Why is it in the News?

Prime Minister Modi will be on a two-day visit to Dubai, UAE from 30th November to attend the World Climate Action Summit.

About World Climate Action Summit:

• The World Climate Action Summit is the High-Level Segment of the 28th Conference of Parties (COP-28) to the United Nations Framework Convention on Climate Change (UNFCCC).
• COP-28 is being held from 28 November to 12 December 2023 under the Presidency of the UAE.
• The Conference of Parties to the UNFCCC provides a unique opportunity to impart momentum for collective action towards combating the shared challenge of climate change.
• The World Climate Action Summit will bring together heads of state and governments, leaders from civil society, business, youth, indigenous peoples' organisations, frontline communities, science, and other sectors.
• The summit aims to facilitate discussions on actions and plans to scale climate action.
• The COP 28 will focus on four paradigm shifts:
• Fast-tracking the energy transition and slashing emissions before 2030;
• Transforming climate finance, by delivering on old promises and setting the framework for a new deal on finance;
• Putting nature, people, lives, and livelihoods at the heart of climate action; and
• Mobilizing for the most inclusive COP ever.
• The summit may witness intense negotiations on unfulfilled promises of financial aid, particularly the yet-to-materialize $100 billion pledged by rich countries by 2020.
• Additionally, some countries, notably the European Union, are expected to advocate for a global deal to phase out unabated fossil fuels during COP28.
• During COP-26 in Glasgow, the Prime Minister announced five specific targets, titled "Panchamrit”, as India’s unprecedented contribution to climate action.
• The Prime Minister also announced Mission Lifestyle for Environment (LiFE) on that occasion.
• Climate change has been an important priority area of India’s G20 Presidency, and significant new steps have been captured in the New Delhi Leaders’ Declaration and other outcomes during our Presidency.
• COP-28 will provide an opportunity to take forward these successes.

Why is it in the News?

SEBI on Saturday decided to bring entities facilitating fractional investment in real estate under a regulatory framework, whereby they will be required to operate as Small and Medium Real Estate Investment Trusts.

About Real Estate Investment Trusts (REITs):

• A Real Estate Investment Trusts (REITs) is a company that owns and typically operates income-generating real estate or related assets.
• It pools funds from investors, directing them into various commercial real estate ventures, including office buildings, shopping malls, apartments, hotels, resorts, self-storage facilities, warehouses, and mortgages or loans.
• In contrast to conventional real estate firms, REITs don't develop properties for resale; rather, they acquire and develop properties primarily for inclusion in their investment portfolio.
• REITs offer individual investors an opportunity to share in the income generated by commercial real estate without the need to directly purchase such properties.
• Typically specializing in specific real estate sectors, REITs may focus on diversified or specialty portfolios, encompassing various property types like office and retail spaces.
• Most REITs are publicly traded on stock exchanges, similar to stocks, providing high liquidity compared to physical real estate investments.
• This stock-like nature allows investors to buy or sell REIT shares on the exchange at any time.

Why is it in the News?

The Supplementary Demands for Grants (SDG) are likely to see additional allocation for fertliser, food and fuel subsidy along with Rural Employment Guarantee Scheme.

About Supplementary Grants:

• According to Article 115 of the Indian Constitution, there's a provision for additional funds known as supplementary, additional, or excess grants.
• When the funds approved by the Parliament are not enough for the planned expenses, an estimate is submitted to the Parliament for extra grants.
• These additional grants are reviewed and approved by the Parliament before the conclusion of the financial year.
• If the actual spending surpasses the approved grants, the Ministry of Finance and the Ministry of Railways make a request for an Excess Grant after the financial year ends.
• The Comptroller and Auditor General of India highlight these excesses to the Parliament.
• The Public Accounts Committee then examines these cases and provides recommendations to the Parliament.
• The Demand for Excess Grants is presented to the Parliament after the financial year, once the actual expenditures have been incurred.

Why is it in the News?

Scientists have detected one of the most powerful cosmic rays ever slamming into Earth but they have no idea what caused it or where it came from.

What is Amaterasu?

• The particle, named Amaterasu after the sun goddess in Japanese mythology, is one of the highest-energy cosmic rays ever detected.
• The Amaterasu particle has an energy exceeding 240 exa-electron volts (EeV).
• It is millions of times more than particles produced in the Large Hadron Collider, the most powerful accelerator ever built, and equivalent to the energy of a golf ball traveling at 95mph.
• It comes only second to the Oh-My-God particle, another ultra-high-energy cosmic ray that came in at 320 EeV, detected in 1991.
• Amaterasu appears to have emerged from the Local Void, an empty area of space bordering the Milky Way galaxy.

What are Cosmic Rays?

• Cosmic rays are high-energy particles, primarily protons and atomic nuclei, that originate from outer space and bombard Earth from all directions.
• They possess extraordinary energies, often exceeding those achievable in human-made accelerators.
• Created through various astrophysical processes, such as supernova explosions and the remnants of massive stars, cosmic rays travel through the vast expanse of space.
• Upon entering Earth's atmosphere, they collide with air molecules, initiating cascades of secondary particles.
• These rays play a crucial role in astrophysics, providing insights into the universe's most energetic phenomena.
• They contribute to our understanding of cosmic structures, magnetic fields, and the dynamics of celestial bodies.
• Despite their significance, the origins of certain ultra-high-energy cosmic rays remain mysterious, prompting ongoing research to unveil the secrets of these enigmatic particles.

Why is it in the News?

On the weekend of November 25 and 26, 160 pairs of buffaloes and their jockeys will race on specially made slush tracks for Kambala races at City Palace Grounds in Bengaluru.

What is Kambala?

• Kambala is a folk sport rooted in coastal Karnataka, particularly in areas where Tulu speakers are predominant.
• In the past, families and groups used to organize races in the muddy paddy fields after the harvest season.
• For many families, especially those from the Bunt community in coastal regions, Kambala holds significant prestige.
• Throughout the year, they groom pairs of buffaloes with the aim of winning major Kambala events and other races.

Kambala consists of four main categories:

• Negilu (plough): Lighter ploughs are used to tie buffaloes for the race.
• This category is for entry-level buffalo pairs participating in their first Kambala race.
• Hagga (rope): Buffaloes are raced by jockeys with just a rope tied to both buffaloes.
• Adda Halage: Participants stand over a horizontal plank dragged by buffaloes.
• Unlike Hagga and Negilu, where jockeys run behind the animals, buffaloes drag the jockeys in Adda Halage.
• Kane Halage: A wooden plank is tied to buffaloes.
• The plank, on which jockeys stand, has two holes through which water gushes out as it is dragged along the slush tracks.
• The height of water splashes determines the winner of the event.