Daily Current Affairs for UPSC – 8 February 2023

Daily Current Affairs for UPSC 2023

Q) Recently seen in news, the ‘Wolf 1069 b’ is best related to which one of the following?

1. A rare comet seen in Earth’s orbit.
2. A potentially hazardous near-Earth Asteroid.
3. A Blackhole found in the Milky Way galaxy.
4. A newly discovered Exoplanet.

Daily Current Affairs for UPSC – 7 February 2023

Explanation:

• Option (4) is correct: Astronomers have recently discovered Wolf 1069 b, an Earth-mass exoplanet that could potentially be habitable. Wolf 1069 b is an exoplanet, at about 26 the mass of Earth and 1.08 the size. An exoplanet is any planet beyond our solar system. It is a potentially habitable exoplanet 31 light-years away from Earth. Its surface is cool, which makes it appear orange. It orbits a red dwarf star, Wolf 1069. It lies within its star’s habitable zone. It receives approximately 65% of the solar radiance that Earth receives. Wolf 1069 b is tidally locked to its parent star, meaning one side is always in daylight, and the opposite side is always in darkness. It orbits the star within 15.6 days at a distance equivalent to one-15th of the separation between the Earth and the sun.

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

1. The Reserve Bank of India regulates the green bonds issued in India.
2. The green bond issuers must disclose information regarding the details of unutilized proceeds from the green bonds issue.
3. To encourage transparency in the green bond market, the International Capital Market Association developed the binding Green Bond Principles.

Which of the statements given above is/are correct?

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

Explanation:

• Statement 1 is incorrect: Green bonds are debt securities issued by corporations, governments or other entities to finance environmentally-friendly projects. Capital markets regulator SEBI (Securities and Exchange Board of India) regulates the green bonds issued in India. SEBI has issued the operation guidelines for the issuers of green debt securities.
• Statement 2 is correct: As per new guidelines of SEBI, issuers of green bonds are required to make additional disclosures regarding environmental sustainability objectives in the offer document. Issuers are required to inform about the utilization of the proceeds of the issue and details of unutilized proceeds. Issuers are required to appoint a third-party reviewer for post-issue management of use of proceeds from green debt securities. Also, the issuers of green bonds will have to make a disclosure about details of unutilized proceeds from the issuance of green bonds.
• Statement 3 is incorrect: Green Bond Principles (GBP) are a set of voluntary guidelines developed by the International Capital Market Association (ICMA) to promote transparency and integrity in the green bond market. The GBP provide a common definition of what constitutes a green bond and a framework for the issuance and reporting of such bonds. The GBP are recognized by the International Organization of Securities Commissions (IOSCO) as a benchmark for good practices in the green bond market.

Q) Consider the following statements about Periyar River Conservation Project:

1. It is an integrated mission under the centrally sponsored National River Conservation Plan.
2. The Periyar River is the longest river in the state of Tamil Nadu, and it originates in the Nilgiri Hills.

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 is correct but statement 2 is incorrect: The Central government has launched a programme for conserving the 244-km-long Periyar River in Kerala. The Periyar river water body is among six rivers across the country that are being covered under the National River Conservation Plan (NCRP), with the other rivers being Barak, Mahanadi, Narmada, Godavari and Kaveri. National River Conservation Plan (NRCP) is the Centrally Sponsored Scheme implemented by the Ministry of Jal Shakti, for the abatement of pollution in identified stretches of rivers in the country, excluding those in the Ganga basin, by providing financial and technical assistance to the States/Union Territories (UTs) on cost sharing basis. Periyar is the longest river in Kerala with a length of 244 Km and has the largest discharge capacity. It originates in the Sivagiri hills of the Western Ghats and discharges into the Arabian Sea. The current conservation project, named “Periyar River Basin Conservation Project”, is an integrated mission under the aegis of the Government of India, in association with the State Forest Department, Periyar Tiger Reserve (PTR) and Periyar foundation. The Periyar River has been selected for the project considering the endemism of the river, and the rich biodiversity.

Q) With reference to ‘NASA-ISRO Synthetic Aperture Radar’ (NISAR), consider the following statements:

1. NISAR was recently launched in geo-stationary orbit.
2. NISAR is an Earth observation satellite with both L-band and S-band synthetic aperture radar
3. NISAR can help measure groundwater levels and tracks flow rates of glaciers.

Which of the statements given above is/are correct?

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

Explanation:

• Statement 1 is incorrect: NISAR (NASA-ISRO Synthetic Aperture Radar) is an Earth observation satellite jointly developed by the National Aeronautics and Space Administration (NASA) and the Indian Space Research Organisation (ISRO). It has been shipped to India from the US. It is expected to be launched in January 2024 from Satish Dhawan Space Centre into a near-polar orbit. The satellite will operate for a minimum of three years.
• Statement 2 is correct: NISAR is an Earth observation satellite and consists of both L-band and S-band synthetic aperture radar (SAR) instruments, which makes it a dual-frequency imaging radar satellite. While NASA has provided the L-band radar, GPS, a high-capacity solid-state recorder to store data, and a payload data subsystem, ISRO has provided the S-band radar, the GSLV launch system and spacecraft. Another important component of the satellite is its large 39-foot stationary antenna reflector.
• Statement 3 is correct: Once launched into space, NISAR will observe subtle changes in Earth’s surfaces, helping researchers better understand the causes and consequences of such phenomena. It will spot warning signs of natural disasters, such as volcanic eruptions, earthquakes and landslides. The satellite will also measure groundwater levels, track flow rates of glaciers and ice sheets, and monitor the planet’s forest and agricultural regions, which can improve our understanding of carbon exchange. ISRO will use NISAR for a variety of purposes including agricultural mapping, and monitoring of glaciers in the Himalayas, landslide-prone areas and changes in the coastline. By using synthetic aperture radar (SAR), NISAR will produce high-resolution images. SAR is capable of penetrating clouds and can collect data day and night regardless of the weather conditions. It will also be capable of imaging the entire Earth in 12 days.

Q) Consider the following statements about ‘Special Situation Funds’ (SSF):

1. SSFs are a type of Category I Alternative Investment Funds.
2. Unlike an asset reconstruction company, SSFs are not permitted to buy bad loans.
3. The SSF cannot invest in other SSF units managed by its own sponsors.

Which of the statements given above is/are correct?

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

Explanation:

• Statement 1 is correct: Special Situation Funds (SSF) are a sub-category of Category I Alternative Investment Funds (AIFs). SSF is raised from sophisticated investors with deep pockets. A number of global special situation funds have bought large amounts of foreign currency bonds from the Adani Group following the Hindenburg report.
• Statement 2 is incorrect but statement 3 is correct: A special situation is an unusual event that motivates investors to buy a stock or other asset in the belief that its price will rise. It is an attempt to profit from a potential rise in valuation that the special situation presents. Special situations can include spinoffs, tender offers, mergers, acquisitions, bankruptcy, litigation, capital structure dislocations, shareholder activism, stock buybacks etc. SSFs invest only in special situation assets and may act as resolution applicants under the Insolvency and Bankruptcy Code, 2016. Special Situation Funds (SSFs) can buy bad loans (similar to Asset Reconstruction Company (ARC)). This can release capital locked up in the banking system and help improve credit supply in the economy. SSFs cannot invest in:
• Its associates
• The units of any other Alternative Investment Fund other than the units of a special situation fund
• Units of SSF managed or sponsored by its manager, sponsor or associates of its manager or sponsor.

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