9 Oct | UPSC Current Affairs: G7, WAZA, USCIRF, Repo Rate, and More

UPSC GS 2

G7

• News:  Italian Prime Minister Giorgia Meloni hosted a call of Group of Seven (G7) leaders and discussed the crisis in the Middle East.
• Definition:  The Group of 7 (G7) is an informal group of seven countries — the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom.
• Presidency:
  • • Each year, a different member country assumes the presidency, sets priorities, and organises summits.
• History:
  • • The G7 was established following the 1973 OPEC oil embargo as a forum for the richest nations to address global economic crises. 
    • The group’s countries represent a combined annual GDP of $40 trillion, nearly half of the global economy. 
• Members:
  • • The G7 includes the United States, Britain, Canada, France, Germany, Italy, and Japan. Representatives from the European Union also attend.
• Why is Russia not a Member?
  • • Russia joined in 1997, forming the G8, but was suspended in 2014 after the annexation of Crimea from Ukraine.
• Secretariat: 
  • • It has no permanent secretariat or legal status.

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World Association of Zoos and Aquariums (WAZA)

• News:   Darjeeling’s Padmaja Naidu Himalayan Zoological Park (PNHZP) has been shortlisted as one of the top three finalists for the World Association of Zoos and Aquariums (WAZA) award in Sydney, Australia.
• Overview:
  • • WAZA serves as the global umbrella organization for zoos and aquariums worldwide.
    • Established in 1935, it is the only global entity representing zoos and aquariums.
    • The organization’s mission is to provide guidance, encouragement, and support to zoos, aquariums, and similar organizations in the areas of animal care, education, and conservation.
• Membership:
  • • Members include leading zoos and aquariums, national and regional associations, and affiliate organizations such as zoo veterinarians and educators from around the world.
• Key Activities:
  • • Facilitating cooperation among zoos and aquariums for the conservation, management, and breeding of animals in captivity.
    • Promoting and upholding the highest standards of animal welfare and husbandry.
    • Fostering collaboration between national and regional associations and their respective institutions.
    • Representing zoos and aquariums in international organizations or assemblies.
    • Advocating for wildlife conservation, environmental research, and education.
• Global Partnerships:
  • • WAZA collaborates with major international conservation organizations to address critical global issues such as illegal wildlife trade, coral reef restoration, marine pollution, sustainable palm oil, and climate change.

Ni-kshay Poshan Yojana (NPY)

• News:  The Union Health Ministry has increased the monthly nutrition support provided under the Ni-Kshay Poshan Yojana (NPY) from Rs 500 to Rs 1,000 per month for all tuberculosis (TB) patients during their treatment.
• About Ni-Kshay Poshan Yojana (NPY):
  • • Launched in April 2018 by the Ministry of Health and Family Welfare (MoH&FW), NPY is a centrally sponsored scheme under the National Health Mission (NHM).
    • It operates as a direct benefit transfer (DBT) initiative within the National Tuberculosis Elimination Program (NTEP) of India.
• Objective: The scheme aims to provide nutritional support to TB patients by offering financial incentives.
• Beneficiaries: All notified TB patients are eligible to benefit from this scheme.
• Eligibility:
  • • All TB patients notified to the government from April 1, 2018, onward, including those already under treatment, are eligible for the scheme.
    • Patients must be registered or notified on the NIKSHAY portal to receive the incentives.
• Benefits:
  • • TB patients receive a financial incentive of Rs 1,000 per month during their treatment period.
    • The incentive is provided through direct benefit transfer (DBT), preferably through Aadhaar-linked bank accounts, or in-kind support.
• Implementation:
  • • The scheme is implemented in all States and Union Territories (UTs) across India.

United States Commission on International Religious Freedom (USCIRF)

• News: USCIRF released a report flagging “collapsing religious freedom conditions” in India. 
• What is the USCIRF?
  • • USCIRF is an independent, bipartisan U.S. federal government body, established under the 1998 International Religious Freedom Act (IRFA). 
    • Its main function is to monitor and assess religious freedom conditions worldwide, excluding the U.S., based on international human rights standards. 
    • The foundation of its work lies in Article 18 of the Universal Declaration of Human Rights, which asserts the right to freedom of thought, conscience, and religion. 
    • The USCIRF operates separately from the U.S. State Department’s Office of International Religious Freedom (IRF), although both release reports on religious freedom.
• How the USCIRF Operates: The findings are published annually, categorising countries into two lists:
  • • Country of Particular Concern (CPC): Nations that engage in “systematic, ongoing, and egregious” violations of religious freedom.
    • Special Watch List (SWL): Countries with severe violations of religious freedom but falling short of the CPC designation.
      The U.S. State Department may impose sanctions or other measures based on USCIRF recommendations.
• USCIRF’s 2024 Assessment of India:
  • • The report highlights a “deteriorating and concerning trajectory” of religious freedom in India in 2024. 
    • The report criticises the Indian government for implementing laws such as the Citizenship (Amendment) Act, 2019, and enforcing discriminatory regulations like anti-conversion laws and cow slaughter laws, which disproportionately affect religious minorities.
• Are USCIRF’s Recommendations Binding?
  • • USCIRF’s recommendations are not binding. 

UPSC GS 3

Repo Rate 

• News: The Reserve Bank of India’s Monetary Policy Committee (MPC) has decided to keep the policy repo rate unchanged at 6.50% for the 10th consecutive time.
• Repo Rate: The interest rate that the RBI charges when commercial banks borrow money from it is called the repo rate. 
• Reverse Repo Rate: The interest rate that the RBI pays commercial banks when they park their excess cash with the central bank is called the reverse repo rate. 
• Standing Deposit Facility (SDF): The SDF is a liquidity window through which the RBI will give banks an option to park excess liquidity with it. It is different from the reverse repo facility in that it does not require banks to provide collateral while parking funds. 
• Marginal standing facility (MSF): MSF is a window for banks to borrow from the Reserve Bank of India in an emergency situation when inter-bank liquidity dries up completely.

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• Impact of Repo Rate on Economy: 
  • • Decrease in Repo Rate: 
    • When the RBI wants to encourage economic activity in the economy, it reduces the repo rates.
    • Doing this enables commercial banks such as the SBI to bring down the interest rates they charge (on their loans) as well as the interest rate they pay on deposits.
    •  This, in turn, incentivises people to spend money, because keeping their savings in the bank now pays back a little less, and businesses are incentivised to take new loans for new investments because new loans now cost a little less as well.
    • Increase in Repo Rate: 
    • RBI tries to control inflation in the economy by increasing the repo rate. 
    • By doing this, it makes borrowing a costly affair for businesses and industries and this in turn slows down investment and money supply in the market.
    •  It eventually and negatively impacts the growth of the economy, which helps in controlling inflation.
• Monetary Policy Committee (MPC) of RBI: 
  • • The monetary policy committee is a six-member panel which sets the repo rate. Repo rate acts as a benchmark for all other interest rates in the economy.
    • Out of the six members, three are external. They are appointed for a fixed four year term. 
    • Among the three internal members, one is the RBI Governor who chairs the committee. 
    • RBI’s deputy governor in charge of the monetary policy is the second internal member. 
    • The third member is one RBI official who is nominated by the central board of RBI. The executive director in charge of monetary policy is typically the third member. 
    • According to the amended RBI Act, the MPC is required to meet at least four times in a year. 
    • Once in every six months, the RBI is required to publish the Monetary Policy Report to explain the sources of inflation and the forecast of inflation for 6-18 months ahead.