September 9, 2023 | Your One-Stop Solution for Daily Preparation
Achieving Sustainable Development Goal 12 | Explained
Explore India's path towards sustainable consumption and production in pursuit of SDG 12. Discover key stats, programs, and challenges in this in-depth analysis of India's commitment to a greener future.
Highlights of the Day
1. G-20 Summit in New Delhi Nears Completion of Joint Declaration Amidst Geopolitical Disputes
The G-20 summit in New Delhi nears finalizing its joint declaration, focusing on resolving Ukraine-related disputes. India's G-20 'Sherpa' Amitabh Kant reported the document as "almost ready" for handover to leaders. He stressed India's success in rallying support for its priorities. The declaration is set to strongly represent the Global South and developing nations. Progress was made on non-geopolitical issues, like climate action and finance, but disagreements persist over geopolitical matters, such as Russia's Ukraine invasion. Western leaders stand firm, with China and Russia objecting. The summit's outcome depends on weekend leader discussions, with the possibility of a Chairman's Summary if consensus isn't reached. Despite challenges, Indian officials remain optimistic about negotiations, even with China, which posed difficulties on various fronts [1].
2. Australia and Philippines Upgrade Ties to Strategic Partnership Amid South China Sea Tensions
Australia and Philippines have elevated their bilateral ties to a strategic partnership, agreeing to hold annual defense ministers' meetings. Australian Prime Minister Anthony Albanese signed the agreement with Philippine President Ferdinand Marcos Jr. During the visit, marking the first by an Australian leader in two decades. They emphasized the importance of regional sovereignty and security, particularly in the South China Sea. The Philippines conducted military exercises with Australia recently and holds a Status of Visiting Forces Agreement with them, enabling joint activities. Australia also supported the 2016 arbitral ruling on the South China Sea and plans to visit China later this year, marking the first such visit since 2016 [2].
3. Reserve Bank of India Phases Out Incremental Cash Reserve Ratio (I-CRR) to Ease Liquidity Conditions
The Reserve Bank of India (RBI) is phasing out the incremental cash reserve ratio (I-CRR), starting on September 9. Initially introduced to absorb excess liquidity caused by factors like the return of Rs 2,000 banknotes and government spending, the RBI decided to discontinue it due to evolving liquidity conditions. The move will release funds in stages: 25% on September 9, 25% on September 23, and the remaining 50% on October 7. This action aims to prevent sudden liquidity shocks and maintain orderly money market functioning. The I-CRR had led to liquidity tightening, but the RBI is now reversing it ahead of potential tax outflows [3].
4. RBI Governor Calls on Fintech Firms to Establish Self-Regulatory Organisation
RBI Governor Shaktikanta Das has urged fintech entities to create a Self-Regulatory Organisation (SRO) to establish ethical standards and protect consumers. An SRO is a non-governmental body that enforces industry conduct rules and promotes professionalism, transparency, and fairness. It serves as a bridge between regulators and market participants. SROs, characterized by impartial governance, encourage disciplined practices and address broader industry concerns. They supplement existing regulations. SROs could address issues in the fintech sector, such as market integrity, data privacy, and risk management. RBI expects fintechs to develop best practices, privacy norms, and ethical standards while promoting transparency. SROs enhance industry credibility and act as watchdogs against unprofessional practices [4].
5. WIPO Meeting Discusses New Treaty on Intellectual Property and Genetic Resources
Member countries of the World Intellectual Property Organization (WIPO) concluded a five-day meeting to discuss a new treaty on Intellectual Property and Genetic Resources, Traditional Knowledge, and Folklore. The treaty aims to benefit indigenous communities protecting genetic resources and traditional knowledge. It would require patent applicants to disclose their use of genetic resources and traditional knowledge. However, experts argue that the draft text falls short of addressing biopiracy concerns. India proposed amendments to the text, including a comprehensive definition of traditional knowledge associated with genetic resources. Disagreements persist, with the US, Japan, and South Korea opposing mandatory disclosure, while the EU, Australia, and New Zealand are supportive. The treaty's scope remains narrow, excluding Digital Sequence Information [5].
Source: The Hindu | Indian Express | DownToEarth | Reuters
Practice Questions for Prelims
Q1: Consider the following statements about DNA:
I. DNA stands for Deoxyribonucleic Acid.
II. DNA is a double-stranded molecule, while RNA is single-stranded.
III. The four nitrogenous bases found in DNA are adenine, guanine, cytosine, and uracil.
Choose the correct combination:
a) I and II
b) II and III
c) I and III
d) I, II, and III
Q2: Consider the following statements about space exploration:
I. The first human landing on the Moon occurred during NASA's Apollo 11 mission in 1969.
II. The Hubble Space Telescope, launched in 1990, has provided remarkable images and data about distant galaxies and the universe's history.
III. The International Space Station (ISS) is a joint project involving space agencies from Russia, Europe, China, and India.
Choose the correct combination:
a) I and II
b) II and III
c) I and III
d) I, II, and III
Q3: Examine the following statements about financial markets:
I. Stock markets are where investors buy and sell shares of ownership in companies.
II. The term "bull market" is used to describe a period of declining stock prices.
III. The bond market involves trading debt securities issued by governments and corporations.
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 Artificial Intelligence (AI):
I. AI refers to the development of computer systems that can perform tasks that typically require human intelligence.
II. Machine Learning, a subfield of AI, enables machines to learn and improve from experience without being explicitly programmed.
III. Natural Language Processing (NLP) is not a part of AI and is used only in linguistic research.
Choose the correct combination:
a) I and II
b) II and III
c) I and III
d) I, II, and III
Q5: Examine the following statements about astronomy:
I. A light-year is a unit of time used to measure the speed of light.
II. The Big Bang Theory is the prevailing scientific explanation for the origin of the universe.
III. Black holes are regions of space where nothing can escape their gravitational pull, not even light.
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
Examine the challenges and opportunities in implementing the 'One Nation, One Election' concept in India's political landscape. (Word limit: 250 words)
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