UPSC Daily Current Affairs | Prelim Bits 11-07-2024

U.S.-India Business Council (USIBC)

A USIBC delegation, led by its Executive Vice Chairman, met with the Union Minister in Delhi to discuss various collaboration opportunities.

• Background - It was formed in 1975 at the request of the U.S. and Indian governments.
• About- It represents top global companies operating across the United States and India, creating connections between businesses and governments in both countries.
• Aim - The Council aims to create an inclusive trade environment between India and the US by representing industry, connecting businesses with governments, and supporting long-term partnerships.
• Membership - It has around 200 member companies of which 70% are from the United States and the remaining 30% are from India.
• Headquarters - Washington D.C.
• It has offices in Delhi, Mumbai, and Bengaluru.
• The USIBC is also part of the U.S. Chamber of Commerce. 

Key Points of the meeting

• Green initiatives - Deployment of Greenfield renewable energy, battery storage, and emerging green technologies.
• Advanced technologies - Focus on quantum technology, artificial intelligence, critical metals, and semiconductors.
• Anusandhan NRF - Introduction of a research foundation in India similar to the US National Research Foundation.
• Biotech growth - In India, this industry has reached $140 billion with over 4,000 companies.
• Space collaboration - NISAR mission with NASA and ISRO highlights India's space sector prowess. 

References

1. PIB | U.S.-India Business Council (USIBC)

Upper Siang Hydroelectric project

The government authorities have detained two anti-dam activists protesting against the Upper Siang Hydroelectric project.

• The Upper Siang project is a significant hydropower project on the Siangriver in the Upper Siang district of Arunachal Pradesh.
• Type- Run-of-the-river hydroelectric project with a dam.
• Capacity- Initially proposed at around 10,000 MW, making it one of the largest hydroelectric projects in India
• Project Developer- NHPC (public sector Hydropower Company), North Eastern Electric Power.
• Components- Includes a large dam, underground powerhouses, and extensive tunnelling systems.
• Objectives- To boost India's hydroelectric capacity and providing a substantial amount of renewable energy.
• To foster economic development in the northeastern region of India, including improved infrastructure and job creation.
• Geographical Importance- The project is situated in a remote, mountainous region, known for its challenging terrain and rich biodiversity.

Reference

Indian Express | Upper Siang Hydroelectric project

Equity mutual funds

According to the Association of Mutual Funds in India (AMFI), inflows into India's equity mutual funds hit a record high.

• About- Equity mutual funds are investment vehicles that pool money from multiple investors to invest primarily in stocks or equity securities of publicly traded companies.
• Objective- Equity mutual funds aim to provide capital appreciation over the long term by investing in stocks that are expected to grow in value.

Features of an Equity Mutual Fund

• Returns- Equity mutual funds focus on stocks, offering potentially high returns compared to other types of mutual funds due to their concentration on equities.
• Tax Benefits- The investor can gain tax benefits with the investments in these funds.
• Risk-The risk factor of equity funds is high.
• Expense Ratio-These funds also tend to have a higher expense ratio than their counterparts, given the requirement of constant management.

Expense ratio is the annual maintenance charge levied by mutual funds to finance its expenses.

• Long-Term Investments- These funds are suitable for long-term investors, given that they perform well in the long term
• Growth trend- India's equity mutual funds surged 17% sequentially to a record high of US$ 4.87 billion (Rs. 40,608 crore) in June.
• Equity mutual funds have seen net inflows aggregating to Rs 5.9 trillion from domestic investors since February 2021.

References

1. Times of India| Equity mutual Fund
2. Amfiindia | Know About AMFI

Biosphere Reserves

UNESCO has recently designated 11 new Biosphere Reserves across 11 countries.

• Biosphere Reserve- A biosphere reserve is a protected area with defined boundaries that aims to conserve ecosystems and genetic diversity.
• They are designated by the United Nations Educational, Scientific and Cultural Organization (UNESCO) as part of its Man and the Biosphere (MAB) program.
• Criteria for designation of BR
  • A site that must contain an effectively protected and minimally disturbed core area of value of nature conservation.
  • The core area should be typical of a bio-geographical unit and large enough to sustain viable populations representing all trophic levels in the ecosystem.
  • The management authority to ensure the involvement/cooperation of local communities to bring variety of knowledge and experiences to link biodiversity conservation and socio-economic development while managing and containing the conflicts.
  • Areas potential for preservation of traditional tribal or rural modes of living for harmonious use of environment.
• Biosphere reserve zones

The World Network of Biosphere Reserves now totals 759 sites in 136 countries.

• Biosphere Reserves in India

References

1. UNESCO | new biosphere reserves
2. UNESCO| What is UNESCO

South Asian Centre of Excellence for Sustainable Maritime Transport (SACE-SMarT) 

Ministry of Ports, Shipping and Waterways recently participated in the 132^nd session of the Council of the International Maritime Organization (IMO) in London.

• It is a regional hub aims to transform the maritime sector in India and South Asia into a technologically advanced, environmentally sustainable, and digitally proficient industry.
• It is dedicated to identifying and tackling seafarers' issues and the human element in maritime operations.
• The center will focus on reducing greenhouse gas emissions, fostering technical cooperation, capacity-building, and digital transition.
• Recently, India reiterated its proposal for the South Asian Centre of Excellence for Sustainable Maritime Transport (SACE-SMarT).
• Other proposed members include the Philippines, Thailand, Liberia, Panama, Greece, the US, and France.

References

1. PIB | SACE-SMarT