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1. In the 2024-25 Budget, the Indian government reduced the import duty on gold from 15% to 6%, aiming to lower domestic gold premiums and curb smuggling. The government will also decide on the future of Sovereign Gold Bonds (SGBs), introduced in 2015 to shift domestic savings from physical gold to financial assets. SGBs are issued by the RBI, offer a 2.5% annual interest rate, and are exempt from capital gains tax upon redemption. However, they involve long-term investment and low trading volumes. India, the world's second-largest gold consumer, saw a 30% increase in gold imports in 2023-24, though imports dropped by 53.56% in March 2024. Additionally, the government plans to issue sovereign green bonds worth Rs 20,000 crore in 2024-25 to fund environmentally beneficial projects.
2. Australia has recently launched a pioneering program to treat peanut allergies in infants using oral immunotherapy. This program aims to build immunity against peanuts by gradually introducing small amounts of peanut protein to babies under 12 months who have been diagnosed with peanut allergies. Australia, known as the "allergy capital of the world," has a high prevalence of food sensitivities, with 1 in 10 infants affected. In contrast, peanut allergies are rare in India, affecting approximately 0.03% of children. Peanut allergies occur when the immune system mistakenly identifies peanut proteins as harmful, leading to reactions from direct contact, cross-contact, or inhalation. While avoidance is the primary treatment, oral immunotherapy, like Palforzia (approved for ages 4-17), can help reduce severe reactions but is not a cure and has limitations for certain individuals.
3. China has completed a bridge across Pangong Tso lake in Eastern Ladakh, enhancing its People's Liberation Army’s (PLA) ability to quickly mobilize troops and tanks between the lake’s north and south banks. Pangong Tso, a deep, endorheic lake at over 14,000 feet in Ladakh, is shared between India and China, with India controlling one-third and China two-thirds. The eastern end is in Tibet. The northern bank features spurs called "fingers." India claims the Line of Actual Control (LAC) is at Finger 8, but controls up to Finger 4, while China claims the LAC is at Finger 2. Recent tensions have seen Chinese forces blocking Indian access beyond Finger 2. The lake is near the Chushul approach path, a potential route for Chinese offensives. China has developed motorable roads and a model of the area at its Huangyangtan base.
4. World Ranger Day, observed on July 31st, honors the commitment of rangers who safeguard natural and cultural treasures. The day commemorates those injured or killed in the line of duty and highlights the essential role rangers play in conservation. "30 by 30," reflecting the 2022 UN Convention on Biological Diversity's goal to conserve 30% of Earth's land and marine areas by 2030. Rangers are crucial for achieving this target through protection, monitoring, law enforcement, and community engagement. First observed in 2007 on the 15th anniversary of the International Ranger Federation (IRF), founded on July 31, 1992. Known as Van Rakshaks or Green Soldiers, they manage forests, wildlife, and environmental issues within a state's or union territory's Forest Range.
5. India has been elected Vice-Chair of the Supply Chain Council under the Indo-Pacific Economic Framework (IPEF), a 14-member bloc. The Supply Chain Council, along with the Crisis Response Network and the Labour Rights Advisory Board, is one of three bodies formed to enhance regional supply chain resilience. The Council focuses on strengthening critical supply chains for national security, public health, and economic well-being. Recent appointments include the USA as Chair and India as Vice-Chair for the Council, with other appointments for the Crisis Response Network and Labour Rights Advisory Board. The inaugural meetings set priorities and planned future in-person meetings, including one in Washington in September 2024. IPEF, launched in May 2022, is built on four pillars: Fair and Resilient Trade, Supply Chain Resilience, Clean Economy, and Fair Economy. India participates in Pillars II to IV and observes Pillar I.