17 February 2025: Daily Current Affairs Updates

Aadi Mahotsav ; GS-1 History ▪️Why in the News:

The President of India, Smt Droupadi Murmu recently inaugurated the National Tribal Festival 'Aadi Mahotsav' in New Delhi.

- About:

Aadi Mahotsav-2025 is a flagship initiative of the Tribal Co-operative Marketing Development Federation of India Limited (TRIFED) under the Ministry of Tribal Affairs.

• Aim: This festival aims to provide a glimpse into the rich and diverse traditional culture of the tribal communities of our country.

• Activities: Aadi Mahotsav 2025 brings together:

• 600+ tribal artisans from 30+ States and Union Territories. o 500 performing artists showcasing mesmerizing tribal dance forms. o 25 tribal food stalls presenting indigenous cuisines from different regions. o Chhau Dance (Jharkhand), Kalbelia Dance (Rajasthan), Gaur Mariya Dance (Chhattisgarh), Siddhi Dhamal Dance (Gujarat), Angi Ger Dance (Rajasthan).

India-US TRUST Initiative; GS-2 (International Relations) ▪️Why in the news: Prime Minister Narendra Modi and US President Donald Trump recently agreed on the TRUST initiative, to emphasise on creating strong supply chains of critical minerals, advanced materials.

• Purpose:

o TRUST stands for Transforming Relationship Utilizing Strategic Technology o It is a collaborative effort between India and the United States aimed at strengthening key supply chains and reducing dependency on China for critical resources.

Goals:

• Enhancing Critical Mineral Supply: The initiative focuses on improving the availability of essential minerals such as lithium and rare earth elements (REEs).

• Securing Supply Chains: It aims to ensure stability in the production and distribution of pharmaceuticals, advanced materials, and high-tech products.

• Reducing Reliance on China: Given China's dominance in global critical mineral supplies, TRUST seeks to diversify sources and establish alternative supply routes.

Key Objectives of the TRUST Initiative:

• Strengthening Supply Chains:

Covers essential resources like lithium, cobalt, and rare earth elements.

& Focuses on pharmaceuticals, including Active Pharmaceutical Ingredients (APIs)

& Supports the development of advanced materials for technology and defense applications.

• Facilitating Technology Exchange:

& Aims to ease export controls between India and the U.S. to accelerate the transfer of cutting-edge technology.

Encourages collaboration on scientific research and industrial advancements.

• Promoting Innovation in Key Sectors:

Enhances cooperation in semiconductor production, artificial intelligence (AI), and quantum computing.

Strengthens defense technology development, space exploration, and clean energy solutions.

New Income Tax Bill; GS-3 Economy ▪️Why in the news: The Finance Minister of India Nirmala Sitharaman introduced the new Income Tax Bill in Lok Sabha recently.

• About:

o Finance Minister Nirmala Sitharaman has introduced the Income Tax Bill 2025 in the Lok Sabha.

• The new bill would replace the current Income Tax Act of 1961 and will take effect from April 1, 2026.

o If enacted, the new tax provisions will take effect from April 1, 2026.

👉🏻Key Features of the Income Tax Bill 2025:

• Introduction of the "Tax Year' Concept:

Defines tax year as a 12-month period starting from April 1.

Unlike the current system where income is assessed in the following year, tax will now be computed within the same period

For businesses or professions established mid-year, the tax year will begin from the date of setup and end on March 31.

• Simplified and Clearer Language:

‹ Reduces excessive cross-referencing and complex legal jargon to make tax laws more user-friendly

The total length of the bill has been reduced from 823 pages to 622 pages, though the number of chapters remains at 23.

The number of clauses has increased from 298 to 536, consolidating provisions previously scattered across multiple sections.

• Expansion of the Definition of 'Income' :

~ Virtual Digital Assets (VDAs) like cryptocurrencies and NFTs are now included as taxable capital assets.

This aligns VDAs with existing asset categories, such as real estate, shares, bullion, and artwork.

Impact on Taxpayers and Businesses: o Simplified Compliance for Taxpayers:

- Reduces dependency on multiple references, making tax provisions easier to understand.

- Complex legal terms like notwithstanding have been replaced with simpler alternatives like irrespective of anything. o Efficient Tax Filing and Compliance:

- Provisions related to revenue recognition, inventory valuation, and income exclusions are now structured into schedules instead of being scattered across different sections.

PARAS-2 Spectrograph; GS-3 (Science and Technology) ▪️Why in the news: Indian researchers have discovered exoplanet TOI-6038A b, with a mass 78.5 times and a radius 6.41 times that of Earth. This is the second exoplanet detected using the PARAS-2 spectrograph on PRL's 2.5m telescope at Mount Abu Observatory.

• About PARAS-2 Spectrograph:

o The PRL Advanced Radial-velocity All-sky Search-2 (PARAS-2) is an advanced fiber-fed spectrograph mounted on the PRL 2.5-meter telescope, marking a significant improvement over its predecessor.

o This high-resolution spectrograph operates in the 380-690 nm wavelength range and is designed to discover super-Earth-like planets.

o Its main goal is to achieve sub-m/s precision in radial velocity (RV), a critical feature for detecting and studying super-Earths or massive planets orbiting G and K dwarf stars.

o PARAS-2 is the highest-resolution spectrograph in Asia, maintained in an ultra-stable environment with controlled temperature and pressure.