15 June 2023 : Indian Express
Indian Express
15-June-2023
The Indian Express, CSE candidates can stay informed about current events and developments in India and around the world.
1. WPI inflation hits 7-yr low of 3.48% in May
Syllabus – GS III
Recent Context – Wholesale Price Index-based inflation rate fell to a seven-and-half-year low
What is WPI?
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The Wholesale Price Index (WPI) is the average price change of a fixed basket of commodities in the domestic market at the first point of bulk sale over a particular period. This is looked at from the manufacturer’s and wholesalers’ points of view. It is compiled and published by the Office of Economic Adviser on a monthly basis.
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WPI’s current base year is 2011-12.
Components of Wholesale Price Index (WPI)
The WPI is divided into three sections. The different sections, along with their weightage, are:
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Primary Articles (e.g., Food Articles, Vegetables, Milk, Minerals, etc.) – 22.62
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Fuel and Power (e.g., LPG, Petrol etc.) – 13.15
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Manufactured Goods (e.g., manufacture of food products, sugar, manufacture of textiles, etc.) – 64.23
Significance of WPI
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It gives estimates of inflation for the entire economy at the wholesale transaction level.
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WPI is utilized as a deflator by the CSO when measuring GDP. The government also uses the WPI-based inflation estimates to form trade, fiscal, and other economic policies.
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WPI is also utilized to deliver raw materials, machinery, and building work for escalation clauses.
Points to Know
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The inflation rate for vegetables recording declined to (-)20.12 per cent, while for potatoes and onions was (-) 18.71 per cent and (-)7.25 per cent, respectively. However, the inflation rate for pulses increased to 5.76 per cent, while for wheat, it was at 6.15 per cent. Fuel and power basket inflation eased to(-) 9.17 per cent in May against 0.93 per cent in April.
2. Don’t miss chance of becoming a green hydrogen superpower: IEA
Syllabus – GS III
Recent Context – The International Energy Agency (IEA) believes that India has the potential to become a “superpower” in green hydrogen production.
What is Green Hydrogen?
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A non-toxic, tasteless, odourless, colourless and highly combustible gaseous substance.
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Hydrogen is the simplest, lightest and most abundant member of chemical elements in the universe.
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The colour — green — prefixed to it makes hydrogen the “fuel of the future”.
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The ‘green’ depends on obtaining the hydrogen, how the generated electricity does not emit greenhouse gas when burned.
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It is produced through electrolysis using renewable energy sources such as solar, wind or hydel power.
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India has begun to generate green hydrogen to raise non-fossil energy capacity to 500 gigawatts by 2030.
International Energy Agency
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The IEA is an autonomous intergovernmental organization within the OECD framework.
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It works with governments and industry to shape a secure and sustainable energy future for all.
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Started in 1974 to ensure the security of oil supplies.
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It was established as the main international forum for energy cooperation on various issues such as security of supply, long-term policy, information transparency, energy efficiency, sustainability, research and development, technology collaboration and international energy relations.
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It comprises 30 member countries, 3 accession countries, and 8 association countries.
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A candidate country for this forum must be a member of the OECD.
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IEA member countries must have total oil stock levels equivalent to at least 90 days of the previous year’s net imports.
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In 2017, India became an Associate Member of IEA.
Points to Know
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Green hydrogen is considered the cleanest form of energy.
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The production cost of green hydrogen is significantly higher than hydrogen produced from hydrocarbons.
3. Belarus starts taking delivery of Russian nukes as Kremlin ups Ukraine war stakes.
Syllabus – GS II, III
Recent Context – Belarus has recently started taking delivery of Russian tactical nuclear weapons.
Who will control these Nukes?
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It will remain with Russia. However, they will be placed in Belarus.
Nord Stream Blast
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It is a natural gas pipeline that runs under the Baltic Sea.
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Connects Russia and Germany
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It aims at transporting Natural Gas from Russia to Europe. It was sabotaged in September 2022 with speculations that the USA was responsible for this that aimed to undermine Russia’s Energy Export.
4. 71 heritage sites in Kathmandu restored after 2015 damage
Syllabus – GS I
Recent Context – 71 Heritage sites in Nepal’s Pashupatinath Area have been restored. These sites are among 90 Heritage sites in Pashupatinath Area under the UNESCO World Heritage List.
Some Notable Sites
Jayabageshwori Temple, Mahasnanghar, Kulanand Jha Sattal, Amarkanteshwar temple
Pashupatinath Temple
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A Hindu temple dedicated to Lord Shiva.
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Located in Kathmandu near the banks of River Bagmati.
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A World Heritage Site
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Built-in the Nepali pagoda style of architecture.
5. China inks strategic pact with Palestine to expand its footprint in West Asia.
Syllabus – GS II
Recent Context – Palestine’s President’s recent visit to Beijing
Chinese Footprint in West Asia
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The announcement marks another step in China’s campaign to gain political and economic influence in West Asia, where it is competing with the USA.
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China has long had diplomatic ties with Palestine, but its experience is limited mainly to economic projects. With the strategic partnership, it seeks to change this equation.
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China is seeking Energy Resources and Markets for its military and civilian exports.
Status of Palestine
Palestine Liberation Organization formally established a de jure sovereign state on 15 November 1988 in Algiers, Algeria, at a session in exile of the Palestinian National Council.
At present, 139 of the 193 UN member states and two non–member states have recognized it.
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