17th November, 2021 Current Affairs

Sakshi Education

National
Centre approves new RajyaSainik Board for Ladakh

Centre has approved a new RajyaSainik Board for Ladakh.
The Board will be an effective link between the Centre and the Ladakh Administration.
RajyaSainik Board will play an advisory role on the matters relating to the ex-servicemen, war widows, widows and non-combatants, including serving soldiers and their dependents.
Zilasainik welfare offices of Leh and Kargil will function under the newly constituted RajyaSainik Board.
The Board provide access to the welfare schemes under theRakshaMantri Ex-servicemen Welfare Fund and welfare and resettlement of ex-servicemen.
Approximately Sixty thousand retired and serving army personnel would get benefit from establishment of RajyaSainik Board in Ladakh.
Ladakh Scouts Regiment Center will avail maximum benefit from the welfare schemes extended through the RajyaSainik Board.

PM Modi to inaugurate First Global Innovation Summit of Pharmaceuticals sector

Prime Minister Narendra Modi will inaugurate the First Global Innovation Summit of the Pharmaceuticals sector on 18th Nov through video conferencing.
Chemical and Fertilizers Minister Dr. Mansukh Mandaviya will also be present on the occasion.
This is a distinctive initiative that aims to bring together key Indian and international stakeholders from the government, industry, academia, investors, and researchers to discuss and strategize priorities to foster a thriving innovation ecosystem in the pharmaceuticals industry in India.
It will also highlight the opportunities in the Indian pharma industry that has huge growth potential.
The two-day Summit will have 12 Sessions and over 40 national and international speakers deliberating on a range of subjects including the regulatory environment, funding for innovation, industry-academia collaboration and innovation infrastructure.
It will witness participation of leading members from domestic and global Pharma Industries, officials, investors and researchers from Massachusetts Institute of Technology, Johns Hopkins Institute, IIM Ahmedabad and other eminent institutes.

Power Ministry issues revised guidelines for thermal generation companies to set up renewable energy generation capacity

Ministry of Power has issued revised guidelines providing for thermal generation companies to set up renewable energy generation capacity.
It can be developed either by these companies through developers by open bids and supplying it to the consumers under the existing Power Purchasing Agreements, PPAs.
This will enable the replacement of fossil fuel based energy by renewable energy under the existing PPAs.
As the cost of renewable energy is less than the cost of Thermal energy, the gains from the bundling of renewable energy with thermal will be shared between the generator and Distribution companies or other procurers on a 50:50 basis.
As the renewable energy will be balanced with thermal energy, therefore, the DISCOMs will now not need to acquire any separate capacity for balancing of renewable energy. Ministry of Power in a statement said that this is a very significant step towards achieving the goal of 500 Giga Watt of non-fossil fuel capacity by 2030.
The distribution companies will be able to count the renewable energy supplied under the scheme towards their renewable purchase obligation.

Economy
RBI governor Shaktikanta Das calls for deeper discussion on issue of Cryptocurrencies

Reserve Bank of India (RBI) governor Shaktikanta Das has called for a deeper discussion on the issue of Cryptocurrencies.
Speaking at State Bank of India’s Economics Conclave Mr. Das said that RBI sees serious concerns for Cryptocurrencies from the point of view of macroeconomic and financial stability, and there are far deeper issues involved hence much more well- informed discussions are needed on the issue.
The RBI governor doubted the current trading numbers in crypto currencies and said the investors are being lured to open accounts by offering credit.
He added that the RBI is taking a closer look at the strategies of banks.
The regulator will not interfere in the commercial decisions of banks, but at the same time, it will closely monitor their business models.
Meanwhile commenting on the economic scenario, the RBI governor said that signs of economy recovery are now visible. He said that there are signs that consumption demand, triggered by the festive season, is making a strong comeback. He also noted that this should encourage firms to expand capacity and boost employment as well as investment amid congenial financial conditions.
Mr. Das added that the gross non-performing assets (NPAs) of banks have shown improvement in September 2021 compared to June 2021 levels and called upon financial institutions to shore up their capital management process.

International
Myanmar: Aung San Suu Kyi charged with election fraud and lawless actions by military govt.

Myanmar's ousted leader Aung San Suu Kyi has been charged by the military government of election fraud and lawless actions.
She was among 16 people to be charged, including Myanmar's ousted president and the capital city's mayor.
Ms. Suu Kyi, 76, has not been seen in public since a military coup in February removed her from office.
Meanwhile Myanmar's army spokesman told media that Ms. Suu Kyi is being treated well while under house arrest. But Ms. Suu Kyi's lawyers said that the military junta has banned them from speaking publicly about her case, and United Nations officials demanding to see her have not been allowed into the country.
The UN has said that the military crackdown could amount to crimes against humanity, but its envoys have repeatedly been denied access to Myanmar to investigate.

US-China attempt to stabilize relations amid US commitment for a free and open Indo-Pacific

Chinese President Xi Jinping and his US counterpart Joe Biden in a much-awaited virtual summit attempted to ease the tensions in the bilateral relations amid straight talk and strong words on some contentious issues including Taiwan, Indo-Pacific and trade issues.
According to a white house press statement, President Biden told his Chinese counterpart of the continued determination of the United States to ensure a free and open Indo-Pacific region.
In their first face to face virtual meeting that lasted for more than three hours, both the leaders tried to emphasize on their personal relationship and tried to find ways to work with each other and avoiding conflict and jointly responding to global challenges such as climate change and energy security.
They also traded strong warnings on the future of Taiwan, with President Xi saying that those backing Taiwan were “playing with fire”.
The White House readout reiterated the longstanding US policy that does not recognize Taiwan’s independence but supports the defense of the island.
President Joe Biden said the US remains committed to the “one China” policy but “strongly opposes unilateral efforts to change the status quo or undermine peace and stability across the Taiwan Strait”.
This meeting was also held at a time when the US and China had just concluded an agreement at the COP26, met at the G20 and the APEC summit.
Dr. Huiyao Wang, who is a counsellor at China's state council and head of a prominent Chinese think tank Centre for China and Globalization said, “I don't expect this one summit could bring us back to the good old days at once, but it can stop the downward spiral in the relations.
” He added that the high-level diplomats of both sides were instructed to meet again to discuss trade, climate change, global governance and many other issues, including Afghanistan and other geopolitical issues.

Sports
India and Bangladesh to jointly host 2031 ICC Men’s Cricket World Cup

The International Cricket Council (ICC) has decided that India and Bangladesh will jointly host the 2031 ICC Men’s Cricket World Cup.
The hosts were selected via a competitive bidding process which was overseen by a board sub-committee chaired by Martin Snedden along with SourvavGanguly and Ricky Skerritt.
The ICC confirmed the 14 host countries for the ICC men’s white ball events from 2024-2031.
It includes 11 full members and three associate members who will host two ICC Men’s World Cups, four ICC Men’s T20 World Cups and two ICC men’s Champions Trophy events.
Earlier, Bangladesh had organized the 2011 World Cup along with India and Sri Lanka. It had also organized the 2014 T20 World Cup.
Expressing happiness at the conclusion of the competitive bidding process, ICC Chair Greg Barclay said that it is exciting that countries like the USA will stage ICC events for the first time. It is a strategic growth market for us, said Greg Barclay.
The USA and West Indies will jointly host the 2024 Men’s T20 World cup.