DAILY NEWS DIARY 01.01.2021 +91-90000 66690 / 99899 66744 H. NO. 1-10-196 (New No. 177), Street no. 1, Ashok Nagar X roads, Hyderabad, Telangana 500020 DAILY NEWS DIARY Of 01.01.2021 FOR PRELIMS AND MAINS 1 www.sosinclasses.com +91 90000 66690 [email protected] Page DAILY NEWS DIARY 01.01.2021 Warm Greetings. DnD aims to provide every day news analysis in sync with the UPSC pattern. It is targeted at UPSC – Prelims & Mains. Daily articles are provided in the form of Question and Answers To have a bank of mains questions. And interesting to read. Providing precise information that can be carried straight to the exam, rather than over dumping. Enjoy reading. THE HINDU - TH INDIAN EXPRESS - IE BUSINESS LINE - BL ECONOMIC TIMES - ET TIMES OF INDIA - TOI 2 www.sosinclasses.com +91 90000 66690 [email protected] Page DAILY NEWS DIARY 01.01.2021 INDEX Essay Paper Editorial 1. 2020 being among the Earth’s hottest years …………………………………………………………………..….04 GS 3 Economic Development 1. Anti-money laundering systems …………………………………………….…………………………….……….…..05 Economic Development 2. Core Sector Output………………………………….…………………………….…………………………………………06 Snippets: 1. Operation Meghdoot ….…………………………………………….…………..………………………………………….07 3 www.sosinclasses.com +91 90000 66690 [email protected] Page DAILY NEWS DIARY 01.01.2021 ESSAY PAPER EDITORIAL Q – Analyse how earth is Acclimatising to climate risks, with 2020 being among the Earth’s hottest years recorded. And the way forward? INTRO = several parts of north India are in the grip of a severe cold wave. While winter may be longer and harsher in some regions due to La Niña, forecasters suggest that 2021 would still be among the Earth’s hottest years recorded. Rising temperatures have led to a sharp increase in climate extreme events in recent years. 1. A recent report by the Council on Energy, Environment and Water found that 75% of districts in India, home to over half the population, were vulnerable to extreme climate risks. 2. While India witnessed 250 extreme climate events between 1970 and 2005, the country recorded 310 extreme climate events after 2005 alone. 3. Further, between 1990 and 2019, India incurred losses exceeding $100 billion. 4. Also, the intensity of floods increased eightfold and that of associated events such as landslides and heavy rainfall increased by over 20 times since 1970. Drought-affected districts have increased by an yearly average of 13 times over the last two decades. The frequency of cyclones has also doubled. Over 40% of Indian districts now show a swapping trend: flood-prone areas are becoming drought-prone, and vice- versa. 4 www.sosinclasses.com +91 90000 66690 [email protected] Page DAILY NEWS DIARY 01.01.2021 With 2021 as a “make it or break it” year. What should India do in 2021 to enhance its resilience and adaptive capacity against extreme climate events? . First, India should create an Environment and Health De-risking Mission to increase emergency preparedness, secure critical resources and build resilient infrastructure and governance systems to counter the increasing frequency and intensity of extreme climate events. a. The Mission should also focus on democratising local climate-related and weather-related data along with integrating risk projections in national, sub-national and district disaster and climate plans. b. Another priority would be restoration, revival, and recreation of traditional climate-resilient practices, with a special focus on indigenous communities, often on the front lines of ecosystem conservation. Second, India needs a comprehensive Climate Risk Atlas to present a risk-informed decision-making toolkit for policymakers at the national, State, and district level. a. Such an Atlas should identify, assess and project chronic and acute risks at a granular level to better prepare against extreme climate events, urban heat stress, water stress, crop loss, vector-borne diseases, and biodiversity collapse. b. The Atlas would also help in assessing the resilience and adaptation capabilities of communities and business. Further, it would help in climate-proofing critical infrastructure. Third, to finance climate action at scale, risk financing instruments and risk retention and identification tools should be supplemented by contingency and adaptation funds such as the Green Climate Fund. a. This will enhance the public finance pool and gear up efficient allocation across sectors at risk by mobilising investments on critical infrastructures and resilient community actions. b. The Climate Ambition Summit also called for enhancing adaptation financing by 50% versus its current share of 20% of the total pool of climate financing. Finally, as the permanent chair of the recently formed Coalition for Disaster Resilient Infrastructure, India should play a pivotal role in attracting private investments into climate-proofing of infrastructure. It should also promote adaptation-based infrastructure investment decision making in these countries. Further, an equal focus should be on championing a culture of localised risk assessments among members from the Global South. Ignoring low probability risks could be catastrophic for the economy as well as society. This year, policymakers, industry captains and common citizens must make climate proof choices. GS 3 Economic Development Q – What is the need for India to raise the bar on anti-money laundering systems? BACKGROUND = With the global money laundering and terror funding watchdog expected to undertake a review of India’s mechanisms to deal with suspicious transactions and financial crimes in 2021, there is a need for financial institutions to raise the bar on monitoring such activity – The FATF undertakes peer reviews of each member on an ongoing basis to assess the implementation of its recommendations and provides a detailed analysis of each country's system for preventing criminal abuse of the financial system. A major challenge in identifying suspicious transactions was the sheer volume in India’s banking system. SBI itself has 43 crore accounts, so the number of transactions is 15 crore to 20 crore a day. The load is immense, so the quality of transaction monitoring does suffer. 5 www.sosinclasses.com +91 90000 66690 [email protected] Page DAILY NEWS DIARY 01.01.2021 . Going forward, it is inevitable as technology develops, that we dig deeper so as to play a more effective role against money laundering Steps Taken by Indian Banking System – India’s banks had already begun using artificial intelligence and machine learning tools to identify transactions that don’t follow the usual pattern. They are also trying to improve the compliance culture among frontline staff who often fail to get details under the Know-Your-Customer norms. FATF’s Work in taming Money Laundering – The FATF’s work had been ‘fantastic’ as it had been able to do what UN Security Council resolutions had failed to achieve in terms of taming terror activities in Pakistan. “The FATF has been really successful in putting Pakistan on a tight leash. After the FATF put restrictions, Pakistan was forced to take a number of steps including putting the main terrorist leaders behind bars. Maybe it was a cosmetic measure, but they were forced to undertake it because they would have been in a huge financial problem otherwise Economic Development Q - What is the Core Sector Output and what is its significance for the Financial Year 2020? BACKGROUND = Core sectors account for around 40% of the Index of Industrial Production or IIP. And Output from India’s eight core sectors hit a three-month low in November, contracting 2.6% in the festive month with coal, fertilizers and electricity the only sectors to record positive growth on a year-on-year basis, suggesting the economy is still not out of the woods. The good news is that the Index of Eight Core Industries was revised upwards for both August and October, based on updated data inputs received by the Office of Economic Adviser in the Department for Promotion of Industry and Internal Trade that compiles the data. Core sector output shrank by just 0.9% in October compared to an earlier estimate of 2.5% contraction. The index had contracted 0.1% in September, while revised final numbers for August reflect a 6.9% contraction compared to the original estimate of a far sharper 8.5% contraction. Electricity output rose for the third month in a row, albeit at a slower pace of 2.2%, while coal production rose year-on-year for the fourth month in a row at 2.9%. 6 www.sosinclasses.com +91 90000 66690 [email protected] Page DAILY NEWS DIARY 01.01.2021 . Fertilizer production continued to grow, rising 1.6% in November. Fertilizer remains the only sector to have recorded growth in the first eight months of 2020-21, growing 3.8% between April and November 2020-21. Refinery products, natural gas and crude oil output continued to decline, falling 4.8%, 9.3% and 4.9%, respectively. A fresh cause of concern, however, emerged in the steel and cement sectors, where output collapsed by 4.4% and 7.1%, respectively, in November, after a fledgling recovery. This shows that the industrial recovery continues to be uneven and fragile. Snippets Security Q – Write a brief note on Operation Meghdoot and why is it in news? . On April 13, 1984, India launched Operation Meghdoot to capture the 76.4-km glacier on the Saltoro ridge. A platoon of the 4 Kumaon led by then Captain Sanjay Kulkarni planted the Indian flag at Bilafond La. 7 www.sosinclasses.com +91 90000 66690 [email protected] Page DAILY NEWS DIARY 01.01.2021 . Colonel Narinder ‘Bull’ Kumar (Retd.), instrumental in the Army launching Operation Meghdoot and securing the dominating heights of Siachen Glacier in 1984, died at the Army’s Research and Referral (R&R) Hospital here. He was 87 and had age-related ailments.