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.
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