News in Shorts: 24 July 2024

Polavaram Irrigation Project

• The Finance Minister stated that the government is fully committed to completing and financing the Polavaram irrigation project.

 Polavaram irrigation project: 

• About: The project is a multi-purpose irrigation development under construction on the Godavari River, spanning the Eluru and East Godavari districts in Andhra Pradesh. 
  • It has been designated as a National project by the Union Government of India.
• Objectives: Develop irrigation, hydropower, and drinking water facilities in East Godavari, Visakhapatnam, West Godavari, and Krishna districts.
  • Generate 960 MW of hydropower and supply water to 28.5 lakh people in 611 villages.
  • Achieve irrigation potential of 4.368 lakh hectares.
  • Implement the Godavari-Krishna link, transferring 80 TMC of surplus water to Krishna River, shared by Andhra Pradesh, Karnataka, and Maharashtra.

Angel Tax

• Recently, the Union Minister for Finance proposed abolishing the ‘angel tax’ for all types of investors during the presentation of the Union Budget 2024-25 in Parliament.

Angel Tax: 

• About: The ‘angel tax’ was applied to capital raised by unlisted companies from Indian investors if the share price exceeded the company’s fair market value. 
  • Funds raised above this fair value were considered income and subjected to tax.
• Origins: It originates from Section 56(2)(viib) of the Income Tax Act, 1961, and was first introduced in 2012 to prevent black money laundering through share sales.
• Levy: It was charged at a rate of 30.9% on the net investments exceeding the fair market value.
• Exemption: In 2019, the Government exempted startups from Angel Tax if:
  • They are recognized by DPIIT.
  • Their paid-up share capital and share premium do not exceed ₹25 crores, excluding funds from NRIs, venture capital firms, and specified companies.
  • Angel investors can claim a 100% tax exemption on investments exceeding the fair market value. 
  • However, the investor must have a net worth of ₹2 crores or an income of over ₹25 lakh in the past three fiscal years.

World Intellectual Property Organization (WIPO)

• Atal Innovation Mission (AIM) and WIPO signed a Letter of Intent to develop joint innovation programs in the Global South.

Atal Innovation Mission (AIM)

• About: AIM is the Government of India’s flagship initiative, established in 2016 under NITI Aayog, to foster a culture of innovation and entrepreneurship in the country.

World Intellectual Property Organization:

• Establishment: It was established by the WIPO Convention in 1967. this United Nations (UN) agency promotes creative activity and the protection of intellectual property worldwide. 
• Members: It currently has 193 member states, including India. 
  • While all UN member states can join specialised agencies, they are not obligated to do so.

Purvodaya

• In the Budget speech, the Finance Minister said, Government will formulate a plan, Purvodaya, for the all-round development of the eastern region of the country.

About Purvodaya: 

The ‘Purvodaya’ concept was first publicly aired by PM Modi during a meeting in Paradip in 2015, after he had dedicated a refinery to the Indian Oil Corporation Limited (IOCL).

• The Government of India will formulate a plan ‘Purvodaya’ for the all-round development of the eastern region of the country covering:
  • Bihar 
  • Jharkhand 
  • West Bengal 
  • Odisha
  • Andhra Pradesh.  
• This will cover human resource development, infrastructure, and generation of economic opportunities to make the region an engine to attain Viksit Bharat.

Curiosity Rover

• The NASA Curiosity rover uncovered yellowish-green sulphur crystals on Mars by accidentally cracking open a rock, marking the first discovery of its kind.

Findings:

• Discovery: The sulphur rocks, exposed when the rover accidentally crushed a rock, showed a crystalline texture and yellowish-green colour, contrasting sharply with Mars’ typical orange landscape.
• Past Finds: This discovery parallels NASA’s Spirit rover’s 2007 find of pure silica, suggesting the presence of past hot springs on Mars.

About Sulfur:

• Appearance: Yellow crystalline solid at room temperature.
• Natural Occurrence: Found in minerals, ores, and biological compounds; common in volcanic regions.
• Biological Role: Essential for amino acids (cysteine and methionine), vitamins, coenzymes, and cellular processes.
• Industrial Uses: Used to produce sulfuric acid, fertilizers, refine petroleum, and as a fungicide.
• Compounds: Includes sulfur dioxide (SO₂), sulfur trioxide (SO₃), and hydrogen sulfide (H₂S).
• Physical Properties: Insoluble in water, soluble in carbon disulfide; melting point of 115.21°C.
• Health Impact: Can be toxic in high concentrations; sulfur compounds may cause respiratory issues and irritation.

Tinzaparin

• Researchers have made an exciting discovery related to cobra venom and a commonly used blood thinner called tinzaparin.

Findings:

• Tinzaparin, a drug used to prevent blood clots, can reduce cell damage from spitting cobra venom.
  • It does it by blocking the interaction between venom and its cellular receptor. 
  • Tinzaparin mimics heparan sulphate, tricking the body into stopping the production of heparan sulphate.
• Animal Testing: During the research, Mice was injected with cobra venom and tinzaparin. 
  • The mice with tinzaparin had less skin damage compared to those without the drug.