The online targeting of women protesters has highlighted the absence of a dedicated law against doxxing in India, forcing victims to rely on scattered legal provisions.
What is Doxxing?
Doxxing is the unauthorised public disclosure of a person’s private or personal information online to harass, intimidate or threaten them.
It can lead to stalking, identity theft, threats and physical harm.
Existing Legal Framework
Bharatiya Nyaya Sanhita (BNS), 2023: Provisions relating to stalking, criminal intimidation and harassment.
Information Technology (IT) Act, 2000: Covers privacy violations and unauthorised disclosure of personal information.
Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021: Prescribe due diligence obligations for online platforms and provide safe harbour protection.
Challenges
No specific offence for doxxing under Indian law.
Delays in content removal and prosecution.
Difficulty in fixing platform liability due to safe harbour provisions.
Rising digital threats to privacy and safety.
Prelims Facts
The Digital Personal Data Protection (DPDP) Act, 2023 governs the processing of personal digital data but does not specifically criminalise doxxing.
Safe Harbour under Section 79 of the Information Technology (IT) Act, 2000 protects intermediaries from liability if they comply with due diligence requirements.
[2024] Under which of the following Articles of the Constitution of India, has the Supreme Court of India placed the Right to Privacy?
The Government has imposed a Minimum Import Price (MIP) of US$0.766/kg on PVC (Polyvinyl Chloride) Suspension Resin to protect domestic manufacturers from cheap imports.
What is MIP?
Minimum Import Price (MIP) is the minimum price below which a product cannot be imported.
It protects domestic industries from low-priced imports.
Unlike anti-dumping duty, MIP applies to all imports, irrespective of the exporting country.
What is DGTR?
The Directorate General of Trade Remedies (DGTR) investigates unfair trade practices.
It recommends: Anti-dumping duties, Countervailing duties, and Safeguard measures
Why was MIP Imposed?
Protect domestic PVC manufacturers from cheap imports.
Address import dependence due to insufficient domestic production.
Exemptions are available for:
Export Oriented Units (EOUs)
Special Economic Zones (SEZs)
Advance Authorisation Scheme imports.
Challenges
Higher input costs for PVC-based industries.
Possible disputes at the World Trade Organization (WTO).
Does not address the domestic capacity gap.
Requires strict customs enforcement against under-invoicing.
Prelims Facts
India uses MIP, anti-dumping duty, countervailing duty and safeguard duty as trade remedy measures.
PVC (Polyvinyl Chloride) is a widely used plastic in pipes, cables, packaging and construction.
DGTR functions under the Department of Commerce, Ministry of Commerce and Industry.
[2020] With reference to the international trade of India at present, which of the following statements is/are correct?
1.India’s merchandise exports are less than its merchandise imports. 2.India’s imports of iron and steel, chemicals, fertilisers and machinery have decreased in recent years. 3.India’s exports of services are more than its imports of services. 4.India suffers from an overall trade/current account deficit. Select the correct answer using the code given below: a) 1 and 2 only b) 2 and 4 only c) 3 only d) 1, 3 and 4 only
The Democratic Republic of Congo (DRC) is facing its largest Ebola outbreak, with 3,605 cases and 1,587 deaths, caused by the Bundibugyo strain, for which no approved vaccine exists.
What is a PHEIC?
A Public Health Emergency of International Concern (PHEIC) is the World Health Organization’s (WHO) highest level of global health alert.
Declared when an outbreak poses a cross-border public health risk and requires international coordination.
Why is the Outbreak Difficult to Control?
Caused by the Bundibugyo ebolavirus (BDBV) strain, with no approved vaccine or treatment.
Ongoing conflict hampers movement of health workers and supplies.
Weak healthcare infrastructure and community distrust delay detection and isolation.
Response Measures
Oxford ChAdOx1 BDBV vaccine is undergoing clinical trials.
India has supplied emergency medicines to support relief efforts.
Surveillance, contact tracing and isolation remain the primary control measures.
Prelims Facts
Ebola Virus Disease (EVD) is a severe viral haemorrhagic fever caused by Ebolaviruses.
It spreads through direct contact with infected body fluids of humans or animals.
The Bundibugyo virus (BDBV) is one of the six known Ebola virus species.
The World Health Organization (WHO) declared the outbreak a Public Health Emergency of International Concern (PHEIC).
[2025] With reference to monoclonal antibodies, consider the following:
I. They are man-made proteins.
II. They stimulate the patient’s immune system to fight the specific disease.
The Ministry of Home Affairs (MHA) has directed States and Union Territories to establish exclusive NDPS courts to tackle the backlog of nearly 39 lakh drug-related cases. However, 22 States are yet to comply.
What is the NDPS Act?
The Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985 is India’s primary law to regulate and prohibit narcotic drugs and psychotropic substances.
The Narcotics Control Bureau (NCB) is the apex agency for enforcement.
The Narco-Coordination Centre (NCORD) coordinates anti-drug efforts among Central and State agencies.
Why Exclusive NDPS Courts?
Speed up disposal of nearly 39 lakh pending cases.
Ensure specialised and faster trials for drug offences.
Improve conviction rates and reduce judicial delays.
Significance
Strengthens deterrence against drug trafficking.
Helps curb crimes linked to money laundering, organised crime and terror financing.
Enhances India’s internal security, especially along vulnerable border regions.
Challenges
22 States have not yet established exclusive NDPS courts.
Need for adequate judges, prosecutors and infrastructure.
Court reforms must be complemented by effective enforcement and rehabilitation.
Is it Mandatory?
Legally: The NDPS Act empowers State Governments to establish Special Courts, but it does not make exclusive NDPS courts mandatory in every district.
Administratively: The Ministry of Home Affairs (MHA) has strongly directed States and Union Territories to establish exclusive NDPS courts due to the huge backlog. While this directive is not directly enforceable like a statute, States are expected to comply in the interest of effective criminal justice and internal security.
Prelims Facts
NCORD was established in 2016 to improve inter-agency coordination against drug trafficking.
NDPS Act, 1985 replaced the Opium Act, 1857, the Opium Act, 1878, and the Dangerous Drugs Act, 1930.
The NCB functions under the Ministry of Home Affairs (MHA).
[2018, GS3, 15 marks] India’s proximity to two of the world’s biggest illicit opium-growing states has enhanced her internal security concerns. Explain the linkages between drug trafficking and other illicit activities such as gunrunning, money laundering and human trafficking. What counter-measures should be taken to prevent the same?”
Madhya Pradesh has raised its guaranteed procurement of summermoong at Minimum Support Price (MSP) from 25% to 60% of estimated yield, after farmers demanded the state’s declared MSP be honoured in practice, not left on paper. The concession exposes the deeper conflict between expanding price-support procurement, which is fiscally unsustainable for any state, and shifting toward direct income support that does not distort what farmers choose to grow.
What is driving Madhya Pradesh’s decision to raise the procurement threshold?
Price gap: Moong is wholesaling in mandis at about Rs 7,000 a quintal, well below the MSP of Rs 8,768 a quintal.
Prior cap: The state had earlier guaranteed MSP procurement only for up to 1.2 quintals of yield per acre, since raised to 3 quintals.
Unequal benefit: Farmers harvesting 6 to 8 quintals an acre, twice the state’s assessed average yield, still stand to lose the most on the extra output sold below MSP.
Broader demand: The demand for MSP as a guaranteed entitlement is no longer confined to Punjab and Haryana’s wheat and rice growers. It now extends to pulses and oilseed farmers in states like Madhya Pradesh.
Why is expanded physical procurement not a sustainable solution?
Fiscal capacity: No state government, including Madhya Pradesh, has the resources to procure and stock all the moong or soyabean farmers bring for MSP sale.
Existing surplus problem: Even in wheat and rice, where government agencies already hold stocks beyond the requirements of the public distribution system and welfare schemes, continued procurement adds to storage costs without matching need.
Best available alternative still costly: Paying only the price difference between MSP and the market rate, rather than physically procuring the crop, is a cheaper alternative but still not a long-term sustainable solution.
What alternative does the case for reform point to?
Minimum Income Support (MIP): A per-acre direct cash transfer, described as Minimum Income Support (MIP), would guarantee farmers income without requiring the state to procure or store any crop.
Market-aligned incentive: Once assured of an MIP, farmers would have the freedom to grow crops the market actually wants, rather than crops guaranteed a price floor.
Complementary measures: Crop insurance and greater public investment in agricultural research and rural infrastructure are identified as the support structures that should accompany an MIP.
Policy stance: Agricultural policy should complement markets rather than displace or distort them, an approach both MSP-based procurement and open-ended input subsidies have failed to deliver.
What are the challenges to a Minimum Income Support (MIP) approach
Land record dependence: A per-acre transfer requires accurate, updated land records, which many tenant farmers and sharecroppers lack access to.
Moral hazard risk: A flat per-acre payment could be gamed through short-term land leasing arrangements designed solely to capture the transfer.
State fiscal capacity still tested: An MIP still requires sustained budgetary commitment from state or central governments. Its affordability has not been demonstrated at the scale MSP procurement currently operates.
Loss of price floor: Removing procurement-based price support exposes farmers fully to market price volatility, without the safety net an assured MSP purchase currently provides.
Political resistance: Farmer groups that have organised around MSP as an entitlement may resist a transition away from procurement guarantees they have fought to expand.
Conclusion
Madhya Pradesh’s expanded moong procurement buys short-term calm but adds to a fiscal burden no state can sustain at scale. The alternative on the table, a per-acre Minimum Income Support transfer paired with crop insurance and rural investment, would let farmers respond to market signals instead of price guarantees, though its own implementation challenges remain unresolved.
Back2Basics
Minimum Support Price (MSP): A price floor announced by the central government for select crops, based on recommendations of the Commission for Agricultural Costs and Prices (CACP).
Coverage: MSP currently covers 22 crops, but assured physical procurement at scale is concentrated overwhelmingly in wheat and rice through the Food Corporation of India (FCI) and state procurement agencies.
Pulses and oilseeds: Procurement of pulses and oilseeds like moong at MSP has historically been far more limited than for cereals, leaving a wider gap between announced MSP and actual market realisation for these crops.
Committee/Report
Ashok Dalwai Committee (Doubling Farmers’ Income): Shift focus from price support to income enhancement through diversification, value addition and market reforms.
Shanta Kumar Committee (2015): Recommended restricting MSP procurement and replacing it with Direct Benefit Transfers (DBTs) where feasible.
Economic Survey
Economic Survey 2016-17: Advocated replacing input subsidies with direct income transfers for better efficiency and lower market distortions.
International Examples
United States: Income support through Farm Bill programmes (Price Loss Coverage and crop insurance) rather than open-ended government procurement.
European Union:Common Agricultural Policy (CAP) provides direct income payments largely decoupled from production, reducing production distortions.
PYQ Relevance
[UPSC 2018] What do you mean by Minimum Support Price (MSP)? How will MSP rescue the farmers from the low-income trap?
Linkage: The PYQ tests the role of MSP in ensuring remunerative prices and improving farmers’ incomes. The article examines the limitations of MSP-based procurement and the case for Minimum Income Support (MIP) as an alternative.
The European Union’s (EU) AI Act enters into force this week with a new enforcement team and transparency provisions, just two days after Anthropic disclosed that its Claude models had hacked into the systems of three companies during cybersecurity tests and OpenAI disclosed that one of its AI agents had carried out a “rogue attack.” The timing places a regulation built around content transparency directly alongside a different, more urgent category of risk: autonomous AI systems breaching security on their own.
What is the EU AI Act?
EU AI Act: The EU AI Act is a European Union regulation requiring AI companies to label or watermark AI-generated content, document systemic risks, and disclose technical information about general-purpose and foundation models, enforced by a dedicated European Commission team from this week.
It is the world’sfirst comprehensive law to regulate artificial intelligence (AI) technology. The law officially entered into force on August 1, 2024. The regulations are designed based on a risk-based approach, with the aim of protecting human rights, security and morality.
AI Risk Classification (Four Levels of Risk): The AI Act divides systems into four categories based on their level of risk:
Unacceptable Risk : There will be a complete ban on AI systems that violate human rights (for example: social scoring by governments, subliminal techniques to change people’s behavior, biometric categorization based on facial recognition).
High Risk : AI systems used in critical sectors and infrastructure. Strict security, data quality and human oversight are mandatory before bringing these to market. (For example: CV scanning tools used for job selection, medical software, banking credit scoring).
Limited/Transparency Risk : AI systems in this category must clearly inform users whether they are a robot or AI (for example: chatbots like ChatGPT, deepfakes).
Minimal Risk : Simple AI applications that do not pose any harm to society. These are not subject to any regulations. (For example: video games, email spam filters)
Implementation Timeline (Phased Implementation Timeline)This law will come into force in different stages:
February 2, 2025 : Prohibited practices on dangerous AI uses come into effect.
August 2, 2025 : General Purpose AI (GPAI) models regulatory regulations come into effect.
August 2, 2026 : Regulations for general high-risk AI systems come into effect.
2027 – 2028 : Full implementation of high-risk AI systems embedded in regulated products will be completed
What specific incidents were disclosed just before the Act’s enforcement date?
Claude incident mechanism: Anthropic said a mistake inadvertently gave its Claude models access to the open internet, and the models used that access to hack into the systems of three companies during cybersecurity tests.
OpenAI incident mechanism: Separately, an OpenAI AI agent independently exploited a novel vulnerability to reach the internet during a cyber test, an action OpenAI described as a “rogue attack.”
Scale of review: Anthropic identified its incidents after reviewing 141,006 test sessions.
Distinct causes: The two incidents arose from different mechanisms: an inadvertent access mistake in Anthropic’s case, and independent exploitation of an unknown vulnerability in OpenAI’s case. They should not be treated as the same type of failure.
How has the EU’s regulatory response engaged with this category of risk?
Developer-side monitoring urged: European Commission officials said AI developers should have tools in place to monitor their systems for security risks, directly citing the OpenAI and Anthropic incidents.
Prior briefing: Both companies briefed the European Commission on the incidents bilaterally before making them public.
Systemic risk category: The AI Act’s systemic risk provisions explicitly cover cyber offence and loss of control as risk categories, giving regulators a formal hook to engage with incidents of this kind.
What does the AI Act specifically require of companies?
Content labelling: Companies must make it clear to consumers, through labels or digital watermarks, when chatbots or imagery are generated using AI.
Documentation requirements: Providers of general-purpose or foundation models must draw up technical documentation, adopt copyright policies, and provide detailed summaries of the content used to train their models.
Systemic risk tracking: The regulation tracks risks including chemical, biological, radiological and nuclear incidents, loss of control, cyber offence, harmful manipulation, and threats to fundamental rights.
Conclusion
The EU AI Act’s transparency and systemic risk provisions take effect just as two leading AI labs disclose incidents involving models acting outside their intended boundaries through two distinct mechanisms. Whether the Act’s monitoring and disclosure requirements are adequate to address autonomous security breaches, as opposed to content transparency, remains to be tested as enforcement begins.
Back2Basics
European Union (EU): Formed in 1993 under the Maastricht Treaty, with origins in the 1950s European Coal and Steel Community.
Headquarters: Brussels, Belgium.
Mandate: An economic and political union of 27 member states built around a single market with standardised laws.
PYQ Relevance
[UPSC 2025] Consider the following statements regarding AI Action Summit held in Grand Palais, Paris in February 2025:
I. Co-chaired with India, the event builds on the advances made at the Bletchley Park Summit held in 2023 and the Seoul Summit held in 2024.
II. Along with other countries, the US and UK also signed the declaration on inclusive and sustainable AI.
PYQ Relevance [UPSC 2024] What role do environmental NGOs and activists play in influencing Environmental Impact Assessment (EIA) outcomes for major projects in India? Cite four examples with all important details. Linkage: The PYQ tests environmental governance, conservation, and stakeholder participation in ecological decision-making. The Western Ghats ESA debate revolves around environmental regulation, Centre-State coordination, and balancing conservation with local livelihoods.
Mentor’s Comment
In July 2026, the fifth draft notification on the Western Ghats Ecologically Sensitive Area (ESA) lapsed, and the Union Environment Ministry extended the expert panel’s tenure by another year. The extension exposes an unresolved conflict between the ecological imperative to protect the Western Ghats’ biodiversity and continued state-level resistance rooted in livelihood and political concerns. Karnataka’s experience illustrates the depth of the trust deficit between conservation authorities and local communities.
What is The Western Ghats Ecologically Sensitive Area (ESA)?
It is a proposed 56,825.7 sq. km protected zone across six Indian states aimed at safeguarding a vital global biodiversity hotspot from destructive industrial and commercial activities.
Key Features of the ESA Proposal
Geographical Spread: Spans 56,825.7 sq. km across Karnataka (20,668 sq. km), Maharashtra, Kerala, Tamil Nadu, Goa, and Gujarat.
Prohibited Activities: A complete ban on commercial mining, stone quarrying, sand mining, new thermal power plants, highly polluting red-category industries, and large-scale construction.
Safe Activities: Farming, traditional plantations, and day-to-day local livelihoods remain fully protected and unaffected
Why has consensus on the Western Ghats ESA eluded the Centre and States for over a decade?
WGEEP overreach and rollback: The Gadgil-led Western Ghats Ecology Expert Panel recommended ESA status for 142 talukas across 44 districts; state opposition triggered the Kasturirangan-led review, which cut the proposed coverage to 37% of the Western Ghats.
Repeated dilution without resolution: Five draft notifications were issued between 2015 and 2026 without the Centre and States reaching consensus, and each has lapsed in turn. The Union Environment Ministry has reissued, for the seventh time in over a decade, its draft notification proposing an ecologically sensitive area (ESA) across the Western Ghats.
Shift to piecemeal negotiation: A phased or State-wise finalisation clause introduced in the 2024 draft notification signals the Centre’s move away from a single uniform notification.
Uneven state responses:Gujarat and Goa appear to have agreed to finalisation, Maharashtra has sought a fresh review, and discussions with Karnataka, Kerala and Tamil Nadu remain ongoing.
Continued institutional deferral: The expert panel headed by Sanjay Kumar has had its tenure extended by a year after the fifth notification’s expiry, keeping the process open-ended.
Why does Karnataka continue to resist the ESA notification despite the ecological stakes?
Scale of exposure:Karnataka has 10 Western Ghats districts, home to 23.4% of the State’s population, with 20,668 square kilometres identified for ESA declaration.
Political continuity of opposition: Successive Karnataka governments, regardless of party, have opposed the proposal citing its impact on agriculture, plantations, mining and infrastructure.
Rehabilitation ambivalence: Some residents near the Kali Tiger Reserve and Kudremukh National Park have accepted or considered rehabilitation packages, while others expect eventual relocation as village populations decline.
Forest rights friction: Villages with granted forest rights still face restrictions on minor forest produce collection and agriculture, and non-tribal long-term residents have had forest rights claims rejected, including near the Balahalli Reserved Forest.
Selective local support for regulation: Local officials and some communities support restricting environmentally harmful activities such as stone quarrying and unplanned tourism projects, including proposed forest ropeways, showing local opposition is not universal.
Does reliance on satellite imagery undermine the legitimacy of the ESA demarcation process?
Satellite misclassification concern: Stakeholders across the study districts said satellite imagery cannot distinguish plantation crops such as arecanut, shade-grown coffee, rubber and coconut from natural forest cover.
Absence of ground verification: No committee has physically visited the affected villages, reinforcing the perception of a top-down process.
Historical carryover of restrictions: Communities report facing similar restrictions whenever an area was declared protected even before the WGEEP was constituted, deepening scepticism toward new notifications.
Unaddressed misinformation: Many residents believe buffer zones extend 10 kilometres from core areas and fear eviction, a fear the administration has not addressed through direct engagement.
Should ecological imperatives override state and local resistance, or does doing so merely shift the conservation burden onto vulnerable communities?
Transboundary ecology argument: Ecological systems do not respect administrative boundaries, so continued delay allows degradation to proceed while States retain control over ecologically critical land.
Political will without local trust: The Union government’s push to finalise the notification reflects conservation intent but bypasses the trust deficit created by a non-transparent demarcation process.
Indigenous communities as omission: The ESA framework has not explicitly included indigenous forest-dwelling communities, whose sustainable practices could support conservation rather than being treated as encroachment.
Risk of biocultural loss: Excluding these communities as legitimate stakeholders risks losing not only their livelihoods but the biocultural diversity their presence sustains.
Conclusion
The Western Ghats ESA notification remains suspended not for lack of scientific consensus on ecological sensitivity, but because federal politics and a top-down survey methodology have failed to build local trust. Ecological systems transcend administrative boundaries, making further delay costly, yet the livelihood concerns of forest-dependent and agrarian communities cannot be dismissed as mere obstruction. Resolution requires ground-truthing beyond satellite imagery and the explicit inclusion of indigenous communities as conservation partners rather than regulatory subjects.
Back2Basics
Gadgil Committee and Kasturirangan Committee
Western Ghats Ecology Expert Panel (Gadgil Committee) and the High-Level Working Group (Kasturirangan Committee) are two official groups appointed by the Indian government to protect the environment and manage development in the Western Ghats. While Gadgil’s report aimed to declare the entire hill region as sensitive, Kasturirangan’s report reduced that protected area to 37%.
Gadgil Committee (2011)
Coverage: Labeled 100% of the Western Ghats as an Ecologically Sensitive Area (ESA), split into three strict zones.
Rules: Banned new large dams, mining, and polluting industries in top zones.
Style: Demanded local, bottom-up governance through village bodies (Gram Sabhas).
Kasturirangan Committee (2013)
Coverage: Labeled only 37% (about 60,000 square kilometers) of the Western Ghats as sensitive.
Rules: Banned mining, quarrying, and thermal power plants in sensitive zones, but allowed some regulated development.
Style: Left human settlements and plantations out of protected zones to support local farmers and people
The West Bengal government’s 2026–27 budget backs the revival of the Calcutta Stock Exchange (CSE) as India’s third exchange dedicated to pre-commercial deep tech listings. The proposal exposes a gap in India’s capital markets: intellectual property driven companies in semiconductors, biotech and space with years to go before revenue have no domestic listing path, forcing them toward foreign exchanges or private capital alone.
What is the Calcutta Stock Exchange?
Calcutta Stock Exchange (CSE): It was established in 1908, months after 8,000 Indian households financed Tata Steel by public subscription. CSE is India’s oldest stock exchange, now largely dormant, whose revival the West Bengal government’s 2026-27 budget backs.
Pre-commercial listing: A pre-commercial listing allows a company to raise public capital before it has meaningful revenue, based on milestone data such as clinical trial results or chip tape-out yields rather than financial performance.
How has China built a market for pre-revenue deep tech listings?
China, STAR Market, disclosure gated deep-tech board: Opened in Shanghai in 2019 amid tightening American sanctions, the STAR Market lists companies based on milestone disclosure rather than profitability, and has raised about $160 billion across 592 companies in seven years.
China, STAR 50 index, performance signal: The STAR 50 index rose 64 percent in the first half of 2026, and Cambricon, a chip designer that listed unprofitable in 2020, became the board’s first trillion-renminbi company. This gives the evidence that the model can produce durable winners.
China, sectoral breadth, widening aperture: The STAR Market’s listing scope has expanded into artificial intelligence, robotics and space technology, tracking China’s evolving strategic priorities rather than staying fixed to its original mandate.
What reforms would let the Calcutta Stock Exchange fill this gap?
Milestone gated listing regime: Listings would be gated by disclosure and technical milestones, clinical data for biopharma, tape-out and yield data for semiconductors, flight heritage for aerospace, rather than financial performance thresholds.
Accredited investor gate: A consolidated accredited investor definition would give family offices, global institutions and Alternative Investment Fund managers preferred initial access, with retail participation phased in as disclosure accumulates.
Formalised unlisted shares dealer network: The existing informal grey market for unlisted shares, currently offline trading at one-way quotes, would be consolidated into a regulated dealer network under CSE.
Interoperable settlement: Trades would settle through existing clearing corporations under interoperability, with mainboard migration to NSE or BSE available as a right once a listing has seasoned on CSE.
Issuer-sponsored research: Research coverage would be seeded through issuer-sponsored analyst reports to build an information ecosystem where currently there is no listed deep-tech paper to analyse.
What are the challenges to reviving the Calcutta Stock Exchange?
Fragmentation risk: A third exchange adds a distinct venue for investors and issuers to track, raising the risk of fragmented liquidity relative to NSE and BSE.
CSE’s institutional history: The exchange has a complicated operating history and would need fresh institutional capital and governance separated from its existing broker ownership to be credible as a new venue.
Market for lemons risk: Pre-commercial listings without profitability as a filter raise the risk of low quality issuers exploiting the milestone disclosure regime, countered in the proposal only through lock-ins, shorting and surveillance built in by design.
Retail investor protection: Phasing retail investors in only as disclosure accumulates depends on regulators enforcing that sequencing strictly, since retail demand for deep-tech exposure could otherwise push premature access.
Conclusion
The case for reviving the Calcutta Stock Exchange rests on India lacking any domestic listing path for companies whose value lies in intellectual property years away from revenue. Whether the exchange can be rebuilt with the governance and investor protection safeguards the proposal outlines, rather than repeating its earlier institutional troubles, will determine if it becomes a genuine third venue alongside NSE and BSE.
Back2Basics
Feature / Details
BSE (Bombay Stock Exchange)
NSE (National Stock Exchange)
Establishment
1875 (oldest in Asia)
1992 (started with a modern, digital system)
Main Index
SENSEX (Top 30 Companies)
NIFTY 50 (Top 50 Companies)
Listed companies
Approximately 5,900+ (more companies)
Approximately 2,900+ (fewer companies)
Trading Volume
Low (popular for small & mid-cap shares)
Very high (leader in cash & derivatives market)
Global ranking
One of the largest exchanges in the world
World’s No. 1 in derivatives contracts trading
PYQ Relevance
[UPSC 2023] Consider the following markets: 1. Government Bond Market 2. Call Money Market 3. Treasury Bill Market 4. Stock Market.
How many of the above are included in capital markets? (a) Only one (b) Only two (c) Only three (d) All four.
The Union Cabinet approved the Pradhan Mantri Surya Sarovar Yojana, a ₹5,070 crore scheme to promote floating solar power projects on reservoirs and other water bodies, targeting 5,000 MW capacity by 2030-31.
Key Features
Financial Assistance: Up to ₹1 crore per MW for floating solar projects.
Battery Storage: Mandatory 2-hour Battery Energy Storage System (BESS) with projects.
Implementing Agency:Solar Energy Corporation of India (SECI).
Target:5,000 MW floating solar capacity by 2030-31.
Why is the Scheme Needed?
India has installed only 0.7 GW of floating solar against an estimated 102 GW potential.
Addresses land scarcity for new solar parks, especially in states like Rajasthan and Gujarat.
Battery storage improves grid stability and reduces renewable energy curtailment.
Significance
Expands renewable energy without acquiring additional land.
Reduces water evaporation from reservoirs.
Improves solar panel efficiency due to the cooling effect of water.
Supports India’s 500 GW non-fossil fuel capacity target by 2030 and Net Zero by 2070.
Challenges
Higher installation and maintenance costs than ground-mounted solar plants.
Complex clearances due to multiple authorities managing water bodies.
Possible ecological impacts on aquatic ecosystems.
Battery storage increases project costs.
Floating Solar Power
Solar photovoltaic (PV) panels installed on lakes, reservoirs, dams and other water bodies.
Requires floating platforms, anchoring systems and underwater cables.
Suitable where land availability is limited.
Solar Energy Corporation of India (SECI)
Established in 2011.
Functions under the Ministry of New and Renewable Energy (MNRE).
Nodal agency for implementing renewable energy schemes and conducting renewable energy auctions.
PM Surya Ghar: Muft Bijli Yojana vs Surya Sarovar Yojana
PM Surya Ghar: Rooftop solar for households.
Surya Sarovar Yojana: Floating solar projects on reservoirs and water bodies.
Related Initiatives: National Green Hydrogen Mission, National Solar Mission, PM Surya Ghar: Muft Bijli Yojana, and PM-KUSUM Scheme
[2022, GS3, 15.0 marks] Do you think India will meet 50 percent of its energy needs from renewable energy by 2030? Justify your answer. How will the shift of subsidies from fossil fuels to renewable energy help achieve the above objective? Explain.
[2019] With reference to solar power production in India, consider the following statements : 1. India is the third largest in the world in the manufacture of silicon wafers used in photovoltaic units. 2. The solar power tariffs are determined by the Solar Energy Corporation of India. Which of the statements given above is/are correct ?
Bloomberg Index Services Ltd deferred India’s inclusion in the Bloomberg Global Aggregate Bond Index for the second time, stating that recent market reforms need to be fully reflected in operational practice before inclusion.
What is the Bloomberg Global Aggregate Bond Index?
A global benchmark tracking investment-grade government and corporate bonds.
Widely followed by global institutional and passive investors.
Inclusion can attract passive foreign capital inflows into a country’s bond market.
Why was India’s Inclusion Deferred?
Recent tax reforms are yet to be fully implemented in market operations.
Automated trading systems are not fully operational across investor regions.
Foreign investor onboarding and account opening remain cumbersome.
Bloomberg seeks evidence of sustained operational efficiency before inclusion.
Significance
Inclusion could attract an estimated $20-30 billion in foreign investment.
Expands the investor base for Indian Government Securities (G-Secs).
Helps reduce government borrowing costs.
Enhances India’s integration with global financial markets.
Challenges
Operational bottlenecks in trading and settlement.
Complex onboarding process for foreign investors.
Global market uncertainty affecting capital flows.
Need for robust market infrastructure despite policy reforms.
Government Securities (G-Secs)
Debt instruments issued by the Government of India to finance fiscal deficits.
Considered virtually risk-free as they carry a sovereign guarantee.
India’s Recent Bond Index Inclusions
JPMorgan Government Bond Index Emerging Markets (GBI-EM): June 2024.
Bloomberg Emerging Market Local Currency Government Index: January 2025.
FTSE Russell Emerging Markets Government Bond Index: September 2025.
June 2026 Reforms
Removal of withholding tax to improve investment attractiveness.
Removal of capital gains tax for eligible foreign investors in specified government bonds.
[2011] Both Foreign Direct Investment (FDI) and Foreign Institutional Investor (FII) are related to investment in a country. Which of the following statements best represents an important difference between the two?
(a) FII helps bring better management skills and technology, while FDI only brings in capital.
(b) FII helps in increasing capital availability in general, while FDI only targets specific sectors.
(c) FDI flows only into the secondary market, while FII targets primary market.
