Daily Current Affairs 10th March 2020 Today’s Important Topic’s For UPSC Preparation 1. WORST SINGLE-DAY FALL FOR SENSEX. 2. RAISE PAY OF SUBORDINATE JUDICIARY: SC.
3. 67% OF DONATIONS TO NATIONAL PARTIES BY UNKNOWN SOURCES.
4. COVID-19 OUTBREAK COULD HELP AGRI EXPORTS.
5. P T USHA GETS LIFETIME ACHIEVEMENT AWARD.
6. PYRAMID OF DJOSER REOPENED.
7. CLARA ZETKIN -GRANDMOTHER OF GERMAN COMMUNISM.
WORST SINGLE-DAY FALL FOR SENSEX Sensex: The term ‘Sensex’ was given by stock market analyst Deepak Mohoni and it is made from combination of two words Sensitive and Index. The Sensex measures the stock prices of 30 listed companies of the Bombay Stock Exchange. The main reason behind fluctuation in the Sensex is the up and down in the share price of top 30 companies. Bombay Stock Exchange (BSE): Bombay Stock Exchange (BSE), now known as ‘BSE Limited’, is the oldest stock exchange in the entire Asia. It was established in 1875 but became the first stock exchange to be recognized by the Government of India in 1956.
The Sensex was launched by “Bombay Stock Exchange” (BSE) on January 1, 1986. Nifty 50: The NIFTY 50 index National Stock Exchange of India’s benchmark broad based stock market index for the Indian equity market. Full form of NIFTY is The NIFTY 50 index is a free float market capitalisation weighted index. It represents the weighted average of 50 Indian company stocks in 13 sectors and is one of the two main stock indices used in India, the other being the BSE Sensex. Nifty is owned and managed by India Index Services and Products (IISL), which is a wholly owned subsidiary of the NSE Strategic Investment Corporation Limited. IISL had a marketing and licensing agreement with Standard & Poor’s for co-branding equity indices until 2013. The Nifty 50 was launched 1 April 1996, and is one of the many stock indices of Nifty. The NIFTY 50 index is a free float market capitalisation weighted index. From 26 June 2009, the computation was changed to a free-float methodology. Nifty 50
National Stock Exchange of India: The National Stock Exchange of India Limited (NSE) is the leading stock exchange of India, located in Mumbai. The NSE was established in 1992 as the first dematerialized electronic exchange in the country. NSE was the first exchange in the country to provide a modern, fully automated screen-based electronic trading system which offered easy trading facility to the investors spread across the length and breadth of the country. Vikram Limaye is Managing Director & Chief Executive Officer of NSE. Why in News? The benchmark Sensex on Monday witnessed its biggest single day fall in absolute terms amid a global sell off in equities. The Sensex lost a whopping 1,941.67 points, or 5.17%, to close at 35,634.95 — a 52-week low for the barometer — with all its 30 constituents ending the day with huge losses.
The Sensex has now lost 6,639 points, or nearly 16%, from its record intra-day high of 42,273.87 that was touched on January 20. The broader Nifty plunged 538 points, or 4.90%, to close at 10,451.45. Reasons: The Indian markets followed the global market meltdown which was triggered by the rapidly spreading virus and a free fall in crude oil prices. The fall in crude prices was primarily on account of the all-out price war between Russia and Saudi Arabia. In the Sensex pack, ONGC was the worst performer of the day, shedding over 16%. Sensex
RAISE PAY OF SUBORDINATE JUDICIARY: SC Subordinate Judiciary: In the judicial organization of every state, the High Court is the apex body. Below the High Court there are other courts which constitute the subordinate judiciary. These Subordinate Courts are of two types, namely, Civil and Criminal. The disputes relating to property, succession, ownership and other such rights come under the jurisdiction of Civil Courts, which dispose of these cases in accordance with the Civil Procedure Code. The Criminal cases relate to murder, robbery, arson, cheating, assault and rape etc. These cases are disposed of by the Criminal Courts in accordance with the Criminal Procedure Code and Indian Penal Code. Subordinate courts are also known as Lower Courts function below and under the High Court at District and Lower levels. Article 223 to 237 in part VI of the constitution regulates the organization of subordinate courts and to ensure their independence from the executive. They administer justice in India at a district level. These courts are under administrative control of the High Court of the State to which the district concerned belongs. The decisions of District court are subject to the appellate jurisdiction of the High court. Appointment of District Judge:
(A). A judge of the District Court is appointed by the Governor in consultation with the High Court.
(B). He should be either an advocate or a pleader of seven years’ standing or an officer in the service of the Union or in the State.
(C). He should not already be in the services of the Central or the state government.
Appointment of District Judge
Why in News? The court said, in its February 28 order, that a financially self-sufficient subordinate judiciary was pivotal for its independence. 67% OF DONATIONS TO NATIONAL PARTIES BY UNKNOWN SOURCES 67% OF DONATIONS TO NATIONAL PARTIES BY UNKNOWN SOURCES
As 67% of donations to national parties in 2018-19 came from “unknown sources,” an increase from 53% in the previous financial year, said a report released by the Association for Democratic Reforms. The ADR analysed the income tax returns and donation statements submitted to the Election Commission by the BJP, the Congress, the Trinamool, the Communist Party of India, the Communist Party of India (Marxist), the Nationalist Congress Party and the Bahujan Samaj Party. Total income: The total income of the parties was ₹3,749.37 crore, of which ₹951.66 crore was from known donors. Electoral bonds accounted for 78% of the ₹2,512.98-crore income from unknown sources. While parties are required to give details of all donations above ₹20,000, donations under ₹20,000 and those through electoral bonds remain anonymous. Of the total income from unknown sources, 64% went to the BJP and 29% to the Congress.
Since a very large percentage of the income of political parties cannot be traced to the original donor, full details of all donors should be made available for public scrutiny under the RTI [Right to Information Act]. COVID-19 OUTBREAK COULD HELP AGRI EXPORTS Coronavirus: Coronaviruses are a class of viruses so named because their electron microscope image resembles the corona of the sun. They are usually found in animals, but sometimes get transmitted to human beings possibly through the food chain. The symptoms can include fever, cough and shortness of breath. This happened during the 2003 outbreak of SARS (Severe Acute Respiratory Syndrome) coronavirus that claimed close to 800 lives. The current 2019 strain that had originated in China has been named as 2019 ‘novel’ coronavirus (2019-nCoV) or SARS-CoV-2. COVID-19 is an infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), a virus closely related to the SARS virus. The infection is spread from one person to others via respiratory droplets produced from the airways, often during coughing or sneezing. Time from exposure to onset of symptoms is generally between 2 and 14 days, with an average of 5 days. The standard method of diagnosis is by reverse transcription polymerase chain reaction (rRTPCR) from a nasopharyngeal swab or sputum sample, with results within a few hours to 2 days. Antibody assays can also be used, using a blood serum sample, with results within a few days. The infection can also be diagnosed from a combination of symptoms, risk factors and a chest CT scan showing features of pneumonia. Precautions: Correct handwashing technique, maintaining distance from people who are coughing and not touching one’s face with unwashed hands are measures recommended to prevent the disease. It is also recommended to cover one’s nose and mouth with a tissue or a bent elbow when coughing. Masks are recommended in those who suspect they have the virus and for those who are taking
care of someone with a suspected infection but not for the general public. There is no vaccine or specific antiviral treatment, with management involving treatment of symptoms, supportive care and experimental measures. The case fatality rate is estimated at between 1% and 3%. The World Health Organization (WHO) has declared the 2019–20 coronavirus outbreak a Public Health Emergency of International Concern (PHEIC). Coronavirus
Why in News? In the wake of the COVID-19 outbreak, the Centre has identified 21 agricultural products, including honey, potatoes, grapes, soya beans and groundnuts, in which Indian exports could benefit from trade restrictions against Chinese goods. Supply shortages and trade restrictions have already had a harsh impact on China’s total exports, which dropped more than 17% in January and February, in comparison to the previous year. Chinese imports fell 4% in the same period. “There are 21 agri tariff lines where China’s global exports and India’s global exports are more than $25 million and where India is price and volume-wise competitive and capable to provide an alternative,” said the Agriculture Ministry analysis. Some of these products include natural honey, onions and shallots, chillis, potatoes, vegetables, guavas, mangoes, grapes, tamarinds, cashew apples, lychees, black fermented tea, spices, groundnuts, soyabeans, paddy, sesamum seeds, vegetable seeds for sowing and plants used in perfumery or pharmacy. Major markets which currently buy these products from China include Vietnam, USA, Japan, U.K., Philippines, Malaysia, Russia and Korea. Effect on India: The impact of the virus outbreak on import of agri items from China “may not affect us to an extent that may lead to any crisis”. India imported agriculture items worth $109.74 million from China in 2018-19, with seven products, including kidney beans, bamboo, cassia, fresh grapes, live plants and plums and sloes, accounting for 84% of that. The import of these items are likely to get impacted in case of supply disruption occurs in wake of COVID-19.
However, it may be noted that out of the top seven items, only two items – bamboo and kidney beans – are imported in bulk from China in the sense that they respectively represent 35.5% and 41.2% import from China out of India’s total imports from the world,” the analysis stated. In the case of those two items, India is still striving for self-sufficiency through the Bamboo Mission and the National Food Security Mission. With regard to Indian exports to China, two items — cotton linter and mango pulp — may get impacted, as they are used as raw material by China for further processing and then export. P T USHA GETS LIFETILE ACHIEVEMENT AWARD Pilavullakandi Thekkeparambil Usha is a retired Indian track and field She has been associated with Indian athletics since 1979. She is often called the “queen of Indian track and field”. She is famously known as “Golden Girl” and “Payyoli Express”. Awards and Honours: Litt. (honoris causa) conferred by University of Calicut, 2018. Padma Shri in 1985 Arjuna Award in 1983 Why in News? On the occasion of International Women’s Day, legendary athlete P.T. Usha was bestowed the Lifetime Achievement Award. Dhyan Chand Award: The Dhyan Chand Award, officially known as Dhyan Chand Award for Lifetime Achievement in Sports and Games, is the lifetime achievement sporting honour of the Republic of India. The award is named after Dhyan Chand (1905–79), an Indian field hockey player who scored more than 1000 goals during a career which spanned over 20 years from 1926 to 1948. It is awarded annually by the Ministry of Youth Affairs and Sports. Instituted in 2002, the award is given only to the disciplines included in the events like Olympic Games, Paralympic Games, Asian Games, Commonwealth Games, World Championship and World Cup along with Cricket, Indigenous Games, and Parasports. Dhyan Chand Award
PYRAMID OF JDOSER REOPENED Egypt reopened the Pyramid of Djoser, the first pyramid ever built, after a 14-year restoration costing nearly $6.6 million. The pyramid had sustained serious damage during an earthquake in 1992, and was on the verge of collapse when renovations started in 2006. The pyramid had sustained serious damage during an earthquake in 1992, and was on the verge of collapse when renovations started in 2006. The 4,700-year-old pyramid is 60 metres tall, and consists of six stacked steps over a burial shaft tomb 28 metres deep and seven metres wide. It is located at the Saqqara archaeological site, 24 km southwest of Cairo, outside the royal capital of Memphis. According to the Egyptian state news outlet Al-Ahram, the Djoser pyramid is the world’s oldest monumental stone building. Today a UNESCO world heritage site, the pyramid was constructed during the era of Pharaoh Djoser, the second king of Ancient Egypt’s Third Dynasty (2650 BC– 2575 BC). The Pharaoh’s 19year reign saw significant technical innovations in stone architecture. Restoration work for the pyramid, which began in 2006, was stopped in 2011 after a popular uprising in Egypt led to the ouster of longtime President Hosni Mubarak. The work resumed at the end of 2013. The reopening was attended by the Prime Minister of Egypt, Mostafa Madbouli, along with foreign ambassadors. PYRAMID OF JDOSER REOPENED
CLARA ZETKIN-GRANDMOTHER OF GERMAN COMMUNISM: International Women’s Day (IWD), observed every year on March 8, celebrates the social, economic, cultural and political achievements of women. Being celebrated for over a century, the Day’s roots lie in the labour movement rather than the feminist movement. It was first organised in 1911 by the early 20th century Marxist from Germany, Clara Zetkin.
A prominent feminist, Zetkin is referred to as the “grandmother of German communism”. Who was Clara Zetkin? Born in 1857 at Wiederau in Germany, Zetkin was trained as a teacher, and was associated with the nascent Social Democratic Party (SPD in German, which is today one of the two major political parties in the country). She was involved in both the labour movement and the women’s movement. In the 1880s, when anti-socialist laws were enforced by the German leader Otto von Bismarck, Zetkin went into self-imposed exile in Switzerland and France, where she wrote and distribute proscribed literature, and met leading socialists of the time. During this period, Zetkin played an important role in the formation of the Socialist International. In 1907, Zetkin became a co-founder of the International Socialist Women’s Congress. At the second Conference in 1910, she proposed the celebration of February 28 as Women’s Day in every country. The conference, which consisted of 100 women from 17 countries — including unions, socialist parties, working women’s clubs and female legislators — unanimously approved the suggestion, thus resulting in International Women’s Day being observed for the first time in 1911. Zetkin was a personal friend of Vladimir Lenin, and in 1915 organised the first international women’s conference against World War I. In 1916, she co-founded the radical Spartacus League. After World War I, Zetkin played a leading role in the German Communist Party, which she represented in the Reichstag (German parliament) from 1920 until 1933 — the year the party was banned by Adolf Hitler.