After a decade, a prominent leader has assumed the duties of a Leader of the Opposition (LoP) in the Lok Sabha.
About Leader of the Opposition
The position of Leader of Opposition was officially described in the Salary and Allowances of Leaders of Opposition in Parliament Act, 1977.
This act defines the term Leader of the Opposition as the member of the Lok Sabha or the Rajya Sabha who leads the party in opposition to the government with the greatest numerical strength.
According to Parliamentary conventions, in order to get the post of Leader of Opposition a party must have at least 10% of MPs in the House.
The leader of opposition is a statutory post and the office holder ranks 7th in the Order of Precedence of India.
The first Leader of the Opposition in the Lok Sabha was Dr. Ram Subhag Singh, who served from 1969 to 1971.
The main duty of the Leader of Opposition is to serve as the voice of the opposition in the House.
An official booklet on Parliament published in 2012 says the Leader of Opposition in Lok Sabha “is considered as a shadow Prime Minister with a shadow Cabinet, ready to take over the administration if the Government resigns or is defeated on the floor of the House”.
Most importantly, the Leader of Opposition is the opposition’s representative in the high-powered committees headed by the Prime Minister for appointment to key posts such as
the Director of CBI, the Central Vigilance Commissioner and Chief Information Commissioner, the Chairperson and Members of the National Human Rights Commission, and the Lokpal.
In the absence of a recognised Leader of the Opposition in the Lok Sabha, the largest opposition party's leader is inducted into the selection committee as per the Central Vigilance Commission Act, 2003.
He holds the right to be a member of crucial committees, including Public Accounts, Public Undertakings, Estimates, several Joint Parliamentary Committees, and so on.
International Criminal Court
Why in news?
Recently, the International Criminal Court issued warrants of arrest for two individuals for alleged international crimes committed in Ukraine.
About International Criminal Court
The International Criminal Court is a multilateral institution and international tribunal based in The Hague, Netherlands.
It is established under the Rome Statute, a multilateral treaty that acts as the Court’s charter and governing text
It is the world’s first and only permanent international court with authority to prosecute individuals for genocide, crimes that are against humanity, crimes related to wars, and aggression.
It lacks universal territorial jurisdiction and can only investigate and prosecute crimes committed within member states, crimes committed by member state residents, and crimes committed in situations referred to the Court by the UN Security Council.
International Court of Justice (ICJ)
It is one of the six principal organs of the United Nations (UN seated in The Hague, Netherlands.
The ICJ consists of a panel of 15 judges elected by the UN General Assembly and Security Council for nine-year terms.
It settles disputes between states in accordance with international law and gives advisory opinions on international legal issues.
All member states of the UN are party to the ICJ.
Example of Cases: Kulbhushan Jadhav case
Permanent Court of Arbitration (PCA)
It is a non-UN intergovernmental organization located in The Hague, Netherlands.
It is the oldest institution for international dispute resolutions. It was established in 1899 by the first Hague Peace Conference.
Unlike a judicial court in the traditional sense, the PCA provides services of an arbitral tribunal to resolve disputes that arise out of international agreements between member states, international organizations or private parties.
Example of Cases:
South China Sea: PCA ruled that China’s claims are invalid.
Italy v. India (Enrica Lexie case).
International Solar Alliance
Why in news?
Recently, Paraguay became the 100th country to become a full member of the International Solar Alliance.
About International Solar Alliance
The International Solar Alliance (ISA) is a treaty-based intergovernmental organisation launched by India and France on the sidelines of the COP21.
It is an action-oriented, member-driven, collaborative platform for increased deployment of solar energy technologies as a means for bringing energy access, ensuring energy security, and driving energy transition in its member countries.
Objectives:
The ISA strives to develop and deploy cost-effective and transformational energy solutions powered by the sun to help member countries develop low-carbon growth trajectories.
The ISA is guided by its ‘Towards 1000’ strategy which aims to mobilize USD 1,000 billion of investments in solar energy solutions by 2030.
It aims to deliver energy access to 1,000 million people using clean energy solutions and resulting in installation of 1,000 GW of solar energy capacity
Organisation Structure:
The Assembly is the apex decision-making body of ISA, in which each Member Country is represented.
This body makes decisions concerning the implementation of the ISA’s Framework Agreement and coordinated actions to be taken to achieve its objective.
The Assembly meets annually at the ministerial level at the ISA’s seat. It assesses the aggregate effect of the programmes and other activities in terms of deployment of solar energy, performance, reliability, cost, and scale of finance.
The International Solar Alliance is headed by the Director General.
The Director General leads the operations and carries out the functions of the ISA Secretariat.
He is responsible to the ISA Assembly.
Global Solar Facility:
It is a payment guarantee fund formed by ISA to stimulate investments into solar power projects.
The Global Solar Facility (GSF) is designed to catalyze solar investments in underserved segments and geographies across Africa, unlocking commercial capital in the process.
SAARC Currency Swap Framework
Why in news?
Recently, the RBI in concurrence with the Union Government has decided to revise the framework on Currency Swap Arrangement for SAARC countries for the period 2024 to 2027.
More about the news
Under the new Framework, the Reserve Bank would enter into bilateral swap agreements with SAARC central banks, who want to avail of the swap facility.
Under the Framework for 2024-27, a separate INR Swap Window has been introduced with various concessions for swap support in Indian Rupee.
The total corpus of the Rupee support is ₹250 billion (Rs 25,000 crore)
The central bank will continue offering swap arrangements in US dollars and euros under a separate dollar/euro swap window with an overall corpus of $2 billion.
The SAARC Currency Swap Facility came into operation on November 15, 2012.
It aims to provide a backstop line of funding for short term foreign exchange liquidity requirements or balance of payment crises of the SAARC countries till longer term arrangements are made.
About Currency Swap Arrangement
A currency swap is an agreement between two cross-border entities where one of them agrees to provide a loan to another in a foreign currency.
The repayment takes place in a different currency at a fixed date and an exchange rate. The interest rate charged on such loans is usually lesser than that available in the foreign market.
These swaps allow the countries to get a loan at a lower rate of interest than the foreign markets.
Also, it helps the recipient country to maintain their foreign reserves even as other foreign debt obligations loom large.
Financial Stability Report
Why in news?
Recently, the Reserve Bank of India (RBI) has unveiled its latest Financial Stability Report.
Key highlights of the report
The Financial Stability Report for June 2024 highlights achievements in India's financial landscape.
The report reveals that the gross non-performing assets (GNPAs) of scheduled commercial banks (SCBs) have reached a multi-year low of 2.8% as of March 2024.
The report stresses that SCBs are well-capitalised and capable of absorbing macroeconomic shocks without requiring further capital infusion.
The report also notes the heightened risks faced by the global economy due to prolonged geopolitical tensions, elevated public debt, and slow progress in disinflation.
About Non-Performing Asset (NPA)
A non performing asset (NPA) is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days.
Banks are required to classify NPAs further into Substandard, Doubtful and Loss assets.
Substandard assets: Assets which have remained NPA for a period less than or equal to 12 months.
Doubtful assets: An asset would be classified as doubtful if it has remained in the substandard category for a period of 12 months.
Loss assets: As per RBI, “Loss asset is considered uncollectible and of such little value that its continuance as a bankable asset is not warranted, although there may be some salvage or recovery value.”
Pench Tiger Reserve
Why in news?
The Pench Tiger Reserve has recently added a new Artificial Intelligence (AI) system that is meant to find forest fires early.
About Pench Tiger Reserve
Pench Tiger Reserve or Pench National Park is one of the premier tiger reserves that straddle across Madhya Pradesh and Maharashtra.
It is named after the river Pench and lies in the southern slopes of the Satpura range of Central India.
Ecologically, Pench is categorized as a tropical moist deciduous tiger habitat. The reserve boasts a diverse range of flora, including teak, saag, mahua, and various grasses and shrubs.
The reserve is home to large herds of Chital, Sambar, Nilgai, Gaur (Indian Bison), wild boar, the Bengal tiger, Indian leopard, dhole, jungle cat, and small Indian civet.
Abhyas
Why in news?
Recently, the Defence Research and Development Organisation (DRDO) has successfully conducted a series of developmental trials of high-speed expendable aerial target (HEAT) Abhyas.
About
It is designed by DRDO’s Aeronautical Development Establishment.
ABHYAS is a drone which has been designed for the armed forces for target practice.
Abhyas offers a realistic threat scenario for weapon systems practice.
This indigenous system is designed for autonomous flying with the help of an auto-pilot, a laptop-based ground control system for aircraft integration, pre-flight checks, and autonomous flight.
It can record data during flight for post-flight analysis.
Exercise Freedom Edge
Why in news?
Recently, South Korea, the US and Japan began their first trilateral multi-domain exercise.
About
The three-day exercise, named Freedom Edge, got underway in South Korea’s southern island of Jeju in the East China Sea.
The exercise comes amid efforts to deepen security cooperation against threats from North Korea by its deepening ties with Russia.
The exercise will focus on ballistic missile defence, air defence, anti submarine warfare, search and rescue, maritime interdiction and defensive cyber training.
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