Hornbill Festival

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•The Hornbill Festival is held annually in Nagaland, India, typically from December 1-10, celebrating the rich cultural heritage of the Naga tribes and showcasing their traditional customs, music, dance, and crafts.

•The festival features vibrant performances, traditional sports, handicraft exhibitions, and a food fair, bringing together various Naga tribes to display their unique cultural identities and promote inter-tribal harmony.

•Known as the "Festival of Festivals," it has become a major tourist attraction, drawing visitors from across India and internationally, while also serving as an important platform for preserving and promoting Naga indigenous culture and traditions.

Inflation

•Inflation represents the rate at which the general price level of goods and services rises, causing purchasing power to decline. It's typically measured by consumer price indices like the Consumer Price Index (CPI), which tracks the average price changes of a basket of consumer goods and services.

•High inflation can significantly disrupt economic stability by eroding savings, increasing borrowing costs, and creating uncertainty for businesses and consumers. Central banks like the Federal Reserve often use monetary policy tools such as adjusting interest rates to manage and control inflation rates.

•Inflation can emerge from multiple sources, including demand-pull inflation (increased consumer demand), cost-push inflation (rising production costs), and monetary inflation (increased money supply). Different economic conditions and policy decisions can trigger inflationary pressures, making it a complex and dynamic economic phenomenon.

Dedollarization

•Countries are seeking to reduce dependence on the US dollar in international trade, driven by geopolitical tensions, US sanctions, and a desire to challenge US financial hegemony. Nations like China, Russia, and several Global South countries are increasingly conducting transactions in local currencies or alternative payment systems.

•The BRICS alliance (Brazil, Russia, India, China, South Africa) is actively promoting dedollarization by developing a common currency and expanding membership. In 2024, the group added several new members like Saudi Arabia, Iran, and UAE, creating a powerful economic bloc that aims to reduce dollar dominance in global trade.

•Dedollarization could potentially weaken the US dollar's global reserve currency status, impacting American economic leverage. While complete displacement of the dollar is unlikely in the near term, the trend represents a significant shift in the global financial landscape, potentially leading to a more multipolar monetary system.