WHY IN THE NEWS?

Crisil Ratings have upgraded credit outlook of India Inc to positive. It is a broad-based recovery for India Inc currently.

About:       

• Earlier India Inc’s credit outlook was ‘cautiously optimistic’.
• According to Crisil, credit ratio (number of upgrades to downgrades) increased to over 2.5 times in first four months of the fiscal 2021-2022 against 1.33 times in the second half of Financial Year 2021.
• Crisil also conducted a study of 43 sectors, excluding financial sector, that accounted for 75% of the overall Rs 36 lakh crore in outstanding debt. This points towards broad-based current recovery.

About CRISIL

CRISIL is formerly called as Credit Rating Information Services of India Limited. It is an Indian analytical company that provided ratings, research, and risk & policy advisory services. It is a subsidiary of American company S&P Global. It was the first credit rating agency of India. ICICI and UTI jointly introduced the agency in 1988. It was started with share capital from SBI, LIC and United India Insurance Company. US based S&P rating agency acquired majority shares of Crisil in 2005.

What is Credit Rating?

It is a quantified assessment of creditworthiness of the borrower in general terms. It also assesses the creditworthiness with respect to particular debt or financial obligation. This rating can be assigned to any entity which seeks to borrow money including an individual, a state, a corporation, any provincial authority, or sovereign government. Credit assessment and evaluation for companies and governments is usually conducted by a credit rating agency like Moody’s, S&P Global, or Fitch Ratings. These rating agencies are paid by the entity who want credit rating for itself

WHY IN THE NEWS?

Cabinet approved the ‘National Mission on Edible Oils — Oil Palm (NMEO-OP)” with the financial outlay of Rs 11,040 crore.

About:

• This approval was given in order to promote the domestic cultivation of oil palm in next five years.
• It will help in reducing India’s dependence on imports.
• The decision was taken after Prime Minister Narendra Modi announced this new Central scheme on August 15.

About National Mission on Edible Oils

The National Mission on Edible Oils is a centrally sponsored scheme. Out of the total outlay of Rs 11,040 crores, share of central government is Rs 8,844 crores. Rs 2,196 crores would be shared by states. This scheme will subsume the “National Food Security Mission-Oil Palm programme. It was launched in line with the Aatmanirbhar Bharat scheme.

Aim of the mission

The National Mission on Edible Oil was launched with the aim of covering oil palm in an additional area of 6.5 lakh hectare by 2025-26. It seeks to reach the target of 10 lakh hectares.

Why this scheme is significant?

Currently India is heavily dependent on imports of edible oils to meet the domestic need. Thus, it is necessary to make efforts towards increasing their domestic production. In order to increase the production, increasing area and productivity of oil palm becomes important. This target of increasing area can be achieved through the mission.  Furthermore, Oil Palm can help making farmers aatmanirbhar in accordance with Aatmanirbhar Bharat initiative. This scheme will also help the Centre in ensure that farmers are not affected with market fluctuations.

WHY IN THE NEWS?

According to UN atomic watchdog International Atomic Energy Agency (IAEA), Iran has accelerated its uranium enrichment to near weapons-grade.

About:       

• IAEA notes that, this move is raising tensions with the West because both the sides want to resume talks on reviving Tehran’s nuclear deal.
• Iran has increased the purity of refining Uranium from 20 percent to 60 percent in the response to the explosion and power cut at its Natanz site.
• Power cut and explosion have damaged output at the main underground enrichment plant. Iran blamed on Israel for this attack.
• As per IAEA, weapons-grade is having the purity of 90 per cent.

Background

In May, IAEA reported that Iran was using one cascade of advanced centrifuges in order to enrich up to 60 per cent at its Natanz plant. Now, IAEA notes that, Iran is now using a second cascade for that purpose.

What are the concerns?

Iran breached the restrictions that was imposed under 2015 nuclear deal. 2015 deal had capped the purity to 3.67 percent.

Iran nuclear deal 2015

Iran nuclear deal framework was signed in 2015 between the Islamic Republic of Iran and world powers including the P5+1 and the European Union. On the basis of the deal, Joint Comprehensive Plan of Action between Iran and P5+1 & EU was announced in Vienna on July 14, 2015.

Joint Comprehensive Plan of Action

Formal negotiations toward JCPOA started with the adoption of Joint Plan of Action, which was an interim agreement signed in 2013 between Iran and P5+1 countries.

P5+1 countries

It refers to five permanent members of United Nations security council namely China, Russia, France, the United Kingdom, and the United States; plus Germany. It is also referred as E3+3 by European countries.

WHY IN NEWS?

External Affairs Minister (EAM), S Jaishankar, announced the rollout of “UNITE Aware” tech to help protect UN peacekeepers.

About:       

• He made this announcement at th4 UN headquarters in New York while he was chairing UN security council open debate on “Technology and Peacekeeping”. He noted that, UN peacekeeping missions continue to operate in challenging situations involving terrorists, armed groups and non-state actors.
• Because of nature of peacekeeping has become more complex, it is significant that out capabilities are in pace to secure the peace keepers
• He highlighted that, 21st-century peacekeeping must be anchored in a strong ecosystem comprising of technology and innovation in order to facilitate UN peacekeeping operations.
• He announced India’s support to UN in roll out of UNITE AWARE.

India’s view

India believes in holding talks when it comes to the safety and security of UN peacekeepers. For India, peacekeeping continues to play a crucial role of ensuring international peace and security. External Affairs minister noted that, currently 5 thousand Indian personnel are deployed for nine missions and to protect the protectors, India provides 2 lakh doses of Covid-19 vaccine to vaccinate UN Peacekeeping personnel across the globe.

4-point framework

Minister proposed a 4-point framework in order to lay out a possible architecture of securing UN peacekeepers in order to meet contemporary threats. UNSC has adopted a Resolution on Accountability of Crimes against the UN Peacekeepers and Presidential Statement on Technology for Peacekeeping.

India-UN MoU

India and the United Nations signed a MoU to support the Partnership for Technology in Peacekeeping initiative and to UN C4ISR Academy for Peace Operations

WHY IN THE NEWS?

Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Memorandum of Understanding (MoU) on Disaster Management between India and Bangladesh that was signed in March, 2021.

• MoU was signed between National Disaster Management Authority (NDMA), Ministry of Home Affairs of India and Ministry of Disaster Management & Relief of Bangladesh.
• MoU involves Cooperation in the field of Disaster Management, Resilience and Mitigation.

Benefits of the MoU

MoU was signed to put in place a system where both India and Bangladesh will be benefited from Disaster Management mechanisms. MoU will help in strengthening preparedness, response and capacity building in the area of Disaster Management.

Features of the MoU

• It extends mutual support at the time of large-scale disaster (Natural or human-induced) that will occur within their respective territories. They will help each other in the area of relief, response, reconstruction and recovery.
• It provides for exchange of relevant information, remote sensing data and scientific data. It also provided for sharing experience or best practices of disaster response, recovery, mitigation, capacity building in order to ensure resilience.
• It also extends cooperation on advanced information technology, early warning systems, response & mitigation, remote sensing & navigation services, disaster preparedness and real time data sharing.
• MoU seeks to conduct Joint Disaster Management Exercises bilaterally.
• It set up mechanism for sharing standards, latest technologies and tools in order to create Disaster Resilient Communities.
• It also exchanges publications & materials as textbooks and guidelines on Disaster Management. Countries may conduct joint research activities on Disaster management, Risk Reduction and Recovery

WHY IN THE NEWS?

Indian Navy and Vietnam People’s Navy conducted joint drills in the South China Sea as part of maritime cooperation between both the countries.

About:                

• From Indian side, INS Ranvijay and INS Kora undertook bilateral maritime exercises.
• While from Vietnam, frigate VPNS Ly Thai To (HQ-012) took part.
• Indian Naval ships arrived at Cam Ranh, Vietnam for harbour phase.
• It also conducted professional interactions with VPN maintaining extant Covid-19 protocols.

Aim of the bilateral interaction

This bilateral military exercise was conducted with the aim of consolidating a strong bond shared by both the navies. It is a step towards strengthening India-Vietnam defence relations.

About the drill

Sea phase comprised of surface warfare exercises, helicopter operations, and weapon firing drills.

Defence relation between India and Vietnam

Regular bilateral interactions between both the navies have enhanced their interoperability and adaptability. Defence relationship between both the countries have been robust. They undertook a defence security dialogue in June 2021 and Indian Naval ships have been visiting Vietnamese ports frequently. Both the countries have also strengthened cooperation between the two navies over the years.

About INS Ranvijay

INS Ranvijay is a guided-missile destroyer. It is the latest INS of the Rajput class. It was commissioned on December 21, 1987. It has been equipped with several weapons and sensors comprising of a surface-to-surface missile, anti-air missiles and guns, anti-submarine rockets and heavy weight torpedoes. It is also capable of carrying anti-submarine helicopters called Kamov 28.

About INS Kora

INS Kora is  the lead ship of Kora class missile corvette. It is fitted with surface-to-surface missiles as well as anti-air guns

WHY IN THE NEWS?

Indian Navy and Royal Australian Navy signed a ‘Joint Guidance for the Australia- India Navy to Navy Relationship’.

About:       

• Document signing ceremony was held virtually between Chief of the Naval Staff of Indian Navy, Adm Karambir Singh; and Chief of Navy of Australian Navy, Vice Admiral Michael J Noonan.
• Document is in line with the ‘2020 Comprehensive Strategic Partnership’.
• 2020 comprehensive strategic partnership was agreed upon by the Prime Ministers with the aim of ensuring a shared approach to regional and global security challenges.

About the Joint Guidance Document

• Joint Guidance will serve as a guideline document in order to showcase the determination of both the Navies in order to work together bilaterally or multilaterally.
• The broad scope of the document focuses on developing mutual understanding, cooperating for regional security, collaborating in mutually beneficial activities and developing interoperability.
• It primarily highlights close cooperation in regional and multilateral fora such as Indian Ocean Naval Symposium (IONS), Indian Ocean Rim Association (IORA), Western Pacific Naval Symposium (WPNS), and Expert Working Groups that are subordinate to the Meeting Plus framework of ASEAN Defence Ministers.
• It will help in consolidating the shared commitment to promote peace, security, stability as well as prosperity in the Indo – Pacific region.

Defence relations between India and Australia

Bilateral defence relations have strengthened over the years between both countries. Significant milestones of the relationship include Comprehensive Strategic Partnership’, conduct of trilateral Maritime Security Workshop, Mutual Logistics Support Agreement and RAN participation in Exercise MALABAR.  These exercises highlight the role played by both Navies in strengthening their relationship in recent times.

WHY IN THE NEWS?

• The 20-year-old Chess player Harshit Raja from Pune, Maharashtra has become the 69th Grandmaster of India in Chess.
• He achieved the feat of becoming the GM at Biel Masters Open 2021 where he drew his game against Dennis Wagner to get his final GM norm with one round to spare.
• Grandmaster (GM) title is awarded to chess players by the world chess organization FIDE and is the highest title a chess player can attain.

WHY IN THE NEWS?

• The Reserve Bank of India has cancelled the license of Raigad based Karnala Nagari Sahakari Bank Limited in Maharashtra.
• As informed by the Reserve Bank of India, the license of Karnala Nagari Sahakari Bank was cancelled due to insufficient capital and earning prospects and its continuance would have adversely affected depositors.

WHY IN THE NEWS?

• India’s first Drone Forensic Lab and Research Center have come up in Kerala. The Chief Minister of Kerala, Pinarayi Vijayan was inaugurating the State police department’s ‘Drone Forensic Laboratory’ at the Kerala State Police CyberDome.
• Cyberdome is a technological research and development centre of the Kerala Police Department.
• The centre will help in keeping a watch over unauthorized drones and also for the production of drones for the use of the police force. This lab-cum-research centre will look into both utility and threat aspects of a drone.