{"id":122596,"date":"2024-07-24T20:09:39","date_gmt":"2024-07-24T14:39:39","guid":{"rendered":"https:\/\/pwonlyias.com\/stage\/?post_type=current-affairs&#038;p=122596"},"modified":"2024-07-25T13:51:47","modified_gmt":"2024-07-25T08:21:47","slug":"news-in-shorts-24-july-2024","status":"publish","type":"current-affairs","link":"https:\/\/pwonlyias.com\/stage\/current-affairs\/news-in-shorts-24-july-2024","title":{"rendered":"News in Shorts: 24 July 2024"},"content":{"rendered":"<table style=\"width: 100.1%;\">\n<tbody>\n<tr>\n<td style=\"width: 33.8353%; border-style: solid; border-color: #000000;\">\n<h2><span style=\"font-size: 18pt;\"><strong>Polavaram Irrigation Project<\/strong><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-122550\" src=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/07\/2513-66a103928bfa9.webp\" alt=\"Polavaram Irrigation Project\" width=\"707\" height=\"397\" srcset=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/07\/2513-66a103928bfa9.webp 707w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/07\/2513-66a103928bfa9-300x168.webp 300w\" sizes=\"(max-width: 707px) 100vw, 707px\" \/><\/td>\n<td style=\"width: 67.9134%; border-style: solid; border-color: #000000;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Finance Minister stated that the government is fully committed to completing and financing the Polavaram irrigation project.<\/span><\/li>\n<\/ul>\n<p><b>\u00a0Polavaram irrigation project:\u00a0<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>About<\/b><span style=\"font-weight: 400;\">: The project is a<\/span><b> multi-purpose irrigation development<\/b><span style=\"font-weight: 400;\"> under construction on the Godavari River, spanning the Eluru and East Godavari districts in Andhra Pradesh.\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">It has been designated as a National project by the Union Government of India.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Objectives:<\/b> <b>Develop irrigation, hydropower, and drinking water<\/b><span style=\"font-weight: 400;\"> facilities in East Godavari, Visakhapatnam, West Godavari, and Krishna districts.<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Generate 960 MW of hydropower<\/b><span style=\"font-weight: 400;\"> and supply water to 28.5 lakh people in 611 villages.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Achieve irrigation potential of 4.368 lakh hectares.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>Implement the Godavari-Krishna link, <\/b><span style=\"font-weight: 400;\">transferring 80 TMC of surplus water to Krishna River, shared by Andhra Pradesh, Karnataka, and Maharashtra.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 33.8353%; border-style: solid; border-color: #000000;\">\n<h2><span style=\"font-size: 18pt;\"><strong>Angel Tax<\/strong><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter  wp-image-122799\" src=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/07\/unnamed-51-66a209a3a7a84.webp\" alt=\"Angel Tax\" width=\"326\" height=\"243\" \/><\/td>\n<td style=\"width: 67.9134%; border-style: solid; border-color: #000000;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Recently, the<\/span><b> Union Minister for Finance <\/b><span style=\"font-weight: 400;\">proposed abolishing the \u2018angel tax\u2019 for all types of investors during the presentation of the <a href=\"https:\/\/pwonlyias.com\/stage\/editorial-analysis\/union-budget-2024-25\/\">Union Budget 2024-25<\/a> in Parliament.<\/span><\/li>\n<\/ul>\n<p><b>Angel Tax:\u00a0<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>About: <\/b><span style=\"font-weight: 400;\">The &#8216;angel tax&#8217; was applied to<\/span><b> capital raised by unlisted companies <\/b><span style=\"font-weight: 400;\">from Indian investors if the share price exceeded the company&#8217;s fair market value.\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Funds raised above this fair value were considered income and subjected to tax.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Origins: <\/b><span style=\"font-weight: 400;\">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.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Levy: <\/b><span style=\"font-weight: 400;\">It was charged at a rate of 30.9% on the net investments exceeding the fair market value.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Exemption: <\/b><span style=\"font-weight: 400;\">In 2019, the Government exempted startups from Angel Tax if:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">They are recognized by DPIIT.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Their paid-up share capital and share premium do not exceed \u20b925 crores, excluding funds from NRIs, venture capital firms, and specified companies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Angel investors can claim a 100% tax exemption on investments exceeding the fair market value.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">However, the investor must have a net worth of \u20b92 crores or an income of over \u20b925 lakh in the past three fiscal years.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 33.8353%; border-style: solid; border-color: #000000;\">\n<h2><span style=\"font-size: 18pt;\"><b>World Intellectual Property Organization (WIPO)<\/b><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-122551\" src=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/07\/25142024-07-24-190649-66a10390e3283.webp\" alt=\"WIPO\" width=\"713\" height=\"506\" srcset=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/07\/25142024-07-24-190649-66a10390e3283.webp 713w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/07\/25142024-07-24-190649-66a10390e3283-300x213.webp 300w\" sizes=\"(max-width: 713px) 100vw, 713px\" \/><\/td>\n<td style=\"width: 67.9134%; border-style: solid; border-color: #000000;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Atal Innovation Mission (AIM) and WIPO signed a Letter of Intent to develop joint innovation programs in the Global South.<\/span><\/li>\n<\/ul>\n<p><b>Atal Innovation Mission (AIM)<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>About:<\/b><span style=\"font-weight: 400;\"> AIM is the Government of India&#8217;s flagship initiative, established in 2016 under NITI Aayog, to foster a culture of innovation and entrepreneurship in the country.<\/span><\/li>\n<\/ul>\n<p><b>World Intellectual Property Organization:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Establishment:<\/b><span style=\"font-weight: 400;\"> It was established by the <a href=\"https:\/\/pwonlyias.com\/stage\/upsc-notes\/world-intellectual-property-organisation-wipo\/\">WIPO Convention in 1967<\/a>. this <a href=\"https:\/\/pwonlyias.com\/stage\/upsc-notes\/united-nations\/\">United Nations (UN)<\/a> agency promotes creative activity and the protection of intellectual property worldwide.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Members: <\/b><span style=\"font-weight: 400;\">It currently has 193 member states, including India.\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">While all UN member states can join specialised agencies, they are not obligated to do so.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 33.8353%; border-style: solid; border-color: #000000;\">\n<h2><span style=\"font-size: 18pt;\"><strong>Purvodaya<\/strong><\/span><\/h2>\n<\/td>\n<td style=\"width: 67.9134%; border-style: solid; border-color: #000000;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">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.<\/span><\/li>\n<\/ul>\n<p><b>About Purvodaya:\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The &#8216;Purvodaya&#8217; 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).<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The Government of India will formulate a plan \u2018Purvodaya\u2019 for the all-round development of the eastern region of the country covering:<\/span>\n<ul>\n<li><b>Bihar\u00a0<\/b><\/li>\n<li><b>Jharkhand\u00a0<\/b><\/li>\n<li><b>West Bengal\u00a0<\/b><\/li>\n<li><b>Odisha<\/b><\/li>\n<li><b>Andhra Pradesh.\u00a0\u00a0<\/b><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This will cover human resource development, infrastructure, and generation of economic opportunities to make the region an engine to attain Viksit Bharat.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 33.8353%; border-style: solid; border-color: #000000;\">\n<h2><span style=\"font-size: 18pt;\"><strong>Curiosity Rover<\/strong><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-122552\" src=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/07\/2515-66a1039175634.webp\" alt=\"Curiosity Rover\" width=\"705\" height=\"398\" srcset=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/07\/2515-66a1039175634.webp 705w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/07\/2515-66a1039175634-300x169.webp 300w\" sizes=\"(max-width: 705px) 100vw, 705px\" \/><\/td>\n<td style=\"width: 67.9134%; border-style: solid; border-color: #000000;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The <a href=\"https:\/\/pwonlyias.com\/stage\/current-affairs\/mars-sample-return-msr-mission\/\">NASA Curiosity rover<\/a> uncovered yellowish-green sulphur crystals on Mars by accidentally cracking open a rock, marking the first discovery of its kind.<\/span><\/li>\n<\/ul>\n<p><b>Findings:<\/b><\/p>\n<ul>\n<li><b>Discovery:<\/b><span style=\"font-weight: 400;\"> The sulphur rocks, exposed when the rover accidentally crushed a rock, showed a crystalline texture and yellowish-green colour, contrasting sharply with Mars&#8217; typical orange landscape.<\/span><\/li>\n<li aria-level=\"1\"><b>Past Finds:<\/b><span style=\"font-weight: 400;\"> This discovery parallels NASA\u2019s Spirit rover&#8217;s 2007 find of pure silica, suggesting the presence of past hot springs on Mars.<\/span><\/li>\n<\/ul>\n<p><b>About Sulfur:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Appearance:<\/b><span style=\"font-weight: 400;\"> Yellow crystalline solid at room temperature.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Natural Occurrence:<\/b><span style=\"font-weight: 400;\"> Found in minerals, ores, and biological compounds; common in volcanic regions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Biological Role:<\/b><span style=\"font-weight: 400;\"> Essential for amino acids (cysteine and methionine), vitamins, coenzymes, and cellular processes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Industrial Uses:<\/b><span style=\"font-weight: 400;\"> Used to produce sulfuric acid, fertilizers, refine petroleum, and as a fungicide.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Compounds:<\/b><span style=\"font-weight: 400;\"> Includes sulfur dioxide (SO\u2082), sulfur trioxide (SO\u2083), and hydrogen sulfide (H\u2082S).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Physical Properties:<\/b><span style=\"font-weight: 400;\"> Insoluble in water, soluble in carbon disulfide; melting point of 115.21\u00b0C.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Health Impact:<\/b><span style=\"font-weight: 400;\"> Can be toxic in high concentrations; sulfur compounds may cause respiratory issues and irritation.<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 33.8353%; border-style: solid; border-color: #000000;\">\n<h2><span style=\"font-size: 18pt;\"><strong>Tinzaparin<\/strong><\/span><\/h2>\n<\/td>\n<td style=\"width: 67.9134%; border-style: solid; border-color: #000000;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Researchers have made an exciting discovery related to<\/span><b> cobra venom <\/b><span style=\"font-weight: 400;\">and a commonly used blood thinner called<\/span><b> tinzaparin.<\/b><\/li>\n<\/ul>\n<p><b>Findings:<\/b><\/p>\n<ul>\n<li aria-level=\"1\"><span style=\"font-weight: 400;\">Tinzaparin, <\/span><b>a drug used to prevent blood clots<\/b><span style=\"font-weight: 400;\">, can reduce cell damage from spitting cobra venom.<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">It does it by blocking the interaction between venom and its cellular receptor.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Tinzaparin mimics heparan sulphate, tricking the body into stopping the production of heparan sulphate.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Animal Testing: <\/b><span style=\"font-weight: 400;\">During the research, Mice was injected with cobra venom and tinzaparin.\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">The mice with tinzaparin had less skin damage compared to those without the drug.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n<p style=\"text-align: center;\"><span class=\"vc_button\"><a href=\"https:\/\/www.pw.live\/batches\/upsc?utm_source=seo+upsc+batch&#038;utm_medium=seo+upsc&#038;utm_campaign=seo&#038;utm_id=upsc\" target=\"_blank\" rel=\"noopener\">Enroll now for UPSC Online Course<\/a><\/span><\/p>\n<table style=\"width: 99.9238%;\">\n<tbody>\n<tr>\n<td style=\"width: 137.808%; 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<a class=\"more-link\" href=\"https:\/\/pwonlyias.com\/stage\/current-affairs\/news-in-shorts-24-july-2024\">Continue reading <span class=\"screen-reader-text\">News in Shorts: 24 July 2024<\/span><\/a><\/p>\n","protected":false},"author":11,"featured_media":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"tags":[],"paper-wise":[],"subject":[],"acf":[],"_links":{"self":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/122596"}],"collection":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs"}],"about":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/types\/current-affairs"}],"author":[{"embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/comments?post=122596"}],"version-history":[{"count":5,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/122596\/revisions"}],"predecessor-version":[{"id":122812,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/122596\/revisions\/122812"}],"wp:attachment":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/media?parent=122596"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/tags?post=122596"},{"taxonomy":"paper-wise","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/paper-wise?post=122596"},{"taxonomy":"subject","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/subject?post=122596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}