UPSC Daily Current Affairs | Prelim Bits 08-06-2024

Indo-Pacific Economic Framework for Prosperity (IPEF)

India participates in the IPEF Ministerial meeting in Singapore in 2024.

• Launched in – 2022 at Tokyo, Japan,
• Aim – To advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for the member economies.
• It will provide tangible benefits that fuel economic activity and investment, promote sustainable and inclusive economic growth, and benefit workers and consumers across the region.

• Member – 14 countries including Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, USA and Vietnam (Taiwan is not part of it).
• 4 Pillars
  • Pillar I - Trade
  • Pillar II - Supply Chain Resilience
  • Pillar III - Clean Economy
  • Pillar IV - Fair Economy
• India – It had joined Pillars II to IV, while it has maintained an observer status in Pillar-I.
• IPEF Catalytic Capital Fund – The founding supporters were Australia, Japan, Korea, and the United States.
• 2024 Ministerial Statement – It declared substantial conclusion of negotiations for Clean Economy, Fair Economy, and the overarching Agreement on the IPEF for Prosperity.
• Pursuant to this, the IPEF partners completed legal review of the text for these agreements and domestic approval processes.
• These agreements will enter into force after at least 5 IPEF partners complete their internal legal procedures for ratification, acceptance or approval.
• India did not formally sign these agreements as domestic approval processes are still underway.
• Significance – The bloc represents 40% of global GDP and 28% of global goods and services trade.
• The agreements planned under IPEF are 1st-of-their-kind approaches to address 21st century challenges.

References

1. PIB| India participates in IPEF Ministerial meeting in Singapore
2. USTR| Indo-Pacific Economic Framework for Prosperity (IPEF)

Standard Missile 6 (SM-6)

The US Navy's F/A-18 Super Hornet was recently spotted carrying an air-launched version of the SM-6 (RIM-174) missile.

• The Standard Missile-6 (SM-6) is also known as RIM-174.
• Capability - The SM-6 is the first missile of its kind, with anti-air, anti-surface and sea-based terminal defence capabilities, which enable it to intercept ballistic and cruise missiles.
• Technology - It is an extended range active missile (ERAM) that uses the sophisticated signal processing and guidance technologies of the AMRAAM (Advanced Medium-Range Air-to-Air Missile).
• Guidance - The interceptor uses semi-active homing and active homing guidance to achieve accurate engagement of the assigned targets.

Reference

1. Naval News | Standard Missile-6
2. Standard Missile-6 (SM-6)

Onge tribes

Andaman's Onge tribe king Totoko and Queen Priya welcomed a baby boy.

• About- Onges are one of the oldest tribes in Little Andaman Island.
• Racial ancestry- Negrito.
• Occupation- The Onge tribe is traditionally semi-nomadic and reliant on hunting and gathering.
• Habitat- Until 1940s, the Onge were the sole permanent inhabitants of Goubalambabey (the Onge name for Little Andaman).
• At present, they were confined to the Dugong Creek and South Bay of Little Andaman Island.
• Appearance - Due to their dark appearances, Onge's are regarded as among the darkest people.
• Religion - They do not believe in or follow firm worshipping practices or sacrifices.
• Ornamentation -On special occasions, they place a greater emphasis on body ornamentation.
• Belief – They considered that white teeth is a symbol of death, so they continue to chew the bark to impart a red colour to their teeth.
• Prolific nature - The Onge tribe is also one of the world's least prolific and infertile communities.
• Infertility affects somewhat more than 40% of married couples.

Other tribes in Andaman were Jarawa, Shompen, Great Andamanese, and Sentinelese.

Reference

The Indian Express | Onge Tribe  

Antlions

Recently, researchers have discovered two species of antlions namely Pseudoformicaleo nubecula, Creoleon cinnamomeus, for the first time.

• Unique Larvae Behavior - The larvae of Pseudoformicaleo and Creoleon species don't construct pits.
• Instead, they inhabit loose soils underground, sheltered from direct sunlight, wind, and rain.

Pseudoformicaleo nubecula

• It is recently found in Kerala, India and in Chiang Dao, Thailand.
• It has been reported in other countries such as Australia, China, Indonesia, Japan, Malaysia, Palau, Papua New Guinea, Sri Lanka and Vietnam.

Creoleon cinnamomeus

• It is recently found in Kerala, India and in Phu Quoc island, Vietnam.
• Creoleon cinnamomeus has been reported only from China, Sri Lanka, and Vietnam.

Reference

The Hindu | Antlions

World Wealth Report, 2024

According to the latest report reveals that in 2023, the number of high-net-worth individuals (HNWIs) and their wealth hit record levels.

• Published by- Capgemini Research Institute.

Report Highlights

• Wealth expansion - The report noted that global HNWI wealth expanded by 4.7% in 2023 reaching $86.8 trillion.

HNWIs are high-net-worth individuals with investable assets of USD1 million or more, excluding their primary residence, collectables, consumables, and consumer durables.

• HNWI population- Increased by 5.1% to 22.8 million.
• The HNWI continues to grow globally despite market unpredictability.

Global Findings

• Wealth recovery - North America posted the most robust recovery, expanding by 7.2% in HNWI wealth and 7.1% in HNWI population.
• Asia-Pacific – It experienced 4.2% HNWI growth and 4.8% rise in HNWI population.
• Among the Asia–Pacific (APAC) region India and Australia, recorded HNWI wealth growth of 12.4% and 7.9%.

Findings in India

• HNWI in India- The number of high net-worth individuals (HNWI) in India increased by 12.2% in 2023 vs 2022.

The total number of HNWI population in India is 3.589 million.

• Market capitalisation- India’s country’s market capitalisation increased by 29.0% in 2023, after an increase of 6% in 2022.
• National savings- National savings as a percentage of GDP increased to 33.4% in 2023, up from 29.9% in 2022.
• Unemployment rate- India's unemployment rate decreased to 3.1% in 2023, down from 7% in 2022, despite the economy growing 7.3% in 2023, higher than the increase of 7% in 2022.

Reference

The Hindu | World Wealth Report 2024