01st JUNE, 2022

NEWS TT DAY
NEWS DAY
PRIME MINISTER (PM) INAUGURATED WORLD’S FIRST LIQUID NANO UREA PLANT AT

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KALOL (GUJARAT)
Liquid nano Urea is a patented chemical nitrogen fertiliser developed by IFFCO’s Nano Biotechnology Research Centre at Kalol with
nano nitrogen particles (from 20-50 nm).

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One nanometre is equal to a billionth of a metre. Delivery of
Fertilizers
It is sprayed directly on the leaves of plants and gets absorbed by the

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stomata- pores found on the epidermis of leaves.
Nanosensors Micronutrient
Benefits of Nano urea supply

Improved agricultural produce with reduced urea consumption as the efficiency

of liquid nano urea is as high as 85-90% in comparison to 25% of conventional urea. NANOTECHNOLOGY

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IN AGRICULTURE
Significant reduction in urea imports, government subsidies and logistics cost.
Reduced soil, water and air pollution from urea, improving quality of Insect Pest
underground water and reduction in global warming. Nanofungicides
management
Higher shelf life as no issue of caking on coming into contact with moisture.

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Other Potential Nanotechnology Opportunities in Agriculture Nanoherbicides
Use of Nanoformulations of herbicides, pesticides and other fertilizers.

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Use of Nanosensors to identify diseases and residues of agrochemicals.
For genetic improvement of plants to increase productivity, nutritional value or shelf life.

GOVERNMENT REVISES PREMIUM RATES OF PMJJBY, PMSBY FOR THE FIRST TIME

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STARTING JUNE 1ST

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Move is aimed at making schemes economically viable and also to encourage other private insurers to come on board, thereby
increasing saturation of the schemes amongst the eligible target population.
Number of active subscribers enrolled under PMJJBY and PMSBY as on 31.3.2022 are 6.4 crore and 22 crore, respectively.

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Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) rates have been revised from Rs. 330 to Rs. 436.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) rates have been revised from Rs. 12 to Rs. 20.

PMJJBY PMSBY

It is a one-year life insurance scheme for a life cover of It offers insurance cover of Rs 2 lakh for accidental
Rs. 2 lakh (term insurance), renewable from year to death or total permanent disability and Rs 1 lakh for
year, offering coverage for death due to any reason. partial permanent disability.

Eligibility: Citizens (including NRIs) in the age group of Eligibility: Available to citizens (including NRIs) in the
18 to 50 years ( life cover up to age 55). age group 18 to 70 years.

Beneficiary is required to have a bank or post office account, give their consent to join or enable auto-debit of
premium.

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118TH MEETING OF THE INDIA-PAKISTAN PERMANENT INDUS COMMISSION (PIC)
PIC is a communication channel created under Indus Waters Treaty (IWT) for the governments to gather and resolve questions
about the treaty’s implementation.
It is required to meet at least once in a year.
About IWT
IWT was signed in 1960 by India and Pakistan with the World
Bank as a third-party guarantor.
It is a water-distribution treaty and delimits the rights and

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obligations of both countries concerning the use of waters on
the Indus River System.
It consists of six main rivers with numerous tributaries.
Under this, waters of three eastern rivers namely Ravi, Beas

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and Sutlej, have been allocated exclusively to India.
Western rivers, namely Indus, Chenab and Jhelum, are for

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Pakistan with India given some rights like agriculture,
navigation, domestic use and also right to generate
hydroelectricity through run of the river projects.
IWT does not have a unilateral exit provision, and is supposed to remain in force unless both the countries ratify another mutually
agreed pact.

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STATE OF THE ECONOMY: FISCAL DEFICIT IMPROVES TO WTO MEET: INDIA TO OPPOSE
6.7%, BIG GAP BETWEEN GDP-GVA EXTENSION OF ELECTRONIC
National Statistical Office (NSO) has released Provisional Estimates (PE) of
TRANSMISSIONS MORATORIUM

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National Income and Quarterly Estimates of GDP (of Q4) for 2021-22. Since 1998, WTO countries have agreed to
not impose customs duties on electronic

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Also, Controller General of Accounts (CGA) has released transmissions covering both goods (such as
revenue-expenditure data for 2021-22. e-books and music downloads) and services.
Key highlights Moratorium on electronic transmission
Fiscal deficit, an indication of total borrowings by government to make up for has been periodically extended.
higher expenditure, stood at 6.7% of GDP as against the revised budget

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Since digital trade at present is dominated
estimate of 6.9%. by big tech and developed countries,
Real GDP, i.e. GDP at Constant (2011-12) Prices grew at 8.7% while Gross moratorium squarely favours the

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Value Added (GVA) at Basic prices grew at 8.1% in 2021-22. developed nations.
India has been making several joint
GDP is a measure of country’s national income by adding up the
submissions highlighting adverse impact of
expenditures in economy.
moratorium on developing nations.

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GVA is a measure of total output and income in the economy and adds
Potential tariff revenue loss to
value of all goods and services produced in the economy.
developing countries is estimated at $10
GDP= GVA + taxes earned by the government – subsidies provided by the billion annually (India loses about $500
government. million annually).
Digitalization of previously physical
For Annual and
goods (DVDs to online streaming, printed
Quarterly GDP
books to eBooks etc) has further led to
data refer to the
20.1 revenue losses.
image.
If investment in 3D printing technology is
Estimate is doubled, it could potentially replace 40%
significant as it of the cross-border physical global trade
shows growth in by 2047 leading to further loss of revenue.
recovery year after
onset of COVID-19 Allowing the moratorium to lapse is important
pandemic in 2020. for developing nations to preserve policy
But COVID related space for their digital advancement, to
restrictions regulate imports and generate revenue.
(because of However, moratorium favoring members
Omicron surge) claims that the imposition of customs
and Ukraine war pushed up commodity prices and squeezed supplies duties will have distortive effects on the
further in Q4. growth of the digital economy.
CENTRE CLEARS ENTIRE GOODS AND SERVICES TAX (GST) COMPENSATION DUE TILL DATE
Decision was taken to assist the states in managing their resources and ensuring that their programmes, especially the expenditure
on capital is carried out successfully during the fiscal year.
GST is a destination based tax on consumption of goods and services introduced in the country w.e.f. 1st July, 2017.
Destination based tax results in loss of revenue for manufacturing-heavy states.
Therefore, States were assured compensation for loss of any revenue arising on account of implementation of GST as per the
provisions of the GST (Compensation to States) Act, 2017 for a period of five years.
It is paid bi-monthly and a GST Compensation Cess is collected on supply of select goods or services or both.
This includes luxury, demerit and sin goods. E.g. pan Masala, various tobacco products etc.
Amount of Cess collected is being credited to Compensation Fund. Compensation to States is being paid out of the Compensation
Fund w.e.f. July 1, 2017.
Recently, many states have demanded that GST compensation cess regime be extended for another five years citing reduced GST
collection due to pandemic, and increased expenses.

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ALSO IN NEWS
EU leaders said they will block most Russian oil imports by the end of 2022 to punish Moscow for
invading Ukraine.

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Russia currently supplies 27% of the EU's imported oil and 40% of its gas.
EU-wide ban will affect oil that arrives by sea - around two-thirds of imports - but not pipeline oil.

European Union (EU) to
ban Russian oil imports
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Poland and Germany have also pledged to end pipeline imports, meaning a total of 90% of
Russian oil will be blocked.
Embargo is part of EU’s sixth sanctions package on Russia since it invaded Ukraine.
Israel signed a free trade deal with the United Arab Emirates (UAE), its first with an Arab country,
building on their U.S.-brokered Abraham Accords.

Israel and UAE Trade deal
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Signed in 2020 between Israel and UAE, Bahrain and later Morocco, the Accord called for
normalise diplomatic relations between these nations and broke with decades of Arab policy
that had called for a Palestinian state before ties with Israel.
Deal is expected to provide customs exemption immediately or gradually on 96% of trade
between the countries.

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WSIS 2022 is being organized by International Telecommunications Unions (ITU), UN specialized
agency for information and communication technologies.

World Summit of
Information Society (WSIS)
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It is the world's largest annual gathering of the ICT to build a people-centric, inclusive and
development-oriented Information Society.
It originated in 2005 as a WSIS cluster under the Tunis Agenda.
Since 2015, it is co-organized annually by UNESCO, UNDP and UNCTAD, in close collaboration

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Forum 2022 with all WSIS Action Line Facilitators/Co-Facilitators.

India's textile and apparel exports (also included handicraft) hit a new high of USD 44.4 billion in

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the fiscal year 2021-22.
Export of cotton textiles accounted for a 39% share of the total export.
Top export destination: US, European Union, Bangladesh, and UAE.
India’s textiles exports Key Initiatives taken for textile sector : Scheme for Integrated Textile Park, Production Linked

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highest ever Incentive Scheme, PM Mega Integrated Textile Region and Apparel Parks etc.

Interest by foreign universities will give a boost to government’s effort towards

internationalisation of Indian higher education.
In 2020, University Grants Commission’s (UGC) notified its regulations for Indian universities to
collaborate with their foreign counterparts to offer joint, twinning or dual degrees.
48 Foreign universities As per the regulations, students will be able to earn a dual degree conferred by Indian and foreign
interested in UGC’s higher educational institutions, separately and simultaneously.
twinning initiative
Recently, Scientists used Machine Learning to predict the match of pairs of metals that can form
bimetallic nanoalloys.
Nano alloys, also called core-shell nanocluster alloys, are alloys with one metal forming core and
another stays on surface as a shell.
The formation depends on the cohesive energy difference, atomic radius difference, surface
energy difference and electronegativity of the two atoms.
Nano Alloys Nanoalloys can have other configurations as well such as homogeneously mixed alloy and
cluster-in-cluster.

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 Potential applications: Biomedicine, catalysts in biofuels and fuel cells, mobile devices, batteries etc.
NTPC, a member of IBBI, has issued its renewed Biodiversity Policy for conservation, restoration,
and enhancement of biodiversity.
IBBI is a business-led initiative launched in 2014 by Confederation of Indian Industry and GIZ’s
Biodiversity Programme (Germany), supported by Ministry of Environment, Forest and Climate
Change.
It sensitises, guides and mentors Indian business organisations in biodiversity conservation and
India Business &
sustainability of operations, across their value chain.
Biodiversity Initiative (IBBI)
It serves as a national platform for businesses, promoting sharing & learning, to mainstream
sustainable management of biological diversity by businesses.

Ministry of Defence signed a contract with Bharat Dynamics Ltd (BDL) for Astra Mk-I missiles.
DRDO has transferred technology to BDL for the production of these missiles and associated
systems.
BVR missiles are capable of engaging beyond the range of 20 nautical miles or 37 kilometers.

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Astra Mk-I beyond visual Air-to-Air missiles are fired from an airborne asset to destroy an airborne target.
Missile has been designed for deployment on fighter jets like Sukhoi-30 MKI and Tejas of the IAF and
range (BVR) air-to-air
the Mig-29K of Navy.
missiles
Gabon (Capital: Libreville)

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Indian Vice President visited Gabon.

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Political boundaries: It borders Cameroon,
Equatorial Guinea, and Republic of Congo.
Geographical features: Terrain consists of a narrow
coastal plain, a hilly interior, savanna, and
mountains.
Main River: Ogooué.

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Highest Point: Mount Milondo.

Rwanda (Capital: Kigali)

Britain has scheduled its first Rwanda Deportation

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flight of people entering UK without authorisation this
Places in News month.
Rwanda, also known as the land of thousand hills, is a

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landlocked Central/Eastern African Country in the
African Great Lakes region.
Hutu and Tutsi are two main ethinc groups of
Rwanda and the ethnic tensions between them

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culminated with genocide of nearly 8 lakh people in
1994.

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Political boundaries: It is surrounded by Uganda, Tanzania, Burundi and the Democratic Republic
of Congo.
Geographical Features:
Biggest Waterbody: Lake Kivu
Highest Peak: Mt Karisimbi

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