Why in the News?

In a recent development, INDIAai and Meta India entered into a memorandum of understanding (MoU) to create a collaborative framework for cooperation and partnership in the realm of artificial intelligence (AI) and emerging technologies.

About INDIAai:

• INDIAai, the National artificial intelligence Portal of India, was launched on 28th May 2020 as a comprehensive platform.
• It serves as a knowledge portal, research organization, and ecosystem-building initiative.
• Its primary aim is to foster unity and encourage collaborations within India's AI ecosystem by bringing together various entities.
• This joint initiative is supported by the Ministry of Electronics and IT (MeitY), the National e-Governance Division (NeGD), and NASSCOM.
• NeGD, established in 2009 under the Digital India Corporation (a not-for-profit company set up by MeitY), plays a crucial role in this venture.
• NASSCOM, a prominent not-for-profit industry association, serves as the apex body for India's IT and IT-enabled products and services sector.
• INDIAai functions as the central knowledge hub for artificial intelligence and related fields, catering to aspiring entrepreneurs, students, professionals, academics, and all other stakeholders in the domain.

What is Artificial intelligence (AI)?

• Artificial Intelligence (AI) is a branch of computer science: It involves the development of intelligent machines that can perform tasks typically requiring human intelligence.
• Machine Learning and Algorithms: AI systems utilize machine learning algorithms to process vast amounts of data, learn from it, and improve their performance over time without explicit programming.
• Applications in various fields: AI finds applications in diverse domains, including natural language processing, image recognition, robotics, healthcare, finance, and autonomous vehicles, among others. Its goal is to mimic human cognitive abilities, such as problem-solving, reasoning, and decision-making.

Why in the News?

The US Federal Reserve is expected to raise benchmark rates by 25 bps to the 5.25-5.50 percent range on Wednesday. Investors will be watching for cues on inflation and rate hike trajectory.

About US Federal Reserve:

• The US Federal Reserve, also known as the Fed, serves as the central banking system of the United States, offering a secure, adaptable, and steady monetary and financial framework.
• It operates through 12 regional Federal Reserve Banks, each responsible for a designated U.S. geographic area.
• The Fed's primary functions encompass conducting national monetary policy, overseeing and regulating banks, ensuring financial stability, and delivering banking services.

Impacts of US Federal Reserve Interest Hike:

• The US Fed's Significance: As the world's most powerful central bank, the decisions taken by the US Federal Reserve regarding interest rates have significant implications worldwide. These decisions influence both developed and emerging economies across the globe.
• Global Effects: Changes in US interest rates have a ripple effect that extends beyond the nation's borders. The adjustments impact various economies worldwide, leading to shifts in investment patterns and financial flows.
• Appeal of American Assets: When the Federal Reserve raises interest rates, American assets become more attractive to investors seeking higher returns. Consequently, there is a possibility of capital outflows from emerging and riskier markets to the US.
• Impact on Capital-Intensive Sectors: Sectors heavily reliant on Foreign Direct Investments (FDIs) are particularly vulnerable to the consequences of a US interest rate hike. The increased cost of borrowing may affect their growth prospects.
• Global Liquidity Tightening: Higher US interest rates can lead to a tightening of global liquidity. Foreign investors may face challenges in obtaining affordable funds, which could have implications for their investment decisions and overall economic activities.

Potential Impacts on the Indian Economy:

• Interest Rate Differential: Following a rate hike by the US Federal Reserve, the gap between interest rates in the US and India narrows, adversely affecting currency trade and financial flows.
• Foreign Investor Response: With higher returns available in the US due to increased interest rates and attractive Dollar and US Treasury yields, foreign investors may be inclined to withdraw investments from the Indian market, leading to capital outflows.
• Currency and RBI Response: The relative strengthening of the US currency (Dollar) makes the Indian rupee weaker, prompting the Reserve Bank of India (RBI) to consider a rate hike domestically.
• RBI's Action to Curb Outflows: To mitigate the outflows of funds from Foreign Institutional Investors (FIIs) and safeguard the rupee's stability, the RBI may find it necessary to increase interest rates within India.
• Forex Reserve Management: In the event of a significant decline in the rupee's value, the RBI might be compelled to sell some of its Dollar reserves to support the domestic currency. This action, however, depletes the country's foreign exchange reserves.

Why in the News?

India has been witnessing a sharp increase in eye infections, specifically conjunctivitis. Amid heavy rainfall, Delhi and nearby areas have reported multiple cases of conjunctivitis.

About Conjunctivitis:

Conjunctivitis, commonly known as "pink eye," is an inflammation or infection of the conjunctiva, which is the thin, clear tissue that covers the white part of the eye and lines the inner surface of the eyelids. It can affect one or both eyes and is a highly contagious condition.

Causes of Conjunctivitis:

• Bacterial Infection: Bacteria, such as Staphylococcus aureus or Streptococcus pneumoniae, can cause bacterial conjunctivitis.
• Viral Infection: Viruses, including adenoviruses, can lead to viral conjunctivitis. This form of conjunctivitis is highly contagious and is often associated with colds or respiratory infections.
• Allergies: Allergic conjunctivitis occurs due to an allergic reaction to substances like pollen, pet dander, dust mites, or certain medications.
• Irritants: Exposure to irritants like smoke, chemicals, or foreign objects in the eye can cause irritant conjunctivitis.

Symptoms of Conjunctivitis:

• Redness of the eyes
• Watery or thick, yellowish discharge from the eyes
• Itchiness or burning sensation in the eyes
• Sensitivity to light
• Crusty eyelids or lashes, especially in the morning (more common in bacterial conjunctivitis)
• Swelling of the conjunctiva
• Blurred vision

Treatment:

• The treatment of conjunctivitis depends on its underlying cause:
• Bacterial conjunctivitis: Antibiotic eye drops or ointments are commonly prescribed to treat bacterial infections.
• Viral conjunctivitis: Since it is caused by a virus, antibiotics won't work. The symptoms are often relieved with supportive measures like artificial tears, cold compresses, and good hygiene practices to prevent spreading.
• Allergic conjunctivitis: Avoiding allergens is essential. Antihistamine eye drops or oral medications can help alleviate symptoms.
• Irritant conjunctivitis: Removing the irritant and using artificial tears can help soothe the eyes.

Prevention:

• To prevent the spread of conjunctivitis, one should follow these measures:
• Frequent handwashing.
• Avoid touching or rubbing the eyes.
• Avoid sharing towels, pillowcases, or eye makeup with an infected person.
• Avoid close contact with individuals showing symptoms of conjunctivitis.

Why in the News?

A new and remarkably efficient optical limiter has been developed by researchers, utilizing a novel 2D material known as 'hematene.'

• About Hematene:
• Nanoflakes of a material called hematene extracted from iron ore have been found capable of withstanding and acting as a shield from high laser intensities.
• Hence it could be used to make devices called optical limiters that can protect sensitive optical equipment from light-induced damage.
• Radiation from laser sources is highly concentrated and powerful and can be detrimental to sensitive equipment such as sensors, detectors, and other optical devices.
• When the input intensity increases optical limiters control the amount of light that passes through, thereby preventing damage to the optical component.
• These devices are often useful in laser technologies, military, telecommunications, aircraft, and scientific research in several ways.
• The MESO (Materials for Energy Storage and Optoelectronic Devices) Group of the Department of Physics, Sanatana Dharma College, Alappuzha, in collaboration with the Ultrafast and Nonlinear Optics Lab of the Raman Research Institute, Bangalore, has come up with a new and highly efficient optical limiter using a novel 2D material, ‘hematene’.
• They found that 2D nanoflakes of hematene, a material extracted from iron ore or hematite are capable of withstanding very high laser intensities, and they exhibited excellent optical limiting of green laser light (532 nm) while maintaining a high linear transmission (about 87%) for low-intensity light.
• The nanoflakes of lateral dimensions less than 10 nm, prepared by applying ultrasonic waves to hematite in a liquid medium ( facile exfoliation process) for a definite period to exfoliate the 2D nanoflakes of hematene were also found to be highly stable after year-long storage under ambient conditions, indicating tremendous potential as an optical limiter for futuristic applications.
• This research work carried out at SD College using the instrumentation facility procured through the Fund for Improvement of S&T Infrastructure (FIST) programme of the Department of Science and Technology (DST) programme, was recently published in ACS Applied Optical Materials.

Why in the News?

The synchronization of the 660-MW unit-2 of the 1,320-MW Maitree Super Thermal Power Project (STPP) with the electricity grid in Bangladesh was recently announced by the state-owned engineering firm Bharat Heavy Electricals.

• Location:
• It is situated in Rampal, in the Bagerhat district of Bangladesh's Khulna division.
• It will be one of the biggest coal-fired power plants in Bangladesh, along with the Payra Power Plant in Pataukhali, which commenced test production in January 2020.
• Capacity and Cost:
• The power station has a capacity of 1320 MW (2x660 MW) and is estimated to cost around $2 billion.
• Financing Plan:
• The project is being developed under India's tax concessions finance plan, aiming to enhance Bangladesh's national grid by an additional 1320 MW.
• Financed through a £1.3bn ($1.6bn) loan from the Export-Import (EXIM) Bank of India.
• Implementing Entity:
• India’s Bharat Heavy Electricals Limited (BHEL) is responsible for constructing the power plant on behalf of Bangladesh-India Friendship Electricity Company Private Limited (BIFPCL).
• Commercial Operation:
• The first unit of the super thermal power plant is expected to commence commercial operation in early October, representing a significant milestone in the growing cooperation between India and Bangladesh in the power industry.
• Future Expansion:
• In the subsequent year, the power plant's Unit-II, also known as the Rampal coal-fired power project, is scheduled for implementation.