News In Short 28-11-2024

Israel-Lebanon Ceasefire and UNSC Resolution 1701

Syllabus: GS 2/International Relation

In News

• Israel and Lebanon entered into a ceasefire  after Israel’s security cabinet approved a US-backed proposal to end the 13-month-long conflict.

About Current Ceasefire Proposal

• The proposal follows Resolution 1701 and calls for a cessation of hostilities within 60 days.
  • Hezbollah fighters will retreat 40 kilometers away from the Israel-Lebanon border.
  • Israeli forces are expected to withdraw from Lebanese territory occupied in October 2023.
  • Lebanon will supervise Hezbollah’s movements south of the Litani River, with oversight by UN peacekeepers, the Lebanese military, and a multinational committee.
• Purpose: The ceasefire aims to be a permanent cessation of hostilities, with a focus on ensuring that Hezbollah and other terrorist organizations no longer pose a threat to Israel’s security.
  • Hostilities along the UN-demarcated Blue Line between Israel and Lebanon had increased since October 2023, following Israel’s offensive in Palestine.

UN Resolution 1701

• It was passed by the UN Security Council in 2006, calling for a permanent ceasefire between Israel and Hezbollah, and the creation of a buffer zone.
• It sought the full withdrawal of Israeli forces from southern Lebanon and the disarmament of Hezbollah.
• UN Interim Force in Lebanon (UNIFIL) peacekeepers were authorized to monitor the situation, and the resolution aimed for a long-term solution to avoid resumption of hostilities.

Source: IE

Indian Chemical Council Wins 2024 OPCW-The Hague Award

Syllabus: GS2/ International Treaties

Context

• Indian Chemical Council (ICC) has won the 2024 Organisation for the Prohibition of Chemical Weapons (OPCW) The Hague Award.
  • This is the first time the award has been given to a chemical industry body.

About

• In 2013, OPCW was awarded the Nobel Peace Prize for its extensive efforts to eliminate chemical weapons. 
• To preserve the legacy of this achievement, the OPCW established the ‘OPCW-The Hague Award’ in collaboration with the Municipality of The Hague in 2014. 
• The Award recognizes individuals and organizations that play a significant role in advancing the goals of the Chemical Weapons Convention.

Chemical Weapons Convention (CWC)

• It came into force in 1997, and presently has 193 States Parties. 
• Its Secretariat in The Hague, is the implementing body.
• The CWC promotes international cooperation in the field of chemical weapons, including research and development of peaceful uses of chemistry.
• India is an original signatory to the Convention. 
  • National Authority Chemical Weapons Convention (NACWC) is the national authority responsible for implementing the Convention in India.

Indian Chemical Council (ICC) 

• It was established in 1938, is dedicated to the growth and promotion of the Chemical Industry in India. 
• ICC represents more than 80% of the Indian chemical Industry which is valued at $220 billion.
• This Award acknowledges the role played by ICC in promoting chemical safety, compliance with the Convention, and enhancing industry-wide security practices in India.

Source: PIB

E-Daakhil

Syllabus: GS2/Governance

Context

• The Department of Consumer Affair has completed the nationwide rollout of E-Daakhil.

About

• E-Daakhil is an online platform designed to streamline the consumer grievance redressal process.
• It provides an efficient way for consumers to approach the relevant consumer forum to file their grievances.
• The e-Daakhil portal was first launched in 2020 by the National Consumer Disputes Redressal Commission. 

National Consumer Disputes Redressal Commission. 

• It is a quasi-judicial commission which was set up in 1988 under the Consumer Protection Act of 1986. 
• The Commission is headed by a sitting or a retired Judge of the Supreme Court or a sitting or a retired Chief Justice of a High Court.
• It provides inexpensive, speedy and summary redressal of consumer disputes.

Source: PIB

OPEC+

Syllabus: GS2/ International Organisation

In News

• Reports suggest OPEC+ may delay increasing oil production, aiming to keep supply tight and prices stable.

Key Factors Affecting Oil Prices

• Geopolitical Tensions: Geopolitical events, such as conflicts in the Middle East or Eastern Europe, can disrupt oil supplies and lead to price volatility.
  • The recent ceasefire between Israel and Hezbollah has temporarily eased geopolitical tensions, potentially leading to a slight decrease in oil prices.
• Global Economic Outlook: The global economic outlook, including factors like economic growth, inflation, and interest rates, can influence oil demand.
• Inventory Levels: If inventories are low, prices may rise due to concerns about supply shortages. Conversely, high inventory levels can put downward pressure on prices.

About OPEC+

• Brief: It is a coalition of oil-producing countries that includes members of the Organization of the Petroleum Exporting Countries (OPEC) and several non-OPEC nations. A partnership between OPEC and 10 non-OPEC oil-producing countries.
• Established: 1960 by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela.
• Headquarters: Vienna, Austria.
• Members:
  • Founding Members: Iraq, Iran, Kuwait, Saudi Arabia, Venezuela.
  • Additional Members: Algeria, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, UAE.
  • Non-OPEC members of OPEC+: Russia, Azerbaijan, Bahrain, Brunei, Kazakhstan, Mexico, Malaysia, Oman, South Sudan, and Sudan.
• Significance of OPEC+: Controls around 40% of global oil supply.

Source: LM

Open Market Operations (OMOs)

Syllabus: GS3/ Economy

In News

• As the liquidity deficit in banking widens, the Reserve Bank of India (RBI) may have to resort to open market operations (OMOs).
  • A liquidity deficit in the banking system implies a shortage of funds available for lending and investment. This can hinder economic growth and financial stability.

About OMOs

• OMOs involve the buying and selling of government securities by the central bank to influence the money supply and interest rates.
• When the central bank buys government securities from commercial banks, it injects money into the banking system.
  • Increased liquidity can lead to lower interest rates, encouraging borrowing and investment.
• OMOs are often used in conjunction with other monetary policy tools, such as the repo rate and the cash reserve ratio, to achieve a balanced monetary policy stance.
• OMOs directly affect the money supply, influencing factors like inflation, economic growth, and exchange rates.

Role of Variable Rate Repos (VRRs)

• VRRs are a short-term liquidity tool used by the RBI to inject liquidity into the banking system. While they can provide temporary relief, they may not be sufficient to address a persistent liquidity deficit.

Source: BS

National Federation of State Co-operative Banks Ltd (NAFSCOB)

Syllabus :GS 3/Economy 

In News

• The Union Home Minister attended the Diamond Jubilee Celebrations of the National Federation of State Co-operative Banks Limited (NAFSCOB) .

About NAFSCOB

• It was established in 1964 to facilitate the operations of State and Central Co-operative Banks and to develop Co-operative Credit.
• Functional Wings: Planning, Research and Development (PRD).
  • Computer Services Division (CSD).
• Objectives of NAFSCOB:Provide a common forum for member banks to discuss issues related to co-operative credit, banking, and allied matters.
  • Promote and protect the interests of member banks across all their activities and represent their views.
  • Coordinate and liaise with key institutions like the Government of India, RBI, State Governments, NABARD, and other financing institutions for co-operative credit development.
  • Provide research and consultancy to strengthen member banks and their organizations.
  • Organize conferences, seminars, workshops, and meetings to share views and contribute to better policy decisions.

Source: BS

Network Readiness Index 2024

Syllabus: GS3/Infrastructure

Context

• India has been placed at 49th rank as per the Network Readiness Index 2024 (NRI 2024) report.

About

• The report has been published by the Portulans Institute, an independent non-profit research and educational institute based in Washington DC.
• The Report maps the network-based readiness landscape of 133 economies.
• It ranks countries based on their performances in four different pillars: Technology, People, Governance, and Impact, covering a total of 54 variables. 
• The US topped the rankings for the third year in a row, followed by Singapore and Finland.
• China moved up to the 17th spot and was the only middle-income economy in the NRI’s top 20.
• India climbed 11 ranks, securing the 49th position in NRI 2024.

Source: PIB

Nanozymes

Syllabus: GS 3/Science and Tech 

In News

• Researchers from the CSIR-Central Leather Research Institute (CLRI ) are exploring the use of nanozymes as catalysts for transforming biomaterials.

Nanozymes

• Nanozymes are nanomaterials engineered to mimic the catalytic properties of natural enzymes. They offer several advantages over their biological counterparts, including enhanced stability, cost-effectiveness, and tunable properties.
• Nanozymes have gained significant attention since the discovery of ferromagnetic nanoparticles with horseradish peroxidase-like activity in 2007.
• Applications of Nanozymes: Nanozymes have been increasingly applied in several fields, including:
  • Biosensing: For detecting biological molecules.
  • Environmental Protection: For pollution control and waste treatment.
  • Disease Treatments: In therapeutic and medical applications.

Source: PIB

National Security Guard (NSG)

Syllabus: GS3/ Internal Security

In News

• The Union Ministry of Home Affairs (MHA) has established a permanent National Security Guard (NSG) hub in Jammu City to enhance security and counter potential terrorist threats in the region. 

About National Security Guard (NSG)

• Elite Counter-Terrorism Force: The NSG is a specialized force trained to combat terrorism and handle critical security situations.
• Establishment: In 1984, following Operation Blue Star. Created under the National Security Guard Act, 1986.
• Administrative and operational control: Union Ministry of Home Affairs
• Motto: “Sarvatra Sarvottam Suraksha” (Everywhere, Supreme Security)
• Composition: The NSG comprises two main groups:
  • Special Action Group (SAG): Primarily composed of Army personnel.
  • Special Ranger Group (SRG): Comprises personnel from Central Armed Police Forces and State Police Forces.
• Key Roles: Counter-terrorism operations, Hijacking situations, Bomb disposal and post-blast investigations, VIP security.

Source: TOI

Sabal 20 Drones

Syllabus: GS3/ Internal Security

In News

• The Army has received Sabal 20 logistics drones procured from EndureAir Systems for deployment in the Eastern sector.

Key Features of Sabal 20

• Heavy-Duty Payload Capacity: The Sabal 20 can carry a payload of up to 20 kg, making it suitable for transporting essential supplies, ammunition, and medical equipment.
• Advanced Technology: Equipped with VTOL (Vertical Take-Off and Landing) technology, the drone can operate in confined spaces and challenging terrains.
• Stealth Capabilities: Its low RPM design ensures minimal noise, making it ideal for covert operations.
• Long Endurance: The drone’s efficient design allows for extended flight times, enabling it to cover long distances and deliver supplies to remote locations.

Impact on Military Logistics

• The drone can swiftly deliver critical supplies to troops stationed in remote and inaccessible areas.
• The drone’s VTOL capabilities enable it to operate in diverse terrains, providing flexibility and adaptability.

Source: TH

President’s Colours Award

Syllabus: GS3/ Defence and Miscellaneous

Context

• General Upendra Dwivedi, Chief of the Army Staff (COAS), presented the prestigious President’s Colours to four battalions of the Mechanised Infantry.

About President’s Colours Award

• Highest Military Honor: It is the highest honor that can be conferred upon a military unit.
• Symbol of Excellence: The President’s Colours symbolize the unit’s commitment to duty, professionalism, and valor.
• Historical Significance: The tradition of presenting colors to military units dates back to the British era. India adopted this tradition after independence. The Indian Navy became the first amongst the three services to be presented with the President’s Colour on 27 May 1951 by Dr. Rajendra Prasad.
• Presentation Ceremony: The President of India or the Chief of the Army Staff presents the colors to the unit in a grand ceremony. The Colours, which is a ceremonial flag bearing the unit’s insignia and motto, are presented by the President.
• Criteria for Award: Units are selected based on their exceptional performance in various operations, training, and administrative duties.

Source: PIB