Daily CURRENT AFFAIRS

Daily Current Affair - UPSC/KAS Exams - 3rd May 2022

NEWS : Prime Minister greeted the people of India on of Basava Jayanti

BASAVESHWARA

 OTHER DETAILS

• His spiritual discipline was based on the principles of Arivu (true knowledge), Achara (right conduct), and Anubhava (divine experience) and it brought social, religious and economical revolution in the 12th century.
• This path advocates a holistic approach of Lingangayoga (union with the divine). This comprehensive discipline encompasses bhakti (devotion), jnana (knowledge), and kriye (action) in a well-balanced manner.
• In Kalyana, the Kalchuri king Bijjala (1157-1167, AD) appointed Basaveshwara as a karanika (Accountant) in the initial stage, in his court and later as the Prime minister.
• Here, Basaveshwara revolted against all the social evils of the traditionalistic society and brought a drastic change in various facets.
• There must be an equal income for equal work.His practical approach and act of establishment of ‘Kalyana Rajya’ (Welfare state) brought a new status and position for all the citizens of the society, irrespective of class, caste, creed and sex.
• Basaveshwara gave two more very important socio-economic principles. They are:
  • Kayaka (Divine work): According to this, every individual of the society should take up the job of his choice and perform it with all sincerity.
  • Dasoha (Equal distribution):

• The worker (Kayakajeevi) may lead his day-today life by his hard earned income. But he should not preserve the money or property for tomorrow. He must utilise the surplus money for the society and poors.

Anubhava Mantapa:

• Basaveshwara established the Anubhava Mantapa, which was a common forum for all to discuss the prevailing problems of socio, economic and political strata including religious and spiritual principles along with personal problems.
• Thus, it was the first and foremost Parliament of India, where Sharanas (citizens of welfare society) sat together and discussed the socialistic principles of a Democratic set up.
• All those discussions of Sharanas were written in the form of Vachanas.
• Vachanas were an innovative literary form written in simple Kannada language.

NEWS : Pilot phase of the open network for digital commerce (ONDC) was launched

Open Network for Digital Commerce

• WHAT - First-of-its-kind initiative that aims to democratise Digital Commerce, moving it from a platform-centric model to an open-network.
• The pilot is being conducted across five cities Delhi, Bengaluru, Coimbatore, Bhopal, and Shillong. It will be later launched in 100 cities over six months.
• As UPI is to the digital payment domain, ONDC is to e-commerce in India.
• ONDC
  • Will enable, buyers and sellers to be digitally visible and transact through an open network, no matter what platform/application they use.
  • Will empower merchants and consumers by breaking silos to form a single network to drive innovation and scale, transforming all businesses from retail goods, food to mobility.
  • Aims at promoting open networks developed on open-sourced methodology, using open specifications and open network protocols independent of any specific platform.
  • Is expected to digitize the entire value chain, standardize operations, promote inclusion of suppliers, derive efficiencies in logistics and enhance value for consumers.

NEWS : S&P Global India Manufacturing Purchasing Managers’ Index recently released

WHAT IT SAYS

The report sees a expansion in Indian economy

ABOUT PMI

• Survey-based measure that asks the respondents about changes in their perception about key business variables as compared with the previous month
• Derived from a series of qualitative questions

How does one read the PMI?

• A figure above 50 denotes expansion in business activity
• Anything below 50 denotes contraction
• Higher the difference from this mid-point greater the expansion or contraction. The rate of expansion can also be judged by comparing the PMI with that of the previous month data
• If the figure is higher than the previous month’s then the economy is expanding at a faster rate
• If it is lower than the previous month then it is growing at a lower rate.

NEWS : Reserve Bank of India (RBI) released the Report on Currency and Finance (RCF) for the year 2021-22

WHAT IS IN THE REPORT

• The theme of the report is “Revive and Reconstruct” in the context of nurturing a durable recovery post-Covid-19 and rising trend growth in the medium-term.
• Covid-19, Worst Health Crises: The Covid-19 pandemic will go down in history as one of the worst health crises the world has ever faced.
• The pre-Covid trend growth rate works out to 6.6% and excluding the slowdown years it works out to 7.1%.
• Taking actual growth rate of (-) 6.6% for 2020-21, 8.9% for 2021-22 and assuming growth rate of 7.2% for 2022-23 and 7.5% beyond that, India is expected to overcome Covid-19 losses in 2034-35.
• Its economic impact may linger for many more years and confront Indian Economy with the challenges of rebuilding livelihoods, safeguarding businesses and reviving the economy.
• India suffered among the biggest pandemic induced losses in the world in terms of output, lives and livelihoods, which may take years to recover.
• The Russia-Ukraine conflict has also dampened the momentum of recovery, with its impact transmitting through record high commodity prices, weaker global growth outlook and tighter global financial conditions.
• Concerns surrounding deglobalisation impacting future trade, capital flows and supply chains have amplified uncertainties for the business environment.

• KSRTC to operate e-buses on inter-district routes.
• The Karnataka State Legal Services Authority framed the “KSLSA (Legal Aid and Services to the Transgender Community) Sche-me2022” to provide free legal aid and services to the transgender community. KSLSA was the first in the country to come out with this unique scheme for transgenders.
• Delhi airport/ Indira Gandhi International airport surpassed the Dubai airport to emerge as the second-busiest airport in March, in terms of total seat capacity and frequency of domestic and international flights, according to leading global travel data provider Official Airline Guide (OAG).