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1. India has recently allowed limited imports of corn, crude sunflower oil, refined rapeseed oil, and milk powder under the Tariff-Rate Quota (TRQ) to control rising food inflation. TRQs allow a set amount of imports at reduced tariffs, balancing domestic industry protection with demand fulfillment. India, the largest importer of vegetable oils, relies heavily on imports, especially palm, sunflower, and soybean oils. Despite being the top milk producer, contributing 24.64% of global production, and having increased production significantly, India faces challenges in managing food inflation. India is also a significant corn producer, ranking fourth in cultivation area. Concessional duty reduces import costs, controls domestic prices, encourages specific industries, strengthens trade relations, and is often a temporary measure to address shortages or price spikes.
2. Recent opinion polls for the French legislative elections suggest the possibility of a cohabitation in the French Parliament. Cohabitation occurs when the President and the Prime Minister, who is the leader of the National Assembly, come from different political parties. This situation arises when the President's party lacks a majority in the National Assembly, necessitating the appointment of a Prime Minister from the opposition party or coalition. In this power-sharing arrangement, the President manages foreign policy and defense, while the Prime Minister focuses on domestic policy and day-to-day governance. Cooperation and compromise between the two leaders are essential for effective governance. Since 1958, the French Fifth Republic has experienced cohabitation three times. Established by Charles de Gaulle in 1958, the French Fifth Republic replaced the parliamentary Fourth Republic. France operates as a semi-presidential, double-headed executive, representative parliamentary democracy with distinct roles for the President and the Prime Minister.
3. The President of India recently addressed the joint sitting of both houses of Parliament for the first time, marking the inaugural address to the newly elected 18th Lok Sabha. A joint sitting involves both the Lok Sabha and Rajya Sabha meeting together, which can occur under Article 87 for the President's address at the start of the first session after each general election and the first session of each year. It can also occur under Article 108 to resolve legislative deadlocks when a bill is passed by one house but rejected by the other. Chaired by the Lok Sabha Speaker, joint sittings follow Lok Sabha rules and require a quorum of one-tenth of the total members from both houses. They exclude money bills and constitutional amendment bills. The Leader of the House in Rajya Sabha is currently Health Minister Jagat Prakash Nadda, while in the Lok Sabha, it is typically the Prime Minister.
4. Recently, the Defence Research and Development Organisation (DRDO) completed developmental trials of the High Speed Expendable Aerial Target (HEAT) named 'ABHYAS'. These trials were conducted at the Integrated Test Range (ITR) in Odisha. ABHYAS, developed at DRDO's Aeronautical Development Establishment (ADE), is designed to simulate realistic threat scenarios for practicing the use of weapon systems. It operates autonomously with the assistance of an autopilot and is equipped with systems such as Radar Cross Section (RCS), Visual and Infrared (IR) augmentation, a laptop-based ground control system, and capabilities for pre-flight checks and post-flight data analysis. Expendable aerial targets like ABHYAS play a crucial role in military training, testing, and evaluation by providing low-cost, replaceable drones that simulate aerial threats.
5. Recently, India's largest leopard safari was inaugurated at Bannerghatta Biological Park (BBP) in Bengaluru, Karnataka. Covering an expansive 20 hectares, the safari features an undulating terrain with natural rocky formations and partially deciduous forests, providing a suitable habitat for wildlife. Currently, the safari is home to 8 leopards. Bannerghatta Biological Park, established as a national park in 1974 and separated from Bannerghatta National Park in 2004, houses free-ranging leopards (Panthera pardus) among its various sections, which include a zoo, butterfly park, rescue center, and the scenic valley of the Champakadhama hills.
6. Recently, the Central Board of Indirect Taxes & Customs (CBIC) mandated that no Goods and Services Tax (GST) will be levied on Employee Stock Option Plans (ESOPs) issued by Indian subsidiaries of Multi-National Companies (MNCs). This decision, based on recommendations by the GST Council, specifies that ESOPs, Employee Stock Purchase Plans (ESPPs), and Restricted Stock Units (RSUs) issued by foreign firms will also be exempt from GST under certain conditions. ESOPs are employee benefit plans that offer employees ownership interest in the company through shares of stocks. ESPPs allow employees to purchase company stock at a discounted price, while RSUs provide employees with future incentives in the form of equity stocks after a vesting period. This exemption is expected to benefit numerous MNCs including Google, Microsoft, Oracle, Walmart, and other tech companies, as well as their Indian employees who participate in ESOP plans. CBIC, which operates under the Department of Revenue within the Ministry of Finance, is responsible for formulating policies related to customs, central excise duties, Central GST (CGST), and Integrated GST (IGST).
7. Born on June 27, 1838, Bankim Chandra Chattopadhyay was a pivotal figure of the Bengal Renaissance, renowned as a novelist, social satirist, and journalist. His composition "Vande Mataram," written in Sanskrit, became India's National Song, inspiring the freedom struggle. His novel "Anandamath" (1882) vividly depicted the Sanyasi Rebellion and prominently featured "Vande Mataram." Bankim Chandra founded the influential literary magazine Bangadarshan in 1872, promoting Bengali identity and nationalism through his works like "Durgeshnandini" (1865), "Kapalkundala" (1866), and "Devi Chaudhurani" (1884). Alongside his literary pursuits, he served as a lawyer and district judge. Bankim Chandra Chattopadhyay's contributions continue to resonate in Indian culture, literature, and the quest for independence.