Today's Headlines - 26 August 2023
BRICS gets six new members
GS Paper - 2 (International Relations)
The five-member BRICS invited six more countries to join the alliance, in a move which can strengthen its claim of being a ‘voice of the Global South’ on one hand, while raising concerns about China’s increasing dominance on the other. BRICS consists of Brazil, Russia, India, China, and South Africa. In its ongoing summit at Johannesburg, South Africa, it has invited Iran, the United Arab Emirates, Saudi Arabia, Argentina, Egypt, and Ethiopia. Their membership will begin in January.
Why New Members
Adding new members strengthens the group’s heft as a spokesperson of the developing world. BRICS currently represents around 40% of the world’s population and more than a quarter of the world’s GDP.
With the additions, it will represent almost half the world’s population, and will include three of the world’s biggest oil producers, Saudi Arabia, the UAE and Iran.
The rush towards BRICS is driven by two basic impulses: “First, there is considerable anti-US sentiment in the world, and all these countries are looking for a grouping where they can use that sentiment to gather together.
Second, there is a lot of appetite for multipolarity, for a platform where countries of the Global South can express their solidarity.”
The formation of BRICS in 2009 was driven by the idea that the four emerging markets of Brazil, Russia, India, and China would be the future economic powerhouses of the world. South Africa was added a year later.
While the economic performance of BRICS has been mixed, the war in Ukraine — which has brought the West together on the one hand and strengthened the China-Russia partnership on the other — has turned it into an aspiring bloc that can challenge the western geopolitical view, and emerge as a counterweight to Western-led fora like the Group of 7 and the World Bank.
What this means for India
If India’s presence at the recent G7 summit in Hiroshima, where Prime Minister Narendra Modi also participated in an informal Quad summit, was seen as a sign of New Delhi’s US tilt, it continues to attach importance to the “anti-West” BRICS.
India is also part of the Shanghai Cooperation Organisation (SCO), and despite problems, it has relations with Russia, with China.
While China does want BRICS to be an anti-western group, the Indian view is that it is a “non-western” group and should stay that way.
Among the new members, while India looks at all of them as partnerships worth developing, concerns have been raised that the group could become more pro-China and sideline New Delhi’s voice and interests.
#upsc #news #headline #brics #newmembers #internationalrelations #globalsouth #china #brazil #russia #india #southafrica #johannesburg #iran #egypt #ethiopia #world #GDP #population #quarter #economics #ukraine #worldbank #hiroshima #shanghaicooperation #organisation #SCO #NEWDELHI #prochina #interests #developing
BRICS gets six new members
GS Paper - 2 (International Relations)
The five-member BRICS invited six more countries to join the alliance, in a move which can strengthen its claim of being a ‘voice of the Global South’ on one hand, while raising concerns about China’s increasing dominance on the other. BRICS consists of Brazil, Russia, India, China, and South Africa. In its ongoing summit at Johannesburg, South Africa, it has invited Iran, the United Arab Emirates, Saudi Arabia, Argentina, Egypt, and Ethiopia. Their membership will begin in January.
Why New Members
Adding new members strengthens the group’s heft as a spokesperson of the developing world. BRICS currently represents around 40% of the world’s population and more than a quarter of the world’s GDP.
With the additions, it will represent almost half the world’s population, and will include three of the world’s biggest oil producers, Saudi Arabia, the UAE and Iran.
The rush towards BRICS is driven by two basic impulses: “First, there is considerable anti-US sentiment in the world, and all these countries are looking for a grouping where they can use that sentiment to gather together.
Second, there is a lot of appetite for multipolarity, for a platform where countries of the Global South can express their solidarity.”
The formation of BRICS in 2009 was driven by the idea that the four emerging markets of Brazil, Russia, India, and China would be the future economic powerhouses of the world. South Africa was added a year later.
While the economic performance of BRICS has been mixed, the war in Ukraine — which has brought the West together on the one hand and strengthened the China-Russia partnership on the other — has turned it into an aspiring bloc that can challenge the western geopolitical view, and emerge as a counterweight to Western-led fora like the Group of 7 and the World Bank.
What this means for India
If India’s presence at the recent G7 summit in Hiroshima, where Prime Minister Narendra Modi also participated in an informal Quad summit, was seen as a sign of New Delhi’s US tilt, it continues to attach importance to the “anti-West” BRICS.
India is also part of the Shanghai Cooperation Organisation (SCO), and despite problems, it has relations with Russia, with China.
While China does want BRICS to be an anti-western group, the Indian view is that it is a “non-western” group and should stay that way.
Among the new members, while India looks at all of them as partnerships worth developing, concerns have been raised that the group could become more pro-China and sideline New Delhi’s voice and interests.
#upsc #news #headline #brics #newmembers #internationalrelations #globalsouth #china #brazil #russia #india #southafrica #johannesburg #iran #egypt #ethiopia #world #GDP #population #quarter #economics #ukraine #worldbank #hiroshima #shanghaicooperation #organisation #SCO #NEWDELHI #prochina #interests #developing
Today's Headlines - 05 September 2023
A sunrace of significant global missions
GS Paper - 3 (Space Technology)
In the wake of the Indian Space Research Organisation's successful launch of its inaugural solar mission, Aditya-L1,, let's embark on a journey through key missions from space agencies worldwide, all dedicated to unravelling the enigmatic secrets of the Sun.
A Sunrace
USA
US: National Aeronautics and Space Administration (NASA), the US space agency, launched the Parker Solar Probe in August 2018. In December 2021, Parker flew through the Sun's upper atmosphere, the corona, and sampled particles and magnetic fields there. This was the first time ever that a spacecraft touched the Sun, according to NASA.
In February 2020, NASA joined hands with the European Space Agency (ESA) and launched The Solar Orbiter to collect data to find out how the Sun created and controlled the constantly changing space environment throughout the solar system.
Other active solar missions by NASA are Advanced Composition Explorer launched in August, 1997; Solar Terrestrial Relations Observatory in October, 2006; Solar Dynamics Observatory in February, 2010; and Interface Region Imaging Spectrograph launched in June, 2013.
Also, in December, 1995, NASA, ESA and JAXA (Japan Aerospace Exploration Agency) jointly launched the Solar and Heliospheric Observatory (SOHO).
Japan
JAXA, Japan's space agency, launched its first solar observation satellite, Hinotori (ASTRO-A), in 1981. The objective was to study solar flares using hard X-rays, according to JAXA. JAXA's other solar exploratory missions are Yohkoh (SOLAR-A) launched in 1991; SOHO (along with NASA and ESA) in 1995; and Transient Region and Coronal Explorer (TRACE), along with NASA, in 1998.
In 2006, Hinode (SOLAR-B) was launched, which was the successor to Yohkoh (SOLAR-A), the orbiting solar observatory. Japan launched it in collaboration with the US and the UK. The objective of Hinode, an observatory satellite, is to study the impact of the Sun on the Earth.
Yohkoh's objective was to observe solar flares and the solar corona. It was the first satellite to track almost an entire 11-year solar activity cycle.
Europe
In October, 1990, the ESA launched Ulysses to study the environment of space above and below the poles of the Sun, giving scientists information about the variable effect the Sun has on the space surrounding it. Other than solar missions launched in collaboration with NASA and the JAXA, the ESA launched Proba-2 in October, 2001.
Proba-2 is the second of the Proba series, building on nearly eight years of successful Proba-1 experience, even as Proba-1 was not a solar exploratory mission. On-board Proba-2 were four experiments, two of them were solar observation experiments.
Proba stands for Project for On-Board Autonomy. Upcoming solar missions of the ESA include Proba-3, scheduled for 2024 and Smile, scheduled for 2025.
China
The Advanced Space-based Solar Observatory (ASO-S) was successfully launched by the National Space Science Center, Chinese Academy of Sciences (CAS), in October, 2022. The ASO-S mission is designed to reveal connections among the solar magnetic field, solar flares, and coronal mass ejections (CMEs).
Solar flares and CMEs are eruptive solar phenomena, thought to be driven by changes in the Sun's magnetic field.
#upsc #news #headline #sunrace #significant #global #missions #spacetechnology #indian #space #organisation #AdityaL1 #NASA #Solar #magnetic #fields #spacecraft #firsttime #orbiter #ESA #enviroments #spectrograph #JAXA #SOHO #japan #USA #EUROPE #CHINA #ASO #CMEs #autonomy #mission
A sunrace of significant global missions
GS Paper - 3 (Space Technology)
In the wake of the Indian Space Research Organisation's successful launch of its inaugural solar mission, Aditya-L1,, let's embark on a journey through key missions from space agencies worldwide, all dedicated to unravelling the enigmatic secrets of the Sun.
A Sunrace
USA
US: National Aeronautics and Space Administration (NASA), the US space agency, launched the Parker Solar Probe in August 2018. In December 2021, Parker flew through the Sun's upper atmosphere, the corona, and sampled particles and magnetic fields there. This was the first time ever that a spacecraft touched the Sun, according to NASA.
In February 2020, NASA joined hands with the European Space Agency (ESA) and launched The Solar Orbiter to collect data to find out how the Sun created and controlled the constantly changing space environment throughout the solar system.
Other active solar missions by NASA are Advanced Composition Explorer launched in August, 1997; Solar Terrestrial Relations Observatory in October, 2006; Solar Dynamics Observatory in February, 2010; and Interface Region Imaging Spectrograph launched in June, 2013.
Also, in December, 1995, NASA, ESA and JAXA (Japan Aerospace Exploration Agency) jointly launched the Solar and Heliospheric Observatory (SOHO).
Japan
JAXA, Japan's space agency, launched its first solar observation satellite, Hinotori (ASTRO-A), in 1981. The objective was to study solar flares using hard X-rays, according to JAXA. JAXA's other solar exploratory missions are Yohkoh (SOLAR-A) launched in 1991; SOHO (along with NASA and ESA) in 1995; and Transient Region and Coronal Explorer (TRACE), along with NASA, in 1998.
In 2006, Hinode (SOLAR-B) was launched, which was the successor to Yohkoh (SOLAR-A), the orbiting solar observatory. Japan launched it in collaboration with the US and the UK. The objective of Hinode, an observatory satellite, is to study the impact of the Sun on the Earth.
Yohkoh's objective was to observe solar flares and the solar corona. It was the first satellite to track almost an entire 11-year solar activity cycle.
Europe
In October, 1990, the ESA launched Ulysses to study the environment of space above and below the poles of the Sun, giving scientists information about the variable effect the Sun has on the space surrounding it. Other than solar missions launched in collaboration with NASA and the JAXA, the ESA launched Proba-2 in October, 2001.
Proba-2 is the second of the Proba series, building on nearly eight years of successful Proba-1 experience, even as Proba-1 was not a solar exploratory mission. On-board Proba-2 were four experiments, two of them were solar observation experiments.
Proba stands for Project for On-Board Autonomy. Upcoming solar missions of the ESA include Proba-3, scheduled for 2024 and Smile, scheduled for 2025.
China
The Advanced Space-based Solar Observatory (ASO-S) was successfully launched by the National Space Science Center, Chinese Academy of Sciences (CAS), in October, 2022. The ASO-S mission is designed to reveal connections among the solar magnetic field, solar flares, and coronal mass ejections (CMEs).
Solar flares and CMEs are eruptive solar phenomena, thought to be driven by changes in the Sun's magnetic field.
#upsc #news #headline #sunrace #significant #global #missions #spacetechnology #indian #space #organisation #AdityaL1 #NASA #Solar #magnetic #fields #spacecraft #firsttime #orbiter #ESA #enviroments #spectrograph #JAXA #SOHO #japan #USA #EUROPE #CHINA #ASO #CMEs #autonomy #mission
Today's Headlines - 08 September 2023
JAXA successful launch lander SLIM on Moon
GS Paper - 3 (Space Technology)
Indian Space Research Organisation (ISRO) congratulated Japan Aerospace Exploration Agency (JAXA) on 7 September 2023 for the successful launch of the Smart Lander for Investigating Moon (SLIM).
More about SLIM
Japan launched its H-IIA rocket on 7 September 2023 carrying the JAXA Moon lander which is scheduled to land on the Moon early next year.
The rocket carried an X-ray telescope called the X-Ray Imaging and Spectroscopy Mission (XRISM), which will study the origins of the universe. XRISM will measure the composition and speed of intergalactic space.
This space mission aims to help scientists to understand celestial object formation and the universe's creation.
This mission was conducted in collaboration with NASA, and it will involve studying light at various wavelengths, temperature assessments, and analysing the shapes and brightness of celestial objects.
Onboard the rocket is JAXA's Smart Lander for Investigating Moon (SLIM) spacecraft also known as the "Moon Sniper" for its precision landing technology.
This launch follows India's recent achievement of becoming the fourth nation to successfully land a spacecraft on the Moon with its Chandrayaan-3 mission. The launch comes two weeks after India successfully landed Vikram lander on the lunar South Pole.
Japan had previously experienced two unsuccessful attempts to land on the Moon. The first resulted in a loss of contact with a lander carried by a NASA rocket, and the second, an attempt by a Japanese start-up, ended in a crash during the lunar descent in April.
#upsc #news #headline #JAXA #launch #lander #SLIM #Moon #space #technology #indian #research #organisation #ISRO #japan #rocket #telescope #spectroscopy #intergalactric #XRISM #formation #spacecraft #moon #sniper #fourthnation #vikramlander #lunar #southpole #india #southpole
JAXA successful launch lander SLIM on Moon
GS Paper - 3 (Space Technology)
Indian Space Research Organisation (ISRO) congratulated Japan Aerospace Exploration Agency (JAXA) on 7 September 2023 for the successful launch of the Smart Lander for Investigating Moon (SLIM).
More about SLIM
Japan launched its H-IIA rocket on 7 September 2023 carrying the JAXA Moon lander which is scheduled to land on the Moon early next year.
The rocket carried an X-ray telescope called the X-Ray Imaging and Spectroscopy Mission (XRISM), which will study the origins of the universe. XRISM will measure the composition and speed of intergalactic space.
This space mission aims to help scientists to understand celestial object formation and the universe's creation.
This mission was conducted in collaboration with NASA, and it will involve studying light at various wavelengths, temperature assessments, and analysing the shapes and brightness of celestial objects.
Onboard the rocket is JAXA's Smart Lander for Investigating Moon (SLIM) spacecraft also known as the "Moon Sniper" for its precision landing technology.
This launch follows India's recent achievement of becoming the fourth nation to successfully land a spacecraft on the Moon with its Chandrayaan-3 mission. The launch comes two weeks after India successfully landed Vikram lander on the lunar South Pole.
Japan had previously experienced two unsuccessful attempts to land on the Moon. The first resulted in a loss of contact with a lander carried by a NASA rocket, and the second, an attempt by a Japanese start-up, ended in a crash during the lunar descent in April.
#upsc #news #headline #JAXA #launch #lander #SLIM #Moon #space #technology #indian #research #organisation #ISRO #japan #rocket #telescope #spectroscopy #intergalactric #XRISM #formation #spacecraft #moon #sniper #fourthnation #vikramlander #lunar #southpole #india #southpole
Today's Headlines - 10 September 2023
Self Regulatory Organisation for fintechs
GS Paper - 3 (Economy)
Reserve Bank of India (RBI) Governor Shaktikanta Das has asked fintech entities to form a Self-Regulatory Organisation (SRO). An SRO can help in establishing codes of conduct for its members that foster transparency, fair competition, and consumer protection. It can act as a watchdog and encourage members to adopt responsible and ethical practices. It can provide a link between the regulator and market participants through a less formal set-up.
What is an SRO?
An SRO is a non-governmental organisation that sets and enforces rules and standards relating to the conduct of entities in the industry (members) with the aim of protecting the customer and promoting ethics, equality, and professionalism. SROs typically collaborate with all stakeholders in framing rules and regulations.
Their self-regulatory processes are administered through impartial mechanisms such that members operate in a disciplined environment and accept penal actions by the SRO.
An SRO is expected to address concerns beyond the narrow self-interests of the industry, such as to protect workers, customers or other participants in the ecosystem.
Regulations, standards, and dispute resolution and enforcement by an SRO get legitimacy not just by mutual agreement of its members, but also by the efficiency with which self-regulation is perceived to be administered.
Such regulations supplement, but do not replace, applicable laws or regulations, according to the Reserve Bank of India.
What is the need for an SRO?
As regulators continue to contemplate, implement, and refine regulations for the orderly development of the fintech sector, SROs could play a pivotal role in the fintech industry by promoting responsible practices and maintaining ethical standards.
There have been many instances where a few fintech players were involved in unethical practices such as charging exorbitant higher interest rates and harassment of borrowers for recovering loans.
What are the benefits of an SRO?
SROs are widely considered experts in their fields and so have in-depth knowledge of the markets they operate in. This is helpful to their members as they can be called in to participate in deliberations and learn more about the nuances of the industry.
Formation of SROs ensures member organisations follow a certain standard of conduct that helps promote ethical ways of doing business, which can lead to enhanced confidence in the ecosystem.
They can serve as a watchdog to guard against unprofessional practices within an industry or profession.
What are the functions of an SRO?
The recognised SRO will serve as a two-way communication channel between its members and the RBI.
It will work towards establishing minimum benchmarks and standards and help instil professional and healthy market behaviour among its members.
SROs will impart training to the staff of its members and others and will conduct awareness programmes. It will establish a uniform grievance redressal and dispute management framework across its members.
#upsc #news #headline #self #regulatory #fintechs #Economy #RBI #shaktkantaidas #organisation #consumer #protection #watchdog #ethical #regulator #link #SRO #enforces #rules #stakeholders #mechanisms #industry #workers #resolution #dispute #laws #supplement #india #sector #grievance
Self Regulatory Organisation for fintechs
GS Paper - 3 (Economy)
Reserve Bank of India (RBI) Governor Shaktikanta Das has asked fintech entities to form a Self-Regulatory Organisation (SRO). An SRO can help in establishing codes of conduct for its members that foster transparency, fair competition, and consumer protection. It can act as a watchdog and encourage members to adopt responsible and ethical practices. It can provide a link between the regulator and market participants through a less formal set-up.
What is an SRO?
An SRO is a non-governmental organisation that sets and enforces rules and standards relating to the conduct of entities in the industry (members) with the aim of protecting the customer and promoting ethics, equality, and professionalism. SROs typically collaborate with all stakeholders in framing rules and regulations.
Their self-regulatory processes are administered through impartial mechanisms such that members operate in a disciplined environment and accept penal actions by the SRO.
An SRO is expected to address concerns beyond the narrow self-interests of the industry, such as to protect workers, customers or other participants in the ecosystem.
Regulations, standards, and dispute resolution and enforcement by an SRO get legitimacy not just by mutual agreement of its members, but also by the efficiency with which self-regulation is perceived to be administered.
Such regulations supplement, but do not replace, applicable laws or regulations, according to the Reserve Bank of India.
What is the need for an SRO?
As regulators continue to contemplate, implement, and refine regulations for the orderly development of the fintech sector, SROs could play a pivotal role in the fintech industry by promoting responsible practices and maintaining ethical standards.
There have been many instances where a few fintech players were involved in unethical practices such as charging exorbitant higher interest rates and harassment of borrowers for recovering loans.
What are the benefits of an SRO?
SROs are widely considered experts in their fields and so have in-depth knowledge of the markets they operate in. This is helpful to their members as they can be called in to participate in deliberations and learn more about the nuances of the industry.
Formation of SROs ensures member organisations follow a certain standard of conduct that helps promote ethical ways of doing business, which can lead to enhanced confidence in the ecosystem.
They can serve as a watchdog to guard against unprofessional practices within an industry or profession.
What are the functions of an SRO?
The recognised SRO will serve as a two-way communication channel between its members and the RBI.
It will work towards establishing minimum benchmarks and standards and help instil professional and healthy market behaviour among its members.
SROs will impart training to the staff of its members and others and will conduct awareness programmes. It will establish a uniform grievance redressal and dispute management framework across its members.
#upsc #news #headline #self #regulatory #fintechs #Economy #RBI #shaktkantaidas #organisation #consumer #protection #watchdog #ethical #regulator #link #SRO #enforces #rules #stakeholders #mechanisms #industry #workers #resolution #dispute #laws #supplement #india #sector #grievance