MLC Daily Current Affairs – 08 July 2024

Today in History (July 8^th, 1497)

On 8th July, 1497 – Vasco da Gama, Portuguese navigator departs on his first voyage and became the 1st European to reach India by sea.

Let’s revise

A) Angpradakshinam recently in news, what it is?

1. A democratic movement in Myanmar
2. A reforms movement in Manipur
3. A religious practice in the temples of Assam and Manipur
4. A religious practice in some temples of southern India

Ans.(4)

B) Which article of the Indian constitution has provisions for religious freedom?

1. 21
2. 23
3. 22
4. 25

Ans.(4)

C) In the case of conflict between religion and constitution what should prevail?

1. Constitutional values
2. Religious laws
3. Rules by clergy class
4. None of the above

Ans.(1)

D) Who won the latest general election in Britain?

1. Labour Party
2. Conservative Party
3. Liberal Democrats
4. Scottish National Party (SNP)

Ans.(1)

E) Who is the current Prime Minister of Britain following the latest general election?

1. Boris Johnson
2. Keir Starmer
3. Rishi Sunak
4. Nicola Sturgeon

Ans.(2)

Summary of Today’s News

Masoud Pezeshkian elected as the President of Iran, people mandated for reforms

• Reformist Victory: Masoud Pezeshkian, a reformist opposing Hijab, moral policing and advocating engagement with the West, won Iran’s presidential run-off.
• Political Shift: Iran, previously dominated by conservatives (‘principalists’), elected Pezeshkian after conservative Ebrahim Raisi’s death in a helicopter crash.
• Reformist Support: The reformist coalition, including former leaders Mohammad Khatami and Hassan Rouhani, backed Pezeshkian.
• Election Dynamics: First-round voter turnout was 39.9%, indicating a legitimacy crisis, but increased to nearly 50% in the run-off, aiding Pezeshkian’s 53.6% victory over conservative Saeed Jalili.
• Public Expectations: Pezeshkian’s stance on protests and dialogue with the West to revive the 2015 nuclear deal resonated with voters.
• System Constraints: The Iranian President’s power is limited by the theocracy, dominated by the Supreme Leader.
• Mandate for Change: Pezeshkian’s victory signals public desire for reforms and engagement with the world.
• Future Prospects: Potential for gradual reforms and careful international engagement if Pezeshkian and the clerical establishment find common ground.

Twenty year low private investment in first quarter

20-Year Low in New Private Investment Plans:
• New investment plans in Q1 2023-24 slumped to ₹44,300 crore.
• This is significantly lower than ₹7.9 lakh crore announced in the same period last year.
Wait-and-Watch Approach by Investors:
• Bank of Baroda’s chief economist attributes the slowdown to a wait-and-watch approach.
• Possible anticipation of upcoming events like the Lok Sabha election.
Historical Comparison:
• Current investment levels are much lower compared to Q1 during Lok Sabha elections in 2014 (₹2.9 lakh crore) and 2019 (₹2.1 lakh crore).
High Previous Years’ Investment Announcements:
• The past two years saw high investment announcements, which are still being executed.
Sectoral Distribution:
• Manufacturing accounted for 46.4% of the ₹44,300 crore investments.
• Followed by electricity and services sectors.
Corporate Bond Issuances and Bank Credit Flows:
• Corporate bond issues dropped from ₹2.86 lakh crore in Q1 2023-24 to ₹1.73 lakh crore this year.
• Incremental bank credit fell to ₹2.78 lakh crore from ₹3.78 lakh crore.
Transport Services Sector Dip:
• A significant 61% dip in transport services sector investment, linked to last year’s aircraft purchase plans.
Future Outlook:
• Anticipation of a pick-up in investments in the second quarter due to factors like the Budget announcement, good monsoon, and festival season demand.

Today starts PM Modi’s visit to Russia

Prime Minister Narendra Modi will visit Moscow, marking his first trip to Russia since the Ukraine war began and his first bilateral visit abroad since re-election in June 2024. Modi will receive a warm welcome, including a private dinner hosted by Russian President Vladimir Putin at his estate.
Meeting Highlights:
• The leaders will have one-on-one discussions and attend various events together during Modi’s 26-hour visit.
• They will visit an exhibition on nuclear power-related technology developments by Rosatom.
Special Diplomatic Gesture:
• The private dinner at Putin’s Dacha is a special gesture extended to few global leaders, symbolizing close and personal ties.
Focus Areas for Talks:
• Energy: Discussions on predictable pricing and long-term contracts for Indian imports of oil and LNG.
• Trade and Banking: Addressing challenges due to Western sanctions.
• Investment and Connectivity: Opportunities in the International North South Transport Corridor (INSTC), Chennai-Vladivostok maritime route, and the North Sea corridor.
•Cooperation in Russia’s Far East region.
Bilateral and Delegation-Level Meetings:
• Formal meetings will include talks on expediting delayed defence deliveries and discussing the status of Indians in the Russian Army.
Context and Timing:
• Modi’s visit follows Putin’s state visits to China and North Korea, signaling Russia’s efforts to maintain global ties despite Western attempts at isolation.
• Indian Ambassador Vinay Kumar emphasizes the visit’s importance in resuming bilateral summits and addressing issues accumulated over the past three years.