September 6, 2023 | Your One-Stop Solution for Daily Preparation
Achieving Sustainable Development Goal 10 | Explained
Discover India's journey towards achieving SDG 10: Reducing Inequalities. Explore regional disparities, income inequality statistics, and government initiatives aimed at creating a more equitable society. Learn about key programs, progress made, and the ongoing commitment to inclusive growth.
Highlights of the Day
1. Southeast Asian Leaders Deny Myanmar's 2026 ASEAN Chairmanship
In a significant decision, Southeast Asian leaders have announced that Myanmar will not assume the rotating leadership of their regional bloc in 2026. This move deals a blow to Myanmar's ruling generals, who have been seeking international recognition since their violent seizure of power in 2021. Western nations, led by the U.S., have strongly condemned the ousting of Myanmar's democratically elected government and demanded the release of detained officials. The Philippines has stepped in to take over the regional bloc's chairmanship. The reasons behind Myanmar's loss of this prestigious position are linked to ongoing civil strife and concerns over relations with non-recognizing nations. The ASEAN summit also addressed the South China Sea disputes and called for mutual trust and restraint, emphasizing the need to avoid actions that could escalate tensions [1].
2. Finance Minister Highlights Global Financial Threats, Emphasizes Fintech's Role at Global Fintech Fest 2023
Union Finance and Corporate Affairs Minister Nirmala Sitharaman highlighted the global threats to the financial ecosystem, including cryptocurrencies, drug trafficking, tax havens, and cyber threats, during her address at the Global Fintech Fest 2023 in Mumbai. She emphasized the need for global collaboration to counter these challenges and build a responsible, inclusive, resilient, and sustainable financial system. Sitharaman urged fintech companies to invest heavily in cybersecurity measures to protect user data and financial transactions. India's G20 presidency is actively discussing regulation and frameworks for crypto assets, seeking international cooperation in addressing these issues. Fintech plays a vital role in India's financial inclusion and ecosystem [2].
3. SEBI Plans to Implement One-Hour Trade Settlement by March 2024
The Securities and Exchange Board of India (SEBI) is planning to introduce one-hour trade settlement by March 2024, with the goal of enhancing market efficiency. Currently, trades settle within one day (T+1). SEBI's Chairperson, Madhabi Puri Buch, revealed that the move towards instantaneous settlement would require additional technology development and is expected by the end of 2024. One-hour settlement offers quicker fund remittances and share delivery, benefitting investors who will see funds credited to their accounts and shares delivered to their demat accounts within an hour, compared to the T+1 cycle's next-day settlement. SEBI also plans to introduce an ASBA-like facility for secondary market trading in January 2024 [3].
4. UN Data Platform Exposes Massive Ocean Sand Extraction, Threatening Marine Life and Coastal Communities
The Marine Sand Watch data platform, created by the UN Environment Programme (UNEP), reveals that around six billion tonnes of sand are extracted from the world's oceans annually, causing irreversible harm to benthic life. This extraction leads to increased water turbidity, alters nutrient availability, and contributes to noise pollution, affecting marine organisms and coastal communities. The platform employs Automatic Identification System signals and AI to monitor sand extraction globally, with hotspots in regions like the North Sea and Southeast Asia. The UNEP warns that this rate may rise to 10-16 billion tonnes yearly, threatening coastal communities, sea levels, and ecosystems. Some nations have banned marine sand exports, while others lack regulation and monitoring. The UNEP calls for better oversight and international standards for marine sand extraction [4].
5. NGT Orders Border Roads Organisation to Plant 10,000 Trees in Uttarakhand
The National Green Tribunal (NGT) has ordered the Border Roads Organisation (BRO) to plant a minimum of 10,000 trees in Uttarakhand within one month to compensate for the trees felled during the construction of a road from Simli to Gwaldam. The NGT's directive comes in response to a petition alleging environmental norm violations by the BRO in the ecologically fragile Chamoli district. A joint committee's report confirmed no illegal tree cutting but lacked clarity on the number of trees planted. The NGT called for a joint mechanism between the BRO and the forest department to monitor landslides and ensure proper remedial measures [5].
Source: The Hindu | Indian Express | DownToEarth
Practice Questions for Prelims
Q1: In economics, what does "Laissez-faire" refer to?
a) A type of tax system
b) A hands-off approach by the government in economic affairs
c) A government-controlled economy
d) A form of economic socialism
Q2: Examine the following statements about the Rajya Sabha (Council of States) in India:
I. Rajya Sabha members are elected by the people.
II. It has a fixed term of five years.
III. The Vice President of India serves as the ex-officio Chairman of the Rajya Sabha.
Choose the correct combination:
a) I only
b) II only
c) III ony
d) I, II, and III
Q3: Examine the following statements about the Hubble Space Telescope:
I. It was launched by NASA in 1990.
II. Hubble orbits the Earth.
III. It primarily observes objects in the X-ray spectrum.
Choose the correct combination:
a) I and II
b) II and III
c) I and III
d) I, II, and III
Q4: Examine the following statements about the Taj Mahal:
I. The Taj Mahal is a UNESCO World Heritage Site located in Agra, India.
II. It was built by Emperor Shah Jahan in memory of his wife Mumtaz Mahal.
III. The main building of the Taj Mahal is primarily made of red sandstone.
Choose the correct combination:
a) I and II
b) II and III
c) I and III
d) I, II, and III
Q5: Consider the following statements about inflation:
I. Inflation refers to the increase in the price level of goods and services over time.
II. Deflation is the opposite of inflation, where prices of goods and services decrease.
III. Central banks use tools like interest rates to control inflation.
Choose the correct combination:
a) I and II
b) II and III
c) I and III
d) I, II, and III
Today’s Question for Mains Answer Writing
Analyze the socio-economic factors contributing to rural-to-urban migration in developing countries, and assess the implications of this migration on both rural and urban areas. (Word limit: 250 words)
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