IAS Current Affairs

Daily Current Affairs 06 October 2023 – IAS Current Affairs

Daily Current Affairs 06 October 2023 – IAS Current Affairs

Current Affairs 06 October 2023 focuses on the Prelims-Mains perspective. Major events are :


Nagorno-Karabakh Conflict

Source: Indian Express
GS II: International Relations


Overview

  1. News in Brief
  2. About the conflict
  3. Strategic importance of the region

Why in the News?

The Conflict between Armenia and Azerbaijan over Nagorno-Karabakh is called one of the “frozen conflicts” of the world.

News in Brief


  • This conflict erupted on September 19, when Azerbaijan launched an offensive and within 24 hours, declared victory over the separatist province of Nagorno-Karabakh.
  • Though far away, the recent developments in the South Caucasus region have implications for India.
  • This conflict erupted on September 19, when Azerbaijan launched an offensive and within 24 hours, declared victory over the separatist province of Nagorno-Karabakh.
  • Authorities of the province have now said the ethnic Armenian enclave would dissolve on January 1, 2024.

About the conflict


  • The conflict between Armenia and Azerbaijan over Nagorno-Karabakh is a long-standing and complex dispute rooted in historical, ethnic, and territorial factors.

Background:

  • Territorial Dispute
    • Nagorno-Karabakh is a landlocked region in the South Caucasus.
    • It is internationally recognized as part of Azerbaijan but has a predominantly ethnic Armenian population.
    • The conflict stems from competing territorial claims by Armenia and Azerbaijan.
  • Historical Context
    • The dispute has historical roots dating back to the early 20th century.
    • It escalated into a full-scale conflict in the late 1980s as the Soviet Union began to dissolve.

Key Phases of the Conflict:

  • 1988-1994 War: The conflict erupted in 1988 when Nagorno-Karabakh’s Armenian population sought unification with Armenia. The dispute escalated into a full-scale war between Armenia and Azerbaijan, resulting in thousands of casualties and significant displacement.
  • 1994 Ceasefire: A ceasefire was brokered in 1994 by the Organization for Security and Cooperation in Europe (OSCE), but it did not lead to a comprehensive resolution of the conflict. Nagorno-Karabakh remained under the control of Armenian forces, and sporadic clashes continued along the border.
  • 2016 Escalation: In April 2016, a brief but intense flare-up of violence occurred, leading to casualties on both sides. A ceasefire was eventually restored.
  • 2020 Escalation: The most significant escalation occurred in September 2020 when clashes erupted again along the Nagorno-Karabakh border. This conflict, known as the Second Nagorno-Karabakh War, resulted in a ceasefire brokered by Russia in November 2020.

Please note that the situation may have evolved since my last update in September 2021. It’s advisable to consult the latest news and official sources for the most up-to-date information on the Armenia-Azerbaijan conflict over Nagorno-Karabakh.Nagorno-Karabakh Conflict

Strategic importance of the region


  • The Caucasus, which is the area between the Black Sea and the Caspian Sea, is where several gas and oil pipelines from the energy-rich Azerbaijan have been erected in order to reach Turkey and Europe.
  • Some of these pipes travel within 16 kilometres of the border, which is close to the area of conflict.
  • The pipelines might be attacked in an open conflict between the two nations, which would have an effect on the energy supply and could increase oil prices on a global scale.
Impact on India
  • In 1995, India and Armenia signed a friendship and cooperation agreement that prohibits India from providing any type of aid to Azerbaijan, including military support.
  • Nonetheless, ONGC/OVL has invested in an oilfield project in Azerbaijan, and GAIL is considering collaborating with them on LNG.
  • Azerbaijan is connected to Russia and India through Central Asia by the International North-South Transport Corridor (INSTC).
  • Additionally, India can connect with Turkey and other countries via the passenger and freight rail link between Baku, Tbilisi, and Kars.
  • Armenia supports India in the Kashmir conflict, while Azerbaijan supports Pakistan’s position.
  • That being said, India does not have a clear policy for the South Caucasus, unlike its “Neighbourhood First,” “Act East,” or “Central Asia Connect” policies.
  • The South Caucasus region has not been a significant part of India’s foreign policy priorities.

SUGAM REC

Source: PIB
GS II: Economy


Overview

  1. News in Brief
  2. About App
  3. About REC Limited

Why in the News?

REC launches ‘SUGAM REC’, a mobile app for 54EC Bonds Investors.

About App


  • REC Limited, the Maharatna Central Public Sector Enterprise under the Ministry of Power, has launched a mobile application, exclusively for current and future investors in REC’s 54EC Capital Gain Tax Exemption Bonds.
  • Named ‘SUGAM REC’, the mobile app will offer investors complete details of their investment in REC 54EC Bonds.
  • Investors will be able to download their e-bond certificates, apply for fresh investment, download important forms related to updating KYC, and connect with REC’s Investor Cell via call/email / WhatsApp.
What are Section 54EC Bonds?
  • Section 54EC Bonds are a type of fixed-income financial instrument which provide tax exemption under capital gains to investors, under Section 54EC of the Income Tax Act.

About REC Limited


  • REC Limited is an NBFC focusing on India’s Power Sector Financing and Development.
  • Established in 1969, REC Limited has completed over fifty years of operations.
  • It provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities.
  • Its business activities involve financing projects in the complete power sector value chain; for various projects including Generation, Transmission, Distribution and Renewable Energy.
  • REC’s funding illuminates every fourth bulb in India. REC has recently diversified into financing infrastructure and the logistics sector as well.

Prelims Focus


Chemistry Nobel Prize for Artificial Atoms


This year’s Nobel Prize in Chemistry is awarded to Moungi G. Bawendi, Louis E. Brus and Alexei I. Ekimov

  • The 2023 Nobel Prize in Chemistry was awarded to three individuals for their work on quantum dots.
  • Quantum dots are small crystals with a size of a few nanometers and contain only a few thousand atoms.
  • When atoms are densely packed in quantum dots, their electrons behave according to the laws of quantum mechanics, allowing quantum dots to mimic the behaviour of atoms.
  • Quantum dots can absorb and re-emit light at different frequencies depending on their size, with smaller dots emitting higher-frequency light.
  • Quantum dots have transistors, lasers, medical imaging, and quantum computing applications.
  • Alexei Ekimov in the Soviet Union first synthesized quantum dots in glass in 1981.
  • Louis Brus synthesized quantum dots in a solution in the U.S. in 1983 and studied their quantum-physical properties.
  • Moungi Bawendi developed a reliable method to produce high-quality quantum dots in 1993.
  • Quantum dots have diverse applications, and their appeal lies in their ability to emit various colours of light, inspiring innovations in technology and medicine.

Cape Town Convention (CTC)


The Ministry of Corporate Affairs (MCA) has recently notified guidelines for the aircraft sector and has also officially adopted the Cape Town Convention (CTC).

  • In 2008, India signed the CTC.
  • An international convention called the CTC aims to simplify moveable property transaction processes.
  • The convention establishes global norms for the registration of sales contracts, security interests, leases, and conditional sales contracts as well as legal redress for financing agreement default.
  • The CTC treaty makes it simpler to finance and lease aeroplanes, engines, and accessories.
  • It lowers the risk for lessors and increases legal certainty in these agreements, especially in the event of insolvency.
  • It provides time-bound options for lessors to seize aircraft, lowering their inherent risks in the process.
  • It gives lessors reassurance that their assets, like aeroplanes, won’t become trapped if a business goes bankrupt.
  • The agreement was the product of a meeting that took place in 2001 in Cape Town, South Africa.

Nobel for literature


  • Jon Fosse, a 64-year-old Norwegian playwright, won the Nobel Prize in literature.
  • He was honoured for his innovative plays and prose that give voice to the unsayable.
  • Fosse’s works include plays, novels, poetry collections, essays, children’s books, and translations.
  • Major works include “Boathouse” and “Melancholy I and II.”
  • Fosse expressed his gratitude for the award, emphasizing the importance of literature.
  • The Nobel committee recognized his ability to evoke a sense of loss of orientation leading to a deeper experience.
  • Fosse, originally from western Norway, converted to Catholicism in 2013.
  • He debuted with the novel “Red, Black” in 1983.
  • His latest book, “Septology,” is a semi-autobiographical work with seven parts across three volumes.
  • Fosse’s play “Someone is Going to Come” brought him international recognition when staged in Paris in 1999.
  • He also gained acclaim for the play “And We’ll Never be Parted” in 1994.
  • His work has been translated into approximately 50 languages.

Nobel Peace Prize 2023


  • Nobel Peace Prize 2023 awarded to Iranian activist Narges Mohammadi.
  • Recognized for her advocacy for women’s rights, democracy, and opposition to the death penalty.
  • Despite arrests and imprisonment by Iranian authorities, she continued her activism.
  • Narges Mohammadi played a significant role in women-led protests triggered by a woman’s death in police custody.
  • The Norwegian Nobel Committee acknowledged her as a leader of a broader movement in Iran.
  • The committee hopes the prize encourages the movement and urges Iran to release her in time for the ceremony on December 10.
  • Narges Mohammadi expressed gratitude for global support and hopes it strengthens Iranians’ efforts for change.
  • She has been imprisoned 13 times and sentenced to 31 years in total.
  • Her most recent incarceration was in 2021 after attending a protest-related memorial.
  • Narges Mohammadi is the 19th woman to win the Nobel Peace Prize and the second Iranian woman after Shirin Ebadi in 2003.

 

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