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Important Current Affairs for CLAT-29th July 2023

World Day against Trafficking in Persons 2023: Date, Theme, Significance and History

World Day against Trafficking in Persons is held on July 30th each year, and is an annual event. People trafficking and modern day slavery is a massive worldwide problem with very few countries immune to human trafficking, and the event by the United Nations is to raise awareness and increase prevention of that.

The campaign for World Day Against Trafficking in Persons 2023 aims to raise awareness of disturbing developments and trends identified by the latest United Nations Office on Drugs and Crime (UNODC) Global Report on Trafficking in Persons and calls on governments, law enforcement, public services, and civil society to assess and enhance their efforts to strengthen prevention, identify and support victims, and end impunity.

Theme of World Day Against Trafficking in Persons 2023

This year’s theme, “Reach every victim of trafficking, leave no one behind,” calls on governments, law enforcement, public services and civil society to assess and enhance their efforts to strengthen prevention, identify and support victims, and end impunity.

World Day Against Trafficking in Persons 2023: Significance

Human trafficking is a criminal act that involves the exploitation of women, children, and men, forcing them into various forms of labor and sex work. The UN Office on Drugs and Crime (UNODC) has gathered data on approximately 225,000 trafficking victims detected worldwide since 2003.

Globally, there is a noticeable rise in the detection of trafficking cases and an increase in convictions of traffickers. This could be attributed to an improved ability to identify victims and/or a rise in the actual number of individuals being trafficked.

World Day Against Trafficking in Persons: History

In 2010, the United Nations General Assembly approved the Global Plan of Action to address trafficking in persons, urging governments worldwide to collaborate in combating this harmful phenomenon. The plan’s objective is to integrate the fight against human trafficking into the broader initiatives of the United Nations, thereby promoting global development and enhancing security.

Subsequently, in 2013, the UN General Assembly convened a high-level meeting to advance the Global Plan of Action. During this meeting, member states adopted resolution A/RES/68/192, officially designating July 30th as the World Day against Trafficking in Persons. The resolution highlighted the day’s significance in raising awareness about the plight of human trafficking victims and advocating for the protection and promotion of their rights.

HDFC Bank Surpasses SBI in CRISIL’s Corporate Banking Ranking for 2023

In 2023, HDFC Bank, India’s largest private lender, achieved a significant milestone by overtaking State Bank of India (SBI) to secure the top spot in CRISIL’s Greenwich market share Leaders in Large Corporate Banking. The report by Coalition Greenwich, a division of CRISIL, highlights the changing dynamics in India’s corporate banking landscape, with larger private and foreign banks gaining traction at the expense of smaller banks, including public sector banks.

Leadership in Large Corporate Banking:

HDFC Bank’s remarkable performance in the corporate banking sector enabled it to outshine State Bank of India (SBI) in CRISIL’s ranking. The table below illustrates the shift in market share among Indian corporates working with leading banks for overall corporate banking services from 2021 to 2022:

2021 Market Share (%)2022 Market Share (%)Large Indian Private Banks3338Large Foreign Banks1821Smaller Indian Private Banks2118

HDFC Bank’s Dominance in Middle Market Corporates:

HDFC Bank’s supremacy extended to middle market corporates as well, securing the top position among local banks in the 2023 Leaders ranking. Alongside ICICI Bank, it was recognized as the joint Greenwich Quality Leaders for the year.

Consolidation Trend Among PSUs:

The report indicates that larger public sector banks, led by SBI, are successfully maintaining corporate relationships and consolidating their positions in the market. This has resulted in smaller public sector banks losing ground to larger private and foreign banks.

Driving Growth Factors in the Banking Industry:

The banking industry experienced an overall 16% growth in revenue pools, driven primarily by factors like cash management amid a higher rates environment and substantial growth in domestic and cross-border trade. Additionally, lending for banks in India saw significant growth, influenced by the capex cycle.

Corporate Outlook and Business Optimism:

A significant finding from the Coalition Greenwich study is that nearly 90% of large and middle market Indian corporates are optimistic about their business outlook for the coming year. This positive sentiment likely contributes to their willingness to collaborate with India’s largest banks to drive expansion, internationalization, and increased efficiency.

India’s GDP to reach $6 trillion by 2030: Standard Chartered Research

Standard Chartered’s India research team has projected a transformative growth trajectory for India’s economy, expecting it to reach $6 trillion by 2030. This remarkable achievement is supported by various factors, including a significant increase in per capita income and robust structural growth drivers. India’s stable macroeconomic environment further reinforces its position as a leading global economy. By 2030, India is set to become the world’s third-largest economy, trailing only the United States and China, solidifying its role as a major player in the global economic landscape.

Doubling Per Capita Income: A Standout Achievement

One of the most significant milestones in India’s economic journey is the expected doubling of per capita income by 2030. As the economy grows and income disparities reduce, a larger portion of the population will experience improved living standards, fostering a more prosperous and equitable society. Currently, India’s GDP stands at about $3.5 trillion, with per capita income at $2,450 as of CY 2022.

India’s Position as the Third-Largest Economy

India’s GDP to reach $6 trillion by 2030: Standard Chartered Research

India’s GDP is projected to nearly double in the next seven years, reaching $6 trillion by 2030. This growth is primarily driven by domestic factors, including organic growth and robust household consumption. By the end of the decade, India is expected to secure its position as the world’s third-largest economy, showcasing its significant economic progress.

Transition to an Upper-Middle-Income Economy

Apart from becoming the third-largest economy, India’s transition from a lower-middle-income economy to an upper-middle-income economy is a noteworthy yet under-appreciated theme. This shift in income levels reflects the nation’s remarkable progress and potential for greater economic prosperity.

Drivers of India’s Growth

Several key factors are expected to drive India’s growth over the next decade:

  • Consistent Policy Reforms: India’s commitment to implementing progressive policy reforms will create a conducive environment for economic development and attract investments.

  • Macroeconomic Stability: The country’s stable macroeconomic landscape will foster investor confidence and ensure sustained growth.

  • Healthy Financial Sector: A robust and healthy financial sector will support the efficient allocation of capital and promote economic activities.

  • Demographic Advantage: India’s large and young population, with a significant share of the working-age group, will act as a driving force for growth.

  • Digitalization and Urbanization: Rising digitalization and increasing urbanization will boost productivity and create new avenues for economic growth.

  • Expanding Middle Class: A growing middle class with higher disposable incomes will drive consumption and fuel economic expansion.

  • Political Stability: Political stability will provide a conducive environment for long-term planning and execution of developmental initiatives.

Regional Disparities and Consumption Expenditure

By 2030, several states in India are expected to outpace the national average in terms of wealth. Additionally, household consumption expenditure may reach levels similar to India’s current GDP, indicating a potential rise in consumer spending and economic prosperity.

Pixxel Secures Grant from Ministry of Defence to Develop Satellites for Indian Air Force

Pixxel, a prominent space-tech startup supported by renowned entities such as Google, Blume Ventures, and Omnivore VC, has been awarded a significant grant from iDEX (Innovations For Defence Excellence), an initiative established by the Ministry of Defence. This grant will enable Pixxel to develop small, multi-purpose satellites for the Indian Air Force, contributing to India’s ambitious space and defense plans. The grant is part of the Mission DefSpace Challenge under the broader iDEX Prime (Space) initiative.

Pixxel’s Background and Mission

Pixxel, founded in 2019 by Awais Ahmed and Kshitij Khandelwal, specializes in crafting hyperspectral imaging satellites. These cutting-edge devices provide real-time, AI-facilitated data on various environmental phenomena. With an impressive funding pool of $71 million, including a recent Series B round contribution of $36 million, Pixxel has rapidly ascended in the space-tech domain.

The iDEX Grant and Its Significance

The grant received from iDEX remains undisclosed in its exact value but is known to be in the multi-crore range. This funding positions Pixxel to develop agile satellites weighing no more than 150 kilograms. These multi-purpose satellites will be designed to perform electro-optical, infrared, synthetic aperture radar, and hyperspectral tasks, bolstering India’s defense architecture and expanding the country’s space technology capabilities.

Understanding the iDEX Initiative

The iDEX initiative is a strategic plan by the Ministry of Defence aimed at stimulating technological evolution in the defense and aerospace sectors. It brings together an eclectic mix of MSMEs, startups, and R&D institutes to foster innovation in these domains.

Pixxel’s Ambitious Roadmap

As part of its ambitious roadmap, Pixxel plans to launch six satellites into orbit in 2024, followed by an astonishing 18 satellites in 2025. These satellites will harvest crucial hyperspectral images of the Earth, gathering data across various electromagnetic spectrum wavelengths, significantly enriching our understanding of the planet’s wellness.

India’s Space-Tech Sector Progression

Pixxel’s recent grant underscores the swift progression of India’s space-tech sector, with other pioneering companies like Agnikul and Skyroot Aerospace also making strides. Forecasts suggest that India’s space-tech market may reach an impressive $77 billion by 2030, demonstrating the country’s dedication to fostering deep-tech innovations in this field.

China’s Use of Stapled Visas for Indian Athletes from Arunachal Pradesh: A Matter of Concern

China’s issuance of stapled visas to Indian citizens from Arunachal Pradesh has sparked controversy and diplomatic tensions between the two neighboring countries. This practice involves attaching a separate piece of paper to the visa instead of directly stamping it on the passport. The recent incident involving three Indian wushu players receiving stapled visas led to India’s withdrawal of its wushu contingent from the Summer World University Games in Chengdu.

The Stapled Visa Controversy: What It Means for Indian Athletes

China’s Use of Stapled Visas for Indian Athletes from Arunachal Pradesh: A Matter of Concern

  • Denial of Legitimacy: China’s use of stapled visas is seen as a refusal to recognize Arunachal Pradesh and Jammu and Kashmir as integral parts of India. By not stamping the visa directly on the passport, China implies that these regions are disputed territories, undermining India’s sovereignty.

  • Lack of Recordkeeping: The stapled visa’s design poses practical challenges for Indian athletes traveling to China. Upon returning to their home country, the entry and exit passes on the stapled visa are torn off, leaving no official record of their trip. This lack of recordkeeping can lead to potential complications and difficulties for the athletes in the future.

The Recent Incident: India’s Strong Reaction

  • Wushu Contingent Withdrawal: In response to China issuing stapled visas to three Indian wushu players, Nyeman Wangsu, Onilu Tega, and Mepung Lamgu, India made a strong statement by withdrawing its wushu contingent from the Summer World University Games in Chengdu. This move conveyed India’s disapproval of China’s actions and highlighted the seriousness of the matter.

  • Ministry of External Affairs’ Protest: The Indian government expressed its dissatisfaction with China’s actions, calling them “unacceptable.” The Ministry of External Affairs summoned the Chinese ambassador to India to formally lodge a protest, underscoring the severity of the issue and its potential impact on bilateral relations.

Historical Context: Previous Instances of Stapled Visas

  • Selective Application: The issuance of stapled visas to Indian citizens from Arunachal Pradesh and Jammu and Kashmir is not a new phenomenon. China began using this approach in the mid-2000s for residents of Arunachal Pradesh and from 2009 for those from Jammu and Kashmir. Previous incidents involving denial of visas for international events added to the tensions.

  • Impact on Sports Diplomacy: The denial of visas to athletes from the region for international events, including the 2011 Asian Karate Championships and the 2011 Youth World Archery Championship, has adversely affected sports diplomacy between India and China.

Harmanpreet Kaur suspended for Code of Conduct breach

India captain Harmanpreet Kaur has been suspended for her team’s next two international matches following two separate breaches of the ICC Code of Conduct during the third match of their ICC Women’s Championship series against Bangladesh in Dhaka. Harmanpreet Kaur becomes 1st women cricketer to breach ICC Code of Conduct.

How much Harmanpreet Kaur fined?

Kaur was fined 50 per cent of her match fee and three demerit points were added to her disciplinary record for a Level 2 offence after she was found guilty of breaching article 2.8 of the ICC Code of Conduct for Players and Player Support Personnel, which relates to “showing dissent at an umpire’s decision”.

Kaur was also fined 25 per cent of her match fee for a Level 1 offence and one more demerit point was added to her record after she was found guilty of breaching article 2.7, which relates to “public criticism in relation to an incident occurring in an international match.”

Why this incident happen?

The first incident occurred in the 34th over of India’s innings when Kaur hit the wickets with her bat in a show of dissent after she was adjudged caught at slip off spinner Nahida Akter. The other incident was during the presentation ceremony when Kaur criticized the umpiring in the match.

Kaur admitted the offences and accepted the sanctions proposed by Akhtar Ahmed of the Emirates ICC International Panel of Match Referees and, as such, there was no need for a formal hearing. On-field umpires Tanvir Ahmed and Muhammad Kamruzzaman, third umpire Moniruzzamman and fourth umpire Ali Arman leveled the charges.

Conclusion

Level 2 breaches carry a penalty of between 50 and 100 per cent of a player’s match fee and three or four demerit points while Level 1 breaches carry a minimum penalty of an official reprimand, a maximum penalty of 50 per cent of a player’s match fee, and one or two demerit points.

Kaur’s four demerit points convert to two suspension points. As two suspension points equate to a ban from one Test or two ODIs or two T20Is, whatever comes first for the player or player support personnel, Kaur stands suspended from India’s forthcoming matches.

International Day of Friendship 2023: Date, Significance and History

Every year on July 30th, people around the world celebrate International Friendship Day. Since 2011, this special day has been dedicated to expressing gratitude to our friends for their companionship and support. It’s a time to cherish the meaningful friendships we have and recognize how our friends stand by us through life’s journey.

International Friendship Day serves as a reminder of the importance of our best friends and the profound impact they have on our lives. With the right friends by our side, we can navigate any challenges that come our way and find strength in their unwavering support. This day is a beautiful celebration of the bonds we share with those who hold our hands through thick and thin.

Significance and celebrations of International Day of Friendship 2023

The International Day of Friendship holds significant importance in promoting unity, understanding, and peace among diverse communities and cultures. In 2023, this special day takes on even greater significance as people come together to foster stronger bonds and solidarity in a world that faces various challenges.

The celebrations on the International Day of Friendship 2023 are marked by various events, seminars, and activities organized by government organizations, private entities, and institutes. These initiatives aim to initiate dialogue among different communities, encouraging them to embrace their unique identities while appreciating the common threads that unite humanity.

Through these celebrations, the day emphasizes the power of friendship in creating a harmonious world. It highlights the value of meaningful connections and the role of friendship in inspiring peace efforts and building bridges between individuals, countries, and cultures.

Furthermore, the International Day of Friendship 2023 places particular emphasis on involving young people as future leaders. Community activities and engagements with diverse cultures are encouraged to foster international understanding and promote respect for diversity among the youth.

The 2023 celebrations also align with the concept of the Culture of Peace, a set of values, attitudes, and behaviors that reject violence and aim to prevent conflicts by addressing their root causes. By adopting and promoting this culture, efforts are made to resolve issues through dialogue, mutual understanding, and reconciliation.

Overall, the International Day of Friendship 2023 provides an opportunity for people worldwide to reflect on the significance of friendship, appreciate the support of their best friends, and recognize how strong friendships contribute to overcoming challenges and enriching our lives. It serves as a powerful reminder that, with the right friends holding our hands, we can journey through life with resilience, empathy, and compassion for one another.

History of International Day of Friendship 2023

  • The International Day of Friendship was established by the UN General Assembly in 2011, with the core belief that fostering friendship among peoples, countries, cultures, and individuals can serve as a catalyst for peace efforts and foster unity between communities.

  • A key aspect of the resolution is the involvement of young people, recognized as future leaders, in community activities that embrace diverse cultures and promote international understanding and respect for differences.

  • To commemorate the International Day of Friendship, the UN encourages governments, international organizations, and civil society groups to organize events, activities, and initiatives that contribute to promoting dialogue among civilizations, solidarity, mutual understanding, and reconciliation on a global scale.

  • This initiative is built upon UNESCO’s proposal for a Culture of Peace, defined by a set of values, attitudes, and behaviors that reject violence and actively work to prevent conflicts by addressing their root causes. The concept was subsequently adopted by the UN General Assembly in 1997.

  • Overall, the International Day of Friendship stands as a powerful reminder of the potential of friendship in transcending barriers and promoting a harmonious world, while also emphasizing the active involvement of young generations in shaping a more inclusive and peaceful future.

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