GS Paper I- History and Geography of the World and Society.

India 6th Wealthiest Country With Total Wealth Of $8,230 Billion.

Background

  • India has been ranked sixth in the list of wealthiest countries with total wealth of $8,230 billion, while the United States topped the chart, says a report.
  • According to a report by New World Wealth, the US is the wealthiest country with total wealth of $64,584 billion, followed by China ($24,803 billion) and Japan ($19,522 billion).
  • Total wealth refers to the private wealth held by all the individuals living in each country/city. It includes all their assets (property, cash, equities, business interests) less any liabilities. The report, however, excludes government funds from its figures.

Highlights Of The Development-

  • Others in the list include United Kingdom (4th, $9,919 billion), Germany (5th, $9,660 billion), France (7th, $6,649 billion), Canada (8th, $6,393 billion), Australia (9th, $6,142 billion) and Italy (10th, $4,276 billion).
  • The New World Wealth report said that in general, it was a good year for all W10 (wealthiest 10) markets, thanks to strong global stock market gains—the MSCI world index was up 23% and the Dow Jones (DJIA) was up 26% during the year (in US dollar terms), adding that wealth held in China, India, USA, Japan and Australia all grew strongly over the past year.
  • According to the New World Wealth report, India was the best performing wealth market globally in 2017 as its total wealth rose 25% from $6,584 billion in 2016 to $8,230 billion in 2017. China’s wealth during the year saw an increase of 22% and global wealth rose by 12% (from $192 trillion at the end of 2016 to $215 trillion at the end of 2017).
  • Over the past decade (2007-2017), India’s total wealth increased from $3,165 billion in 2007 to $8,230 billion in 2017, a jump of 160%.
  • The report further noted that India is home to 330,400 HNWIs (high net-worth individuals), ranking it ninth in this aspect. The US topped the list with 5,047,400 HNWIs.
  • High net-worth individuals are those with $1 million or more in net assets.
  • India is also home to 20,730 multimillionaires, the seventh largest in the world. India has 119 billionaires, the third-highest after the US and China, the report said.

Sources- Livemint.

GS Paper II- International Relations.

India, Cambodia Ink 4 Pacts, Agree To Boost Connectivity, Defence Ties.

Background

  • After detailed discussions between PM Narendra Modi and his Cambodian counterpart Samdech Hun Sen on 27th January, 2018, the countries signed four agreements to enhance cooperation on security, connectivity and development assistance while stressing the importance of adhering to the law of the sea.
  • Hun Sen was on an official visit to India and had joined his Asean colleagues at the Republic Day parade.

Highlights Of The Development-

  • Significantly, Cambodia, which is very close to China, endorsed the importance of the UN Convention on the Law of the Sea (UNCLOS) in a joint statement with India. The two countries agreed that peace and maritime security is important for both countries. To that end, they support complete freedom of navigation and overflight and pacific resolution of maritime issues based on international law, notably the 1982 UNCLOS.
  • India and Cambodia signed pacts for an MoU on the prevention of human trafficking; a mutual legal assistance treaty in criminal matters; a cultural exchange programme; and for a $36.92 million (approx. Rs 234.8 crore) line of credit for Cambodia’s Stung Sva Hab water resource development project. The two sides also agreed to enhance bilateral defence ties, including through exchanges between senior-level defence personnel and capacity-building projects.
  • Connectivity was a strong focus of discussions, as evident in the joint statement. India promised to complete the India-Myanmar-Thailand Trilateral Highway and agreed to explore the possibility of extending the highway to Cambodia and beyond.
  • Both leaders agreed to have scheduled services operated by designated airlines… in the near future and supported the expansion of air traffic rights and civil aviation arrangements to facilitate people-to-people contact and promote tourism between the two countries.
  • India and Cambodia share strong religious and cultural ties going back almost 2,000 years. Cambodians are predominantly Buddhist but retain a strong influence of Hindu rituals, idolatry and mythology.

Sources- TOI.

 

GS Paper III- Security.

INS Karanj, India’s Third Scorpene Class Submarine, Launched In Mumbai: Three More To Be Inducted Into Navy By 2020.

Background

  • INS Karanj, India’s third Scorpene class submarine, was launched in Mumbai on 31st January, 2018. The submarine was launched at the Mazagon Dock Shipbuilders Ltd (MDL), and navy chief Admiral Sunil Lanba was the chief guest.
  • Karanj was the third Scorpene class submarine built by MDL under the ambitious Project 75 scheme of the Indian Navy. In all, there will be six such submarines being indigenously built. All six were designed by French naval defence and energy company DCNS, and are being built in Mumbai.
  • The first of these, INS Kalvari, was commissioned in Mumbai last December. The second, INS Khanderi, is undergoing sea trials. All submarines are due to be inducted gradually into the Indian Navy by 2020.

Highlights Of The Development-

  • The ambitious plan incurred a massive Rs 3.5 billion cost for the Indian Navy. As per the original schedule, two of the submarines were to be commissioned last year (2017), but the project has fallen behind schedule.
  • The first four submarines will be conventional, while the last two are to be equipped with the Air Independent Propulsion (AIP) system, which will enable the vessel to stay underwater for longer duration.
  • All six diesel-electric attack submarines will be equipped with an anti-ship missile, which has a proven record in combat, besides other weapon systems.
  • The state-of-the-art features of the Scorpene submarines include superior stealth and ability to launch crippling attacks with precision-guided weapons.
  • The attacks can be carried out with torpedoes both while submerged or on the surface — in all war theatres, including the tropics, giving it an unmatched invulnerability.
  • The submarine has an overall length of 67.5 metres and height of about 12.3 metres. The hull form, fin and hydroplanes are specifically designed to produce minimum underwater resistance.
  • Keeping with Indian naval tradition, INS Karanj too is a reincarnation of an older submarine that was in operation from 1969 to 2003. It served the country for 34 years and was also part of operations in 1971. 31st’s event marked the rebirth of the submarine in a new avatar, the Indian Navy tweeted.

Sources- Firstpost.