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  • [12 June 2024] The Hindu Op-ed: India’s Looming Financial Crisis

    [12 June 2024] The Hindu Op-ed: India’s Looming Financial Crisis

    PYQ Relevance: 

    Q. The product diversification of financial institutions and insurance companies, resulting in overlapping of products and services strengthens the case for the merger of the two regulatory agencies, namely SEBI and IRDA. Justify. (UPSC IAS/2013)

    Q. Industrial growth rate has lagged behind in the overall growth of Gross-Domestic-Product (GDP) in the post-reform period” Give reasons. How far the recent changes in Industrial Policy are capable of increasing the industrial growth rate? (UPSC IAS/2017)

    Mentors’ comment: Rapid credit growth acts like a siren’s call, tempting economies with the allure of prosperity but ultimately steering them toward crises. Every financial boom is packaged as a tale of innovation and good fortune, yet each new narrative is merely a manufactured frenzy. This phenomenon, described by economist Robert Shiller as “irrational exuberance,” is a recurring theme in financial history. As economists Carmen Reinhart and Kenneth Rogoff detailed in their renowned account of financial folly, governments and market players tend to dismiss the lessons of past crises following credit booms, clinging to the belief that “this time is different.”

    Let’s learn.

    Why in the News?

    Rapid credit growth often promises prosperity but frequently leads to crises.These periods are seen as times of innovation and good fortune but often result in “irrational exuberance,” as economist Robert Shiller describes.

    A Lofty and Dangerous Narrative about the Indian economy 

    • Exaggerated Optimism About India’s Performance: Policymakers are excessively optimistic about India’s digital infrastructure as a catalyst for financial innovation and inclusion, promising growth and equality.
    • Enabling Poor Financial Practices: The narrative has facilitated a poorly regulated financial sector and led consumers to live beyond their means, generating a lending surge. Both international and domestic analysts have praised the surge, citing robust growth in bank lending and low levels of non-performing assets.
    • Misleading Applause: The IMF and National Council of Applied Economic Research have commended the increase in bank lending, particularly personal loans, interpreting it as a sign of bright prospects despite the struggles in industrial lending.
    • Ignored Fundamental Issues: The focus on credit growth detracts from addressing deep-rooted issues like job deficits and human capital deficits. The illusion of financial health is maintained as new loans pay off old ones, but this is unsustainable when lending slows.
    • Household Debt Boom: The rapid expansion of household lending, between 25% and 30% annually, is viewed as easy cash by lower- and middle-income households for various expenses, including lifestyle spending. This type of boom does not enhance productive capacity but increases domestic prices, making the country less competitive.
    • Economic Risks: Economists warn that higher household debt burdens lead to steeper crashes. Alongside the credit boom, factors like an overvalued stock market, weak corporate investment, anaemic consumer spending, an overvalued exchange rate, and dubious data reporting indicate a looming financial crisis.

    Challenges related to the financial sector:

    • Fragmented Financial Sector: The Indian financial services industry is large and chaotic, with about 30 major providers (scheduled commercial banks and major NBFCs) and thousands of smaller, often dubious, players including fly-by-night NBFCs and fintechs.
    • Rogue Behavior and Scams: Major financial institutions have a history of rogue behavior, and the search for easy profits since economic liberalization in 1991 has led to numerous scams. Post-COVID-19, many financial service providers shifted their focus to household lending, often exploiting stagnant incomes.
    • Unsecured Lending: A significant and growing share of household loans (approaching a quarter) is unsecured, meaning they are not backed by collateral. The rapid increase in credit card debt exemplifies this trend, with the number of credit cards soaring from 20 million in 2011 to nearly 100 million by January 2024.
    • High-Risk Borrowers: Aggressive marketing of credit cards and loans to low-creditworthy individuals has built stress within both the borrower base and the financial system. The Reserve Bank of India has noted that the explosive growth of credit cards has attracted riskier, below-prime borrowers.
    • Debt Addiction and Financial Strain: Many households, lured by rewards and “no-interest EMIs,” are falling into debt traps, taking on more debt to repay existing dues, exacerbating their financial strain. The high household debt-service-to-income ratio (12%) is among the highest globally, comparable to pre-2008 crisis levels in the US and Spain.

    Solution (Way Forward)

    • Surgically Downsize the Financial Services Industry: The financial services industry needs to be resized to better align lending capacity with productive borrowing needs. This would involve reducing the number of financial providers and ensuring that loans are directed towards projects that enhance productivity.
    • Weaken the Rupee: A weaker rupee could help expand exports, providing a buffer against the economic downturn. By making Indian goods cheaper abroad, a weaker rupee could stimulate demand for exports.
    • Preventing Rapid Credit Growth: Historical evidence indicates that rapid credit growth combined with an overvalued exchange rate is dangerous. Measures should be taken to moderate credit growth to sustainable levels.
    • Shift in Policy Perspective: There is a need to move away from the current belief that finance alone can spur growth. Instead, policies should focus on sustainable growth supported by finance, aligning with Joan Robinson’s dictum that finance must follow growth.
    • Addressing Overvalued Exchange Rate: Policymakers need to reconsider their commitment to maintaining a strong exchange rate. A more flexible exchange rate policy could better reflect economic fundamentals and support external competitiveness.
    • Focus on Employment and Human Capital: The acute job shortage and regression of the workforce back to agriculture highlight the need for policies that generate employment and improve human capital. Investments in education, skills development, and public goods are essential.

  • 2025 to be International Year of Quantum Science and Technology

    Why in the News?

    • The United Nations has designated 2025 as the ‘International Year of Quantum Science and Technology’ to increase public awareness about the significance of quantum science and its applications.
      • This initiative, led by Mexico and supported by nearly 60 countries, aims to promote activities at all levels to highlight the importance of quantum science and technology worldwide.

    International Year of Quantum S&T

    • Growing Relevance: Quantum science and technologies, especially quantum computing, have gained prominence in public discourse due to their potential transformative impact on various fields.
    • Anniversary of Heisenberg’s Work: The proclamation coincides with the upcoming centenary of Werner Heisenberg’s groundbreaking paper on quantum mechanics, published in 1925.
    • Support from International Bodies: The proclamation has received endorsements from various international organisations, including the International Union of Pure and Applied Physics and the International Union of Pure and Applied Chemistry.

    What does one mean by Quantum?

    • “Quantum” refers to the smallest discrete unit of any physical quantity involved in an interaction according to quantum theory.
    • In classical physics, many properties, such as energy and momentum, are thought to be continuous and infinitely divisible.
    • However, in quantum mechanics, certain properties, like energy levels and the behaviour of particles, are quantised, meaning they can only exist in specific discrete amounts or levels.

    What is Quantum Theory?

    • Quantum theory is a fundamental theory in physics that provides a description of the physical properties of nature at the scale of atoms and subatomic particles.
    • Quantum mechanics differs from classical physics in that energy, momentum, and angular momentum.

    Development in Quantum Theory So Far

    • Planck’s assumption: In 1900, Planck made the assumption that energy was made of individual units or quanta.
    • Albert Einstein’s theory: In 1905, Albert Einstein theorized that not just the energy, but the radiation itself was quantized in the same manner.
    • Louis de Broglie theory: In 1924, Louis de Broglie proposed that there is no fundamental difference in the makeup and behaviour of energy and matter; on the atomic and subatomic level either may behave as if made of either particles or waves. This theory became known as the principle of wave-particle duality: elementary particles of both energy and matter behave, depending on the conditions, like either particles or waves (wave-particle duality).
    • Heisenberg proposed: In 1927, Werner Heisenberg proposed that precise, simultaneous measurement of two complementary values – such as the position and momentum of a subatomic particle – is impossible. Contrary to the principles of classical physics, their simultaneous measurement is inescapably flawed; the more precisely one value is measured, the more flawed will be the measurement of the other value. This theory became known as the uncertainty principle, which prompted Albert Einstein’s famous comment, “God does not play dice.”

    What is Entanglement?

    • Entanglement was another of several weird properties exhibited by these tiny particles.
    • Two particles, having ‘interacted’ with each other at some stage, were found to have got ‘entangled’ in a way that the behaviour of one produced an instantaneous reaction in the other even if the two were no longer connected in any way and were separated by very large distances.
    • The entanglement property opened up new technological possibilities first time that it was possible to ‘teleport’ the quantum states of a particle to another location without the particle moving anywhere and without a medium.

    What is Superposition?

    • It’s a phenomenon where, a particle exists simultaneously at multiple locations, known as superposition.
    • The chance of finding the particle at any given place was dictated by probabilistic calculations, and once it was found, or observed, at one location, it ceased to exist at all other places.

    What is Quantum Computing?

    • Quantum computing is a new and super powerful way of doing computer stuff.
    • Instead of using regular computer bits that are either 0 or 1, quantum computers use special bits called qubits that can be both 0 and 1 at the same time, thanks to a thing called “quantum superposition.”
    • This allows them to do lots of calculations all at once, making them really fast at solving certain types of problems.

    Back2Basics: National Quantum Mission (NQM)

    Details
    Mission Duration 2023-2031
    Implementing Authority Department of Science and Technology (DST) under the Ministry of Science & Technology
    India’s Position Seventh country to have a dedicated quantum mission after the US, Austria, Finland, France, Canada, and China
    Focus Areas
    • Intermediate-scale quantum computers with 50-100 physical qubits in 5 years and 50-1000 physical qubits in 8 years
    • Quantum computation, Quantum communication, Quantum Sensing & Metrology, Quantum Materials & Devices
    Development
    • High-sensitivity magnetometers for precision timing, communications, and navigation
    • Satellite-based secure quantum communications within India and with other countries
    • Design and synthesis of quantum materials like superconductors, novel semiconductor structures, and topological materials
    Thematic Hubs Establishment Four Thematic Hubs (T-Hubs) would be set up in top academic and National R&D institutes on the domains of Quantum Technology:

    1. Quantum computation
    2. Quantum communication
    3. Quantum Sensing & Metrology
    4. Quantum Materials & Devices

    PYQ:

    [2022] Which one of the following is the context in which the term “Qubit” is mentioned?

    (a) Cloud Services

    (b) Quantum Computing

    (c) Visible Light Communication Technologies

    (d) Wireless Communication Technologies

  • How SpaceX’s Starship can revolutionise space travel and exploration?

    Why in the News?

    • SpaceX’s Starship rocket completed its first fully successful test flight. This test flight brings SpaceX closer to its goal of creating a fully reusable rocket system, a development that could revolutionize space exploration and travel.

    What is Starship?

    • Starship is a two-stage heavy lift-off vehicle designed for crew and cargo transport to Earth orbit, the Moon, Mars, and beyond.
    • It stands nearly 120 meters tall, surpassing the Saturn V rocket.
    • The Super Heavy booster is powered by 33 Raptor engines, generating significant thrust, surpassing existing rocket systems like NASA’s Space Launch System (SLS).
    • Raptor engine fuel uses a mix of liquid oxygen and liquid methane, enabling efficient propulsion for the rocket.

    Cost Reduction and Efficiency with Starship

    • Starship can carry up to 150 tonnes of payload to low-Earth orbit.
    • It can be refuelled in space, thereby promising a significant reduction in the cost of space travel.
    • In-orbit refuelling allows Starship to operate like an aeroplane, reducing downtime between missions and maximizing efficiency.
    • Starship’s fully reusable design minimizes the need for costly hardware replacement, unlike traditional rocket systems.

    Scientific Benefits of Starship

    • Enhanced Payload Capability: Starship’s capacity for heavy payloads enables the launch of larger space telescopes and equipment for lunar and Martian missions.
    • Exploration Potential: Scientists can deploy larger and more sophisticated instruments, such as drilling rigs, to explore the Moon and Mars in unprecedented detail.
    • Sample Return Missions: Starship’s capability to return to Earth facilitates the retrieval of valuable samples from other planets, aiding in scientific research and understanding.

    PYQ:

    [2018] With reference to India’s satellite launch vehicles, consider the following statements:

    1. PSLVs launch satellites useful for Earth resources monitoring whereas GSLVs are designed mainly to launch communication satellites.
    2. Satellites launched by PSLV appear to remain permanently fixed in the same position in the sky, as viewed from a particular location on Earth.
    3. GSLV Mk III is a four-stage launch vehicle with the first and third stages using solid rocket motors, and the second and fourth stages using liquid rocket engines.

    Which of the statements given above is/are correct?

    (a) 1 only
    (b) 2 and 3
    (c) 1 and 2
    (d) 3 only

  • Portable Optical Atomic Clock for accurate timekeeping at Sea

    Why in the News?

    • Atomic clocks power GPS systems, guiding us in navigation, emergencies, and military operations.
      • Scientists are developing optical atomic clocks to enhance timekeeping accuracy for Navies.

    What are Atomic Clocks?

    • Atomic clocks are accurate timekeeping devices that use the vibrations of atoms as a precise measure of time.
    • They rely on the natural oscillations of atoms, usually Caesium or Rubidium atoms, which are extremely stable and predictable.
    • This stability allows atomic clocks to keep time with extraordinary accuracy, often losing or gaining less than a second over millions of years.
      • However they are big, need a lot of power, and are expensive, so they’re mostly used in big research places.

    Working Principle:

    • Use of Stable Atoms: Atomic clocks use stable atoms like Cs-133 to keep time really accurate.
    • Atom Energy Levels: Atoms have energy levels like steps on a ladder, and they move between these levels when they’re excited.
    • Creating Resonance: Cesium atomic clocks make caesium atoms vibrate by using microwave radiation at a certain frequency.
    • Defining Time: One second is how long it takes for caesium atoms to vibrate a certain number of times, which sets the standard for time.
    • Accuracy Control: Atomic clocks keep themselves accurate by constantly adjusting to make sure they’re vibrating at the right rate.

    Portable Optical Atomic Clocks for Maritime Use

    • New portable optical atomic clocks for ships are more accurate and durable, making them suitable for use at sea.
    • These clocks are the best at sea, which is a big deal for keeping time on ships.

    How Optical Atomic Clocks Are Different?

    • Use of Laser: Optical atomic clocks are even more accurate because they use lasers instead of microwaves.
    • Operating Frequency: They work at higher frequencies, which means they can measure smaller time intervals more precisely.
    • Narrow Linewidths: Optical atomic clocks are really stable because they have a narrow range of frequencies, which helps them stay accurate.

    Testing and Applications of Portable Optical Atomic Clocks

    • Initial Testing: Scientists tested the new clocks and found they were really stable and accurate, which is a big deal for keeping time.
    • Comparative Performance: These new clocks worked better than old ones, showing they could change how we keep time.
    • Sea Trials: Tests at sea showed the clocks worked well even on a moving ship, proving they could be used for navigation and other important tasks.

    Do you know?

    • Three rubidium atomic clocks and six hydrogen maser clocks onboard the Indian Regional Navigation Satellite System (IRNSS) had failed.
    • The failed satellite, IRNSS-1A, is still being used for messaging activities, and the data from other operational satellites will be used to maintain the system’s functionality.

     

    PYQ:

    [2018] Why is Indian Regional Navigational Satellite System (IRNSS) needed? How does it help in navigation?

    [2018] With reference to the Indian Regional Navigation Satellite System (IRNSS), consider the following statements:

    1. IRNSS has three satellites in geostationary and four satellites in geosynchronous orbits.
    2. IRNSS covers entire India and about 5500 sq. km beyond its borders.
    3. India will have its own satellite navigation system with full global coverage by the middle of 2019.

    Which of the statements given above is/are correct?

    (a) 1 only
    (b) 1 and 2 only
    (c) 2 and 3 only
    (d) None

  • Why India needs a third aircraft carrier

    Why in the news?

    Recent reports from the media suggest that the Indian Navy’s persistent request for a third aircraft carrier is edging closer to reality, as Cochin Shipyard Limited (CSL) prepares to commence construction on an additional Vikrant-class platform weighing approximately 40,000 tonnes.

    About Indigenous Aircraft Carrier-2 (IAC-2)   

    • The Indigenous Aircraft Carrier-2 (IAC-2) is a proposed second Indigenous aircraft carrier for the Indian Navy.
    • It is planned to be similar to the first indigenous aircraft carrier, INS Vikrant, but with some modifications.
    • The IAC-2 is expected to have a displacement of around 45,000 tonnes and will be equipped with STOBAR (short take-off but arrested recovery or short take-off, barrier-arrested recovery) technology.

    Future Scope 

    • Operational Versatility: IAC-2 will enhance the Indian Navy’s operational flexibility, enabling it to conduct a wide range of missions including power projection, maritime security, and humanitarian assistance. The carrier’s advanced capabilities and modern technologies will ensure its effectiveness in addressing evolving maritime challenges.
    • Strategic Deterrence: IAC-2 will serve as a key deterrent against potential adversaries, bolstering India’s maritime deterrence posture and signalling its commitment to safeguarding its maritime interests. Its presence will reinforce India’s position as a major maritime power in the Indo-Pacific region, contributing to regional stability and security.
    • Technological Advancement: The construction and operation of IAC-2 will drive technological innovation and advancement in India’s indigenous defence industry. It will stimulate research and development efforts, fostering self-reliance and technological sovereignty in naval defence capabilities.

    Concerns associated   

    • Budgetary issues: The estimated cost of constructing and operating IAC-2 is high, raising concerns about budgetary constraints and the allocation of resources amidst competing defence priorities.
    • Operational Vulnerabilities: IAC-2 may face challenges from evolving anti-access/area denial (A2/AD) strategies employed by potential adversaries such as China and Pakistan. The carrier’s large size and visibility make it susceptible to modern maritime warfare tactics, including advanced missile systems and submarine threats, potentially compromising its operational effectiveness.
    • Strategic Alignment: Questions may arise about the carrier’s role and relevance in addressing contemporary security threats and whether alternative defence investments would provide better national security and strategic deterrence returns.

    Upgrading Capabilities as a Solution

    • Enhanced Airborne Capabilities: The Indian Air Force (IAF) can project maritime power using aircraft like the SEPECAT Jaguar IM/IS and Sukhoi Su-30MKI fighters, which can carry advanced maritime strike weapons. The Su-30MKI squadron, equipped with BrahMos-A supersonic cruise missiles, enhances maritime strike capabilities.
    • Strengthening Island Defenses: Upgrading the military capabilities of the Andaman and Nicobar archipelago could create an A2/AD maritime ‘exclusive zone’, deterring Chinese naval activities.
    • Balanced Force Development: Diversifying investments to upgrade existing surface combatants, submarines, and air assets can provide a balanced approach to enhancing naval capabilities. Ensuring adequate funding for other critical areas like mine counter-measures, maritime patrol aircraft, and naval utility helicopters is essential for comprehensive maritime security.

    Conclusion: While the IAC-2 represents a significant advancement in India’s naval capabilities, addressing financial constraints, strategic vulnerabilities, and diversifying investments in maritime and airborne assets are crucial for achieving a robust and balanced defence strategy.

    Mains PYQ:

    Q What are the maritime security challenges in India? Discuss the organisational, technical and procedural initiatives taken to improve maritime security. (UPSC IAS/2022)

  • What are Coronal Mass Ejections (CMEs)?

    Why in the News?

    • India’s solar mission Aditya-L1 recently captured images of the Sun and it’s Coronal Mass Ejections (CMEs) during a solar storm in May.
      • The Active region AR13664 on the Sun erupted several X-class and M-class flares, which were associated with Coronal Mass Ejections (CMEs).

    Coronal Mass Ejections (CMEs)

    • CMEs were discovered in 1971 and established their importance in solar-terrestrial relations later in the 1980s.
    • It consists of massive clouds of solar plasma and magnetic field lines.
    • It typically accompanies solar flares and filament eruptions.
    • The frequency of CMEs varies with the 11-year solar cycle, with about one a week observed during solar minimum and an average of two to three CMEs per day observed near solar maximum
    • They travel at thousands of km per hour.
    • They can lead to geomagnetic storms, aurorae, and in extreme cases, damage to electrical power grids.
    • Not all CMEs interact with Earth, but those that do can cause disruptions to satellite communications and power grids.
    • Halo CMEs are Earth-directed CMEs visible as rings in white-light coronagraph observations.

    About Aditya-L1:

    • Aditya-L1 mission is India’s first space mission to observe the Sun.
    • It is ISRO’s 2nd space-based astronomy mission after AstroSat, which was launched in 2015.
    • It was launched on September 2nd 2023 to observe the Sun and the solar corona.
    • The L1 point is a location in space where the gravitational forces of two massive objects, such as the Earth and the Sun, balance each other out, allowing a spacecraft to “hover” in a stable orbit.

    Launch Details: 

    • Polar Satellite Launch Vehicle (PSLV) with 7 payloads (instruments) on board.

    The 7 payloads include: 

      1. Visible Emission Line Coronagraph (VELC): Images of the solar corona in visible light to study its structure and dynamics.
      2. Solar Ultraviolet Imaging Telescope (SUIT): Images the solar chromosphere and transition region in ultraviolet light to understand heating and dynamics.
      3. Solar Low Energy X-ray Spectrometer (SoLEXS): Measures solar X-ray spectrum to study solar flares and coronal mass ejections.
      4. High Energy L1 Orbiting X-ray Spectrometer (HEL1OS): Measures high-energy solar X-rays to understand particle acceleration.
      5. Plasma Analyser Package for Aditya (PAPA): Measures solar wind plasma properties to study its interaction with Earth’s magnetosphere.
      6. Aditya Solar Wind Particle Experiment (ASPEX): Measures energetic particle properties in the solar wind to study their effects on Earth’s atmosphere.
    • Solar Irradiance Monitor (SIM): Measures solar irradiance variations and their impact on Earth’s climate.

    Objectives:

    • Aditya L1 will study the coronal heating, solar wind acceleration, coronal magnetometry, origin and monitoring of near-UV solar radiation and continuously observe the photosphere, chromosphere and corona, solar energetic particles and the magnetic field of the Sun.

    Location:

    • Aditya is placed in L1 Halo orbit which is about 1.5 million km from the Earth. The orbit allows the mission to look at the Sun continuously.
    • L1 refers to Lagrangian/Lagrange Point 1, one of 5 points in the orbital plane of the Earth-Sun system.
    • Lagrange Points are positions in space where the gravitational forces of a two-body system like the Sun and Earth produce enhanced regions of attraction and repulsion.

    PYQ:

    [2017] The terms ‘Event Horizon’, ‘Singularity’, ‘String Theory’ and ‘Standard Model’ are sometimes seen in the news in the context of-

    (a) Observation and understanding of the Universe

    (b) Study of the solar and lunar eclipses

    (c) Placing satellites in the orbit of the Earth

    (d) Origin and evolution of living organisms on the Earth

     

    https://www.thehindu.com/sci-tech/science/isro-releases-images-of-sun-captured-by-aditya-l1-during-may-solar-storm/article68273124.ece

  • PM-KISAN Scheme: Boosting Farmer Welfare

    Why in the News?

    Prime Minister has approved the 17th instalment of the PM Kisan scheme. This move will benefit 9.3 crore farmers, amounting to a distribution of approximately Rs 20,000 crore.

    About the PM-KISAN Scheme

    • The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) is a Central Sector Scheme with 100% funding from the Government of India.
    • It is being implemented by the Ministry of Agriculture and Farmer’s Welfare.
    • Launched: In February 2019.
    • Aim: To help procure various inputs to ensure proper crop health and appropriate yields, commensurate with the anticipated farm income at the end of each crop cycle.
    • Objective: To provide eligible farmers with an annual financial assistance of ₹6,000.
      • This assistance is distributed in three equal instalments of ₹2,000 each every 4 months, via Direct Benefit Transfer (DBT) into the bank accounts of beneficiaries.
    • Beneficiaries:
      • Farmer families that hold cultivable land can apply for the benefits of this plan.
      • Small and Marginal Farmers (SMFs) (a farmer who owns cultivable land up to 2 hectares as per land records of the concerned State/UT.).
      • The entire responsibility of identification of beneficiary farmer families rests with the State / UT Governments.

    Significance for Farmers

    • Beneficiaries outreach: Over 11 crore farmers (with more than 3 crore women farmers) across the country have availed of the PM-Kisan scheme, indicating its widespread reach and impact.
    • Financial Support: This financial aid helps farmers meet their agricultural expenses, purchase seeds, fertilizers, and other inputs, and support their families’ livelihoods.
    • Improved Agricultural Practices: This contributes to food security and boosts the agricultural sector’s growth.
    • Poverty Alleviation: The scheme plays a crucial role in alleviating poverty among small and marginal farmers by providing them with a steady source of income just like Universal Basic Income (UBI).
    • Enhanced Livelihoods: PM-Kisan supports farmers’ livelihoods, by providing a safety net during times of agricultural distress or economic uncertainties, ensuring a better quality of life for rural communities.

    PYQ:

    [2020] Under the Kisan Credit Card scheme, short-term credit support is given to farmers for which of the following purposes?

    1. Working capital for maintenance of farm assets.
    2. Purchase of combine harvesters, tractors and mini trucks.
    3. Consumption requirements of farm households.
    4. Post-harvest expenses.
    5. Construction of family house and setting up of village cold storage facility.

    Select the correct answer using the code given below:

    (a) 1, 2 and 5 only

    (b) 1, 3 and 4 only

    (c) 2, 3, 4 and 5 only

    (d) 1, 2, 4 and 5

  • Bonn Climate Conference 2024: 3rd Glasgow dialogue flags need for loss & damage cooperation

    Why in the News?

    This week, the Third Glasgow Dialogue on Loss and Damage occurred during the 60th Session of the Subsidiary Bodies (SB60) to the United Nations Framework Convention on Climate Change (UNFCCC) in Bonn, Germany.

    Key highlights of the Conference:

    • Dialogue on Loss and Damage (L&D): The conference focused on discussions around the mechanisms under the UNFCCC, including the Santiago Network on Loss and Damage (SNLD), the Warsaw International Mechanism (WIM), and the recently operationalized Loss and Damage Fund (LDF).
    The SNLD was established at COP25 in 2019 to catalyze technical assistance for developing countries in implementing approaches for averting, minimizing, and addressing loss and damage

    The WIM was established at COP19 in 2013 to promote approaches for averting, minimizing, and addressing loss and damage associated with climate change impacts

    The LDF was operationalized at COP27 in 2022 to provide financial support to developing countries for averting, minimizing, and addressing loss and damage
    • Progress in Mechanisms: The co-chairs of each mechanism highlighted the progress made in addressing L&D in the UNFCCC negotiations. This includes positive steps taken in forming the Board of the LDF and formalizing its institutional arrangements and additional rules.
    • Global South Concerns: Countries from the Global South, including the African Group of Negotiators (AGN), the Alliance of Small Island States (AOSIS), and the Arab Group, emphasized the growing cases of L&D in developing nations. There were calls for better cooperation and coordination between countries and mechanisms to address L&D more effectively.
    African Group of Negotiators (AGN): It is a coalition of African countries that work together to coordinate their positions and negotiate on various international issues, such as climate change, sustainable development, and human rights.

    Alliance of Small Island States (AOSIS): It is a coalition of small island developing states that work together to address common challenges and promote their interests in international forums.

    Arab Group: It is a coalition of Arab states that work together to promote their collective interests and coordinate their positions on various international issues.
    • Need for Clarity and Coordination: There were calls for a clear relationship between the SNLD, WIM, and LDF, as they each continue to have separate discussions despite having the same goal of addressing L&D. Coordination between these mechanisms would address gaps and improve resource mobilization for developing nations.

    About Article 6 and its structural mandate:

    • Article 6 of the UNFCCC deals with cooperative approaches for the implementation of climate action. It provides a framework for international cooperation in areas such as emissions trading, sustainable development, and the transfer of mitigation outcomes. 
    • The structural mandate of Article 6 aims to facilitate cooperation between countries to enhance climate action and achieve the goals of the Paris Agreement.
    • Article 6.2: Authorisation is the formal approval process where emission reductions (Internationally Transferred Mitigation Outcomes or ITMOs) are sanctioned by the host country for transfer to another country.
    • Article 6.4 of the Paris Agreement focuses on operationalising market mechanisms for emission reduction units (6.4ERs), addressing issues like authorisation, carbon removal activities, and the role of the supervisory body in developing market procedures.

    Key Goals and Objectives:

    • Raised Ambition: International cooperation under Article 6 aims to raise ambition by enabling countries to achieve more ambitious emission reduction targets.
    • Supporting Sustainable Development: The cooperation mechanisms must support sustainable development, addressing not only climate change but also other sustainability issues.
    • Ensuring Environmental Integrity: The mechanisms must ensure environmental integrity by preventing emission reductions from being counted more than once and ensuring that countries do not circumvent their climate action efforts

    Way Forward:

    • Clarity and Coordination: There is a need for clarity on the framework of L&D as a whole, with a defined relationship between its key mechanisms. This would ensure better coordination and cooperation in addressing L&D effectively.
    • Enhanced Technical Interventions: Countries emphasized the importance of technical interventions such as Early Warning Systems and timely provision of finance to improve responses to L&D. Implementing these interventions could minimize the impacts of extreme weather events and facilitate faster recovery.
    • Tailored Responses: Responses to L&D must be tailored to the unique contexts of each country, with individual vulnerability and needs assessments being a priority. This would ensure that assistance and support are provided where they are most needed.
    • Trigger-based Funding Mechanisms: Suggestions were made for trigger-based funding mechanisms or timeline-based provision of funds for countries facing devastating impacts and remaining most vulnerable. Such mechanisms would ensure timely and adequate support for those in need.

    Mains PYQ:

    Q Explain the purpose of the Green Grid Initiative launched at the World Leaders Summit of the COP26 UN Climate Change Conference in Glasgow in November 2021. When was this idea first floated in the International Solar Alliance (ISA)? (UPSC IAS/2021)

  • Hydrogen Line: A Unique Signal

    Why in the News?

    The hydrogen line stands as a pivotal tool in contemporary astronomy, serving various purposes from studying distant stars to questing for extraterrestrial intelligence, should it exist.

    What is a Hydrogen Line?

    • The hydrogen line is a special type of light that hydrogen atoms emit.
    • It happens when an electron, a tiny particle that orbits the nucleus of the hydrogen atom, jumps from a higher energy level to a lower one.
    • This jump releases energy in the form of light, specifically with a wavelength of about 21 centimetres. This wavelength is what scientists call the hydrogen line.

    Why is it Important?

    • Hydrogen is everywhere in the universe. It’s the simplest and most abundant element, making up about 75% of the universe’s elemental mass.
      • So, studying the hydrogen line allows us to understand a lot about the composition and distribution of matter in the universe.
    • By observing the hydrogen line’s emission from different regions of space, astronomers can create maps showing where hydrogen gas is located.
    • Secrets about the early Universe: The hydrogen line also holds secrets about the early universe. Shortly after the Big Bang, the universe was filled with hydrogen gas.
      • By studying the hydrogen line from distant parts of the universe, astronomers can learn about its conditions and evolution billions of years ago.

    How Do We Interpret Hydrogen Line?

    • Radio telescope data enables mapping of hydrogen distribution, revealing locations of hydrogen clouds crucial for understanding galaxy and galaxy cluster formation and evolution.
    • Observing hydrogen line emission from different galaxy parts enables studying internal structures and dynamics, like rotation curves, offering insights into mass distribution within galaxies.
    • Observing hydrogen lines from distant galaxies unveils early universe conditions, aiding in understanding cosmic evolution’s initial stages.

    What’s Next?

    • New Discoveries: Scientists are continually developing new technologies and techniques to improve the sensitivity and resolution of radio telescopes.
      • This enables them to detect fainter signals and uncover new insights into the universe’s hydrogen content.
    • Exploring Dark Matter: The hydrogen line observations could also contribute to understanding dark matter, an invisible substance that makes up about 27% of the universe’s total mass-energy content.
      • By studying the hydrogen distribution in relation to the gravitational effects observed in galaxies, scientists hope to shed light on the nature of dark matter.

    PYQ:

    [2012] A team of scientists at Brookhaven National Laboratory including those from India created the heaviest anti-matter (anti-helium nucleus). What is/are the implication/implications of the creation of anti-matter?

    1. It will make mineral prospecting and oil exploration easier and cheaper.
    2. It will help prove the possibility of the existence of stars and galaxies made of anti-matter.
    3. It will help us understand the evolution of the universe.

    Select the correct answer using the codes given below:

    (a) 1 only

    (b) 2 and 3 only

    (c) 3 only

    (d) 1, 2 and 3

  • [pib] Green Ammonia Production under SIGHT Program

    Why in the News?

    • Solar Energy Corporation of India (SECI) has initiated the bidding process for a total capacity of 5.39 lakh Metric Tonnes (MT) per annum of Green Ammonia production.
      • The initiative falls under Mode 2A of the Strategic Interventions for Green Hydrogen Transition (SIGHT) Programme, part of the National Green Hydrogen Mission led by the Ministry of New & Renewable Energy (MNRE).

    What is Green Ammonia?

    • Green ammonia, also known as renewable ammonia, is a form of ammonia produced using renewable energy sources, which is proposed as a sustainable, emission-free alternative with a multitude of applications in industry and other sectors.
    • It is produced by combining nitrogen with hydrogen, which is generated through water electrolysis using renewable energy, and then reacting the hydrogen and nitrogen at high temperatures and pressures to form ammonia.

    About the National Green Hydrogen Mission

    • The National Green Hydrogen Mission was launched in January 2023.
      • Objective: To make India a ‘global hub’ for using, producing and exporting green hydrogen.
    • Earlier, the National Hydrogen Mission was launched on August 15, 2021, with a view to cutting down carbon emissions and increasing the use of renewable sources of energy.
    • The Ministry of New and Renewable Energy (MNRE) formulates the scheme guidelines for the implementation of these missions.

    Key features of the NGHM

    • Power capacity: The mission seeks to promote the development of a green hydrogen production capacity of at least 5 MMT per annum with an associated renewable energy capacity addition of about 125 GW in the country by 2030.
    • Job creation: It envisages an investment of over ₹8 lakh crore and creation of over 6 lakh jobs by 2030.
    • Reducing energy import bill: It will also result in a cumulative reduction in fossil fuel imports of over ₹1 lakh crore and abatement of nearly 50 MMT of annual greenhouse gas emissions by 2030.
    • Export promotion: The mission will facilitate demand creation, production, utilisation and export of green hydrogen.
    • Incentivization: Under the Strategic Interventions for Green Hydrogen Transition Programme (SIGHT), distinct financial incentive mechanisms are provided.
    • Green Hydrogen Hubs: Regions capable of supporting large-scale production and/or utilisation of hydrogen will be identified and developed as Green Hydrogen Hubs.

    What is the SIGHT Program?

    • In the initial stage, two distinct financial incentive mechanisms proposed with an outlay of ₹ 17,490 crore up to 2029-30:
    1. Incentive for manufacturing of electrolysers
    2. Incentive for production of green hydrogen.
    • Depending upon the markets and technology development, specific incentive schemes and programmes will continue to evolve as the Mission progresses.

    PYQ:

    [2019] Consider the following statements:

    1. Agricultural soils release nitrogen oxides into the environment.
    2. Cattle release ammonia into the environment.
    3. Poultry industry releases reactive nitrogen compounds into environment.

    Which of the statements given above is/are correct?

    (a) 1 and 3 only

    (b) 2 and 3 only

    (c) 2 only

    (d) 1, 2 and 3