Today's Brief 13-23/04/2024

1. Recently, the United Nations (UN) has recently released the ‘Financing for Sustainable Development Report 2024’ highlight
   

key takeways,

• Widening Financing Gap: The report estimates a staggering $4.2 trillion annual investment deficit for developing countries, a sharp increase from pre-pandemic levels.

• Debt Burden: Crippling debt and rising borrowing costs are hindering developing nations' ability to invest in sustainable development.

• Urgent Action Needed: The window to achieve the SDGs and address climate change is rapidly closing. The report calls for a massive surge in financing and a reformed global financial system.

Widening Financing Gap:

• The report estimates a $4.2 trillion annual shortfall for developing countries to achieve the SDGs by 2030. This is a significant increase compared to pre-pandemic levels, highlighting the compounding effects of global crises.

• Multiple factors contribute to this gap:

• Economic Slowdown: The global economic slowdown has shrunk government budgets, leaving less money for crucial sustainable development projects.

• Rising Costs: The cost of vital interventions like renewable energy and climate adaptation is increasing, further outpacing available funds.

• Ineffective Resource Allocation: Inefficiencies and corruption within some developing nations can also hinder effective utilization of existing resources.

Debt Burden:

• Many developing countries are drowning in debt, making it even harder to invest in sustainable development.

• The report finds:

• High Interest Rates: Rising interest rates make borrowing for development projects more expensive, further limiting investments.

• Debt Distress: A growing number of developing nations are at high risk of debt default, jeopardizing their ability to secure future financing.

Urgent Call to Action:

• The report emphasizes the urgency of the situation. The longer we wait, the harder and more expensive it will be to achieve the SDGs and address climate change.

• FSDR 2024 proposes several solutions:

• Increased Public Financing: Developed countries need to step up and increase their financial commitments to developing nations.

• Private Sector Mobilization: The report urges private investors to channel their resources towards sustainable development projects with attractive returns.

• Debt Relief and Reform: Addressing the debt crisis through restructuring and forgiveness is crucial to free up resources for developing countries.

• Reformed Financial System: The report calls for a global financial system that prioritizes long-term sustainability and social good over short-term profits.

Looking Ahead:

• The UN Summit of the Future in September 2024 presents a critical opportunity. World leaders will need to come together with concrete plans to address the financing gap and get the world back on track for a sustainable future.

2.Overseas Citizenship:India is considering expanding the scheme already implemented for Suriname to other countries with large overseas Indian populations, such as Fiji.

According to the home ministry, over 3.5 million OCI cards had been provided to foreign citizens as of March 2020.

In 2023, India expanded the criteria for OCI card eligibility for original Indian immigrants in Suriname, extending it from the fourth generation to the sixth generation. The OCI, or Overseas Citizenship of India, was established to address the desire for dual citizenship among the Indian diaspora, especially in developed nations.

The Ministry of Home Affairs specifies an OCI as someone who was an Indian citizen on or after January 26, 1950, or eligible for citizenship on that date, or a descendant of such individuals, among other conditions. However, as per Section 7A of the OCI card regulations, individuals, along with their parents or grandparents, who have ever held citizenship in Pakistan or Bangladesh are not eligible for the OCI card. This category was initiated by the government in 2005 and later, in 2015, the Indian government merged the Person of Indian Origin (PIO) category with the OCI category through the Citizenship (Amendment) Act.

3.India and Mauritius: The implementation of the revised tax treaty between India and Mauritius will only occur upon the signing of the agreement by both nations and will not have retroactive application. One notable addition to the treaty is the inclusion of a principal purpose test, aimed at determining whether tax benefits outlined in the treaty will be applicable to investments. According to the amended treaty, tax advantages for investments will be withheld if it is determined that seeking tax benefits was one of the motivations behind the transaction.

India and Mauritius share a longstanding relationship, with diplomatic ties established in 1948, evolving into significant trade partners within the Asian continent. Notably, Mauritius celebrates its National Day on March 12, coinciding with the date of the Dandi Salt March as a tribute to Gandhiji and India's struggle for independence. The island nation also boasts a population where nearly 70% have Indian origins. In terms of trade, India has been a major trading partner of Mauritius since 2005, with substantial bilateral trade volumes. Moreover, Mauritius has been a significant source of Foreign Direct Investment (FDI) into India, largely facilitated by the Double Taxation Avoidance Convention (DTAC) since 1982.

In addition to economic ties, defense cooperation between the two nations is robust, with India being Mauritius' preferred partner for defense acquisitions and capacity building. The term SAGAR (Security and Growth for All in the Region), coined by India's Prime Minister during his visit to Mauritius in 2015, underscores India's commitment to ensuring peace and prosperity in the Indian Ocean region.

However, challenges such as the potential misuse of the tax treaty for illicit activities, evolving security dynamics in the Indo-Pacific region, and trade imbalances need to be addressed. Furthermore, the increasing presence of external powers like China in Mauritius and Africa raises concerns for India.

Moving forward, India and Mauritius must continue to strengthen their multifaceted relationship by collaborating in various sectors such as infrastructure and FinTech. Despite historical ties and recent partnerships, India must actively engage with Mauritius to sustain its influence and address emerging challenges effectively.

4.QS World University Rankings 2024: :

• Top Spot: Massachusetts Institute of Technology (MIT) holds the number one position this year.

• Top 5: Following MIT are University of Cambridge, University of Oxford, Harvard University, and Stanford University.

• New Metrics: This year's ranking saw the introduction of three new metrics: Sustainability, Employment Outcomes, and International Research Network

• A total of 69 Indian universities with 424 entries have made it to the QS World University Rankings by subject, marking a 19.4% rise from the previous year’s 355 entries achieved by 66 universities.

• India is the second most represented country in Asia for the number of ranked universities (69), after mainland China with 101.

5.The government has instructed all gas-based power plants to commence operations from May 1 to June 30 due to an anticipated increase in electricity demand resulting from an early onset of the summer heat wave.

India's Gas-Based Energy Sector:

The Central Electricity Authority, overseen by the Ministry of Power, monitors 62 gas-based power stations with a total capacity of 23,845 MW utilizing gas as the primary fuel. Projections from the International Energy Agency (IEA) suggest a 6% rise in India's natural gas demand in 2024, driven by increased consumption in fertilizer units, power generation, and industrial sectors. India stands as the fourth largest importer of liquefied natural gas (LNG). Gas-based power generation presents numerous benefits, including reduced emissions and quicker ramp-up times compared to coal-based plants. However, gas-based power's share in India's energy mix remains modest compared to coal and renewable sources.

Gas-Based Power Generation in India:

The adoption of gas-based power generation addresses several crucial needs in India's energy landscape. Firstly, it provides a cleaner energy alternative, particularly vital in urban areas grappling with air quality concerns. Secondly, gas-based plants offer greater operational flexibility and efficiency compared to coal-based counterparts. Additionally, diversifying the energy mix with gas reduces dependence on coal, enhancing energy security and resilience against supply disruptions. Furthermore, the rapid deployment capability of gas-based plants makes them suitable for meeting short-term increases in electricity demand.

Challenges Faced by the Sector:

The gas-based energy sector encounters challenges primarily related to natural gas importation, infrastructure limitations, competitive pricing, and environmental considerations. Despite efforts to boost domestic production, India heavily relies on imported natural gas due to limited domestic reserves. Infrastructure development, including pipelines and LNG terminals, faces hurdles such as land acquisition issues and regulatory complexities. Competitive pricing and environmental concerns surrounding methane emissions and air pollution further impact the sector's growth.

Government Initiatives to Boost Gas-Based Energy:

To address these challenges, the government has undertaken various initiatives focusing on infrastructure development, city gas distribution network expansion, natural gas marketing reforms, and promotion of LNG imports and terminals. Projects like the Pradhan Mantri Urja Ganga (PMUG) aim to bolster natural gas pipeline infrastructure, while city gas distribution (CGD) network expansions aim to increase access to piped natural gas (PNG) across India. Additionally, reforms in natural gas marketing and pricing, along with the establishment of the Natural Gas Infrastructure Development Fund (NGIDF), seek to stimulate investment and enhance sectoral growth. Promoting LNG imports and terminals further diversifies gas supply sources, contributing to energy security and sustainability.

6.Time standard For Moon : The United States has formally tasked the National Aeronautics and Space Administration (NASA) with establishing a time standard specifically tailored for the Moon. This standard will serve as a reference point for various international organizations and private enterprises, facilitating the synchronization of their operations on the lunar terrain.

• The Directive: Earlier this year (April 2024), the White House instructed NASA to develop a unified timekeeping system for the Moon, called Coordinated Lunar Time (CLT).

• Rationale: With increasing lunar activity from various countries and private companies, a standardized time system is essential for:

• Coordination: Ensuring smooth collaboration between missions and avoiding scheduling conflicts.

• Reliability: Maintaining accurate timing for scientific research, communication, and navigation.

• Lunar Commerce: Facilitating future lunar resource extraction and economic activity.

• Details on CLT: The specifics are still being worked out, but experts suggest it might involve:

• Atomic Clocks: Similar to how Earth uses atomic clocks, lunar outposts could house highly precise clocks to define CLT.

• Accounting for Lunar Rotation: The Moon's rotation is slightly longer than Earth's, so CLT will need to account for this difference.

7.India is the top producer and exporter of Ashwagandha with states like Rajasthan and Madhya Pradesh emerging as leading producers:

 Ashwagandha Cultivation: Rajasthan and Madhya Pradesh are leading the way in Ashwagandha cultivation due to their dry and subtropical climates, which are ideal for the growth of this herb.

• Growing Demand: Ashwagandha's popularity as an adaptogen has surged in recent years, leading to increased global demand. Adaptogens are a class of herbs that are believed to help the body adapt to stress.

• India's Advantage: India has a significant advantage in Ashwagandha production due to its:

• Favorable climate

• Long history of Ayurvedic medicine cultivation

• Existing infrastructure for processing and export

8. PACE Mission: Launched in February 2024, PACE (Plankton, Aerosol, Cloud, ocean Ecosystem) is a cutting-edge Earth observation satellite.

• Public Data Release: As of April 2024, NASA is now distributing science-quality data collected by PACE. This means the data is accurate and calibrated for researchers to use in their studies.

• Benefits of PACE Data: This data will be instrumental for scientists studying:

• Ocean Health: PACE can identify different types of phytoplankton, which are crucial for marine ecosystems.

• Air Quality: The satellite measures airborne particles, helping us understand pollution levels and their impact.

• Climate Change: PACE data will provide insights into cloud formations and aerosols, which play a role in regulating Earth's temperature.

• Public Access: The data is publicly available through a dedicated NASA portal https://pace.oceansciences.org/access_pace_data.htm. This allows a wider range of researchers and institutions to contribute to our understanding of Earth.

9.World Heritage Day: World Heritage Day, also known as the International Day for Monuments and Sites, actually already passed this year. It's held annually on April 18th

• Purpose: Raise awareness about the importance of preserving our cultural and natural heritage for future generations.

• Organizer: Established by the International Council on Monuments and Sites (ICOMOS) and approved by UNESCO.

• 2024 Theme: The theme for 2024 was "Discover and experience diversity." This theme aimed to highlight the vast array of cultural and natural heritage sites across the globe.

Today, numerous organizations, societies, governments, and individuals unite to promote the conservation of these wonders and raise public consciousness regarding their importance. India boasts several historic monuments and sites that urgently require preservation efforts to safeguard its rich cultural heritage.

10.Global Forest Watch: The latest data from the Global Forest Watch monitoring project, current as of April 17, 2024, paints a concerning picture of India's forest cover. Here's a deeper dive into the findings:

• Extent of Loss: Since 2000, India has witnessed a staggering loss of 2.33 million hectares of tree cover. This translates to a 6% decrease in overall tree cover across the country in just over two decades.

• Natural Forests Under Threat:  Worryingly, 95% of this tree cover loss has occurred within natural forests. These natural ecosystems are not only vital for biodiversity and ecological balance but also play a crucial role in carbon sequestration.

• Spikes in Deforestation: The report highlights significant spikes in deforestation events in 2016 (175,000 hectares) and 2023 (144,000 hectares). These sharp increases suggest periods of accelerated forest loss that require further investigation.

• Loss of Primary Forests:  A particularly concerning finding is the loss of humid primary forests. These pristine forests have never been logged and hold immense ecological value. India has lost a substantial 414,000 hectares of these vital ecosystems since 2002, accounting for 18% of the total tree cover loss.

Here are some additional points to consider:

• India's Role as a Carbon Sink: Despite the ongoing deforestation, India's remaining forests still act as a net carbon sink, meaning they absorb more carbon dioxide than they release. However, continued tree cover loss will erode this crucial environmental service.

• Geographical Concentration: The report likely highlights specific Indian states with the highest deforestation rates. You can delve deeper by exploring the interactive maps on the Global Forest Watch platform (https://www.wri.org/initiatives/global-forest-watch).

• Causes of Deforestation:  While the data itself doesn't pinpoint the causes of forest loss, potential drivers include activities like:

• Large-scale infrastructure development projects

• Expansion of agriculture

• Illegal logging and wood extraction

Understanding these drivers is crucial to formulating effective policy solutions for forest conservation.

Overall, the Global Forest Watch data serves as a wake-up call for India. The need for robust forest conservation policies, sustainable development practices, and stricter enforcement mechanisms is clear. Only through comprehensive action can India protect its remaining forests and ensure a healthy ecological future.

11.Recently, the Supreme Court of India emphasized in a ruling that forests within the nation are not only a significant national asset but also a substantial contributor to the country's financial wealth. This assertion arose from a case where the State of Telangana appealed against a High Court's decision regarding the allocation of forest land to a private entity. Notably, concerns have been raised regarding the Forest Conservation (Amendment) Act of 2023, which is accused of potentially enabling encroachments in protected forests and facilitating forest land diversions for commercial purposes.

Moreover, the Act has been criticized for exempting certain infrastructural projects from environmental clearance, possibly leading to increased exploitation of forest resources. The Supreme Court further highlighted the crucial role of India's forests as carbon sinks, estimating their mitigation value at $5 per tonne of CO2. According to reports, carbon stocks in Indian forests have been on the rise, underscoring the importance of forest conservation efforts.

The Forest Survey of India (FSI), established in 1981, plays a pivotal role in surveying and assessing the country's forest resources, employing remote sensing techniques and national forest inventories. India's forest cover, encompassing approximately 24.62% of the nation's land area, is diverse and biodiverse, providing essential ecosystem services and supporting numerous livelihoods.

 Additionally, community forest resources play a vital role in rural economies, with millions depending on forests for various products. Forests are not only ecological lifelines but also vital for social and economic sustainability. India has instituted robust legal and policy frameworks for sustainable forest governance, aiming to maintain environmental stability and ecological balance.

in conclusion, India's forests are integral to its ecological and economic prosperity, and the Supreme Court's ruling emphasizes the urgent need for stringent conservation measures to safeguard these invaluable resources.

12.2550th Mahaveer Nirvan Mahotsav:  he 2550th Nirvana Mahotsav of Bhagwan Mahaveer is being celebrated as a festival, which is being organized as a year long "Ahimsa Mahotsav". This occasion is not only for the people of Jain community but for every section of the society, who understands the importance of non-violence and wants to follow it in their life.

Bhagwan Mahaveer Nirvana Mahotsav Committee is a special organization which has been formed to plan and organize this festival. The objective of this committee is to spread the life and principles of Bhagwan Mahaveer among the people, so that they follow the core values of non-violence and harmony.

13 Insurance Regulatory and Development Authority of India (IRDAI): The Insurance Regulatory and Development Authority of India (IRDAI) celebrated its Silver Jubilee on April 19.

The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous body that regulates and licenses the insurance and re-insurance industries in India. It was established in 1999 under the Insurance Regulatory and Development Authority Act.

Insurance Regulatory and Development Authority of India (IRDAI)

The IRDAI's main objectives are to:

• Protect the interests of policyholders

• Promote the orderly growth of the insurance industry

• Regulate the insurance and re-insurance industries

The IRDAI is responsible for a number of activities, including:

• Issuing and renewing licenses to insurance and reinsurance companies

• Regulating the rates of premium charged by insurance companies

• Setting standards for insurance products

• Resolving disputes between policyholders and insurance companies

• Promoting insurance awareness

• IRDA was constituted in 1999 as an autonomous body after the recommendations of the Malhotra Committee report to regulate and develop the insurance industry.

• It was incorporated as a statutory body on April 19, 2000. 

The IRDAI is headquartered in Hyderabad, India.

13. Financial Services Institutions Bureau: The Financial Services Institutions Bureau (FSIB) is an autonomous body set up by the Government of India in 2022 . It is responsible for recommending qualified individuals for appointment as whole-time directors and non-executive chairpersons on the boards of public sector banks, financial institutions, and insurance companies in India.

FSIB has recommended Manoj Mittal as the Chairman and Managing Director of Small Industries Development Bank of India (SIDBI) and Sanjay Shukla as the Managing Director of National Housing Bank (NHB

14.Euvichol-S is a new simplified formulation of the oral cholera vaccine, Euvichol-Plus®. It was prequalified by the World Health Organization (WHO) on April 12, 2024 [WHO prequalifies new oral simplified vaccine for cholera].

Euvichol-S offers similar efficacy to existing vaccines but with a simpler design, allowing for faster and larger-scale production to address the global shortage of oral cholera vaccines (OCVs).

Here's a summary of Euvichol-S:

• Type: Oral cholera vaccine

• Developer: EuBiologics Co Ltd. (South Korea) in collaboration with the International Vaccine Institute (IVI)

• WHO Prequalification Date: April 12, 2024

• Benefits: Simplified formulation, faster production, increased availability

• Cholera is a bacterial infection caused by Vibrio cholerae.

• It primarily affects the small intestine.

• Symptoms include severe watery diarrhea and vomiting.

• Transmission occurs through contaminated water or food.

• Outbreaks often occur in areas with poor sanitation and hygiene.

• Rapid dehydration is a significant risk, especially in severe cases.

• Treatment involves rehydration therapy and antibiotics.

• Prevention strategies include improving sanitation, access to clean water, and vaccination in high-risk areas.

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