Today's Current Affairs 16th August 2023

INTERNATIONAL

Pakistan: Anwarul Haq Kakar Sworn In As Caretaker Prime Minister

• Anwarul Haq Kakar, a prominent ethnic Pushtun leader with close ties to the influential military, has taken the oath as the country’s caretaker prime minister. With this appointment, Kakar is entrusted with the responsibility of heading an impartial administration, supervising the forthcoming general elections, and addressing the economic hurdles confronting the country.
• Kakar is distinguished as the youngest interim Prime Minister in the history of Pakistan.
• In a modest ceremony held at the President House, President Arif Alvi administered the oath to Anwarul Haq Kakar. The event was attended by outgoing Prime Minister Shehbaz Sharif and several prominent leaders. This moment marked Kakar’s elevation to the role of the 8th interim prime minister of Pakistan.
• Kakar formally resigned from the Senate and the Balochistan Awami Party (BAP), solidifying his commitment to the neutrality demanded by his current position. The Senate chairman acknowledged Kakar’s resignation in accordance with the provisions outlined in clause (1) of Article 64 of the Constitution of the Islamic Republic of Pakistan.

 NATIONAL

CSIR-NBRI launches improved lotus variety ‘Namoh 108’

• In a momentous celebration, the CSIR-National Botanical Research Institute (CSIR-NBRI) launched an extraordinary variety of the national flower, Lotus, named ‘Namoh 108‘. This unique flower boasts an astonishing 108 petals and was dedicated to the nation on the eve of Independence Day, underscoring its significance in the cultural and religious tapestry of India.
• The unveiling took place during the NBRI’s week-long festival ‘One Week One Lab Programme‘ in Lucknow, with CSIR Director General N Kalaiselvi leading the ceremony.
• The ‘Namoh 108’ lotus variety has been meticulously developed by NBRI scientists, who brought the original plant from Manipur for comprehensive research. It became the first Lotus variety to have its entire genome sequenced, ensuring its longevity and protection from potential extinction.
• Unlike its counterparts, the ‘Namoh 108’ lotus variety has exhibited exceptional resilience to varying weather conditions, showcasing its ability to bloom magnificently from March to December.
• This prolonged flowering period significantly surpasses other lotus varieties that typically flourish for only 4-5 months.

Goa becomes first state to provide IVF free at govt hospital

• In a significant stride towards accessible and affordable healthcare, Goa has emerged as the trailblazer among Indian states by introducing free In vitro fertilization (IVF) treatment.
• This groundbreaking initiative, coupled with assisted reproductive technology (ART) and intrauterine insemination (IUI), was officially inaugurated by Chief Minister Pramod Sawant at the Goa Medical College (GMC) in Bambolim.
• With this momentous development, Goa establishes itself as a trailblazer in healthcare services. Goa Medical College’s super-speciality block is now equipped to offer IVF treatment, responding to the needs of the community with compassion and innovation. Approximately 100 hopeful parents have already registered with GMC, eager to avail the IVF facility.
• In India, the cost of IVF treatment has often been a significant deterrent for couples seeking fertility solutions. Depending on the hospital and the complexity of the IVF procedure, the expenses can range from Rs 70,000 to Rs 3 lakh per cycle. The financial burden often leaves many individuals and families grappling with limited options. The Goa government’s decision to offer free IVF treatment directly addresses this pressing concern, easing the financial strain on couples and expanding access to reproductive healthcare.

 SCIENCE & TEHNOLOGY

ISRO plans to launch Aditya L1 satellite in August

• The Indian Space Research Organisation (ISRO) is launching its first solar mission, Aditya-L1, to study the Sun. The mission will be placed in a halo orbit around the Lagrange point 1 (L1), which is about 1.5 million kilometers from Earth. From this vantage point, Aditya-L1 will be able to study the Sun’s atmosphere, magnetic fields, and space weather impacts.
• Halo Orbit Placement: Aditya-L1 is designed to be positioned in a halo orbit around the L1 Lagrange point, ensuring a stable vantage point for continuous solar observations.
• Launch and Deployment: The mission will be launched using the ISRO PSLV rocket from the Sathish Dhawan Space Centre SHAR (SDSC SHAR) in Sriharikota. The spacecraft will initially be placed in a low Earth orbit, which will then be transformed into an elliptical orbit before reaching L1 using on-board propulsion.
• Cruise Phase and Halo Orbit: As the spacecraft journeys towards L1, it will exit Earth’s gravitational sphere of influence, marking the commencement of the cruise phase. Once at L1, it will enter a vast halo orbit around the Lagrange point.

INS Kulish participates in celebration of 77th Independence Day in Singapore

• In a notable display of maritime cooperation, the guided missile corvette INS Kulish made its presence felt during Singapore’s 77th Independence Day festivities. As part of its ongoing engagement in the multinational SEACAT 2023 exercise, the crew and officers of INS Kulish celebrated the occasion at the High Commission of India in Singapore.
• Currently embarked on a four-day tour, INS Kulish is participating in the multinational SEACAT 2023 exercise. Hailing from the Andaman and Nicobar Command’s Port Blair, the corvette’s primary mission is to contribute to the Harbour Phase of SEACAT 2023.
• This initiative aims to bolster interoperability and collective action on various maritime security challenges. The exercise, which commenced on August 14 and is scheduled until August 17, will transition to the sea phase, continuing until August 25.
• SEACAT, an acronym for Southeast Asia Cooperation and Training, aims to amplify Maritime Domain Awareness. This comprehensive exercise delves into a wide array of geopolitical concerns, illicit activities, and potential contingencies.

 IMPORTANT DAYS

Parsi New Year 2023: 16th August

• The Parsi New Year, also referred to as Navroz or Nowruz, is a joyous occasion celebrated between July and August, this year Parsi New Year marked on 16th August. Rooted in the Persian words ‘Nav and ‘Roz’, which means ‘new day’, this cherished festival has a rich history spanning over 3,000 years.
• While the global celebration of Navroz aligns with the Spring Equinox on March 21, the Parsi community in India follows the Shahenshahi calendar. This unique calendar doesn’t consider leap years, resulting in a shift of celebration by 200 days from the original date.
• The festival roots are linked to Zorostrianism, which is among the world’s oldest beliefs in one god. It started more than 3,500 years ago in ancient Iran when a wise person named Prophet Zarathustra shared this faith. The happiness of Zorostrianism lasted until 1,400 years ago when a religion called Islam started spreading in the 7th century. Because of this change, many Zorostrianism left their homes in Iran and went to India and Pakistan. In these new places, a group called Parsis formed and found safety.

 BANKING AND ECONOMY

Viacom18 completes merger of JioCinema and Voot OTT platforms, majority subscribers transitioned

• Viacom18, a prominent player in the Indian media and entertainment industry, has made significant strides in merging its two Over-The-Top (OTT) platforms, JioCinema and Voot. The integration process has reached an advanced stage, with technology backends fully aligned and a majority of Voot Select subscribers smoothly transitioning to JioCinema.
• The merger has led to the dissolution of Voot as a standalone platform, both in terms of functionality and visibility.
• A simple Google search for Voot redirects users to the JioCinema website, consolidating Viacom18’s OTT presence under a single brand.
• The transition is also evident on app platforms, where only the JioCinema app is now available, marking a cohesive and streamlined user experience.
• The merger process gained significant momentum in April 2023, when Viacom18 completed a complex merger scheme involving Reliance Industries, Bodhi Tree Systems, and Paramount Global.
• This strategic move facilitated the integration of JioCinema into Viacom18, making it the primary platform for marquee content.

India's Per Capita Income To Rise 7.5 Times To Nearly Rs 15 Lakh Per Annum By FY47: SBI Research

• India’s journey towards becoming a developed economy by 2047 has gained momentum, with a recent study conducted by SBI Research economists projecting a remarkable increase in per capita income. The study suggests that India’s per capita income is poised to surge by 7.5 times, from Rs 2 lakh ($2,500) in FY23 to Rs 14.9 lakh ($12,400) per annum by FY47. Prime Minister Narendra Modi has emphasized this objective, aiming to turn the vision of a developed India into a reality by 2047.
• The study by SBI Research underscores the immense growth potential in India’s economy in the coming decades. This growth is attributed to several factors, including the country’s transition from a lower-income group to an upper-income group economy and the positive impact of tax buoyancy. Notably, the formalization of the economy through initiatives like the Goods and Services Tax (GST) and the UDYAM portal for Micro, Small, and Medium Enterprises (MSMEs) has played a pivotal role in enhancing income tax returns.

Govt hikes windfall tax on crude petroleum to Rs 7100 per tonne

• In a recent development, the Indian government has decided to enhance the windfall profit tax on domestically produced crude oil and exported diesel. This decision is accompanied by the reintroduction of the tax on aviation turbine fuel (ATF) shipments abroad. These changes are being implemented through a special additional excise duty (SAED) mechanism, aimed at regulating profits derived from these energy sources.

Crude Oil Windfall Tax Raised-

1. Tax Hike Details: The government has made the decision to increase the special additional excise duty (SAED) on domestically produced crude oil. This tax, formerly set at ₹4,250 per tonne, has been raised to ₹7,100 per tonne, as per an official notification.
2. Implementation Date: The new tax rates have taken effect from August 15, as indicated by the official order dated August 14.

Export of Diesel and ATF Subject to Higher Tax Rates-

1. Diesel Export Tax Increase: The SAED on exported diesel has seen a significant surge. It has risen from ₹1 per litre to ₹5.50 per litre, marking a notable change in taxation policy for this energy product.
2. Introduction of ATF Levy: A new development in the taxation framework involves the imposition of a ₹2 per litre duty on the export of aviation turbine fuel (ATF), also known as jet fuel. This marks a departure from the absence of such a levy in the past.
3. Tax Trigger Points: These enhanced taxes on diesel and ATF exports are activated when the product cracks (or margins) exceed $20 per barrel.

India's July wholesale price index falls less than expected on food prices

• In July, the Wholesale Price Index (WPI) continued to exhibit deflationary trends for the fourth consecutive month, although the decline was notably mitigated by a substantial increase in food and primary article prices. While the overall WPI deflation shrank from June’s 92-month low of -4.1% to -1.36%, a surge of over 7.5% in food and primary article prices played a pivotal role in this shift.
• Primary food article inflation reached an impressive 14.3% in July, marking its highest level in nearly a decade. The surge in vegetable prices was particularly striking, with an 81.1% spike compared to June and a 62.1% increase from the previous year. Other staples like milk, wheat, cereals, pulses, and paddy saw year-on-year price hikes of over 8% to 9%.
• While several food items experienced substantial price escalations, potatoes and fruits saw declines of 24.4% and 8.9%, respectively, in comparison to last July. However, the price of potatoes did increase by 8% from June. Onions, too, witnessed a notable price increase of nearly 28% since June 2023 and 7.13% from July 2022.