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The Hindu PDF Analysis 18 November 2023 for UPSC
- U.S. President Joe Biden and Chinese President Xi Jinping’s summit in San Francisco aimed to stabilize their rocky relations.
- The summit resulted in concrete agreements, including the restart of military-to-military direct dialogue and discussions on AI risk and safety.
- Both sides described the summit as establishing a floor to the relationship, offering hope for stability.
- Cautious optimism surrounds the attempt at stabilization, considering the prior failure of the Bali consensus due to a “spy balloon” incident.
- Concerns arise with Taiwan’s upcoming elections and the potential for increased tensions across the strait.
- The U.S. will enter election mode in 2024, bringing heated rhetoric on China during the campaign season.
- A fundamental difference in the perception of their relationship’s future exists, with Xi questioning whether they are adversaries or partners.
- Xi criticizes the U.S. framing of the relationship as fundamentally competitive, warning against misinformed policy making.
- Biden acknowledges competition but emphasizes responsible management.
- Despite differences, both sides realize the importance of high-level engagement and open channels to prevent competition from escalating into conflict.
- Lessons from the U.S.-China relationship offer insights into the India-China relationship amid the crisis along the Line of Actual Control.
- Geopolitical shifts in West Asia until October 7: U.S. focusing on Russia and China, seeking closer ties between Israel and Gulf Arabs through the Abraham Accords.
- U.S. deprioritization of West Asia led Gulf Arabs to make tactical changes, creating an opportunity for China’s role as a peacemaker in the Iran-Saudi reconciliation agreement.
- U.S. response to Saudi-Iran détente: Doubling down on the Abraham Accords, investing in talks between Saudis and Israelis.
- October 7 Hamas attack on Israel: Goal to re-regionalize the Palestine issue, disrupt Saudi-Israel peace bid.
- Israel’s response to the attack: Disproportionate and indiscriminate attack on Gaza, triggering massive protests across the Arab Street.
- Growing pan-Arab sympathy with Palestinians and antipathy towards Israel, putting pressure on Arab leaders.
- Iran factor: Iran stepping up pro-Palestine rhetoric, calling for collective action against Israel, complicating choices for Saudi Arabia and other Arab countries.
- Saudi Crown Prince’s stance: Relinking the Palestine issue with peace talks with Israel, a setback for the U.S. and Israel.
- Uncertainty about Israel’s endgame in Gaza, potential long-term consequences if Israel reoccupies the territory.
- Regional dynamics: Iran-Saudi reconciliation under Chinese mediation, showing increasing autonomy of Arab countries, and a setback for U.S.-brokered Abraham Accords.
- Growing role of China in the Gulf, changes in regional dynamics, and the limits of U.S. influence in the region.
- World Cup final between India and Australia at Narendra Modi Stadium in Ahmedabad.
- India in prime form with 10 consecutive wins, defeating New Zealand in the semifinal.
- Australia started with two losses but won eight consecutive games, aiming to uphold its legacy with five previous championship wins.
- Previous World Cup final clash in 2003, Australia won by 125 runs; Rahul Dravid, involved in that match, is now the Indian team’s coach.
- Dravid and captain Rohit Sharma emphasize the philosophy of taking one match at a time.
- Key players for India: Rohit Sharma’s explosive starts, Shubman Gill’s poise, Virat Kohli’s prolific run, and contributions from Shreyas Iyer, K.L. Rahul, and Suryakumar Yadav.
- Bowling attack led by Jasprit Bumrah, with spinners playing a crucial role in strangling the middle order.
- Kohli leading the batting with 711 runs, and Mohammed Shami leading the bowlers with 23 scalps.
- Australia seen as a combative unit, with Glenn Maxwell’s standout performance of 201 runs against Afghanistan.
- Australia’s fine seam attack and effective spinner Adam Zampa pose a challenge for India.
- India aims for its third World Cup victory, needing to tackle Australia’s formidable bowling to secure the win.
- Majid Al-Suwaidi, Director-General, CoP-28, denies conflict of interest in UAE hosting the event despite being an oil producer.
- The 28th edition of the Conference of Parties (CoP) will be held in Dubai next month.
- Sultan Al-Jaber, the CoP President, facing criticism for heading one of the world’s largest oil companies.
- Al-Suwaidi surprised by the criticism, stating it’s not the first time a CoP President is from a fossil fuel-producing country.
- UAE emphasizes a history of development that minimizes wastage and transition to a non-oil-and-gas economy.
- UAE’s economy is now 70% not oil-and-gas, with efforts in tourism and renewable energy (Masdar).
- Emphasis on the need for practical solutions to transition people in developing countries to new jobs without compromising development.
- CoP Presidency’s role is to encourage countries to do more than committed to addressing the 43% projected increase in emissions by 2030.
- Focus on decarbonizing while building a new economy to achieve the 1.5 degrees Celsius target.
- Prime Minister Narendra Modi expected to attend CoP-28; India has a critical role in the conference.
- CoP-28 seen as the most high-profile, with India playing a crucial role, especially as the conference is for Asia.
- Japan’s Prime Minister Fumio Kishida raised “serious concerns” about Chinese military activity in talks with President Xi Jinping.
- Concerns include China’s increasing military activity near Japan and collaboration with Russia.
- Emphasized the importance of peace and stability in the Taiwan Strait to the international community.
- Urged the immediate removal of Chinese buoys set up in Japan’s exclusive economic zone (EEZ) in the East China Sea.
- President Xi called for following the trend of the times, focusing on common interests, and handling differences properly.
- Tensions have escalated in the Pacific over China’s actions in the South China Sea and drills around Taiwan.
- Japan strongly demanded a calm response based on scientific evidence and the immediate removal of restrictions on Japanese seafood imports by China.
- The seafood ban by China was in response to Japan releasing treated wastewater from the Fukushima nuclear plant, which Japan insists is safe.
- RBI increased the risk weight on consumer loans by 25 percentage points to curb unsecured loans.
- Bankex of the BSE dropped 1.48%, losing 740.92 points to 49,170.81.
- State Bank of India led the decline with a 3.64% drop, followed by Axis Bank (-3.03%) and Canara Bank (-2.02%).
- ICICI Bank (-1.45%), Federal Bank (-1.4%), Bank of Baroda (-0.91%), Kotak Bank (-0.43%), and HDFC Bank (-0.22%) also experienced declines.
- Nifty Bank index of the NSE fell 1.31%, down 577.60 points to 43,583.95.
- The RBI’s move raises concerns about banks’ loan growth and profitability.
- Analysts suggest the Bank Nifty’s next support is at the 43,300-43,250 zone, with a potential recovery toward 44,000 if that level holds.
- Heavyweight financial stocks saw a drop amid concerns over the sector’s loan growth and profitability after the RBI tightened rules for personal loans and credit cards.
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