Current Affair 1:

Global Alliance for Buildings and Construction (GlobalABC),

 

Launched at the 21st Conference of Parties (COP21), the Global Alliance for Buildings and Construction (GlobalABC) is a voluntary partnership of national and local governments, inter-governmental organisations, businesses, associations, networks and think thanks committed to a common vision: A zero-emission, efficient and resilient buildings and construction sector.

The Global Alliance for Buildings and Construction (GlobalABC) works towards a zero-emission, efficient, and resilient buildings and construction sector through:

• Raising ambitions to meet the Paris climate goals. While the sector is a major emitter, it also holds huge potential for improvement. We work to raise the level of ambition in retrofitting existing buildings and future-proofing the investments that we will see going into new buildings over the next 15 years.
• Mobilizing all actors along the value chain. Faced with a fragmented value chain, all stakeholders – from design to construction, operations and demolition in the private and public sectors – need to play their part.

Members:

India’s participating members are:

The Alliance is hosted (leading organization) is United Nation Development Programme.

Current Affair 2:

Premature tightening will lead to stagflation: RBI

Source Link

The above is an article from Indian express. Let us understand this in broader context.

When 2008 Global Financial Crisis hit US and other economies then US started a "Quantitative Easing" programme to stimulate the economy.

Quantitative Easing: Federal Bank of US purchased govt. and private bonds in the secondary market (that means these bonds were already issued and were traded in the market) from pension funds, insurance funds, banks. And it also purchased bonds through printing of new money. The purpose of this type of expansionary monetary policy was to lower interest rates, increase money supply and spur economic growth.

When the US economy recovered then the Federal Bank of US started a "Tapering" programme. Tapering refers to the theoretical reversal of quantitative easing (QE) policies, which were implemented to stimulate economic growth. Tapering refers specifically to the reduction in the purchasing of and accumulation of assets/bonds.

"Taper tantrum" referred to collective reactionary panic that triggered an increase in U.S. Govt bond yields, after investors learned that the Federal Reserve was slowly putting the brakes on its quantitative easing (QE) program. This fear of increase in yield/interest on bonds/loans hurts growth.

Indian Context [Covid Pandemic]

When last year Indian economy was hit due to Covid then RBI (and Govt. also) started stimulating the economy through various measures like reduction in repo rate, increasing the difference between repo rate and reverse repo rate, Long Term Repo Operation (LTRO), Targeted LTRO and Government Securities Acquisition Programme (G-SAP).

Now you all know that economy has started recovering and there is discussion going on in the RBI that should we start reversing the Accommodative (Easy Money/Dovish) Policy.

In that context RBI Governor is saying that policy support (accommodative policy through low repo rate) for a sustained and inclusive (of all sectors) recovery may be needed for longer. But RBI has stopped the G-SAP programme.

RBI Governor is also saying that premature tightening of the monetary policy could bring about the "Stagflation" (slow economic growth and high level of unemployment and inflation) which we all fear and which can hamper growth when the economy has just started recovering.

#Stagflation

It is an exception to the general theory of inflation and growth. Generally, when economic growth is less (due to less demand) then inflation is also less. But if there is supply side issues like disruption in supply chain, labour protests, factories lockdown.... then inflation increases (cost push inflation) and economy slows down. So, in stagflation growth is less but inflation and unemployment are high.

 

Current Affair 3:

Hangul population increases marginally in latest census

 

The Hangul population has registered a marginal increase in the Kashmir Valley. It is now 261, compared to 237 in 2019.

Livestock grazing and constant habitat fragmentation, due to the Kashmir conflict, are main reasons for their declining numbers.

Constant and regular population monitoring is the only way researchers, scientists and conservationists can get a general idea about a species that is otherwise hard to locate or observe all-year long.

The name hangul comes from the preferred food of the deer, which is the Indian horse chestnut (also known as ‘Han Doon’ locally). It also eats a wide variety of grass, herbs, shrubs and foliage. In the 1900s, the hangul was found in abundance in northern Kashmir, Himachal Pradesh and Pakistan. Now its range is restricted to the Dachigam National Park near Srinagar.

Current Affair 4:

What is compulsory licensing?

 

Compulsory licensing is when a government allows someone else to produce a patented product or process without the consent of the patent owner or plans to use the patent-protected invention itself. It is one of the flexibilities in the field of patent protection included in the WTO’s agreement on intellectual property — the TRIPS (Trade-Related Aspects of Intellectual Property Rights) Agreement.

This concept is recognised at both national as well as international levels, with express mention in both (Indian) Patent Act, 1970 and TRIPS Agreement. There are certain pre-requisite conditions, given under sections 84-92, which need to be fulfilled if a compulsory license is to be granted in favour of someone.

As per Section 84, any person, regardless of whether he is the holder of the license of that Patent, can make a request to the Controller for grant of compulsory license on expiry of three years, when any of the following conditions is fulfilled –

1. the reasonable requirements of the public with respect to the patented invention have not been satisfied
2. the patented invention is not available to the public at a reasonably affordable price
3. the patented invention is not worked in the territory of India.

Further, compulsory licenses can also be issued suo motu by the Controller under section 92, pursuant to a notification issued by the Central Government if there is either a "national emergency" or "extreme urgency" or in cases of "public non-commercial use".

The Controller takes into account some more factors like the nature of the invention, the capability of the applicant to use the product for public benefit and the reasonability, but the ultimate discretion lies with him to grant the compulsory license. Even after a compulsory license is granted to a third party, the patent owner still has rights over the patent, including a right to be paid for copies of the products made under the compulsory licence.

Have India applied for Compulsory License?

India's first ever compulsory license was granted by the Patent Office on March 9, 2012, to Natco Pharma for the generic production of Bayer Corporation's Nexavar, a life saving medicine used for treating Liver and Kidney Cancer.

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