First Floating Financial Literacy Camp in India

• In order to promote financial literacy "By the women, for the women," India Post Payments Bank (IPPB) recently held India's First Floating Financial Literacy Camp in Srinagar, J&K.

What is The Niveshak Didi Initiative?

It is founded on the principle of "women for women," as women in rural areas find it more comfortable to ask females for advice.

Executing Organization:

• Under the direction of the Ministry of Corporate Affairs, the IPPB in conjunction with the Investor Education and Protection Fund Authority (IEPFA) launched it.

Financial Literacy Camp on the Water:

• The discussion addressed a wide range of subjects, including banking and financial products, the value of utilizing the mainstream financial services provided by regulated businesses, protection against various forms of investment hazards, and methods of preventing fraud.

What additional financial literacy initiatives are there in India?

Pradhan Mantri Jan-Dhan Yojana:

• The National Mission for Financial Inclusion is the Pradhan Mantri Jan Dhan Yojana (PMJDY).
• It guarantees cheap access to financial services such banking, savings, and deposit accounts, remittance, credit, insurance, and pension.
• The cornerstone of people-centered economic efforts has been PMJDY.
• All of these programmes, including Direct Benefit Transer (DBT), Covid-19 financial aid, PM-KISAN, increased wages under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA), and life and health insurance coverage, begin with the provision of bank accounts for every adult, which PMJDY is almost done with.

Pradhan Mantri Jeevan Jyoti Bima Yojana:

• This programme offers life insurance and accident insurance to migratory workers and labourers, respectively.

Pradhan Mantri Kisan Maan Dhan Yojana (PMKMDY):

• It was established as the Maan Dhan Yojana to offer social security to all landowner Small and Marginal Farmers (farmers whose land holdings are less than two hectares of land in the country).
• It is a voluntary and contribution-based pension scheme.
• The Life Insurance Corporation of India's Pension Fund would be used to pay the farmers' pensions.
• Farmers must make a monthly contribution to the Pension Fund of between Rs. 55 and Rs. 200 until they reach the retirement age of 60.

Pradhan Mantri Mudra Yojana (PMMY)

• The PMMY is a programme that was started in 2015 to offer loans up to 10 lakh to non-corporate, non-farm small and micro businesses.
• According to PMMY, these loans are categorised as MUDRA loans.
• Commercial banks, RRBs, small finance banks, cooperative banks, MFIs, and NBFCs are the lenders of these loans.

About India Post Payments Bank (IPPB):

It was founded under the Department of Posts, Ministry of Communication, and the Government of India owns all of the stock.

Objective:

• The bank was founded with the goal of creating India's most approachable, inexpensive, and reliable bank for the average person.
• The primary goal of IPPB is to break down barriers for those who are underbanked and unbanked, and to reach the final mile by utilising a network of 160,000 post offices (145,000 of which are in rural areas) and 400,000 postal workers.
• The foundation of IPPB's operations and their scope is India. Paperless, Cashless, and Presence enabled by Stack -less banking using a biometrically-enabled smartphone with CBS integration at the clients' doorstep

COP27's Challenges

• The annual United Nations Conference on Climate Change (COP27) will soon begin in the Egyptian resort town of Sharm el-Shaikh.

Climate Objectives and the CoP

• These annual meetings have been the driving force behind the global fight against climate change.
• However, the response has been inadequate in comparison to the magnitude of the challenge.

Problems and Difficulties

Action plans that fall short:

• The world has been deciding to reduce greenhouse gas emissions for at least two and a half decades.
• According to the most recent assessments, countries' current climate action plans are woefully inadequate.
• Rising emissions: Annual global emissions continue to rise in absolute terms, reaching nearly 50 billion tonnes of carbon dioxide equivalent.
• Between 2010 and 2019, global emissions increased by more than 1% on average.
• This is significantly slower than the previous decade's growth rate of about 2.6 percent, but it is insufficient for meeting climate targets.

Global concerns:

Economic:

• Countries have little appetite to increase climate action in the face of a worsening energy crisis and general economic gloom.

Ukraine war:

• The energy and economic crisis brought on by the Ukraine war threatens to undo even minor gains.

Potential for growth:

• Furthermore, even if emissions growth is immediately halted or reduced, this does not solve the problem.
• This is because global warming is caused by accumulated emissions in the atmosphere rather than by current emissions.
• Carbon dioxide, the primary greenhouse gas, remains in the atmosphere for approximately 100 years, so any immediate reduction in emissions would have an effect only after several decades.
• As a result, average global temperatures have risen faster in the last decade than at any other time in history.

Inadequate and unjust response:

• The response in terms of emission reductions has been insufficient.
• The rich and industrialized countries, which were the main polluters and thus primarily responsible for reducing emissions, failed to meet their collective targets.

Developing nations:

• Countries such as China and India, which were not major emitters until recently, have seen their emissions rise dramatically.

The big picture

• EU: As a bloc, the European Union has done relatively better on climate goals, with the United Kingdom, which is currently experiencing an economic downturn, halving its emissions from 1990 levels, according to UN data.
• The United States, which was the world's leading emitter until it was surpassed by China in the mid-2000s, has been a major laggard, reducing emissions by only about 7% from 1990 levels.
• India and China: During this time, China's emissions have nearly quadrupled, while India's have nearly tripled.

Suggestions and future plans:

• According to the latest Emissions Gap Report, annual emissions would need to drop from the current level of about 50 billion tonnes of CO2 equivalent to about 33 billion tonnes by 2030 and 8 billion tonnes by 2050 to have a realistic chance of keeping global warming within 1.5 degrees Celsius.
• Even if the 2-degree target is met, emissions must be reduced to around 41 billion tonnes by 2030 and 20 billion tonnes by 2050.
• This would necessitate drastic action on the part of all major emitters.

Considering the action plans:

• First, climate change is a global issue that requires international cooperation.
• Second, it requires rules that are fair and just to both the rich and the poor.
• Third, science clearly shows that humans are to blame for the global temperature rise, and that this rise will result in more and more variable and extreme weather events, similar to what we are currently experiencing.
• Four, each country's responsibility for the stock of emissions already in the atmosphere — the historical cumulative emissions that have "forced" climate change impacts — can be estimated.
• Fifth, countries that have not yet contributed to emissions will do so in the future simply because the world has failed to make global rules that apply fairly to all.

Glasgow Climate Conference (Cop26)

• The Glasgow meeting strengthened the Paris Agreement mechanism for eliciting pledges from countries and gradually increasing them.
• It asked countries to update and strengthen their NDCs' 2030 emission targets by the end of 2022.
• Its explicit goal was to keep 1.5 degrees Celsius alive through such pledges.
• However, it was criticised for focusing too much on goal setting and not enough on the challenge of achieving those goals.

The 'Panchamrit' strategy of India

India's 'Panchamrit' strategy for improved climate targets was announced at the COP 26 conference in Glasgow.

• India's non-fossil fuel energy capacity will be increased to 500 gigatonnes (GW) by 2030.
• By 2030, it expects to meet 50% of its energy needs from renewable sources.
• Between now and 2030, total projected carbon emissions will be reduced by 1 billion tonnes.
• Its economy's carbon intensity will be reduced to less than 45 percent.
• India will achieve its goal of net zero emissions by 2070.

About Conference of Parties(COP)

It is the supreme decision-making body of the UNFCCC.

Aim:

• The agreement seeks to limit global warming to well below 2°C, preferably to 1.5°C, compared to pre-industry levels.
• Nationally Determined Contributions (NDCs):
• To achieve the targets under the agreement, the member countries have to submit the targets themselves, which they believe would lead to substantial progress towards reaching the Paris temperature goal.
• Initially, these targets are called Intended Nationally Determined Contributions (INDCs).
• They are converted to NDCs when the country ratifies the agreement.

Increasing the Biosphere's Footprint

On November 3, 2022, the first 'International Day for Biosphere Reserves' will be held.

More information about the World Network of Biosphere Reserves (WNBR)

• UNESCO established the World Network of Biosphere Reserves (WNBR) in 1971.
• The World Network of Biosphere Reserves (WNBR) is a network of internationally designated protected areas known as biosphere reserves that aim to demonstrate a harmonious relationship between people and nature (e.g. encourage sustainable development).
• They were created as part of the Programme for Man and the Biosphere (MAB).

In terms of biosphere reserves:

• All biosphere reserves are internationally recognised locations on land, at sea, or in the oceans.
• There are 738 biosphere reserves in 134 countries, including 22 transboundary sites. They are given out in the following order:
• 90 sites in 33 African countries
• There are 36 sites in 14 Arab countries.
• 172 locations in 24 Asian and Pacific countries
• 308 locations in 41 European and North American countries
• 132 locations in 22 Latin American and Caribbean countries.

There are 12 internationally recognised BRs in India. These are their names:

• Nilgiri
• Gulf of Mannar
• Sunderban
• Nanda Devi
• Nokrek
• Pachmarhi
• Similipal
• Achanakmar-Amarkantak
• Great Nicobar
• Agasthyamala
• Khangchendzonga
• Panna

Governments decide which areas to nominate and which to approve as biosphere reserves.

The sites are subjected to external scrutiny before being approved by UNESCO.

If approved, they will be managed according to a plan, with credibility checks, while remaining subject to the sovereignty of their national government.

Biosphere Reserves serve the following purposes:

Local communities and all interested stakeholders are involved in the planning and management of Biosphere Reserves. They combine three major "functions":

• Biodiversity and cultural diversity conservation
• Sustainable socio-cultural and environmental economic development
• Supporting development through research, monitoring, education, and training.

Biosphere Reserve Organization

They are divided into three interconnected zones.

• Protected areas are included in the core zone because they serve as reference points for the natural state of the ecosystems represented by the biosphere reserves. There are endemic plant and animal species.
• A core zone is a protected region, such as a National Park or Sanctuary, that is mostly protected/regulated under the Wildlife (Protection) Act of 1972.
• It is kept free of human intervention.
• Buffer Zone: The buffer zone surrounds the core zone, and its activities are managed in such a way that the core zone is protected in its natural state.
• It allows for restoration, limited tourism, fishing, grazing, and other activities to reduce the impact on the core zone.
• Research and educational activities will be promoted.
• Zone of Transition: It is the biosphere reserve's most remote location. It is the zone of cooperation where human endeavours and conservation coexist.
• It includes the region's settlements, croplands, managed forests, areas for intensive recreation, and other economic uses.

Biosphere reserve expansion

• There are 12 biosphere reserves in India, four in Sri Lanka, and three in the Maldives.
• Some South Asian countries do not yet have any or enough biosphere reserves.
• Biospheres do not yet exist in Bangladesh, Bhutan, or Nepal.
• Most, if not all, cases have the political will, but there is a lack of know-how and financial resources.

Expansion is required:

• According to the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services' (IPBES) release Global Assessment Report on Biodiversity and Ecosystem Services say the main global drivers of biodiversity loss are climate change, invasive species, over-exploitation of natural resources, pollution, and urbanisation.

• Because of our collective excesses, the earth's ecological carrying capacity has been greatly exceeded.
• As a result, it was felt that there was a need to address this trend with cleaner air, high-quality drinking water, and enough food and healthy habitats to ensure that ecosystem services continue to benefit humanity while not jeopardising nature's balance.

Way Forward

• The 'South and Central Asia MAB Reserve' Networking Meeting (MAB stands for Man and the Biosphere) is scheduled for 2023 to advance the establishment and management of biosphere reserves.
• In addition, an expert mission to Bhutan, India's northeast, and Bangladesh's Sundarbans is planned for spring 2023.
• With at least one biosphere reserve in each of Bangladesh, Bhutan, and Nepal until 2025 (and additional biosphere reserves in India's North-East and along the coasts), millions of people will realise that a better future lies in conservation of biosphere.

C-295 Aircraft

• The C-295 transport aircraft production plant, which will be built in Vadodara by Airbus Defence and Space S.A., Spain, and Tata Advanced Systems Limited (TASL), recently had its foundation stone placed .
• This is the first time a complete aircraft will be produced in the nation by a private enterprise.

About The C-295 MW transporter :

• The C-295 is a technologically advanced, 5–10-ton transport aircraft.

• It is a capable tactical transport aircraft that is strong and dependable and can carry out a variety of tasks.

Features:

• The aircraft can perform multi-role missions in all-weather situations and has a flight endurance of up to 11 hours.
• It can regularly conduct combat operations during the day and at night, from arid to coastal regions.
• For fast action and paradropping of troops and cargo, it incorporates a rear ramp entrance. Another one of its features is short takeoff and landing from semi-prepared surfaces.
• It will swap out the Indian Air Force's outdated Avro-748 aircraft fleet.
• The Avro-748 is a twin-engine turboprop military transport and freighter with a 6-tonne cargo capacity that was developed in Britain.

Execution of the Project:

• As part of the Make-in-India effort in the aerospace industry, TASL will collaborate on the project to supply the air force with the new transport aircraft.
• Between September 2023 and August 2025, Airbus will provide the first 16 aircraft in flyaway condition. The remaining 40 aircraft will be constructed in India by TASL between September 2026 and 2031 at a rate of eight aircraft per year.

What role does this manufacturing facility play?

Generation of Employment:

• Over 125 domestic MSME suppliers distributed across seven states have been identified by the TATA Consortium. This will stimulate the creation of jobs in the nation's aerospace ecosystem.
• With more than 42.5 lakh man hours of labour, it is anticipated to create 600 highly skilled jobs directly, over 3000 indirect jobs, and an additional 3000 medium-skill employment prospects in India's aerospace and defence industry.

Boost MSMEs:

• The project will help India's aerospace ecosystem by encouraging the participation of many Micro, Small, and Medium-Sized Enterprises (MSMEs) located all throughout the nation in the production of aeroplane parts.

Reduce Import Dependence:

• The initiative will boost homegrown aircraft production, reducing import dependence and increasing exports, as predicted.
• India will manufacture a sizable quantity of aero structural detail parts, sub-assemblies, and key component assemblies.

Development of Specialized Infrastructure:

• This will entail the construction of hangars, buildings, aprons, and taxiways.
• A "D" Level servicing facility (MRO) for C-295MW aircraft is planned to be established in India before deliveries are finished.
• This facility is anticipated to serve as a regional MRO (Maintenance, Repair, and Overhaul) hub for different C-295 aircraft models.
• Airbus will fulfil its offset requirements by directly acquiring qualifying goods and services from Indian offset partners, significantly boosting the country's economy.
• In its most basic form, an international player's commitment to support India's local defence sector if India purchases defence equipment from it is known as an offset.

What is the Civil Aviation Sector's Potential in India?

• In addition to being a significant market in itself, India has a significantly larger presence in civil aircraft production than in defence. The United States' Boeing and Airbus both get a sizable portion of their civil programmes from India.
• Boeing sources USD 1 billion from India each year, of which more than 60% goes toward production.
• More than 45 Indian suppliers provide India with technical services and manufactured products worth USD 650 million annually.
• By becoming a significant producer of transport aircraft, India, which is going forward with the slogans "Make in India" and "Make for the Globe," continues to increase its potential.
• With over 650 professionals that specialize in high-tech aeronautical engineering and work on both fixed-wing and rotary-wing Airbus aircraft programs, Airbus has operated a totally domestically owned design center in India since 2007.
• According to estimates, India would require an additional 2000 passenger and freight aircraft during the next 10 to 15 years.
• MRO is a further important industry that is expanding and for which India might become the regional centre.
• MRO is any procedure that aids in maintaining or restoring a product to a usable state.