VISION

 What is the issue?

The United States’ Labor Department reported that retail inflation had spiked to 6.2 % in October whereas India’s National Statistical Office data showed that retail inflation rose to 4.5 % for the same month.

What is inflation rate?

• It is the rate at which prices increase over a given period.

• In India, the inflation rate is calculated on a year-on-year basis.

• A high inflation rate erodes the purchasing power of people.

• Since the poor have less money to withstand fast-rising prices, high inflation hurts them the hardest.

What has caused the inflation surge in the US?

 Why in news?

The Glasgow Climate Pact (of COP 26)  was adopted recently and it is a mixed bag of modest achievements and disappointed expectations.

What are the modest achievements of the Summit?

• Average global temperature - The achievements include a clear consensus on a target of keeping global temperature rise down to 1.5 degrees Celsius.
• The notional target of 2 degrees of the Paris Agreement remains but the international discourse is now set in the more ambitious target.
• Transition from fossil fuels - It is the first clear recognition of the need to transition away from fossil fuels by phasing down the use of coal.
• Importance of Adaptation – Adaptation attained greater significance and there is a commitment to double the current finance available for this to developing countries.
• A start is being made in formulating an adaptation plan and this puts the issue firmly on the Climate agenda.
• Global Methane Pledge - Methane is a significant greenhouse gas with 28 to 34 times higher temperature forcing quality than carbon but stays in the atmosphere for a shorter duration.
• An agreement is signed among 100 countries to cut methane emissions by 30 % by 2030.
• Ending deforestation - A group of 100 countries has agreed to begin to reverse deforestation by 2030.
• Since the group includes Brazil and Indonesia where large areas of forests are being ravaged by legal and illegal logging, there will be progress in expanding these carbon sinks on the planet.
• US-China Joint Declaration on Climate Change - It implies that both the countries are moving towards a less confrontational and more cooperative relationship overall.
• India’s commitments – The commitment to achieve net-zero carbon by 2070 and of enhanced targets for renewable energy were welcomed.
• Clarity on Article 6 of Paris agreement- There is greater clarity on how bilateral carbon trades can proceed and the creation of a centralised hub that replaces Kyoto Protocol’s Clean Development Mechanism.
• Criteria have been set out for countries to use CERs from projects registered after January 1, 2013 to meet their first NDC or first adjusted NDC.
• It also designates a 12-member Supervisory Body to oversee the emerging hub and to review the baselines of recognised credits.

Article 6 of the Paris Agreement introduces provisions for using international carbon markets to facilitate fulfilment of Nationally Determined Contributions (NDCs) by countries.

What are the major disappointments of the Summit?

1)  Children’s Day observed on 14th November

•On 14th November, Children’s Day is celebrated every year to mark the birth anniversary of India’s first Prime Minister Pt. Jawaharlal Nehru. Children’s Day is popularly known as ‘Baal Diwas’ in India. The day aims at increasing the awareness of the rights, care and education of children. On this day, many educational and motivational programs are organised across the country, by and for children.

2)  World Diabetes Day observed on 14 November

•World Diabetes Day is observed on 14th November every year. The campaign aims to raise awareness around the crucial role that nurses play in supporting people living with diabetes. The theme for World Diabetes Day 2021-23: “Access to Diabetes Care ”.

•In 2007 General Assembly adopted resolution 61/225 designating 14 November as World Diabetes Day. The document recognized “the urgent need to pursue multilateral efforts to promote and improve human health, and provide access to treatment and health-care education.”

3)  44th Wangala festival begins in Meghalaya

•Meghalaya state observed the 44th edition of ‘Wangala’, the festival of 100 Drums Festival begins. It is a post-harvest festival of the Garos tribe which is being held every year to honour ‘Saljong’, the Sun God of Garos, which also marks the end of the harvest season. Celebrated since 1976, it’s the most important festival of the Garo tribe and attracts a lot of tourists. During the Wangala, tribals offer sacrifices to please their deity Saljong, the Sun God.

•The first day of the festival is celebrated with a ceremony called Ragula which is performed in the house of the village’s chief. People dress up in colourful costumes with feathered headgears and dance to the rhythms of long oval-shaped drums on the second day of celebration, Kakkat.

4)  Centre brings ordinance to extend tenure of ED, CBI directors up to 5 years

•The central government of India promulgated two ordinances for extending the tenure of Directors of the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) for up to five years. At present, the director of CBI and ED have been appointed for two-year tenure in office by the Central Vigilance Commission (CVC) Act, 2003. The order states that “whereas Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action.”

•President Ram Nath Kovind has given his assent to the ordinance and the central government is expected to table a law in Parliament to replace the same. As per the new ordinance, the Directors of CBI or ED can now be appointed first for a period of two years, and later if needed, the tenure can be extended for three more years. But it will require three separate annual extensions. However, after five years no extension can be granted to an ED or CBI chief.

5)  6th India-France bilateral Army exercise EX SHAKTI 2021 begins

•The Navies of India and France will carry out the 6th edition of the biennial training exercise “EX SHAKTI 2021” from November 15 to 26, 2021 in Frejus, France. The Indian Army will be represented by the Gorkha Rifles Infantry Battalion and France Army will be represented by troops of the 21st Marine Infantry Regiment of the 6th Light Armoured Brigade.

6)  Bhopal’s Habibganj Railway Station renamed as Rani Kamlapati Station

•The Habibganj railway station in Bhopal, Madhya Pradesh has been renamed after 18th-century Gond Queen of Bhopal, Rani Kamlapati. Prime Minister Shri Narendra Modi will inaugurate the revamped Rani Kamlapati railway station on November 15, during his visit to Bhopal. The railway station has been redeveloped with modern airport-like amenities at a cost of Rs 450 crore under Public Private Partnership mode in three years. Rani Kamlapati was the last Hindu queen of Bhopal and pride of the Gond community.

7)  Professor Bimal Patel of India elected to International Law Commission

•Professor Bimal Patel of India has been elected to the International Law Commission for a period of five-year. His five-year term will start from January 1, 2023. Prof Patel is the Vice-Chancellor of Rashtriya Raksha University and a Member of the National Security Advisory Board of India. The 51-year-old Patel secured 163 votes in the UN General Assembly out of 192 members. This was the highest votes received by a candidate in the Asia-Pacific Group.

8)  Dr Ajay Kumar releases a book titled ‘FORCE IN STATECRAFT’

•India’s Defence Secretary Dr Ajay Kumar has released a book titled ‘FORCE IN STATECRAFT’ in New Delhi. The book is a compilation of essays on topics such as counter-insurgency operations, conflict in the North East, airpower, nuclear posture etc. contributed by all stalwarts of the Armed Forces, who have vast operational experience and understanding of several important cornerstones of forces and its application.

•It has been compiled by Commandant of National Defence College (NDC) Air Marshal Diptendu Choudhury and President’s Chair of Excellence at NDC Air Vice Marshal (Dr) Arjun Subramaniam (Retd). The first of its kind book from NDC will help policymakers, legislators, diplomats, academics, leadership at all levels in the various national security verticals.

9)  RBI projected Retail (CPI) inflation at 5.3% for 2021-22

•The RBI has projected the CPI inflation at 5.3 per cent for 2021-22. According to MoSPI data, inflation in the food basket rose to 0.85 per cent in October, compared to 0.68 per cent in the preceding month. India’s retail inflation rate, measured by the Consumer Price Index (CPI), rose slightly in October to 4.48% year-on-year from 35% in September due to an uptick in food prices. The inflation was 61% in October last year.

10)  Australia wins their maiden T20 World Cup title

•Australia won their maiden T20 World Cup title as they defeated New Zealand in the final by 8 wickets. A target of 173 in a global final is never easy but Marsh with his power and reach made it look like a walk in the park in the company of David Warner (53 off 38 balls), who also turned the wheels of fortune for himself and his team during a victory, achieved in 18.5 overs. Mitchell Marsh was named as the player of the match.

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