2. Background

• The U.S.-led economic grouping of a dozen countries representing 40 per cent of the global GDP proposes to advance resilience, economic growth, competitiveness and fairness in member countries. 
• However, some analysts view it as a move to counter China’s growing influence in the region.
• The stated objectives of the IPEF are to promote trade, clean energy, and infrastructure and to strengthen supply chains. 
• For reasons relating to substantial economic dependence on China, three smaller economies among ASEAN member countries — namely, Laos, Cambodia and Myanmar — have stayed out of the IPEF.

3. Significance of Indo-Pacific Economic Framework

• Indo-Pacific Economic Framework for Prosperity (IPEF) aims to strengthen economic partnership among participating countries to enhance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.
• The IPEF was launched with a dozen initial partners who together represent 40% of the world GDP.
• It is a declaration of a collective desire to make the Indo-Pacific region an engine of global economic growth.
• The Indo-Pacific covers half the population of the world and more than 60% of the global GDP and the nations who will join this framework in the future, are signing up to work toward an economic vision that will deliver for all people.

4. Domains of cooperation in Indo Pacific Economic Framework

• The economic framework broadly rests on four pillars: trade, supply chain resilience, clean energy and decarbonisation, and taxes and anti-corruption measures. 
• Trade: We seek to build high-standard, inclusive, free, and fair trade commitments and develop new and creative approaches in trade and technology policy that advance a broad set of objectives that fuel economic activity and investment, and promote sustainable and inclusive economic growth, and benefits workers and consumers. Our efforts include, but are not limited to, cooperation in the digital economy.
• Supply Chains: We are committed to improving transparency, diversity, security, and sustainability in our supply chains to make them more resilient and well-integrated. We seek to coordinate crisis response measures; expand cooperation to better prepare for and mitigate the effects of disruptions to better ensure business continuity; improve logistical efficiency and support; and ensure access to key raw and processed materials, semiconductors, critical minerals, and clean energy technology.
• Clean Energy, Decarbonization, and Infrastructure: In line with our Paris Agreement goals and efforts to support the livelihood of our peoples and workers, we plan to accelerate the development and deployment of clean energy technologies to decarbonize our economies and build resilience to climate impacts. This involves deepening cooperation on technologies, mobilizing finance, including concessional finance, and seeking ways to improve competitiveness and enhance connectivity by supporting the development of sustainable and durable infrastructure and by providing technical assistance.
• Tax and Anti-Corruption: We are committed to promoting fair competition by enacting and enforcing the effective and robust tax, anti-money laundering, and anti-bribery regimes in line with existing multilateral obligations, standards, and agreements to curb tax evasion and corruption in the Indo-Pacific region. This involves sharing expertise and seeking ways to support capacity building necessary to advance accountable and transparent systems.

5. Significance and Prominence of the Framework

• It's a salient attempt to allow countries to decouple from Chinese over-dependence. The framework will strengthen the existing free and open rules-based global order, which China has been targeting to upend.
• It will help the U.S regain its dominant position in geopolitics that it has been losing to China and Russia. The aim is to reclaim economic leadership in East Asia and the ASEAN region without giving away concessions that would anger domestic lobbies.
• It will help in setting the rules of the road for the digital economy, ensuring secure and resilient supply chains. It will also play a pivotal role in raising standards for transparency, fair taxation, and anti-corruption.
• It complements the “Quad Plus” process. It brings together seven critical countries of the Association of Southeast Asian Nations (ASEAN), all Quad states, and dialogue partners. This grouping solidifies a case for the “plus” characterisation of the Quad process.
• It will counter the other regional groupings; the TTP, the CPTPP and the RCEP. None of them had India or the U.S as participants.
• It will also improve mitigation and adaptation efforts towards climate change by helping in inducing major investments necessary in clean energy infrastructure and the clean energy transition. 

6. India's interest in Indo-Pacific

• India’s trade in this region is growing rapidly, with overseas investments being directed towards the East.
• For Instance, the Comprehensive Economic Partnership Agreements with Japan, South Korea, and Singapore, and the Free Trade Agreements with ASEAN (Association of Southeast Asian Nations) and Thailand.
• Nearly 50% of India’s trade is centred in the Indo-Pacific Region and the Indian Ocean carries 90% of India’s trade and its energy sources.
• India wants to assure freedom of navigation, secure choke points, resolve conflicts peacefully and address non-traditional security threats in the Indian Ocean Region (IOR).
• India has been active in championing a Free and Open Indo-Pacific. The US, Australia, and the members of the ASEAN have all expressed a common view that India plays a greater role in the region.
• Strong naval capabilities, multilateral diplomacy, and economic integration in the region are the need of the hour
• The countries in the region should have equal access as a right under international law to the use of common spaces on sea and in the air that would require freedom of navigation, unimpeded commerce and peaceful settlement of disputes by international law.

7. Associated Challenges

• Though it's stated to be beneficial for the countries in the region it would require huge investments and active participation in the implementation phase.
• More unilateral and not consensus-based: Unlike traditional trade blocks where the agreements are the results of arduous negotiations by the members, the IPEF is driven primarily by the USA.
• Binding trade rules: It might fail to bring all countries in the region on board as it comes with binding trade rules but no guarantees on market access.

• India’s main concern is on the issue of data localisation, on which it has locked horns with the US over the last two or three years. 

• In 2019, the government has introduced a bill in Lok Sabha that envisages a framework for localizing Indian data and the establishment of a Data Protection Authority

8. Current Developments

• With the creation of the IPEF, the US intention appears to be to dilute China’s economic heft in the Indo-Pacific region. 
• China’s influence in Asia and Oceania has grown hugely over time due to its sub- stantial-to-overwhelming trade and investment ties with ASEAN nations as well as Japan, South Korea, Australia and New Zealand.

9. Need of the Hour

• Establishing Common Standards: Such standards will cover labour rights, environmental standards, and the protection of intellectual property rights.
• Addressing Tech-related Issues: Clear framework on Data flow
• Balancing Self-Reliance and Globalization: India has always expressed its desire to attract foreign investment and become part of global supply chains, it is time to utilize the opportunities provided under IPEF with carefully framed policies.
• It is important to establish connectivity in the region based on respect for sovereignty and territorial integrity, consultation, good governance, transparency, viability and sustainability.
• Appropriate diplomatic manoeuvring and economic and military assertion are vital for the implementation of India’s interests in the region along with leveraging the space as a building block for multipolar world order.
• Shortcomings on the ground have often afflicted India and that needs to change.

DOTTED LANDS

1. Context 

The Andhra Pradesh Government has started removing "dotted lands" in the state from the prohibited list, restoring full rights of selling or pledging these lands to the farmers who own them.

Over 2 lakh acres of these British-era dotted lands have been identified for permanent denotification.

2. About Dotted lands

• Dotted lands are disputed lands for which there are no clear ownership documents.
• Typically, one or more individuals as well as the government's Revenue Department lay claim over the land.
• These lands came to be known as "Dotted lands" because when during the British era, land ownership surveys and resettlement of land records were taken up, local revenue officials who were tasked with identifying government-owned and privately-owned lands put dots in the ownership column if more than one person claimed ownership or if ownership could not be established.
• These lands were also noted as disputed lands in the resettlement register or land records register. The dots on the land documents indicated their disputed status.
• The state government has so far identified 2, 06, 171 acres as dotted lands and has decided to remove them from the prohibited list. 
• Officials said there could be more than 10 lakh acres of dotted lands in the state.
• Nellore district has the largest number of dotted land parcels (43, 000 acres), followed by the Prakasam district (37, 000 acres).

3. Ownership disputes

• This could happen if landowners did not leave clear wills passing on land to their heirs or children, and if a dispute arose because more than one heir lay claim over the land.
• Also, land could be deemed by the government to belong to the state, but was under occupation by private parties.
• Some of the land records in question are more than 100 years old and had been locked up in the prohibited list and registers.
• During subsequent surveys, government officials left the ownership column blank indicating their disputed status as per Section 22A of the Registration Act.

4. Benefit to landlords and farmers 

• During the Assembly session held in March, the government introduced a Bill to amend the Revenue Act to grant titles to farmers who have been cultivating dotted lands for more than 12 years.
• The dots and entries in land registers will be removed and these farmers will be given clear land ownership documents.
• At least 97, 000 farmers will get land ownership documents for the 2, 06, 171 acres of denotified dotted lands.
• While these farmers were using the land, they could not procure loans from banks and financial institutions by putting up the land as collateral.
• Financial institutions do not recognise dotted land documents as clear ownership documents.
• With the lands now being taken off the prohibited list, landowners or farmers will get full rights over the lands and enjoy all usual rights as land owners.
• More importantly, they can apply for financial assistance for crop support, purchase seeds and fertilisers and procure farm equipment. 
• The landowners or farmers can also sell the lands or gifts to kin or relatives.

5. Reasons for Removing Dotted Lands

• Over 1 lakh applications had been received by the Chief Commissioner of Land Ceiling (CCLA) over the past years to resolve dotted land disputes.
• In urban areas, dotted lands have been illegally sold and houses have been constructed, which cannot be taxed.
• With lakhs of acres under dispute, the government also loses stamp duty revenue.
• The Chief Minister has said that the registration value of the 2, 06, 171 acres is over Rs 8, 000 crores while the land value is over Rs 20, 000 crores.
• The exercise to free dotted lands was part of a comprehensive resurvey of lands taken up by the YSRCP government by implementing the YSR Jagananna Saswatha Bhu Hakku and Bhu Raksha scheme.
• Under the Scheme, the government has provided 7, 92,238 permanent title deeds to farmers in 2, 000 villages in the first phase. The second phase of the programme will take off next month.

 

For Prelims: Dotted lands, Andhra Pradesh, YSR Jagananna Saswatha Bhu Hakku and Bhu Raksha scheme, Section 22A of the Registration Act, Land Ceiling,  For Mains:  1. What are Dotted lands? Discuss the need for Land reforms in the Country. (250 Words)

 

 

Previous Year Questions   Prelims: 1. With reference to land reforms in independent India, which one of the following statements is correct? (UPSC 2019) A. The ceiling laws were aimed at family holdings and not individual holdings. B. The major aim of land reforms was providing agricultural land to all the landless. C. It resulted in cultivation of cash crops as a predominant form of cultivation. D. Land reforms permitted no exemptions to the ceiling limits.   Answer: B   2. With reference to Madanapalle of Andhra Pradesh, which one of the following statements is correct? (UPSC  2021)  A. Pingali Venkayya designed the tricolour Indian Nation Flag here. B. Pattabhi Sitaramaiah led the Quit India Movement of Andhra region from here. C. Rabindranath Tagore Translated the National Anthem from Bengali to English here. D. Madame Blavatsky and Colonel Olcott set up headquartes of Theosophical Society first here.   Answer: C   3. India enacted The Geographical Indications of Goods (Registration and Protection) Act, 1999 in order to comply with the obligations to (UPSC 2018) A. ILO B. IMF C. UNCTAD D. WTO   Answer: D   4. A legislation which confers on the executive or administrative authority an unguided and uncontrolled discretionary power in the matter of application of law violates which one of the following Articles of the Constitution of India? (UPSC 2021)  A. Article 14 B. Article 28 C. Article 32 D. Article 44   Answer: A   Mains:   1. Reforming the government delivery system through the Direct Benefit Transfer Scheme is a progressive step, but it has its limitations too. Comment.  (250 Words) (UPSC 2022)

 

Source: The Indian Express

GREEN DEPOSITS

 

1. Context

Recently, the Reserve Bank of India (RBI) came up with a regulatory framework for banks to accept green deposits from customers. Under the new framework, banks that accept green deposits will have to disclose more information on how they invest in these deposits.

2. What are Green Deposits?

• Green deposits are not very different from the regular deposits that banks accept from their customers. The only major difference is that banks promise to earmark the money that they receive as green deposits towards environment-friendly Projects.
• For example, a bank may promise that green deposits will be used towards financing renewable energy projects that fight climate change.
• A bank may also avoid using green deposits to invest in fossil fuel projects that are considered harmful to the climate.
• A green deposit is just one product in a wide array of other financial products such as green bonds, green shares, etc., that help investors put money into environmentally sustainable projects.

3. Regulatory framework of RBI

• The RBI's framework for the acceptance of green deposits lays down certain conditions that banks must fulfill to accept green deposits from customers.
• Firstly, banks will have to come up with a set of rules or policies approved by their respective Boards that need to be followed while investing green to deposits from Customers.
• These rules need to be made public on the bank's websites and banks will also have to disclose regular information about the amount of green deposits received, how these deposits were allocated towards various green projects, and all the impact of such investments on the environment.
• A third party will have to verify the claims made by banks regarding the projects in which the banks invest their green deposits as well as the sustainability credentials of these business projects.
• The RBI has come up with a list of sectors that can be classified as sustainable and thus eligible to receive green deposits.
• These include renewable energy, waste management, clean transportation, energy efficiency, and afforestation. 
• Banks will be barred from investing green deposits in business projects involving fossil fuels, nuclear power, tobacco, gambling, palm oil, and hydropower generation.
• The new rules are aimed at preventing greenwashing, which refers to making misleading claims about the positive environmental impact of an activity.
• For example, a bank may advertise that their green deposits will have a huge positive impact on the environment, while the actual impact may be minimal.
• A bank could also invest in projects that are not environment-friendly, perhaps because such projects offer higher returns, under the guise of green investing.

4. What is the Green Finance Ecosystem?

• It is the financial ecosystem that supports investments in environmentally sustainable projects and activities.
• It includes a plethora of financial products, including green bonds, green loans, green insurance, and green funds.
• It aims to create a low-carbon, resource-efficient, and sustainable economy, while also addressing the risks and opportunities associated with environmental issues such as climate change, pollution, and biodiversity loss.

5. What is the Need?

• It promotes sustainable development and creates a positive impact on the environment.
• India has committed to achieve net zero emissions by 2070.
• Our Green Deal states green finance as an enabler to accelerate decarbonization.
• In 2016, the RBI along with UNEP reported that India is on the lines of sustainable financial systems.

6. Indian Scenario

• India has commenced its journey for carbon neutrality and put forward a Green deal to be achieved by 2070.
• The Green Deal has classified green finance as an enabler to accelerate decarbonization. It emphasizes the need for an increased flow of capital from the national government and private entities to establish green infrastructure.
• In 2016, the RBI released a report in collaboration with UNEP (United Nations Environment Programme) and India on the lines of sustainable financial systems.
• The report explores various facets of financial systems in India and their role in accelerating green finance.
• Carbon trading has been introduced in the policy framework of the country through the 'Perform Achieve and Trade' scheme.
• According to the World Economic Forum, the market for green bonds could be worth more than two trillion dollars by 2023.

For Prelims: Green Deposits,  Reserve Bank of India (RBI), UNEP (United Nations Environment Programme), Green Finance Ecosystem, World Economic Forum (WEF), and Carbon trading. For Mains: 1. Critically evaluate the concept of green deposits and their potential in promoting sustainable development in India. Also, discuss the regulatory framework in place to ensure transparency and accountability in the utilization of these deposits. (250 Words).

 Source: The Hindu

G7- HIROSHIMA SUMMIT

1. Context 

Leaders of seven of the world's most powerful democracies will gather this weekend for the Group of Seven summits in Hiroshima, the location of the world's first atomic attack at the end of World War II.

From the emergence of crucial developing countries to security worries, including growing aggression from China, North Korea and Russia.

2. About G-7 Summit

• The Group of Seven is an informal group of leading industrialised nations.
• It consists of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
• This year is Japan's turn to host, but the presidency of G-7 summits revolves around the seven members. Two representatives of the European Union also Join.
• As is customary in recent years, leaders from some non-G-7 Countries and international organizations will also participate in some sessions.
• The leaders discuss a wide range of issues, including economic policy, security, climate change, energy and gender.
• The first summit was in 1975 when France hosted what was then a Group of Six meeting to discuss tackling a recession that followed an Arab oil Embargo.
• Canada became the seventh member a year later. Russia joined to form the G-8 in 1998 but was expelled after Moscow's 2014 annexation of Crimea.

3. Guests for Hiroshima summit

• The leaders of Australia, Brazil, Comoros, Cook Islands, India, Indonesia, South Korea and Vietnam are invited, as Japanese Prime Minister Fumio Kishida stresses the importance of reaching out to developing countries in the Global South and US allies and partners.
• The invitations to leaders outside the G-7 are meant to extend cooperation to a broader range of countries.
• The G-7 countries' share of global economic activity has shrunk to about 30 per cent from roughly 50 per cent four decades ago.
• Developing economies such as China, India and Brazil have made huge gains raising questions about the G-7's relevance and its role in leading a world economy that's increasingly reliant on growth in less wealthy nations.
• Leaders of the United Nations, the International Energy Agency, the International Monetary Fund, the Organisation for Economic Cooperation and Development, the World Bank, the World Health Organisation and the World Trade Organisation are also invited.

4. Reasons for selecting Hiroshima

• Hiroshima is Kishida's hometown. His choice of venue underscores a determination to put nuclear disarmament and non-proliferation at the top of the agenda of this year's summit.
• A path to nuclear disarmament has appeared more difficult with Russia's recent nuclear weapon threats in Ukraine as well as nuclear and missile development by China and North Korea.
• Japan, which is protected by the US nuclear umbrella, has also faced criticism that its nuclear disarmament pledge is an empty promise.
• Kishida is trying to forge a realistic roadmap between the current harsh reality and the ideal of a world without nuclear weapons.

5. Major Issues

• G-7 leaders are expected to strongly condemn Russia's war on Ukraine while pledging their continuing support for Ukraine.
• Ukrainian President Volodymyr Zelenskyy will join the session via the Internet.
• There will also be a focus on Beijing's escalating threats against Taiwan, the self-governing democratic island Beijing claims as its own, and ways to reduce Western democracy's economic and supply chain dependency on China.
• To address the rise of Global South nations, including many former colonies of Western powers with varied views on and ties to Russia and China, the G-7 will offer these countries more support in health, food security and infrastructure to develop closer ties.

6. Japan and South Korea

• On the sidelines of the summit, Kishida will meet together with President Joe Biden and South Korean President Yoon Suk Yeol to discuss closer security cooperation, possibly including stronger nuclear deterrence.
• Both Korea and Japan will repair ties strained by disputes stemming from Japan's 1910-1945 colonial rule of the Korean Peninsula.

For Prelims: Korean Peninsula, Russia-Ukraine war, Hiroshima, Atomic bomb, G-7,  World War II, Canada, France, Germany, Italy, Japan, the United Kingdom and the United States,  For Mains:  1. What is G-7 Summit? Discuss India's relations with G-7 Summit. (250 Words)

 

Previous Year Questions   Prelims   1. With reference to the "Look East Policy" of India, consider the following statements (UPSC 2011) 1. India wants to establish itself as an important regional player in East Asian affairs. 2. India wants to plug the vacuum created by the termination of the Cold War. 3. India wants to restore the historical and cultural ties with its neighbours in Southeast and East Asia. Which of the statements given above is/are correct? A. 1 only     B.  1 and 3only       C.  3 only     D.  1, 2 and 3   Answer: B   2. What is “Terminal High Altitude Area Defense (THAAD)”, sometimes seen in the news? (UPSC 2018) A.  An Israeli radar system B. India’s indigenous anti-missile programme C. An American anti-missile system D.  A defence collaboration between Japan and South Korea.   Answer: C   3. Consider the following pairs: (UPSC 2014) Region often in news                   Country 1. Chechnya                                 Russian Federation 2. Darfur                                       Mali 3. Swat Valley                              Iraq Which of the above pair is/are correctly matched? A. 1 only          B. 2 and 3 only            C. 1 and 3 only     D.  1, 2 and 3   Answer: A   4. Consider the following pairs: (UPSC 2018) Regions sometimes mentioned in the news          Country 1. Catalonia                                                           Spain 2. Crimea                                                               Hungary 3. Mindanao                                                          Philippines 4. Oromia                                                              Nigeria Which of the pairs given above are correctly matched? A. 1, 2 and 3     B. 3 and 4 only       C. 1 and 3 only     D. 2 and 4 only   Answer: C   5. Consider the following countries: (UPSC 2014) Share to Social View All Current affairs More Current Affairs [DAILY CURRENT AFFAIRS, 03 APRIL 2023]... 03-Apr-2023 Read more DAILY CURRENT AFFAIRS, 09 AUGUST 2023... 09-Aug-2023 Read more DAILY CURRENT AFFAIRS, 09 APRIL 2024... 09-Apr-2024 Read more [DAILY CURRENT AFFAIRS, 21 APRIL 2023]... 21-Apr-2023 Read more × × × Total Attempted: Not Attempted: Mark as Review: Submit Close Register now Sign Up Already have an account? Sign In Continue with google Close