Today’s Current Affairs Update: “ProxyGyan IAS Express”
Date: 19 July 2024.
1. Chagos Archipelago
2. India Young Professionals Scheme 2024
3. World Bank Group Guarantee Platform (WBG GP)
4. Dual - Tower Solar Thermal Power Plant
5. Foreign Exchange Reserves
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Chagos Archipelago • News: India has reaffirmed its support to Mauritius on the issue of the Chagos Archipelago, with the move being appreciated by the island nation in the Indian Ocean. • Location: Chagos Archipelago, island group in the central Indian Ocean, located about 1,000 miles (1,600 km) south of the southern tip of the Indian subcontinent. • Establishment and Key Islands: The overseas territory of the United Kingdom was established on November 8, 1965. It includes key islands such as: •. Diego Garcia atoll • Danger Island • Egmont Islands • Eagle Islands • Nelsons Island • Peros Banhos atoll 0. Diego Garcia houses a strategic US military base. • Climate: The territory experiences a tropical marine climate characterized by: • High temperatures • Elevated humidity • The climate is heavily moderated by the trade winds blowing over the islands.
2. India Young Professionals Scheme,2024
• News: The UK Government has started the ballot system to apply for the India Young Professionals Scheme visa.
• Scheme: The India Young Professionals Scheme visa (also known as a Youth Mobility Scheme visa) is an important part of the UK-India Mobility and Migration Partnership, which was signed between the two countries in May 2021.
• Aim: The visa under this scheme allows Indians between 18 and 30 years old to live and work in the UK for up to 2 years.
• Eligibility criteria:
• Must be an Indian national or citizen aged 18-30.
o. Must have a qualification at the bachelor's degree level or above.
• Must have £2,530 (approximately Rs 274,980) in savings to support yourself in the
UK
• The applicants can not have any children under the age of 18 who live with them or for whom they are financially responsible.
• Validity:
• It allows Indian citizens to live and work in the UK for up to two years.
o. Entry to the UK can be at any time while the visa is valid, with the freedom to leave and return during the stay.
• Visa holders must enter the UK within six months of issuance.
• Opportunities:
• Applicants can pursue degree programs, including post-graduate studies or research in sensitive subjects.
3. World Bank Group Guarantee Platform:
• News: The World Bank Group (WBG) guarantee platform is now open for business.
• About the Platform:
• Housed at MIGA: The platform is based at the Multilateral Investment Guarantee Agency (MIGA).
• Initiated in 2024: The platform was started in 2024
• Integrated Expertise: It combines products and expertise from the World Bank, International Finance Corporation (IFC), and MIGA
• Goal: The platform aims to increase annual guarantee issuance to $20 billion by 2030, serving as a one-stop shop for all World Bank Group guarantee needs.
• Key Features:
• Credit Guarantees: For loans to the public or private sectors.
• Trade Finance Guarantees: For trade finance projects involving public entities.
• Political Risk Insurance: Protects against non-commercial risks in private sector projects or public-private partnerships.
• Significance:
• Consolidation: The platform consolidates all guarantee products and experts from across the World Bank Group institutions at MIGA
• Simplified Solutions: It offers a simplified and comprehensive menu of guarantee solutions; enabling clients to select the most suitable instrument.
• Streamlined Processes: By streamlining processes, removing redundancies, and enhancing accessibility, the platform de-risks investments in developing countries.
4. Dual Tower Solar Thermal Power Plant:
• News: China has unveiled the world's first dual-tower solar thermal power plant in Located in Gansu Province.
• Key Features:
• The plant features two 200-meter tall towers, each surrounded by nearly 30,000 mirrors that form overlapping circles to focus sunlight onto the towers.
• Innovative Design:
• This plant utilizes a dual-tower configuration, a key innovation that sets it apart from traditional solar thermal facilities.
• The mirrors in the overlapping area can be utilized by either tower.
• Unlike conventional thermal power plants, this design incorporates molten salt storage, which acts as a thermal battery.
• The molten salt retains extra heat collected during the day and releases it at night, allowing the plant to generate power continuously.
5. Foreign Exchange reserve:
• News: India's foreign exchange reserves hit record high of $657.2 billion.
• Definition: Foreign exchange reserves are assets held on reserve by a central bank in foreign currencies: These reserves are used to back liabilities and influence monetary policy.
• Aim: These assets are held to ensure that a central government agency has backup funds if their national currency rapidly devalues or becomes entirely insolvent
• Types: Foreign exchange reserves can include banknotes, deposits, bonds, gold reserves, treasury bills, government securities, special drawing rights (SDRs) and reserve position in the IMF.
• RBI: RBI is the custodian of the Foreign exchange reserves in India.
• Advantages:
• The most significant objective behind this is to ensure that RBI has backup funds if their national currency rapidly devalues or becomes altogether insolvent.
• If the value of the Rupee decreases due to an increase in demand of the foreign currency then RBI sells the dollar in the Indian money market so that depreciation of the Indian currency can be checked.
° A country with a good stock of forex has a good image at the international level because the trading countries can be sure about their payments.
• A good forex reserve helps in attracting foreign trade and earns a good reputation in trading partners:
• India's Forex: India's foreign exchange reserves comprise of:
° Foreign currency assets (FCAs): These are maintained in currencies like the US dollar, euro, pound sterling, Australian dollar, and Japanese yen.
• Gold
° SDR (Special Drawing Rights): This is the reserve currency with the IMF.
• RTP (Reserve Tranche Position): This is the reserve capital with the IMF.
° The biggest contributor to India's Forex Reserve is foreign currency assets followed by the gold, SDR.
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