Current Affair 29th June
Rising temperature to cut living standards 600mn Indians could be affected by 2050, says World Bank; Chhattisgarh, M.P. top two ‘hotspot’ States
Six hundred million Indians could see a dip in living standards by 2050 if temperatures continue to rise at their current pace, according to an analysis by the World Bank. Seven of the 10 severest or most vulnerable ‘hotspots’ in India would be located in Maharashtra; the rest would be in Madhya Pradesh and Chhattisgarh. In the absence of a major climate mitigation, nearly 148 million Indians will be living in these severe hotspots in 2050, according to the report.States in the central, northern and northwestern parts of India emerge as the most vulnerable. Chhattisgarh and Madhya Pradesh, which are predicted to experience a decline in living standards of more than 9%, are the top two ‘hot spot’ States in India, followed by Rajasthan, Uttar Pradesh, and Maharashtra. India’s average annual temperatures are expected to rise by 1°C to 2°C by 2050, even if preventive measures are taken along the lines of those recommended by the Paris climate change agreement of 2015. If no measures are taken, average temperatures in India are predicted to increase by 1.5°C to 3°C. Economists at the World Bank correlated these climate projections with household consumption data (aproxy for living standards) in Nepal, Afghanistan, India, Pakistan, Bangladesh and SriLanka, and extrapolated it to 2050.
RBI steps in as rupee hits record low
The rupee extended its losing streak for a fourth straight session, breaching the 69 a dollar mark for the first time ever in early trade on Thursday before the central bank intervened by selling dollars through state run banks, curbing volatility in the foreign exchange market and helping the local currency trim its losses. The rupee, which hit an intraday low of 69.09, closed at 68.79. The currency’s previous record low was 68.87 reached on November 24, 2016.“The Reserve Bank of India is said to have intervened to stop the sharp fall in the rupee against the dollar,” HDFC Bank wrote in a note. “It is estimated to have sold dollars about $700-800 million through state-owned banks. We expect the RBI to intervene aggressively at 69.0 levels to support the rupee,”India least vulnerable to stronger U.S. dollar’ ,India’s low dependence on foreign currency borrowing limits risks to the sovereign even if the Indian currency weakens by more than 7% against the dollar in 2018, ratings agency Moody’s said in a note. “India’s low dependence on foreign currency borrowing to fund its debt burden limits the risk of currency depreciation transmitting into materially weaker debt affordability,” the global ratings agency said in the note. On Thursday, the rupee hit an all-time intraday low against the dollar breaching the 69-a-dollar mark that prompted the central bank to intervene in the currency market by selling dollars through state-run banks. Furthermore, while the current account deficit (CAD) had widened due to rising oil prices, it remained modest relative to the GDP and is largely financed by equity inflows, including foreign direct investment
Hyderabad may house first government blockchain centre Technology to be put to use to secure land records in Telangana: MeitY official
The Centre is considering a proposal to set up a Centre of Excellence for blockchain technology in Hyderabad to drive innovation. The proposal has been submitted by C-DAC Hyderabad, along with the Institute for Development and Research in Banking Technology (IDRBT) and Veermata Ji-jabai Technological Institute (VJTI), Mumbai. “The Centre of Excellence, proposed to come up at C-DAC’s Hyderabad unit, will be the fist one by the government for blockchain technology,” said a senior official of the Ministry of Electronics and IT, who did not wish to be identified
SEBI shelves ₹5,500-crore Lodha IPO
Markets regulator SEBI has kept realty major Lodha Developers’ ₹5,500 crore proposed IPO in abeyance “for examination of past violations,” a latest update with the markets watchdog showed. The company had filed preliminary papers with SEBI on April 26, seeking approval to float an IPO. As per the draft papers filed with SEBI, the company plans to issue fresh shares worth ₹3,750 crore, besides, an offer for sale of 1.8 crore shares by the promoters. Also, it aims to raise about ₹3,750 crore out of the proposed issue through a pre IPO placement of 95 lakh fresh shares
Is biodiversity treaty a hurdle to conservation research? 172 scientists from 35 countries have expressed support to a critique of the CBD
It’s a case of a “cure that kills”: an international conservation treaty is hampering conservation research, claim scientists. In a communication published on June 28 in the journal Science, an international team of scientists — including professors at India’s Kerala Agricultural University and Ashoka Trust for Research in Ecology and the Environment (ATREE) – say that the Convention on Biological Diversity (CBD), of which India is signatory too, is hindering biodiversity research and preventing international collaborations due to regulations that have risen due to its implementation. The CBD is aimed at conserving biological diversity, sustainably using biological components and fair and equitable sharing of benefits (with local or indigenous communities) that may arise out of the utilisation of genetic resources. The latter was delineated in the Nagoya Protocol, which came into effect in 2014.