Today in History (August 11th, 1919)
On this day, in 1919, The Weimar Constitution was formally declared, establishing Germany as a republic.
Summary of Today’s News
NavIC
NavIC, the Indian Regional Navigation Satellite System (IRNSS), is an independent navigation satellite system developed by ISRO, began operation in 2018. With seven satellites, it covers India and 1,500 km beyond. NavIC offers two services: Standard Positioning Service (SPS) for all users and Restricted Service (RS) for authorized users. The system guarantees user position accuracy better than 20 meters and timing accuracy better than 50 nanoseconds.
Mekong-Ganga Cooperation (MGC)
The Mekong-Ganga Cooperation (MGC) is a sub-regional organization consisting of India and five ASEAN nations: Cambodia, Laos, Myanmar, Thailand, and Vietnam. Established in 2000 in Vientiane, Laos, it derives its name from the Ganga and Mekong rivers, symbolizing Southeast Asia’s cultural heritage. MGC aims to foster connections between residents of the Ganga and Mekong basins, promoting collaboration in tourism, culture, education, and transportation.
Act East Policy
India’s ‘Act East’ policy is a diplomatic strategy initiated in 2014 to strengthen ties with East Asian nations, notably ASEAN states. It focuses on the Asia-Pacific region’s economic, strategic, and cultural engagement. A successor to the Look East Policy (LEP) launched in 1991, aiming to expand interactions through connectivity, trade, investment, and cultural exchanges, extending its reach beyond Southeast Asia. Objectives include enhancing economic cooperation, cultural relations, and strategic partnerships through bilateral, regional, and multilateral approaches.
US Federal Reserve
The US Federal Reserve, known as the Fed, is the central banking system of the United States, ensuring a stable monetary and financial system. With 12 regional banks, it conducts monetary policy, supervises banks, maintains financial stability, and offers banking services. Its interest rate adjustments have global impacts, influencing investment preferences and liquidity. An interest rate increase by the Fed makes US assets more attractive, possibly leading to capital outflows from emerging markets. This affects India by narrowing the interest rate gap between the US and India, potentially prompting foreign investors to leave Indian markets for US assets. This can weaken the rupee, necessitating RBI to increase rates to prevent capital outflows and currency depreciation.
