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Important Current Affairs for CLAT-24th September 2023

JP Morgan to Add Indian Government Bonds to Emerging Market Benchmark

In a significant development, JP Morgan Chase & Co. is set to include Indian government bonds in its renowned benchmark emerging-market index. This long-anticipated move is expected to attract substantial foreign investments into India’s debt market.

Index Inclusion Date and Weightage

  • The inclusion of Indian government bonds in the JP Morgan Government Bond Index-Emerging Markets is scheduled to take effect from June 28, 2024.

  • India will have a maximum weight of 10% on this index, as outlined in a statement.

Rationale for Inclusion

  • JPMorgan’s decision to include Indian government bonds in its index is attributed to India’s introduction of the FAR (Fully Accessible Route) program in 2020 and its substantial market reforms aimed at facilitating foreign portfolio investments.

  • A survey conducted among benchmark investors revealed that nearly three-quarters of respondents supported India’s inclusion in the index.

Impact on India’s Economy and Foreign Inflows

  • India’s addition to this prominent global index will provide global investors with greater access to the world’s fastest-growing major economy, which has consistently offered some of the highest returns in the region.

  • Experts estimate that this inclusion could lead to foreign inflows of up to $30 billion, according to HSBC Holdings Plc.

  • The anticipation of India’s inclusion has already prompted foreign investors to increase their holdings of Indian government bonds, with holdings rising from nearly $7.4 billion at the end of 2022 to almost $12 billion.

Global Index Diversification

  • The move to include India in the index reflects a broader trend among index providers seeking to diversify their index constituents. Factors such as Russia’s invasion of Ukraine and China’s economic challenges have led to shifts in index compositions.

  • India was notably the last significant emerging market to be absent from global debt indexes before this inclusion.

Challenges and Policy Changes

  • India’s authorities had been cautious about making changes to tax policies to facilitate the inclusion of Indian government bonds in global indexes. In contrast, countries like Korea have taken steps to enhance foreigners’ access to their markets.

  • Nevertheless, JPMorgan reported a growing level of support for including India’s index-eligible, high-yielding government bonds, with approval rising to 60% in their survey, up from 50% in the previous year.

Potential Future Developments

  • FTSE Russell, another major index provider, is also considering including Indian bonds in its emerging market gauge, indicating the increasing attractiveness of India’s debt market.

Other Developments in Emerging Markets

  • Egypt has been placed on negative watch by JPMorgan due to reported currency repatriation challenges faced by investors. The country’s eligibility for index inclusion will be evaluated over the next three to six months.

Prime Minister Modi’s Visit to Varanasi: Laying the Foundation Stone of an International Cricket Stadium

Prime Minister Narendra Modi recently visited Varanasi, his Lok Sabha constituency, to mark several significant milestones. During his visit, he laid the foundation stone of an international cricket stadium in Ganjari, Rajatalab, aimed at realizing his vision of developing world-class sports infrastructure. Additionally, he participated in the closing ceremony of the Kashi Sansad Sanskritik Mahotsav at the Rudraksha International Cooperation and Convention Centre and inaugurated 16 Atal residential schools built across Uttar Pradesh.

International Cricket Stadium in Varanasi

Location: Ganjari, Rajatalab

Cost: Approximately Rs 450 crore

Capacity: 30,000 spectators

  1. Inspired by Lord Shiva: The thematic architecture of the stadium draws inspiration from Lord Shiva, incorporating elements such as crescent-shaped roof covers, trident-shaped floodlights, and ghat steps-based seating arrangements.

  2. World-Class Infrastructure: The stadium is part of Prime Minister Modi’s vision to develop modern and world-class sports infrastructure.

Atal Awasiya Vidyalaya – Quality Education Initiative

Total Cost: Approximately Rs 1,115 crore

Number of Schools: 16

Targeted Beneficiaries: Children of laborers, construction workers, and COVID-19 orphans

  1. Access to Quality Education: These 16 “Atal Awasiya Vidyalaya” schools aim to provide quality education and holistic development opportunities to children who are often underserved, including the children of laborers, construction workers, and those orphaned due to the COVID-19 pandemic.

  2. Comprehensive Facilities: Each school is constructed on 10-15 acres of land and includes classrooms, sports grounds, recreational areas, a mini auditorium, hostel complexes, mess facilities, and residential flats for the staff.

  3. Capacity: These residential schools are designed to eventually accommodate 1,000 students each, significantly expanding access to quality education in the region.

Kashi Sansad Sanskritik Mahotsav

  1. Cultural Vibrancy: The Kashi Sansad Sanskritik Mahotsav was organized to strengthen the cultural vibrancy of Varanasi, the holy city. It witnessed the participation of more than 37,000 people across 17 disciplines, showcasing talents such as singing, playing musical instruments, “nukkad natak” (street plays), and various forms of dance and art.

Indian Defence Acquisition Council (DAC) Has Officially Approved The Indigenous Dhruvastra Missile

In a significant development, India’s Defence Acquisition Council (DAC) has given the green light to several capital acquisition proposals, including the indigenous Dhruvastra short-range air-to-surface missile. This precision-guided weapon is designed for deployment on the indigenously built DHRUV MK-IV helicopters and is poised to elevate India’s combat capabilities against enemy tanks and armored vehicles significantly.

India’s Military Strength Bolstered by Dhruvastra Missile System Approval

The approval of the Dhruvastra missile system by the Defence Acquisition Council (DAC) marks a substantial enhancement in India’s military capabilities. This advanced missile system, originally named Helina and developed as part of the Integrated Guided Missile Development Program (IGMDP) by the Defence Research and Development Organisation (DRDO), represents a formidable addition to India’s array of military assets.

Cutting-edge Features and Versatility

The Dhruvastra missile is a third-generation, fire-and-forget anti-tank guided missile (ATGM) system, renowned for its versatility in engaging and neutralizing enemy tanks and armored vehicles.

This advanced system offers the following remarkable features:

1. Dual Engagement Modes: Dhruvastra operates in both direct hit mode and top attack mode, making it highly adaptable to various combat scenarios. This capability allows it to strike targets from different angles, increasing its effectiveness.

2. Impressive Range: With a range spanning from 500 meters to an impressive 7 kilometers, Dhruvastra can engage targets across a wide spectrum. This extensive reach ensures that enemy tanks and armored vehicles are within its striking distance.

3. High-altitude Launch: Dhruvastra can be launched from altitudes of up to 4 kilometers, giving it a strategic advantage in mountainous terrain and complex battlefields.

4. Effective Target Tracking: At the core of Dhruvastra’s precision is its imaging infrared-seeker (IIS), which tracks and guides the missile to its target based on the target’s heat signature. This seeker can lock onto a target before or after a missile launch, ensuring optimal accuracy even in challenging conditions such as low light or adverse weather.

5. Penetrating Warhead: Dhruvastra’s special warhead is designed to penetrate various types of armor, including reactive armor, commonly found on modern tanks. This feature makes it a formidable anti-tank weapon.

Strategic Significance

The induction of the Dhruvastra Missile into the Indian Army and Air Force not only enhances India’s defense capabilities but also bolsters its stance in territorial disputes with neighboring nations. With both China and Pakistan possessing substantial armored forces, Dhruvastra equips India with a formidable countermeasure.

Beyond Dhruvastra: The Future of Indian Missile Technology

India’s indigenous missile technology continues to evolve rapidly. In addition to Dhruvastra, the DRDO has developed a man-portable version of the Nag missile known as the Man-Portable Anti-Tank Guided Missile (MPATGM), extending its use to infantry soldiers. Additionally, the DRDO is working on the SANT missile, a longer-range version of the Nag missile, with a range of 15-20 kilometers, suitable for launch from helicopters and drones.

Israel unveiled its cutting-edge main battle tank, the Merkava Mark 5

Israel unveiled its cutting-edge main battle tank, the Merkava Mark 5, known as “Barak,” signifying a significant leap in technological advancement and military capability. The development of the Barak tank involved collaboration between the Israeli Defense Ministry’s Armored Vehicles Directorate, the IDF’s Ground Forces, Armored Corps, and multiple Israeli defense companies, including Elbit Systems, Rafael, and the Israel Aerospace Industries’ subsidiary, Elta.

The Barak tank’s technological advancements and combat capabilities have broader implications for military innovation worldwide. It showcases Israel’s prowess in defense technology and may influence the development of future armored vehicles.

Objectives and Significance

  • Technological Advancement: The Barak tank represents a remarkable achievement in the field of armored warfare, showcasing Israel’s commitment to advancing its defense capabilities. This 5th-generation tank builds upon the legacy of earlier Merkava models, incorporating cutting-edge technologies and innovations.

  • Enhanced Defensive and Offensive Capabilities: The tank’s design includes advanced protective measures and digital combat capabilities. It features improved armor, a state-of-the-art missile defense system (Windbreaker), and increased firepower, making it highly effective in modern combat scenarios.

  • Revolutionary Helmet and Optics: The introduction of the IronVision helmet by Elbit Systems allows the tank crew to have a full view of the tank’s surroundings, effectively “seeing through” the tank’s armor. This innovation enhances mission effectiveness and crew safety by providing real-time information and 360-degree scanning capabilities.

  • Networked Sensors: The Barak tank is equipped with a network of sensors designed for target detection. This sensor data can be seamlessly shared with other military units, facilitating improved enemy detection and coordination on the battlefield.

  • Operational Revolution: The tank’s touchscreen interface, advanced optics, and night vision systems contribute to enhanced situational awareness, enabling the crew to operate with the tank fully enclosed. This reduces vulnerability to sniper fire and improves overall operational safety.

Axis Bank Launched ‘NEO For Business’ Banking Platform For MSMEs

In a strategic move to cater to the evolving needs of Indian Micro, Small, and Medium Enterprises (MSMEs), Axis Bank has recently unveiled its groundbreaking Transaction Banking platform, ‘NEO for Business.’ This innovative digital offering is designed to comprehensively address the real-time requirements of MSMEs, marking a significant milestone in the landscape of business banking in India.

A Visionary Approach to Business Banking

Neeraj Gambhir, Axis Bank’s Group Executive and Head of Treasury, Markets, and Wholesale Banking Products, highlighted the rapid evolution in MSME business banking, emphasizing the need for a holistic solution to address both banking and non-banking needs. He stated:

  • ‘NEO for Business’ offers a resolution to their diverse requirements by offering a wide range of products and services through a unified platform.

  • This platform, originally designed for corporate banking clients, delivers a full array of digital banking products and services.

  • Within this ecosystem, ‘NEO for Business’ emerges as an innovative solution tailored to cater to the distinct business needs of MSMEs.

Transforming MSME Transaction Banking

Vivek Gupta, President and Head of Wholesale Banking Products at Axis Bank, highlighted the distinctiveness of ‘NEO for Business.’ He stated:

  • “NEO for Business” is built to create a distinctive first Transaction Banking platform for MSMEs.

  • It has a contemporary UI/UX along with bank-grade security features.

  • NEO for Business, will transform the Transaction Banking landscape for MSMEs by creating a strong digital ecosystem to solve all the evolving needs of MSMEs.

Key Features of Axis Bank’s NEO for Business

The ‘NEO for Business’ platform is a game-changer for MSMEs, offering a comprehensive suite of Banking and Beyond Banking features that enhance convenience and productivity. Some of its key features include:

1. Digital Self On-boarding

With NEO for Business, MSMEs can easily onboard themselves onto the platform digitally, eliminating the need for physical visits to a bank branch.

2. Bulk Payments

The platform facilitates bulk payments, streamlining the process for businesses that require frequent and large-scale payment transactions.

3. GST Compliant Invoicing

NEO for Business ensures GST compliance in invoicing, helping businesses manage their tax-related documentation effortlessly.

4. Payment Gateway Integration

Integration with payment gateways simplifies online transactions for MSMEs, enabling them to accept payments securely.

5. 360° Customer View

Users gain access to a comprehensive view of their financial data, enabling better decision-making and financial management.

6. End to End Transaction Tracking

Businesses can track their transactions from initiation to completion, ensuring transparency and accountability.

7. Auto Reconciliation

NEO for Business automates the reconciliation process, reducing errors and saving valuable time for MSMEs.

8. Recurring Collections

For businesses that rely on recurring payments, the platform offers tools to efficiently manage collections.

9. Cash Flow Reports and More

Detailed cash flow reports and a range of additional features empower MSMEs with insights to optimize their financial operations.

With these distinctive features, MSMEs can now enjoy enhanced convenience and productivity, completing their banking transactions ‘on the go’ without the need to visit a physical bank branch.

World Day of the Deaf 2023: Date, Theme, History and Significance

World Day of the Deaf, observed every year on the last Sunday in September, is a global celebration that sheds light on the challenges faced by the deaf and hard-of-hearing community. This year, it will fall on September 24. This day is dedicated to recognizing their linguistic and cultural diversity, promoting sign language as a crucial means of communication, and advocating for their inclusion and equal opportunities in society. In this article, we delve into the history, significance, and key objectives of World Day of the Deaf.

History of World Day of the Deaf

The World Federation of the Deaf (WFD), a global NGO committed to advancing the rights and living standards of the deaf community, initiated the observance of World Deaf Day in 1958. This day has a special connection to Granville Richard Seymour Redmond, a remarkable individual who overcame deafness to excel in the world of art. Born in Philadelphia in 1871, Redmond’s story serves as an inspirational example of the potential within the deaf community. Despite his hearing impairment, he pursued studies in painting, pantomime, and drawing at the prestigious California School of Design and gained fame as a landscape painter and prolific colorist by 1905. The 72nd anniversary of World Deaf Day in 2023 holds particular significance for the WFD.

World Day of the Deaf Significance

Raising Awareness

World Day of the Deaf serves as a platform to raise awareness about the daily challenges faced by the deaf community. These challenges encompass limited access to essential services such as healthcare, education, and employment opportunities. By highlighting these issues, the day fosters understanding and empathy among the wider population.

Promoting Sign Language

Sign language is a cornerstone of communication for the deaf community. World Deaf Day emphasizes the value of sign language as a vital means of expression and interaction. It underscores the importance of recognizing and supporting this unique form of communication.

Celebrating Diversity

One of the core objectives of World Day of the Deaf is to celebrate the linguistic and cultural diversity within the deaf community. It acknowledges that deaf individuals, like anyone else, come from diverse backgrounds and cultures, contributing to the rich tapestry of our global society.

Advocating Inclusion

Inclusion and equal opportunities are central themes of World Deaf Day. The day calls for a more inclusive society where deaf individuals can participate fully in all aspects of life, from education and employment to social and cultural activities.

Uniting the Community

World Deaf Day provides an opportunity for the deaf community and its allies to come together, fostering a sense of unity. It enables people to recognize the unique contributions and significance of the deaf community in building a more diverse and inclusive world.

Empowering Independence

By promoting awareness and advocating for inclusion, World Day of the Deaf encourages deaf individuals to lead full and independent lives. It sends a powerful message that their aspirations and dreams are both valid and achievable.

Conclusion

World Day of the Deaf is a day of celebration, awareness, and advocacy. It honors the resilience and achievements of the deaf community while highlighting the obstacles they face. By promoting inclusion, sign language, and diversity, this day contributes to the ongoing effort to create a more accessible and equitable world for all. As we mark the 72nd anniversary in 2023, let us reflect on the progress made and the work that still lies ahead in championing the rights and well-being of the deaf and hard-of-hearing individuals worldwide.

September Equinox 2023: Date, Time and Significance

On Saturday, 23rd September 2023, at 12:20 IST (06:50 UTC), people around the world witnessed an astronomical event known as the September Equinox. September Equinox is also known as Fall Equinox. This significant event marks the transition from summer to fall in the Northern Hemisphere and from winter to spring in the Southern Hemisphere.

What is September Equinox?

The September Equinox occurs in September every year when day and night are nearly equal in length worldwide. It marks the start of autumn in the Northern Hemisphere and spring in the Southern Hemisphere. This astronomical event is caused by Earth’s tilt.

Titled Earth’s Role

This north-south movement of the subsolar point occurs because Earth’s axis is titled at an angle of approximately 23.4 degrees concerning the ecliptic plane, an imaginary plane defined by Earth’s orbit around the Sun. This title is the reason for the changing seasons.

What is Equinox?

On the days of the equinoxes (March and September), Earth’s axis aligns perpendicular to the Sun’s rays, causing all regions on Earth to receive roughly the same amount of sunlight. This alignment results in nearly equal lengths of day and night everywhere, hence the name “equinox,” derived from the Latin words “aequus” (equal) and “nox” (night).

Equilix: While the equinoxes are often thought of as having exactly 12 hours of daylight and 12 hours of darkness, this is not entirely accurate. The equinox, a term used in astronomy, refers to the days when day and night are actually of equal length. The equilux typically occurs a few days before or after the equinox due to factors like atmospheric refraction.

Seasons and Equinoxes

The September Equinox marks the beginning of fall in the Northern Hemisphere and the start of spring in the Southern Hemisphere. Seasons are a result of Earth’s axial tilt combined with its orbit around the Sun. During fall, the Northern Hemisphere tilts away from the Sun, leading to cooler temperature and shorter days. In contrast, the Southern Hemisphere tilts toward the Sun during this time, ushering in warmer weather and longer daylight hours.

The Date’s Variability

The date of equinoxes fluctuates because our calendar’s length does not precisely match Earth’s tropical year. To compensate for this discrepancy, a leap day is added to the calendar every four years. This adjustment ensures that equinoxes and solstices stay reasonably synchronized with our calendar over time.


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