MLC Daily Current Affairs – 26 Feb 2024

Today in History (February 26^th, 1993)

In 1993, a truck bomb planted by Islamic militants exploded in the parking garage of the World Trade Center in New York City, killing six people and injuring over a thousand.

Let’s revise

A) ‘Paruveta’ festival is associated with which state?

1. Kerala
2. Andhra Pradesh
3. Assam
4. Tamil Nadu

Ans. (b)

B) What is FRP that is associated with sugarcane in India?

1. Fixed Remunerative Price
2. Fair and Remunerative Price
3. Fair and Renewable Price
4. None of the above

Ans. (b)

C) FRP is recommended by which of the following?

1. Commission for Agricultural Costs and Prices (CACP)
2. Cabinet Committee on Economic Affairs (CCEA)
3. Ministry of Finance
4. Ministry of Economic Affairs

Ans. (a)

D) Recently, which of the following country announced to establish its Embassy in India?

1. Albania
2. Lituania
3. Greece
4. Italy

Ans. (a)

E) Albania is the country of which continent?

1. Europe
2. Africa
3. South America
4. North America

Ans. (a)

F) Which of the following see is nearest to Albania?

1. Adriatic Sea
2. North Sea
3. Yellow Sea
4. Tasman Sea

Ans. (a)

G) Find the correct statement among the following.

1. MSP and FRP both are same
2. MSP and FRP both are to support the farmers
3. MSP is to benefit the market, only
4. FRP is to benefit the farmers, only

Ans. (b)

H) Balkan Peninsula located in which of the following continents?

1. Africa
2. Asia
3. Europe
4. North America

Ans. (b)

I) Who is known as iron man of India?

1. Jawaharlal Nehru
2. Sardar Vallabhbhai Patel
3. Subhash Chandra Bose
4. Bal Gangadhar Tilak

Ans. (b)

J) Who is called as Bismarck of India?

1. Sardar Vallabhbhai Patel
2. Bal Gangadhar Tilak
3. Jawaharlal Nehru
4. Subhash Chandra Bose

Ans. (a)

Summary of Today’s News

International Mother Language Day

• It is observed across the world on February 21
• It is to recognise and promote linguistic and cultural diversity and multilingualism.
• According to the United Nations Educational, Scientific and Cultural Organization it was the initiative of Bangladesh
• It was started in year 2000.
• The theme for 2024 is “Multilingual education is a pillar of intergenerational learning”.

Virtual Private Network

Recently, a 21-year-old from Gujarat was arrested by the Mumbai police based on the allegations that he sent five threatening emails to industrialists after masking his IP address using a Virtual Private Network (VPN).

Key Points

• VPN means Virtual Private Network.
• VPN establishes a digital connection between your computer and a remote server owned by a VPN provider.
• It creates a point-to-point tunnel that encrypts personal data
  • It masks your IP address,
  • It allows you to sidestep website blocks and firewalls on the internet.
• This ensures online experiences are private, protected, and more secure.
• It is Virtual because no physical cables are involved in the connection process.
• It is Private because through this connection, no one else can see your data or browsing activity.
• It is Networked because multiple devices—your computer and the VPN server—work together to maintain an established link.

Can the IMEC address the Red Sea crisis?

• The Red Sea crisis continue for four months
• Harming the global supply chains
• Which is leading to inflated freights, delayed vessel schedules, and product shortages?
• It has once again made us worry about the vulnerabilities of global supply chains.
• It is highlighting the need to have alternate routes for global trade.

Importance of the Red Sea route

• The Red Sea owes its strategic importance for global trade to the Bab el-Mandab Strait which lies between Yemen and Djibouti.
• It is one of the world’s busiest cargo and oil transit points with almost 12% of international merchandise trade passing through it.
• An immediate consequence of the Red Sea conflict has been that major container and oil carriers have been forced to re-route shipments via the Cape of Good Hope.
• That is leading to
  • Increased ocean freight,
  • inflated insurance costs,
  • longer voyage times leading to delays and
  • shortage of products.
• The higher shipping costs will be passed onto consumers in the form of increased commodity prices.

Effects on India

• India’s trade with European and North African countries flows entirely through the Red Sea route which is almost 24% of its exports and 14% of its imports.
• In the year 2022-23, India’s bilateral trade with Europe and North Africa stood at $189 billion and $15 billion respectively.
• The rising fears among traders have already seen a drop in Indian shipments.
• As per the Federation of Indian Export Organisations (FIEO), rising threats have prompted Indian exporters to hold back around 25% of their cargo ships transitioning through the Red Sea.
• Opportunity for China as it is actively projecting China-Europe freight trains, which are part of the Belt and Road Initiative (BRI), as an alternate route.

In conclusion

• The Red Sea owes its strategic importance for global trade to the Bab el-Mandab Strait which lies between Yemen and Djibouti.
• India’s trade with European and North African countries flows entirely through the Red Sea route which is almost 24% of its exports and 14% of its imports.
• The India-Middle East-Europe Economic Corridor (IMEC), which was announced during the G-20 summit in 2023, is estimated to cut the journey time from India to Europe by 40% and slash transit costs by 30%