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GS Paper: GS3

  • Green Hydrogen push will need to counter challenges

    What’s the news?

    • Recently, the government affirmed its commitment to making India a green hydrogen hub with a trial run of two buses that will operate on this clean fuel.

    Central idea

    • Green hydrogen is recognized for its minimal emissions and higher efficiency compared to internal combustion engines. The government’s move to conduct a trial run of two buses on green hydrogen fuel is part of a larger plan to introduce 15 more such buses by the end of the year. However, several challenges must be addressed to ensure the commercial viability of green hydrogen.

    What is green hydrogen?

    • Green hydrogen, often referred to as clean hydrogen, is a type of hydrogen gas produced through a process that uses renewable energy sources or other low-carbon methods with little to no greenhouse gas emissions.
    • Green hydrogen (GH2) is produced by splitting water (H2O) into hydrogen and oxygen (O2) using renewable electricity.
    • It is considered an environmentally friendly and sustainable form of hydrogen production because it does not rely on fossil fuels or emit harmful pollutants or greenhouse gases during its creation.
    • It can serve as an energy source (heavy industry, long-distance mobility, aviation, and power storage) and an energy carrier (as green ammonia or blended with natural gas).

    Have you heard about green steel?

    • Green steel refers to steel that is produced using sustainable and environmentally friendly methods.
    • Green steel is produced using renewable energy sources, such as wind and solar power, and by utilizing low-emission technologies that reduce carbon emissions.
    • One of the main ways to produce green steel is through the use of hydrogen instead of coal or natural gas as the reducing agent in the steel-making process.
    • Green steel is seen as a way to reduce the environmental impact of the steel industry, which is responsible for a significant portion of global carbon emissions.
    • The costs of green steel, made from green hydrogen, are currently much higher but could be reduced with economies of scale and changes in production technologies.

    Challenges and roadblocks

    • Renewable Energy Capacity Gap: India needs to add approximately 100 GW of renewable energy capacity every year for the next seven years to meet its green hydrogen production goals. In contrast, only about 16 GW of renewable energy capacity was added last year, revealing a substantial capacity deficit.
    • Water Intensity: The production of 1 kg of green hydrogen requires around eight to nine liters of water. This poses a significant challenge in regions already grappling with water scarcity issues, potentially straining local resources.
    • Electrolyser Manufacturing Capacity: The global manufacturing capacity of electrolysers, the critical component in green hydrogen production, currently stands at about 10 GW. To meet its 2030 targets, India may need to increase its capacity six to tenfold, indicating a pressing need for rapid expansion.
    • Access to Rare Earth Minerals: Rare earth minerals are essential for electrolyser production, and China currently dominates this market. India must secure a consistent supply of these minerals through strategic partnerships or domestic production to support its green hydrogen ambitions.
    • Safety Concerns: Green hydrogen is highly flammable, necessitating rigorous safety measures throughout the production, storage, and transportation processes. These safety concerns may impact public perception and adoption.

    Way forward

    • Accelerate Renewable Energy Deployment: India should intensify efforts to deploy renewable energy sources like solar and wind power. Policies, investments, and streamlined regulatory processes are necessary to attract investments and expedite capacity expansion.
    • R&D for Water-Efficient Technologies: Investment in research and development is critical to developing water-efficient hydrogen production technologies. Collaborations with research institutions and international partners can expedite progress.
    • Domestic Electrolyser Production: India should prioritize domestic electrolyser manufacturing capabilities. Strategic diplomatic negotiations and alliances can help secure access to rare earth minerals for indigenous production.
    • Stringent Safety Standards: Developing and enforcing robust safety standards and protocols for green hydrogen production, storage, and transport is essential. Ensuring safety will foster confidence in the technology.
    • Infrastructure Development: Building the necessary infrastructure, including pipelines and refueling stations, for green hydrogen production, storage, and distribution is crucial for its widespread adoption.

    Steps in the right direction

    • Green Hydrogen Mission: The Indian government has launched the Green Hydrogen Mission, which aims to produce 5 million tonnes of green hydrogen annually by 2030. This initiative is designed to reduce the country’s dependence on imported fossil fuels and mitigate 50 million metric tonnes of greenhouse gas emissions.
    • Investment in Electrolysis Technology: A significant portion of the Green Hydrogen Mission’s budget is dedicated to developing electrolysers, the devices used in the electrolysis process to produce green hydrogen. This investment is crucial to scaling up hydrogen production capacity in the country.
    • Utilizing the Indian Oil Corporation’s Expertise: The government has wisely leveraged the Indian Oil Corporation’s expertise for the country’s inaugural green hydrogen vehicle project. To access global markets and foster collaborations with other nations, India must further develop its capabilities in the green hydrogen sector.

    Conclusion

    • India’s aspirations to become a green hydrogen hub are laudable and align with global efforts to combat climate change. However, the journey ahead is fraught with challenges. Technological innovation, international partnerships, and a sustained commitment to clean energy are essential to transforming these ambitions into a sustainable reality.

    Also read:

    [Sureshot] National Green Hydrogen Mission

  • RBI asks for SARFAESI Act Compliance

    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:

    1. Efficient NPA Recovery: It streamlines and expedites the recovery of non-performing assets (NPAs) for financial institutions and banks.
    2. 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.

  • What’s the link between GDP growth and employment in India

    What’s the news?

    • A recent report, SWI 2023, has brought to light the disconcerting disparity between India’s relentless pursuit of GDP growth and the stark reality of inadequate job creation.

    Central idea

    • In the realm of policy decisions, a fundamental question often arises: Should the focus be on accelerating economic growth or ensuring widespread employment opportunities? A recent report, India is Broken and the State of Working India 2023, draws insights on how India’s growth trajectory impacts employment, emphasizing the need to consider various social factors in this equation.

    The State of Working India 2023 (SWI) Report

    • SWI 2023, focusing on a long-term perspective, analyzes data from 1983 to 2023, emphasizing social identities like caste, gender, and religion.
    • It highlights how GDP growth benefits are distributed unevenly among various segments of society.
    • The quality of jobs created is a crucial aspect of distinguishing between regular-wage jobs and self-employment.

    The relationship between economic growth and employment in India

    • Job Creation Challenge: The report emphasizes that job creation remains one of India’s most significant macroeconomic challenges. Despite the pursuit of high GDP growth, the report suggests that the correlation between economic growth and employment generation has weakened over time.
    • Weakening Employment Elasticity: Employment elasticity, which measures the extent to which employment grows when GDP grows by one unit, has consistently declined since the 1980s. This decline indicates that a 1% increase in GDP now results in less than a 1% increase in employment.
    • Recent Trends: The period from 2017 to 2021 showed a notable improvement in employment. However, this improvement came with nuances. While employment numbers increased, it’s essential to distinguish between jobs created due to economic growth and those created out of necessity (self-employment).
    • Quality of Jobs: The SWI 2023 report underscores the importance of considering the quality of jobs created. Not all employment opportunities are equal, and the report highlights the prevalence of self-employment, which often lacks regular wages and job security.
    • Impact on Women: The changing employment landscape disproportionately affects women. Although women accounted for half of the lost employment during the specified period, they received only a third of the increase in formal employment. This shift also saw more individuals turning to self-employment due to economic distress.
    • Uncorrelated Growth: The report’s broader takeaway is that over the long run, GDP growth and employment growth have been uncorrelated in India. This suggests that policies solely oriented towards achieving higher GDP growth rates may not necessarily lead to accelerated job creation.

    The dominance of GDP growth

    • For years, India’s national discourse has been dominated by the pursuit of high GDP growth rates as the primary indicator of economic progress.
    • The belief has been that rapid economic growth will naturally lead to increased employment opportunities.
    • However, recent developments challenge this conventional wisdom, prompting us to reconsider our priorities.

    The US perspective

    • In contrast to India’s GDP-centric approach, the United States, the world’s largest economy, places a strong emphasis on employment levels.
    • The Chairman of the US Federal Reserve, Jay Powell, consistently highlights the importance of achieving full employment while maintaining price stability.

    Why does India not prioritize employment to the same degree?

    • Historical Perspective: India’s approach to economic development has been influenced by its post-independence history. When India gained independence in 1947, it faced widespread poverty, and economic growth was seen as a means to uplift the masses.
    • Development Paradigm: India adopted a development paradigm that prioritized industrialization and capital-intensive sectors. The belief was that as industries expanded, they would naturally absorb labor.
    • Policy Framework: India’s economic policies, especially since the 1991 economic reforms, have largely centered on liberalization, privatization, and globalization. These policies aimed to attract foreign investment and promote private sector growth, often with an emphasis on manufacturing and services. While these policies aimed at increasing overall economic output, they did not always address the issue of employment directly.
    • Data Focus: Economic policymakers often rely on GDP growth as a quantifiable and easily measurable metric to gauge economic performance. Employment data can be more complex to collect and interpret, and the focus on GDP growth has made it the primary indicator of success.
    • Political Considerations: Political leaders and parties have, at times, used the promise of high GDP growth as a way to gain popular support and demonstrate economic progress to the electorate. This political narrative has reinforced the emphasis on GDP growth.
    • Globalization Trends: The global trend toward globalization and competitiveness has also influenced India’s priorities. The country has sought to position itself as a global economic player, and this often involves pursuing policies that align with international economic norms, including a focus on GDP growth.
    • Lack of Comprehensive Social Safety Nets: India’s social safety nets and social security systems have historically been limited in coverage and effectiveness. As a result, there may be a perception that focusing on GDP growth is essential to lifting people out of poverty, as job opportunities are seen as the primary means of economic betterment.

    A Framework for Change: Rethinking India’s Growth Strategy

    • Promote labor-intensive manufacturing:
      • Encourage industries that have the potential for labor-intensive manufacturing, such as textiles, electronics assembly, and agro-processing.
      • Implement policies and incentives to attract investments in these sectors, as they can create a significant number of jobs.
    • Invest in skill development and training.
      • Establish comprehensive skill development programs to enhance the employability of the workforce.
      • Collaborate with industries to design training programs that align with their specific needs, ensuring that workers are adequately prepared for available job opportunities.
    • Support Micro, Small, and Medium Enterprises (MSMEs):
      • Provide targeted support to MSMEs, which often generate substantial employment.
      • Simplify regulations and reduce bureaucratic hurdles for MSMEs to encourage their growth.
    • Green Manufacturing and Sustainable Industries:
      • Explore opportunities in green manufacturing and sustainable industries, aligning with global trends toward environmentally friendly practices.
      • Invest in renewable energy, eco-friendly technologies, and sustainable agriculture, which can create employment while contributing to environmental goals.
    • Infrastructure Development in Rural Areas:
      • Develop infrastructure in rural areas to facilitate economic activities and job creation outside of urban centers.
      • Improve connectivity, transportation, and access to markets to boost rural employment opportunities.
    • Focus on the formalization of jobs:
      • Implement policies that encourage the formalization of employment, including ensuring written contracts and providing benefits to workers.
      • Address labor market informality to improve job quality and security.
    • Gender-Inclusive Policies:
      • Develop and enforce policies that promote gender equality in the workforce.
      • Encourage women’s participation in the labor market through initiatives such as affordable childcare facilities and measures to reduce workplace harassment.
    • Social Safety Nets:
      • Strengthen social safety nets to provide a cushion for workers during periods of economic volatility.
      • Ensure that unemployment benefits, healthcare, and retirement provisions are accessible and effective.
    • National Employment Policy:
      • Develop and implement a comprehensive national employment policy that outlines a long-term vision and strategy for job creation.
      • Address both the supply and demand sides of the labor market and promote the quantity and quality of employment.
    • Global Trade and Export Promotion:
      • Actively engage in global trade and export promotion, which can stimulate economic growth and create jobs.
      • Identify and target export-oriented industries with growth potential.
    • Decentralized Economic Development:
      • Promote economic decentralization by encouraging the development of regional and local economies.
      • Invest in infrastructure, skills, and entrepreneurship in underdeveloped regions to reduce regional disparities.

    Conclusion

    • The time has come for India to reconsider its economic priorities. While GDP growth remains important, a greater emphasis on job creation, especially quality employment, is crucial for sustainable and inclusive development. The findings of the SWI 2023 report offer a compelling case for Indian policymakers to shift their focus towards strategies that prioritize employment generation, ensuring that the benefits of growth are shared by all segments of society.

  • Species in news: Nilgiri Tahr

    nilgiri tahr

    Central Idea

    • In a continued effort to conserve the Nilgiri Tahr, Tamil Nadu launched Project Nilgiri Tahr last year.
    • Now, the state is focusing on establishing a standardized protocol with Kerala for counting the population of this endangered species.

    About Nilgiri Tahr

    IUCN Conservation Status: Endangered

    Wildlife (Protection) Act of India, 1972: Schedule I

    • It is endemic to the Nilgiri Hills and the southern portion of the Western Ghats in the states of Tamil Nadu and Kerala in Southern India.
    • It is the state animal of Tamil Nadu.
    • The Nilgiri tahr inhabits the open montane grassland habitat of the South Western Ghats montane rain forests eco-region.
    • At elevations from 1,200 to 2,600 metres (3,900 to 8,500 ft), the forests open into grasslands interspersed with pockets of stunted forests, locally known as sholas.
    • Eravikulam National Park is home to the largest population of this Tahr.
    • It is estimated that there are 3,122 Nilgiri Tahrs in the wild. It has become locally extinct in around 14% of its traditional shola forest-grassland habitat.

     

    Nilgiri Tahr Conservation Project

    • Under The Nilgiri Tahr project, TN government plans to develop a better understanding of the Nilgiri Tahr population through-
    1. Surveys and radio telemetry studies;
    2. Reintroduce the Tahrs to their historical habitat;
    3. Address proximate threats; and
    4. Increase public awareness of the species.
    • The project is to be implemented from 2022 to 2027.
    • Furthermore, October 7 will be celebrated as ‘Niligiri Tahr Day’ in honour of E.R.C. Davidar, who was responsible for pioneering one of the first studies of the species in 1975.

    Historic significance of Nilgiri Tahr

    • There are multiple references to the Nilgiri Tahr in Tamil Sangam literature dating back to 2,000 years.
    • The late Mesolithic (10,000-4,000 BC) paintings highlight the significance of the Tahr in folklore, culture and life.
    • It was designated as the State animal in recognition of its ecological and cultural significance.

  • What are the Reasons for Rise in Global Debt?

    global debt

    Central Idea

    • Record High: The Institute of International Finance (IIF) reported that global debt reached an all-time high of $307 trillion by the end of June 2023, marking an increase of about $100 trillion over the last decade.
    • Debt-GDP Ratio: After seven consecutive quarters of decline, global debt as a share of gross domestic product (GDP) has started rising again, reaching 336%.

    Understanding Global Debt

    • Global debt encompasses borrowings by governments (sovereign), private businesses, and individuals.
    • Governments borrow to cover various expenses and pay interest on past debts, while the private sector borrows primarily for investments.

    Drivers of Rising Global Debt

    • Historical Trend: Both nominal global debt and the debt-to-GDP ratio have been steadily increasing over the years. The pandemic briefly halted this trend as economic activity slowed, but debt levels have been on the rise again.
    • Advanced Economies: Over 80% of the first-half increase in global debt came from advanced economies like the U.S., the U.K., Japan, and France. Among emerging markets, China, India, and Brazil saw substantial debt growth.
    • Surge Amid Rising Interest Rates: Despite expectations of declining demand for loans due to rising interest rates, global debt increased by $10 trillion in the first half of 2023. This trend is not unusual as increased savings often lead to higher debt levels when channelled into investments.

    Inflation’s Impact on Debt

    • Unique Trend: More intriguing than rising debt levels is the preceding seven consecutive quarters of declining global debt as a share of GDP before 2023.
    • Inflation’s Role: The IIF attributes this decline to price inflation, which allowed governments to erode their debts denominated in local currencies through inflation. This process, known as inflating away debt, involves central banks creating new currency to pay off government debt, indirectly taxing the economy through rising prices.

    Causes for Concern

    • Debt Sustainability: Rising global debt levels often raise concerns about debt sustainability, especially in the case of government debt driven by reckless borrowing for populist programs.
    • Impact of Rising Interest Rates: As central banks raise interest rates to combat inflation, governments with heavy debt burdens may struggle to service their debt. Rising rates could lead to defaults or attempts to inflate away the debt.
    • IIF Warning: The IIF warns that the global financial infrastructure is ill-prepared to handle unsustainable domestic debt levels.
    • Private Debt Concerns: Rapidly increasing private debt levels also raise alarms as they are often linked to unsustainable booms that can culminate in economic crises, particularly when such lending lacks genuine savings.
    • Looming Financial Crisis: The 2008 global financial crisis serves as a recent example of an economic boom fueled by easy credit policies, such as those by the U.S. Federal Reserve, preceding an economic downturn.

    Conclusion

    • The surge in global debt warrants attention, given its potential implications for economic stability, sustainability, and the capacity of financial systems to address mounting debt challenges.

  • OSIRIS-REx Mission Returns to Earth with Asteroid Samples

    osiris-rex

    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.

  • Draft Patent Amendment Rules and Issues

    petent

    Central Idea

    • On August 23, the Department for Promotion of Industry and Internal Trade in India unveiled draft patent amendment rules.
    • These changes, if enacted, may have significant implications for pharmaceutical companies and patients, particularly in the global South.

    Draft Patent Amendment Rules: Key takeaways

    • Financial Burden: A notable modification is the introduction of variable fees for filing pre-grant oppositions, potentially placing a substantial financial burden on civil society organizations and patient groups.
    • Maintainability Decision: Of particular concern is the provision granting the controller the authority to determine the maintainability of representation by individuals or civil society organizations seeking to file pre-grant oppositions.

    Impact on Public Health Safeguards

    • Key Public Health Safeguard: Pre-grant opposition serves as a crucial public health safeguard against practices like patent evergreening and the granting of unwarranted monopolies. It ensures continued accessibility to quality-assured and affordable generic medicines.
    • Lobbying for Weakened Safeguards: The draft amendment rules have raised concerns that they may undermine these safeguards and potentially extend patent protection on frivolous grounds. Big pharmaceutical companies have long lobbied to remove critical safeguards from India’s patent laws.

    Critiques and Concerns

    • Lack of Rational Basis: Critics argue that the rules’ provision for controller-determined maintainability lacks a rational basis and may create more problems. Without clear guidelines, decisions on the eligibility of pre-grant opposition filers could become arbitrary.
    • Favouring Corporations: Some believe that the government is aligning with pharmaceutical companies’ interests, as these corporations often seek to limit pre-grant opposition.
    • Unique Provision at Risk: Pre-grant opposition, an exceptional provision within the Indian Patent Act, has been crucial in protecting public health interests. Weakening this provision could have dire consequences for patients and the generic drug industry.

    Precedents of Successful Opposition

    • Past Precedents: Pre-grant opposition filed by patient groups and civil society organizations has led to the rejection of patent extensions pursued by pharmaceutical companies based on weak claims of “novel invention.”
    • Notable Instances: Examples include opposition to patents for drugs like Tenofovir disoproxil fumarate (TDF), Nevirapine, Glivec (imatinib mesylate), Zidovudine/Lamivudine (HIV medicines), and Lopinavir/Ritonavir (HIV medicines).

    Potential Ramifications

    • Global Implications: The proposed changes could disproportionately impact patients in India and the global South, who heavily rely on India’s production of affordable generic drugs and vaccines.
    • Threat to Access: Weakening pre-grant opposition may impede access to essential medicines, putting patients at risk and affecting the generic drug industry.
    • Concerns Raised: Experts emphasize that any erosion of this provision within the Indian Patent Act would be a significant change, jeopardizing patients’ ability to access affordable medications and enabling pharmaceutical corporations to exert greater control over the market.

    Conclusion

    • The draft patent amendment rules have sparked concerns that they may undermine essential safeguards, potentially benefiting pharmaceutical giants while posing a threat to patients’ access to affordable medicines.
    • The pivotal role of pre-grant opposition in safeguarding public health interests is at risk, raising questions about the impact on patients in India and beyond.

  • Neuralink’s Brain-Computer Interfaces (BCIs)

    neuralink

    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.

  • India’s Inclusion in Government Bond Index-Emerging Markets (GBI-EM)

    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.

  • Gurnards: New fish species discovered in Bengal’s Digha harbour

    Gurnards

    Central Idea

    • Scientists from the Zoological Survey of India (ZSI) have unveiled a captivating discovery— Gurnards, a new species of deep water marine fish, displaying a striking orange hue.
    • This remarkable find was made off the coast of Digha Mohana in West Bengal.

    Gurnards or Sea-robins

    • The newfound species falls within the Triglidae family, commonly referred to as gurnards or sea-robins.
    • Named Pterygotrigla intermedica, this species exhibits distinct characteristics that set it apart from its counterparts, such as Pterygotrigla hemisticta.
    • It marks the fourth species within the Pterygotrigla genus to be reported in India.
    • This family boasts a global diversity with a total of 178 species, emphasizing the significance of this discovery.