Daily Current Affairs | April 17 2025

1) National Critical Minerals Mission

• The Ministry of Mines released guidelines for setting up Centres of Excellence(CoEs) under National Critical Mineral Mission (NCCM) aimed at strengthening research & tech-development.

• Critical Minerals are essential for clean energy transition, mobility, electronics, defence and space sectors.

• These CoEs will focus on identification, development and implementation of extraction & beneficiation technologies for critical minerals sourced from primary & secondary sources.

Critical Minerals

• These are those minerals that are essential for a nation’s economy and security, and are at a risk of supply-disruption.

• These minerals are essential for wide-range of technologies, industries and economic sectors.

• Different countries may have their own unique lists of critical minerals based on their specific circumstances and priorities.

• Expert Committee of Ministry of Mines has identified a set of 30 critical minerals for India.

About NCCM

• Launched under Budget 2024-25 and is implemented by Ministry of Mines.

• Aim :

  • Exploration, mining, processing, recycling, and securing supply chains for critical minerals.

  • Support goals of Net Zero Emissions by 2070, Atmanirbhar Bharat, Energy Security etc.

Components of NCCM

• Exploration and Mining: Over 1200 exploration projects to identify critical mineral reserves and auction 100+ mineral blocks for commercial mining to boost domestic supply.

• Overseas Acquisition: It facilitates Indian public and private sector companies to acquire mineral assets abroad.

• Recycling and Circular Economy: The Mission promotes recycling of critical minerals by creating Standard Operating Procedures (SOPs).

• Research and Innovation: Establishment of Centres of Excellence (CoEs).

• Infrastructure Development: It focuses on building mineral processing parks and national stockpiles.

• Skill: Specialised training programs, new academic courses, and scholarships to create a skilled workforce.

2) Significance of Red Sea

• Ras Hankorab Beach, a pristine spot on southern Egypt’s Red Sea coast with crystal clear waters and flat white sands, is the jewel of Egypt’s Wadi el-Gemal National Park.

• Currently, Egypt plans large-scale tourism development at this place which the environmentalists believe will destroy a fragile ecosystem supporting turtles, the coral reef, sea grasses and myriad species of fish is under threat.

Red Sea

• The Red Sea is a sea inlet of the Indian Ocean, lying between Africa and Asia.

• Its connection to the ocean is in the south, through the Bab-el-Mandeb strait and the Gulf of Aden.

• To its north lie the Sinai Peninsula, the Gulf of Aqaba, and the Gulf of Suez—leading to the Suez Canal, which connects with the Mediterranean Sea.

• Countries - Saudi, Yemen, Egypt, Sudan, Eritrea, & Djibouti.

Significance

• Economic and Strategic :

  • 12% of global trade passes through it, linking Europe & Asia.

  • Generates a lot of revenue for the tourism industry.

• Ecosystem :

  • Home to coral reefs resistant to climate change, vital for global marine biodiversity.

  • Hosts endangered species like hawksbill turtles & dugongs.

  • One of the warmest and saltiest seas(up to 41°C in summer).

  • Witnesses Red Algal Blooms, source of its name.

  • Contains hot brine poolsand active volcanic zones (e.g., Jabal Al-Ṭāʾir Island).

3) Contributions of Dr BR Ambedkar

• April 14 is celebrated every year as Ambedkar Jayanti, remembering the contributions of Dr BR Ambedkar towards India’s prosperity.

• Apart from his contributions towards social justice and the Indian Constitution, Dr BR Ambedkar also did a lot of work in the field of Indian Economy.

Economic Contributions

• Monetary Policy - Advocated for gold standard in exchange rate in his work “The Problem of Rupee: Its Origin and Its Solution”.

• Fiscal Federalism - His thesis Provincial Decentralisation of Imperial Finance in British India (1921) conceptualised financial decentralisation.

• Labour Welfare - Introduced 8-hour workday, maternity benefits, and dispute resolution boards, employment exchanges as Labour Member of Viceroy’s Executive Council.

Other Contributions

• Land Reforms - Proposed land distribution and separate settlements for Dalits to ensure economic independence. He advocated Land Nationalisation and collectivised agriculture.

• Infrastructure - Spearheaded projects like Central Water Commission, Damodar Valley Project, and Hirakud Dam, linking water management with economic growth.

• Modernisation - Supported state-led industrialisation to create jobs and break caste-based occupational immobility.

• Inflation - Warned that inflation disproportionately affects the poor; advocated for monetary responsibility, a principle reflected in the 2016 Monetary Policy Framework.

4) 150th Anniversary of BSE

• The BSE Ltd, Asia's oldest stock exchange, is all set to celebrate its 150th anniversary on Thursday, April 17, 2025.

• It was established in 1875, originally as “The Native Share & Stock Brokers’ Association” founded by cotton merchant Premchand Roychand.

• It began informally under a banyan tree near Mumbai Townhall.

• It shifted to Dalal Street in 1874 and formalised in 1875.

Special Features

• First exchange to be recognised under the Securities Contract Regulation Act, 1956.

• It was an early mover in electronic trading systems(1995) through BOLT (BSE Online Trading), replacing the open outcry system.

• It surpassed market capitalisation of $5 trillion in 2024, becoming 6th largest in the world.

• Over 5000 companies are listed on it(highest in the world).

• Benchmarked by SENSEX.