Evening edition
Daily current affairs for UPSC, BPSC, State PCS and PSC exams.
Why in news?
Prime Minister Narendra Modi visited New Zealand, where both countries elevated their ties to a strategic partnership and set an ambitious target for bilateral trade.
Key points
- India and New Zealand elevated their relationship to a strategic partnership.
- The target is to double bilateral trade in goods and services to ₹35,000 crore by 2030.
- Eighteen outcomes, including 10 agreements, were achieved, focusing on expanding ties and Indo-Pacific maritime cooperation.
- A reciprocal logistics support pact was signed between the Indian Navy and New Zealand Defence Force.
- The visit occurred against the backdrop of China's assertiveness in the Indo-Pacific region.
Background & context
India and New Zealand have existing diplomatic and economic relations. This visit seeks to deepen these ties, especially in strategic and defence sectors, aligning with India's Indo-Pacific strategy.
★ Prelims fact capsule
The trade target set between India and New Zealand is ₹35,000 crore by 2030.
✎ Mains relevance
GS Paper 2: International Relations (Bilateral Relations, India and its neighbourhood, groupings and agreements involving India and/or affecting India's interests)
Why in news?
Heavy monsoon rains have caused significant disruption, including landslides blocking highways in hill states and riverine flooding in the Northeast.
Key points
- Landslides in Uttarakhand and Himachal Pradesh have blocked crucial national highways.
- Heavy rainfall has disrupted normal life, damaged infrastructure like bridges, and caused tree uprooting.
- Flooded rivers in northeastern states have necessitated evacuations.
- Incidents related to rain have led to several deaths across the country.
- Some regions, like Delhi-NCR and Rajasthan, experienced dry spells after earlier heavy showers, while Uttar Pradesh received widespread rainfall.
Background & context
The Indian subcontinent relies heavily on the monsoon for agriculture and water resources. However, extreme weather events, including heavy rainfall and associated landslides and floods, are a recurring challenge, exacerbated by climate change and geographical vulnerabilities.
★ Prelims fact capsule
Crucial highways in Himachal Pradesh and Uttarakhand were blocked due to landslides caused by heavy monsoon rains.
✎ Mains relevance
GS Paper 1: Geography (Distribution of key natural resources across World - particularly India, factors for location of primary, secondary and tertiary sector industries, important geophysical phenomena such as earthquakes, tsunami, volcanoes, cyclones, etc.) GS Paper 3: Disaster Management (Disaster and disaster management: concepts, causes, effects and mitigation strategies; Classification of disasters; National Policy, plan and programmes for disaster management)
Why in news?
The Enforcement Directorate (ED) has attached significant assets in ongoing money laundering and foreign exchange violation cases against Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).
Key points
- ED attached further properties worth ₹1,021 crore.
- Total assets attached in Anil Ambani-led Reliance Group cases now exceed ₹20,000 crore under PMLA.
- The ED's probe is based on CBI FIRs and bank complaints regarding alleged diversion of public funds.
- Investigation suggests systematic diversion of ₹15,548 crore through shell and group companies.
- Newly attached properties include equity shares and loan amounts receivable from group companies.
Background & context
The Prevention of Money Laundering Act (PMLA), 2002, aims to combat money laundering and prevent persons accused of such offences from enjoying the proceeds of crime. The Foreign Exchange Management Act (FEMA), 1999, deals with regulating foreign exchange and preventing foreign exchange racketeering.
★ Prelims fact capsule
The total assets attached by the ED in Reliance Group cases have reached ₹20,367 crore under PMLA and ₹77.86 crore under FEMA.
✎ Mains relevance
GS Paper 2: Governance, Constitution, Polity (Statutory, regulatory and various quasi-judicial bodies; mechanisms, laws, institutions and bodies constituted for the protection and betterment of vulnerable sections of the population)