Daily Current Affairs for UPSC – 25 February 2023

Daily Current Affairs for UPSC 2023

Q) Recently seen in news, the archaeological site of ‘Keeladi’ is related to which one of the following periods of ancient India?

1. Indus valley civilisation
2. Megalithic period
3. The Harshavardhan dynasty
4. The Sangam Age

Daily Current Affairs for UPSC – 24 February 2023

Explanation:

• Option (4) is correct: Recent excavations in Keeladi village of Tamil Nadu have revealed their linkage with the Sangam Age. Keeladi is a small village in the Sivaganga district in south Tamil Nadu. It is about 12 km south-east to the temple city of Madurai and is located along the Vaigai river. The excavations prove that an urban civilization existed in Tamil Nadu in the Sangam age on the banks of the Vaigai river. Unearthing of heaps of pottery suggest the existence of a pottery making industry, mostly made of locally available raw materials. Over 120 potsherds containing Tamil Brahmi inscriptions have been found. It clearly suggests the long survival of the script. Spindle whorls, copper needles, terracotta seal, hanging stones of the yarn, terracotta spheres and earthen vessels to hold liquid suggest various stages of a weaving industry. There also existed a dyeing industry and a glass bead industry. Gold ornaments, copper articles, semi-precious stones, shell bangles, ivory bangles and ivory combs reflect the artistic, culturally rich and prosperous lifestyle of the Keeladi people. Agate and carnelian beads suggest import through commercial networks.

Q) With reference to ‘Psychedelics’, consider the following statements:

1. They belong to the group of psychoactive drugs that have the ability to alter a person’s emotions.
2. They are addictive substances and are not physiologically safe.
3. Mescaline and psilocybin are two famous types of psychedelics.

Which of the statements given above is/are correct?

1. 1 and 2 only
2. 2 and 3 only
3. 1 and 3 only
4. 1, 2 and 3

Explanation:

• Statement 1 is correct: Psychedelics are a class of psychoactive substances that can alter a person’s perception, thoughts, and feelings. These substances can induce changes in sensory perception, thought processes, and mood. They are often used recreationally, but they have also been used in some cultures for spiritual and medicinal purposes.
• Statement 2 is incorrect: They are generally considered physiologically safe and do not lead to dependence or addiction. However, many of these substances are illegal in many parts of the world for their potential risks and harms, including physical and psychological dangers.
• Statement 3 is correct: While Western psychedelic practitioners and facilitators can reach average earnings of $10,500 per service event, indigenous medicine practitioners may earn from $2 to $150 for their services in their communities. Traditional Indigenous medicine is not widely protected by law. As of 2022, only the constitutions of Bolivia and Ecuador include regulation specific to Indigenous traditional medicine. Some examples of psychedelics include:
• LSD (Lysergic acid diethylamide)
• Psilocybin (found in “magic mushrooms”)
• DMT (Dimethyltryptamine, found in Ayahuasca)
• Mescaline (found in peyote cactus) etc.

Q) Consider the following statements about ‘LORA’ Weapon System:

1. It is an air-to-air long-range ballistic missile system.
2. It is manufactured indigenously by the Defense Research and Development Organization.
3. It uses an inertial navigation system and has the capacity for in-flight maneuvering.

Which of the statements given above are not correct?

1. 1 and 2 only
2. 2 and 3 only
3. 1 and 3 only
4. 1, 2 and 3

Explanation:

• Statement 1 is incorrect: LORA (Long-Range Artillery) Weapon System is a sea-to-ground and ground-to-ground system. It comprises a long-range ballistic missile, a unique launcher, a command and control system, and a ground/marine support system. The LORA system provides ballistic assault capabilities for multiple ranges with a precision level of 10 meters CEP.
• Statement 2 is incorrect: The Bharat Electronics Ltd. recently signed a MoU with Israel Aerospace Industries for domestic manufacture and supply of its LORA Weapon System. The missile can be launched within minutes from unprepared positions. Any known target within the range of the missile can be attacked and destroyed within less than 10 minutes from the launch. The LORA is stored in a sealed canister, enabling very low maintenance costs.
• Statement 3 is correct:  It uses Inertial Navigation System/Global Positioning System and TV for terminal guidance, with possible in-flight maneuvering capability. The missile has a maximum range of 280 km and a likely accuracy of around 10 m CEP.

Q) With reference to ‘Virtual Trade Corridor (VTC)’, consider the following statements:

1. The customs clearance for international trade is made more effective by VTC.
2. Under VTC, the exports of both gems and jewellery and engineering goods from India are covered.
3. India recently established a VTC with Australia and the United Arab Emirates.

Which of the statements given above is/are correct?

1. 1 only
2. 1 and 2 only
3. 2 and 3 only
4. 1, 2 and 3

Explanation:

• Statements 1 and 2 are correct: A virtual trade corridor is an online platform that enables faster and more efficient customs clearance for international trade between two countries. Under the corridor proposal, the customs authorities of the two countries will explore the possibility of accessing pre-arrival information for cargo movement. It will make cross-validation of information significantly faster, besides facilitating pre-clearance of goods. It immediately eliminated duties on 90% of India’s exports in value terms and covered sectors like gems and jewellery, textiles, leather, and engineering goods.
• Statement 3 is incorrect: India and the UAE are planning to create a virtual trade corridor to facilitate quicker clearance of shipments. This will complement the bilateral comprehensive free trade agreement signed between India and the UAE in 2022.

Q) Consider the following statements about Perpetual Funds:

1. They are permanent capital vehicles that specifically target long-term investors.
2. Both closed-ended funds and real estate investment trusts are types of perpetual funds.

Which of the statements given above is/are correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 nor 2

Explanation:

• Statement 1 and 2 are correct: Securities and Exchange Board of India (SEBI) is mulling to introduce permanent capital vehicles (PCVs), also referred to as evergreen or perpetual funds. They are funds in which the capital available is managed for an unlimited period. Unlike a limited-life private investment fund, which takes a term of 10 years prior to the liquidation, PCVs can exist for perpetuity. These are aimed at long-term investors such as pension funds and insurance companies. The funds could be structured in such a way that an investor can get an option to redeem a specific sum of their investment after a lock-in period of say, 5, 10 and 15 years. PCVs can be of various types, including limited partnerships traded publicly on an exchange, real estate investment trusts, closed-ended funds, interval funds and variable funds such as annuities and life insurance.

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