12 August 2025
(Current Affairs Notes - Prelims)

Competition Commission of India (CCI)

• A statutory body established under the Competition Act, 2002.

• Comprises a Chairperson and 6 Members appointed by the Central Government.

• Functions:

  • • Eliminate practices having adverse effect on competition

    • Promote and sustain competition

    • Protect the interests of consumers

    • Ensure freedom of trade

    • Give opinion on competition issues on a reference received

• Recently, a report on the Evolving Role of the CCI in the Economy was released.

• Issues highlighted in the report

  • • Dominant firms employ anti-competitive practices like self-preferencing, predatory pricing, etc.

    • CCI faces lack of human resources of specialized technical expertise (e.g. AI).

    • Effectiveness of enforcement as CCI-imposed penalties are stayed or dismissed by appellate courts.

• The evolving digital marketplace throws a challenge to CCI to evolve competitively.

 Vostro Account

• Vostro Account refers to a foreign bank's account held in a domestic bank in the local currency. For example, if a US bank (Citibank) holds an account in an Indian bank (SBI) in INR, it is SBI's Vostro Account.

  • • On the other hand, Nostro Account refers to a domestic bank's account held in a foreign bank in the currency of the overseas country.

• Recently, RBI removed prior approval requirements for banks to open Special Vostro Rupee Accounts (SVRA). It is expected to speed up rupee-based trade settlements and support the internationalisation of the Indian Rupee.

Internationalization of Currency

• It refers to the process by which a country’s national currency is used beyond its borders for international trade, finance, and as a reserve currency.

• Benefits of internationalisation of rupee

  • • Reduces requirement of forex reserves and helps reduce external vulnerabilities.

    • Reduced exchange rate risk as exporters and importers can transact in rupee, reducing vulnerability to currency fluctuations.

    • Enhanced financial market development as domestic financial markets get access to more financial instruments.

    • Economic autonomy as government can finance deficits by issuing debt in their own currency internationally.

• Some recent steps towards internationalisation of rupee: UPI going global, rupee-denominated Masala Bonds, arrangements with other countries to encourage cross-border transactions in local currencies.

 OneWeb

• It is a brand name related to satellite services provided by the French company Eutelsat.

• OneWeb provides broadband satellite Internet services using a network of Low-Earth Orbit (LEO) satellites.

  • • LEO means Earth-centred orbits with altitudes of 2,000 km or less.

    • Broadband satellite services means providing Internet using satellites without cables and towers.

• India’s Bharti Enterprises serves as a major investor and shareholder in OneWeb.

• Recently, Nelco, a Tata Group company, has partnered with Eutelsat to provide OneWeb LEO satellite connectivity across India.

Equator Initiative Award

• The Award is presented biennially under the Equator Initiative of United Nations Development Programme (UNDP).

• It provides opportunities for Indigenous peoples and local communities to address land degradation, biodiversity conservation and livelihood improvement.

• Bibi Fatima Women’s self-help group (SHG) from a small village in Dharwad district has bagged the ‘Equator Initiative Award’.

• The group introduced millet-based mixed cropping on rainfed farms, promoted climate-resilient farming systems, practised livestock rearing and horticulture and popularised millets.