Current Affairs Quiz 18 March 2023

Pennaiyar River
• The river originates in the Nandi Hills in the Chikkaballapura district of Karnataka and flows through Tamil Nadu before emptying into the Bay of Bengal.
• It is also known as the South Pennar River, Dakshina Pinakini in Kannada and Thenpennai or Ponnaiyar or Pennaiyar in Tamil.
• This is the second longest river in Tamil Nadu, with a length of 497km, after the Kaveri.
• It is the second largest interstate East flowing river basin among the 12 basins lying between Pennar and Cauvery basins. It covers a large area in the State of Tamil Nadu besides the areas covered in the states of Karnataka and Andhra Pradesh.
• Bangalore, Hosur, Tiruvannamalai, and Cuddalore are the important cities on the banks of South Pennar river.

Exercise Sea Dragon
• It is a biennial coordinated multilateral anti-submarine warfare (ASW) exercise for long-range maritime reconnaissance aircraft.
• The exercise is hosted by the United States Navy, and it involves the participation of other friendly navies from Japan, Canada, South Korea, and India.
• It aims to achieve high levels of synergy and coordination between the participating countries based on their shared values and commitment to an open, inclusive Indo-Pacific

What is Internationalisation of Indian Rupee?
• It refers to the process of making the Indian rupee a globally accepted currency, similar to other major currencies like the US dollar, Euro, and Japanese yen etc.,
• This process aims to promote India’s economic growth and development by increasing the use of the rupee in cross-border transactions, foreign investment, and global trade.
• It requires the liberalization of India’s capital account, which means allowing free flow of capital in and out of the country without any restrictions.
Advantages of Internationalization of rupee
• Increased global acceptance: Internationalization of the rupee can increase its global acceptance, which can lead to more international transactions being conducted in the rupee, thereby reducing the demand for foreign currencies and reducing exchange rate risks.
• Reduced transaction costs: Internationalization of the rupee can reduce transaction costs for Indian businesses as they will not have to incur exchange rate fees for converting rupees into foreign currencies for international transactions.
• Boost to trade and investment: Internationalization of the rupee can promote trade and investment by making it easier for foreign businesses to invest in India and for Indian businesses to invest abroad.
• Enhanced competitiveness: A more freely traded rupee can enhance India’s competitiveness in global markets by allowing the currency to reflect the country’s economic fundamentals and reducing the need for the Reserve Bank of India to intervene in currency markets.
• Diversification of reserves: Internationalization of the rupee can diversify India’s foreign exchange reserves away from a concentration in US dollars, reducing the risks associated with holding a single currency.
Challenges of Internationalisation of rupee:
• Exchange rate volatility: It is the primary challenge of internationalising the rupee as it can create risks for businesses and investors that operate in multiple currencies, leading to uncertainty and higher transaction costs.
• Integration with global financial markets: It requires integration with global financial markets, which can pose challenges in terms of regulatory compliance, market infrastructure, and investor protection.
• Limited liquidity: The rupee is not yet a widely traded currency, which means there is limited liquidity in global markets making it difficult for investors to buy and sell rupee-denominated assets, which can limit the attractiveness of the currency.
• Underdeveloped financial markets: India’s financial markets are still relatively underdeveloped compared to other major economies, which can limit the range of products and services available to international investors.
• Regulatory challenges: It requires a supportive regulatory environment that balances the need for openness with the need for financial stability and regulatory oversigh which is challenging to achieve, especially given the complexities of global financial markets.

What is Right to repair?
• It refers to government measures that forbid manufacturers to impose barriers that deny consumers the ability to repair consumer products.
• The sectors identified for the right to repair include : farming equipment, mobile phones/tablets, consumer durables, and automobiles/automobile equipment.
• Government has launched a unified portal, https://righttorepairindia.gov.in, to onboard leading brands and reliable third-party technicians to provide easy access to overhauling services.
• The portal has onboarded leading brands such as Samsung, Honda, Kent RO Systems, Havells, Hewlett Packard, and Hero MotoCorp.
• The portal seeks to streamline trade between original equipment manufacturers and third-party sellers.
• The right to repair has been recognized in many countries across the globe, including the USA, UK, and European Union.

About Eurasian Otter
• Otters are mammals of the family Mustelidae consisting of 13 species. They are found in every continent except Australia and Antarctica.
• The Eurasian otter covers the largest range of any Palearctic mammal.
• The species is persecuted as a pest in countries such as India, China and Nepal, and its populations have declined due to hunting for food and pelt, habitat loss, pollution and climate change,
• Eurasian otter is classified as ‘near threatened’ on the IUCN Red List.It is regarded as a flagship species and indicator of high-quality aquatic habitats.