News: India said it was watching the latest developments along Ukraine’s eastern border and Russia’s recognition of separatist states in the Donbas region “with deep concern”, but stopped short of criticising Moscow’s actions, during a debate at the United Nations Security Council.
About United Nations Security Council:
The United Nations Security Council (UNSC) is one of the six principal organs of the United Nations (UN), charged with ensuring international peace and security, recommending the admission of new UN members to the General Assembly, and approving any changes to the UN Charter.
Its powers include establishing peacekeeping operations, enacting international sanctions, and authorizing military action.
The UNSC is the only UN body with the authority to issue binding resolutions on member states.
Like the UN as a whole, the Security Council was created after World War II to address the failings of the League of Nations in maintaining world peace.
It held its first session on 17 January 1946, and in the ensuing decades was largely paralyzed by the Cold War between the United States and the Soviet Union and their respective allies. Nevertheless, it authorized military interventions in the Korean War and the Congo Crisis and peacekeeping missions in Cyprus, West New Guinea, and the Sinai Peninsula.
With the collapse of the Soviet Union, UN peacekeeping efforts increased dramatically in scale, with the Security Council authorizing major military and peacekeeping missions in Kuwait, Namibia, Cambodia, Bosnia and Herzegovina, Rwanda, Somalia, Sudan and the Democratic Republic of the Congo.
The Security Council consists of fifteen members, of which five are permanent: the People’s Republic of China, the French Republic, Russia, the United Kingdom of Great Britain and Northern Ireland, and the United States of America. These were the great powers, or their successor states, that were the victors of World War II.
Permanent members can veto any substantive resolution, including those on the admission of new member states to the United Nations or nominees for the office of Secretary-General.
The remaining ten members are elected on a regional basis to serve a term of two years.
The body’s presidency rotates monthly among its members.
Resolutions of the Security Council are typically enforced by UN peacekeepers, military forces voluntarily provided by member states and funded independently of the main UN budget.
News: Sri Lanka’s inflation hit a record high for the fourth consecutive month, official data showed on Tuesday as an economic crisis driven by a crippling foreign exchange shortage worsens.
Inflation is the decline of purchasing power of a given currency over time.
A quantitative estimate of the rate at which the decline in purchasing power occurs can be reflected in the increase of an average price level of a basket of selected goods and services in an economy over some period of time.
The rise in the general level of prices, often expressed as a percentage, means that a unit of currency effectively buys less than it did in prior periods.
Inflation is the rate at which the value of a currency is falling and, consequently, the general level of prices for goods and services is rising.
Inflation is sometimes classified into three types: Demand-Pull inflation, Cost-Push inflation, and Built-In inflation.
The most commonly used inflation indexes are the Consumer Price Index (CPI) and the Wholesale Price Index (WPI).
Inflation can be viewed positively or negatively depending on the individual viewpoint and rate of change.
Those with tangible assets, like property or stocked commodities, may like to see some inflation as that raises the value of their assets.
About Galloping Inflation:
Galloping inflation (also jumping inflation) is one that develops at a rapid pace (dual or triple-digit annual rates), perhaps only for a brief period of time.
Such form of inflation is dangerous for the economy as it mostly affects the middle and low-income classes of population.
Importantly, the galloping inflation can precipitate an economic depression. Nevertheless, the galloping inflation can still be accompanied by the real economic growth.
The galloping inflation is characterized by the rates of price growth that are higher than those of the moderate (creeping) inflation, but lower than those of the hyperinflation.
Hyperinflation is a term to describe rapid, excessive, and out-of-control general price increases in an economy.
While inflation is a measure of the pace of rising prices for goods and services, hyperinflation is rapidly rising inflation, typically measuring more than 50% per month.
Hyperinflation refers to rapid and unrestrained price increases in an economy, typically at rates exceeding 50% each month over time.
Hyperinflation can occur in times of war and economic turmoil in the underlying production economy, in conjunction with a central bank printing an excessive amount of money.
Hyperinflation can cause a surge in prices for basic goods—such as food and fuel—as they become scarce.
While hyperinflations are typically rare, once they begin, they can spiral out of control.
3. DRAFT INDIA DATA ACCESSIBILITY AND USE POLICY
News: The IT ministry has come out with a draft policy that proposes a framework for government-to-government data sharing and moots that all data for every government department or organisation shall be open and shareable by default, with riders.
The draft ‘India Data Accessibility and Use Policy’ circulated for public consultation will be applicable to all data and information created, generated and collected by the government directly or through ministries, departments and authorised agencies.
The policy aims to ‘radically transform’ India’s ability to harness public sector data.