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GS Paper: GS3

  • Functioning of the ISS after US sanctions

    Western sanctions against Russia could cause the International Space Station (ISS) to crash, the head of Russian space agency Roscosmos has warned.

    What is the ISS?

    • The ISS was launched in 1998 as part of joint efforts by the U.S., Russia, Japan, Canada and Europe.
    • The idea of a space station originated in the 1984 State of the Union address by former U.S. President Ronald Reagan.
    • The space station was assembled over many years, and it operates in low-earth orbit.
    • Since its inception, it has served as a laboratory suspended in space and has aided multiple scientific and technological developments.
    • The ISS was originally built to operate for 15 years.

    Why was ISS launched?

    • A space station permits quantum leaps in research in science, communications, and in metals and lifesaving medicines which could be manufactured only in space.
    • ISS has consistently maintained human presence for the past 21 years, providing astronauts with sophisticated technologies for scientific research.

    What is Russia’s role in maintaining the ISS?

    • The ISS is built with the co-operation of scientists from five international space agencies — NASA of the U.S., Roscosmos of Russia, JAXA of Japan, Canadian Space Agency and the European Space Agency.
    • Each agency has a role to play and a share in the upkeep of the ISS.
    • Both in terms of expense and effort, it is not a feat that a single country can support.
    • Russia’s part in the collaboration is the module responsible for making course corrections to the orbit of the ISS.
    • They also ferry astronauts to the ISS from the Earth and back.
    • Until SpaceX’s dragon spacecraft came into the picture the Russian spacecrafts were the only way of reaching the ISS and returning.

    Why does the orbit of the ISS need to be corrected?

    • Due to its enormous weight and the ensuing drag, the ISS tends to sink from its orbit at a height of about 250 miles above the Earth.
    • It has to be pushed up to its original line of motion every now and then.
    • This is rather routine, even for smaller satellites.
    • Approximately once a month this effort has to be made.
    • The other reason for altering the path of the ISS is to avoid its collision with space debris, which can damage the station.

    What is the extent of effort and expense involved in this?

    • Manoeuvring the ISS is expensive.
    • In a year, 7-8 tonnes of fuel may need to be spent, with each manoeuvre costing nearly a tonne of fuel.
    • If a manoeuvre is put off for later, the ISS may sink a little more and the delayed operation would cost more as a larger correction needs to be made.

    Risks of crashing

    • The orbit of the ISS does not fly over the Russian territory mostly.
    • Places that are closer to the equator run a greater risk of it falling in their domain.
    • The orbit is at about 50 degrees and so most probably, the ISS will fall in that level.
    • But this is only a probability, as it can move or disintegrate.
    • But in case of this eventuality, people in the ISS will be brought back, modules can be detached thereby making it much smaller which will ensure that it disintegrates before touching the earth.

     

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  • What is Vibrant Village Programme?

    The Union government plans to open the villages along the Chinese border for tourists under the Vibrant Village programme announced in the Union Budget 2022-23.

    Vibrant Village Programme

    • The program aims to improve infrastructure in villages along India’s border with China.
    • Infrastructure will be improved in states like Uttarakhand, Himachal Pradesh, and Arunachal Pradesh.
    • Under the programme, residential and tourist centres will be constructed.
    • It will also provide for improvement in road connectivity and development of decentralized renewable energy sources.
    • Apart from that, direct access of Doordarshan and education related channels will be provided. Support will be provided for livelihood.

    Key focus areas

    • It focuses livelihood generation, road connectivity, housing, rural infrastructure, renewable energy, television and broadband connections.
    • This objective will be met by strengthening infrastructure across villages located near the Line of Actual Control (LAC).

    Why need such scheme?

    • The programme is a counter to China’s model villages but the name has been carefully chosen so as to not cause any consternation in the neighbouring country.
    • China has established new villages along the LAC in the past few years particularly across the Arunachal Pradesh border.
    • While China has been settling new residents in border areas, villages on the Indian side of the frontier have seen unprecedented out-migration.

     

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  • Issues with high gold demand

    Context

    Gold’s appeal as a safe haven is only rising: as tensions escalate in Ukraine, its price is approaching records.

    Factors explaining demand for gold in India

    • India is the world’s second-largest market for the yellow metal, behind China, though it produces almost none at home.
    • This is partly driven by tradition.
    • Brides are given jewellery as part of their dowry and it is deemed auspicious to buy bullion around certain religious festivals.
    • It is a handy store of undeclared wealth, too, often stashed in wardrobes or under the mattress.
    • But the pandemic has also affirmed an investment advice passed on over generations: park savings in gold as a rainy-day fund.

    Concerns with such a high demand

    • Vast gold imports can destabilise the economy.
    • During the 2013 “taper tantrum”, when India’s foreign-exchange reserves were lower than they are now, a rush of gold imports helped push the current-account deficit to 4.8% of GDP and fuelled worries of a currency crisis.
    • Savings stashed away as idle gold could be put to more productive use elsewhere. 
    • Indian households hold 22,500 tonnes of the physical metal—five times the stock in America’s bullion depository .

    Policy measures by the government

    • Import duties hover around 10%, even after cuts in last year’s budget aimed at keeping smuggling in check.
    • The central bank has ramped up issuance of sovereign gold bonds, which are denominated in grams of gold.
    • Of the 86 tonnes’ worth issued since 2015, about 60% were sold after the pandemic began.
    • And the gold monetisation scheme, which allows households to hand gold over to a bank and earn interest, was revamped last year to reduce limits on the size of deposits.
    • Lockdowns inadvertently helped the state’s agenda.
    • Mobile payments platforms like PhonePe and Google Pay reported rising appetite for digital gold, which is sold online and stored by the seller.
    • Money also rushed into gold exchange-traded funds (ETFs).
    • Their assets hit 184bn rupees ($2.5bn) in December, a 30% rise in a year.

    Conclusion

    Still, only a sliver of the population, mostly well-off urban types and millennials, invest in complex financial products. A large part of India’s demand for physical gold comes from rural areas, where it seems in no danger of losing its lustre.

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  • Why India must cancel its nuclear expansion plans

    Context

    A fire broke out near the Zaporizhzhia nuclear plant in Ukraine (Europe’s largest) during the course of a military battle. Had the fire affected the cooling system, the plant’s power supply, or its spent fuel pool, a major disaster could have occurred.

    Issues with India’s nuclear expansion plans

    • On December 15, 2021, the Indian government informed Parliament that it plans to build “10 indigenous reactors… in fleet mode” and had granted “in principle approval” for 28 additional reactors, including 24 to be imported from France, the U.S. and Russia.
    • Capital intensive: Nuclear power plants are capital intensive and recent nuclear builds have suffered major cost overruns.
    • Decreasing cost of renewable: In contrast, renewable energy technologies have become cheaper.
    • The Wall Street company, Lazard, estimated that the cost of electricity from solar photovoltaics and wind turbines in the U.S. declined by 90% and 72%, respectively, between 2009-21.
    • Recent low bids are of ₹2.14 per unit for solar power, and ₹2.34 for solar-wind hybrid projects; even in projects coupled with storage, bids are around ₹4.30 per unit.
    • Global trend suggests declining use of nuclear energy: In 1996, 17.5% of the world’s electricity came from nuclear power plants; by 2020, this figure had declined to just around 10%.
    • Safety concerns: In a densely populated country such as India, land is at a premium and emergency health care is far from uniformly available.
    • Local citizens understand that a nuclear disaster might leave large swathes of land uninhabitable — as in Chernobyl — or require a prohibitively expensive clean-up — as in Fukushima, where the final costs may eventually exceed $600 billion.
    • Indemnity clause: Concerns about safety have been accentuated by the insistence of multinational nuclear suppliers that they be indemnified of liability for the consequence of any accident in India.
    • India’s liability law already largely protects them.
    • But the industry objects to the small window of opportunity available for the Indian government to hold them to account.
    • Climate concerns: Climate change will increase the risk of nuclear reactor accidents.
    • Recently, a wildfire approached the Hanul nuclear power plant in South Korea and President Moon Jae-in ordered “all-out efforts” to avoid an accident at the reactors there.
    • In 2020, a windstorm caused the Duane Arnold nuclear plant in the U.S. to cease operations.
    • The frequency of such extreme weather events is likely to increase in the future.

    Consider the question “What are the concerns with the nuclear energy expansion plans of India? Suggest the way forward.”

    Conclusion

    Given the inherent vulnerabilities of nuclear reactors and their high costs, it would be best for the Government to unambiguously cancel its plans for a nuclear expansion.

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    Back2Basics: What is EPR (nuclear reactor)

    • The EPR is a third generation pressurised water reactor design.
    • It has been designed and developed mainly by Framatome (part of Areva between 2001 and 2017) and Électricité de France (EDF) in France, and Siemens in Germany.
    • In Europe this reactor design was called European Pressurised Reactor, and the internationalised name was Evolutionary Power Reactor, but it is now simply named EPR.

  • Indian missile misfires into Pakistan

    India has acknowledged a malfunction led to accidental firing of a missile, which Pakistan says landed in its territory.

    Conducting Missile Tests: NOTAM and NAVAREA Warnings

    • Under the pre-notification of flight testing of ballistic missiles agreement signed in 2005, a country must provide the other an advance notification on flight test it intends to take for any land or sea launched, surface-to-surface ballistic missile.
    • Before the test, the country must issue Notice to Air Missions (NOTAM) or Navigational Warning (NAVAREA) to alert aviation pilots and seafarers, respectively.
    • Also, the testing country must ensure that the launch site is not within 40 km, and the planned impact area is not within 75 km of either the International Boundary (IB) or the Line of Control (LoC).
    • The planned trajectory should not cross the IB or the LoC and must maintain a horizontal distance of at least 40 km from the border.

    Pre-notifications to the neighbours

    • The testing country must notify the other nation “no less than three days in advance of the commencement of a five day launch window within which it intends to undertake flight tests.
    • The pre-notification has to be conveyed through the respective Foreign Offices and the High Commissions, as per the format annexed to this Agreement.

    What is the recent case of misfire?

    • Neither country has spelt this out; Pakistan has only called it a “supersonic” missile.
    • Some experts have speculated that it was a test of one of India’s top missiles, BrahMos, jointly developed with Russia.
    • Their assessment is based on information that it travelled 200 km, manoeuvred mid-air and travelled at 2.5 times to 3 times the speed of sound at an altitude of 40,000 feet.
    Note:  BrahMos has a top speed of Mach 3, a range of around 290 km, and a cruising altitude of 15 km (around 50,000 feet). It can be fired from anywhere, is nuclear-capable, and can carry warheads of 200-300 kg.

     

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  • Taking stock of the Indian economy

    Context

    This article takes the stock of the Indian economy using the EFGHIJ framework.

    Export

    • The $400-billion target of goods exports in FY22 appears achievable:
    • This is a structural break from ~$300-330 billion per year over the last decade.
    • Note that in calendar year 2021, India exported almost $400 billion worth of goods.
    • This export growth comes at a time when global shipping and freight markets have been in a tizzy over the last few months as Covid-related supply chain disruptions across commodities and final products reverberated across the globe.

    Fiscal growth

    • India has significant fiscal headroom in FY23 with a 6.4% fiscal deficit pencilled in.
    • The revenue buoyancy, assumed at less than 1, is conservative as is the overall assumption on nominal growth at 11%.
    • In as volatile a world as this, the conservatism in forecasting should come to India’s advantage.
    • India saw healthy direct and indirect tax receipts in FY22: the GST collections have consistently remained above the `1 trillion-a-month mark for many months now.
    • Two aspects need a close watch:
    • (a) as the prices of various commodities rise, there can be calls for softening the blow on the final consumer via tax cuts or direct support, and
    • (b) the disinvestment programme of the government which could face a market where investor appetite is uncertain.

    Growth challenges and opportunities for India

    • India’s GDP growth in FY23 is projected to be 7.6-8.5%, making it one of the fastest-growing economies.
    • With the newly changed circumstances, it is possible that this tight range and the absolute number may require revision.
    • It is, however, too early to say in which direction and by what amounts.
    • Opportunities for India: Global dislocations of supply chain or the creation of new supply sources could create divergent challenges and opportunities for India.
    • The post Covid rebound in high frequency indicators (air and rail passengers, toll collections, UPI payments, etc.) suggests that the internal consumption economy is currently back on track.
    • It is important to note that India continues to be the fastest-growing nation of its size in the world.

    Health

    • India has now completed almost 1.8 billion doses.
    • The Omicron wave, thankfully both due to the inherent nature of the virus and the large vaccination drive, did not cause significant economic upheaval.
    •  It may be time to think of Covid as endemic and plan accordingly.

    Inflation

    • The inflation in 2021 was based on a sudden bout of fiscal-support-driven spending meeting with tight supply chain bottlenecks.
    • It was expected that as spending normalises and supply chains open, prices will stabilise.
    • However, the sharp uptick in the prices of crude, coal, commodities, and chips has created a more sustained scare for inflation.
    • Many measures may be taken across the world to curb the impact for the common man: from opening of oil reserves, to cutting of taxes, to direct support, etc—all of which could impact the fiscal.

    Capital

    • Denoted by K by economists, expect to see a lot of ebb-and-flow here as investors react to evolving, volatile trends.
    • Higher public investment in the last two years has supported economic recovery: India has planned for a record `10 lakh crore plus public capex.
    • Net FDI has been strong at $25.3 billion up to December in FY2022.
    • While FPIs have withdrawn $9.5 billion in FY22, DIIs and retail investors have supported the markets.

    Conclusion

    With two waves of COVID-19 largely behind us, many macroeconomic factors have changed dramatically, especially in the last fortnight.

    Source:

    https://www.financialexpress.com/opinion/efghijk-taking-stock-of-the-indian-economy/2457255/

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  • Why society gains when start-ups fail

    Context

    As per the Economic Survey 2021-22, India has become the third-largest startup ecosystem in the world after the US and China.

    Start-up ecosystem in India

    • India attracted huge investment in startups in 2021: Private equity investment was $77 billion, of which $42 billion went to early-stage ventures.
    • Every startup where salaries are paid by investors rather than customers is breathlessly rethinking business plans.

    How do startups benefit society?

    1] Innovation, productivity and job creation:

    • The high failure rate of startups is not a problem per se — society only needs a few successes to harness the gains of innovation, productivity and job creation.
    • A new book, The Power Law makes the case that startup investing is unlike public market investing.
    • He suggests public markets follow a “normal” distribution like human height — most people cluster around the average with a few exceptionally low or high.
    • But venture investments follow a “power law” of distribution, that is, most go to zero but the tiny number that succeeds more than compensate for the losses or mediocrity of the many.

    2] Losses caused by startups are not passed on to society

    • Startups don’t socialise their losses, Corporate bank loans expanded from Rs 18 lakh crore in 2008 to Rs 54 lakh crore in 2014.
    • Such high corporate bank loans created bad loans that needed many lakh crores of government money to recapitalise nationalised banks.
    • This money was diverted from government spending on healthcare, education and defence.
    • The current venture capital binge will also create many write-offs but this cost will fall on consenting adults with broad shoulders — foreign institutions, angel investors and entrepreneurs with successful previous exits.

    3] Startups will solve real problems for Indians:

    • Ending our poverty needs higher productivity regions, cities, sectors, firms and individuals.
    • A modern state is a welfare state that does less commercially so it can do more socially.
    • It needs allies in reimagining financial inclusion, supply chains, distribution logistics, employability, retail, transport, media, healthcare, agriculture and much else.
    • Many of our startups shall redeem their pledge to solve these problems “not wholly or in full measure, but very substantially”.

    Three issues related to startups

    • 1] Fiscal and monetary policy normalisation: The global capital supply fuelling startup funding faces challenges from fiscal and monetary policy normalisation: The rate-sensitive two-year US government bond recently touched a 1.6 per cent yield after being at 0.4 per cent as recently as November — because the risk-free return cannot be return-free-risk forever.
    • Investors are returning to weighing financial sustainability and capital efficiency along with addressable markets.
    • 2] Excesses: This explosive startup funding has created excesses.
    • 3] A different approach of public markets: Private markets are not only delaying IPOs — Amazon went public within three years of starting with less than half the value of a unicorn — but unicorn IPOs’ underperformance suggests that public markets have a different calibration.

    Conclusion

    The few startups that survive will raise India’s soft power and prosperity by using improbable ideas to solve impossible problems. What we need is to ensure the policy environment for the startups to boom.

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  • Inland water transport system in India: Potential and challenges

    • Month after setting sail on the Ganga from Patna, a vessel carrying 200 metric tonnes of food grains for the Food Corporation of India (FCI), docked at Guwahati’s Pandu port on the southern bank of the Brahmaputra.
    • The occasion is believed to have taken inland water transport, on two of India’s largest river systems, to the future.

    Why is a Ganga-Brahmaputra cargo vessel in focus?

    • There is nothing unusual about a cargo vessel setting sail from or docking at any river port.
    • This has rekindled hope for the inland water transport system which the landlocked northeast depended on heavily before India’s independence in 1947.

    Inland water service: A necessity for the NE

    • Seamless cargo transportation has been a necessity for the northeast.
    • Around Independence, Assam’s per capita income was the highest in the country.
    • This was primarily because of access for its tea, timber, coal and oil industries to seaports on the Bay of Bengal via the Brahmaputra and the Barak River (southern Assam) systems.
    • Ferry services continued sporadically after 1947 but stopped after the 1965 war with Pakistan, as Bangladesh used to be East Pakistan then.
    • The scenario changed after the river routes were cut off and rail and road through the “Chicken’s Neck”, a narrow strip in West Bengal, became costlier alternatives.
    • The start of cargo movement through the Indo-Bangladesh Protocol (IBP) route is going to provide the business community a viable, economic and ecological alternative.

    How did the water cargo service through Bangladesh come about?

    • The resumption of cargo transport service through the waterways in Bangladesh has come at a cost since the Protocol on Inland Water Transit and Trade was signed between the two countries.
    • India has invested 80% of ₹305.84 crore to improve the navigability of the two stretches of the IBP (Indo-Bangladesh Protocol) routes — Sirajganj-Daikhowa and Ashuganj-Zakiganj in Bangladesh.
    • The seven-year dredging project on these two stretches till 2026 is expected to yield seamless navigation to the north-eastern region.
    • With this, the distance between NW1 and NW2 will reduce by almost 1,000 km once the IBP routes are cleared for navigation.

    Policy boosts to IWs

    • The Government has undertaken the Jal Marg Vikas project with an investment of ₹4,600-crore to augment the capacity of NW1 for sustainable movement of vessels weighing up to 2,000 tonnes.
    • Sailors who made the cargo trips possible have had difficulties steering clear of fishing nets and angry fishermen in Bangladesh.
    • These hiccups will get sorted out with time.

    Why go for IWT?

    • Inland Water Transport (IWT) is a fuel-efficient, environment friendly and cost effective mode of transport having potential to supplement the over-burdened rail and congested roads.
    • It is a boon where road transport is least feasible.

    Back2Basics: Inland Waterways

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  • UPI123Pay: Payment solution for feature phone users

    The Reserve Bank of India has launched a new Unified Payments Interface (UPI) payments solution for feature phone users dubbed ‘UPI123Pay’.

    What is UPI?

    • UPI is an instant real-time payment system developed by NPCI facilitating inter-bank transactions.
    • The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform.

    What is UPI123Pay?

    • UPI ‘123PAY’ is a three-step method to initiate and execute services for users which will work on simple phones.
    • It will allow customers to use feature phones for almost all transactions except scan and pay.
    • It doesn’t need an internet connection for transactions. Customers have to link their bank account with feature phones to use this facility.
    • Feature phone users will now be able to undertake a host of transactions based on four technology alternatives.
    • They include calling an IVR (interactive voice response) number, app functionality in feature phones, missed call-based approach and also proximity sound-based payments, the RBI said.
    • Such users can initiate payments to friends and family, pay utility bills, recharge the FAST Tags of their vehicles, pay mobile bills and also allow users to check account balances.
    • Customers will also be able to link bank accounts, set or change UPI PINs.

    Others: ‘Digisaathi’

    • A 24×7 helpline for digital payments has also been set up by the National Payments Corporation of India (NPCI).
    • The helpline christened ‘Digisaathi’ will assist the callers/users with all their queries on digital payments via website and chatbot.
    • Users can visit www.digisaathi.info or call on 14431 and 1800 891 3333 from their phones for their queries on digital payments and grievances.

    Why UPI123Pay was created?

    • UPI, which was introduced in 2016, has become one of the most used digital payments platforms in the country.
    • The volume of UPI transactions has already reached ₹76 lakh crore in the current year, compared to ₹41 lakh crore in FY21.
    • However, at present, efficient access to UPI is available largely via smartphones.

    How will users make payments without internet?

    The new UPI payments system offers users four options to make payments without internet connectivity:

    1. Interactive Voice Response (IVR): Users would be required to initiate a secured call from their feature phones to a predetermined IVR number and complete UPI on-boarding formalities to be able to start making financial transactions like money transfer, mobile recharge, EMI repayment, balance check, among others.
    2. App-based functionality: One could also install an app on feature phone through which several UPI functions, available on smartphones, will be available on their feature phone, except scan and pay feature which is currently not available.
    3. Missed call facility: The missed call facility will allow users to access their bank account and perform routine transactions such as receiving, transferring funds, regular purchases, bill payments, etc., by giving a missed call on the number displayed at the merchant outlet. The customer will receive an incoming call to authenticate the transaction by entering UPI PIN.
    4. Proximity sound-based payments: One could utilise the proximity sound-based payments option, which uses sound waves to enable contactless, offline, and proximity data communication on any device.

    How do UPI payments through sound work?

    • UPI payments using sound isn’t new. When Google Pay was first launched in 2017 as Tez, the app had a sound-based system of payments built in.
    • Google called this ‘Cash Mode’ in which phones would emit ultrasonic sounds that could be used by other Tez users to accept and receive money.
    • It’s somewhat like Bluetooth but instead of using radio waves, it uses sound waves to transfer data from one device to the next.
    • A company called ToneTag also produces audio-based point-of-sale machines.

    Is payment through sound secure?

    • Sound wave-based payments are meant to be contactless, but occur within a certain proximity only.
    • Ultrasonic waves are outside the usual human hearing range, but such payment systems can also use audible sounds, something that US-based startup Chirp showcased back in 2011.
    • Devices using such systems are encrypted, and only the devices involved can recognize the emitted waves.
    • The sound waves being emitted are encrypted, meaning the receiving device will need to have decryption codes to complete the transaction.

     

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  • [pib] National Land Monetisation Corporation (NLMC)

    The Union Cabinet has approved the setting up of a new government-owned firm National Land Monetisation Corporation (NLMC) for pooling and monetizing sovereign and public sector land assets.

    What is NLMC?

    • The National Land Monetisation Corporation (NLMC) is being formed with an initial authorised share capital of ₹5,000 crore and paid-up capital of ₹150 crore.
    • The government will appoint a chairman to head the NLMC through a “merit-based selection process” and hire private sector professionals with expertise.
    • The NLMC will undertake monetization of surplus land and building assets of Central public sector enterprises (CPSEs) as well as government agencies.

    How will it function?

    • NLMC will own, hold, manage and monetise surplus land and building assets of CPSEs under closure and surplus non-core land assets of Government-owned CPSEs under strategic disinvestment.
    • This will speed up the closure process of CPSEs and smoothen the strategic disinvestment process of Government-owned CPSEs, the statement said.
    • NLMC will undertake surplus land asset monetisation as an agency function, and assist and provide technical advice to the Centre in this regard.
    • The NLMC board will comprise senior Government officers and eminent experts, while its chairman and non-Government directors will be appointed through a merit-based selection process, the statement said.
    • The Corporation will have minimal full-time staff, hired directly from the market on a contract basis.

    Stipulated tasks

    • CPSEs have referred around 3,400 acres of land and other non-core assets to the Department of Investment and Public Asset Management (DIPAM) for monetisation.
    • Monetisation of non-core assets of MTNL, BSNL, BPCL, BEML, HMT, is currently at various stages of the transaction, as per latest data in the Economic Survey 2021-22.

    Significance of NLMC

    • The government would be able to generate substantial revenues by monetizing unused and under-used assets.
    • The new corporation will also help carry out monetization of assets belonging to public sector firms that have closed or are lined up for a strategic sale.

     

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