Fitch Downgrades US Rating
- Fitch, a global credit ratings agency, has downgraded the United States’ credit rating from AAA to AA+. The AAA rating is the highest possible rating.
- This downgrade is attributed to anticipated fiscal deterioration over the coming three years, an escalating general government debt, and a decline in governance standards compared to ‘AA’ and ‘AAA’ rated peers.
- Over the past two decades, there has been a noticeable degradation in governance standards, particularly concerning fiscal and debt issues. This has been evident in recurring debt limit impasses and last-minute resolutions.
- Previously, in 2011, Standard & Poor’s (S&P) downgraded the US rating from AAA to AA+ for the first time in 70 years.
- The downgrade was due to a belief that the budget deal agreed upon in Washington failed to adequately address the bleak future of US finances.
- The 2011 debt ceiling deal, viewed by S&P as insufficient to stabilize the long-term US debt, triggered the downgrade. S&P has maintained the same US rating since the 2011 downgrade.
Sovereign Credit Ratings
They provide investors with valuable insights into the level of risk associated with investing in a country’s debt instruments, such as bonds. These ratings also take into consideration political risks. The three most influential credit rating agencies are Standard & Poor’s, Moody’s, and Fitch Ratings.
Related Readings for UPSC Prelims And Mains: Read More about sovereign credit ratings, how they work; significance of credit ratings for India
Lunar Codex
- The Lunar Codex is an innovative project that endeavors to transport a diverse range of artistic works to the Moon. This endeavor is divided into four distinct sections, or “capsules”.
- The first of these capsules, known as the Orion collection, has already completed a lunar journey. It was launched aboard the Orion spacecraft as part of NASA’s Artemis 1 mission in the previous year.
- Over the upcoming months, a sequence of lunar landers will be deployed to transport the Lunar Codex capsules to a variety of destinations. These include several craters located at the Moon’s South Pole and a lunar plain named Sinus Viscositatis.
- It should be noted that this is not the first instance of art being transported to the moon. During the 1969 Apollo 12 mission, a small ceramic tile displaying line drawings from artists like Andy Warhol, Robert Rauschenberg, Forrest Myers, and John Chamberlain was carried to the moon in the lunar module.
- The Lunar Codex aims to serve as a testament to human resilience and creativity. Despite facing adversities like wars, pandemics, and climate change, humans have always found room to dream and create art.
Chandrayaan-3 Mission To Explore Moon’s South Pole
- Chandrayaan-3 is set to reach the lunar orbit about a month post-launch.
- The mission consists of its lander, Vikram, and its rover, Pragyaan.
- The expected landing on the Moon is scheduled for August 23.
- The targeted landing site is similar to that of Chandrayaan-2, situated near the lunar south pole, at a latitude of 70 degrees.
- If successful, Chandrayaan-3 will mark the world’s first soft-landing near the lunar south pole.
Related Readings for UPSC Prelims And Mains: Why ISRO wants to explore the Moon’s south pole; Moon’s South Pole; ISRP’s Chandryaan-3 Mission
Jaldost Mk-2
Council of Scientific and Industrial Research-National Aerospace Laboratories (CSIR-NAL), Bengaluru, unveiled JALDOST.
- The Jaldost Mk-2 is a multi-disciplinary airboat, designed with an advanced hull and hydraulic actuators.
- The boat is equipped with two loading decks, an upgrade from its predecessor, the Mk-1, which had only one deck.
- It employs air propulsion and thrust vectoring technology, enabling it to navigate through shallow swamps, canals, rivers, and lakes with ease.
- Due to its airborne propulsion system, there is no risk of entangling with objects submerged underwater, making it particularly useful for rescue operations in flood disaster situations.
- The Jaldost Mk-2 is adaptable, designed to meet country’s huge demand for airboats capable of traveling in weed-infested shallow waters.
- It is equipped with a modular weed-clearing system, fitted at the front of the boat.
- Key features include a flat-bottom hull enabling movement in lower-depth water, a hydraulic-powered cutter for removing rooted weeds, and a front scoop with tilting movement for collecting weeds.
- Its propulsion is powered by a diesel engine, coupled with a strong hydraulic system.
- The Jaldost Mk-2 is versatile, being capable of cutting and skimming weeds in shallow water and gathering floating debris and algae. It serves multiple purposes which makes it useful for border security forces patrolling shallow water zones.
National Aerospace Laboratories (NAL): Established in 1959, the National Aerospace Laboratories (NAL) is a constituent of the Council of Scientific and Industrial Research (CSIR), India. It stands as the sole government aerospace R&D laboratory in the country’s civilian sector.
Related Readings for UPSC Prelims And Mains: Read more about the contribution of National Aerospace Laboratories (NAL)