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GS Paper: GS3

  • Why the criticisms of the RBI are misplaced

    Context

    All emerging markets (EMs), including India, are facing outflows of foreign portfolio investment as the US Fed tightens.

    Inflatioon and exchange rate

    • Exchange rate as response to capital flow: Canonical inflation targeting wants exchange rates to float as the correct response to capital flows.
    • Policy should respond to exchange rate fluctuations only after they affect inflation or output.
    • Any interest rate defence of the exchange rate would reduce the focus on inflation.
    • But most EMs intervene in foreign exchange (FX) markets in order to reduce volatility.
    • A research paper by Edward F Buffie and co-authors indicate that  FX intervention greatly enhances the efficacy of inflation targeting.
    • Two instruments for two targets work better than trying to do everything through the interest rate.
    • Excess depreciation of currency can raise inflation.
    • Other researches such as from the IMF, argues for the use of prudential capital flow management techniques and finds reserve accumulation and its use reduces risks and crises in EMs.

    Policies followed by RBI to reduce volatility

    • Not fully convertible: RBI’s sequenced approach to capital account convertibility, where, for example, debt inflows are only allowed as a percentage of domestic markets, saved it from the kind of interest rate volatility Indonesia experienced during the taper tantrum and is helping it now.
    • More liberalisation measures can be taken when needed.
    • India’s large foreign exchange reserves have allowed rupee depreciation to be lower than most other countries as the dollar strengthens.
    • The cost of holding foreign exchange: There are costs of holding large reserves and of too much intervention.
    • The central bank ends up supporting the US and not its own government borrowing and it sacrifices interest income.
    • But holding reserves and then not using them when required is the most costly.
    • Again use of multiple instruments can mitigate over-reliance on intervention.
    • Much research and recent experience suggest that all available instruments should be used to moderate volatility in nominal variables.

    Why increasing interest rates will be ineffective in reducing capital outflow

    •  A common suggestion is to raise policy rates to maintain a historical gap with US Fed rates.
    • But such an interest rate defence did not prevent outflows during the taper tantrum or in 2018 and only triggered a slowdown.
    • It forgets that interest-sensitive flows are only about 8 per cent of India’s foreign liabilities.
    • There have been no debt outflows in 2022 despite a narrowing interest differential.
    • Equity outflows also seem to be tapering.
    • Monetary tightening that dampens expectations of growth, induces more outflows as country risk-premiums rise.

    Issues with less intervention

    • Some want less intervention and more rupee depreciation in order to improve the current account deficit.
    •  But less intervention can lead to a chaotic fall and jittery markets as we saw in 2011.
    • It is best for policy to prevent over-depreciation due to global risks.
    • After about 4 per cent nominal depreciation, India’s real effective exchange rate against a basket of 40 countries is approaching 100.
    • That implies the real exchange rate is too depreciated since India has had relatively more structural reform and productivity growth.
    • Future corrections toward equilibrium will require a rise of the rupee.
    • High oil prices are a risk for India’s balance of payments, but multiple types of adjustments have the best chance of succeeding.

    Why sometimes policy changes are introduced as surprise?

    • Market participants want clear communication and no surprises for markets.
    • Forward guidance is an important part of inflation targeting. But when markets tend to overreact and are influenced more by the US than by Indian policy, the best way to introduce a policy change may be by surprise.
    • Thus markets had priced in excessive rate hikes after the US Fed began tightening.
    • The steep surprise hike in Indian repo rates prevented additional rate hikes from being priced in as domestic rate-rising began.

    Conclusion

    Inflation targeting is an art that requires skill, attention to context and an open mind.

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    Back2Basics: Real Effective Exchange Rate

    • The real effective exchange rate (REER) is the weighted average of a country’s currency in relation to an index or basket of other major currencies.
    • The weights are determined by comparing the relative trade balance of a country’s currency against that of each country in the index.
    • An increase in a nation’s REER is an indication that its exports are becoming more expensive and its imports are becoming cheaper.
    • It is losing its trade competitiveness.

  • Forest Rights Act 2006

    The Odisha government is chasing an ambitious target of completing the implementation of the Forest Rights Act (FRA) by granting all kinds of rights mandated under the historic Act by 2024.

    What is Forest Rights Act (FRA)?

    • The symbiotic relationship between forests and forest-dwelling communities found recognition in the National Forest Policy, 1988.
    • The policy called for the need to associate tribal people in the protection, regeneration and development of forests.
    • The Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006, was enacted in this regard.
    • It aimed to protect the marginalised socio-economic class of citizens and balance the right to environment with their right to life and livelihood.

    Provisions of the 2006 Act

    • The Act recognizes that tribal and other traditional forest-dwelling communities would be hard put to provide documentary evidence for their claims.
    • Rule 13 of the Act, therefore, stipulates that the Gram Sabhas should consider more than one evidence in determining forest rights.
    • The rule sanctions a wide range of evidence, including “statements by village elders”, “community rights” and “physical attributes such as houses, huts and permanent improvements made to land such as levelling, bunds and check dams”.

    Why in news now?

    • The forest rights claims of these tribes and forest-dwellers are mostly rejected by the States.
    • Being poor and illiterate, living in remote areas, they do not know the appropriate procedure for filing claims.
    • The gram sabhas, which initiate the verification of their claims, are low on awareness of how to deal with them.

    Why are forest rights important for tribals?

    • Aimed at undoing the “historic injustice” meted out to forest-dependent communities due to curtailment of their customary rights over forests, the FRA came into force in 2008.
    • It is important as it recognises the community’s right to use, manage and conserve forest resources, and to legally hold forest land that these communities have used for cultivation and residence.
    • It also underlines the integral role that forest dwellers play in the sustainability of forests and in the conservation of biodiversity.
    • It is of greater significance inside protected forests like national parks, sanctuaries and tiger reserves as traditional dwellers then become a part of management of the protected forests.

     

    Try answering this PYQ

    Q.Under the Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006, who shall be the authority to initiate the process for determining the nature and extent of individual or community forest rights or both?

    (a) State Forest Department

    (b) District Collector/Deputy Commissioner

    (c) Tahsildar/Block Development Officer/Mandal Revenue Officer

    (d) Gram Sabha

     

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  • Draft Development of Enterprise and Service Hubs (DESH) Bill

    The Centre plans to table the Development of Enterprise and Service Hubs (DESH) Bill in the monsoon session of the Parliament, which will overhaul the special economic zones (SEZ) legislation.

    What are SEZs?

    • A Special Economic Zone (SEZ) is an area in which the business and trade laws are different from the rest of the country.
    • SEZs are located within a country’s national borders, and their aims include increasing trade balance, employment, increased investment, job creation, and effective administration.
    • Additionally, companies may be offered tax holidays, where upon establishing themselves in a zone, they are granted a period of lower taxation.

    SEZs in India

    • The SEZ policy in India first came into inception on April 1, 2000.
    • The prime objective was to enhance foreign investment and provide an internationally competitive and hassle-free environment for exports.
    • The idea was to promote exports from the country and realize the need for a level playing field must be made available to the domestic enterprises and manufacturers to be competitive globally.
    • Subsequently, the SEZ Act 2005, was enacted to provide the umbrella legal framework, covering all important legal and regulatory aspects of SEZ development as well as for units operating in SEZs.
    • SEZ units used to enjoy 100% income tax exemption on export income for the first five years, 50% for the next five years, and 50% of the ploughed back export profit for another five years

    Why replace the existing SEZ Act?

    • The World Trade Organization’s dispute settlement panel has ruled that India’s export-related schemes, including the SEZ Scheme, were inconsistent with WTO rules.
    • India has been accused of giving tax benefits to exports through SEZs.
    • Countries aren’t allowed to directly subsidize exports as it can distort market prices.
    • SEZs also started losing their allure after the introduction of minimum alternate tax and a sunset clause to remove tax sops.

    How is the DESH legislation different?

    • The DESH legislation goes beyond promoting exports.
    • It has a much wider objective of boosting domestic manufacturing and job creation through ‘development hubs’.
    • These hubs will no longer be required to be net foreign exchange positive cumulatively in five years (i.e, export more than they import) as mandated in the SEZ regime.
    • They will be allowed to sell in the domestic area more easily. The hubs will, therefore, be WTO-compliant.
    • DESH legislation also provides for an online single-window portal for the grant of time-bound approvals for establishing and operating the hubs.

    Will there be any tax benefits at these hubs?

    • It’s not clear yet.
    • However, the draft Bill does state that states and the Centre will be allowed to give further incentives in the form of tax rebates, incentives, exemptions, and duty drawbacks.
    • Subsidy schemes may be offered for goods and services at these hubs.
    • States and the Centre may take fresh measures to speed up clearances and simplify compliance.

    Will it be easier to sell in the domestic market?

    • Companies can sell in the domestic market with duties only to be paid on the imported inputs and raw materials instead of the final product.
    • In the current SEZ regime, duty is paid on the final product when a product is sold in the domestic market.
    • Besides, there is no mandatory payment requirement in forex, unlike in the case of SEZs.
    • However, the government may impose an equalization levy on goods or services supplied to the domestic market to bring taxes at par with those provided by units outside

    What role will states play in DESH?

    • DESH is expected to play a larger role, definitely.
    • In the SEZ regime, most decisions were made by the commerce department at the Centre.
    • Now, states will be able to participate and even directly send recommendations for development hubs to a central board for approval.
    • Besides, state boards would be set up to oversee the functioning of the hubs.
    • They would have the powers to approve imports or procurement of goods, and monitor the utilization of goods or services, warehousing, and trading in the development hub.

    Way forward

    • If indeed India needs the special hubs, the govt must address the critical gaps in existing SEZ law through the DESH bill and it must be thought through before bringing it to the Parliament.
    • Effective implementation of the law could act as a lever to India’s growth.

     

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  • Making sense of Assam floods

    Context

    This year’s floods in Assam have been merciless. In many parts of the state, both rural and urban, shoals of water drove people from their homes and forced many of them to seek shelter for their livestock.

    Understanding the reasons for massive flood in Assam this year

    • The Bay has a major influence on the monsoon in Northeast India.
    • Two coupled ocean-atmosphere phenomena, one from the distant Pacific, La Niña and another in the tropical Indian Ocean, a negative dipole condition, combined to create high rainfall in the Bay of Bengal.
    • To add to that, a warmer atmosphere because of climate change can hold more moisture leading to intense bouts of rain.
    • Apart from embankment failures, a number of unofficial and media reports suggest that the devastation in the floodplains is also a consequence of the way the dams and reservoirs are operated.
    • This indicates that environmental factors unique to each locality are responsible for the floods.
    • The flooding pattern is usually repeated year-to-year. However, at times, this pattern is disturbed — this year for example.
    • The incidence of such megafloods depends on several variables like unusually high rainfall and the failure of critical embankments.

    Role of floods in the making of the floodplain environment and ecology

    • Rejuvenation of ecosystem: Floods cause disruption and damage but they also generate a bounty of fish and rejuvenate flood-plain ecosystems all along the Brahmaputra, including in the Kaziranga.
    • Landscape: This landscape has been shaped over millions of years with the help of an active monsoonal environment and mighty rivers that carry sediments weathered from the still-rising Himalaya.
    • Every year, the Brahmaputra and its tributaries — which are at the centre of Assam’s environment — transport billions of tonnes of sediment, mainly from the Eastern Himalaya, making the landscape volatile.
    • Flooding helps release waters to surrounding land and distribute sediments and nutrients across the floodplains and wetlands.

    How human presence has influenced floodplains

    • As the human footprint intensified on the floodplains, the landscape was increasingly “developed and engineered”.
    • The engineered and planned landscape has affected the floodplains in two ways: It has undermined their ability to store and absorb water and reduced their capacity to transport sediment.
    • Urban floods: This year’s floods took an especially worrying proportion in several urban areas.
    • Guwahati has historically been a lowland and the city has been uniquely shaped by three hills that accumulate water during the monsoon.
    • Its northern side faces one of the most turbulent rivers in the world.
    • However, extensive swamps, channels and their tributaries worked in tandem to make the place habitable.
    • A transformation, however, took place in the 20th century, especially in the later decades, when these natural features were forced to disappear.
    • From an estimated 11,000 people in 1901, the city now is home to close to 1.1 million people.
    • Such a population increase is bound to have several footfalls and not all of them could have been prevented.
    • What has hit the city hardest is the disappearance of some of its critical environmental features.

    Way forward

    • Human interventions such as dams to “tame” rivers and “stabilise” hydrologically dynamic landscapes and riverscapes should be based on guidelines that account for the environmental conditions in Northeast India, especially the fragile geology, changing rainfall patterns, high seismicity and the risk of landslides.
    • Resilience of people: The rapid transformation in rainfall characteristics and flooding patterns demand building people’s resilience.
    • Reconsider projects: Construction projects that impede the movement of water and sediment across the floodplain must be reconsidered.
    • Use of technology: At the same time, climate-imposed exigencies demand new paradigms of early-warning and response systems and securing livelihoods and economies.

    Conclusion

    Floods have played a key role in Assam’s ecology. But increasing human footprint has affected the ability of flood plains to absorb water and transport sediment.

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  • Aviation sector in India: Issue and Challenges

    What is the issue?

    Policymakers ought to recognise the country’s untapped potential and work towards dismantling the many hurdles.

    What is the significance of aviation sector?

    India is the world’s third-largest market in aviation sector.

    • Aviation is integral to equitable economic growth, for a country to be globally competitive and to change the situation of poverty and unemployment.
    • Passenger airlines and air cargo overcome geography and connect remote areas that are alienated from the mainstream.
    • They can drive investment deep into the country, giving people access to markets.
    • They also boost tourism, which is the largest employment generator in the unorganised sector.

    What is the status of aviation sector in India?

    • Pre-economic reform period– India had only two airlines – Air India and Indian Airlines.
    • Post 1991 reforms– The reforms that opened up the aviation sector in 1991 and ended the licence raj and the monopoly of Indian Airlines and Air India changed the sector.
    • Numerous private sector airlines were given the licence to fly, but Jet Airways and Sahara, survived, resulting in cartelisation.
    • The concept of low cost airlines in India took shape in 2003 which overcame the cost barrier.
    • Sadly, Indian aviation has become ‘the sick man of India’.

    What are the barriers in Indian aviation sector?

    • Per capita consumption of air tickets – The number of Indians who buy air tickets in 2019 is 140 million of which 35 million to 40 million frequent flyers form the bulk of ticket buyers.
    • It translates to less than 4% of the population who can afford air travel, placing India just alongside some poorer African countries, in terms of the per capita consumption of air tickets.
    • Factors affecting the growth of aviation sector– The growth of aviation has been affected by
      • Choking regulations
      • Tough entry barriers for new entrants
      • High fuel prices on account of sky high taxes
      • Inefficient public sector airports that pave the way for monopoly airports
    • Frequent and knee-jerk changes point to the absence of a long-term visionary strategic policy for the entire gamut of sectors in aviation.

    How efficient are government schemes in the development of the airline sector?

    • Boosting entrepreneurship- Start-up India initiative was started with the objective of supporting entrepreneurs, building a robust startup ecosystem and transforming India into a country of job creators.
    • Regional connectivity– Ude Desh Ka Aam Naagrik (UDAN) scheme aims to connect small and medium cities with big cities through air service.
    • Low cost airlines– UDAN plans to connect the underserved airports to key airports through flights that will cost Rs 2,500 for per hour flight.
    • Comprehensive development– The National Civil Aviation Policy 2016 aims to take flying to the masses and covers 22 areas of the Civil Aviation sector.

    What reforms are needed?

    • Reforms in all sectors– It is critical to understand that for passenger airlines to grow, there have to be reforms in all areas of aviation – air cargo, airports, aviation fuel taxes and Maintenance, Repair and Overhaul (MRO).
    • Updated laws– India’s Aircraft Act, 1934 and Aircraft Rules, 1937 need to be updated to keep pace with modern technology in aerospace, increasing costs to the industry and ultimately affecting passenger growth.
    • Overhaul DGCA – India’s statutory regulatory authority, the Directorate General of Civil Aviation (DGCA), needs to be modernised, well-staffed, motivated and incentivized.
    • Need for aviation professionals– There need to be aviation professionals in charge rather than the ubiquitous bureaucrat from the Indian Administrative Service.

  • What are Critical Minerals?

    India and Australia have decided to strengthen their partnership in the field of projects and supply chains for critical minerals.

    What is the news?

    • Australia has confirmed that it would commit A$5.8 million to the three-year India-Australia Critical Minerals Investment Partnership”.

    What are Critical Minerals?

    • Critical minerals are elements that are the building blocks of essential modern-day technologies, and are at risk of supply chain disruptions.
    • These minerals are now used everywhere from making mobile phones, computers to batteries, electric vehicles and green technologies like solar panels and wind turbines.
    • Based on their individual needs and strategic considerations, different countries create their own lists.
    • However, such lists mostly include graphite, lithium, cobalt, rare earths and silicon which is a key mineral for making computer chips, solar panels and batteries.
    • Aerospace, communications and defence industries also rely on several such minerals as they are used in manufacturing fighter jets, drones, radio sets and other critical equipment.

    Why is this resource critical?

    • As countries around the world scale up their transition towards clean energy and digital economy, these critical resources are key to the ecosystem that fuels this change.
    • Any supply shock can severely imperil the economy and strategic autonomy of a country over-dependent on others to procure critical minerals.
    • But these supply risks exist due to rare availability, growing demand and complex processing value chain.
    • Many times the complex supply chain can be disrupted by hostile regimes, or due to politically unstable regions.
    • They are critical as the world is fast shifting from a fossil fuel-intensive to a mineral-intensive energy system.

    What is China ‘threat’?

    • China is the world’s largest producer of 16 critical minerals.
    • China alone is responsible for some 70% and 60% of global production of cobalt and rare earth elements, respectively, in 2019.
    • The level of concentration is even higher for processing operations, where China has a strong presence across the board.
    • China’s share of refining is around 35% for nickel, 50-70% for lithium and cobalt, and nearly 90% for rare earth elements.
    • It also controls cobalt mines in the Democratic Republic of Congo, from where 70% of this mineral is sourced.
    • In 2010, China suspended rare earth exports to Japan for two months over a territorial dispute.

    What are countries around the world doing about it?

    • US has shifted its focus on expanding domestic mining, production, processing, and recycling of critical minerals and materials.
    • India has set up KABIL or the Khanij Bidesh India Limited to ensure mineral security of the nation.
    • Australia’s Critical Minerals Facilitation Office (CMFO) and KABIL had recently signed an MoU aimed at ensuring reliable supply of critical minerals to India.
    • The UK has unveiled its new Critical Minerals Intelligence Centre to study the future demand for and supply of these minerals.

     

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  • Environment Protection Act (EPA), 1986

    The Union Environment Ministry proposes to soften the provisions of the EP Act (EPA) by replacing a clause that provides for imprisoning violators with one that only requires them to pay a fine.

    Environment Protection Act (EPA), 1986

    • EP Act was passed under Article 253 of the Constitution, which empowers the Centre to enact laws to give effect to international agreements signed by the country.
    • The purpose of the Act is to implement the decisions of the UN Conference on the Human Environment.
    • They relate to the protection and improvement of the human environment and the prevention of hazards to human beings, other living creatures, plants and property.
    • It was enacted in 1986 on the backdrop of Bhopal Gas Tragedy.
    • The Act was last amended in 1991.

    Why this Act?

    • The Act is an “umbrella” legislation that has provided a framework for the environmental regulation regime in India.
    • It covers all major industrial and infrastructure activities and prohibits and regulates specific activities in coastal areas and eco-sensitive areas.
    • The Act also provides for coordination of the activities of various central and state authorities established under other environment-related laws, such as the Water Act and the Air Act.

    Key provisions

    • The Environment (Protection) Rules lay down procedures for setting standards of emission or discharge of environmental pollutants.
    • The objective of Hazardous Waste (Management and Handling) Rules, 1989 is to control the generation, collection, treatment, import, storage, and handling of hazardous waste.
    • The Manufacture, Storage, and Import of Hazardous Rules define the terms used in this context, and sets up an authority to inspect, once a year.
    • The Cells Rules,1989 were introduced with a view to protect the environment, nature, and health in connection with the application of gene technology and micro-organisms.

     

    Try this PYQ:

    Q. Consider the following statements:

    The Environment Protection Act, 1986 empowers the Government of India to

    1. State the requirement of public participation in the process of environmental protection, and the Procedure and manner in which it sought.
    2. Lay down the standards for emission or discharge of environmental pollutants from various sources.

    Which of the statements given above is/are correct?

    (a) 1 only

    (b) 2 only

    (c) Both 1 and 2

    (d) Neither 1 nor 2

     

    [wpdiscuz-feedback id=”at8cv2iqvf” question=”Please leave a feedback on this” opened=”1″]Post your answers here.[/wpdiscuz-feedback]

     

     

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  • What is Purchasing Managers Index (PMI)?

    India’s services firms saw growth in new business and output accelerate to a 11-year high in June, as per the survey-based S&P Global India Services Purchasing Managers Index (PMI).

    What is the news?

    • The index rose to 59.2 last month, from 58.9 in May, signalling a strengthening in demand across the services sector, which had borne the brunt of the COVID-19 pandemic.

    Purchasing Managers’ Index (PMI)

    • PMI is an indicator of business activity — both in the manufacturing and services sectors.
    • It is a survey-based measure that asks the respondents about changes in their perception of some key business variables from the month before.
    • It is calculated separately for the manufacturing and services sectors and then a composite index is constructed.
    • The PMI is compiled by IHS Markit based on responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.

    How is the PMI derived?

    • The PMI is derived from a series of qualitative questions.
    • Executives from a reasonably big sample, running into hundreds of firms, are asked whether key indicators such as output, new orders, business expectations and employment were stronger than the month before and are asked to rate them.

    How does one read the PMI?

    • A figure above 50 denotes expansion in business activity. Anything below 50 denotes contraction.
    • Higher the difference from this mid-point greater the expansion or contraction. The rate of expansion can also be judged by comparing the PMI with that of the previous month data.
    • If the figure is higher than the previous month’s then the economy is expanding at a faster rate.
    • If it is lower than the previous month then it is growing at a lower rate.

    What are its implications for the economy?

    • The PMI is usually released at the start of the month, much before most of the official data on industrial output, manufacturing and GDP growth becomes available.
    • It is, therefore, considered a good leading indicator of economic activity.
    • Economists consider the manufacturing growth measured by the PMI as a good indicator of industrial output, for which official statistics are released later.
    • Central banks of many countries also use the index to help make decisions on interest rates.

     

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  • Three new ‘exotic’ sub-atomic particles discovered  

    The Large Hadron Collider beauty (LHCb) experiment has observed three never-before-seen particles.

    What is the discovery?

    • CERN was investigating the slight differences between matter and antimatter by studying a type of particle called the “beauty quark”, or “b quark”.
    • The three “exotic” additions — a new kind of “pentaquark” and the first-ever pair of “tetraquarks” — to the growing list of new hadrons were found.
    • This discovery will help physicists better understand how quarks bind together into these composite particles.

    What are Quarks?

    • Quarks are elementary particles that come in six “flavours”: up, down, charm, strange, top, and bottom.
    • They usually combine together in groups of twos and threes to form hadrons such as the protons and neutrons that make up atomic nuclei.
    • But they can also combine into four-quark and five-quark particles, called tetraquarks and pentaquarks.
    • These exotic hadrons were predicted by theorists about six decades ago — around the same time as conventional hadrons — but they have been observed by LHCb and other experiments only in the past 20 years.

    What about tetraquarks and pentaquarks?

    • Most exotic hadrons discovered in the past two decades are tetraquarks or pentaquarks.
    • They contain a charm quark and a charm antiquark — with the remaining two or three quarks being an up, down or strange quark or their antiquarks.

     

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  • What is Fields Medal, the ‘Mathematics Nobel’?

    Ukrainian mathematician Maryna Viazovska was named as one of four recipients of the prestigious Fields Medal, which is often described as the Nobel Prize in mathematics.

    What is Fields Medal?

    • The Fields Medal is awarded by the International Mathematical Union (IMU), an international non-governmental and non-profit scientific organisation.
    • It is awarded every four years to one or more mathematicians under the age of 40 in recognition of “outstanding mathematical achievement for existing work and for the promise of future achievement”.
    • The winners are announced at the International Congress of Mathematicians (ICM), which was supposed to be held in Russia this year, but was moved to Helsinki.

    Belongings of the award

    • The honour carries a physical medal of 14K gold, 63.5 mm in diameter and weighing 169 g, and with a unit price of approximately 5,500 Canadian dollars.
    • There is also a cash award of CAD 15,000.
    • The obverse of the medal is embossed with the head of Archimedes facing right, and some Latin quotes.

    History of the Medal

    • According to the IMU website, the 1924 ICM in Toronto adopted a resolution that at each conference, two gold medals would be awarded to recognise outstanding mathematical achievement.
    • The Canadian mathematician Prof J C Fields, who was secretary of the 1924 Congress, later donated funds to establish the medals, which were named in his honour.
    • In 1966, it was agreed that, in light of the great expansion of mathematical research, up to four medals could be awarded at each Congress.

    Indian-origin winners

    • Among the more than 60 mathematicians who have been awarded the Fields Medal since 1936, there are two of Indian origin.
    • Akshay Venkatesh of the Institute for Advanced Study at Princeton, won in 2018, the last time the honour was announced.
    • Manjul Bhargava of the Department of Mathematics at Princeton University was awarded in 2014.

     

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