Note4Students
From UPSC perspective, the following things are important :
Prelims level: NA
Mains level: Iran-Saudi Arabia Reconciliation
Central idea: Saudi Arabia and Iran, two of West Asia’s major powers that have been at odds with each other for decades, agreed to restore diplomatic relations last week in an agreement brokered by China.
Saudi-Iran Ties: A timeline
- Pre-1979: Saudi Arabia and Iran compete for regional dominance.
- 1979: Iranian Revolution brings down the monarchy and turns Iran into a Shia theocratic republic.
- 1980-1988: Iran-Iraq war sees Saudi Arabia support Iraq.
- 1990-1991: Saudi Arabia supports Iraq against Iran in the Gulf War.
- 1996: Iranian-backed Hezbollah bombs Saudi military housing complex in Khobar, killing 19 US soldiers.
- 2011-2015: Saudi Arabia and Iran support opposing sides in the Syrian civil war.
- 2015: Saudi Arabia launches military intervention in Yemen against Iranian-backed Houthi rebels.
- January 2016: Saudi Arabia executes prominent Shia cleric Sheikh Nimr al-Nimr, leading to protests in Iran and the burning of the Saudi embassy in Tehran.
- 2016: Saudi and several Arab allies cut diplomatic ties with Iran.
- 2019: Saudi oil facilities are attacked, leading to increased tensions between Saudi Arabia and Iran.
- 2021: Both begin direct talks, brokered by China.
- March 2023: Both nations announce an agreement to restore diplomatic ties, brokered by China.
Reasons for hostile relations
The hostility between Saudi Arabia and Iran has its roots in a complex mix of historical, geopolitical, religious, and ideological factors.
- Religious contradictions: Historically, the rivalry between the two countries dates back to the seventh century when the Prophet Muhammad died without a clear successor, leading to a dispute over the leadership of the Muslim community. This dispute ultimately resulted in the split between Sunni Islam (which dominates in Saudi Arabia) and Shia Islam (which dominates in Iran).
- Geopolitical tensions: The two countries are located in a strategically important region, with both seeking to exert influence and maintain dominance in the Middle East. Iran’s Islamic revolution in 1979 posed a challenge to Saudi Arabia’s status as the leading Islamic power in the region, and the two countries have been competing for regional influence ever since.
- Sectarian tensions: Saudi Arabia and Iran have long had competing visions for the role of Islam in society. Saudi Arabia promotes a strict interpretation of Sunni Islam known as Wahhabism, while Iran supports Shia Islam and the principle of the “Guardianship of the Jurist,” which asserts that a senior Shia cleric should have political power and authority over all Muslims.
- Ties with west: The two countries have fundamentally different views on a range of issues, including democracy, human rights, and regional security. Saudi Arabia is a conservative monarchy with close ties to the United States, while Iran is an Islamic republic that has been at odds with the West since the 1979 revolution.
All these factors have contributed to the ongoing hostility between Saudi Arabia and Iran, and the tensions between the two countries continue to have a destabilizing effect on the region.Top of Form
What are the terms of the agreement?
- The details of the agreement are yet to be unveiled.
- Iran has reportedly agreed to prevent further attacks against Saudi Arabia from Houthi-controlled parts of Yemen while Saudi Arabia has agreed to rein in Iran International, a Farsi news channel critical of the Iranian regime.
- Foreign Ministers of both countries will meet soon to thrash out the terms of the reconciliation before reopening embassies in each other’s capitals in two months.
- China is planning to host a cross-Gulf conference of Iran and the six Gulf monarchies to further strengthen peace in the region.
Why did Saudi Arabia reach out to Iran (defying the US)?
Ans. Iran’s Rise, and Changing Alliances
- Internal Security: When Saudi oil facilities were attacked in 2019, the US looked away, prompting the Saudis to look for alternative solutions for the Iran problem, such as reaching out to the Iranians.
- Differences over Palestine: The US was trying to broker a normalization agreement between Saudi Arabia and Israel to bring the two pillars of its West Asia policy together against Iran.
- US negligence of West Asia: The US deprioritized West Asia due to bigger foreign policy challenges, such as the Russian war in Ukraine and China’s rise in the Indo-Pacific.
- Obsolesce of ties with US: Relations between Saudi Arabia and the US have been rocky in recent years, as the US is not as dependent on Gulf Arabs as it used to be during the Cold War.
- Shared opinions over Israel: Saudi Arabia has been hesitant to reconcile with Israel, and its relations with the US have been rocky in recent years.
What led Iran to accept the deal?
- Isolation and Domestic pressure: Tehran is aware that getting relief from Western sanctions is not a near-term possibility. Despite crackdown, protests in Iran refuse to die down.
- Crumbling economy: Iran’s economy is deteriorating and its currency, the rial, is struggling. A deal with Saudi Arabia, under China’s mediation, could open economic lifelines for Iran
- China factor: Iran wanted Chinese investments and support for the rial. China allowed Iran to withdraw parts of the $20 billion funds frozen with Chinese banks due to US sanctions.
- Fouling American efforts: Iran knows that such a deal could complicate American efforts to rally Arab countries and Israel against it. A reconciliation with Saudi is beneficial for Iran, at least in a tactical sense.
Why is China brokering the deal?
- Securing its oil supplies: China has an interest in promoting stability in the Middle East region, which is a major source of oil and natural gas for China.
- Side-lining the US: By brokering a deal between Saudi Arabia and Iran, China can position itself as a mediator and gain goodwill from both sides.
- Create alternative axis: China has longstanding relationships with both countries. The US since Trumps departure is distancing itself from the US, whereas China is also getting closer to Russia amid the war.
- Image building as a leader: While the US is busy rallying the Western world to arm Ukraine to push back Russia and weaken Moscow through sanctions, China is quietly brokering peace in the Global South.
US reception of this deal
- Welcomed the move: The public narrative is that the peace deal would help stabilize the region and benefit the global energy market.
Key implications for the US
- Hegemony decline: The US would not like to lose its influence in West Asia even when it is deprioritizing the region.
- Saudi drifts away: US sees an ally (Saudi Arabia) drifting further away, a rival it wanted to contain (Iran) making new friends, and China spreading and deepening its influence in a region the US has dominated historically.
- Iran Sanctions going loose: The Iran nuclear deal is practically dead and the US wants Saudi Arabia to normalize ties with Israel and put up a joint front against Iran.
What inferences can be drawn from all these?
- Strategic realignments in West Asia: It can be inferred that West Asia is currently undergoing significant strategic realignments, with the UAE normalizing relations with Israel and other Arab countries deepening their partnerships.
- Shifted US focus on Ukraine and Indo-Pacific: The US, which traditionally held significant power in the region, has deprioritized West Asia due to bigger foreign policy challenges such as Russia’s war in Ukraine and China’s rise in the Indo-Pacific.
- China occupying power vacuum: This deprioritization has created a power vacuum that has allowed Iran to rise as a challenge, prompting the US to try to bring Israel and the Arab world together against Iran.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: NA
Mains level: China's presence in the Middle east and Implications for India
Central Idea
- In an unexpected turn of events on March 10, the National Security Advisors of Iran and Saudi Arabia declared, in the presence of Chinese State Councillor Wang Yi in Beijing, that they have come to a mutual understanding to address their issues, and will reopen their embassies within a span of two months.
Background: Iran- Saudi rivalry
- Since January 2016, when the Saudi kingdom severed diplomatic ties with Iran after the attack on the former’s embassy in Tehran, the two countries have been engaged in a rivalry for regional geopolitical influence, prolonging conflicts in Yemen and Syria.
- Only a few months ago, Iran’s top military officials were threatening Saudi Arabia with consequences unless it controlled its Persian-language media outlets zealously covering anti-government protests in Iran. Riyadh had raised alert levels citing a credible threat of attack from Iran.
Iran’s Strategic Partnership with China
- Iran considers China its most important strategic partner, and was alarmed when the joint statement issued at the first China-GCC Summit in Riyadh in December 2022 called on Iran to maintain the non-proliferation regime and respect the principles of non-interference in the internal affairs of states.
- The China-brokered agreement coming a month after Raisi’s visit to Beijing shows how Beijing has successfully leveraged its ties with an Iran struggling with domestic pressure, sanctions, and deteriorating ties with Europe over its military support to Russia.
The Dialogue Process
- The Iran-Saudi Security Dialogue: This refers to the ongoing talks between Iran and Saudi Arabia aimed at improving security in the region, particularly in Yemen. These talks were facilitated by then-Iraqi Prime Minister Mustafa Al-Kadhimi in 2021, and have continued in fits and starts since then.
- Biden Administration’s Conflict Management Measures: The Biden administration has taken steps to end American support for offensive operations in the war in Yemen, including relevant arm sales, as a conflict management measure. This move helped to make Riyadh see the logic of dialogue with Iran.
- Chinese Role in Brokering the Final Agreement: China has played a key role in brokering the final agreement between Iran and Saudi Arabia. Beijing has adopted a balanced approach of strengthening ties with all players based on common interests and mutual respect rather than geopolitical alignments with specific countries.
- China’s Growing Regional Engagement: China’s growing regional engagement in the Middle East is driven by its desire to distinguish itself from the US-led interventions in the region. Beijing has supported Gulf countries in setting up multilateral dialogue platforms and taking the initiative in regional issues, including those involving Iran.
What are India’s concerns?
- Impact on India’s Energy Security: Any improvement in relations between Iran and Saudi Arabia could impact India’s energy security. India is heavily dependent on oil imports from both countries, and any conflict or tension between them could lead to disruptions in oil supplies and increased prices.
- Potential for regional destabilization: The rivalry between Iran and Saudi Arabia has fueled conflicts in the Middle East, including the ongoing war in Yemen. Any escalation of tensions between the two countries could lead to further destabilization in the region, which could have implications for India’s security interests.
- China’s growing influence in the Middle East: China’s role in brokering the agreement between Iran and Saudi Arabia highlights its growing political capital in the region, which could have implications for India’s strategic interests. India has traditionally maintained good relations with both Iran and Saudi Arabia, and any shift in the regional balance of power could impact India’s interests.
- Impact on India’s Chabahar port project: India has invested heavily in the development of the Chabahar port in Iran as a gateway to Afghanistan and Central Asia. Any improvement in relations between Iran and Saudi Arabia could impact India’s plans for the port, which could have implications for India’s strategic interests in the region.
Conclusion
- India will now have to deal with the new reality where China has been able to translate its economic influence in West Asia into diplomatic heft. The agreement between Iran and Saudi Arabia could have positive implications for the region’s stability, but India will need to carefully monitor the evolving dynamics and assess how it can leverage its own relations with Iran, Saudi Arabia, and other regional players to secure its strategic interest.
Mains Question
Q. Evaluate China’s growing influence in the Middle East and its impact on India’s traditional ties with Iran and Saudi Arabia.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Essential stats mentioned
Mains level: India's import dependence for defence
Central idea
- India is the world’s largest arms importer for the five-year period during 2018-22, according to Stockholm International Peace Research Institute (SIPRI).
- However, India’s arms imports have dropped by 11% between 2013–17 and 2018–22.
Top Arms Suppliers to India
- Russia was the largest supplier of arms to India in both 2013–17 and 2018–22.
- France emerged as the second largest supplier from 2018-22, and its share of total Indian arms imports increased significantly.
- Among the top 10 arms exporters for the period 2018-22, India was the biggest arms export market to three countries — Russia, France and Israel and the second-largest export market to South Korea.
- India was also the third largest market for South Africa, which was ranked 21 in the list of arms exporters.
Arms import by Country
- For the same period, India remained the largest arms importer followed by Saudi Arabia.
- Russia accounted for 45% of India’s imports followed by France (29%) and the US (11%).
- India was the third largest arms supplier to Myanmar after Russia and China, accounting for 14% of its imports.
Reasons for India’s Arms Imports
- Complexities with neighborhood: “India’s tensions with Pakistan and China largely drive its demand for arms imports. With an 11% share of total global arms imports, India was the world’s biggest importer of major arms in 2018–22,” says SIPRI.
- Procurement bottlenecks: India’s slow and complex arms procurement process, efforts to diversify its arms suppliers, and attempts to replace imports with major arms that are designed and produced domestically have contributed to the decrease in arms imports.
Russia’s position as India’s Main Arms Supplier
- India diversifying its imports: Russia’s position as India’s main arms supplier is under pressure due to strong competition from other supplier states.
- Self-arming for ongoing war: This is due to increased Indian arms production, and constraints on Russia’s arms exports related to its invasion of Ukraine.
Global Arms Transfers
- Arms imports by Pakistan increased by 14% between 2013–17 and 2018–22 and accounted for 3.7% of the global total with China supplying 77% of Pakistan’s arms imports in 2018–22.
- While the global level of international arms transfers decreased by 5.1%, imports of major arms by European states increased by 47% between 2013–17 and 2018–22 in the backdrop of the war in Ukraine.
- The U.S. share of global arms exports increased from 33% to 40% while Russia’s fell from 22% to 16%.
What we can conclude from this?
- Security concerns: India has long-standing tensions with neighboring countries such as Pakistan and China, which have led to security concerns and a perceived need for a strong military.
- Slow and complex procurement process: India’s procurement process for arms is often slow and complex, leading to delays in acquiring weapons and equipment. This has resulted in India relying on imports to meet its defense needs.
- Lack of domestic production: India’s domestic arms production capabilities are still limited, which makes it difficult for the country to produce high-tech weapons and equipment. This has forced India to rely on imports to meet its defense requirements.
- Diversification of suppliers: While Russia has been the traditional supplier of arms to India, in recent years India has been diversifying its sources of weapons and equipment to countries such as France, Israel, and the United States.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: ESG
Mains level: Read the attached story
Central idea: Regulators and corporations worldwide now measure businesses on ESG criteria. ESG criteria is crucial for investors to assess a company’s risk profile accurately. India is still in the nascent stage of ESG laws and regulations.
What is ESG?
- ESG Regulations are a set of standards used by investors to evaluate a company’s environmental and social impact, as well as its corporate governance practices.
- They require companies to be transparent about their environmental and social performance, as well as their governance structure.
- ESG factors are increasingly being used by investors to make investment decisions, and ESG ratings are becoming an important metric for companies seeking to attract investment.
- The ESG regulations differ by country, but many require companies to disclose information on environmental and social issues, as well as on their governance practices.
- ESG regulations are becoming increasingly important as investors and consumers demand greater transparency and accountability from companies.Top of FormBottom of Form
Features of ESG Mechanism
- Environmental factors: These include a company’s impact on climate change, greenhouse gas emissions, pollution, waste management, and natural resource conservation.
- Social factors: These include a company’s impact on society, such as labor practices, human rights, community relations, customer satisfaction, and product safety.
- Governance factors: These include a company’s management structure, board diversity, executive compensation, shareholder rights, and business ethics.
- ESG ratings and metrics: Companies are evaluated based on ESG ratings and metrics, which can help investors assess a company’s overall sustainability and ethical impact.
- ESG investing: ESG investing refers to investing in companies that meet certain ESG criteria, with the aim of generating financial returns while also having a positive impact on society and the environment.
- ESG reporting: Many companies are now required to disclose their ESG performance and report on their sustainability practices, in order to meet regulatory requirements and respond to growing investor demand for transparency and accountability.Top of FormBottom of Form
Corporate Social Responsibility: ESG-like mechanism in India
- India has a robust corporate social responsibility (CSR) policy that mandates that corporations engage in initiatives that contribute to the welfare of society.
- This mandate was codified into law with the passage of the 2014 and 2021 amendments to the Companies Act of 2013.
How ESG differs from CSR?
- ESG regulations differ from CSR regulations in their process and impact
- For example, the U.K. Modern Slavery Act requires companies with business in the U.K. and with annual sales of more than £36 million to publish their efforts in identifying and analysing the risks of human trafficking, child labour and debt bondage in their supply chain.
- It seeks to establish internal accountability procedures, evaluate supplier compliance, and train supply chain managers regarding these issues
- The EU’s Sustainable Finance Disclosure Regulation requires financial market participants to disclose how they have integrated sustainability risks into their investment decision-making processes
- There are scores of such regulations at the state, national and transnational level.
Why is ESG relevant in India?
Ans. Existing mechanisms serve ESG purpose
- India has long had a number of laws and bodies regarding environmental, social and governance issues, including the Environment Protection Act of 1986.
- It has quasi-judicial organisations such as the National Green Tribunal, a range of labour codes and laws governing employee engagement and corporate governance practices.
- These initiatives established guidelines that emphasise monitoring, quantification and disclosure, akin to ESG requirements found in other parts of the world.
ESG for Indian companies
Here are some key considerations for Indian companies in relation to ESG:
- Compliance with global ESG regulations: Compliance in the US, UK, EU and elsewhere is critical for Indian companies to take full advantage of the growing decoupling from China and play a more prominent role in global supply chains and the global marketplace overall.
- Due diligence: This will play a key role in ESG risk management, which means going beyond questionnaires and conducting deeper assessments that may include looking at company records, interviewing former employees, and making discreet visits to observe operations to ensure that measures to comply with international ESG standards are in effect.
- Revamp organizations: ESG due diligence should be supported within the company with detailed procedures for assessing risks and controls for assuring that no corners are cut. Companies that wish to maximise their opportunities in the global economy need to embrace these new requirements and adjust their organisations accordingly.
Way forward
- Encouraging and incentivizing companies: To adopt ESG practices voluntarily through education, training and awareness-raising programs.
- Developing national guidelines and standards for ESG: To promote consistency and comparability of ESG performance data among Indian companies.
- Tailor-made Policy catering to domestic needs: Implementing ESG regulations that are tailored to the specific needs and challenges of Indian companies, with a focus on promoting transparency, accountability and stakeholder engagement.
- Facilitating access to capital for companies that demonstrate strong ESG performance: By establishing ESG-focused investment funds and credit facilities.
- Promoting international collaboration and harmonization of ESG standards: To facilitate global trade and investment while ensuring that ESG risks are appropriately addressed.
Conclusion
- Overall, a comprehensive and collaborative approach is needed to ensure that Indian companies can effectively manage ESG risks and opportunities and contribute to sustainable development.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Sovereign credit rating
Mains level: Read the attached story
Central idea: India is seeking an upgrade to its sovereign credit rating, currently at the lowest-possible investment grade, as it believes its economic metrics have improved considerably since the pandemic.
What are Sovereign Credit Ratings?
- A sovereign credit rating is a measure of a country’s creditworthiness, or its ability to meet its financial obligations.
- It is an assessment of the credit risk associated with a country’s bonds or other debt securities.
- The rating is assigned by credit rating agencies such as Standard & Poor’s, Moody’s, and Fitch Ratings.
India’s current ratings
- S&P and Fitch rate India ‘BBB-‘ and Moody’s ‘Baa3’, all indicative of the lowest-possible investment grade, but with a stable outlook.
What does BBB mean?
- A ‘BBB’ rating indicates that expectations of default risk are currently low.
- The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.
What is a Rating Agency?
- Rating agencies assess the creditworthiness or potential of an equity, debt or country.
- Their reports are read by investors to make an informed decision on whether or not to invest in a particular country or companies in that geography.
- They assess if a country, equity or debt is financially stable and whether it at a low/high default risk.
- In simpler terms, these reports help investors gauge if they would get a return on their investment.
What do they do?
- The agencies periodically re-evaluate previously assigned ratings after new developments geopolitical events or a significant economic announcement by the concerned entity.
- Their reports are sold and published in financial and daily newspapers.
What grading pattern do they follow?
- The three prominent ratings agencies, viz., Standard & Poor’s, Moody’s and Fitch subscribe to largely similar grading patterns.
- Standard & Poor’s accord their highest grade, that is, AAA, to countries, equity or debt with the exceedingly high capacity to meet their financial commitments.
- Its grading slab includes letters A, B and C with an addition a single or double letter denoting a higher grade.
- Moody’s separates ratings into short and long-term definitions. Its longer-term grading ranges from Aaa to C, with Aaa being the highest.
- Fitch, too, rates from AAA to D, with D being the lowest. It follows the same succession scheme as Moody’s and Fitch.
Significance of such ratings
- Access to Capital: Higher credit ratings mean that a country can access capital at a lower cost, while lower ratings indicate that borrowing costs will be higher.
- Investment Decisions: Investors use credit ratings as a tool to evaluate a country’s creditworthiness and assess the level of risk associated with investing in that country.
- Economic Growth: Higher credit ratings typically lead to increased foreign investment, which can create jobs, boost productivity, and stimulate economic growth.
- International Trade: Countries with higher credit ratings are viewed as more stable and trustworthy, making them more attractive trading partners for other countries.
- Reputation: Countries with lower credit ratings may be seen as less reliable or stable, which can negatively impact diplomatic relationships and political influence.
Criticism of the rating agencies
- Credibility: Popular ratings agencies publicly reveal their methodology, which is based on macroeconomic data publicly made available by a country, to lend credibility to their inferences.
- Bias: These agencies were subjected to severe criticism for allegedly spurring the financial crisis in the United States, which began in 2017.
- Fouled metrics: The agencies underestimated the credit risk associated with structured credit products and failed to adjust their ratings quickly enough to deteriorating market conditions.
- Erroneous: They were charged for methodological errors and conflict of interest on multiple counts.
Why is India seeking upgrade in its credit ratings?
- Improved creditworthiness: These ratings are used to judge a country’s creditworthiness, often impacting its borrowing costs.
- Stable indicators: India has series of stable parameters such as economic growth rate, inflation, general government debt and short-term external debt as a percentage of GDP, and political stability, among others.
Measures taken to improve ratings
- India aims to cut its fiscal deficit to 5.9% of GDP next fiscal year, from the 6.4% target for the current year that ends March 31, and to further reduce that to 4.5% in the next three years.
- India’s Economic Survey has forecast growth of 6% to 6.8% for 2023-24, which would make it one of the world’s fastest-growing major economies.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: OROP Scheme
Mains level: Pension debate in India
The government told the Supreme Court that paying all dues to 1.6 million army pensioners under the OROP scheme in one go may not be in the nation’s larger interest as it could disrupt allocations for other public purposes.
What is OROP Policy?
- OROP means the same pension, for the same rank, for the same length of service, irrespective of the date of retirement.
- The concept was provoked by the then decision by Indira Gandhi-led government, in 1973, two years after the historic victory in the 1971 Bangladesh war.
Origin of the debate
- The Rank pay was a scheme implemented by the Rajiv Gandhi-led govt in 1986, in the wake of the 4th Central Pay Commission.
- It reduced the basic pay of seven armed officers’ ranks of 2nd Lieutenant, Lieutenant, Captain, Majors, Lt. Colonel, Colonels, Brigadiers, and their equivalent by fixed amounts designated as rank pay.
Implementation
- In 2008, Manmohan Singh led Government in the wake of the Sixth Central Pay Commission (6CPC), which discarded the concept of rank-pay.
- Instead, it introduced Grade pay, and Pay bands, which instead of addressing the rank, pay, and pension asymmetries caused by ‘rank pay’ dispensation, reinforced existing asymmetries.
- The present government has accepted the OROP and disbursed some funds for its implementation.
Issues with this pension policy
- The issues, veterans emphasize, are of justice, equity, honor, and national security.
- The failure to address the issue of pay-pension equity, and the underlying issue of honor, is not only an important cause for the OROP protest movement but its escalation.
Present status
- The govt has already released Rs. 5500 crores to serve the purpose, but still, there are some grievances from the veterans’ side.
- It refined Pensions for all pensioners retiring in the same rank as the average of the minimum and maximum pensions in 2013.
- The veterans noted governments’ proposal as one rank many pensions since the review of 5 years would lead to differences in pension between senior and a junior.
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From UPSC perspective, the following things are important :
Prelims level: Oscar Award
Mains level: India's cultural prowess and acceptance in the west
A notable Indian song and a documentary has won the Oscar Award this year.
What are Oscar Awards?
- The Oscar Awards, also known as the Academy Awards, are an annual awards ceremony honouring excellence in the film industry.
- The awards are presented by the Academy of Motion Picture Arts and Sciences (AMPAS), a professional honorary organization of over 9,000 members.
- The first Oscars ceremony was held in 1929, and the awards are now widely considered to be the most prestigious awards in the film industry.
- The ceremony typically takes place in late February or early March, and is broadcast live on television in over 225 countries and territories worldwide.
How are the winners decided?
- Awards are given out in various categories, including Best Picture, Best Director, Best Actor, Best Actress, Best Supporting Actor, Best Supporting Actress, and many more.
- Nominees and winners are chosen by AMPAS members who work in various branches of the film industry, including actors, directors, writers, and producers.
- Winning an Oscar can have a significant impact on a filmmaker’s career, as it is widely seen as a mark of prestige and can lead to increased funding and opportunities for future projects.
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