CL’s Connect to Current-Daily Current Capsules (Prelims Prep. Prominence) 09th October 2018

Defence Upgraded MiG-29

The fighter plane now has the capability to take off vertically

What

The Indian Air Force’s beast — MiG-29 — has gained in strength and

ferocity after an upgrade, giving the force, battling a shortage of fighter

aircraft, a much-needed boost, according to officials.

The Russian-origin aircraft, now capable of effecting mid-air refuelling,

is compatible with latest missiles and can launch multi-dimensional

attacks

With the upgrade, as compared to the previous ‘legacy version’ of the

MiG-29 bought under emergency clause in early 1980s, the fighter jets

are capable to give a befitting response

Severe shortage of fighter aircrafts

On September 12, IAF chief, Air Chief Marshal B.S. Dhanoa, had said

the force was reeling under a severe shortage of fighter aircraft. He had

said the force currently had 31 squadrons of fighter jets against the

sanctioned strength of 42 squadrons.

The strategically important Adampur Air Force Station, which is around

100 km from Pakistan and 250 km away from China borders, is now

equipped with upgraded MiG-29.

The IAF has three squadrons of MiG-29 fighter jets in operation, two of

them at the Adampur Air Force Station. One squadron comprises 16-18

aircraft.

Connect to the upgraded MiG -29

The upgraded MiG-29 aircraft could take off within five minutes of

spotting a hostile jet trying to enter the Indian airspace and destroy it

With air-to-air refuelling feature, the upgraded MiG-29 can cover larger

distance as compared to the previous aircraft and destroy the enemy

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Biotechnology India’s first methanol cooking fuel

What

Ritu Bordoloi became the country’s first owner and user of a cooking

stove fuelled by methanol.

Ms. Bordoloi, 50, was one of 500 people who were given a stove with

two 1.2-litre canisters of methanol as part of a pilot project by the

Namrup-based Assam Petrochemicals Limited (APL), India’s first public

sector producer of methanol and formalin from natural gas as feedstock.

APL’s experience in producing methanol for 30 years gave NITI Ayog

the confidence to okay the fuel project.

There are 5.5 lakh people in Africa and 8 million in China who use

methanol as cooking fuel. But India is the first country where the focus is

on replacing LPG.

NITI Aayog member and former director general of the Defence

Research and Development Organisation (DRDO), Vijay Kumar

Saraswat, set the ball rolling by inaugurating the 'Green and Clean Fuel

Pilot Project on Methanol Cooking Stove', a first-of-its-kind initiative in

the country.

This is India's first step towards realising the concept of 'Methanol

Economy', the flagship programme of NITI Aayog.

Through the programme, the NITI Aayog has been working on a roadmap

to replace 20% of the country's crude imports through methanol alone

The concept of 'Methanol Economy' is being actively pursued by China,

Italy, Sweden, Israel, US, Australia, Japan and many other European

nations.

As much as 10% of fuel in China's transport sector is based on methanol.

Environment Special Report on Global Warming

India faces threat of deadly heat waves, says UN climate report

IPCC panel study prescribes ‘large-scale changes’ to keep the rise in

global temperature below 1.5°C

What

If the average global temperature rises by more than one degree Celsius

from the present, India could “annually” expect conditions like the 2015

heat wave that killed at least 2,000, according to the ‘Special Report on

Global Warming of 1.5°C,’ commissioned by the Intergovernmental

Panel on Climate Change (IPCC).

By whom

The report was put together by about 91 authors and review-editors from

40 countries, who had convened in Incheon, South Korea, last week, to

assess the feasibility of keeping the average global temperature from

rising beyond 1.5 degree Celsius from pre-industrial times.

A far reaching goal

Achieving this would require “rapid, far-reaching and unprecedented

changes in all aspects of society

The 2015 agreement in Paris, considered a landmark achievement, had

the world agree to keep rise in temperatures below 2 degrees Celsius and

“pursue efforts to limit the temperature increase to 1.5°C above pre-

industrial levels.”

With the U.S. withdrawing from the accord, the chances of such an

ambitious target were significantly weakened.

Connect to the report

The report stated that capping the rise in temperature to 1.5 degrees

Celsius would require “rapid and far-reaching” transitions in land,

energy, industry, buildings, transport and cities.

The global net human-caused emissions of carbon dioxide (CO2) would

need to fall by about 45% from 2010 levels by 2030, reaching ‘net zero’

around 2050.

This means any remaining emissions would need to be balanced by

removing CO2 from the air.

Many of these techniques, such as carbon capture and storage, were

unproven on a global scale and some carried significant risks for

sustainable development

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1.5 degree C rise in temperatures will be catastrophic for coastal

nations and agricultural economies like India

Coastal nations and agricultural economies like India would be the worst

affected.

Decline in crop yields, unprecedented climate extremes and increased

susceptibility could push poverty by several million by 2050, said the

‘Special Report on Global Warming of 1.5°C,’ commissioned by the

Intergovernmental Panel on Climate Change (IPCC) that saw as many as

91 authors and review-editors from 40 countries, convene in Incheon,

South Korea

Even at a little over 1.0°C warming, India is being battered by the worst

climate extremes – it is clear that the situation at 1.5°C is going to

worsen.

Officials from the Union Environment Ministry, the Union Ministry of

Earth Sciences and the Indian Institute of Human Settlements and the

Tata Institute of Social Sciences were part of the Indian delegation at

Incheon.

Connect to IPCC

The Intergovernmental Panel on Climate Change (IPCC) is a scientific

and intergovernmental body under the auspices of the United Nations, set

up at the request of member governments, dedicated to the task of

providing the world with an objective, scientific view of climate change

and its political and economic impacts.

It was first established in 1988 by two United Nations organizations, the

World Meteorological Organization (WMO) and the United Nations

Environment Programme (UNEP), and later endorsed by the United

Nations General Assembly through Resolution 43/53.

Membership of the IPCC is open to all members of the WMO and UNEP.

The IPCC produces reports that support the United Nations Framework

Convention on Climate Change (UNFCCC), which is the main

international treaty on climate change.

The ultimate objective of the UNFCCC is to "stabilize greenhouse gas

concentrations in the atmosphere at a level that would prevent dangerous

anthropogenic [i.e., human-induced] interference with the climate

system".

IPCC reports cover "the scientific, technical and socio-economic

information relevant to understanding the scientific basis of risk of

human-induced climate change, its potential impacts and options for

adaptation and mitigation.

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Economy India to be the 11th wealthiest, says BCG

Personal wealth may rise to $5 tn by 2022

What

India’s personal financial wealth, currently estimated to be about $3

trillion, is expected to grow to $5 trillion by 2022 making India the 11th

wealthiest nation, according to a report from the Boston Consultancy

Group (BCG).

Connect to the report

According to the report, India is currently the fifth largest Asian market

in terms of number of affluent, high net worth and ultra high net worth

individuals. The total number of such individuals was pegged at 4.13 lakh

in 2017.

While wealth in excess of $100 million was categorised as ultra high net

worth, that in the range of $1 million and $100 million was put in the

category of high net worth.

Affluent referred to an individual with wealth between $2,50,000 and $1

million. Interestingly, almost 70% of India’s personal financial wealth

was in liquid assets such as equities, currencies and bonds.

The global personal financial wealth rose 12% in 2017 to $201.9 trillion

in dollar terms, which was roughly 2.5 times the word’s gross domestic

product for the year at $81 trillion.

According to BCG, it was the highest annual growth rate in the past five

years and was largely driven by bull market environment in all major

economies and significant strengthening of most major currencies against

the dollar.

Labour & Employment ESIC wins ‘ISSA GOOD Practice Award, Asia & the Pacific 2018’

What

The Employees’ State Insurance Corporation (ESIC) has won the ‘ISSA

Good Practice Award’ for Administrative Solution for Coverage

Extension at the “Regional Social Security Forum for Asia and the

Pacific” held at Kuala Lumpur, Malaysia recently.

Connect to the award

The award recognizes the measures taken by ESIC for extension of

coverage-SPREE (Scheme for Promoting Registration of Employers and

Employees), reduced rate of contribution rates for 24 months in newly

implemented areas and raising the wage limit for coverage under the ESI

Act, etc.

Connect to the forum

The Regional Social Security Forum for Asia and the Pacific is a triennial

Forum, which is the most important social security event in the Region.

For the triennial Regional Forum, ISSA invites submissions for the ISSA

Good Practices Award for Asia and the Pacific Regions.

The Forum provides unique opportunities to CEOs and Managers of

ISSA Member Institutions to discuss key social security challenges and

share their experiences.

Connect to ISSA

The ISSA (International Social Security Association) is the principal

international organization for Social Security Organizations, Govts. and

Departments of Social Security.

The ISSA, founded in 1927 under the auspices of the International

Labour Organization (ILO), Geneva, promotes excellence in social

security administration through professional guidelines, expert

knowledge, services and support to enable its Members to develop

dynamic social security systems.

The ESI Corporation hosts ISSA Liaison Office for South Asia at New

Delhi.

The Liasion Office coordinates with the Member countries and Social

Security Institutions in Bhutan, Nepal, Bangladesh, Sri Lanka and Iran on

activities of ISSA related to social security.

Ministry of Finance National Housing Bank (NHB decides to increase the Refinance Limit

from Rs. 24,000 crore to Rs.30,000 crore

What

National Housing Bank (NHB has decided to increase the Refinance limit

to Rs.30,000 crore. Now, eligible Housing Finance Companies & Other

entities will have increased availability of funds.

National Housing Bank had set an initial limit to sanction Rs. 24,000 crore

this year (July 2018-June 2019) towards refinancing eligible institutions.

This refinancing is a credit flow to Housing Finance Companies & other

Institutions.

Connect to NHB

National Housing Bank (NHB) is the Principal Agency to promote

Housing Finance Institutions, currently 97 in number, and to provide

financial support to eligible institutions. As a regulator, National

Housing Bank regularly monitors the liquidity position of Housing

Finance Companies.

Nobel memorial prize in Economic Sciences