
- The government should also consider a specific excise taxon SSBs for a stronger tax framework.
3. HOW DOES LA NINA AFFECT INDIA’S CLIMATE?
SUBJECT: GEOGRAPHY
- La Niña refers to cooling of Pacific Ocean waters near the equatorial region.
- Impact: Brings normal/above-normal rainfall in India during monsoons.
- Intensifies droughts in Africa and hurricanes over the Atlantic Ocean.
- El Niño, its opposite phase, leads to deficient monsoons and rainfall extremes in southern India
- Leads to above-normal rainfall during the southwest monsoon season.
- Promotes robust monsoons and improves agricultural output.
- La Niña winters in India are colder, especially in north India.
- Lower temperatures can cause increased biomass burning, worsening air pollution.
- Current Scenario and Prediction: A Triple Dip La Niña(three consecutive La Niña events from 2020-2022) occurred recently.
- A La Niña may emerge by late 2024 or early 2025, potentially causing: Colder winters.
- Normal/above-normal monsoon rainfall in India.
- Chances of Formation: Only 57% likelihood of La Niña forming in 2024.
4. CAG RAPS ONGC AND NHAI AMONG 16 PUBLIC SECTOR ENTITIES
SUBJECT: ECONOMY
- The Comptroller and Auditor General (CAG) pulled up 16 public sector entities, including ONGC and NHAI, for governance lapses resulting in adverse financial implications totaling ₹3,437.30 crore.
- ONGC faced criticism for acquiring a 70% stake in a gas block with only an 11.2% chance of success, leading to a wasteful expenditure of ₹557.6 crore and failure to recover ₹132.9 crore from a partner contractor.
- Similarly, NHAI was reprimanded for lapses worth ₹445 crore, including extended undue benefits of ₹203.1 crore to contractors in a highway project in Maharashtra
5. GREEN HYDROGEN AND THE FINANCING CHALLENGE
SUBJECT: ENVIRONMENT
- Levelised Cost of Electricity (LCOE) and electrolyzer costs dominate production expenses.
- High Weighted Average Cost of Capital (WACC): Emerging markets like India face higher borrowing costs, raising overall expenses.
- India’s financial challenges are amplified by high electrolyzer costs and complex financial systems.
- Policy Framework: Establish long-term purchase agreements and loan guarantees to reduce uncertainty.
- Introduce “regulatory sandboxes” for piloting new business models.
- Financial Sector Innovations:Develop modular financing for phased investments, inspired by the solar and wind success stories.
- Global Collaboration:Focus on partnerships like Hydrogen Energy Supply Chain Project(Australia-Japan) to build trust in supply chains.Establish global standardsfor carbon intensity and certification.
