Note4Students
From UPSC perspective, the following things are important :
Prelims level: Cookies and Digital Privacy
Mains level: Read the attached story
Central Idea
- In the online world, digital cookies hold a significant role, contributing to personalization and user convenience.
- These unobtrusive lines of code, quietly stored on devices during website visits, shape the online experiences we encounter.
Understanding How Cookies Work
- Cookies as Digital Keys: Think of cookies as keys to an exclusive club. Just as a club bouncer recognizes regular patrons, cookies remember your login details on websites, eliminating the need for constant re-authentication.
- Enhanced Online Shopping: Websites like Amazon leverage cookies to remember your past interactions, offering tailored product recommendations and an intimate shopping experience.
- Persistent Shopping Carts: Online shopping carts, fueled by cookies, ensure your selections remain intact even after you leave the site, simplifying the checkout process.
- Personalized Advertising: Platforms like Facebook and Google utilize cookies to track online behaviour, serving ads aligned with your preferences.
Types of Cookies
- Session Cookies: Temporary, session cookies function as post-it notes for websites, existing only in your computer’s memory during your browsing session.
- Persistent Cookies: Comparable to bookmarks, persistent cookies remain on your device after your browsing session, retaining login information and preferences.
- Secure Cookies: Sent over encrypted connections, secure cookies are employed for sensitive data like login credentials.
- Third-Party Cookies: Originating from domains other than the visited site, third-party cookies serve tracking and advertising functions, offering both benefits and potential intrusiveness.
Multifaceted Uses of Cookies
- Digital ID Cards: Cookies facilitate user authentication, allowing websites to recognize and keep you logged in.
- Personalization: They remember your preferences, such as language choices and website themes.
- Persistent Shopping Carts: Items added online remain accessible upon your return.
- Analytics Data: Cookies enable website owners to gather valuable data about user interactions for improvements and customization.
- Targeted Advertising: Advertisers employ cookies to display ads aligning with your interests, enhancing online shopping experiences.
Challenges Associated with Cookies
- Privacy Concerns: Cookies can track online behaviour, occasionally infringing upon digital privacy.
- Security Risks: Inadequately secured cookies may expose personal information to cybercriminals.
- User Consent Era: Privacy regulations necessitate websites to seek user consent before deploying specific cookie types, resulting in pop-ups and prompts.
- Third-Party Cookie Debates: Concerns about third-party cookies have led web browsers to limit their usage for user privacy protection.
- Data Deluge: The multitude of cookies can potentially overwhelm your browser, causing a sluggish web experience.
Conclusion
- Complex yet Sweet: Cookies enhance online experiences but also bring privacy and security challenges. As the digital landscape evolves, so will the use and regulation of cookies.
- Analogous to Real Cookies: Just like warm, gooey chocolate chip cookies, digital cookies add a personalized touch to your online adventures, even if they occasionally leave behind a few crumbs.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Dr. M.S. Swaminathan, Green Revolution
Mains level: Read the attached story
Central Idea
- Dr. M.S. Swaminathan, the revered agricultural scientist renowned as the “Father of the Green Revolution” in India, passed away at the age of 98.
- His legacy is deeply interwoven with India’s journey towards achieving food security.
Who was Dr. M.S. Swaminathan?
- Civil Services to Agriculture: Although Dr. Swaminathan initially cleared the civil services examination, his heart was set on agriculture. His fascination with farming led him to pivot his career towards agricultural research.
- The Turning Point: Influenced by the Bengal famine of 1942-43, which he viewed as a consequence of British policies, Dr. Swaminathan chose to study agriculture, particularly genetics and breeding. This decision was instrumental in shaping India’s agricultural landscape.
Timeline of Dr. M.S. Swaminathan’s remarkable life and contributions:
| Year |
Milestones |
| 1925 |
Born on August 7, 1925, in Kumbakonam, Madras Presidency. |
| 1940s |
Pursued higher education in zoology and later completed a Bachelor of Science degree in Agricultural Science. |
| 1949-1954 |
Conducted research on combating potato crop parasites during a UNESCO fellowship and earned a PhD from the University of Cambridge. |
| 1954 |
Specialized in the genus Solanum and started researching fertilizers and high-yielding wheat varieties. |
| 1965-70 |
Collaborated with Dr. Norman Borlaug to develop high-yield semi-dwarf wheat varieties, pioneering the Green Revolution in India. |
| 1979-1982 |
Appointed as Director-General of the Indian Council of Agricultural Research and served in various government roles. |
| 1982 |
Became Director General of the International Rice Research Institute in the Philippines. |
| 1987 |
Awarded the first World Food Prize for his contributions to agriculture. |
| 2002 |
Elected as President of the Pugwash Conferences on science and world affairs. |
| 2004 |
Appointed as the chair of the National Commission on Farmers, which recommended significant reforms for Indian agriculture. |
| 2005 |
Joined the United Nations Millennium Project’s Hunger Task Force and developed targets to combat poverty and hunger. |
| 2007 |
Nominated to the Rajya Sabha and presented the Women Farmers’ Entitlements Bill. |
| 2013 onwards |
Continued involvement in various initiatives focused on nutrition, internet access, and agricultural institutes worldwide. |
Green Revolution: A Game-Changer
- Revolutionary Change: Dr. Swaminathan’s pioneering work led to the introduction of high-yielding variety seeds, improved irrigation facilities, and fertilizers to farmers in regions like Punjab, Haryana, and western Uttar Pradesh. This transformative period marked the beginning of India’s Green Revolution.
- Impact on Wheat Production: The Green Revolution witnessed a remarkable increase in wheat production. In 1947, India produced about 6 million tonnes of wheat annually, which soared to about 17 million tonnes between 1964 and 1968, significantly enhancing the nation’s self-sufficiency in food production.
Swaminathan’s Contribution to the Green Revolution
| Semi-Dwarf Wheat Varieties |
Aimed to reduce wheat plant height, preventing lodging while maintaining grain yield. |
| Collaboration with Norman Borlaug |
Collaborated with Norman Borlaug to incorporate dwarfing genes into spring wheat varieties suitable for India. |
| The Wheat Revolution |
A collaborative effort starting in 1963, leading to high-yield semi-dwarf wheat varieties. |
| Role of HYVs |
Focused on developing high-yielding varieties of wheat and rice, crucial for combating drought and famine. |
| Yield Gap Reduction |
Targeted increasing productivity on existing farmland through HYVs, mitigating the threat of famine. |
| Cytogenetics Expertise |
Contributions extended to studying chromosomes (cytogenetics), identifying traits like disease resistance. |
Challenges and Ethical Commitments
- Unintended Consequences: Despite its successes, the Green Revolution faced criticism for benefiting prosperous farmers and causing ecological issues.
- Dr. Swaminathan’s Advocacy: As the head of the National Commission on Farmers, he advocated for fair Minimum Support Prices for farmers and highlighted concerns related to soil fertility, pesticide use, and water management.
Legacy and Recognition
| International Accolades |
– Ramon Magsaysay Award in 1971
– Albert Einstein World Science Award in 1986
– UNEP Sasakawa Environment Prize in 1994
– UNESCO Gandhi Gold Medal in 1999
– Indira Gandhi Prize for Peace, Disarmament, and Development in 1999
– Franklin D. Roosevelt Four Freedoms Award in 2000
– First World Food Prize Laureate in 1987. |
| National Awards (India) |
– Lal Bahadur Shastri National Award
– Indira Gandhi Prize for Peace, Disarmament, and Development |
| Civilian Awards (India) |
– Padma Shri in 1967
– Padma Bhushan in 1972
– Padma Vibhushan in 1989 |
| Honorary Doctorates |
– Received over 80 honorary doctorates from universities worldwide |
| Civilian Awards (Other Nations) |
– Honored with civilian awards from nations like the Philippines, France, Cambodia, China |
| Fellowships in Scientific Academies |
– Elected as a fellow in several scientific academies in Russia, Sweden, United States, United Kingdom, Italy, China, Bangladesh |
Back2Basics: Key Terms Explained
- Hexaploid Wheat: Also known as “bread wheat,” hexaploid wheat contains six sets of chromosomes and is a globally cultivated cereal crop.
- Carbon Fixation: The process by which crops capture carbon dioxide from the atmosphere and convert it into organic compounds, primarily through photosynthesis.
- C3 and C4 Pathways: Photosynthetic pathways used by plants for carbon fixation, with C4 being more efficient.
- C4 Rice Plant: A type of rice that employs the C4 photosynthetic pathway, which Dr. Swaminathan worked on during his tenure at the International Rice Research Institute (IRRI).
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Current Account Deficit (CAD)
Mains level: Read the attached story
Central Idea
- Data released by the Reserve Bank of India (RBI) reveals that India’s Current Account Deficit (CAD) expanded significantly to $9.2 billion, equivalent to 1.1% of GDP, during the April-June quarter.
- This represents a substantial increase from the preceding three months when it stood at $1.3 billion, or 0.2% of GDP.
- Contrasting with the year-earlier quarter of fiscal 2022-23, where the CAD was $17.9 billion (2.1% of GDP), the current scenario reflects evolving economic dynamics.
What is Current Account Deficit (CAD)?
- A current account is a key component of balance of payments, which is the account of transactions or exchanges made between entities in a country and the rest of the world.
- This includes a nation’s net trade in products and services, its net earnings on cross border investments including interest and dividends, and its net transfer payments such as remittances and foreign aid.
- A CAD arises when the value of goods and services imported exceeds the value of exports, while the trade balance refers to the net balance of export and import of goods or merchandise trade.
Components of Current Account
Current Account Deficit (CAD) = Trade Deficit + Net Income + Net Transfers
(1) Trade Deficit
- Trade Deficit = Imports – Exports
- A Country is said to have a trade deficit when it imports more goods and services than it exports.
- Trade deficit is an economic measure of a negative balance of trade in which a country’s imports exceeds its exports.
- A trade deficit represents an outflow of domestic currency to foreign markets.
(2) Net Income
- Net Income = Income Earned by MNCs from their investments in India.
- When foreign investment income exceeds the savings of the country’s residents, then the country has net income deficit.
- This foreign investment can help a country’s economy grow. But if foreign investors worry they won’t get a return in a reasonable amount of time, they will cut off funding.
- Net income is measured by the following things:
- Payments made to foreigners in the form of dividends of domestic stocks.
- Interest payments on bonds.
- Wages paid to foreigners working in the country.
(3) Net Transfers
- In Net Transfers, foreign residents send back money to their home countries. It also includes government grants to foreigners.
- It Includes Remittances, Gifts, Donation etc
How does Current Account Transaction takes place?
- While understanding the Current Account Deficit in detail, it is important to understand what the current account transactions are.
- Current account transactions are transactions that require foreign currency.
- Following transactions with from which component these transactions belong to :
- Component 1 : Payments connection with Foreign trade – Import & Export
- Component 2 : Interest on loans to other countries and Net income from investments in other countries
- Component 3 : Remittances for living expenses of parents, spouse and children residing abroad, and Expenses in connection with Foreign travel, Education and Medical care of parents, spouse and children
What are the reasons for the current account deficit?
- Intensifying geopolitical tensions and supply chain disruptions leading to crude oil and commodity prices soaring globally have been exerting upward pressure on the import bill.
- A rise in prices of coal, natural gas, fertilizers, and edible oils have added to the pressure on trade deficit.
- However, with global demand picking up, merchandise exports have also been rising.
How will a large CAD affect the economy?
- A large CAD will result in the demand for foreign currency rising, thus leading to depreciation of the home currency.
- Nations balance CAD by attracting capital inflows and running a surplus in capital accounts through increased foreign direct investments (FDI).
- However, worsening CAD will put pressure on the inflow under the capital account.
- Nevertheless, if an increase in the import bill is because of imports for technological upgradation it would help in long-term development.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Brain Cell Death
Mains level: NA
Central Idea
- Scientists have long sought medical treatments for Alzheimer’s disease but have faced limited success.
- The approval of the drug Lecanemab by the US FDA in 2023 has brought renewed optimism, as it shows promise in slowing the progression of Alzheimer’s in its early stages.
How brain cells die?
- Revealing the Connection: Researchers from Belgium and UK have shed light on the connection between abnormal proteins (amyloid and tau) and a process called necroptosis, which leads to cell death.
- Cell Death Mechanism: Necroptosis is a form of cell death typically triggered by immune responses to infection or inflammation, serving to eliminate damaged cells.
- Inflammatory Response: The study suggests that in Alzheimer’s patients, amyloid protein entering brain neurons triggers inflammation and alters the internal chemistry of the cells. Amyloid forms plaques, while tau forms tangles.
- MEG3 Molecule: When amyloid and tau processes occur simultaneously, brain cells produce a molecule called MEG3, which appears to be linked to cell death.
- Blocking MEG3: The researchers experimented by blocking the MEG3 molecule and found that brain cells survived when this molecule was inhibited.
- Experimental Approach: Human brain cells were transplanted into genetically modified mice that produced significant amyloid, allowing researchers to make these groundbreaking observations.
Hope for Alzheimer’s Treatment
- Historic Discovery: Researchers highlighted that this discovery marks the first time, after several decades of speculation, that scientists have found a plausible explanation for cell death in Alzheimer’s patients.
- Path to New Medicines: Some are optimistic that their findings will pave the way for new medical treatments targeting Alzheimer’s.
- Lecanemab’s Target: Lecanemab, a drug that specifically targets the amyloid protein, aligns with the potential to block the MEG3 molecule, offering the prospect of halting brain cell death in Alzheimer’s disease.
Understanding Brain’s Complex Processes
- Brain’s Enigma: The development of Alzheimer’s drugs has been hampered by a lack of understanding of the disease’s mechanisms within the brain.
- Amyloid and Tau: Amyloid and tau proteins are known to accumulate in the brain of Alzheimer’s patients, but their precise roles and how they contribute to cell death remained unclear.
Alzheimer’s Global Challenge
- Widespread Impact: Approximately 55 million people worldwide are affected by various forms of dementia, with Alzheimer’s being one of the prominent diseases.
- Disproportionate Burden: Two-thirds of dementia cases are found in developing countries, and with the aging global population, projections indicate that the number of dementia cases could reach 139 million by 2050, with China, India, Latin America, and Sub-Saharan Africa facing the greatest challenges.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Norman Borlaug
Mains level: Not Much
Central Idea
- Swati Nayak, a scientist at the International Rice Research Institute (IRRI) South Asia Regional Centre (ISARC), has been honoured with the Borlaug Field Award by the World Food Prize.
- She is renowned for her groundbreaking research in developing climate-resilient and nutrition-rich rice varieties.
Contributions of Dr. Swati Nayak
| Extensive Testing |
Organized over 10,000 tests, evaluating 500+ seed varieties. |
| Climate Resilient Varieties |
Developed high-yield, biofortified, and nutritionally enhanced rice varieties. |
| Small Holder Farmers’ Focus |
Innovated inbred rice varieties to benefit smallholders. |
| Collaborative Efforts |
Collaborated with national and international organizations. |
| Addressing Lifestyle Diseases |
Advocates for low glycemic index, micronutrient-enriched rice varieties. |
| Supporting Better Quality |
Empowers farmers to produce high-quality seeds for better market positioning. |
| Biofortified Foodgrains |
Promotes affordable bio-fortified rice as a nutritional solution. |
Who was Norman Borlaug (1914-2009)?
| Contributions |
Developed high-yielding, disease-resistant wheat varieties, “Father of the Green Revolution” |
| Impact |
Saved over a billion people from hunger, significantly increased global wheat production |
| Awards and Honors |
Nobel Peace Prize, Presidential Medal of Freedom, Congressional Gold Medal, Padma Vibhushan, and more |
| Legacy |
Laid the foundation for modern agricultural practices, inspired efforts to address global food security |
About Borlaug Field Award
| Endowed by |
Rockefeller Foundation |
| Presented by |
World Food Prize Foundation |
| Purpose |
Recognize outstanding contributions in international agriculture and food production by individuals under 40. |
| Award Amount |
$10,000 |
| Inspiration |
Honors Dr. Norman Borlaug’s dedication to fighting global hunger and poverty during his early career in Mexico. |
| Establishment Year |
2011 |
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: AFSPA
Mains level: Not Much
Central Idea
- The Manipur government has announced the extension of the Armed Forces (Special Powers) Act (AFSPA) for another 6 months across the entire state.
- However, it excludes 19 police stations in seven districts of the Imphal Valley.
Why such move?
- Gradual Withdrawal: Since 2022, AFSPA has been progressively withdrawn from the valley districts, primarily inhabited by the Meitei community.
- Resurgence of Insurgent Groups: There has been a resurgence of insurgent groups, largely operating from Myanmar, advocating for Manipur’s secession from India.
- Ethnic Violence: Ethnic violence between the Meitei and tribal Kuki communities has claimed at least 175 lives since May 3, making it the deadliest conflict in Manipur since 1999.
AFSPA History in Manipur
- Decades of AFSPA: AFSPA has been applicable in Manipur since 1981, impacting both the valley and hill districts.
- Gradual Withdrawal: The Act’s provisions have been gradually withdrawn from the valley districts over the years, signifying evolving security dynamics.
What is Armed Forces (Special Powers) Act, 1958?
- Armed Forces Special Powers Act, to put it simply, gives armed forces the power to maintain public order in “disturbed areas.”
- AFSPA gives armed forces the authority use force or even open fire after giving due warning if they feel a person is in contravention of the law.
- The Act further provides that if “reasonable suspicion exists”, the armed forces can also arrest a person without a warrant; enter or search premises without a warrant; and ban the possession of firearms.
A Backgrounder
- The AFSPA, 1958 came into force in the context of insurgency in the North-eastern States decades ago.
- It provides “special power” to the Armed Forces applies to the Army, the Air Force and the Central Paramilitary forces etc.
- It has been long contested debate whether the “special powers” granted under AFSPA gives total immunity to the armed forces for any action taken by them.
What are the Special Powers?
- Power to use force: including opening fire, even to the extent of causing death if prohibitory orders banning assembly of five or more persons or carrying arms and weapons, etc are in force in the disturbed area;
- Power to destroy structures: used as hide-outs, training camps, or as a place from which attacks are or likely to be launched, etc;
- Power to arrest: without warrant and to use force for the purpose;
- Power to enter and search premises: without a warrant to make arrest or recovery of hostages, arms and ammunition and stolen property etc.
Who can declare/notify such areas?
- The Central Government or the Governor of the State or administrator of the Union Territory can declare the whole or part of the State or Union Territory as a disturbed area.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Government Bonds
Mains level: Not Much
Central Idea
- India is set to make history by issuing it’s first-ever 50-year government bonds and 30-year green bonds.
- These offerings have piqued the interest of insurance companies and provident funds seeking avenues to invest their long-term funds.
Why such move?
- Ambitious Target: India aims to mobilize ₹6.55 trillion ($78.73 billion) through bond sales from October to March. This includes a significant ₹300 billion allocation to the 50-year security, marking the central government’s maiden auction of such bonds.
- Natural Demand: Long-term investors, particularly insurers, find the 50-year bonds appealing due to their alignment with asset-liability management requirements.
Government Bonds in India
- Government Bonds in India, fall under the broad category of Government Securities (G-Sec) and are primarily long term investment tools issued for periods ranging from 5 to 40 years.
- It can be issued by both Central and State governments of India. Government bonds issued by State Governments are also called State Development Loans (SDLs).
- The GB interest rates, also called a coupon, can either be fixed or floating and disbursed on a semi-annual basis.
- In most cases, GOI issues bonds at a fixed coupon rate in the market.
Types:
| Fixed-Rate Bonds |
Offer a fixed interest rate throughout the investment tenure, providing clarity with the coupon rate mentioned. |
| Floating Rate Bonds (FRBs) |
Subject to periodic interest rate adjustments, often with a base rate and fixed spread determined through auctions. |
| Sovereign Gold Bonds (SGBs) |
Allow investments in gold without physical possession, with tax-exempt interest and prices linked to gold’s value. |
| Inflation-Indexed Bonds |
Adjust both principal and interest based on inflation, using indices like CPI or WPI, tailored for retail investors. |
| 7.75% GOI Savings Bond |
Features a 7.75% interest rate and available to individuals, minors with legal guardians, and Hindu Undivided Families. |
| Bonds with Call/Put Option |
Permit either issuer or investor to buy back or sell bonds, respectively, on specified dates, after 5 years from issuance. |
| Zero-Coupon Bonds |
Generate earnings from the difference between issuance and redemption prices, as they do not provide interest income. |
Advantages offered
- Sovereign Guarantee: Government bonds are backed by the government’s commitment, offering stability and assured returns.
- Inflation-Adjusted: Inflation-indexed bonds protect investors from rising prices, maintaining the real value of their investments.
- Regular Income: Government bonds provide semi-annual interest disbursements, offering investors a source of regular income.
Limitations
- Lower Income: Apart from 7.75% GOI Savings Bonds, government bonds typically offer lower interest rates.
- Lack of Relevance: With maturity tenures ranging from 5 to 40 years, government bonds may lose relevance over time, particularly in the face of inflation.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Dadasaheb Phalke Award
Mains level: NA
Central Idea
- Union Information and Broadcasting Minister announced that veteran actor Waheeda Rehman would be given the Dadasaheb Phalke Lifetime Achievement Award for 2021, honouring her stellar contribution to Indian cinema.
About Dadasaheb Phalke Award
| Purpose |
Highest honor in Indian cinema for outstanding contributions to its growth and development. |
| Inception |
Instituted by the Indian government in 1969. |
| Named After |
Dhundiraj Govind Phalke, “Father of Indian Cinema.” |
| Components |
‘Swarna Kamal’ (Golden Lotus), INR 10 lakh cash prize, certificate, silk scroll, and shawl. |
| Presentation |
By the President of India in the presence of key film industry representatives and officials. |
| First Recipient |
Devika Rani Roerich (1969). |
Who was Dadasaheb Phalke?
- Early Life: Dhundiraj Govind Phalke, born in 1870 in Trimbak, Maharashtra, had a diverse career. He initially studied engineering and sculpture and later developed a fascination for motion pictures after watching the 1906 silent film ‘The Life of Christ.’
- Varied Pursuits: Before entering the world of cinema, Phalke worked as a photographer, owned a printing press, and even collaborated with the renowned painter Raja Ravi Varma.
- Filmmaking Pioneer: In 1913, Phalke scripted, produced, and directed India’s inaugural feature film, the silent masterpiece ‘Raja Harishchandra.’ This groundbreaking film’s commercial success marked the beginning of Phalke’s prolific career in which he created 95 more films and 26 short films over the next 19 years.
- Father of Indian Cinema: Dhundiraj Govind Phalke is hailed as the “Father of Indian Cinema” for his pioneering contributions to the country’s film industry.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Balsams
Mains level: NA
Central Idea
- The genus Impatiens, locally known as Kasithumba and Onappovu, is currently enchanting tourists with its vibrant pink blooms in Munnar.
What are Balsams?
- Distinctive Feature: Balsams are commonly referred to as ‘touch-me-not’ due to the unique behavior of their mature seeds bursting open upon touch and distributing seeds.
- Sign of Active Micro-Climate: Botanists suggest that the extensive flowering of balsams in Munnar indicates the continued activity of the microclimate in this hill station.
- Indian Balsam Species: India hosts a total of 220 balsam species, with a significant presence of 135 species in the southern Western Ghats.
- Balsam Paradise: Idukki, particularly the high ranges around Anamudi, is renowned for its rich diversity of wild balsams. Scientists often term the district as a ‘balsam paradise.’
Conservation Efforts
- Balsams in Munnar: Munnar boasts 46 balsam species, extending from Munnar to Chinnar and Bison Valley.
- Protection in National Park: The Eravikulam National Park alone is home to over 40 wild balsam species, with the Forest Department ensuring their protection.
- Unparalleled Diversity: Prasad G, working plan officer, highlights that Munnar’s altitude has unveiled 46 balsam species, a level of diversity unmatched elsewhere in the world.
- Indicator Species: Balsams play a crucial role as indicator species for climate change. Any alterations in the climate of a region are often reflected in the population of these plants.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Angel Tax
Mains level: Read the attached story
Central Idea
- The government has introduced revisions to the angel tax provisions that were initially implemented in this year’s Budget, primarily targeting investments by non-resident investors into startups at a premium over their fair market value.
Key changes introduced
- The Central Board of Direct Taxes issued a notification, amending Rule 11UA under the Income Tax Act, incorporating changes to the draft norms released earlier.
- Five distinct valuation methods for shares have been introduced, accompanied by a 10% tolerance allowance for deviations from accepted share valuations.
- These changes aim to provide some relief to prospective foreign investors interested in Indian startups.
Angel Investment
- An angel investor is an individual who provides financial backing to early-stage startups or entrepreneurs, typically in exchange for equity in the company.
- Angel investors are typically high-net-worth individuals who invest their own personal funds, rather than investing on behalf of a firm or institution.
- Features of Angel Investing:
- Early-stage funding
- Equity investment
- High-risk, high-reward
- Active involvement
- Personal investment
- Flexible terms
- Shorter investment horizon
|
What is Angel Tax?
- Referred to as Angel Tax, this rule is described in Section 56(2)(viib) of the Income Tax Act, 1961.
- Essentially it’s a tax on capital receipts, unique to India in the global context.
- This clause was inserted into the act in 2012 to prevent laundering of black money, round-tripping via investments with a large premium into unlisted companies.
- The tax covers investment in any private business entity, but only in 2016 was it applied to startups.
Why was angel tax introduced?
- The complicated nature of VC fundraising with offshore entities, multiple limited partners and blind pools is contentious.
- There has been some element of money laundering or round-tripping under guise.
Details of its levy
- The Angel Tax is being levied on startups at 9% on net investments in excess of the fair market value.
- For angel investors, the amount of investment that exceeds the fair market value can be claimed for a 100% tax exemption.
- However, the investor must have a net worth of ₹2 crores or an income of more than ₹25 Lakh in the past 3 fiscal years.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Monsoon Withdrawal/Retreat
Mains level: Not Much
Central Idea
- India Meteorological Department (IMD) has announced withdrawal of the monsoon.
What is Monsoon Withdrawal/Retreat?
- In India, retreating monsoon is the withdrawal of south-west monsoon winds from North India.
- The withdrawal is gradual and takes about three months.
- With the retreat of the monsoons, the clouds disappear and the sky becomes clear. The day temperature starts falling steeply.
- Monsoon rains weaken all over India except few southeastern states.
- It is helpful in Rabi crop cultivation.
Factors affecting the retreat
Two predominant factors cause the phenomenon:
(1) Land topography
- First, the low mountain range in each region runs from north to south, shielding it from west-bound winds that trigger summer monsoon.
- After summer, the range aids in the ‘orographic lift’ or rising of east-bound air mass from a lower to higher elevation, forming clouds and resulting in rain.
(2) Atmospheric convection
- The second factor is atmospheric convection or vertical movement of air.
- As the earth is heated by the sun, different surfaces absorb different amounts of energy and convection may occur where the surface heats up very rapidly.
- As the surface warms, it heats the overlying air, which gradually becomes less dense than the surrounding air and begins to rise.
- This condition is more favorable from September to February because of the role played by sea surface temperature or water temperature.
Immediate factors influencing withdrawal
- The withdrawal of the monsoon is based on meteorological conditions such as-
- Anti-cyclonic circulation (dry air that is the opposite of a cyclone)
- Absence of rain in the past five days and
- Dry weather conditions over the region
When does it occur?
- The monsoon withdrawal is a long-drawn process and extends into mid-October, though the IMD considers September 30 to be the final day of the season over India.
- The rain after that is categorised as “post-monsoon” rainfall.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Read the attached story
Mains level: Not Much
Central Idea
- A groundbreaking 21-meter-long ship, constructed using an age-old technique of stitching wooden planks with ropes, cords, coconut fibers, natural resins, and oils, is scheduled to embark ‘Baliyatra’ from Odisha to Bali, Indonesia.
- The initiative, led by the Govt. of India, aims to rekindle the nation’s rich maritime tradition and heritage.
- This remarkable journey will be manned by a crew from the Indian Navy.
Early Evidence of Maritime Trade
- Ancient Maritime Trade: The presence of maritime trade networks dating back to circa 3300-1300 BCE is supported by evidence from the Indus Valley, Mesopotamia, and coastal sites along the Arabian Sea. The engineering marvel of the dock at Lothal in Gujarat stands as a testament to the Indus civilization’s profound understanding of tides and winds.
- Historical Accounts: Ancient texts, including the Vedas (circa 1500-500 BCE), contain vivid accounts of seafaring adventures and the associated risks. Furthermore, the Jataka Tales (circa 300 BCE-400 CE) and Tamil Sangam literature (circa 300 BCE-300 CE) provide explicit references to maritime activities.
Challenges in Recognizing Maritime Heritage
- Historiographical Biases: Historians have often marginalized India’s maritime heritage in favor of narratives centered on land-based polities. This bias has led to the neglect of India’s maritime contributions.
- Emergence of Deep-Sea Voyages: The 1st century BCE witnessed intensified mid-ocean voyages driven by the Roman Empire’s demand for Eastern commodities, which harnessed monsoon winds and marked a significant turning point in maritime activity.
Ancient Indian Boats and Shipbuilding
- Limited Knowledge: The field of marine archaeology in India remains at an early stage of development, with primary insights derived from boat-building traditions, artistic depictions, and literary sources.
- Traditional Boat-Building Techniques: Indian boat construction traditions favor stitching planks of wood together instead of using nails. These traditions encompass coir-stitched, jong (Southeast Asian), and Austronesian methods, each employing various stitching techniques.
- Wood Selection: Selection of wood types for shipbuilding depended on their suitability for specific ship components. Mangrove wood excelled in creating sturdy dowels, while teak was preferred for planks, keels, stem, and stern posts.
India’s Role in Maritime Trade
- Trade Lake of the Indian Ocean: By the Common Era, the Indian Ocean had evolved into a thriving trade network, with India positioned at its heart. This network facilitated trade connections between India and Europe via the Middle East and Africa in the west, as well as Southeast Asia, China, and Malaysia in the east.
- Evidence of Scale: Estimates indicate the colossal scale of trade, with customs taxes collected from the Red Sea trade route alone contributing significantly to the Roman exchequer.
Uncovering a Hidden Past
- Ongoing Exploration: Recent excavations have provided substantial insights into India’s maritime history. Nevertheless, experts acknowledge that numerous discoveries await on this journey of exploration.
- Need for Investment: Marine archaeology in India requires increased funding and recognition to unlock its full potential and contribute meaningfully to humanity’s understanding of the past.
- Value of Knowledge: Scientific archaeology’s pursuit of India’s deep maritime past offers the potential for immense benefits to humanity. Engaging with this history challenges conventional narratives and represents a subversive yet essential endeavor.
Conclusion
- The forthcoming voyage of the stitched ship symbolizes India’s dedicated efforts to rejuvenate its maritime heritage, shedding light on the forgotten history of Indian seafarers and their remarkable vessels.
- Through exploration and study, India seeks to restore the rightful place of its maritime legacy in the annals of history.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: NA
Mains level: Tobacco Warnings on OTT Platforms
Central Idea
- The Central government’s regulations mandated long-duration smoking warnings for films and TV series on OTT platforms like Hotstar, Amazon, and Netflix.
- Streaming websites voiced objections, raising concerns about user experience.
Recent Development
- According to a recent report, the government has agreed to find “pragmatic solutions” for stricter tobacco warnings on OTT platforms.
- A closed-door meeting saw streaming executives engage with Health Ministry and Information and Broadcasting (I&B) Ministry officials.
Why Smoking Warnings in Indian Entertainment?
- Linking Health Impact and Public Perception: The introduction of smoking warnings in Indian entertainment stems from the connection between smoking’s health impact and its portrayal to the public. The goal is to communicate clear information about the health risks associated with smoking and discourage its use.
- Regulation Evolution: The Indian government has a history of regulating how smoking is portrayed. The Cinematograph Act of 1952 prohibited the “glamorization” of tobacco in movies, and the Cable Television Networks Amendment Act of 2000 banned tobacco and alcohol advertising on cable TV.
Historical Context
- Factors Leading to Consensus: Several factors contributed to a growing national consensus on tobacco control, including increased health awareness, new laws and enforcement, judicial rulings (e.g., the 2008 ban on public smoking), civil society efforts, global support for tobacco control, and the influence of the World Health Organization.
- COTPA and Health Ministry Notification: Under the Cigarettes and Other Tobacco Products Act (COTPA), signed into law in May 2003, the Health Ministry introduced a notification prohibiting the display of tobacco products in cinema and television programs.
- Content Rules: This notification required films and shows produced before it to include health warnings regarding smoking as a prominent scroll at the bottom of the screen. It also recommended prohibiting smoking in public places and using pictorial health warnings covering 85% of tobacco product display areas.
- Legal Challenges: Legal challenges arose as some filmmakers and actors argued that these rules violated their freedom of speech. The Delhi HC quashed the notification in 2009, but the Supreme Court later upheld the rules.
Introduction of Health Spots
- Consensus-Building Efforts: Amid legal disputes, I&B Ministry appointed a new minister, leading to attempts to reach consensus. In 2011, the Health Ministry introduced new rules after consultations with I&B Ministry, aiming to make them more practical and implementable.
- Health Spots in Old Content: For films and shows made before these rules, anti-tobacco health spots or messages were required at the beginning and middle of television programs, made available to the Central Board of Film Certification (CBFC).
- Requirements for New Content: New films and TV shows with smoking scenes were to provide an “editorial justification” to the CBFC, include anti-tobacco health spots, display a prominent static message during tobacco product scenes, and feature an audio-visual disclaimer on the ill effects of tobacco use.
Implementation Challenges
- A study revealed that while many movies implemented at least one element of the film rules on tobacco imagery, few fully complied.
- Compliance with other aspects of COTPA, such as restrictions on selling cigarettes near schools, has also been lacking.
Debate over OTT Smoking Warnings
- Content Library Concerns: I&B Ministry which regulates streaming platforms, expressed concerns about implementing warnings in existing content, foreign content, and health spots. It suggested displaying an appropriate health warning when users log in.
- OTT Industry Concerns: In May, India ordered OTT platforms to insert static health warnings and anti-tobacco disclaimers. OTT executives raised concerns about the potential need to edit vast amounts of existing content, impacting user experience and creators’ freedom of expression.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: SARFAESI Act
Mains level: Not Much
Central Idea
- The RBI has issued a directive requiring commercial banks and Non-Banking Financial Companies (NBFCs), collectively referred to as Regulated Entities (REs), to disclose borrower information.
- This disclosure pertains to borrowers whose secured assets have been repossessed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act).
What is the SARFAESI Act?
- Objective: The SARFAESI Act, introduced in 2002, is formally known as the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act. Its primary objective is to protect financial institutions against loan defaults.
- Empowering Banks: The Act empowers banks to seize, manage, or sell securities pledged as collateral for loans, facilitating the recovery of bad debts without the need for court intervention.
- Broad Application: The SARFAESI Act applies nationwide and covers all types of assets, whether movable or immovable, provided as security to lenders.
Aim of the SARFAESI Act
The SARFAESI Act serves two key purposes:
- Efficient NPA Recovery: It streamlines and expedites the recovery of non-performing assets (NPAs) for financial institutions and banks.
- Asset Auction: It enables financial organizations and banks to auction residential and commercial assets in cases of borrower default.
Why was such a Law needed?
- Pre-SARFAESI Era: Before the enactment of the SARFAESI Act in December 2002, financial institutions and banks faced complex procedures for recovering bad debts.
- Legal Complexity: Lenders had to navigate legal complexities, resorting to civil courts or designated tribunals to secure ‘security interests’ for recovering defaulted loans, resulting in slow and cumbersome debt recovery.
Powers Granted to Banks under the Law
- Default Trigger: The SARFAESI Act comes into play when a borrower defaults on payments for more than six months.
- Notice Period: The lender is required to issue a notice to the borrower, providing them with a 60-day window to clear their outstanding dues.
- Asset Possession: If the borrower fails to comply within the stipulated period, the financial institution gains the right to take possession of the secured assets and manage, transfer, or sell them.
- Appellate Avenue: The defaulter has the option to appeal to an appellate authority established under the law within 30 days of receiving a notice from the lender.
SARFAESI Act: Applicability
The SARFAESI Act primarily deals with various legal aspects related to:
- Registration of asset reconstruction companies.
- Acquisition of rights or interest in financial assets.
- Measures for asset reconstruction.
- Resolution of disputes.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: OSIRIS-REx Mission
Mains level: Not Much
Central Idea
- The NASA OSIRIS-REx mission has achieved a significant milestone by successfully returning to Earth with an estimated 250 grams (8.8 ounces) of material gathered from the surface of an asteroid.
- These precious samples hold the potential to provide critical insights into differentiating authentic asteroid-origin materials from potential terrestrial contaminants or alterations across various meteorite types.
OSIRIS-REx Mission
(a) Mission Launch and Journey:
- OSIRIS-REx embarked on its journey when it was launched from Cape Canaveral, Florida, in 2016.
- Over a span of two years, it traversed space to reach Bennu, a carbon-rich asteroid nestled between Earth and Mars.
(b) Orbiting Bennu:
- The spacecraft reached its destination, Bennu, in December 2018.
- It spent two years in orbit around the asteroid, conducting a comprehensive suite of measurements.
- These measurements encompassed critical aspects such as Bennu’s mass, density, albedo, surface composition, and particle environment.
- The landing site chosen on Bennu was named “Nightingale.”
(c) Notable Discoveries:
- During the reconnaissance phase, the OSIRIS-REx mission uncovered several intriguing findings:
- Bennu is classified as an active asteroid, periodically ejecting material from its surface.
- The surface of Bennu exhibited a considerably rougher terrain than initially expected, featuring numerous boulders exceeding ten meters in diameter.
- Bennu’s bulk density was found to be lower than anticipated, suggesting the presence of substantial empty space within the asteroid’s structure.
- Surface features on Bennu indicated signs of past aqueous activity, and the asteroid’s rotation was observed to be accelerating due to the YORP effect.
Previous such missions
- Previous space missions like Japan’s Hayabusa and Hayabusa2, as well as China’s Chang’e 5, have made substantial contributions to our understanding of celestial bodies and their compositions.
- The return of asteroid samples by OSIRIS-REx marks NASA’s first sample return mission since Stardust in 2006 and Genesis in 2004.
Significance of Sample Return
- The return of material directly from celestial sources, such as asteroids, comets, the solar wind, and the Moon, holds immense scientific significance.
- It provides the means to answer questions that lie beyond the scope of remote observations, landers, rovers, or even meteorites.
- Collecting samples directly from the source ensures the preservation of intricate details that may otherwise be lost during a meteorite’s passage through Earth’s atmosphere and subsequent impact.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Tripitaka
Mains level: Not Much
Central Idea
- A team from Buddhavanam Theme Park in Hyderabad embarked on a significant visit to Sri Lanka.
- Their destination: the third-century BC Buddhist rock-cut caves at Mathale, situated on the Colombo-Kandy route.
Why such move?
- The team noted that the teachings of Lord Buddha, known as Tripitaka (Sutra, Vinaya, and Abhidhamma pitakas), were originally transmitted orally.
- However, it was under the auspices of Sri Lankan king Devanampiya Tissa, a contemporary of King Asoka, that these teachings were written on palm leaves in Sri Lanka.
- This event marked the advent of Buddhist literature in India.
About Tripitaka
- The Tripitaka, also known as the Pali Canon, is a collection of sacred Buddhist scriptures that form the foundational texts of the Theravada Buddhist tradition.
- It is divided into three sections, known as the Tripitaka, which literally means “Three Baskets.”
History and significance
- The Tripitaka was orally transmitted from the time of Gautama Buddha in the 5th century BCE until it was eventually written down in the 1st century BCE.
- It holds immense historical and religious significance as it contains the teachings, discourses, rules, and guidelines given by the Buddha and his prominent disciples.
Composition of the Tripitaka:
(1) Vinaya Pitaka (Basket of Discipline):
- Comprises the rules and guidelines for monastic discipline in the Buddhist community.
- Provides detailed instructions on the conduct and behavior expected from monks and nuns.
- Covers various aspects, including ethical guidelines, disciplinary codes, and procedures for resolving disputes.
- Offers insights into the monastic life, the organization of the Sangha (monastic community), and the role of the monastic code in maintaining harmony and ethical conduct.
(2) Sutta Pitaka (Basket of Discourses):
- Contains the discourses and teachings delivered by Buddha and his close disciples.
- Includes a vast collection of discourses covering a wide range of topics, such as ethics, meditation, philosophy, and social issues.
- Consists of individual Suttas (discourses) grouped into different collections or Nikayas, such as the Digha Nikaya (Long Discourses), Majjhima Nikaya (Middle-Length Discourses), Samyutta Nikaya (Connected Discourses), and Anguttara Nikaya (Numerical Discourses).
- Presents the Buddha’s profound teachings on the Four Noble Truths, the Noble Eightfold Path, dependent origination, and other core concepts of Buddhism.
(3) Abhidhamma Pitaka (Basket of Higher Teachings):
- Provides a comprehensive and systematic analysis of Buddhist philosophy and psychology.
- Explores the nature of mind, consciousness, and reality in intricate detail.
- Presents the teachings in a more technical and analytical manner, offering an advanced understanding of Buddhist concepts.
- Divided into seven books, known as the Abhidhamma books, which delve into topics such as consciousness, mental factors, elements, and the path to liberation.
- Offers a deep exploration of the ultimate nature of existence and the workings of the mind.
Features and Characteristics
- Authenticity and Authority: The Tripitaka is regarded as the most authoritative and authentic collection of Buddhist scriptures in the Theravada tradition.
- Canonical Language: The texts are primarily written in Pali, an ancient Indian language close to the language spoken during the Buddha’s time.
- Extensive Coverage: The Tripitaka covers a wide range of topics, offering comprehensive guidance for practitioners in various aspects of life.
- Preservation of Early Buddhist Teachings: The Tripitaka is believed to preserve the original teachings of the Buddha, providing insights into his wisdom and teachings.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Types of Majority Votes
Mains level: Not Much
Central Idea
- In a very rare event, the Parliament passed the women’s reservation bill with a near-unanimous 2/3rd Majority Votes.
- Rajya Sabha gave the green light in an absolute majority vote.
- In Lok Sabha, 454 members voted in favour of the bill that seeks to reserve one-third of seats to women in central and state legislatures.
Types of Majority in Indian Parliament
| |
Description |
Examples of Use |
| Absolute Majority |
More than 50% of the total membership of the house. |
Formation of government at the Center and States. |
| Effective Majority |
More than 50% of the effective strength of the house (total strength minus vacancies). |
Removal of Vice-president in RS, Speaker/Deputy Speaker removal. |
| Simple Majority |
More than 50% of the members present and voting. |
Passing Ordinary/Money/Financial bills, Confidence Motion, etc. |
| Special Majority |
All majorities other than absolute, effective, or simple majority. |
Constitutional amendment bills, National emergency approval, etc. |
Types of Special Majority in Parliament
|
| Article 249 |
2/3rd members present and voting. |
Empowering Parliament to make laws in the state list. |
| Article 368 |
2/3rd members present and voting + more than 50% of the total strength of the house. |
Constitutional amendment bills not affecting federalism. |
| Article 368 + State Ratification |
2/3rd members present and voting + more than 50% of state legislatures by a simple majority. |
Constitutional amendment bills affecting federalism. |
| Article 61 |
2/3rd members of the total strength of the house. |
Impeachment of the Indian President. |
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Poona Pact
Mains level: Read the attached story
Central Idea
- Mahatma Gandhi used fasting as a potent tool to press for change during India’s struggle for independence.
- He employed it both as a form of personal penance and as a means to pressure the British authorities to meet his demands.
The Gandhi-Ambedkar Debate
- The 1932 Turning Point: In September 1932, within the walls of the Yerawada Central Jail in Pune, Gandhi initiated a hunger strike against the idea of separate electorates for the harijans (lower castes). This action brought him into a fierce debate with another prominent leader, B.R. Ambedkar.
- The Debate’s Legacy: The “Gandhi-Ambedkar debate” revolved around their differing views on caste and ultimately influenced the reservation system that India has today.
Gandhi’s Changing Views on Caste
- Early Beliefs: In his early years, Gandhi held orthodox views on caste, supporting prohibitions on inter-dining and inter-marriage. He considered caste a crucial part of Hinduism.
- Evolution of Beliefs: As Gandhi became a central figure in India’s freedom movement, his views evolved. Partially influenced by the emerging Dalit movement, he advocated unity and opposed untouchability, referring to untouchables as “harijans” or children of God.
- Important Quote: Gandhi wrote in 1936, “I do know that it [untouchability] is harmful both to spiritual and national good.”
Ambedkar’s Radical Views on Caste
- Ambedkar’s Perspective: B.R. Ambedkar’s stance was more radical than Gandhi’s. He believed that mere reform wouldn’t undo centuries of discrimination. He argued that change would only come when the oppressed themselves rejected their condition, including the divine authority of the shastras (holy scriptures) that upheld caste.
- Political Empowerment: Ambedkar emphasized that political power was essential for lower castes to address their grievances and proposed separate electorates as a form of affirmative action.
- Separate Electorates Explained: Ambedkar’s proposal involved separate electorates for lower castes, allowing them to vote for candidates from their own community as well as in the general electorate. He believed this would empower lower castes.
Gandhi’s Opposition to Separate Electorates
- Gandhi’s Perspective: Gandhi opposed separate electorates, arguing that they did too little for lower castes. He believed that lower castes should aspire to lead, not settle for a small share of seats.
- Concerns: Gandhi feared that separate electorates would divide Hindu society further and play into the hands of British colonial rulers who exploited internal divisions.
- Challenging Times: The rising tensions between Hindus and Muslims at the time also fueled Gandhi’s concerns. Separate electorates for lower castes alongside those for Muslims would weaken the unity of the Hindu community.
The Yerawada Fast and the Poona Pact
- Gandhi’s Hunger Strike: In September 1932, Gandhi embarked on a hunger strike in Yerawada Jail against separate electorates for castes. He called it a “God-given opportunity” to sacrifice his life for the downtrodden.
- Ambedkar’s Dilemma: Ambedkar faced a challenging decision. Giving in to Gandhi’s demands was difficult, as it conflicted with his own ideas. However, Gandhi’s immense popularity and the potential for violence against Dalits pressured him.
- The Poona Pact: Eventually, under duress, Ambedkar signed the Poona Pact, securing reservations for lower castes while putting the idea of separate electorates to rest.
Legacy of the Fast
- Mixed Perspectives: Gandhi’s fast is seen by some as preventing British “divide and rule” tactics. Others view it as coercion, as Ambedkar had little choice but to concede. Ambedkar questioned why Gandhi didn’t fast against untouchability itself.
- Unresolved Tensions: The debate’s legacy endures. While the Poona Pact addressed immediate concerns, it left lingering issues of political representation and social transformation within India’s caste system.
- Ambedkar’s View: Ambedkar later wrote, “The Joint Electorate is… a ‘Rotten Borough’ in which the Hindus get the right to nominate an untouchable to set nominally as a representative of the untouchables but really as a tool of the Hindus.”
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Neuralink
Mains level: Not Much
Central Idea
- Elon Musk’s brain implant company Neuralink has announced it is one step closer to putting brain implants in people.
Neuralink’s Vision
- Neuralink uses tiny brain implants to control neural signals for movement.
- These implants translate thoughts into actions via a wireless app.
Science behind Brain-Computer Interfaces (BCIs)
- They use a tiny chip implanted in the brain.
- This chip reads and sends brain signals to an app, turning thoughts into actions.
- It starts with helping paralyzed individuals control a computer cursor using their thoughts.
- Some BCIs use sensor-filled structures like hairnets to detect brain signals.
- They can stimulate different parts of the brain, which showed promise in treating conditions like depression.
India’s Role in Brain Tech
- C-DAC in India is developing BCIs to capture brain signals that show intentions.
- The All India Institute of Medical Sciences is testing this project.
- BrainSight AI, an Indian startup, maps brain connections to understand neurological conditions.
Indian Innovations and Their Impact
- Indian BCIs, like Neuralink’s, aim to help paralyzed patients move and communicate.
- They could also treat mental disorders like schizophrenia.
- Indian hospitals are testing these technologies.
Challenges Ahead
- Invasive BCIs, like Neuralink’s, face rules and need lots of data.
- Non-invasive BCIs are moving faster.
- Indian institutions are actively testing these technologies and mapping the brain.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Government Bond Index-Emerging Markets (GBI-EM)
Mains level: Not Much
Central Idea
- In a groundbreaking development, JPMorgan has announced the inclusion of Indian government bonds in its Government Bond Index-Emerging Markets (GBI-EM), slated to commence from June 2024.
- This decision could pave the way for substantial inflows of billions of dollars into local currency-denominated government debt.
What is Government Bond Index-Emerging Markets (GBI-EM)?
| Definition |
An index that tracks the performance of government bonds issued by emerging market countries.
It reflects the returns of local-currency-denominated sovereign bonds. |
| Purpose |
To provide a benchmark for measuring the performance of emerging market government bonds, helping investors assess the attractiveness of these bonds for investment. |
| Issuer |
J.P. Morgan |
| Components |
Includes government bonds issued by various emerging market countries.
The composition may change over time based on eligibility criteria. |
| Coverage |
Covers a broad range of emerging market countries and their local currency government bonds.
Different GBI-EM indices may have specific regional or maturity focuses. |
| Currency |
Denominated in the local currencies of the respective emerging market countries. |
India’s inclusion in GBI-EM
- Long-Awaited Discussion: India’s consideration for inclusion in global indexes began in 2013. However, limitations on foreign investments in domestic debt impeded progress.
- Fully Accessible Route (FAR): In April 2020, the Reserve Bank of India introduced select securities exempt from foreign investment restrictions through the “fully accessible route” (FAR), rendering them eligible for inclusion in global indexes.
- Index-Eligible Bonds: Currently, there are 23 Indian Government Bonds (IGBs) with a combined notional value of $330 billion that meet index eligibility criteria, according to JPMorgan.
- Investor Support: Approximately 73% of benchmarked investors voted in favor of India’s inclusion in the index, marking a significant endorsement.
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