DAILY CURRENT AFFAIRS IAS | UPSC Prelims and Mains Exam – 7th October 2024
Archives (PRELIMS & MAINS Focus) PROGERIA Syllabus Prelims & Mains – SCIENCE & TECHNOLOGY Context: Sammy Basso, who was the longest living survivor of the rare genetic disease progeria, has died at the age of 28. Background: – There are only 130 recognised cases of classic progeria worldwide, of which four are in Italy. What is Progeria? Progeria, also known as Hutchinson-Gilford Progeria Syndrome (HGPS), is a rare genetic disorder characterized by accelerated aging in children. It results from a mutation in the LMNA gene, which produces the lamin A protein, essential for maintaining the structural integrity of cell nuclei. The mutation leads to the production of an abnormal form of lamin A, known as progerin, which causes cells to become unstable and age prematurely. Key Symptoms: Rapid aging in early childhood (usually between 1-2 years). Physical characteristics: Growth failure, loss of body fat and hair, aged-looking skin, stiffness of joints, and cardiovascular diseases. Intellectual development remains normal. Life expectancy is approximately 13 to 15 years, primarily due to complications like cardiovascular diseases, such as atherosclerosis. Death often occurs from heart attacks or strokes. Diagnosis and Treatment: Diagnosis involves genetic testing for the LMNA mutation. No definitive cure, but symptomatic treatments include heart medications, physical therapy, and low-dose aspirin to prevent strokes. Lonafarnib, a farnesyltransferase inhibitor, has been approved by the FDA to help manage some symptoms and extend life expectancy. Research and Advances: Research is focused on understanding the mechanism of progerin accumulation and finding treatments to reduce its effects. Stem cell research and gene therapy offer potential for future treatments. Source: Reuters INTERNATIONAL BIG CAT ALLIANCE (IBCA) Syllabus Prelims – ENVIRONMENT Context: Recently, the Union cabinet approved the proposal of India to become a member country of the International Big Cat Alliance (IBCA) by signing and ratification of the Framework Agreement on the establishment of the International Big Cat Alliance (IBCA). Background: – The International Big Cat Alliance (IBCA) is a global initiative launched by India in April 2023 during the 50th anniversary of Project Tiger. About International Big Cat Alliance The Union cabinet in its meeting held on February 29 approved the establishment of International Big Cat Alliance with Headquarters in India with a one-time budgetary support of ₹150 crore for a period of five years from 2023-24 to 2027-28. So far four countries have become member of IBCA including India, Nicaragua, Eswatini and Somalia. All UN member countries are eligible for becoming the member of IBCA. Concept and Objectives: A multi-country, multi-agency coalition of big cat range and non-range countries, conservation partners, scientific organizations, business groups, and corporates. Aims to establish networks, synergies, and a centralized repository of best practices, personnel, and financial resources to strengthen big cat conservation efforts. Focused on arresting the decline of big cat populations and reversing the trend. Mission: Foster mutual cooperation among countries for big cat conservation. Support knowledge sharing, capacity building, networking, advocacy, finance, and research. Integrate big cat conservation with sustainable development and climate resilience. Approach: Multipronged Strategy: Broad-based linkages in areas like knowledge sharing, capacity building, research, advocacy, and technical support. Education and awareness campaigns targeting youth and local communities. Use big cats as symbols for sustainable development and livelihood security. Synergies and Partnerships: Collaborative platform for sharing gold-standard conservation practices. Access to centralized technical know-how and financial resources. Strengthen species-specific transnational initiatives on conservation. Align biodiversity policies with the UN Sustainable Development Goals (SDGs). Sectoral Integration: Promote biodiversity integration into agriculture, forestry, tourism, and infrastructure. Support sustainable land-use practices, habitat restoration, and ecosystem-based conservation approaches. Contribute to climate change mitigation, food security, clean water, and poverty reduction. Governance Structure: Assembly of Members, Standing Committee, and Secretariat. Governance framework modeled on the International Solar Alliance (ISA). Director General (DG) appointed by MoEFCC as Interim Head, until formal appointment during IBCA Assembly. Source: Indian Express INSOLVENCY AND BANKRUPTCY CODE ISSUES Syllabus Prelims & Mains – ECONOMY Context: India’s G20 Sherpa Amitabh Kant’s call for reforms in India’s insolvency resolution framework to cut delays and boost creditor recovery is latest in the growing chorus for making the Insolvency and Bankruptcy Code (IBC) more effective. Background: – In the recent past, various stakeholders, including RBI Governor Shaktikanta Das and the Parliament’s Standing Committee on Finance, also flagged concerns and the need to rethink the IBC’s design. Reforms in India’s Insolvency and Bankruptcy Code (IBC) – Key Issues and Recommendations Introduced in 2016, the IBC aimed to rescue and reorganize distressed companies through a time-bound process, prioritizing their survival as going concerns. Despite fostering credit discipline, the IBC is facing delays, high case backlog, and steep haircuts for creditors, affecting its efficiency. Delays in Resolution Process: Average time for resolution at NCLT increased to 716 days in FY24 (up from 654 days in FY23), against the prescribed timeline of 330 days. The Standing Committee on Finance (Feb 2024) highlighted delays in admission and their impact on the value of stressed assets. RBI Governor Shaktikanta Das flagged admission delays, citing an average time of 468 days (FY21) and 650 days (FY22), eroding asset value. Impact of Delays on Debt Recovery: Inverse relationship between resolution time and recovery rate: Resolved within 330 days: 49.2% recovery of admitted claims. Resolved in 330–600 days: 36% recovery. Resolved after 600 days: 26.1% recovery. Delays push cases towards liquidation, with 44% of closed cases ending in liquidation by March 31, 2024. Steep Haircuts for Creditors: Ravi Mital, IBBI Chairperson, noted that creditors often approach IBC too late, with cases already losing over 50% of their value before admission. 84% recovery is possible when measured against the fair value, but delays reduce this figure significantly. Legal and Procedural Challenges: The NCLT often takes months to admit cases despite a 14-day timeline stipulated by law. The Supreme Court (2022) ruled that the 14-day timeline for admission is procedural, granting NCLT discretion to consider circumstances beyond just the default. This leads to further delays and uncertainty in the process. Key Concerns and Recommendations: Need for second-generation reforms to address procedural delays,
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