Current Affairs

Compendium

Department of Management Studies

INDIAN INSTITUTE OF TECHNOLOGY DELHI
(Institute of Eminence, Govt. of India)

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Contents
1. Russia Ukraine Crisis .................................................................................................. 3

2. Layoffs Across Companies ......................................................................................... 4

3. G20 Presidency............................................................................................................ 5

4. Chat GPT ..................................................................................................................... 6

5. Moonlighting ............................................................................................................... 8

6. Agnipath Scheme ........................................................................................................ 9

7. Joshimath Sinking ..................................................................................................... 10

8. Iran Hijab Crisis ........................................................................................................ 11

9. COP 27 ...................................................................................................................... 12

10.Energy Crisis in Europe ............................................................................................ 13

11.Global Chip Shortage ................................................................................................ 14

12.Pegasus Scandal ........................................................................................................ 15

13.Indian Crypto Bill………….……………………………………………………….16

14.Musk takes over Twitter .………………………………..…………………………17

15.Highlights of Budget2023-24………………………………………………………18

16.Tips to prepare for Current Affairs ........................................................................... 22

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1. Russia Ukraine Crisis

Reason for conflict:
Ukraine, which was part of the Russian empire for centuries before becoming a Soviet
republic, won independence as the USSR broke up in 1991. It moved to shed its Russian
imperial legacy and forge increasingly close ties with the West. A decision by Kremlin-
leaning Ukrainian President Viktor Yanukovych to reject an association agreement with
the European Union in favor of closer ties with Moscow led to mass protests that saw
him removed as a leader in 2014. Russia responded by annexing Ukraine’s Crimean
Peninsula and throwing its weight behind a separatist rebellion that broke out in
Ukraine’s east. Ukraine and the West accused Russia of sending its troops and weapons
to back the rebels. Moscow denied that, saying the Russians who joined the separatists
were volunteers. According to Kyiv, more than 14,000 people have died in the fighting
that devastated Donbas, Ukraine’s eastern industrial heartland. For its part, Moscow has
strongly criticized the US and its NATO allies for providing Ukraine with weapons and
holding joint drills, saying that such moves encourage Ukrainian hawks to try to regain
the rebel-held areas by force. Furthermore, Russian President Vladimir Putin has
repeatedly said Ukraine’s aspirations to join NATO are a red line and expressed concern
about plans by some NATO members to set up military training centers in Ukraine.
This, he has said, would give them a military foothold in the region even without
Ukraine joining NATO.
What does Russia want?
Russia does not want Ukraine in NATO – and has said as much in its list of security
demands which were sent to the US last December. The demands included a halt to any
NATO drills near Russia’s border. Many of these ultimatums have been slammed as
non-starters by the West. It also wants NATO to withdraw from Eastern Europe. In
December, Putin said Russia was seeking guarantees “that would exclude any further
NATO moves eastward and the deployment of weapons systems that threaten us in
close vicinity to Russian territory”. Putin offered the West an opportunity to engage in
substantive talks on the issue, adding that Moscow would need not just verbal
assurances, but “legal guarantees”. Ukraine’s admission to the alliance would require
the unanimous approval of the 30 states that make up the body. The US and NATO
have now responded to the calls. While neither Moscow nor the Western powers have
gone public with the details of those responses, it has been made clear that Russia’s
main demands – Ukraine essentially banned from being a NATO member and a promise
that the alliance won’t expand further east – have been turned down.
For more information:
1. https://www.aljazeera.com/news/2022/1/25/five-things-to-know-about-russia-
ukraine-tensions
2. https://www.vox.com/22917719/russia-ukraine-invasion-border-crisis-nato-
explained https://www.nytimes.com/article/russia-ukraine-nato-europe.html

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2. Layoffs across Companies

Layoffs have become tech’s new normal. The industry, which saw rapid growth during
the COVID-19 pandemic, is now feeling the impact of the broader economy.

• The COVID-19 pandemic and the behaviours it cultivated, such as remote work and
buying groceries online, prompted tech companies to hire rapidly and aggressively.
• When inflation hit the U.S. hard, the fed had raised rates, which caused the economy
to soften. Growth stalled from there.
• That happened as people returned to pre-pandemic habits. The tech industry, had
invested in the habits and behaviours it saw during the pandemic, suffered as a
result.
• The "war for talent" during the boom period led to companies hiring too fast and
spent too much in doing so, showing “sloppy” behaviour.

Collectively, employers in the slumping tech sector cut more than 150,000 jobs in 2022,
based on estimates from Layoffs.fyi, a website that tracks the events as they surface in
media reports and company releases.

Major companies like Meta, Google, Amazon, Microsoft, Salesforce, Citigroup Inc.,
Morgan Stanley, Intel, Johnson & Johnson, Twitter, Cisco, CNN along with most other
companies have resorted to laying off by an average of 12% of their workforce.

Over 30 to 40 percent of the Indian IT professionals have been laid off in the US, a
significant number of whom are H-1B and L1 visa holders

For more information:

1. https://www.livemint.com/news/india/laidoff-indian-it-professionals-scramble-for-
options-to-stay-in-the-us-11674452788977.html
2. https://indianexpress.com/article/explained/explained-global/us-economy-recession-
job-cuts-meta-amazon-morgan-stanley-layoffs-8361492/
3. https://news.crunchbase.com/startups/tech-layoffs/

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3. G20 Presidency
Summary:
The worldwide G20 summit, formed in 199, includes 19 states and the European Union
in the backdrop of the financial crisis of the late 1990s that hit East Asia and Southeast
Asia in particular. The India G20 Presidency 2022 started on December 1. In 2023, India
will host the 18th summit. The subject of the same is ‘One Earth, One Family, One
Future’, and the guiding philosophy would be the mantra of Vasudhaiva Kutumbakam,
which means ‘that all of the earth, universe, or reality is one.’ The agenda priortizes
global healing by promoting environmentally friendly and sustainable lifestyles, human
family peace by depoliticizing relevant food, fertilizer, and pharmaceutical supply
chains, and encouraging open dialogue among the world’s most powerful nations on
critical topics such as climate change and the reduction of threats posed by weapons of
mass destruction to improve global security. The conference will focus on significant
issues such as infrastructure finance, health care financing, financial sector policy
changes, and long-term growth financing by developing an inclusive digital public
infrastructure that assures affordability and safe access.

Facts and Figures:

1. The G20 meeting’s 20 countries account for 80% of global GDP, 75% of world trade,
and 60% of the worldwide population.
2. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy,
Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the
United Kingdom, the United States and the EU.
3. The idea is based on the aphorism Vasudhaiva Kutumbakam, which comes from the
Maha Upanishad, an ancient Sanskrit Literature.
4. 1st Sherpa Meeting was scheduled at Udaipur in December’22.

Opinion:
The G20 should act as a catalyst for India’s innovative rethinking. India could use the
meeting to further its own and South Asia’s goals on a global scale. India may exhibit
numerous aspects of its rich culture and resilience.

For more information:

1. https://www.g20.org/en/
2. https://www.cfr.org/backgrounder/what-does-g20-do
3. https://www.hindustantimes.com/india-news/indias-g20-presidency-will-be-inclusive-
decisive-action-oriented-pm-modi-101668590775845.html

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4. Chat GPT
What is Chat GPT?
Chat GPT, or chat-based Generative Pretrained Transformer, is an AI (Artificial
Intelligence) chatbot that generates human-like responses to text input. Open AI is an AI
research and deployment company. Chat GPT is based on the powerful GPT 3.5 series of
language learning models (LLM) and interacts in a conversational way.

Chat GPT Features:

One of the key features of Chat GPT is its ability to generate human-like responses to text
input. This makes it well-suited for applications such as chatbots, virtual assistants, and
conversational AI systems. For example, a chatbot built with Chat GPT could provide
answers to questions, engage in natural conversation, and even generate creative content
such as poems or stories.

What was Chat GPT trained on?

The model can be fine-tuned for specific tasks or domains, allowing it to perform well in
a wide range of applications. One potential downside of Chat GPT is that, like other
machine learning models, it is only as good as the data it is trained on. If the training data
contains biases or inaccuracies, the model may reproduce these biases in its outputs.

Key differences between Chat GPT and Search Engine:

1. Search engines have short-term memory while providing results, whereas chatbots
have persistent, long-term memory.
2. Chatbots have an advantage in being able to provide personalized and more
accurate results based on historical interactions whereas search engines provide a
minimal level of personalized results based on previous searches.

For more information:

1. https://www.cnbc.com/2022/12/13/chatgpt-is-a-new-ai-chatbot-that-can-answer-
questions-and-write-essays.html
2. https://portfolio.newschool.edu/literature/2022/12/08/what-is-chat-gpt/
3. https://www.pegasusone.com/how-chat-gpt-utilizes-the-advancements-in-artificial-
intelligence-to-create-a-revolutionary-language-model/

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5. Internationalisation of Indian Rupee and UPI

India has been making significant strides in expanding the network of its digital
payment systems like RuPay, UPI (Unified Payments Interface), etc. globally, with
Europe being the latest region to accept India’s payment systems. Other countries that
have embraced different forms of Indian payment systems include France, UAE, Saudi
Arabia, Bahrain, Singapore, Maldives, Bhutan, and Oman. This imples that Indians
will now be able to make payments through UPI, RuPay etc. in these countries.
These global partnerships have come through as NIPL (NPCI International Payments
Limited) has been forging partnerships with different countries to build a huge
acceptance network for RuPay and UPI, which will allow Indian travelers to make
payment via these channels in their destination country of travel.

As per a January 10, 2023 circular from the NPCI, UPI platforms will be able to
onboard non-resident accountholders (NRE/NRO accounts) from 10 countries with
international mobile numbers if they satisfy certain conditions. NRIs use NRE accounts
to transfer foreign earnings to India, while NRO accounts helps them manage their
income earned in India.
Their banks must ensure the NRE/NRO accounts meet Foreign Exchange Management
Act (FEMA) regulations and guidelines released from time to time by the Reserve
Bank of India (RBI) besides guarding against money laundering or terror financing.
This means that NRIs seeking to transact via UPI platforms in these stipulated
countries would not require an Indian mobile number. It will help international
students, family living abroad, and local businesses.

The process of internationalising the rupee entails using it more frequently in cross-
border transactions.
Before moving on to capital account usage, it comprises promoting the use of the rupee
in import and export trade as well as other current account operations.
While only partially convertible in the capital account, the rupee is fully convertible in
the current account. A currency (in this case, the rupee) might obtain more acceptance
(credibility) around the world by adopting complete capital account convertibility, or
the freedom to convert domestic financial assets into foreign financial assets and vice
versa.

Reserve Bank of India defines CBDC (Digital Rupee (e₹)) as the legal tender issued by
a central bank in a digital form on October 7, 2022.

For more information:

1. https://www.india-briefing.com/news/global-acceptance-of-indias-digital-payment-
systems-europe-latest-to-join-26183.html/
2. https://www.clearias.com/internationalisation-of-rupee/
3. https://www.ibef.org/blogs/india-one-of-the-pioneers-in-introducing-cbdc

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5. Moonlighting
Moonlighting refers to the practice of working a second job outside normal business
hours. Therefore, an employee may work a normal 9-to-5 job as a primary source of
income but work nights at a different job in order to earn extra money. Employees who
work for private businesses may be subject to any policies the company has in place
regarding moonlighting. Certain organizations may not want employees to work
additional jobs while others will not care. Employees for public organizations may
need to check with any agency regulations or federal laws concerning having two jobs.
One example would be the fact that employees of federal government agencies are
prohibited from receiving two sources of income that both come from the federal
government.
During the Covid-19 pandemic, working from home was “the new normal” for most
employees. The companies believe that these work-from-home scenarios might have
led to a rise in dual employment. The IT giants seem to be concerned that moonlighting
can affect their employees’ productivity, data confidentiality and even the fact that
company resources might be used for the second job.
While CEO Rishad Premji was the first to coin the term moonlighting as claimed that
this practice is “cheating and unacceptable.” Following this, the company sacked 300
employees over the past few months for moonlighting.
Infosys CEO Salil Parekh also recently reiterated the company’s stance on the practice
of employees’ moonlighting. Parekh said that the company doesn’t support dual
employment.
Meanwhile, TCS global HR head Milind Lakkad said that moonlighting is an ethical
issue and it is against the company's core values.

For more information:

1. https://www.outlookindia.com/business/what-is-moonlighting-here-s-why-
wipro-fired-300-employees-for-doing-it-news-225205
2. https://timesofindia.indiatimes.com/gadgets-news/explained-what-is-
moonlighting-in-it-industry/articleshow/94991378.cms

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6. Agnipath Scheme
The Union Cabinet on 14 June had approved a recruitment scheme for Indian youth to
serve in the Armed Forces. The scheme is called Agnipath and the youth selected
under this scheme will be known as Agniveers.
AGNEEPATH allows patriotic and motivated youth to serve in the Armed Forces for a
period of four years.

What Is Agnipath?
According to the government, Agnipath scheme has been designed to enable a youthful
profile of the Armed Forces. It will provide an opportunity to the youth who may be
keen to don the uniform by attracting young talent from the society who are more in
tune with contemporary technological trends and plough back skilled, disciplined and
motivated manpower into the society.
As for the Armed Forces, it will enhance the youthful profile of the Armed Forces and
provide a fresh lease of “‘Josh’ and ‘Jazba’” whilst at the same time bring about a
transformational shift towards a more tech savvy Armed Forces – which is indeed the
need of the hour. It is envisaged that average age profile of Indian Armed forces would
come down by about 4-5 years by implementation of this scheme.
According to the government, the nation stands to immensely benefit by infusion of
highly inspired youth with deeper understanding of self-discipline, diligence and focus
that would be adequately skilled and will be able to contribute in other sectors. The
dividends of a short military service to the nation, society and the youth of the nation
are immense.
Who are Agniveers?
The youth joining the armed forces under Agnipath scheme will be known as
Agniveers.
Agniveers will be given an attractive customised monthly package along with Risk and
Hardship allowances as applicable in the three services. On completion of the
engagement period of four years, Agniveers will be paid one time ‘SevaNidhi’ package
which shall comprise their contribution including accrued interest thereon and
matching contribution from the Government equal to the accumulated amount of their
contribution including interest

For more information:

1. https://www.thestatesman.com/india/what-is-agneepath-scheme-1503081760.html
2. https://www.thehindu.com/news/national/agnipath-scheme-eligibility-recruitment-
salary-benefits-soldiers-army-navy-air-force/article65529801.ece
3. https://www.orfonline.org/research/agnipath-military-recruitment-scheme-embracing-
the-global-practice-for-the-indian-context/

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7. Joshimath Sinking
What is land subsidence?
Subsidence is the “sinking of the ground because of underground material movement”.
It can happen for a host of reasons, man-made or natural, such as the removal of water,
oil, or natural resources, along with mining activities. Earthquakes, soil erosion, and soil
compaction are also some of the well-known causes of subsidence.

What can be the reasons behind Joshimath’s subsidence?

Experts suggest that the incident might have occurred because of unplanned
construction, over-population, obstruction of the natural flow of water and hydel power
activities. Not only this, the area is a seismic zone, which makes it prone to frequent
earthquakes.

Joshimath city has been built on an ancient landslide material, meaning it rests on a
deposit of sand and stone, not rock, which doesn’t have high load-bearing capacity. This
makes the area extremely vulnerable to ever-burgeoning infrastructure and population.
Moreover, the lack of a proper drainage system might have also contributed to the
sinking of the area. Residents have also blamed NTPC’s Tapovan Vishnugad Hydro
Power Project for the incident.

Facts and Figures:

1. A 2006 scientific report had revealed some parts of Joshimath were sliding by 1cm
every year.
2. Himalayan town sank at a rapid pace of 5.4 cm in just 12 days.
3. Crown of the subsidence was located near Joshimath-Auli road at a height of 2,180
metres.

For more information:

1. https://indianexpress.com/article/explained/explained-climate/joshimath-what-is-land-
subsidence-and-why-does-it-happen-8370817/
2. https://timesofindia.indiatimes.com/city/dehradun/17-year-old-survey-said-parts-of-
joshimath-sinking-residents-need-to-be-shifted/articleshow/96840470.cms
3. https://indianexpress.com/article/india/joshimath-isro-land-subsidence-report-8379779/

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8. Iran Hijab Crisis

How it all began?
The death of Mahsa Amini on September 16, three days after her arrest by the morality
police in Tehran, prompted the spread of large-scale protests in Iran, unprecedented in
terms of both their geographic range and the diverse social backgrounds of the
demonstrators. The movement has extended to large and small cities outside Tehran,
including Kurdish areas—where Amini came from—and youth from across the
socioeconomic and educational spectrum have taken part.

What happened during the protests?

As the protests intensified, videos of women cutting their hair and burning their hijabs
spread, acts which served as both an expression of anger directed towards the morality
policy responsible for Mahsa Amini’s death, and a rejection of the policy of compulsory
hijab more generally. However, the acts of hijab burning, and hair cutting did not
merely launch a rebellion against government-imposed dress codes, but also came to
symbolize broader demands for fundamental political and economic reforms.

What do these protests symbolize?

Recent protests in Iran are part of a decades-long fight for freedom carried out by
Iranian women. In recent weeks, the killing of Mahsa Amini while in custody for
allegedly “wearing her hijab improperly” has outraged Iranians and sparked a new
round of nation-wide protests. Iranian women’s fight against the state-imposed dress
code, however, started as early as 1979.
As we see today, many of these early battles between the state and its citizens have
remained unresolved in the post-Revolution period and have impacted new generations
of Iranians, ultimately restricting their personal choices. Thus, the death of Mahsa
Amini exposed the collective grievances held by the Iranian public. Women burned
their headscarves in protests, which spread rapidly across the country, as a symbol of
their rejection of the state’s control over their private choices.

For more information:

1. https://carnegieendowment.org/sada/88152
2. https://www.outlookindia.com/international/iranian-state-faces-legitimacy-crisis-in-
the-face-of-women-uprising-news-228706

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9. COP 27
During the UN Climate Change Conference (COP 27) held from 6 November until 20
November 2022 in Sharm El Sheikh, Egypt, all Parties to the UNFCCC came together
to effectively tackle climate change and ensure the full implementation of the Paris
Agreement.
Loss and damage
Developing countries have been seeking financial assistance for loss and damage –
money needed to rescue and rebuild the physical and social infrastructure of countries
devastated by extreme weather – for nearly three decades. Finally achieving agreement
on a fund is a major milestone. There is no agreement yet on how the finance should be
provided and where it should come from.

1.5 °C - Agreement:
The 2015 Paris agreement contained two temperature goals – to keep the rise “well
below 2°C” above pre-industrial levels, and “pursuing efforts” to keep the increase to
1.5°C. Science since then has shown clearly that 2 °C is not safe, so at COP26 in
Glasgow last year countries agreed to focus on a 1.5 °C limit. As their commitments on
cutting greenhouse gas emissions were too weak to stay within the 1.5C limit, they also
agreed to return each year to strengthen them, a process known as the ratchet. At
COP27, some countries tried to renege on the 1.5C goal, and to abolish the ratchet.

Fossil fuels:
Last year at Glasgow, a commitment to phase down the use of coal was agreed. It
marked the first time a resolution on fossil fuels had been included in the final text –
some would say, incredibly for 30 years of conferences on climate change. At COP27,
some countries – led by India – wanted to go further and include a commitment to phase
down all fossil fuels.

Gas:
The final text of COP27 contained a provision to boost “low-emissions energy”. That
could mean many things, from wind and solar farms to nuclear reactors, and coal-fired
power stations fitted with carbon capture and storage. It could also be interpreted to
mean gas, which has lower emissions than coal, but is still a major fossil fuel.

For more information:

1. https://www.wri.org/insights/cop27-key-outcomes-un-climate-talks-sharm-el-sheikh
2. https://unfccc.int/news/cop27-reaches-breakthrough-agreement-on-new-loss-and-
damage-fund-for-vulnerable-countries

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10. Energy Crisis in Europe

Europe's economic future is challenging and uncertain. Governments, people, and
businesses are battling an energy and cost-of-living crisis that was made worse by the
conflict in Ukraine. Inflationary pressures have widened as high energy prices are
gradually spilling over into other economic sectors. In the European Union, year-over-
year consumer price inflation reached a record high of 11.5% in October 2022. Energy
costs increased by 38.7% from a year ago, continuing to be the largest contributor to
overall inflation. Excluding energy, food, alcohol, and tobacco, core inflation surged as
well, hitting 6%. The purchasing power of households is being reduced by high and
persistent inflation, which is also increasing production costs for businesses and putting
pressure on central banks to raise interest rates further. In addition to increases earlier in
the year, the European Central Bank and the Bank of England both delivered jumbo-
sized rate boosts of 75 basis points in November 2022 while also teasing additional
increases in the months to come. Many economists anticipate that the European
economies will enter a winter recession as a result of the high inflation rate and the
quickly tightening monetary policy.

Prices for natural gas have dropped from their August highs, gas storage facilities are
nearly full, and October temperatures have been warmer than usual. These
developments have raised optimism that, in the near future, Europe would be able to
avoid the worst-case scenario of severe gas shortages, rationing, and industrial
shutdowns. However, such encouraging short-term trends should not mask the
difficulties that Europe's energy-dependent businesses are experiencing as a result of
high gas and electricity prices, which are expected to stay high for a while. This winter
might still bring interruptions to industries with high absolute gas demand or gas-
intensive output. Furthermore, sustained price increases could harm the economy in the
long run by reducing Europe's competitiveness in high-energy manufacturing sectors,
reducing market share, and forcing businesses to relocate to nations with cheaper energy
prices.

For more information:

1. https://www.iss.europa.eu/content/europes-energy-crisis-conundrum
2. https://www.hindustantimes.com/ht-insight/international-affairs/war-winter-and-the-
energy-crisis-in-europe-101672053645041.html
3. https://www.aljazeera.com/features/2022/12/20/which-european-nations-are-handling-
the-energy-crisis-best

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11. Global Chip Shortage

A survey of more than 150 firms found supplies had fallen from an average of 40 days'
worth in 2019 to just five days in late 2021. Sales of devices soared during the
pandemic, leaving semiconductor makers struggling to keep up with demand. The
shortage has resulted in huge disruptions for major industries. Millions of products -
cars, washing machines, smartphones, and more - rely on these chips, also known as
semiconductors. "With sky-rocketing demand and full utilization of existing
manufacturing facilities, it's clear the only solution to solve this crisis in the long-term
is to rebuild our domestic manufacturing capabilities." the US secretary of commerce
Gina Raimondo said in a statement. The research also found that demand for
semiconductors was as much as 17% higher last year than it was in 2019. Meanwhile,
US House Democrats on Tuesday unveiled legislation aimed at increasing US
competitiveness with China and spending $52bn (£38.5bn) on semiconductor
production and research, after the Senate approved funding in June. President Joe
Biden's administration is pushing to persuade Congress to approve funding to help
boost chip production in the US, as shortages of the key components have exacerbated
supply chain bottlenecks.

Why is there a chip shortage for computers and cars?

Last week, Intel said it would invest $20bn to build what could be the world's biggest
chip-making complex in Ohio. In November, Samsung announced that it had chosen a
site close to the US city of Taylor in Texas for its new $17bn computer chip plant. The
plant is expected to be operational by the second half of 2024. It is the South Korean
electronics giant's biggest-ever US investment.

For more information:

https://www.engadget.com/global-chip-shortage-gamers-gpu-console-delays-
160008383.html
https://www.electronicdesign.com/industrial-automation/article/21214146/the-global-
chip-shortage-how-did-we-get-here-where-are-we-headed-what-now
https://www.techrepublic.com/article/global-chip-shortage-cheat-sheet/

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12. Pegasus Scandal

A new political storm erupted over an investigation by the New York Times that said
the Indian government had purchased Israeli NSO group’s Pegasus software in July
2017 in order to carry out targeted surveillance on citizens, claiming that high-level
visits by Prime Minister Narendra Modi and former Israel Prime Minister Benjamin
Netanyahu and even a U.N. vote on a Palestinian organization was part of a larger
backroom deal.
The revelations that come just two days before the Budget Session of Parliament has
provided fresh ammunition to the opposition parties to corner the government on the
issue. The opposition parties attacked the government, accusing it of “misleading”
parliament and the Supreme Court on the issue on Saturday after the NYT report was
published, while the Congress party said the alleged use of spyware on opposition
leaders, Supreme Court judges, journalists, and activists was an “act of treason”, and
said they would raise the issue in the upcoming budget session as well.
In the report published on January 28, the New York times said that ties between PM
Modi and PM Netanyahu had “warmed” because of their agreement for the sale of “a
package of sophisticated weapons and intelligence gear worth roughly $2 billion —
with Pegasus and a missile system as the center-pieces”. The NYT did not divulge
sources for the claim that India had in fact bought the Pegasus system and did not
respond to an email from The Hindu asking for any details used to verify the story. In
their detailed investigation, NYT’s reporters named several countries including India,
UAE, Hungary, Poland, and Mexico on the list of those who had purchased the spying
software, and said that they had not just strengthened ties with the Netanyahu
government, but had shifted on support to Palestine and muted opposition to Israel at
the United Nations.

For more information:

https://indianexpress.com/article/india/no-information-pegasus-spyware-controversy-
mea-7755841/
https://www.ndtv.com/india-news/pegasus-and-a-missile-system-were-centerpieces-
of-usd-2-bn-deal-between-india-and-israel-in-2017-nyt-2736396
https://www.thehindu.com/news/national/pegasus-and-a-missile-system-
were-centerpieces-of-2-billion-deal-between-india-and-israel-in-2017-
nyt/article65013909.ece

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13. Indian Crypto Bill

The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 (the "Bill")
is a bill being introduced to the Lok Sabha. According to the Lok Sabha bulletin dated
November 23, 2021, the Bill seeks 'to create a facilitative framework for creation of
the official digital currency to be issued by the Reserve Bank of India. The Bill also
seeks to prohibit all private cryptocurrencies in India; however, it allows for certain
exceptions to promote the underlying technology of cryptocurrency and its uses'.
In India, the Reserve Bank of India ("RBI") over the years has voiced concerns
regarding VCs and the lack of safeguards. What appears to be the RBI's apprehension
and reluctance had manifested in a ban via circular issued by the RBI on April 6, 2018
("2018 Circular") prohibiting all entities regulated by the RBI from rendering services
in connection with VCs including maintaining accounts, registering, trading, settling,
clearing, giving loans against virtual tokens, accepting them as collateral, opening
accounts of exchanges dealing with them and transfer/receipt of money in accounts
relating to purchase/sale of VCs. This circular was later set aside by the Supreme Court
in March 2020 in the case of Internet and Mobile Association of India V. Reserve Bank
of India.
It was held by the Supreme Court in the aforementioned case that 'The position as on
date is that VCs are not banned, but the trading in VCs and the functioning of VC
exchanges are sent to comatose by the impugned Circular by disconnecting their
lifeline namely, the interface with the regular banking sector. What is worse is that this
has been done (i) despite RBI not finding anything wrong about the way in which these
exchanges function and (ii) despite the fact that VCs are not banned'.
Following the judgement of the Supreme Court, the RBI issued a follow up circular
dated May 31, 2021 wherein it stated that in light of the Supreme Court's decision, the
2018 Circular was no longer valid and directed entities regulated by it not to rely on the
2018 Circular. The proposed Bill may ideally serve to introduce a level of uniformity
of understanding and serve to bring the various government agencies involved onto the
same page while also providing security and helping regulate the markets.
However, on the surface the Bill seems to be very restrictive in nature as it seeks to ban
all private cryptocurrencies including mining and trading therein. The Bill further
seeks to promote the 'official digital currency' that is to be issued by the Central
Government and the RBI. While there are genuine concerns over the usage of VCs,
regulation rather than prohibition could be a more viable option in India and embracing
VCs may have served as a way for India to lead the way into the future.
For more information:
https://timesofindia.indiatimes.com/business/cryptocurrency/blockchain/the-indian-
crypto-bill-2021-what-lies-ahead-for-crypto-investors/articleshow/88570455.cms
https://www.mondaq.com/india/fin-tech/1145012/cryptocurrency-bill-2021-the-
road-ahead

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14. Musk takes over Twitter

Tesla CEO Elon Musk has become new in charge of Twitter after finalizing a $44
billion deal. The decision came after the rising doubts about his intentions of following
through with the mentioned acquisition deal. Reportedly, Twitter Indian-Origin CEO
Parag Agrawal, who was appointed to the position in 2021, and finance chief Ned
Segal have left the company’s headquarters in San Francisco and will not be returning
as Musk begins the purge of top-level executives after the closing of the deal.

Social media platforms have grown so crucial to peoples' current socio-economic-

political life that any changes to how these platforms operate have an influence not
only on the company but also on society as a whole. Twitter has long been charged
with encouraging hate speech and polarising propaganda. Additionally, it has been
criticised for inconsistently designating content as harmful.

All of them generated the impression that it is a player with interest rather than a
platform with no interest. Its attempts to reverse the view, including developing
policies against abuse and misinformation and releasing technologies for quickly
identifying problematic content.

Changes after assuming charge:

Musk has announced a set of sweeping changes to the platform, including charging $8
for the coveted blue checkmark. Musk-led social media company has fired roughly half
of its 7,500-strong staff. The company’s employees were first informed about the
layoffs via email on the previous day. Not only did the massive layoffs generate
apprehension about the platform’s ability to deal with misinformation ahead of the
important US midterm elections, but it has also prompted a class action lawsuit from
employees who claim the company violated various labour laws by not providing
advance notice to the employees who were dismissed.

For more information:

1. https://theprint.in/opinion/elon-musks-twitter-takeover-will-encourage-govt-
intervention-on-social-media/1194804/
2. https://economictimes.indiatimes.com/tech/technology/elon-musk-effect-experts-split-
on-what-twitter-takeover-means-for-india/articleshow/95151912.cms

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15. Highlights of Budget 2023-24

A key theme of Union Budget 2023-24 is the focus on inclusive development - Sabka
Sath, Sabka Vikas which specifically covers;
Farmers, Women, Youth, Scheduled Castes, Scheduled Tribes, Other Backward
Classes (OBCs), Divyangjan (PwDs) and Economically Weaker Sections (EWS),
Overall priority for the underprivileged.
There has also been a sustained focus on UTs of J&K, Ladakh, and the Northeast
Region (NER).
• The Budget is along the lines of the two-pronged growth strategy first unveiled
in 2019: Incentivising the private sector thus creating jobs and pushing growth.
• ‘Minimum Government, Maximum Governance’; increasing capex and raising
more revenues via disinvestment.

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Key Takeaways of the Budget:

• Changes in the new income tax regime (in rebate limit and in tax slabs).
• A 33% increase in capital investment outlay has been proposed, raising it to Rs
10 lakh crore (the biggest in the past decade).
• Changes in customs duty; reduced on import of certain inputs for mobile phone
manufacturing, shrimp feed etc., and increased on cigarettes, gold articles,
compounded rubber, etc.
• Capital outlay for the railways increased to the highest ever – Rs 2.40 lakh
crore.
The Budget identifies 4 transformative opportunities to be leveraged before
reaching India@100:

• Economic Empowerment of Women through SHGs

• PM Vishwakarma Kaushal Samman (PM VIKAS)
• Tourism Promotion in Mission Mode
• Green Growth
Development in Financial Sector

Credit Guarantee for MSMEs: In 2022, the credit guarantee scheme for MSMEs was
revamped and will take effect from 1st April 2023 through the infusion of Rs 9,000
crore in the corpus.

• This will enable additional collateral-free guaranteed credit of Rs 2 lakh crore.

• The cost of the credit will be reduced by about 1%.
Financial Information Registry:

• A National Financial Information Registry will be set up to serve as the central

repository of financial and ancillary information.
• This will facilitate the efficient flow of credit, promote financial inclusion, and
foster financial stability.
• A new legislative framework, designed in consultation with the RBI, will govern
this credit public infrastructure.

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Small Savings Schemes:

To commemorate Azadi Ka Amrit Mahotsav, a one-time new small savings scheme,
Mahila Samman Savings Certificate, will be made available for a two-year period up
to March 2025.
The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from
Rs 15 lakh to Rs 30 lakh.

Reforms Proposed in Taxation:

Personal Income Tax: There are five major announcements relating to personal
income tax. The rebate limit in the new tax regime has been increased to ₹ 7 lakh. It
means that persons in the new tax regime with income up to ₹ 7 lakh will not have to
pay any tax. The tax structure in the new personal tax regime has been changed by
reducing the number of slabs to five and increasing the tax exemption limit to ₹ 3 lakh.

Tax Rate Current Income Proposed Income

Slab Slab
Nil Up to Rs 2.5 lakh Up to Rs 3 lakh
5% Rs 2.5 lakh to Rs 5 Rs 3 lakh to Rs 6
lakh lakh
10% Rs 5 lakh to Rs 7.5 Rs 6 lakh to Rs 9
lakh lakh
15% Rs 7.5 lakh to Rs 10 Rs 9 lakh to Rs 12
lakh lakh
20% Rs 10 lakh to Rs 12 Rs 12 lakh to Rs 15
lakh lakh
25% Rs 12 lakh to Rs 15 -
lakh
30% Above Rs 15 lakh Above Rs 15 lakh
Green Growth:

National Green Hydrogen Mission:

An outlay of Rs 19,700 crores has been allocated to the National Green Hydrogen
Mission to facilitate the transition of the economy to low carbon intensity, reduce

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dependence on fossil fuel imports, and make the country assume technology and
market leadership in this sunrise sector. The target is to reach an annual production of
5 MMT by 2030.

GOBARdhan Scheme: 500 new ‘waste to wealth’ plants under GOBARdhan scheme
will be established to promote Circular Economy (200 compressed biogas (CBG)
plants and 300 community/cluster-based plants). Total Investment - Rs 10,000 crore.
In due course, a 5% CBG mandate will be introduced for all organizations marketing
natural and biogas.

Bhartiya Prakritik Kheti Bio-Input Resource Centres: Over the next 3 years, the
Centre will facilitate 1 crore farmers to adopt natural farming by setting up 10,000
Bio-Input Resource Centres, creating a national-level distributed micro-fertilizer and
pesticide manufacturing network.

Other Investments in Green Energy: Rs. 35,000 crores for priority capital
investments towards energy transition and net zero objectives, and energy security
(Ministry of Petroleum & Natural Gas). Battery Energy Storage Systems with a
capacity of 4,000 MWH to be supported with Viability Gap Funding. Rs 20,700 crore
(central support - Rs 8,300 crore) for inter-state transmission system for evacuation
and grid integration of 13 GW renewable energy from Ladakh.

Infrastructure and Investment:

Increase in Capex for Infra: Capital investment outlay increased for the third
consecutive year - by 33% to Rs 10 lakh crore making it 3.3% of GDP. The ‘Effective
Capital Expenditure’ is budgeted at Rs 13.7 lakh crore - 4.5% of GDP.

Support to State Govts for Cap-Investment: The Government has decided to

continue the 50-year interest free loan to state governments for one more year to spur
investment in infrastructure and to incentivize them for complementary policy actions.
The enhanced outlay for this is Rs 1.3 lakh crore.

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Railways: A capital outlay of Rs 2.40 lakh crore has been provided for the Railways -
the highest ever outlay and about 9 times the outlay made in 2013- 14.

Aviation: 50 additional airports, heliports, water aerodromes and advanced landing

grounds will be revived for improving regional air connectivity.

Other Transportation Projects: 100 critical transport infrastructure projects, for last
and first mile connectivity for ports, coal, steel, fertiliser, and food grains sectors have
been identified and will be taken up on priority with investment of Rs 75,000 crore,
including Rs 15,000 crore from private sources. An Urban Infrastructure Development
Fund (UIDF) will be established through use of priority sector lending shortfall.

16. Tips to Prepare for Current Affairs

• The main purpose of asking these questions is to glean whether you are up-to-date
with what is going on around you, which is an essential skill for any management
graduate.
• Just having basic knowledge about the subject is not enough. You also need to
analyze each and every topic and think about your stand on that issue.
• It is important to maintain a neutral tone while answering these questions because
opinions might vary from person to person. In most cases try to use words like
‘might’ instead of ‘should’.
• Try to have a balanced answer with a pros and cons analysis
• It might also be helpful to know the latest happenings about the college you are
interviewing for: any policy changes, new publications achievements, etc.
• It is very important to know about general details of some particular topics.

Example: Russia Ukraine crisis

Who is the president of Ukraine?
What are the countries sharing border with Ukraine?
What is the capital of Ukraine?

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