Current Affairs 4th January

1. India’s International Financial Assets drop by $56.6 bn in Q2

India’s international financial assets decreased to $56.5 billion in July – september.2022. Reserved assets(62.9%) remained the dominant component of India’s international financial assets. The claims of non – indian residents in India has increased by $34.3 bn in Q2 of financial year 2023. 

 

Causes pointed out by RBI : 

• India’s foreign liabilities fall in the second quarter of 2022 has played a major role in the drop of India’s international financial assets. 
• Also a marginal decline is recorded in portfolio and other investments, $5.1 billion increased in baring trade.
• Exchange rate variation of rupee with other currencies also affected the liabilities.

 

The Present Scenario : 

Quarter ago the ratio of international assets to international liabilities moderated to 68.6% in September from 71.5%. In total external liabilities, Debt and non Debt have equal shares.

 

Significance of External Financial Assets

External Foreign Assets determine the value of nation currency. If the currency appreciates, the foreign assets value will decrease. If the currency depreciates the value of foreign assets will increase. 

 

2. Captain Shiva Chauhan becomes the 1st women officer to be operationally deployed in Siachen

 

Who’s Capt Shiva Chouhan?

 

Capt Shiva Chouhan, who hails from Rajasthan, is a Bengal Sapper Officer. Chouhan lost her father at the age of 11 and her mother , a housewife, took care of her studies. She did her training from Udaipur and graduated from NJR Institute of Technology, Udaipur, in civil engineering. Covering a distance of 508 kms, Capt Chouhan successfully led the Sura Soi Cycling Expedition from Siachen War Memorial to Kargil War Memorial conducted on the occasion of Kargil Vijay Diwas in July 2022. She also took up the challenge of leading the men of Sura Soi mastermind Troop at Siachen and, grounded on her performance, was named to suffer training at the Siachen Battle School.

 

About the Siachen Glacier

 

The Siachen glacier lies in the Karakoram Range. It’s 75 km( 47 long hauls) long, which makes it the alternate longest nonpolar glacier in the world, after Fedchenko Glacier in Tajikistan.

 

Strategic Significance of Siachen Glacier

 

• The Siachen Glacier is the loftiest battlefield on earth, where India and Pakistan have fought intermittently since 1984. The Glacier is of strategic significance for India videlicet.

 

• The Glacier guards the routes which lead to Leh, the capital of Ladakh.

 

• Secondly the Saltoro Ridge overlooks the area of Gilgit – Baltistan of Pakistan Occupied Kashmir.

 

• Thirdly, it overlooks and dominates the Shaksgam Valley, which was immorally ceded to China by Pakistan.

 

• Fourthly, it’s close to the Karakoram Pass through which the Karakoram Highway passes connecting Gilgit- Baltistan to Xinjiang Province of China.

 

• Due to its strategic significance both countries maintain an endless military presence in the region at a height of over 6000 metres.

 

• More than 2000 soldiers have failed in this negative terrain, substantially due to rainfall axes and the natural hazards of mountain warfare. 

 

Operation Meghdoot

 

The operation Meghdoot was launched by the Indian Army on April 13th 1984 to take control of Siachen Glacier before the Pakistani army. At the time of this operation Siachen Glaciers was in Jammu and Kashmir but now it is in the Union Territory of Ladakh.