RBI Governor on cryptocurrency
Governor of Reserve Bank of India (RBI), Shaktikanta Das raised alarm on cryptocurrencies and cautioned investors on potential pitfalls of digital currency.
Important Points
- From a macro economic and financial stability point of view, cryptocurrencies are of serious concern.
- Governor’s comment has come at a time when craze of cryptocurrencies has increased among Indian investors.
- Craze has increased in India, after Supreme Court turned down RBI’s order of banning cryptocurrency trading in India.
- Union government has also not yet enacted any law on cryptocurrencies. It is currently consulting with experts. After several rounds of discussion, government largely want to set limits on cryptocurrencies trading in India.
Cryptocurrency
Cryptocurrency is the collection of binary data. It is designed to work as a medium of exchange. In such system, individual coin ownership records are stored in a ledger. Ledger is a computerized database using strong cryptography for securing transaction records. Ledger also control creation of additional coins and verify transfer of coin ownership. Cryptocurrencies are generally fiat currencies because they are not backed by or convertible into a commodity.
Cryptocurrency does not exist in physical form as paper money does. It is not issued by a central authority. Cryptocurrencies use decentralized control as opposed to central bank digital currency (CBDC).
First Decentralized cryptocurrency
Bitcoin is the first decentralized cryptocurrency. It was first released as open-source software in 2009.
e-Amrit portal
India launched an electric vehicle awareness web portal called “e-Amrit Portal” on November 10, 2021.
Important Points
- This portal was launched at the ongoing COP26 Summit in Glasgow, UK.
- Launch of e-Amrit portal was attended by NITI Aayog Adviser Sudhendu Jyoti Sinha and UK High-Level Climate Action Champion Nigel Topping.
e-AMRIT Portal
e-AMRIT portal stands for “Accelerated e-Mobility Revolution for India’s Transportation”. This web portal was developed by NITI Aayog in association with the UK government as part of India-UK Joint Roadmap 2030.
Aim
The e-AMRIT portal was launched with the aim of creating awareness regarding electric mobility in India. It has been developed as a ‘one-stop site’ containing all the information regarding adoption of electric vehicles (EVs) in India.
Devices used
The web portal can be accessed using different devices like PCs, mobile phones, screen readers and tablets.
Purpose of e-AMRIT Portal
The e-AMRIT portal aims to assist electric vehicle users or electric vehicle adopters to:
- Switch to electric vehicles by offering insights on electric vehicle technologies, insurance options, types of electric vehicles and financing options.
- Set up electric vehicle or associated enterprise by means of providing details on key initiatives of central and state governments.
- Assess benefits of electric vehicles with designed tools for determining users’ savings with electric vehicles as compared to petrol or diesel vehicles.
- Get all information regarding Indian electric vehicle market and industry.
Significance
The e-AMRIT portal will accelerate initiatives of the government to raise awareness on electric vehicles. It will sensitize people on benefits of adopting electric vehicles. It act as an accelerator of change and influence millions of users.
Incentives approved for sugar cane, cotton, jute farmers
Cabinet Committee on Economic Affairs (CCEA) approved several measures to support farmers of cotton, sugar cane and jute.
Important Points
- CCEA increased the price of ethanol extracted from sugar cane juice to blend it with petrol.
- Ethanol blending with petrol is expected to reach 10% by 2022 and 20% by 2025.
- CCEA has also increased the rate for ethanol extracted from C-heavy molasses.
- Oil marketing companies purchase ethanol from distilleries and sugar mills at the rate set by Government.
- Ethanol blending programme reduced the dependence on crude oil imports.
Significance
Increase in price of ethanol is expected to reduce dues of the mills in payment to sugar cane farmers.
Price support to CCI
CCEA also approved a committed price support of Rs. 17,408.85 crore for the Cotton Corporation of India (CCI). Price support will be provided as reimbursement for its losses occurred in past seven years in procuring crops from farmers at minimum support prices (MSP).
Norms for Jute in packaging
CCEA approved reservation norms for mandatory use of jute in packaging. With this approval, 100% of food grains and 20% of sugar are required to be packed in jute bags. In the year 2020, such reservation consumed two-thirds of the total raw jute production.
Cotton Corporation of India Limited (CCI)
Cotton Corporation of India Limited is engaged in diverse activities related to trade, procurement, and export of cotton. It is a public sector agency which is responsible for equitable distribution of cotton across different constituents of the industry. CCI was incorporated on July 31, 1970 under Companies Act 1956.
November 15 declared as ‘Janjatiya Gaurav Divas’
On November 10, 2021, Union Cabinet chaired by PM Narendra Modi approved declaration of November 15 as Janjatiya Gaurav Divas.
Important Points
- The day was declared as a part of year-long celebration of 75 years of India’s independence, in a bid to commemorate brave tribal freedom fighters.
- November 15 also marks the birth anniversary date of Birsa Munda who is considered as God by tribal communities across India.
- Birsa Munda had made significant contributions in India’s Independence by fighting against exploitative system of British colonial system.
- He belonged to the Munda tribe and spearheaded an Indian tribal religious Millenarian movement in late 19th century across the tribal belt of present-day Bihar and Jharkhand.
Janjatiya Gaurav Divas
The Janjatiya Gaurav Divas will be observed to commemorate tribal freedom fighters. It will make the coming generations aware of sacrifices made by tribal freedom fighters during India’s independence movement. The day will be celebrated every year to recognize the efforts made by tribals in preserving cultural heritage and promoting Indian values of national pride & hospitality.
Significance
The Janjatiya Gaurav Divas will acknowledge the cultural heritage and glorious history of tribal communities.
Background
- To mark this day, Indian government will launch a week-long celebration to commemorate 75 years of history of tribal people. It will start from November 15 and will conclude on November 22, 2021.
- Central and State government will organize several activities as a part of celebration.
- The theme of each activity will showcase achievements of tribals in Indian Freedom Struggle.
- Government will undertake several initiatives in health, education, skill development, livelihood, and infrastructure.
MPLAD Scheme restored
Union Cabinet restored the Members of Parliament Local Area Development Scheme (MPLAD) scheme on November 10, 2021, citing economic recovery.
Important Points
- This scheme was suspended in April 2020 and its funds were subsumed in the consolidated fund of India.
- It was suspended for two financial years that is, 2020-21 and 2021-22.
- However, as the covid-19 pandemic situation has improved and economy is recovering, Government announced a partial rollback.
- Till further announcement, MPs will get Rs 2 crore annually, instead of approved Rs 5 crore.
MPLAD Scheme
The MPLAD scheme was launched in 1993. It enables Members of Parliament (MPs) to recommend development works within their constituencies. The scheme emphasis on creation of durable community assets on the basis of locally felt need. Durable assets of national priorities and community needs include primary education, drinking water, roads, public health and sanitation etc.
Importance
In the initial phases, scheme was under the control of Ministry of Rural Development and Planning. However, it was transferred to the Ministry of Statistics & Programme Implementation in October, 1994.
Provisions of the scheme
- Under MPLADS scheme, MPs are entitled to spend Rs 5 crore annually.
- MPLAD funds can also be used to implement schemes like Swachh Bharat Abhiyan, Sansad Aadarsh Gram Yojana, Accessible India Campaign (Sugamya Bharat Abhiyan) and conservation of water through rain water harvesting etc.
MLALADS Scheme
On the line of MPLADS, several states have launched schemes called Member of Legislative Assembly Local Area Development Scheme (MLALADS). Under this scheme, funds are given to MLAs.
World Science Day 2021
World Science Day for Peace and Development is observed on November 10, every year to highlight importance and relevance of science in our daily lives.
Important Points
- The day highlights the role of science in society and the need to engage public in debates & discussion on important scientific issues.
- It is observed with the aim of ensuring that citizens are kept informed of developments in science.
- It notes the role played by scientists in broadening our understanding of remarkable, fragile planet and in making our societies more sustainable.
- Primary objective of the day is to bring science closer to society by highlighting its key aspects.
Theme of the Day
The World Science Day 2021 was observed with the theme- ‘Building Climate-Ready Communities’.
History of the Day
UNESCO had proclaimed this day in 2001. Following this, the first World Science Day for Peace & Development was observed across the world on November 10, 2002, under UNESCO. Establishment of this day was the positive outcome of 1999 World Conference on Science in Budapest. This has generated many concrete projects, programs, and funding for science worldwide.
National Science Day
On the line of World Science Day, India observes National Science Day every year on February 28. It commemorates the discovery of Raman Effect by Sir Chandrasekhara Venkata Raman. For Raman Effect, he has been awarded the Nobel Prize in 1930. The first National science day was celebrated in 1987. In 2021, the day was observed under the theme: ‘Future of STI (Science, Technology and Innovations)- Impacts on Education, Skills and Work’.
US joins International Solar Alliance as a member country
United States of America (USA) became the 101st member country to join International Solar Alliance (ISA).
Important Points
- USA joined ISA as member country to accelerate the global adoption of solar energy.
- This announcement was made at UNFCCC COP26 on November 10, 2021.
- Now, USA will catalyse global energy transition through solar-led approach.
International Solar Alliance (ISA) Framework
The ISA framework was first circulated in 2016 for the support of countries. It emphasises on delivering global relevance and local benefit through collaborations for all countries. Key interventions of ISA will focus on readiness and enabling activities, innovative financing instrument and risk mitigation in order to facilitate promotion and deployment of solar technologies.
International Solar Alliance (ISA)
ISA is an alliance of 124 countries. It was initiated by India. Most of the member countries are sunshine countries, lying either partly or completely between Tropic of Cancer and Tropic of Capricorn. This alliance was launched with the objective of working for efficient consumption of solar energy and reduce dependence on fossil fuels. It was first proposed by Prime Minister Narendra Modi in November 2015. It is a treaty-based inter-governmental organization. It is the largest grouping of states across the world.
Criteria
Countries that do not lie within the Tropics can also join ISA and enjoy all benefits as other members. However, they do not get voting rights.
Headquarter of ISA
ISA is headquartered in Gurugram, India. Its foundation stone was laid by Narendra Modi, and French President Francois Hollande in 2016.
Delhi Declaration on Afghanistan
A regional security summit was hosted by India on November 10, 2021. The summit was attended by eight nations including Iran and Russia.
Important Points
- Conference was represented by the national security advisors of each country.
- During the conference, it was announced that Afghanistan & its territories cannot be used to shelter or train terrorists, or to finance any act of terrorism.
- Countries issued a joint statement, dubbed as “Delhi Declaration on Afghanistan”. As per the statement, eight participating nations discussed the evolving Afghan situation including the global ramification in the aftermath Taliban’s takeover.
- They paid special attention to issues like Threats from terrorism, current political situation in Afghanistan, radicalisation & drug trafficking.
Background
The eight nations, which attended the conference include India, Russia, Iran, Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan.
Commitments made by countries
- Participating countries highlighted the need to offer Afghanistan all possible humanitarian assistance.
- They reaffirmed their firm commitment to tackle terrorism in all forms and manifestations. They also seek to combat terror financing, dismantling of terrorist infrastructure and counter radicalisation in a bid to ensure that Afghanistan will never become a safe haven for terrorism.
- They further emphasised on the importance of ensuring fundamental rights of children, minorities and women.
Joint Declaration
The Joint Declaration (Delhi Declaration) emphasised on the need to provide urgent assistance to Afghan people. It expressed deep concerns over deteriorating socio-economic and humanitarian situation in Afghanistan. It also noted the need of helping Afghanistan to contain COVID-19.
