Central Bank Digital Currency

Why in News?

According to recent reports, the Reserve Bank of India’s (RBI) digital rupee — the Central Bank Digital Currency (CBDC) — may be introduced in phases beginning with wholesale businesses in the current financial year.

• RBI had proposed amendments to the Reserve Bank of India Act, 1934, which would enable it to launch a CBDC.

What is Central Bank Digital Currency (CBDC)?

• About CBDC:
  • CBDCs are a digital form of a paper currency and unlike cryptocurrencies that operate in a regulatory vacuum, these are legal tenders issued and backed by a central bank.
  • It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency.
    • A fiat currency is a national currency that is not pegged to the price of a commodity such as gold or silver.
  • The digital fiat currency or CBDC can be transacted using wallets backed by blockchain.
  • Though the concept of CBDCs was directly inspired by Bitcoin, it is different from decentralised virtual currencies and crypto assets, which are not issued by the state and lack the ‘legal tender’ status.
• Objectives:
  • The main objective is to mitigate the risks and trim costs in handling physical currency, costs of phasing out soiled notes, transportation, insurance and logistics.
  • It will also wean people away from cryptocurrencies as a means for money transfer.
• Global Trends:
  • Bahamas has been the first economy to launch its nationwide CBDC — Sand Dollar.
  • Nigeria is another country to have rolled out eNaira in 2020.
  • China became the world's first major economy to pilot a digital currency e-CNY in April 2020.
  • Korea, Sweden, Jamaica, and Ukraine are some of the countries to have begun testing its digital currency and many more may soon follow.

What are the Benefits & Challenges of CBDC?

• Benefits:
  • A Combination of Traditional and Innovative:
    • CBDC can gradually bring a cultural shift towards virtual currency by reducing currency handling costs.
    • CBDC is envisaged to bring in the best of both worlds:
      • The convenience and security of digital forms like cryptocurrencies
      • The regulated, reserved-backed money circulation of the traditional banking system.
  • Easier Cross-Border Payments:
    • CBDC can provide an easy means to speed up a reliable sovereign backed domestic payment and settlement system partly replacing paper currency.
    • It could also be used for cross-border payments, it could eliminate the need for an expensive network of correspondent banks to settle cross-border payments.
  • Financial Inclusion:
    • The increased use of CBDC could be explored for many other financial activities to push the informal economy into the formal zone to ensure better tax and regulatory compliance.
    • It can also pave the way for furthering financial inclusion.
• Challenges:
  • Privacy Concerns:
    • The first issue to tackle is the heightened risk to the privacy of users—given that the central bank could potentially end up handling an enormous amount of data regarding user transactions.
      • This has serious implications given that digital currencies will not offer users the level of privacy and anonymity offered by transacting in cash.
    • Compromise of credentials is another major issue.
  • Disintermediation of Banks:
    • If sufficiently large and broad-based, the shift to CBDC can impinge upon the bank’s ability to plough back funds into credit intermediation.
    • If e-cash becomes popular and the Reserve Bank of India (RBI) places no limit on the amount that can be stored in mobile wallets, weaker banks may struggle to retain low-cost deposits.
  • Other risks are:
    • Faster obsolescence of technology could pose a threat to the CBDC ecosystem calling for higher costs of upgradation.
    • Operational risks of intermediaries as the staff will have to be retrained and groomed to work in the CBDC environment.
    • Elevated cyber security risks, vulnerability testing and the costs of protecting the firewalls.
    • Operational burden and costs for the central bank in managing CBDC.

Way Forward

• In order to obviate some weaknesses of CBDCs, the usage should be payment-focused to improve the payment and settlement system.
  • Then it can steer away from serving as a store of value to avoid the risks of disintermediation and its major monetary policy implications.
• The data stored with the central bank in a centralised system will hold grave security risks, and robust data security systems will have to be set up to prevent data breaches.
  • Thus, it is important to employ the right technology that will back the issue of CBDCs.
• The sizing of the infrastructure required for the CBDC will remain tricky if payment transactions are carried out using the same system.
  • The RBI will have to map the technology landscape thoroughly and proceed cautiously with picking the correct technology for introducing CBDCs.
• The financial data collected on digital currency transactions will be sensitive in nature, and the government will have to carefully think through the regulatory design.
  • This would require close interaction between the banking and data protection regulators.

Source: IE

Swachh Bharat Mission Grameen

Why in News?

Over 1 lakh villages declared themselves as ODF (Open Defecation Free) Plus under Swachh Bharat Mission Grameen (SBM-G).

• These villages are sustaining their ODF status and have systems in place for managing solid and/or liquid waste and they would continue on their sanitation journey as they work towards making their villages cleaner, greener and healthier.

What is Swachh Bharat Mission Grameen (SBM-G)?

• About:
  • It was launched in 2014 by the Ministry of Jal Shakti to accelerate the efforts to achieve universal sanitation coverage and to put focus on sanitation.
  • The mission was implemented as nation-wide campaign/Janandolan which aimed at eliminating open defecation in rural areas.
• Swachh Bharat Mission (G) Phase-I:
  • The rural sanitation coverage in the country at the time of launch of SBM (G) on 2^nd October, 2014 was reported as 38.7%.
  • More than 10 crore individual toilets have been constructed since the launch of the mission, as a result, rural areas in all the States have declared themselves ODF as on 2nd October, 2019.
• SBM(G) Phase-II:
  • It emphasizes the sustainability of achievements under phase I and to provide adequate facilities for Solid/Liquid & plastic Waste Management (SLWM) in rural India.
  • It will be implemented from 2020-21 to 2024-25 in a mission mode with a total outlay of Rs. 1,40,881 crores.
  • The SLWM component of ODF Plus will be monitored on the basis of output-outcome indicators for 4 key areas:
    • Plastic waste management,
    • Biodegradable solid waste management (including animal waste management),
    • Greywater (Household Wastewater) management
    • Fecal sludge management.
  • Top Performing States:
    • The top five performing states are Telangana, Tamil Nadu, Odisha, Uttar Pradesh and Himachal Pradesh where maximum number of villages have been declared as ODF Plus.

What is the Significance of Swachh Bharat Mission?

• It will continue to generate employment and provide impetus to the rural economy through construction of household toilets and community toilets, as well as infrastructure for SLWM such as compost pits, soak pits, waste stabilisation ponds, material recovery facilities etc.
• It will also help rural India effectively handle the challenge of solid and liquid waste management and will help in substantial improvement in the health of the villagers in the country.

Way Forward

• With portable water supply, more greywater is being generated that needs to be treated and reused, and with lifestyle changes and the use of packaged food products, the menace of plastic waste is rearing its ugly head in rural areas and that needs to be managed effectively.

Source: PIB

India’s First Commercial SSA Observatory

Why in News?

India's first commercial Space Situational Awareness (SSA) Observatory will be set up in the Garhwal region of Uttarakhand.

• The observatory will be set up by Digantara, a Bengaluru-based space sector start-up. 

What are the Key Points of the Observatory?

• The observatory will be the first-of-its-kind in the region, set up to augment the start-up’s SSA capabilities.
• It will be strategically positioned to serve global space traffic management operations.
• It will assist in tracking any activity in space including that of space debris and military satellites hovering over the region.
  • At present, the US is a dominant player in monitoring space debris.
• The observatory will bring value to the nation by serving as an essential data source for advancing knowledge of the realm of space.
• It will be able to supplement its space-based sensors in their mission to monitor satellites and debris in orbits ranging from Low Earth Orbit (LEO) to Geosynchronous Earth Orbit (GEO).

What about India’s Current Scenario regarding SSA?

• About SSA:
  • Space Situational Awareness (SSA) refers to keeping track of objects in orbit and predicting where they will be at any given time.
  • It involves monitoring the movement of all objects — natural (meteors) and man-made (satellites) — and tracking space weather.
  • SSA is generally understood as covering three main areas:
    • Space Surveillance and Tracking (SST) of man-made objects.
    • Space Weather (SWE) monitoring and forecast.
    • Near-Earth Objects (NEO) monitoring (only natural space objects).
• India’s SSA Capability:
  • At present, India uses a Multi Object Tracking Radar at Sriharikota range (Andhra Pradesh), but it has a limited range.
  • Further, for SSA, India depends on data from NORAD (North American Aerospace Defence Command) and others available in the public domain.
    • However, these platforms don’t provide accurate or comprehensive information.
• Nodal Agency:
  • ISRO's efforts towards SSA is coordinated by the SSA Control Centre in Bengaluru and managed by the Directorate of Space Situational Awareness and Management at the ISRO headquarters.
• Related Initiatives:
  • Project NETRA: ‘Project NETRA’ will be an early warning system in space to detect space debris and other hazards to Indian satellites.
    • Once operational, it will give India its own capability in Space Situational Awareness (SSA) like the other space powers.
    • Under this project, a space debris tracking radar with a range of 1,500 km and an optical telescope will be inducted
  • Clearspace-1: At global level, this initiative of the European Space Agency, scheduled to launch in 2025, will be the first space mission to eliminate debris from orbit.

What is the Significance of the Upcoming SSA Observatory?

• Reduce Collision Rates:
  • The observatory is designed with a capability to track objects as small as 10cm (in size). It would be able to reduce the potential for collisions between satellites and other spacecraft by making more accurate predictions of their location, speed, and trajectory
• Tracking and Identifying Pre-Existing RSOs:
  • It would improve the effectiveness of tracking and identifying pre-existing Resident Space Objects (RSO).
• Enhancing Indigenous Capabilities:
  • Promoting development of such critical technology and infrastructure is necessary towards building indigenous resilient capabilities and compete on a global stage.
  • It will result in the creation of a hybrid data pool that will serve both the commercial and the defence sectors of the space industry.
• Supplement Global Networks:
  • A data gap has been witnessed due to the lack of dedicated SSA sensors between Australia and southern Africa
  • The observatory will play a vital role in monitoring space activities above the Indian subcontinent, relaying real-time data essential to safeguard the Indian assets.
    • Global networks of SSA sensors will be supplemented by this observatory to offer constant tracking of objects over this part of the globe.

Source: TOI

Acculturation

Why in News?

India, with its distinctive fusion of various cultures, has ideals that provide a deeper understanding of the concept of acculturation and its outcomes.

What is Meant by Acculturation?

• The concept of acculturation was coined in 1880 by American geologist John Wesley Powel in a report for the U.S. Bureau of Ethnology.
  • He defined it as the psychological changes induced in people due to cross-cultural imitation, resulting from the interaction with different cultures.
• Acculturation, in present days, is defined as the process in which a person or group from one culture comes in contact with another culture, adopting the values and practices of the other while still retaining their own distinct identity.
  • A suitable example would be the integration of Black Americans within the white American society.
• Sociologists understand acculturation as a two-way process, wherein the minority culture adopts aspects of the majority to fit in and the culture of the majority is also influenced by that of the minority.

What are the Different Outcomes of Acculturation?

• Assimilation:
  • A study by W.I. Thomas and Florian Znaniecki in 1918 on Polish immigrants in Chicago provided a better understanding of the concept of assimilation.
  • It is a process in which groups adopt a new culture that virtually replaces their original culture, leaving only traces behind.
  • In assimilation, individuals or groups eventually become indistinguishable from the culture they came in contact with.
  • It occurs when the importance given to one's culture is minuscule and where ‘fitting in’ is given high significance, deeming it necessary for survival in a new cultural space.
  • This outcome is likely to occur in societies that are "melting pots" into which new members are absorbed.
• Separation:
  • It refers to the process wherein an individual/group comes in contact with a new cultural group, but does not embrace aspects of the new culture, as they wish to maintain their own unique identity without being ‘contaminated’ by the values and norms of another culture.
  • The rejection of a new culture while maintaining one's own traditions and customs usually occurs in culturally or racially segregated societies.
• Integration:
  • Under integration, an individual/group adapts to a new culture while maintaining their original culture. It occurs where cultural adoption is considered significant for the smooth functioning of society.
  • Such a strategy is used in a multicultural society with a relatively high proportion of minority groups.
  • Individuals or groups who use this strategy can switch between the values and norms of the different cultures they have absorbed to interact with groups from both cultures with ease.
• Marginalisation:
  • It occurs when individuals/groups barely interact with a new cultural group.
  • This strategy results in the isolation of the person or group, pushing them aside to the corners of society, forgotten by the rest.
  • In a society where cultural exclusion is practised, it becomes almost impossible to interact and integrate with a different cultural group due to the barriers created between the two.
• Transmutation:
  • It is the process in which importance is placed on both maintaining one’s own culture while also adopting aspects of a new culture.
  • It is different from integration in the sense that the cultures are amalgamated into creating a new one (instead of integrating and switching between the codes and conducts of two different cultures).
    • Thus, a unique blend of two cultures creates a new one that is accepted by both the individuals/groups.

How Relevant is Acculturation in India’s Context?

• India’s distinctive fusion of various cultures helps significantly in understanding the concept of acculturation and its outcomes.
• Persian culture has influenced almost all aspects of Indian society; the origins of popular food items like biriyanis and faloodas and spices like saffron, and cumin seeds trace back to Persian origins.
• The Urdu language, a blend of Arabic, Persian, Turkish and Hindi, is an example of the amalgamation and transmutation of cultures.
• The architectures of Christian Churches in Kerala like the Cheriapally (small church) in Kottayam or the Pazhaya Suriyani Pally (old Syrian church) in Chengannur have marks of Hindu Temple architectural styles.
  • Sculptures of Christian deities inside a lotus similar to that of Hindu deities, and sculptures of animals like cows, elephants, and monkeys carved onto the church walls are excellent examples of the integration of Hindu and Christian traditions and cultures in Indian society.

Conclusion

• Acculturation is an inevitable social process, as migration and interactions with different cultures have always been part of the evolution of civilization.
• Acculturation allows us to learn and understand new aspects of various cultures and appreciate their differences.
  • Resentment toward other cultures and the belief that one’s heritage is superior can result in the marginalisation and separation of different cultures, ultimately disrupting the functioning of a society.
• A harmonious exchange of cultures between various groups is imperative for a peaceful society.

Source: TH

Self Sufficiency in Urea

Why in News?

India is hoping to end its reliance on imported urea within the next four years, till 2025 by expanding output of a locally developed version known as Liquid Nano Urea.

What is Liquid Nano Urea?

• It is urea in the form of a nanoparticle. It is a nutrient (liquid) to provide nitrogen to plants as an alternative to the conventional urea.
  • Urea is a chemical nitrogen fertiliser, white in colour, which artificially provides nitrogen, a major nutrient required by plants.
• It is developed to replace conventional urea and it can curtail the requirement of the same by at least 50%.
  • It contains 40,000 mg/L of nitrogen in a 500 ml bottle which is equivalent to the impact of nitrogen nutrient provided by one bag of conventional urea.
• It is Indigenous Urea, introduced firstly by the Indian Farmers Fertiliser Cooperative Limited (IFFCO) for farmers across the world.
• The first Liquid Nano Urea (LNU) plant is inaugurated at Kalol, Gujarat.

What is the Need of becoming Self Sufficient in Urea?

• India has been importing urea for decades to meet the shortfall in the supply chain. India, being one of the largest importers of urea, its demand affects the international price of urea.
  • India is the world’s largest buyer of Urea and Di- Ammonium Phosphate (DAP).
  • DAP is the second most commonly used fertilisers in India after urea.
  • Farmers normally apply this fertiliser just before or at the beginning of sowing, as it is high in phosphorus (P) that stimulates root development.
• Urea and DAP have been hit by a sharp rise in global fertiliser prices this year 2022 due to supply disruptions.
• Agriculture being the mainstay of nearly 70 % of our population, any shortfall in supply or increase in the price of critical input like fertilisers is bound to have an adverse impact on the overall economic performance of our rural sector.
• It is likely that the demand for urea is not going to come down in the foreseeable future, so remaining dependent on the import of urea perpetually was a very bad idea from the onset.
• In this regard, the decision to set up several brownfield urea plants in the public sector in 2016 was a very good step.
• Self-sufficiency in urea will save the government nearly Rs 40,000 crore.

What is the Status of Fertilizers in India?

• About:
  • India consumed about 500 LMT of fertilizer per year in the last 10 years.
  • The Centre's fertiliser subsidy bill is set to soar by 62% over the budgeted amount to Rs 1.3 lakh crore in FY21.
    • Since non-urea (MoP, DAP, complex) varieties cost higher, many farmers prefer to use more urea than actually needed.
    • The government has taken a number of measures to reduce urea consumption. It introduced neem-coated urea to reduce illegal diversion of urea for non-agricultural uses. It also stepped up the promotion of organic and zero-budget farming.
  • Between 2018-19 and 2020-21, India’s fertiliser imports increased almost 8% to 20.33 million tonnes from 18.84 million tonnes.
    • In FY21, more than a fourth of the urea requirement was imported.
• Need of Large Quantities of Fertilisers:
  • The agricultural output of India has increased every year, and the country's need for fertilisers has also increased.
  • Despite imports, gaps remain between requirements and availability after indigenous production targets haven't been met.

Way Forward

• For non-urea fertilisers like DAP and Muriate of Potash (MOP), we need to take significant steps to ensure that our farmers keep getting an uninterrupted supply of required fertilisers at reasonable prices, although for the raw material of these non-urea fertilisers we have remained dependent on imports.
• The need of the hour is to streamline the subsidy distribution mechanism by universalising the Direct Benefit Transfer (DBT) in the fertiliser sector.
• Secondly, corruption prevalent in the fertiliser subsidy distribution regime needs to be curbed stringently. These steps will reduce the burden of fertiliser subsidy substantially. The only thing needed is the will to act.

Source: HT

Dust Formation in Novae Ejecta

Why in News?

Scientists from SN Bose Centre for Basic Science (SNBCBS) observed the imploding novae called Nova V1280 Scorpii and found that a thick dust formed around it after a month and lasted for about 250 days.

What is Novae?

• A nova is an astronomical event in which a strong explosion occurs temporarily on the stellar (Pertaining to Stars) surface, increasing the brightness by hundreds to millions of times, then slowly darkening over weeks or months.
• It occurs in a binary system consisting of a white dwarf and a main sequence star.
  • A binary star system occurs when two stars both orbit around a common center of mass.
    • The brighter star is officially classified as the primary star, while the dimmer of the two is the secondary.
  • White dwarfs are stars that have burned up all of the hydrogen they once used as nuclear fuel.
    • Such stars have very high density. A typical white dwarf is half the size of our Sun and has a surface gravity 1,00,000 times that of Earth.

What is Cosmic Dust?

• Cosmic dust consists of tiny particles of solid material floating around in the space between the stars.
• Cosmic dust or extra-terrestrial dust formation in the hostile environment of novae ejection has been an open question for many years. Hundreds of kilograms of such dust fall on the Earth every day.

What are the Findings?

• Scientists constructed simple models to estimate parameters of dust like hydrogen density, temperature, luminosity and elemental abundances during pre- and post-dust phase.
• High abundance of certain elements like carbon, nitrogen and oxygen was found along with a mixture of small amorphous carbon dust grains and large astrophysical silicate dust grains.
• Dust formation in novae ejecta is not a common phenomenon.
• It has been observed only in a few novae within 30 to 100 days after an outburst, as compared to interstellar dust, which typically takes a few thousand years to form and hence provided opportunity to study the dust formation process in novae.
• High abundance of isotopes of certain elements like carbon, nitrogen and oxygen was found in the predust phase.
• A mixture of small amorphous carbon dust grains and large astrophysical silicate dust grains present in the ejecta was found in the post dust phase.
• Some complex organic compounds like amorphous organic solids with a mixed aromatic–aliphatic structure was found which play an important role in formation of molecular clouds in stars and planets.

What is the Significance of the Study?

• Such Space-dust collisions may have propelled organisms over enormous distances between planets to start life on a planet.
• Their study of novae dust could help in understanding the nature and characteristics of the dust and associated processes.
• The team has suggested that as the expanding dust shell of V1280 Scorpii Nova continues to expand these dust grains will eventually mix with interstellar matter. But that will take thousands of years - a small time in the cosmic time scale.

Source: PIB

African Rhinoceros

Why in News?

Recently, a report has stated that Rhino poaching rates in Africa declined to 2.3% in 2021 from 3.9% in 2018.

• At least 2,707 rhinos were poached in Africa between 2018 and 2021, including critically endangered black rhino and near threatened white rhino.

What do we need to know about the Report?

• About:
  • The report was compiled by the International Union for Conservation of Nature (IUCN), Species Survival Commission (SSC), African and Asian Rhino Specialist Group (AfRSG) and TRAFFIC.
  • African Rhino Specialist Group (AfRSG) gathered information from thirteen rhino range countries:
    • Botswana, Chad, Eswatini, Kenya, Malawi, Mozambique, Namibia, Rwanda, South Africa, Tanzania, Uganda, Zambia and Zimbabwe.
• Findings of the Report:
  • Rhinoceros poaching rates in Africa have declined from a peak of 5.3% of the total population in 2015 to 2.3% in 2021.
  • South Africa accounted for 90% of all reported cases, predominantly affecting white rhinos in Kruger National Park.
  • South Africa lost 394 rhinos to poaching in 2020, while Kenya didn’t record any poaching that year.
• Rhinos in Africa:
  • The total estimate of rhinos in Africa was 22,137 at the end of 2021.
  • There has been an increase in poaching in private properties.
    • A total of 451 rhinos were poached in South Africa in 2021:
      • 327 within government reserves and 124 on private properties.
  • The number of white rhinos in the continent declined by almost 11.8% during 2015-18, while populations of black rhinos increased by just over 12.2%.
  • Zimbabwe conserves the largest population of African Rhinoceroses among the four range countries in Africa namely South Africa, Namibia, Kenya and Zimbabwe.

What are the Key Points related to Black Rhino & White Rhino?

• Black Rhino: 
  • About:
    • Black rhinos are the smaller of the two African Rhino species.
    • The most notable difference between white and black rhinos is their hooked upper lip.
      • While White Rhino has a square lip.
    • Black rhinos are browsers rather than grazers, and their pointed lip helps them feed on leaves from bushes and trees.
    • They have two horns, and occasionally a third, small posterior horn.
  • Scientific Name:
    • Diceros bicornis
  • Habitat:
    • Semi-Desert Savannah, Woodlands, Forests, Wetlands.
  • Protection Status:
    • IUCN Red List: Critically Endangered
    • CITES: Appendix I
    • Wildlife Protection Act 1972: N/A
• White Rhino: 
  • About:
    • White rhinos are the second largest land mammal after the elephant.
    • White rhinos are also known as the square-lipped rhinoceros due to their square (not pointed) upper lip.
    • Two genetically different subspecies exist, the northern and southern white rhino and are found in two different regions in Africa.
  • Scientific Name:
    • Ceratotherium simum
  • Habitat:
    • Long and short grass savanna areas in grasslands.
  • Protection Status:
    • IUCN Red List: Near Threatened
    • CITES: Appendix I & Appendix II
    • Wildlife Protection Act 1972: N/A

What are Some Other Types of Rhinos?

• Greater One Horned Rhino: 
  • About:
    • Asia's largest species of rhino, also known as the Indian rhino.
  • Scientific Name:
    • Rhinoceros unicornis
  • IUCN Status:
    • Vulnerable
  • Habitat:
    • Tropical grassland, shrublands, savanna
  • Distribution:
    • India and Nepal
• Sumatran Rhino: 
  • About:
    • Closest living relative to the woolly rhinos. Only species to still be covered in hair.
  • Scientific Name:
    • Dicerorhinus sumatrensis
  • IUCN Status:
    • Critically Endangered
  • Habitat:
    • Tropical and subtropical forests
  • Distribution:
    • Sumatra, Sabah
• Javan Rhino: 
  • About:
    • All Javan rhinos in the world survive in Ujong Kulon National Park.
  • Scientific Name:
    • Rhinoceros sondaicus
  • IUCN Status:
    • Critically Endangered
  • Habitat:
    • Tropical and subtropical forests
  • Distribution:
    • Sumatra, Sabah

Source: DTE

Supply Chain Ministerial Forum

Why in News?

Recently, US State Department released a Joint Statement of the 2022 Supply Chain Ministerial Forum, focusing on the global challenge which includes - the COVID-19 pandemic, wars and conflicts and climate change.

What do we need to know about the Forum?

• About:
  • On July 2022, United States hosted the Supply Chain Ministerial Forum to advance work to reduce and end near-term supply chain disruptions and collaborate to build supply chain resiliency to avoid future disruptions.
• Objective:
  • Resilient Supply Chain:
    • Building collective long-term resilient supply chains based on international partnerships.
      • Partner countries aim to follow various global supply chain principles including transparency, diversification, security and sustainability.
  • Transparency:
    • Promote transparency in consultation with the private sector, civil society, different levels of government, and other relevant stakeholders, consistent with participants' domestic laws and international obligations, in order to strengthen the resilience of supply chains.
  • Diversification & Global Capacity:
    • Promote diversification and increase global capacities for multiple, reliable, and sustainable sources of materials and inputs, intermediate goods, and finished goods in priority sectors, along with logistics infrastructure capacities, increasing the resilience of supply chains to make our economies less vulnerable to disruptions and shocks.
  • Sustainability:
    • Encourage global sustainability and responsible business conduct across supply chains, as well as objectives set out in relevant multilateral environmental agreements to which we are parties, including the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.
• Partner Economies:
  • Australia, Brazil, Canada, the Democratic Republic of the Congo, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Netherlands, the Republic of Korea, Singapore, Spain, the United Kingdom, and the United States.

What is India’s related Supply Resilience Initiative?

• SCRI:
  • Supply Chain Resilience Initiative between India, Japan and Australia, launched in 2021.
    • It aims to create a virtuous cycle of enhancing supply chain resilience with a view to eventually attaining strong, sustainable, balanced and inclusive growth in the Indo-Pacific region.

Source: ET

Universal Postal Union

Why in News?

Recently, The Union Cabinet approved the ratification of amendments to the Constitution of the Universal Postal Union (UPU) as contained in the Eleventh Additional Protocol to the Constitution signed during the 27th Congress of the Universal Postal Union held at Abidjan 2021.

What is the Significance of the Approval?

• It would enable the Department of Posts, Government of India to have the “Instrument of Ratification” signed by the Hon’ble President of India and have the same deposited with the Director General of the International Bureau of the Universal Postal Union.
  • Further, it would fulfill the obligations arising from Articles 25 and 30 of the UPU Constitution which provides for ratification of the amendments to the Constitution adopted by a Congress as soon as possible by the member countries.
  • It would resolve many long-standing discrepancies in the text and accommodate provisions for ‘acceptance or approval of the Acts in consistency with the Vienna Conventions on Law of Treaties, 1969.
    • Vienna Convention on the Law of Treaties, an international agreement governing treaties between states that was drafted by the International Law Commission of the United Nations and adopted on May 23, 1969, and that entered into force on January 27, 1980.

Source: PIB