Daily News Analysis 11th Jan. 2024 (The Hindu)

Welcome to TARUN IAS – Your Daily News Analysis for UPSC/IAS Exam Preparation!

Stay informed with relevant current affairs from trusted sources like The Hindu, Indian Express, PIB, and more. Our daily news analysis includes Prelims Facts and Important Editorials presented in a concise and bulletised format. Get free daily updates up to 4 P.M. (except Sundays). Don’t miss the Daily Revision Quiz to reinforce your knowledge. Good luck!

Here are the topics covered for  11 January 2024:

GS-1:Crude Oil Resources

GS-2:India-UK

GS-3:Tea Industry, India – Pillar of Stability

Facts For prelims: Anjaneya, Amaterasu

 

Crude Oil Resources

Context

  • India\’s oil giant ONGC commences crude oil extraction from its KG-DWN-98/2 project in the Krishna-Godavri basin.

Significance

  • Immediate impact: Initial estimates suggest this project can boost ONGC\’s oil and gas production by 11% and 15%, respectively, directly leading to a decrease in import dependence.
  • Long-term potential: Successful exploration and development of more deep-sea blocks can further reduce reliance on foreign oil and gas, saving billions of dollars in foreign exchange and bolstering economic resilience.
  • Vulnerability reduction: Dependence on volatile global markets diminishes with increased domestic production, lessening exposure to price shocks and supply disruptions.
  • Strategic autonomy: Enhanced self-sufficiency empowers India to pursue independent energy policies and reduces the geopolitical leverage of oil-producing nations.
  • Job creation: The development and operation of these projects generate large-scale employment opportunities across various sectors, leading to economic growth and development in coastal regions.
  • Technological advancement: Deep-sea exploration and extraction necessitates cutting-edge technology, fostering innovation and upgrading India\’s technical capabilities in the energy sector.
  • Renewable energy: India boasts significant potential for solar, wind, and other renewable sources. Increasing investments and building robust infrastructure are key to harnessing this potential.
  • Energy efficiency: Promoting energy-efficient technologies and practices across all sectors can significantly reduce overall energy consumption.

India-UK

Context

  • India and the U.K. recently signed an MoU for a bilateral international cadet exchange programme during the Defence Minister’s visit.

About MoU

  • The recent meeting between India and the UK\’s defense ministers, with its focus on enhanced industrial collaboration and research partnerships, carries significant weight for both nations:
  • Boosting Domestic Capabilities:
    • Joint R&D: The Letter of Arrangement between DRDO and DSTL paves the way for collaborative research efforts on cutting-edge defense technologies. This can potentially accelerate the development and domestic production of crucial military equipment, reducing dependence on imports.
    • Technology transfer: Collaboration can facilitate knowledge sharing and technology transfer, allowing India to access advancements in areas like artificial intelligence, robotics, and cyber security. This can strengthen the overall technological base of India\’s defense sector.
  • Economic Synergies:
    • Defense industrial partnerships: Enhanced collaboration translates to joint ventures, co-production opportunities, and increased trade in defense equipment. This can create new jobs, improve manufacturing capabilities, and stimulate economic growth in both countries.
    • Market access: Indian companies gain access to the UK\’s sophisticated defense market, while UK firms can tap into the growing Indian defense spending, fostering mutually beneficial economic cooperation.
  • Strategic Alignment:
    • Shared security concerns: Both India and UK face similar security challenges, such as terrorism, maritime piracy, and cyber threats. Collaborative efforts can improve regional stability and counter these threats more effectively.
    • Multilateral cooperation: Collaboration can strengthen their presence in international forums and enhance their ability to influence global security agendas.

Tea Industry

Context

  • The president of the Tea Association of India has called for urgent steps to create proportionate demands for the rising production of tea in the country to pull the industry out of the prolonged lean phase.

Current Scenario

  • The tea industry faces a critical challenge where increased tea production is not met with proportional demand growth, leading to a significant imbalance between supply and demand.
  • The tea market is characterized by a concentration of market power among a few key players. 
    • This dynamic can often lead to situations where the interests and well-being of producers facing financial constraints and the broader industry are overshadowed. 
  • The race for cheaper and more affordable teas to gain a higher market share has led to a decline in the quality of teas. 
    • The demand for poor-quality teas has changed the entire dynamics of production and consumption, seriously impacting the sustainability of the Tea Industry.
  • Tea prices not keeping pace with rising input costs.
  • The workers’ wages have increased by 200% for the past decade, and in contrast, tea prices have only risen by 30%.
  • The declining performance of tea plantation workers is a significant challenge.
  • Climate change has led to increased incidences of pests and diseases and has profound effects on both the quantity and quality of tea.
  • India’s export of tea has been stagnant over years hovering around 200 million kgs.

Way Ahead

  • To establish demand-supply equilibrium, restricting supply in the short term and creating demand for teas in the medium and long term.
  • Early closure of production by or before November 30th in North India ( that includes Assam, NE, North Brengal, Darjeeling etc).
  • Tea Board should regulate the selling of Tea waste in the domestic market to prevent the production of low-quality teas, potentially reducing supply by another 15-20 million kgs.
  • “About 30 million kgs of poor-quality teas are imported annually. Restricting these imports by imposing minimum import prices  is crucial

 

India – Pillar of Stability

Context

  • The Prime Minister at the 10th Vibrant Gujarat Summit held that India has been seen as a pillar of stability and an engine of growth.
  • This was the first Vibrant Gujarat Summit since the Centre declared an era of “Amrit Kaal” for the next 25 years till 2047.

India – Pillar of Stability

  • Strong Banking System
    • Indian economy showing resilience because of the decade-long focus on structural reforms in the banking system.
    • Banking reforms have made India an attractive destination for investment.
    • Prioritized 1.4 billion Indians toward the development of human-centric, inclusive, and equitable
  • Third Largest Economy by FY28: FM
    • India will become the third-largest economy worth over $5 trillion by 2027-28.
    • India will get the status of a developed nation by 2047, with GDP touching $30 trillion.
    • India, with a GDP of roughly $3.4 trillion, is currently the fifth largest economy in the world, after the US, China, Japan and Germany.

 

Facts For prelims

Anjaneya

  • Anjaneya is the hero of the Sundara Kandam
  • Rama is convinced that Anjaneya alone among all the search party is capable of discovering Sita. 
  • Kamban describes Anjaneya as the master of all five elements: 
    • he is Vayu’s son; 
    • he crossed the ocean, another element; 
    • he used the sky to travel; 
    • he discovered Bhooma Devi’s daughter Sita in Ashoka Vanam; 
    • he set fire to Lanka.

 

Amaterasu

  • Amaterasu, goddess of the sun and fertility, is one of the most important figures in Japanese mythology and in the Shinto religion. 
  • Her name literally means “shining in heaven .” 

According to legend, she is the first ancestor of the imperial, or royal, family of Japan.

Scroll to Top