Table of Content
- 3.1 Income and Wealth Inequality in India
- 3.2 Inheritance Tax
- 3.3 Unemployment in India
- 3.4 Gross Fixed Capital Formation
- 3.5 Start-ups in Rural Economy
- 3.6 Global Unicorn Index 2024
- 3.7 Internationalization of Rupee
- 3.8 Basel III Endgame
- 3.9 Asset Monetization
- 3.10 Asset Reconstruction Companies
- 3.11 Advance Pricing Agreements
- 3.12 Financing for Sustainable Development
- 3.13 Settlement Cycle
- 3.14 Consumer Confidence Survey
- 3.15 25th Anniversary of IRDAI
- 3.16 Pradhan Mantri Fasal Bima Yojana
- 3.17 News in Shorts
- 7.1 India’s Defence Exports
- 7.2 Vitual Assets
- 7.3 Weaponisation of Space
- 7.4 AFSPA
- 7.5 News in Shorts
- 7.5.1 Hypersonic Missile
- 7.5.2 Crystal Maze 2
- 7.5.3 C-Dome Defense System
- 7.5.4 Exercises in News
- 7.5.5 Cyber Risk: Concern For Macro-Financial Stability
- 7.5.6 Trends in World Military Expenditure, 2023 Report
- 7.5.7 Initiatives for Prevention of Crimes Against Peacekeepers
- 7.5.8 International Narcotics Control Board (INCB)
- 7.5.9 Indigenous Technology Cruise Missile (ITCM) Flight Tested
- 7.5.10 Agni Prime Successfully Flight-Tested
- 7.5.11 Submersible Platform for Acoustic Characterisation and Evaluation (SPACE)
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News in Shorts
Posted 21 May 2024
14 min read
Hypersonic Missile
- Russian President confirmed that the 3M22 Zircon hypersonic missile had been used in battle.
- Hypersonic Missile
- Missile that can travel at Mach-5 or faster, or at least five times the speed of sound.
- They fly at lower altitudes than ballistic missiles, making them harder to track.
- Their extreme speed and maneuverability make them very difficult to defend against.
- Hypersonic Glide Vehicles (HGV) and Hypersonic Cruise Missiles are two types of hypersonic weapons systems.
- Tags :
- HYPERSONIC MISSILE
- Hypersonic Glide Vehicles
- Hypersonic Cruise Missiles
Crystal Maze 2
- The Indian Air Force has successfully tested a new version of a medium-range ballistic missile
- About Crystal Maze 2 (aka ROCKS):
- Origin: medium-range ballistic missile developed by Israel.
- Range: strike range of over 250 km
- Type: Air-to-surface missile
- Aim: designed to strike high-value stationary and relocatable targets in GPS-denied environments
- The missile can target long-range radar and air defense systems.
- Tags :
- CRYSTAL MAZE 2
- medium-range ballistic missile
- Air-to-surface missile
C-Dome Defense System
- Israel deployed C-Dome defense system for the first time.
- About C-Dome
- It is a naval version of the Iron Dome air defense system used to shield against advanced ballistic, aerial, and surface-to-surface threats.
- Iron Dome is a missile defense system that can protect deployed and maneuvering forces, as well as civilian areas against a wide range of indirect and aerial threats.
- Handles saturation attacks by engaging multiple targets simultaneously, with short reaction time.
- Unlike Iron Dome which has its own radar, C-Dome is integrated into the ship’s radar to detect incoming targets.
- It is a naval version of the Iron Dome air defense system used to shield against advanced ballistic, aerial, and surface-to-surface threats.
- Tags :
- C-Dome
- C-DOME DEFENSE SYSTEM
Exercises in News
- Exercise ‘Gagan Shakti’
- The Indian Air Force is conducting its biggest exercise ‘Gagan Shakti’ at the Pokhran Field Firing Range in Jaisalmer district.
- In the exercise, all the major fighter aircraft and modern helicopters of the Air Force will demonstrate their striking capabilities.
- Exercise Poorvi Lehar or XPOL: The Indian Navy conducted Exercise Poorvi Lehar on the East Coast under the Operational Control of Eastern Naval Command.
- Tiger Triumph 2024: Harbour Phase of the exercise Tiger Triumph is being conducted at Visakhapatnam (Andhra Pradesh).
- Tiger Triumph is a Bilateral Tri-Service Humanitarian Assistance and Disaster Relief (HADR) Amphibious Exercise between India and the US.
- Tags :
- Tiger Triumph 2024
- Exercise ‘Gagan Shakti’
- Exercise Poorvi Lehar
- EXERCISES IN NEWS
Cyber Risk: Concern For Macro-Financial Stability
- Rising Cyber Threats Pose Serious Concerns for Macro-Financial Stability, warns International Monetary Fund (IMF).
- According to IMF’s Global Financial Stability Report 2024,
- Risk of extreme losses from cyber incidents has increased to $2.5 billion.
- Number of cyberattacks has almost doubled since COVID-19 pandemic.
- Attacks on financial firms account for nearly one-fifth of total, of which banks are most exposed.
- Reasons Behind Rising Cyber Incidents in Financial Sector
- Increased digital financial services offer target-rich environment for hackers.
- Insider threats i.e. users have authorized access to assets and misuse their privileges deliberately or accidentally for monetary gain.
- Cybersecurity skills gap leaving financial firms vulnerable to cyber threats.
- Geopolitical tensions. E.g. Surge in cyber-attack after Russia’ invasion of Ukraine.
- Impact of Cyber Attacks on Macro-financial Stability
- Data breach lead to loss of confidence in viability of targeted institution, resulting in high deposit outflows.
- Cyber-attacks on payment networks can halt trading, online banking etc., and undermine country's financial stability.
- Cyber-attacks propagate rapidly within a network of financial systems through financial linkages, thus impacting market stability.
- Policy Recommendations
- Strengthen reporting of cyber incidents by financial firms to supervisory agencies.
- Financial firms should develop and test response and recovery procedures to remain operational in face of cyber incidents.
- Tags :
- Cybercrime
- CYBER RISK
Trends in World Military Expenditure, 2023 Report
- It was released by Stockholm International Peace Research Institute (SIPRI).
- Established in 1966, it is an independent international institute dedicated to research into conflict, armaments, arms control and disarmament.
- Key findings
- India was fourth largest military spender in world in 2023 with an expenditure of $83.6 billion after United States, China and Russia.
- In 2023, military expenditure by NATO member states reached $1341 billion or 55% of world spending.
- World military expenditure, driven by Russia’s invasion of Ukraine and geopolitical tensions, reached to an all-time high of $2443 billion.
- Tags :
- SIPRI
- MILITARY EXPENDITURE
Initiatives for Prevention of Crimes Against Peacekeepers
- India-led Group of Friends (GOF) launched a new database designed to record crimes against Peacekeepers & monitor progress in holding perpetrators accountable.
- The GOF was launched by India in 2022 to promote accountability for crimes against the Blue Helmets during its presidency of the UN Security Council
- UN peacekeeping forces are employed to maintain or re-establish peace in an area of armed conflict. However, they sometimes face violence in deployed regions.
- These forces are also referred to as Blue Helmets as they are equipped in blue-coloured helmets.
- They won the Nobel Peace Prize in 1988.
- Tags :
- Peacekeepers
- Group of Friends
International Narcotics Control Board (INCB)
- India’s Jagjit Pavadia has been re-elected to INCB for the third term from 2025 to 2030.
- About INCB
- It is independent and quasi-judicial monitoring body for implementation of UN international drug control conventions.
- It was established in 1968 in accordance with Single Convention on Narcotic Drugs, 1961.
- Members: 13 members (elected by UN Economic and Social Council for five years)
- Its functions are laid down in:
- Single Convention on Narcotic Drugs, 1961.
- Convention on Psychotropic Substances 1971.
- United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, 1988.
- Tags :
- INCB
- NARCOTICS
Indigenous Technology Cruise Missile (ITCM) Flight Tested
- Defence Research and Development Organisation (DRDO) conducted test from the Integrated Test Range (ITR), Chandipur on the eastern coast.
- About ITCM
- Developed by the Aeronautical Development Establishment (ADE) of DRDO.
- It is a long-range subsonic cruise missile powered by an indigenous propulsion system.
- The propulsion system is developed by Gas Turbine Research Establishment.
- Cruise missiles are unmanned vehicles that remain within the atmosphere and can fly as low as a few meters off the ground.
- Subsonic cruise missile flies at a speed lesser than that of sound (around 0.8 MACH)
- Reasons for Missile and Satellite launch from the Eastern coast
- A satellite launched from the sites near the equator towards the east direction gets an initial boost equal to the velocity of Earth's surface.
- It helps in cutting down the cost of rockets used to launch the satellites.
- In case of the failure of satellite/missile, the Bay of Bengal provides a safe corridor that does not fall on built-up hinterland.
- Does not have major international maritime or airline routes crisscrossing testing..
- During test launches, the few existing routes can be closed temporarily without causing much disruption.
- A satellite launched from the sites near the equator towards the east direction gets an initial boost equal to the velocity of Earth's surface.
- Tags :
- DRDO
- long-range subsonic cruise missile
- ITCM
Agni Prime Successfully Flight-Tested
- Agni-prime the new generation ballistic missile flight tested successfully.
- It was conducted by Strategic Forces Command (SFC), along with the Defence Research and Development Organisation from Dr. APJ Abdul Kalam Island.
- SFC is responsible for the management and administration of the country's tactical and strategic nuclear weapons stockpile.
- About Agni prime
- Two-stage canisterised solid propellant ballistic missile, with a maximum range of 1,000 to 2,000 km.
- A nuclear-capable advanced variant of the Agni class of missiles.
- Lighter than all the earlier Agni series of missiles and will be guided by inertial navigation systems (INS) based on advanced ring-laser gyroscopes.
- First of the new generation of missiles after the end of the Integrated Guided Missile Development Program (IGMDP).
About IGMDP
|
- Significance
- As the warhead is preloaded, it offers the ability to launch with minimal preparation time.
- It can be stored for many years together, with minimum inspection at periodic intervals.
- It has very high accuracy, which is useful for precise targeting.
- Tags :
- ballistic missile
- AGNI PRIME
Submersible Platform for Acoustic Characterisation and Evaluation (SPACE)
- SPACE, a premier testing and evaluation hub for sonar systems for Indian Navy, set up by DRDO.
- About SPACE
- It will consist of two distinct assemblages –
- a platform which floats on water surface,
- a submersible platform which can be lowered to any depth upto 100 m.
- It will consist of two distinct assemblages –
- Significance
- Evaluation of sonar systems, allowing for quick deployment and easy recovery of scientific package.
- Help to survey, sampling, and data collection of air, surface, mid-water, and reservoir floor parameters using modern scientific instrumentation.
- Boost anti-submarine warfare research capabilities.
- Tags :
- sonar systems
- SPACE
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