Weekly Current Affairs (15th November to 21st November 2023) | Current Affairs: Daily, Weekly & Monthly - CLAT PDF Download

Sovereign Green Bonds: Financing a Sustainable Future

Context: In the fiscal year 2024, the first issuance of Sovereign Green Bonds witnessed a successful auction of five-year maturity bonds, drawing significant investor attention.

• Definition: Sovereign Green Bonds are fixed interest-bearing financial instruments issued by sovereign entities, inter-governmental organizations, or corporations.
• Utilization: Proceeds from these bonds are strictly allocated to environmentally conscious and climate-resilient projects.
• Government Initiative: The Union Budget 2022-23 announced the issuance of Sovereign Green Bonds as part of market borrowings to mobilize resources for green infrastructure.
• Framework: The government released the framework for Sovereign Green Bonds in November 2022.
• Risk Factors: As government-issued bonds, Sovereign Green Bonds carry nil credit and default risk.
• Investment Appeal: Green bonds are an attractive investment for those prioritizing sustainable social development and the transformation of brown industries.
• Investor Protection: According to the government's framework, investors in these bonds are not exposed to project-related risks, ensuring payment security for principal and interest.

Cybersecurity Landscape in India: A 70% Surge in Cyberattacks

Context: According to the State of Application Security Report, India experienced a 70% increase in cyberattacks in Q3 2023.

• Report Source: The State of Application Security Report was released by Indusface, an app security solutions firm.
• Quantifying Attacks: India faced over 1.6 billion cyberattacks in Q2 2023, marking a 70% surge from the previous quarter.
• Types of Attacks: Bot attacks, utilizing automated scripts, and Distributed Denial of Service (DDoS) attacks were prominent.
• Global Impact: India, the US, and the UK emerged as the top victims of both bot and DDoS attacks.
• Vulnerability Factors: India's vulnerability to cyberattacks is attributed to rapid digital adoption, inadequate cybersecurity infrastructure, and limited awareness among end-users.
• Legal Framework: The absence of robust cybersecurity laws and a stringent legal framework contributes to challenges in identifying and prosecuting cybercriminals.

India International Science Festival 2023: Fostering Scientific Spirit

Context: The 9th edition of the India International Science Festival (IISF) 2023 will be hosted in Faridabad, Haryana.

• Inception: IISF began in 2015, spearheaded by the Ministry of Science and Technology, Ministry of Earth Sciences, Department of Space, and Department of Atomic Energy, in partnership with Vijnana Bharati.
• Purpose: IISF serves as a platform to inspire diverse individuals, including students, educators, scientists, researchers, and science communicators.
• Theme: The theme for the 9th IISF is 'Science and Technology Public Outreach in Amrit Kaal.'

Viksit Bharat Sankalp Yatra: Amplifying Government Welfare Schemes

Context: Prime Minister Narendra Modi launched the Viksit Bharat Sankalp Yatra.

• Objective: The yatra aims to promote and publicize government welfare schemes and enroll potential beneficiaries.
• Highlighted Schemes: Ayushman Bharat, PMJAY, PM Garib Kalyan Anna Yojana, and Deendayal Antyodaya Yojana are among the key schemes publicized.
• IEC Vans: Five specially designed Information, Education, and Communication (IEC) Vans will carry the government's welfare program messages.
• Coverage Goal: The yatra targets over 2.55 lakh Gram Panchayats and over 3,600 urban local bodies by January 25, 2024.

World Governance Index: Assessing Global Governance

Context: The Chief Economic Advisor expressed concerns over the use of World Governance Index Indicators in ratings assessment by credit rating agencies.

• Publication Source: The World Governance Index is published by the World Bank, aggregating information from over 30 data sources provided by various institutions.
• Role in Credit Rating: The index plays a crucial role in deciding the sovereign credit rating of any country.
• India's Concerns: India argues that these indicators, based on subjective opinions, pose methodological problems and can impact credit ratings.
• Transparency Call: India advocates for the World Governance Index to be more transparent and less subjective.

India's Coal Landscape: Reserves, Imports, and Sustainability Goals

Context: An exploration of India's coal scenario, including reserves, imports, and sustainability goals.

• Coal Classification: Coal is a nonrenewable energy source, primarily sourced from Gondwana coal, which accounts for about 98% of total reserves and 99% of production.
• Imports: Major coal importers to India include Indonesia, Australia, South Africa, USA, and Russia.
• Sustainability Focus: India aims to halt coal imports by 2025-26, emphasizing the production of 100 million tonnes from underground mines by 2030.

PM Particularly Vulnerable Tribal Groups (PM PVTG) Mission: Empowering Marginalized Communities

Context: Prime Minister Narendra Modi launched the Rs. 24,000-crore Pradhan Mantri Particularly Vulnerable Tribal Groups (PM PVTG) Mission.

• Mission Objective: The mission aims to provide targeted development to areas where Particularly Vulnerable Tribal Groups (PVTGs) reside.
• Implementing Strategy: The mission integrates 11 interventions from nine ministries, covering schemes like Pradhan Mantri Gram Sadak Yojana and National Sickle Cell Disease Elimination Mission.

MSCI Emerging Markets Index: India's Growing Weightage

Context: India's weightage on the MSCI Emerging Markets (EM) index is set to increase after the inclusion of nine Indian stocks.

• Index Definition: MSCI Emerging Markets Index reflects the performance of large-cap and medium-cap companies in 25 nations.
• Criteria for Weightage: Stock weight on the EM index is based on free float market capitalization, influencing investor allocation.
• Government Initiatives: India aims to bolster ties with global counterparts in emerging markets, fostering collaborations in critical and emerging technology sectors.

Reserve Bank of India's Move: Impact on Unsecured Lending

Context: The Reserve Bank of India (RBI) increased the risk weights of assets for unsecured lending by banks and non-banking financial companies (NBFCs).

• Risk-weighted Assets: These are crucial in determining the minimum capital required for banks in relation to the risk profile of their lending activities.
• RBI's Objective: The move aims to reduce the risk of insolvency and protect the overall growth of bank credit, potentially making loans more expensive.

India's Economic Ascent: Projected to be Third Largest Economy by 2027

Context: The Finance Minister predicts that India will surpass Japan and Germany to become the third-largest economy by 2027.

• Factors Contributing: India's 'Blue economy,' accounting for 4% of the GDP, is identified as a significant driver of economic growth.
• Geographical Advantage: With nine coastal states, four Union Territories, major ports, and a network of navigable waterways, India is poised for economic opportunities.
• Infrastructure Focus: Development in coastal areas, major and non-major ports, and navigable waterways is crucial for economic advancement.

Initiatives for Sustainable Living: IGBC Nest Certification

Context: The Indian Green Building Council (IGBC) launched the NEST certification initiative, promoting eco-friendly and sustainable homes.

• IGBC Nest: A self-developed framework and certification for eco-friendly homes to drive awareness and encourage sustainable living.
• Carbon Emission Control: The initiative aims to control and limit carbon emissions in the individual housing sector.
• Long-term Objective: IGBC Nest aligns with the broader goal of achieving sustainability in the construction sector.

WHO-India Agreement: Elevating Traditional and Complementary Medicine

Context: An agreement between the World Health Organization (WHO) and the Ministry of Ayush seeks to integrate Traditional and Complementary Medicine into India's National Health System.

• Global Strategy 2025-34: The agreement aims to strengthen training and practice in Traditional Medicine, specifically 'Siddha.'
• Guidelines Formulation: Formulation of guidelines to study quantum systems, providing a unique perspective on the uncertainties of quantum physics.

DAKSHIN Initiative: Global Collaboration for Sustainable Development

Context: Prime Minister Modi inaugurated the DAKSHIN (Dakshin Development and Knowledge Sharing Initiative) in the Second Voice of Global South Summit.

• Global Collaboration: DAKSHIN facilitates knowledge exchange among Global South countries, addressing challenges like climate change and sustainable development.
• Comprehensive Approach: The initiative contributes to a comprehensive approach to global challenges, emphasizing cooperation and shared solutions.

Fractals in Quantum Physics: Unveiling Nature's Intricacies

• Definition: Fractals are geometric shapes that exhibit self-similarity across different scales.
• Creation Process: Fractals are formed by repeating a simple process in an ongoing feedback loop.
• Example: The Koch snowflake, an equilateral triangle evolving with each iteration, illustrates the concept of fractals.

In conclusion, the third week of November 2023 has seen a confluence of developments, ranging from sustainable financing through Sovereign Green Bonds to the challenges posed by the surge in cyberattacks in India. As the nation anticipates becoming the third-largest economy by 2027, the government is actively engaged in initiatives like Viksit Bharat Sankalp Yatra and the PM PVTG Mission to ensure inclusive growth. The landscape also reflects concerns over global governance assessments and endeavors to integrate traditional medicine into national health systems. Amidst these dynamics, India's focus on sustainability, economic growth, and global collaboration remains prominent.