The points can be used as ‘parking spots’ for spacecraft in space to remain in a fixed position with minimal fuel consumption.
They have been named after Italian-French mathematician Joseph-Louis Lagrange (1736-1813), who was the first one to find the positions. So, between the Earth and the Sun, a satellite can occupy any of five Lagrangian points. “Of the five Lagrange points, three are unstable and two are stable. The unstable Lagrange points – labelled L1, L2, and L3 – lie along the line connecting the two large masses. The stable Lagrange points – labelled L4 and L5 – form the apex of two equilateral triangles. The L4 and L5 are also called Trojan points and celestial bodies like asteroids are found here.
#upsc #news #headline #india #first #sun #observatory #launched #space #technology #ISRO #AdityaL1 #firstspace #mission #SatishDhawan #spacecentre #Sriharikota #softland #spacecraft #nearmoon #southpole #polar #satellite #launch #PSLV #workhouse #rocket #chandrayaan #Mangalyaan #boosters #synchronous #orbit #lowerearth #haloorbit #chromosphere #corona #plasma #spectrometer #trojan #point #asteroids
They have been named after Italian-French mathematician Joseph-Louis Lagrange (1736-1813), who was the first one to find the positions. So, between the Earth and the Sun, a satellite can occupy any of five Lagrangian points. “Of the five Lagrange points, three are unstable and two are stable. The unstable Lagrange points – labelled L1, L2, and L3 – lie along the line connecting the two large masses. The stable Lagrange points – labelled L4 and L5 – form the apex of two equilateral triangles. The L4 and L5 are also called Trojan points and celestial bodies like asteroids are found here.
#upsc #news #headline #india #first #sun #observatory #launched #space #technology #ISRO #AdityaL1 #firstspace #mission #SatishDhawan #spacecentre #Sriharikota #softland #spacecraft #nearmoon #southpole #polar #satellite #launch #PSLV #workhouse #rocket #chandrayaan #Mangalyaan #boosters #synchronous #orbit #lowerearth #haloorbit #chromosphere #corona #plasma #spectrometer #trojan #point #asteroids
Today's Headlines - 03 September 2023
Largest indigenously developed N-plant starts ops
GS Paper - 3 (Energy)
The third unit of the indigenously developed 700-megawatt electric (MWe) nuclear power reactor at the Kakrapar Atomic Power Project (KAPP3) in Gujarat has commenced operations at full capacity. This comes a little over three years since the unit achieved its ‘first criticality’ – a technical term that signifies the initiation of a controlled, but sustained nuclear fission reaction – in July 2020. On 30 June this year, the unit had started commercial operations.
More about the News
In India’s civilian nuclear programme, this is seen as a landmark event, given that KAPP-3 is the country’s first 700 MWe unit and the biggest indigenously developed variant of the Pressurised Heavy Water Reactor (PHWR).
The PHWRs, which use natural uranium as fuel and heavy water as moderator, constitute the mainstay of India’s nuclear power fleet.
Till now, the biggest reactor of indigenous design was the 540 MWe PHWR, two of which have been deployed in Tarapur, Maharashtra.
For India, the operationalisation of its first 700MWe reactor is a significant scale up in technology, both in terms of the optimisation of its PHWR design — the new 700MWe unit addresses the excess thermal margins and also marks an improvement in the economies-of-scale, without significant design changes to the 540 MWe reactor.
Flashback
As India works to ramp up its existing nuclear power capacity of 7,480 MWe to 22,480 MWe by 2031, the 700MWe capacity would constitute the biggest component of this expansion plan. Currently, nuclear power capacity constitutes around 2 per cent of the total installed capacity of 4,17,668 MW (May 31).
Significantly, as India’s civilian nuclear sector gears up to its next frontier — building a 900 MWe Pressurised Water Reactors (PWRs) of indigenous design – the experience of executing the larger 700MWe reactor design would come in handy, especially with respect to the improved capability of making large-size pressure vessels, alongside India’s own isotope enrichment plants being developed to supply a part of the required enriched uranium fuel to power these new generation reactors over the next decade or so, according to DAE officials.
The first ‘pour of concrete’ for laying the foundation of KAPP-3 happened in November 2010 and this unit was originally expected to be commissioned in 2015.
#upsc #news #headline #largest #indigenously #devloped #Nplant #energy #megawatt #kakrapar #atomic #powerproject #gujarat #firstcriticality #india #civilian #nuclear #programme #heavywater #PHWR #tarapur #capacity #pour #concrete #DAE #uranium #fuel #maharashtra #moderator #fission #first #initiation #thirdunit #electric #landmark #pressurised #thermal #margins #economies #november
Largest indigenously developed N-plant starts ops
GS Paper - 3 (Energy)
The third unit of the indigenously developed 700-megawatt electric (MWe) nuclear power reactor at the Kakrapar Atomic Power Project (KAPP3) in Gujarat has commenced operations at full capacity. This comes a little over three years since the unit achieved its ‘first criticality’ – a technical term that signifies the initiation of a controlled, but sustained nuclear fission reaction – in July 2020. On 30 June this year, the unit had started commercial operations.
More about the News
In India’s civilian nuclear programme, this is seen as a landmark event, given that KAPP-3 is the country’s first 700 MWe unit and the biggest indigenously developed variant of the Pressurised Heavy Water Reactor (PHWR).
The PHWRs, which use natural uranium as fuel and heavy water as moderator, constitute the mainstay of India’s nuclear power fleet.
Till now, the biggest reactor of indigenous design was the 540 MWe PHWR, two of which have been deployed in Tarapur, Maharashtra.
For India, the operationalisation of its first 700MWe reactor is a significant scale up in technology, both in terms of the optimisation of its PHWR design — the new 700MWe unit addresses the excess thermal margins and also marks an improvement in the economies-of-scale, without significant design changes to the 540 MWe reactor.
Flashback
As India works to ramp up its existing nuclear power capacity of 7,480 MWe to 22,480 MWe by 2031, the 700MWe capacity would constitute the biggest component of this expansion plan. Currently, nuclear power capacity constitutes around 2 per cent of the total installed capacity of 4,17,668 MW (May 31).
Significantly, as India’s civilian nuclear sector gears up to its next frontier — building a 900 MWe Pressurised Water Reactors (PWRs) of indigenous design – the experience of executing the larger 700MWe reactor design would come in handy, especially with respect to the improved capability of making large-size pressure vessels, alongside India’s own isotope enrichment plants being developed to supply a part of the required enriched uranium fuel to power these new generation reactors over the next decade or so, according to DAE officials.
The first ‘pour of concrete’ for laying the foundation of KAPP-3 happened in November 2010 and this unit was originally expected to be commissioned in 2015.
#upsc #news #headline #largest #indigenously #devloped #Nplant #energy #megawatt #kakrapar #atomic #powerproject #gujarat #firstcriticality #india #civilian #nuclear #programme #heavywater #PHWR #tarapur #capacity #pour #concrete #DAE #uranium #fuel #maharashtra #moderator #fission #first #initiation #thirdunit #electric #landmark #pressurised #thermal #margins #economies #november
Today's Headlines - 04 September 2023
G20 agree to boost information flow to small business
GS Paper - 2 (International Relations)
Trade ministers from G20 nations agreed to a ‘Jaipur Call for Action’ to boost information flow to small businesses to increase their participation, while seeking to build a ‘generic framework’ for mapping global value chains, cautioning against concentration of suppliers and markets.
More about the agreement
In addition, 10 high level principles on digitisation of trade documents were also agreed upon as countries seek to reduce the cost of trading across borders.
Although a communique could not be issued given the divergent position on Ukraine with Russia and China sticking to their stands, and the G7 seeking to highlight the conflict, commerce and industry minister Piyush Goyal told reporters that the contents of the outcome document and the chairs summary were decided unanimously.
Every country has agreed to all the issues… only paragraph 32, which is less than a quarter of a page out of a 17-page document, is an area where we could not get consensus for obvious reasons.
Since the first G20 ministerial meeting under India’s presidency, a meeting of finance ministers and central bank governors in Bengaluru, the Ukraine conflict has driven a wedge between the members of the all-powerful alliance.
In the coming years, various agencies will work on putting together the framework to implement the decisions.
The move on global value chains will help all developing countries and cited the example of mobile manufacturing in India, arguing that it will help create a production eco-system and also generate jobs and investment.
The minister underlined the importance of MSMEs, an issue that was flagged by PM Narendra Modi.
There are concerns over Big Tech and its dominance. Equal and affordable access for all has to be ensured.
The push is in line with the government’s initiatives such as ONDC and UPI, which are open source frameworks offering ease to consumers as well as a level playing field to businesses.
The outcome document took note of theuncertain near-term outlook for global trade and investments and underlined the need for “rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral system, with WTO at its core”.
It also called for apredictable and transparent regime for services trade, with easier rules for movement of professionals across borders —an issue which is of particular interest to India.
#upsc #news #headline #G20 #boost #smallbusiness #internationalrelations #tadeministers #nations #jaipur #generic #framework #global #valuechains #markets #broders #levelprinciples #divergent #ukraine #russia #china #paragraph32 #document #ministerial #india #presidency #trading #borders #digitisations #decisions #ONDC #UPI #equitable #WTO
G20 agree to boost information flow to small business
GS Paper - 2 (International Relations)
Trade ministers from G20 nations agreed to a ‘Jaipur Call for Action’ to boost information flow to small businesses to increase their participation, while seeking to build a ‘generic framework’ for mapping global value chains, cautioning against concentration of suppliers and markets.
More about the agreement
In addition, 10 high level principles on digitisation of trade documents were also agreed upon as countries seek to reduce the cost of trading across borders.
Although a communique could not be issued given the divergent position on Ukraine with Russia and China sticking to their stands, and the G7 seeking to highlight the conflict, commerce and industry minister Piyush Goyal told reporters that the contents of the outcome document and the chairs summary were decided unanimously.
Every country has agreed to all the issues… only paragraph 32, which is less than a quarter of a page out of a 17-page document, is an area where we could not get consensus for obvious reasons.
Since the first G20 ministerial meeting under India’s presidency, a meeting of finance ministers and central bank governors in Bengaluru, the Ukraine conflict has driven a wedge between the members of the all-powerful alliance.
In the coming years, various agencies will work on putting together the framework to implement the decisions.
The move on global value chains will help all developing countries and cited the example of mobile manufacturing in India, arguing that it will help create a production eco-system and also generate jobs and investment.
The minister underlined the importance of MSMEs, an issue that was flagged by PM Narendra Modi.
There are concerns over Big Tech and its dominance. Equal and affordable access for all has to be ensured.
The push is in line with the government’s initiatives such as ONDC and UPI, which are open source frameworks offering ease to consumers as well as a level playing field to businesses.
The outcome document took note of theuncertain near-term outlook for global trade and investments and underlined the need for “rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral system, with WTO at its core”.
It also called for apredictable and transparent regime for services trade, with easier rules for movement of professionals across borders —an issue which is of particular interest to India.
#upsc #news #headline #G20 #boost #smallbusiness #internationalrelations #tadeministers #nations #jaipur #generic #framework #global #valuechains #markets #broders #levelprinciples #divergent #ukraine #russia #china #paragraph32 #document #ministerial #india #presidency #trading #borders #digitisations #decisions #ONDC #UPI #equitable #WTO
Today's Headlines - 06 September 2023
UPI QR Code-CBDC interoperability
GS Paper - 3 (Economy)
With banks enabling the interoperability of Unified Payments Interface’s (UPI) Quick Response (QR) code with their central bank digital currency (CBDC) or e₹ application, users of retail digital rupee will be able to make transactions by scanning any UPI QR at a merchant outlet. Merchants can also accept digital rupee payments through their existing UPI QR codes. This integration of UPI and CBDC is part of the Reserve Bank of India’s (RBI) ongoing pilot project on pushing the retail digital rupee (e₹-R).
What is interoperability?
Interoperability is the technical compatibility that enables a payment system to be used in conjunction with other payment systems, according to the RBI.
Interoperability allows system providers and participants in different systems to undertake, clear and settle payment transactions across systems without participating in multiple systems.
Interoperability between payment systems contributes to achieving adoption, co-existence, innovation, and efficiency for end users.
What is UPI QR code-CBDC interoperability?
Interoperability of UPI with the digital rupee means all UPI QR codes are compatible with CBDC apps. Initially, when the pilot for the retail digital rupee was launched, the e₹-R users had to scan a specific QR code to undertake transactions.
However, with the interoperability of the two, payments can be made using a single QR code.
The digital rupee issued by the RBI, or the CBDC, is a tokenised digital version of the rupee.
The e₹ is held in a digital wallet, which is linked to a customer’s existing savings bank account. UPI is directly linked to a customer’s account.
How will it benefit customers and merchants?
The interoperability of UPI and CBDC will ensure seamless transactions between a customer and merchant without having the need to switch between multiple digital platforms.
It will allow a digital rupee user to make payments for their daily needs, such as groceries and medicines, by scanning any UPI QR codes at any merchant outlet.
Even merchants are not required to keep a separate QR code to accept the digital rupee payments. They can accept CBDC payments on their existing QR code.
What is a QR code?
A Quick Response (QR) code consists of black squares arranged in a square grid on a white background, which can be read by an imaging device such as a camera.
It contains information about the item to which it is attached, according to the National Payments Corporation of India (NPCI). QR code is an alternate contactless channel of payments. It allows merchants or businesses to accept payments from their customers directly into their bank accounts.
#upsc #news #headline #UPI #QR #code #CBDC #interoperability #economy #digital #currency #payments #RBI #adopation #transactions #systems #merchants #customer #account #benefit #NPCI #camera #wallet #rupee #multipleplatforms #national #corporations #india
UPI QR Code-CBDC interoperability
GS Paper - 3 (Economy)
With banks enabling the interoperability of Unified Payments Interface’s (UPI) Quick Response (QR) code with their central bank digital currency (CBDC) or e₹ application, users of retail digital rupee will be able to make transactions by scanning any UPI QR at a merchant outlet. Merchants can also accept digital rupee payments through their existing UPI QR codes. This integration of UPI and CBDC is part of the Reserve Bank of India’s (RBI) ongoing pilot project on pushing the retail digital rupee (e₹-R).
What is interoperability?
Interoperability is the technical compatibility that enables a payment system to be used in conjunction with other payment systems, according to the RBI.
Interoperability allows system providers and participants in different systems to undertake, clear and settle payment transactions across systems without participating in multiple systems.
Interoperability between payment systems contributes to achieving adoption, co-existence, innovation, and efficiency for end users.
What is UPI QR code-CBDC interoperability?
Interoperability of UPI with the digital rupee means all UPI QR codes are compatible with CBDC apps. Initially, when the pilot for the retail digital rupee was launched, the e₹-R users had to scan a specific QR code to undertake transactions.
However, with the interoperability of the two, payments can be made using a single QR code.
The digital rupee issued by the RBI, or the CBDC, is a tokenised digital version of the rupee.
The e₹ is held in a digital wallet, which is linked to a customer’s existing savings bank account. UPI is directly linked to a customer’s account.
How will it benefit customers and merchants?
The interoperability of UPI and CBDC will ensure seamless transactions between a customer and merchant without having the need to switch between multiple digital platforms.
It will allow a digital rupee user to make payments for their daily needs, such as groceries and medicines, by scanning any UPI QR codes at any merchant outlet.
Even merchants are not required to keep a separate QR code to accept the digital rupee payments. They can accept CBDC payments on their existing QR code.
What is a QR code?
A Quick Response (QR) code consists of black squares arranged in a square grid on a white background, which can be read by an imaging device such as a camera.
It contains information about the item to which it is attached, according to the National Payments Corporation of India (NPCI). QR code is an alternate contactless channel of payments. It allows merchants or businesses to accept payments from their customers directly into their bank accounts.
#upsc #news #headline #UPI #QR #code #CBDC #interoperability #economy #digital #currency #payments #RBI #adopation #transactions #systems #merchants #customer #account #benefit #NPCI #camera #wallet #rupee #multipleplatforms #national #corporations #india
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 - 09 September 2023
India, ASEAN agree to deepen strategic ties
GS Paper - 2 (International Relations)
India and 10-nation ASEAN agreed to deepen their comprehensive strategic partnership with concrete actions through practical implementation of the 'Plan of Action' to implement the ASEAN-India partnership for peace, progress and shared prosperity.
More about agreement
In a joint statement on maritime cooperation, it was agreed to support India's connectivity initiatives in the region to ensure seamless connectivity in the Indo-Pacific, besides boosting cooperation in a range of areas including blue economy, space and food security among others.
The two sides agreed to deepen their comprehensive strategic partnership with concrete actions through practical implementation of the 'Plan of Action' to implement the ASEAN-India partnership for peace, progress and shared prosperity.
They reaffirmed the importance of maintaining and promoting peace, stability, maritime safety and security, freedom of navigation and overflight in the region, and other lawful uses of the seas and unimpeded lawful maritime commerce and to promote peaceful resolutions of disputes, in accordance with universally recognised principles of international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS).
The two sides agreed to further strengthen ASEAN-India cooperation on maritime safety and security, promote cooperation in a Blue Economy and develop new and renewable energy including marine-based renewable energy, among others.
The Association of Southeast Asian Nations (ASEAN) is considered one of the most influential groupings in the region, and India and several other countries including the US, China, Japan and Australia are its dialogue partners.
ASEAN-India dialogue relations started with the establishment of a sectoral partnership in 1992.
This graduated to a full dialogue partnership in December 1995 and a summit-level partnership in 2002. The ties were elevated to a strategic partnership in 2012.
What is ASEAN?
On 8 August 1967, five leaders – the Foreign Ministers of Indonesia, Malaysia, the Philippines, Singapore and Thailand – came together in Bangkok.
Thailand was brokering some disputes among Malaysia, Indonesia and the Philippines, and it eventually led to the signing of a document.
The five Foreign Ministers who signed it – Adam Malik of Indonesia, Narciso R. Ramos of the Philippines, Tun Abdul Razak of Malaysia, S. Rajaratnam of Singapore, and Thanat Khoman of Thailand – would subsequently be hailed as the Founding Fathers of probably the most successful inter-governmental organisation in the developing world today. And the document that they signed would be known as the ASEAN Declaration.
The ASEAN Declaration signed by the five leaders conveyed the aspiration to further regional cooperation. These were about cooperation in the economic, social, cultural, technical, educational and other fields, and in the promotion of regional peace and stability and adherence to the principles of the United Nations Charter.
Its major pillars that help lay out a blueprint for cooperation are Political-Security Community (APSC), Economic Community (AEC) and Socio-Cultural Community (ASCC).
#upsc #news #headline #india #ASEAN #internationalrelation #strategic #ties #10nations #planofaction #partnership #concrete #agreement #prosperity #peace #progress #maritime #cooperation #boosting #connectivity #blueeconomy #foodsecurity #freedom #UNCLOS #safety #law #sea #US #JAPAN #CHINA #AUSTRALIA #THAILAND #SINGAPORE #PHILIPPINES #MALAYSIA #INDONESIA #BANKOK
India, ASEAN agree to deepen strategic ties
GS Paper - 2 (International Relations)
India and 10-nation ASEAN agreed to deepen their comprehensive strategic partnership with concrete actions through practical implementation of the 'Plan of Action' to implement the ASEAN-India partnership for peace, progress and shared prosperity.
More about agreement
In a joint statement on maritime cooperation, it was agreed to support India's connectivity initiatives in the region to ensure seamless connectivity in the Indo-Pacific, besides boosting cooperation in a range of areas including blue economy, space and food security among others.
The two sides agreed to deepen their comprehensive strategic partnership with concrete actions through practical implementation of the 'Plan of Action' to implement the ASEAN-India partnership for peace, progress and shared prosperity.
They reaffirmed the importance of maintaining and promoting peace, stability, maritime safety and security, freedom of navigation and overflight in the region, and other lawful uses of the seas and unimpeded lawful maritime commerce and to promote peaceful resolutions of disputes, in accordance with universally recognised principles of international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS).
The two sides agreed to further strengthen ASEAN-India cooperation on maritime safety and security, promote cooperation in a Blue Economy and develop new and renewable energy including marine-based renewable energy, among others.
The Association of Southeast Asian Nations (ASEAN) is considered one of the most influential groupings in the region, and India and several other countries including the US, China, Japan and Australia are its dialogue partners.
ASEAN-India dialogue relations started with the establishment of a sectoral partnership in 1992.
This graduated to a full dialogue partnership in December 1995 and a summit-level partnership in 2002. The ties were elevated to a strategic partnership in 2012.
What is ASEAN?
On 8 August 1967, five leaders – the Foreign Ministers of Indonesia, Malaysia, the Philippines, Singapore and Thailand – came together in Bangkok.
Thailand was brokering some disputes among Malaysia, Indonesia and the Philippines, and it eventually led to the signing of a document.
The five Foreign Ministers who signed it – Adam Malik of Indonesia, Narciso R. Ramos of the Philippines, Tun Abdul Razak of Malaysia, S. Rajaratnam of Singapore, and Thanat Khoman of Thailand – would subsequently be hailed as the Founding Fathers of probably the most successful inter-governmental organisation in the developing world today. And the document that they signed would be known as the ASEAN Declaration.
The ASEAN Declaration signed by the five leaders conveyed the aspiration to further regional cooperation. These were about cooperation in the economic, social, cultural, technical, educational and other fields, and in the promotion of regional peace and stability and adherence to the principles of the United Nations Charter.
Its major pillars that help lay out a blueprint for cooperation are Political-Security Community (APSC), Economic Community (AEC) and Socio-Cultural Community (ASCC).
#upsc #news #headline #india #ASEAN #internationalrelation #strategic #ties #10nations #planofaction #partnership #concrete #agreement #prosperity #peace #progress #maritime #cooperation #boosting #connectivity #blueeconomy #foodsecurity #freedom #UNCLOS #safety #law #sea #US #JAPAN #CHINA #AUSTRALIA #THAILAND #SINGAPORE #PHILIPPINES #MALAYSIA #INDONESIA #BANKOK
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.
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Today's Headlines - 11 September 2023
India-Middle East-Europe mega economic corridor
GS Paper - 2 (International Relations)
Prime Minister Narendra Modi announced the launch of the India-Middle East-Europe mega economic corridor. The project includes India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US.
What is the project?
The rail and shipping corridor is part of the Partnership for Global Infrastructure Investment (PGII) — a collaborative effort by G7 nations to fund infrastructure projects in developing nations. PGII is considered to be the bloc’s counter to China’s Belt and Road Initiative.
The project will aim to enable greater trade among the involved countries, including energy products.
It could also be one of the more ambitious counters to China’s massive infrastructure program, through which it has sought to connect more of the world to that country’s economy, AP said.
The corridor will include a rail link as well as an electricity cable, a hydrogen pipeline and a high-speed data cable, according to a document prepared by European Commission President Ursula von der Leyen.
The document also called the project “a green and digital bridge across continents and civilizations.”
Why is the project being proposed?
First, it would increase prosperity among the countries involved through an increased flow of energy and digital communications.
Second, the project would help deal with the lack of infrastructure needed for growth in lower- and middle-income nations.
Third, it could help “turn the temperature down” on “turbulence and insecurity” coming out of the Middle East
#upsc #headline #news #india #middle #East #Europe #mega #economic #corridor #international #relations #UAE #saudiarabia #europeanunion #france #Itlay #germany #US #project #rail #PGII #China #BELT #Road #intiative #ountries #trade #hydrogen #pipeline #speed #data #cable #civilizations #infrastructure #income #nations #turbulence #insecurity #prosperity
India-Middle East-Europe mega economic corridor
GS Paper - 2 (International Relations)
Prime Minister Narendra Modi announced the launch of the India-Middle East-Europe mega economic corridor. The project includes India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US.
What is the project?
The rail and shipping corridor is part of the Partnership for Global Infrastructure Investment (PGII) — a collaborative effort by G7 nations to fund infrastructure projects in developing nations. PGII is considered to be the bloc’s counter to China’s Belt and Road Initiative.
The project will aim to enable greater trade among the involved countries, including energy products.
It could also be one of the more ambitious counters to China’s massive infrastructure program, through which it has sought to connect more of the world to that country’s economy, AP said.
The corridor will include a rail link as well as an electricity cable, a hydrogen pipeline and a high-speed data cable, according to a document prepared by European Commission President Ursula von der Leyen.
The document also called the project “a green and digital bridge across continents and civilizations.”
Why is the project being proposed?
First, it would increase prosperity among the countries involved through an increased flow of energy and digital communications.
Second, the project would help deal with the lack of infrastructure needed for growth in lower- and middle-income nations.
Third, it could help “turn the temperature down” on “turbulence and insecurity” coming out of the Middle East
#upsc #headline #news #india #middle #East #Europe #mega #economic #corridor #international #relations #UAE #saudiarabia #europeanunion #france #Itlay #germany #US #project #rail #PGII #China #BELT #Road #intiative #ountries #trade #hydrogen #pipeline #speed #data #cable #civilizations #infrastructure #income #nations #turbulence #insecurity #prosperity
GLOBAL BIOFUEL ALLIANCE
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NEW DELHI DECLARATION
We are One Earth, One Family, and we share One Future.
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We are One Earth, One Family, and we share One Future.
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India-Middle East-Europe shipping and railway connectivity corridor
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CSIR - PRIMA Et 11
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COTTON ALLY MOBILE APP
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JOHA RICE
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MS Swaminathan , was the world-renowned agronomist, agricultural scientist, plant, geneticist, administrator, and humanitarian.
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How Lakshadweep Became A Part Of India? | History & Facts About Lakshadweep |
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How Lakshadweep Became A Part Of India? | History of Lakshadweep | Anshul Singh Sir | #lakshadweep
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Indian NAVY Rescued A Captured Ship From Houthi Rebels. | Who Are Houthis? | Mustafa Ali Shah
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Indian Navy Rescued A Captured Ship From Houthis | Who Are Houthis? | Mustafa Ali Shah KSG | #upsc
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WATCH LIVE - Swearing-In-Ceremony Of the Hon'ble Prime Minister Of India
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LIVE - Swearing-In-Ceremony Of the Hon'ble Prime Minister Of India
Witness the momentous occasion as the new Prime Minister takes the oath of office in the grand swearing-in ceremony. Join us as India welcomes its new leader with pomp and pride. Stay tuned for the highlights, speeches, and memorable moments from this significant…
Daily News Digest - 29 November 2024 - Current Affairs Discussion - KSG India
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Daily News Digest - 29 November 2024 - Current Affairs Discussion - KSG India
In today's enlightening discussion video our esteemed mentors tried to cover the Current Affairs topics for UPSC Aspirants from renowned "The Hindu", "The Indian Express", "PIB" and More
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India tests ballistic ballistic missile with…
Today's Topics includes:
India tests ballistic ballistic missile with…
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