UPSC Prelims News 17 November 2022

UPSC Prelims News of 17 November 2022

Malabar-22

Context: The 26th edition of the multinational maritime exercise Malabar-22 completed near Japan.

More on the News:

This edition marked the 30th Anniversary of the exercise and was hosted by Japan Maritime Self Defense Force (JMSDF). Eastern Fleet ships Shivalik and Kamorta represented Indian Navy.
Indian maritime commandos (MARCOS) and a P-8I Poseidon maritime reconnaissance aircraft also participated.
The sea phase of the exercise involved live weapon firings, surface, anti-air and anti-submarine warfare drills and tactical procedures. Another highlight was the conduct of War at Sea exercise.
Apart from operational drills and exercises, the bilateral logistics support agreements between the participating nations were validated during this edition.
Significance: The exercise enhanced understanding of each others operational methodologies and ability to co-operate to tackle myriad maritime challenges.

Malabar Exercise:

Malabar began in 1992 as a bilateral exercise between the navies of India and US and gained further prominence with joining of the navies of Australia and Japan.
China considers the Malabar as anti-China alliance but member countries have claimed that their objective is to safeguard the global commons and implement freedom of navigation.

Liquefied Natural Gas (LNG)

Context: Russia has slashed supplies of natural gas to Europe, forcing countries to look for LNG as an alternative.

About LNG:

LNG is methane, or methane mixed with ethane, devoid of impurities and cooled to approximately -160°C. This converts the gas into a liquid, which takes up 600 times less space.
At its destination, liquid is turned back into gas and used for heating, cooking and power.
Producers of LNG:
- Australia, Qatar and the US are the largest producers.
- The US is the biggest supplier to Europe. Australia ships majority of its LNG to customers in Asia.
- Qatar also supplies some LNG to Asia, as well as European nations such as the UK, Belgium, and Italy.
Features LNG:
- LNG is colorless, odorless, non-toxic and non-corrosive.
- LNG is not explosive and cannot ignite during its liquid stage.
- Creation of LNG terminals are required to offload it and turn it back into gas form.
- LNG is least environmentally harmful fossil fuel because it has the lowest CO₂ emission.

Online Bond Platform Providers

Context: Securities and Exchange Board of India (SEBI) has come out with a detailed regulatory framework for online bond platform providers in a bid to streamline their operations.

About Online Bond Platform Providers (OBPPs):

It would be companies incorporated in India and they should register themselves as stock brokers in the debt segment of the stock exchange.
OBPPs cannot offer products or services on its platform except listed debt securities and debt securities proposed to be listed through a public offering.
Need: OBPs provide an avenue for investors, particularly non-institutional investors to access the bond market, their operations were outside SEBI’s regulatory purview.

Bond Market:

It is a place where debt securities are traded.
This market includes government-issued securities as well as corporate debt securities.
It enables the transfer of capital from savers or investors to the issuers who need the capital for projects and other operations.
This market is also known as the debt, fixed-income or credit market.

Bonds:

Bonds are units of corporate debt issued by companies and securitized as tradeable assets.
A bond is referred to as a fixed-income instrument since bonds traditionally paid a fixed interest rate (coupon) to debt holders.
Bond prices are inversely correlated with interest rates; when rates go up, bond prices fall and vice-versa.
Bonds tend to be less volatile and more conservative than stock investments, but they also have lower expected returns.

Kashi Tamil Sangamam

Context: The month-long Kashi Tamil Sangamam has begun in Varanasi, Uttar Pradesh.

About Kashi Tamil Sangamam:

Kashi Tamil Sangamam 2022 is an initiative of the Government of India as part of “Azadi ka Amrit Mahotsav”.
It will be a celebration of the spirit of ‘Ek Bharat Shreshtha Bharat’ and will also celebrate the Tamil language as well as culture.
Objective: To rediscover the centuries-old bond of knowledge and ancient civilizational linkage between Kashi and Tamil Nadu, and to bring them closer and deepen the people-to-people bond between the regions.
Duration: The month-long ‘Kashi Tamil Sangamam’ programme will be organised in Varanasi from 16 November to 16 December.
During the programme, academic exchanges will be held between experts, scholars on various facets of the two ancient manifestations of Indian culture, with a focus on bringing out the links and shared values between the two.

About the Ek Bharat Sreshtha Bharat initiative:

It was announced by the Prime Minister in 2015 on the occasion of the 140th birth anniversary of Sardar Vallabhbhai Patel.
Objectives of the initiative:
- To celebrate the Unity in Diversity of our Nation and to maintain and strengthen the fabric of traditionally existing emotional bonds between the people of our Country.
- Promote the spirit of national integration through a deep and structured engagement between all Indian States and Union Territories.
- To promote the rich heritage and culture, customs and traditions, thus fostering a sense of common identity.
- To create an environment which promotes learning between States by sharing best practices and experiences.