28 July 2024

• Sports: Manu Bhaker won bronze in the women's 10m air pistol at Paris Olympics, becoming the first Indian woman to win an Olympic medal in shooting.
• Olympics: Day 2 saw Indian athletes compete in badminton, rowing, table tennis, and shooting. PV Sindhu won her opening match.
• Economy: Budget-related analysis continued: capital gains tax changes impact listed equity and mutual fund investors.
• Environment: World Mangrove Day observed on 26 July. India's mangrove cover at 4,992 sq km. MISHTI scheme targets expansion.

GS area: Sports, International Relations

Indian shooter Manu Bhaker won the bronze medal in the women's 10-metre air pistol final at the Paris 2024 Olympics on 28 July with a score of 221.7.

• Historic significance: Bhaker became the first Indian woman to win an Olympic medal in shooting. She is only the third Indian woman to win an individual Olympic medal.
• Shooting in Indian Olympic history: India's most decorated Olympic shooting discipline. Previous medallist: Abhinav Bindra (men's 10m air rifle gold, 2008), Gagan Narang (bronze, 2012), Vijay Kumar (silver, 2012), Rahi Sarnobat (no Olympic medal but Commonwealth and Asian Games champion).
• Qualifier: Manu Bhaker had missed a medal in Tokyo 2020 when her pistol jammed during the qualifying round. The Paris bronze completed a remarkable comeback.
• 10m Air Pistol: Competed at 10 metres range. Uses a .177 calibre (4.5mm) air pistol. No sights beyond open sights; no magnification. Sixty shots in 75 minutes in qualification; eight shooters compete in the final.
• India's day 2 results: Badminton: PV Sindhu defeated Fathimath Nabaaha of Maldives 21-9, 21-6. Rowing: Balraj Panwar finished second in men's singles sculls repechage, qualifying for the quarterfinals. Table tennis: Sreeja Akula beat Christina Kallberg (Sweden).

Static linkage: Indian sports (GS I), Olympics history.

GS area: Environment and Ecology

World Mangrove Day is observed on 26 July (UNESCO established in 2015). India's mangrove cover has been increasing.

• India's cover: 4,992 sq km in 2021, up from 4,046 sq km in 1987. India has the world's 5th largest mangrove cover.
• Highest coverage state: West Bengal with 2,114 sq km (Sundarbans is the dominant contributor and the world's largest mangrove forest).
• Global status: 1,47,000 sq km of mangroves worldwide. Southeast Asia holds 33 per cent. Indonesia has 21 per cent.
• MISHTI scheme: Mangrove Initiative for Shoreline Habitats and Tangible Incomes. Launched in Budget 2023-24. Combines mangrove plantation with livelihood for coastal communities.
• Amruth Dharohar: Wetland conservation scheme for wetlands including coastal mangroves. Launched in Budget 2023-24.
• Ecosystem value: Mangroves support 5,700-plus species of fish, invertebrates, and birds. Store 394 tonnes of carbon per hectare. Reduce coastal flood depths. Act as natural barriers against storm surges and tsunamis.
• Threats: 50 per cent of globally assessed mangrove ecosystems face collapse risk. Rising sea levels projected to submerge 25 per cent of mangrove area within 50 years.

Static linkage: Coastal ecosystems (Environment), conservation schemes.

GS area: Economy

Budget 2024-25 raised capital gains tax rates, creating significant implications for equity and mutual fund investors.

• Long-term capital gains (LTCG) on equities: Raised from 10 per cent to 12.5 per cent for gains above 1.25 lakh rupees per year (previously 1 lakh rupee threshold).
• Short-term capital gains (STCG) on equities: Raised from 15 per cent to 20 per cent.
• Securities Transaction Tax (STT): Doubled on futures (from 0.0125 per cent to 0.02 per cent) and options (from 0.0625 per cent to 0.1 per cent).
• Impact: Derivatives traders face higher STT costs. Long-term equity investors face higher tax on profitable exits. Budget estimates significant revenue gain from these changes.
• Indexation removed: For real estate LTCG, indexation (adjusting cost for inflation) was removed but the rate was lowered to 12.5 per cent from 20 per cent. This is better for high-value properties but worse for modest gains where inflation adjustment was previously helpful.

Static linkage: Direct taxes (Economy), capital markets.

GS area: Sports

Balraj Panwar qualified for the men's singles sculls quarterfinal at Paris 2024 by finishing second in his repechage race with a time of 7 minutes 12.41 seconds.

• Rowing at Olympics: India qualified three boats for Paris 2024. Rowing is classified as an endurance sport. Singles sculls is the solo event where the rower pulls two oars.
• India's rowing history: India first won a rowing medal at the 1948 London Olympics (gold, coxed four). No individual rowing medal since.
• Paris venue: The Vaires-sur-Marne Nautical Stadium outside Paris.

Static linkage: Indian Olympic sports, Paris 2024.

GS area: Economy, Environment

Agarwood (Aquilaria malaccensis) being excluded from CITES Review of Significant Trade benefits North-East Indian farmers.

• States: Assam, Manipur, Nagaland, and Tripura are primary agarwood-producing states.
• Price: Wild agarwood can fetch over 10,000 dollars per kg for the highest grade. Cultivated wood is significantly cheaper.
• CITES Appendix II listing: Trade requires an export permit. Non-Detriment Finding by the Scientific Authority is mandatory.
• CITES Review of Significant Trade: A compliance mechanism. Exclusion from review means India's management practices were found adequate, facilitating exports.

Static linkage: Forest products trade (Economy/Environment), North-East economy.

• Climate Finance Action Fund: Azerbaijan (COP29 host) launched a fund targeting 1 billion dollars annually from fossil fuel-producing countries. The fund directs 50 per cent to clean energy projects and 20 per cent to disaster response.
• White category industries: CPCB classifies non-polluting industries (PI score up to 20) as white category. Such industries now only need to send a self-declaration to state pollution boards rather than seeking prior consent to establish or operate.
• Kargil Vijay Diwas: Observed on 26 July, the anniversary of India's victory in the 1999 Kargil War. This year marked the 25th anniversary. The war was fought along the Line of Control in Jammu and Kashmir.