Meningitis

Why in news?

• Nigeria has become the first country in the worldto introduce a new, highly effective vaccine against meningitis.

About

• Meningitis is a dangerous inflammation of the membranessurrounding the brain and spinal cord.
• It can be caused by viruses, bacteria, fungi, or parasitesand can lead to serious complications, including brain damage, hearing loss and learning disabilities.
• Bacterial meningitis, specifically caused by the meningococcus bacteria,is a particular concern in Africa.
  • A region of 26 countries known as the “African meningitis belt”stretches across the continent, including Nigeria.
• The vaccine, called Men5CV,is recommended by the World Health Organization (WHO) and offers protection against five strains of the meningococcus bacteria in a single shot.

Sovereign Green Bonds

Why in news?

• Recently, the Reserve Bank of India (RBI) allowed investments in the country’s Sovereign Green Bonds (SGB) by Foreign Institutional Investors (FIIs).

Sovereign Green Bonds (SGB)

• These are akind of government debt that specifically funds projects attempting to accelerate India’s transition to a low carbon economy.
• These bonds are specifically earmarked for funding green projects, assets, and expendituresthat contribute to environmental sustainability and climate objectives.

Why has RBI allowed FIIs to invest in its Green Bonds?

• Attracting Foreign Investments:By allowing FIIs to invest in green bonds, India attracts foreign capital into its green projects.
  • FIIs are investors such as insurance companies, pension funds and nation-states’ sovereign wealth funds.
• Widening the Pool of Capital: Allowing FIIs to invest in India’s green projects expands the sources of funding available for the country’s ambitious climate goals, including achieving net zero emissions by 2070and increasing the share of non-fossil fuel-based energy sources to 50%.
• Meeting Climate Commitments:India pledged at COP26 to reduce India’s carbon emission by 45% and increase the share of renewable energy in the country’s energy mix.
• Diversification of Investments: FIIs are looking to diversify their portfolios and seek opportunities in green investments due to regulatory support, particularly in developed countries.
  • India’s Sovereign Green Bonds Framework (2022), addresses concerns about greenwashingby providing a credible framework for green investment

Imported inflation

Why in news?

• TheAsian Development Bank (ADB) recently warned that India could face imported inflation as the rupee could depreciate amid the rise in interest rates in the West.

Imported Inflation

• It refers to therise in the prices of goods and services in a country, caused by an increase in the price or the cost of imports into the country.
• It is believed that a rise in input costs pushes producers to raise the price they charge from their local customers.

Causes

• Depreciation of a Currency: When a country’s currency depreciates, people in the country will have to shell out more of their local currency to purchase the necessary foreign currency required to buy any foreign goods or services.
  • It effectively means that they will be paying more for anything that they import.
• Rise in International Crude Oil Prices:It is due to a fall in oil output. It is expected to cause prices to rise across an economy which imports oil to produce goods and services.

Impact

• Imported inflation can lead to higher prices for goods and services, which can reduce purchasing power and lead to a decrease in consumer spending.
• It can slow down economic growth and lead to economic instability.