Today's Brief 9/08/2024

Youtube English:https://youtu.be/wtYbTeuMIOQ?si=oFg1uKL58kxhuTpg

Youtube Hindi: https://youtu.be/2-tLD5PPPMs?si=AkVXePsLJLE6QRXp

1. PROJECT PARI: PARI (Public Art of India) is an initiative launched by the Ministry of Culture to celebrate and enhance the public art scene in India. This project, executed by the Lalit Kala Akademi and the National Gallery of Modern Art, coincides with the 46th World Heritage Committee Meeting in New Delhi from July 21-31, 2024.

   
   

PARI aims to stimulate dialogue and reflection through public art that blends India’s rich cultural heritage with contemporary themes.

2.Viral encephalitis: an inflammation of the brain caused by a viral infection. It can result from a variety of viruses, including those responsible for herpes simplex, West Nile virus, enteroviruses, measles, mumps, and others. The condition can range from mild to severe and can be life-threatening if not treated promptly.

Symptoms:

• Fever: Often one of the first signs.

• Headache: Severe and persistent.

• Confusion or altered consciousness: Ranging from mild confusion to coma.

• Seizures: Occur in some cases.

• Nausea and vomiting

• Muscle weakness

• Sensitivity to light

• Stiff neck

Causes:

• Herpes Simplex Virus (HSV): The most common cause of severe viral encephalitis.

• West Nile Virus: Transmitted by mosquito bites.

• Enteroviruses: Commonly cause viral meningitis but can also cause encephalitis.

• Measles, Mumps, and Rubella: Rare due to vaccination but can lead to encephalitis.

• Rabies: A rare but nearly always fatal cause of viral encephalitis.

3. Insolvency IBBI: The Insolvency and Bankruptcy Board of India (IBBI) is a regulatory body established under the Insolvency and Bankruptcy Code (IBC), 2016. The IBBI oversees and regulates the insolvency and bankruptcy process in India, ensuring that the resolution of distressed assets is conducted in a time-bound and efficient manner.

Key Functions of IBBI:

1. Regulation and Development:

   • Insolvency Professionals (IPs): IBBI regulates insolvency professionals who are responsible for overseeing the insolvency resolution process.

   • Insolvency Professional Agencies (IPAs): It regulates the agencies that grant membership to and monitor insolvency professionals.

   • Information Utilities (IUs): IBBI supervises information utilities that store financial information, which is crucial during the insolvency process.

     
     

2. Policy Making and Regulation:

   • IBBI frames and enforces rules and regulations for the insolvency resolution process.

   • It also plays a crucial role in policy formulation related to insolvency and bankruptcy.

     
     

3. Monitoring and Enforcement:

   • IBBI monitors the functioning of entities involved in the insolvency process and enforces compliance with regulations.

   • It has the authority to take disciplinary action against insolvency professionals, IPAs, and IUs for non-compliance or misconduct.

     
     

4. Facilitation of Corporate Insolvency Resolution:

   • IBBI ensures that the insolvency resolution process for companies is carried out in a fair and transparent manner.

   • The process aims for the timely resolution of distress, maximizing the value of the debtor's assets.

     
     

5. Individual and Partnership Firm Insolvency:

   • While the corporate insolvency process is the primary focus, IBBI also oversees insolvency processes for individuals and partnership firms.

Structure of IBBI:

• Chairperson: The IBBI is headed by a Chairperson, appointed by the government of India.

• Members: The Board consists of representatives from the Ministry of Finance, Ministry of Corporate Affairs, and the Reserve Bank of India (RBI), along with five other members.

Impact:

The IBBI has played a significant role in streamlining the insolvency process in India, which has been crucial for improving the ease of doing business and fostering a healthier economic environment by ensuring that failing businesses are either revived or closed efficiently.

4.Antarctica’s deep winter heatwave: Antarctica experienced an unusual and significant deep winter heatwave in recent years, drawing attention from scientists and climate experts worldwide. This event is alarming because it highlights the extreme variability in weather patterns, even in one of the coldest and most remote regions on Earth.

Key Details of the Heatwave:

• Timing: The heatwave occurred during Antarctica's deep winter, typically a period characterized by extreme cold, long nights, and minimal sunlight. Such a heatwave is highly unusual for this time of year.

  
  

• Temperature Anomalies: During this heatwave, temperatures in some parts of Antarctica soared to 30°C (54°F) above normal winter temperatures. This led to temperatures rising to near or above freezing in certain areas, which is extraordinary for the continent during winter.

  
  

• Impact on Ice: Such high temperatures can cause significant melting of ice and snow. While the deep winter heatwave itself might not lead to immediate large-scale ice loss due to the cold environment, it can contribute to long-term changes in the ice sheets, especially if such events become more frequent.

  
  

• Potential Causes: The heatwave is believed to be linked to a combination of factors, including changes in atmospheric circulation patterns, which brought warm air from lower latitudes into Antarctica. Additionally, the broader context of global warming may be contributing to more frequent and intense heatwaves even in polar regions.

  
  

• Implications for Climate Change: This heatwave is seen as a sign of the increasing instability in the Earth's climate system. Antarctica is a crucial indicator of global climate health, and such extreme weather events in the region could be a precursor to more significant changes in global sea levels and climate patterns.

Scientific Response:

• Research and Monitoring: Scientists are closely monitoring Antarctica's climate and ice sheets to understand the long-term impacts of such heatwaves. The data collected from this event is being analyzed to determine the causes and potential future risks.

• Climate Models: The occurrence of such a heatwave is prompting scientists to re-evaluate climate models to ensure they accurately predict the behavior of Antarctica's climate in a warming world.

• Global Awareness: The heatwave has raised awareness about the urgency of addressing climate change, as the polar regions are highly sensitive to even small changes in temperature.

This deep winter heatwave in Antarctica serves as a stark reminder of the rapidly changing climate and the need for global efforts to mitigate the effects of climate change.

5. Monetary Policy Commitee:  is a crucial body responsible for setting the interest rates and other monetary policies in many countries. In India, the MPC was established under the Reserve Bank of India Act, 1934, and was constituted to bring transparency and accountability in monetary policy decisions.

Key Features of the Monetary Policy Committee (MPC) in India:

1. Composition:

   • The MPC consists of six members: three members from the Reserve Bank of India (RBI), including the RBI Governor, who serves as the chairperson, and three external members appointed by the Government of India.

   • The external members are experts in the field of economics, banking, or finance, and are appointed for a term of four years.

2. Mandate:

   • The primary mandate of the MPC is to maintain price stability while keeping in mind the objective of economic growth. This is often interpreted as targeting a specific inflation rate.

   • In India, the current inflation target is 4% with a tolerance band of +/- 2%.

3. Decision-Making:

   • Decisions of the MPC are made by a majority vote. In the event of a tie, the RBI Governor has a casting vote.

   • The committee meets at least four times a year, and the decisions are published along with the minutes of the meeting.

4. Significance:

   • The MPC plays a vital role in controlling inflation, managing economic stability, and guiding the country’s monetary policy.

   • The interest rates set by the MPC influence the borrowing and lending rates in the economy, affecting everything from consumer loans to business investments.

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