Daily Current Affairs Notes for 28 February 2023

National Science Day 2023

National Science Day is observed on February 28th every year to pay tribute to C.V. Raman, a renowned Indian scientist and physician who discovered the "Raman Effect." The day serves as a reminder of the significance of science and its impact on humanity's way of life. This year's celebration has a special theme, "Global Science for Global Wellness," in recognition of India's leadership role in the G20.

Notably: The Government of India, led by Prime Minister Rajiv Gandhi, officially declared February 28th as National Science Day in 1986. This decision was made in honor of the announcement of the discovery of the "Raman Effect."

Born into a family of Sanskrit scholars in Trichy (now known as Tiruchirapalli) in the Madras Presidency in 1888, Raman achieved a remarkable academic feat at a young age. He earned a BA degree from Presidency College in Madras at the age of only 16 and secured the top position in his class. When he was 18 and pursuing his MA degree, he made history by publishing his first research paper in the Philosophical Magazine, which was the first-ever research paper to be published by Presidency College.

What is the “Raman Effect”?

The "Raman Effect" is a term used to describe the scientific phenomenon in which a liquid scatters a portion of the light passing through it in a different color. This occurs due to a change in the wavelength of the light as it is deflected by the molecules in the liquid.

When light interacts with an object, it can either be reflected, refracted, or transmitted. Scientists observe the change in energy when light scatters and interacts with a particle. The Raman Effect occurs when the energy change of the scattered light is influenced by the vibrations of the molecule or material being observed, resulting in a change in the light's wavelength.

CV Raman and his co-author KS Krishnan published their first report on the "Raman Effect" in Nature, titled "A New Type of Secondary Radiation." In the report, they stated that they had studied 60 different liquids, all of which displayed the same result - a small portion of the scattered light had a different color than the incident light. Raman believed that this was a universal phenomenon that needed to be recognized.

The importance of the discovery

CV Raman's discovery created a worldwide sensation due to its far-reaching implications beyond his original intentions. In his 1930 Nobel Prize speech, Raman remarked that "The character of the scattered radiations enables us to obtain an insight into the ultimate structure of the scattering substance." His discovery was of great importance for quantum theory, which was the prevailing theory in the scientific community at that time.

Raman's discovery also found practical applications in the field of chemistry, leading to the development of Raman spectroscopy as a fundamental analytical tool for conducting non-destructive chemical analysis of both organic and inorganic compounds. The invention of lasers and their ability to concentrate much stronger beams of light have further expanded the potential uses of Raman spectroscopy over time.

Shailesh Pathak, a former bureaucrat with a career spanning 37 years, has been appointed as the new Secretary General of the Federation of Indian Chambers of Commerce & Industry (FICCI). Pathak has worked with the government as an IAS officer and has also held leadership positions in large private sector companies. He earned an MBA degree from IIM Calcutta in 1986, in addition to completing an LLB and a Diploma in Ornithology. Pathak has also trekked extensively and climbed a 6831-meter peak in the Himalayas. He will assume his new role on March 1.

Additionally, FICCI has announced that Arun Chawla, the current Director General, will retire on June 30, 2023, and will transition to an advisory position.

About the FICCI:

FICCI, established in 1927, is India's oldest and largest apex business organization. Its history is closely intertwined with India's journey towards independence, its industrialization, and its emergence as one of the world's fastest-growing economies.

FICCI, a non-governmental and not-for-profit organization, represents the voice of India's business and industry. It engages in activities ranging from influencing policy to encouraging debate, and advocates for the views and concerns of the industry by engaging with policy makers and civil society. FICCI serves its members from the private and public corporate sectors in India, as well as multinational companies, and draws its strength from diverse regional chambers of commerce and industry across states, reaching out to over 250,000 companies.

FICCI serves as a networking and consensus-building platform for various sectors and is the primary point of contact for Indian industry, policymakers, and the global business community.

The Pakistani government has announced a decision to increase the policy rate from the current 17 percent to 19 percent, which represents a 2 percent or 200 basis point hike. This move comes amidst a severe economic crisis in the country.

A new high in Pak’s level of Interest rate:

The rise in the interest rate to 19% is a result of the government's decision to follow the rates set in the auction for raising domestic debt. This brings the interest rate just below the previous record of 19.5% that was set in October 1996.

Part of Pak-IMF Deal:

• The Pakistan government has fulfilled another pre-condition of the International Monetary Fund (IMF) to obtain critical funding of USD 1.1 billion, which is part of the USD 6.5 billion bailout package, by accepting the new policy rate increase.
• According to sources in the Ministry of Finance, there have been technical level discussions between Islamabad and the IMF review mission, and it is expected that the interest rate will be increased by two per cent.
• It was noted said that most of the pre-conditions of the global money lender’s had been fulfilled.
• It was additionally discovered that Pakistan had provided an extensive explanation to IMF representatives regarding the origins of foreign currency up until June.
• At the beginning of this month, Pakistani officials and IMF personnel finished the ninth evaluation of the $6.5 billion financial rescue package without reaching a staff-level consensus. Nonetheless, they mutually agreed to a series of actions that might still aid in securing the agreement.

Policy suggestions by IMF to Pak:

• The Pakistani authorities had hoped that they would convince the IMF about implementing the conditions in a gradual manner but the hopes were dashed during the 10-day visit by the IMF mission.
• Pakistan consented to adhere to the recommendations proposed by the IMF in the Memorandum of Economic and Financial Policies (MEFP). Despite this, officials remained optimistic that a staff-level consensus could be achieved promptly.
• There was a widespread agreement regarding allowing the market forces to determine the value of the rupee, eliminating restrictions on imports, and permitting the clearance of previously imported commodities.

Power Sector Crisis In Pak:

Insiders mentioned that talks on certain aspects of the power sector were in their concluding phase, following which a staff-level accord with the IMF would be finalized.

Furthermore, the power tariff was set to rise, and new taxes were to be imposed to facilitate the agreement. Nevertheless, due to the severity of the economic predicament, all agreed-upon actions would be arduous for the vast majority of the Pakistani population.