UPSC QUIZ 10.06.2024

Explanation:

• India has sought arbitration proceedings under WTO rules against Australia to settle an issue related to the services sector as it could impact New Delhi's services trade.

Concerns Raised by India Against Australia

• In February 2024 in Abu Dhabi, over 70 WTO nations agreed to Joint Statement Initiatives (JSIs) to take additional obligations under the General Agreement on Goods in Services (GATS) to ease non-good trade among themselves and extend similar concessions to all other members of the WTO.
• GATS is a WTO agreement that came into force in 1995. India has been a member of the Geneva-based organisation since 1995.
• These obligations seek to mitigate unintended trade restrictive measures relating to licensing requirements and procedures, qualification requirements and procedures, and technical standards among themselves.
• It will also benefit Indian professional companies which will now have equal opportunity to access markets in these 70 countries if they meet the standards.

Explanation:

• Open Network for Digital Commerce (ONDC) recorded an all-time high of 8.9 million transactions across retail and ride-hailing segments in May 2024, representing a 23% month-on-month increase in total transaction volume.

ONDC

• Open Network for Digital Commerce (ONDC) is a network of interconnected e-marketplaces through which sellers, including brands, can list and sell their products directly to customers bypassing any middlemen or intermediaries.
• It allows transitioning from a platform-centric model to an open source network for buying and selling goods and services.
• It was launched in 2021 under the Department for Promotion of Industry and Internal Trade (DPIIT) by the Ministry of Commerce as part of the Digital India initiative.
• It offers delivery services for groceries, home decor, cleaning essentials, food delivery and other products.
• It is a not-for-profit organisation that provides a network enabling local digital commerce stores across various industries to be discovered and engaged by any network-enabled applications.

Explanation:

• Recently, the latest QS World University Rankings for 2025 were released revealing significant improvements for Indian universities and notable global standings.

Key Highlights of the Rankings

• QS Quacquarelli Symonds (QS) offers unrivaled data, expertise, and solutions for the global higher education sector.
• For the compilation of the 2025 QS World University Rankings, QS claims to have analysed 17 million research papers, 176 million citations, data from 5,600 institutions worldwide and insights from 175,798 academics and 105,476 employers.

Top Global Institutes

• Massachusetts Institute of Technology (MIT): Retained its position as the best institute globally for the 13th consecutive year.
• Imperial College London: Improved from sixth to second.

Harvard University and University of Oxford: Jointly held the third rank4

Explanation:

• Food Safety and Standards Authority of India (FSSAI) and Agricultural and Processed Food Products Export Development Authority (APEDA) jointly developed “Unified India Organic” logo to replace India Organic and Organic India logos.
• The new logo has been developed by National Programme for Organic Products (NPOP) and FSSAI to bring uniformity and convergence in implementation of Indian regulations.
• The India Organic logo was used on organic products complying with NPOP, while Organic India/Jaivik Bharat was used on organic products certified by FSSAI.
• Certification bodies will get a transition time of three months for implementation, from the date of notification of the logo.

Explanation:

• The Reserve Bank of India (RBI) decided to keep the policy rate unchanged at 6.5% for the eighth consecutive time.
• The Monetary Policy Committee (MPC) is committed to maintaining tight control on inflation and monitoring the rise in food inflation amid hopes of a normal monsoon.
• The rate hike cycle was suspended in April last year after six consecutive rate hikes totalling 250 basis points since May 2022.
• The RBI has raised the growth forecast for the current financial year from 7% to 7.2%.
• Inflation targeting in India is a monetary policy framework adopted in 2016, under which the central government, in consultation with the Reserve Bank of India, sets a target inflation rate once in five years.