Whatsapp 93125-11015 For Details
China has blocked a proposal by the US and India at the United Nations to blacklist top Pakistan-based Lashkar-e-Taiba (LeT) militant Sajid Mir, one of India’s most wanted terrorists and the main handler of the 2008 Mumbai attacks, in the third such move by Beijing within four months.
It is learnt that Beijing put a hold on the proposal moved by the US and co-designated by India to blacklist Mir under the 1267 Al-Qaeda Sanctions Committee of the UN Security Council as a global terrorist and subject him to assets freeze, travel ban and arms embargo.
Mir is one of India’s most wanted terrorists and has a bounty of $5 million placed on his head by the US for his role in the 26/11 Mumbai terror attacks carried out by Pakistan-based LeT terrorists.
In June this year, he was jailed for over 15 years in a terror-financing case by an anti-terrorism court in Pakistan, which is struggling to exit the grey list of the Paris-based Financial Action Task Force (FATF).
Pakistani authorities had in the past claimed Mir had died, but Western countries remained unconvinced and demanded proof of his death. This issue became a major sticking point in FATF’s assessment of Pakistan’s progress on the action plan late last year.
Mir is a senior member of the Pakistan-based LeT and is wanted for his involvement in the November 2008 terrorist attacks in Mumbai. Mir was LeT’s operations manager for the attacks, playing a leading role in their planning, preparation and execution.
Last month, China had put a hold on a proposal by the US and India at the United Nations to blacklist Abdul Rauf Azhar, the brother of Jaish-e Mohammed chief Masood Azhar and a senior leader of the Pakistan-based terror organisation. Abdul Rauf Azhar, born in 1974 in Pakistan, was sanctioned by the US in December 2010.
Beijing, an all-weather friend of Islamabad, has repeatedly put holds on listings to blacklist Pakistan-based terrorists under the sanctions committee of the UN Security Council.
In June this year, China had put a hold, at the last moment, on a joint proposal by India and the US to list Pakistan-based terrorist Abdul Rehman Makki under the 1267 Al-Qaeda Sanctions Committee of the UN Security Council.
Makki is a US-designated terrorist and brother-in-law of Lashkar-e-Taiba head and 26/11 mastermind Hafiz Saeed. New Delhi and Washington had put a joint proposal to designate Makki as a global terrorist under the 1267 ISIL and Al-Qaeda Sanctions Committee of the UN Security Council but Beijing placed a hold on this proposal at the last minute.
Cheetahs are back; economy and ecology not in conflict: PM (Page no. 1)
(GS Paper 3, Environment)
Reminding the nation that the wheel of time rarely offers “a chance to rectify the past and build a new future” but “there is one such moment before us today”, Prime Minister Narendra Modi released cheetahs from Namibia at the Kuno National Park in Madhya Pradesh Saturday, 70 years after the cheetah was declared extinct in India.
In an address to the nation a little later, the Prime Minister asked people to be “patient” and wait a few months before visiting the park to see the cheetahs.
These cheetahs have come as guests, and are unfamiliar with this area. For these cheetahs to be able to make Kuno National Park their home, we have to give them a few months. International guidelines are being followed and India is trying its best to settle these cheetahs. We must not allow our efforts to fail.”
Decades ago, an age-old link of biodiversity was broken and became extinct. Today, we have a chance to restore it.
Today, the cheetahs have returned to the soil of India. And I would also like to say that along with these cheetahs, the nature-loving consciousness of India has also been awakened with full force.”
When we are away from our roots, we lose a lot. Therefore, we have reiterated the importance of ‘paanch pranas’ (five pledges) like ‘being proud of our heritage’ and ‘liberation from the mentality of slavery’ in this ‘Amrit Kaal’ of independence.”
We have also seen the time when exploitation of nature was considered a symbol of power and modernity. When only the last three cheetahs were left in the country in 1947, they too were hunted mercilessly and irresponsibly in the forests,” he said.
It is unfortunate that we declared cheetahs extinct from the country in 1952, but no meaningful effort was made for decades to rehabilitate them. Now the country is committed to rehabilitate cheetahs with new energy in the ‘Amrit Kaal’ of independence.
Pointing out that years of hard work had gone into this rehabilitation project, the Prime Minister said that utmost energy was deployed for an area not given too much political importance.
A detailed Cheetah Action Plan was prepared while our talented scientists conducted extensive research, working closely with South African and Namibian experts.
Scientific surveys were conducted across the country to locate the most suitable area for cheetahs, and then Kuno National Park was chosen. Today, our hard work is before us.
On rate hikes, first signs that RBI and Govt. may not be on the same page (Page no. 1)
(GS Paper 3, Economy)
With the sticky retail inflation print suggesting that the Reserve Bank of India (RBI) is likely to continue hiking interest rates, there are early but discernible signs of a divergence of views between the government and the central bank on the latter’s monetary action to check inflation versus the former’s imperative to rekindle growth.
Amid sluggish employment trends, subdued private investment and the challenge of sustaining the nascent consumption recovery, there are multiple signals that North Block is leaning in favour of a benign pace of rate hikes by the RBI rather than the aggressive stand taken by central banks of developed countries.
The government’s view is that in the wake of the continuing Russia-Ukraine conflict, inflation is driven mainly by global factors. Until recently, inflation was a concern, largely due to external factors which are now cooling off.
Seasonal factors affect prices of food items, but many of these items are well stocked, the official added. Also, there is a growing recognition of employment growth not keeping pace.
Even though growth has picked up after the pandemic, the employment elasticity is lower and it is a concern. With many agencies cutting their growth forecasts for India, the concern in the government is that any sharp hike in rates may dampen growth prospects.
The RBI is in a bind. It is just one month short of overshooting its inflation target for three consecutive quarters following which it will have to formally explain the reasons for the breach in its inflation target to the government.
The RBI is planning to hold a special meeting of the Monetary Policy Committee after the next inflation print comes on October 12 to discuss the report it will have to submit to the government.
The recent retail inflation print for August came in at 7 per cent, marking the eighth month above the upper threshold of the RBI’s target of 4 +/- 2 per cent, and almost three years (35 months) of staying above 4 per cent.
From the central bank’s perspective, easing up right now, according to an official familiar with multiple discussions on this issue, isn’t a feasible strategy.
RBI, as part of its State of the Economy bulletin, favoured a “frontloading of monetary policy actions,” such as interest rate hikes, to contain inflationary pressures without sacrificing “medium-term growth” prospects.
The RBI, however, underlined that the opinions expressed in the article were those of the authors, which included Deputy Governor Michael D. Patra.
Express Network
Jaishankar leaves for US today; to attend Quad, BRICS meets (Page no. 8)
(GS Paper 2, International Relation)
External Affairs Minister S Jaishankar is headed to the US for 10 days, to attend meetings of Foreign ministers of Quad nations (the US, Japan and Australia), Foreign ministers of BRICS countries (Brazil, Russia, China and South Africa), and attend the United Nations General Assembly (UNGA) as New Delhi’s representative this year.
While most multilateral meetings of groupings will take place in New York from September 18 to 24, he will be in Washington DC from September 25 to 28 for bilateral meetings with senior US administration officials, including US Secretary of State Antony Blinken.
This means he will meet Foreign minister of China Wang Yi, Russia’s Foreign minister Sergey Lavrov, and his counterparts from Japan and Australia, among others, in the next two weeks.
He will also have a meeting with Foreign ministers of G-4 countries — Germany, Japan and Brazil — which are pushing for a permanent member’s seat in the UN Security Council.
In keeping with India’s “strong commitment to reformed multilateralism”, the MEA stated that Jaishankar will host a ministerial meeting of the G4 — comprising India, Brazil, Japan, Germany — and also participate in the high-level meeting of the L.69 Group on “Reinvigorating Multilateralism and Achieving Comprehensive Reform of the UN Security Council”.
The L.69 Group consists of developing countries from Asia, Africa, Latin America, Caribbean and Small Island Developing States, focused on reforms of the UN Security Council.
Jaishankar will also participate in “plurilateral meetings of the Quad, IBSA, BRICS, India — Presidency Pro Tempore CELAC, India-CARICOM and other trilateral formats, such as India-France-Australia, India-France-UAE and India-Indonesia-Australia. He will also have bilateral meetings with Foreign Ministers of the G20 and UNSC member-states, amongst others.
The minister will meet UN Secretary General António Guterres and the 77th president of the General Assembly, Csaba Korosi.
After completion of the 77th UNGA related engagements, Jaishankar will visit Washington DC from September 25 to 28 for bilateral meetings with US interlocutors.
The MEA stated that his programme includes discussions with his counterpart US Secretary of State Antony Blinken; senior members of the US administration, US business leaders, a round-table focused on S&T and interaction with the Indian diaspora.
Need a rethink on collegium system: Rijiju (Page no. 9)
(GS Paper 2, Judiciary)
Union Law and Justice Minister Kiren Rijiju on Saturday suggested there is a need to rethink the collegium system to expedite the process of appointment in higher judiciary as there are concerns about the existing process.
He said appointments in higher judiciary are “pending”, but “not due to the law minister but due to the system”. There is a need to think about the collegium system so that appointments in higher judiciary can be accelerated,” he said.
The system which is in place is causing trouble and everyone knows it. Further discussion will be held about what and how it has to be done. I put my views in front of everyone where judges, law officers and invitees were there.
Supreme Court judge Justice Ajay Rastogi, Rajasthan High Court acting Chief Justice MM Srivastava, Gujarat HC Chief Justice Arvind Kumar and Solicitor General of India Tushar Mehta also expressed their views in the inaugural session of the workshop.
If such issues are taken up in such conferences then people present come to know what’s there in the mind of the law minister and what the government is thinking. I have expressed my views and I have also listened to their views.
He said he raised the issue in Udaipur as several “appointments in Rajasthan High Court have to be done and they are pending.
The appointments are pending not due to the law minister but due to the system and that’s why I have put forth (my views) in front of you.
Supreme Court judges in the recent past have raised the issue of “delay” in the government clearing the names suggested by the collegium for appointments in higher judiciary.
Economy
Growth robust & inflation in control, but no room for complacency: FinMin (Page no. 13)
(GS Paper 3, Economy)
Inflationary pressure in India appears to be on a decline due to a raft of steps initiated by both the government and the central bank and easing of global commodity prices as well as supply-chain bottlenecks, but there is “no room for complacency.
Downside risks to growth will persist insofar as India is integrated with the rest of the world, said the Department of Economic Affairs in its Monthly Economic Review for August.
It also cautioned that in winter months, heightened international focus on energy security in advanced nations could elevate geopolitical tensions (in the wake of the Ukraine war), testing India’s handling of its energy needs.
Already, analysts have said Europe is going to be in a spot once winter sets in, given its traditional heavy reliance on Russian oil and gas.
Moreover, the balance sheet of the US Federal Reserve has yet to begin contracting; it’s only expanding more slowly. But when it actually starts shrinking, it may herald a new phase of risk aversion in capital markets, impeding global capital flows.
Given its bright growth prospects, India’s imports are growing faster and financing them comfortably will have to be accorded high priority.
Moreover, lower areas under the summer-sown crops call for deft management of stocks of farm commodities and market prices without unduly jeopardising agricultural exports.
Nevertheless, India’s “growth has been robust and inflation in control”, despite the persistence of these strong external headwinds, it said.
A rapid coverage of vaccination and well-calibrated short-term policy measures have skilfully navigated the economy through turbulent times, preparing a strong foundation for years ahead.
While retail inflation dropped from 7.79 per cent in April to 7 per cent in August, wholesale price inflation eased about three percentage points to 12.41 per cent.
Of course, retail inflation reversed a three-month declining trend to inch up by 29 basis points in August from 6.71 per cent in July.
The contact-intensive services sector, which was hit hard by the pandemic, is likely to drive growth in FY23 building on the release of pent-up demand and near-universalisation of vaccination.
A sharply rebounding private consumption backed by soaring consumer sentiments and rising employment will sustain growth in the months ahead.
The crowding-in of private investment has also been supported by rising budgetary capex of the central government. The capex jumped 35 per cent until August this fiscal from a year before to $2.3 trillion.
‘Merge’ to drive Ethereum: Lower energy consumption, more secure transactions (Page no. 13)
(GS Paper 3, Economy)
Ethereum, the world’s second most valuable cryptocurrency, has completed a significant software overhaul which promises to ramp up security of the cryptocurrency while claiming to cut down on its carbon footprint, nearly entirely.
The revamp, known as ‘The Merge,’ will cast aside the need for crypto miners and gigantic mining farms, who had previously driven the blockchain under a mechanism called ‘proof-of-work’ (PoW). Instead, it has now shifted to a ‘proof-of-stake’ (PoS) mechanism that assigns ‘validators’ randomly to approve transactions and earn a small reward.
The move to PoS will reduce ethereum’s energy consumption by nearly 99.95 per cent, according to the Ethereum Foundation, a non-profit organisation dedicated to supporting the cryptocurrency and its related technologies.
Ethereum is a decentralised cryptocurrency, meaning that it does not have institutions like banks approving the transactions that happen on its network – the approvals were earlier happening under the PoW consensus mechanism which was essentially done by miners.
Miners would compete to solve complex mathematical puzzles using a massive infrastructure of cutting edge computer hardware, and the first one to solve the puzzle would be chosen as the validator.
This method was almost entirely dependent on crypto farms, which are massive warehouses lined with rows of computers which would solve the puzzles.
There was, however, one big problem – these mining farms were energy guzzlers, leading to one of the biggest criticisms of the crypto industry that they sometimes consumed more electricity than entire countries, and were therefore a big concern in terms of environmental sustainability.
Enter ‘The Merge’ and the shift to the PoS consensus mechanism. Ethereum is still a decentralised platform, but under the new concept, it would not need miners and mining farms to authenticate transactions anymore. Instead, a validator will be randomly assigned using an algorithm from a pool of people who ‘stake’ their coins, which essentially means pledging at least 32 Ethereum tokens on the network. This would entirely eliminate the need for miners on the Ethereum network.
The development comes amid growing regulatory scrutiny over cryptocurrencies which have taken a severe beating in their value since the beginning of this year.
One of the biggest benefits being touted about ‘The Merge’ is that it will make transactions on the Ethereum network extremely secure.