28-Oct-2023-Daily-Current-Affairs

INDIA UNLIKELY TO JOIN GLOBAL COOLING PLEDGE AT COP28: REPORT

GS 3 (ENVIRONMENT): SOURCE – THE HINDU

India’s position on the global cooling pledge at the upcoming COP28 climate meeting in Dubai has sparked discussions. Its refusal to join the pledge, focusing on reducing cooling-related emissions, is founded on concerns regarding increased costs and the need for affordable cooling solutions. The stance is pivotal, especially given India’s substantial population and increasing cooling requirements.

Key Points:

Reasoning Behind India’s Reluctance:

• India is hesitant due to the substantial investments required for transitioning to sustainable cooling technologies, potentially inflating the cost of such products.
• Refusal to commit beyond the 1992 Montreal Protocol targets regulating ozone-depleting chemicals in cooling appliances is a notable factor.
• Importance of India’s Decision:
• India, a major player in the global economy and emissions, has been urged to join the pledge, given its proactive measures in the India Cooling Action Plan.
• The country’s significantly lower per capita emissions and growing cooling demands drive its cautious approach.

Challenges and Future Projections:

• Anticipated exponential growth in India’s need for cooling raises concerns about energy consumption and emissions, particularly with household air conditioner usage.
• The reluctance to sign the pledge opens opportunities for other nations to attract funding while India reevaluates its position.

Conclusion:

India’s decision not to immediately sign the cooling pledge reflects a delicate balance between environmental commitments and the pressing need for affordable and accessible cooling solutions. As the nation deliberates its stance, the implications of its choice extend beyond local concerns, impacting global initiatives and financial flows for sustainable cooling technologies. The outcome of India’s decision will be closely watched during the upcoming COP28 conference in Dubai.

80% OF INDIA’S URBAN POPULATION HAS ACCESS TO HIGH-SPEED INTERNET: PM

GS 2 (POLITY AND GOVERNANCE): SOURCE – THE HINDU)

Prime Minister Narendra Modi lauded the substantial advancement in high-speed Internet access across urban India, highlighting the exponential growth of 5G infrastructure, with over 80% of the urban population now having access to this technology. Speaking at the seventh India Mobile Congress, he emphasized the transformative impact of enhanced connectivity on various facets of life.

Key Points:

Impact of Enhanced Connectivity:

• Modi highlighted the pivotal role of high-speed internet in improving ease of living, enabling seamless online education, telemedicine, and facilitating easy access for tourists through online mapping.

Advancements in Telecommunications:

• The PM outlined India’s rapid move towards 6G and emphasized the absence of any blemish in the 4G rollout, taking a subtle dig at the past 2G controversy.

Success in Domestic Electronics Manufacturing:

• Emphasizing the rise in domestic electronics manufacturing, he highlighted global tech giants like Apple, Samsung, and Google’s plans for smartphone assembly in India, showcasing a boost in electronics exports.

Strengthening Supply Chains:

• Modi stressed the need to secure electronics supply chains, possibly alluding to reducing dependency on Chinese dominance in electronics assembly, advocating for safer and more reliable democratic societies.

Conclusion:

PM Modi’s address at the India Mobile Congress showcased India’s strides in digital connectivity, highlighting the transformative impact on citizens’ lives. The rapid expansion of 5G and plans for 6G, coupled with the success in electronics manufacturing, signified a robust and forward-looking approach towards creating a technologically advanced and self-reliant nation. The emphasis on strengthening supply chains underlines the need for greater self-sufficiency and resilience in the technology sector.

ON DIGITAL LENDING – RBI SHOULD STEP UP EFFORTS TO CONTROL ILLEGAL LOAN APPS

GS 3 (ECONOMY): SOURCE – INDIAN EXPRESS

The proliferation of digital lending in India has brought about a host of challenges concerning regulation, transparency, and the safety of borrowers. Despite the promising growth in the sector, concerns around illegal loan apps and the absence of stringent oversight have surfaced, raising alarm. The government, Reserve Bank of India (RBI), and other stakeholders are engaged in seeking solutions to mitigate risks associated with digital lending.

Understanding Digital Lending:

Definition and Functionality:

• Digital lending involves offering loans via online platforms, leveraging automated systems for quick processing, credit evaluation, and disbursements, leading to cost reduction and faster loan approvals.

RBI Guidelines for Digital Lending:

• Categorization criteria, grievance redressal, third-party control, payment aggregators, recovery mechanisms, and salary-based repayments are detailed within the RBI’s digital lending guidelines.

               

Challenges and Concerns:

• Detrimental Effects: Reports of aggressive recovery tactics linked to suicides.
• Regulation Challenges: Proposed additional KYC measures, needing a comprehensive strategy.
• RBI’s Inactive Role: Lack of direct supervision and non-implementation of proposed initiatives.
• App Store Filtering: App stores face challenges in filtering out unlicensed lenders.
• Fraud Potential: Possibility of misrepresentations in lender-app partnerships, demanding more than standard KYC checks.

Recommended Measures:

• RBI’s Active Supervision: Assert a direct role in overseeing digital lending.
• Standardized Verification: Mandate a clear proof-of-partnership with regulated entities.
• Blockchain Implementation: Employ blockchain for validating and securing partnerships.
• Inclusive Regulation: Involve state-level institutions and stakeholders for comprehensive oversight.
• Public Awareness: Educate the public about the risks associated with unauthorized loan apps and responsible borrowing.
• Strengthened Collaboration: Enhance app authenticity and safety through collaborations with relevant stakeholders and regulatory bodies.

Conclusion:

Addressing the challenges of digital lending in India demands a multi-faceted approach, involving stringent oversight, technological solutions like blockchain, collaborative efforts, and public awareness to ensure safe and responsible borrowing practices. The government and regulatory bodies need to implement comprehensive measures to safeguard consumers and ensure the authenticity of digital lending platforms.

ON INDIA’S LINGUISTIC DIVERSITY – MULTILINGUALISM CAN BE MAGICAL IF IT’S ERROR-FREE

GS 2 (POLITY AND GOVERNANCE): SOURCE – ECONOMIC TIMES

The rich linguistic diversity in India is a testament to its cultural fabric. Beyond cultural significance, multilingualism bears substantial cognitive benefits. Understanding the constitutional underpinnings of language provisions is crucial in comprehending India’s stance on linguistic diversity.

Constitutional Provisions on Language:

• Protection of Linguistic Minorities (Article 29): Ensures preservation of distinct languages, scripts, and cultures.
• Educational Rights (Article 30): Grants minorities the right to establish educational institutions without discrimination.
• Language in Parliament (Article 120): Mandates Hindi or English for parliamentary proceedings but allows mother-tongue usage with permission.
• Official Language (Article 343): Designates Hindi in Devanagari script as the Union’s official language with English usage permitted for 15 years.
• Language Commission (Article 344): Recommends the progressive use of Hindi for official purposes.
• State Official Languages (Article 345): Allows states to adopt any language or Hindi for official purposes.
• Language in Judiciary (Article 348): Mandates English in Supreme Court and High Courts with exceptions.

India’s Linguistic Diversity:

• Language Landscape: India boasts over 19,500 languages, showcasing immense diversity.
• Local Varieties: Regions exhibit diverse linguistic richness.
• Daily Exposure: Citizens experience multilingualism daily, visible in urban environments like New Delhi with various script usage in street signage.

Cognitive Benefits of Multilingualism:

• Enhanced Cognitive Skills: Multilingualism enhances cognitive abilities for efficient information processing.
• Research Findings: Bilingualism aids better information processing, demonstrated in studies.
• Delay in Cognitive Decline: Multilingualism among the elderly delays cognitive decline, preserving mental faculties.
• Creativity Boost: Multilingual individuals foster creativity through mental agility and divergent thinking.
• Subconscious Processing: Shifting between languages occurs subconsciously, refining mental agility.
• Open-mindedness: Multilingualism fosters open-mindedness, broadening perspectives and cultural receptivity.

Conclusion:

India’s linguistic diversity is not just a cultural treasure but also a cognitive asset. The constitutional provisions safeguarding languages and the numerous cognitive benefits of multilingualism highlight its profound significance in the nation’s cultural and intellectual landscape. The interplay between legal protection and cognitive advantages underscores the integral role of multilingualism in India’s societal and individual development.

BREAKING THE ICE: HOW INDIA CAN HELP SAVE THE ARCTIC

GS 3 (ENVIRONMENT): SOURCE – THE INDIAN EXPRESS

India’s emerging role on the global stage positions it to take an active stance in safeguarding the Arctic. The country’s history of consensus-building and diplomacy allows it to bridge the gap between the interests of the Global North and South, particularly in the context of climate protection.

India’s Involvement in Arctic Preservation:

• Accelerated Arctic Warming: The Arctic is experiencing rapid warming, causing alarming sea ice loss and permafrost thawing. This endangers critical ecosystems and could release substantial carbon stores, heightening the climate emergency.
• Global Impact: The changes in the Arctic have far-reaching consequences, with evidence linking melting ice to extreme Indian monsoon events. The Indian monsoon, a pivotal source of regional rainfall, accounts for 80% of South Asia’s precipitation.
• Geopolitical & Climate Challenges: Russia’s commercial focus in the Arctic poses a significant challenge. Russia’s activities, including the use of heavy fuel oil in Arctic waters, prioritize short-term gain over long-term environmental preservation.
• Arctic Council Suspension: The current governance body, the Arctic Council, has been suspended due to geopolitical tensions, making it challenging to regulate and monitor activities affecting the Arctic.

India’s Potential in Arctic Governance:

• Representation and Advocacy: As an observer in the Arctic Council, India can advocate for Global South concerns, urging a cessation of further exploitative activities in the region.
• Bridging Divides: India’s demonstrated consensus-building capacity, notably seen in the G20 Summit, positions it to facilitate a cohesive approach in Arctic governance reform.

Conclusion:

India’s unique diplomatic position and capability in garnering agreement between divergent global interests position it as a key influencer in shaping Arctic governance reform. The country’s participation and advocacy could foster a collective and constructive dialogue on climate governance, emphasizing the urgent need to prioritize climate protection in the Arctic, ultimately protecting the planet from climate catastrophe.

VAJRA MUSHTI KALAGA

GS 1 (HISTORY): SOURCE- THE INDIAN EXPRESS

• “Vajra Mushti Kalaga” is a distinctive form of wrestling that differs from traditional grappling, involving two fighters, known as ‘jettys’.
• In this battle, wrestlers employ ‘Vajramushti,’ knuckle-dusters embedded with diamonds, creating a combat spectacle. The goal is to draw blood from the opponent’s head, declaring the first to do so as the victor.
• It traditionally occurs on the ninth day of Navaratri at Mysuru Palace in Karnataka. This wrestling style is traced back to the times of King Someshwara III of the Chalukya dynasty, mentioned in the ‘Manasollasa,’ a manual of warfare from 1124–1138.
• European traveler Fernano Nuniz observed it during the Vijayanagar empire. Located in the Anamalais in Tamil Nadu, it’s within the Western Ghats’ South of the Palakkad gap.
• The area is encompassed by the Parambikulum Tiger Reserve, Chinnar Wildlife Sanctuary, and Eravikulum National Park. Kariyan shola, Grass hills, and Manjampatti are part of the UNESCO World Heritage site Western Ghats.

CREDIT INFORMATION COMPANIES (CICS)

GS 3 (ECONOMY): SOURCE – TIMES OF INDIA

• RBI mandates Compensation Framework: The Reserve Bank of India (RBI) has directed Credit Information Companies (CICs) to establish a compensation framework concerning delays in updating or rectifying credit information related to borrowers.
• Compensation for Unresolved Complaints: In instances where a complaint remains unresolved within 30 days, the CIC is obliged to offer compensation to the complainant.
• CICs and Their Function: These specialized entities maintain comprehensive credit information about borrowers, accessible by banks and various lending institutions. They gather this data from banks, credit card companies, and non-bank financial institutions.
• Crucial Role in Credit Decisions: Lending institutions heavily rely on the credit reports compiled by CICs to evaluate the creditworthiness of potential borrowers, influencing their lending decisions significantly.
• RBI Licensing: CICs are officially licensed and regulated by the Reserve Bank of India (RBI), ensuring adherence to specific standards and guidelines in handling credit information and related matters.