Rupee Depreciation

UPSC Civil Services Daily Current Affairs 13th July 2022

CURRENT AFFAIRS

 

 

TOPICS :

  • James webb space telescope

  • Cloudbursts

  • Rupee depreciation

  • Digital Nomadic visas

  • Inflation

  • Guru Purnima

 

 

James webb space telescope

Context:

NASA has released the first images of universe taken from James webb space Telescope.

James webb space telescope

About the Images released:
  • James Webb Space telescope has delivered the deepest and sharpest images of universe so far.
  • The image is of galaxy cluster SMACS 0723, known as Webb’s First Deep filed.
  • JWST has detected signs of water on a giant gas planet WASP 96-b, which orbits a star 1.150 light years away.
About James webb telescope:
  • James webb space telescope (JWST) is an infrared space observatory.
  • It is named after former NASA chief James Webb.
  • It was launched on Dec 25, 2021.
  • It is Successor to Hubble space Telescope.
  • NASA led JWST’s development in collaboration with European space agency (ESA) and Canadian space agency (CSA).
Uniqueness of JWST:
  • It is the largest telescope ever built.
  • JWST is equipped to detect longer infrared wavelengths at unprecedented resolution.
  • Its infrared capabilities make it more powerful, allowing it to both pierce through cosmic dust clouds and detect lights from the earliest stars.
Features:
  • It’s primary mirror consists of 18 hexagonal mirror segments made of gold plated beryllium. Combinedly create a 6.5m diameter mirror.
  • Range: range of light that JWST can detect is from long wavelength visible region through mid infrared region.
  • Location: JWST operates in a halo orbit, circling around L2 Lagrange point.
Goals:

According to NASA, the James webb Space telescope focuses on 4 main areas. They are

  • First light in universe,
  • Assembly of galaxies in the early universe,
  • Birth of stars and Protoplanetary systems and
  • Planets and origin of life.
Halo orbit: it is a periodic, 3D orbit near one of the lagrange points L1, L2 or L3.

Lagrange point: these are the points in space where the gravitational forces of two body system like sun and Earth produce enhanced regions of attraction and repulsion.

At Lagrange point the small objects stay put.

Spacecrafts use these points in order to reduce the fuel consumption needed to remain in position.

 

 

Cloudbursts

Context:

Flash floods have occurred in Amarnath and led to the deaths of at least 16 people and 20 more sustained injuries.

About cloudburst:
  • A cloudburst is an extreme amount of rainfall in shorter duration. Sometimes it is accompanied by hail and thunderstorm.
  • Cloud burst is defined India metrological department (IMD) as ‘unexpected precipitation exceeding 100mm (10cm) per hour over a geographical region of approximately 20-30sqkm.
  • Significant amounts of rainfall like this can result in floods.
  • It is to be noted that all shorter duration rainfalls are not cloudbursts.
Why do they occur at hilly areas more?

Cloudbursts

  • Cloudbursts occurs more at hilly areas, because of terrain and elevation.
  • Due to the upward movement of air, rain drops of saturated cloud are carried upward not resulting in rainfall.
  • In that saturated cloud new drops form and increase the size of the existing raindrops
  • After a certain point of time, rain drops become heavy for cloud to hold on to, this results in quick flash of rain.
  • Also, according to astudy published in 2020, The favouring conditions for a cloud burst are,
  • the maximum level of relative humidity and high cloud cover with low temperature and slow winds.
Cloudburst And climate change:
  • As per a report by Down to Earth, minimum of 26 cloudbursts have occurred in the Himalayan region from 2021 January to July.
  • The report states that due to the increased global temperatures, ocean surfaces are warming up fast as a result moisture rich air is reaching Himalayan region, resulting in cloudbursts.
Impact of cloudbursts: mass movements such as landslides,
  • Flash floods
  • Mud flows,
  • Road closures,
  • Damage to property and livestock death,
  • Quick sand formations etc.
Flash floods:
  • It is the flooding that occurs within 6 hours, and often within 3 hours of heavy rain fall ( or any other cause).
  • Causes: There are many causes to flashfloods, but mainly caused by the heavy rain fall from thunderstorm.
  • Flash floods can occur due to dam or levee breaks, and/or debris flow (mudslides).
  • Factors affecting the flash floods: The intensity of rainfall and it’s distribution, land use pattern and topography, water content in soil and type of soil, vegetation types influence the flashfloods rapidity and location of flashfloods.

 

Rupee depreciation

Context:

Indian rupee is continuously falling against the US dollar.

Rupee value has fallen over Rs. 20 in the past decade.

Rupee depreciation

Depreciation:
  • The fall in the value of a currency in a floating exchange rate system is called as currency depreciation.
  • Rupee depreciation is the fall in rupee value against the US dollar.
Appreciation:
  • Depending on the market forces, the rise in the value of a currency in floating exchange rate system is known to be appreciation.
  • Appreciation has negative effect on the exports of the country.
Devaluation:

In the fixed exchange rate system if the value of the currency made to decrease by the administrative action, then it is called the Devaluation of currency.

Depreciation vs Devaluation:

The impact of both the actions is same, where is the means through which it is achieved is different.

Impact of depreciation of currency:
  • It has a positive effect on the exports of country, by making the exports cheaper to buy.
  • And it has a negative effect on imports as imports will be
  • As an import dependent country, depreciation of Indian rupee poses a risk of imported inflation.
 Reasons for depreciation of Indian rupee:
  • Unending Ukraine war and consequent supply disruptions and spiralling oil prices have weakened growth prospects and increased cost of capital.
  • This led to the FII (Foreign Institutional Investors) pulling out money, this weakened the rupee.

 

Digital Nomadic visas

Context:

Indonesia has announced the digital nomadic visas for travellers, to attract more foreign tourists.

Digital Nomads:

Digital Nomadic visas

  • Digital nomads are those people who while travelling to different places work remotely and spend their earned income in the country they are travelling to.
  • According to the 2020 state of independence in America report, digital nomads are those who choose to embrace a location independent, technology- enabled lifestyle that allows them to travel and work remotely in the internet connected world.
  • Regular remote workers stay in one geographic area, where as digital nomads travel and explore while working.
Digital Nomad visa:
  • It would allow the digital nomads to stay in Indonesia, tax free including in Bali.
  • Indonesia aims to bring in over 6 million overseas travellers into country through the visa.
Other countries with Digital nomad visa are,

Italy for non-EU nationals up to 90 days, Antigua and Barbuda offer 2year visa, Barbados offers a yearlong remote working visa with chance of extension.

Also, countries Croatia, costa Rica, Georgia, Hungary, Iceland, Mauritius, Norway and Spain etc. provide nomadic visas.

 

Inflation

Context:

India’s retail inflation eased slightly to 7.01% in June against 7.04% in the previous month.

RBI’s Target:
  • The retail inflation is 6.26% in June 2021.
  • RBI has tolerance range of 2-6%.
  • This limit has been breached for 6th consecutive month, and remained above 7 for 3 consecutive months.
Inflation:

Inflation

  • Inflation is defined as the rise in the price of goods and services in an economy.
  • Where as the fall in prices is called as
Types of inflation:
  • Cost push inflation:

It is the inflation caused by the increase in the costs of inputs like raw material, labour costs etc.

  • Demand pull inflation:

It occurs when supply is less than that of the aggregate demand.

Inflation indices:
  • A price index is used to know how prices change over a period of time.
  • Inflation is measured by price index, they are Consumer Price Index (CPI), Wholesale Price Index (WPI).
  • CPI measures the price change at consumer level, where as the WPI measures price change at the producer level.
  • CPI can measure the price change in services, which is not possible with WPI.

 

Guru Purnima

Context:

Guru Purnima is to be celebrated on July 13 this year.

About Guru Purnima:

Guru Purnima

  • Reach of Guru Purnima: It is an important festival celebrated predominantly in India.
  • It is also celebrated in Nepal, Bhutan by the Hindus, Jains and Buddhists there.
  • Guru in Sanskrit translates to “dispeller of darkenss”.
  • Guru Purnima is celebrated to express Gratitude to our teachers every year.
  • It is observed on full moon day in month of Ashada, hence the name Guru Purnima.
  • People worship and express Gratitude to their gurus. Many also fast and visit temples to seek blessings.
  • In Buddhism: According to Buddhism it is believed that Lord Buddha gave his first sermon on this day at Sarnath.
  • Hinduism: It is also celebrated as vyasa Purnima commemorating the birth day of Sage veda vyasa, writer of Mahabharata and the Puranas.
  • Yogic tradition: The yogic tradition, states that Guru Purnima was the day when Lord Shiva appeared to Sapta-rishis (seven sages).

UPSC Civil Services Daily Current Affairs 13th July 2022

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