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04 February 2024 - Daily Current Affairs

1. Bharat Ratna to L.K Advani


Advani to get Bharat Ratna

PM Announced Bharat Ratna to L.K Advani. Before this socialist leader Karpoori Thakur was announced.

Bharat Ratna awarded to L K Advani and Karpoori Thakur, taking the total recipients to 50.


Some facts regarding Bharat Ratna: -

  • ‘Bharat Ratna’, the highest civilian Award of the country, was instituted in the year

1954.

  • Any person without distinction of race, occupation, position or sex is eligible for

these awards.

  • It is awarded in recognition of exceptional service/performance of the highest

order in any field of human endeavour.

  • The recommendations for Bharat Ratna are made by the Prime Minister himself to

the President. No formal recommendations for this are necessary.

  • The number of annual awards is restricted to a maximum of three in a particular year.

  • On conferment of the award, the recipient receives a Sanad (certificate) signed by

the President and a medallion.

  • The Award does not carry any monetary grant.

  • In terms of Article 18 (1) of the Constitution, the award cannot be used as a prefix or

suffix to the recipient's name. However, should an award winner consider it

necessary, he/she may use the following expression in their biodata/letterhead/visiting card etc. to indicate that he/she is a recipient of the award:

‘Awarded Bharat Ratna by the President’

or

‘Recipient of Bharat Ratna Award’


Note: - Location Alert

Bandipur National Park: - Karnataka


2. Dusted Apollo

Dusted apollo is a butterfly species spotted for the first time in Chamba Valley, Himachal Pradesh. It is a rare high-altitude butterfly.


Scientific Name: - Parnassius stenosemus


The Dusted Apollo species closely resembles Ladakh Banded Apollo (Parnnasius stoliczkanus).


State butterflies of India

3. Why is Fiscal Consolidation important


In order to understand this lets understand first what is Fiscal Deficit.

Fiscal deficit refers to the amount by which a government's spending exceeds its revenue in a given fiscal year, leading to increased borrowing and accumulation of debt. It represents the amount of borrowing required by the government to meet its spending obligations when its expenses surpass its income.


What is Management of Fiscal Deficit


Managing the fiscal deficit is a critical aspect of fiscal policy, and governments strive to strike a balance between promoting economic growth and maintaining fiscal discipline. The aim is to keep the deficit at a sustainable level while ensuring that public debt remains manageable, allowing the government to meet its financial obligations and maintain economic stability in the long term.


Calculating Fiscal Deficit

The calculation of fiscal deficit is simple-

Fiscal deficit = Government Income – Government Expenditure

This can be elaborated upon for a clearer comprehension as follows:


Fiscal Deficit = (Revenue Expenditure + Capital Expenditure) – (Revenue Receipts + Capital Receipts Excluding Borrowings)


After some rearrangement of the phrases, we have,


Fiscal Deficit = (Revenue Expenditure – Revenue Receipts) + Capital Expenditure – (Recoveries of loans + other Receipts).


What Causes Fiscal Deficit?

When a country's expenditures surpass its revenues, this is known as a fiscal deficit. There is a wide range of possible causes for this:


  1. Increased Government Spending: If tax revenues don't rise proportionately, a government's increased spending on programs and initiatives could increase the deficit.

  2. Lower Revenue: Declining tax revenues or natural resource income are two examples of revenue decreases that might lead to a worsening deficit.

  3. Economic Downturns: An increase in the deficit is possible if government revenues fall while expenditures rise during a recession.

  4. War or Natural Disasters: The government may need to boost spending to deal with the aftermath of a war or a natural disaster, adding to the deficit.

  5. Social Welfare: The deficit of a country may increase if it has many costly social welfare programs.

  6. Interest on Debt: It's possible that interest payments on a government's debt may be large, adding even more to the deficit.


How Can we reduce Fiscal Deficit

  1. By reducing our import bills (or expenditure)

  2. By Fiscal Consolidation / Discipline

  3. Increasing Revenue of the Government


What are the consequences of a high fiscal deficit in India?


A high fiscal deficit can lead to increased government borrowing, which raises the rate of interest and reduces the availability of credit for private investment. This can hamper economic growth. Moreover, a large fiscal deficit can also put pressure on inflation rates, as excessive government spending may result in an increased money supply.


A higher Fiscal Deficit means high Inflation.


fiscal deficit upsc

4. Ammonia Emissions through Plants

Atmospheric ammonia is a key environmental pollutant that affects ecosystems across the planet, as well as human health. Around 51-60% of anthropogenic ammonia emissions can be traced back to crop cultivation, and about half of these emissions are associated with three main staple crops: rice, wheat and maize.


5. NASA Perseverance Rover found evidence of Water on MARS

Ground ­penetrating radar on board NASA’s Mars Perseverance rover has confirmed that the Jezero Crater, formed by an ancient meteor impact just north of the Martian equator, once harboured a vast lake and river delta.


Over eons, sediment deposition and erosion within the crater shaped the geologic formations visible on the surface today. 


The discovery of lake sediments reinforces the hope that traces of life might be found in soil and rock samples collected by Perseverance.



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