Resource Efficiency Circular Economy Industry Coalition
The Resource Efficiency and Circular Economy Industry Coalition (RECEIC) is scheduled to be unveiled during a side event at the 4th Environment and Climate Sustainability Working Group and Environment and Climate Ministers meeting in Chennai, Tamil Nadu.
- It was started under India’s leadership of the G20 and is planned to keep running even after India’s term ends.
- The group wants to make a real, lasting difference to how we look after our environment.
- 39 companies from 11 countries are the founding members of RECEIC.
- The goal of RECEIC is to help these companies learn from each other, sharing knowledge and good practices on how to be more sustainable.
- RECEIC is guided by three main ideas – working together for stronger results, using technology in cooperation, and getting the funding needed to make big changes.
Source: PIB
Tips For UPSC Prelims & Mains: Read More about what is Circular Economy
Lippan Art
The Prime Minister of India, Shri Narendra Modi, recently unveiled multiple development projects in Rajkot, Gujarat, including the Rajkot International Airport. The projects collectively amount to an investment of over Rs 860 crores.
- A key highlight of the new airport terminal is its design, which is heavily influenced by Rajkot’s rich cultural heritage.
- This includes representations of the region’s prominent Lippan Art and Dandiya dance, thereby reflecting the cultural diversity and vibrancy of the Kathiawar region of Gujarat.
- Lippan Art, originating from the Kutch region of Gujarat, is a mural tradition artform mainly practiced by the Rabari, Kumbhar, Marwada Harijan and Mutwa communities. The term ‘Lippan’ translates to ‘clay’ or ‘dung’ in the local
- Gujarati language and the artwork integrates mirrors into mud-relief work.
- Traditionally, Lippan Art is found on the interior walls of the circular adobes these communities inhabit, however, some pieces can be discovered on outer walls too.
- The integration of Lippan Art into the design of the Rajkot International Airport allows the local artwork to gain international recognition while serving as a testament to the region’s cultural history.
Source: PIB
Parliamentary Privilege
- The issue of parliamentary privilege made headlines due to an incident involving Congress president and Leader of the Opposition in the Rajya Sabha, Mallikarjun Kharge. On July 26, Kharge claimed he felt “insulted” when his microphone was turned off while he was speaking during a session, which he perceived as a breach of his parliamentary privilege.
- Parliament has the exclusive authority to determine whether there has been a breach of privilege or contempt of the House. This power is not bestowed upon any court.
- A breach of privilege differs from Contempt of the House. Contempt is described as any action or omission that hinders either House of Parliament in its duties, obstructs any member or officer in their duty, or has a direct or indirect tendency to cause such obstruction.
- The Constitution’s Articles 105 and 194 address these powers, privileges, and immunities.
- Article 105 primarily pertains to the powers and privileges of both Houses of Parliament, its members, and committees.
Source: The Hindu
Tips For UPSC Prelims & Mains: Read More About Parliamentary Privilege and Associated Issues
Full-Reserve Banking
Economists are currently engaged in a debate over the merits of Full-Reserve Banking (100% reserve banking) versus Fractional-Reserve Banking. This topic has ignited discussions on the most effective banking practices and has sparked intense deliberation among experts in the field.
- Full-reserve banking is a system where banks are required to hold all customer demand deposits in their vaults at all times.
- In this type of banking, banks act as custodians of depositor’s money and may charge a fee for their safekeeping services.
- This differs from our current banking system where banks pay interest on customer deposits.
- Under full-reserve banking, the banks must have reserves that cover 100% of their liabilities in the form of demand deposits.
- This setup ensures that banks can meet redemption demands from all depositors at any time, thereby preventing a run on the bank.
- Banks operating under a full-reserve system can only lend money they receive as time deposits.
- Time deposits are those that customers agree to leave in the bank for a certain period of time.
- This agreement allows banks to lend these deposits to borrowers, collect repayments, and repay depositors their money along with some interest.
- The current fractional-reserve banking system, on the other hand, permits banks to lend more money than they physically hold, relying heavily on electronic money for lending.
Source: The Hindu
World Weather Attribution Study
- The World Weather Attribution study, a report by the World Meteorological Organization (WMO), reveals that Asia is the region most susceptible to natural disasters globally.
- In 2022, over 50 million individuals directly experienced the impacts of 81 weather-, climate-, and water-related disasters in Asia.
- The agriculture sector, responsible for over 25% of all loss and damage from climate-related disasters (like floods, droughts, tropical storms), is a critical consideration in any climate adaptation planning.
- Asia, which has the largest land mass stretching to the Arctic, is warming at a rate faster than the global average. The warming trend in Asia from 1991-2022 almost doubled compared to the 1961-1990 period.
- Sea surface temperatures in areas surrounding Asia are rising more than 0.5°C per decade, nearly three times the global warming rate.
- The Barents Sea, a part of the Arctic Ocean, is highlighted as a climate change hotspot with regional warming rates five to seven times the global average.
Source: Down To Earth
Tips For UPSC Prelims & Mains: Read more about Climate Change, Impact of Global Warming, Global Warming, India’s Climate Change Policy
8th India-Australia Defence Policy Talks
- The 8th India-Australia Defence Policy Talks (DPT) took place in Canberra, Australia, spanning two days, 24-25 July 2023.
- Both sides reviewed the bilateral defence cooperation that exists between them.
- The dialogue also acted as an avenue for exploring new initiatives to further deepen and strengthen bilateral defence engagements.
- Since June 2020, India and Australia have maintained a Comprehensive Strategic Partnership, with defence being a principal component.
- Both countries engage at the Ministerial level through a 2+2 mechanism.
- Membership of both countries extends to several international and regional groups, including the Quad, Commonwealth, Indian Ocean Rim Association (IORA), ASEAN Regional Forum, Asia Pacific Partnership on Climate and Clean Development, Indo-Pacific Economic Forum (IPEF).
- Both nations have been active participants in the East Asia Summits.
Tips For UPSC Prelims & Mains: Read more about India-Australia Relations, Comprehensive Strategic Partnership, 2+2 Ministerial Dialogue, “Malabar” exercises, QUAD, Asia Pacific Economic Cooperation (APEC), Indian Ocean Rim Association (IORA), ASEAN Regional Forum