UPSC Current Affairs - 6th March 2024
The UPSC Current Affairs update for March 6, 2024, encapsulates the latest and most relevant information pertinent to the Union Public Service Commission (UPSC) examinations. This curated compilation includes key events, developments, and news from various fields such as politics, economics, environment, technology, and international affairs. You can read more UPSC Current affairs here
.png)
El Niño 2023-24: Among Top Five Strongest on Record
1. El Niño Intensity: The El Niño event of 2023-24 has peaked, earning its position among the top five strongest El Niños recorded in history, as stated by the World Meteorological Organization (WMO).
2. Weakening Trends: Despite reaching its peak, the El Niño is currently displaying signs of weakening, suggesting a potential decrease in its strength over time.
3. Prolonged Impact: The WMO anticipates that the influence of this El Niño will persist, indicating that its effects on the global climate are expected to continue in the coming months.
4. Global Climate Influence: The ongoing El Niño is poised to exert a significant impact on the overall global climate, emphasizing its importance in shaping weather patterns and atmospheric conditions.
5. UN Agency Prediction: The United Nations (UN) agency, alongside the WMO, is actively monitoring the situation and has made a forecast regarding above-normal temperatures. This prediction covers a broad scope, spanning nearly all land areas and is expected to be notable from March to May.
6. Temporal Focus: The specified time frame for the foreseen above-normal temperatures is from March to May, highlighting a concentrated period during which the effects of the El Niño are projected to be particularly pronounced.
RBI's Initiative: Promoting Rupee Payments in Oil Trade to Counter Dollar Dependency:
1. RBI's Directive to State-Owned Refiners: The Reserve Bank of India (RBI) has directed major state-owned refiners to encourage Persian Gulf oil suppliers to accept at least 10% of oil payments in rupees during the upcoming financial year.
2. Strategic Move to Bolster the Rupee: This initiative is strategically aimed at promoting the Indian currency in international trade, with the ultimate goal of reducing India's reliance on the US dollar.
3. Concerns Over Rupee Depreciation: India, as the world's third-largest crude importer and a significant driver of global oil consumption growth, is concerned that its increasing energy demand could negatively impact the value of the rupee. The RBI seeks to leverage this growth to establish the rupee in global transactions.
4. State-Owned Refiners' Engagement: India n Oil Corp. Bharat Petroleum Corp., and Hindustan Petroleum Corp. have actively approached oil exporters with the rupee payment proposal, signalling their commitment to the RBI's directive.
5. Challenges Faced in Implementation: The move faces challenges such as oil exporters' concerns about currency risk, reluctance to bear conversion charges, and resistance from refiners who are hesitant to absorb currency transaction charges, fearing an impact on their profit margins.
6. Potential Benefits and Future Prospects: Despite challenges, the initiative holds potential benefits, including reduced dependence on the US dollar, strengthened international standing of the Indian currency, and leveraging India's growing energy demand to negotiate favourable terms in global trade. However, the limited precedence of non-dollar payments and various challenges in implementation underscore the complexity of the endeavour.
Indian Navy Showcases Maritime Strength at Naval Commanders’ Conference 2024
1. Powerful Demonstration: The first edition of the Naval Commanders’ Conference of 2024 commenced with a dynamic display of the Indian Navy’s maritime capabilities, featuring 'twin-carrier operations' showcasing the prowess of INS Vikrant and INS Vikramaditya.
2. Raksha Mantri's Presence: Raksha Mantri Shri Rajnath Singh embarked at sea to witness the demonstration, emphasizing the government's commitment to showcasing India’s sea-based air power and maritime superiority.
3. Strategic Address: During the inaugural session, Shri Rajnath Singh praised the Indian Navy for its increasing multi-dimensional capabilities in the Indian Ocean, aligning with the vision of Security And Growth for All in the Region (SAGAR).
4. Hybrid Format: The Naval Commanders’ Conference adopted a hybrid format, allowing Naval Commanders to deliberate on strategic, operational, and administrative matters related to maritime security, considering evolving geopolitical dynamics and regional challenges.
5. Geopolitical Discussions: Naval Commanders are anticipated to discuss critical issues, including China’s military activities in the Indian Ocean and challenges posed by Houthi militants targeting cargo vessels in the Red Sea.
6. Tri-Service Collaboration: The Chief of Defence Staff, along with the Chiefs of the Indian Army and Indian Air Force, will engage with Naval Commanders to enhance tri-service synergy, addressing the common national security environment and ensuring readiness in defence of the nation.
Thanks for reading! See you tomorrow at the same time! Perhaps read more here.
